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Weekend FT 


fndcfe section If 



EastGermans 
learn to live 
without the wall 

j~ p«b»i 



The woman 
who asked too 
many questions 

PtmXXM 



Swiss army 
goes under the 
knife 

Pn»XPt 


r |l X.'v T 
&A A 


Japan’s exporters 

Bouncing back 
despite the yen 

Pago 7 




sags 

JfuS 


FINANCIAL TIMES 




1 1 pr^ii -*i a. 

SSS«& 

a:k .. -w.il 7 


i: I* -!n >'h -N 

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Fall in US jobless 
fuels expectations 
of interest rate rise 

Expectation s of a rise in US short-term interest 
rates were fuelled yesterday by data showing that 
the US unemp loyment rate reached a four-year low 
of 5.8 per cent in October. Currency market ana* 
lysts said it was now a question of when rather 
than whether the US Federal Reserve will increase 
rates. Indications of mounting wage pressures 
prompted a sell-off in US bonds, but the dollar held 
steady. Page 34 and Lex; The rising yen. Page 7; 
Bonds, Page 10; Currencies, Page 11 ; Wall Street, 
Page 21; Markets, Weekend FT, page U 


FT-SE 10O Index 

Hotxly movements 
3,110. 


si-nap/ 

:: *_ 

$990; 


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Sjftfr ^ P 1 - 1 = - » 

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London shares: 

The FT-SE 100 share 
index extended its gains 
in early trading, but the 
market dropped sharply 
on the US employment 
data. The index later 
revived to close at 3,097.6 
points, a net fan of 6.8 on 
the day. Seaq trading vol- 
ume of 509.5m shares 
was about one third 
down on Tuesday’s fig- 
ure. Page 13; Markets, 
Weekend FT, Page & 


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Russian depirty PH quits: Deputy prime 
minister Alexander Shokhio, the senior reformer in 
' the Russian cabinet, offered his resignation and 
said economic ref or m would not succeed under the 
current government. His decision may worry inter- 
nation financial agencies which are considering 
loans to stabilise the rouble. Page 24 

Forte announced a £175m share placing to help 
flmd its acquisition of international hotels chain 
Meridiem which is 57 per cent owned by Air Fiance. 
The UR hotels and restaurants group said it already 
had acceptances for 80 pr cent of Meridien’s shares. 
Page 8; London stocks, Page 13; Lex, Page 24 

(IK car sales fall; UK sales of new cars fell 
nearly 3 per cent year cm year last month, with 
sales to private buyers hit particularly severely. 
Page 24; Details, Jfege 4 

Chirac’s cap to the ring; Jacques Chirac, 
leader of France’s GaulKst RPR party, declared bis 
candidacy for next year's presidential contest, so 
wrecking any hope on the French political right of 
offering a single candidate. Page 2 

Mo probe for VsnsM— « The Serious Fraud - 
Office announced it wiD not investigate the affairs 
of Edenuote, the collapsed company uf England soc- 
cer manager Terry Venables. 

H1C airport dteada^gpiodrHongKtHig'sUmg 

dispute with China over tha colony’s new airport 
seemed closer to conclusion after Britain and China 
signed a deal settling the ftnanrial structure of the 
project Page 3 

M for AMolas Nigerian opposition leader 
Moahood Ahkda was granted bafl but it was not . 
known whether the military government would 
release Mm. Mr Abtofe won last year’s annulled ' 
presidential vote but was held an a treason charge 
after dedaring himself president Page 3 

Uruguay spurns —o d och c Uruguay’s 
government turned down an asylum request for the 
forma- mayor of Nice, Jacques Mededn, and 
ordered that his extradition to-France on corruption 
charges go ahead. 

Herman move on science: Germany’s ruling 
coalition has agreed to set up a new German Acad- 
emy ^ of Sciences made iq» of experts from politics, 
the natural and applied sciences as well as arts and 
letters. 

OpheOft fetches £600,000: A painting of 
Ophelia by pre-Raphaelite artist Arthur Hughes 
fetched £595,500 at a Christie’s auction in London. 

Travellers confess: More than 60 per cent of 
European business travellers admit stealing sup- 
pties from their hotel rooms, according to a survey 
thr Official Airline Guides. Executives who fly first 
or business class justify the expense by saying they 
work while in the air, but actually spend their time 


Sh**& 


She*&* 


Amen to that: Church leaders relaunched the 
a College of Preachers, which wfll teach clergy how 
^ to avoid pvfaig sopco^ sermons. 

China after Deng 

Where wifl China go now that the era of Deng 
Xiaoping is coming to a close? The FTs annual 
survey of China, out next Monday, finds that 
reform momentum is slowing and inflationary 
- dangers loom. 



Coaqnnles In this issue 



Atwoods 

8 Greyhound Lines 

8 


BannsrHanes 

8 HartBoh 

8 


Ban- AWNtape Trust 

9 London Industrial 

9 


Barrator 

8 Lonrho 

8.1 


British Aerospace 

8 Mancflsn 

24 


BrfehAs*«S 

8 Prudential. 

8 


Browning Write 

8 Rovar 

4‘ 


autonwood Brewery 

8 StarnSn 

8 

Ok** 

Carter HoR Harvey 

'8 TB1.‘ 

8 


• Cook (WStem) 

6 TL6 

9 


Forte 

24,8 vsa. • 

3 


• 6EC ... 

8 Westminster ScaffoW 

9 

J 

For customer service and 



other general enquiries caUs 




V- 


Fcankfiirt 
(69) 15685150 




Bosnian Serbs mobilise forces after military defeats 


By Lam Sifber in Befepade 
and Bruce Clark in London 

The Bosnian Serbs, smarting under their 
first serious defeats in 31 months of tfar, 
served conscription orders on tens of 
thousands of civilians and students yes- 
terday but stopped short of declaring 
immediate martial law. 

Mr Radovan Karadzic, the Bosnian 
Serb leader, said a “general mobilisa- 
tion” of men in his self-styled republic 
had begun. “We are entering the final 


battle” be said. Mr Karadzic has master- 
minded the Bosnian Serbs’ hitherto suc- 
cessful defiance of the republic's mainly 
Moslem leaders, who declared indepen- 
dence in April 1992. 

The mobilisation was a sign that Bos- 
nian Serb resources are being strained 
to breaking point as growing Moslem 
firepower and a desperate shortage of 
fuel take their toll. However, a meeting 
between Mr Karadzic and the Bosnian 
Serbs' political and military leadership 
failed, unexpectedly, to produce any 


immediate decision to declare a state of 
war, or suspend civil rights. 

The session followed military reverses 
at the hands of a Moslem-Croat alliance, 
including the loss of the strategic town 
of Kupres in central Bosnia and about 
100 square miles of territory in the north 
of the republic. 

Officials in Pale, the Bosnian Serb 
stronghold where the meeting took 
place, said a decision on an all-out state 
of war would probably be taken next 
week. The postponement of this move 


fuelled speculation among western 
observers of possible divisions in the 
Bosnian Serb leadership, which has been 
isolated by its former Serbian protectors 
in Belgrade. 

Reports from Bosnian Serb-controlled 
territory, which amounts to nearly 70 
per cent of the Bosnian republic, said 
security police loyal to Air Karadzic 
were questioning hundreds of local offi- 
cials and citizens. 

The apparent purpose of the question- 
ing is to root out supporters of Serbian 


President Slobodan Milosevic, who has 
accepted the latest international peace 
plan and has become a bitter rival of Mr 
Karadzic. 

Meanwhile, UN officials denounced as 
‘■terrorism" a Serb rocket attack on 
Bihac, in which seven people were 
wounded. Mr Thant Myint-U, a UN 
spokesman, described the attack as a 
reckless and inexcusable act which had 
no military value. Tins sharp reaction 

Continued on Page 24 


Post Office 
seeks £100m 
cut in levy 
to Treasury 


By Kevin Brown, Andrew Adonis 
and David Owen 

The Post Office yesterday called 
for a £ 100 m cut in its annual pay- 
ment to the Treasury to compen- 
sate fbr the cabinet’s refusal to 
back the privatisation plan put 
forward by Mr Michael Heseltine, 
trade and industry secretary. 

Amid gro wi ng dismay among 
mainstream Conservatives at the 
cabinet's capitulation to a few 
rebels, senior ministers sought to 
dispel, the impression of govern- 
ment drift by promising a ‘radi- 
cal” legislative programme in the 
next parliamentary session. 

But the uncertainty surround- 
ing the future of the Post office 
heightened as it became clear 
that many senior ministers, 
including Mr Heseltine, expect . 
privatisation to re~emerge as the 
only viable option. 

As DTI and Treasury officials 
waited in vain for ministerial 
instructions to begin reviewing 
the remaining options for the 
Post Office, Mr Bill Cockbum, 
chief executive, warned that only 
radical change could prevent a 
slow decline in market share. 

He said the Post Office 
“urgently” needed a big cut In 
the Treasury levy, expected to 
amount to £213m next year, to 
finance an increase of up to 
£ 100 m a year in spending on 
updated equipment 

“We will be saying to the gov- 


ernment: if you bleed us white, 
we will not be able to deliver a 
first-class postal service'. That 
must mean leaving us with more 
of our profits to re-invest," he 
told the FT in an interview. 

Friends of Mr Heseltine said be 
was still feeling “sore** after his 
cabinet defeat on Thursday, and 
would not consider options for 
the Post Office until next week. 

Those options are likely to 
include a reduction in the levy, 
as well as changes to the rules 
governing capital spending and 
pricing. 

But Air Heseltine was said to 
be convinced that support for pri- 
vatisation will grow as it 
becomes clear that less radical 
changes are insufficient to pro- 
tect the Post Office from private 
sector competition. 

Several senior Conservatives 
support this view, including Sir 
Norman Fowler, the former Con- 
servative party chairman, and Mr 
Kenneth Clarke, the chancellor. 

Mr Clarke, who again ruled out 
changes to the Treasury rules 
covering Post Office borrowing, 
said he was “sure the Post Office 
will one day be privatised". 

Mr Heseltine, who dismissed 
suggestions that his political 
career had been soured by the 

Continued on Page 24 
Royal Mail flouts pay 
freeze. Page 4 
Editorial Comment, Page 6 



Clock-watching: the protesters sit on the roof of Westminster Hall, overshadowed by Mg Ben 


MdnCmn 


Commons 
rooftop 
protesters 
try to stay 
in touch 


By David Owen 

IPs good to talk - which is why 
the five men who scaled the 
House of Commons yesterday to 
protest against the Criminal Jus- 
tice Act took a mobile phone 
with them. 

It was lunchtime when they 
breached the Palace of Westmin- 
ster’s defences, jumping ova- a 
wall, shinning up a drainpipe 
and clambering on to the roof of 
Westminster Hall, one of Lon- 
don’s best-known landmarks. By 
1.30pm they were perched 
astride the roof, just below Big 
Ben, with banner unfurled. 

On the ground, equally well 
equipped, was the group's press 
liaison officer - with a lawyer. 
Press releases were handed out, 
giving a number on which ‘Hive 
inter v ie w s" could be conducted 
with the climbers. 

Mr Patrick Field, the press 
officer, said they were staging 
the protest “as citizens against 
the c riminal justioe bill". He said 
the men had carried out “a cer- 
tain amount of reconnaissance", 
after which it was just “jump 
over the wall and charge". 

Scotland Yard said seven men 
went over the wall but two were 
arrested before they could make 
the climb. Both face breach-of- 
the-peace charges. 

Three of the climbers came 
down later and were driven 
away in a police van. The; are 
believed to have been arrested 
on suspicion of committing crim- 
inal damag e. 

But aB did not go entirely as 
planned for the climbers - 
repeated attempts to contact 
them on their mobile phone were 
unsuccessful. 


Bock promises to concentrate 
solely on Lonrho interests 


By Robert Poston 

Dieter Bock, the German 
financier who on Thursday won 
his year-long battle to persuade 
Mr Tiny Rowland to quit the Lon- 
rho board, last night pledged to 
sell an his outside business inter- 
ests “within at least two years". 

He did this to allay widespread 
concerns that he might lack both 
the time and financial resources 
to take a long-term approach to 
the reorganisation of Lonrho. 

‘7 will be involved only in Lon- 
rho," he said in ids first inter- 
view since his victory against Mr 
Rowland. “I have the firm inten- 
tion in a controlled way to get rid 
of all my outside interests. That 
is completahle in two years but it 
might not take as long as that" 

However, he denied rumours 


that his private businesses are 
under financial pressure. “There 
are no problems ” he said. 

He also stressed that he had 
“no intention" of selling any of 
his 1&8 per cent Lonrho holding, 
which was last night worth 
£207m, compared with the £90m 
bank loan he took out to finance 
the purchase two years ago. 

His main private interest is 
Advanta, a German property 
company. However he also has 
extensive property interests in 
South Africa suad a joint venture 
with Lord Palumbo, the former 
Arts Council chairman, to 
develop the Mansion House site 
in the City of London. 

He did not give details of how 
he intended to withdraw from the 
controversial London scheme. 

The value of his outside inter- 


ests is difficult to assess, because 
he holds them through a network 
of companies in the UK. Ger- 
many and the Netherlands. 

Mr Bock gave his priorities for 
Lonrho over the coming months: 

• He wants to resume negotia- 
tions with Gencor. the South 
African mining conglomerate, to 
achieve a fusion of both compa- 
nies’ platinum interests, in a deal 
which could create the biggest 
platinum group in the world; 

• He plans to cut head office 
costs by more than £lOm a yean 

• He will dispose of any Lonrho 
interest which does not belong in 
either the mining, hotels, agricul- 
tural or trading divisions. He said 
be was also likely to consider 

Continued on Page 24 
No time to put his feet up, Page 9 




FT-SE 100: 
YWd 


.3487.6 
_... All 


FT-SE Eurotrack 100.. 


1,333.72 

FT-S6-A Afl -Share .. 1,538-05 

Nfttoi i%81i.se 

New York: knebtfena 
Dow Jones M Awe 3£5A29 
S & P Gonposfte — - 467.57 


t-6-S) 


(♦8.191 

fO-1%) 

(♦80-91) 

(W.41J 

PO-34) 


■ LONDON HOMEY 

3-mo interbank 6&« (6&«) 

Llffe long gift tut- Dee lOl^s (DoclOOfD 


Letters - 


Federal Funds: ... — 
3-m Treas BJIs Vld 
Long Bond 

— 4ft* 

5290% 

92fi 


Yield . . 

5141% 


■ NORTH SEA OIL {Argus) 


Bfsrt 15-day (Dec)- 

_ $17.68 

07^9) 

■ Gold 



New York Coms*(Dw^ $384.7 

084.4) 

London — 

S384J0 

(383.7) 


N STERLING 

New Yartt/unchjjrtw: 

S 1-8120 
London: 

$ 16087 n£l75) 

DM 24501 (2.4499) 
FFr 84067 (8.4025) 
SFf 26504 (2.050?) 
V 157677 1157.876) 
C index 806 (80.9) 


B DOLLAR 

New YorVJunctibnie 
DM 1.S18S 
FFr £206 
SFr 1.2695 

Y 97.625 
London: 

DM 16235 (1.5146] 
FFr £2275 (5 1940) 
SFr 1275 (1.26751 

Y 97-BO 197.605) 

5 Index 61.6 (614) 

TobfO dose f 97.72 


MB Bfcri onci Nbwl— &3 


Lfem In Ihe News . 


FT World Aduanea 21 

Fattfln Exchanges n 




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USE Doings — 

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15-19 


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Rscert Issues 21 

Sot WwnuDcn 2223 

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fl) THE FINANCIAL TIMES UMITEP 1994 No 38.516 Week No 44 LONDON ■ PARIS ■ FRANKFURT • MEW YORK • TOKYO 






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financial TIMES 


WEEKEND NOVEMBER S/NOVEMBER 6 1994 


NEWS: INTERNATIONAL 


Monetary union panel rules out ‘big bang’ 



By Emma Tucker fn Brussels 

An overnight “big bang” 
switch to a single currency in 
Europe has been ruled out by 
the panel of experts examining 
EU ambitions to introduce one 
currency before the end of the 
century. 

Its recommendation will be 
welcomed by governments, 
companies, and organisations 
who feared that a sudden 
change could result In adminis- 
trative chaos and a bemused 
populace. 

But while stressing the need 
to tread carefully, the panel, 
appointed by the commission, 
says the switch must happen 
as swiftly as possible, with the 
Ecu and national currencies 


coexisting only for a limited 

period. 

Mr Ceos Maas, chairman of 
the group, was in Brussels yes- 
terday to present these and 
other suggestions to Mr Hen- 
ning Christopherson, commis- 
sioner responsible for eco- 
nomic and financial aff ai rs. 

“The group is convinced that 
the Ecu will be introduced 
before the end of the century 
and Mr Christophersen was 
very happy to hear that." said 
Mr Maas, also a director of 
ING, the Dutch financial ser- 
vices company. 

Mr Maas also warned the 
British government that the 
City of London. Europe’s big- 
gest and most important finan- 
cial centre, would suffer from 


the government’s decision to 

remain outside a single Euro- 
pean currency. 

“I cannot imagine that the 
City will accept not taking part 
in this one single currency." 
said Mr Maas. "It seems that if 
it is not part of the Ecu block, 
it will lose out." 

According to the committee, 
governments, banking systems 
and retailers must start now to 
prepare for the single cur- 
rency. Banks should adapt pay- 
ment systems and get ready to 
redenominate loans and depos- 
its in Ecu: local authorities 
should adapt parking meters to 
accept electronic payment; 
retailers should similarly alter 
vending machines and reduce 
cash handling as much as pos- 


sible by introducing modern 
payment techniques. 

Trade and industry should 
also make allowance for the 
imminent switch when making 
investments in new financial 
and administrative systems 
and when drafting long-term 
business agreements. 

"People should not see such 
moves as an unnecessary 
expense,” said Mr Maas. "It is a 
stimulus for more efficiency in 
all payment systems.” 

To make things easier, the 
European Monetary’ Institute, 
the precursor to a European 
central bank, should make 
public the size of bank notes 
and coins as soon as possible. 

The design and production of 
Ecu notes and coins will be a 


Tietmeyer sets out tough line 
on Emu convergence criteria 

ep.. ru-J: — nnmmAntc cnmA amirl “t mslrYima anv aMi nil that ic mine iTu'raactno' ct-ni 


lengthy process, according to 
the committee. It argues that 
they should be introduced 
within six months of stage 
three of European Monetary 
Union, which will irreversibly 
Ox the exchange rates of par- 
ticipating currencies. 

"If the introduction of actual 
Ecus is delayed lor too long, 
the markets might start to test 
to see whether the currencies 
are really irrevocably fixed.” 
said Mr Maas. 

He also favours just one type 
of coin and note, rather than 
allowing different EU countries 
to put their own stamp on one 
side. 

“This would increase the 
time it took to design notes 
and coins, increase the risk of 


fraud, increase costs, and pro- 
long production of the new cur- 
rency.” he said. 

However, the committee 
recognises the political and 
psychological importance of 
bank notes in spite of the wide- 
spread use of plastic cards to 
make payments electronically. 

"Wide public support is 
essential to the Ecu’s success. 
Therefore, the greatest possible 
attention should be paid to pro- 
moting public awareness," 
says the committee's provi- 
sional recommendations. 

It believes that national cur- 
rency notes and coins should 
be phased out gradually, but 
with markets being the chiving 
force, rather than administra- 
tive decisions. 


By Philip Gawith 

Mr Hans Tietmeyer, president 
of the Bundesbank, yesterday 
appeared to harden the criteria 
for European monetary union 
when he said it was insuffi- 
cient that countries meet the 
conditions set by the Maas- 
tricht treaty only during a peri- 
ods of economic boom. 

He said the Maastricht con- 
vergence criteria for economic 
and monetary union in Europe 
were to be "strictly observed". 
“It is crucial that entry into 
EMU is open only to those 
countries which meet the crite- 
ria in full." said Mr Tietmeyer. 

In particular, he said it was 
not good enough merely to 
reduce, budget deficits to 
within the agreed limit of 3 per 
cent of GDP in times of eco- 
nomic boom. Countries needed 
to hold deficits below the 3 per 
cent mark during their recov- 
ery periods as well. 

Luxembourg and Ireland are 
the only two European Union 
member states which meet the 
criteria at the moment. 


His comments come amid 
renewed discussion recently 
about the prospect of a multi- 
speed approach to European 
Integration. 

Sp eaking to the the German 

British Chamber of Commerce 
in London. Mr Tietmeyer also 
fired a warning shot across the 
bows of the UK. He said: 
“Countries that do not have 
the willingness and the readi- 
ness to eater into a broadly 
conceived and politically con- 
structive community of solidar- 
ity should exercise caution in 
entering a monetary union. 

“In the long run, any mone- 
tary union which lacks exten- 
sive political underpinning is 
likely to remain a fragile con- 
struction." 

On the topical question of 
central bank support for the 
dollar. Mr Tietmeyer was coy 
about the prospect of Bundes- 
bank co-operation in any pro- 
gramme of concerted interven- 
tion. The US Federal Reserve 
intervened to support the ail- 
ing dollar on both Wednesday 
and Thursday. 


"I welcome any action that is 
supporting the dollar. We are 
all interested in a strong dol- 
lar. as we are. of course inter- 
ested. at the same time, in a 
strong D-Mark. We have no 
problem with the strong 
D-Mark." 

He said: "Joint signals to the 
markets can under special cir- 
cumstances play a useful role." 
But he stressed that to be suc- 
cessful, "signals must be based 
on consistent and credible poli- 
cies." 

In his comments on Emu. Mr 
Tietmeyer chose to stress the 
fiscal aspect of convergence. 
According to Maastricht. Emu 
and a single currency would 
only come about if member 
states met treaty rules on con- 
vergence of inflation and inter- 
est rates, budget deficits and 
government debt 

The 3 per cent fiscal target 
for budget deficits. Mr Tiet- 
meyer stressed, was "an indica- 
tor that should be met over 
some time. It cannot only be 
met in one year, and In a spe- 
cial recovery when tax reve- 


nues are increasing strongly.” 

He said the deficit needed to 
be in line with the 3 per cent 
“upper limit” during the whole 
economic cycle. “That means 
during a recovery, clearly you 
have to be below 3 per cent, 
and not only to a small 
extent.” 

Mr Tietmeyer said it would 
“not be appropriate" to over- 
shoot the 3 per cent target. It 
should be seen as a “maxi- 
mum". rather than as an aver- 
age. 

He endorsed the view that of 
the two deadlines envisaged in 
the Maastricht Treaty for tran- 
sition to monetary union, the 
prospects for 1399 were better 
than for 1997. "The chances 
that a majority of the EU coun- 
tries will qualify ffor Emu] by 
the end of 1999, as stipulated 
by the treaty, are not very 
great at the moment.” he said, 
noting that countries “able” to 
form a monetary union should 
do so. This "inner circle" 
would be open to other coun- 
tries which later satisfied the 
economic criteria for joining. 



Just so much: Tietmeyer in London yesterday 


Chirac declares 
candidacy and 
defies Balladur 


By Andrew Jack In Paris 

Mr Jacques Chirac, leader of 
the Gaullist RPR party, 
yesterday became the first 
serious French politician to 
declare his intention to run for 
president of the republic in 
next year’s race. 

The surprise announcement 
allowed Mr Chirac, who is 
mayor of Paris, to seize the 
initiative by Ignoring the 
request by Mr Edouard 
Balladur, the prime minister, 
to the centre-right coalition to 
hold off campaigning until 
January. 

His decision to run destroys 
any hope among France’s 
political right of offering a 
single candidate and looks sets 
to split the vote and trigger a 
bitter election contest 

Mr Chirac. 61, is currently in 
third place in opinion polls 
well behind Mr Balladur of the 
RPR and Mr Jacques Delors, 
the Socialist candidate and 
president of the European 
Commission, who are running 
neck and neck. 

News of the announcement 
yesterday triggered the RPR to 
convene an emergency 
congress on November 12 at 
which Mr Chirac will press to 
become the official candidate 
of the party, in a direct threat 
to Mr Balladur. 

In an unusual move. Mr 
Chirac spurned the usual 
practice of announcing his 
candidature on national 
television, in favour of giving 
an interview to the Lille-based 
newspaper La Volx du Nord, 
the third largest circulation 


newspaper in France, with 
400.000 copies sold each day. 

Mr Andrd Soleau, the 
newspaper’s editor in chief, 
said he believed Mr Chirac had 
taken the decision because 
Lille was the birthplace of 
General de Gaulle, for whom 
Mr Chirac is sometimes 
portrayed as the “spiritual 
son”. He said Lille also 
symbolised "la France 
profimde " outside Paris. 

In the interview. Mr Chirac 
called for the need to “meet the 
challenges and restore the 
hope" of France through 
strong policies and “rigorous 
ethics". He criticised the 
“hypocrisy” of current political 
debate. 

He argued for “the necessity 
of change”, and said that 
economic recovery had not 
dealt with “the problem of 
employment which threatens 
the destruction of society”. 

Mr Franco ls Mitterrand, the 
incumbent Socialist president, 
ends his second seven-year 
term in May, although his poor 
health may lead to the date of 
the election being brought 
forward. 

Mr Chirac, who was 
criticised by Mr Balladur’s 
supporters yesterday for acting 
prematurely, previously stood 
unsuccessfully for president in 
19S1 and 19SS. He has twice 
been prime minister. 

Five other politicians have 
announced their candidature 
for the presidency. They 
include Mr Jean-Marie Le Pen. 
head of the National Front, 
and Mr Robert Hue. leader of 
the Communist party. 


Secrecy, absolute secrecy 
and five-star hotel bills 


T rying to squeeze a 
response about .leaked 
ministerial hotdl bills 
out of the Paris Ritz requires 
more pressure than crushing 
the tomatoes in the Bloody 
Mary supposedly invented in 
its bar. 

The opulent and secretive 
Paris hotel broke its silence in 
a sense yesterday, but only to 
mutter, under duress: “We 
have a policy of absolute dis- 
cretion regarding guests real 
or presumed." 

That might seem ironic 
given more than a hundred 
articles in a gleeful British 
press mentioning the Ritz in 
the test few weeks in connec- 
tion with the allegations of 
undeclared expense-paid stays 
by two British ministers. Mr 
Neil Hamilton and Mr Jona- 
than Aitken, illustrated by 
copies of their bills. 

Even French journalists 
have been indulging - though 
arguably out of a sense of scha- 
denfreude . relieved to have 
something to report on aside 
from the growing number of 
their own politicians and busi- 
ness people embroiled in scan- 
dals in recent months. 

There again the Ritz. located 
on Place Vendome oil the fash- 
ionable Rue du Faubourg St 
Honore in the centre, is rather 
accustomed to dealing with 
controversy. Indeed, the hotel 
- mother of all its more recent 
and supposedly more reputable 
namesa k es - was founded on 
the back of it. 

Cesar Ritz opened his hotel 
in 1395 in Paris after decamp- 
ing under mysterious circum- 
stances from his job as man- 
ager of the Savoy in London 
along with his maitre d'. chief 


cashier and chef. They were 
accused of taking commissions 
from suppliers and walking off 
with large quantities of wines 
and spirits. 

Ever since, the hotel has 
tried nonchalantly to shroud 
scandal in luxury. Today, it 
has a Duke and Duchess of 
Windsor suite, in honour of 
King Edward VIII, who lived 
there for three years after abdi- 
cating to marry Wallis Simp- 
son. It hosted Goebbels. Goer- 
ing and other senior Nazis 
during the second world war. 
while its director was spying 
on them for the French resis- 
tance. 

The extras consumed by 


Britain’s Guardian newspaper 
obtained a copy of Mr Aitken’s 
bill, although the newspaper 
admitted using a fake fax on 
House of Commons notepaper. 
Mr Al-Fayed stressed that none 
of the hotel's staff had been 
directly involved in handing 
over the information. 

Nonetheless, the possibility 
that journalists - let alone tax 
inspectors or jealous wives - 
might indulge in similar tac- 
tics has sent shivers down the 
spine of the more discreet Pari- 
sian hotels, which have been 
acting like the most secretive 
of Swiss banks on the subject 
all week. 

The five-star Westminster 


As British ministers writhe amid 
revelations of all-expenses-paid 
luxury stays in Paris, Andrew Jack 
puts hotel discretion to the test 


Messrs Hamilton and Aitken 
are no doubt little compared to 
the bar bills clocked up by 
Ernest Hemingway. Marcel 
Proust. Truman Capote. Gra- 
ham Greene. James Joyce. F 
Scott Fitzgerald and -lean-Paul 
Sartre in their day. Heming- 
way had such fun at the Ritz 
be once said he hoped Heaven 
was going to be as good. 

Its kitchens invented Peach 
Melba and. trying hard to leave 
his own exotic mark on the 
place. Mr Mohamed AI Fayed, 
its current owner, has included 
bullet-proof glass in a recent 
extravagant refurbishment. 

It is still unclear exactly how 


hotel, not far from die Ritz in 
Rue de ia P.iix. said: "It's abso- 
lutely secret. Bills are strictly 
confidential. All the informa- 
tion is kept on computer and 
nobody can touch it. The guest 
would need to fax us and give 
all the details of their stay." 

“H's not very professional of 
the Ritz," smirked the manager 
at another rival hotel. "Maybe 
they should have had to check 
the information in more 
detail.” He added hastily that 

he disapproved of the Guard- 
ian's action too. 

Other hotels were quick to 
reassure any nervous clients 
that the records would remain 


private. The five-star Inter- 
Continental said: “The 
accounting department 
decides. Usually we are not 
allowed to release bills. We 
would need to know when you 
stayed at the hotel and check 
your address was the same one 
you gave when you stayed." 

The De Griffon, on Place de 
la Concorde, said: "We don’t 
give out information on bills. If 
someone asked for a duplicate 
by phone we would want writ- 
ten confirmation to check 
room number and the dates of 
stay to know if it was really 
the same information that we 
have.” 

Perhaps more honestly, the 
Meurice. opposite the Tufferies 
Gardens, said: “Biffs are per- 
sonal. We cannot give a copy 
to anyone. We try to have secu- 
rity but it is difficult. If some- 
one lasts their bill and would 
like a copy we try to investi- 
gate but we would also like to 
help." 

Few’ hotels could offer proof 
of really tight defences against 
determined forgery. The chief 
cashier at the George V Hotel 
asked simply iii response to a 
request for a duplicate bill for 
a fax with name, address and 
date of departure. 

Le Warwick, on the Champs 
Elysces. misunderstood the 
question posed in English and 
thought the FT was inquiring 
about whether the Guardian 
could be put on to a guest's 
room bill rather than the bill 
appearing in the Guardian, 
said: “We charge the Guardian 
to the room bill." It then 
added: “li would not be easy to 
get a copy of the bUI." 

Kurd hits hack. Page 4 


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Journalists in Germany called to meeting as officials deny responsibility for disclosures 

Ministry acts on industrial data ‘leaks’ 


By Christopher Parkes 

In Frankfurt 

International news agencies 
have been threatened with 
severe sanctions if they fail to 
attend a meeting called by the 
German economics ministry in 
a move to staunch the persis- 
tent leaking of industrial data 
into financial markets. 

Representatives from 18 
agency bureaux in Germany 
were summoned by letter yes- 
terday to talks at the ministry 
on November 15. 

The aim of the discussions 
was “to take precautions to 
ensure that figures are no lon- 
ger published or passed on to 
market participants before the 
embargo", the letter said. 


"If you are interested in con- 
tinuing to receive production 
and order intake figures before 
the embargo. I would request 
the participation of a represen- 
tative of your agency at the 
meeting." it concluded. 

The summons was faxed yes- 
terday morning in response to 
a report in the Financial Times 
that the ministry was investi- 
gating leaks of market-sensi- 
tive information, which ana- 
lysts and economists claimed 
had been going on Tor months. 

The FT report stemmed from 
a non-German bank's com- 
plaint that German bond prices 
had been affected on Thursday 
when some traders appeared to 
have had access before the offi- 
cial publication time to unex- 


pectedly strong industrial 
orders data. 

News agencies compete vig- 
orously to be first on the wires 
with potentially “market -mov- 
ing” economic or financial data 
which is often supplied in 
advance lo allow reports to be 
written on condition that strict 
transmission embargoes are 
observed. 

There was no evidence yes- 
terday that this week's orders 
data had been released prema- 
turely through the normal dis- 
tribution channels of any 
agency. 

Agency staff said there was 
no suggestion of sanctions 
from other official data 
sources, although the potential 
commercial consequences of 


losing privileged early access 
to economics ministry informa- 
tion were expected to ensure 
full attendance on Noveniher 
15. “It’s a threat ami it’s not 
even thinly -veiled," one corre- 
spondent said. 

The letter forcefully denied 
analysts’ suggestions, reported 
in the FT. that the source of 
the pre-publication information 
could be the ministry itself It 
rejected “any suspicion. . . that 
the passing on of figures can 
be traced to leaks in the minis- 
try". 

Mr Franz Wauschkuhn. a 
ministry spokesman quoted by 
a German agency as condemn- 
ing the FT report of possible 
ministry leaks as “malicious 
insinuation”, could not be 


reached for comment. 

Mr Rem hard Krause, the 
ministry spokesman who 
signed the letter, said an Inves- 
tigation carried out yesterday 
had shown the ministry’, was 
not the source. 

He also challenged claims 
that (lie only Information ever 
leaked catuc from the econom- 
ics ministry’. 

Independent economists, too, 
pointed out that regional infla- 
tion data were routinely trans- 
mitted "to any number of 
bonks" in haphazard fashion. 
"It is about time the Third 
World standards of German 
data publication got some 
attention.” one analyst wrote 
in a note for internal circula- 
tion. 


I NTER NAT1 Q N ALJMEWS_D1GEST 

‘Cheating’ in 
China ventures 

rthina yesterday accused foreign investors of ^atiag 
overval uing the worth of machinery jpd .equipment they __ 
totojointrenturos instead of cash. The Xinhua newsagent* 
said inspectors had, between June 

discovered discrepancies totalling *500m 
stated and actual value of such goods provided by foragn 
Investors. Inspectors checked 4,940 stopmente of maitasy 
and equipment and found the actual value was 51 Jbn, against 
a stated value of jEL3bn, tt said. 

It said one Hong Kong investor provided 15 pieces of equip: 
mpn» to a joint venture in Wuhan, of which two were made i n 
Japan in the 1930s and two made in China in 19® and 1973. 
which he said had a total value of 52.12m. But local inspectors 
found the value to be 520,000. ■- 

In the first half of this year, 23 per cent of such equipment 
officially inspected was found to be over-valued, against 25 per 
rent in 1993, the agency said. Such equipment accounts for an 
average of 70 per cent of the value of the foreign contribution 
to a joint venture, with the figure rising to 90 per cent m some 
areas, it added. Reuter, Beijing 

Current account surplus down 



•kapan 

Current account balance (Sbn) 
140 


120 

100 


80 


60 

40 


20 



Japan’s current account sur- 
plus fell 9£ per cant in Sep- 
tember from a year earlier, 
the second consecutive 
monthly decline in the dollar- 
denominated surplus. The 
finan ce ministry reported yes- 
terday that the seasonally 
adjusted current account bal- 
ance for the month was 
$10.5bn. The country’s tirade 
surplus in the same period 
was $12.1bn, down by 3 5 per 
cent on a year ago. Exports 
rose by 8.1 per cent to 
$32.8bn, while imports were 
up sharply by 16.6 per cent to 
*20.7bn. The figures provide, 
further confirmation that tile 


198880 90 91 92 93 94* 

Source: Datastroam ’fWJinaiTWtt* 

combina tion of a strong yen and a reviving economy are 
starting to make small inroads into the country's enormous 
external surpluses. In the three months to September the 
current account surplus fell by 6.4 per cent compared with the 
previous quarter. 

In yen terms the surplus has been faffing for several 
months, but until the July-September quarter the dollar-de- 
nominated surplus had been rising as the higher yen raised 
export prices and cut the cost of imports. It now appears that 
the strengthening currency has begun to be reflected in export 
and import volumes and, as a result, the surplus is declining 
in dollar terms. 

But the pace of the decline is still painfully slow and is 
unlikely to take the pressure off the yen, which has reached 
new highs against the dollar in the last week. Gerard Baker, 
Tokyo 

Japanese finance markets plea 

Japan's leading banks are urgently pressing the minist ry of 
finance to accelerate the deregulation of the country's finan- 
cial markets. In a joint submission to the MoF"s banking 


bureau, disclosed in the Japanese press yesterday, the largest 
commercial hanks called on tire authorities to enact a list of 80 
deregulatory measures soon. Favoured reforms include an 
extension of the maximum period for certificates of deposit 
from two to five years and the establishment of a market in 
five-year government bond futures. Banks also want the MoF 
to lift restrictions on the opening of new branches and the 
installation of cash dispensers outside banks, and are urging 
an expansion of their own highly circumscribed spheres of 
business activities to include the sale of investment trusts and 
insurance policies. The MoF is under growing pressure to 
accelerate the dismantling or the vast structure of regulations 
that govern financial markets. Gerard Baker, Tokyo 

Jump in Brazilian inflation 

Brazil’s inflation rate has risen alarmingly, leading to calls for 
government action before the country's new currency, the 
Real, is tainted like its many predecessors by spiralling price 
rises. The private FTPE institute said yesterday that prices 
rose 3.17 per cent in October, compared to only 0.82 per cent in 
September. The acceleration in inflation was blamed on hi ghe r 
rent, food and beverage prices. Inflation is expected to con- 
tinue at about 3 per cent in November as companies raise 
prices ahead of Christmas and in response to a drought. Some 
economists fear that at these levels of inflation, companies 
and consumers will revert to monthly price rises to keep up. a 
practice the Real currency was designed to curb. Monthly 
inflation reached 50 per cent before the Heal was launched in 
July. Angus Foster. Sao Paulo 

‘Deadlock’ over WTO chief 

The contest to head the future World Trade Organisation 
appears to be deadlocked, Mr Kim ChuLsu, the South Korean 
candidate, said yesterday. In Geneva to lobby Gatt ambassa- 
dors for his cause. Mr Kim said he did not know how the 
deadlock would he broken but “l am in this race to the finish". 
With only a month to go before a formal decision is due to be 
taken by the 124 members of the General Agreement on Tariffs 
and Trade, support for the three contenders is split along 
regional lines. Japan and most of Asia are backing Mr Kim, 
South Korea's trade and industry minister, while the US and 
Latin America are firmly behind Mr Carlos Salinas de Gortari, 
outgoing Mexican president European support has gone to Mr 
Renato Ruggiero, a former Italian trade minister. Soundings 
last month among 80 or so countries showed Mr Kim in third 
place, slightly behind Mr Salinas, who was trailing Mr Ruggi- 
ero. All three candidates are now jostling for support from 
“non-aligned regions such as Africa and for "second-prefer- 
ence" votes in the hope of improving their chances as the 
consensus candidate. Frances Williams, Geneva 

Call to Clinton on oil tankers 

Six US congressmen have appealed to President Bill Clinton to 
delay the implementation of tough new rules on oil tankers 
sailing to US ports. The rules, which impose much higher 
financial liability on tanker owners in the event of an oil spill, 
could cause serious disruption to American ol! imports, the 
congressmen from both political parties warned. International 
shipowners' organisations have been lobbying for several 
months for a change or postponement in the US Coastguard's 
regulations which take effect on December 28. Charles Batche- 
lor. London 

Slovakia curbs sell-offs 

Slovakia’s parliament has voted to cancel all privatisation 
contracts involving direct sales of shares in state companies to 
private investors agreed since September 6. The move could 
herzdd another round r,r tit-for-tat investigations of corruption 
S f r as,le Privatisation drive. It came as Mr Jozef 
|. he P r,m,? minister, tendered his government’s res- 
ignation following a general election five weeks ago. He agreed 

l0 -^ 3 ’nrit-fHcnr^ elakf ' r UI ^ a now Government is formed. 

, a h , vole “ffects only a relatively few contracts 

to n <i£ e S nn . caD1 P ai 5ning, in which the government 
agreed to sell stakes in state companies directly to mainly 
local investors, ft does not affect a more wide-ranging sell-off 

nV £l«« B r th t- u 2? u of cou P° ns w 'hich Slovak citizens can 
exchange for Rcstiuhn <£l.ibni of shares in other state compa- 
nies which is currently being administered. However, observ- 
ers in Bratislava fear it could start another wave of investiga- 
tions into political favouritism in privatisation, s imilar to one 
carried out by Mr MoravCik’s government when it assumed 
office m March, and cause fresh delays to a programme beset 
by political controversy. I mccni Boland. Prague 


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New Delhi 
bolsters 
securities 
watchdog 

By Shiraz Sidhva in New Delhi 


The ■ Indian government 
yesterday gave more teeth to 
the Securities and Exchange 
Board of India (SEBI), its 
stock-market watchdog, by 
announcing regulations 
intended to provide greater 
transparency during substan- 
tial acquis i tions of shares and 
takeovers. 

Under the new rules, any 
Investor holding or acquiring 
5 per cent of a company will 
have to make one-off disclo- 
sures to stock exchanges 
where the shares being par- 
chased are listed. Those with 
10 per cent holdings will have 
to make half-yearly disclo- 
sures. 

Those intending to acquire 
20 per cent of a target com- 
pany may be required to make 
a phblic announcement . 

Officials said the regulations 
would provide trigger points 
for disclosure, while giving 
the hoard more power to 
supervise takeovers and acqui- 
sitions in a newly liberalised 
economy. 

The exchange board was set 
up in 1992 amid the chaos that 
followed the mnltf-miHion-dol- 
lar stock market scandal in 
Bombay, the country’s largest 
exchange. 

Bankers and stockbrokers 
coZZoded to use inside informa- 
tion and money illegally 
diverted from interbank secu- 
rities to play on Bombay's 
then overheated stock market. 
News of the scandal sent share 
prices diving, and challenged 
the credibility of Hr P V Nara- 
shnhi Rao’s gov er nment. 

In the first few mouths after 
it was set up, decisions taken 
by the securities board, such 
as the introduction of brokers’ 
fees in November 1992, met 
resentment and countrywide 
strikes. In March 1993 a row 
erupted between the Bombay 
stock exchange and the board 
over the SEBTs first inspec- 
tion of stockbrokers’ books. 

Brokers complained of its 
heavy handedness, and said It 
would stifle growth. But the 
Finance Ministry was deter- 
mined to make the board moire 
powerful to avoid yet another 
scandal <yn| 4iBg i . 

The board proved it had 
come into its own when it ban- 
ned the age-old practice of 
hadla, or carry-forward trad- 
ing on the stock exchange, in 
1993. Under the hadla system, 
brokers and buyers could 
carry outstanding purchases 
from one settlement period to 
the next without paying for 
them in foil, and so acquire 
large volumes of shares with 
relatively little money. 

The informal forward mar- 
ket, which accounted for 7 (WO 
per cent of all transactions 
before the ban was imposed, 
allowed for liquidity or cash in 
the. market, with buyers and 
sellers always able to strike a 
deal at any price. But the prac- 
tice encouraged speculation 
and stunted growth of the 
Indian stock markets, some of 
which are older than devel- 
oped countries’ exchanges. 

The ban, followed by the 
appointment of a new chair- 
man, Mr S S Nadkarni. to head 
the board, paved the way for 
Indian stock markets to start 
operating tike their interna- 
tional counterparts. While 
trading began to thra out, with 
buyers having to pay for 
shares, speculators who made 
millions milking the system 
were weeded out. 


Greyhound’s buses near end of the road 


By Richard Tomkins bi New York 

Like chewing gum, jeans and 
Coca-Cola, Greyhound Lines is an 
American icon. For decades its silver 
and blue buses have crisscrossed the 
vast open spaces of the US, linking 
small towns with the big cities and 
providing an evocative backdrop to 
scenes of meeting and parting in 
countless Hollywood movies. 

The buses, however, may not be 
around much longer. Greyhound Is on 
its knees: on Wednesday a group of 
disgruntled creditors filed a petition 
in a Dallas court seeking to force the 
loss-battered company into bank- 
ruptcy. 

In one sense Greyhound's troubles 
are a bit of a puzzle. As the only 
nationwide provider of long-distance 
bus services in the US, it enjoys an 
enviable niche. It serves more than 
2,600 destinations with a fleet of 1,987 
vehicles, and collected S666m (£406m) 
in revenues last year. 

But Greyhound has been struggling 
for years. Even bankruptcy would be 
nothing new to the company; it only 
emerged from its last reorganisation 
in October 2991 after spending a year 
protected from its creditors under 
Chapter 11 of the federal bankruptcy 
code. 

Bora in rural Minnesota 80 years 
ago. Greyhound had its heyday in the 
1940s and 1950s, when it accounted for 
nearly half the journeys made 


between US cities. But Uke bus opera- 
tors all over the developed world, it 
began to suffer a decline in patronage 
as levels of car ownership rose. 

Cheap petrol, making car journeys 
an economical alternative to bus 
travel, exacerbated its difficulties. But 
its problems multiplied in 1978 when 
the US deregulated its airline indus- 
try, introducing an era of fare ware 
between rival airlines on domestic 
routes and putting air travel wi thin 
the means of the less well-off. 

Under pressure from airline compe- 
tition, annual passenger mileage 


slumped from more than IQbn in 1981 
to 6bn in 1986. Drivers took a 25 per 
cent pay cut to help get feres down 
and keep Greyhound going. But the 
parent company, since renamed Grey- 
hound Dial, saw no future in the bus 
business and sold it off to a buy-out 
team in 1987 for S350m. 

The new management turned Grey- 
hound Lines inside out, stripping 
away layers of management, slashing 
feres, launching aggressive marketing 
campaigns and investing heavily in 
the refurbishment of run-down city 
centre bus stations. The changes 


began to pay off, bringing traffic back 
to 7.5bn passenger miles in 19S9. But 
under continuing pressure to cut 
costs, the management fell into a 
wage dispute with its drivers. 

The dispute was to turn into one of 
the bitterest and most violent strikes 
in US labour history. Although Grey- 
hound kept going, using replacement 
drivers, many of its buses were shot 
at This proved unpopular with pas- 
sengers, and the resulting decline in 
traffic took Greyhound into bank- 
ruptcy in June 1990. 

The Greyhound that emerged from 



Greyhound’s silver and blue buses have become an American icon, on a par with chewing gum, jeans and Coca-Cola 


Chapter ll protection in October the 
following year was leaner and fitter. 
It even made small profits in 1992 and 
the first half of 1993. But a fresh bout 
of fare-cutting by airlines and the 
disastrous introduction of a computer 
reservation system that did not work 
sent Greyhound tumbling into losses 

ag??n 

Three months ago Greyhound 
announced plans for a transformation 
that would end its traditional role as 
a nationwide long-distance bus opera- 
tor and turn it into a regional opera- 
tor of inter-city services on a small 
number of busy routes in the south, 
north-east and the industrial mid- 
west 

But the plan has come too late. The 
company has run out Of cash, and 
some of its creditors, angered by the 
terms of a proposed restructuring, are 
seeking to put it into bankruptcy 
again rather than swallow what they 
see as a raw deal. 

Would Greyhound be missed? Argu- 
ably not. Greyhound has always been 
best loved by those who do not have 
to use it: its inner city bus stations 
are reputed to be among the most 
dangerous places on earth, the buses 
themselves make few concessions to 
comfort, and it is a condition of car- 
riage that yon have to endure the life 
story of the person sitting next to 
you. 

Even so, if it goes, many wdl feel a 
piece of America will go with it 


Republicans ride the 
Tennessee bandwagon 



US MID-TERM 
ELECTIONS 


Tennessee has 
been one of the 
US boom states 
of the last 15 
years, a mag- 
net for Japa- 
nese invest- 
ment and a 
centre for fast- 
growing health- 
care compa- 
nies. The 
unemployment 
rate is 4.7 per 
cent and fall- 
ing. But you would not know it 
from the mood of many of the 
state’s voters, who are threat- 
ening to take out their annoy- 
ance on incumbent politicians 
in Tuesday’s elections. 

Thcumhents are just not get- 
ting the job done,” complains 
Mr Tom Brewer, a Nashville 
bus driver. 

“Its anti-incumbent, anti- 
Washington, anti-Clinton, anti- 
Hillary Clinton, frankly. . . sort 
of an anti-mood, really, 1 * says 
Mr Win r^ing . who chairs the 
local Republican party in the 
Nashville area. 

Anti-incumbency seems to be 
taking its toll at all levels of 
government. “We had one sher- 
iff in for 12 years. When he 
came out he had three or four 
forms and when he went in he 
didn't have a thing, so we don’t 
need him any more," says Mr 
James Gwin, a barber in Cam- 
den, just west of the Tennessee 
river. 

But the most prominent vic- 
tim could be at the top of the 
ticket: Democratic Senator Jim 
Sasser. 

After 18 years in office, Mr 
Sasser chairs the Senate butt 
get committee and is widely 
expected to succeed retiring 
Senator George Mitchell as 
leader of the Senate Demo- 
cratic majority in the next 
Congress - if the Democrats 
hold the majority and if he can 
win re-election against Mr Bill 
Frist, a heart surgeon and 
political neophyte. 

Both Tennessee’s Senate 
seats are up for election this 
year, but everyone expected 
the Republicans to concentrate 
their efforts an d their stron- 
gest candidates on the race to 


fill the remainder of the term 
arising from Mr A1 Gore's 
switch to vice-president. 

Sure enough. Republican 
Fred Thompson appears to 
hold a lead over Congressman 
Jim Cooper, the Democratic 
candidate. But Mr Frist has 
surprised most by eating away 
at Mr Sasser’s candidacy, ana a 
Mason-Dixon poll released this 
week showed him ahead for 
the first time, by the slender 
margin of 44 per cent to 42 per 
cent 


Incumbents are 
feeling the 
winds of 
change, writes 

George Graham 


Like many other states in 
the south, Tennessee has seen 
a revival of the Republican 
party, which since the civil 
war bad been frozen out of 
political office. 

But as the old style right- 
wing southern Democrat dies 
off. Republicans have been 
making inroads, even in 
county courthouse elections. 

“I don’t think the label is 
going to hurt you that bad any 
more," says Mr Bennie Castle- 
man, who believes he is only 
the second Republican commis- 
sioner elected in the last 100 
years in Weakley County, 
north-west Tennessee. 

"The south one day will be 
Republican, there’s no doubt in 
my mind. When it wiD be, I 
don’t know." 

Tennessee is not a purely 
southern state. Its eastern 
counties, and some areas in the 
west of the state, joined the 
Union in the civil war and 
have continued to vote Repub- 
lican ever since. That offered 
the Republicans some of their 
first advances in the south, 
and in the 1970s Governor Win- 
field Dunn and both US sena- 
tors were Republicans. 

“Tennessee has been histori- 
cally Democrat-controlled for 


so long that the change didn’t 
take, but people are ready for 
it now and they are organised 
well." says former Governor 
Dunn. 

“We’re a border state and 
neither party has a clear 
majority. They vote for the per- 
son and that’s the way it ought 
to be," says Governor Ned 
McWherter, the popular politi- 
cian who defeated Mr Dunn in 
1986 and who is retiring at the 
end Of this year. 

Mr Sasser is fighting back 
with some old-fashioned poli- 
tics, combining virulent mock- 
ery of his opponent with 
unabashed pork barrel prom- 
ises. Warning farmers that 
next year is likely to see an 
overhaul of agricultural laws, 
Mr Sasser jeers that “the clos- 
est place Dr Frist ever got to a 
form is the 18th hole of the 
Bellevue country club”. 

And he touts the advantages 
to the state of having the 
majority leader, promising 
that, with his help, a S2.5bn 
(£L5bo) wind tunnel that the 
government plans to build will 
come to Tufiahoma. near Chat- 
tanooga. 

The mudshnging in the cam- 
paign has had its creative side. 
The Sasser campaign's Hal- 
lowe'en party was enlivened by 
Mr Frist's admission that as a 
medical student he had 
adopted cats from the local 
stray animals’ home for his 
experiments. 

All the signs are that Mr Sas- 
ser, after a slow start, is now 
getting into his stride. Heavy 
participation in early absentee 
voting - an estimated 12 per 
cent of registered voters have 
already cast their ballots in the 
Nashville area, and in rural 
Benton county, just west of the 
Tennessee river, the level is 
closer to 20 per cent - suggests 
turnout will be high. 

“I think it'll be a big vote 
statewide, and a big vote 
means one thin g - advantage 
to the incumbent," says Mr 
Jerry Phifer, former sheriff of 
Benton County. But it may be 
too late to stop a bandwagon 
that seems likely to carry a lot 
of southern Republicans into 
office. 


Coleman 
hardens 
support in 
Virginia 

By Jurek Martin 
fan Washington 


Mr Marshall Coleman, the 
independent candidate in Vir- 
ginia who was expected to 
draw votes away from Mr Oli- 
ver North, the Republican, is 
now inflicting more damage 
on Senator Charles Robb, the 
Democratic incumbent, accord- 
ing to two new state polls. 

The surveys both had Mr 
Robb in the lead, but by statis- 
tically Insi gnificant margins. 

Both fonnd that Mr Cole- 
man, a former Republican 
lieutenant-governor and, on 
most issues, an orthodox con- 
servative, was hnrting Mr 
Robb nearly twice as much as 
he was Mr North. The director 
of one of the polls said Mr 
Coleman's support was hard- 
ening and his campaign man- 
ager even predicted a surprise 
on Tuesday. 

Mr Coleman appears to have 
scored by emphasising the 
character defects of both party 
candidates - Mr North for his 
involvement in the Iran-Con- 
tra affair and Mr Robb for his 
admitted personal infidelities. 
But Mr North’s adoring hard- 
core right-wing support, while 
not constituting a majority, 
appears solid and may be 
understated by a few percent- 
age points, whereas the sena- 
tor’s is notoriously soft 

Meanwhile, another keenly 
watched Senate race - in Calif- 
ornia between Senator Dianne 
Feinstein and Republican Con- 
gressman Michael Buffington 
- has taken a new twist fol- 
lowing reports that the sena- 
tor may have hired an illegal 
immigrant as household help. 

Mr Buffington, who has 
already confessed to the same 
offence, rushed out a TV com- 
mercial claiming Ms Feinstein 
had “flat out lied" in denying 
she had done the same. But 
the Immigration and Natural- 
isation Service came to her aid 
by saying the report appeared 
to be based on a case of mis- 
taken identity. 


Japan grapples with law of the gun 

A string of violent crimes has shaken citizens, writes Michiyo Nakamoto 


R 


epeated screenings on 
national news pro- 
__ g ramm es of the blood- 
stained Aomono Yokocho train 
station in south . Tokyo where 
Dr Takejiro Okazaki was 
apparently gunned down by a 
former patient last, week have 
remin ded viewers that Japan 
may hot be as safe as they 
imagine. 

. Japan has long prided itself 
on the safety of its streets and 
the reliability of its police 
force, if not to halt crime then 
at least to contain it in certain 
neighbourhoods. However, a 
string of violent crimes against 
Ci tizens, such as the murder of 
Dr Okazaki, has shaken confi- 
dence in the force’s abilities. 

The branch manager of 
Sumitomo Bank in Nagoya, the 
president of a video distribu- 


pec ted. According to the 
national police, 1,672 guns 
wore confiscated last year, 73 
per cent more than the 963 
weapons taken by police three 


wini wm|n<«v “ ' — m 

head of a toy company in 
Tokyo - are among a growing 
hst of victims at fetal attacks 
this year. What has particu- 
larly shocked the public Is that 
more crimes are befog cominiir 
ted wi£h«unfc- ■ • • 

■ “The murder of Dr .Ok a zak i , 
sent a strong message to citi-' 
rnns that gun use is more wide- 
spread than. - ' most had sns- 


The rising number of gun-re- 
lated crimes in Japan is widely 
seen as a consequence of sev- 
eral factors combining to ease 
access to weapons; the coun- 
try’s growing mtemationahsa- 
tion; the ripple effects of the 
collapse of the former Soviet 
Union; and the greater pres- 
sures Japan’s gangsters are 
feelin g in the face of a police 
crackdown and the burst of the 
b ubbl e economy. 

. Hbe illegal spread of guns is 
a key result of intematkmalisa- 
tiozL,” the National Police 
Agency recently claimed. One 
new source of firearms, for 
example, has been the growing 
number of ships carrying Rus- 
sian tourists and businessmen. 

Prof Kazuo Shimada, of the 
sociology department at Rawa- 
mnra Gakuen Women’s Uni- 
versity, points out that these 
ships and others from China 
and Taiwan are used as a chan- 
nel for illegal imports, includ- 
ing guns. The arms are 
believed to be offloaded at sea. 


Nunti»sr .of gate confiscated 

isoo 
.1600 


2?WJ 

'&B01 

yflfihj 

•;40Q 

'.'aotH 


I I Prom gangsJerBi |a 

^Fhamnon- j 


1990 .91 9Z ' 93 

'JtoraNaftMtfofcfr 

rather than after the ship has 
docked, thus making it difficult 
for Japanese police to stop the 
trade. 

“Japanese society is feeling 
. the after-effects of the collapse 
of the former Soviet Union and 
the end of the cold war,” he 
says. Many at the guns coming 
Into Japan belong to Russian 
soldiers who no longer had a 
use for them. 

Nevertheless, it is unlikely 
that such external changes 
would have opened Japan’s 


doors to so many guns and 
increased gun-related violence 
if it were not for the profound 
social changes taking place 
within Japan in the aftermath 
of the rapid economic growth 
seen in the late 1980s. 

The economic slowdown 
afflicting corporate Japan has 
hurt the underworld as welL 
Gangsters, who bad mostly 
confined violent crime to the 
underworld, are turning to vio- 
lence against the man in the 
street and selling firearms to 
raise cash. 

According to the police, the 
last time there was a surge in 
gun smuggling was in 1984. 
when demand soared as two 
gangs fought for supremacy. 
But the recent introduction of 
an anti-gangster law has made 
it increasingly difficult for 
criminals to make a living 
from such traditional sources 
as prostitution and protection 
rackets. 

Recent murders of company 
executives and bankers, for 
example, are widely believed to 
have been carried out by gang- 
sters unable to extort money 
from them, as they would have 
done a few years ago. 

Meanwhile, more gangsters 


are leaving the underworld as 
existence there becomes less 
easy. But their attempts to 
start a new life have triggered 
violent responses from gangs. 
Prof Shimada says. 

More worrying is the fact 
that the crime gangs’ financial 
woes are forcing them to sell 
guns to citizens to make ends 
meet 

For example, police have 
arrested a gangster for selling 
a Russian-made Tokarev pistol 
and seven bullets for Yl,4m 
(£8,900) to the man accused of 
shooting Dr Okazaki. In the 
past, gangsters would not have 
sold guns to citizens. Prof Shi- 
mada notes. 

The number of guns confis- 
cated from non- gangsters 
increased more than tenfold 
from 45 in 1990 to 476 last year. 
In response, the National 
Police Agency designated Octo- 
ber as an anti-gangster and 
gun control month. 

“The two pilfers of Japan's 
gun policy should be to cut off 
supplies from overseas and 
eradicate illegal ownership of 
guns within Japan,” the 
agency says. “Gun control is 
crucial in securing the safety 
of this country." 


Nigeria appeal 
court grants 
bail to Abiola 


By Pate Adams in Lagos 

Nigeria's court of appeal 
yesterday granted uncondi- 
tional bail to Mr Moshood Abi- 
ola, the winner of last year's 
annulled presidential election, 
who has been detained by the 
militar y regime on charges of 
treason for declaring himself 
president in June. 

The ruling offers an unex- 
pected release for Mr Abiola 
until the resumption of a trial 
which has been stalled since 
September. 

“I am optimistic that he is 
going to be released and we are 
expecting him home very 
soon." his wife, Mrs Kudirat 
Abiola, said in Lagos yester- 
day. “The ruling shows that we 
can still have faith in the judi- 
ciary." 

Mr Abiola’s doctor met offi- 
cials from Gen Sani Abacha’s 
government in Abuja, where 
he is being held, to discuss his 
release, which could allow him 
to travel to Europe for medical 
treatment, Mrs Abiola said . 

Although the appeal court 
ruling appears to be a reverse 
for the government, the deci- 
sion may provide a convenient 
way out of political deadlock 
for both sides. 

Since the government saw 
off a strike by the powerful oil 
workers' union two months 
ago, the pro-democracy move- 
ment has collapsed, even in Mr 
Abiola’s native south-west, 
leaving him in jail and without 
support 

A freed Mr Abiola inside 



Moshood Abiola: trial stalled 

Nigeria would be an embar- 
rassment to the militar y but 
they would be less concerned if 
he were abroad. According to 
the Nigerian medical associa- 
tion, Mr Abiola suffers from 
chronic high blood pressure 
and has suffered a back injury 
in jail and needs to be released 
for treatment. 

“His health has been deter- 
iorating. The treatment which 
he needs is not available in 
Nigeria," Mrs Abiola said. “He 
will have to go abroad. We 
have a list of hospitals in 
Europe and I am sure that the 
government will allow him to 
travel" 

In August Mr Abiola refused 
bail that was offered on condi- 
tion that he avoided any politi- 
cal activity. 

The appeal court did not 
impose conditions for Mr Abi- 
ola’s bail but advised him 
against causing any civil dis- 
turbance while cm bail. 


Resolution 
of HK 
airport 
row near 


By Simon Hotberton 
m Hong Kong 

The end to Hong Kong's 
protracted dispute with China 
over the financing of the colo- 
ny's HK$158bn <£12.6bn) air- 
port project appears in sight 
after Britain and China signed 
an agreement yesterday which 
finally settled the fi nanc ial 
structure of the project 

The Hong Kong government 
was hopeful last night that 
China would approve the final 
details of the financial plan, 
possibly as early as next week. 
Sir Hamish Macleod. the colo- 
ny's financial secretary, said 
he was “enthusiastic" to build 
on yesterday’s agreement in 
talks which resume on 
Wednesday. 

The dispute over finan cing 
surfaced in late 19B9 when the 
Hong Kong government said it 
would push ahead with the 
project in an effort to boost 
confidence in the wake of the 
Tiananmen Square massacre 
in Beijing. China, which never 
recognised the need to boost 
confidence, objected to the cost 
of the project from the outset. 

Yesterday's accord has 
cleared the way for the govern- 
ment to approach the Legisla- 
tive Council for HK§23bn of 
equity finance for the airport 
railway. It plans to begin this 
process next Friday. 

However, the agreement fell 
short of being comprehensive, 
as China wished to deal sepa- 
rately with two ancillary agree- 
ments between the government 
and the corporations building 
the airport and the railway. 
These will allow the Mass 
Transit Railway Corporation 
fMTRC) and the soon-to-be 
incorporated Airport Authority 
to approach finaicial markets 
to borrow up to a further 
HK$23bn. 

According to yesterday's 
joint statement China under- 
stood the importance of these 
accords, known as financial 
support agreements, and 
undertook to give its assent as 
soon as possible. It was hoped 
that the MTRCs support agree- 
ment could be settled next 
week. 

It is important for the MTRC 
that an accord is reached soon. 
It has been largely absent from 
public bond markets for the 
past two years. 

The long-running dispute 
over finance has not materially 
delayed the project Over the 
past three years the govern- 
ment has awarded 73 construc- 
tion contracts worth HKJS3bn 
for works related to the airport 
and its ancillary projects. In 
all 11,000 people are employed 
by the project. 

Sir Hamish said the govern- 
ment would endeavour to com- 
plete as much of the airport 
and its railway as possible 
before British rale cease d in 
mid-1997. As part of yesterday's 
agreement it undertook to 

review timing and financing of 

the project with China during 
the second half of 1996. 


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WEEK-END NOVEMBER 5/NOVEMBER 6 1994 



NEWS: UK 


Royal Mail flouts pay freeze with 3.4% offer 


By Robert Taylor, 

Labour Correspondent 

Britain's postal workers have been 
offered a 2.8 per cent pay rise by the 
Post Office from November 1 which 
will rise to 3.4 per cent from January 
1 1995 in a clear breach of the gov- 
ernment's three-year public-sector 
pay bill freeze. 

The Royal Mail described the deal 
yesterday as a "reasonable settle- 
ment within the government’s 


public-sector pay guidelines”. But 
the proposed wage settlement will 
add about £61m to the Post Office’s 
current pay bill, a 2.7 per cent 
increase in a full year. 

The Union of Communication 
Workers is balloting its 160,000 mem- 
bers at the Post Office with a recom- 
mendation for them to accept the 
offer. The Post Office said it was 
marie up of a 25 per cent increase on 
basic rates plus 0.3 per cent for past 
productivity improvements. 


A £1-50 a week supplement is to be 
consolidated into basic pay from 
January 1, adding a further 0.6 per 
cent to earnings. This will mean a 
total pensionable pay rise of 3.4 per 
cent for postmen and women. 

Mr Alan Johnson, the union's gen- 
eral secretary, said in a letter sent to 
his union's officers yesterday that 
the offer was “by far the best negoti- 
ated settlement in the public sector” 
achieved by any group of workers 
this year and “as far as the Royal 


Mail deals are concerned, it is the 
biggest increase over inflation in 
recent years". 

Mr Chris Trinder, bead of the inde- 
pendent Public Policy Foundation, 
said: "It looks as though the govern- 
ment has turned a blind eye to their 
own pay guidelines in letting this 
offer through. Ministers appear to 
have drawn a lesson from the rail 
signalworkers' dispute and decided 
not to interfere." 

The proposed pay deal does not 


UlCUb WULLUl Ulc gUVUriliUCUL O piuuuuuin./ " J ~ it, 

mps split po management declares 

on week’s , 

damage battle against status quo 

to Major Mr BUI Cockbum, the Post Office's A ndron; A Hnnic for Royal Mail could be replaced 


exclude any further increases that 
the union UCW might be able to 
negotiate with the Post Office over 
productivity improvements in the 
period to nest October, when the 
current agreement will end. 

Mr Johnson has told his officials: 
"There are no strings or conditions 
attached and acceptance of this deal 
will allow both sides to return to the 
negotiating table to discuss the 
union's separate claim on hours of 
work, job security and productivity." 


Last week firefighters were 
awarded a 2.2 per cent pay rise in 
|in»» with their wage formula, mdex- 
linked to the upper quartile of male 
manual earnings. _ . „ 

The police have received at least 3 
per cent under their wage formula 
while the civil service has had 
increases of less than 2 per cent 
Bank of England staff have secured 
increases of between 7 per cent and 8 
per cent but these have all been self- 
financing. 


By David Owen 

Tory backbenchers were 
sharply divided yesterday over 
the impact of this week’s Post 
Office retreat on Mr John 
Major’s personal standing. 

Some rightwingers declared 
openly that the climbdown 
bad further undermined the 
prime minister’s authority. 

Others joined the rebels who 
blocked the privatisation plans 
in suggesting that ministers 
could yet torn the situation to 
the government’s advantage. 
Some MPs felt that Mr Major’s 
handling of the recent sleaze 
allegations bad been much 
more damaging. 

Mr Bill Walker, HP for Tay- 
side North, said the situation 
after the climbdown was “des- 
perately serious. It is much 
more serious than just a loss 
of face - it will affect party 
morale and party determina- 
tion”. 

He added: “It hits right at 
the heart of what our policy 
has been in all our years in 
government Either we believe 
in what we do or we 
don't” 

Asked whether he thought 
the retreat had increased the 
chance of a challenge to Mr 
Major’s leadership next year 
Mr Walker sakk “It has under- 
mined the prime minister's 
authority and the authority of 
the cabinet That can only lead 
to demands for change.” 

Another rightwinger pre- 
dicted that if the party was 
still “on the shoots" in six to 
10 months backbenchers 
would start panicking. In such 
circumstances a new man 
might “strike a chord” with 
the public. 

Sir Keith Speed, MP for Ash- 
ford. who opposed the planned 
privatisation, said be thought 
the government could “turn 
this into a very positive thing 
indeed”. He said: “I don’t take 
the view that this is yet 
another nail In [Mr Major’s] 
coffin. I don’t actually think it 
weakens him at all”. 

Mr Richard Shepherd, the 
Euro-sceptic MP for Aldridge 
Brownhills, said the prime 
minister should be “more 
relaxed” about the climbdown. 
“I think he can w«in> a virtue 
of it” 

Bat he said the handling of 
the recent allegations of minis- 
terial impropriety had 
prompted “grave doubts” 
about Mr Major’s standing in 
some parts of the party. 


Mr BUI Cockbum, the Post Office’s 
outspoken chief executive, vowed yes- 
terday to strike hard at the Treasury 
to gain greater commercial freedom 
for the Royal Mail in spite of the 
collapse of plans to privatise the 
industry at Thursday's cabinet. 

“We’re fighters not quitters," the 
ebullient Mr Cockbum said of himself 
and his senior managemen t He dis- 
missed out of hand rails for him and 
to stand down because of the high 
profile he and Mr Michael Heron, the 
Post Office's chairman, had taken in 
Mr Michael Heseltine’s campaign to 
win over Tory backbenchers to the 
cause of privatisation. 

Mr Cockbum is determined to sus- 
tain momentum behind the current 
Post Office review, to gain the Royal 
Mail greater commercial freedom. He 
wants in particular to slash the levy - 
estimated at £2 13m next year - which 
the Post Office has to pay the Trea- 
sury out of its profits. 

Anxious that the status quo should 
not become the inevitable conse- 
quence of continued inertia - as some 
on the Tory right might like, to prove 
they were right about privatisation - 
Mr Cockbum cited the government’s 
July greeir, paper, which came out in 
support of selling off 51 per cent of 
the Royal Mail but also listed areas 
where greater commercial freedom 
could be given if the Post Office 
remained in. the public sector. 

Mr Cockbum said: "We urgently 
need to squeeze as much juice as we 
can out of those bits of the green 
paper, on a case by case basis. Slow 
decline need not be the consequence 
of the decision to drop privatisation, 
but it will be unless we make real 
headway on this.” 

With pre-tax profits last year run- 
ning at £306m, the Treasury levy 
takes the lion’s share of the Post 


Andrew Adonis 

talks to the chief 
executive about 
his determined 
drive for change 

Office's spare cash. The levy has been 
rising sharply - up from £182m last 
year to £226m this year. 

Mr Cockbum said: “This can’t con- 
tinue. We will be saying to the gov- 
ernment: ‘If you bleed us white, we 
will not be able to deliver a first class 
postal service.’ That must mean leav- 
ing us with more of our profits to 
re-in vest" 

He pointed to a green paper para- 
graph which states that even if the 
Post Office remains in the public sec- 
tor. its existing Treasury levy could 
be "effectively set as a dividend in 
relation to prospective profitability”. 
Since the levy is about twice as large 
as a reasonable dividend payment, 
that implies a cut of about half for 
next year, leaving the Post Office with 
about £l00m extra for investment 

Mr Cockbum will have no difficulty 
spending the extra cash. “We are 
p lanning fa invest aro imri £350m in 
the coming year, but to keep our 
existing service modem - with better 
sorting facilities and the like - we 
need to be investing between £S0m 
and £100m more.” 

Talks with Mr Heseltine and the 
Treasury start in earnest in the next 
few weeks. Mr Cockbum will be citing 
two other suggestions in the green 
paper: 

• That the Post Office could be freed 
from its overall capital spending limit 

• That the existing efficiency target 


for Royal Mail could be replaced by a 
direct control on prices, allowing the 
business to keep more of the gains 
from greater efficiency - although in 
practice price restraints would be 
bound to follow unexpected efficiency 
gains. 

G aining greater control of money is 
only one of the changes sought by Mr 
Cockbum. He sees freedom to engage 
in joint ventures, and to develop new 
lines of business, as equally vital. 

He said: "We are not saying we 
want to set up a chain of Royal Mail 
ice cream shops but we do need to be 
able to move into other areas or the 
communications industry, end have 
to be allowed to make purchases and 
forge joint ventures, on a case by case 
basis." 

Some of the new activities envis- 
aged by Mr Cockbum are core even to 
the existing mail business, such as 
trunk airline distribution systems to 
deliver international mail more effi- 
ciently. Others concern new commu- 
nications technologies, notably elec- 
tronic mail and printing systems 
enabling the Royal Mail to take on 
combined printing and delivery con- 
tracts for the corporate sector. 

Mr Cockbum cites the example of 
Sweden Post, the state-owned Swedish 
post office, which has bought con- 
cerns engaged in the electronic mail 
field. "We must be able to provide our 
customers with a one-stop shop ser- 
vice, and be allowed to get into the 
new communications world.” 

For Mr Cockbum the progress of 
British Telecommunications is ever 
more galling- Barely a week passes 
without BT. which used to be part of 
the old Post Office, announcing a 
joint venture or an international 
scheme. By contrast the Royal Mail 
still needs government approval for 
all investments of more t han £20m. 



JeHJOnm 

Bill Cockbum. the Post Office's chief executive, plans to take on the Treas ur y 


More than one way to skin a public-sector cat 


By Kevin Brown 
and David Owen 

The cabinet’s refusal to back 
Mr Michael Heseltine’s plan to 
sell parts of the Post Office has 
prompted a widespread view at 
Westminster that 15 years of 
Conservative commitment to 
privatisation are over. 

Not everyone agrees. Mr 
Kenneth Clarke, chancellor, 
was among the powerful fig- 
ures arguing yesterday against 
the view that the government 
no longer has the stomach to 
force contentions privatisa- 
tions through an unwilling 
parliament 

But others pointed out that 
the question might not matter. 
For one thing there is little left 


to privatise, for another, the 
government has developed 
equally powerful and less con- 
troversial ways of changing 
the delivery of services. 

Mr Daniel Finkelstein, direc- 
tor of the Social Market Foun- 
dation think-tank, said: “The 
heroic phase of privatisations 
is over, but a gradualist phase 
which could ultimately be 
more radical and have more 
profound implications bas 
begun. In terms of privatisa- 
tion policy, power is passing 
from the Leninists to the Fabi- 
ans." 

Most of the big privatisations 
have already happened. In 21 
major sales, starting with the 
first tranche of BP shares in 
1979, the government has dis- 


posed of most of the big publio- 
sector companies and utilities 
inherited from Labour. 

According to the Treasury 
more than 50 enterprises 
remain in public ownership. 
But most are either arms of 
bureaucracy, such as the Cen- 
tral Office of Information, or 
scheduled for privatisation, 
such as British Coal and the 
railway companies. 

Few straightforward busi- 
nesses remain. The BBC, Chan- 
nel Four, and a number of 
local authority airports and 
transport companies could 
eventually be candidates for 
privatisation. 

But ministers have for sev- 
eral years been moving 
towards a successor policy to 


old-style privatisation, based 
on introducing competition to 
services which continue to be 
provided by the public sector. 
There are three main elements: 
• Agencies. At the last count 
99 agencies covering 350.000 
civil servants had been set up 
under the Next Steps pro- 
gramme. launched by Baroness 
Thatcher in 1982 They range 
from the social security bene- 
fits agency, with 65,000 staff, to 
the Wilton Park conference 
centre in Sussex, which 
employs 30. 

The agencies cover activities 
as diverse as weather forecast- 
ing, issuing passports, and sup- 
port services for the armed 
forces. Ministers have identi- 
fied a further 67 candidates for 


agency status, covering 
another 96.000 civil servants. 

• Contracting out Under the 
market testing programme a 
range of government activities 
are put out to competitive ten- 
der. Public-sector units are 
allowed to compete, but often 
lose to more street-wise private 
companies. 

The government’s latest mar- 
ket testing bulletin, aimed at 
potential private-sector bid- 
ders, lists 59 contracts awarded 
by tender, ranging from pay- 
roll services for the Overseas 
Development Administration 
to computer maintenance for 
the recruitment and assesment 
services unit 

A further 72 contracts are 
being advertised, and ministers 


have set out a future pro- 
gramme covering activities as 
diverse as the agriculture min- 
istry's reprographic services 
and the Queen's Flight. 

• Private finance initiative. 
Launched by Mr Norman Lam- 
ont, the former chancellor, the 
initiative has attracted only 
£500m of private capital into 
public projects since 1992, 
mainly because of uncertainty 
about rates of return. 

But there is mounting feel- 
ing in Whitehall that the 
scheme is gathering momen- 
tum. A £150m computer system 
to hold records on National 
Insurance contributors will be 
the first project of its kind to 
be funded through the initia- 
tive. 


Hurd attacks 
media ‘culture 
of criticism’ 


By Kevin Brown, 

Political Correspondent 

Mr Douglas Hurd, the foreign 
secretary, yesterday launched 
an outspoken attack on declin- 
ing standards in the media as 
the government sought to fight 
back against allegations of 
impropriety swirling around 
Conservative MPs. 

Mr Hurd, the cabinet's elder 
statesman, threw his weight 
solidly behind Mr Jonathan 
Aitken. the embattled chief 
secretary to the Treasury, 
warning that media standards 
were slipping fast 

His comments coincided with 
a tougb statement from the 
Association of British Editors 
complaining of “threats and 
increasingly intemperate 
attacks” by ministers. 

The association, which repre- 
sents national and regional 
newspapers and magazines, 
called on editors to continue to 
throw more light on the work- 
ings of the government 

Speaking to Conservatives in 
Perth, Mr Hurd accused jour- 
nalists of hunting in packs and 
developing a "culture of criti- 
cism” in which achievements 
were unsung or distorted. 

Arguing that the media was 
the British institution that had 
"deteriorated fastest” in recent 
years, he said there was "too 
little independent judgment, 
too little objective description”. 


In a direct reference to the 
methods used by 'Hie Guardian 
to uncover details of Mr Ait- 
ken’s stay at the Ritz hotel in 
Paris, owned by Mr Mohamad 
Fayed, he asked: “Is it a brave 
defence of our liberties for an 
editor to authorise the faking 
of a House of Commons crest 
through a fax machine? Is it a 
fearless blow for truth when a 
journalist forges the signature 
of a civil servant to get what 
he wants?” 

Mr Hurd's robust condemna- 
tion of media standards under- 
lines concern among senior 
ministers about the impact of 
the stream of sleaze allegations 
on the government’s standing. 

Mr Hurd warned MPs to 
remain "above approach." and 
conceded that the government 
would have to join the debate 
initiated by the Nolan commit- 
tee on standards of behaviour 
in public life. 

"Personally I have no diffi- 
culty with the idea that MPs 
should be part-time fanners, 
lawyers or businessmen. It 
enriches the contribution 
which the MP makes,” he said. 

"But his prime responsbility 
must be to represent his own 
convictions In the interests of 
his constituents, not to act on 
the interests of those who pay 
him an additional, extra-Parlia- 
mentary, salary. We in public 
life must be, and be seen to be. 
above reproach." 


UK NEW CAR REGISTRATIONS - JANUARY-OCTOBER 1994 




October IBM 


Ocr 93 

January-Octobar 1M4 

Jen-Oei* 93 

Votume 

Change* • 

Share*) 

Stare* 

Volume 

cnange*. 

Shore** 

Sfuro% 

Total mate 

122526 

~ao 

1000 

1000 

1.710542 

*85 

1005 

100.0 

UK produced 

52.968 

-65 

43.2 

44.9 

729.031 

+4.1 

43.6 

44.4 

Imports 

63558 

-0-1 

56.8 

55.1 

981,811 

+12.0 

57.4 

55.6 

Japanese makes 

14,309 

-7.9 

11.7 

12.3 

206.111 

+£9 

12.0 

12.7 

ReetfEuciness# 

65.931 

*5.7 

535 

49.4 

853,725 

+15.6 

495 

46.8 

Private*# 

56.595 

-115 

4 62 

50.6 

867,117 

+25 

50.1 

532 

Feed group 

ZM7B 

*0.1 • 

225 

21.7 

381,272 

+9.9 

22 6 

22.1 

- Ford 

26,808 

-1.0 

21.9 

21.4 

37S541 

+10.0 

22.0 

21.7 

- Jaguar 

663 

484.0 

0.6 

05 

5,731 

*2.7 

0.3 

0.4 

General Motors 

21,534 

-9.0 

175 

18.7 

2S5.338 

+35 

18.7 

17.4 

- Vauxhatf 

20.973 


17.1 

18.2 

276.774 

+3.9 

16.2 

16.9 

- Saab- 

561 

-165 

05 

05 

8564 

+4,8 

05 

0.5 

BMW group 

1W 

-75 

15^ 

102 

254580 

♦45 

14-9 

15.5 

- Hover- 

16JW3 

-3.6 

13.1 

135 

213,006 

+2.5 

125 

13.2 

-BMW 

2,871 

-24.7 

23 

30 

41.674 

+14.0 

2.4 

2.3 

Peugeot group 

13597 

-13.1 

11-4 

1Z7 

211567 

+6.4 

125 

12.6 

- Peugeot 

9553 

-OO 

7.8 

33 

134,041 

+6.4 

76 

SO 

- Citroen 

•5.344 

-205 

3.6 

4.4 

77.326 

♦65 

4.5 

4.6 

Volkswagen group 

7,196 

♦195 

5.9 

4.7 

110,932 

*235 

6.4 

5.7 

- Volkswagen 

4.767 

+36.7 

3.9 

2-B 

67,417 

+185 

3.9 

3.6 

- Autfi 

1,187 

-17.7 

1JD 

1.1 

21.011 

+18.4 

1J2 

1.1 

- SEAT 

623 

+11.4 

0.5 

0.4 

11.725 

+485 

0.7 

0.5 

- Skocfcjf 

618 

*14.0 

0.5 

04 

10.779 

+45.1 

0.6 

0.5 

Renault 

8.149 

+16.7 

6.7 

55 

101,501 

♦ 19,7 

5.9 

5.4 

Nissan 

4.034 

-40.4 

33 

5.4 

B1.26B 

+4.1 

46 

5.0 

Flat grouptt 

4,117 

+23.7 

3.4 

Z.6 

S3.33H 

*30.4 

32 

26 

- Rat 

4JJ03 

+28.1 

$5 

• 25 

52X39 

+346 

3.1 

2.5 

- AHa Romeo 

113 

-34.7 

at 

0.1 

1.424 

-27-2 

0.1 

0.1 

Toyota 

4.238 

*755 

35 

15 

46,188 

-3.3 

2.7 

30 

Volvo 

2,133 

-1.7 

1.8 

1.8 

| 37,827 

-1.7 

2.2 

2.4 

Honda 

2.807 

+7.4 

2.3 

2. 1 

34555 

♦28.3 

2.0 

1.7 

Mercedes-Benz 

24)96 

-3.0 

1.7 

1.7 

! 26547 

*46.3 

1.6 


Mazda 

1,181 

-11.8 

1.0 

1.1 

15^42 

-22 

0.9 

to 


Rover to boost 
parts purchasing 


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By Kevin Done, 

Motor Industry Correspondent 

Rover Group, the leading UK 
carmaker, is to increase the 
value of its components pur- 
chases by £500m or 18 per cent 
next year to £3.25bn, Mr John 
Towers, chief executive, said 
yesterday. 

The group, a subsidiary of 
BMW of Germany, is expected 
to raise production signifi- 
cantly next year as a result of 
rising sales and several new 
model launches. 

UK suppliers will benefit 
most, as they account for 
about 80 per cent of Rover's 
components purchases, which 
will total £2.75bn this year. 

Last month the company 
saidthat it was creating 1,450 
jobs at its British plants in 
response to rising sales, in par- 
ticular in export markets. 

Next year it will launch 
replacements for its 200/400 


range as well as a new range of 
MG sportscars as part of its 
five-year £1.5bn investment 
programme. 

Rover increased production 
16 per cent in the first nine 
months this year to 355,860 
from 306,198 in the .same period 
a year ago. 

Output for the full year is 
expected to rise to about 
492,000 from 430.200 last year. 
Mr Towers forecast recently 
that production would rise sig- 
nificantly above 500,000 next 
year. 

Rover is continuing to 
rationalise its supplier base, ft 
has already reduced the num- 
ber from about 2.000 in 1989 to 
700. 

About 360 core suppliers 
account for 75 per cent of 
Rover's purchases. The com- 
pany said yesterday that it was 
seeking to reduce the number 
of its suppliers to 360 in the 
next three years. 


Franchise 
plan for 
BBC 



The BBC should franc hise 
future commercial activities to 
a private-sector operator, the 
Independent Television Com- 
mission, the television watch- 
dog, said yesterday in. its 
response to the government's 
white paper on the -BBC’s 
future, Diane Summers write®. 

The 1TC said it believed that 
the BBC, as a pubhcly-ftmded . 
broadcaster, was “not in a posi- 
tion to balance successfully the 
mixed cultures of public. ser- 
vice broadcasting and commer- 
cial business enterprise”. 

The BBC should concentrate " 
on providing public sendee 
radio and television, financed 
by the licence fee, to UK audi- 
ences. 

Rise In starts 
on new koines 

Builders started work on 1&5 
per cent more new homes in 
the first wina months of tbfe 
year than in the same period 
last year, figures published 
yesterday by the Department * 
of the Environment show. 9 
Work started on 123,100 
homes in the first nine months, 

A total of 51,800 homes were 
started in the three months to 
the end of September, a 13 per 
cent rise from the same period 
last year and a seasonally 
adjusted 1 per cent rise on the 
previous three months. 

• Estate agents reported fall- 
ing business in October, for the - 
second month running, the 
National Association of Estate 
Agents said yesterday. Nearly 
60 per cent of agents reported a 
fell. 

Increase in 
corporate failures 

Corporate failures rose for the 
first time in two years in the 
third quarter of the year, fig- 
ures from the British Cham- 
bers of Commerce show. 

The figures, based on Depart- 
ment of Trade and Industry 
insolvency service returns, 
show that company collapses 
in England and Wales were a 
seasonally adjusted 4,450 
between July and September. 

The number of failures was 4 
per cent higher than for the 
previous quarter but 13 per A 
cent down from the same w 
period last year. The number 
of individuals going bankrupt 
fell 1 per cent quarter-on- 
quarter to 7,919- 

Disabled to get 
health-care cash 

Tens of tho usands of disabled 
people living fa the community 
will soon be given cash pay- 
ments to buy the care they 
need, Mrs Virginia Bottomley, 
the health secretary said yes- 
terday. 

Until now the government 
has insisted that help should 
be provided through social ser- 
vices. 

Mrs Bottomley told the con- 
ference of the Association of 
Directors of Social Services: 
“Direct payments Gt fa well 
with our general philosophy of 
increasing choice.” 

Threat of Lloyd’s 
challenge grows # 

The possibility increased yes- 
terday that Lloyd's of London a 
will face a legal nhaligng p to its ' 
plans for ensuring damages 
won in court by lossmakmg 
Names - individuals whose 
capital backs the insurance 
market - are used to settle 
their outstanding debts. 

The Association of Lloyd's 
Members said it had received 
legal advice that planned 
changes to Lloyd's niles on 
debt recovery may be beyond 
its legal powers. 

North Sea oil 
platform evacuated 

A minor fire in a gas turbine 
caused the evacuation of the 
Claymore oil platform In 
the North Sea on Thursday 
night. 

The incident at the platform, 
operated by Elf Enterprise, 
temporarily halted the flow of 
120,000 barrels a day of oil from 
five other fields which ggnrj oil 
via Claymore. 


NUT seeks talks to avoid continued tests boycott 


By John Authors 

The National Union of Teachers said 
yesterday that it would continue its 
boycott of national curriculum tests 
in England and Wales for a third 
year. 

Mr Dong McAvoy, general secre- 
tary, said a survey revealed strong 
opposition to the measures 
a mum n rpd fa September by Mrs Gil- 
lian Shephard, the education secre- 


'»/ 


tary. Bnt he asked for talks with Mrs 
Shephard to avert a boycott. 

All three of the main teachers' 
anions refused to oversee tests for 
14-year-olds when they were Intro- 
duced in 1993. The NUT was the only 
union to continue its action earlier 
this year. 

The survey, which covered NUT 
members in schools which most 
administer the tests, found that 
84.4 per cent of respondents dis- 


agreed with Mrs Shephard’s claim 
that the tests would “reinforce teach- 
ers’ professionalism”. 

More than 90 per cent rejected her 
package of improvements, which 
included allowing for tests to be 
administered by external markers, 
saying it had not met their central 
concerns. 

The NUT found strong opposition 
to the use of test results for publish- 
ing “league tables” of schools’ perfor- 


mance. Turn-outs among members 
affected was 25.4 per cent. 

Mr McAvoy made it clear that he 
hoped to end the boycott after talking 
to Mrs Shephard. He said: "She has a 
political Imperative and we have an 
educational imperative. It might be 
possible to get the two together.” 

Other tea chers ’ unions doubted 
whether the NUT’S stance could with- 
stand a legal challenge. 

The Association of Teachers and 


lecturers will next week advise its 
members that they caw continue to 
boycott statutory assessments link ed 
to the curriculum only if they create 
“unreasonable” workloads. 

It advised teachers that thk would 
increase the risk of action from 
employers, including withholding sal- 
aries. It wants members to adminis- 
ter the tests and report their results, 
and says boycotting them for educa- 
tional reasons alone would be illegal- 



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FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


o* 


Fresh blow 
dealt to live 
animal trade 


By Deborah Hargreaves 

Brittany Kerries yesterday 
dealt a blow to Britain's 2200m 
live animal trade when it cut 
oU the last regular export out- 
let by imposing a ban on virtu- 
ally all shipments Cram mid- 
night tonight 

The company joined other 
ferry operators in halting live 
exports after uncovering 
“flagrant breaches" by live- 
stock hauliers of its code of 
conduct. 

Sir David Nai&h, president of 
the National Fanners’ Union, 
will meet Mr William Walde- 
grave, agriculture minister, 
early next week to press for 
new laws to crack down on 
cowboy operators, which he 
claims are ruining the business 
for other farmers. 

Brittany Ferries stopped car- 
rying animals destined for 
immediate slaughter in August 
after public outcry over the 
way animals are treated in 
transit, but it continued to 
carry livestock for further fat- 
tening before slaughter on the 
Continent. 

The company imposed its 
own code of conduct on opera- 
tors. forcing them to restrict 
deliveries to Brittany. Nor- 
mandy and the Loire Valley to 
minimise discomfort to the ani- 
mals. It said yesterday that 
spot checks showed the code 
had been “cynically disre- 
garded”, with some animals 
transported as far as Spain. 

Mr Can Carruthers, Brittany 


NEWS: UK 


Turning the tide for Tyneside jobs 

Chris Tighe on the area’s employment prospects after the death of traditional industry 


Ferries’ managing director, 
said: “I am saddened and 
shocked by the total disregard 
the majority of livestock 
exporters have shown for the 
code. Basically they have mis- 
led us about the end destina- 
tion of the animals in their 
care." 

The ferry company's decision 
to ban aft live shipments - 
except of breeding stock and 
competition horses - cuts off 
another route to the lucrative 
live export trade. 

A chartered ship carried 

3.000 live lambs from Grimsby 
to Calais earlier this week and 
several planeloads - of calves 
have been flown out. But farm- 
ers’ leaders say this is a drop 
in the ocean for a business 
which exported 2m lambs and 

500.000 calves last year - 20 per 
cent of British meat exports. 

Mr Richard Beale, chairman 
of the Association of Livestock 
Exporters, said: “It's a panto- 
mime. I fear some of the busi- 
ness has been pushed under- 
ground with people slipping 
stuff out of ports away from 
the public gaze." 

The Royal Society for the 
Protection of Animals yester- 
day welcomed the ban and said 
it would be writing to Mr 
Wa I degrave to urge him to 
toughen British welfare stan- 
dards and impose an eight- 
hour maximum journey time. 
European Union agriculture > 
ministers last week failed to 
agree on a journey limit of 15 j 
hours. 


| Interconnection Systems, one 
< of Tyneside’s successful busi- 
nesses, keeps a list of people 
: wanting to join the company. 

The list has more tlian 1.000 
I names. 

The company, Europe's big- 
gest producer of printed circuit 
boards, is an interface between 
the old and new Tynesides. 
Based in South Tyneside - 
Britain's highest unemploy- 
ment travel-to-work area with 
nearly one man in four jobless 
- it has been recruiting men 
from Tyneside’s last, now 
closed, coal mine and its last, 
dying, shipbuilder to join a 
workforce of 850. 

Among the lucky ones is Mr 
George Cook from Jarrow. a 
former Swan Hunter boiler- 
maker. Mr Cook Is delighted 
with his new job after IB years 
in shipbuilding - the produc- 
tion-line work is clean and his 
weekly flat wage for a perma- 
nent night shift is £250 gross, 
£31 more than at Swans. 

But, he says, some former 
Swans recruits at the company 
would return to shipbuilding 
tomorrow for the companion- 
ship it affered.p Tyneside's tra- 
ditional industries also once 
offered regular wages for men, 
a sense of identity and a formi- 
dable world role. 

Da i^d Dougan wrote in his 
History of North East Ship- 
building: “The labour flowed in 
and the work flowed out and 
the north-east became just 
about the richest part of the 
richest country in the world.” 
The problem for Tyneside is 
that this description was of the 
last quarter of the JBth cen- 
tury. 

Between 1970 and 1990 Tyne 
and Wear, a county with a 
labour force of 523,000, lost 
100,000 manufacturing jobs - 
half the total - and 25,000, of 
its primary jobs - two- thirds - 



I - - -v .-, i j£y ' tty. . 



. ST* ■; *> • 





MuSun 

Sent packing: Job losses at Swan Hunter have compounded worrying trends in Tyne and Wear 


mostly in mining and energy. 
It gained 50,000 service sector 
jobs. Today, its proportion of 
manufacturing employment is 
slightly below the national 
average. 

According to a recent Tyne 
and Wear Research and Intelli- 
gence Unit report mid-1990s 
prospects for the county's man- 
ufacturing sector, underpinned 
by a growing motor industry 
centred on Nissan's £900m 
Sunderland plant, look good. 
But it warns of "much more 
problematical" prospects 
beyond then and predicts some 
decline in manufacturing 


employment due to strong pro- 
ductivity growth. 

Inward investment has been 
vital in diversifying the local 
economy and offsetting the 
decline of traditional indus- 
tries. indigenous Tyne and 
Wear companies are also 
strong performers in world 
export markets. 

Yet in spite of decades of 
effort Tyne and Wear still has 
the fourth highest county 
unemployment rate iu main- 
land Britain with 55,413 people 
- 12 per cent - unemployed. 

The loss of Swan Hunter 
and probably of shipbuilding 


compounds other worrying 
trends. 

Other cornerstones of the 
Tyneside economy - turbine 
generator maker Parsons; tank 
builder Vickers, Northern Elec- 
tric and British Gas - have all 
recently announced significant 
redundancies. 

Professor John Goddard, 
head of Newcastle University’s 
Centre for Urban and Regional 
Development Studies, said: 
“What is particularly worrying 
about the present time is that 
the job losses are in the mana- 
gerial, professional, R & D 
area." 


In a region already deficient 
in substantial locally con- 
trolled companies, Newcastle, 
the north-east's capital, has 
also suffered a spate of losses 
of regional offices to the Leeds 
area. 

Prof Goddard said big compa- 
nies and decision-makers in a 
local economy were vital to the 
success of small and medium- 
sized enterprises fSMEs). 

Tyne and Wear is also hav- 
ing to fight to improve low lev- 
els of entrepreneurship and 
low post- 16 rates of staying in 
education - both legacies of its 
heavy-industrial past 

Mr Ian Taylor, Tyne and 
Wear sponsor minister, esti- 
mates the number of new jobs 
created locally by SMEs, high 
technology companies and 
inward investors is equalling 
the losses in long-established 
companies, but be adds; “They 
aren't equal in terms of job 
function.” 

For many former Swans 
employees this means that 
they are job-hunting house 
husbands white their wives go 
out to work. 

“It's total rote reversal,” says 
38-year-old Mr Graham Gibson, 
whose typist wife works a six- 
day week in two jobs. A former 
blacksmith who worked his 
way up to an operations con- 
trol job at Swans, Mr Gibson 
was made redundant after 
receivership. 

He tries to maintain bis 
morale while seeking full-time 
work - 50p saunas for the job- 
less and spending more time 
with his children have been 
the pluses of being out of 
work. 

And he is now a better quali- 
fied unemployment statistic, 
thanks to a college computer 
course. “I can do CVs Tor other 
lads now on my word proces- 
sor," he stud. 


Building societies to snub government over accountability 


By AUson Smith 

Building societies are to snub the 
government by resisting key sugges- 
tions put forward in a Treasury con- 
sultation paper for making them 
more accountable to the millions of 
customers who own them. 

The paper marked the second 
stage of a go vernment review of soci- 


eties' powers which has been under- 
taken as part of the deregulation ini- 
tiative. A draft response to the Trea- 
sury will be discussed at a meeting 
of the council of the Building Societ- 
ies Association on Thursday. It says 
there is no shortfall in the arrange- 
ments for societies to be responsible 
to their members. 

In particular it rejects the ideas of 


making societies more accountable 
through setting up consultative com- 
mittees of members or requiring 
societies to reserve some board 
places for candidates nominated by 
“ordinary members”. 

It broadly supports proposals for 
streamlining the limits on societies' 
powers and relaxing the regulatory 
controls under which they operate. 


If ministers accept the associa- 
tion's argument that societies should 
have greater freedom without signif- 
icant changes iu accountability, the 
Treasury will be open to criticism 
for giving them an unfair advantage 
iu the retail financial services sector. 

As mutual institutions societies 
are owned by members rather than 
being responsible to shareholders. 


Alternatively, the response will set 
societies on course for a clash with 
the government if ministers insist 
that they must be made more effec- 
tively accountable In return for 
greater flexibility. 

The association's paper does make 
some s mall gestures towards greater 
accountability, for example by say- 
ing that more efforts should be made 


to give members clear and easily 
comprehensible information about 
their rights. 

It rejects suggestions - originally 
brought forward as another de regu- 
latory initiative - to reduce the 
amount of Information societies 
have to send out to their members, 
such as the summary financial state- 
ment 


Tory 
car-boot 
gift for 
Labour 


By Peter Marsh 

Conservative officials in 
Lancashire face possible prose- 
cution under data protection 
legislation after confidential 
files about company donations 
found their way to a car-boot 
sale and ended up In the hands 
of the Labour party. 

The episode has embar- 
rassed the party locally and 
put a question mark over 
efforts by Conservative Cen- 
tral Office to ensure local con- 
stituency associations take 
proper measures to safeguard 
computer data. 

The early Christmas present 
to Labour is believed to have 
come about after a personal 
computer was discarded from 
tbe Ormskirk offices of the 
West Lancashire Conservative 
Association in a spring-clean 
after the 1992 general election. 
The computer ended up in a 
car-boot sale where it was 
bought for £20 by an electron- 
ics enthusiast. 

He discovered that software 
in the computer contained 
details of cash gifts to the 
Tories from local companies, 
with canvassing returns 
related to the political opin- 
ions of the 70,000 people on 
the electoral register in the 
West Lancashire constituency. 

Mr Bairy Gannaway -Jones, 
vice-president of the West Lan- 
cashire Conservative Associa- 
tion, said: “I am very annoyed. 
I want to find ont exactly who 
was responsible.” 

Mr Frank McKenna, the 
Labour agent for tbe constitu- 
ency, said: “This seems to be a 
cock-up of the highest level. 
I'm particularly interested in 
the data about company dona- 
tions and hope I will get to see 
the information in the near 
fa tore.” 

Lancashire police said yes- 
terday they would be passing a 
file on the issue to the Office 
of tbe Data Protection Regis- 
trar, which is empowered 
under the 1984 Data Protec- 
tion Act to take action against 
groups who fail to take proper 
care of confidential computer 
data. 


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FINANCIAL TIMES 

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

Saturday November 5 1994 


Definitely not 
post haste 


Privatisation is a great British 
product that has always sold bet- 
ter overseas than at home. While 
the policy was widely regarded as 
the pure essence of Thatcherism, 
Lord Lawson, the former chancel- 
lor, records in his memoirs that 
the lady herself was suspicious of 
it at first and feared that it would 
alienate floating voters. As for the 
word, she hated it; but nobody 
could come up with a mellifluous 
alternative. Public opinion, adds 
Lawson, was invariably hostile 
before every big privatisation. 

This puts the decision by Mr 
Major's government to abandon 
Post Office privatisation in con- 
text It was clearly the narrowness 
of the Conservative majority 
rather than the intrinsic flaws of 
the proposal itself that put an end 
to this central piece of die govern- 
ment’s legislative programme. 
Change is invariably painful The 
conclusion of the Cold War may 
finally have done for state owner- 
ship as a respectable means of 
conducting big business, but pri- 
vatisation retains its capacity to 
alienate and upset. 

As policy nostrums go, this one 
was always likely to become less 
effective over time because its 
scope is, by definition, finite. The 
state cannot transfer more to the 
private sector than it already 
owns. And by the last election 
about two-thirds of the formerly 
state-owned industries in Britain 
had been transferred to the pri- 
vate sector. 

In contrast deregulation will 
have an infinite policy shelf life if 
the volume of legislation contin- 
ues to be used by politicians as a 
yardstick by which to measure 
their own achievement There is 
thus a cer t ain logic - though no 
historical inevitability - in the 
fact that the Deregulation and 
Contracting Out Act has usurped 
Post Office privatisation as the 
government’s not-so-Big Idea for 
the next session of parliament 
That is not to say that privatisa- 
tion has no remaining fens. Execu- 
tives of the residual state-owned 
industries yearn for the excuse 
that privatisation provides to lay a 
hand on remuneration packages to 
rival those enjoyed by the poten- 
tates of the water industry. Minis- 
ters can plop comfortably into the 
boardrooms of the enterprises 
they liberated from the Whitehall 
yoke. 

Productivity gains 
Nor is it the case that privatisa- 
tion has nothing left to offer. Its 
achievements, though frequently 
misunderstood, are real enough. 
Yet paradoxically the most 
impressive productivity gains in 
privatised companies like British 
Steel and British Airways took 
place when the companies were 
still In the public sector. That tells 
us that the switch in ownership is 


not necessarily the key to 
improved performance. It is sim- 
ply that important changes in 
industrial structure have been 
easier to bring about via a pro- 
spective or actual change of own- 
ership; and the biggest successes 
of privatisation have come from 
the introduction of competition 
into hitherto protected markets, 
such as telecommunications. 

This is what makes the policy so 
popular with governments over- 
seas. Infrastructure, whether 
roads, ports, railways or telecoms, 
are central to most economies and 
frequently run very inefficiently 
by the state. Removing the state's 
monopoly in the course of the pri- 
vatisation process can create huge 
welfare gains, while the fiscal bur- 
den is simultaneously reduced. 

Price reductions 

If privatisation has not been a 
roaring popular success in the UK 
it is probably because the initial 
gainers, especially in the utility 
sector, have tended to be share- 
holders. rather than consumers. 
The scope for efficiency improve- 
ments and thus for price reduc- 
tions was underestimated in the 
early stages of the process. In the 
case of the water companies, the 
need for substantially increased 
investment has resulted in big 
price rises. 

Elsewhere it is the shareholders 
who have been less fortunate. In 
Japan, those who subscribed for 
shares in the NTT telecom float 
lost fortunes, since the Ministry of 
Finance sought to wring the maxi- 
mum proceeds from the sale as 
the stock market bubble of the 
late 1980s neared its peak. It is 
small wonder that the recent Japa- 
nese tobacco privatisation flopped. 

Even in the .UK, where share- 
holders have been better treated, 
the government’s subsidiary objec- 
tive of popular capitalism has not 
been achieved. Private sharehold- 
ers have tonriart to rash in their 
profits and sell to the big invest- 
ment institutions. 

Privatisation has nonetheless 
become a lucrative source or invis- 
ible aamtng g for the UK, as the 
acquired expertise has been sold 
to foreign countries. Even the con- 
tinental Europeans are adopting 
the practice, if in doctored form, 
with cross-shareholdings, 
restricted voting and other devices 
to pre-empt the discipline of take- 
overs. As for the discipline of 
bankruptcy, it remains to be seen 
how real it is. A government that 
flunks the Poet Office test might 
balkat putting British Steel into 
receivership - especially if bank- 
ruptcy was the result of subsi- 
dised competition from unpriva- 
tised foreign firms. Past 
experience suggests that when 
governments confront politically- 
sensttive bankruptcies, a too-big- 
to-fail doctrine can triumph. 


O ld Treasury hands are 
beginning to wonder 
what is wrong. With 
this year's UK Budget 
less than four weeks 
away, an eerie silence is surround- 
ing their massive Edwardian pile 
overlooking parliament Square. 

The customary fevered specula- 
tion about imminent fiscal change 
has been absent this year. The 
activity of lobbyists has been 
restrained. 

If Mr Kenneth Clarke's second 
Budget is creeping up on the nation 
in carpet slippers, the reasons are 
clear. The chancellor has himself 
destroyed one potentially big story 
by insisting that tax cuts are not on 
the agenda. The government 
already has a multi-year deficit 
reduction programme in place fol- 
lowing its two Budgets of 1993. Mid- 
way between elections is rarely the 
time for fiscal sensations. 

Professor Wynne Gcdley, one of 
the Treasury's panel of independent 
forecasters or “wise men", has 
argued that in terms of macroeco- 
nomic policy the right course for 
the immediate future “is to do noth- 
ing at all”. 

But Mr Clarke cannot stand up on 
November 29 and stay silent More 
than ever, after last year's unifica- 
tion of the old spring revenue-rais- 
ing budget with the Autumn State- 
ment detailing future government 
spending, the Budget is the chancel- 
lor's great set-piece occasion in 
which he explains the government's 
financial and econo mic policies to 
the parliament and nation. 

In spite of the calm , much may be 
riding on this year's Budget. It 
could give the government a chance 
to put behind it recent mishaps 
such as the climb-down on Post 
Office privatisation and allegations 
of sleaze. Mid-term Budgets may not 
feature much in history books, but 
they often set the tone of policy in 
the approach to the next general 
election. Mr Clarke’s performance 
could have important repercussions 
in the middle ground of politics, 
where the government has to meet 
the challenge from Mr Tony Blair’s 
new model Labour Party. 

There are a host of nitty-gritty 
tax and spending matters that the 
government must tackle every year. 
But this year's Budget may be more 
interesting for the way it addresses 
broad social issues, such as unem- 
ployment and the chang in g world Of 
work. Although Mr Clarke has 
established his credentials as a pru- 
dent and derisive chancellor since 
moving into Number 11 Downing 
Street in May 1993. he has a much 
wider range of political interests 
than his Tory predecessors in the 
job since 1979. Issues such as tax 
reform have less appeal for him 
than Hying to ensure that Britain’s 
voters feel prosperous. 

Perhaps reflecting these priori- 
ties. Mr Clarke has appeared less 
than obsessed with preparations for 
this Budget It is difficult to imag- 
ine Lord Lawson or Mr Norman 
Lament cancelling preparatory dis- 
cussions with ministers and senior 
Treasury officials at the chancel- 
lor's country residence in Dorney- 
wood to fly to a meeting of Euro- 
pean Union finance ministers to 
settle a row over Italian milk quotas 
as did Mr Clarke last month. 

The Treasury too has had other 
things on its mind. Us internal reor- 
ganisation, unveiled last month, 
absorbed a great deal of senior man- 
darins* time. But there is no sign of 
the Budget falling behind schedule. 
Remarkably, given the controver- 
sies surrounding Mr Jonathan Ait- 
ken, the chief secretary, the cabinet 
Is scheduled to meet next Tuesday 
to try and finalise the spending side 
of the Budget 


Though the UK chancellor has little room 
for manoeuvre he still wants to unveil a 
Budget to remember, says Peter Norman 

Goodies for a 


big feast 


One reason why the Budget 
appears to be clicking into place is 
that it has long been reasonably 
dear what the government has to 
do on both the taxation and spend- 
ing sides. 

Sir Clarke has insisted that talk 
of tax cuts is “hopelessly prema- 
ture” as long as the government is 
running a large deficit Even if the 
public sector borrowing require- 
ment can be cut in 1995-96 to £25bn 
- the average expectation of the 
Treasury's wise men this week - 
the deficit would be more than 3 per 
cent of gross domestic product and 
so outside the Maastricht definition 
of a prudent fiscal stance. 

Conversely, it is fair to assume 
that the chancellor is being advised 
against raising taxes further. There 
are still those inside the Treasury 
who worry that past tax increases 
and those in prospect could bring 
recovery grinding to a halt. They 
will have drawn comfort from this 
week’s report from the Treasury's 
panel of wise men which advocated 
a neutral Budget, in which existing 
tax plans would go ahead and that 
any further changes should have 
only a marginal effect. 

The scale of the tax increases in 
the pipeline is Impressive. Accord- 
ing to the independent Institute for 
Fiscal Studies (TFS), the two bud- 
gets in 1993 tightened fiscal policy 
by 3 per cent of gross domestic 
product per year until spring 1997. 

The present chancellor's first 
Budget last November is due to 
increase taxes in 199546 by nearly 
£5bn on top of increased charges 
that were announced in Mr Lam- 
ont’s March 1993 Budget. Thus, a 
married couple with a mortgage 
will lose up to £3.95 a week from 
next April because of new restric- 
tions in the married couples' 
income tax allowance and mortgage 
interest relief. These measures wfll 
yield £830m and £900m respectively 
for the government 

Road fuel duties are due to rise by 
an average of at least 5 per cent a 
year in real terms for environmen- 
tal reasons. This move Is due to add 
£7lQm to government revenues this 
year and trill yield an extra £l.lbn 
in 1995-96. 

In spite of his liking for cigars, Mr 
Clarke has committed the govern- 
ment to increasing tobacco duties 
by 3 per cent a year in real terms in 
future Budgets. This measure to 
curb smoking win lift government 
revenues by £590m in 199636 after 
garnering an extra £375m in tbe 
current financial year. 

The insurance premium tax and 
air passenger duties. Introduced 
this autumn, will provide extra rev- 
enues of more than El.lhn in their 
first full financial year in 1995-96. 
Also next year, the March 1993 deci- 
sion to levy value added tax on fuel 
and power will have its full impact 
The rate is set to rise to 17.5 per 
cent in April from 8 per cent at 
present lifting revenues from this 
source to an estimated £23bn in 





1995-96 from £950m in 1994-95. 

On the spending side of the Bud- 
get Mr Clarke has to cut existing 
spending totals if he is to maintain 
the credibility of the government’s 
deficit reduction programme. 

Last November’s Budget forecast 
that underlying inflation - the year- 
on-year rise in retail prices exclu- 

lssues such as tax 
reform have less 
appeal to Mr Clarke 
than trying to ensure 
British voters feel 
prosperous 

ding mortgage interest payments - 
would be 3V, per cent in the current 
quarter. Instead, it fell to a 27-year 
low of 2 per cent in September and 
has been below 3 per cent for 12 
months. 

This means that the “control 
totals’* for overall departmental 
spending in the current and subse- 


quent financial years will have to 
be revised downwards. Otherwise 
expenditure will rise in real terms 
and the Budget will not qualify as 
“neutral” in the sense employed by 
the wise men. 

Mr Clarke has always maintained 
that the control totals of rasi-XHn 
for this finan cial year, £263bn for 
1995-96 and £27&3bn trill he tough to 
meet But the IFS, in collaboration 
with Goldman Sachs, the US-owned 
investment bank, has calculated 
that the 1994-95 control total should 
be trimmed to £247.6bn to be con- 
sistent with unchanged real spend- 
ing plans. That for 199596 should be 
cut by £5bn to £258bn. General gov- 
ernment expenditure, which 
includes dements of social security 
expenditure that are affected by the 
business cycle, should fell more 
sharply than the control totals 
given the strength of Britain's eco- 
nomic recovery. 

Mr Clarice, unlike some of his col- 
leagues, is not hostile to govern- 
ment spending and is a keen sup- 
porter of what he calls the UK’s 
“great public services”. But there 


are powerful arguments for Ids at 
least holding spending plans 
unchanged in real terms to avoid a 
loss of credibility <m the financial 
markets that could trigger a rise in 
long-term interest rates. 

But tbe constraints imposed by 4 
the bond markets, Mr. Clarke’s ^ 
self- deny ing ordinance on tax cots 
and the need to cut nominal public 
spending totals should not condemn 
the chancellor to inactivity. This 
Budget gives him the o pportunity to 

reinforce the recovery and attempt 

to rebuild some of the feel-good feo- 
tor has been absent since tbe - 
recession of the early 1990s. 

If there has been a consistent 
theme since Mr Clarke heedms 
chancellor, it is that be is in the 
business of fashioning a -recovery - 
font will last and avoid the boom . 
and bust excesses of past OK 
upturns. ■- 

This has been coupled with an 
. awareness that ordinary, people 
from backgrounds similar to his 
own are deeply disturbed by the 
pa r* of change in the global econ- 
omy. The old certainties such, as 
steady employment and a Job for 
life no longer exist - ; 

laariinr this year, Mr Clarke deliv- 
ered the annual Mais l e c ture to Lcm- 
don's City University Business 
School. In that he outlined; two 
areas where the government needed 
to nmkw “much more progress ova; 
the next few years’* beyond ite exist- 
ing policy of creating a more flexi- 
ble labour maricet 

T hese were overcoming- 
the fear of change 
caused by rapid develop- 
ments in the market fir . 
jobs and “ensuring that 
the growth of prosperity is extended 
to all, by bringing the dlsadvan- 

ta goH inht the mains tr eam Of eco- A 

nomic life". Could this lecture have r ' 
provided a foretaste in this year's 
Budget? It is possible. 

After aH, Mr Clarke declared that 
unemployment most be “the mafn . 
pre-occupation of economic policy 
makers in the 1990s”. He empha- 
sised the need to raise the stan- 
dards of general education in 
Britain - a task that he described 
as “the biggest supply-side chal- 
lenge feeing the British govern- 
ment”. 

He underlined the growing impor- 
tance of small businesses as cre- 
ators of jobs. He extolled the virtues 
of a strong welfare state in giving a 
sense of security to workers in a 
fast-changing world. He made dear, 
that the government was seeking to 
correct the way in which the wel- 
fare system distorts work incentives 
for the low-paid, and said he was 
looking at ways to ensure that the 
welfare system encourages the 
unemployed to accept low-paid 
work. 

Mr Clarke started down this path 
in his first Budget when he reduced 
the lower rates of employers' 
National Insurance contributions 
and announced an allowance for 
those an family credit to help pay 
for child care. An important part of 
the jobseeker’s allowance, 
announced last month, is to put the ^ 
unemployed more in touch with the W 
world of work. 

Picking up on these themes, the 
IFS has suggested improvements to 
family credit and housing benefit to 
help the low-paid. Among proposals 
from the wise men this week was a 
suggestion for taking the lowest 
paid out of the National Insurance 
system. 

Such change s to tile tax and bene- 
fit system are notoriously difficult 
to put into practice. But they may 
offer Mr Clarke the best chan ce of 
conjuring up a “big theme” for his 
second Budget day appearance. 


MAN IN THE NEWS: Peter Preston 


Guardian angel 
slips on halo 


A week ago Mr Peter Preston 
looked set further to 
e n h an ce bis reputation as 
the longest serving editor 
of a British broadsheet The Guard- 
ian was TnaMn g much of the run- 
ning in stories of the alleged short- 
comings of British (especially Tiny) 
MPs. Two junior ministers, Mr Tim 
Smith and Mr Neil Hamilton, had 
been obliged to resign, though Mr 
Hamilton is protesting his inno- 
cence by suing the paper. 

The Guardian’s sights were thus 
trained on a much bigger target Mr 
Jonathan Aitken, chief secretary to 
the Treasury and a member of the 
cabinet Then the campaign went 
wrong. The Sunday Telegraph 
revealed that The Guardian itself 
had engaged in a devious practice 
by making illicit use of House or 
Commons writing paper in pursuit 
of its inquiries. 

For a newspaper that sometimes 
gives the impression of being holier 
than thou, this was a serious 
charge. There was more than a 
touch of Schadenfreude, even 
among The Guardian’s admirers. 

Mr Preston has admitted in public 
that he made a mistake: in retro- 
spect the digging out of informa- 
tion - and proof - might have been 
pursued by better means than pur- 
loining somebody else’s address. 
But he is not immensely apologetic. 
He thinks that the use of what he 
euphemistically calls a “cod fax” 
was the best way of taking forward 
a story that might otherwise have 
been abandoned. 

In any case, the Aitken affair - 
which, for want of a better term, is 
what it might as well be called - is 
by no means the deepest hole that 
Mr Preston has been in. If you want 
to touch a raw Preston nerve, ask 
him about the Sarah Tisdall affair 
of 1983. That, in his view, was 


“absolutely the worst thing that 
ever happened to him as editor". It 
undermined his credentials as a lib- 
eral and as a protector of sources. 

Official documents from an 
unknown source had arrived at The 
Guardian office giving the date of 
the arrival of cruise missiles at 
Green ham Common. At the time, 
that was electric news. The minis- 
try of defence and the police wanted 
the papers back in order to discover 
the source. Not knowing the source 
himself, Mr Preston capitulated. He 
walked down to the police station at 
Holbom Viaduct with the docu- 
ments in his pocket, still wondering 
whether to tear them up. 

The result was that Ms Tisdall, a 
junior officer at tbe Foreign Office, 
was exposed and sent to prison for 
six months. Mr Preston says now 
that he should have had the docu- 
ments shredded Immediately, while 
retaining the information. Had he 
known how tender the source was, 
he would have gone to the stake for 
her. 

There is no doubt that the episode 
coloured his future approach to 
journalism. He became a tougher, 
more determined editor with some- 
thing to $rove and possibly a con- 
science to assuage. Shortly after- 
wards, he emerged as an active 
member of the International Press 
Institute, which attempts to foster 
an independent press around the 
world. 

Well before that, journalism was 
bis way of life. Preston was bom in 
Leicester in 1938. He suffered from 
polio at the age of 10 - hence the 
still difficult movement of his arms 
- and his father died from the same 
disease. He went to Loughborough 
G rammar School, then to St John’s 
College, Oxford, where he read 
En gH«h and edited the university 
newspaper, Cherwell, though his 



name in those days was Pete not 
Peter. 

Entry to the bigger time came 
with the Liverpool Daily Post where 
he wrote half the editorials and 
helped put the paper to bed. Since 
then it has been The Guardian all 
the way. Mr Preston joined the staff 
as a political reporter in 1963. He 
was education correspondent (a role 
now occupied by his son. Ben. at 
The Times), he wrote a scintillating 
diary column under the heading 
"Miscellany", he was features edi- 
tor. then production editor until 
1975 when - at the age of 36 - he 
became editor. 

The Guardian was then in a mess: 
financially weak and seeling to 
establish itself in London (foreign 
news was still handled from its 
Manchester birthplace). Mr Preston 
gradually pulled it together. He was 
helped tor strikes at Tbe Times. Yet 
the mid-1980s brought another 
decline: first the Tisdall affair, then 
the birth of The Independent The 
editor reckons that he had to set 


out to recreate the paper again. 

By and large, he succeeded. The 
Guardian introduced design 
changes ahead of other British 
broadsheets; also a tabloid section 
to go with the main newspaper. In 
terms of innovation it has been an 
evolutionary leader in tbe British 
industry. 

Editorially, pace the parodies of 
Guardian readers, it is not espe- 
cially left-wing, though many of the 
letters to the editor are. Mr Preston 
dabbled in Liberal politics at 
Oxford: probably his preference 
now is for social democracy, or 
whichever party most reflects 1L 

Shortly before the 1979 general 
election the then Sir Geoffrey Howe 
came op with the figure that 40 per 
cent of Guardian readers vote Tory. 
It was the sort of remark that per- 
haps pleased Mr Preston more than 
some of his staff, 

With nearly 20 years of editing 
behind him. there is no sign of his 
going, despite recent events. He 
cites British editors he has admired. 
Tl»y come from the tabloid rather 
than tbe broadsheet press: Stewart 
Steven especially (“absolutely ace"), 
now at the Evening Standard, and 
Sir David English of the Daily MaiL 
But even they, he says, have made 
spectacular mistakes because they 
had so much to do: they lived them 
down. 

Possibly Mr Preston feels lonely. 
As an editor, he claims, “you cant 
have friends in a normal sense". 
For family reasons which go back 
many years, he is quite dose to Sir 
Robin Butler, the cabinet secretary 
whom be asked to investigate the 
Aitken affair, “but we’ve never been 
in each other's house”. 

The Guardian's Inquiries will go 
on. Mr Preston says he has no Idea 
where they will lead, but “you have 
to throw a stone Into the water to 
see the ripples . . . you have to keep 
poshing at the frontiers". Under 
sustained pressure from bis wife, 
Jean, he stopped smoking his ubiq- 
uitous pipe at the end of August 
That may explain any shortness of 
temper. 

Malcolm Rutherford 


GREEK EXPORTS S A. 

(Founded & Owned by ETRA S.A.) 
DENATIONALISATION 

INVITATION FOR EXPRESSIONS OF INTEREST £N PURCHASING 
THE ASSETS OF GENERAL AND INDUSTRIAL ENTERPRISES - VEPOL SA. 

NOW UNDER SPECIAL LIQUIDATION 

GREEK EXPORTS S.A., establis h ed In Athens at 17 Panepistimioa Street, in its capacity os special 
liquidator of GENERAL INDUSTRIAL ENTERPRISES - VEPOL SA. (in accordance with Decision 
No. 7820/1992 of the Athens Court of Appeal, by which VEPOL SA. has been placed under cp*r ial 
liquidation) and within the framework of article 46a of Law 1892/90, as supplemented by article 14 of 
Law 2000/91 and complemented by article 53 of Law 2224/94, 

INVITES 

interested investors to express their interest in purchasing the local assets of GENERAL INDUSTRIAL 
ENTERPRISES - VEPOL S.A now under special liquidation, by submitting a non-binding, written 
expression of interest within twenty (20) days from today. 

Brief Description of the Company under Liquidation 

GENERAL INDUSTRIAL ENTERPRISES - VEPOL S.A. was founded in 1970 and set up a factory 
in the Eposkopi area or Nooussb in tbe province of Imaihia ( on the Verria-Edessa National Road a the 
crossroads of the road to Episkopi) for processing and standardising fruit and gardening products. 

Tbe company's basic factory equipment includes: a) a tomato paste production line, b) a complex for 
refining and concentrating tomato pulp, c) apricot sorting and pit-removing madiinery. elc. 

The factory is built on a plot of land 46.9 streramas in area. Near it, there is another plot of land 
belonging to VEPOL S.A. 12.9 stremmas in area (the plots are separated by the road that to 
Episkopi). 

The tola! area of the buildings owned by the company is 9.279 m2 as follows: a) Factory buildings: 
4-500 m2, b) Storehouses: 3,834 m2, c) Various auxiliary buildings 945 m2, d) Total' 9,279 m2. 
Because of serious economic problems faced by VEPOL S-A. the factory has not been operating in 
recent years. • r & 

Details concerning the public auction 

Prospective buyers, after signing a written undertaking of confidentiality, may receive the Offering 
Memorandum from the offices of the liquidating company. ® 

They will also have access to any other information they may seek and may visit the premises of the 
company under liquidation. 

The Offering Memorandum will describe in detail the total assets of VEPOL S.A. for sale and anv 
other information considered useful for the prospective buyer. y 

The announcement of the public auction will be published within tbe prescribed time limits and m the 
same newspapers. 

For any further details or information please apply to: 

a) GREEK EXPORTS S-A.. 17 Pancpuuintou Street, (1st Floor). Athens, Greece 
Tel. +30- I- 3243111 Fax:+30-l-323.918S. 

b) The head office of EBTA S.A. Holdings Department. 87 Syngrou Avenue (4rh floor) Athene 
Greece. Tel. +30-1-929.46 1 J and 929.4613 




FINANCIAL TIMES WEEKEND NOVEM BER 5/NOVEMBER 6 1 994 


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The return of 
the high-flyers 

Japanese exporters are learning to live with a rising yen 
and becoming more competitive, writes William Dawkins 


Japan: sharpening up its act 


N o matter how strong the 
yen, Japan's electronics 
exports will always be com- 
petitive. a Japanese execu- 
tive boasted to a securities analyst 
last week. 

That claim, while exaggerated, 
helps explain why few in Japan’s 
exporting industries flinched when 
the yen touched a new high of Y96.1 
to the dollar in New York on Wednes- 
day, 15.5 per cent above its level at 
the end of last year. 

Until recently, Japan's exporters 
were the first to moan when ea<& new 
jump in the exchange rate wiped bil- 
lions of yen off their overseas earn- 
ings. 

Now they are celebrating. A sharp 
rise in export sales to the growing 
economies of the US, east Asia and 
Europe has allowed them, for the first 
time in years, to shrug off the 
pain 

With their break-even points 
reduced by the cost-cutting imposed 
by three years of economic slowdown, 
and more than 20 years of coping with 
a rising currency, exporters are 
starting to make startling increases in 
profits. 

NBC, an electronics group which 
believes it can still make money on 
semiconductors at Y90 to the dollar, 
signalled that better times were 
around the comer a few months ago. 
when it threw a Yioom (£635,000) 
party in a posh hotel Lavishness on 
that scale has been almost unheard of 
in Tokyo since the heady days of the 
late 1980s. 

The 150-odd companies which have 
so far reported their results for the 
half-year to September show that 
NEC is not the only one with the 
right to roll out the sake. They pro- 
duced an average rise of nearly IS per 
cent in recurring profits (before 
extraordinary items and tax), well 
above the average market forecast of 
15 per cent 


This is in spite of the yen climbing 
from Y1Q3 to the dollar to Y98.6 dur- 
ing the same six months. Even more 
surprising, the sectors most depen- 
dent on exports include the best per- 
formers. with profits from the big five 
integrated electronics groups up more 
than three-fold, and profits from pre- 
cision instrument makers doubled. 

Yet Only recently, the Keidanren 
and Nikkeireo, the leading business 
federations, were issuing dire warn- 
ings that the yen's rise would wreck 
Japanese manufacturing. 

Mr Yasushi Mieno, governor of the 
Bank of Japan, however, has main- 
tained that the pain is only short 
term. In the long term, he argues, the 
yen's strength forces corporate Japan 
to make itself even more competitive. 
Some sectors have suffered badly at 

Most have found room 
for Improvement in 
factors such as costs, 
prices, quality 
and demand 

the hands of cheaper foreign competi- 
tors as the yen has appreciated, in the 
car market, Japan will this year cede 
to the US its position as the world's 
biggest producer. And South Korea 
last year briefly knocked Japan out of 
top place in shipbuilding. 

Overall, however, analysts believe 
Japan has kept its share of world 
exports steady at just over 9 per cent 
since the last count in 1991. This is 
because the exchange rate is not the 
only factor, in competitiveness. 

Most of Japan's exporters have 
found room for improvement in other 
factors such as costs, prices, quality 
and demand. They have become expe- 
rienced in searching for such 
improvements, given that the yen has 
been on a rising trend since 1972, 


when it stood at Y360 to the dollar. 

On cost-cutting. Japanese industry's 
main technique has been to shift pro- 
duction capacity overseas and to 
increase purchases of components 
from abroad. 

Nearly one-third of cars and 
machines made by Japanese-owned 
companies now come from outside 
Japan. Almost a quarter of its manu- 
factured output is made abroad, and 
this is expected to double by the end 
of the decade, estimates the Tokyo 
office of Jardine Fleming, a securities 
firm. 

Pessimists argue that this overseas 
exodus will deplete Japan's manufac- 
turing base. Yet, argues Mr Mieno, 
this is really an appropriate redistri- 
bution of labour between low-wage 
countries, for making price-sensitive 
commodities, and high-wage ones 
such as Japan, for making high val- 
ue-added products. 

Japanese exporters' other main 
cost-cutting technique has beeo to 
shed labour through freezing recruit- 
ment and encouraging early retire- 
ment. It has been a slow process, with 
manufacturing jobs falling by just 3 
per cent in the past year. 

The latest bout of labour cost-cut- 
ting started in mid-1991, stimulated by 
the onset of Japan's recession rather 
than by the rise of the yen. Industry 
was initially slow to act. This was due 
to the tradition of offering life-time 
employment to staff - one reason why 
corporate earnings collapsed so dra- 
matically at the start of the down- 
turn. 

By the same token, however, this 
steady cost-cutting will continue into 
the upturn, leading many securities 
analysts in Tokyo to expect much 
sharper corporate profits rises in the 
next two years. There is plenty of 
scope for improvement: manufactur- 
ing industry's recurring profit mar- 
gins are thin, at 1.8 per cent of sales. 

On prices, Japanese exporters have 


Oil price 

SautS spot price Yen per bard 
12JXJ0 

10.000 

8.000 

6.000. 

4.Q00 

2,000 J 1 

OLLLLLLLLU 

1973 94 

SOwc* OeasMaai 


Share of capital expenditure abroad 

1994. as W> of l«a» 

— 

1. T«a manufacturing S. GanarrfMao*n«y 

2. Ownofe 6. Btcfrierf maduwy 

X T. Fraction nw oa nwy 

-■ l«rana 6. Tramoon meetup 


.20% 



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Scut* JUH Raring 


Yen exchange rate and Nficket 225 index 

Van pars 
50- 


Yen per dollar 
Oen scale) 


Nfctamtn 
— 40,000 



benefited from following Mr Mieno's 
advice to shift upmarket into high 
value-added products. This leaves 
them relatively immune from under- 
cutting by cheaper producers. They 
have also continued to expand their 
lead in quality control, notably in 
automotive components, which allows 
them to sustain higher prices. 

E ven with commodity- type 
goods such as paper, steel 
beams and polyester, foreign 
demand has been strong 
enough during the past six months 
for Japanese exporters to push 
through price increases - despite the 
yen's rise. 

Demand has been the final compo- 
nent in Japanese exporters' new- 
found ability to five with a high yen. 
They have the good fortune to be 
going into a recovery with plenty of 
under- used domestic capacity at a 


time when US industry is struggling 
to keep up with demand. Japan will- 
ingly fills the gap at prices buoyed by 
the inflationary pressures created by 
capacity' constraints in the US. 

At the same time, the structure of 
Japan’s exports - up 8.3 per cent in 
the six months to September - is fast 
changing in favour of east Asia, 
where the yen is not so strong against 
local currencies and where prices are 
rising even faster than in the US. Asia 
overtook the US as Japan's biggest 
export market in 1991, and now its 
exports to Asia exceed sales to the US 
by a third, in dollar terms. 

The downside of Japanese compa- 
nies' success in export markets is that 
it contributes to the strength of the 
yen. The currency pressure on Japa- 
nese manufacturers to sharpen com- 
petitiveness further is therefore 
unlikely to let up. On their past 
record, they will not fail to respond. 


a; 


Han Loudell is pas- 
sionate about steam 
radio. Programme 
.director at WRM-AM, 
the news-talk station in Wil- 
mington, Delaware, he believes 
zt has a mission to inform. 

His station offers a catholic 
mit of local, national anil for- 
eign news that is often compa- 
rable to the best tbat the BBC 
can offer. It is certainly as 
good as any in the US, a 
remarkable achiev ement fin* a 
shoe-string operation that 
expects its reporters to use 
old-fashioned typewriters. 

But when, at 1.05pm, he 
heaves himself out of his noon- 
hour anchor seat, perhaps hav- 
ing interviewed the correspon- 
dents in Washington for AkAh- 
ram of Egypt and even the 
Financial Times, he gives way 
to three hours of the man now 
synonymous with the- political 
power of talk radio, the agar- 
chomping arch-conservative 
who has given the term "Rush 
to judgment" new meaning. 

In. fact. Rush TJmhan gh and 
Us pboners-in, known as Ditto- 
heads and given to gathering 
in bars called Rush Rooms, 
have been somewhat less than 
buoyant - this week. Project 
Restore Democracy, as he 
coins his programme after the 
labels given to US military 
missions overseas, is having a 
Httle difficulty with the pre- 
dicted survival of two liberal 
icons whose demise he has 
ardently predicted in Tues- 
day's mid-term elections - 
Governor Mario Cuomo of New 
York and Senator Edward 
Kennedy of Massachusetts. 

Even President Bill Clinton, 
the butt of most of his some- 
times entertaining, more often 
savage bile, has picked up a 
little in the polls. But Lim- 
baugh will have plenty to crow 
about on Tuesday. 

Loudien contracted with him 
three years ago because 


Jurek Martin on the role of talk-radio hosts in the US elections 

Music to political ears 


MUM'S afternoon ratings were 
at their lowest and Iimbaugh 
was already head-and-shoul- 
ders above the rest of the talk- 
show competition. At about 
¥6,000 (£3,700) a year, WILM 
has a bargain and its audience 
is well up (the Iimbaugh pro- 
gramme commands six-figure 
fees in major metropolitan 
markets). 

Radio polemirism dates back 
to the 1930s when Fatter John 
Goughian agaflrf communists 
and President Franklin Roose- 
velt’s reassuring fireside 
gave hope that the Depression 
was not forever. Contemporary 
inter-active talk radio shares 
some of the same roots, but is 
now even more angrily popu- 
list and political, with a strong 
libertarian strain. The busi- 
ness, which has expanded four- 
fold in 10 years to reach an 
estimated 1,000 stations, even 
has its own trade magaane - 
naturally called Talkers. 

An estimated 70 per cent erf 
its practitioners are conserva- 
tive, in LoudeU’s view, more 
because of audience profile 
than because of current politi- 
cal trends. Talk radio first 
began to blossom 30 years ago 
in the Midwest on lower fre- 
quency but high-powered AM 
stations (medium-wave in 
Europe) which were heavily 
into sports and thus drew a 
mainly older white male audi- 
ence of conservative bent With 
younger listeners still prefer- 
ring the variety and better 
reception of stereo FM, this 
remains the predominant 
demographic audience profile. 

Other right-wing hosts now 
popular — though, well behind 



AP, kod name. Bo 

Jerry Brawn (left), arch-conservative Rush Umbaugfa (centre), Watergate felon G. Gordon Liddy 


Iimbaugh in appeal - include 
Pat Buchanan, a talk-show pio- 
neer who ran for the Republi- 
can presidential nomination in 
1992, and G. Gordon Liddy, the 
old Watergate felon. On the 
left, but with smaller audi- 
ences still, stand Jerry Brown, 
perennial candidate and ex- 
governor of California, and Jim 
Hightower, once Texas agricul- 
ture commissioner. 

Popular iconoclasts broad- 
casting from New York include 
the satirical and frequently 
scatological Don Imus, heard 
in the mornings mostly on all- 
sports stations across the coun- 
try. There is also the outra- 
geous Howard Stem, who 
briefly ran for governor of the 
state as a libertarian this sum- 


mer, but withdrew because be 
refused to comply with the 
financial disclosure standards 
required of candidates. 

Talk radio - and its later 
blooming relation, talk televi- 
sion - proved a new campaign 
tool in the 1992 presidential 
election. Ross Perot virtually 
launched his independent can- 
didacy on Larry King's TV pro- 
gramme - and he is now the 
host of his own radio show. 

Though he is now much the 
object of the medium’s discon- 
tent Bill Clinton showed him- 
self to be its master two years 
ago, a good talker and more 
than a match for Imus in the 
morning. George Bush, with 
his fractured syntax, clearly 
viewed talk radio as some new- 


fangled horror beneath his dig- 
nity. 

In the mid-term elections, 
talk-radio controversy has 
already bubbled up in one 
important race for the US Sen- 
ate. Bob Grant, of WABC-AM 
in New York, is accused by his 
critics of bigotry and racism. 
But politicians he has 
endorsed, such as Mayor 
Rudolph Giuliani of New York 
and Governor Christie Whit- 
man of New Jersey, have been 
accustomed to appear on his 
programme. 

The gauntlet was throwu 
down by Senator Frank Lau- 
tenberg. the Democrat up for 
re-election in New Jersey. He 
announced he was boycotting 
the Grant programme because 


of what he called its "fUth- 
spewing” content and dared 
his opponent. Chuck Haytaian, 
to do the same, which he did 
not. Then the New Jersey 
Transit Authority announced 
it was suspending all advertis- 
ing on WABC-AM. Grant is 
unrepentant, naturally, but 
Lautenberg, his political point 
made, is apparently cruising to 
victory proving that not all 
talk-show hosts are that influ- 
ential. 

Generally, however, the 
angry populism of the broad- 
casters is directed against 
Washington and its incum- 
bents. mostly Democrats. 
Thus, the latest Newsweek 
quotes a Republican pollster 
on Oliver North’s campaign for 
the senate in Virginia: “To 
many voters, his history Hying 
to Congress over the Iran-Con- 
tra scandals) won’t matter 
much. He’s the handy voice of 
talk-show anger." 

H oward Kurtz, media 
correspondent of 
the Washington 
Post, recently spent 
24 hours listening to what he 
described as “the rawest form 
of media democracy”. He 
observed: “This all-gab envi- 
ronment has changed the rules 
for politicians and their han- 
dlers. who once thought it suf- 
ficient to stamp out a brushfire 
in the New York Times or 
Newsweek but may now find it 
raging out of control in Cincin- 
nati. New Orleans or Tucson." 

Loudell fears it could get 
worse, noting that some pro- 
gramme directors “have begun 
to consider ideology as part of 
a station's 'identity'". They 
find it increasingly difficult to 
entertain alternative views, 
"much as a hard-rock album 
station would alienate its audi- 
ence by playing Abba”, he 
says. In this election year the 
music is not gentle on the ear. 


Classics with 
extra spin 

A new UK audience has been 
created for classical music, 
says Alice Rawsthom 


M usical monks 
from an obscure 
Spanish village 
may seem 
unlikely rivals of the world's 
wealthiest opera stars. Bat 
over the next few weeks the 
Silos Monastery choir will be 
battling against Placido 
Domingo, Jose Carreras and 
Luciano Pavarotti for top 
place in the UK's Christmas 
classical music charts. 

The Silos choristers’ Canto 
Noel is a seasonal follow-up to 
their Canto Gregoriano. a com- 
pilation of Gregorian plain 
song that is this year’s classi- 
cal best-seller. Their rival for 
the number one position is the 
Three Tenors’ 1994 concert 
before the football World Cup 
final in Los Angeles. 

So far this year, the popular 
success of records sneb as 
these has boosted the volume 
of classical music sales in the 
UK by more than 10 per cent 
against the same period of 
1993, according to the British 
Phonographic Industry. The 
question for the music indus- 
try is whether this year's 
increase reflects a genuine 
widening of the classical mar- 
ket or just the Impact of a few 
one-off hits. 

“The success of the Three 
Tenors and Canto Gregoriano 
shows that people enjoy classi- 
cal music if they have a 
chance to bear it," said Bill 
Holland, head of Warner Clas- 
sics. “We’ve got to break down 
tbe old snobberies and help 
the public feel more comfort- 
able about bay- 
ing operas or 
symphonies.'* 

The UK clas- 
sical market 
has experi- 
enced similar 
upsurges 
before. Sales 
peaked In 1990, 
at 16.7m units 
(CDs. cassettes 
and LPs) worth 
£67.3m, accord- 
ing to the Brit- 
ish Phono- 
graphic 
Institute. But 
the increase 
was fuelled by 
the one-off suc- 
cess of particu- 
lar albums, such as the first 
Three Tenors' concert at the 
1990 World Cup. 

There was no long-term 
increase in sales, and the new 
customers drifted away. By 
1992, sales had shrunk to 
12.3m units worth £50.9m. 

The market has since picked 
up again, and is expected to 
reach over 14m units by the 
end of this year. Roughly two- 
thirds of these will be bought 
by serious collectors who form 
the core of the UK market 
But even at these levels, the 
classical music market is 
small in comparison with that 
for popular music. It repre- 
sents 7 per cent of UK music 
sales by volume, according to 
the International Federation 
of the Phonographic Industry, 
linst 9 per cent in France. 
10 per cent in Germany and 15 
per cent in Switzerland. 

Tbe cost of meeting demand 
for recordings of new produc- 
tions of operas or symphonies 
is high. “It costs at least 
£300,000 just to record an 
opera and yon can expect to 
sell only 9,000 units in the 
first year, so you’re looking at 
15 or 20 year investment," 
said Kick Klimble, vice-presi- 
dent international of EMI Clas- 
sics. “We also take a long-term 
approach to working with a 
star conductor. We've made 50 
recordings with Simon Rattle 
over 18 years and he’s only 
just become profitable.” 


Occasionally, tbe pay-off 
period can be much shorter, 
with “cross-over” hits, records 
that find an appeal among a 
mass audience. The Three Ten- 
ors' 1990 album sold 13m 
copies worldwide,* Vivaldi’s 
Four Seasons by the violinist, 
Nigel Kennedy, launched tbe 
following year, has sold 2m. 

Crossovers are an anathema 
to collectors, however. “It 
seems impossible for the musi- 
cal establishment to accept 
that someone can be popular 
and artistically worthy,” said 
Chris Tooth, classical product 
manager for tbe Virgin retail 
group. “Nigel Kennedy is a 
seriously good violinist, but he 
was attacked as soon as he 
became successful. 

“No one has actually said 
Pavarotti is a bad singer. But 
there is this sniffy element of 
’If he sings My Way, can we 
take him seriously?’." 

One of the chief catalysts of 
this year’s upsurge in sales, 
according to Mr Klimble, Is 
tiie success of Classic FM. The 
populist classical radio sta- 
tion, launched in 1992. has 
introduced a new breed of clas- 
sical fans into the market 

By playing a medley of the 
most accessible music. Classic 
FM has built up a weekly audi- 
ence of 4.8m listeners. TTiis is 
double that of Radio 3, the 
BBC’s classical station, which 
appeals to purists with entire 
works, including austere mod- 
em compositions. 

Classic FM has provided a 
tailor-made advertising 
vehicle for 
music compa- 
nies to target 
the popular 
classical mar- 
ket Its easy lis- 
tening format 
has also helped 
fuel the appe- 
tite for compi- 
lation albums 
of popular 
pieces of classi- 
cal music col- 
lected under 
titles such as 
Sensual Clas- 
sics, Classic 
Sleepies and 
Classic 
Creepies. These 
now dominate 
Classic FSTs weekly chart 

Compilations are not only 
heavy sellers but are cheap to 
produce as they are assembled 
from archive recordings. 
Canto Gregoriano and Canto 
Noel were re-edited from four 
albums recorded at Silos Mon- 
astery by EMI in the early 
1970s. Warner is rumoured to 
have paid $5m to each of the 
Three Tenon for tbe rights to 
record their 1994 concert. 

The purists are even sniffier 
about compilations than about 
Nigel Kennedy. “You can’t 
really call them classical at 
allT said Mr Tooth. 

However compilations can 
act as a stepping stone into the 
“serious" classical market. 
Warner now adds suggestion 
lists to its compilations identi- 
fying complete pieces of music 
tbe listener might like. It has 
already detected an increase in 
sales of those works. 

“It will take a long time to 
break down the elitism sur- 
rounding classical music, but 
we’re getting there,” said Mr 
Holland of Warner Classics. “I 
was encouraged by the success 
of Corecki’s 1111111 Symphony 
last year. It's very rare for the 
work of a living composer to 
top the charts for 35 weeks. 

“Then I read a letter in CD 
Review asking why anyone 
could have released such a 
dreadful piece of music. Six 
million people bought it. 
That’s why.” 





Transport efficiencies 


.. :v: 


C 


e at 


FromJRBorsemtm. 

Sir, Mr Richard Bird, In 
advocating road pricing 
(Letters, November 2) r is voic- 
ing 1 an apparent confusion in 
much - of the public debate on 
the subject 

The taxatio n of car owner- 
ship and car use is already lev- 
ied by means of the vehicle 
licence and petroleum excise 
duty respectively. Increasing 
either, or both, of these would 
be cheaper, to collect and, 
unlike road pricing, would not 
simply shift congestion from 
roads which are priced to those 
which are not. 

J R Horseman, 

8Buckb&h Rood, 

Streothnm, 

London SW1S 5SA 


From Mr George Atkinson, 

Sir, Railtrack and client 
operators must visit Diisseldorf 
airport in Germany. Coming 
out of customs they would face 
a screen. A button brings up 
user instructions in English. 
Key in Hamburg, or Koln. and 
there is displayed the next 
S-bahn to either Dusseldorf or 
Duistarg main statical connect- 
ing with the first inter-city 
service. 

Why not try the system out 
at Gatwick and pot Giles Seat- 
ing's Information technology 
proposal (Personal View, Octo- 
ber 31) into practice. 

George At kins o n , 


3 Homeland, 

St Albans, Serfs AL34BZ 


t'2 


Investor problem for solicitors 




A:*"" 



Firm Mr PE Bridge. 

Sir, Barry Riley’s reference 
Cite" Long View, October 29) to 
“bureaucratic investor protec- 
tion" rubs a sore spot for many 
of us in the professions. The 
pffarit nf the Fmanrial Services 
Act 'for soKcftora has been to 
make them deliver a worse ser- 
vice at a higher cost This is 


particularly frustrating when 
the problem could so easily be 
solved by taking solicitors out- 
side the Act, provided that 
they clearly undertook to 
accept no personal benefit 
from commissions. 

PE Bridge, 

76 Royal Hospital Road, 

London SW34BN 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

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


Sizeable turnround 
by coal ‘cast-off 


From Mr Ray Proctor. 

Sir. Whether Anglo United 
beats off file three other con- 
tenders, acquires Coal Prod- 
ucts and thus secures its own 
“salvation’’ (The preferred 
route to recovery”, November 
3) remains to be seen. What is 
not In doubt is that Coal Prod- 
ucts cannot be fairly described 
as “British Coal’s castoff*. 

Our subsidiary has achieved 
a sizeable turnround in profit- 


ability over the past two years. 
Tins has been done by closing 
excess capacity and by devel- 
oping the strengths of Its 
branded products. 

Oxfam would be grateful for 
such valuable discards. 

Ray Proctor, 
finance director and 
director of privatisation. 

British Ctei 

Hobart Bouse. Grosvenor Place. 
London SW1X 7 AE 


Result could hardly be otherwise 


From Mr David Delaney. 

Sir, Year report on council 
reforms stated that there was 
overwhelming support in 
Herefordshire for a unitary 
authority (“Council reform 
faces further setback", Novem- 
ber 1). 

Tbe result could hardly be 


otherwise because we were not 
asked if we wished for no- 
change. 

David Delaney. 

The Mill House. 

Mortimers Cross. 

Nr Leominster. 

Herefordshire 
HR6 9PE 


UK parliament has best 
that money can buy 


From Afr John Donovan. 

Sir. The British parliament’s 
raison d'etre was to give the 
ruled some means to curb the 
excesses of the executive. 

The system of party politics, 
combined with the whips’ 
office, ensures that the execu- 
tive now curbs both parliament 
and tbe ruled, who are now 
totally reliant on tbe media to 
curb, or at least disclose 
through the essential differ- 
ence between news and propa- 


ganda. the activities of the 
executive. 

The ascendancy of the pro- 
fessional over vocational politi- 
cians. in what many of them 
had come to regard as virtually 
a one-party state, has resulted 
in the mother of parliaments 
having among its members the 
best that money can buy. 

John Donovan. 

17A La Pie la. 

Ordino. 

Andorra 


Unease over a privatised PO 


Prom Mr Victor Ripley. 

Sir. It is Dot ignorance or wil- 
ful misrepresentation t“ Avoid- 
ing postal fudge". November 3) 
that motivates public unease 
about Post Office privatisation. 
Those who have seen their 
Crown office close, and tbe ser- 
vice disappear into the back of 


a newsagent’s shop - as in my 
town - have good reason to 
wonder wbat other assets a pri- 
vate sector Post Office would 
liquidate lor the sake of a 
share price. 

Victor Ripley. 

6 Streeies Close. 

Godalmirui. Surrey GV7 1YY 


‘Senate’ is not the right 
route to unite engineers 


From Mr Rowland Morgan. 

Sir. Your bland headline, 
“Elected 'senate' to unite engi- 
neering profession" (October 
26), repeats parrot-fashion 
what the engineering establish- 
ment wants us aD to believe. 

Sir John Fairclough's praise- 
worthy initiative to seek unifi- 
cation of a profession “owned 
by its members" has been 
hijacked by engineering insti- 
tutions determined to stop 
rank-and-file engineers from 
directly electing a majority of 
members on the new central 
body. 

These are the same institu- 
tions that persuaded the pro- 
fession to replace the Council 
of Engineering Institutions by 
fiie present Engineering Coun- 
cil. and that now look likely to 
endorse the backwards step of 
resurrecting the old CEI struc- 
ture, which did not work. 

No agenda has yet been set 
for debate, discussion and com- 
ment and even tbe engineers’ 
national forum, the Engineer- 
ing Assembly, has not been 
allowed, and will not be 
allowed, to express any opin- 
ion. although it is the only rep- 


resentative body for more than 
200,000 engineers and techni- 
cians. 

Engineers want and deserve 
a central authority that is 
answerable to them as a pro- 
fession. Unless the engineering 
establishment recognises this 
and shifts the balance of power 
away from the institutions and 
towards the membership any 
dream of a united engineering 
profession will be lost 

Engineers hoping to emulate 
the medical profession's single 
effective voice should be 
reminded that it comes not 
from the Engineering Council's 
counterpart, the General Medi- 
cal Council, but from the med- 
ics' trade union, the British 
Medical Association. 

Perhaps it is only when the 
engineers have their own 
“BMA". free from the 
restraints of charitable status 
and Royal Charter, that the 
one effective voice of the pro- 
fession will become a reality. 
Rowland Morgan, 
senior lecturer in civil 
engineering, 

Umoersity of Bristol, 

Bristol BS8 1TR 




8 


COMPANY NEWS” UK 


Proceeds will help fund the acquisition of Meridien hotels 


Forte makes £175m placing 


By Michael Skapinker, Leisure 
Industries Correspondent 

Forte yesterday announced a 
£i75m sliare placing to help 
pay for its acquisition of Meri- 
dien lintels, die international 
chain which Is 57 per cent 
owned by Air France. 

Forte said the placing by 
UBS, at 227p a share, was com- 
pleted by Ham yesterday, with 
shares purchased by both 
existing and new shareholders. 
The placing price of the 78m 
new shares represented a 4 per 
cent discount on Thursday's 
closing price of 236’Ap. The 
shares closed down 3p yester- 
day at 233Kp. 

Forte said the formal acquisi- 
tion of Meridien was expected 
to take place by next Thurs- 
day. The group said that accep- 
tances had reached 90 per cent 
and should rise further by next 


week. 

Air France announced In 
September that it preferred 
Forte's bid for Meridien to that 
of Accor, the French hotel 
group. The acquisition of Meri- 
dian's 54 hotels was a signifi- 
cant victory for Forte, doubling 
its international portfolio of 
first cl ass establishments. 

Before completing the deal, 
Forte had to wait for the 
approval of France's Commis- 
sion de Privatisation, w hich 
has now been given. The com- 
plicated nature of the comple- 
tion process means that Forte 
will probably end up paying 
less for Meridien than the 
FFrl.9bn (£220m> originally 
envisaged. 

Forte win have to pay only 
80 per cent of the FFrl.08bn 
due to Air France on comple- 
tion next week. The remainder 
will be paid early next year, 


but is conditional on how 
many hotel management con- 
tracts Meridien retains «nd on 
detailed structural surveys of 
the hotels. 

The minority Meridien share- 
holders have been offered a 
choice. They can either receive 
payment on the same basis as 
Air France or they can receive 
final payment next week. If 
they opt for the latter they win 
receive slightly less than if 
they wait for the final instal- 
ment next year. 

The £175m raised by yester- 
day's placing represents the 
amount that Forte believes wftl 
be payable next week. The 
final payment to be made early 
next year would be funded 
from borrowings or hotel dis- 
posals, Forte said. 

When its victory over Accor 
was announced. Forte said it 
had three options in funding 


the Meridien purchase. The 
first was to use existing bor- 
rowing facilities. The second 
was to arrange bridging 
finance until Forte sold its 25 
per cent stakes in Gardner 
Merchant, the contract cater- 
ing group, and Alpha Airports, 
the airiino catering company. 
The third was an equity rais- 
ing exercise. 

Forte said yesterday that the 
first had been rejected because 
it would have resulted in an 
increase in gearing. The sec- 
ond was excluded because 
Forte wished to retain flexibil- 
ity over when it disposed of its 
stakes in the two companies. 

Forte said it decided on a 
placing rather than a rights 
issue because of the relatively 
small size of the equity offer- 
ing and because a rights issue 
would have required a more 
substantial discount 


Pru appoints finance director 


By Afison Smith 

Mr Jonathan Bloomer, a senior 
partner at Arthur Andersen, 
the accountant Is to become 
group finance director at Pru- 
dential Corporation, the UK’s 
largest life insurer, from the 
start of next year. 

Mr Bloomer, aged 40, will be 
the second youngest member 
of Prudential's board, and 
comes with 20 years' experi- 
ence at Arthur Andersen, 


Wm Cook 
up 6% as 
Interest falls 

By Richard Wolffe 

Lower interest costs helped to 
lif t pre-tax profits 6 pear cent at 
William Cook, the Sheffield- 
based steel castings group, in 
the six months to October L 

Pre-tax profits rose from 
£3J5m to £&54m as net inter- 
est fell from £551,000 to 
£410,000. Operating profit 
remained almost unchanged at 
£3. 95m (£3 .91m) on turnover 
which rose 8 per cent to 
£5L9m (£48m). 

Mr Andrew Cook, chairman, 
said margins had come under 
pressure as competitors low- 
ered prices. He claimed that 50 
per cent of the company's con- 
tinental competitors were 
trading “in a state of both 
legal and actual bankruptcy''. 

Raw material prices have 
also risen between 50 and 100 
per cent in the last three 
months. 

"In this environment, our 
own large-scale modernisation 
and investment programmes 
have the effect more of limit- 
ing margin erosion rather 
than increasing margins,” Mr 
Cook said. 

The company's strategy 
would be to reduce debt, 
which stood at £8m at the 
interim stage, while reducing 
costs and improving effi- 
ciency. 

The group’s capital expendi- 
ture was about £2. 5m in the 
first half as it completed mod- 
ernisation programmes at two 
or Its seven plants. 

However, it faces difficulties 
in its overseas market as the 
weak dollar affects 75 per cent 
of its export sales. 

Earnings per share rose 
0.53p to 10 j8p and the board 
declared a maintained interim 
dividend of &5p. Stares closed 
at 266p, down 4p. 


where he is managing partner 
of the European insurance 
practice. 

He will be only the second 
person to hold the post of 
group finance director at the 
Pru: his sale predecessor was 
Mr Michael Lawrence, who left 
to head the Stock Exchange in 
February this year. 

Prudential s executive direc- 
tors are paid in the range 
£295,000 to £435,000. 

Acknowledging that his post 


had been vacant for almost a 
year, Mr Bloomer said his task 
would be to bring a further 
layer of financial analysis to 
Prudential’s strategic decisions 
in areas such as east Asia and 
within the US marketplace. 

He said also that the pros- 
pect of being at Prudential at a 
time when the UK life assur- 
ance industry was going 
through such a period of 
change was “too exciting an 
opportunity to pass up”. 



Jonathan Bloomer too good 
an opportunity to pass up 


TBI £2 Am in black midway 


By Roland Ariburfl h am, Wales 
and West Correspondent 

TBI, the property investment 
and development company, 
reported pre-tax profits of 
£2. tin in Its first interim 
results since the reverse take- 
over of Markheath, the 
indebted property company, in 
March. 

The profit in the six months 
to September 30 compared with 
a restated loss of £2.4m in the 
same period last year. 

TBI said both businesses had 
been successfully integrated 
and there were already cost 
savings. 

Management changes are 


being made to facilitate TBFs 
intended rapid growth through 
active portfolio management. 
Mr Michael Rendle will step 
down as non-executive chair- 
man on January 1 and be suc- 
ceeded by Mr Stanley Thomas. 
Mr Thomas was one of the 
principal backers of TBI when, 
before the reverse takeover, 
it was the privately-owned 
Thomas Bailey Invest- 
ments. 

Mr Keith Brooks, formerly a 
partner with Price Waterhouse, 
the accountancy firm, became 
chief executive an November 1. 
Mr Paul Guy, who was chief 
executive, becomes his deputy 
and finance director, replacing 


Kay’s Food reverses into 
Corridor in all-paper deal 


By lira Burt 

Kay's Food Group, the meat 
processing company which 
floated earlier this year, yester- 
day announced a reverse take- 
over of Corridor Food Group, 
the privately-owned catering 
r et ailer and distributor. 

Although the company 
refused to disclose how much 
the deal was worth, it said the 
all-paper acquisition repre- 
sented a significant expansion. 

Corridor’s catering 
operations are expected to 


complement Kay’s existing 
customer base, which ranges 
from Fortnum & Mason to Brit- 
ish Rail. Corridor shareholders 
will receive new ordinary 
shares in Kay's at 5p each. 

Kay's, which raised £2.1m 
from its flotation, said further 
shares could be issued to pro- 
vide working capital. Funds 
from the issue have bean used 
primarily to develop a £2 An 
factory near Milton Keynes, 
designed to boost processing 
capacity from 3,000 tonnes to 
15,000 tonnes a year. 


DIVIDENDS ANNOUNCED 





Cones - 

Total 

Total 


Current 

Date of 

ponding 

for 

last 


payment 

payment 

dividend 

year 

year 

Banner Houma ..——Jut 

art 

Jan 4 

nfl 

- 

1 

Brit Assets Tat fin 

l.il 

Jan 9 

1.07 

4.38 

4.28 

Burtonwood Brow — Int 

0.8 

- 

0.7 

- 

5 

Cook (WIHam) Int 

2 3 

Jan 6 

ZS 

- 

7.5 

Finsbury Trust Int 

1.2 

Dec 16 

12 

- 

3 2 

hnestore Cap — fin 

1. 3 

Dec 16 

1275 

52 

5.125 


3 

Feb 1 

2 

- 

7 

Oceana Consol irt 

0.625 

Dec 12 

OS 

- 

ZS 


nil 

- 

0.4 

nil 

0.6 


Dividends shown pence per share net fOn increased capital. 


Mr lan Creber who has 
resigned. Mr Creber was one of 
two Markheath directors on 
the TBI board. 

Turnover advanced to £3Jm 
(£i_7m) and operating profits 
were up £1 An to £2m. Net debt 
fell by £7.4m to £39.4m, com- 
pared with March 31, and gear- 
ing dropped to 84 per cent from 
113 per cent at the start of the 
year. 

Net assets rose to £46.6m 
(£4L7m) in that period. 

No dividend will be paid but 
TBI said it expected a n ominal 
final dividend to be recom- 
mended for the full year if suf- 
ficient distributable profits bad 
been earned. 


Burtonwood 
Brewery 
edges ahead 

Burtonwood Brewery reported 
a rise in pre-tax profits from 
£L97m to £2.05m in the half 
year to September 24. 

The 4 per cent advance was 
achieved on lower turnover of 
£24An (£26m), although direc- 
tors said that if turnover was 
adjusted to reflect disposals of 
off-licences the underlying 
trend would show a 2.6 per 
cent increase. 

Earnings per share were 6.5p 
(6p) and the interim dividend 
is lifted to 0.8p (0.7p) to reduce 
disparity. 

British Assets Trust 

British Assets Trust’s net asset 
value per share fell from 110.4p 
to I02p over the year to Sep- 
tember 30. Over the same 
period the FT-SE-A All-Share 
Index was virtually unch- 
anged. 

Net revenue for the year 


Hanson 
£2m joint 
venture 
in China 


By Simon Hofeerton 
In Hong Kong 

Hanson, the UK conglomerate, 
has made Its first foray into 
the Chinese market in a £2m 
joint venture with Beijing's gas 
monopoly to produce gas 
meters. 

Hanson Pacific was broker to 
the deal which UGI Meters, a 
Hanson subsidiary, signed with 
the Beijing Municipal Gas 
Company. UGI owns 55 per 
cent of the joint venture. 

The deal is a departure for 
Hanson, which has not shown 
much Interest in joint ventures 
In the past 

Mr Robert Hanson, chairman 
of Hanson Pacific, said the idea 
of joint ventures was a “big 
change in our corporate philos- 
ophy”. 

Mr Simon Hsu, who was 
appointed chief executive of 
Hanson Pacific earlier this 
year to spearhead the group’s 
expansion in Asia, has con- 
vinced the Hanson group that 
partnerships are a better way 
to penetrate China than take- 
overs. 

Yesterday he said he was 
working on “four or five” other 
deals that the group was 
looking at seriously. 

Underlining the company's 
interest in Asian business, Mr 
Hanson, Mr Hsu and Mr David 
Clark, the group’s chief execu- 
tive in the US, are embarking 
on a 10-day tour of China and 
south east Asia cm Monday to 
look for sales opportunities. 

Mr Hsu said UGI had big 
plans for its gas meter busi- 
ness in China. 

It is to build a factory in 
Beijing to manufacture state of 
the art gas metering equip- 
ment for sale to the gas utility 
in the Chinese capital. 

UGI plans to increase pro- 
duction from an initial 200,000 
units a year to up to 700,000 
units in three years. The joint 
venture will also seek export 
opportunities within the Asia- 
Pacific region. 

Mr Hanson said: “We’ve 
spent time encouraging our 
operating companies to invest 
in this area." However, he 
added that Hanson had no set 
level of investment planned for 
Asia-Pacific. 


amounted to £2lm (£2l.5m). 
Earnings per share came out at 
4J*p (4.38p) and a proposed 
final dividend of l.Hp raises 
the total to 4J38p (4-28p). 

• Investors Capital Trust, in 
which British Assets has a 65.2 
per cent holding, also reported 
a fall in net asset value, from 
139,7p to 1344ip per share. Net 
revenue rose from £l3-2m to 
£l&5m and earnings improved 
from 5.32p to 5.43p. A fourth 
quarterly dividend of 1.3p 
makes a 53p (5.125p) totaL 

The trusts are managed by 
Ivory & Sime. 

MS shares faD 

Shares in MS International, the 
Doncaster-based specialist 
engineering products manufac- 
turer, have fallen 17p to 30p 
since a profit warning by Mr 
Michael Bell, the executive 
chairman. 

For the six months to Octo- 
ber 29 a pre-tax loss of about 
£lm is expected against profits 
of £462,000. He blamed “excep- 
tional and difficult trading con- 
ditions” experienced by two 
subsidiaries, MSI -Transporta- 
tion Systems and Ernst Wil- 


Bowater 

business 


By Peggy Hoffinger in London 
and Tony Hall in Woffington 

Bowater, the printing, 
packaging and coatings group, 
yesterday dosed the book an a 
decade of restructuring with 
the pnn n imrempnl that It bad 
agreed to sell Its last remain- 
ing paper businesses in a 
£L58£m cash deal. 

The company said it had 
reached an agreement in prin- 
ciple to sell its Australian tis- 
sue operations and related pulp 
and wood products activities to 
the diversified forestry com- 
pany Carter Holt Harvey of 
New Zealand for A$350m. 

The deal also includes 
Bowater’s Deeko disposable 
tableware operations, and a 50 
per cent interest in Sancella, a 
feminine hygiene joint ven- 
ture. 

Mr David Lyon, Bowater's 
chief executive, said the dis- 
posal completed “a process of 
regeneration and change” 
which had been taking place 
within the company since he 
was appointed in 1967. 

However, Bowater has been 
gradually withdrawing from 


to depart paper 
with £158m sale 


the paper Industry since the 
demerger of its large US paper- 
making business in 1984. 

Mr Lyon said that If the cash 
were left on deposit the net 
effect of the disposal would be 
to dilute earnings by about 
0_5p. Bowater intended eventu- 
ally to reinvest the proceeds m 
its core packaging, printing 
and raating w businesses. It also 
hoped to increase its presence 
in Asia, Mr Lyon said. 

He stressed that Bowater’s 
acquisitive period was largely 
over. The company, which 
completed several large acqui- 
sitions in 1992 and 1993 at a 
total cost of £853m, would now 
focus on organic growth. 

In the shorter term, the sale 
would reduce debt as a propor- 
tion of shareholders' funds 
from 43 per cent to between 20 
and 25 percent 

In the year ended December 
31, the Bowater Tissue division 
reported operating profits of 
£10. 7m on sales of £l45m. Net 
assets before debt were £150m. 
The deal remains subject to net 
asset adjustments and regula- 
tory approval. 

Bowater also announced that 


it was considering the possibil- 
ity of fioatfng.its Australian 
engineering business, which 
distributes engines and gear- 
boxes for trucks, boats and 
agricultural and mining .eqnlp. 
ment. Sales last year were 
Ej 14 m, with operating profits 
of £5.5m. Net assets were £44m. 

Mr Lyon said flotation was 
unlikely before next year. - 

Meanwhile, Carter Holt Har- 
vey, which is controlled, by 
International Paper of New' 
York, said the acquisition of 
the Australian operations 
formed part of a strategy to 
expand its core business jn the 

It announced the deal in .an 
interim profits statement 
which showed an 8 per cent 
increase in pre-tax profits to 
NZ£192m (£73Jm) on sales 15 
per cent higher at NZ$L43bn. 
Earnings per share rose from 
10.5 cents to 12.01 cents and the 
dividend was unchanged at 4 
cents. 

The Chilean associated com- 
pany, Campania de Petroleos 
de Chile (Copec) announced 
doubled profits of S2L3bn.pess 
(NZ$371.4m). 


Starmin deeper in the red * 


By Peggy Hoffinger 

Starmin. the quarry products 
company chaired by Lord Par- 
kinson which is in survival 
talks with its bankas, yester- 
day announced increased 
losses for the first half of 1994 
after a series of provisions and 
exceptional charges. 

The pre-tax loss of £1.69m 
(£l-24m) was published after 
the market closed. Sales were 
19 per cent lower at £fi.96m. 


The accounts were prepared 
on a going concern basis, a sta- 
tus which accountants Ernst & 
Young described as fundamen- 
tally uncertain given the nego- 
tiations with bankers. 

However, Mr Michael Gar- 
ner. the chief executive 
appointed in July at the behest 
of Starmin' s bankers, said the 
refinancing talks were going 
well 

Starmin was considering var- 
ious ways of raising funds to 


eliminate its £6m debt, such as 
a placing and open offer. 

Toal exceptional charges and 
provisions came to £1>5 hl 
E xcluding exceptional*, operat- . 
mg profits from continuing 
businesses improved from 
£173,000 to £3044)00. 

Losses par share deepened to 
0.5p (0.4p). Last year Starmin 
breached banking covenants 
when doubled losses of £23 .2m 
left it with shareholders' funds 
of just £3 j42hl 


Browning-Ferris extends Attwoods bid 


By Peggy HoHnger 

Browning-Ferris Industries, the 
US waste services company, 
yesterday extended its hostile 
£364m cash offer for Attwoods 
of the UK for 15 days. 

BFI has received acceptances 
for 30.61 per emit of Attwoods 
shares. 

This includes the 29.8 per 
cent which it has agreed to buy 
from Laidlaw of Canaria. 


NEWS DIGEST 


helms. 

The rest of the group was 
trading profitably. 

Oceana Cons ahead 

Oceana Consolidated Com- 
pany, the stockbroker and 
investment manager, increased 
interim pre-tax profits 14 per- 
cent from £877,000 to £lm. 
Turnover in the six months to 
September 30 was £6.8Sm, a 
rise of 9 per cent from £&29m. 

Charles Stanley, the group's 
principal subsidiary, more 
than doubled fee income to 
£l-64m. 

Earnings per share came out 
at 8.62p (7J28p) and the interim 
dividend rises to 0.625p (0.5p). 

Finsbury Trust 

Finsbury Trust, the special sit- 
uations trust, had a net asset 
value per share of 174.4p at the 
September 30 interim stage, 
against I81.1p at the March 
year end and 152. Ip at the half- 
way stage last year. 

Net revenue for the half year 
amounted to £436,000, down 
from £580,000, giving earnings 
of 2p (2.4p). The Interim divi- 


Mr Ken Foreman. Attwoods’ 
chief executive, said the level 
of acceptances excluding Law- 
law’s stake showed that “our 
shareholders do not come 
cheap.” 

Mr Foreman said Attwoods 
would demonstrate Its value to 
shareholders. 

Attwoods is expected to pub- 
lish its third defence document 
at the end of next week. 

This is likely to Include first 


dead is held at L2p. 

Undervalued Assets 

Undervalued Assets Trust, 
managed by Scottish Value 
Management, had a net asset 
value per share of 96.4p at Sep- 
tember 30. This figure repre- 
sented a 0.3 per cent rise since 
the trust was incorporated in 
March, during which time the 
FT-SE-A AILSbare Index fell 5 
per cent. 

Net revenue for the period 
March 17 to September 30 was 
£466,000. Earnings per share 
came out at 0437p. 

Flagstone 

Shareholders in Flagstone 
Holdings, the USM-traded lei- 
sure concern, have approved 
the change of name to Queens- 
borough Holdings and the can- 
cellation of the deferred shares 
and the share premium. 

The moves follow the arrival 
of Mr Kevin Leech as chair man 
In August having acquired a 
holding of almost 22 per cent 
He hopes the company will 
return to a full listing by the 
end of the year. 


quarter results as well as 
indications on profits for the 
first halt 

Under the takeover code, the 
UK company cannot publish 
any new fi nancial information 
after November 1L 

The egtensirm of BFTs bid 
was widely expected, with 
many institutions holding out 
in hopes of a higher offer. 

BFI how has until November 
18 to increase its bid. 


It reported pre-tax losses of 
£4244)00 (£730,000) for the year 
ended January 31 on turnover 
Of £6074)00 (£521,000). 

Sleepy Kids deal 

Sleepy Kids, the animation and 
character merchandising 
group, has signed another 11 
licensing deals for Budgie, The 
Little Helicopter, the character 
created by the Duchess of 
York, bringing its number of 
deals worldwide to 86. 

A second series of 13 car- 
toons featuring Budgie will be 
shown on children's ITV from 
January 1995. along with a 
repeat of the first series. 

En-tout-cas expands 

En-tout-cas has agreed a deal 
with Balsam of Germany 
which wflL the company says, 
create a major player in the 
world market for synthetic 
sports surfaces and allied 
sports equipment A 

The new company, ETC * 
(Holdings), will have an initial 
annual turnover exceeding , 
£50m and gross assets of more/ 
than £22m. 


A resounding pitter-patter of political arm twisters 

Bernard Gray looks at the lobbying process surrounding BAe and GEC’s attempts to take over VSEL 

L obby, lobby, lobby, the book from A to Z; Sir Tim Bell mgs outside the normal course hand in time of trial BAe has net while Sir Geoffrey Pattie Each of the departments ca 

sound of political arm- is batting for GEC, while lob- of business are being called two political non-executive MP is a Conservative ex-de- make a separate submissior 

twisters pitter-pattering bying company PPU is doing with senior civil servants and directors: Lord Hollick is a fence and trade minister who and may well do so. But give 


A warren of lobbyists 


L obby, lobby, lobby, the 
sound of political arm- 
twisters pitter-pattering 
around Whitehall has risen to 
a din in the last week. The bids 
for VSEL have turned a slow 
autumn for the political lobby- 
ists into a bun fight Both Brit- 
ish Aerospace and GEC have 
teams of professional political 
lobbyists phoning every MP in 
the House of Commons phone 


book from A to Z; Sir Tim Bell 
is batting for GEC, while lob- 
bying company PPU is doing 
the honours for BAe. 

Bigger strategic fish are 
being fried by heavyweight 
chefs within the companies 
themselves. Meetings in the 
normal course of business 
between the companies and 
civil servants are being turned 
to the subject of VSEL. Meet- 


ings outside the normal coarse 
of business are being called 
with senior civil servants and 
ministers to put the case for 
one 6ide or the other. Both 
Lord We Instock, managing 
director of GEC, and Mr Dick 
Evans, BAe’s chief executive, 
have been much in evidence at 
the Ministry of Defence lately. 

Then there are the other 
board members who can lend a 


hand In time of trial BAe has 
two political non-executive 
directors: Lord Hollick is a 
working Labour peer who runs 
the financial and media com- 
pany MAI, while Lord Hesketh 
was previously a Conservative 
government chief whip in the 
Lords and is an ex-minister of 
the Department of Trade 
GECs chairman. Lord Prior, 
served in Mrs Thatcher's cabi- 


Unions say GEC will keep shipyards open 


By Chris Tlghe and James Buxton 

Lord Weinstock, GEC’s managing 
direc tor, has pledged that if his bid for 
VSEL succeeds, both GEC’s Yarrow and 
VSEL’s Barrow-in-Furness shipyards 
would be kept open, according to one of 
the officials formulating the trades 
unions' stance on the rival bids. 

The undertaking was made by Lord 
Weinstock at a meeting with union offi- 
cials on Thursday evening. Mr Duncan 
Lapish. national secretary of the 
white-collar Apex section of the General 
Municipal Boilermakers Union, said Lord 
Weinstock also said that a successful GEC 
bid would safeguard jobs at its electronics 
systems producer Marconi 

Mr Lapish said he did not doubt Lord 
Weinstock’s undertaking that the Barrow 


and Yarrow yards and Marconi would 
remain in operation if his bid won. “I 
have no reason to doubt his sincerity on 
that; Lord Weinstock usually means what 
be says." 

However, Mr Lapish added: "He said all 
these three would be safe but he didn't 
say at what size.” 

Thursday's meeting, about which GEC 
yesterday declined to comment, was 
between Lord Weinstock and the GEC 
National Joint Consultative Council com- 
posed of national officers of unions with 
members employed by GEC. 

It was the first of a series of meetings at 
which the unions are gathering informa- 
tion on the strategics behind GEC’s and 
BAe’s rival bids for VSEL. The Confedera- 
tion of Shipbuilding and Engineering 
Unions will then decide whether it has a 


preference between the two, and whether 
to press fur Monopolies and Mergers Com- 
mission intervention. 

CSEU officials are to meet BAe execu- 
tives on Tuesday to probe their plans. The 
unions also hope to meet VSEL manage- 
ment soon. Mr Lapish said they wanted to 
know why VSEL bad not wished to fight 
to remain independent 

The manoeuvring to take over VSEL, 
against a background of shrinking 
defence ord ers, has provoked anxiety 
among VSEL’s 6,000 employees at Barrow 
In West Cambria and GECs 3,000 at Yar- 
row on the Clyde. 

Before GEC confirmed it was bidding 
for VSEL, Barrow union leaders had made 
their hostility to GEC plain to VSEL man- 
agement. The Barrow officials are await- 
ing a meeting with GEC. 


net, while Sir Geoffrey Pattie 
MP is a Conservative ex-de- 
fence and trade minis ter who 
is now co-chairman of GEC- 
Marconi, the company's 
defence arm. All can be expec- 
ted to have quiet chats behind 
the scenes with friends and col- 
leagues to make sure the right 
point of view gets home. 

The process they are trying 
to influence is that followed 
when a bid raises competition 
issues. The companies 
involved, and any customers or 
government departments 
affected, can make submissions 
to the Office of Fair Trading 
about what they think should 
happen. Since in this case sub- 
marines are only bought by the 
Ministry of Defence, the MoD's 
evidence to the OFT will be 
crucial 

However, the Department of 
Trade may also make a sub- 
mission about the industrial 
consequences of the bids. 

The Scottish Office may also 
get involved because the Yar- 
row yard on the Clyde falls 
within its patch, as does BAe's 
troubled Prestwick aircraft fac- 
tory, which might just be 
under threat if the company's 
finances are not strengthened 
by a VSEL takeover. 


Each of the departments can 
make a separate submission, 
and may well do so. But given 
the highly-charged political 
atmosphere surrounding these 
bids, ad hoc groups of civil ser- 
vants will be formed to try to 
iron out inter-departmental dif- 
ferences in advance. 

These officials will then put 
their recommendations to min- 
isters. who may, or may not, 
accept them. Needless to say, 
ministers from different 
departments will also have dis- 
cussed the issue in advance. 

Submissions are then sent to 
the OFT. which normally tries 
to decide within 21 days 
whether or not to refer a bid 
to the Monopolies and Mergers 
Commission for a foil investi- 
gation. 

That should mean that the 
OFT rules on BAfi's case by 
November 16. But because 
GECs bid came later the exam- 
ination may be extended to 
December 7. The OFT then 
makes its report to the presi- 
dent of the board of trade, Mr 
Michael Heseltine, who can 
accept or reject the findings. 
At this stage there will 
undoubtedly be a cabinet level 
discussion about the wisdom of 
any course of action. If Mr 



LartHnketh Lon! HoUck 

Non-eatecuitoi atrectors 



LndfMor SkGooitrerPwteNP 
Suuitiuii Gee Co-chafnnan 

GEC -Marconi . 

Scottish Office I 


T-Obbytnto wori-od For 

8 A 0 and G£C ora talking 
to Iho Ministry or Oofonce. 
UW Dapamrwnt tor Trade 
and Industry, the Scotia* 
Office and MPa 


Office or 
Fair Trading 


President of 
Board of Trade 
Michael Heselt ine 

I Referred* 

Monopolies and 
Mergers Commis sio n 


Stockmarfcer 


Heseltine clears both bids, the 
battle would then move to the 
stock market, where GEC’s 
financial strength gives it an 
advantage. If he referred both 
bids to the MMC the issue 
would be in limbo for six 
months. If he referred GEC but 
not BAe. then BAe would prob- 
ably win. 

The lobbyists will crawl all 
over each stage of the process 


frying to gain an advantage. 
However, the arguments are 
complicated because while 
they are ostensibly about com- 
petition In shipbuilding and 
who should own VSEL, they 
are in reality about who should 
run the British defence indus- 
try. So will it be GEC or BAe 
which wins the argument? 
That, unfortunately, is still an 
official secret. 



warns over 
equity ratio 

I feted linfeir.arr, 
to Boar 

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FINANCIAL TIMES WEEKEND NOVEMBER 5 /NOVEMBER 6 1994 


9 



COMPANY NEWS: UK 


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No time to put his feet up 

More at ease than he has been for months and unfettered from his erstwhile tormentor, 
Dieter Bock is now able to make his presence felt at Lonrho, Robert Peston reports 


M r Dieter Bock was 
yesterday exhausted 
but more at ease 
than he had been for months 
having won his long battle 
against Mr Tiny Rowland, his 
fellow joint chief executive at 
Lonrho, the international trad- 
ing group. 

At tea time on Thursday, Mr 
Rowl and, who had been Lon- 
rho’s driving force for 33 years, 
agreed to give up his executive 
dnties at the end of the year 
and to stand down from the 
board altogether next Man-h 
Dx his first interview since 
establishing himself firmly in 
control of the international 
trading group, the German 
property financier did not hide 
his delight: “It will take some 
time to really relax and move 
forward without the burden of 
having someone on toy back," 
he said. 

He had no doubt that the 
agreement with Mr Rowland 
vtas binding. “He may try to 
hurt me with words, but I can 
cope with that" 

Mr Bock stressed that the 
title of Lonrho president, 
which Mr Rowland win take 
next spring if shareholders 
agree, carries “no power". The 
title of president had been 
^ offered to Mr Rowland because 
e “the board did not want to 
humiliate him”. 

He added that opinion within 
the company was divided on 
whether Mr Rowland would 
bother to continue coming in 
to the office: *7 think he will 
come from time to time.” 

He also denied that he had 
made a significant concession 
to Mr Rowland by agreeing to 
scrap an arrangement which 
gave him a substantial degree 
of control over Mr Rowland's 
6.5 per cent Lonrho share- 
holding. 

Mr Bock had previously had 
the power to force Mr Rowland 
to grfi tum the shares on leav- 
ing the company or at the gnfl 
of 1985. A new arrangement 
has now been put in place giv- 
ing Mr Bock the right to buy 
the shares only if Mr Rowland 
wants to sell t he m - and that 
right expires once Mr Rowland 
leaves the board. 

However, Mr Rowland’s Lon- 
rho shareholding continues to 
be held in an escrow - or inde- 
pendent - account. Until he 
{eaves the board they, can only 


be sold through the company's 
stockbroker, James Capei and 
only If Capei takes the view 
that the sale will not damage 
the company. 

Mr Bock's main disappoint- 
ment over the past year has 
been his inability to dispose of 
peripheral assets, which he 
blames on the obstructive tac- 
tics of Mr Rowland. "There 
have been almost no disposals 
this year," he said. 

Mr Bock's most ambitious 
reorganisation attempt so far 
at Lonrho has been a plan to 
create the world's biggest plati- 
num group by merging the 
company’s South African plati- 
num interests with those of 
Gencor, the mining congJomer 
ate. 

This however was blocked 
earlier this year, though there 
are conflicting explanations of 
who was responsible for the 
impasse. Mr Bock’s close col- 
leagues blame Mr Rowland. 
Other Lonrho executives 
say that there was a wide- 
spread view cm the company’s 
board that the implicit value 
being put on Lourho's holding 
in Western Platinum was too 
low. 


tal European Keropinskj chain, 
in which he has a significant 
interest through his private 
companies. 

Mr Bock said that such a 
move had been discussed and 
rejected - though he said that 
the possibility of fusing the 
two chains might be re-exam- 
ined at some point 

Whatever his plans, any sale 
of the Metropole Hotels would 
be complicated by the presence 
of the Libyan government as a 
33 per cent Metropole share- 
holder. 

Mr Bock professes to be 
embarrassed by the Libyan 
link which Mr Rowland forged. 
Though how easy it would 
be to sever that tie is 
unclear. 

Perhaps the biggest one-off 
boost to profits will come from 
cutting central administration 
costs, which Mr Bock said 
could be reduced by "more 
than £10m". Once Mr Rowland 
departs, there should also be a 
£5m saving as the group no 
longer has to pay his salary of 
more than £lm and millions of 
pounds of other expenses 
directly related to him. 

These costs relating to Mr 


Mr Bock’s main 
disappointment over the 
past year has been his 
inability to dispose of 
peripheral assets, which 
he blames on the obstructive 
tactics of Mr Rowland 


Mr Bock said yesterday that 
his highest priority was to 
resume negotiations with Gen- 
cor so that both companies 
could increase the r etu rns they 
earn from their platinum inter- 
ests. 

Lonrho will henceforth have 
only four divisions: gold and 
coal mrnrng in Africa; hotels in 
the UK and internationally; 
agriculture also in Africa; and 
international trading activities. 
Everything else win eventually 
be sold or dosed down. 

Many Lonrho employees 
expect Mr Bock to merge Lon- 
rho’s hotels with the continen- 


Rowland include £850,000 of 
business expenses, the £2m 

annual costs Of t unning a Gulf- 

stream jet, and even £230,000 of 
contributions to the school fees 
of the dependants of various 
African politicians. 

M r Bock said, how- 
ever, that by the end 
of the past financial 
year on September 30, he had 
made good his “promise" to 
City of London analysts that 
the group's operations would 
cease being net consumers of 
cash. 

to fact he said he had been 



Trswx (^omphfioa 

Dieter Bock: confident there are few skeletons in the cupboard 


extremely surprised at how 
good Lourho’s financial con- 
trols had turned out to be. 
As a result, he is fairly 
confident that he will not dis- 
cover too many skeletons in 
the company’s cupboard as be 
extends his influence over the 
group. 

However it is widely believed 
within the company that Mr 
Rowland's departure will prob- 
ably lead to the disclosure of 
other company secrets. That 
there are some of these is cer- 
tain, given that he ran the 
company as a personal fiefdom, 
with enormous personal discre- 
tion over the use of millions of 
pounds of company funds. 

One recent example of a hid- 
den liability was the disclosure 
that Lonrho had granted an 
indemnity to Mr Graham 
Jones, the former employee 
of Mr Mohamed Fayed who 
allegedly defected to Lonrho 
and is now being sued by Mr 
Fayed. 

Other disclosures may sim- 
ply be embarrassing rather 
than financially costly - there 


is allegedly a whole room of 
secret Lonrho documents in 
the charge of one of Mr Row- 
land's minders. 

T he stock market yester- 
day took the view that 
any unforeseen liabili- 
ties will be outweighed by the 
additional profits to be earned 
as Mr Bock reorganises the 
company. Lonrho 's share price 
rose 12p to IWYjP, as 28.6m 
shares were traded, far more 
than the normal. 

Investors will be further 
reassured by Mr Bock's most 
surprising statement of yester- 
day that - contrary to wide- 
spread speculation - he had no 
intention of selling his Lonrho 
holding of 18.8 per cent and 
would instead be selling all his 
private interests over the com- 
ing two years, to concentrate 
all his time and energy on Lon- 
rho. 

“It is such a marvellous com- 
pany. that 1 want to devote 
myself too It”, he said. To a 
large extent the real value has 
not been unlocked.” 



London Industrial £20m 
acquisition of 17 estates 


By Simon London 

London industrial, the 
property company which 
raised £14m when it floated on 
the Stock Exchange a year ago, 
is buying 17 Industrial estates 
for £20m financed by a placing 
and open offer. 

The light industrial estates, 
acquired from A&J Mucklow 
Group, are mostly in the Mid- 
lands, taking London Indus- 
trial away from its roots in the 
south east of England. 

The company was formed in 
1988 to buy the industrial prop- 
erty portfolio of the Greater 
London Council 

Mr Harry Platt, managing 
director, said the acquisition 
fitted London Industrial's strat- 
egy of buying properties let to 


multiple tenants which require 
active m gna E l>mpn t 
The new properties are about 
82 per rent let against 78.5 per 
cent for the company's existing 
38 industrial estates. 

The deal is being funded by a 
placing of shares with institu- 
tions at 325 p. Shareholders 
have the option of subscribing 
for shar es at the same price, on 
the basis of seven for every 
eleven held. 

After the placing, gearing 
will be around 60 per cent, 
compared with a long-term tar- 
get of 100 per cent 
Mr Piatt said the company 
would be seeking additional 
acquisitions in the London and 
Birmingham areas. 

The shares closed yesterday 
up 2p at 330p, against last 


year's placing price of 320p. 

London Industrial also 
announced an increase in 
interim pre-tax profits from 
£355,000 to £905,100. reflecting 
the contribution of acquisi- 
tions made at the time of flota- 
tion. 

Earnings per share increased 
by 41 per cent to B.6p and the 
interim dividend has been 
increased by 50 per cent to 3p. 
The company said that it 
intends to pay a final dividend 
of 7p, making a total for the 
year of 10p, against 7p last 
year. 

It added that the level of 
activity over the summer was 
higher than expected and occu- 
pancy had improved from 74.8 
per cent at the end of the last 
financial year in March. 


Barr & Wallace chief 
denounces nephews 


Banner 

Homes 

declines 

Increased costs arising from 
its expansion led Banner 
Homes, the housebuilder, to 
torn to tower pre-tax profits 
for the six months to end-Sep- 
tember. down from £557,000 to 
£504,000. 

Turnover increased from 
£3. 9m to £52hn. The company 
sold 43 units to the first half 
against 28 last time. 

The increased overheads and 
costs of funding a larger work- 
ing capital requirement have 
resulted in higher interest 
payments of £438,000 
(£390,000). 

After a tax charge of 
£166,000 (nil) earnings per 
share were 2.1p (4.lp). There is 
an interim of 0.7p (ail). 


TLG oversubscribed 

TLG, the holding company for 
Thom lighting Group, whose 
shares, priced at Hop, will 
start trading next Thursday, 
said its public offer was 322 
times subscribed. 

Applications for up to and 
including 600 shares will be 
allocated in fall; between 700 
and 3,000 shares will receive 
600; 4.000 and above will 
receive 20 per cent, to a maxi- 
mum 100.000 ordinary shares. 


By Richard Wotffe 

Mr Malcolm Barr, chairman of 
Barr & Wallace Arnold Trust, 
the motor distribution and lei- 
sure group, yesterday 
denounced his two nephews 
who are leading a sharehold- 
ers' rebellion. 

Mr Barr criticised the mana- 
gerial skills of Mr Nicholas and 
Mr Robert Barr, who have 
called for their uncle's resigna- 
tion. 

The Barr brothers, who 
claim majority support among 
ordinary voting shareholders, 
have requisitioned an EGM to 
unseat Mr John Parker, chief 
executive, and Mr Brian Par- 
ker, finance director. 


Westminster 

Depressed margins and poor 
trading conditions led West- 
minster Scaffolding, the con- 
struction industry sub-contrac- 
tor, to continue its losses. 

The pre-tax loss for the six 
months to June 30 came out at 
£945,000 against £l-99m for the 
eight mo nths to June 30 last 
year. This year's figure 
included a bad debt of £353,000. 

Turnover was down from 
£3.56m to m7m. 

Losses per share came out at 
0.3p (3.fip). 


Yesterday the board called 
the EGM for December 2. It 
has already called another 
EGM for November 25 to 
enfranchise the group's 
non-voting A shares, which 
are owned mainly by institu- 
tions. 

Mr Malcolm Barr said: “The 
board wholly supports John 
Parker and Brian S mall. Their 
record to date and the group's 
current trading have con- 
firmed that the board made the 
right decision in appointing 
them earlier this year. 

“Furthermore, we believe 
that the alternative board 
being proposed is insufficiently 
experienced and qualified to 
manage BWAT." 


Scaff in loss 

Although the losses were 
lower, the results “should not 
be regarded as encouraging," 
said Mr Michae l Pelham, chair- 
man. 

The group was “constantly 
jeopardised by the reluctance 
of main contractors to abide by 
agreed terms of payment" and 
he could see no evidence of 
any improvement in margins. 

As a result, the company is 
scaling down its operations to 
the UK and expanding in the 
Gulf. 




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f Deutsche 
Telekom 
warns over 
equity ratio 

By.Mfchael LJndemann 
hi Bonn 


The chairman, of Deutsche 
Telekom’s supervisory board 
said yesterday the company’s 
equity ratio had fallen to 
“alarming" levels after it fore- 
cast that the company’s debts 
would rise 4.7 per cent to 
DMlZSm ($81bn) next year, up 
from DMU&5hn this year. 

Mr Rolf-Dieter Leister 
revealed that the equity ratio 
in 1906 was expected to fell to 
19 per cent, down from 20.7 per 
cent, as the company makes 
further new investments ahead 
of its. stock market listing in 
1998. Turnover next year is 
expected to rise 8 per cent to 
DM69bn, up from a forecast 
DM64hn this year. 

Gross profits are expected to 
rise 15.4 per cent to DM6bn but 
the company will, for the last 
time, have to pay half of this 
back to the federal govern- 
ment. 

A final payment of about 
DM4bn will have to be made to 
Postbank and Postdienst, the 
two other branches of the 
Btate-owned operator which 
have been subsidised by Tele- 
kom. AH three wDl be turned 
into joint stock companies at 
the beginning of next year. 

Mr Helmut Ricke, chief exec- 
utive, said investments, espe- 
cially in eastern Germany, 
would slowly decrease and that 
this- would allow a gradual 
reduction of the company’s 
debts. Earnings are expected to 
improve and the company 
hopes to raise at least DAGObn 
when it raises capital through 
a stock exchange fisting early 
ihjm. 

About 6,000 jobs will be shed 
hi the coming year by means of 
a hiring freeze, bringing the 
workforce down to 224,000 peo- 
ple. 

DeTeMobil, the Telekom sub- 
sidiary which operates the D1 
mobile telephone network, is 
expected to have sales of 
DMifito-nesdt year, up from a 
forecast DS&Sbn in 1994, -and 
wQl make a “v e ry respectable 
profit, the group said. The com- 
pany, which has about 300,000 
mobile -phone subscribers, is 
making monthly profits hut 
not enoogh' to offset invest- 
ments of about DM4bn. 


V' -.V- 


INTERNATIONA!. COMPANIES AND FINANCE 


Uni Storebrand to spin off 
operation as profits dive 


By Karan Fossfl bn Oslo 

Uni Storebrand, Norway’s 
largest insurance group, Is to 
spin-off its international rein- 
surance business into a new 
stock market-listed company, 
having failed to sell the loss- 
making activity. 

The announcement yester- 
day came as Uni Storebrand 
revealed (hat in the first nine 
months group profit, after 
transfers to life assurance cus- 
tomers, plunged to NKr223m 
(533.8m) from NKrLllbn at the 
same stage last year. Operating 
profit of NKrl.45bn was 
NKr2J38bn lower but there was 
a NKr972m increase in net pre- 
mium income to NKrlOiSbn. 

Finance income dropped 
NKr3.04bn to NKi&Sbn due to 


bonds which were hit hard by 
rising interest rates. 

Realised losses on securities 
were NKrTlGm against gains of 
NEr2.42bn as unrealised gains 
sunk to NKrSm from NKr4bn. 

Nevertheless, Uni said it had 
increased market share, 
improved the result in the non- 
life business and achieved a 
sharp increase in life assur- 
ance premiums. 

In March, Uni said it would 
seek to sell Christiania Re in 
the US but, to the meantime, 
the unit would be transferred 
to the non-life unit. Uni had 
planned to dispose of the UK 
business and close the Singa- 
pore office. But the strategy 
failed and Uni yesterday 
announced pl an s to spin topp i 
off 


The Oslo, London and Singa- 
pore re-insurance units 
increased nine-month losses, 
before allocations, to NKrl06m 
from NKr30m while Christi- 
ania Re expanded losses to 
NKrl65m from NKrlSm. 

During the past three years. 
Uni injected about NKrlbn in 
capital into the reserves of 
these units to keep them run- 
ning. 

But Uni said its shareholders 
would benefit more if reinsur- 
ance was divested from the 
group so that it could concen- 
trate on core businesses of life 
assurance, non-life and asset 
management. 

Existing shareholders will be 
offered pre-emptive rights to 
subscribe to shares of the new 
company but Uni could 


Uni Storebrand 


Share price (NKi) 
23 



Source: FT Graphite 

take a 10 per cent stake. 

Uni will recapitalise reinsur- 
ance with "a couple of hundred 
million kroner" and seek a 
guarantee from its largest 
shareholders for the disposal of 
90 per cent d the new compa- 
ny's shares. 

A prospectus is to be issued 
this month, it hopes to com- 
plete the operation before the 
summer. 


Losses widen at Nissan in first half 


By Mtehfyo Nafcamato in Tokyo 

Nissan, Japan's second largest 
carmaker, reported a sharp 
drop in non-consohdated reve- 
nues and a wider loss as it was 
battered by poor sales at home 
and the sharp appreciation of 
the yen in the first half of the 
year. 

Sales for the period dropped 
12 per cent to Yl.568.8bn 
(516-lbn) from Y1.78i.8bn a 
year ago, while operating 
losses ballooned to Y82.6bn 
from mSbn. Recurring losses 
- before extraordinary items 
and tax - widened to Y573tm 
from Y28L0bn previously. Net 
losses increased to Y53-7bn 
from Y32.8bn, and the com- 
pany again passed its interim 
dividend. 

Nissan’s losses came in spite 


of an increase to sales of secu- 
rities in the period amounting 
to Y32.6bn compared with 
Y13.1bn in the previous first 
half. 

Mr Ttefiriii Hama oka, execu- 
tive managing director, 
described the results as provid- 
ing “a very regrettable image" 
of the company. However, he 
added that Nissan expected to 
be able to return to the black 
at (he operating level to the 
second half of the year and the 
company would pay a Y7 divi- 
dend for the year, equivalent 
to the amount paid last year. 

The better result to the sec- 
ond half is expected to come as 
a result of Nissan’s strenuous 
rationalisation measures, 
which are achieving their tar* 
.gets earlier than expected, a 
recovery in domestic demand 


that has been building up over 
the past few months and new 
product launches. The impact 
of the yen's rise is expected to 
slow. 

During the period, Nissan 
tried to reduce inventory levels 
and improve the profitability 
of its dealers. Mr Hamaoka 
said. 

At the same time, cost-cut- 
ting measures, combined with 
price increases, allowed Nissan 
to counter the adverse impact 
of the yen's sharp appreciation 
on its overseas operations. 
Every Yl increase in the value 
of the yen against the dollar, 
wipes about Y7bn off Nissan’s 
revenues. The group expected 
to deal with the yen’s rise, to a 
certain extent, through ration- 
alisation and prices rises, Mr 
Hamaoka said. 


The biggest difficulty Nissan 
had in the first six months was 
selling its cars in Japan, 
including those which had 
model changes, as a result of 
the large inventory levels at its 
dealers. 

The company’s luxury care 
in particular were shunned by 
Japanese consumers who have 
become increasingly sensitive 
to price. Domestic sales 
plunged nearly 19 per cent 
while exports were down only 
2.7 per cent under the impact 
of the high yen. 

Nissan has revised down its 
full-year forecast for recurring 
and net profits. Instead of 
breaking even at the recurring 
level Nissan expects to post a 
recurring loss of Y60bn and a 
net loss of Y65bn on sales of 
Y3,4oobn. 


Ikea to invest heavily on stores in China 


By Hugh Camogy 
in Stockholm 

Ikea, the furniture retailer, 
said yesterday it had decided 
to launch a heavy investment 
programme in China. It plans 
to open up to 10 stores as well 
as wqwnfHng production facili- 
ties in the country. 

Mr Aztders Moberg, Btea’s 
chief executive, said the move 


was (me of the company’s big- 
gest investment projects that 
could total SKr2bn (8272m) 
over the next 10 years. 

Ikea, owned tor the Swedish 
Kamprad family but now based 
in Denmark and the Nether- 
lands, plans to open the first 
stores in Beijing. Zbezhen and 
Guangzhou. Mr Moberg said he 
hoped the first store would 
open by the end of 1996, but be 


said it was not yet decided in 
which city it would stand. 

The stores, at a cost of about 
SKrl50m each, will be built 
and run by Ikea. The group 
will spend up to SKrSOOm in 
pgpancting production facilities 
in China through joint ven- 
tures with local partners. It 
operates two joint venture 
operations in the country, 
supplying wooden furniture 


to Ikea outlets elsewhere. 

Ikea, founded in 1943 by the 
Kamprads, has expanded rap- 
idly worldwide over the past 
decade based on its formula of 
keenly-priced furniture built to 
iow-friils. hut stylish, Swedish 
designs. Annual turnover has 
more than trebled since 1984 to 
5Kr36.5bn this year as the 
number of stores doubled to 
more than 120 in 05 countries. 


NEWS DIGEST 

Danish shipyard 
shares suspended 
on alliance talks 

Shares in Burmeister & Wain, the Danish 
shipyard, were suspended on the Copenhagen 
stock exchange yesterday, at the company's 
own request after it said it was negotiating an 
alliance with the Swedish marine industrial 
group Kockums, of Malmo, writes Hilary 
Barnes to Copenhagen. 

B&W said the two groups had signed a 
memorandum of agreement which included a 
provision for a financial engagement in B&W 
by the Swedish group. The Copenhagen group, 
which made a net profit of DErl32m (322.2m) 
in 1993 on turnover of DKr2.3bn, said it would 
make a deficit of DKr275m in 1994 and a loss of 
at least the same order in 1995. 

Kockums. which was once a leading Euro- 
pean builder of large oh tankers, is today a 
subsidiary of Celsius, the state-controlled 
defence industry group. It is a diversified 
marine industrial group with construction of 
naval submarines as one of its leading activi- 
ties. Kockums had a turnover of SKr2.3bn 
i $3 13.3m) and made a net profit of Skrl70m last 
year. 

Institutions rush for 
Renault equity 

Institutional investors applied for 15.5 times 
the number of shares that have been allocated 
to them in the partial privatisation of Renault, 
the French motor group, the government said 
yesterday, writes Andrew Jack to Paris. 

Applications closed on Thursday night for 
the 25m shares earmarked for institutions at 
FFr176 a share, and the over-subscription will 
trigger a complex system of distribution. 

Meanwhile, an intensive advertising cam- 
paign aimed at attracting individual investors 
has been launched. Private Investors have 
been allocated 60 per cent of the 62m shares in 
the group that are being floated, and can buy 
them at FFr165 each. 

The offer to individuals is open until Novem- 
ber ID, after which allocation will take place to 
the middle of the month before trading begins. 

Reliance Electric opts 
for General Signal 

Reliance Electric, the US industrial motor 
company which is the target of a bid battle 
between industrial groups General Signal and 
Rockwell International said yesterday it sup- 
ported the lower of the two bids, from General 
Signal writes Tony Jackson to New York. 

Reliance agreed a $U3bn merger with Gen- 
eral Signal in August, and the offer was 
capped last month by a $1.5bn hostile offer 
from the much larger Rockwell. 

Reliance said under the terms of its merger 
agreement with General Signal, the latter was 
entitled to a S50m fee if its offer was termi- 
nated. Taken with the “many uncertainties 
and conditions" attached to the Rockwell offer. 


the Reliance board said it was “unable to take 
a position" on the offer. It said the General 
Signal offer was “an attractive transaction, 
with significant benefits for Reliance share- 
holders". 

Rockwell said yesterday it was clear it had 
made the best offer, and that it intended to 
proceed. Rockwell’s offer is to cash. General 
Signal's in shares. 

Coles Myer debt rating 
lowered by S&P 

Coles Myer, Australia's largest retailing group, 
has had its long and short-term debt ratings 
lowered by Standard & Poor's, the US-based 
credit rating agency, writes Nikki Talt to Syd- 
ney. The long-term rating was cut from AA- to 
A. and the short-term rating from A-1+ to A-L 

S&P said the retailer’s financi al risk had 
been increased by the AS1^6bn (US$94 Lm) 
repurchase of the 21.45 per cent of its equity 
which had previously been owned by Kmart, 
the US stores group. Coles announced that the 
deal - in two separate parts - was completed 
yesterday and that payment of the A$1.26bn 
bad gone ahead. 

As a result, three Kmart appointees to the 
Coles board - Mr Joseph Antonin, Mr Thomas 
Watkins and Mr Thomas Murasky - resigned 
as directors of the Australian group. 

S&P added that profitability and cash-flow 
from operating businesses reflected the 
strength of the company's market position, but 
noted if the entire block of Kmart shares was 
cancelled, the company’s gearing - measured 
as total liabilities to total tangible assets - 
would exceed, internal targets of 55 per cent to 
60 per cent 

Coles painted out the possible downgrading 
had been taken into consideration when 
assessing the effects of the buy-back, and was 
expected to have a minimal impact on profit- 
ability. 

South Africa plans 
global bond in dollars 

South Africa has taken an important step to 
return to the international capital markets 
with the announcement that it plans a global 
bond denominated in US dollars jointly man- 
aged by Goldman Sachs, the US securities 
house, and Swiss Bank Corporation, writes 
Martin Brice to London. 

Goldman Sachs has been acting as financial 
adviser to the South African government this 
year during the rating process and the filing in 
the US of the $2bn “shelf registration state- 
ment”. which means the Republic may issue 
up to that amount in bonds, 

Rothmans Holdings 
drops 6.7% to A$59m 

Rothmans Holdings, the Australian-based ciga- 
rette company, has reported a pre-tax profit of 
A$59.05m (US$44. to the six months to end- 
September, down 6.7 per cent on the same 
period of the previous year, writes Nikki Tbit 
Sales were 2.5 per cent higher at A$752.8m. 
Profit after tax was static at A$37.7m. 





FINANCIAL 


TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 . 


COMMODITIES AND AGRICULTURE 




WEEK IN THE MARKETS 

LME trade 
continues 
to grow 


The London Metal Exchange 
announced yesterday that its 
tenure of its old premises 
ended last week with the 
recording of yet another 
monthly volume record. And it 
is fwnfiftent that the trend will 
cnnHnim on the bigger trading 
floor in Fenchurch Street, to 
which it moved on Monday. 

The October trading total of 
4.458m contracts beat the Sep- 
tember figure by 566,000 and 
took the total for the year so 
far to 38.63m. already ahead of 
the 1993 full-year figure of 
35-28m. The exchange has fore- 
cast volume growth over the 
coming year at between 20 and 
50 per cent 

The investment fund partici- 
pation that has fuelled this 
year's impressive rise In both 
trading activity and price lev- 
els on the exchange was very 
much in evidence again this 
week. All contracts set fresh 
records for the recent buying 
spree. Copper, aluminium and 
lead prices reached the highest 
levels for four years; nickel 
touched 2'/+-year highs; and tin 
and zinc scaled two-year peaks. 

End-week profit-taking 
trimmed gains yesterday morn- 
ing but there was renewed 
buying after lunch and all the 
markets ended with their 
uptrends intact. 

An increasingly prominent 
feature was the tightening 
squeeze on copper supplies. 
The fall in LME warehouse 
stocks of the metal over the 
past few months had taken the 
total to a below-par level equiv- 
alent to five and a half weeks 
consumption, said William 
Adams, analyst at London bro- 
ker Rudolf Wolff. And another 
analyst, Wiktor Bielski of Bain 
& Company, pointed out that 
most of this metal was held in 
Europe, rather than the US, 
where demand was heaviest 

Early last month concern 
over the stocks decline pushed 
the copper market into "back- 
wardation” - where there is a 
premium for nearby delivery - 


a reversal of the normal “con- 
tango” position in which the 
costs of holding physical metal 
- principally lost interest, 
warehousing and insurance - 
are reflected in nearby dis- 
counts. As it became apparent 
this week there some market 
players were seriously short of 
metal the cash/three months 
backwardation widened from 
last Friday's S2L50 a tonne to 
|55 at one point. 

Three months copper closed 
yesterday at $2,69150 a tonne, 
down $11 on the day but $35 up 
on the week. Zt had earlier 
dipped to $2,655. reflecting a 

smaller- than -expected fall in 
LME stocks, but the squeeze 
factor prevented selling pres- 
sure from seriously threaten- 


base metals 

LONDON METAL EXCHANGE 

(Prices from Amalgamated Metal Tiacfing) 

■ ALUMMUM. 88.7 PUWTY ($ per tonne) 

Cash 3 mite 

Gtoafl 1862.5-15 1884-5 

PmvtaUE 1860-2 1881-3 


Precious Metals continued 

a QQtX> CQMEX (100 T KH at.; */1roy OE.I 


GRAINS AND OIL SEEDS 

■ WHEAT LCE (£ pet lorn©) 


SOFTS 

■ COCOA LCE (C/Toroe) 


meat and livestock 

■ UWE CATTLE CME {M^OOBW centartba) 


Gtose 1862.015 

Previous 18602 

Hlgh/kw 

AM Official 1849.5-50 

Keito dose 

Open bit. N/A 

Total drily Hanover N/A 

■ ALUMINIUM ALLOY (S par tome) 

dose 1045-55 

Previous 1040-50 


Sad Day** Opea 

price change Wgh bar M VoL 
Ho* 3815 «04 - - 7 ]4 

D*C 3847 +0.3 385 3 383.S 84.188 9SB4 

Jan J8S.4 +04 

M 388.4 +0.4 389.0 3873 20.47! 288 

Apr 392.1 +0.4 3920 391.0 9.888 50 

Jin 3954 *04 398.4 394-5 10441 644 

Tab! 1B3J510 11,501 

■ PLATINUM NYMEX 150 Trey 08 l; S/troy m.) 


Sell oafs Open 

price change Hip Iff U W 

104.SD -0.10 <04.60 104.50 £99 37 

10600 -030 10020 10800 1096 51 

10785 -030 108.30 108.10 ISM 52 

10905 -035 now 110.00 102 2 93 

11175 -0J9 120 

9550 -OJ2S 40 


120 

40 

6*94 2B1 


■ WHEAT GST {S.OOObu min: cents/BOte puriiri) 


SdB Writ °*“ w 

price Change H» Lb « 

Dk 840 +3 950 M3 28546 104Z 

Har 173 -I « SB « 1057 

May mi -2 38* 8® 

jul 993 -3 997 903 ® 

S~ 1008 -1 1911 I 009 12,777 £1 

s - -* - 

rn COCOA CSCE [IQ tonnes: S/tonnes) 


Close 
Previous 
Hlgh/low 
AM Official 
Karts dose 
Open InL 

Total deny turnover 
■ lead (5 per tonne) 



Jm 

418.8 

-00 

420 5 

4170 18.214 

t.138 

Dec 

388/4 

+1/8 

391/4 

38781 35080 

9065 

Dec 


ff 

423.4 

-00 

4350 

4230 4.631 

14 

Me 

400/4 

+1/4 

402/2 

398/0 25.037 

4.015 

Iter 

168040 

M 

42al 

-00 


- 1003 

r 

mot 

37B74 

+1/3 

380/4 

376/4 4070 

521 

May 

1070+30 

Oct 

4335 

-00 


*97 


M 

347,0 

■0/4 

349/4 

3*5/2 10010 

970 

JH 


JM 

4362 

-00 


10 


Sop 

351/D 

-1/2 

363/2 

3514 289 

10 

top 

1075-8 

TeM 




25,156 

1,152 

Dec 

362/4 

+0/4 

363/4 

362/4 151 

4 

Doc 

N/A 

■ PALLADIUM NYMEX (100 Troy ax.. Sftroy at) 

Total 




njao 14/985 

Told 


-12 

1329 

1305 23.109 4.067 

Dec 

-10 

1353 

1335 29044 3015 

M 

-13 

1375 

1361 8,162 562 

Apr 

-15 

1392 

1388 3068 105 

Jm 

-18 


. f.486 za 

Aug 

-22 

_ 

. 5060 1*4 

Off 



76013 9007 

Total 


Oosa 872.5-30 

Previous 874.5-5.5 

rtghdow 

AM Official 673-4 

Kerts does 

Open hit N/A 

Total dally turnover N/A 

■ reCKEL ($ per tonne) 

dose 7480-90 

Previous 7495-505 


LME WAREHOUSE STOCKS 
(As at Thusoafa dose) 


AlumMum -452025 ra 1091050 

AlumWurn afloy +00 to 2S.B00 

Copper -875 m 332225 

Lead -200 to 383,575 

Nickel +000 to 150/120 

Zinc +8,175 tn 171 8775 

Tfcl +60 to 30.325 


Dec 16175 -Dl30 161.75 16100 4.571 527 

Mar 182.95 -030 183.00 162.95 2760 112 

Jon 16185 -4L30 465 

Sep 154.70 -0.30 31 

Total 7033 699 

■ SILVEH COMEX (100 Troy QZ- Gems/lroy oz.) 
Dvr 524.3 -25 

Dec 5282 -25 5325 5240 71,606 10.930 

Jaa 525.8 25 5320 5320 80 1 


■ MADE CBT 15,000 bu min: oBnts/56a busheQ 
Dae 215/S +074 216/2 21572 112786 14.831 


Dae 215/S +074 216/2 21572 113.7B6 14.837 

Mar 22770 +076 227/2 225/1 64004 3.777 

ttzy 23<V4 +072 235/2 23412 25.709 1,485 

Jri 240>D +072 24074 23974 33085 1099 

Sep 24474 . 24572 244/4 3012 42 

Dec 24972 +072 24974 24&C 14.688 304 

Trite 256039 22030 

■ BARLEY LCE |E pet tonne) 


■ COCOA (ICCO) (SDffs/Sonr+3) 

Hmertnr 3 Price 

U, 881.16 


DaW — 88 

■ COFRBE LCE 


Sett Oil's ' Open : 

price change H* U* M M . 

nee 70.425 +0.173 70575 70100 30402 4J39 #■ 

Fed 68025 +0-176 00450 BB0DO 21052 1037 

i* 60523 +0050 09050 00425 14073 <1068 

-0100 6S05D 05000 4030 301 

AM 64.450 4150 64050 84400 1007 45 

Od 65.100 -0275 85000 65.100 291 3 

nu 72.100 ?0U 

■ lWE HOGS CME HOJOato; cental 

Das 33000 -0-776 34000 33000 17065 3,431 

M 30060 -0300 37000 36000 0012 2030 

Apr 38050 -0.100 37050 36000 4087 STD 

JM 42500 -0.100 42076 42000 - 2043 382. 

Am 42050 +8100 42000 41000 424 34 

Oct +0.150 30000 38750 385 70 

TOPS 30001 7023 

m PORK BEUUES CME (4O0OCOBe; cento/toe) ' 

M 41025 -0075 42700 41700 8,128 T047 

Otar 42060 -4350 42750 41060 1057 -103 

May 42730 -0076 43000 42750 314 39 

Jd 43000 -0000 44000 43000 337 17 

Am 42050 -0080 - 42700 77 6 

Willi 2.KB 


Sr 5 " 






■ - 


PliC- 

efe'- 

*■_, T - : .-- 


mg the uptrend. 

Aluminium stocks dropped 
below the 2m-tonne mark for 
the first time since August last 
year, but the 35.525-tonne fall 
was in line with expectations 
and had no discernible market 
impact. Prices followed the 


Close 
Previous 
Hlgh/low 
AM Official 
Kerb cto*s 
Open bit 

Total daily turnover 
■ UN IS per Lome) 


7560-600 

7610-5 


Har 

5340 

■2 A 

541.0 

5320 

20.557 

866 

Hot 

100.40 

035 

100.75 

10065 

49 

Hdf 

5400 

■23 

5450 

5400 

4,722 

227 

Jm 

10205 

-0.30 

1D3.IS 

10100 

441 

JM 

547.1 

■42 

5510 

5470 

4016 

141 

Har 

105.75 




130 

TeM 





113035 

12006 

nr 

10700 

- 

- 

- 

46 








Sep 

8200 


- 

- 

5 








TOW 





673 


3355 

+15 

3370 

3335 

544 

272 

3408 

+25 

3430 

3380 

12.737 

1014 

3370 

+30 

3395 

3350 

6016 

524 

3348 

+18 

3361 

3340 

3046 

31 

3315 

+15 

3331 

3331 

1050. 

as 

3320 

+35 

- 

- 

1025 

28028 1087 




M SOYABEANS COT (5000X1 tnff. eentriGQta Bushel) 


ENERGY 


Close 6225-35 BX 

Previous 8265-75 631 

Hfgh/tow 

AM Official 6185-75 62< 

Kerb dose N 

Open inL N/A 

Total daBy turnover N/A 

■ ZINC, special Mflh grade (3 par Wrel 


downward trend early on but 

Close 

1157-S 

1178-0 

then recovered. The three 

Previous 

1161.5-20 

1183-4 

months price closed at Sl.S&LSO 
a tonne, up $2.50 on the day 

HtgtvWw 

AM Official 

1151 -2 

1172-3 

N/A 

and $57 on the week, but $23.50 

Open InL 

N/A 


below Thursday’s peak. 

Total dafly tivnover 

N/A 



Latest Dare 
price change Wi 
Dec 1907 +0-17 1119 

Jea 18.75 +0.16 1806 

Ml 1809 +002 1803 

Har 1139 +0.15 1845 

Apr 1131 +0.17 1136 

1801 +0.14 1125 
Total 

■ CRUDE OH- 1 PE (S/barrel) 



MOT 

550/2 

+4/0 

551/2 

54841 

12.770 

10.384 

0 US gale. S/borre/) 

Jaa 

5G2ffi 

+441 

56341 

559/4 

60053 

21099 

Iter 

57243 

+441 

57341 

569/4 

25,638 

3,125 

Open 

May 

'Ml? 

+4/0 

581/0 

577/4 

1Z777 

1009 

Iff u w 

JUI 

5B6C 

+3/4 

587/0 

583/4 

21005 

1037 

1800 84.882 52042 

Aug 

58941 

+3/4 

590/0 

587/4 

1.689 

27 

1807 76,013 29.176 

Tefal 





MA 

H/A 

18.36 38042 12004 

■ SOYABEAN OB. CRT (80.0006*1: cenBVB) 


g *0* CSCE (37000813: ogntsritel 

18300 +2-30 18300 17905 11000 4,824 

18135 +200 181 70 18405 12036 2012 

19100 +3.40 1(050 10700 5,445 728 

19275 +3.75 19100 18900 1.760 7B 

19300 +200 19300 18900 997 03 

18115 +005 19200 19050 902 34 

RM MM 


LONDON TRADED OPTIONS 

Strike price S tonne — CaHe— — Puts — 

■ ALUMMUM 

(99.7%) LME Dec Mar Dec Mar 

1850 

* ' - 

1900 ' - 

■ CU P p en 

(Grade A) LME Dec Mar toe Mar 

2600 - 


Dec Mar Dec Mar 


(ICO) (US cents/pound) 


1805 25062 4.794 

1800 17071 1824 

1801 12,156 1.465 

390059112,758 


At the London Commodity 
Exchange coffee futures were 
nervous ahead of the official 
assessment of Brazil's 1995-96 
crop prospects following this 
year's frost's and drought, 
which is expected to be 
released this weekend. 

Selling was encouraged by a 
forecast from DS banker Mor- 
gan Stanley that the crop 
would be between 20m and 22m 
hags (60kg each), much higher 
than the Brazilian authorities' 
post-frost projection of I3m- 
15m bags. But buying was 
attracted at the lows and the 
January delivery position, 
after dipping to &315 a tonne 
on Thursday, recovered to end 
the week at $3,405, down $52 on 
balance. 

Richard Mooney 


WEEKLY PRICE CHANGES 



Latest 

Chengs 

Yoar 

1964 


prices 

on week 

ego 

High 

Low 

Gold per troy oz. 

*384.00 

-2.90 

S378L75 

*396.50 

*369.50 

SBvor per boy az 

328 0Op 

+000 

303- 50p 

3840Op 

32&30p 

AlumMum 99.796 (cash) 

*1803.0 

+570 

*104605 SI 8830 

$110700 

Copper Grade A (pash) 

*2734.5 

+54.5 

*165300 *27540 

$173100 

Lead (cash) 

*6730 

+150 

*399.50 

*8750 

*426.0 

Mcfcei (cash) 

37485.0 

+2620 

$47220 

*75000 

*52100 

Zinc SHG (cash) 

S1 157.5 

+43.0 

$3370 

*1162.0 

29006 

Tin (caeh) 

*6230.0 

+340.0 

*4760.0 

*62700 

$47300 

Cocoa Futuea Iff 

£973 

-13 

£937 

£1124 

£859 

Coffee Futuree Jan 

$3408 

-80 

*1230 

*4091 

*1175 

Sugar (LDP Raw) 

S32BJ 

+7.0 

*2750 

*3263 

*252.9 

Barley Futures Jen 

£102.85 

-0.95 

£10305 

£10500 

£92.65 

Wheat Futures Jan 

£10500 

-1.40 

£99.10 

£11700 

£9700 

Cotton Outiook A Index 

75.75c 

-0.10 

54.15c 

87.10c 

62.45C 

Wool (B4e Si***) 

440p 

-11 

3S1P 

465p 

342p 

06 (Brent Biend) 

*17.682 

+0.77 

$15-98 

*1661 

*13.16 


Fw burns union whav ri ss stored, p Pmceftp. c Certs b, I Doc 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Rod Day's 

Coupon Data Price change 


□ay's Week Month 

Price change Yield ago ago 


Australia 

Belgium 

Canada* 

Denmark 

Franca 


BTAN 8000 
OAT 5-500 


GenTwry Treo 7500 

Italy 1500 

Japan No 119 4.800 

Japan No 164 4.100 

Netherlands 70SO 


US Treasury ’ 


ECU (French Govt) £.000 
London etoakig. -Nm V(ak Md-day 
T Oran &icfcdnQ ■WVufcJuy Bo at 
Prim LH UK M S2nds, atNis hi d 


09414 

90.6200 

+0.120 

1005 

10^8 

1000 

104)4 

85.3100 

+0.810 

8.48 

848 

857 

064)4 

83.0500 

-0.050 

900 

90S 

9.07 

124M 

870200 

+0020 

8.96 

808 

9.04 

0S/B8 

1010600 

+0060 

7.84 

706 

709 

04/04 

82.4100 

+0.630 

804 

807 

802 

094H 

99.2600 

+0090 

700 

708 

7.72 

08AM 

81.4500 

+0080 11.74t 

1108 

11.98 

06419 

102.8830 

- 

408 

4.12 

4.11 

1 2/03 

980230 

- 

ABB 

4.74 

4.78 

10414 

97.4300 

+0030 

7.63 

708 

708 

05/04 

810300 

+0080 

1109 

11.14 

1105 

08/99 

90-09 

+7/32 

801 

858 

80S 

11/04 

87-11 

+6/32 

8.65 

8.67 

873 

10/08 

103-02 

+6/32 

882 

864 

871 

08/04 

95-00 

-8/32 

7.39 

701 

7.75 

11/24 

93-01 

-8/32 

812 

707 

705 

04/04 

B306OO 

+0.430 

884 

867 

875 


r cent payatato be I 


Seuac ¥U8 UanOant 


TODAY: Jordan parliament 
starts debating peace treaty 
with Israel. 

TOMORROW: Confederation of 
British Industry holds annual 
conference in Birmingham 
(until November 8). 

MONDAY: Credit business 
(September). Index of produc- 
tion (September). DS consumer 
credit (September). European 
Union finance ministers meet 
in Brussels. G10 central bank 
governors meet in Switzerland. 
Bosnian republican and federa- 
tion parliaments meet in Sara- 
jevo. Mr Yohei Kono, Japan's 
foreign minister, gives lecture 
on “How to build up new inter- 
national co-operation” on the 
first day of a three-day sympo- 
sium “A Message from Japan” 
in T okyo. 

TUESDAY: Cyclical indicators 
for the UK economy (October - 
first estimate). US wholesale 
trade (September). German 
employment data. European 
Union industry ministers meet 
in Brussels to discuss plans for 
restructuring Europe's steel 
industry. Elections to the US 
Senate and House of Represen- 
tatives. Fourth Mongolia Assis- 
tance Group meeting in Tokyo. 
Interim statements from Brit- 
ish Airways, SG Warburg 


and M arks & Spencer. 
WEDNESDAY: Balance of visi- 
ble trade (August). Index of 
production for Scotland (sec- 
ond quarter). Sri Lankan presi- 
dential election. Annua] Inven- 
tors fair in Brusssels (until 
November 15). Interim state- 
ments from Cable & Wireless 
and Amersham International. 
THURSDAY: New earnings 
survey 1994 Part D 1 . analyses by 
occupation. Analysis of bank 
lending to UK residents (third 
quarter). US producer price 
index (October). Gatt’s govern- 
ing council due to hold two-day 
monthly meeting in Geneva. 
Mr Wilfred Aquilina. former 
finance director at Brent 
Walker, to be sentenced on 
false accounting charge. Bund- 
esbank council meets. Interim 
statements from BT. Royal 
Dutch, Shell Transport and 
Royal Insurance. 

FRIDAY: Usable steel produc- 
tion (October). Capital issues 
and redemptions (October). 
A pec ministerial meeting in 
Jakarta (until November 12). 
European parliament due to 
ratify Austria’s European 
Union membership. Strike by 
Bank of Italy employees. The 
Queen inaugurates the Thames 
Water ring main. 


■ COPPER, grada A ($ per tome) 


Close 2734-5 

Previous 2754-5 

Mghtow 

AM Official 2723-4 

Kerb dose 

Open inL N/A 

Total demy turnover N/A 

■ LME AM Official £/* rate: 10118 
LME Ckxrtng E/S rate: N/A 


tffBst Day's Open 

pries dongs Hgb Lore tal Vri 

1705 002 1704 17 60 70066 24,506 

17.16 -005 17.42 17.15 60.488 22.207 

1892 -002 17.13 1602 22.464 6.228 

1676 +003 1692 1674 13.756 2.625 

16.72 +008 1675 1800 5.105 451 

1663 +005 1606 1603 300? 72 

188029 55075 


Dec 

2704 

+0 37 

07.39 

2700 

37.140 

12,704 

J» 

26.15 

+003 

2609 

2507 

18031 

7.143 

Har 

2507 

+0.19 

25.40 

2500 

14098 

3048 

*rr 

24.79 

+0.1B 

34 65 

2408 

12,932 

3053 

Jd 

24,46 

+0.16 

2402 

2408 

7,400 

2020 

An 

24.38 

+Q 18 

24 40 

2405 

2.174 

293 

Tetri 





N/A 

N/A 

■ SOYABEAN MEAL CBT (100 tons.: Srtori) 



llnitaftw 3 Wee Nw. dsj 

Orep.iMy 17309 17204 

IS i by ererags 1B192 ia**4 

■ Ho7 PREMIUM HAW SUGAR LCE (centa/fcs) 

Jm 1300 

mm 1305 ... 90 

Hey 1144 560 

Jd 1113 ... 450 

Tetri 1,100 

■ WHITE SUGAR LCE (S/Lonno) 


tEATNG OIL NVMX (42000 US gals.. cAE qaltsi 


OK 

159.3 

+0.8 

159.4 

1580 

39.172 

7055 

Dec 

JTOi 

160.5 

+06 

1610 

1580 

19.281 

3080 

Mer 

MV 

165.2 

+09 

1650 

164.0 

16098 

2/63 

to 

May 

1681 

+0.6 

1693 

185.4 

9.1M 

1,920 

Ni* 

Jed 

774.2 

+12 

174J 

172.8 

9.076 

1.491 

Oct 

APB 

1755 

+10 

1760 

1745 

1.452 

190 

Dec 

Total 





N/A 

H/A 

TOW 


38400 +0.10 36000 364.40 2.802 241 

357.40 -OM 35800 35000 8.732 537 

352.70 -1.70 354.10 35300 1128 207 

34700 -230 34800 34800 2770 34 

22260 -240 32400 32400 897 8 

32100 -200 - 17 


2700 - - . 

■ COffBE LCE Jan Mar Jan Mar 

3400 220 318 212 338 

3450 200 298 242 370 

3800 181 281 273 403 

■ COCOA LCE oec Mar Doc Mar 

950 1A 87 18 44 

975 B 54 33 58 

1000.. 2 44 54 71 

■ BRENT CRUDE HE Nov Dec Nov Dec 

1650 122 103 4 38 

1700 74 79 8 83 

1750 43 54 21 37 


Spot 10105 3D0S10Q92 6rtKl.G070 9nffiEl0D43 

■ HIGH GRADE COPPER (COMEX) 

Dei's Open 



dose change 

tfigti 

tew 

H 

«Bl 

Nov 

12810 

+3.10 

12800 

12830 

1038 

312 

toe 

12870 

+800 12700 

12400 40,187 

9080 

Jen 

12500 

+2.70 

12500 

12500 

928 

90 

Feb 

12405 

+845 

- 

- 

582 

33 

Bar 

12300 

+840 

12X40 

121.10 

8420 

1006 

Aflf 

12105 

+000 

- 


712 

15 

Tetri 





61,710 11081 


Luted Bay's Opsn 

price dtaage rtgti Low tat Vd 

Dec 51.70 +0L28 5100 51.40 44035 17.733 

Jm 5215 +0-31 5205 5105 34032 5.890 

Fee 52.65 +4141 5270 5204 21.797 2.141 

Bar 53.10 +006 5205 5210 11002 1050 

Apr 51.45 - - 7.785 517 

Bag 50.76 - - 4.797 1.340 

TOM 151,108 31,174 

■ GAS Ott. PE tS/lonm) 


■ POTATOES LCE (E/tonnd 


tut 150.0 .... 

Iff 1050 .... 

Apr 2305 +130 2390 22S.1 1.456 

Iffy 2500 +160 

Jun 1070 .... 

Total 1098 

■ FREIGHT (BJFFEX) LCE (SIO/Max pant) 


Od 32260 -240 32400 32400 897 8 

Dae 32100 -200 - 17 

Total 10347 1027 

■ SUGAR ‘ll’ CSCE Q Ig.QOQ/ba; cnnEvTtoj 

Mar 1119 +001 1120 1112101012 6.484 

Hay 1120 +00! 1121 1110 28024 105Z 

M 1306 +003 1306 1206 17,191 770 

Od 1254 - 1255 1248 162<Q B80 

Mar 1212 -002 1214 1212 2338 686 

Hay 1212 -002 - 107 79 

Total 16404710,708 

■ COTTON MVQE0QJOOIlta;«HMba) 


LONDON SPOT MARKETS 

■ CRUDE OL FOB (per band/Doc) +or 


Dubai £1607-0072 +0.045 

Brent Rend (ttmxQ *1709-001 +008 

Bren Stand (Doc) *1707-709 +4X09 

W.TJ. (1pm «M} $1604-0.852 

■ OIL PRODUCTS NWEprampt cMnry CF (tomel 


■A y: 


PRECIOUS METALS 

■ LONDON BULLION MARKET 

(Pricas siffplled by N M Rothschild) 

Gold (Troy oz.) S price £ equiv. 

Q»a 39300-38400 

Opening 3830038400 

Morning Bx 38190 238.137 

Afternoon fix 38180 238.578 

Da/* High 394.00-384.40 

Day's LOW 3820008200 

Previous dose 3815038190 

Loco Ldn Mean Gold Londfffl Rates (Vs US$) 

1 mortri 45i emonfin 5.17 

2 months 402 12 months 604 

3 months 400 

SOwar Fh p/troy oz. US cts equiv. 

Spot 320.90 526.50 

3 month* 33105 534.05 

6 months 33605 541.55 

1 year 340.00 560.15 

Gold Coins % prioa £ equhi. 

Krugerrand 386-389 239-242 

Maple Leaf 394.40-396.90 

New Sovereign 90-93 56-59 


Sett Da/s Opea 

pike change Mgk is* M Vd 

Nov 15400 +0.75 154.75 15300 22626 b,330 

Dee 156.25 +0.75 157.25 15600 26087 5.478 

Js 157.75 +0.75 158.75 157.75 21.186 10 11 

Hb 193.00 +0.75 19300 150.90 9.093 771 

Hr 158.75 +0.75 15900 15825 7.418 260 

Apr 15175 +000 157.50 156.75 1047 582 

Total 110018 14081 

■ NATURAL GAS H7IEX >10,000 TWdBu; SftienBItf.) 

I ri n t Da/S Open 

prtea change High Ln> lot Vd 

Dee 1038 -0023 1070 1030 Z7041 10.120 

Jm 2000 -0018 2020 1090 10014 1440 

Feb 106G -0006 1.972 1 050 13055 2102 

Mar 1015 -0.004 1015 1005 12441 1.329 

Apr 1060 -a 004 1065 1.850 7,007 458 

Hay 1065 -0001 1079 1060 6074 851 



1755 


1771 

1755 

272 

22 

— 

— 

— S— — 









53 

Dec 

71.77 

JL17 7200 

7105 23071 3097 

Jan 

1615 

-10 

1625 

1000 

1038 

26 

Mar 

7821 

•806 7305 

7305 16067 1082 




1608 

1802 

890 

15 

Hay 

7400 

-810 7400 

74.15 7,150 190 








■At 

7500 

-81* 7825 

74.05 40W 87 








Off 

70.35 

-807 

• 6,960 4 






2074 

116 

Dec 

6907 

■807 8900 

6835 2054 137 



Ere* 





TOW 



54038 6,197 

an 

1840 

1852 





■ ORANGE JUICE NYCE [150OObG; centaflba) 








riot 

108.10 

-000 10800 

10800 565 183 








Jen 

11815 

-am 11X45 11100 14098 1.898 








Her 

11570 

-875 11605 

11500 5072 232 








mot 

11895 

■885 11900 

11900 1026 233 








Jut 

12845 

-815 

- 911 T 








top 

12405 

-020 125.75 

125.00 982 131 









Total 



25023 2,738 


Premium GeeoBns 
Gas Od 
Heavy Fuel 01 
Naphtha 
Jet tud 
Diesel 


*181-182 
*150-167 
*100-102 
*172-174 
SI 82- 183 
*163-166 


Anoftwi Affjs TK London fmi 359 679? 
■ OTHER 


IbM 

■ UNLEADED GASOLINE 


WHEX (42000 US Bafls.;cABoffsJ 

Luted to/* 



Price 

dteege 

«W< 

Low 

fad 

Vd 

toe 

5905 

+010 

5900 

5805 

38317 

18010 

Jap 

57.45 

+822 

S705 

5720 

17S38 

500b 

Feb 

56.50 

♦824 

5600 

5650 

6.834 

2047 

Her 

5800 

+814 

5605 

5600 

4,145 

409 


5900 

-006 

6005 

5880 

4087 

517 

«»l 

5800 

+005 

5800 

5800 

1016 

4St 

Tetri 





68,735 2B0M 

HI 


SIP 

IB 

US 

IB 

gjjg 


were 

The wool market which was accelerating very 
dose to s new seasonal peaks under the lead 
of flnsr mamas In Australa, turned easier this 
week. The merfnoe which previously had risen 
so strongly eased most sharply, whDe broads 
types maintained steadiness. The week dosed 
with some imcartalnty about whether the worst 
was over or not The marital indicator In Aus- 
tralia tel bam 802 to 7B1c/kg. Many In the 
trade sUH express long- (arm confidence In the 
st^ipiy/demand outlook as a basis ter Arm 
prices, but when It comes la day-to-day trad- 
ing everyone agrees that price rises In recent 
months hove been very difficult to pass On. 
There Is also talk of increasing use of 
man-made Oboes In blends, as wool gets 
dearer. 

The apices report was not avattabta lor [Ms 
edition 


VOLUME DATA 

Open Interest and Vofcme date shown lor 
contracts traded on COMEX. NYMEX. CBT, 
NYCE.CM& CSCE end IPE Crude Ol ere one 
day In arrears. 


INDICES 

■ HfcU f W S (Base: 16/9/31=100) 

Nov 4 Nov 3 month ago yew ego 
2098.6 21040 2082-2 1613.1 

m CRB FufwtM (Ba3K 1967-100) 


Gold (per tray <&}$ 
S>ver (per troy azff 
Ptattnum (per tray oz.) 
Psfladkfn (per bray oz) 
Copper (LB prod) 

Lead (US prod) 

Tin (Kutea Lumpur) 

Tin (New York) 

Cattle {5vw wteghtH 
Sheep (five welghQtA 
Pigs Ohm weight) 

Lon. day eugv (pew) 
Lon. day sugar |wte) 
Toto 6 Lyto export 
Barley (Eng. feed) 

Maize (US No3 Yeiaw) 
Wheat (US Dork North) 
Rubber (Dec)/ 

Rubber frtan/V 
Rubbff (KLRSSNol Jul) 
Coconut OB <phq§ 
PNmOa (Mteoy)§ 

Copra phflS 
Soyabeena (US) 

Cotton OuttookTA' Index 
Wocttops (B4s Super) 


*38400 +030 

fgg0c 

*41176 -200 

*19000 -105 

1300c -20 

40.26c 

1006c +041 

2910c -10 

11705p +0.19* 

10105 +a53* 

770Tp +284* 

*32800 +1.10 


-*■ : 


BCHANGE CROSS rlATES 

Mb * i : 


Nov 2 month ago year ego 
234.61 23026 21902 


E per tonne vniaaa altwnvbo KHecL P pflnceTkg. ccenu/ti.^ 
r mggfi/hp mMateyeff> cona/Hj. y OcUDvc. vNoWtoc. u 
OctTNov. z Dec. t Nov. ¥ London Phyatcat § CF Romr- 
dom. & BuPon mmkMciom 4 Shaap ILke wW^ il priced * 
Change an work O Prion ere lor pmvtoua day. 


IIS lifTEHEST RATES 

Lunchtime 


■ LONG GR.T FUTURES OPTIONS IUEFE) £50.000 64ths al 100K 


Pitowob 

Broker loan rate . 
MAnte 

MAimh at into 


Onnontt. 
7W toomonlti. 

S PreenonSi 
Shmfti- 
- Onojear — 


Treasury BH3 arol Bond Yields 

405 Two ye* 

502 Tlniyear 

130 Rwyea 

501 t 

603 


703 

Strike 

F’rtco 

Dec 

■ CALLS 

Mar 

Dec 

* PUTS — 

Mar 

709 

101 

1-01 

2-01 

0-51 

2-37 

709 

102 

0-35 

1-38 

1-21 

3-08 

709 

a 12 

103 

D-1B 

1-11 

2-02 

3-47 


Esl ml total. CM! 7145 Puis 7521 Proto ua day's open InL. Cola 78304 Pub 40696 


■ US TREASURY BOND WmiRES (Cgl) *100000 32nda ol 10015 

Open Latest Change High Low Eel voL Open InL 
Dec 96-27 96-25 -0-01 97-14 96-12 297.105 386091 

Mar 96-06 96-06 - 96-20 95-24 1028 30.488 

Jun 95-20 95-20 -0-05 96-00 95-06 534 11/462 


BOND FUTURES AND OPTIONS 


France 

■ NOTIONAL FRENCH BONO FUTURES (MAT1F) 



Open 

Sett price 

Change 

High 

Low 

Esl voL 

Open InL 

Dec 

109.44 

110.38 

+008 

110.48 

109.44 

173022 

143.722 

Mar 

10868 

10904 

♦008 

109.60 

10860 

3.001 

13.049 

Jun 

10706 

10872 

+886 

10870 

107.80 

302 

1029 


Ecu 

■ ECU BOND FUTURES (MATF) 

Open Sen price Change 
Dec 79.72 8008 +0.64 


Eel voL Open bit- 
2034 6017 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 

(UFFE) YIQQm HjOjhe cri 100% 

Open Close Change Wgh Low EsL vet Open M. 
Dee 107.85 - - 107.B8 107.75 2141 0 

Mar 107.10 - 107.12 107.00 151 0 

’ L»TE contr act a frndod on APT. PB Open Ifflarest figs, m tar prewaw dot. 




FT-ACTU ARIES FIXED INTEREST INDICES 


!55"»WFUrjaEs 


■ LONG TERM FRBICH BOND OPDONS IMAT1F) 


StnkB 

Price 

Dec 

- GAULS — 
Mur 

elin 

Nov 

~ PUTS — 
Dec 

Mar 

110 

0.97 

1.60 

- 

0.64 

- 

. 

ill 

050 

1.15 

- 

1.12 

- 

862 

112 

021 

OBI 

- 

102 

306 

- 

113 

008 

005 

- 

- 

- 

- 

114 

0.03 

006 

- 

- 


- 


UK GBt> Price tndtees 


Up to 5 years (24) 
5-15 yeera (23) 
Over 15 yoan>(01 
Imsd eemabtes (5) 


5 AD Stocks (611 


FVt 

Day's 

Thur 

Accrued 

kd 

Nov 4 

change % 

Nov 3 

Interest 

yield 

119.60 

+028 

11927 

104 

90S 

13803 

+042 

138.35 

1.41 

11.49 

156.42 

♦052 

155.62 

200 

1007 

175 47 

+073 

174.19 

026 

13.47 

136 50 

+039 

135.97 

165 

TO09 


6 Up to 5 yeosO 

7 Over 5 years 111) 

8 At stocks (13/ 


— — Low coupon yield - 
Nov 3 Yr ago Wgh 


Esl vd Mel, Cfis 38*09 Puts M-Gn . Piwkus day’s open «*, Cote 278050 Pies 299.i7tt 


9 Dobs and teens (77) 

Med iu m coupon yield 

Nov 3 Yr ago «gh 


Fil 

(fey's 

TINT 

Accrued 

rod ecf 

Nov 4 

change % 

Nov 3 

interest 

yUd 

18505 

+0.16 

18505 

848 

507 

173.48 

+016 

173.18 

083 

428 

173.67 

+018 

173.60 

088 

441 

12704 

+003 

12727 

201 

829 


Germany 

■ NOTIONAL GERMAN BUND FUTURES (LffFET QM2S0.000 IQOths of IQOfti 

Open Sett price Change High Low Esl vd Open Hit. 
dec 6802 6909 +0.30 8157 68.86 154T04 1BE603 

Mar B7.S3 8839 +4L22 8805 87.93 9970 9390 


15 yrs 
20 yrs 

hred.t 

ingtopfttkeg 
Up to 5 yrs 
over 5 yra 
Debs & loans 


8.54 8.61 6.16 19S COV) 5.57 <19/1| 

8 50 8.55 7.14 8.89 120791 8.30 (20/11 

8.4fl 801 7 22 8.81 (20/91 6.41 £2071) 

B-S5 8.60 7 31 8. 88 COTOI 0 52 [24/1) 

— - jnjjaWcnrateSS - — 

4.03 4.07 2.32 4.11(5/10) 2.13(4/1) 

3 87 3.87 3 14 199 121/B) 2.B8 £20/1) 

5 years 

9 66 9.72 7.80 10.07(20/9) 7.19 (10/1) 


rwv a rr ago regn Low Nov 4 Nov 3 nff uw 

8.65 6.39 9.01 (20/91 502(19/1) 8.75 8.82 602 9.16(20/9) 6.91 nVI 

aaa 707 9.0s c2n/g) 8.39 cevu a.86 192 7.47 905 (zosj 603 20/1 “ 

8.08 7.32 9.05 (2079) 6.42 £30/1) 178 101 7.48 9.09 (20/9) 60S (20/1 


EC.'" 

MONEY RATES 


— Inflation rate 10% — 

2.92 102 3 00 (5/1 0) 1.19 (T6ZZ) 


BUND FUTURES OPTIONS (UFFE) DM250.000 points ol 100% 


Strike 

Price 

Dec 

Jan 

CALLS — 
Feb 

Mar 

Dec 

Jon 

PUTS 

Feb 

Mer 

8900 

085 

071 

098 

1.10 

049 

1.32 

109 

1.71 

89&0 

061 

052 

0.77 

009 

0.72 

1.63 

1 Bfl 

2.00 

9000 

040 

008 

0.60 

0.71 

1.01 

1.99 

221 

2.32 


over 5 yra 3 87 3.87 3 14 199 121/8) 2.B8 (20/1) 168 169 2.97 3.79(21/81 2.70 BON) ' 

Deba 8 loans 5 y care - 15 yeara — - — • 25 years 

’ 366 972 709 10.07(20/9) 7.19 (10/1) 901 907 8JO 198 (2CV9J 7^39 (ZOlT) 906 9K 805 900 — 7.49 £10/1) 

Average gross redemption yloWo ore shewn above Coupon Bands: Low: QH-7^%; Mocflum: 8%-ialtK: Ugh: n% nnd over, t Flat yMd. ytd Year to dateL 

FT FIXED INTEREST INDICES GILT EDGED ACTIVITY INDICES 

Nov 4 Nov 3 Nov ? Novi Oct 31 Yr ago High* Low Nov 3 Nov 2 Nov 1 Qct 31 Qct gg 

Govt. Secs. (UK) 91.69 91.45 90.89 01 06 91.04 102.26 J07 04 8904 GBt Edgod bargains 780 873 7B0 802 72J 

Fbod faiterest 107 04 107.82 107.58 107.64 107.74 12135 13307 108.50 6-dey mrerago 79.0 80.0 808 8Z.6 790 

SlC .5S* ^ '• V'"* B *“ ‘ n ^" 1 > u 87 fM/1/W} . low 5003 nT/7a . Boot lOtt GownwKW SeeuflMs IfirtO/ 


>-15, 


Govt. Seca. (UK) 
Fixed faiterest 


91.69 91.45 90.89 01 D6 91.04 10206 107 04 8904 

107 84 107.BT 107.58 107.64 107.74 12135 133.87 108.50 


Est voL ntriL Cffi 16800 Puts 0794. Pwjt deylg opm nL CiWv 209970 PUS 275498 


‘ UKlGlLtSt^RlCEsV 




.1994 . 

> or- Htfi Low 


Sfacrtr* (Un w to Rye Year*) 


Italy 

■ NOTIONAL ITALIAN GOVT. BONO (BTF) FUTURES 

OiFFET Lira 200m IDOths ol 100% 

Open Son price Change Wgh Low 
Dec 9900 10003 +0.33 100.54 99.70 

Mar 9900 9924 +113 9900 99.00 


EsL voi Open InL 
35696 55528 

1490 7228 


TlEBS 9K 1994f} 8 99 

ispeiaes tiff 

Exdl Sk Gff 1999-95 — Iff 

IOLpC 1895 998 

Trees i:l<K 19B5U - - 1103 

1-WIWfl — 1295 

IS'+pc 1996)4— - H 1 ' 


£*J|13'+PC19*« .... 1221 


Conwnfaa iQp c 1996 — 
Tree) to Toe 1097**- - 


-lOOid 
550 1DI* 
579 98-a 

6 38 ItCfJ 
665 I0M 
659 108,1 
710 1»V. 
7JOlOe<iN 

7 72 Iff, ',4 


103U 
107, *, 


B8!Z 

-A I07B 


->t 121): 

1173 
+.1 112 /, 


FwoogSijpc 1999-4... 

■ Mil CDnnreffi S>jk 200*.. 
7reasBfapc20MJ*... 

*}‘ a ‘a* 1005 

Oxweijpcioos 

lioil NfficMOfi tt 

80 rJHE+tt 

103 A trow tltoc 3003-7 „ 


Triaa13 , «pc1997tt— - 1197 


■ ITALIAN GOVT. BOND (BTP) FUTURES OPTIONS ILIFFE) Lira200m lOOths ol 100% 


t«dl1tt>Wt1fl37„ .. 
Trees stipe I9B7« 



Strike 

Price 

Dec 

CALLS 

Mar 

Dec 

PUTS 

Mar 

10000 

1.14 

2.12 

0.81 

288 

10050 

087 

191 

1.04 

3.17 

10100 

065 

1.71 

102 

3.47 


Exdh 1 5pC IM7 12.78 


fet voL tael. Cato 1017 Pure l«BB Provtouo day', opwi «L Cato 26278 Ads 31B9B 


DLK 1998 9 .J 9 

Trees 7^«pc i998*« 7« 

Tnot 6t.ee 1995-98£t.. 7 OB 

140C 1BB8-1 . - 1201 

hws iFacsa# - — 1159 

EtthlTue 1998 10 76 

Tibd!F 20 C 199 B# 919 


Eidl 12'«K 1999 1083 


Spain 

■ NOTIONAL SPAMSH BOND FUTURES IMEFF) (Oct 31) 


Tran lO'apc 1999 

Trees 6pc 1999 tt 


844 123,' 
807 inlet 
a 54 10311 
8.63 U3i 
858 IlIT^d 
8 52 90,'. 



+ % 

100% 

96% 

HOfJ 

+ti 

u«U 

HO A 

1051V 

+% 

114,*, 

104% 

■01 A 

•% 

110, i 

100A 

117 A 

♦ll 

131B 

11 Wi 

■U!J 


IMfi 

1ICU 


♦ % 

IBM 

95% 

■K% 

+>. 

1M 

*B* 

■BAri 

»% 

131 A 

I16H 


1 31] pc 2004-8 



:r*.v 


..YWa 


M 

tod 

Priori: . 

4.75 

7.40 

7312 

905 

878 

105 

7 71 

a.86 

87, *ri 

an 

803 

99A 

901 

A73 

IQfaU 

10 31 

803 121 Ari 

828 

803 

93% 

849 

8 70 

94% 

10.17 

904 

II5JJ 

857 

862 

99 A 

1055 

905 

1?7K 


BB1 

11DA 

8.41 

840 

95 1* 


-- 1994 _ 
H0I Lon 


-«W- _1Sff_ 

Nrtei: 11) 0) WcaC +or- tar 


88.1 ML 
12SA «0I U 

105** 84JJ 
100,’. 97 

125*1 102>a 
143/, irgi, 

1*215 90*i 
1IH| 9lfl 
ns/, 1124. 
119/. 95fl 

151 A 174JJ 

12*11 09)2 

115.1 91(3 


tedn-Uofaff *i) 

2DC KT» un 4.19 203 

113551 201 172 1071, 

2JKHI (m3) 3.44 185 1854, 


=‘]Dcra. . — 478® 154 187 ISlfJel 

— *195.6) 358 187 108,'. 


3.44 185 1854, +1, 17 

354 187ISl}Jel +A 17 

356 387 108,'. +A 11 

ICO 184 1084 +U 18 

304 386152/jd +A IE 


+4* 209*1 1876 

*& 1134 10M 


#9.5! 160 154 1084 

SJjBCIB iTfifl 304 i86)«,'jd +4 168,’, IrttNe 

2iPC1I £74 a 387 MB 157S, +A 1W« 154% 

108 IBS 1P»li +4 148% 128% 

52® 3.TI 187 Iff,*. 1B7* 184% 

SnJ = ®3B 374 laa 133% +,i 1S26 12*% 

8J8 372 185 110% +,» 139,’, J(®% 

4%pe 30tT — 11351) 175 309 J09 5 . +4 1^1) 105% 

^je^maiiedwTiphQn rate on protected Mason <* HI *0% 
ona o 5%. (bj Figures in parenthesas show RPt Deee lor 
m 8 montraonar to Issue/ end hove bowi adkatmd to 
^ to 100 In February 1907. Canmtan 
wT MM ^ l ° r F * bni * y ,99d: ,4ai 300 ** September 


108 1BG ir»ii 


+* iso,: 

+/■ 12SU 
♦4 1164 
+4 128,’, 
»% in, 7 , 
uni) 



Open 

Sett price 

Change 

High 

Low 

Eff. vri. 

□pan trfL 

Dec 

9600 

86.50 

+0.11 

88.65 

8625 

44/166 

76.079 

Iff 

8520 

85.55 

♦022 

85.72 

85.20 

627 

702 

UK 









RMteRBemTarei 


Ii04 Treat 6 174pc 20i0 

■Of is Corn 90C Lfl 201 1 tt 

lllB 1IOM90C2D12« 

1054 7r«ai5‘7te.tX».l2tt-. 

88U Tran 8pc 201 Off 

74 uk 3 ) 12 -i 5 » 

TreasSVpcTOI/^F 

to* 12#e 2813-17 


7.73 B45 BIN 

8 66 8 57 HUH 

854 855 104/. 

7.41 8 33 74/. 

837 850 95,1 

838 8 50 93% 

801 8*9 102H 

920 672 UII4 


«W 77): 
mg iooi3 
IZ7S 100% 
93% 71% 

117M 92 

114% n? m 
T384, 99/ f 

159% 126, 


Other Fixed Interest 


IteO PIlMC+or- 


■ NOTIONAL UK CULT FUTURES (UFFET ESO0OO 32nda of 100% 

Open Settpnce Change High Law Esl ud Open fart. 
Dec 100-20 101-07 +0-12 101-18 100-10 66045 107758 

Mar 10046 100-14 +0-12 100-06 10046 13 B2 


Qnarion ia%pc 1999 .. 

9 C 

8641 

lOBIJri 

+ii 

I 2 IH 

1041 * 

TrereFtigHate 1999 

- 

- 

•mi ri 


100 A 

99)3 

aw Toro 

821 

BJ 56 

97 ,; 

^ — 

97 % 

« 

Crentocraostt 

8 W 

SGI 

un n 

+ 4 * 

116 A 

<W% 

Treas I 3 pc 2000 

iaff 

are 

nan 

+ )] 

I 39 fl 

1 18(1 

i opc root 

945 

G 7 G 

105 % 

+A 

122 A 

103 % 

7 pc 2001 tt 

7.86 

868 

91 U 

♦ % 

it*,; 

aau 

9 %pc 2 aC-.. 

426 

882 

105 % 

♦Ji 

I 23 A 

102)3 

0 pcTOC 3 « 

BJ 5 

8 74 

95 CM 

+U 

113)3 

82 % 

lopchxa 

931 

6 BO 

107 || 

♦H 

■ 27 ,; 

104 % 

Tree H%pc 3 MI- 4 — . 

1025 

004 

112,1 

♦ % 

« 9 |* 

■oeC 


• 1*0’ Wech. t* Ta» *orj to I 


: Anew btete. «ri to fffvkwwl Ctmlne irtri +viure an> i 


59 % 44 JJ 
5 « 1 * 39)1 
71 55 % 

44% 33)1 
38 % 38 , 1 . 

37 % Z 7 J 1 
n pounria 


te*lD»IOJ+pcaM9_ 

Sham 11*10*2012 
Ireland Cap 8 %pc 

9ec Can 1B96 

Ike *97-2 

H|dni Quebec l!oc2D11. 

Loons Uijuc MQ6 

DvooiM 3 l >De kred. 

LCC3pe20« 

•*a*d*3ff HitfcIOO?. 

WM. Wtr Jpc B' 

(rmdeflncpaaVtafin 

*% DC L 2024 

IM On (toss I8%pc teas 


80S 110/. 
072 ns 

- 90% 

- 100 
- 108% 

087 141% 

- 125 

- 381a 

32 

088 111% 

801 07% 

457 131% 
455 125 

- 135% 


= ,j a 


-% 116% 
— % 103% 
“% 115% 

1G9B 

— i*e% 


— «% 

— 136% 

72 

— ISM, 

— 145% 
159% 










.^s-r.xa . 

*3*2 v- 

"■ ??£ #' 

*S SV; 

1 

.--.- * i -.r^otej^v 


MARKETS REPORT 


Dollar steady 


Dollar 

DM par $ 
1.53 


Sterling 


Yen pert 

99 


• ■•* J? 2 

^f^ys ^ v? • 


rlU^OEr 


L— 


■ >, 


* 1ft, 

& iif *■ 

■ |? Ss 

, «i 5* 
-*s .w ^ 


■t t S 


SSi*?®,, 


toucra ■;. 


*»?{ 

. *’»&£ « 

r£5 * 

J'X-IB. 

J’ST.in ’ 


*••-■■ -A 


% - 

" 'j 


MSC r.*J3£S 


-.. ,. v 


The dollar traded steadily on 
the markets yesterday, with a 
climactic week for the cur- 
rency ending in a whimper. 
twites Philip Gcavith. 

The focus of attention - the 
October employment report - 
was softer than market expec- 
tations. This calmed market 
nerves, and reduced expecta- 
tions of the Fed raising inter- 
est rates before the November 
15 meeting of the Federal Open 
Market Committee. 

The dollar finished in Lon- 
don at DM1.5235, from 
DM1.5146 and at Y97.8, from 
Y97.605. Earlier in the week, 
the Fed had intervened repeat- 
edly, spending a rumoured 
S2bn to support the dollar. 

In Europe, the French franc 
weakened slightly after Mr Jac- 
ques Chirac announced his 
candidacy for the presidency 
next year. Some analysts fear 
that a stand-oil between him 
and the prime min ister, Mr 
Eduard Ballad ur, might let in 
the Socialist candidate, proba- 


bly Mr Jacques Delors, cur- 
rently president of the Euro- 
pean commission. 

The combination of a firmer 
dollar, and a stable D-Mark, 
saw sterling weaken slightly, 
with the trade weighted index 
finishing at 80.6 from 805. 

■ Although the headline fig- 
ure of the employment report 
was better than expected, some 
of the underlying figures testi- 
fied to latent inflationary pres- 




r _ j 98 ‘ - ' ■ ■ ■ ' ■ ■ 1 ■ ■ ' 

a 14 Oct 1004 Nov 4 14 Oct 1994 Nov 4 


SperC 

DM per C 


2.45 • 

1.63 - ljy\ ‘ 

2.44 • 

1.82 - to/ • 1 


1.67 / \ 

2.43 — 

7.60 / • 

- 1.59 1 

2.42 

2.41 ■— 


French franc 

FFr per DM 

3.43 - - 



14 Oct 1994 Nov 4 


14 Oct 1994 Nov 4 14 Oct 1994 Nov4 


■ Pound In How Yo*fc 
KM 4 —Latest— 

Ccpot 16150 

lifltti 1.6113 

3 CUR 1.6110 

irr ifi044 


-Pm. dna- 
18179 
16167 
1.8160 
16082 


sures. While bonds were under- 
mined, the dollar did not fol- 
low suit. 

This breach of the recent 
pattern was clear testimony to 
the impact of Fed intervention 
on the markets. Mr lan Gun- 
ner, International economist at 
Chase Manhattan in London, 


POUND SPOT FOR^VARD/AGAI^iST^HG POUND 


Sours; Daislraam 

commented; "What interven- 
tion has done is put people ofT 
selling the dollar until it 
becomes clear what the Fed is 
going to do." 

The expectation is that the 
dollar will trade in a narrow 
range until the FOMC meeting. 

Mr Hans Tietmeyer, presi- 
dent of the Bundesbank, yes- 
terday lent verbal support to 
the dollar. He told a London 
audience that u We are all inter- 
ested in a stronger dollar." He 
added, though, that the Bund- 
esbank also believed in a 
strong D-Mark. “We have no 


•iy > 


problem with the strong 
D-Mark,” said Mr Tietraeyer. 

He was non-committal about 
whether the Bundesbank 
would participate in co-ordi- 
nated intervention, saying only 
that signals to the market 
could play a useful role under 
“special circumstances”. To be 
successful, though, they had to 
be based on "consistent and 
credible policies”. 

To many in the market, this 
means higher US interest 
rates. Whether the market will 
get wbat it wants is a moot 
point Although most observ- 


ers believe the Fed should 
raise interest to curb inflation- 
ary pressures, it is not clear 
that the dollar will feature 
much in its thinking. 

Mr Carl Weinberg, chief 
economist at High Frequency 
Economics in New York, com- 
ments; “It is a mistake to 
expect the Fed to hike interest 
rates to bolster a battered dol- 
lar.. .The Fed's mandate is to 
maintain domestic price stabil- 
ity, promote economic growth 
and guard the stability of the 
financial system.” 

"For the Fed to hike rates to 


defend the dollar, it would 
have to believe that a weaken- 
ing dollar threatens financial 
stability or price stability." 

■ In the UK, short term inter- 
est rates eased as the prospect 
of a near-term tightening of 
monetary policy receded. 
Three month LIBOR fell to 8 ft 
per cent, from 6?* per cent 
In its daily operations, the 
Bank of England provided 
£605m of assistance at estab- 
lished rates, and late assis- 
tance of about £o70iq. after 
forecasting a Ei.iSbn shortage. 


Cteang Change BkVotfer 
rrrtd-potni M day spread 


Day’s MM 
high tow 


One month Three months One year Sank qi 
R aw %PA Rato %PA Ram %PA Eng. Jnda* 


Europe 

Austria 

Belgium 

Danmark 

Finland 

France 

Germany 

Greece 

Inland 

Italy 

Luxembourg 

Mrtfterfands 

Norway 

Portugal 

Spam 

Sweden 

Switzerland 

UK 

Ecu 

SORT 

Americas 

Argentina 

Brad 

Canada 


©eN 17.2507 *0.0025 429 - 584 17.3058 172225 17.2463 0.3 172345 04 

(BFr) 50.4027 +00911 692 - 361 505700 503290 50.3727 07 503027 0.8 50.1627 0.5 

(pKrt 9.6067 +0.0084 002 - 132 9.6311 9.5670 9.6043 0 3 9.619 -05 9.5986 0.1 

(FM) 7-5*22 +0.0313 325 . 519 7 5620 7 5230 - - - - - 

(FFr) 8-4067 +0 0042 016 ■ 117 8.4350 03956 8.4045 03 03968 0.5 8.3287 09 

PM > 04501 +0.0002 497 - 514 2.4590 2.4458 2.4485 0.8 2.4446 0.9 2.4 M9 t.fi 

(Dr) 377.835 +0.31 511 - 158 370972 377.079 - - - 

(!£} 1.0140 +00033 134 - 145 10172 1.0114 14)138 0.2 1.0134 02 1.0153 -0.1 

0) 3513.94 -048 289 - 489 2526.48 251084 2519.54 -2.7 2530.94 -2.7 2561.44 -2.7 


Europe 

Austria 

Belgium 

Denmark 

Finland 

Franca 

Germany 

Greece 

Ireland 




CkBorwi Change Bw/oflcr Day's mid One month Throe months One year J.P Morgan 
mkf-polni cm day spread high tow Rale °+RA Raw %PA Haig %ra index 

(Scti) 107270 +0.0635 245 - 295 10.7495 10.6730 10.727 0.0 10.7268 0.0 10652 0.7 104.5 

(BFO 31.3420 +0.2375 280 - 560 31.4100 31.1700 51 3445 -0.1 31.303 0.5 31.202 04 106.1 

(DKi) 5.9736 +0.0398 710 - 765 5.9816 5.9383 5 9779 -0.8 5.9863 -0.8 6.0246 -0.9 105.5 

(FM] 4.6900 +0.0485 850 - 950 4.7056 4.6515 4.6907 -02 4.6875 02 4.684 0.1 83.0 

(FFl) 5.2275 +00327 255 -295 02413 S.1&S0 5 2287 -03 5.2284 0.1 5-2143 0 3 106.6 

<D] 1.5235 +00089 230 - 240 1.5288 1.5130 15233 02 1.5216 05 t.5f 03 1073 

d» 234.950 +1.55 600 - 100 23S.1D0 233.700 23522 -1.4 23S.775 -1.4 238.025 -1 3 68.4 

(IE) 1.5860 -0.0144 855 - 865 1 6021 1.5812 1.586 0.0 1.586 0.0 1.573 0.8 


-£46 

299 - 489 

2526 48 251084 

2519.54 

-2.7 

2530.94 

-27 

2581.44 

-2.7 

74.4 

Italy 

IU 

156325 

+6 75 

300 

■ 360 

1588 00 

1567.61 

1567.5 

-3J 

157525 

-3.1 

1615.75 

-3.4 

+0.0911 

692 - 361 

50.3700 50.3290 

50.3727 

£7 

503027 

£8 

50.1627 

0.5 

117.1 

Luxembourg 

ILFr) 

31.3420 

+02375 

280 

■ 580 

31.4100 31 1700 

31.3445 

-0.1 

31.302 

O.S 

31.202 

0.4 

+0.0023 490 • 510 

2.7563 27421 

2.7496 

£6 

2.7442 

0.8 

2.7097 

1.5 

12T.0 

Ndtariancfci 

(R 

1.7101 

+0.0114 

098 - 103 

1.7122 

1.8981 

1.7102 

02 

1.7081 

O.S 

1.6965 

o.a 

+0.0033 

862 - 957 

10.7251 10.6759 

10.691 

0.0 

10.6927 

-£1 

10.6910 

0.0 

66.4 

Norway 

(NKr) 

66480 

+0.0405 

465 - 495 

60635 

6 6147 

£6507 

-0.5 

£6635 

-0.9 

£6955 

-0.7 

+£161 

254 - 524 

251231 250049 

252119 

-83 

255.299 

-7.8 

- 


- 

Portugal 

|£s) 

>55.700 

+ > 

650 

■ 750 

155.900 155.100 

>58.325 

-4.8 

157.45 

-4.5 

181.95 

-4.0 

+£155 

239 - 408 

204439 203.791 

204454 

-1.9 

209.509 

-10.2 

207.934 

-1.8 

853 

Spain 

(Pta) 

127.066 

♦0.63 

030 

080 

127 170 126.300 

127 385 

-3.1 

128.05 

-3.1 

130.685 

-2.8 

-£0235 

423 - 635 

11-8387 11.8200 

11.8719 

-14 

11.9144 

-2.1 

12.0569 

-1.7 

752 

Sweden 

(SKi) 

7 3705 

+£0281 

655 - 755 

7.3990 

73370 

7.3852 

-2.4 

7.4145 

-24 

7.5545 

-2 5 

+0.0002 

491 - 516 

20562 20450 

20473 

1.8 

2.0398 

2.1 

13975 

2.6 

122.4 

Switzerland 

(SFr) 

12750 

+00075 

745 - 756 

12770 

13655 

1 2738 

12 

12697 

1.7 

12503 

1.9 

~ 

- 

- 

- 

~ 

- 

- 

. 


80.6 

UK 

(D 

1.6082 

-0.0093 

078 - 085 

1.6198 

1.6055 

1.6075 

05 

1.607 

£3 

1.6003 

0.5 

-0.0002 

881 - 872 

12909 1.2853 

1.2863 

£0 

1237 

-0.1 

12809 

£5 

- 

Ecu 


1.2499 

-0.0071 

498 - 501 

1.2572 

13467 

12493 

0.6 

12488 

02 

1247! 

02 


Aigentina (Peed) 1.6078 -00088 073 -082 1.6188 1.6047 

Brad (ffl) 13573 -0.0087 554 - 592 1.3671 1.3550 

Canada (C*l 3.18X9 -00164 610 - 327 2.1995 z.iflii 2.181 OS 

Mexico (New Peso) 5.5136 -0.0442 083 - 168 5.5667 53302 

USA ® 1.6082 -010093 078 - 085 1.8198 1.6055 1.8075 0l5 

Pacflc/MMde Emt/AMea 

AustraSa (AS) 2.1489 -0.0288 477 - 501 2.1813 2.1445 2.151 -12 


2.181 OS 2.1792 06 2.1759 0.3 

.8075 £5 1607 £3 1.6003 0.5 


Ausmdta (AS) 2.1489 -0.0288 477 - 501 2.1813 £1445 £151 -12 £1537 -03 2.1G78 -03 

Hong Kong (HKS) 12.4314 -0.0706 283 - 345 125194 104113 12.4248 08 12.4189 £4 12.3493 0.7 

Inda (fls) 50.5040 -0.2055 849 - 230 508540 504290 - - - - 

Japan 09 157278 -0.59 8 183 - 392 158.300 157.080 15&828 3.4 155.813 3.7 150578 4.3 189.6 

Malaysia (MS) 4.1225 -0.0178 208 - 242 4,1475 4.1173 * - - 

New Zeeland (NZS) £8018 -00251 991 -044 £6309 £6977 £6066 -2.1 £6157 -2.1 2.6356 -13 

PhBpphea (Paso) 306605 -0.5538 715 - 495 38.7043 304708 - - - 

Sari Arabia (SR) 6.0326 -00348 308 - 340 00755 6.0227 - - 

Singapore (SS) £3656 -OOlOl 643 - 580 2.3795 £3633 - - - 

S Africa (CornJ (IQ 5.6563 -0.0183 538-587 5.6855 5*473 • - - 

S Africa (FJnJ n 05532 -03705 357 - 707 8.6402 053 43 + - - 

South Kdroe (Won) 1281.76 -72S 142 • 214 129082 1279.74 - - - 

Taiwan (T5) 418823 -0.2273 711 - 934 42.1642 41.8152 - - - - 

Thailand (BO 40.1314 -0.1929 068 - 562 403830 400810 - - - - 

tSOR iron tor No* 4. adtoRar spreads In M Pound Spot Mils show orty the Mat bum dodmu places. Fonmd rates or* not dkwaty quo) ad to lha makst 

but are hiptod by cursor tetoresf ratos. Swtag Mm catatoud by urn EtaiA oT Erxjtwt SaHaaerept I9SS ■ UXL&d. Otter and Md-rotas In botfi tfiis and 

iho Dotor Spot WMes dsrtved tan THE WM/H0/TCR8 CLOSMQ SPOT RATES. Sons uluas am roundsd by » F.T. 


SDftf - 1.48215 

Americas 

Argentina (Pmoi 0.9998 
BrajjJ (W) 0.8440 

Canada fCSJ 13566 

Mexico (New Paso) 3.4285 
USA 

Pacific/Middle East/ Africa 
Ausiraka (AS) 13363 

Hong Kong (HKS) 7.7303 
India (Fls) 31.4050 

Japan (Y) 97.8000 

MHtiydj (MS) 25635 
New Zealand (NZS) 1.6179 
Phafcptoes (Peso) 24.6000 
Saul Arabia (SR) 3.7512 
Singapore ($S) 1.4710 

S Africa (Com.) (R) 3.5173 

S Africa (Hn.) (R) 4.0750 

South Korea (Won) 797.050 
Talunm (Tft 26.0438 

Thatend (Bt) 24.9550 

tson raw lar Nwr *. BUAricr spreads 
but am mpasd by current wewr rates. 


+00003 997 - 998 09999 09395 - - - - - 

-0.0005 430 - 450 0.8450 08440 - - - - - 

-0-0023 565 ■ 570 1.3600 1.3565 1.3566 0.1 1,3571 -0.1 1.363 -0.5 83.4 

-0.0075 200 - 310 3.4321 3.3310 3.4295 -0.4 £4313 -03 3.4387 -03 

95.0 

-OOlOl 358 - 367 1.348! 1 3339 1.3386 -02 1.3373 -0.3 1.3446 -06 804 

+0.M11 300 - 305 7.7305 7.7295 7 7233 0.1 7.72W 0.1 7.7388 -0.1 

+0.005 000 - 100 31.4150 31 4000 31.49 -3.2 31.635 -23 

+0.195 500 - 500 98.0700 97.8000 97.5 7 £8 96 97 3.4 94.245 £6 1499 


+0.005 000 - 100 31.4150 31.4000 31.49 -3.2 31.635 -29 

+0. 195 500 - 500 98.0700 97.8000 97.5? £8 9697 3.4 94.245 £6 1499 

+0.0038 830 640 2.5640 £5590 2.5543 4 3 2.543 £2 2.6185 -21 

-0.0062 166 - 192 1.6260 1.6166 1.6188 -0.7 1.6207 -0.7 1.626 -0.5 

-0.2 500 - 500 24.6500 24.5500 - - - 

+0 0001 510-513 £7513 3 7510 3.7525 -0.4 £7566 -£6 £7752 -0.6 

+0.0023 705 - 715 1.4715 1.4685 1.4697 1.1 1.4678 O.S 1.461 0.7 

+0.009 166 - 180 £5180 3.5105 3.5328 -5.3 3^811 -6.0 3.6378 -3.4 

-0.02 650 - 850 4.1000 4 0650 4.1087 -9.9 4.1675 -9.1 - 

+0.1 000 -100 797.300 797000 80005 -4.5 803.55 -3.3 82£05 -31 

+0.01 425 - 450 26.0450 26.0230 26.0638 -0 9 26.1038 -09 - 

+0JJ25 450 - 650 24.9650 24.9400 25.0275 -3.5 25.155 -£2 35.635 -2.7 

Him D o««- Spot Ubte show orty Bw hoi Here decim al places. Fonranl i««s me not riradly <a»ted » #» mortal 
. Uk, Maui A ECU are quoted to US eumne y. JP. Maagm narntoet indices Nou 4. Boa meregw isaamad 


CROSS RATES AMD DERIVATIVES 


EXCHANGE CROSS RATES 

Noe* BA DKr ITr PM K L H NKr 

Beighm (BFr) 100 19.06 16.68 4881 £012 4988 5.456 21 £1 

SF Danmark (OKr) 52.47 10 £751 £560 1056 2617 £863 11.13 

x Fhance (FFr) 5BJ96 1tA3 10 -£91S 1£08 2991 £271 12.72 

Germany (DMQ 2057 £821 £431 1 0.414 1006 1.122 4.303 

Ireland IHJ 49.70 £473 £290 £416 1 2479 £712 10.54 

Italy £) £005 0382 0434 0.087 0440 100. 0.109 0.425 

Wethe ria nd a - (R) 1843 3463 £057 0.89T 0469 9144 1 £887 

Norway (NKi) 47.15 £986 7463 £292 0349 2352 £572 10 

Portugal ( Es) 2£13 £838 £357 0978 £405 1004 1998 4.269 

Spain (Pta) £4.67 4.702 4.115 1.189 04M 1231 7946 £233 

Sweden (SKi) 4293 £106 7994 2966 £856 2122 £321 £021 

9wltaeriand (SFi) 2449 4.688 4.100 1.195 £495 1226 1441 5.215 

UK (Q 50.40 £806 £406 £450 1914 2514 £750 iae8 

Canada (CS) 2£10 4^402 3952 1.123 0.465 1152 I960 4999 

US . (3) 3144 5974 5228 1.524 £631 1583 1.710 6948 

Japan (V) 3294 £107 6444 1958 £645 1598 1.748 £796 

Baa 39.76 7.464 6531 1904 0.788 1963 £137 £306 

OuMi Krorar, F*tecii Franc. NenMflhm Kroner, end Deed* Kronor par UR BWglan Prone. Yon. Excudo, Urt i 




FFr 

DM 

K 

L 

n 

NKr 

Es 

Pta 

SKr 

SFr 

E 

CS 

S 

V 

Ecu 

1068 

4581 

0012 

4968 

5.458 

2121 

4908 

40£4 

2051 

4.067 

1.984 

4,329 

0190 

3101 

0854 

8.751 

256Q 

1.056 

2817 

2063 

11.13 

380.7 

212.7 

1034 

0134 

1-041 

2.271 

1.674 

1608 

1.340 

to 

•251S 

1300 

2991 

3371 

12.72 

297.9 

2433 

14.10 

0439 

1.190 

0596 

1.813 

187.1 

1.531 

3.431 

1 

0414 

1028 

1.122 

4.303 

1020 

8339 

4.837 

£837 

£408 

£891 

0.556 

64.20 

£525 

0290 

0416 

1 

2479 

2.712 

10.54 

248.9 

2015 

11.69 

0022 

0788 

2.152 

1.585 

156.1 

1.269 

£334 

0.007 

£040 

10£ 

£109 

0.425 

£960 

£128 

0.471 

0.082 

0040 

0.087 

0.064 

6 257 

£051 

0057 

£891 

£389 

B145 

1 

3.887 

91-05 

74^9 

£309 

0745 

0.364 

0793 

£585 

57 JO 

£468 

7263 

0292 

£949 

2352 

0572 

10 

234.2 

181.1 

11.08 

1.918 

0.935 

0041 

1.504 

147.1 

1.204 

3257 

£978 

£405 

1004 

1.038 

4.288 

100. 

SI 58 

4.732 

0.B19 

0.399 

0.871 

0.842 

62.82 

£514 

4.115 

1.199 

£498 

1231 

7.348 

5333 

1206 

10ft 

5800 

1303 

£489 

1068 

a 787 

75.99 

£630 

7-094 

2.068 

£858 

2122 

0321 

£021 

2110 

1704 

10 

1.730 

0744 

1.841 

1-357 

1307 

1.085 

4:100 

1.195 

£495 

1228 

1341 

0215 

1201 

99-68 

5.780 

1 

0488 

1.064 

0.784 

76.73 

0.628 

0408 

0450 

1514 

2514 

0750 

1£69 

250^4 

204.3 

11.85 

24)50 

1 

2.182 

1.608 

157.3 

1.287 

3.052 

1.123 

0.465 

1152 

1280 

4.899 

1140 

93.63 

0431 

£940 

£458 

1 

0.737 

72 09 

0.590 

5228 

1524 

£631 

1563 

1.710 

6J348 

15£7 

127.1 

7.369 

1775 

£622 

1.357 

1 

97.82 

0800 

6244 

1558 

£645 

1598 

1.748 

£798 

159l2 

129.9 

7.533 

1-303 

£836 

1.387 

1JD22 

100. 

0.818 

0531 

1504 

0.788 

1963 

0137 

£308 

1940 

15R7 

9-207 

1.593 

£777 

1.696 

1249 

102 2 

> 


EMS EUROPEAN CURRENCY UNIT RATES 


Netherlands 2.13672 
Belgium 409123 


Ireland 

Germany 

Franca 

Denmark 

Portugal 

Spain 


0.808628 

1.94964 

653883 

7.43679 

132.654 

154450 



Open 

Latest 

Change 

Fiflh 

Low 

EsL voi 

Open in*. 


Opwi 

Latest 

Change 

High 

Low 

Eat voi 

Open inL 

DM 

£8590 

£6566 

-00028 

£8810 

0.B545 

44.771 

84,742 

Dec 

1.0288 

1.0281 

-0.0012 

1.0288 

1.0233 

32047 

62,308 

Mer 

OS605 

£6683 

-00023 

0.6605 

£6566 

522 

5582 

Mar 

1X038 

1-0340 

-0.0013 

1.0355 

1.0325 

429 

7.722 

Jtm 

£6805 

£6600 

-£0019 

£8605 

£8800 

2 

1^56 

Jun 

* 

1.0455 

“ 

“ 

1.0455 

13 

785 

■ 3WK8 FRANC FUTURES flMM) SFr 125.000 per SFr 



■ STERUHQ FUTURES pMM) C805OO per £ 




Doc 

£7895 

£7801 

-0-0040 

£7919 

0.7B42 

22.762 

38.681 

Dec 

1.6188 

1.6106 

•0.0060 

1.8198 

1.6040 

13,758 

44.882 

Mar 

£7905 

£7902 

-a<J038 

0-7915 

0.7877 

176 

0113 

Mar 

1.8068 

1-6100 

-0.0054 

1.6110 

1.8030 

8i 

651 

Jun 


£7940 

- 

' 

0.7940 

6 

178 

Am 


1.8050 



1.8040 

1 

17 

I UK 1 

N TERES 

T RATI 

es - 

* 4K ' 


1 -S'.; 




w-tm 

■4.; v*^/. 






NON ERM MEMBEHS 

Greece 264.513 295 095 -£196 11.56 -749 

Italy 1793.19 1965 39 -0.91 9.60 -5.63 

UK £786749 0.781459 +£001283 -£87 4.13 

Ecu central rales Ml by bw European Cwrarasalon. Cunenoea are « descending rctaBve strengtfi. 
Penemage dmnges ere to Ecu a pawnve change -lencun a eroak cwroncy. Dhrergence shows die 
mo barmen two speeds, the perermoge drtfererc* ox ectud martuM aid Ecu central rare* 

tor a currency, and the manmrn partnered percentage t*Mafion of dm currency's marhot rare from its 
Ecu .rorxral rale. 

(ir/vreo) srantec and kakan Lira suspended Irom ERM. Adlusanera cataBate d by ihe Financial Tknas. 


m PHILADELPHIA SE C/S OPTIONS 01250 (rants per pound) 


Strike 

Pnce 

Nov 

CALLS — 

Dec 

Jen 

Nov 

— PUTS — 
Dec 

Jan 

1^50 

5.89 

0.14 

6.34 


£27 

ass 

1-575 

3.48 

4 10 

4.48 

£03 

0.71 

127 

1.600 

1.40 

2.48 

2.94 

0-38 

1.53 

221 

1-626 

0.27 

1.32 

1.85 

1 75 

2.80 

3.49 

1.650 

0.02 

0.62 

1J37 

090 

458 

5.17 

1-675 


0.24 

057 

6.35 

6.69 

7.14 



Hntenk Staring Bb - 4 5% - 5% 5f| - 5ft 6% • • *h - «h 7% - 7J, 

Storting COb - - Bl» - 5*» 8 - 5U « - «% 71* - 7«, 

Tteway BBs - - . 5% - 5k 5S - SJJ 

Bank ESta - - SB - 5» 8 - 5^ £1 - 8ft - 

<b teed authority daps. 5ft - 5ft 5ft - Silt 54| - 6 *b B^a - B 8ft - 8,1 7ft - 7ft 

Oscount Mstal daps 6V - 5*4 5% - 5b 

UK during bank bam tending rate 54, par cant tan Sqptwrtfxr 12. 1994 

Up to 1 1-3 £6 6-9 9-12 

mar/in maOi montfa morrths months 

Csrta of Tax dep. F10090QJ 1*2 * 34» 34i 3b 

Csrtao»Toxdop. ranter C100.000 ta t*jpc Oapoate wBhdmwi ter cash -lipc. 

Am. tsndor rate bt dscount Sk43azpc. ECGOBxod rateSdg. Export Rrwnca, Make W> day Oa 31 . 

to parted NoyMTiaM » Dec 25. IBM, Schamas I & H 723pc Reference rate lor 
period Oct 1, IBM to Orf 31, f 884, Ssftwnas IV 8 V5988pc. Ftoanoa Houaa Sasa Rate tan Nov 


MOUTH STEnUMO FUTURES [UPFB C500.000 points ol 100% 


Lop Eat vot Opart ml 
24B75 14900G 


Jun 92.17 9290 +£03 9294 92.16 5305 

Sep 91.72 91.78 +0 04 91.83 91.72 6013 

TteriM on APT. AD Opal Interest figs, we to previous day. 

■ SHORT STERLING OPTIONS 0JFFE3 £500,000 ponds of 100% 


Previous (fay's mi. Cobs 57 . 9 *: Pun 12.150 Prau. day's open InL. Cefc 422A71 Puts 426.510 


Ml 



ECU United Da mid rtec t mtc 5"i. 3 rwhs 5S, 8 rndw 8ft: 1 year 6% S UBOH kitatw* tang 

rates ora ottered rareo to Starr qu to die marten by taur oteon tame at 1 (rad era* werteng 

rtiy. The barite are Elankars Tnet. Bam ol Tokyo. Bardoya ana National Westerner. 

Mtd ram ora anmm brthu demeabe Money Rides. US S CDs and SDR Urfccd Departs (Dm 


EURO CURRENCY INTEREST RATES 


Noe 4 

Short 

term 

7 Oays 
notice 

One 

month 

Three 

months 

So 

months 

One 

year 

Bdgan Franc 

4tt 

4* 

4» 

-4ft 

5 - 

4ft 

Sft 

■Sft 

Sft 

Sft 

Sft - 

5ft 

Oanah Krona 

5 1 * 

5U 

5*a 

- 5ft 

5il 

-5ft 

6*2 

6ft 

si! 

6)1 

7ft - 

7ft 

D-Mark 

4{J 

4 ii 

4 H 

-4,’2 

5 - 

4ft 

5ft 

sft 

sft 

Sft 

Sfi - 

Sft 

Dutch Guilder 

5 - 

4^ 

5 - 

4ft 

5 • 

4ft 

5ft 

5ft 

5ft 

5ft 

Sft - 

Sft 

French Franc 

5% 

5*4 

s,i 

- 5ft 

5 A 

-sft 

Sft 

■ 5ft 

su 

5ii 

oft - 

6ft 

Portuguese Esc. 

9>* 

- 9 

9 - 

87 a 

Bft 

-9ft 

10ft 

- 10 

toft 

10ft 

10ft - 

10ft 

Spanish Peseta 

7*2 

7^ 

7*8 

- 7,i 

7ft 

- 7ft 

8 - 

712 

aft 

8ft 

9ft 

- 9 

Storting 

5% 

5^ 

5ft 

>512 

5K 

- 5(4 

6ft 

- 6 

sft 

8ii 

7ft- 

7ft 

Sntss Franc 

3(2 

3fl 

312 

■3ji 

3ft 

-3ft 

4ft 

3U 

4ft 

4ft 

4ft- 

4ft 

Can. Deter 

4% 

4fi 

5ft 

-4ft 

5,1 

-5ft 

5ft 

5ft 

6ft 

6ft 

7ft- 

6!S 

US Dollar 

4h 

4h 

412 

•4(4 

5.1 

- 5,’. 

5ft 

5ft 

6ft 

5)2 

6(4 - 

Sft 

(taken Lira 

9 - 

7lj 

aft 

-eft 

8ft 

- eft 

Sft 

8ft 

9ft 

9ft 

10ft 

- 10 

Yen 

2ft 

2L, 

2ft 

- 2ft 

214 

-2ft 

2ft 

2ft 

Sft 

2ft 

211- 

sft 

Asian S3ng 

2 V 

2\ 

2ft 

-2S 

3 - 

2ft 

3ft - 

3ft 

3ft 

3ft 

4ft 

- 4 


r two diva 1 nonce 


■ THREE MONTH PI BOR FUTURES (MATlF) Porta WerPank offered rate 



l EUROURA MT.RATE FUTURES (UFFE) LI 000m pointa of 100% 



Open 

Sett price 

Change 

High 

Low 

EsL voi 

Open rt 

Dec 

90.90 

91.04 

-+£08 

91.06 

9030 

9565 

33458 

Mar 

90.18 

9038 

+£13 

90.39 

90.18 

8409 

30964 

Jun 

89 63 

89.76 

+£14 

89.78 

0083 

1231 

18203 

Sep 

flam 

89-33 

+0.11 

89.35 

39.20 

761 

20489 


I EURO SWISS FRAMC FUTURES (UFFE) SFnm potore Ol 100% 



Open 

Sets price 

Change 

High 

Low 

EsL voi 

Open ire. 

Dec 

95£6 

9&88 

+£01 

95.89 

9588 

2028 

20421 

Mur 

95.58 

95.80 

+0.04 

65.62 

9054 

1236 

18763 

Jun 

85.12 

95-20 

+£06 

9020 

9012 

210 

5159 

Sep 

94.79 

94.83 

+£04 

94.85 

94.79 

24 

T963 


■ THREE MONTH ECU FUTURES (UFFE) Eculm points t>( 100% 


Rate 

Change 

%+/-from 

% spread 

Div. 

against Ecu 

on day 

cen. rate 

v weakest 

ted. 

2.14687 

-0.00113 

-2.27 

584 

- 

304024 

-00097 

-aoi 

5.56 

15 

0.792239 

+0001628 

-2.03 

5.57 

14 

1.91519 

-0.00104 

-1.77 

5-29 


6.S7178 

+0.00436 

£50 

2.92 

-4 

750001 

-0.00308 

0.85 

2-58 

-6 

195.644 

-024 

1.45 

1.96 

-10 

159 547 

-£112 

3.43 

£00 

-24 

295 095 

-£196 

11.56 

-729 

_ 

1965 39 

-0.91 

9.60 

-5.63 

- 

0 781459 

+£001288 

-£67 

4.13 

- 



open 

Sett price 

Change 

Wgh 

Low 

EsL voi 

Open int 

Dec 

9086 

9093 

+0.05 

9093 

93.B8 

300 

7996 

Mar 

9045 

93.48 

+£04 

93.50 

93.42 

746 

7254 

Jun 

9091 

9098 

+£05 

83.00 

92.91 

306 

4009 

Sep 

9045 

92-47 

+£05 

92 JO 

92.45 

34 

2386 


UFFE urn baled on AFT 


■ THREE MONTH EURODOLLAR (I MM) Sim points of 100% 



M Open Mare* Up. ore tor previous (fay 
■ EUROMARK OPTIONS OJFFE) OMIm points of 100% 


Strike — — — CALLS — PUTS — — — 

Price Nov Dec Jan Mar Nov Dec Jan Mar 

9475 O.tO 0.12 0.08 0.12 0.02 0.04 £27 031 

9500 £01 £03 £03 £05 0.18 £20 0.47 0.49 

9525 0 0.01 £01 OXC 0.42 £43 £70 £71 

Em- ML total. CM BIOS Pula 13BT Pmww (toy's open kit. CaBs 213824 Puis 1B8033 
■ EURO SWISS FRANC OPTIONS (UFFE) SFr 1m points ol 100% 


BASE LENDING RATES 


Strike 

Price 

Dec 

- CALLS - 
Mar 

Jun 

Dec 

— PUTS - 
MW 

9380 

£20 

037 

0.09 

0.10 

0.77 

*376 

0.07 

033 

0.05 

0.22 

0.98 

9400 

0.02 

001 

£03 

0.42 

131 


£at vnL total Cato £830 Puts IMflS. PnwtoiH day'* open InL, CWb 353623 Puis 216360 


Adam 8 Company - £75 
AltodTruM Bank .5.75 

AJBBat* 575 

•Henry Anstwriw 575 
Bark ol BortxJa . 5.75 

Banco Btoao Vizcaya 5.75 
Bank ol Cyprut .. . 575 

Bar* Of IratarxJ . . 675 

Barii-jHrafia .. 575 

Bank trt Scotland 575 

Barctey* Bar*. . . . 575 

Bra Bk ol HM East . 575 

«M S«p*9y * CoLsS .575 
CL Bar* Neriertanu . 576 

embank NA S.75 

OydeadaJe Bank . . 575 

Tha Co-operaihte Bark. 5.75 
CcuOsaCo.. .. 575 
Credit Lyonnais . . . 575 
Cyprus Popular Bank -575 


Duncan Uwna 575 

Exeter Bank Lamed .. 6.75 
Fnanattl&QenBonk-. 55 
•Robert Flemlna & Co „ 575 

Gaobark 575 

•Ounness Mahon 575 

Habb Bank Au Tbitoh 6 76 

•Kambnas Bank 575 

Rentable & (fen inv ». 6.75 

•HHSarrxjel 575 

C. Hoare a Co - 575 

Hongkonfl S ShanghaL 5.75 
juSan Hodgo Bank ... . 575 
•LeopoW Joseph & Sons 5 75 

UoydaBar* 576 

Meghraf Bank Lid 5.75 

MrttendBanfc 5.75 

■ Mount Banking 8 

NalWeetrrtnsLar 575 

•Rea Bromers 575 


' Roxbuighe Guarantee 
Ccrpwarton Umted ts no 
longer autfurtsad -as 
o banking irtsBUiorv 8 
Royal Bk d Soodantl .. 575 
•Smrti&wamsn Seen. 5.75 

TSB 5 75 

OUniiMBkol Kuwait... 575 
Unity Tins! Bank Pte .... 575 

Western Trua 575 

wfwesway U**a» .... 575 
Aaricshhe Bar* 575 

• Members of London 
investmerj Banking 
Association 

* ki admirilstralicin 



Hunguy 174.012 - 1742*8 105230 - 108330 

Iran 20S2M ■ 3865.00 174800 - 175000 

Kliwn 0.4793 - 04803 02961 - 02986 

fUnd 374054 - 374700 237650 - 23295.0 

Russia 497130 - 487000 309260 - 309600 

UAE 591+3 - 5S241 16715 - 16735 


FT GUIDE to WORLD CURRENCIES 


Tha FT Guide to World Currencies 
■able can bo found on the Companies 
8 Finance page in Monday's paper. 


Masters of the screen 


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t I 


12 


FINANCIAL TIMES WEEKEND NOVEMBER S/NOV£MBER“6 1994 


LONDON STOCK EXCHANGE: Dealings 



f 


faws tavastments PLC 7%% Uns Ln Sfh 92/ 

far - m % 

ffeaHw/JtenasI PLC 4.2% (Ffrfy G%) Cum PH 
I £1-58(31009^ 

bwg«««n d-y AS 'B- Non Vlg 5hs M(2£ - 

r NK14038 


Details of business done shown below have been taken with consent | 
from last Thursday’s Stock Exchange Official List and should not be 
reproduced without permission. 

Details relate to those securities not included in the FT Share Information 

Services. 

Unless otherwise indicated prices are In pence. The prices 3re those at [ Bwmnghjn miswa5_BuidinB Soeayh. 
which the business was done in the 24 hours up to 5 pm on Thursday and | I Beartn 9 3,53 CTOO ° ' cae ^ 

settled through the Stock Exchange Talisman system, they are not In order of j * (,N034 < 
execution but in sscancSng order which denotes the day's highest and lowest ' 
dealings. 1 

For those securities In which no business was recorded In Thursday's \ 

Official List the latest recorded business In the four previous days is given : 
with the relevant date. f 

Rule 4.2(a) stocks ore not regiftated by the International Stock Exchange 
of the United Kingdom and the RepUbflc of Ireland Lid. 

X Bargains at special prices. $ Bargains done the previous day. 


Iceland Group FLC Cm 

132 3 -IS *» .43 % 4 


Cnv Cum Rad Pri 20 d - 


.(IN094) 

BbCKMOOd 

rTrVt) .6 


British Funds, etc 


Treoaury 13%% Sth 2000/03 - Cl 22% 

Corporation and County 
Stocks 

Btanmgnam Cant 3% (1902) I932(ar often - 

£30(11*794} 

Bristol Cam bob Stk (3%%) - E3S% (2N0&4/ 
Croydon Cap J 1 }'* Stk - £34% PSOc94) 
Diidtey MetrapaStan Borough CouncHK Ln 
Stk 2019 (RogKF/Pl - £78% 

Lrtcestte Ctty CoukS 79b Ln Sth 2019(Red - 
ETBEpNoW) 

Uvwpoal Carp 3% Red Elk 1942tor after] - 
E30%* 

Salford fClry aft 7K Ln Stk 2019(Fteg) - £7Bj2 
(21*004) 

UK Public Boards 

Ctydeoort U 4% tad S* - £42% (2T4cS4) 

Foreign Stocks, Bonds, etc- 
(coupons payable in London) 

HungafyJReputtc oft 7%% SUg BdgAasd 
Lon 1968 San) - £40 (TNo94j 
PUoer, National Traasury Sons PLC 6%K 
GW Bds 2003 (Br $ Var) - S87-82 (2WoB4} 
Abbey National Traasury Setva PLC 7%% 

GW Nts 199B(BrCVW1 - £96% 

Abbey Manorial Treasury Serve PLC 8% GW 
Bds 2003 (BrCVgrt- (30*8 CNa04) 

ASOA Group PLC 10%S Bds 
201tKBr£10000&10DQOD) - El 05 (310(94} 
HOC Group PLC 8%H Bds 2Q04(Bt£ Vara} - 
E62 (1No94) 

BP America Inc 9%N GW Mis 1998 (Br £ 

Var] - C100 *b CZBOc84) 

Bangkok Laid fCoymai Islands Id 4%% 

GW Excn Beta 2003 (Reg Int 51000) ■ 

569% 70 (20OC34) 

Bank of Graaca 9%% Bds 2003 (Br C Var) - 
SSaplOcW) 

Barclays Bank PLC 6£M NO 2004(Br£Van- 

OUS] - C81>2 

Barclays Bank PLC 7d7SK Undated Sited 
Ms (Sr E Var) - £86% 010C941 
Barclays Bank PLC 9% Perm kit Beert- 
ngCapBdsfBegintMutUEn - £84% (310c94) 
Badaya Bonk PLC 9.875% Undated Sited 
Ms - £94 £No94) 

Bardays Bonk PLC 10%% Son Sito Bds 
19B7$rC10atM10Q(H| - Cl 031, C2MP941 
Barings PLC 9%% Pam Sited Nts (BrCVari- 
OU9) -£82% (2No94) 

Brfflab Aerospace PLC 10%% Bds 2014 
(BriM 0000X1 00000) - £103 (2No»4) 

British Akways PLC 9%% Nts 
1997(BrfM00081000CD - £700% 1(4 
CZSOcS^ 

British Airways PLC 10% Bds 
1996(Br£t 000X1 0000) - £102 C280c94) 

British Airways PLC 10%% Bds 
2008®£1 000X10000) - £1053* (ZNoM) 
Britton Gas WU Hnoice BV9<zH GW Bds 
2001(BrSC Vari - SC101% p80c94) 

Brittah Gas PLC 1G%% Bds 2001 (Br 
£1000.10000X10000(9 - £10*12 
ttftort Gas PLC 6%% Bds 2003 (Br C Vrt) - 
£92% 

Brittah Gas PLC 8%K Bds 2008 (BrCVat- 
Cft8% (310c94} 

British Land Co PLC 8875% Bds 2023 (Br £ 
Va)- £87.73 

Brtttsra Tetecommwricatkira PLC Zara Cpn 
Bds 2000(Br£1 000810000) - £02% f1No®4) 
British TetecommuntoaHons PLC 7%% Bds 
2003 (Br £ Var] - £87% % 

British TeleconYmaUcattoro PLC 12%% Bds 
2000 - £121/, (310c94) 

Bramah Cejtrol CapitrtfJteWj*) Ld 9%% Cnv 
Cap Bds 2009 (Reg £1000) - £148% 

Cable & Wkakns Int Ftateiea BV 10%% Old 
Bds 2002 (Br £10000X100000) - £103 
(1NQ94) 

Draty Mol X General Trent PLC 8%K Each 
Bds 2005 (Br£1 000X5000) - £140 (2SOc94) 
DatunartftKtagdam al] 0%% Nts 1988 (Br £ 

Vm) - £83 33 

Depfa Hrmca N.V. 7%% GW Bds 2003 (Br £ 
Var) - £84% SJ5 7ft (2N094) 

DDrans Group (Capita]) PLC 0%% Cnv Gtd 
Bds 2002 (Br£S00085000a| - £03% 4% % 
Eastern Electricity PLC 8%M Bds 2004<Br£ 
Vom) - C9£B CSOcftl) 

Bf Enterprise Finance PLC 8%% Old Each 
Bda 2006 (Reg C5000) - £99% C 100 CS 
Export-import Bank al Japan fl%% GW Bds 
2005 (BrS VM- {84.85 C2NO&4) 

Export -krpart Baik at Japan 8% St GW Bds 
2000 (Br 55000) - S95.12 (2NoB4) 

Far Esstiam Department Stores Ld 3% Bos 
2001 Peg integral mid S1000) - 897 
{2NOB4) 

Fw Eastern Teodie Ld 4% Bds 
2D08(Bf!lOOOO) - 5110 (2No94) 
FWand(R«pubSc oft 9%% Nts 1997 IBr£ Vat) 
-Cl 02 HNo9«) 

FMand(Raput*: at) 10%% Bds 1998 - £104 
BNotm 

Forte PLC 9%% Bds 2003 (Br £ Var) - £94% 
%P10c94) 

GESB PLC 8J5M Old Sac Bds 2018 
[BrfMOOOl - £9ol] 

Granada Group PLC 11 %% Bds 2019 
IBriM 000081 OOOOO) - £110% MS (280cfl4) 
Guaranteed Export Fkiance Cotp PLC 10%W 
CU Bds 2001 (BrCVar) - C108J2 (280cB4) 
HflMax Bulking Society 6%% Bds 2004 • 

(Br£l 000,1 0000,100000) - £81% (1No94) 
HeSferx Buhtng Society 8%W Nto 
1999tBr£Vars) - £9655 
Halifax BuMng Society 8%K Nts 1997 
(fttVari ■ £100 % (2NOB4) 

R b Mip BuOdkig Society 11 % Sited Bds 
2014<arei 00008100000) - £108% 9% 

(2N094) 

Hommeraon Property lm X Dev Com 1D%% 

Bds 2013 (Br£7 0000X100000) - £101 A Z 
JS 

Hanson PLC 9%% Cnv Sited 3006 (Br 
War) • £103% C»toB4) 

Hanson Trust PLC 10% Bds 2006 (BrlSOOO) 
-£99% (310c94) 

HWtawn Capoal Ld 7% Cnv Cap Bds 2004 
IReg) - 131 % 2 (2No04) 

Entamattonal Bank tar Hoc 4 Dev g%% Bds 
2007 (BrfSOClO) - £100% (310c94) 
rnwrateial Bank kx Rec8 Dev 10%% Nta 
1999 (Br£500Q - £104% .65 (2N094) 

Japan Ffei Carp lot Municipal EnL 6%% GW 
BdS 2004®£1000 & 10000) - EB2.15 
Jekfis Develop Public Co Ld 4J5» Cnv Bds 
2003(Reg Oenom Si 000) - *74% (2No94) 
Kanaat Bectnc Poww Co Inc 7%% Nts 1998 
(Br £ Var) - £94.65^ 

Kyushu Bectnc Power Co Inc 8% Nts 1997 
(Br £ Vari ■ £90.15 
Land Securities PLC 9%% Bds 
Z007(Br£1 000X10000) _ £97% (2 No94) 

Lasmo PLC 7%h Cnv Bds 
2005(Br£1 0008 lOOOt)) - WO (3lOc94) 

Leeds Permanent Budding Society 7%« Ms 
1998 (Br £ Var) - £35% ( 280 c£W) 

Uoyds Bank PLC 7%% SUbord Bds 
2*»4(BrCV«wa - K4J* 01004) 

Uoyds Bank PLC 01]% Sited Bds 20C9(&£ 
Van) - £97% (3iOc34) 

Uoyds Bank PLC Sited Rtg HIb N1s(8r£ 

Vara) - £100 100.1 I1N094) 

London Bectrioty PLC 9% Bds 2003 (Br £ 

V») ■ £91% CN094) 

Marks X Spencer Finance PLC 7%M GW Nts 
1996 (Br £ Vail - £95 J BlOc94) 

Matted Power PLC 10%% Bds 2001 (Br 
£10000X1 00000) - £104% I1N094) 

Natfona) X Provincial Bldg society 8%W Nta 
1996 (Br C VSb) - £97.15^ 

NatteJl 4 Provincial Bklg Society Rtg Rate 
Nts 1999 (Bl£1 0000X100000) - £99-85 
(2SOCS4) 

Nawrvd Wectrranater Bank PLC 11%% 

Sited N1S 2001 (Br War) - £109% 

(3IOc94) 

Netted wesrmnster Bardt PLC 11%% Lind. 
SobNts CKXXXCnv to Prflftag - £100.45 % 
CN094} 

NaUmwtde Buddbig Sodety 8%% Subrad 
Nts 2016 (Br E Vai) - £86, V (1Nc94) 

Nippon Tele graph and Taiepnene Cotp10%% 

Bds 2001 (Br Cl 000810000) - £107 
(1No94) 

RMC Capitol Ld B%% cnv Cap Bds 2008 (Br 
ES000850000) - £130 % (2No84) 


RTZ Canada tac 7%W GW Bds I 

19SS(Br£5O0OXTODOOQ - £93% (280c94) ) 

Rank Orgenbatkm PLC &%% Bds 2000 (Ek £ 
Vai) - £954> 

Redbud Capital PLC 7%H Ow Bds , 

2002(Brtr?oooxioooo) ■ esa 1 

Royal Bank at Scotland PLC 10%% Sited 
Beta 1998 (Br£5000X25000) - £103% 
(280C94) 

Royal tenmee Hdgs PLC 9%% Subord 
Bda 2003 (Br £ Vari - £95% (2SOc94) 
SatasburyU) PLC &%% Bds 1998 (Br 
SSOOOXIOOOOQ - £128% 

Severn Tram PLC 11%% Bds 1999 (Br 
£5000X100000) - £107% (2NaB«l 
sincere Nmkisaon GotporaBan X75% Bds 
2003 (Br *100005100000) - 5108% 

(310CS4) 

Sino-Thai EngnmgXCon Pubic Ca Ld 1.76% 
Cnv Bds 2003 (RagtmMultlSIOQO) - C944» 
94%* 

Smith Id ne Beochsm Capital PLC 7%% i^td 
Nta 1996 (Br C Vai) - £96% |1No94) 
SmtUMne Boecham Capita! PLC S%% GW 
Nta 1998 (Br £ Var) - £96% (310cS4| 

South West Water PLC 10%H Bds 2012 (Br 
£1 0000X1 OOOOQ - £103 
SwedenOOngdam aft 8%% Bds 
1998(EkS500C| - £100% I290S94J , 

Tarmac Finance (Jersey) Ld 9%K Cnv Cop , 
Bds 2000 (Reg £1000) - £94% % 

TateXLvIe IntFIn PLC/TflteXLyle PLC S%% I 
TXLRPnGdBds 2001 (Br) WAVraTSLPLC ■ 
£84% 5% P1CMW) 

Teeco CapOal Ld 9% Cnv Cap Bds ZOOSIReg I 
£1) - £116 % % 7 7 , 

Tosco Capital Ld 9% Cnv Cap Bds 
2D05{Br£SOOOaiOOOO) - £113% (1Na94) 
Themes Water PLC 9%* CnvSubordBds 
200B(B>£5000X50aOO) > £126 % 

Thames Wider U&Ottae Finance PLC 10%% 

GW Bds 2001 - £104% % 5.05 (1No94) 

Tokyo Bedric Power Co Inc 7%% Nta 1998 
(Br £ Vra) - £94% 

Tokyo Bectrts Pawar Co Inc 11% Nta 2001 
(Br £1000,10000 X 100000) ■ £108% 

(280=94) 

Tokyo Bectnc Power Co Inc 8.125% NTS 
2003(31* Vara) - S8&22 (2No94) 

Tloig Ho Steel Enterprise Corp 4% Bds 
2001 (BrSI 0000) - £111% 112 113 (1No94) 
U-Mtng Marine TrstaDOit Carporatkml %% 

Bds 2001fteg In Mult 51000) - 5108% 107 
Unilever PLC 7%% Nta 1996 IBr C Va) - £95 
paOc»4) 

United Kkigdam 7%% Bds 2002(BrfVai) - 
59496 pnOrtM) 

Vkaorte PMc Athra Fin AigerMy 9%% Gtd 
Beta 1999|B>£Vars! -Cl<h% (280c94) 

Wetah Water Uttntes Finance PLC 7%% GW 
Bds 30l4IBr£Vari(P/P) - £B,‘« (1 No 94) 
European Bank tar Rec X Dev SlOOm Rtg 
Rts Ntg April 2000 - $87% piOcS4) 

Hekfax Bufltfng Society Cl 50m 7%<to Nts 14/ 
4/2000 - £94% 

New Zealand Oaky Borad Rn(N^jLdS15Dm 
Rl Rta Nts April 1989 - *100.1 C310c34) 
9mden0Ongdofli oft FROOOOm 8%% Nta 12/ 

1 1/97 [Br FR Vta) - FR102 (2No94) 
Swoden^tagdam oft £800m 7%% Nta 3/12/ 

97 - £96.84 

Swed e nOOngdom aft £250m 7% In sb umems 
23/12/96 - £92% JSZ (310c94) 


Hodge PLC 9% Cum Red Pri £1 


Crete IndusnUM PLC ADR |1:l) - *4.03 
indeS-Perma^aze HUgs PLC 7%% Uns 
Ln Stk 90/95 - £93 

Group PLC 9%% Utw Ln Stk 
. £91 C2N094) 

PLC ADR fd:1J - *2558 (310c94) 
ravl 8 Sana PLC Cum Prf &25%) £1 

-ra* 

boots Co PLC AOR 12.-1) - S17.06 (Z80c94) 
&Mtet X Btagtoy BuScSng Soctetyl1%W 
' Perm trit Berate She £10000 - £110 
I (1N094) 

Braotard X Btagtey Buddmg Soctetv13% 

I RgrmFnt Borate Stas CTOOQO - £121% 

) ^ounefTf JUJLXHidgs) PLC 5%i Cum Pit £1 
. i - 55(1No04) 

i Brent Wtakra Group PLC Wta lo Sub for Ord 

I I -0% 

, Brant Walker Group PLC BJ>% 3rd Non-Cwn 
Cnv Red 2007/10 £1 -1% 

PLC e%% tine Ln Stk 2002/07 - £90 
. (280c94) 

Bristol Water PLC 8%% Cum bid Pit £1 - 
I 104% % £N094f 

Bristol Water Fftdga PLC Ord £1 - CIO p 965 
[ I1NO04) 

prtstai Water Hags PLC Non-Vtg Ord £1 ■ 

! 970 

Bristol X west BuMmg Society 13%% Pram 
L bit Basing Shs £1 000 - £121% 2 % 
Bidamta Buidfng Society 13% Pram Int 
{ Bearing Shs £1000 - Cl 19% 

Brittah Airways PLC ADR (I0;t| - 859% % 

I 80% 

British Alcan Ahanarium PLC 10%% Deb Stk 
'2011 - C108 C2NdJ4| 

Britte-Amatcrar Tobacco Co Ld 5% Cum n-f 
! Stk Cl -50 % (1No94) 

British American Tobacco Ca Ld 8% 2nd 
I Cum Prf Stk £1 ■ 60 (280aH) 

Brittah Petroten Ca PLC 8% Cum 1st Prf £1 
r-79B1 

ftesh Start PLC ADR (10:1) - 525% S3 
Brittah Steel PLC 1 1%% Dob Stk 2016 - 
[ £119% 

British Sugra PLC 10%% Red Deb Stk 2013 
\ - £112% tsaOdW) 

BuhnerfKPJHlags PLC 9%% Cum Pri Cf - 
\ 110 (310c94) 

Bind PLC 7% Cnv Uns Ln Slk 95/97 - £104 
Bramah Crate PLC 7%% Cum Red Prf £1 - 

r«% 

Burton Group PLC 8% Cm Uns Ln Stk 1998/ 

I 2001 - £82% 

Butte MJrtng PLC 10% (Net) Cnv Cun Red 
, Prf 1994 lOp - 3 

Cambridge Water Co Cons Ord Stk - C8400 
(310cS4) 

^rtste Group PLC 4^8% (Net) Red Cnv Pri 
1998 El - 65% (280C94) 

Zarfton Comm ur (cations PLC ADR l£1| - 
£17.9249 (1N084) 

Triton CommuntaaHons PLC 7%% Cnv 
SuDord Bds 2O07(Rag £5000) - £134% 
^derpHar bic Shs of Com Stk *1 -558% 
Cathay tatamaUonal HUga PLC 10%% Cun 
Prf £1 - 100 (2NoB4) 

Centex Corporotoi Shs at Com Sfc S055 - 
S22% (280c94) 

Ghrttramam X Gtoucoster BuM Sac 11%% 
j Pam bit BeraingStta £50000 -£112% 
(3!Oc94) 

pty site Estates PLC 6-25% Cm Cum Red 
J Prf £1 - 60<3IOC&4) 
fctaytnme PLC 9JSK Subord Cnv Uns Ln Slk 
I 2000/01 - £92 (1No94) 

Oevrtand Place Holrflngs PLC 5% Rad Dab 
I Stk 2000 - £83 C310C94] 
fcoaSU Corporation Shs of Com Stk $04)3 1/ 
3 - 328% (310C94I 
Coots Patoro PLC 4%' 


Sterling Issues by Overseas 
Borrowers 

AuattrttaKteuno nw o rtttl of) 9%% Ln Slk 
2012(Hag) - ?100>i {280c94) 

AraaraflafCommonwoeWi Oft 11%% Ln Stk 

2015(Reg] - £117 P80c94) 

Bonk of aeece 10%% Ln Stk 20lO(Reg) - 
£97(1 Na94) 

Euapeen Invaabnwd Bank 9% Ln Stk 2001 
(Reg) - £99, T . 101 

Eraopaan Investment Bonk 9%% Ln Slk 
2009 - £104 

European Invostmant Bra* 10%% Ln Stk 
2004(neg) - £107ft (310CS4) 

Eraopaan biw ab iirait Bunk 11% Ui Stk 
200Q(Red - £110 (2N0O4) 

(3braltra (Government oft 1 1 %% Ln 2005 
(Reg) - £115% (2NoS4J 
bKamaBonal Bank tar Roc & Dev 1 1BM Ln 
Stk 2003 - £114 

Mrtoyrta 10%% Ui Stk 200B(Rn« - £106 
r oft 9% Ui Stk 2010(Hea - 


|^-E6 4 p10cf*4) 


2% Line Ln Stk 2002/07 


PStofta PIC 6%% Uns Ln Stk 200207 

I - £79 

PLC 4_9% Cran Prf £1 -62 
Union PLC 8%% Cum bid Prf 


I £1 -06% % % (1No94) 
Commercial I 


-(If 

9mdaH>0ngdam oft 9%% Ln Bfti 20l4(nag(| 
-£102% (280c94) 

Swedeo(Kbi 9 dom al) 1359V Ln Stk 
20lO(Reg) - £131% pNa&ft 
United MeRkwi States IftizMLn Slk i 
2008(Br) - £137% l 

Listed Companies(exc(uding [ 
Investment Trusts) i 

ABF Investments PLC 5%% Un Ln Stk 87/ 
2002 50p ■ 36 flNoM 

ABF Imostmonte PLC 7%% Uns Ui Slk 87/ ; 

2002 60p - 40 (2No94) 

ASH Capital RnanoefJeraayftLd B%% Cnv 
Cap Bda 2006 (Rag lints lOOp) - £70<J> f 
Artna Mrtaysian Growth Rmd(Cayniori)Ld I 
Od 50J7I ■ *13% (1NoB4) I 

Aktert Ftoher &oup PLC ADR (10:1) - *7 i 
(1No94) 

AtaxoiKtar X Atexondor Serutaos Inc Shs of ] 
Ctaaa C Com Slk *1 - £11 % (280c94) 
Aiexan Group PLC 6JSp (Net) On Cum Rad i 
PWlOp-flOpKMW) 1 

ABed Domecq PLC ADR (1ri| - S9%* 

Ailed Domecq PLC 5%« Cum Prf £l-56 { 

(2AMM) i 

ABed Domecq PLC 7%% Cum Prf £1-75 1 

PNoOO i 

ABed Domecq PLC 6%% Ibia Ln Stk - £B3 i 
D10C94) , 

AIM Domecq PLC 7%% Ltn Ln Slk B3/B6 - 1 


£94 


Altod-Lyone Fbmcial Servtcaa PLCB%H 
GMCnvSubonffldaaOOO Ra^MnCIOOO - I 
£109% % (2No94) 1 

AMs PLC &SK Cm Cun Non-Wig Red Prf - 
Cl -89 ' 

Americai Brands Inc Shs ol Com Slk 53.125 i 
-534% i 

Mkkows Sykes Group PLC Cm Pri 50p - 43 i 
BN094) 

Angkan Water PLC 5%% Index-Unhad LnStk 
2008(&2676%) - £131 pNo84) 1 

Antfa-Eastam Wa n tattans PLC Warranty to ' 
aub tar Ord - 31 2 . 

AngW-Eostem Pientobons PLC 12%% Una ! 
Ln Slk 95/99 - £1004) 

Armour Trua PLC 10%% Uns Ln Stk 91/96 - 
C99(290c94) 

Attwoods PLC ADR (5:1) - S3. 12469 
Altwoods (Finance) NV 8%p GW Red Cnv Prf 
Sp-88% 

Autonrated SecuttytHUgsf PLC 5% Cnv Cranl 
Rad Prf £1 - 56% (?No9<) 

Automated Security(Hldgi) PLC 9% Cnv Cumi 
Red Prf Cl - 45% I 

Automotive Products PLC 4.55% Cum 2nd 
Prf Cl - 58 HNO&41 
BAT tadu5Mes PLC ADR 12:1) - Si 4-24953+ 
an PLC ADR (4:1) - *7% % (2No94) 

BM Gmup PLC 4.6p omq Cm Cum Red Pri 
200 ' 65 6 |1No94) 

BOC Group PLC ADR (1:1) - 511.56 
80C Group PLC 12%% Uns Ln Slk 2012/17 
- Cl?3% (3N094) 

BTP PLC 7.5p(Net) Cnv Cum Rad Prf lOp - 
160{310c94) 

BTR PLC ADR (4:1) - *20% (TB0c94) 

Bra* <ri tietandtGovranw & Co oft Unas NCP 
Stk Sra A Cl S C9 Lqudatton - £1 1 ft 
Barter Homes Grata) PLC OW lop - tie* 
Barclays PLC ADR (4.1) - $38^9S7<l 
Barclays Bank PLC 12% Uns Cap Ln Stk 
2010- £116 

Bractoys Bank PLC 18% urn Cap Ln Stk 
2002/07 - £132% 

Bradon Group PLC 72Sp (Not) Cm Red Pri 
25p - 87 (310c94| 

Bordon Group PLC 3JS« Cum Prf £1 - 41 
(SSOC94) 

Bradon Group PLC 11 2Sp Cum Red Prf 
2005 lOp - 105 

Borin?) PLC 8K Cun 2nd Prf Cl - B4% 
Barings PLC 9% M NavCum Prf £1 - 112 U 
£SOe94) 

Barr X Wakoos Arnold Trust PLC Old 2Sp - 
555 (2No94) 

Bass PLC ADR (2:1) - 8175 (2NO04) 

BaSs PLC 7%% Uns Ln Stk 92/B7 - £95 6 % 


FT-SE ACTUARIES INDICES 

The FT-SE 100, FT-SE Mid 250 and FT-SE Actuaries 350 indices and trie 
FT-SE Actuaries Industry Baskets are calculated by The In t ernational 
Stock Exchange of the United Kingdom and Republic of Ireland Limited 
© The International Stock Exchange of the United Kingdom and Republic 
of Ireland Limited 1894. All ti g h ts reserved. 

The FT-SE Actuaries All-Share Index is calculated by The Financial 
Tunes Limited in conjunction with the Institute of Actuaries and the 
Faculty of Actuaries. © The Financial Times United 1994. AH rights 
reserved. 

The FT-SE 100, FT-SE Mid 250 and FT-SE Actuaries 350 indices, the 
FT-SE Actuaries Industry Baskets and the FT-SE Actuaries All-Share 
Index are members at the FT-SE Actuaries Stare Indices series which 
are calculated in accordance with a standard set of ground rules 
established by The Financial Timas Limited and London Stock Exchange 
In conjunction with the Institute of Actuaries and the Faculty of Actuaries. 

“FT-SE* and ‘Footsie" are joint trade marks and service marks of the 
London Stock Exchange and The Financial Times Limited. 


I Union PLC 8%M Cran Inri Prf 

£1 - 104% 

iCo-Oporattv* Bank PLC 9JB% Non-CUm bid 

< Prf £1-103% 4 

JCortraon Group PLC 48% Cum Prf £1 -68 
fcoopra (Frederick) PLC 6£p (Nm) Cm Rad 

• Cun Pig Pri top - 97 (2Na94) 

Ooratraicta PLC 5%% Uns Ln Stk 94/96 - 

• £95 (1No94) 

(Cburftaids PLC 7%% Uns Ln Stk 2000/DS - 
j £89 (3lOcS4) 

■Courts PLC (NOft Cran Prf £1 -74 
iCovenby Buddkig Society 12%N Perm inter- 

< as! Banring Shs £1000 - C11i% % 
fcowia Group PLC 10%% Rod Prf £1 - 103 
JDally Mol 8 Genera! Trust PLC Ord 50p - 

I £13£ 13% 13A5 

prtQrty PLC 4_B5% Cum Prf £1 -6Q«Na94) 
petMVams PLC B%% 2nd Dab 9tk 90/95 - 
I £97% 

OebonhnrYO PLC 7%% Urra Ln 3» 2002X17 - 

i £80% 

Ortterihran s PLC 7%% Uns Ln Stk 2002/07 - 
| C82[2Na94) 

Drtta PLC 10%K Dab Stk B5/99 - £100% 
(280c94) 

IDoncora PLC 6^5% Cran Cnv Bad Prf £1 - 
| 108 % 9 % f1No»4) 

DewHrst Group PLC 8.75% Cum Prf £1 - 

IQS (1N094) 

iDwtiust PLC Ord 1 0p - 88 
lEdlpse BBiWb PLC Ort 5p - 8%# 

,B Oro MntngXExOarBban Co PLC CM lOp - 
I 550 

jBoctnxi House PLC 7£% Cnv Cun Rad Prf 
. £1-102 (2NO04) 

Emase PLC 82Sp(Neft Cnv Cum Red Prf 5p 
' - 65% B% 8 

Empbe Slaraa Group PLC 8%% Deb SMi 91/ 
B6 - £100 

|En^gb CNna Ctays PUS ADR (3:1) - *17% 
.ErtcaaunfLMJfTaietonakttebaiagaO&ar 
BfftagjSKIO - SK429% 30% 1 1 % J 2 2 2 
.1 .163 3 .12 £6 % 4 4 5U53 
E990X and Suttbh Wow PLC 4% Prap Dab 
Slk - £40 01OC94) 

|Brao Osmy S.QA Shs FRS (Depository 
RacaWs)-5lJp85 89 90 T23 5 6 78 
9100 

Eud Disney S.CA. Shs FRS (Bt) - FR72 3 
, 3S J7931 .82 .72 ,B .93 PS 55 8 P5 
Euroirainei PLC/Eurotumei SA Units 
I (Sraram Insatbed) • FR184S .85 9 9 .05 
I JJ5 .1 

[Eurotunnel PLC/Euotuvw! SA Fndr 
[ Wta(1B , LC X 1ESA WrttoSub torUnfe) - 
! 800 900 900 (310c94j 
Ex-Lands PLC Warrants to sub tor Shs - 21 
(Z80C94) 

Excaliour Group PLC 11^% Cum Prf Cl - 
105 (280^4) 

Expiorabon Co PLC Oro Srx So - 245 
(310c94| 

1 Falcon HoMtegs PLC Ord 5p - 140 (2SOc94) 
;pte National Braung Sockny ii%% Pram 

I bn Bearing 5hs C100M - E»9%* 

Rsons PLC ADR (4:1) - 57% (280c94) 

R»ns PLC 5%% Uns Lri Stk 2004rt» - £69 
HNo94) 

, Rve Arravw int Reserves LO Ptg Rad ftf 
| SaOKECU Shs)- £029343 IlNoOM 
Retchar ChaOenge Ld Ord SNO.SO - 152 
IFoBwo Group PLC Oro 52-42 
[forte PLC 9.1% Uns Ln SOi 9S72COO - £96% 

[Fortnum X Mason PLC Ord Sa Cl - £65 
i2fwi94) 

Friendly Hows PLC 4J 4 » Cnv Cum Red Rrt 

I n ■ ao DNase) 

I Friendly Hoteta PLC 7% Cnv Cum Red Prf £1 

j -wt 

GN Grera Nordic Ld Shs DKIOO - DK562% 
QNo94) 

G-T. Chau Grown Fund Ld Grt SODI - S32 
General Acodraif PLC 77.% Cum krd Prf CT 
-ST 1 % 

IGenerrt riooden! PLC 8%4. Cum bro Prf £1 
■ 105% % 8 (2N094) 

CPyirwad I ntematena l PLC 10% V, Una Ln Slk 
! 94^3 - Cioo% (28Cc94) 

Gold Fields Coal Ld ROJS0 - 225 (3lOc9aj 
Grand M«bcpaman PLC 4%% Cum Prf £1 - 

48% 

Great Untwrso Stores PLC ADR 11:1) ■ 50% 

(280c94J 

Great Untarasrt Stores PLC 5%% Rod Uns 
Ul Stk - £53 <2fiOc94) 

GrerauHs Group PLC BH, Cum Prf £1 -97 
Greercffs Group PLC 11%% Deb Stk 2014 - 
£1 183 G80c94) 

Greenrab Grcup PLC 9%*v Ind Uns Ln Stk - 
£91 

GreramPs Group PLC 7% Cnv Subord Bds 
20CD (Reg) - C101 
Gukwess PLC ADR (5:11 - S37%4 
GMnnass Agu Globa Strategy Fd Pig Red 
Prf SfUJltEuropean Fund) - $123-959 
Granness Fvghr Qebai Sdategy Fd Wg Rao 
Prf SODircaoba! Mgh he Bd Fd) - £1281 
(IN094J 

HSBC HWgs PUS Ord SH10 fHong Kong 
Reg) - SH89D79271 *158 .628117 .6283 
.85389 90J48522 A65714 % % .7167 1 2 
375838 

HS8C HKgsPLC 1 1 jO% Subevd Bds 2002 
(Reg) - £104 5 7% 8 

HSBC Hogs PLC 1 1.89% Subord Boa 2002 
(BrCVar) - £1C8% 

Hants* Braumg Society 8%% Rami Int Boor- 
tag Shs £50000 - £94.55 
{ Hrttfox Budcfing Society 12% Perm tat Beor- 
1 ingShs £1 (Reg £50000) - £11345 % 4 
Hrtton Hotdtags PLC Ord 5P - 65 
i Hambios EurabendSManey Marfcat Fd LdPtg 
Red ftf IpiManoged Fund) - 62622 
Hsmmras o n PLCOd2Sp'333 7%BB40 
Hsidva 8 Hansons PLC Ord 5p - 257 C7NOS4) 

! HsmstPhSp) PLC fFffty 7%%) Cum 

j Prf £1 - 70 5 (2BOc94) 
i HaMstPhCp) PLC S.6% (Frrty 6%) 'B~ Cum 
fM i-raxoaa Ci - 74 g C80c9«) 
j Hasbro Inc Shs of Com Slk S1S0 - S33%* 

' Hoovdree Brewery njS 1 1 %% Cum Prf d - 

f 125P80C94] 

Hewitt Group PLC 10% Cum Prf £1 - 90 
£80e94) 

HBSdown HWgs PLC ACR>4:l) . £0.7602 
C1No9<) 

Hobivas P na te c trrai Group tec Shs t* Com Sfc 
SO^S - 21 C2SOC94) 

IS Hlmrtjyrai Fund NV Ord F10.01 - C17%* 
17%# 17.7254 i 


Inch Kenneth Katana Rubbra PLC 10p - 
£16.02 tlNoW) 

tadustrirt Control Services Grp PLCOrd lOp - 
127 8 30 

tall Stock Exchange of UKARep of kLd 
Mtg Deb Stk 90/95 - £99 (2No94j 
«sh Uta PLC Ord WO. 10 - 187 
JMtae MHioaon Hdgs Ld QW «L25 (Hong 
Kong Register) - SH64JM3287 315468 
Jradlne Strategic hSdgs Ld Old StLOS (Hong 
Kong RegtatOr) - SH29.99S<56 
Johnson X FWr Brown PLC 1 1 J»% Cum Prf 
£1 -93 

Johnson Group Cleaners PLC 7Sp (Net) Cnv 
Cum Rad Prf lop - 128 (1NcS4) 

Johnston &0MP PLC 10% Cum Prf £1 - 90 
(2NO04) 

Ktagrtoy X Forester Qoup PLC 3^s% Cran 
Prf £1 -44(1No94) 

Korea-Europe Find Ld SruODfl to O) 30.10 
(Cpn 7) - *4062% «250 
Kvasroer AS. Fine A Shs NK1ZJS0 - 
NK284.53 5 

Ladbroka Group PLC ADR (1:1) - EL48 
Land SecuMes PLC 6%% 1st Mtg Deb SIX 
93/98 - £91 

Land Secuttas PLC 9% 1st Mtg Deb Stk 96/ 
2001 - EIOO pNo94r 

LASMO PLC 10%% Dab Stk 2009 - Cl 02./ 
Leeds X Hrabeck BuWng Boctaty 13%K 
Perm tat Bearing Shs £1000 - £121% % 
Leeds Permanent BuSding Society 13%% 
Pram Int Bearing £50000 - £127% 
UmtsttannjPannerahip PLC 5% Cum Prf Stk 
£1 - 56ft) 

LewtafJohntPratrnrihip PLC 7%% Cum Prf 
Stk £1 75 (28QC&4) 

London InumaUcnal Group PLC ADR (5:1) - 
$7.38 

London Secrattes PLC Od ip - 2% 

Lonrtto PLC ADR (1:1) - S2.D84> 

Utartw PLC 10%% 1st Mtg Deb Stk 97/2002 
- £102 (310c94) 

Lookers PLC 8K Cnv Cum Rea Prf £1 - 107 
t2NoS4) 

MEPC PLC 3.65% Cum Prf Stk Cl - 48 
MEPC PLC 9%% 1st Mtg Deb Slk 97/2002 - 
£100 B8Cc04) 

MEPC PLC 8% Una Ln Slk ZOOOflB - £82% 
01Oc94] 

McAlpingfAIlred) PLC 9% Cun Prf £1 - 95 
(1 No94) 

McCarthy X Stone PLC 6.75% Cum Red Prf 
2003 £1 -85% 

Mctaemey Properties PLC *A’ Ord K01.10 - 
SDJ06 

Mraxtarin Oriental He m aitanai La Ord $005 
(Hang Kong FtogD - EH9.901736 .933162 
Wanders PLC 5% Cum Prf £1 - 51 (1No94) 
Mraks 8 Spencer PLC ADR 1ST) - S41 XB 
(2No94) 

Medava PLC ADR (4:1) - £7.0462 S 11% 
M o n Ju nt Ratal Groito PLC 8%% Cnv Una 
Ln Stk 99/04 - £80 

Mercuy tntranabord tav Trust Ld Ptg Rad 
Prf Ip (Restive Fund) - £502858 
MHand Bra* PLC 14% Subord Uns Ln Slk 
2002/07 - £120% 1% (INoM) 

Motak tac Shs ol A Com Slk S0.05 - 
*41 (310C94) 

NEC Finance PLC 10%% Deb Stk 2016 - 
ni2, 1 , (2NoB4) 

NFC PLC 7%% Cnv Bds 200/fiHag) - £90% 
National Made* Ent e rpri se s Inc Shs ol Com 
Slk 30 05 - *14% 

National Power PLC ADR (10:1) - $609 
National Westerner Bra* PLC 9% Non- 
Cum Seg Prf Sore 'A' £1 - 103 % 

National Westrrtnater Bar* PLC 12%% 

Subord Uns LnStk 2004 -£115% (1NoS4) 
Newcastle Bukkng SocMy 12%% Perm 
Intra mi Bearing Shs £1000 - £114% 

(1No84) 

Newton.Chranbras X Co Ld 3J5K (Fmly 5%) 

1st Cun Pri £1 - 50 (3lOc94) 

Northern Foods PLC S%% Cnv Subord Bds 
2008 (Rag) - £B5% 8% 

Northern Foods PLC8%H Cnv sraxnd Bds 
2008 (Br £ Vral - £64% (2No94) 

Northern Hock BuOdtag Society 12%H Perm 
tat 8eortag Shs £1000 - £116 % 7% 

(1N094) 

Orbta PLC Ord lOp - 24 (1 No94) 

PX O Property Hokflnga Ld B% Uns Ln Stk 
97/99 - £90 (28OC04) 

Padflc Gas X Bechta Co Shs al Cam Stk 55 
-S22% 

Panther Seal item PLC Wta to sub tor (M - 
12 piOcfM) 

Paridraid Group PLC Ort 25p - 170 1 
«2NoW) 

Paterson Zbchonls PLC 7%% Cun Prf £1 - 
88(28094} 

Paterecm Zochorts PLC 10% Cum Prf £1 - 
109 PNO&4] 

Pert Hdgs PLC 9^% 1st Mig Deb 3*2011 
- EB7lf (2AI094) 

Pert Hkfgs PLC 5J!5% (Not) Cnv Cum Non- 
Vtg Prf £1 - 69 
Peiktas Foods nc 8p(NeQ Cum Cnv Red Prf 
lOp -88 

PetTOflna 9 A. Ord Shs NPV (Br in Daram 1^ 

8 10) - BF9513 39 53 77 
Ptttmta PLC 9%% Cum Prf £1 - 87 (1NoB4) 
Plantation ft Genera! inva PLC WHranta to 
aub tor Ord - 1 (2N094) 

W aiOrt i u ii ft General inve PLC 9%K Cran 
Red Prf £1 - 90 (2NoB^ 

Potgietaranjat Plaitarans Ld Ord R0.025 - 
SB%(310cfl4) 

POwdl Duffryn PLC 4%% Cran Prf 50p - 24 
(2NaB4) 

PowetGen PLC ADR (10:1) - 392.08 92% 
Premier Health Group PLC Ord Ip - 1% 
RBAJXdgs PLC 12% Cnv Uns LnStk 2000 
-£87p80c94) 

RPH Ld 9% Uns Ln Slk B9/2004 - £93$ 

RTZ Corporation PLC 3J2S% "A" Cran Prf 
£1 - 50% (2N094) 

RTZ Corpcnflon PLC 3.5% "B* Cran Prf 
£ipeg) - S3^(1NO04) 

Raert Bectrorto PLC ADR (£.1) - S828 
(260c84) 

Reckttt ft Cotmrai PLC 5% Cran Pri tt - 54 
P«oc94) 

Ratal Corporation PLC 4JES% (Frrty 5%H) 
Cun &ld ftf Cl - 54 (1No94) 

Reft* Corporaltoft PLC 4^55* (Frrty 8%%) 

Cum 3rd Prf £1 -60 

Rohr Inc She of Com S* Si - SO* 

Rugby Group PLC 6% Uns Ui Slk 93/98 - 
£87 % 

SCScotp Shs of Com Btk of NPV - Si 3% 

mm 

Saalchi ft Baetthi Co PLC AOR 0:1) - S7.B 
SaowfarayU) PLC 8% tad Uns Ln Slk - £85% 
(310c94) 

Scartronlc FBdgs PLC 7J!5p (Nog Cnv Cum 
Rod Prf 20p - 45 (280C94) 

Scaitronlc Hdga PLC 5.75% Cnv Cum Red 
Prf £1 - 50 (310c94) 

Schofl PLC S%54 Cnv Cum Red Prf 2008/11 
£1-82 

Sctwodof Japarese Warrant Fund Ld DR On 
Oenom IDO Shs ft ICOOO Shs) - Si3 
(310C94) 

Saxttah ft Newcastle PLC 4.8% Cum Prf £1 
- 67 DlOc94) 

Sodterti ft NewcoBOe PLC 6A26% Cum Prf 
£1 - 84 (310c94J 

Scottish ft NewcaeUe PLC 7% Cnv Cum Prf 
£1 -225 P10c94) 

Sears PLC 7%% Una Ln S* B2^7 . £96% 
(2No9«( 

Severn ffiuer Crossing PLC 6% Indox-Ltaiwd 
Deb Slk 2012 (6.344%) - £1 15% 

Shield Group PLC 5.84% Net) Cnv Cum Red 
Prf £1 -7 

Shoprtte Finance (UK) PLC 7B75g(Neft Cran 
Red Prf Shs 2009 ■ 57 8 B 9 9 601 %£% 

Siffiet Group PLC ADR (3:1) - S1.0475 

(2N094) 

Sangapore Para Rubber Eatates PLC Ord So - 
l00P8Oe94« 

SMptan B rawing Society 12%% Pram tat 
Bearing Shs £1000 • (M17% 

Smite New Court PLC 12% Subord Uns Ln 
Stt200I - CIOS 

Smnh IWJ4) Croup PLC 5%% Red Uns Ln 
Slk - £48 (7N094J 

SmWiWWe Bewchran PLC ADR (5:11 - 
S33. 103895* .135* 

SnvthKBno Bcectum PLC/Smarddne ADH 
(SI) ■ £18.8644 18942 S 30J35 35 % 

385 .4 J5 % .62398 % 

Sm«ns industries PLC 11%% Deb Stk 95/ 

2000 - no; 

Sag Funwuie HMgs PLC 11% Cum Prf El - 
95 010C94) 

Standard Chartered PLC 12%% Subord Uns 
Ln Sth 2002/07 - £112% (1No94| 

Stavrat SgOmale PIC Old SSc 20p - £7 
|1NoB4| 

Sutton Dtatncl Water Co PLC 3%S Deb 
SVJPram) - £32% (310C94) 

Sww(John) X Sara Ld BJ% Cum Prf £1 - 
100 (ZNoSM) 

Symonds Engtaoratng PLC Ord 5p - 31 3 

mm 

T ft N PLC 11%% Mil} Dob Stk 95/2000 - 
£103 

TSB Group PLC 10%% Subord Ln Stk 2006 
- £106% 

1SB Olfcrtore tav Fund Ld Ptg Red W lp(UK 
Eomty Ctoso) - 301.15 P1CK94) 

TT Croup PLC 10.675% Cnv Cum Red Prf 
»S Cl 1997 - 277* 

Tate ft Lyle PLC &%°w4-55% plus tut cnxf- 
tftCum Prf £1 -06 

rate ft Lyio PLC 10%K Una Ln Sth aXKVtJS 
• £104% GNtfW) 

Tennea ara> Gas Praafara Co 10% SOg/S Cn» 

Uni Ln Sth 91/95 - £120 (1 No94) 

Teeco PLC AOR (1:1) - S3L95 f1No94) 

Tosco RjC 4% uns Deep Disc Ln Stk 2006 - 
£61% 

Thai Prune Fite Ld Pro Red Prf SO 01 - 
C1&9 17.1 

Thailand tatamaUarul Fund Ld Pig Shs SDB1 
OOFfa to Br) - S3?% 

THORN BA PLC ADR (1:« - *16 (?80c9q 
Trafalgar House PLC 7% Uns Dob Stk £1 - 
63 

Trafalgar House PLC 9%% Una Ln Sth 2000/ 

05 - ISO 

Trafalgar House PLC 10%% Urn Ln Slh 
2001/06 -CSS 

Transatlantic Makings PLC B 6% Cnv Prf £i 
- 92 

UNgale PLC ADR (1:1) - 55.7 
untgrae PLC 5% Uns Ln S* 9K96 - £97 
Urtgaie PLC &>;% Una Ln Stk 91/96 - CS3 
riMoeai 

LtaOever PLC ADR (4:1) - 574.06 riNoS4) 

Un«n b«en ra t ion al Co PLC 6% Cun Prf Slk 
£1 - 60 4 5 7 


Unwn international Co PLC 7% Cum Prf Stk 
£1 - 53 (3*394) 

Unisys Coro Com Sth *0.01 - *10356 
IMRy Cable PLC Warrants to sub tar Old - 
18 IIN4M) 

Vaur Group PLC 9.875% Deb Stk 2015 - 
£103% (31DC94) 

vaux Group PLC 10 75% Deb Slk 2019 - 
£112% (1No94) 

VICkars PLC 5% PrUNon-CumfiSIk £1 - 41 
Vttkras PLC 5% CumfTiu. Free To 30p)Ptf 
Slk £1 - 62 (2NO&4) 

Vodatane Group PLC AOHlIO.y - *3399888 
.996867 4 .133963 % J6 .4 % % 

Vbtenr Group njC 4.9% (Fmlv 7%) Cran Prf 
£1 -78(2N094» 

WrtkarDhomgaft PLC Oro 5p - 28 (1N094) 
Warburg (S.G) Group PLC 7%% Cum Prf £T 
-B7%$ 

WaOcome PLC ADR (1:11 - *10% 

Wb« 9 Forgo X Compa n y Srta of Com Stk *5 - 
*147% GBOC34) 

Wranbiey PLC OpOteftCnv Cum Red Prf 1999 
£1 - 58 

Wlworead PLC 3rd Cum Prf Stk £1 - 
58 %(1 No94) 

Whhbread PLC 6% 3rd Cum Prf StK £1 - 62 
(fNb94) 

Whrtbread PLC 4%% Red Deb Stk 39/2004 - 
£89% 

WMtbraod PLC 7%% Uns Ln Stk 95/99 - 

£90% 1 % 

Whitbread PLC 7%% Uns Ln Stk 96/2000 - 
£83% paoc&Jj 

Whitbread PLC 9% Urra Ln Sth 97/2001 - 
£99% E80CS41 

Whitbread PLC 10%% Uns Ln Stk 2000/05 - 
£103% 

Whitecroft PLC 5.1% Cum Prf £1 - 57 
(1NoS4) 

WIMnson ft RiddsHFUga) Ld 5% Cum Prf 
Stk turn* Free To 30^ - 79 (2NoSu) 
Wfflams Hdga PLC 10%% Cum Prf £1 - 116 
Xerox Corp Com Sth St - *101% |2No94) 
Yorinhae-Tyne Tees TV Hkiga PLC Wta to 
*Ub tar Ort - 227 

YUta Carlo ft Co PLC 11%K Cun Red Pri 
1988/2003 £1 - 108 (2No»4) 

Investment Trusts 

AMance Trust PLC «%% Deb Stk Red aftra 
15/5/56 - £45 (310c94) 

Balfte Gtflord Jopoi Trust PLC Wta lo Sue 
Qd Shs - 96 (2No94) 

BoHe Gifford Shm Nippon PLC Warrants to 
sub tor Ord - 115 6 9 (310c94) 

Baflbe Gktard Shin Nppon PLC Wrarartta to 
Mto tar Old 2005 - 73(2No04) 

Braommead tavestments Trust PLC Wta to 

sub tor Ord - 26 (!No94J 

Briton Assets Trust PLC EguiMs tadet ULS 
2005 10p - 154 

British Empire Sec X General Trust 10%% 

Deb Slk 2011 - £105% 

Broodgate Investment TVirst PLC Wta to Sub 
lor Ord - 55 (INtfl*! 

C.S.G. Investment Trust PLC Ord 25p ■ 94 
(28CK94I 

Capital Gearing Trust PLC Ord ISp - 468 
Clemente Korea Emerging Growth FundShs 
*10 (Reg Lux) - S13% 13.65 
Edtabwgh Investment Trust PLC 3.85% Cum 
PM Stk - £52 C0Oc94) 

Engksfl X Scottish tavestors PLC ‘8' 2Sp - 
109 (2NO04) 

FtoeOty European Vfikwj PLC Equity Linked 
Una Ln Sth 2001 - 137 


F rebury Smaiw Co's Trust PLC £rao 0*“ m 
26p- 179% % 

Fleminq American tav Trust M.C 3%% (Fnly 
5%| Cum Prf Slk - CS1 
Fleming Far Eastern inv Trust P1-C 4%% 

Cum Prf tl - 44% 

Fleming Mercartae tav Ttusr PLC 3J% Cum 
Prf Sth Cl - 65 

Gan more Snhaf Inc X Gtah Tst PLCZrad Ovl- 

dend Prf lOp - 100% 

Gonmore Snared Equity Truar PLC Geared 
Ckd Inc 10o - 96 8 (2No94) 

HTR Japanese Srrvuter Co's Huai PLCOrd 

2Sp • 104 % 6 6 7 

Hotspur Investment! PLC OrdEl - 350 
(310c94) 

JF FledgeSng Japan Ld Warrants to sub tor 
Ord - 40(?Nc>94) 

Low Dobraituu Cotp PLC 3.85% Cun Prf £1 
- 55 

Lotted Select Irtveatmra* Trust Ld Ptg Red 
Prf O.lp flobrt Active Fund - £12.91 
Lotted Srtect investment Trust Ld Ptg Red 
Prf 0.1p UJv. Active Fte - £14 
Lasted Select investment Trust Ld Ptg Bed 
Prf O.lp UX Uqutd Assets Fte- ClO 
C3NO04) 

Lazmd Srtect tavestment Trust Ld Ptg Rad 
Prf (Lip Japan Index Fund - 0167 20 7 
C8QC94) 

London 8 3 Lawrence tavestment PLCOrd 
5p - 158 

London X 51 Lawrence tavectmom PLC5% 
Cum Prf £1 - 54% 

Mtaerrta OdaAflea Sha Fte Inc SaiO- 
*1638 OtOc94) 

MorganGrentoludinAmraCo's Tst PLCwts to 
sub tar Ord - 58 9 

Now T hro gmor to n Trusn(l983) PLC Zero Cpn 
Dab Sth 1998 - £70^ (1N094) 

Paribas French tavestmem Trust PLCSers *A* 
Wananti to sub tar Ord - 23 (27to94) 

Portias French Investment Treat PLCSraa 
"B" Warrants to aub tor Ckd - 18 7 
piOcS4) 

Scottish tavestment Trust PLC J 5% Cun 

pw six - £50 xa*m 

Secimtes Treat rt Scotland PLC 4%M Cran 
Prf Stk - £45 (1N094) 

Sraambea Treat ol Scotland PLC 12% Deb 
Slk 2013 - £122 

Shtasa FBgh-YMdtag Smllr Co'a TstWIs to 
SUJ tor Ord - 65% pNo»4) 

Sphere Investmran Trust PLC Revtsed War- 
rants to sub tor Ord - 3 % 

TR SmoDra Companies inv Tnrat PLC 4%% 
Cun Prf Slk - £45 RNoSO] 

Throgmorton Trust PLC 12 5/18% Deb Stk 
2010 - £118% (1N094) 

W kynore Property tavesonwit Tst PLCWls to 
Sub lor Ord - 28 (2No94| 

Witan tavestment Co PLC 8%% Deb Stk 
2016 - £93% C2N094) 

USM Appendix 

Bdcn PLC Ora 10p- 290 ' 

GTOta Mew PLC Ord 25p - 440 5 (2No94) 
Midland A Scatttah Resources PLC Ord lOp - 
2 % (31Gc94) 

Ltaited Energy PLC Wta to sub tar Ord - 3 5 
(2 BOeW) 

Rule 4.2fa) 

AM CO Cop tac Ord lOp - CQBZ 0.855 0&0 
UNoS4) 

Mnsms ft Co PLC 'B" Old £1 - £30 

I3IOC94) 


Advrawed Modta Systems PLC CWC1 - 
£1.54 t-55 

Atacrai Cold PIG Ckd *P - mg* 5 M , 

Am Street Brtwwy Co W M 

Ann Street Bitrwray Co Id &nr Red 2WJ Prf 

A^n Club WjC Ckd £5(1 

-C90 95(2No94) 

Azure Group PLC Ckd ’Op • C0£8 
Barclays Investment FundfC.L) BtetftnS W Fd 

- £0.42 oaom _ ^ 

gdl Court Furtf MMOBAMfll PU3 Oro TOP ■ 
Cl .86 nrio'Ml 

SraksperafW.HJft Sona PLC Out 25p - CZ-4 

erteN»wHc*fln93 Pf - C OH Sp - £0^3 0.46 

Cmdran PLC Od Ip - EDJM76 P , ® c94) 
crane Foatbak ft Ateiaiic Co Ld Ord £1 • 

myli ani l 

Channrt Irtands Corns (TV) Ld Ord Sp - EQJJfl 

CMrinoa/Onratataro Charinco Dlstr - £1-831 
(310c94) 

Goratty Gordons PLC Ckd 25p - £tt8 
(iNoea; , _ __ 

Crawtnra(John Edward) Iftdge 5%% Cum Prf 
Cl ' “B5 „ „ 

D B&Mrangement PLC ftd lOp - £?w6 

vsem . 

Dawson Hdgs PLC Old 10P -K% 

De Gructiy (Abraham) Co Ltd Ckd fflp - £1 % 
(1Na04l 

Everten Fdotturt Club Co Ld Ord Stk £1 - 
£2400 (ZNo94) 

Faxcost Broadcast Corporation PLC Oro 5p - 
£0-7 0.71 

Gate (George! ft Co Ld Ord £1 - 68% f1No94) 
Gander Hrtd tags PLC Ord ip - £00075 
Guernsey Ge n Light Co Ld ftd lOp - £1 -81 
riXS 

Ml Sanurt tav Bare tat Europe*! Epuky Fd ■ 
DM21.73 (lNo9fl 

Hydes* Anvi Brewery Ld *B - OW £1 - £70 
(280C94) 

ITS Group PLC Ckd £1 - £038 (INoM 

J e nning s Bros Ld Ord Zfip - £2 

KMnwort Bensonflnft Fraid Man KB Gtl FUxJ 

- £13^4 {2TV034) 

KtotawarT Benaon(lnt) Fund Mart tat EftllBy 

Gwth tac - £2814 (5No94) 

Lancashire Enwrprteee PLC Ord 6p - £1-77 
(310c94) 

Lawrle Group PLC Ord £1 - £25% (1No94) 

La Rkdie-a Btraea Ld OW £1 - E2J5 3 3 
London Fidudery Trust PLC Old Ip - C0C3 
0.0325 04)35 

Manchester City Footed Club PLC Ord £1 - 
£13 

Manx ft Ovraeeas PLC Ord Cp - £0.0725 
(280C&R 

Manna ft Meroantta Secutidea PLC Old 
htOSO - £1.7 IB C2No04) 

Mercury Fund Manjtole of Mori) Mracuy mt 
Bond Fund - £05278 RNoSft 
Nattanrt Parking Carp Ld Ord IQp - £5-3 
Northern Maritime Property him Ld On) £1 - 
M.52 paoesfl 

Cwfcitw Entrapiuee Ld OTO £i - £0.015$ 
act?* oies^i a.034> 

OmnMedta PLC OTO 5p - £0 l 6 (1No94) 

Padflc Medta PLC Ord Ip - 2 
Prai Andean Flesoracee PLC Ord ip - £0.05 
(280c94) 

PwpetuaNJraaeyt Oitohara Aslan SmaOar 
Markets - *1^061 

P«patuai(Jeraey) Offshore Emergin g Co's - 
S6B4B39 (INOM) 


f^rpetual(Jar8ey} OflUiore Far Biottm Qnath 
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Ftangraa Footadl CUt PLC CM -fop - £0X5 
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gwrtash Ruflbjr Union V Drt»E220CT- - 

£2300 (1N094) 

Sated induatrioa PLC New Qfti 7%p (Sp M 
- £0.02376 (MBS OJBCIOeBfl - ™ 

Sevran Va— y R a O wa y ffto g^ PLC OTOCT . 

£a7B80eB4) .-T.'- 

ShepheTO Naamo LO * A* Ord El -£08 
(2No94) '• 

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SouBratn Ne wa p op ra a PLC tkd £1 - BM2 ■ 
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Tracker Network PLC OTO £1 - £8% - . 

TronssnM Tachnctefllei PLC Ord 1p : - OL8 
(310P34) 

Unkxm Inrto PLC Od 25p -£0Jt7 _■ . 

VDC PLC OTO £1 - B4JJ5 
Voss Net PLC Od 5p ■ CJJS 1J7 (31 OcM ■ 
Warburg Aseet Managemar rt Jraaay Mracuy 
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(2No94) 

WartnbtK Ld ’A* Hon.V Old 25p -£U% 
WMtmount Enragy Ld Old top - SL13 . " 
CINU941 

Wtacheoter Mufti Metfla PLC Ord Sp.- EOiT^ft 
OJ* 

Yeroea Group PLC Gtd 10p - £3455 fMoU) 
RULE Z1 <a)(u) 

Bargains marked in MCuriUeftfoot 
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the prfcipal market Is outafcfe the 
UK and Republic of Irefeitd . 

ARtrt Corp SZ6W.11> 

Assoc Manganese Mnoa F2323,4%(2.11) 
Bank East Asia S4Aip.il) 

Bate Cascade S27%(31.10) 

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Kudo SUm Rubberiss^O.ITj ‘ 

Kuflm Malay (Red HM&B6{1.11) - - ■ 

Lwrtra ipd 77601.10) 

Malayan Cement RM4J4(31.10) 

Mataywi Credit S*a89ipi.iq 
Matoyrton Plant 4Bftif3.11) 

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Or Mrmbrtoe of too Stock Bxtmtf* Comet 



* 


If 

rainforests arc 
being destroyed 
the rate of thousands 
trees a minute, how can planting 
just a handful of seedlings nuke a difference? 

A WWF - World Wide Fund For Nature tree 
nursery addresses some of the problems lacing people 
that can force them to chop down trees. 

Where hunger or poverty is the underlying cause 
of deforestation, we can provide fruit trees. 

The villagers of Mugunga. Zaire, for example, eat 
papaya and mangoes from WWF trees. And rather than 
having to sell timber ro buy other food, they can now 
sell the surplus fruit their nursery produces. 

Where trees are chopped down for firewood, 
WWF and the local people can protect them by planting 
fast- growing varieties to form a renewable Kiel source. 

This is particularly valuable in the Impenetrable 
Forest. Uganda, where indigenous hardwoods take 
two hundred years to mature. The M,nUwnid louv 
trees planted by WWF and local villages can be 
harvested within five or six years of planting. 

Where trees are chopped down ro be used for 
construction, as in Panama and Pakistan, we supply 
other species that are last-growing and easily replaced. 

These tree nurseries are just parr of the work we 
do with the people of the tropical forests. 

WWF sponsors students from developing countries 
on an agroforestry course at UPAZ University in 
Costa Rica, where WWF provides technical advice on 
growing vegetable and grain crops. 


is given, 
is exhausted 
very quickly by “slash 
and burn" farming methods. 
New tracts of tropical forest would then have 
to be cleared every two or three years. 

This unnecessary destruction can be prevented by 
combining modern techniques with traditional 
practices so that the same plot of land can be used to 
produce crops over and over again. 

In La Planada, Colombia, our experimental farm 
demonstrates how these techniques can be used to 
grow a family's food on a small four hectare plot. 
(Instead of clearing the usual ten hectares of forest.) 

WWF fieldworkerc are now involved in over 100 
tropical forest projects in 45 countries around the world. 

The idea behind all of this work is that the use of 
natural resources should be sustainable. 

WWF is calling for the rate of deforestation in the 
tropics to be halved by 1995. and for there to be no 
net deforestation by the end of the century. 

Write to the Membership Officer at the address 
below to find out how you can help us ensure that 
this generation does not continue to steal nature's 
capital from the next. It could be with a donation, 
or, appropriately enough, a legaev. 


WWF WoridWide fund For Nature 

•Tormr.-h TurfJ tnjjiur Fond' 

International Secretariat. 1 1% Gland. Switzerland. 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 


e 



* 















FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


13 


■■ \r 





0 “ 




LONDON STOCK EXCHANGE 


> .‘.rst 


MARKET REPORT 


FT-SE-A All -Share index 


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Bond strength fails to boost flagging equities 


t »' 


DRE- n 

s e R ' ' 


By Terry Bybmd, 

UK Stock Markets Editor 

The payroll and unemployment 
data from the US received a some- 
what muffled response from the UK 
stock market yesterday. Share 
prices rallied from earlier losses but 
were drifting off again in thin trad- 
ing at the close of the session. Brit- 
ish government bonds had a firm 
session, although prices slipped off 
the top as US bonds reacted to the 
employment statistics. 

Early trading saw the FT-SE 100 
Index extend its gain above the 
3.100 mark, helped by a steadier 
bond sector. But London was 
clearly in no mood to move Far 
ahead of the US employment statis- 
tics. Trading volume was poor. 

The market dropped sharply in its 
initial response to the US data and, 


TRADING VOLUME 


■ Major Stocks Yesterday 

Vol cm** Dafa 
M» cftanpa 


despite the later rally, the market 
view was that the statistics will 
maintain pressure on the Federal 
Reserve to tighten policy again, per- 
haps after Tuesday's mid-term Con- 
gressional elections. 

The FT-SE 100 Index fell through 
3,100 to touch 3,093.1, the day's low 
before rallying to close at 3,097.6. a 
net fall of 6£. Traders admitted to a 
"dreary day's business", although 
the analysts were busier as they 
scrutinised Interest rate prospects 
on both sides of the Atlantic. The 
general view on near-term prospects 
for UK shares remained highly cau- 
tious. 

The more revealing picture of the 
day came from yet another fall in 
Seat} trading volume which, at a 
mere 509.5m shares, was about one 
third down on Tuesday’s figure. 

Poor volume continues to present 


problems for the market although 
individual deals continue to provide 
profitability for the big names. A 
substantial placing in Forte shares 
was believed to have taken place 
outside the market. 

A leading US brokerage house 
told clients just before the London 
close to "look for the Fed to raise 
rates next week by 50 basis points. 
Beware of central bank intervention 
if the dollar begins to weaken". It 
expects strong growth in the US 
industrial sector which would put 
further upward pressure on US 
capacity utilisation, an area which 
has badly upset markets over the 
past couple of months. 

However, there was no sign yes- 
terday of further intervention in the 
currency markets by the Federal 
Reserve. 

London securities houses were 


also cautious on the outlook for 
domestic rates, reminding clients 
that this week's inflation report 
from the Bank of England still 
leaves open the likelihood of a rate 
rise by. at the latest, the beginning 
of next year. 

However, on a brighter note, the 
president of the Bundesbank said in 
London that he saw no threat of 
inflation in Germany, and his com- 
ments were favourably received in 
the bond markets. 

The gilt-edged market was firm 
from the opening of trading and 
moved ahead sharply when the US 
Federal bond sector took the US 
employment data calmly. At best, 
the long-dated UK government 
bonds were around ahead, 
although these gains were trimmed 
to around ft by the close. 

Short dates also firmed as the 


expected timetable for base rate 
rises appeared to move back a 
shade. The Bank of England 
announced that it is issuing a fur- 
ther £700m in tranches of existing 
government bonds, to be available 
for trading from Monday. 

The broader range of the stock 
market continued to recover. Free 
from the influence of the dollar 
stocks and London's stock index 
futures markets, the FT-SE Mid 250 
Index added 3.3 to 3S34.& 

Next week is likely to present fur- 
ther problems for global stocks mar- 
kets in the form of the US mid-term 
elections, as well as a heavy list of 
auctions of Federal securities. 
These will lead the markets towards 
the next meeting of the Federal 
Reserve's Open Market Committee 
cm November 15 on which interest 
rate worries are now focused. 



Equity Shares Traded 

Turnover by tfotume tmutonj. Exc&xfeig: 
Intra-martu-t business s>3 Overseas turnover 
1.000 


■ Key Indicators 

Indices and ratios 

FT-SE Mid 250 3534.6 + 3.8 

FT-SE-A 350 1552.9 - 2.3 

FT-SE-A ABShara 1533.05 - 1.97 

FT-SE-A Afl-Share yield 3.93 ( 3 . 93 ) 

FT Ordinary index 2371.7 - 5.5 

FT-SE-A Non fins p/e 13.80 ( 18 . 86 ) 

FT-SE 100 Fut Dec 3115.0 - 4.0 

10 yr Gilt yield 8.74 0 . 79 ) 

Long gilt/equity ytd ratio: 2-23 ( 2 . 24 ) 



FT-SE 100 Index 

Closing Index for Nov 4 3097-6 

Change over weeh ........... +13.6 

Nov 3 3104.4 

Nov 2 3081 S 

Nov 1 3096.3 

Oct 31 3097.4 

High' 3111.5 

Low* 3069.5 

'Irera-cay Wgn and hnv tor week 


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Stock index futures had a 
quiet day, trading in a narrow 
range and ending tittle 
changed, writes Jeffrey Brown. 

The FT-SE 100 December 
contract was 3,117 at the 
official 4:10 close, 
down two points. The premium 
to the cash market was 
17 points with fair value 


premium around 11 points. 

The day's trading arc was 
narrow with a 3,127 peak 
comparing with a low for the 
session of 3,096. There were 
11,659 contracts traded, 
against 10.868 on Thursday. 

Traded options turnover was 
also broadly unchanged at 
18,417. 


■ FT-SE 100 INDEX FUTURES (UFFE) E25 per ful indm point 



Open 

Sea price 

Change 

High 

Low 

Esl vol 

Open int. 

Dec 

3112.0 

3115.0 

-4.0 

3127.0 

3096.0 

12801 

53873 

Mar 

3136.0 

3134.5 

-40 

3128.0 

3138.0 

40 

3960 

Jun 

- 

3156.0 

-4J 

- 

- 

0 

80 

■ FT-SE MID 260 INDEX FUTURES (UFFE) CIO per lull prim 



Dec 

3550.0 

3560.0 

+20.0 

3570.0 

35500 

123 

4229 


■ *^-SE«W2M»mEXFtmflttS<OMlJ0C10pgftilin0«wpc*» 

Dee 3,544.0 ~~ ~ 

43 open luatnsi Sgum on tot [ratrtoui day. T Exact votana Mm 


■ FT-SE 100 MPEX OPTION (UFFE) ^3098) CIO per hiU lndo< powi 

2900 2990 3000 3050 3100 3150 3200 3250 

CPCPCPCPCPCPCPCP 
Uor 2ta 3h 170 8 124 Wz » 21>* SO 39 26 67 12 Wh 4*2 152 

Dec 233 IB 191*2 26*j 154 39 116 S2 87 74 62*j 100 42 130*2 29 167 

Jan 257 33*2 219*2 46 183 59 148 76 119 36*2 90- 119 69 148 50 180*2 

Fed 273*2 39*2 237*2 53*2 201 66*2 188*2 85 138*2105*2110*20*2 BO 159 69 189 

Jurf 316 71 247*2 102 U6*2l39> 2 140 192*2 

cub IJ44 Rue uii 

■ EURO STYLE FT-SE 100 INDEX OPTION [LiFFQ E1Q par hi! Index point 

2825 2975 3025 3075 3125 3175 3225 3275 

Hw 191*2 5 1(5*2 8*2 in 18*2 05 28 36 49 17 80 7*2 120 2*2 165 

Dec 211*2 22*s 171*2 32*2 13S 45*2 102*2 0Z*2 74*2 84*2 Sl* 2 111 32>j 142 20 178*] 

JW 232 34*2 234 82*2 178 104 127 160 

Mar 29*2 54*2 191 B4 133*2 124 » 177*2 

Juit 299*2 77 234 108 178 146 127 iB3*j 

Crib 1JS3 Pua takR Mk Mm Am n M**d w l oaenwoi prtae. 

f Long driH B4*y mooBa. 

■ EURO STYLE FT-SE MD 250 MDEX OPTION {OMLX} £10 per hiJ index po*rt 


3400 


3450 


3800 3590 3600 

Od 121 58.6 913 80.6 7tt2 107 

Cato 8 Pin 0 SeUtnaad prices end nhms era Wcb el MOpm. 


3650 


3700 


3750 


FT-SE-A INDICES - LEADERS 3 LAGGARDS 


Pemanuge changes stnee Dacember 31 1983 baaed an Friday November 4 1964 

LkAana -11 A3 

OMnded ktttatrtab -1293 

mraport -1139 


03, 


*r. 7S 


RtadH, P«(W 8 Pt*c +721 


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n-S£ MB 250 -677 

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Eaghieeitae. WNdto +6.62 Nan-Rmnciab -6fl7 

taneal Edaflai ->&» SpHb. Hh« S Odn — -7£2 

Ertstflw WWriea _ — . +118 G(n llntoina -7.78 

Wbur -777 

FT-SE-A AJ-Swn -857 

CamiBBr Goods -&80 

Sftrtfcan -881 

name -888 

HmttCss — •BOB 

FT-SM35D — -881 

Swot Sodcs _ 4.13 

FT-SE 1Q0 — -938 

FT B* P*1K hde» __ -483 knannem Tiuos -MS 

FT-CE MU SO to IT -8.44 QecOon^CBK Eqpl -1089 


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-347 

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-4.63 


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T**m & toon# -1+53 

Ottnukn -I486 

TdecoinnuKalkna -14 58 

Mdei fienaral 15-52 

FlranariB -15J7 

HaaMd Goads -1589 

BdUns Mriatab -1599 

tmaooe •1800 

Bade — -1519 

Prapenr -1553 

BdUng 8 CuwtaMwi -14.79 

Motisia Banks -2023 

Tntan) -7185 


| FT-SE Actual' 

;es. Snare 'ndices 












F%e UK Series | 


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154 

578 

3088 11162 

133068 

41518 

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35342 

+ai 

35303 

35225 

35ZS4 

34856 

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£26 

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mm 

4M07 

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33424 

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41807 

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15526 

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1551.4 

15416 

368 

B.75 

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123521 

17703 

112 

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2004 

8645 I4/I/8S 

FT-SE SmMm 

1781.73 

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173028 

177868 

177375 

178467 

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468 

2565 4078 

1388.78 

288468 

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1383.79 37/12/92 

FT-4E SBnKap a* to Initt 

175180 

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174067 

174024 ' 

174866 

177267 

364 

564 

23.11 51.78 

136765 

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288072 

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138379 31/12/92 

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154002 

153032 

153051 

152720 

363 

662 

1766 5263 

121410 

118411 

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■ FT-SE Actuaries 


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383483 -04 389086 389184 387502 3097-30 X35 535 23.11 9682 109511 <107-55 2/2 

2709-76 -51 Z715L91 2BBB80 271520 245680 559 555 22.44 SaOB 1115.11 Z7G28B 5/8 234095 

158537 -H3 1891-59 188781 1B3285 192780 220 * t 38JD 1D8084 2009L43 27/4 176440 


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30/3 27B2.46 SM9I 98220 2Q/2/B8 

3173 3944.10 B/IVW 85020 28/7/86 


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' 22 &*»V Mrifc 5 UOthtfSa 1834.77 +1fl 181728 1B11.TB 181450 1854A0 4fl6 528 22JM 88.90 86904 

ss cnon*a*zs 230547 -as 231115 228079 23059* 21B500 Ht2 no 2790 rose 1021.75 

24 Ohmffiod MaatrtaW16) 176561 -m 178058 1757.16 1771A0 196BJM 520 522 2502 8275 907.13 

25 BWmolC A Beet EgUP4 1807.15 +<LZ 1884.02 186512 18S7S1 2l14fl0 599 588 1790 8lfl8 92510 

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27 Mnanta. WttJBsflQ 228544 +52 2265M 2247A0 224&4B 103720 Ml 1A4 80.001 92-54 110553 

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31/12/85 1000.00 


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Line of 

Forte 

placed 


IAPT1 


Shares in hotels and leisure 
group Forte gave a creditable 
performance given that institu- 
tional investors had to absorb 
the placing of 78m new shares 
at 227p a share to fund the 
group's purchase of an initial 
ST per cent stake in Meridien 
Hotels. 

Forte has agreed to buy the 
stake Trom Air France for 
£131 m and will eventually 
increase the stake to SO per 
cent. The placing, which raised 
£175m. was carried out by 
Forte's broker UBS. 

The Forte share price closed 
3 down at 233 V-p. the lowest of 
the day after turnover of 3.1m 
shares with UBS marketmak- 
ers keenly supporting the stock 
towards the close. 

Forte shares have performed 
well relative to the market 
recently, moving up some 11 
per cent since the middle of 
September compared with a 3 
per cent rise by the FT-SE 100 
and a 1.5 per cent rise in the 
leisure sector. The shares rose 
despite widespread fears of a 
substantial rights issue. 

Mr Roy Owens, leisure ana- 
lyst at Smith New Court, said 
“the placing removes fears of a 
rights issue and it shows there 
is a continuing appetite for the 
shares". 

Lonrho busy 

Lonrbo burst Into life with 
28m shares - 4 per cent of the 
company - changing hands as 
the stock market got its teeth 
into the potential implications 
of Tiny Rowland's departure. 
The management move, and 
the sense of high drama it cre- 
ated. also generated a huge 
traded options business. 

Amid talk of a wholesale 
clear-out of non-core 
operations and a rapid reduc- 
tion in debt, the shares jumped 
12 to 144V s p in heavy two-way 
business, although dealers said 
no large lines came on offer. 
Even on a busy day Lonrho 
seldom trades more than 3m 
shares. 

The consensus in London 
was that given a free rein the 
board will now move quickly 
to rationalise Lonrho’s group 


NEW HIGHS AND 
LOWS FOR 1994 

NEW WOKS PZL 

G UTS p i BUUXMQ A CNSTRN 0) Vtroptar, 
WSTRIBUTOBS (4) Adam & Haney, UMwa, 
REA. llWIin, DIVERSIFIED INDIA (If 
Mtatasn. ELECTRNCaELECTBOUPIl} 
Moot ola. ENGUNEEHNG pj FR Kttoey. 
EXTRACTIVE INDS 11) WKHen-. l/ntt). FOOD 
MWIUF HI Ban lAGl. MVESTUBfT TRUSTS 
HI LEEURE « HOTELS (I) VCJ, UFE 
ASSURANCE ni Lixny lm Akxc cl Afcca. 
OIL EXPLORATION & PROD fl) Guttotraam. 
OTHER FINANCIAL |t| StnCae+m. OTHER 
SERVE 4 BUSN8 « Ange-Eas: Ptarts.. 

Qnum. SUPPORT SERVS (1) Eage. 
TRANSPORT (I) PSO S*r pc PAL, AMERICANS 
(1) AuKUN. SOUTH AFRICANS (If SA BfMA 
NEW LOWS 107+ 

banks ft) breweries pi 

BCKfcMXon. BUILDINO S CNSTRN p) Be & EA. 
BIOG MATES 4 MOOTS » t>,rx « MAA Do A 
msTHiauroRs m enqineerihc m 
Cmorntnc. Forum. Ktmung e'.pe Prl.. Mmol 
& FMv MS IWt . Morgan Coeflto T.-.pc Prt_ 

Ro *zjovt. EXTRACTIVE ENDS (Z) Ayv Hrtam, 
Rxfcwaod. POOO MANUF (2) Bansons Crops. 
Canadian Pizza. HEALTH CARE (3) GicenacJC. 
ML Ldn. WSUHANCE PJ HaA3i iCEL 
INVESTMENT TRUSTS p3| INVESTMENT 
COMPANIES p| LBSURE 4 HOTELS P] 
LoOtwrAe. Oodrnm. UFE ASSURANCE p) Uia 
Friaraty B. MHMA (2) Gc/o Gieanlces Tion. 
A+dand Inu_ Oft EXPLDA47TON fl PROD It} 
Can-Tta. OTHER FINANCIAL A ElMIfy 
Cupdal. E^co. Lcndan Finance A bn+L, OTHER 
SBWS & BUSNS 00 HuNtav. LMgri IrtwcsB, 
IH1AHMA com CALS (2) Hiaftnflrion HU. 
Rjfwrn |H 7 PW7NQ, PAPER fl PACKG (Sj AG. 
API. PROPERTY PI BHtov. CarcMI. Pmoorry 
Tm*. Sturttesbuy. Souiticnd Bps Crw. 2CC0. 
RETAILERS, FOOD p) SMpnw. RETAILERS. 
CETERAL |4| Rrw Art Dev&. Kngfenw. 
Meencsr. OnftamB htt. SUPPORT SERVS P4 
Hogg Rotwraor. Jchraon Owners, OwlDrd 
Mae cUar, TEXTILES fl APPARBLP) Canpan 
M.. Fi. lww. TRANSPORT 0 SeoMa, Vad. 


structure, which consists of 
some 600 companies. 

Analysts expect a string of 
new year disposals with best 
bets pointing to the UR motor 
distributors, Dovercourt and 
Dutton-Forshaw. and the Afri- 
can non-mining business. 
These generate around 30 per 
cent of group profits. 

Media conglomerate Pearson 
lost some of its recent gains 
after NatWest Markets down- 
graded its recommendation on 
the stock. The securities house 
derided that the valuations for 
BSkyB. the satellite television 
group, were too high. Pearson 
shares fell 20 to 624p. 

Conflicting wire agency sto- 
ries late in the session unset- 
tled Vickers, which shed 3 to 
180p. Speculation of a link-up 
with a big German company 
had helped lift the shares by 
almost 10 per cent in the previ- 
ous four days. 

A Daimler-Benz spokesman 
was quoted by Extol as saying 
his company had no plans to 
take a stake in Vickers’ 
Rolls-Royce motor car subsid- 
iary. In contrast, Reuters 
weighed in with industry 
sources suggesting that Daim- 


ler's chances of linking up with 
Roll-Royce Motors were far 
greater than those of rival Ger- 
man motor group, BMW. 

At a City presentation on 
Thursday, Vickers told ana- 
lysts it would announce a part- 
ner for Rolls-Royce Motors 
before the end of the year. 

Shrugging off a 3 per cent 
decline in new car sales for 
October, motor distributors 
stayed a clear feature with 
Cowie, basking in tentative 
takeover talk and adding a fur- 
ther 2 at 239p, and Lex Service, 
which jumped 13 to 361p. 

Cowie has put on almost 12 
per cent in four days while Lex 
has staged an advance of 27p 
in three days. Dealers pointed 
to the low volumes in the 
shares - Lex traded just 
223,000 - plus recent heavy 
under-performance. 

Cowie has lagged the market 
by 5 per cent over the past 
three months while Lex has 
underperformed by around 15 
per cent 

Sun Alliance was one of the 
top performers in the insur- 
ance sector following talk of a 
UBS buy recommendation; the 
shares rose 4 to 341p after good 
turnover of 4.3m. 

Royals eased 1'4 to 308p but 
remained 19 higher over the 
week following a spate of bro- 
ker buy recommendations, 
notably from BZW, and ahead 
of expected good third quarter 
results next Thursday. 

Prudential gained 5 at 323p 
Irish Permanent, floated on 
the market a week ago at 180p. 
added 3 to 220p, still buoyed by 
news that Abbey National, the 
UK building society-turned- 
bank, had bought a 9.9 per cent 
stake in the group as a 
“long-term investment”. 

In financials. Gerrard & 
National jumped 18 to 483p fol- 
lowing support from income 
funds while Cater Allen, due to 
report interims at the end of 
the month, continued to move 
ahead strongly, closing a fur- 
ther 8 higher at 512p, up 43 on 
the week. 

Sage Group, the computer 
services company, gave 
another exceptional perfor- 
mance, the shares racing up a 
further 23 to a record 678p, 
after the scintillating figures 
and the French acquisition 
announced on Thursday. 

Radioactivity healthcare spe- 
cialist Amersham Interna- 
tional eased a penny to 985p as 
it was announced that 


■ CHIEF PRICE CHANGES 

YESTERDAY 

London (Pence) 

Rises 

Ad west 163 + 7% 

Alvis 44 + 2Vt 

Control Techniques 305 + 15 

Euro Disney 105 + 9 

KlearfokJ 115 + 7 

Lex Service 361 + 13 

Lonrho 144*4+ 12 

Marley 142+7 

Riverview 680 + 65 

Sage Group 678 + 22 

Sleepy Kids 50+4 

Stratagem 167 + 6 

Thorpe (FW) 225 + 10 

TransTec 54+3 


Falls 

A/jo Wiggins 
Essex Furniture 
Euromoney PuW 
MAI 
MS Inlf 
On Demand 
Pearson 
Proteus Int 
Shoprite 
Trafficmaster 


267lt - 
185 - 
1650 - 
296 - 
30 - 
96 - 
624 - 
260 - 
16 - 
148 - 


8'* 

9 

95 

10 

4 
6 

20 

18 

5 

6 


S.G. Warburg had reduced its 
stake to 13.97 per cent How- 
ever there was some support 
ahead of interim Figures on 
Wednesday which are mooted 
to be around £19.5m. 

Consideration of the decision 
by discount retailer Kwik Save 
to buy the retail supermarket 
business of Shoprite for £45.4m 
saw the latter tumble 5 to 16. 
Kwik Save, which had pub- 
lished figures above most ana- 
lysts' forecasts, was steady at 
550p. 

Boots, the high street chem- 
ist and retailer, lost 7 to 5I2p 
on further reaction to Thurs- 
day’s cautious statement on 
potential trading In the second 
half of the year. 

CoortauJds Textiles gained 6 
to 476p in response to a buy 
recommendation from BZW. 
The investment bank says 
Courtaulds offers strong cycli- 
cal recovery in depressed but 
structurally satisfactory busi- 
nesses. 

The house also advised cli- 
ents to buy Marks and Spencer 
suppliers Dewhirst and Clare- 
mont and the two stocks held 
firm at 125p and 316p. M&S fell 
5 to 414p. 

Pulp and paper supplier Arjo 
Wiggins Appleton fall S'/s to 
267'Ap after announcing that 
turnover in the third 
quarter of the current financial 
year rose to £686m making 
£2.l3hn of sales for the nine 
months. 



'ommodity & Financial 
History on Oxnpact 
Dish 

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Sovereign (Fonas) Ltd. 
24hr Foreign Exchange 

Mof^m Trading Fadfeiy 
Caoipdiliw Prices 
Daily Fa* Service 

fet 0/1-931 9188 
fc*: 071-931 7114 
42o Budtnglana Pdocr Rood 
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HNANOAL TIMES WEEKEND NOVEMBER 5/NOVEMBER .6 1994 


FT 


Gifts That Mean Business 

Choose FT diaries for personal or business gift use and when your order exceeds 24 items, generous discounts are available. 


FINANCIAL Li .MLS 









An Indispensable Business Diary 

The FT range of desk and pocket diaries 
contain meticulously researched information, 
and are presented in a choice of three superb 
finishes, reflecting the standards of integrity, 
accuracy and consistent high quality for 
which the FT is respected the world over. 

In use they discreetly acknowledge that 
the owner appreciates these values and 
when offered as business gifts, they speak 
volumes about you and your company. 

Ft Desk Diary 

The FT Desk Diary is an invaluable source of reference 
and aid to good management. It makes day to day 
planning simpler and more efficient and contains over 
100 pages of business and travel information. Whether 
vou need important statistical information, a business 
vocabulary in four languages or details of which airline 
flies to which city, the FT desk diary has the answers 

BUSINESS DIRECTORY. Contains a stock market and financial 
glossary and lists the top 100 international banks and world stockmarkets. 

BUSINESS TRAVEL. Contains 52 individual country surveys encompassing 
no less chan 135 international cides. There are city centre maps covering 16 
major centres and a 48 page full colour World Atlas. 

DIARY SECTION. A week-to-view format which runs from November 24th 199+ to 
Januarv 28th 1996 with plenty of room at the foot of each page for note*. Useful 
calendars and planners and international holidays are included. 

STATISTICS AND ANALYSIS. Includes graphs showing the FT Actuaries British Govern ni rut 
All -Stocks Index, FTSE 100 index, Dow Jones Industrial Average, The Standards and Poors 500 Composite Index 
and the Nikkei Average Index. 

The FT Desk Diary is available in three finishes, black leather-cloth, burgundy bonded leather ami black leather. Each 
has a detachable Address/Telcphone Directory with an impressive, hard wearing laminated cover and contains an 
international dialling code listing. 

FT Desk Diarv Size: 267mni x 216mm X 33mm. 






Matching Pocket Diaries 


There arc pocket diaries to match the FT Desk Diaries. Each has a week-to 
Uteri section which runs from December 19th 1994 to January 7th 


I 99b jnti contains 34 pages of business and travel information including a 
juidc to hotels, transport and entertainment in London and other UK cities 
plus essential information for the major business centres of the world. 

A detachable personal telephone directory tucks inside the back cover. 

FT Pocket Diary Size: !S9mm x 84mm x 14mm 

Black Leatherdoth PC 

Burgundy Bonded Leather PB 
Black Leather PL 


Gold Blocked Initials or Full Name 

Every diary in the FT range can be personalised with initials or fid I name. 


The FT Range also 

INCLUDES THE FOLLOWING: - 

(NOT ILLUSTRATED) ' ■ ' 

FT European Desk Diarv 

The definitive European diary shows how the 
legislative system works and gives- a moat ! 
comprehensive country guide for each EU country, _ 
Key sections are in five languages and the dated 
section is a week-to- view format with each week 
day divided into one hour segments. World ado, 
dty centre maps and a detachable address/ 
telephone directory are included. The diary, nnu. .- 
from November 24th 1994 to January 24th I9%._ 

FT European Desk Diary 
Size: 230mm x 21 5mm x 30mm 
Black Leatherdoth EDC 

Black Leather EDL - 

Blue Leather EDBL 

FT North American Desk 
and Pocket Diaries 

This edition of the FT Desk diary contains oyer 
100 pages of information covering 62 American 
and Canadian cities. A lull colour world atlas and 
25 dty centre maps are included. The Pocket 
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directory. 

FT North American Desk Diary 
Runs from November 28th 1994 to January 28th 1996_ 
SIZE: 267mm x 216mm x 30mm 
Black Bonded Leather USDL 

FT North American Pocket Diary 

Runs from December 25th 1994 to December 31st 1995. - 

SIZE: 159mm x 86mm x 1 0mm 

Black Bonded Leather USDP 

FT Sumline Pocket Diary 

A slim diary with FT pink pages and a black banded 
leather cover with a two- week-to-view formal 
which runs from December 26th 1994- to January 
7th 1996. Additional pages contain calendars, year 
planners and profiles of 16 UK does. Internationa] 
dialling codes and world time zones are included. 

FT Slimline Pocket Diary 
SIZE: 170mm x 84mm x 5mm 
Black Bonded Leather SP 

FT Chairman’s.Set 


kT I K 'S •* f 1 A 7 / L / r' 


. ■ Tv / 7-T^ 


The ultimate desk and pocket diary set bound in 
rich brown leather with fine gold tooling and issued 
in a limited edition. The diaries are die same size 
as the FT Desk and Pocket diaries and contain the 
same meticulously researched information. 

Brown Leather CS 


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Ft Pink Page Desk Diary 

This diary has a full page for each weekday and runs from December 30th 
1994 to December 31st 1995. There is ample space for notes and the 
information pages provide a vast quantity of data covering the world's 
major business centres. 


FT Pink Page Desk Diary 

Black Leatherdoth 
Black Bonded Leather 


Size: 190mm x 230mm x 28mm 


Ft Pink Page Pocket Diary 

Wilh its distinctive pink pages and black bonded leather cover this diary is 
unmistakably FT and is our most popular pocket diary. It has a landscape, 
week-to-view diary section which runs from December 19th 199+ to 
January 7th 1 996 and 34 pages of valuable business and travel information. 
A detachable personal telephone directory is included. 


FT Pink Page Pocket Diary 
Black Bonded Leather 


Size: 172mm x 87mm Ibnun 



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FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1 994 


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Ptaaso return to Kevin PhJOlps, Tha International In Britain, FREEPOST, Gnystoka Waco, Fatter Lana. London EC4B 4QJ ' 
Ms (Hose 5MineFfCE9iriMOnui4ttSHiii.t8arMf9ii.nl non* itar long hod HuBMnmtaUH flftiwon f ]?5 v*bs I IO«orS|88» 

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16 


FINANCIAL TIMES 




WEEKEND NOVEMBER 5/NOVEMBER 61994 
































































































































































































































• FT Cttyffne Unit Trust Prices are avi 

OFFSHORE AND 
OVERSEAS 

BERMUDA (SB regogmsed) 


i over the telephone. Call the FT Cityline Help Desk on {+44 71 J87S 4378 for more details. 

gSp- 1 — as- as- *.-2? ssr «■ a s 

" gom0Ht(CO LW Stagers 

m e = 



Do they know something you 
don't? 

For subscription details contact 
the marketing department 
Tel no: +44(0)171 405 6969 
Fax no: +44(0)171 242 2439 


FINANCIAL TIMES 

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FINANCIAL 


TIMES WEEKEND NOVEMBER 5 /NOVEMBER 6:1994 


WORLD STOCK MARKETS 


NORTH AMERICA 


-l„ £ 4 % 19 02 11 J Martin 
_! 43 32 % 5014.1 Mrtnln 


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— 10.4 LnUmt 
09 170 
20179 


♦ V 27 18*2 ** ' 4-4 EZSrlV 
+% 17 % 12 % 7.1 440 
+% 15 V 11 % 20 222 “ 23 S 
♦% 17 % 12 % il 70 


-18 705 502 1.9 

+1 ISO 100 00 


+% 22 % 17 
-V 40 % 24 
-% 34 V 27 

U: Si 4 rf 
-V 42 VM 


09 28. 8 MeteSB 
39 80 "M*. 


z 149 OtkmpA 9890 -90 108 


-5 704 287 0.4 


32 4.0 10.7 
40 % 3 8 41.4 
29 % 10 — 


220 RetjQta 


14 % fj ram SWora 237 
iSu - Tmndi lira 
22 % 24 169 MB Ti 70 


18 % VI 121 '«**« 

7 V 19 89 

^ U 179 HUKX<Nov 4 /R&) 
15 % 39 86.4 
46 1911.7 


73 -1 104 99 10 

« - SO 102 64.10 19 
4630 +90 5700 41 _ 

95 -.40 120 8490 1.1 
237 _ 258 175 29 

lira -90 31 1490 _ 

lira -90 20.60 12 _ 

103 _ 129 GO „ 


truss 


_ 49 mu m p 
21 160 
1010 a “ 2 * 
12117 
89 10.7 


0,4 5.7 tannest 44 V 

— -,*+■» 59 165 Merck 35 % 

3 (rt* 24 ^ ft .0 7 .T MtdUh < 7 l 2 

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ITS 00 2KB JgmSr 45 V 

19 203 MMM 53 % 
70 11.8 MM* 83 % J 
21 2 S 9 AU« 43 V 
19 200 JAtrtAOi 9 % 
39 29.1 MM 75 %d 

20 19.7 MigkiP 80 V 

9 % 59 61 MrynSI 83 % 


PI 

H asS 


102 V 08 140 Snrtja 
82 % 39 _ SltaMh 
52 % 19 309 SUMM 
LV 2.1 239 SUiCd 
08120 Sort 
6011.7 smm 
4011.4 TJK 
»% 10359 TRW 
30 % 29 161 TCQral 
28 % 24190 TmOrila 
38 V 19 270 Tamtam 
32 V 20 64 Tandy 
4 v — 29 THmx 
39 - 321 TSUyn 
38 % 19 459 TMan 
30 % 29 280 mpM 
03169 Tnneco 
... 4.1 165 Tamm 
30 V Ol 329 Toaco 


M 

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29 165 

3.0 ._ 

„ 04 168 
M 3.4 109 

lBV 05189 Mdon 
40% 07 _ ttfiX 
16% 20 NATL 
17% 89 8.1 
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09 229 
. 06 170 

V Ol 140 

% 30 208 Non* 
M _ 27 
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3»?4 06 180 
_ 99 
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1.0 130 
20 180 

— 170 


10 W 3.4 129 «SF 
21 % 5910 B Accor 


,0, 3 "294 S £3 

05 68 An 
_ , 03 260 B)C 
8 % 49 8.8 BNI 
lie 4.7 1.4 Bnc* 
.... 164 Bdimi 
29 50 ’ 

40 57.4 

. 30 63.8 Canal* 


213 +250 35820350 .. 

810 -7 780 50 * 09 

737 +5 814 655 28 

473 *8 913 454 49 

+ 4.10 330 217 141 
+8 718 570 49 
+728850 227 1.1 


-5 3017 2070 64 
+Z 2 K 2 210 _ 
_ 530 4 B 3 39 
*4 950 622 04 
+650190 416 29 
-.1057150 38 fl 29 
M +190 424 329 39 
1.387 +22 1020 1930 09 

277 +00 372 2 S 4 29 
217 -190 267 200 17 
250 -2 313 23180 24 

982 -3 LIBS 888 14 

38790 -690 438 330 19 
823.70 +07078154 807 21 
+1 695 610 10 
_ KSJ 480 19 

28650 +390 328 23690 21 
+2 380 288 02 
+455950 458 28 
+ 27 D 400 317 2.0 

_ 415 316 28 

48650 -90 528 OB 19 
.w 44680 +-490 554 418 00 
MW Pf 35500 + 4.70 443 337 09 
WaW 1.015 + 101.073 780 ,9 

ZnFpap 217 +12 270 205 10 


I (Nov 4 /Kroner) 


*1 060 250 10 

+3 8 B 5 433 10 


S? 

KEMEx 635 
KNOT 557 
KHom 838 
_ KMlea 1070 

Z 0 *M 620 


-_ 422 271 _ — ~ 

-2 +57 303 _ _ 

-8 Tffl Ml 

9 815 519 — — 

+7 1170 014 00 

— . 10361000 09 — 

-1 ST7 1 * __ _ 


1.140 +10 1930 1.120 — 


-2 107 15 09 

-1 134 144 00 


2050 +10 2060 1.700 Z Z 

2440 -20 2780 2150 „ _ 


+T 44250 328 10 _ 


823.70 + 3 . 707 H 
+T 6! 


1 -90 134 8 T Z» 

-0 134 85 30 

-90 110 7050 60 
i -7 430 251 10 

! -190 80 3800 29 

r -00 311 197 00 

+90 312 178 3.0 
+490 550 165 30 
+190 215 162 OO 

-« 372 17 __ 

_ 165 14 1.7 


+3 OUT 732 — 
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+3 &B 3 846 — 
+2 787 951 — 
-1 673 425 1 0 


391 —07 S 06 396 00 — 

898 - 0411.12 642 30320 
094 +04 61 D- IffiU - 
895 -06 1100 700 30 32-1 
200 -04 192 290 27 _ 
077 -05 672 073 S 9 _ 
499 - 4.79 300 61 _ 

106 +02 296 191 12 41 
OBBta -.12 20-78 16 10 51.1 

£33 -01 3.58 230 49 89 
030 -01 402 015 61 _ 
004 +03 190 094 _ _ 
1308 -02 1 EJBS 1200 49 306 


12f 


448 +9 SZ 3 318 — — 

02 D +101050 1010 — _ 


1020 +1010501 

545 -7 045 

2740 -10 3000 2 

7030 +20 7020 5 . 

438 +1 666 


4.46 _ 

1 B 9 B -06 

3.10 _ 

6 M -«1 


4 a 50189 
1500 OS — 
2-55 30 — 
200 29 „ 
700 21 _ 


z^ 8 ?«« 


-90 155 1 £ 5 ? I > Z 


+12 270 205 19 


-1 186 102 Ol 

— 166 90 Ol 


2440 +20 2080 

808 -3 782 

M 42 - 1^30 


Z ITALY (NOT 4 /Lire) 


+18 6 U 44010 28 
2727 -2 3.750 2080 04 

552 +5 759 503 1-4 

1,191 - 21.480 1033 40 

045 _ M 5 S 794 4.4 


17 % 1.1 14.1 


BComm 3925 

BNazAo 2000 


CaoGan 10130 + 4902 »jai 19890 50 
CnMu 18790 +22132015650 ._ 


n -jB 


+ 221320158^0 
-8 2274 1011 20 


1 . 114.1 Crtaur 20»5 -8 2274 1.711 

— 60-7 Casma 16400 -.10 20 S 1 S 26 ) 
26103 Clans 1019 +35 19701004 
67167 CUMrt 442 +2 405 346 


10 220 CtT 
_ B0 CrfOnF 
. 09 370 &lya 


TV 30139 CrtocF 40820 +1190 49639120 _. 


29139 Ooabec 

%?32?3 2 a 

15 V 30 17 Ren En 
61 20 20.1 




442 +2 48 S 346 20 

291 +119030090 201 19 
774 -4 1065 708 70 

482 +990 856 _370 il 


+% 36 V 27 V 30 11.1 CrNat 37490 ->81 737 370 162 

— 7 V 5 % 40 Daman 5000 +20 6160 5,000 67 

— 24 V 18 % 66112 Danone **• -»•■»+• •—» «» 

+ 5 ^iSss^ssf 


^ +Ti 


w* 21 119 

72 % 30 164 


59 % 40 70 TBxbn 
9 S 19 69 mUa 


40 21/4 
__ 40 

■r^-a «- 1A 179 _ . 
40 % 23 % 19249 ItoyOak 
aK i 4 V 4.7 _ sbjka 
« 50 % 27 119 
567 * 43 V 21 390 
58 V 42 V 3 J 109 Saavni 
12 % 5 *« _ 180 SoamC 

68 J, 58 % 6.1 149 SheBA 
883 ) 81 13 100 SM-Sy 

43 % 29 % 07 19.1 Soudan 
60 % 47 ’* 27127 " 

20 22 % 27 79 


18 % 89 112 ftrane 732 +0 1,002 B 8 & 30 

6 % 00 508 DocksF 710 -2 830 BID .... 

19 % 40 _ Datra 310 +2 476 310 10 

28 *) ... 46.1 EBP 930 +1 977 780 24 

IV — 28 EautOn 48650 + 7.70 749 416 04 

IB ^JS 0 Eon 095 *10 740 509 22 

21 2.4 26 0 BtAgu 371.60 *190 435 JS 8.10 50 

- _ — 3,030 ^30 382 2 S» B .1 

245 -4 282 191 14.7 

702 +2 1088 685 .._ 

808 +13 865 860 64 

780 S 30 635 1.7 

3.450 _ 3.«7 2750 20 


Z * 1 A 17 *» — . 41 
♦V 31 % 25 V 40 310 gSm 

+!« Ab 


+V JV 5 V —170 ErflSay 
-V 12 % 8 10 625 ErDCtn 
— 15 10 V — 2 B 0 EsaHr 


+V 10 6 % 01 17.1 Bbi 

44 % 34 V 1.4 270 Ewafr 
— 10 BV 28 21.7 EtOSCG 

♦V « 37 V 20 37.7 EuOla 


-V 11 % 8 % — 24 find 
+V 21 14 V 1.4 28.1 Foncly 
-V 20 % 9 % 20 369 FflrtM 


7 V 5.7 547 GTHEnt 


245 -4 282 191 147 

702 +21088 685 ... 

808 +13 965 860 64 

780 S 30 635 1.7 

3.450 - 3.487 2750 20 

1,786 +21 29801.700 40 

566 +7 734 550 20 

675 +001670 8.15 70 

-2 IBS 100 80 

_ 939 560 05 

5070 +20 6020 4040 1.0 

381 -4 576 365 3.0 


Bnstlh 19.000 
9.030 

1007 

1 . 7 B 0 
IJBO 
1030 
1071 
0050 
1002 
6180 
3070 
— _ 3 0 «) 

FonStaa 11,135 
Oemna 1078 
GenAss 38050 
GMM 3.760 
IflPT 24/400 
RL 6055 

8 .TOO 
2*80 
10.170 
»qaa 4.780 
UdM 16736 
Media* 12610 
Mantas 1044 
OHM 1082 
JM 1 3,670 

PKM 2240 
RA 6 19,185 
name 80 so 
SASBa 7010 


-40 5062 3040 5.7 
...3985 2041 .... 
-7 2450 1.525 1.6 
—211 78 _ 

+ 2 OO 290 SO 16500 10 
-00 12.450 8.110 _. 
+57 0100 1964 26 
-15 2912 1002 — 
+30 2095 1083 49 
+10 2010 040 _ 


-02918 1040 04 
+50 13074 9045 ._ 
*62564 1.123 _ 
+20 7030 4071 1.8 
— 4920 2118 27 


_ IM 146 — 

+1 188 124 03 

+1 143 9990 10 

_ 142 600 19 
+.40 73 39-80 — 

+9810650 0790 10 
+1 233 129 21 

-6 475 351 10 
-7 4 B 0 350 10 
+90 144 85 23 

-230 110 88 30 

+90 122 B 2 £W 39 
-90 13 B 7 « _ 

-2 150 108 50 
-190 175 105 07 


ZiSS 906 00 Z 

1910 -40 2^0 1050 Z — 

554 -5 580 428 w. — 

739 -1 800 730 20 — 

iS 4 ts 3 iSa = 


_ .... 409 1.1 — 
700 -09 308 000 80 — 
109 +90 102 D. 7 B 0.4 _ 
B 07 _ 098 005 50 — 

4.10 __ 602 305 59 209 

190 +05 102 100 „ — 
000*1 +05 1/40 098 25 10 
270 __ 308 244 28 — 

006 -02 308 230 40 — 


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3 ST? •; M 
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sS 0 a-s.v-r : • •• 

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233 + -93 300 212 60 _ 
1.16 -02 1.78 1.10 25 22 
101 M +02 108 1.18 61 __ 
210 +02 295 2 89 09 1 


ISA PACIFIC 


— SWITZB&AND (NOT 4 / Ffs.) 


715 +25 792 582 0J7 _ 

1080 -10 19401050 00 — 

843 -1 9 B 3 430 _ _ 

603 +2 593 588 _ — 


-10 61880101 49 
-12511300 10470 04 

-4 1985 1036 24 
+ 10 O 44 JS 33 W 0.9 

— 4.580 2875 _ 
-100 3 fi 0 O 0 15200 1.1 

-15 6580 5025 20 
-60 14000 6170 — 

-20 2 . 43 D 2.000 

+17015948 0952 10 
+110 6440 4 . 4 S 5 20 
+35 ISJ 90 12900 21 
♦210 11700 IZJifO 1.5 
+13 1948 870 ... 
+47 3.140 1.750 ... 
-30 6,100 3.440 1.4 

- 038 S 1970 _ 
+05 34^817000 19 
-85 1 Z 1 B 0 7 . 98 D 24 
-20 10,154 7J?M 27 

+SiS§ 4^22 

+30 7000 4.145 


= Bb sB Jffi 


-9 28 C 191 _ 

771 5 G 8 20 

. H 3 507 20 
-6 0086 2,173 1/4 
+21 1048 1016 1.7 
♦1 260 IIM 1.7 




707 +3 ; 

1,140 + 10 1 ; 
535 +4 I 


INDICES 


.* . : w ;l qs ’ INDI CES'^, 


■KS A r . : -i. / • 


MO* No* 

4 3 


No* No* 

3 2 


— 06801980 19 
+ 101,7001080 27 

_ 2032 2140 02 
+58 1,020 859 19 
... 450 302 3-1 
+5 971 782 10 

— 18014390 1.7 

+70 991 660 10 

— 1.075 1.400 21 

+1 1.437 1083 21 
+3 178116 ® — 

— 1.7381090 49 
+30 6040 3070 ... 

+4 203 178 89 

+3 ulSSj I'dSa 64 

•30 ?i?n 5.160 09 
+920001040 24 
-15 1.055 642 1.4 
-*90 277 148 10 
+2 888 " 


643 -0 584 394 — 

818 -5 1010 796 — 

80 S +5 1030 842 — 

733 +10 792 487 _ 

481 -8 Seo OT 7 _ 

466 +10 484 316 _ 

<£ -10 10601.140 Z 

1083 ) +10 10101050 _ 

871 +11 690 455 

863 +6 885 672 — 

347 +1 400 301 _ 

1.080 — 10201020 00 
738 -3 880 723 00 

443 +2 460 378 — 


-9 940 578 — 


848 +5 940 770 0.7 


Gonml ( 2812 / 77 ) 


M 1 S 36108 1933500 25470(0 1&2 


PC Ww 187 E 8 


24107 (0 288 L 17 M 


ADOdiBta^l/im 

MMnhg(1/i/8Q 

taM 8 

QaftMen(30rt2/84) 
Traded bdeX2/1/9l| 


10990 20001 2010.7 2 M 050 312 
10463 10520 10581 113810 3/2 


189080 4711 
90 UO 56 


CBS TVSnGmlErtl 83 ) 
CBSMSrfndBS) 


437.7 4330 45450 3171 
2748 Z 719 29400 3171 


80630 21 * 
3790 21/6 


392.45 39394 3 B 204 4 G 09 B 2/2 

101432 10460 ? 10(307 122225 1/3 


37894 25/10 
101138 06 


C*. 40 ( 1 / 7 /%) 


2117*3 210873 20394 3/2 


Oda SEOaOOYUBSI 


1049.14 I 053 E 6 1211.10 282 


0020 ( 1 / 1 / 91 ) 

Brad 

Bonsoa C 3 / 1383 ) 


138069 138128 13 G 5*4 154295 9/2 


Mansi 3845.88 3837.13 388337 3970 * 359335 3978 * 4102 

01 / 1 ) |V 4 ) 0171 / 94 ) ( 277 / 32 ) 

HOIK Oonds 94.73 9409 9482 10501 9473 W 9.77 54.99 

( 21 / 1 ) ( 3 / 11 ) ( 18 / 10/99 ( 1 / 10 / 81 ) 

Transport 151861 151884 152280 188229 143830 186229 1232 

( 2/3 (fi/ 10 ) C/MT) ( 877/33 

mmes 180.13 17915 179.48 2 Z 79 B 17505 25806 1850 

Cl/ll ( 209 ) ( 31 / 8 / 9 D ( 8 / 4/33 

Di tnt Dot's rngn 387048 (908894 ) Low 3814 S 5 ( 38 SO 01 ) {TtMOnftCid*) 

Day's laph 385 AGC 0875 15 1 Low 383043 (3838 79 , [ActuMf) 


1010 -26 1050 1060 20 

916 + 81,100 IMG 20 

340 -5 531 340 40 

16000 _ 258 188 4.7 


Union 425 +B 448 3 i 0 „ 

MITt 8 1.100 +JOI/WO 846 

«» 9 B 3 +14 1.110 TOO — 

Mans 1.430 +30 0230 1030 00 

IMT 816 +1 782 805 ... 

M&rt 1.028 -101010 859 ... 

MdStfTl 2050 — 0500 1083 04 

MnnM 576 +4 . 624 495 00 

MoriS 2080 _ 2700 2000 — 

taurt*y 3030 -40 4.490 3/472 ... 

NEC 1020 +101010 859 ... 

NCKtn 1.010 ... 1,170 985 — 


1.12 OO __ 1 

9 _ 4 K 103 _ 

-JM 1100 are 20401 
_ 400 £03 B 0 __ 
+06 1804 16.70 40 31.1 
— 040 249 80 — 
-SB. 030 206 1 J 722 
+ 051 OJM 802 40210 
+.10 401 205 *J „ 

K JOtr -.13 7-20 5.15 00 60 

^ z 

OSZ -v 02 416 006 _ _ 

116 — 248 103 _ _ 

027 _ 348 OSS 40 108 

090 +04 405 048 60 — 

6.12 -08 *25 500 10 _ 

050 -.13 400 203 20 — 

408 —07 806 400 53 _ 

134 -01 L 7 < LIB 07 _ 

6 -.10 635 428 00 _ 

604 +06 504 402 „ _ 

300 _ 402 068 7.1 DJI 

508 -07 7.10 5-90 50 — 

1 T. 168 J -06 12.10 010 40 — 

2-81 ;,i ,3 300 Z 05 30 _ 

is ^ at fS“S 

aS -03 908 830 40 Z 

835 +09 800 830 10 _ 

705 -.10 002 7.30 20 — 

— 233 ._ 205 2.18 40 _ 

— 2553 E 5 - 5S - ,03 12 — 

_ WOIMPI 400 -.05 i 22 OJO 10 — 

- WTwtt 28018 *04 052 170 43 _ 


'Nikkei u 


NDNG KDM (NOT ( 7 HJVS) 


0.46 -05 1500 836 43 il 

3300 +10 50 2800 11 722. 

11 00 +05 13-70 1040 07 _ 

2®-80 +.10 5 Z 3000 2.7 _ 

39.10 +.10 57 37 Ol 880 

W — 81 » 20864 

7 ^ +05 1 * MS — — 

. S 30 O -05 Z 730 1080 10 _ 

— WOT? 10-05 — 10101839 30 140 

— Ogmn 10-10 +05 1500 80 S 05 _ 

OFanta 438 — S 03 4.10 2 J 9 _. C 

35 rt -00 46 2930 10 „ M- 

_ O’ +00 131 80 10 _ 

13.73 -08 21001130 43 401 **' 


7 M -ID 815 564 14 _ 


13 M +%ai 4 GQl/CO _. _ 


748 -7 77 Z 515 1.4 

aea -6 886 735 ... 

1.140 ... I 0 OQ 1.055 20 

661 +10 832 504 £5 

1324 +M 1 .B 15 1,125 10 


AFRICA 


Manta Qua 0 /VBg 


305*93 309065 330637 VT 


0 * 450300 (a 9511000 1319 


Z 333 J 0 2832 CO 322500 18/2 


Metals MMS/H 1979 
Canposaei (1975 
ftrtMoS W/S 3 ) 


M 411169 ( 121.78 4 Z 7802 2010 

08 (22600 422901 4 GOB 0 O 23 Q 

M 2 X 1-40 3 X 044 ZI 8209 1/2 


321008 on 
390890 M/G 
186348 28 * 


SESA(-Spaa 3 MOT) 


575.15 W 54101 4 rt 


467.91 46660 468.42 48200 

C /21 

555,96 554.46 55658 563 .M 

( 28 / 10 ) 

4134 4114 4335 4634 

H 4 « 


SOUTH AFRKA (NOT 4 / Rand) 


W 8 t Sp 575 +4 «» 3 B 3 _ _ 

NKK Z 97 381 231 _ _ 

NOK SM +4 939 585 Z Z 

HIN 725 -22 787 483 BBMa 

taawv 430 +5 494 315 _ _ Ouoco 

Ntfkry eel +e sio an __ _ 

-1 1.040 7 BI 00 _. 

WW 498 -4 588 «M _ 

Naim i. 42 o +,0 3000 1.410 _ _ 

Nenoy 1,050 -20 1.100 887 

IJSO + 20 1050 1010 HenLnd 


Qaac 

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»» burs: 

WUSn O’, .v: t: 
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sJniui 

111 ! Suit; m . 

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BESaSii-fc : 
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■a« 5 ^or : 
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?whs xcz 


1000 _ 
600 _ 
.51 +50 


-8 815 685 — HKOlG 1430 +05 


000 10 20 
505 40 _ 
32 . BO il _ 
13 20 200 


PSA Gal 01712/60 
Dniourti 

CDDBrtaecrS 93 . 1 fB 3 ) 


W 55915 5619.1 567921 19710 


333 M 340.71 339 SO 41539 772 


JSE OM paW 7 » 
« In* ( 28 / 9 / 79 ) 
Sam tom 
taesCnofatwBqr 


32570 22410 253400 7/9 
G 733.0 66050 678000 4711 


174800 WZ 
544600 13(1 


1117.71 110 S .74 1 TT 952 4711 


HEX Qaieral( 2 B/ 12 / 9 Q 

Ran 

SBF 260 ( 31712 / 90 ) 
CAC 40 CJVIS 87 ) 


19440 19509 19575 181200 V 2 


MsOM SE pal 2 /B 5 | 


23550 29134 35031 310 


3666 31 Sa 256.74 267.71 

® 3 ) 

(54 57 454.18 4515 ? 48708 

( 2 / 2 ) 

772.10 77103 772.13 80303 

0801 


128107 127048 13309 1 S 0 S 20 2J2 
1931 65 1911.13 187080 235603 2/2 


122706 25710 
182442 25710 


O t T Miii Gen ( 1 / 3 / 37 ) 


144700 1471.10 160300 3171 


FW AMM 31 / 12 / 5 B) 
Cnmme/ 2 tatai/ 12 A 3 ) 
DAX ( 3012 / 37)5 


78001 771 77079 0 BZ 7 185 

32190 219030 219170 MB 50 O 2 fi 

206706 20 S 1/48 204236 227 X 11 1&5 


74204 5710 
21 1830 5710 
196 A 59 7 /TO 


Sets Bk M ( 3171 Z/ 9 R 
SBC Genoa 11 / 4 / 87 } 


11 ES 91 1171 £5 147334 31 H 
90240 E 9263 NBZ 29 310 


113072 27710 
87807 27710 


Don* Jones tnd. Or. YMW 


WeiaSEpi 7 ) 2 «n 
Hang Kang 
Kang Seog( 31 / 7 «i 


33107 82501 824.72 119408 1871 


953940 949108 901 J 8 1220109 4/1 


BSE Sand 979 ) 


(Ct 4304.43 14 482857 12/9 


UW 48 edF)’J 30 M 6 r 

Untold 

BangMk SET ( 3 BM /75 
7 brtary 

mtu CmmJan 1986 ) 

WHO 

US Cato M ( 171 / 70 S 


633629 634266 7191.13 30/9 


S & P Ind Dtv. y*M 
S B P lnd P/E rano 


Od 28 Oct 21 Oct 14 Year 090 

2 . 7 D 2.72 2 71 2.77 

Nov 2 Oct 26 Oct 19 Yow ago 

2.39 209 2.36 2.41 

2005 2002 21.11 28.61 


15 HTS 1 152910 175173 4/1 


STMCURD MB POORS BOO INDEX FUTURES S &00 Dims mdtra 


2 S 22 U 252900 2888300 13/1 


6342 6370 6(990 2/11 


Open Latest Change High Low Eat. vo). Open inL 
Dec ( 68.60 469.10 +0 30 471.00 4670 O 67.861 204075 

Mar 47200 47200 + 0.10 47300 47106 261 15,021 

Jun - 476 00 - 477.60 475.60 8 3.494 

Open m mm fguros are /be tnmoun Jay 


Jahtatb Cnmp.( 10 ffl«J 52008 52204 S 2409 61288 


GEO OwtoM/ 1 / 88 ) 163324 182062 1811.72 2082.16 

Wr 

Banca Oma to 11972 ) 62900 62367 62504 817.17 
MB Genaal ( 4 / 1 S 4 ) 10190 10106 10126 131800 


Euoaa* 10006/1008 133372 132553 T 31601 154015 31/1 
EuaTqt-IOOCBBSOI 11 B 2 S 3 116017 116924 131101 2/2 
Jbpaoigns ( 31 A 2 / 38 ) U/| 336 .ni 33707 38015 S/I 

Bartigs Emagflll/aa 179-2 16179 1 B 1 C 5 191.79 260 


1280*8 5 rt 0 
113 MB 5/10 
29028 21/3 
Ml 08 2W 


m NEW YORK ACTTY 8 STOCKS 


■ THADMQ ACTIVITY 


Case Ctmge 
prior an day 


58085 10/1 
94400 ion 


«*8 225 ( 160 W 9 ) 1981106 (3 1 B 75 O 0 S 21 S 5201 

MMcd 300 (liTOfld 28725 01 “701 3 T 121 

Topbr( 4 / 1 /E 8 ) 159980 (4 156808 171273 

2 nd SH*m ( 4 / 1*81 221 BD 3 » 220900 254205 


1738974 4/1 
2 B 822 4 n 
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FINANCIAL. TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


21 


v 


u*’- 


WORLD STOCK MARKETS 


AMERICA 


US jobs data fails to motivate Dow 


• - ■ 
: u ^ 


Wall Street 

The (JS stock market struggled 
to make any headway yester- 
day morning as lower bond 
prices offset a broadly encour- 
aging October employment 
report, writes Patrick 
Harverson in New York. 

By i pm, the Dow Jones 
Industrial Average was down 
4.71 at 3,841.17. The more 
broadly-based Standard & 
Poor's 500 was also slightly 
lower at the halfway mark, 
down 104 at 465.87, while the 
American Stock Exchange 
composite was off 0.66 at 453-91 
and the Nasdaq composite 
down 1.08 at 771.02. Tiding 
volume on the NYSE was 161m 
shares by 1 pm. 

The market opened in an 
uncertain mood after the 

EUROPE 


eagerly-awaited October jobs 
figures proved a mixed bag for 
equity investors. The good 
news was that the labour mar- 
ket continued to grow last 
month, but not so strongly as 
to raise fears of resurgent 
inflation. The Labor depart- 
ment reported that non-farm 
payrolls increased by 134,000 in 
October, well below most Wall 
Street forecasts. The national 
unemployment rate, mean- 
while. fell unexpectedly fro m 
S3 per cent to 5.8 per cent 
Overall, the report was 
encouraging for stocks. Share 
prices, however, were unable 
to capitalise on the figures 
because bond prices fell for the 
fifth consecutive day, pushing 
the yield on the benchmark 30- 
year government issue to a 
new 2'/i year high of 8.132 per 
cent. The bond market was 


upset by particular details 
within the jobs report, namely 
stronger than expected manu- 
facturing employment and 
wage levels. 

Among individual stocks, a 
few prominent Dow issues 
managed to stay in positive 
territory. General Motors rose 
$% to $39K, Aluminum Com- 
pany of America finned $l'/i to 
884%, Coca-Cola added $Vi at 
$50% and Merck rose $V« to 
$35%. 

Eli Lilly fell $% to $64 after 
the drugs group announced a 
deal with the Federal Trade 
Commission that will allow Eli 
Lilly to purchase the drugs dis- 
tributor PCS. The company’s 
share price had risen earlier in 
the week in an anticipation of 
the agreement. Oil stocks, 
which were higher earlier this 
week, ran into selling, with 


Arco falling $1!4 to $105% and 
Royal Dutch Petroleum slip- 
ping $1% to $111%. 

On the Nasdaq market. Bio- 
gen dropped $1% to S38% in 
volume of 1.3m shares as inves- 
tors reacted to the news that 
the company had been served 
with several class-action law- 
suits alleging federal securities 
law violations in connection 
with Biogen’s plans to shut 
down activities related to its 
Hirulog product. 

Bally Gaining International 
jumped $1% to $12% after 
reporting a sharply narrower 
loss for the third quarter. 

Canada 

Toronto stocks were firm at 
midday, lifted by precious met- 
als and forestry shares. 

The TSE 300 index was 


up by 14JS7 to 4.241.39. 

The precious metals index 
was 13 per cent higher at 
9,974.18, with Franco-Nevada 
Gold rising C$2V* to C$34. 

The paper and forest prod- 
ucts sector was 1.03 per cent 
higher at 4336.07. 

Venezuela 

Caracas dipped another 2 per 
cent, this time as fund manag- 
ers studied the government's 
new resolution on repatriation 
of profits, announced five 
weeks ago in an attempt to 
bring foreign investors back 
into the market, but only pub- 
lished this week. The fund 
managers thought that there 
would be big problems in 
implementing the resolution, 
and the Merinvest composite 
index fell 234 to 138.34. 


Selected German cyclicals take heart 


Mixed US jobs data were 
viewed as a source of confu- 
sion in Europe, rather than 
any real stimulus to equities. 
writes Our Markets Staff, 

FRANKFURT extended 
Thursday’s short covering pro- 
cess in the morning and the 
Dax index rose 16.08 to 2,06736 
on the session, nearly 10 points 
carried over from Thursday 
afternoon, hi the post bourse 
the Dax closed at 2,069.39, 
barely higher on the week. 

Turnover rose from DM43bn 
to DM&Sbn. In London, James 
Ca pel's economist, Mr Stephen 
King, said that the German 
recovery bad regained momen- 
tum after a soft performance in 
recent months and suggested 
that the overall continental 
European recovery was driving 
German exports. 

Selected cyclicals took heart, 
both daring the session and 
after hours: Hoechst in chemi- 
cals rose DM4 to DM32530; and 
Daimler and MAN in auto mo- 
tives and Deutsche Babcock 
among engineers each rose by 
DM730, to DM770. DM409 and 
DM23330 respectively. 

However, there was more 
pain in retailing which had 
seen sell recommendations this 
week from various investment 
banks and a Thursday report 
showing retailers’ sales down 
by a real 1 per cent in the first 


FT-SE Actuaries Share 


Nov 4 
Hflufjf changes 


THE EUROPEAN SERIES 
13.00 HJJD 1540 Orta 


FT-SE Eontra* too 1331.07 132SS1 1329.77 1330.89 1330.76 13273d 1334.15 133372 

FT-SE EwtlVact 2C0 139783 130330 1394.94 1394.59 139622 1387 31 13B6A2 1388.55 

H» 3 Hor 2 Mail Oct 31 Od 2B 

FT-SE &nm* 100 132&S3 1316.01 1331.23 1337.14 132&61 

FT-SE Eucbacft 200 133X66 138X67 139230 140034 138631 

Baa ion cenaaok wrfwn- in - an - won m«r too - ikiji no - twin i mi 


nine months of 1994. Asko 
closed the session DM25. or &2 
per cent lower at DM790; after 
hours Karstadt and Kaufhof 
were down DM9 at DM610, and 
DM1190 at DM494. 

PARIS saw an improvement 
after the release of US data fol- 
lowing a nervous morning ses- 
sion. The CAC4G index added 
20.52 or 1 per cent to 133L65. 
for a rise of 1.4 per cent on a 
holiday-shortened week. 

Turnover was estimated at 
over FFr4bn.Rhdne-PouIenc 
slipped 70 centimes to 
FEH3&20 on profit-taking fol- 
lowing Thursday’s better than 
expected nine-month results. 

Goldman Sachs revised 
upwards its frill year eps fore- 
casts fern the chp-inireils group 
to FFrfL50 for 1994 from FFr4.40 
and to FFril.80 for 1995 from 
FFr9.80. 

Peugeot dipped FFr6 to 
FFr801, partly in reaction to 
investors switching into Ren- 


ault whose institutional sub- 
scription period closed on 
Thursday and which was 15.5 
times subscribed. 

ZURICH finished higher in 
active trailing, lifted by the 
firmer dollar and content with 
the US jobs data. The SMI 
index picked up $2 to 2,541.0, 
up 2 per cent on the week. 

Holderbank rose SFr59 or 6.1 
per cent to SFr 1,020 alter the 
building materials group fore- 
cast that consolidated net 
income for 1994 would rise by 
37 per cent The group has seen 
earnings upgrades from a num- 
ber of analysts in recent 
weeks, but the forecast still 
proved sharply above even the 
best expectations. 

Landis & Gyr. recently near 
its low for the year, picked up 
SFr70 or 10.5 per cent to SFr735 
after Thursday's profits fore- 
cast. and a statement which 
cleared the air after worries 
about its pension fund. 


Winterthur registered added 
another SFrlO to SFr651 in fur- 
ther response to Thursday’s 
interims while Swiss Re gave 
up SFr7 of recent gains to 
SFr748 on further switching 
into Winterthur. 

AMSTERDAM’S AEX index 
added 0.40 to 410.76 to gain 0.5 
per cent on the week. Hoogov- 
ens rose FI 1.90 to FI 82.00 on 
rising aluminium demand and 
its reiterated forecast that it 
expected a substantial second 
half improvement. 

Among second line stocks 
Volmac, the Dutch computer 
services group in which Cap 
Gemini Sogeti of France has a 
majority stake, rose to a new 
year's high of FI 24.50, up 
FI 1.10, on reports of increased 
order books. 

MILAN was still fixated on 
banks as the Comit index 
added 5.43 to 629.30 for a 0.8 per 
cent rise on the week. 

Credito Romagnolo rose L429 
to L16362, investors digesting 
news that a 2 per cent block of 
its shares had changed hands 
at L19.500. Credito Italiano. 
pressing ahead with its bid for 
Romagnolo, fell L13 to LLS71. 

Ambroveneto gave up L106 
to L5.232 on the view that 
there was little upside left after 
BCTs bid for at least 50 per 
cent of the stock. BC1 lost L37 
to L3.533. 


Premafra fell L153 or 9.4 per 
cent to Ll.482 after news that 
its planned to raise up to 
L222bn through the issue of 
shares with warrants. 

Olivetti rose L50 to LI .888 
and Cir was L54 or higher at 
LI ,809. although analysts said 
there was no news to account 
for the rises. 

COPENHAGEN'S the KFX 
index fell only 0.64 to 93.19. 
However, serious problems at 
the shipper and shipbuilder. 
B & W, dropped the latter by 54 
per cent and hit its bankers. 
B&W B fell DKr65 to a new 
1994 low of DK/55. compared 
with a high of DKr533 in Feb- 
ruary- Den Danske Bank and 
Unibank dropped DKr7 to 
DKr224, and DKrt to DKr313 
respectively. 

Written and edited by William 
Cochrane, John Pitt and Michael 
Morgan 

SOUTH AFRICA 

Johannesburg golds hovered 
around weaker levels on the 
back of a directionless gold 
price while industrials and 
financials consolidated early 
gains, with overseas interest 
still evident The overall index 
ended 22 higher at 5.862, 
industrials rose 44 to 6,781 
and golds lost 8 to 2.249. 


Belgian recovery offset 
by dollar and rate rises 


Emma Tucker views opposing forces in Brussels 

T he good news for inves- Belgium's biggest companies more buoyant domestic 
tors in Belgian equities are highly sensitive to fluctua- would also help the t 
is that recover^ of the dons in the dollar, with inter- which continue to make 


T he good news for inves- 
tors in Belgian equities 
is that recovery of the 
country’s compact but heavily 
industrialised economy has 
outstripped virtually all expec- 
tations. 

At the beginning of the year, 
growth of i per cent was the 
most that many analysts hoped 
for. Eleven months on. new 
forecasts are hovering between 
U and 2 per cent for 1994. 

The economy's strength has 
buoyed the so-called cyclical 
components of the Belgian 
stock market, measured by the 
Bel-20 index of leading shares. 
These well established Belgian 
blue-chips - Soivay, Petrofina 
and UCB, for example - have 
had. as one analyst described 
it, a “spectacular” recover)’ in 
earnings. 

But two opposing forces have 
all but neutralised these posi- 
tive steps: a sustained rise in 
long term interest rates since 
the beginning of the year: and 
the weak US dollar. 

"The big cyclical companies 
were supposed to be helped by 
the recovery, but instead they 
have come down thanks to the 
dollar and interest rates.” says 
Mr Pierre Stiennon, Belgian 
equities analyst at Goldman 
Sachs in London. 

As long-term interest rates 
in Germany have moved 
upwards, so Belgium's have 
followed suit, to settle roughly 
at 8.5 per cent. There are still 
question marks over the gov- 
ernment’s ability to reduce the 
size of the budget deficit; with 
the market still demanding a 
risk premium for investing in 
Belgium, the long-term rate is 
about 90 basis points higher 
than in Germany. 

Short-term rates are also 
more likely to rise than fall. 
“Even if the next step by the 
Bundesbank is down, I think 
that by this time next year, 
short-term rates will he 
higher." says Mr Guy Lermi- 
n faux, an analyst at Petercam 
in Brussels. "Inflation pres- 
sures may not be particularly 
visible, but they are certainly 
around." 

The weakness of the dollar 
has affected the competitive- 
ness of companies not just in 
Belgium but across all of 
Europe. Furthermore, many of 


Belgium's biggest companies 
are highly sensitive to fluctua- 
tions in the dollar, with inter- 
ests in the US and denominat- 
ing much of their business in 
the currency. 

A good example is Union 
Miniere, the Brussels-based 
mining and minerals company. 
It sells a large part of its prod- 
ucts to the European car indus- 
try but. as a largely dollar 
denominated company, has 
suffered from the US curren- 
cy's decline. 

The result is that compared 

Belgium 

6 EL 20 Index* Benchmark bond 
1 yield (%) 


gO I— i— i — i- . j 

Jan 1884 

Some fTGrafffino 


with a year ago. the bourse has 
remained virtually flat, the 
Bel-20 hovering at around 1,350 
points, down just 1.5 per cent. 
Since the beginning of the 
year, when optimism about the 
recovery pushed prices higher, 
it has sunk by about 10 per 
cent. It is thus roughly in line 
with other European bourses. 

Domestically, economic con- 
ditions are stable. In October, 
inflation dropped to 2.12 per 
cent on an annualised basis 
and. as the Belgian daily news- 
paper Libera cion optimistically 
described the situation: “Even 
if a small lift is expected before 
the <*u d of the year, the infla- 
tionary menace is not particu- 
larly present." Meanwhile, the 
Raigian savings ratio remains 
high, at over 20 per cent, with 
consumers displaying charac- 
teristic caution and preferring 
to wait before parting with 
savings. 

This is bad news for the dis- 
tribution companies, such as 
Delhaize le Lion, the supermar- 
ket group, which have as yet 
shown few signs of recovery. A 


more buoyant domestic scene 
would also help the banks 
which continue to make most 
of their profits in Belgium. 

How. then, are analysts who 
track Belgian stocks weighing 
up the future? 

“I think the interest rate out- 
look is more or less neutral." 
says Mr Stiennon of Goldman 
Sachs. “We believe that 
long-term interest rates will 
stay roughly where they are.” 

A boost may be on hand, 
however, from the dollar. “We 
believe that the dollar has bit 
bottom,” adds Mr Stennion. 
“From now on, the dollar 
should be helpful for cyclical 
stocks." 

He may be a little optimistic. 
Although he is not alone, some 
other analysts believe the US 
currency still has lower to go. 
From roughly Y97.30 and 
DM 1.51 this week, pessimists 
believe the dollar could drop to 
Y90-Y95 and DM1.45 before 
beginning its ascent. 

Mr LerminiauN believes that 
the next move for the stock 
market will be a hesitant step 
up. “But I am not sure whether 
it will be the cyclicals. the 
interest rate sensitive compa- 
nies. or the distribution sector. 
1 take the slightly contrary 
view that some of the banks 
and retailers will do well." he 
says. 

One positive piece of news is 
the derision by the authorities, 
announced earlier this month, 
to deregulate fees on bourse 
orders, a move which is widely 
expected to lead to lower fees 
for large private client orders. 

The change was designed to 
bring the Belgian market into 
line with other stock 
exchanges but would have 
almost no impact for institu- 
tional orders where the fees 
are already freely negotiated In 
many operations. 

B anque Bruxelles Lam- 
bert was one of the first 
companies to react. It 
lowered its fees on all private 
client orders of more than 
BFrtm to 0.3 per cent Under 
the previous system, investors 
paid fixed commission fees of 
between 0.8 per cent and 1 per 
cent for orders of less than 
BFr5m as well as a fixed 200 
francs per transaction. 


ASIA PACIFIC 


* Nikkei up despite currency concerns 


LONDON EQUITIES 


LIFFE.EQUITY. OPTION?^ 


' V- *•> ' w 
- S , 






.-*•*> TZX * r * 

-'M - 

jt ar Ht» - . •— * 

1 ££•***• ’ 


Tokyo 

Concern over volatile currency 
movements prevailed but the 
Nikkei index gained on arbi- 
trage buying and index-linked 
purchases by investment trust 
funds, unites Emiko Terazono 
in Tokyo. 

The Nikkei 225 average rose 
60.91 to 193U-56 after a high of 
W&71L87 and a low of 19.76835. 
barely changed an the week. 
Most investors remained 
absent after the dollar's plunge 
to a new record low against the 
yen in New York on Thursday. 

Volume was 204m shares 
against 251m. The Topix index 
of first section stocks gained 
LIZ to 1,569.80 while the Nikkei 
300 edged up 0.24 to 287.25. 
Gains led losses by 501 to 464 
with 214 uncha n ged. 

In London, the ISE/Nikkei 50 
Index rose 2.10 to 1.289.32. 

Some traders expected insti- 
tutional investors to remain 
inactive until the yen-doll ar 
exchange rate stabilised. Oth- 
ers saw a halt in the yen's 
appreciation and in the 


implicit rise in the value of 
Japanese stock holdings - trig- 
gering profit-taking by over- 
seas investors. 

Individual investors traded 
small capital stocks. Nakabay- 
ashi, an office equipment 
maker, jumped Y6S to Y970 in 
active trading due to increased 
interest in its pachinko, or Jap- 
anese pinball, related business. 

Some high-technology stocks 
were higher in spite of the 
yen's fluctuations. NEC rose 
Y10 to YL220 and Matsushita 
Electric Industrial added Y10 
to Yi.600. 

Steel stocks were traded 
actively: Nippon Steel, the 
most active issue of the day, 
remained unchanged at Y398 
and Sumitomo Metal Indus- 
tries lost Y5 to Y358. 

In Osaka, the OSE average 
fell I486 to 21,962.31 in volume 
of 17.7m shares. 

Roundup 

HG Asia (Singapore) recom- 
mended investors to increase 
weightings for Singapore and 
South Korea, but to trim allo- 


cations in Hong Kong and go 
underweight in Malaysia, 
Indonesia, India and the Philip- 
pines. 

HONG KONG had a switch- 
back ride as early gains, which 
followed the signing of the fin- 
ancing agreement for the new 
airport, were pared before 
prices recovered once again. 
The Hang Sene index finished 
38.44 higher at 9.530.40. for a 1.6 
per cent rise on the week. 

HG Asia’s Hong Kong reser- 
vations came in spite of the 
broker's forecast that the Hang 
Seng index will rise to 12,000 
by March, fuelled by a surge in 
prices in the residential prop- 
erty market 

SEOUL finished at a record 
high although profit-taking 
erased most of the gains made 
in early trading. The composite 
index ended 1.79 higher at 
1J 19.52, 2.0 per emit higher on 
the week after an intraday 
high of 1,12) .99. Some primary 
blue chips such as Samsung 
Electronics and Posco stayed 
under pressure, Samsung 
going limit down Won3,000 to 
Wonl32,000 and Posco losing 


Wonl.700 to Won72JM0. 

SHANGHAI'S A share index 
ended another volatile week 
with a 7.3 per cent fall. Losing 

53.95 to 681.63, the index was 
2.9 per cent lower on the week 
and 60 per cent down since the 
end of September. 

KUALA LUMPUR stayed 
uncertain, a rebound cut back 
as investors cut their losses. 
The composite index closed up 

7.95 at 1.074.41, 4.1 per cpdI 
lower over the week. 

TAIPEI saw late buying in 
electronics and plastics push 
up the weighted index up l per 
cent to 6,369.11 for a week’s 
loss of 3.5 per cent In 
electronics, sold recently, Acer 
rose by the daily 7 per cent 
limit to TS90.50. 

MANILA was encouraged by 
a decline in the inflation data 
for October, which helped the 
composite index to a rise of 
41.59 to 3.096.583, up 1 per cent 
on the week. 

SYDNEY squared positions 
ahead of the weekend. The All 
Ordinaries index lost 9.3 to 
1,999.8 in turnover of A$400m, 
down I per cent this week. 


FT-ACTUARIES WORLD INDICES 


jointly compiled by The RnancM Times Ltd.. Goldman, Sachs A Co. and NatMtaet 
NATIONAL AND 

REGIONAL MARKETS THURSDAY NOVEMBER 3 1894 - 

Ftauru In parentheses US Day’s Pound Local 

show nunfiSS of ines Doter Charge Surfing Yen DM Cunency 
of 8tod< frufex w Index Max tmto Index 

17023 -0.7 15002 105.03 13*04 1KL43 

Auaraa re ^ ^ mof „ i79 14SJ2 14SJS 

BaMunOS} -0.4 166.16 10*^6 13031 12336 

17006 -OB 16641 10529 13438 26528 

ggffmSr 13339 -04 12025 8230 10503 131.27 

Da^bM 249.91 -1-4 229.05 154.19 19676 201.70 

197.00 -08 18056 12154 165.12 19138 

__m—17038 03 16606 105.04 13436 13674 

14638 -09 13140 8645 112.BB 11238 

STSnJfcri- 385.77 04 35657 23601 30 177 3^81 

hSUfUL -2062& -08 19087 12649 16099 18334 

OI 7136 4603 8130 9038 

TlZum ~16139 -1.4 147.84 9039 12685 9939 

ES” ~ 52130 -07 478-07 321.82 410.73 51431 

_«iU S -08 180672 12B4M 1636.8 4 783181 

-ai MOBS 13630 17238 16830 

5J5ESEr“ 7730 02 70.75 47.83 60.79 6657 

-1.7 18667 12657 167.71 17063 

3M5B -13 an .65 24645 31071 267.08 

feMhAMcaro Sljs -Ql5 129.48 87.15 11132 13537 

731 34 -83 21221 142-85 18232 251.67 

SSSSSaM —^ - 164.72 -08 15097 10133 12070 12043 

autamMjtTj 16551 11132 14220 174.73 

~2J683 -08 18682 12676 1 6061 16632 

IHriKWvum ()_3 175.19 11733 15051 191.14 


Lid. in cor^widion wfin tha Institute of Actuaries and the F natty of Actuaries 

WEDfffiSDAY NOVEMBER 2 1904 DOLLAR INDEX 

Grass US Pouid Local Year 

Dtv. Doftar Sterling Yen DM Cunency 52 week 52 wer+. ago 
Ylafcf Max tnaex Index index lode? High Low tapprox) 

666 171.38 15469 10422 13616 1S657 189.15 149.36 161.46 

1.11 18697 16736 113.09 144.49 144 47 188.89 167 46 178.07 

425 189.95 15339 10335 13234 128.02 177.04 150.60 152.84 


t-LJ.Ufaa . 16139 -1.4 I4r.l» w-st 1*0.00 ua-w 

48 130 -07 47837 321.82 41073 51431 

ImSS -06 1008. 72 138438 16 9ftS4 783681 

-OI MOBS 13630 17238 16830 

7730 02 TOTS 47.83 80.79 6657 

ESiSea} ^ -20029 -1.7 18337 13337 167.71 17063 

3MJB -13 3d 35 243.45 31071 267.08 

13 a*5D Mass a&as 29932 

141 35 -06 129.48 87.15 11122 13537 

SnflriIIZlT--.-23134 -83 21221 14285 18232 251.67 

16472 -03 15097 10133 12070 129.43 

autamMJ«l _ju' 16531 11132 14220 17473 

'20283 -08 18082 12076 16061 18082 

Ur^ymg04l M , ml , 117J3 wag, 191 , 14 

.17835 02 188.74 11022 14088 14048 ' 

AmefeMff64) ^7 15a£1 107.18 138.79 15036 

&«peOTJri ; 9M . n _2j} 20082 13SLZ9 177.77 20015 

^28 -13- 16007 10538 13408 11007 

17131 -13 15728 10538 13013 128.17 

18758 02 17130 11072 14739 18733 

-06 141.16 . 9532 12137 12014 

-0.7 23018 18032 20482 23052 

17*30 -13 15083 10032 13048 129-85 

ItoSStKpOlS' [ZlTOTO -03 18134 10040 13035 14488 

-<U 32" 1auK 177J9 

Tbwmwm — in-w -M 10as3 ' 1<a3 ° 14a * 

Co. and M(MM Smafifas Unrted. 

n-M «*— WO/!*. 


181 11 1B9.83 

17895 188.45 


180 30 158.85 168 37 


Cats Puts — 

Ofitm An Apr JN Jan Apr Jd 

AfcflDwacj) 550 S3 62fc S> 5 11 tfih 

1-597 ) 600 19 33 « 33h 31 42* 

Argtfi 260 141* 22 Z5 N*» 16*21* 
C36« I 280 13h 16H 28 33 

ASW 60 B 8 9V» 3W 5 

C63 | 70 2 4 5H It JH [OH 

ait Arman *0 19 30 36 16H 22 MH 

(-36? I 390 8 IT* 73* 36 40 4? 

SNOBmnA 390 30^4 39 46 10 16H 21W 

(-411 I 4ZD 14H 24 31 24 31 36W 

Boats 500 2AW 37 44H 14 20 

(-51? | 550 6 15H 22H 48 50 56 

BP 420 22 30H 38H 12 20 24'* 

f427 ) 460 6 ITC Him 43 47 

Brew Slid 140 17H 23 2SH 5 7 

(*154 ) 100 SH 11H I4H 1113W15H 

Bast 550 21 31 40 25H 31 38H 

|*»5 ) 600 5H 13H 21)5 62H 06 71 

CaarSMt 390 31 4250 13 19 26 

T407 ) 420 16 27)5 35Vr 28 33Vr 41 

Coutiukfi 420 45 56H 82 6 10 17 

r459 I 460 20 3Z»*j?tH 26 35 

Qwmltoon 543 3J 40 - 145? » - 

1*453 ) 592 10 IBS - 43V* 60H - 

1(3 750 47 BO* 70 15* 33 42 

T772 1 ttlO 21 35H 46 41W M 69 
KJngfltfio 43) 51 02 65H 5 1? 17H 

f459 I J6B 24H XFl 42 18* 27W 35 

Ufld sea» 600 30 42 49 nw 16 26H 
ntw ) 650 8 19 25 4? 4JH 55* 

wans 6 S 390 32V* 42 45V, 4W to 13 
T4I5 1 420 14 24'* 27H 16 21H 26H 

tetWea 500 27 38 4OT, T6H 33 37H 
1-906 I 550 8 17W 26 48H 68 

Smsbury 390 30'- <3H 5lh 8* f4 21 

T413 I «2tl 13H 27 35% 21H 28 35% 

Shefl Trans. 700 38 H 49 SB tl ?4 29 

rra» 1 750 T2 23 31 34t» 51 55 H 

SWHMise 20 19% 23% 27 6 7% 

l*?15 I 220 8 IZ 1 '* 16% 12% 15 16% 

Tratslgar BO 7 9% 12 4 6 7 

CM I 90 2% SH 7% 9% 11% 1?% 

UMIem 1100 55 75% 87 19 35 46 
rnaai iiS2*%48% ei <3 «ti 71 

Zeneca BSO 45% 60% 72 21 39 46 

ra66 1 900 22 36 48% 48 66 73% 

O ption Wo* Fee Wo* No* Fee Mw 

Crard Mm 390 23 % 33% 40 2 12% i6'» 

IMII 1 420 5% 17 24% 14 28 31% 

LaArake 140 8 16 19 1% 6 9% 

H46 ? 160 % 7 10% 14 17 21 

IWBcojfc 300 19 30% 35 1H 6 13% 

1-318 J 130 4 14 19% 14% 16% 30 

Oooon Dee Mar Jon Du He in 

Rans 110 11 15% 19% 5 8 6% 

017 1 120 5% 11 14 10 13% 13% 

OjjWn Noe Fan Way Ww Feb May 

Bffl Aero 420 39 56 84 4% 15% 24% 
C454 | 460 13% 34% 43% 20 33 44 

BAT M3 43) 19 33 41% 3% 12% 25% 
T434 ) 460 2 14 22% 27% 34 48 

SIR 300 S 20 Mh 4* 11 18% 
(*303 I 330 1 7 12% 27 ?9% 37 

Brrt Idecun 390 10 18 28 4% « 19% 

(*395 ) 420 % 6% 13 25 35 37% 

Cptuy Scfl 420 23% 35% 40% 2 8 18% 

1*440 ) 400 3 15 20% 21% 27 30 

Eawnte 800 19% <4 81% 24% 47% 58 
<■80? I 850 4% Z3 40% 55 78% 85% 

E duress 49) 12 26 34 4% 1?% 22 

1-466 ) 500 % 9% 16 34 37 45% 

etc 280 9% 1G% 22% 3 9% 12 
[•286 » WO 2% 8 13 14% 21 23 


Cast Puts 

Option Mw Feb May Mw Fdi Itey 

Hsnsw 220 9% 14 17% 2 8 11% 

r?» I 240 1 S B% 14 20 23 

Lasma 134 13 — - I - - 

ri46 ) 154 ID — — 10 — — 

Luge, tarts 1 80 17 23 27 % 4% 8 

n«5 | 200 4 Wi IS 7 % IW 16* 

P 5 0 600 <3 59% 69 2 11 25% 

{•KB ) KO 11 29% 41 19% 30% <9% 

PMigtnn 180 16% 19% 24 % 4 7 

(*1SS I 200 3% 8% 13 7% 13% 16 

PrwJemal 300 24% 33 37 % 5.% 1TM 

1*333 I 330 4% 15 19% 10% 17% 26% 

HTZ 800 52 73% 82% 2 13 26% 

(-948 ) 950 15% 42% 53 15% 32 49 

Roland 460 17 34% 421* 5% 16 30 

C*V> I 500 2% tB% 24% 31% 38% 55 

Royal Inace 300 14 26 32% 5 14% 20 

DOS t 330 2% 13% 20 23% TIM 37 

Tests 220 16 23% 28% % 4% 10 

1*234 | 240 3 11% 17 8 13 19% 

VoctfW* 200 12 18% 25% 2 B 10% 

raw ) n? 3 10 % - 10 16 % - 

WiiaiTc 325 22 - - % - - 

rW5 1 354 4 - - 11% 

Option An Apr Jnl Jan K* Jut 

BAA 500 27 39 48% 9 14 20 

rS17 ) 525 13% 2S% - 21 26 - 

Humes Mr 500 33 46 53% 12 17 28% 

rs:e I 550 10 73 23 42 44% 56 

Dpi on Dec Mai Jim Dec Mar jun 

Atftey Nail 390 34 42% 46% « 12% 18 

[-4(6 1 420 M% 34% 30 14% 27 3?% 

Amstrad 25 5 5% 7 % 1 2 

("29 | 30 2 3 4 2% 3% 4% 

earefeys 550 47% 81 68 5% 17% 23% 

r507 1 600 18% 32% 41% 24 41 48 

Bbx ftde IM 15% 23% 29% 7 12 20 

C288 1 300 6% 14% 20 18 r% 31 

Bnreh Gas 230 18 7E 29% 4 920 

mn , 300 F., 14% 20 IB 22% 31 

Dixons 180 16% 21% 26% 4 9% 1?% 

ri91 1 200 6% 12 16% 13% 13% 23 

Hmsdtrwi 160 12% 16% 20V* 3 5% 10 

T168 ) 180 3 6% 11 13% 16 21% 

lenrtta 140 10% 14 19% 4 9% 11 

(144 } 160 3 6 11 16% 22 22% 

Nail Power 46U 39 51 62 5 12% 20% 

("494 ) 500 15 23 39% 31 29% 39 

Scot Power 330 33% 40% 48% 4% 12% 16% 

{*356 > 360 IS 23% 33 16 35% 30% 

Sears 100 10 13 14% 1 3 5 

H08 I HO 4 7% 9 4% 7% 10 

Forte 220 18% 24 29 41* 6 11% 

r?33 ) 240 7 13 17 1 3 14% 21% 


Nail Power 
(-494 ) 

Scot Power 
(*356 ) 

Sears 
H08 I 
Forle 

ran 

Tarmac 120 8% 14 16% 5 8 ll 

(*i2? ) 130 4 9 12 10% 13% 16% 

Hum PI 950 47 61% 63% 11% 26% 34% 

(*978 ) (00019% 38 58 33% 51% 58% 

TSB 220 16 2DV* 25 4 10% 13% 

(*2Xi > 240 6 10% 15% 14 21 24% 

Turrtuns 200 18 21 25% 3% 7% 11 

(*21i ) 220 5% 11 15% 13 17% 21 

Weflrwne 600 57% 76 87% 9% 21 32 

rW ) 650 27 48 60% ?9 4? 55 

Optnn Jao Apr Jm Jan Apr Ju) 

Gtett <tti37% 52 85 23% 39% 45% 
(-60? 1 650 16% 29% 43% 52% 67% 74 

ia£7!ed» 7DD 59 75% 87 IB 40 50% 

rro I 750 31 43% 62 40% 66 765* 

Raders 480 40% 51% a 10 17 21% 

<*487 1 5 M 17% 29% 39 27 35% 40% 

Option Hair Mi Msy NW FW May 

Sols-Sitw 160 17% 23 28% % 3% 7 
f 177 1 18Q 3% 1115% 6% 11% 16 

* Undat/ing secuity pneo. Plenums crown tea 
used cn satUcmwit pneea. 

Nanmba 4. Toinl commas: 1AJ35 CjOx 8.fl£« 
Pule: 8.644 




Nov 

3 

% Chq 
on Bay 

Nw Hr far 

2 1 ago 

Gres dhr 
ycM % 

52 week 

Hgn Low 

2124.23 

-41.1 

212545 213527 1949B8 

204 

236740 175X02 

1482 28 

♦04 

3470,13 344921 2623W 

399 

3711X7 3304.45 

?7?6M 

-ij.2 

272242 2,-6565 22t7 51 

ISO 

101189 2171 66 

1631.33 

-0.4 

1837.49 1651* 1708.95 

0« 

203965 148811 


■ Rvjkntf Indices 

AfnCO 116) 1487 28 *0 4 3470,13 344931 26JJW 399 3711X7 23W.4! 

AidJrafaaa (7) ???6 5J 272247 HtSK ZS>7 51 180 301389 21716 

Norm AmslQ lift 1631.33 -0.4 1637.49 1651 * 1708.95 0« 2039© 14881 

CopyngM, Tb« FnancaS limtt i9>** 

FMvirr-. r. hrj--»«e enow njncw* oi conajcnrs. B&n US Oa4ar. Boar ir^es lOCtUXi 31n2/32- 
PiWttWSSOr '30KJ Maw **>.■■ Sen 4 Jl-7.3 . cur's * I 8 Hume, few CsJO 7394 T Firtri 


RISES AND FALLS 


British Finds 

Other Fixed Interest 

Mineral Extraction 

General Manutachews 

Consumer Goode 

Services 

Utilities 

RnisnOafc 

Investment Trusts 

Others 


Oaa base* or ihase compuUn tsaed on Oto London Shorn Server. 


TRADmONAL OPTIONS 


Rieas 

On Friday 
Fate 

Seme 

— 

Rises 

klfiMHMk 

Fate 

Same 

63 

4 

4 

189 

135 

31 

0 

3 

11 

0 

4 

66 

70 

34 

92 

242 

321 

417 

139 

98 

398 

562 

609 

2,004 

42 

36 

109 

192 

196 

547 

74 

97 

324 

399 

454 

1,622 

9 

23 

12 

93 

78 

49 

124 

48 

192 

422 

473 

929 

88 

37 

340 

457 

399 

1.469 

S3 

15 

35 

231 

182 

162 

672 

395 

1.517 

2.787 

2351 

7296 


Fret Dealings 
Last Dealings 


October 24 Expiry 

November 4 Settlement 


January 26 
February 8 


Cals: Atvts, Biotrace, Butte (Prel). CRP Leisure, Kiatick. Lister, Sphere hv Tet, 
Tadpole Tet*. TuBow OD, Verson WL Puts: BJotrace. Puts 5 Cate: Kieitek, LonrtxJ. 


LONDON RECENT ISSUES; EQUITIES 


■sue Aim 
Nice paid 

0 UD 

MU 

cap 

IDlD 

1994 

hfton Low Stock 

Ctoss 

pnee 

p 

+f- 

Not 

div. 

Dhf. 

eov. 

Qm 

ytd 

FVE 

net 


FP. 

0.82 

& 

4 APTAWirtS. 

6 

-»2 





- 

FP. 

17 £ 

87»2 

70 Abtrast Latin Am 

87*1 


- 

- 

- 

- 

- 

F.P. 

232 

63 

55 Do Warrants 

56 


- 

- 

- 


- 

F.P. 

112 

166 

180 $Adare Pmtg 

18S 

+5 

028% 

8.1 

1.4 

108 

- 

F.P. 

10.1 

75 

63 Artesian Eats. 

75 

+2 

- 

- 

- 

- 

100 

F.P. 

175.0 

93 

85*2 BZW Commodtbes 

87»? 

ft 

- 

- 

- 

- 

- 

F.P. 

16.4 

47 

39 Do. Wrts 

41 


- 

- 

- 

- 

- 

F.P. 

485 

92 

65 gGaOtitt 

90 


- 

- 

- 

- 

280 

F P. 

303 

287 

280 Ctnnct* Ctene 

285 


RN9A3 

Z2 

42 

13.0 

63 

F P. 

122 

66 

65 Ememtx 

67 


RND.71 

5l3 

12 

04 

. 

F P. 

56.7 

140 

108 Ffitrertc Cv* 

135 

♦1 

RND.75 

2.6 

0.7 

45.4 

115 

F.P. 

37.6 

126 

115 Dames workshop 

121 

-2 

RN4.6 

22 

42 

11.4 

- 

F P. 

2. DO 

35 

24 Group D« Cop Wte 

24 


- 

- 

- 

- 

- 

F P. 

29.0 

62 

56 Hairfcros Sm Asian 

58 


- 

- 

- 

- 

- 

F.P. 

2.70 

30 

27 Do Warrants 

27 


- 

- 

_ 

- 

180 

F.P. 

1673 

223 

205 Irish Permanent 

220 

+3 

UN6J0 

4.6 

04 

7.7 


FJ>. 

3409 

490 

475 ProMc Inc. 

487 


- 

- 

- 

- 

13S 

FP. 

57.9 

149 

136 Sends* 

144 


BN3.B 

13 

32 

23-4 

- 

F.P. 

928 

62 

57 Whitchurch 

62 


RN126 

3.0 

ZS 

13.0 


RIGHTS OFFERS 


Issue 

price 

p 

Amount 

paid 

up 

Latest 

Renun. 

date 

1994 

hfejh Low 

Stock 

Closing 

price 

p 

+OT- 

17 

ts 

2/12 

2pm 

■spm 

APIA Health 

%pm 


SO 

Nil 

3*12 

4 2 2Pm 

l'«pm 

SuUsrs 

I’rpm 

-1*4 

500 

Nl 

12/12 

50pm 

19pm 

Matthew Clark 

19pm 

-3 

26 

Nl 

22/11 

^pm 

^pm 

NtJVO 

Irpm 


180 

f* 

9/12 

18pm 

5pm 

SUaw 

15pm 


5 

Na 

15711 

2'jpm 

\pm 

JUrton Square 

^pm 



FINANCIAL TIMES EQUITY INDICES 

Hov 4 Nov 3 Nov 2 Nov 1 Oct 31 Yr ago Hlgti Tjow 

Ordinary Share 2371.7 2377.2 2355.4 2360.0 2351.9 2332.0 271X8 2240.0 


Ord. dK yield 

4.35 

4.34 

436 

4.36 

4.37 

3.97 

4-51 

3.43 

E art yW. % full 

626 

624 

6 24 

622 

623 

4.63 

&S1 

3.82 

P/E raliO nN 

17.43 

17.47 

17.45 

17.52 

17.48? 

27 .06 

3X43 

1094 

PTE ratio rd 

17.96 

18.00 

17.99 

16.06 

iaoi 

25.09 

3080 

17.09 


Tor IBM Onfinarv Sluro tabs* *nce oomcAnian; high 2713 8 2/02*4: low 4 BA MfflMO 
FT Qn&tary Share meex base date 1/7/35. tCorrwsed values. 

Ordinary Share houfy c ha ngea 

Open 9-00 1000 11.00 12.00 13JM 14 j 00 1SJ0 IfiJO High Low 
2378 4 2378.0 2377.4 2369.5 2368,4 2367.8 2369.4 2373.0 2372J 2379.7 2367.1 



NOV 4 

Nov 3 

Nov 2 

Nov 1 

Oct 31 

Yt ago 

SEAQ bargans 

Equity lunwarKnflt 
Equity baruamt 

23345 

23,925 

1795.8 

27,391 

19,193 

1189.8 

27,522 

24.499 

1075.0 

28.580 

27,021 

1111.7 

29.117 

33.679 

1739.0 

38373 

Shares traded (mJ)T - B22.4 471^ 

tEiOUing Wra-mortot busness and ««*» tnrewr. 

435-2 

392.9 

628^ 


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WVESTMENT TRUSTS -Cool 


tea Wa - won 

Amvoatjw — o mb ia> 

smarts □ ft as 

PcnofeAracta — — 070 EM 

nutw M 3 125 IQ 


LEISURE & HOTELS -Cant 


OIL EXPLORATION & PRODUCTION - Cont PROPERTY - Cont. 


Ptatw,.. Id 

■snorts a 

Hper Boa amr — □ 

wamtt: □ 

MaM -U 

nwrtpn hrt 


125 

44 

9 * 

*1 

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225 >3 

61 .... 


mciu WD 175 «■> US (Sdl, 

2%pcO»tnaiUQ... EJ75 -. £i«% tm', 

hMnn m m 

Odflfilsshc — mi 155 - 164 153 

cap ■ 483 543 UO 

n«& Mm Araks..* U40 id iQa 

Cap — □ 29% — 38 2s 

m»w* ~ «'i — i 7 la 

Hb&tferEsi — JC 93 d — M7 31 

Wararta 17 49 (4 

an Orff 1R 1101; 108 

Kv&Utotertt)— 11 57 1TB £ 

MU Cap . 28 35 S 

Hfc iSMml S o* JO lHifl T70 us 

acmnb — „ — .. s 77 ii 

m&WncTstbcid tlZ -1 vn 112 

Cap D 121 is ns 

warfare. a% -i 40 ai> 

Oft SOW Pd _JI IDO ... TB 3 144 

nKMCBte— JO IN .... 113 IQS 

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5 .S li ai eJ ^! B ? D, ' c ' p, .1 ■ 7 ‘* 

M 150 18 134 tochm- ■:■** MS 

IShi >.375 - ton, '. 2flfl 

^ l£, f' FjmAnttcn 1 454 

« 51.1 35 ♦ ftfdfjnt, in 67 

^ FhrfflFtayeri pi. j 74 

.J® tii m French tome. L i-N 344 

IM 317 *6 f ®{ f,<ft . . 231 nl 

* ^ ‘i m rJL :. iu m 

Jl* *' liX 6 *tawite _HrtT 1290 
5 [i i0 ,a> fruUWiWSd IN_ SB 30 

r. M»"le»S w~ 1650 

■?? rtamonifl. 0 IFN ? 44 l 

^ ^ (taeurfraar.IUO 2020 

^ i *?? HuqlKTJ .!■«£. 830 

3 M n t ‘ ‘ IrtfeW It ' 459 «d 

*fj? Iff® a% “ Wen&e WI )B 6 

14 % 100 - - . nu 3300 

IX? 1406 67 10 . 71;0 Cn PI 2 » 


168 
<95 
loud 
193 +1 

33 - - 

» +1 
735 

258 . 

191 - 2 % 
74 '? -*• 

8 


«% 108 
7 S OW 39 li? 
IX? 1400 67 10.2 

JW 7910 Zfi 


^ S U : SftrttUJE^WC 3S9H- — -420% 774% 1.975 
414 11.) - e™*. 1IJ SO 114 fC 104 


MH rurnttute AH' ’ 137 '.' 


148 res 
as 510 


113 250 
129 410 
325 3870 

^■ai 

50 330 
IS 904 
5 171 


_ _ Sonic W* 

I t >7 StattBSKr £i 

_ _ TWa/HotCf 

l f TcvPf 

_ _ WBddtagtaiUl.rtD 

_ _ Watattrto — .TIC 

_ Wya/fctamPren - 4 * 


35 

33 

249 -4 

IDT -% 
223 

3Md ... 
131 -I 


mV OKi fMfi «57 


?? itotst'jiv 


. Cf 1494 MM 
nigh km Cao£tn 

SO 25 2X7 

.. 248 WO 2217 

+5 410 107 1004 

237 191 3&B 

+2 102 54% 1702 

+1 357 134 1250 

246 1 76 719 

IA 134 620 

ISO 110 520 

195 36 5X7 

+2 48 24 102 

264 l»% 401.4 

-i 601 467 5050 

12 % 2 V 1&0 

*263 rru 3320 

♦ 1 *74% 51 9210 

245 153 2X1 

304 720 1020 

246 15? 25X3 

520 388 5X4 

171 96 170 

+t 258 185 2 AtO 

IUS 24 808 

+1 170 81 170 

903 720 17X7 

353 215 2890 

1% 287 170 73X2 

-% 100 ?1% 1350 

11% 7% IM 

-9 ZM 1BI ZI0 

320 217 19X7 

-3 558 45* 3610 

•1 A *6 30? 
108 74 1X4 

278 124 390 

264 205 1GX5 


524 5083 
16* 37.7 

21 159 

178 4830 
68% 17.1 
*58 3054 
156 51.7 
33 719 
277 35*7 
198 3*9 

1 26 7TU 
69 123 

3801104? 


PROPERTY 


Hotot P«a - nisi tan cam m 

- Attn London- -id SOI _ TM n W 

- 5%pcCkRdPf 92% 127 -Jl 370 

* /togta9Ana6 15% .. . 31 i7% 100 

- *»«_—. Q re* ..-- 27B TV S43JB 

- AstePrap *t«Q 1170 — 1« urt 921 

- 5*speCvP( 103 +1 121 IUI 15 J 


23 are 
1B% 173 - 

18? I88J ! 1 
106 410 9 3 

JOT Z310 *8 

365 2590 ?? 

M 280 21 


1094 104 »'d W«i 

1 Cain m Ur's Pf HMr. 


Ssra-iW 

ltd '.ilp.fF.-.AC 

veii+rnbe 


427 1J7B 
736 2570 
189 M8.1 


f MB 

i ACT 1C 

- ACTS XC 

! Miini ill 

• Jttowmenc— UO 

- /tontuSK^StfC. 

) ASM— . ...MltJ 
r BCT ittC 

I BSM *C 

- Sad» 5 &!u — &C 

■ BortanaS -« 

■ Bra Data Usnoi-JCI 

■ BrcOci ScnACS. _ 1 K 

■ ftraessPoa-.w*- 

. &=» 
1 conn no 

■ ceaznan __.#uC 
I QUO Seamy- JC 
1 CfimeaCornpuang^j 

■ 0 «a WWiC 

■ Compd JWC. 

■ Cmdp Fnd SCns .K 3 

Comp Peopto ItM 

Cap Sens -vf&C 

I CtuaCoratOng 
I DCS Ctonip M 

- Etna Service .IfK-i 
i Ohrismn aato — d 

• Dudley Janus ..U 

i EWfftl *T 1 J 

■ Brx&aaPrae. Ml 

1 Creaiaro lea.-^JO 
1 Hawed UftobtiQ IN 

■ dm 

' (togg Hoohsoi .. 03 

1 Hc*ncs Proton 5 

BCIW 

1 imcomi 5 *-j 

ess b of 1 

1 JBA 1 N 3 

Jeftnan Cleanen -0 

■ Uanunm Capri .NC 

ItartSyst i*H 

Lzso-Sbn •' 

1 Leamomi B. 24 /C 
Lep JC 

: JfcdfiE 

HWCdrao -Mi 

Wtealtagnt Itlfc 

McOonta Ha W 3 

Macro 4 H 

UantmwrS £J 

MknFcais- M 

Ifcrtoen— ... 1 X 3 

Man fid 

imt w< 

Now -—WD 

OS tax fid 

Orfod Molowtaf .40 
Pip tf-reta 

iWC=S 

Pcgqsus 

Fm 

Prime Paople <3 

Proudnol NO 

QnaUy Softonre.ltd 

RCO W< 

Rafts ana 

Had Tima — M 

Read Era 

HeSexQrat— _M( 

HeftjnceSec «M 

RerenU ltd 

Rtaanto Wd 

WtolNotar. m 

Sage WO 

StoVRen ( 0 — 4*0 

Eamtason- WiZ 

SetaetApott— > 24 Q 

Serna 4 tH 

Serco __JWI 

StmnrtCarnp^Wl 

Stefttey itl 

Spargo Cffs. LH 

StaN&rriPtat 4 

Stn-fto « 

Sunqart—.. 4 

SmawapnVH. — U 

uniparn — JU 

Vis»c — 4*0 

WoiwHoMta — 0 
Waterman Part ... N 


r or 1994 IB 
- Han tow CapEm 

+3 *197 96 IS30 

748 583 3850 

550 478 730 

40 34 <10 

♦1 140 69 9X5 

281 118 280 

-3 IBS 99 10S1 

195 115 380 

2S5 175 500 

IBS 133 3X5 

1% 308 

Ell ££% 1840 

228 159 4X0 

79 57 7.71 

139 90 580 

-% *117*1 87 B.1 

208 158 8X7 

158 ire 145 


+1 118 93 2X8 

-1 423 292 9202 

IB 73 120 

30 72 210 

130 110 180 

173 100 4M 

225 10b 320 

85 47 320 

97 48 TM 

.. 90 47 UO 

— 276 21? 2302 

146 78 420 

sn 68 any 

154 95 170 

— *188% 135 082 

114 35 110 

*305 40% M2 

-& 334 261 1,194 

-1 28J 209% 1480 

*2 » IB 110 

172 135 X94 

15 8 7.10 

— £2W1 mwj <380 

185 135 440 

-1 *414 250 1240 

T4S H 4U 

— 298 221 307 

35 19 12 

— 143% 68 210 

8 4 380 

+1 321 266 18X3 

57 41 202 

*4 158 143 208 

-3 218 UO 680 

ti 2SI « IlfcO 

723 423 909 

rA CT8U £11,*. 1030 

*3 1320 760 1210 

_ 178 114 440 

*548% 434 2000 

*194 141% 450 

-1 35 24 17.7 

92 24 700 

-1 97 52 102 

*8* 60 5*0 

115 85 820 

-1 M3 90 405 

235 160 100 

115 63 405 

— 5% 2% 108 

*90% 00% 400 

428 300 33J 

415 290 3X1 

48 27 MB 

*1 159 73 110 

177 104 814 

65 28 720 

168 105 340 

2» 199*2 1047 

*194 138 842 

*135 747*2 22.7 

*22 an 507 141 J 

*8 392 243 9050 

*94 77% 309 

17% 9 704 

438 310 4910 

♦2 *307 343 1720 

_ 130 75 56? 

-I 130 93 520 

113 100 1X5 

— *2 *17% 7% X51 

2B4 182 305 

. 1 * “78 « 

49 31 SUB 

MB 100 215 

Z7B 203 3*4 

— 391 120 480 

— 31 3J% 250 

-2 338 325 770 

71 49 11.1 


Non I 

A asm 410 

Bristol Rata Ji 

CMOS* jt 

B«v. 

denar N 

Era Sun* 0 

Mid Km) M 

Kara tost t$G 

HnttMiman ~ UG 

Sewn* Treat — WD 

South Stalls U 1 

South Wen NQ 

Sodtoem Id 

Tiaras lt«d 

Wert - 4 nlD 

Wears NO 

Wtooam 

WkWnona.— 

YBrtefta — — 4*0 

AMERICANS 


AUMilda. 

Amdani 

AnrarCyneftl— 4 

AmrEwess. 

Ana TXT 

Amman 

/Utfceiae-fltscti 

BaftAmeita 

SafteraNY 

BelABanUc 

BeBean 

BMMenem Steel 4 

CPC 

CaUtanaa £ngr 

Ota ttantettoa 

Oiysler 

□neon 

Coisate-Pa&n 

Dana 

Data Genera 

Draraindx— _.f 

OuiIBrad 

Eaton 

Ectfti 

FPL 

Ftanl Motor 

GenBea 

General Host ? 

GBteOa 

ten 


cor 1994 
- Mpi taw I 

534 390 

-? *291 157 

347 2*5 

— 209 118 

-1 348 244 

91 55 

-2 743 557 

»1 205 153 

._ 140 117 

— 192 84 

CT6i £9is 

-*2 17 11 

— 21B IM 

*1 13) B5*j 

— 915 703 

— 79 77 

-8 228 138 

— 327 197 

-3 136 SB 

-1 160 95 

V. Bfi fM 
+% 148 97% 


*o> 1994 

- IM ta 

-1 607 442 

-3 1130 955 

— 488 373 

— <73 368 

— *208 141 

— 4 13 338 

— 355 250 

— 811 454 

-2 761 508 

+1 845 4S7 

— 17* 1525 

-? 675 484 

-5 682 *66 

t! 871 434% 

-1 Ml 546 

-1 *379% 275% 

— 388 335 

>5 XI 273 

630 458 


+« 1994 

Price E - high ba 
19*sU *b 28% 17|« 

n ibt 1 

”■ sag 

•n% 33 25% 

+1 5SH 39, i 
3XU +SJ 41 30u 

»A +& 42 31A 

11% *% IXi 11% 

32% 33 29 *) 

11% rf. 12ft 11% 
ZZ.la -n* 2S£ 15,i 

29% *\ 42% ^41 

28% W +% 29% 22% 

"s? ~ Js a 

«2*'.H -34% 671%p456%8 


Z72D +9% 
«d -% 


— ^ *1 
21,1 +.1 


: TELECOMMUNICATIONS 

+ or 1994 Mis 
,. o NatBs Price - Mgh low CapQn 

,q 61 WO *6 -Z% 488 353*2 2*604 

mb CatitoiMW— Wd 407 -3 5*3 381 8321 

* TpcOLnUd £197 -1 £285%. £182% 8170 

I SNttNonJIc £56*2 *B *£63^ EM 2240 

Z MtaponTiT.— -.£5773% +l5S‘Hmft ESS40 

_ Seorfcw HI 1438 1543 1146 590 

_ AHN 110 938 — 10S9 78S 7100 

SecunySerw-tlO 758 — 992 606 82X7 

gjj to&taw- .J4CI 209% -% *220 157% 8077 

1X3 

- TEXTILES A APPAREL 


Horaon tart 

taoeraqi-Raid 

Locklraad 

Lowe's-. 

Mart /.men — 

uamin 

Marts (PMW 1 

MNEX 

Pat 

Pennmi 

OaiwOaa 

MpW 

aoctaMf 

Scars, Hodwch 

StbwetoniM 

Sun Co 

Tames 

T—m — 

tea (toner 

US Waal . — — — — 

vara 

VWKTBCtimlDgtas 

«**taoflL 

weotMrti V 

CANADIANS 


Nona 

Amm Derrick 

BkHanreM 

SB Mm Sari 

aCOes f 


QnlmpB* 

QaiPacBe 

A^===s 

JBS=i 

Hawker SM V 

Hudson , »B3* f 

taverwa .¥ 

Inco. .... 

NtwaCnrp Alberta 

RtaAiBOai .f 

Royal Bk Can— 

MX Enid f 

7trant H*am 

Tran can Pipe.- — — ¥ 


SOUTH AFRICANS 


21,1 +.1 32% 20, 1 

"i ^ S S 

^ — -a 1 

»% v% 48 35£ 

37% 311, 

11% tw» 3 

31% -% », *. 2$ 

42,1 n tf! 6*1 41* 

ft Jl §1 « 

22 +% 29% 2S; 

30>i +\ S*i 25*, 

1 i 1 i 

384x1 37,' 

21*248 *b SS 2ll 

+% 31% 22J 

*b ws hi 


Pricer - htab kw 

iiis 4 a is 

12 A a* 16 % 11 

6564(1 +5 8SS%p 6S7%B 

21% -J* 25% 20ft 

938*20 +1% 97B%p MOp 

% 4 | 'f 

1184p +1% 288*2P 167%p 
750*20 +X24a954p671*2B 


Cft&m &ra 
1X797 X7 
78*5 05 
50Z1 10 

ma 20 

52.7X7 2.4 
1X717 40 
8029 X2 
0407 40 

XM> 5 ? 

14,135 50 
15019 £4 
1081 - 
*828 18 
2094 - 

*125 45 
10001 XI 
11J0BI 1.4 
0409 20 
1030 14 
17X7 - 

0416 45 
2025 23 
1,149 20 
*384 X7 
19414 XI 
51,178 30 
- 70 
9B9 14 
1093 07 
2020 XI 
2.797 17 
UU 20 
2027 30 
300 04 
vm 23 
7,142 - 

32043 50 
10,134 XI 
1093 20 
1055 XD 
209 30 
1488 12 
*cn XI 
iom 13 
15087 XB 
ZJB9B 5J 
S0 

10051 XI 
X143 10 
10001 X7 


222%a -5% 284%p 188%p 

fi — W 7l| 
32ft -A 39 % lift 


12/4 -A 20% 11ft 
»% *& a*A HH3 

18* ♦% WS 14% 

3 *18 703p 451p 

*ft ttjJ T Wi 

4SZ%p t14% *90%p338%p 


tl4% taO%p33W,p 

i- Hi i 


9,740 X? 
20SB 20 
1051 *Q 


MM VU 
Q«Cm Grt 
5061 00 
2080 40 
2054 *3 

- 40 
0610 50 
7740 XI 
8074 *2 
MB 10 

108 95 

- 70 

84*1 00 
39X2 - 

8 X 0 02 

m 3 is 

40M XB 

2,129 1.0 
1029 24 
611.1 Z.4 
1092 42 
71X4 - 

2.777 »0 
1011 40 


- »|h to Cap&n 

-% *68 501 2 1026 

158 115 XS7 

-3 315 22?% 2086 

505 413 220-3 

43 <0.7 

17 11% 170 

-% 137 78% 1092 

394 314 7X1 

60 37 IBM 

108 87 29X0 

371 189 1379 

1078 E63 1190 

-r 2ii 133 <519 

14% 5% 806 

-1 CSS K3 8514 

— 178 133 2X5 

18 ¥ 807 

-1 149 99 6674 

252 178 95.7 

_ 232 167 21X6 

_ *146 88*j 1890 

6% 1% 246 

_ 489 342 7,438 

-5 243 16 124 

♦ I 101% 25 900 

-2 355 200% 4006 

-% £132% £113% 2330 
.... 198 162 1134 

-J « El 191.1 


4> Notes Pfte 

- Afteycrta N 8BW 

Atatai M 98 

Atarada W0rk_t«D 1«U 

AlUedTetae til 498 

Aydns N 96 

« * BdWflWllI IO 217 

.Vi Beckman A Ji 39sl 

’1 Bntaerriaviga-wa 5% 

!S 

J?! Euan —Id 21 %r 

_ Cflktwerima .J« « 

ur Cdmparttafl 20 

Ii? Caoieirtwi— JC 4 
,w> CtomboUPUnxMa 170 
,„0 Oaramad — If«a 31 KM 
,8 _ Cads Mynta — -fid 195 

W7 Conrad *□ 4% 

Ji; CourttiftTwl-tND 47M 

BaraoaM JO 132 

0 , Dewtrirat tld 12Sid 

DtaieHeei n 34* 

u Drummoid. Ji 28 

■ is S?J 2 r“a aS 

bmllt 0 » 

_ Frordim.. IN 96 

.,< GertCH) tHO TM 

™ riafltPM- 1 ) N BEJd 

_ Hartstone. — firttl 12% 

„ , Hook— (rid 27%a 

1 WcMnaPa* — *W 331 

145 Hofcs WD 23% 

HoneyoRMe— *N f» 

Horace 5da«_- tfi) m 

(sequel VW IN 188 

Jsrome- t* OM 

Jones Stroud N 349 

„ Landwrthoi H 134 

™ Larncnt .1*1 3580 

- Lands twi 280 

162 LesfcWftw fta 68 

176 Usta N 33 

2i -B lowem O 8% 

- Lylci (S) 0N 91 

78 Maritaghds fib 25 


S »□ 

J24 CourttJkteTwJ-tND 
,D ; ftwsoolr* NO 


-tor 1994 80S 

- Hgn kw CapEDi 

IIS 91 200 

138 84 123 

2» 147 4X9 

617 488 17X8 

169 90 X20 

WO 276 34TA 

71 38 *77 

*17% 3*2 408 

109 74 1U.7 

228 171 2X2 

-1% *27% 9% 120 

66 4? *39 

-T 74 20 208 

6 4 0J5S 


ntaji tow Capon on fit 

AngtaArnlml E28ji — QO £13% 1032 X5 21.7 

Bartow 2 Eft} — £5ii £3,% 90X9 00 - 

Gdd Rd3 Pnp R 116a 128 75 1X1 70 * 

»' Praps SB — IB 95 3LBZ 1X5 - 

SASUL— .to 578 -7 58? 280 30S 24 - 

SA Brews £15% +,'« £15% £10 *332 10 2X4 

Tiger Osh 1 696 — 838 538 1031 2-3 1*5 

T angaal-teeg — Jl 875 — H9S 356% 61X2 10 1X9 

GUIDE TO LONDON SHARE SERVICE 

ftteea tor die London aara Sanaa ite i ra rad by BOM nw a rlM , a 
iwntoer « toe Ftondai Ttoia* &ohp 

Anpaqr ttooitaatoM am band on tooaa load tor (he FT-SE Ac&wfae 
Share taBcas. 

Ctaatan nto-prlcea ere ehown h pence urian Ohowtoa stotori lighaand 
toan an Oirad oi rtra-dsymid- prtoax 
Where tracks oa denantaried In curacies other (ban Herring, aria ti 
kxSGfcd alter aw nans. 

Symtato rataring to Mlend M»ais appaa la Via ntta cotam daly as a 
guKto to yleklt and P/E ratios DMdanfe aid DMdend oxen ire puWafced 
on Monday. 

tew radrtadkei shown is cakutaM sqaatay ta earh tew ol nxh 
vmL 

Eta mod pCfitaftap ratios are toad a total anal reports and 
eccnrts and. where DotaHe. o« ttatoMd on Wotoi tores P/Esara 
eftsriated un *neT (SaHuttan harts. asnOigs per 4m betog conputod 
on proto aRet Orator, wtauataa oeepUawl pnrib/ktam and unao«d 
ACT where Bsptoarie Haste nb bssad on mU-prices, are jraa. aftntao 
lor a itrktond or aertord 20 per ccat aid tawr tor rtue ol Becbrad 
(fcJrtwtton and righto. 

EaBmrtd Nat Asset Values MAIM era ton tot tawgnant Tnsb. in 
oewe per stara. atong wth aw pattacana itasniai (DM} or preniiws 
(Pm -j in ibe curaitctairinoaMra pries, ilw NA!f tarta asnwws prta 
cteraes at per nwnrirltolee eanm t ad and nBriarta awnftefl I 
dfenonocan 

□ krtoentes toe most adMy trarkd otocix ihto nctudas IK stocks 
«dn» rwnoetoB an) pnws ere puMahed conSpuouft mraugh toe 
Stack Enriisnge Autwmted Quotation syxieni (SEA® r«d nm-UK 
stocks ttrootfi Bw 6EA0 HeraaHowl sysaam. 

* Mohs and tawe mated tow haw beei afttoai id tan* tor ripus 
tasies Im cash 

t taterim shea ioaBased or resomed 
i htorim staca iHtaced. passed w daUrred 

I SMSi SJUntodataptarttortontartUrt- 


163 

7X4 

51 

214 

292 

1700 

30 

170 

190 

1058 

5.4 

168 

4% 

XB 

— 

— 

*51 

48*1 

30 

21.4 

MS 

3373 

20 


97% 

15X4 

1.7 

170 

32 

*16 

XI 

100 

28 

*95 

- 

125 

72 

804 

50 

115 

268 

3X7 

80 

* 

138 

160 

27 

$ 

10 

X14 

— 


94 

110 

4.8 

108 

48 

2X3 

40 

* 

73 

UL7 

44 

$ 

H% 

«4 

32 


25% 

540 

XI 

110 

222 

SIB 

20 

154 

72 

310 

12 

510 

64 

X7S 

45 

iai 

48 

27.7 

- 


173 

170 

10 

160 

55 

*53 

i.r 

70 

258 

5X7 

ii 

185 

132 

1X5 

6.4 

127 

333 

1070 

*4 

110 

265 

904 

27 

1*3 


1X0 Mardritad _.ItOd 33 — 

175 PEX 12 

43 0 Psridand IN 172 — 

5.5 Portland .JmC 9S *■' 

- Hitards ..fpfJ 67 

189 Reailarilnfl. Jd 77 -% 

162 Reman itri 78 — 

- Bchjnfc 4 4* 

2513 SffT St 

- Sort WI 143 

4> snermod Grp.-mO B9to — 

'9.9 sour N 1S2 *1 

27 9 smur Id SSU — 

2«r Stoma _ JO 118 — 

1* T &*wGiu JO 58 — — 


BB ei 220 

-I 68 30 XO 

9% 7% 7J8 

»i im a xm 

*26*2 18% 440 


Mm.4dr.li 

7« 

495 


680 

495 

275L8 

20 

Uc&,8ii» . 

v+« 

Tdlll 

-6 

377 

238 

500 

30 

Next 


243 

*% 

275 

214 

90X2 

IS 

nwrwiqfurt 

i r 

103 


184 

M2 

54.7 

87 

i;**cr liip 

IN 

89% 


98 

s 

220 

— 

Maine toil 

IN 

255 

.1 

335 

2M 

1384 

XI 

inwiAltaDiMun Ut. 

30 


S 

25 

70S 

- 

PiirtniJije Frfr 

til 

83 


113 

A3 

1X4 

4.4 

Pyrriw, 

N‘. 

18% 


*37 

12 

5X4 

- 

0!.Miaa4 

N 

I6»d 


2B8 

168 

6X4 

30 

IVii'Ci Slip 

*J4t 

» 

... 

58 

:o 

103 

4j 

kmii 


22 

-1 

62 

2? 

180 

28 

l*«u£qr. 

t* 1 

Iffl 


209 

140 

27.7 

4.! 

.v.ii; 

fo- 

IOW 

-% 

132 

99% 

IfiX 

43 

iiqiv 

il 

21 


46 

20% 

510 

- 

«u Ce Pi 


58 

• % 

93 

40% 

201 

- 


53 1*7 SarieigGrp _,jq 55 — 

J 8 f reong A Fisas -5«D » — 

95 * rorayY O 482% *1% 

X9 ?»3 Toys 115 — 

1 0 37.4 uh Storty 6lD 4W -1 

16 * IMrer IF) i.tu izrad — 

40 2X3 iftvai tt 40 — 

14 - WensJti.. .MM IBS dl — 

- VAvmnqm iN B2 — 

20 $ YotKWe 2501) 

15 1X4 

5 ! H - TOBACCO 

18 14 3 *- 

g Atort W* + - e 

32S"0ATIri& *ttd <3M! -5 

Si 1?%K in TOW .. £115*4 A, I 
BoBiricrsWUISJiD 415 -5 

52 TRANSPORT 

31 192 

38 13.fi „ ♦*» 

4.1 12.0 Itoes Pita) 

ae 3*6 Ajrunfcr *N Mai — 

10 - AAMpwnA# .□ 715*4 -*r 

16 99 ftpptoDMrtn^IWiC 167 — 

4 6 - Asa Ek Porta -“ TtriO 275 -1 

3 0 166 SAA MO 517 -5 

44 1X6 BarUtritoa 1113 119al — 

18 102 BergesenNKr — □ S13% — 

10 12? BnasnAtaoys — *0 36? -4% 1 

3.0 1 j 9 Lao91ipcC> 184% -1% 

35 147 CamPactaS .BP 93 ♦! 


— ®ffl 171 1X2 

*1 123 84 3E70 

75 S3 140 

-J) 112 77 14X8 

— m 72 110 

96 44 10-3 

TO 46 203 

IBS 141 214 

180 88 6X7 

*1 180 137*2 60S 

146 86 S20 

15S U7 110 

64 50 506 

26 79 3*1 

+1% 609% 343 6,758 

122 102 206 


Rule *2« UK 8 Utah I 
Plica M (tow eraustwi 


serf on a N* strife* to ACT. 1993-04. 

iduMend zDrtkndytaidtao- N Rows based on 


SB 47 1X1 

132 nos aai 

44 34 2x1 

108 42 708 

*72 *% 15.1 

299 734 7X9 


asBWff raf 

srasLdre wr 


10 * ai*snn--.paj MS) - 

27? toil wN 167 .. 

Ii 5 Itawwngmto — f W 32 Btt) 

245 EumimaUU D 231 

112 warrants 1993 . ..D V .. 
- FtaMf i 0 .... H 60 .. 


+ or 1994 MW 
- Mgh kw CapEro 

-5 570 37213JTO 

♦s* ElSWrt £111*. 58X4 
-5 491 337 2,754 


♦ B 1994 IH 

- htah taw Capfm 

83 58 567 

-% 777% 619% 10319 

«7 127 508 

-1 *313*2 728 S m 
-5 *541% 440 5M8 

IS 103% 1503 

EtBil CT2 M70 


-4*2 W: 344 3057 

-T% 231 199*2 3280 

♦1 132 87% 2067 

109 75 2 10 


VU b 

Grt P/E n 
80 11.4 V 

me - y> 

4.0 22.1 pi 


SS SmS mSST. mX&on** ggyjpteue 

unuefaed tfiwbid ft vWd te®d#n" !,t aSSf** 

4o ^“ feto 




184 Forth Ports..,. —tJO 433a) . 


TO 140 2S0 

-3 456 310 1210 

+2 *502% 196 10» 

42% 5% 370 

67 50 120 

SOB 495 12X0 


12 3 OARS..-- C* 

208 rnrous .. 227 

1X4 Gfr-Aitod ...fMIO 1« 

783 Goode Ovmia iMJ 189 


- kM Steam i* 139 

3acoPSUQ — 0d 64 

328 LoiOSweffB . C 87 

195 Mayra NIC* AS 332% 


♦A rail CM% 48BJJ 

228 150 m2 

IM 113 S30 

209 125 101.7 

*462 267% 1123 

*155 1»% 41J 
+1 06 38 1X1 

_ 111 87 830 

*&% 478 315*2 30W 


FT Free Annual Reports Sendee 

You can obtain the current annual/interim 
report of any company annotated with $ . 
Please quote the code FT25S5. Ring 
081*770 0770 (open 24 hours including 
weekends) or Fax 081-770 3822. if calling 
from outside the UK. ring +44 81 770 0770 
or fax +44 81 770 3822. Reports will be sent 
the next working day, subject to availably. 

FT Cityline 

Up-to- the- second share prices are available by 
telephone from the FT Cityline service. See 
Monday's share price pages for detafta 
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outside the UK. annual subscription £250 stg. 
Can 071-873 4370 (+44 Tt 873 4378, Internationa 
for more information on FT CttySnx 







24 




World 
Leader 
in rolling 
bearings 


FINANCIAL TIMES 


Weekend November 5/November 6 1994 



Bryant 

Group 


Invest in Quality 


HOMES »PROPtimE5- CONSTRUCTION 
021 711 1212 


* 


Fall in US jobless adds 
to fears of rate increase 


By Nancy Dunne in Washington 
and Philip Gawtth in London 


US unerapfayvnent 


The US unemployment rate 
dropped to 5.8 per cent in Octo- 
ber. a four-year low, raisin? 
expectations in financial markets 
that the US Federal Reserve will 
push up short-term interest rates 
later this rnnnth 

Although the monthly increase 
in jobs was below market expec- 
tations, indications of mounting 
wage pressures prompted a 
sell-off in US bonds. Yesterday 
evening the 30-year benchmark 
bond had fallen by half a point 
to yield 8.15 per cent, its highest 
level since August 1991. 

The dollar was steady, with 
traders wary of selling after Fed- 
eral Reserve intervention to sup- 
port the currency earlier in the 
week. It closed in London at 
DM1.5235, from DM1.5146, and at 
Y97.8 from Y97-605. 

The debate over interest rates 
appears no longer to be about 
whether the Fed will move. Cur- 
rency market analysts said yes- 
terday it was a question of when 



1993 
Source: Datastrearn 


1994 


rates would be raised, with most 
expecting an increase to be 
announced after the Federal 
Open Market Committee meeting 
on November 15. 

The jobs report gave President 
Bill Clinton an opportunity to 
highlight the expanding economy 
as he campaigns ahead of mid- 
term elections next week. Mr 
Clinton claimed that more jobs 
have been created this year than 
in the previous five. 

He said the improvement was 
due to increased productivity, 


and to the partnership between 
his administration and business 
to boost exports. While non-farm 
job growth in October, as mea- 
sured by a survey of employers, 
was 194,000 - less than expected 
- factory jobs soared by 40,000. 

The reasons for the continuing 
discontent among US voters were 
also reflected in the jobs report 
Americans are working longer 
hours - the factory workweek is 
averaging 42.1 hours, a level not 
seen sinr» the end of the second 
world war. About 7.6m people - 
6.1 per cent of the Labour force - 
are working more than one job. 
However, average hourly earn- 
ings soared 0.7 per cent to $11.24 
an hour, twice the increase gen- 
erally expected. 

Ms Katharine Abraham, com- 
missioner of the bureau of labour 
statistics, said the growth in 
man ufacturing jobs reflected 
“moderation in job declines" in 
defence-related industries. 


The rising yen. Page 7; Curren- 
cies, Page 11; US stocks, Page 21; 
Markets, Weekend H; See Lex 


Serbs call 
up forces 


Con tinned from Page l 


raised the possibility that tbe UN 
might order air strikes if the 
Serbs reacted to their latest mill- 
tary reverses by bombing civilian 
targets. Bihac is one of six 
enclaves under UN protection. 

Officials from the US, Russia, 
the UK, France and Germany - 
the five nations which make up 
the “contact group" on Bosnia - 
are due to meet in Zagreb this 
weekend. Although the five 
nations have differed in their 
comments on the latest fighting, 
the feet that the meeting is tak- 
ing place was seen as a signal of 
continued determination to work 
together on a settlement. 


PO levy cut 


Continued from Page l 


privatisation debacle, mounted a 
strong defence of Mr John 
Major's continued command of 
the government 

He said that the Queen’s 
Speech on November 16, which 
sets out the government's legisla- 
tive programme for the coining 
session, would be a “relevant, 
radical, forward-looking speech 
by a government that is in 
charge”. 

However, the dispute appeared 
to have widened the gulf between 
Mr Major and the party’s vituper- 
ative right wing. 


Private buyers shun 
UK new car market 


Russia’s 
deputy PM 
resigns 
over reform 
of economy 


By John Lloyd in Moscow 


By Kevin Done, 

Motor Industry Correspondent 


UK new car registrations fell last 
month by 3 per cent year-on-year 
as the market weakened under 
pressure from declining sales to 
private buyers. 

Registrations in October 
slipped to 122*526 from 128,305 in 
the same month a year ago. 
according to figures released by 
the Society of Motor Manufactur- 
ers and Traders. 

Tbe rate of growth in UK new 
car sales has fallen sharply since 
the summer. In the first half of 
this year, registrations rose 14 
per cent, but from July to Octo- 
ber sales have risen only 22 per 
cent year-on-year. 

The decline in new car sales in 
October is the second monthly 
year-on-year fall this year and 
follows a drop of 2.5 per cent in 
July, the smallest sales month. In 
the first 10 months, new car sales 
have risen 8.5 per cent to 
1,710,842- 

In contrast to weakening 
demand in the new car market, 
registrations of new commercial 
vehicles rose 15.1 per cent in 
October and have risen 15.4 per 
cent in the first 10 months, 
reflecting stronger business con- 
fidence. 

The main factor behind the 
decline in new car sales in Octo- 
ber was the 11.5 per cent drop in 


sales to private buyers. “This is a 
worrying trend," said Mr Ernie 
Thompson. SMMT chief execu- 
tive. 

Mr Neil Marshall, director of 
public policy at the Retail Motor 
Industry Federation, said sales to 
private buyers had [alien signifi- 
cantly for four months. 

“There is a growing nervous- 
ness in the marketplace over the 
potential impact of the forthcom- 
ing Budget, and consumer confi- 
dence is already fragile following 
recent talk over interest rate 
rises," he said. 

The share of new car sales to 
private buyers fn the UK has 
declined to 50.1 per cent in the 
first 10 months from 53J2 per cent 
a year ago. The share fell as low 
as 46J per cent in October. 

Until now, the new car market 
has been sustained by rising 
demand from the large fleet and 
small business sectors. The rate 
of growth slowed in those seg- 
ments too in October, however, 
with an increase year-on-year of 
5.7 per cent 

Imported cars are gaining a 
higher share of tbe market this 
year and accounted for 57.4 per 
cent of UK new car sales in the 
first 10 months compared with 
55.6 per cent a year ago. 


UK new car registrations, Page 4 
Rover spends more on parts. 
Page 4 


Bock promises to concentrate on Lonrho 


Continued from Page I 


whether to redevelop the group's 
headquarters, in the City of Lon- 
don's Cheapside. 

Lonrho's share price rose 12p 


yesterday to close at l44J3p. 

Mr Bock said he was relieved 
that the battle with Mr Rowland 
was at an end: “It will take some 
time to really relax and move for- 
ward without the burden of hav- 


ing someone on my back.” He 
was not afraid of reprisals from 
Mr Rowland, the dominant force 
in the company for 33 years: “He 
may try to hurt me with words, 
but I can cope with that." 


Mr Alexander Shokhin, deputy 
prime minister of Russia and the 
senior reformer in the cabinet, 
tendered his resignation last 
night, saying that economic 
reform would not succeed under 
the curreat government. 

The resignation comes as Inter- 
national financial agencies are 
considering plans to stabilise the 
rouble with the aid of foreign 
loans. One anxious official said 
last night: “There seems to be a 
constitutional crisis going on." 

The immediate cause of Mr 
Shokhin's decision to step down 
was the nomination yesterday by 
president Boris Yeltsin of Mr 
Vladimir Panskov to the post of 
finance minister. Tbe appoint- 
ment of the former deputy head 
of tbe president's budget depart- 
ment appeared to reflect a con- 
tinuing struggle between Mr 
Yeltsin and prime minister Vic- 
tor Chernomyrdin. 

Mr Shokhin said that Mr Cher- 
nomyrdin had told him that he 
knew nothing of Mr Panskov and 
had never met him. According to 
sources close to the government, 
Mr Chernomyrdin had been con- 
sulted about Mr Panskov and at 
first opposed him. 

The appointment of Mr Pan- 
skov is part of the fall-out within 
the government after the col- 
lapse of the rouble on October 
11, when the currency lost 
almost a quarter of its value 
against the US dollar. 

The acting finance minister 
and central bank governor 
resigned under pressure from Mr 
Yeltsin, whose advisers have 
continued to blame Mr Cherno- 
myrdin’s government for the 
instability. 

A clearly bitter Mr Sboktain 
complained: “The economy has 
become a hostage to politics." At 
stake, he said, was a budget that 
aims to bring inflation down to l 
per cent a month by the end of 
next year - it rose to 15 per cent 
in October. The International 
Monetary Fund has indicated 
that it might support the budget 
with aid of about tl4bn next 
year. 

Mr Panskov, 50, was a career 
official in the Soviet finance 
ministry, rising to become a dep- 
uty finance minister, and has a 
reputation as a competent pro- 
fessional but not as a reformer. 

His entry into his new depart- 
ment yesterday was an ambigu- 
ous one. Mr Chernomyrdin intro- 
duced him to his deputy 
ministers and senior colleagues 
with the words; “I tell the new 
minister that a large amount of 
work has been done on the bud- 
get We will not swerve from the 
course we have chosen." 

Mr Shokhin replied, according 
to one participant in the meet- 
ing, that “there is a lot to be 
done". According to another 
observer of his first meeting 
with his senior colleagues, Mr 
panskov also said: “Now, let's 
get a real budget" 




Europe today 


1C 


A weakening depression north of Scotland 
wtR slowly move east Its associated front will 
stall from the west of Scandinavia across the 
North Sea and France and into the 
Mediterranean. As a result, northern 
Scotland, western Scandinavia, the eastern 
UK, the western Benelux and parts of France 
will be overcast with rain. Showers, some 
accompanied by thunder, will occur in 
southern France and the western 
Mediterranean. Other parts of the UK and 
France will have sunny spells. Most of Spain 
will have cloud interspersed with sun. 
Significant precipitation is expected in north- 
west Italy and the western Alps. Some cloud 
will also affect the southern and western 
Balkans but it will be sunny towards the 
north-east,. The rest of Europe wriH have 
sunny spells. 

Five-day forecast 

Showers, some with thunder, will remain over 
the Alps and Italy. This area of rain will slowly 
move south-east and will affect the south- 
west Balkans later next week. Western Spain 
will also have rainy periods. A high pressure 
area over Iceland win develop and bring more 
settled Condi Ik) ns to Scandinavia North-west 
Europe will remain unsettled. 



TODAY’S TEMPERATURES 


Situation at 12 GMT. Temperatures, mamnum for day. Forecasts by Metso Consult of the Netherlands 



Maximum 

Befltng 

fair 

18 

Caracas 

fair 

30 

Faro 

sun 

19 


Celsius 

Belfast 

drzzl 

9 

Cardiff 

faff- 

11 

Frankfurt 

fair 

15 

Abu Dhabi 

sun 

34 

Belgrade 

sun 

13 

Casablanca 

shower 

20 

Geneva 

thund 

12 

Accra 

tax 

30 

Berim 

tax 

14 

Chicago 

rain 

18 

Gibraltar 

sun 

19 

Akjtora 

rain 

20 

Bermuda 

rain 

25 

Cologne 

faff- 

17 

Glasgow 

drzd 

11 

Amsterdam 

doudy 

14 

Bogota 

far 

29 

Dakar 

fair 

32 

Hamburg 

fair 

13 

Athens 

fan- 

18 

Bombay 

tar 

33 

DaBas 

fair 

18 

HefcanW 

fair 

4 

Atlanta 

fair 

21 

Brussels 

shower 

18 

Delhi 

sun 

29 

Hong Kong 

fair 

28 

B. Aires 

shower 

25 

Budapest 

sun 

12 

Dubai 

SIAl 

34 

HanoUu 

fair 

29 

BJtam 

fair 

10 

Ciwgen 

fair 

10 

Dublin 

fair 

10 

Istanbul 

fair 

14 

Bangkok 

fate 

34 

Cairo 

doudy 

26 

Dubrovnik 

fair 

20 

Jakarta 

shower 

31 

Barcelona 

fair 

18 

Cape Town 

sun 

20 

Edinburgh 

cloudy 

10 

Jersey 

fair 

13 


Mexico City 


Mosoow 


Our service starts long before take-off. 


Kuwait 
L. Angeles 


Lufthansa 


Lima 

Lisbon 

London 

LuxJbOurg 

Lyon 

Madeira 


sun 
sun 
tor 
(sir 
fan- 
sun 
fair 
fair 
shower 
fair 


32 Noptas 
20 Nassai 
24 New York 

22 Nice 
16 Nicosia 
11 Oslo 
IS Porta 
14 Perth 

23 Plague 


doudy 

fair 

shower 

fair 

cloudy 

shower 

fair 

sun 

thund 

sun 

fair 

sun 

thund 

shower 

fair 

rain 

thund 

sun 

ram 

ram 

lair 


10 Rangoon 
IB Reykjavik 
23 RjO 

11 Rome 
31 S. Froco 
17 Seoul 

23 Smgapore 
23 Stockholm 

12 Strasbourg 
10 Sydney 

■4 Tangier 
15 Tel Am 

28 Tokyo 
21 Toronto 

29 Vancouver 

21 Venice 
IB Vienna 
23 Warsaw 
5 Washington 
14 WeUinglon 
23 Wkiniaefl 
12 Zurich 


fear 

fair 

tahr 

thund 

ram 

tair 

rain 

faff 

fair 

fair 

Stwrer 

shower 

Shower 

shower 

shower 

ran 

doudy 

sun 

fair 

cloudy 

fair 

shower 


33 

2 

23 

21 

ia 

18 

31 

7 

14 
22 
20 
25 
18 
10 

9 

15 
12 

9 

23 

16 
2 

12 



THE LEX COLUMN 


Inflation aggravation 


Yesterday's US jobs data will keep the 
pressure on tbe Federal Reserve to 
raise interest rates. True, October's 
rise in non-farm employment was 
lower than expected. But hourly earn- 
ings increased sharply and there was a 
jump in the length of the working 
week. The message is that strong eco- 
nomic growth is finally showing up in 
wage inflation. Currency and bond 
markets -will be sorely disappointed if 
the Fed does not take action to 
counter inflation at its meeting on 
November 15. A half-point rise is 
already widely discounted; only a full 
point will convince the markets that 
tbe Fed is in control- 

This week's intervention in cur- 
rency markets by the US authorities 
has bought a breathing space for the 
dollar. Traders were caught with short 
dollar positions and scrambled to 
cover themselves. But sentiment could 
easily be knocked again. One trigger 
would be a particularly strong perfor- 
mance by the Republicans in Tues- 
day's mid-term elections: the party has 
campaigned on a tax-cutting agenda 
and markets will worry if budgetary 
discussions look like becoming even 
more deadlocked than usual. Another 
trigger would be lack of enthusiasm in 
next week's $29bn refunding exercise 
by the Treasury. 

Meanwhile, European bond markets 
are finally showing signs of thinking 
for themselves. Since mid-September 
most have outperformed Treasuries, 
with gilts doing especially well. Yes- 
terday was another good day for Euro- 
pean bonds. A complete decoupling 
from the US - with European bonds 
rising while Treasuries collapsed - is 
unlikely. But further outperformance 
would be justified. 


'.FT-SE Index: 3097.6 {-6.6) 


FT-SE Indices 
120 


SmaBCap Index 



Nov 83 

Scares FTOrapWs 


1994 


Nov 


Forte 


give Forte more flexibility. In particu- 
lar, it will not be under any time pres- 
sure over the sale of its stakes in 
Alpha Airports and Gardner Mer- 
chant- If it had been seen as a forced 
seller, it would have been unlikely to 
get the best prices. 

The feet that Forte has opted for a 
fairly modest placing rather than a 
foil rights issue may reflect Its reluc- 
tance to issue shares, or merely to do 
so at a big discount Theoretically, the 
bulk or the new shar es were placed on 
behalf of Meridian’s vendors: so insti- 
tutional investors’ pre-emption rules, 
which limit platings for cash to 7-5 per 
cent of capital in any three-year 
period, did not apply. As a result, the 
shares could be placed with old and 
new investors at a 4 per cent discount 
rather than offered to existing share- 
holders for considerably less. This sig- 
nificant difference rests on an illogical 
distinction in the pre-emption rules 
and it is high time they were changed. 


manufacturing, a . sector .which, has 
fallen out of favour. Either way, the 
fall in share prices has served to 
accentuate small companies' retail 

' attractions at this point in tbe eco- 
nomic cycle. Profits are set to grow 
more rapidly than at big companies 
during 1894 and 1895, yet valuations 
have become less demanding: the tra- 
ditional premimn over tbe market as a 
whole has shrunk. 

Of coarse, the outlook tor s mall 
companies depends critically on pros- 
pects for equities as a whole. For those 
who are sanguine about the general 
outlook, now is a good moment to seek 
bargains. The limited marketability of 
these companies’ shares will deter the 
feint-hearted. But buying amid a gen-: 
eral rally in the market at a later date 
is likely to prove difficult: lack of 
liquidity would then act as a catalyst 
to further outperformance. 


The fund-raising for Forte's acquisi- 
tion of Meridien hotels has been well- 
handled. The hotel group's share price 
has remained strong while the new 
equity was raised at only a small dis- 
count Forte had been at pains to point 
out that it could cover the costs with 
extra borrowing and played down the 
idea of a rights issue which would 
have depressed the price. Yet some 
form of equity issue always seemed 
the most likely route. Forte's gearing 
is already set to rise to over 60 per 
cent at the year-end due to a change in 
the balance sheet treatment of sale 
and leaseback arrangements in line 
with new accounting conventions. 

Although this is mostly a matter of 
presentation, raising new equity does 


Smaller companies 

Smaller companies underperformed 
large capitalisation stocks sharply 
In the third quarter while the FT-SE 
100 index delivered total returns of 1.6 
per cent, the FT-SE Small Cap yielded 
a 2 per cent negative return. This 
comes after a long period of outper- 
formance and looks odd given the 
robust outlook for smaller companies' 
earnings. 

Part of the reason for the decline is 
the market's general listlessness, 
which has resulted in the limited trad- 
ing volume being concentrated in 
large, liquid stocks. Another explana- 
tion is that small companies are 
strongly weighted towards general 


Japanese banking 

• Yesterday's call from Japan’s banks 
for a further dose of deregulation 'does 
not indicate mass conversion to tree- 
market economics. But it docs say a 
fair amount about the tight con di tions 
in which the banks find themselves. 
Ironically, one of the problems is the 
liberalisation last month of deposit 
rates. Banks are now free to compete 
for deposits, with the result that fend- 
ing costs are set to increase sharply. 
On top of fchifl comes the effect of 
rising interest rates: traditionally; Jap- 
anese hank* find - they have to raise 
savings rates fester than they are able 
to put np lending rates. Moreover, 
with most corporations still busy pay- 
ing off debt, banks have little hope of 
expanding their loan books. 

The banks* reaction has been to 
urge the ministry of finance to enact 
80 separate deregulatory measures. 
Some, such as the extension of the 
maximum period for certificates of 
deposit, are designed to give them 
greater freedom in how they raise 
funds. Others would allow them to 
move into higher mar gin businesses 
such as selling insurance jmd invest- 
ment trusts. 

The cautious ministry may well be 
tempted to respond to the banks’ pleas 
with half-measures. Bat half-measures 
could merely store up trouble, as the 
ministry's deregulation of deposits 
shows. Some group or other will feel 
disadvantaged and press for more lib- 
eralisation to compensate. Whether it 
likes it or not, the ministry may evert 
tually find itself driven to accept 
full-blooded deregulation. 


NOVEMBER 5 th . 


THE PERFECT 





FOR A PLOT. 



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PHILDREWMBVENTURES 

Creative Capital for Management Buy-Outs 


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FINANCIAL TIMES WEEKEND NOVEMBER. 5/NOVEMBER 6 (994 


WEEKEND FT l 







SECTION II 


Weekend November 5/November 6 1994 






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I t was the longing for the 
tide. 

"I wanted to see the ebb 
and the flow,” said Hanne- 
lore Bdhm. “We could never 
see it at the Ostsee (Baltic Sea> in 
east Germany. It has no tide.” 

Bbhm was bom in 1929 in Gfirlitz, 
a beautiful nineteenth century town 
tucked deep in the south-eastern 
comer of Germany. Unscathed by 
bombing during the second world 
war, Gdrlitz had been divided 
between East Germany and Poland 
after 1945. Territory east of the river 
Nelsse had been ceded to Warsaw. 
"This part of the country never had 
access to West German television 
during the DOR days. We could 
never travel to the west. We could 
never see the tide,” said Bohm 
The chance to travel came soon 
after the Berlin Wall fell on Novem- 
ber 9 1389. 

“It was May 1990. We went to visit 
a cousin in Ravensburg. We were 
very excited. But then he told us 
that the time spent under the DDR 
were 40 wasted years for which we 
had nothing to show. The arro- 
gance, the ignorance was awful.” 

Under the Communists, B$hm 
also never had the chance to study 
medicine, a profession practised by 
her father and grandfather. “After 
the war, I applied for a university 
place. But it was forbidden. I was 
from a bourgeois family. They said 
it was now the chance of the work- 
ers. What could I do? I started a 
family. It was only in the late 1950s 
that my brother was allowed to 
£±udy medicine. I later trained as a 
teacher. Until 1989 I was deputy 
head of the school here in Gftrlitz. I 
never joined the C ommunis t party.” 


□ □ a 


If- - 


• . 7 w. 


■ i : v • ■ ■. 




• -i • - s - . 7 

• . ; r * . . • 



“With hindsight, I realised how 
much, we lived in a cosy world.” 

Jens Reich, professor of molecular 
biology at the Max DelbrOck Centre 
for Molecular Medicine in Buch, 
east Berlin, was sitting in his office. 
From his window, a spectacular 
array of red and rust au tumnal 
leaves was Hailing. 

Reich, a long serving member of 
the East German opposition, had 
berii one of the founding members 
of Neues Forum, the independent 
civil movement set up in east Berlin 
during September 3989, the mo nth 
thousands of East Germans were 
trying to escape to the west via the 
West German embassy in Hungary. 
Earlier this year, he ran for federal 
president He is now waiting to to 
. be reconfirmed as professor. 

“Before unification, I was stressed 
at work. But everything was clear. 
The. politics was dear. The resi^ 
lance of the people was defined. We 
knew where we stood with the econr 
omy. Everybody knew what to do. 
You did not have to worry about 
your future. We Kved on a modest 
level But we were living like chil- 
dren. Now now we are adults". 

Are the east Germans fin d ing ft 
difficult to cope with adulthood 
which has been so quickly thrust 
upon them? 

“I can't explain it very wefl. But 
adulthood means taking responsibil- 
ity which means mastering the 



The Wall is 


gone but the 


burden remains 


How are the people of the former East Germany adjusting 
to unification? Judy Dempsey asks them and finds 
them unsettled by change and lacking in self-confidence 




strength to make decisions. A lot of 
people lack the strength to have 
inner responsibility. We are now 
responsible for many more thing s , 
things that we had earlier only 
d reamed about. Then, we were like 
birds in a cage.” 

■ He gazed out the window. “I 
never want those days back again. 
It is sufficient for me to read my old 
diaries to recall the Mauerkrankheit 
- Wall sickness - and the melan- 
choly we had.” 

What is it about unification that 
is so unsettling for the east Ger- 
mans? 

“It’s partly a kind of resentment 
People have lost their equilibrium. 
Their self-confidence. Maybe that is 
why many voted in the last federal 
election for the PDS (the successor 
to East Germany’s former Commu- 
nist party]. Deep down, it is a sort 
of inferiority complex. Injecting 
money is no substitute for overcom- 
ing the psychological problems.” 

What sort of psychological prob- 
lems? 

“Everything was got rid of so 


quickly. There was no transition 
period. The whole es tablishm ent of 
the society had been changed, and 
to a much greater degree than in 
West Germany after 1945.” 

Was it the speed with which the 
West German system was imposed 
on east Germany which has contrib- 
uted to this disequilibrium? 

“Here in east Germany, every- 
thing had to be refurbished in order 
to conform to the bureaucratic pre- 
scription of the west I think part of 
this process represented the inferi- 
ority of the west Germans. The first 
thing they did was to implant west- 
ern conditions here. You felt they 
were uneasy if things did not look 
like what they were accustomed to. 
The furniture. The towels. Every- 
thing western had to be trans- 
planted on the east It was like a 
Gummi tree being transplanted in a 
botanical garden.” 

Jens Reich sat very still “It is our 
fault You defend yonr culture or 
you simply imitate.” He looked at 
his desk, packed high with papers, 
documents, books and forms. 


What do you feel personally about 
unification? 

“Believe me. I do not want the old 
system back. 1 am a winner. My 
wife is a winner. My children are 
winners. I feel free now. But that is 
not the panacea for happiness. I am 
free in my work. To decide the bud- 
get. How I will allocate it. To pur- 
sue particular lines of research. I 
have to be responsible for my life 
and the future." 

How has this sense of responsi- 
bility changed you? 

“In some ways I often deplore the 
loss of Knappheit [scarcity, or short- 
ages]. 1 now have a lot of books. But 
I don't have the time to read. Ten 
years ago a western magazine kept 
us happy and busy for a whole 
weekend. I remember what a gift it 
was when someone came with a 
new edition of some philosopher. 
What a feast!" Reich added that the 
book would be shared with friends 
and would be discussed for days. 

“In those days, there was a scar- 
city of intellectual supply. With 
hindsight, that is something which I 


now value. It made me hungry. It 
made me read with wide open eyes. 
Of course the shortages were ter- 
rible. But now I read without an 
appetite. My appointments diary is 
full I have an impulse to throw it 
away and hide myself and not 
answer any more calls. Simply to 
re-establish some equilibrium. Do 
you know what I mean?" 

He stared out of the window. 
“There is so much to be done 
besides ending this dis-unifi cation. 
We must oppose the tendency 
towards resignation.” 

Is Chancellor Kohl prepared to 
address these issues of the dis- 
united Germany? 

"Look at the recent election cam- 
paign. Not a word was said about 
the future. It was kept out of the 
campaign. The decisions that have 
to be made were quite happily for- 
gotten. They were pushed aside. 
These were the first signs of a 
reunited Germany: not to take up 
the burden of responsibility; not to 
ask about our national interests as 
a united Germany and our place in 


the world; not to address the huge 
potential for instability in the east, 
our neighbours." 

Reich looked at the time. “I have 
to go to another meeting,” he said. 
He put on his dark grey woollen 
jacket. It seemed to add to his bur- 
den of responsibility. 


□ □ □ 


“We had the chance to build 
socialism. But we gambled it away.” 

Egon Krenz, East Germany’s last 
ruling Communist party leader was 
sitting on his terrace in Pankow, 
east Berlin, once home to East Ger- 
many’s Communist elite. The ter- 
race faced out on to a large, lush, 
green garden. 

Now aged 57, Krenz had spent all 
his life in the Communist party. For 
years he had been groomed for the 
top party post by the late Erich 
Honecker. His chance came on 
October 18 1989, two days after 
100.000 people demonstrated in Leip- 
zig to demand reforms and a free 
East Germany. But the immense 


pressure from the East German peo- 
ple proved too much for Krenz and 
the Co mmunis ts. He resigned just 
seven weeks later on December 3, 
joined by the entire politburo and 
central committee. 

“We had a dream. To build some- 
thing different from capitalism." 

Do you have regrets about how you 
treated people? 

“Look what unification has done. 
The settling of accounts of East 
Germany's past has been so total. 
The East German intellectuals have 
been totally decapitated. East Ger- 
many was a country. It was our 
fatherland." 

Do you not have any responsibil- 
ity or guilt for the way in which the 
Communists ran the country? 

“Of course we made mistakes. 
But that's not the point I believed 
in the idealism. Look, I am not nos- 
talgic for the past.” 

Krenz took out his old identity 
card of the former German Demo- 
cratic Republic. On one of the worn 


Continued on Page XIV 


CONTENTS 


Finance & Family: Latest on the 
DIY pension scheme VW 


Perspectives: Taking the knife to 
the Swiss army XIV 


Travel: A Zimbabwe safari and 
Scotland's great wilderness XII, X1B 


$ " Food & Drink: Jancis Robinson on 
the power of toe supermarkets ■ XV 



% FasJMom Nick Ashley’s laddish 
hi-tech style . . XXIV 


Arts: dement Crisp sees a 
caricature of Steeping Beauty XVIII 



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explode — — - 


XI 


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XXV 


The Long View /Barry Riley 

When deflation rules 



Despite diving into 
crippling deficit only 
four or five years ago, 
Britain's corporate sec- 
tor is now becoming 
awash with wealth. In 
the first six months of 
1994, industrial and 
commercial companies 
were running a surplus 
at the rate of nearly £20bn a year. The 
future course of the economic cycle will 
now depend largely on bow they decide 
to spend it 

According to the latest CBt quarterly 
s u rvey, business optimism is now back 
to cyclical peaks last seen during the 
mid-1980s. National output has at last 
moved above the 1990 pre-recession 
high paint and is climbing at nearly 4 
per cent year-on-year (including a 
bonus from higher North Sea oil out- 
put). 

The corporate sector has reaped 
unusually tush rewards for two main 
reasons; the 1992 devaluation has 
boosted export profitability and. in a 
depressed labour market, nearly all the 
rewards of a leap in productivity are 
framing to employers. While personal 
incomes from employment are edging 
ahead at about 3 per cent a year, com- 
pany trading profits are jumping by 23 
per cent That is why profits as a share 
of GDP rose from 12 to 14 per cent in 
1993 and may top 15 per cent this year. 
Because spending on fixed investment 
and stocks has, if anything. Men back, 
the result has been a rapid surge into 
financial surplus. 

What happens now? The conventional 
(ami official) wisdom is that the corpo- 
rate sector should plough back its 
wealth into growth by increasing Its 
investment spending. One of the pres- 
ent economic scares is that the econ- 
omy will soon run into the buffers of a 
capacity constraint, capping growth 
and triggering inflation. The scale of 
any remaining "output gap" remains 
vague but - according to the Bank of 
England's Inflation Report this week - 
is certainly substantially smaller than a 
couple of years ago. Investment inten- 
tions are now positive, according to the 


CBI survey, but are not yet back to late 
1980s’ levels. Of course, there are big 
changes going on in the productivity of 
invested capital; quality is just as 
important as quantity. 

There are other uses for corporate 
wealth, however. Dividends have been 
unexpectedly strong, rising by 7 per 
cent over the past 12 months and head- 
ing for perhaps 9 per cent growth next 
year, according to City expectations. In 
some cases, such as where profits are 
piling up in monopoly utilities and 
capacity expansion would be inappro- 
priate, capital is being returned to 
shareholders: East Midlands Electricity 
is giving back £186m before Christmas. 
Barclays bank, running short of lending 
opportunities, is said to be considering 
mmething Similar. 

For the time being, certainly, the cor- 
porate sector surpluses are serving to 
reduce borrowings; companies have 
become debt-averse after the financial 
scares of the early 1990s. Now the tables 
are turned and these are anxious times 
for the h anks , because companies are 
continuing to repay borrowings at 
roughly last year’s Ellbn anna'll rate. 


W hen British company 
bosses have money to 
burn, they resort tradi- 
tionally to take-over 
activity. At the height of the last acqui- 
sition boom, in 1989, British companies 
spent £27bn on acquisitions and 
increased their bank borrowings by 
£34bn to help pay for these and other 
excesses. 

The wave of takeovers at home and 
abroad produced many disasters; an 
interesting research report from the 
Federal Reserve Bank of New York this 
week suggested that foreign companies 
(Britain’s prominent among them) 
spent S316bn on US acquisitions in the 
fast decade but are, in aggregate, run- 
nfng them at a loss. At home, the battle 
for control of VSEL suggests that the 
bad old habits of buying second-hand 
capacity rather than building new Fac- 
tories are still evident. But spending on 
pcqiiigttinns was only £7bn last year 
and has not accelerated greatly in 1994. 


There is one other way in which com- 
panies could spend their new-found 
riches. They could ait prices - some 
call it an investment in market share. 
True, it is not a British attitude; but 
when Rupert Murdoch found that his 
television businesses had turned round 
Into surplus last year, his response was 
to recycle the money into newspaper 
price reductions. 

The British approach, judging by the 
ambitions of those replying to the CBI 
survey, is to exploit an unnecessary 
shortage of supply by being slow to 
increase capacity and then raising 
prices (as a balance of 20 iwr cent are 
hoping to do in the next four months). 
This is the attitude that led to such a 
rise in import penetration in the past. It 
became ingrained when British compa- 
nies regularly faced spiralling labour 
costs and an over-valued currency. 

Surely, though, companies should be 
more aggressive when labour costs are 
quiescent and profitability Is high. The 
outcome might vary from sector to sec 
tor and plainly will be different in 
retailing or food manufacturing, where 
capacity will remain excessive, than in 
capital goods, where it might soon 
become short 

Meanwhile, of course, a revenue- 
hungry chancellor could have his own 
designs on the corporate sector’s riches. 
The Treasury has changed the details of 
dividend taxes already: it did that lb 
months ago. and the full impact is now 
coming through. It would be surprising 
if companies escaped unscathed in this 
month's Budget. 

From the investor’s point of view, the 
challenge is to judge the durability of 
the profits boom. Has there been a per- 
manent structural shift cowards capi- 
tal? Or will a cyclical rise in costs push 
the profit share back down towards its 
historical norm? Relative strength in 
sterling, certainly against the dollar, 
might prove to be an important factor 
here. 

The unusual feature of the 1990s is 
that it could be the deflationary forces 
acting on prices that take the icing off 
the cake, rather than the more familiar 
upwards pressure on costs. 



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II WEEKEND FT 


FINANCIAL TIMES 


WEEKEND NOVEMBER 


5/NOVEMBER 6 1994 


MARKETS 


London 


Real commodity prices 


Serious Money 


Roll over Tiny, 
sell-offs and 
superstores 

Andrew Bolger 


S uddenly, things 
change. Several eras 
that had helped define 
British business life 
over many years came to an 
end this week; government 
enthusiasm for privatisation, 
the growth of out-of-town 
supermarkets and Tiny Row- 
land's reign at Lonrho. 

Selling off the Post Office 
always threatened to be a pri- 
vatisation too far for the Con- 
servatives. So it proved for a 
handful of their backbench 
MPs. who forced the govern- 
ment to abandon what would 
have been the centrepiece of 
its forthcoming legislative pro- 
gramme. 

One reason for the recent 
backlash against privatisation 
has been the behaviour of the 
water companies since they 
were sold off. The government 
was anxious to ensure that the 
industry would have funds to 
make long overdue investment 
In infrastructure, so the com- 
panies were offered a generous 
regulatory regime. 

The water companies have 
responded by pushing up 



120 - 


charges and raising - at an 
even faster rate - the level of 
boardroom remuneration. 
Thames Water kicked off the 
sector’s interim reporting sea- 
son with an 11 per cent divi- 
dend increase - above market 
expectations. This boosted the 
share prices of most of the 
water companies, but the 
National Consumer Council 
said the dividend increase just 
confirmed its view that the 
original price controls had 
allowed companies and share- 
holders to benefit more than 
consumers. 

Sir Robert Clarke, chairman 
of Thames, warned Investors 
not to expect such a generous 
dividend under the new pricing 
regime, which starts in April. 

MPs were also to the fore in 
warning that further construc- 
tion of out-of-town shopping 
centres and superstores should 
be restricted. 

Next day J Sainsbury, the 
UK's largest grocery retailer, 
confirmed that tougher govern- 
ment planning restrictions 
were starting to bite, and said 
it expected to open only 12 new 


1981 83 es 

Soutcb Professor Patrick Mnfcxd 

supermarkets next year com- 
pared with plans for 20. The 
group won only one out of nine 
planning appeals this year, and 
did not foresee a reversal of 
this in the near future. 

Sainsbury increased its 
interim pre-tax profits by £L5 
per cent. However, it said like- 
for-like sales, excluding new 
space, increased only 1 per 
cent, with price deflation of 0.6 
per cent The fall in prices was 
partly a result of Sainsbury’s 
"Essentials" price-cutting cam- 
paign, which started a year 
ago. David Sainsbury, chair- 
man, said he believed the cam- 
paign had neutralised the 
threat from low-priced dis- 
count competitors, and profit 
marine could now be held. 

The big retailers have cer- 
tainly fought back hard 
against their discount rivals. 
Kwik Save consolidated its 
position as Britain's leading 
discount grocer through buy- 


HIGHLIGHTS OF THE WEEK 



Price 

yctey 

Change 
on week 

1994 

High 

1994 

LOW 


FT-SE 100 Index 3097.6 +13.6 35203 2876.6 Dofiar Intervention 

FT-SE Mid 250 Index 

3534.6 

+33.0 

4152.8 

3363.4 

mottos firmer 

Befiway 

208 

+16 

304 

179 

Profits up 67% 

Boots 

513 

-16 

601 

497 

Disappointment aver figures 

Bramah Castro! 

870 

+26 

919 

811 

Analysts to far east operations 

Cater Alan 

512 

+43 

63016 

448 

Figures expected shortly 

Cowrie Group 

239 

+25 

348 

201 

Bid rumours 

East Midlands Bee 

704 

+37 

787 

537 

National Grid special dhr expected 

Laird Group 

370 

+26 

444 

34C 

Improving orders 

Lex Service 

361 

+28 

573 

332 

Takeover speculation 

Martay 

142 

+13 

21314 

129 

UBS *buy* recommendation 

Royal Insurance 

308 

+19 

350 

232% 

BZW “buy* recommendation/figs Thurs 

Sage Group 

678 

+73 

678 

507 

Bumper sates, profits & dividends 

Severn Trent 

579 

+20 

645 

457 

Broker "buy* notes 

Vickers 

180 

+13 

204 

163 

Foreign partner talks 


ing ll? Shoprite stores in Scot- 
land and northern England for 
£45m. Shoprite is the first fail- 
ure among the discount c hains 
that expanded rapidly in the 
UK during in the 1990s. Sho- 
prite's shares were best per- 
formers in the food retailing 
sector last year, but plunged 
after the group expanded too 
quickly, paying too much for 
sometimes substandard sites. 

The departure of Rowland 
after 33 years at the head of 
the international trading con- 
glomerate Lonrho had been 
often predicted. So often, in 
fact, that the initial reaction in 
the City was to doubt whether 
the German pretender Dieter 
Bock really had ousted his fel- 
low joint executive. It does 
appear that the 76-year-old 
swashbuckler is on the way 
out, but no-one who has fol- 
lowed his extraordinary career 
would assume we have have 
heard the last from Tiny. 

Such fin de sQcie m usings 
proved diverting in an equity 
market which continues to suf- 
fer low turnover, high volatil- 
ity and sporadic alarms from 
the currency and bond 
markets. 

The week's main event was 
the Bank of England's quar- 
terly inflation report which 
said the UK's inflation outlook 
had improved. Its forecast of 
underlying inflation (which 
excludes mortgage interest 
payments) in mid-1996 has 
been reduced to 2.5 per cent, 
from around 3 per cent in its 
last forecast. However, the 
hank also implied that interest 
rates would probably need to 
rise over the coming months to 
keep inflation on target 

Relief on Tuesday that an 
immediate interest rate rise 
did not appear to be on the 
cards helped turn around an 


A strange birth and 
an awkward death 


A bit of commonsense 
seems to be coming 
back to the main 
new Issues market. 
Promising issues such as 
Thorn are resoundingly over- 
subscribed; chancier ones such 
as New Look are aborted. This 
is how the issues market is 
meant to work - saying "yes" 
to the sheep, "no” to the goats. 

Vetting them is a suitable 
job for the pros - sponsors and 
the investing institutions. And 
once a company has been 
accepted on to the market, pri- 
vate investors can have some 
confidence that it will not fall 
to pieces quite as quickly as 
some of this summer's debu- 
tantes - Aerostructures Ham- 
ble, for example. 

So all is for the best in the 
best of all possible worlds - at 
least for the next week or so. 
But one comer of the issues 
market is still lagging behind 
this brave new world: invest- 
ment trusts. 

Consider Abtrust Latin 
American Investment Trust, 
which has just raised £20m 
through a placing with Institu- 
tional investors. Abtrust was 
delighted with the response. 
Which seems fair enough - 
until you check out the names 
of some of the key sharehold- 
ers. Top of the list is Abtrust 
itself. Then come Murray John- 
stone, Jupiter Tyndall, Flem- 
ing. Those four account for 
nearly half the shares placed. 
And curiously enough the 
other three all run several 
overseas trusts themselves. 

Nice to know that competi- 
tion is so civilised in the fund 
management industry. But 
does not such enthusiasm for 
talcing in each other's washing 
look just a teeny weeny bit like 
backs cratching? 

O □ □ 

A decent ending to a compa- 
ny's stockmarket life is as 
important as a decent birth. 
When the Stock Exchange said 
recently that it was getting 
more trigger happy in suspend- 
ing company shares, It upset 


Gillian O'Connor, personal finance editor 


early 20-point fall in the FT-SE 
100, which had been provoked 
by the adverse reaction of the 
dollar and global bond markets 
to figures showing the highest 
level of US business activity 
for seven years. 

The fall of the dollar to a 
postwar low against the yen on 
Wednesday provoked strong 
intervention by the US Federal 
Reserve. British bonds 
responded favourably to the 
better performance by US 
bonds and the dollar, a nd this 
bolstered London equities. 

Traders finished the week in 
uncertain mood. There is some 
concern that the next rise in 
interest rates will be dictated 
not by domestic inflation con- 
cerns. but in response to an 
Increase in US rates to support 
the dollar. That will not hap- 
pen before Tuesday’s US mid- 
term elections, but the City 
spots a window of opportunity 
for the chancellor to push up 
rates between then and his 
November 29 Budget 

The Treasury's six-man 
panel of independent economic 
forecasters advised the chan- 
cellor against an immediate 
rise in interest rates. Professor 
Patrick Minford of Liverpool 
University said no one should 
be misled by the large rises in 
commodity prices over the past 
year. He said most of the 
increase was a necessary cor- 
rection to their huge past rela- 
tive price declines. 

A milestone week ended with 
news that two investment 
banks are p lanning on moving 
staff into Canary Wharf, which 
would reduce the £l_5bn Dock- 
land complex’s unoccupied 
space to less than lm sq ft out 
of a total of 4.5m sq ft Canary 
Wharf no longer a white ele- 
phant? Can one rely on noth- 
ing these days? 


some personal investors. For 
suspensions tend to penalise 
the innocent bystander. 

The classic case revolved 
around Jim Raper at St Piran. 
Ttae stock exchange kept 
shares in all Raper's compa- 
nies suspended for over two 
years in a vain attempt to force 
Raper to play by the rules. 

Such efforts to protect the 
public interest all too often end 
up by pe nalising those mem- 
bers of the public actually 
involved in the test case. 

But how much better is it if 
the exchange turns a blind eye 
to irregularities and attempts 
to persuade a company to 
mend its ways? A rather sad 
little bulletin this week 
announced the impending 
retirement of one of the 
exchange's oldest quoted com- 
panies, Van Diemen’s Land. 
First granted its Royal charter 
in 1825, the company, which 
owns a large r h|| "k of Tasma- 
nia, has applied to have its 
London Stock Exchange listing 
cancelled with effect from 
November 14. 

The background to this state- 
ment is an ongoing tussle 
between the company and the 
stock exchange over the fact 
that only 12% per cent of the 
shares are in public hands - 
half the proportion stipulated 
in the rulebook. 

So far, so dry. The back- 
ground to the background is a 
touch more colourful. During 
the past six years a controlling 
shareholding in Van Diemen's 
has been handed round a chain 
of ageing whizz-kids: David 
and Richard Thompson (Hills- 
down), David Kirch (property), 
Graham Ferguson Lacey (ubiq- 
uitous entrepreneur and evan- 
gelist). A year ago the stake 
ended up with a New Zealand 
company called Tasman Agri- 
culture, a company in which 
Sir Ron Brlerley’s Brlerley 
Investments is believed to have 
a large interest 
Tasman has already spent a 
lot of money turning part of 
Van Diemen's territory into a 
Brobdingnagian dairy farm. 
Later this year it wifi propose 


both a rights issue and a cash 
offer to minority shareholders. 
But the fisting will have gone 
before details of either offer 
are known. . 

This is not how minority 
shareholders in a company 
with a London Stock Exchange 
listing expect to be treated. 
Van Diemen’s shares, which 
touched 600p in the mid-1970s 
were quoted at around 83p-95p 
yesterday, but have been rising 
sharply since early 1993 - pre- 
sumably in die hope that Tas- 
man will think it worth paying 
over the odds to mop . up the 
minority. 

Van Diemen’s is a rather 
grubby little tale with an 
obscure ending. Once again the 
Stock Exchange has proved 
incapable of providing any peg. 
itive help to small sharehold- 
ers. But at least they have 
always had the chance to cat 
and run. 

■ □ 

The Personal Investment 
Authority this week suspended 
a financial adviser for the first 
time. What happens to the 
firm's existing clients? The PIA 
is unlikely to have fakwn 
a step frivolously. So they may 
be cooling their heels for quite 
some time. In the interim 
period, the adviser is not 
allowed to give them any fresh 
advice, but he can legitimately 
report an the progress of their 
existing investments. 

The reel question for clients 
is whether to wait around to 
find out the end of the story. 
There are three possible 
outcomes to a suspension. If 
the adviser appeals, the case is 
heard either by the chief 
executive as a matter of 
urgency or by the disciplinary 
committee in due course. The 
bureaucrats can apply to have 
the adviser's membership 
terminated. Or they can ask 
the firm to remedy specific 
defects and then lift the 
suspension. 

Not much ftm for the clients. 
But at least the door is always 
open. 


AT A GLANCE 


Finance and the Family Index 

Insurance bonds ...... 

The week ahead, Directors' transactions 

Rolling settlement T+5, New issues 

Options trading, Forestry scheme — — 

Advance tickets 

Sett-administered pensions. Annuities 

Friendly societies, Relocation, Diary of a private investor .... 
Q&A Briefcase, New trusts, Bast nates ~ 


Wall Street 


House prices 

Index 1983—100 
207 


Water 


FT-SE-Actuartos Index 




Source: Halifax 


2,100 

2,000 

1 '• 1,800 


1,600 


1 »■ L " « 1.500 
1994 

Source: FT Qrapftfts 


Houses prices flat 

House prices were unchanged in October, the Halifax Building 
Society price index shows. After a rise of just 0.1 per cent in 
September, the figures confirm that the underlying trend in prices 
remains broadly fiat. 

Halifax said that it expected this trend to continue until 
consumer confidence improved. Prices paid by first time buyers 
fell by 0.8 per cent in October, and are now 1 .2 per cent lower 
than October last year. The price erf new houses rose by 1.2 per 
cent last month after a fall of 4.6 per cent In September. 

Conversely, the Nationwide building society's index rose of 0.7 
per cent in October, after a fall of 3 per cent in September. 

Increased dividend flow 

Water company shares were naked up this week after Thames 
Water announced a higher than expected interim dividend, up 11 per 
cent to 8.2p. The market had expected an 8 per cent increase. 

Thames was the first of the privatised water companies to bring 
out interim results, and Its increased payout made analysts optimistic 
about the prospects for the rest of the sector. 

However, Thames chairman sir Robert Clarke, warned Investors 
not to expect such a generous dividend under the new pricing 
regime, life is going to be tougher," he said. 

PIA suspends member 

The Personal Investment Authority, the new regulator for the finandd 
services industry, has suspended its first member firm. Bayfiss & Co, 
of Bayliss Orchard, near Banbury, Oxfordshire, has been ordered to 
cease conducting Investment business after inaccuracies were found 
In Its application to join the PIA. 

Meanwhile, the Investor's Compensation Scheme has stepped in 
to help the clients of two financial advisers and a stockbroking firm. 
Former cus t omers of Northern Binge & Partners, of Bristol, KedJeston 
Stockbrokers, of Derby, and Pali Mall Asset Management, of London, 
are invited to contact the Investors Compensation Scheme if they 
think they have suffered a loss as a result of dealings with the firms. 
ICS: 071-628 882a 

Tiny Rowland to retire 

Tiny Rowland is to retire from the board of Lonrho after 33 years at 
its helm. His departure follows a bitter struggle with his fellow joint 
chief executive, Dieter Bock. Rowland, whose activities at Lonrho 
spawned the epithet “the unacceptable face of capftaBsm". created 
an international trading empire virtually from scratch. 

Small companies bounce back 

Smaller company shares bounced back very slightly this week. The 
Hoars Govett Smaller Companies index (capital gains version) 
climbed 0.2 per cent to 1598.30 over the week to November 3. 


All work and no plays for the brokers 


T he Americans are 
working more than 
has been the case for 
years - and they are 
working much harder. Bat 
they are not getting paid a lot 
more, and they certainly seem 
nervous about spending what 
extra they have. With interest 
rates likely to be cranked op 
again later fn November, is 
this my background against 
which to boy shares? 

More jobs should be good for 
business. They put money into 
consumers’ pockets. According 
to die latest monthly employ- 
ment figures released yester- 
day, the rate of unemployment 
in the US slipped to 5.8 per 
cent in October, from 5.9 per 
cent the month before and 7.7 
per cent in mid-1992. 

Manufacturing has led the 
way. Who would have thought 
just two years ago that Michi- 
gan - home of the US car 
industry - would see its unem- 
ployment rate tumble well 
below the national average, to 
5.1 per cent? 

At the same time, overtime 
hours have been rising rap- 
idly, with the average work- 
week now longer than at any 
time since February 1987. Yet 
pay is not rising much: in the 


A ruthless octogenar- 
ian. Judge Milton 
Pollack, stands 
between BAT Indus- 
tries and a higher rating of its 
shares. On December 5 in New 
York City he will open the trial 
sought by the US Federal 
Trade Commission to block 
BATs Slbn purchase of Ameri- 
can Tobacco. 

After a near-trebling of 
BAT's third quarter US 
tobacco profits, reported this 
week, investors are in no doubt 
about the importance of ciga- 
rettes to BAT. The story was 
repeated around the world 
with a strong resurgence in 
Brazil and booming UK 
exports, particularly to eastern 
Europe, the former Soviet 
Union and the far east. 
Tobacco trading profits were 
up 13 per cent to £920m in the 
nine months ended September. 

In contrast, financial ser- 
vices contributed £674m, up 3 
per cent, to group trading prof- 
its. This division has its own 
problems ranging from investi- 
gations by UK regulators of the 
personal pension industry, ris- 
ing claims from last year’s San 
Francisco earthquake and fell- 
ing investment income at 


year to September, the total 
compensation package for the 
average worker went up only 
3J2 per cent, one of the lowest 
Increases on record. That is in 
part because of an overall shift 
in employment towards lower- 
paid service jobs, in part 
because of moderate pay 
agreements in the manufactur- 
ing sector. 

For retailers and the compa- 
nies whose products they seQ, 
this creates an uncertain back- 
ground. Christmas began offi- 
cially on Tuesday as seasonal 
goods started to flood into 
shops - yet October store sales 
figures, released Thursday, 
showed a mixed picture at 
best, and retailers are already 
talking about holding down 
their prices to last year’s lev- 
els, if not lower. 

For US car makers, too - 
and the steel, glass and tyre 
companies whose products 
they boy - the outlook is not 
as rosy as it seemed only a 
matter of weeks ago. 

General Motors’ stumble 
during the third quarter 
revealed that the country's 
biggest manufacturing com- 
pany continues to struggle, 
even in the best economic con- 
ditions for some time. While 


Dow Jones Industrial Average 


3,950 - - 



Aug Sep 

Source: FT GrapbHe 

car sales in October were up 
strongly on a year before, it is 
noteable that Japanese car 
makers managed to increase 
their combined market share 
by more than one percentage 
point, to 13.3 per cent - even 
though the yen hit a new high 
against the dollar last week. 

While shares in Ford and 
Chrysler remain firm. General 
Motors has slipped 15 per cent 
in the past three weeks, to just 


under $40 yesterday morning. 

If the Federal Reserve 
increases interest rates at its 
next policy-making meeting 
the week after next weaker 
consumer demand and the 
higher financing costs faced 
by US companies could 
dampen things even more. 
That was the worry that hit 
share prices for most of last 
week. The Dow Jones Indus- 
trial Average had lost 94 


points by midweek, to 
3337.13, before stabilising on 
Thursday and Friday. 

The word from the takeover 
market, meanwhile, has not 
been encouraging for US share 
prices either. Throughout 
much of this year, frothy take- 
over bids (aid even frothier 
rumours) have buoyed stock 
prices in a range of industries. 

Two announcements last 
Wednesday suggest that expec- 
tations have got ahead of 
themselves. First came news 
that soft drink maker Sn apple 
bad agreed to be bought by 
Quaker Oats for $1.7bn. No 
fancy premiums here: the 
shares, which had traded as 
high as $32% in February, had 
slumped to $1 4%. As if to rub 
it in, Quaker Oats offered even 
less - 814 a share. 

Then there is the saga of 
Kemper, the financial services 
company that agreed to a 
S2.7bn bid from insurance 
group Conseco. In part 
because higher interest rates 
have hit the outlook for finan- 
cial service companies, Conse- 
co ’s bid has been looking 
increasingly fragile in recent 
weeks. Last week the company 
said it wanted to cot its origi- 
nal offer. 


The Bottom Line 


BAT awaits their judgment 


Eagle Star in the UK. 

“We’ve scored a unique regu- 
latory double," Martin Brough- 
ton, group chief executive, said 
unveiling the results. Any 
expense from compensating 
individuals poorly advised to 
buy a pension from BAT's 
Allied Dunbar or Eagle Star 
subsidiaries is likely to be 
minor, analysts estimate. 
Greater investor concern is 
focused on Allied Dunbar's 
style. Although well run and 
growing its profits, it is still 
cold tailing and paying only 
commissions to sales staff 
while many of its competitors 
are moving to salaried, less 
aggressive techniques. 

The tobacco hurdle is higher. 
Buying American Tobacco 
from American Brands would 
push BATs US market share 
from ll per cent to 18 per cent, 
third behind Philip Morris with 
some 46 per cent and RJR Nab- 
isco with 28 per cent. 


BAT: trading profits 


btsurence (Ebn) 
in — 


Tobacco (Ebn) 
1.4 


General > 
Life \ 



1989 90 91 92 B3 94* 
Source; Company 

The FTC argues that Ameri- 
can Tobacco's loss of indepen- 
dence would remove a price 
"maverick" from the market 
and make it easier for the 
remaining companies to col- 
lude on prices. BAT argues 
that the deal will makt» it a 
stronger number three and. 


1989 90 91 92 93 94 * 

"Jan-Sap 

anyway, the Supreme Court 
ruled several years ago that 
collusion was impossible and 
BAT competed keenly on price. 

Judge Pollack, the bane of 
lawyers in the Drexel Burn- 
ham Lambert bankruptcy and 
other high profile cases, will 
decide the issue. Observers say 


he is quick of mind and court 
action, crusty, independent 
and unlikely to take bureau- 
crats’ arguments at fece value. 
Moreover, the FTC has lost 
roughly half the anti-trust 
cases it has taken to court- in 
the past 17 years. 

Losing American Tobacco 
would be a blow to BAT. It 
would forego the cost savings, 
added marketing clout and 
brand synergies the deal would 
bring. But its existing US busi- 
ness is performing well and 
abroad BAT is benefitting from 
a brands swap it agreed previ- 
ously with American Tobacco. 

BAT is the most interna- 
tional of cigarette companies 
Global consumption fell by 0.5 
per cent a year between 1S88 
and 1993. according to Diana 
Temple of Salomon Brothers. 
But for every market declining, 
another beckons as it opens up 
to foreign cigarettes. The most 
enticing is China, accounting 


If that was not enough, 
there have been signs that the 
anti-trust authorities are tak- 
ing a tougher line. Just over a 
week ago they announced an 
intention to block a takeover 
of American Tobacco by 
Britain's BAT Industries. 

Then, on Thursday, the reg- 
ulators hammered out a deal 
with ding maker Eli Lilly over 
its proposed f4bn acquisition 
of PCS, a big seller of drugs. 
Lilly was adamant that its 
compromise with the regula- 
tors did not nndermine the 
logic of its bid - but it may be 
no coincidence that ou the 
same day. Value Health, 
another healthcare group, said 
it had abandoned plans to auc- 
tion its own drugs sales com- 
pany. Its shares fell 5 per ecu* 
on the news, to *37%. S 

If the takeover market 
slows, those companies with 
big acquisition premiums bufl^ 
into their share prices conlu 
come down with a bump. 

Richard Waters 


Monday 

Tuesday 

Wednesday 

Thursday 

Friday 


3908.12 - 22.54 
3863.37 - 44.75 

3837.13 - 26.24 
3845-88 + 08.75 


for one-third of the world’s cig- 
arettes. On one hand the gov- 
ernment is trying to curb con- 
sumption but on the other it is 
opening the market. BAT has 
about half the imports which 
account for roughly 5 per cent 
of consumption. Its weakness, 
though, is it lacks a local ven- 
ture unlike Philip Morris. RJR 
and Rothmans International 

Encouraged by the third 
quarter results, analysts raised 
their full-year pre-tax forecasts 
a notch to around £2bn against 
last year's £I-8bn_ But thanks 
to rising tax and minorities, 
they left earnings per share 
unchanged at around 40p ver- 
sus 38. 5p. The best part is the 
yield of around 6 per cent with 
a bigger payout to come at thf- 
year end. 

An all clear from the judge* 
would remove a cloud over 
BAT’s shares and let Investors 
focus on the wider tobacco 
potential around the world. 
But for real value, the bulls 
say, BAT should spin off finan- 
cial services and let tobacco 
run free. That, however, is a 
judgment BAT seems reluctant 
to make. 

Roderick Oram 






v 





FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


WEEKEND FT HI 







FT 05/1 1/94 


FINANCE AND THE FAMILY 


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For income, 
growth and tax 


planning, too 

Debbie Harrison examines insurance bonds 


T hose seeking the host 
way to invest a lump 
sum to provide capi- 
tal growth, a regular 
income or a combination of 
both may - in addition to a 
host of unit trusts - come 
across a confusing range of 
insurance bonds which claim 
to meet these requirements 
and, at the same time, oiler 
Chances for tax planning . 

Insurance bonds, sold by life 
offices, are one-off or “single 
premium*' investments. In 
most cases, they have no fixed 
maturity date. The range of 
funds is similar to unit trusts 
although there are special low- 
risk insurance bond options 
that appeal to the ultra-cau- 
tious investor. But the tax 
treatment of insurance bonds 
and unit trusts is different 
The element of life cover 
offered by insurance bonds, 
although nominal, allows them 
to qualify for standard life 
assurance tax treatment This 
means that the fund, not the 
individual, pays tax that is 
equivalent broadly to the basic 
rate cm both income and capi- 
tal gains. 

With unit trusts, the divi- 
dends distributed are deemed 
net of lower-rate income tax 
but the fund rolls up free of 
capital gains tax (CGT), which 
is paid by the investor when 
units are cashed in. This gives 
unit trusts two advantages 
over insurance bonds. 

first, the investor can use 
his annual CGT allowance to 
offset this tax. Second, non-tax- 
payers can reclaim all or most 
of the income tax (depending 
on the ftrnd) which is deducted 
from the dividends. The same 
is true for investment trusts. 

Under an insurance bond, 
these taxes cannot be offset or 
reclaimed, which means that 
non-taxpayers generally should 
not invest in bands. Taxpayers 


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should consider the CGT impli- 
cations very carefully before 
opting for a bond rather than a 
unit or investment trust. 

The main digtfr i gmBhipg fea- 
ture of bonds is that the inves- 
tor can withdraw 5 per cent of 
the original capital for 3 ) years 
without having to include this 
“income" in the tax return. 
This is because the inland Rev- 
enue regards these withdraw- 
als as a return of the original 
capital investment. The 5 per 
cent annual withdrawal can be 
carried over fully or partially 
to future years. 

For lower-rate taxpayers, 
there is no further liability, but 
higher-rate taxpayers will be 
liable to tax when the bond is 
cashed in. But they can claim 
“top-slicing” relief on any 
profit they have made. 

This works by averaging the 
profit over the n umb er of years 
the bond has been in place and 
adding the result to the inves- 
tor’s income, so arriving at any 
higher-rate tax due. 


Y ou can make with- 
drawals larger than 
5 per cent. These 
are treated as net of 
basic-rate income tax, so there 
is no further charge for basic- 
rate taxpayers. But those pay- 
ing higher-rate tax will incur a 
25 per cent liability (the differ- 
ence between the basic and 
higher rates). This flexibility 
over the amount of income 
withdrawn is considered one of 
the most important features of 
insurance bonds. 

Advisers usually recommend 
that the policy is written an a 
joint life basis so that, if the 
policyholder dies, the bond can 
continue in the spouse’s name. 
You can also write the policy 
in a simple family trust so 
that, on death, the fund passes 
on in a tax-efficient way to the 
npyt generation. 


Making the right choice 


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A It Is important to select the 
, right type of insurance bond to 
match your requirements, both 
from the tax aspect (see above) 
and your attitude to risk. 

■ Guaranteed income bonds 
These are designed for the very 
cautious investor who wants a 
regular income and to preserve 
capital. They are fixed-term 
products usually held for one 
to five years, with a penally for 
early termination. 

Charges are not disclosed 
but are deducted from the 
return, as with a bufldmg soci- 
ety account. Rates change 
often but it is possible at pres- 
ent to secure an annual return 
of 7.5 to &5 per cent, net of 
basic rate tax, for five years. 
Guaranteed growth bonds 
operate -in a similar way but 
re-in vest the income. 

■ With-profits bonds 

These are -designed for cau- 
tious investors who want an 
dement of capital growth. The 
Auxd invests in equities, prop- 
erty, gilts arid cash. While the 
full return of capital is not 

• « always guaranteed, the annual 

* '■ return (or “bonus'^ is, once it 

has been allocated. 

. Bonuses have fallen in 
7 recent years, but a well-man- 
aged fund should outstrip 
building society returns by a 
subs tantial mar gin. There is no 
fixed maturity date, but a ntim- 
mmn term of five years - and 
preferably 10 - is recom- 
mended. If market conditions 
are very poor, the provider 
retains the right to make 
deductions (known as the mar- 
ket value adjustor) when a 
bond is cashed in. 

■ Distribution bonds 

These represent the next step 
up the risk ladder from with* 
profits bonds. Your investment 
buys units in the fond, which 
is Invested in similar assets to 
the with-profits bond. Distribu- 
tion bonds separate the income 
from the capital growth. With- 
drawals are taken from the 
income, leaving the original 
capital intact 

■ Managed and specialist 
unit-linked bonds 

These are designed _ for the 
more adventurous investor. 
Managed funds generally 


invest in a range of the provid- 
ers’ main ftrnds but tend to be 
equity-dominated. Specialist 
funds invest in particular mar- 
kets - say. Far East or Euro- 
pean equities - but low-risk 
funds, such as f?>gh and fixed 
interest, are also available. 
Usually, it is possible to switch 
between funds free of charge 
or for a nominal fee. These 
internal switches will not incur 
a tax charge. 

■ High-income bonds 

These are similar to guaran- 
teed income bonds but there is 
no guarantee that the frill capi- 
tal invested will be returned. 
Tngtonfl , this usually depends 
on the performance of the 
FT-SE 100 index. If the Index 
does not fell over the invest- 
ment period, the return of orig- 
inal capital may be guaran- 
teed. At present, these bonds 
offer 9-10 per cent income a 
year net of basic-rate tax. 
Investors should always check 
tlm conditio ns under which the 
full capital will be returned. 

■ Guaranteed equity bonds 
These are growth-orientated 
and not recommended for peo- 
ple seeking income. The bond 
usually provides a minimum 
rate of return - for example, 
25-85 per cent over five years 
an top of the original capital. 
There may be additional 
returns, depending on the per- 
formance of the ftrdpjr to which 
the bond- is finked. 

Offshore bonds can be used 
as long-term vehicles for tax 
planning, especially where you 
want to leave the assets to the 
next generation. They are 
gross funds: the tax and CGT 
liability rests with the individ- 
ual. 

□ This guide urns compiled 
with the help of Andrew Jones, 
a partner with the David Aaron 
Partnership, an independent 
adviser which wUl provide indi- 
vidual surveys on guaranteed 
income bonds, with-profits 
bonds and distribution bonds 
phis a guide to simple family 
trusts. Write to the partnership 
at Shelton House, High Stmt, 
Woburn Sands, Milton Keynes 
MK17 85D (tel 0908-281544). 
Price : £8 for the set or £4 fbr 
individual surveys. 




r '.'~ 4 

BATs 

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Be** 


Fran just Saturday, we will 
be publishing a separate 
personal finance section 
every weekend alongside the 
Weekend FT- 

- Weekend Money will give 
you two things. First, there 
is a brief review erf the 

fnwimal hig fiti g hte of the 
previous week. 

Second, there is a more 


detailed analysis of personal 
finance topics already 
provided by Finance and the 
Family. 

Weekend Money’s team of 
experts will be providing 
incisive comments on all the 
latest news. And there will 
be substantial additions to 
the regular statistical 
material. . 


Charges on unit-linked bonds 
are similar to unit trusts with 
a 5 per cent initial charge (the 
bid/offer spread) and an annual 
management charge of 
between 0.75 per cent and 1.25 
per cent depending on the 
fund. Fee-based advisers will 
be able to reduce or eliminate 
the initial charge. 

If you are interested in a 
bond, your adviser should con- 
sider the tax consequences and 
your attitude to risk before 
selecting the most appropriate 
product (see "choice” below). 
With a large number of funds 
available for most types of 
bond, independent advice is 
essential. 

Good, consistent perfor- 
mance is paramount, but the 
adviser should also check the 
provider's charges and finan- 
cial strength. This is particu- 
larly important in the rase of 
with-profits funds, which must 
have substantial reserves. 


nine's BonJs; IM5UKAMCE BONDS' 


The 


OUR OFFSHORE RANGE 
FEATURES ONE 
HIGH POINT AFTER 
ANOTHER 


If you’re looking for consistent investment 
performance and a comprehensive choice 
of funds, why not let Perpetual point you 
in the right direction? 

From broad-based international 
funds to specialist funds that focus on one 


strategies most suited to their chosen area 
of investment, and to advise the Jersey 
Fund Manager accordingly. 

As a result of this approach, seven 
of our nine offshore hinds are in the top 
25% of their particular sectors in the 


OFFSHORE FUND PERFORMANCE TO 1ST NOVEMBER 1994 


mtretWLX3m»o«E funds 

LAUNCH DATE 

SINCE LAUNCH 

% CHANGE POSITION IN SECTOR 

1 

OVER 5 YEARS 

% CHANGE 

International Growth 

25-1-83 

+482.2 

3 out of 28 

+67.4 

Emerging Companies 

8-4-85 

+599.7 

1 out of 41 

+ 163.5 

American Growth 

21-4-84 

+736.3 

1 out of 27 

+ 152.3 

Far Eastern Growth 

8-1 1-86 

+424. 1 

2 out of 23 

+ 122.5 

Japanese Growth 

30-11-91 

+56.8 

6 out of 95 

- 

European Growth 

8-11-86 

+ 123.9 

8 out of 24 

+30.2 

UK Growth ; 

24-10-87 

+205.6 

1 out of 32 

+ 129.5 

Global Bond - 

7-12-92 

+ 1.1 

129 out of ISO 

- 

Asian 'Smaller Markets 

8-3-93 

+90.3 

8 out of 94 

- 


particular geographical area, our award- 
winning range covers the world, providing 
the highest quality investment management. 

Our success is built on a 
management philosophy which 

allows our fond advisers the P 

freedom to develop the 


period since launch, and of these, three 

arc the top performing funds. 

_ It has also seen qualitative 

1 v 

fund management 


analysts. Fund Research Ltd, assign our 
American Growth, UK Growth, Far Eastern 
Growth, Emerging Companies and 
International Growth Funds their top 
AAA rating, and our Japanese Growth 
Fund an AA rating in their in-depth 
assessment of funds and fond managers. 

And last year, we were awarded 
Investment International’s prestigious 
Rosebowl for Offshore Fund Management 
Group of the Year and Offshore Equity 
Fund Management Group of the Y&ar for 
the second year in succession. 

For more information, telephone 
Marion Buchanan on +44 1534 607660, 
or send her a fax on +44 1534 38918. 
Alternatively, fill in the coupon 

below. 

>g- 

To: Perpetual Unir Trust Management (jeraey) 
Limited, PO Box 459, d’Hautevillc Chambers, 
Scale Street, St Holier, Jersey, JE4 8 WS, Channel 
Islands. Please send me details on Perpetual’s 
range of Offshore funds. 

Important: Please print dearly. 

Print Name 

(Mr/Mrs/Ms) 

Address 


tual 


Independent Fund Management 


Postcode . 


Over die jn* r 5 y ear s, 5 out of 6 Funds have at hieved top quartilc performative I’oM'.uim an- to hi N' vet it her l‘W4 and arc on an offer- to- offer US Dollar basis, inclusive of reinvested income, net of 
withholding axes (source Micropil). Past performance i*- mil no c%«nK a guide io future performance. The value nf an investment and the income from it can go down as well as up. 









IV WEEKEND FT 


★ 


Foreign & Colonial 
savers keep smiling 


through. 



fS *HtEK3N & C 




1945 


HA® 



ovOt* 1 


Despite uncertain markets and worries about interest rates. 

Foreign Sc Colonial savers have plenty to smile about. 

Just look at the growth shown above. Today the saver would be over 
£800,000 better off. The same sum invested 10 years ago has now grown to 
£5,068*. By comparison, £1,000 invested in 1945 in a higher rate Building 
Society account would today be worth £16,58,2*° 

From a modest £25 a month, you can save in our Private Investor Plan, 
one of the simplest and cheapest ways into international stockmarkcts. 

Put a smile on your savings again. With Foreign Sc. Colonial, the 
world's oldest investment trust manager. 

For a copy of our Private Investor Plan brochure and application form, 
fax or post the coupon today. Alternatively, telephone our number below, 
quoting the reference number: 

■ CtkrihrMO by Fufo^n Sc GjfamMJ Mwffmrni Lai. mid-mmict ptra, a a incoac ran rewed, mvEMcd 
31 IUS-30.4.-M a*!30.9«-10.Wie»pe<a»rhc.imibiw«ial3J*iu*«iale*pem«i.Canetiietafge»«ie0J* 
anmcnxon exet 05% ram p deiy Imiu. JQpt 

■■ Brae ki ewe to ]«C - mete; BZW. Tlualkl. lucbai sec rale radsHe from Mknfnl IUSjOOO. 


Fig^BK a beat on Mil 

Share in the success. 

J 24 HOUR PHONE SERVICE 0734 828802 \ 

Fore 

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1 

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REF: FT fill I/M ! 

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FINANCIAL TIMES WEEKEND NOVEMBER SfN OVE^BER^ 1994 

FINANCE AND THE FAMILY 


The week ahead 

Stale result for baking 


MONDAY: Associated British 
Foods, the UK's biggest baker, 
will be bard pressed to make 
pre-tax profits for the year to 
September any higher than the 
£338m a year earlier. Some 
analysts are looking for as 
much as a £40m fall. Improved 
food and sugar profits In the 
UK are likely to be offset by 
falling profits in Australia and 
a further deterioration Ln 
finances. 

Net interest earned might be 
halved from the previous 
year's £6lm but the dividend is 
expected to rise 0.3p to 6.8p for 
the year. 

MONDAY: The City forecasts 
pre-tax profits at BAA to rise 
from £237m to around £262m in 
the first half. The group, which 
operates seven UK airports, is 
expected to show strong 
growth in traffic but analysts 
will be looking to see if Stan- 
sted, London's third airport, 
has moved into profit. 
TUESDAY: British Airways 


should make pre-tax profits 
between £ 2 10 m and £220m in 
the second quarter, up from 
£172m last year. Analysts 
expect the core airline business 
to perform very well. But the 
performances of the US carrier 
US Air, BA's French affiliate 
TAT and its German partner 
Deutsche BA. will all come 
under scrutiny. 

TUESDAY: Investment bank 
S.G. Warburg will announce 
earnings for the six months 
ended September 30 and securi- 
ties analysts are offering no 
prizes for guessing the results. 
Last month. Warburg put out a 
profits warning in which it 
said that it expected to report 
earnings of E55m to Eti5m for 
the period, down sharply from 
the £l48.8m in the same period 
in 1993. 

TUESDAY: Marks and Spen- 
cer. the UK's most profitable 
retailer, is expected to 
announce another strong set of 
results, with interim pre-tax 


Cable and Wireless 


Share price relatfve to the 
FT-SE-A Ad-Share Index 

130 - -- 



90 I 1 

1993 1994 

Source: FT Graphite 


profits rising from £307J8m to 
around £355 m. But the figures 
could be distorted slightly by 
last year's 53-week period and 
an early Easter holiday. Ana- 
lysts are concerned about trad- 
ing levels and start-up costs on 
the continent 

TUESDAY: Anglian Water is 
forecast to show interim pre- 


tax profits of about £110m 
f£L00.5m) when it reports, and 
an 8.5 per cent increase in the 
pay-out to 7J9p. Treatment of 
infrastructure charges could 
affect the headline numbers. 
WEDNESDAY: Commercial 
Union is forecast to show pre- 
tax profits of about £285m com- 
pared with £144m last time. 
The results will be the first 
since the acquisition of French 
insurer Groupe Victoire, 
though its impact is expected 
to be marginal at this stage. 
WEDNESDAY: Half-year 

results from Amersham Inter- 
national, which makes diag- 
nostic pharmaceuticals, should 
present a clearer picture of the 
company's fortunes than did 
last year's, which were dis- 
torted by acquisition. 

A good performance from its 
product, Metastron, should 
help the company record a pre- 
tax profit of at least £20m, com- 
pared with £17. 4m last time, 
and allow a 14 per cent rise 


Directors' transactions 


Wickes 

Share price (pence) 
140 - - 



1 M.vCin Brentano' 5,000 1 


BOUGHT, .it «Jp 24/1 U."»4 


HA. Sweatbaum 
(CTv.SCh.Ex.) 50,000 
M R.C mw 10.000 
T.W.LJcvraiyn (FO) 5.107 
A-G-Bykhavsky 5.000 
S C.3K)oK>fl‘ 5.000 
S. Kaplan" 17.778 
AP.Humphrias" 5,000 
M von Brenlano* 10.000 
■Non executive directors 


Souck FT {Justness, Enterprises 


The sale of stock by Geoffrey 
Brown, chief executive and 
major shareholder at Centre- 
Gold, an electronic games pub- 
lisher and distributor, came 
soon after Us final results. Br» 
ker Smith New Court took 
company executives to visit its 
institutional contacts, a move 
that generated considerable 
interest in C-entreGold. But the 
resulting demand for stock 
could not be met in the mar- 
ket: thus. Brown's sale. 


□ Bluebird Toys featured a 
couple of weeks ago when 
chairman Torquil Norman sold 
1.2m shares. Although he 
undertook not to sell any more, 
one of the executive directors, 
David Laxton. has now dis- 
posed of almost half his stake. 

□ The buying in Wickes is sig- 
nificant, if only because it is 
unusual to see quite so many 
directors buying all together. 
The share price has languished 
since announcement of final 
results in August. But such a 
show of unity should not be 
ignored completely. 

Vivien MacDonald, 
the Inside Track 


DIRECTORS’ SHARE TRANS ACTI ONS IN THEIR 
OWN COMPANIES (LISTED & USM) 

No of 


Company 

Sector 

Shares 

Value 

directam 

SALES 

Bluebird Toys 

L&H 

52,500 

116.025 

1 

CentreGcrid Pic .... 

Mciie 

1,387.861 

1,360104 

1 

Haynes Pub — 

Mdia 

4,000 

17,040 

1 

Holt (Jos) 

Brew 

1,050 

35,175 

1 

Iceland Group — 

Retf 

900.000 

1,458000 


Inch cape 

Dist 

15,000 

63,000 

1 

Macallan -Glenlrvat 

SW&C 

40,000 

84X300 

1 

McKay Secs 

Prop 

52£15 

94,109 

1 

Prudential Coxp ... 

Uf A 

208.750 

617,900 


Ropner 

DM 

30.000 

37,500 

1 

Ross Group 

Dist 

250,000 

22,500 


SIG 

BM&M 

39,683 

98,414 

1 

PURCHASES 

Anglo-East Plant 

OS&B 

100,000 

95,000 

1 

Bradford Prop 

Prop 

6.000 

11,220 

1 

Brooks Service 

SSer 

20,000 

12^00 

1 

Cattles (HWgs) — 

OthF 

11.460 

14,898 

1 

Development Secs .. 


50,000 

11,500 

1 

Everest Foods - 

FdMa 

250.000 

140.000 

2 

Global Grp 

_FdMa 

100,000 

13,000 

1 

Mefnwort Second 

InvT 

20,000 

17,000 

1 

Maunders (John) 

BCon 

5,000 

11.050 

1 

McKay Secs 

—Prop 

11,000 

19,910 

1 

ORves Property - 

Prop 

50,000 

17.000 


Plantation &GenaraL 

- Und 

30,000 

16^00 

1 

Smiths Inds 

Eng 

30,807 

140,172 

3 

Sunset & Vine 

Mdia 

20.000 

26,800 

1 

Tarmac 

BM&M 

9.000 

11,340 

1 

Tomkins ... 

DM 

5.000 

10,000 

1 

United Biscuits 

FdMa 

10.000 

30,000 

1 

Wickes 

BM&M 

114,112 

102.701 

8 


Value expressed In 0300a. This Ss? cun t ains afl transactions. Including Cha aa w te of 
options O ^ 100% subsequently aoid, wflh a value over Cl 0,000. Information released by 
me Stock Exchange 2«h-28fll October 1994. 

Source: Dwactus Ltd, The Inside Track, Edinburgh 



in tite dividend from 41^> to 5p. 
WEDNESDAY: Analysts ' are 
forecasting interim pretax 
profits in the range of £550m to 
£580m for Cable & Wireless - 
which at raid- point is about U 
per cent up on last 7 Tear’s 
£509nL ■ " 

Continued strong growth. at 
Hongkong Telecom, far and 
away C&W's largest profit 
earner, wiU be offset .by slower 
growth at Mercury, C&W’s UK 
subsidiary, which is. fighting 
hard against rising UK compe- 
tition and fast declining BT 
prices. Start-up costs for ven- 
tures such as Mercury One-2- 
One will also affect non-Hong 
Kong e arnings. 

THURSDAY: Second-quarter 
pre-tax profits at British Tele- 
communications are expected 
to fall between £750m and 
£ 800 m, after about -£10Qm in 
redundancy charges but before 
a £75m re-purchase of boob. 
That compares with £743m last 
year after redundancy charges, 
giving underlying profits 
growth of about 4iS per ceqt' 
Although other cable opera- 
tors are advancing; most ana- 
lysts believe that BT is 
responding positively- to grow- 
ing competition in the British i 
market. Cellnet, BT's mobile ' 
joint venture with Securicor. is 
expected to report a strong per- 
formance. r 

THURSDAY: Royal Insurance 
is expected to confirm its 
recovery from heavy losses 
early in the 1990s with a pre- 
tax profit figure of about £310m 

a gnmefr £11 3m last timft. 

THURSDAY: Northumbrian 
Water is likely to show a sub- 
stantial rise to about £39m 
(£22.6m) in spite of non-core 
losses, and could follow the. 
example set by Thames Water 
with an 11 per cent dividend 
incre ase to 9p. 

THURSDAY: ScottishPower 
will be expected to offer some 
indications of future dividend 
growth after the recent elec- 
tricity price review. Forecasts 
are for about £124m (£il5.7m) 
in pre-tax profits, with an 
increase in the dividend from 
4.13p to about 4.6p. 

THURSDAY: Burton, the cloth- 
ing retail group, is forecast to 
announce pre-tax profits of 
between £40m and £43m for the 
year (£l&5m). Margins at the 
multiples, which include Bur- 
tons, Dorothy Perkins and Top 
Shop, are thought to have been 
squeezed- The best performer 
is again expected to be tbe#f 
department store Debenhaips. 


Play Footsie 
without 



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MARKET GROWTH PLUS 
5% GROSS INTEREST PER 
ANNUM, GUARANTEED. 

Experience the thrill of investing in the 
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capital by investing £5,000 or more in a 
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enter your branch Sort code / / 

o^qBAMK OF SCOTLAMB 

A FRIEND FOR LIFE 


IK Ilft'il ih. , .flu nh.lr.wr ilw ollrr j, j„\ i mu . 'K’l.M ".mhI *1 ■■*• 1 , ’ n i,.p I, ,iuil.j^l 'i«i" «n...L. ,«l iH 1 iw^Lin Sim* l.vlwigi jml 

ill, I mI llln. . I •mil.,1 111,* IT-SC IfHV l, ih. |i,fli|*ivli,n inn Tk- l III lilt V,- I r.,. Iluiji ml lu. In* Lih„I fi, 114 I" Dji^d ?*i,IjiiiI TTf [ftmlm 

Si.*l I . . lb, Jt..li,lii, m llm * illi ihi. Uftilmc -in |*-i*Iui i - - n lt> Im1r\ ID ■ ■ y riclii .** ill. imlr* - ftti"— mil .oidilDrni li 1,31 m ilw ISfc 


0 to raise Cl Xm via an issue of 7 JEm shams 0 20p on a 1-7 bank 
OU hnfl a lo rarw E2 5m <ra an esue oi 27.8m stars « 3Tp on a 5-8 basts. 
Seton e to fine C235m va an 1-3 rajms true at 285p. 

Utbome C to raso Km vu a 4-3 rights nsua 


OFFERS FOR SALE. PLAC1NGS & INTRODUCTIONS 


BUa Resources a to race CSAn via a Phong and open otter. 

Ctydepart Hofcfiraja o coring to the rru»ti« vs a jtiachg. 

RPS is to rose Cl An va a placing ana offer of CSDri sham at 6Sp. 

Recce t to rase Cl 4m waopLidngond open offer o!48Jm chaos at 3Vp. 
Samos s com*q kj ton nrava va a placng of new shns to raise appx Cl 6m. 
Stega Ptumacouticais a to rase C7m va a subochpllon offer. 

Teto-Ctm CM a corrang to toe irstovs vn a placing of 4 7ln staes <ti ITOp. 


PRELIMINARY RESULTS 




Pro-lax 

Earnings* DMdends* 



Year 

profit 

per sham per share 

Gompsny 

Seder 

to 

cam* 



(Pi 

Betoray 

BSC 

JU> 

3UJ0Q 118.700) 

173 

(IOlQ 73 

(to) 

Broedgato Inv Trust 

h1> 

Sept 

119.73 (123.62) 

1.79 

2.13 1.6 


Cooper (Frederick) 

BnO 

Jul 

6310 n.iaa 

63 

(3.5) 23 

fL2) 

De Morgen Gram 

Prop 

A|> 

11 pse n 

OQ2 

(-1 

H 

Ewmoney fttoftsL 

Med 

Sep 

24JJ00 n'.70a 9938 {S6.M «L6 

(353 

Renting Chinese to* 

kiTr 

Srpt 

0435 (-) 

031 

H 05 

H 

Inti Comma & Data 

SpSv 

May 

1X80 f4.9M LV) 

23 

H - 

(-) 

Kwh Save 

RetF 

Aug 

135300 0 26300) 5739 (55.4® 1925 

(1 62) 

Lowland bw 

InTr 

Sept 

2823 (282.J) 

9.4 (9J5) 93 

(9fl 

M&G Eqotty Income 

hTr 

Sept 

139.7 (139.7) 

4^7 

S.13 23 

e 21 

MMT Computing 

SudS 

Aug 

2310 |1.73a 

13.1 

(93| 17 

(2-75) 

On Demand into. 

Med 

JU 

2320 L (1.450 L) 


(-1 


Sage 

SpSv 

Sep 

14300 (9j660) 

45.4 (333) 1001 

(9321 

Scattidi National 1st 

InTr 

Sopt 

42.9 t94fl 

741 (733 73 

(7-73 

Sn»*t (J) 

BSC 

Jul 

1.650 (23401 

10.02 (1336) 83 

»5) 

Uttano 

FdMa 

Jun 

13300 L 11^00 U 


H 

H 

INTERIM STATEMENTS 






Intnrtrr 




Kidi |9i Pro-tax profit 

dMdondx- 

Company 

Sector 

to 

(axm 


per shae M 

AMrost Now Thai 

hTr 

Augt 

?iai2 

1179.08) 


H 

BAT hdusMes 

TCP 

Sep* 

551.000 

(455000 

- 

(-) 

BET 

SpSv 

0a 

57.700 

(46.100 

12 

<13 

Bevertoy Group 

rva 

Jun 

1.730 l 

(923 


H 

Boots 

RetG 

Sop 

289.700 

u 7430 a 

535 

AS 

British Petroleum 

on 

Sej* 

415.000 

(337300! 

23 

CLS) 

Campbell S Armstrong 

BAG 

Jul 

198 L 

(1380 q 


H 

Capital Gewaig Tst 

hTr 

OctT 

5101 

F) 


H 

Cefeic (nbunationai 

toft 

S*P 

2330 L 

1581 U 


H 

Celtic Gold 

rva 

Junt 

219 L 

(302§§M 


H 

Charm 

n’a 

Jin 

2320 L 

(567 U 


(-J 

Craig & Rose 

Own 

Jui 

115 l 

(135 U 


H 

Danka Businesa Sys 

ESEE 

Sep 

21.100 

(13303 

03 

P.75) 

Dares Estates 

Prop 

Jui 

133 L 



() 

FafcWar 

BSC 

Jun 

1310 L 

(1350 U 


I) 

GBE M 

Eng 

Jun 

3.950 L 

[1380? 

0.5 

H 

German liw.Tiuol 

hTr 

Sep 

112-1 

(109.4) 


H 

Hewitt Ooup 

BdMa 

Jun 

2340 L 

H 


(12) 

Jarvis 

PPSP 

Jun 

2360 L 

1630 L) 


H 

Jarvis Porter 

PPfiP 

Aug 

4,680 

P.423 

1.9 

(1.05) 


hTr 

Jui 

55 

(77) 


H 

Lasor-Scan 

SpSv 

Jui 

7730 L 

(451 


H 

Mezzanine CpUnc VI 

InTr 

Sopt 

312 7 

(273.4) 

7.0 

(52) 

Northern Fine Foods 

FdtAi 

Sep 

355 

(1(H) 


(■) 

OM ha 

Eng 

Sop 

18 

P37) 

0.75 

10.75) 

Panther Secs 

Prop 

Jun 

1,130 

(707) 

1.1 

(-) 

Pascoe’s Group 

Fdtia 

Jui 

1260 L 

(2300 U 


(-1 

fWa«rwr,n«n l_.ll 
r urandUIIUI HlU 

Eng 

Sep 

14.100 

(12,603 

22 

(231 

Quadrant 

LSH 

Aug 

154 

H.033 


H 

Rachweod Hn Hdgs 

Exh 

Jun 

29 

(111) 


;■) 

Romeo Energy 

OE 

Jui 

81 

C97) 

- 

i-i 

Rexmoro 

Ted 

Jui 

838 

(6BB) 

1J 

(13 

SaMand 

FVop 

Sop 

1.090 

P27) 

030 

(0.6) 

Sanstnay (J) 

ReFd 

Jui 

444300 

(417303 

12 

P-3 

Seton 

HthC 

Aug 

4330 

P.183 

22 

(13 

Thames Water 

WV 

Jin 

151.000 

(136303 

82 

(7.4) 

Toyo 1 Co 

Taxi 

Jun 

138 L 

(247 U 

- 

H 

Westbury 

BSC 

Aug 

5,760 

Pi 703 

13 

175) 

[ lAgwtn n .w (or 1 M conrpondng period-} 




■Dvtdends aro shown nef pence per ihcom wme otoennsa todcatad. L 

rtaM. tlMnM 

¥Stu& prw •jtmt t lnzr> [xmis And p^ncu -J* 3 month Bgumo. A US dobra and c rts. 95 12 mondi 

Qnm ♦ 9 fiotti ^ wwK Iwns. Y 15 month fguns. 




RIGHTS ISSUES 


RESULTS DUE 


Dfvktend W 


Company 


Amount 
Sector due 


Last ; 


«nt 


Final 


■Htie year 
lot 


nut onnotwns 




Aeeoe ftWah Foods 

FdMa 

Btoby (J) & Sana 

Dvtn 









Mercury Keystone ln« Tat InTr 

Ramus HoMtogs 

— BdMa 







IKTKTUM DNDEHM 

Ameraham bill 

HBh 

Angtion Water 

Wtr 

BAA .. 






British Akvrays . 


British Totocom _ 


Cattie 8 IMretesa 

— Tele 

Chambertin S H® 

Eng 



Drayton Eng fish S Inti. 

— InTr 

ETtoa (B) „ 

— Dal 



Hamhro btsurrance Svca 

OlFn 

Hertiepools Water Co 

Henderson Admin Group 

Ingham 

— Wtr 
— OlFn 
— EngV 

Jersey Phoenix Tat 

--OlFil 

Kotowort High Income Truh 
KJetnwort Emerging Mhts 

hTr 

London bu Mid In* Tst .. .. 


Marks i Sponccr 

Merchant Retail Group .... 

Mercury Asset Mngnt Group 

— ReGn 
— ReFd 
— Otfn 

Oxford Instruments „ 


Porkbnd Qroun . . TV»vr 

Portor Ghodbum _ 

Prowting ............ 

— PPSP 
— EUC 

Royal Dutch Petroleum 

Royal fra HMgs 

— oai 

Schrader SpU . 

Scottish Power .. .. 

— loir 

SnoB Trans 8 Trading 

Senile 7 


Staveley Industries 

Unland inti 


Umoco _ .. 


Ufifloimr PIc 


Wtirtatag ISO) Group 

Warner Howard 

Votes Bras Who ” 

MrBK 

... .5pSv 
— PP&P 
~.8rr# 


Tuesday 

- 

23 

Monday 

H5 

- 

Monday 


*■ 

tvoanericuy 

23 

- 

Tlxxsday 

13 

13 

Wednesday 

- 

- 

Monday 

- 

- 

Tuesday 

- 

- 

Thursday 

are 

15 

Friday 

53 

105 

Thusday 

- 

- 

Friday 

- 

- 

Monday 

3.25 

15 

Tuesday 

- 

- 

Wednesday 

- 

- 

Tuasday 

1.1 

025 

Wethesday 

43 

11.1 

Tuesday 

73 

155 

ThiastJay 

02 

65 

Monday 

6.75 

1135 

Thuraday 

- 

. 

Fnday 

- 

13 

Tuesday 

3.18 

732 

Thursday 

- 

. 

Wednesday 

23 

5.65 

Wednesday 

23 

45 

Wednesday* 

15.1 

9.75 

Thusday 

2.4 

555 

Thursday 

0.4 

04 

Wednesday 

23 

73 

Monday 

- 

1.0 

Tuesday 

- 

15 

Wednesday 

135 

3.7 

Tuesday 

233 

37 3 

Monday 

123 

315 

Tuesday 

1.75 

3-25 

Monday 

05 

1.0 

Wedrwsdayft 

1-25 

15 

Thursday* 

- 


Tuesday Jj 

1.875 

1375 

Ttuaday 

• 

• 

Thursday 

- 

• 

Tuesday 

25 

6.7 

Monday 

02 

- 

Tuesday 

43 

185 

Thursday 

&1 

102 

Thursday 

15 

3.4 

Tlxiraday 

23 

00 

Thusday 

- 


Friday 

1.7 

1.7 

Thusday* 

- 


Thursday* 

25 

53 

Friday- 

- 


Thwsday 

4.13 

827 

Thursday* 

103 

135 

Thursday 

13 

15 

Thwsday 

23 

02 

Tuesday 

. 

0.74 

Fnday 

are 

125 

Friday* 

638 

1855 

Tuesday 

63 

1B.0 

Thursday 

237 

5.04 

Tuesday 

0.75 

15 

Wtirtoesday 

- 

- 


2X5 

as 

to 

.-.'to. 

05 

020 . 

' to 
00 


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TAKE-OVER SIDS AND MERGERS 


Company 
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Vdm of 
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Pnco VWus 

Pofaro arm 

hid £m*“ 


Mtfeen Hume 

Andrews Sykes 
Atfwoods 
Data Bfldrlc 
Schotea t 
Towles t 
Trans World I 
VSEL 
VSEL 


ai | 

5S- 

65- 

109 

id- 

240- 

27S- 

181 

1291 

i-ioo- 


«m»» ma en ad 


51 

51 

29.60 

AKtd Group 

68 

67 

10.70 

Euro Pin Prat 

1 14 

109 

36430 

Browrring-Ferris 

72 

60 

16.00 

TT Group 

253 

193 

96.10 

Hanson 

268 

243 

422 

London CHy 

1 76 

173 

7050 

EMAP 

1394 

1228 

49027 

Bril Aarapie* 

1334 

1323 

632.00 

OEC 


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FINANCE AND THE FAMILY 


* 

g% Just five days to pay 


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P rivate investors have 
just under eight 
months to get used to 
the idea of paying for 
shares five days after buying 
them. The London Stock 
Exchange announced this 
weds that T+5, the nest stage 
of rolling settlement, would 
start on June 26 1995. 

The first stage of rolling set- 
tlement was introduced in July 
when the old stock exchange 
account periods were axed and 
replaced with the new system 
of settling share transactions 
10 days later, known as T+10. 

The move to T+5 was 
planned originally for January 
but was postponed to allow 
market traders more time to 
adjust. The main pressure 
behind rolling settlement 
comes from the big institu- 
tions, which account for the 
bulk of dealing on the stock 
exchange. 

“It will make life more diffi- 
cult for the minority but I 
think it is Inevitable. Wall 
Street is moving to T+3," says 
Brian Tora, of private client 
stockbroker Greig Middleton. 
Paul Killik, senior partner at 
Killik & Co., agrees. The 
dynamics of this are institu- 
tional and international - you 
cannot stop it It is no good 
complaining.” 


Bethan Hutton on the latest stage of rolling settlement 


r — ■f'Wir ...... 








Rofltng to satttament . . . now payments must be made ever more qufcfdy 


The advent of T+5 will 
increase the pressure for 
changes in practices which 
started with T+10. “We cer- 
tainly think that T+5 is going 
to be difficult for a lot of pri- 
vate clients to meet,” says 
Tora. Selling Is not such a 
problem, but he feels more 
investors will find their broker 
asking for payment up front 
before be will place an order. 

Tora adds: “If you look at the 
pure mechanics of it, you are 
talking about phoning an order 
in and the contract note being 
issued which, at the very best, 
is going to arrive a day later, 
maybe even the day after that. 


depending on circumstances. 

Then the private client has 
to send the cheque, which will 
take another day. and that 
cheque is going to need three 
days to clear - so. effectively, 
the broker is going to be out of 
funds." 

There is a growing tendency 
for brokers to charge interest 
on late payments but they are 
also working on other ways 
around this problem. Common 
solutions are to provide client 
banking facilities, so eliminat- 
ing the time wasted sending 
cheques through the post or to 
offer credit. Usually, this is 
done through margin trading 


where brokers lead clients 
money to buy shares on the 
security of shares they own 
already. 

Greig Middleton already has 
banking arrangements for its 
customers. "Clients have a 
nominated deposit account: 
sales can be credited to that 
and purchases settled from it. 
Obviously, it makes life a lot 
easier" says Tora. 

The firm is still working on 
its plans to offer margin trad- 
ing. Similarly, Killik is hoping 
to have client banking and 
margin trading facilities in 
place in good time for T+5. 

T+5 will make nominee 
accounts for holding shares 
almost unavoidable, as the 
five-day system simply makes 
the physical sending or share 
certificates to and fro increas- 
ingly infeasible. 

More than 90 per cent or Kil- 
lik’s clients now use nominees, 
although Killik is still unhappy 
about some drawbacks of the 
system, such as the effect on 
communication between com- 
panies and shareholders. 

Most brokers say that the 
transition to T+10 was much 
smoother and caused fewer 
problems than they expected 
They now hope that halving 
the settlement period will 
prove equally trouble-free. 


New issues 


P ulled flotations, 

over-subscriptions and 
healthy trading 
premiums this week 
have illustrated the stark 
contrast in the receptions 
accorded to different 
companies in the new issues 
market 

New Look, the women’s wear 
chain, confirmed many a 
sceptic's view that file market 
has overheated when on 
Wednesday - the afternoon 
before the share pricing was 
due to be announced - jt 
postponed its flotation plans. 

The following day, however, 
TLG - the holding company 
for Thom'Iighthig Group 
said Its flotation was three 


Institutions get tougher 


times over-subscribed And 
there was good news from 
Call ana: shares in the disk 
drive manufacturer leapt 42 
per cent on Monday, its first 
day erf trading. 

Schraders, the adviser to 
New Look, trotted out the 
well-worn “adverse market 
conditions” excuse. But City 
analysts are taking a different 
view. They point out that after 
the flood of new issues this 
year, the market is returning 
to a form of equilibrium with 
new issues again being judged 
on management, prospects, 
track records, margins and 
other fundamentals 
- Most of all, the MLtn 
demand from institutional 


investors has prompted a 
re-rating: prices are being 
forced down. In the case of 
TLG. for example, the shares 
originally were offered to 
institutions at a figure 10 per 
cent hi gftgr than their eventual 
price. 

In New Look's case, retail 
analysts say that with 
institutional share buying at a 
seasonal low, the Budget 
looming and retailers gloomy 
over the outlook for Christmas. 
launchin g a shopping company 
at this time was always going 
to be tricky. 

New Look has more than 
tripled operating profits and 
turnover in the past three 
years. Profits of £llm last year 


were almost matched by the 
near-£10m posted for first six 
months of this year, while 
operating margins of 16.9 per 
cent are double those of its 
nearest rival. Etam, and well 
ahead of the market's retailing 
doyen. Next 

"With margins like those, 
where would any expansion 
come from?" asked one fund 

mana ger 

The success of TLG and 
Calluna shows the new issues 
market is still a place for 
healthy business. New Look's 
postponement demonstrates a 
more rigorous attitude from 
institutional investors. 

Christopher Price 



cr.Qlo/rTAx 

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EXTRA CAPITAL 


Income 

Growth 
since launch 

U9PB- 

£397 in 1978 
to £1,817 
in 1994** 

. nsm- 


> 



1978 . ■ . 

. ’ . 1994 


Total 

(£000) 

Return 
since launch 

■70- 

£6,000 to 

. 60 - 

£78,133* 

' ; 50- 


+0 - 


30- 


20- 


10- 

1977 

1994 


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r*prr*cni& products -ind wnwc» 
uOrrmi ho llmdriwn Touche Remnant 
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rtgoUicil bv ihr [Yn.uuJ Investment 
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Management I inured, both of Hhlcb 
arc members nf IMRO Past pcrfoi- 
mance n not oevessjrrh a guid e to ihe 
fuiure The value uf units and the 
income Inr-m them can go drmn *, well 
as up as a icsuli ot marker and currency 
fluctuations and the investor mas not 
Ret back the a mo uni originally 
invested Tavcs relating to PEPS may 
ehange il the law changes and the value 
nf tax relief will depend npon the 
ctnuitisiances of the investor. Scheme 
particulars and the latest Manager's 
it-pon are available from the Manager 


If you had decided not to 
take the income, but to 
reinvest it instead, the total 
value or your investment 
would have risen from 
£6.000 to £78,133 over the 
same period. * 


H]R 

HENDERSON 
TOUCHE REMNANT 
The Investment Managers 


1 % mscoi vi 


We are offering a 1% 
discount on ail lump 
sum investments made 
before Budget Day, 

29 November 1994, into 
HTR Extra Income PEP. 

For further information 
and an application form, 
speak to your usual 
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the coupon or call us 
today on 0345 832 832. 


HTR Extra Income PEP 


To; HTR Investor Services Depart mcni. FREEPOST. PO Box 216, Aylesbury. Bucks HP20 I PD. 
Please send me details jnd aui appliciilon form for HTR Extra Income PEP. 




OVERT0-.YM£S 

life! 


■w. 

SINCE UWC,H 


UK BALANCED | 
UNIT TRUST 
SECTOR' 


I 


CALL 

AT 

LOCAL 

RATE 



60 ^ 

YEARS OF ^ 
INVESTMENT 2 
ADVICE^® 


0345 

832832 

Quoting the 
reference 
"EXTRA 7 ' 


My usual financial adviser rs. . 

Issued In Henderson l ; iram.Ul MjJugrmviU Limited, i Finsbury Avenue. London EGM 2 PA A member of IMRO 




T3 DU 


MAIMITIAI rUADCF 


I have a conventional exterior 
and a RAchCAJl^ interior 




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has launched a unit trust Pep which 
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mmtm 16th September t99J 

THE NEW Ho 7716 M&G Group, PO Box 111, Chelmsford CM1 1 FR. 

1 1 ■■■ ■■■*■. . Please send me details of your new PEP offer and how to 

- . Hjs ■■■ U| a APH I transfer any non M&G PEP. 

Miwll MANAGED I NO SALESMAN WILL CALL. 

nil* VI HlfllinVliw I y ou should contact your independent financial adviser (if you have 
___ | one) before investing. 

*^llQWTH PEP I Th0 ^ ce of unKs anci 1(10 income from them can go down as well 

A &J1% TUI? I BE*: INITIALS SURNAME 

AND THE j 

M&G MANAGED ; : -7 — 

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VI WEEKEND FT 


FINANCIAL TIMES WEEKEND NOVEMBER S/NOVEMBER 6 1994 


FINANCE AND THE FAMILY 


Fidelity Options Trading Service 

Economy fare, 
business class. 
Exercise your options. 

Up to 

„ 51 % 

commission savings on 


Making money with options 

Heather Farmbrough investigates their good points but finds some pitfalls, too 

O ver the past month, stock- _ Ll ltlI 

brokers Fidelity and Wise Options dealing coais _ — _ - ' ■ 

5?i™. hSII'iL Ia =^ hed Minimum Commission Commission Minimum Commission Common _ - , ■ 

op lions -dealing services .. .... unto £5.000 Contract 




mmk 


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,«idihe fFSB 109 « 2 ®S 

^bco^of^usnai^]^^ 


iVTif i. : 


Call (II) 737 83831 ' 

I a\ Ml) “,-f - S-ill i(i0 


e gad we » tree enpr vf tor huirxVirmrj iMdt a 


H». nddfc* BrotuxagrScrtco Luted. TADwOKHI, Sam, KHO 6(0. Unted I 
Equity md lade! Options pte tbc b nulnu c aad nppflcteaii fcr Bdefltyfr ars 0 
HcMnAUBifkaK prt>) 

Me kiss 


*Bx>olMiFMEfityJtiac l444nm«fii(8rt(iKMMiineUKBacUxabea.lkiaatenham It ” » 

b^brRb^Bnii^&nknUtf^ait^atiteUMtasu^ We cut commission - not service. 


O ver the past month, stock- 
brokers Fidelity and Wise 
Speke have launched 
options-dealing services 
designed to attract private clients. Is 
this a sign that the market is taking 
off? 

Well, no. It seems more likely that 
trading has been quiet in the deriva- 
tives market and brokers are trying to 
drum up business. Nevertheless, it is 
well worth looking at options, particu- 
larly as the market does not need to be 
rising fbr investors to make money. 

Options often are marketed as a 
cheap and safe way into the stock mar- 
ket Paying I5p for an option might 
seem a small outlay compared with 
800p for a share in ICL And, as fideli- 
ty’s Judith MacMichael says: “They 
have some of the characteristics of trad- 
ing shares within the stock exchange 
account [no longer possible since the 
introduction of rolling settlement]. You 
don’t have to pat up much money to 
make short-term gains and losses." 

Under the old stock exchange system 
of trading accounts, it was possible to 
buy and sell equities over the 28-day 
account period without having to part 
with any money apart from settling 
losses. Now that is no longer the ca se, 
the two best ways of playing the market 
in the short term are either options or 
margin trading. 

The latter requires investors to 
arrange credit bo pay for the majority of 
the purchase cost of the shares on set- 
tlement day, but this can be compli- 
cated and expensive. So, options seem 
likely to become the more popular, par- 
ticularly when the equity market settle- 
ment period is reduced to five days next 
year. 

With a call or put option, you buy the 
right to purchase or sell shares. But as 
you are under no obligation to take up 
the option, your potential losses are 
limited only to the premium paid to 
acquire the rights to the shares and 
your dealing costs. 

If you understand the markets, the 
low-cost, execution-only dealing ser- 
vices offer good commission rates for 
private investors. 


Broker/Service 

Sharelink Execution 
Fidelity Execution 
Wise Speke 
AE. Sharp Advisory 
Derivatives Securities Ltd 
Wise Speke Advisory 
Charles Stanley 
Titney Executk>n+ advisory 

‘4.00% to £1.000 


Three years ago, Sharelink shook the 
market by undercutting commission 
rates, offering L5 per cent commission 
on opening and 1 per cent on closing 
bargains. But Fidelity has just launched 
a new execution-only discount dealing 
service which undercuts Sharelink by 
charging 1.25 per cent on opening, 
although the closing commission is the 
same (see top table). 

If you are a regular options trader 
who does not need advice and tends to 
deal in small amounts, Sharelink is 
good value, especially as its contract fee 
is smaller than tbat of Fidelity. But if 
you are de aling in larger amounts, 
fidelity's lower m m missions may be 
better. 

Advice costs more: commissions for 
Wise Speke’s original advisory service 
start at 2.5 per cent on opening bar- 
gains of up to £5,000. while Albert B. 
Sharp charges 4 per cent. 

There is no shortage of brokers offer- 
ing an advisory service. Some offer dis- 
cretionary dealing services, too. The 
London International Financial Futures 
and Options Rxrihang n (LifFe) has a 15- 
page booklet crammed with the names 
of private client brokers. It is worth 
shopping around as rates do vary con- 
siderably (see table). LifFe also pub- 
lishes several well-informed booklets 
and organises regular seminars for 
investors. 

Wise Speke's new specialist options 
guidance service is designed for the 


transact'd 

opening 

up to 
£5,000 

£5,000 
to £10,000 

dosing 

transaefn 

£20.00 

1 J5% 

1.596 

£10 

£25.00 

1.25% 

1.2596 

£15 

£20.00 

1.7596 

196 

£15 

£30.00 

1.0096* 

1 .00% 

£10 

£37.50 

296 

1.596 

£37.50 

£30.00 

2.596 

1.596 

£30 

£20.00 

2L5% 

1.596 

£20 

£34.00 

2.5% 

1.596 

£34 


Commission, 
up to 


Commission 

£5,000 


Contract 


£5.000 

to £10,000. 

fee 

196 

1% 

v; ; ' • £1.50 

196 

1%- 

£2.00 

1.2596 

0.75% 

£1.40 

1.0096* 

1.0096 

£1.40 

296 

1l5% 

£2.00 

1.25% - 

a 75% 

- £1.40 

2J5% 

1.5% . 

; -E2JOO. 

25% 

1.5% 

£1^0 


COOTACTUST 

Advisory , and deafing only 
StwrelWc -021-209 4585 • •;.? yj- 

Fktefly BTOkasg*. 0737-838000 . f v 

VSfee Spake; }B7t-6ir 29QQ i!, 

Albert £ SPap: 021-200 22*4 
derivative!} Securities net 071-268 ®35 . ; . 
Chafes Statfay; 0203- 317788- \ . •*' 

Titney: 031, 595 2555 . ; •' J 

. Discrejtiqnary . 1 -J ; 

' Albert E Sharp. 021-200 2244 ' '• m- 

Derivative Securities isd; Q71-353'S835 >v 
R obert BaoifogS 0*071-377. 934* 
MeesPtereott JCS UtthTWE CdflJ.X. ^ 

K» &Cl* 071-224 2050 - • vj. ■ * 

lifltB 071-373 2480 . ... .. ‘ ;/ fi J- 

Investor who has decided which stock 
he wants but who wants guidance on 
the best way to buy. But, you might 
ask: isn’t an investor who knows which 
options he wants better off paying less 
for a no-frills, execution-only service? 

Not so, says James Butcher at Wise 
Speke. “People become obsessed with 
commissions, but one of the problems 
in the options market is that you do get 
a wide spread between bid and offer.” 

He claims that because bis dealers 
know the supply and dmrmnri fn flip 
market for various stocks, and usually 
are dealing for several clients at a time, 
they can offer better terms than clients 


- - ~anrai ton bwtftq fenn 

may receive placing one-off transact 
tions elsewhere. As an example, he says 
the spread on Hanson or British Gas 
February 220 calls is now 11-14 pence. 
By dealing In a larger size, Ztatcher 
claims he is more likely to be able to. 
buy the options for his clients at lip, 
saving lp on each contract. 

There are some brokers, who will 
trade in options on a discretionary 
basis (see bottom table). But others 
claim that most clients prefer essCit 
turn-only services. "Options investors 
tend to tell us- what to-do -"not the 
other way round," says Peter Lrod»n, cf 
stockbroker Charles Stanley. But if you 
are new to options, bear in mind that' 
good, advice can cost far less than the 
losses from a poor investment decision. 

if you write an option - that Ik yon 
receive the premium for an option and' 
agree to sell or buy the shares If 
required to by its holder - the picture is 
very different Potential losses can be 
open-ended. 

The London Stock Exchange's deriva- 
tive intrfrrrmgnr risks’ war ning states, 
in bold type: "You should not deal in 
derivatives unless you understand the . 
nature of the contracts you are entering 
into and the extent of your exposure to 
risk." 

In other words, do not write options 

linings you have gnrtn gh rash to buy the 

underlying shares or you hold the 
required number of shares underlying 
the option. 



For lull details and an application form, please our Helpline on 
0345 888 777 - or post the coupon below. Funds can also be hdd 
offshore. For details call 01734 284162/3 (office hours). 

PHONE 0345 888 777 

LINES OPEN 8.30AM - 7.00PM EVERY DAY. 
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a L- vLC- : 
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iSfamBriuX 
site; j\ic :: 


Money tor old wood . . . conifers appreciate in value as they age 


Trevor Hunphten 


See the wood and 
buy the trees 


I 


I ndividual investors have 
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1988. That was when the 
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No income tax is payable on 
income from commercial wood- 
lands and there is no capital 
gains tax on increases in the 
value of standing or felled tim- 
ber. Investments in forestry 
held for two years qualify for 
100 per cent business property 
relief from inheritance tax 

OHT). 

Up to now. those tax benefits 
have been enjoyed mainly by 
land-owners. Now, though, a 
fund has been launched which 
will enable individuals to make 
small investments - the mini- 
mum stake is £1,000 - in exist- 
ing woodlands. 

The Timber Lands Distribu- 
tion Fund (TLDF) expects to 
offer a net annual distribution 
of 8 per cent a year over the 
next decade. Since that is free 
of income tax. it represents the 
equivalent of 13.3 per cent for 
higher-rate taxpayers. 

TLDF is sponsored by Neill 
Clerk Capital (NCO, a com- 
pany which has specialised in 
business expansion scheme 


companies, and Savills, a sur- 
veyor and estate agent They 
intend to raise up to £4.13m to 
buy plantations of mature and 
semi-mature sitka spruce trees 
from Tilhitl Economic For- 
estry. a management company 
which will run the woodlands. 

The first forest to be 
acquired is Black Rigg at New- 
castleton, Cumbria, followed 
by another at Lochgilphead in 
Argyll, while the sponsors 
have an option on three more. 
Fund-holders will be allowed to 
explore them, and much of the 

James Buxton 
explores a new 
scheme to lure 
forestry investors 

woodland will be harvested 
gradually over the fund's 10- 
year life. 

The sponsors believe the 
value of the timber will 
increase because conifers are 
known to appreciate in value 
over their 40-year span, espe- 
cially in the final decade. 

On top of that, the sponsors 
say timber prices are recover- 
ing from their all-time low at 
the end of 1991 and point to the 
12.5 per cent rise (in the year 
to March 1994) in the index of 
standing conifer sales complied 
by Forest Enterprise, part of 
the Forestry Commission. 

At the end of the fund's life, 
all the capital will be returned. 
The sponsors hope the amount 


will at least equal the starting 
capital - although there are no 
guarantees - and claim it is 
possible there will be a capital 
gain from selling the remain- 
ing standing timber. 

TLDF is not a trust blit an 
"unregulated collective invest- 
ment" under the 1988 Financial 
Services Act. This means it is 
not subject to any regulatory 
body (although NCC belongs to 
the Securities and Futures 
Authority). 

Unlike a unit trust, there is 
no established market for the 
fund, and the sponsors wain 
that Investors could have diffi- 
culty selling their stakes if 
they want to pull out before 
the fund is wound up - 
although NCC will try to 
arrange sales ou a matched 
bargain basis. NCC also cau- 
tions that tax rates and relirfs 
may change and timber prices 
could falL 

Investors will have to bear 
issue costs estimated at EL5 per 
cent, including a 3 per cent 
commission to intermediaries, 
as well as property' acqniatian 
costs put at 1.5 per «»nt ; an 
annual l per cent management^ 
fee for NCC; and an annual for- 1 
estry contractor's fee of SSJBO a 
hectare for TilhflL 
The fund, which closes on 
December 20, should appeal to 
higher-rate taxpayers wishing 
to diversify their investments, 
and to people seeking to reduce 
their IHT liability. An interest 
in forestry is an advantage. 

■ Prospectuses are available 
from Neill Clerk Capital: tele- 
phone 071-734 4446. 


B 


9 







FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


* S/Nr 



WEEKEND IT VII 


FINANCE AND THE FAMILY 


Pay now but wait until 1996 

Tickets for popular events can go on sale years ahead, Jacqueline Shorey wonders why 



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B usinesses usually 
have 30 to 60 days to 
settle bills and con* 
sumers pay cash for 
many goods and services. But 
sport and music fans are being 
expected to pay for tickets up 
to 2 Y» years in advance. 

Tickets for the 1996 Euro- 
pean soccer championship, to 
be played in England, went on 
general sale last week - 20 
months before the hist game 
kicks off. But season ticket- 
holders at English league clubs 
were offered priority booking 
last January - nearly 2'/, years 
before Euro *96 begins. 

Mike Parry, of the Football 
Association, says early ticket 
sales are “to give real fans 
ample opportunity to buy 
them. It’s a huge operation, 
involving 1.3m tickets at eight 
venues. The time is needed to 
ensure the smooth running of 
the competition and to admin- 
ister a direct debit system, 
which we're offering to fans to 
spread the cost". 

Yet, football fans do not even 
know what teams they will see, 
since the draw will not be held 
until December 1995. For now, 
they are simply buying seats at 
a ground. 

Steve Beauchamp^, of the 
Football Supporters' Associa- 
tion, says: “One reason for 
such early ticket sales is that 
the FA needs to be sure that it 
r/ill sell out all the matches. 
Some of the less attractive 
games may be a struggle " 

The FA expects to raise 
about £60m if all matches sell 
out What happens to that 
cash, anri the Interest it gener- 
ates? Answer the money goes 
info a trust fund account and. 
after expenses, the profit is 
split between Uefa, soccer’s 
European governing body, and 
the FA 

Music promoters also are 
keen to get their hands on 
your money early. A US rock 
group, REM, will play big Brit- 
ish stadiums next July - but 
tickets, costing £23, went on 
sale on October 22. nine 
months In advance. Bow does 
Paul Flower, marketing man- 
ager of promoter MCP, justify 
that? 

“REM is one of the world's 
biggest bands. They haven’t 
played xuBritidn for five years 
and “have bad three No .1,. 
albums.' We want to make sure . 
that everyone who wants to 
see them can.". Flower declined 
to say where the money went, 
and to whom, but said adver- 
tising and venues had to be 
paid for and groups needed 
cash to hire equipment and 
finance oftehelaborate shows. 

. lek Blackburn, 
sales and market- 
ing director of Tick- 
etmaster, a leading 
ticket agency, says; “I sym- 
pathise with promoters, who 
take big, risks' and who are 
being squeezed an deals. But 
customers need protection. We 
sold £%m-worth of tickets for a 
UK tour by the Bolshoi Ballet 
this summer but the promoter, 
Derek Block, went under 
before the concerts took place. 
We had passed the money on 




to Derek Block, so we had no 
money for refunds.” 

If a promoter foils, the pros- 
pects are bleak. Susan Hay- 
ward of the Consumers’ Associ- 
ation (CA), says: “The 
ticket-holder has a contract 
with the promoter, not the 
agent. Under the Consumer 
Credit Act, if the tickets cost 
more than £100 each, are paid 
for by credit card and payment 
is to the promoter direct, the 
credit card company must pay 
compensation if the promoter 
fails. But most payments are 
made via an agent.” 

Ticketmaster decided to 
refund Bolshoi clients from its 
own pocket. Blackburn says: 
“It's bard to see what lesson 
can be learnt from this experi- 
ence. Promo ter s and acts con- 
tinue to press for ticket money. 

“I’d like to see an escrow 
fund - from which ticket 
money is not released to the 
promoter until the show - 
which would protect the pub- 
lic; w The CA would like to see 
a bond scheme, gimflar to that 
in the travel industry. 

Harvey Goldsmith, a rock 
music promoter who has put 
Mi shows by Pink Floyd and 
Elton John, is chairman of the 
Concert Promoters* Associa- 
tion. “We are encouraging 
ticket agents to came up with a 
code of practice, being drawn 
up with the help of the Office 
of Fair Trading.” he says. 

Why did tickets go on sale so 
-early? “ Because people buy 
tickets with today’s money*. If 
we wait and put tickets on sale 
all at once for 10 different 
shows next summer, people 
won’t have the money to buy 
all they want We try to stag- 
ger ticket availability and give 
people time to buy - or they go 
mad at us.” 



Wfuir wm. y«hv no wmi «hw of; 

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ARGENTINA 
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VIU WEEKEND FT 


MANAGED CURRENCY FUNDS 



Unlike equities, where all markets can decline 
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(with US$334 milli on under management), we have 
considerable experience in making the results of our 
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l Onrecy fed. Cot reare mrertnl otat to M hart from au* afag to* uictaed arid hr net pm. HR 


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fa wared tth adre Mtrim tnbwa rreadolbfa annwlal C re uii (ta jja Bu h i l Amt Man g nramr tattd. a pmir d MW eatimre. Mii i are h i n Bi me lEhUBfc Sfetaq BMl 


FINANCIAL T.MES WEEKEND NOVEMBERS^NOV EMBER 6 1994 

FINANCE AND THE FAMILY; 


Down but still battling 

Leslie McClements remains optimistic about his pension prospects 


After leaving a public sector 
pension scheme, the author took 
a lump sum transfer into a 
unit-linked personal pension. 
When the annual charges rose, 
he decided he could do better by 
himself and transferred the per- 
sonal pension into a small 
self-administered scheme . . . 


Mcdetnenfs portfolio 
Changing portfoUo structure f%) 
Property 


B y mid-summer, the 
likelihood of a rise in 
base rates had 
increased. The pros- 
pect of more short-term inter- 
est rate rises over the next 
year had also grown, so it was 
time to reduce further the port- 
folio's exposure to interest-sen- 
sitive stocks. This assessment 
was confirmed when base rates 
were increased by half a per- 
centage point on September 12. 

Early in August, I sold the 
Abtrust Preferred Income 
investment trust income 
shares and Bristol and West 
permanent interest-bearing 
shares (Pibsi. While the sales 
yielded capital gains of 79 and 
15 per cent respectively on 
their purchase prices in early 


rr income 
Fixed income 
Zero dividend 
Australia & NZ 
Malvern UK index 
Smaller Cos 
Other & cash 



1993, the proceeds were 13 to 14 
per cent below the peak prices 
of late January 1994. With 
hindsight, I should have acted 
six months earlier. 

i wanted to increase my 
overseas weighting and felt 
Australia and New Zealand 
should benefit from both 
higher commodity prices and 
their trade with the more 
dynamic Pacific economies. So, 
I bought NM Smaller Austra- 
lian and New Zealand invest- 
ment trusts, although they 


have since declined by 14 to 15 
per cent. While the. yields are 
much lower, these stocks 
should have better prospects 
over the next couple of years. 

I have also experimented 
with traded options. A small 
proportion CL5 per cent) of the 
fund was used to open Redland 
and BTB call options early in 
September. With interest rate 
worries and the weakness in 
the US dollar, both are show- 
ing substantial losses. But as 
they are the February 1995 


Annuities 


ADVERTISEMENT 


Capital gains tax shelter possible 


through new share offer 


With tax on 1993/4 capital gains 
due to be paid on 1st December, 
the launch of a product to avoid 
that payment is clearly topical 
He Treasury expea to receive 
about £1,000 million in tax for 
1993/1994. 

Many investors are not aware 
of the November 1993 Budget 
proposal which introduced 


investment. However, ' this 
problem has been solved by the 
tax shelter specialist Johnson Fry 
(071-321 0220) through the 
launch of Pioneer Oil and Gas pic 
- a company specifically designed 
to attract Reinvestment Relief 
whilst being a low risk, high 
dividend investment. 

Do not be put off by the “Oil 


Six month merugo S price per barrel of Brent Oil 


Capital gains tax is now largely 
voluntary, writes Charles Fry 



‘■Reinvestment Relief" as a way 
of sheltering capital gains arising 
after 30th November 1993. 
Reinvestment Relief applies to 
gains made on shares, property or 
any other asset. 

To obtain Reinvestment Relief 
the capital gain to be sheltered 
must be invested in ordinary 
shares of a “qualifying'' company, 
which essentially means a trading 
company not involved in certain 
specified non qualifying activities 
such as ' property, financial 
services, leasing etc. Companies 
that are quoted on a “recognised" 
stock market da not qualify, 
although companies whose shares 
are dealt, in on the Rule 4J 
market (which is not 
' ■recognised - ') do. The company 
must ’‘qualify’' for three years 
from the date the investor buys 
shares and after that is not 
restricted as to its activities. 
Investment can be up to one year 
before or three years after the sale 
triggering (he capital gains and, 
interestingly, only the prefit needs 
to be invested to shelter the tax lie 
not the original capital or 
indexation allowance). 

The problem is to find a 
suitable “qualifying" company 
which is also a worthwhile 


and Gas" h the title. The 
company purchases only North 
Sea oil or gas production and 
docs not get involved in 
exploration. A gas field is 
essentially a pot of gas. often 
totally pro-sold under contract to 
British Gas, which turns imo cash 
over a period of years and throws 
off an annual dividend as it goes 
along. Pioneer expea to pay a 
dividend of 8Sr - 10*5- but when 
you take into account the 4fKv 
CGT saving (effectively an 
interest free loan from the 
Revenue) the return on an 
investor's net cost rises to about 
1 5% pja. Pioneer will aim to buy 
gas fields and believe that, at 
current prices, the company's 
initial investment should be 
totally recouped in cash by year 
five or six, leaving the company 
with further income to come from 
future production. 

Although this shelter only de- 
lays CGT. there are ways of doing 
so indefinitely. For example, if 
the qualifying company itself ob- 
tains a Slock Exchange listing or 
sells out to a large listed company 
(in this case the CGT rolls over 
into the listed company j, the in- 
vestor will have a highly market- 
able share which he can sell when 


he likes or hold with a -UVr im cr- 
est free loan. In any case, when 
the investor sells his sheltering 
investment, he has a further three 
years from doing so io find an- 
other qualifying investment to 
rod over his tax liability once 
more. AH in alL there is a good 
chance of delaying CGT until 
death, when CGT docs nut apply! 

Pioneer is able to take up to 
£50 million and the offer initially 
doses on 38 til November, the day 
before the Budget. As a result or 
its size, it can take large sums 
from those lucky enough to have 
sold their businev, for millions or 
who have exercised options and 
made substantial gains. 
However. the minimum 
investment is £5.000. so the 
average portfolio invesior can 
also benefit. 

The category of investor suited 
by this tax shelter is fairly broad. 
Obviously those who have taken 
gains since 30th October 1*793 arc 
prime candidates. However, there 
are also those who have public 
company share options which 
they have delayed exercising 
because of die inherent CGT. 
There are also those elderly 
investors who have portfolios 
heavy with capital gain who arc 


reluctant to incur CGT on a sale 
as this would normally reduce 
their income. Pioneer should 
increase their income from the 
lax sheltered investment, allow 
their portfolio to be actively 
managed and. almost incidentally, 
provide them with with a 50*5' 
Inheritance Tax saving ta 
concession for non-quoted 
companies! after they have held 
the Pioneer shares for two years. 

What are the risks? The main 
nsk revolves around the price of 
oil or gas. However, with the 
current oil price a! Sl7 per barrel 
and the ten year average around 
S20 per barrel isee chant, the 
timing of the investment looks 
right. i.This is reinforced by the 
two commodity investment trusts 
recently launched). A temporary 
drop in oil prices may reduce the 
dividend yield (the opposite is 
also tree) but the overall capital 
value over five years depends on 
the five year average price and is 
likely to be relatively unaffected. 

Fbr a Pioneer Oil and Gas 
prospectus (which includes full 
details of how Reinvestment 
Relief works) contact Johnson 
Fry Securities Limited 20 Regent 
Street. London. SWIY 4PZ or 
phone 071-321 0220. 


Thiv advenisrai 
accepted on the 
to are those 
numbered, 
v itur n mat hr 
an tnuuJ 
■armed. 



ApphcaDom <*> irnea in the Company *iH imly be 
rcUeh from uuUm caa ebanpe. Ta« relief* referred 
The iahK of fee bnestmeni a. Jcpcr 


upm a 

ii liLd* to dmlop nor mil there be <aiy nurler-mkcr 
fee '■at* or the e»Jcnt of ite nsLi n> aferti it n rrposol. The Spomor n,i!l mate 
y go (nil in value as itell nt up and the mvnior may not pet hxJk fee amain 
bat mil be kudcJ fespropMimaaKiy onto fee early yean. 


Annuities are either 
pension-generated - that is, 
bought with a retirement fund 
- or purchased with the 
individual's own capital. 

Income from a 

pension-generated annuity is 
taxed as earned income, but 
payments from a purchased 
life annuity are split into 
interest, which is taxed, and 
return of capital, which Is noL 

So. the net income from a 
PLA is greater for the 
higher-rate taxpayer than that 
from a pension-generated 
annuity bought with the same 

money. 

If the investor has poor 
health, an impaired purchased 
life annuity, offered by a small 
number of life companies, 
should be considered. These 
give enhanced rates based on 
the perceived life expectancy 
of the investor and are 
particularly attractive to 
people who have, or are 
expecting, high health-care 
costs. 

Peter Quinton, 
Annuity Bureau 


J^Hpipyannuity >rates ' | 

An amutfv provides guaranteed Income lor We hi rafted tor a kxrp 3um Investment. 

purchased LIFE annuities am Dougtu try people wanting extra regutar riooma. 

Rates are attractive for ofdei people. TTie araiuity Income Is not fu*y tyNda TTie Btde 
shovre rates ne* at 25 per cent Income tax. Certain rates Include 'capital protection', 
aUowen die capital invested - less instalments paid to you - to be returned to your 

estate vmen you die. 




Without capital protection 

Without capital protection 

Made age 70 

Annuity (+1 2%*) 

Female age 70 

Annuity (402%*) 

RNPFN 

£1 2,459.60 

RNPFN 

£10.620.00 

Standard Life 

£12.198.36 

Standard Life 

£10,488£4 

Equitable Life 

£11.961.60 

Canada Ufa 

£10.443.46 

With capital protection 

With capital protection 1 

Male age 70 

Annuity (+1^%*) 

remain age 70 

Annuity (<-1.1%*) 

RNPFN 

£11.139.36 

RNPFN 

£9,895.08 

Standard Life 

£10,931.76 

Standard Ufa 

£9,80344 

Equitable Life 

£10,901.64 

Sun Life 

£9,771X42. 

Without capital protection 

Without capital 1 protection 

Male age 75 

Annuity (+14)%*) 

Female age 75 

Armutty (+0.4%*) 

RNPFN 

£14,901.84 

RNPFN 

£12^73.96 

Standard life 

£14.640.12 

Standard Life 

£12.419.10 

Commercial Union £14,158.20 

Canada Life 

£12,364.92 

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Without capital protection 

Without capital protection ( 

Male age 68 


Male age 70 


Female age 65 

Annuity (-0.0*) 

Female age 68 

Annuity (-4X4%*) 

Standard Life 

£8.457.60 

RNPFN 

£8,95932 

RNPFN 

£8,44620 

Standard Ufa 

£8^55^0 

Sun Lite 

*Montfi's movement 

£8.440.09 

Sun Ufa 

£8,947^0 

Payments ae monthly In arrears, without a guarantee period end without escatatOon. 

Roles am at November 1 1994. Figures asauna an amity purchase price of £100000 
and are shown net after basto-rate tax. RNPFN anndties are avafcbte ordy to nuran and 

aibed workers. 


Soiree: Annuity Bureau; 071-620 409a 


series. I hope they will recover 
before then. Nonetheless, Icon- . 
tlnue to feel options, are too 
volatile for me. 

Sphere Investment trust 
income shares, with a LB-foB 
increase since early 1993, are 
the star performer in my fend. 

Early in October. Dartmoor 
investment trust offered eight 
new shares for every 25 Sphere 
shares and the prospect of an 
Improved yield. In response, 
Sphere intends to pay an 
enhanced dividend. The mar- 
ket reaction has bear adverse, 
however. 

The bidder, and two fund 
managers, who account .lor 
more than half the Sphere . 
income shares, have accepted 
the Dartmoor offer but I : have 
decided to retain the Sphere 
shares until the wind-up, in 
October 1995. By that stage, 
the discount of more thap an& 
tenth should he eliminated. 
Meanwhile, the net asset value 
will increase with any recovery 
in world markets. 

Artesian Commercial and 
Artesian Second Commercial, 
the unquoted property compa- 
nies, have produced their first 
audited accounts. Commercial 
has achieved an 11 pear cmd 
increase in its net asset value 
and will pay a gross divided 
of 12 per cant for the year. \ 

Second Commercial began to 
acquire properties only this 
year and issue costs led to a 
small decline in shareholders' 
funds. Both companies are 
geared highly hut their borrow- 
ings are protected by interest 
rate caps. 

Mucklow Group is my feoffs 
other property investment ft 
specialises in Midlands indus- 
trial estates and should, benefit 
from continued growth in man- 
ufacturing output. In all, prop- 
erty now accounts for one-fifth 
of the portfolio. I have reduced 
exposure to interest-sensitive 
stocks greatly since the begin- 
ning of fee year (see char t) 

The portfolio is now down 
10B per cent on the position in 
January, which compares with 
a fall of 6.8 per cent in. the 
FT-SE-A index adjusted for 
gross dividends. But the fund 
should outperform In a market 
recovery. 

*The author is an economic con- 
sultant. Earlier articles 
appeared on January 4 April 
16 and August s. 


ADVERTISEMENT 


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FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


WEEKEND FT IX 


FINANCE AND THE FAMILY 


‘Tax free’ 
can trap you 

Scheherazade Daneshk.hu finds 
that savers can lose out 


M arketing experts 
have long used 

sex to promote 
their products. In 
the world of investments, the 
words "tax free" have some- 
thing of the same pulL But 
investors should beware of 
buying something simply 
because it carries that tag. 

Take basic-rate taxpayers 
who buy a personal equity 
plan solely because it will save 
them tax. They are likely to 
find that the savings take 
many years to arrive because 
of the provider's costs in run- 
ning the Pep. 

Ian Hughes, a freight and 
distribution consultant, is 
wary of investments billed this 
way. He was sold a 10-year 
friendly society policy by bis 
financial adviser who told him 
it offered “unique” tax-free 
advantages that would bring 
higher returns than other 10- 
year investments. 

Friendly societies run tax- 
exempt 10-year savings plans 
where interest rolls up gross of 
tax. In return for tax exemp- 
tion, the madmum contribu- 
tion into these policies is 
capped by the government at 
£200 a year, or £1S a month. 

Hughes was told that his £9- 
a-month policy from Family 
Assurance friendly society, 
amounting to a total invest- 
ment of £1,080 over the full 
term, would have a likely 
maturity value of £2.611. But 
when the plan reached matu- 
rity at the beginning of Octo- 
ber, it delivered £1,222. 

As the table (by Micropal) 
shows, the plan did not keep 
up with inflation or with a 
building society account. 
Hughes will not have to pay 
tax on his matured lump sum, 
but that is not much comfort, 
■dncp the building society fig- 
ure is shown after deduction of 
basic-rate tax. 

The table also shows that the 
average friendly society 
returned £1,900 over the same 
period, beating Micropal's unit, 
investment . trust, and insur- 
ance fund infHnaft: 

. . Family Assurance's Growth 
Fund performance is lower 


How does it compare? 

Investment 

Value after 
10 yrs, £ 

Av friendly society 

UK gen investm trust 
UK bal unit bust 
Famty Growth 

Ufe insurance fund 
UK retail price Index 
Building society' 
Hughes’ policy 

1.901 

1,884 

1.865 

1,688 

1,654 

1,356 

1.279 

1.222 

TTm im* shom trm MU m Oaobm > I9M cT 
£9 a .no iff. taMsM ac« owh, 3 798* 
Route ar* snown offer- fo-ofler m> net Interna 
mniasM. 'AttanasMMMcrtawansK 


m 


sseraew 

GMErtVBANK MUH*e 
fl GOOP HmC-T > 


than the average Cor friendly 
societies but it is better than 
the figure for the insurance 
funds sector. 

Barry Chambers, marketing 
director at Family Assurance, 
argues that it is not fair to 
compare the performance of 
the fund - which has just 
under £30m - with the other, 
far smaller funds in the 
friendly society sector where 
the next largest has just under 
£lm under management 

But Hughes received much 
less on his policy. This is 
because the figures in the table 
do not take charges into 
account, and it is here that 
friendly societies fall down 
despite their tax advantages. 
For one thing, the annual 
charge is high: Family Assur- 
ance charges 155 per cent 

Chambers admitted Hughes 
did not get a good return. “The 
reason for that is the impact of 
charges, " he said. “Although 
they were comparatively low 
in monetary terms, as a per- 
centage of premium - £9 a 
month - they were high." 

Fixed costs do eat away a 
higher proportion of a low-pre- 
mium investment than others, 
but there are some tax-free pol- 
icies which offer good returns 
at no charge. 

Small savers can earn up to 
852 per cent a year tax free 
through the government’s 
save-as-you-earn (Saye) 
scheme. This is a five-year plan 
with a minimum monthly sav- 
ing of £1 a month and a maxi- 
mum of only £20, or £1,200 
maximum. 

The bonus, paid at the end of 
five years, is equivalent to an 
annual return of 85 per cent If 
the money is left for another 
two years, it is 8.62 per cent 
These figures gross up to 135 
and 14.4 per cent for a higher- 
rate taxpayer, or 1L1 and 1L5 
per cent for someone paying 
the lower rate. 

Early withdrawals are 
allowed but no inteiest-is paid 
if a withdrawal is made in the 
first year; the rate is 6 per cent 
thereafter. You can have only 
one Saye contract at a time. 
Abbey National, Alliance & 
Leicester, Bradford & Bingley. 
Bristol & West, Britannia and 
Halifax are among those offer- 
ing the scheme. 


Move north, 
pay more 

Christopher EUas on a tax anomaly 


** 

r 


cs* 




W0*t€ £ 




mm** 1 * 


. he owner of a house 
" in Scotland could 
find he has to pay 

more to the Inland 

Revenue than someone with a 
property south of the border. 
This development, which could 
. come as an unpleasant sur- 
prise to those concerned, 
affects staff who must sell up 
because their employer 
requires them to move their 
place of work from one area to 
another. 

In his spring 1993 Budget, 
the chancellor of the exche- 
quer announced he had 
decided, to withdraw various 
tax concessions. One result 
was that staff getting re-loca- 
tion costs f rom their employ- 
ers became liable to tax on 
part of them. But because of 
differences in property law 
between Scotland and 
England, the additional tax 
has.resnited in an anomaly. - 

In most cases, staff members 
-moving their- workplace will 
not be taxed on benefits pro- 
vided by their employer to 
help sell existing homes - 
such as payment of estate 
v agents’ commission - so l ong 
ugg toe benefi t is provided offer 
’ the employee’s ’ “beneficial 
interest” in toe property has 
/been transferred. 

* ■ There, thcngh, is the rub. m 
Scotland, beneficial interest in 

property is not deemed to pass 

from. 4be owner until the 
change ' in ownership is 


Is Extend and Wales, how- 
ever, beneficial Interest-passes 
at toe date of toe contract to 
sell, and not when ownership 
itself passes to toe buyer. 


One way in which the bill 
can be reduced in England and 
Wales is for the employer or 
re-location company to enter a 
contract to buy a staff mem- 
ber’s existing home. 

By doing so, it acquires the 
employee’s beneficial Interest, 
which stops the potential tax 
bills adding up for him. The 
actual transfer of ownership is 
postponed (along with the 
legal costs and estate agent’s 
commisskm) unto a new buyer 
moves in. 

In Scotland, however, all toe 
costs which toe staffer would 
have had to bear if his 
employer had not paid them 
will, potentially, be taxable. 

Take a middle manager on a 
40 per cent tax rate who is 
being moved from an £55,000 
house in Scotland. The rules 
mean he could have to pay at 
least £850 in tax over and 
above that in England and 
Wales, while his employer 
could have to pay at least 
£1,000 more. 

Ian Payne, manag in g direc- 
tor of PRIcoa Relocation - 
port of the Prudential Insur- 
ance group - which is lobby- 
ing to amend toe rales, says: 
• “While I appreciate the Reve- 
nue's hands are tied, we have 
a grossly unfair lax anomaly 
which must be rectified. 

“This would remove a fiscal 
penalty on mnployees asked to 
move to or from Scotland 
which their. English counter- 
parts do not have to pay,. The 
lobbying exercise aims to 
achieve -tax parity as soon as 
possible.” 

■ The writer is a partner at 
City soKritor EUas Freeman. 


I believe strongly in the 
benefits of insurance, and 
insurance-linked savings 
and pension schemes. But 
there are two new threats 
which may affect the value of 
my policies and those of mil- 
lions of others. 

Since July 1. UK insurance 
companies have been allowed, 
in calculating their assets, to 
include the value of their hold- 
ings in derivatives. This might 
well encourage them to take a 
much greater part in the 
highly speculative and volatile 
markets for options, swaps and 
futures. 

Although derivatives can be 
useful for efficient portfolio 
management, the question is 
whether some insurers' rela- 
tive lack of experience in this 
area could lead them into loss- 
making contracts. 

It is fairly easy to make huge 
losses on derivatives. 

Metallgesellschaft. for exam- 
ple, lost well over $lbn from oil 
derivatives, while Procter & 
Gamble lost $i57m on lever- 
aged currency swaps. 

Perhaps of more interest to 
pension and life assurance 
investors is tbe fact that a 
number of US pension funds 
have lost big sums on deriva- 
tives. Several have dropped 
more than $20m each. 

A few years ago. I forecast in 
the FT that some people with 
endowment mortgages might 
have to increase their insur- 
ance premiums or face tbe pos- 
sibility that, when their poli- 
cies matured, the proceeds 
would be insufficient to repay 
the mortgage. This has proved 


Diary of a Private Investor 


The wrong policies 

Derivatives can lead to huge losses, says Kevin Goldstein-Jackson 


true, with a number of compa- 
nies warning or passible short- 
falls because of lower invest- 
ment returns. 

Imagine how much greater 
the shortfalls might be if some 
companies, as well as making 
unfortunate share and prop- 
erty selections, also invest in 
derivatives which produce 
losses! 

The second new threat is 
from the government, which is 
considering “whether the 
favourable tax treatment of 
dividends paid to pension 
funds encourages companies to 
pay larger dividends than they 
might under a neutral tax 
regime". 

This leads to one particularly 
pertinent question. If compa- 
nies did pay less in dividends, 
would they really use the 
money saved to fund more 
research and development - or 
would they, instead, make 
over-generous and inappropri- 
ate take-over bids for other 
companies, and reward senior 
executives with even greater 
salaries and perks? 

If the government does make 
changes that affect adversely 
the level of dividend payments, 
what effect will this have on 
insurance companies’ perfor- 


mance if they can no longer 
rely on a regular stream of 
good dividend income? 

When the chancellor unveils 
his Budget this month. I 
believe that if he wants to 
encourage British industry and 
ensure parity between pension 
funds and ordinary investors, 
he ought to give private inves- 
tors the same tax breaks as the 
government gives to institu- 


tions. rather than tampering 
with existing tax reliefs. 

People should be encouraged 
to create and manage their 
own personal pension fund, 
rather than having to invest 
through an institution. 

Not so many years ago. 
everyone's tax return had a 
section labelled “chargeable 
assets acquired” into which 
people had to list all their 


shares. The government should 
re-introduce such a section, 
but label it “pension assets 
acquired”. 

People should use this to list 
shares and other assets, up to a 
specified level each year - say. 
a quarter or half of their aver- 
age annual income. The divi- 
dends and ca pital gains from 
such assets would he given, tax- 
free treatment so long as the 


assets were used eventually to 
provide the individual with a 
pension. 

Such personal schemes 
would increase greatly the per- 
centage of shares held directly 
by individuals, rather than, 
institutions. People also would 
save the cost of fees to pension 
fond managers and would have 
complete control over their 
pension assets. 

They would know exactly 
what they had invested in 
whereas, with existing institu- 
tionalised schemes, they have 
little idea - perhaps until too 
late - of what the fond man- 
ager has done with their 
money. They could also. If they 
wished, avoid derivatives. 

It is also worth re mindin g 
the government - and the 
opposition - that it is individ- 
ual private investors who are 
more likely to support 
long-term actions by compa- 
nies. 

And, with a few notable 
exceptions, it is private inves- 
tors rather than institutions 
who are vociferous in con- 
demning directors who get 
huge pay-offs for poor perfor- 
mance and/or undeserved sal- 
ary increases. 

If the balance of shareholder 
power was swung back in 
favour of private investors, 
perhaps there might be less 
need to worry about “corporate 
governance”. After all. a 
majority of private investors is 
much more likely to boot out a 
‘Tad” director. 

Thus, two new threats could 
he turned into something posi- 
tive instead. 


ANOTHER BIG SCOOP 
} FROM THE 
INVESTMENT TRUST 
EXPERTS 


THE FLEMING NATURAL 
RESOURCES INVESTMENT TRUST 
Our new investment trust will come 
as major news for investors looking in 
pick up above-average returns. 

The trust will invest in the shares 
of companies throughout the world 
that extract, cultivate and process 
a wide range of natural resources, 
from oil to coal, from gas to gold. 
The prices of oil and m«mv 


metals are near in tlieii InucM levels 
Im twi-niv year* in real terms Anri 
We believe thut thev air poised 
fui recover v. 

Wlul's mure, the it aim ill le-amrre 
companies iheiiiselu-s are well jjosi- 
lii>ii<-d fo (K-iti-lil Iroiii imirawrl 
demand as the world's minniny 
i 1 1 1 j ii i ives and as urns imesliiielll oppor- 
tunities erneige worldwide. 

As a Mt;n ol «hu ■ .mtid. nre in this 


sector, our management fee will be 
directly linked io the investment 
performance of the trust. 

For a mini-prospccius complete 
the coupon, contact your financial 
adviser or telephone our 24 hour 
Prospectus line. 

Because there are times when you 
have in dig that lit tie bit deeper. 

24 HOUR PROSPECTUS LINE 
6171 382 8989 


| Tk Hrumj Nitural RMourm Prcwpmm Sfilif, * ' | 
I rRECPOSTlt lSWl 5 bSl.too<loiiWtE 7 CZ. 

. PWw vnl mr cofutv of the mim-prapcvlin 


Title . 


. Iiuluk. 


AiUtcm, 


, tValn«lr_ 


Flemings 


| The Investment Trust Experts j 


Pleas; remember .hai the value oTOurrs-nui vjn.mh j...i it.. J- ' >" *■ » «• iimi .hi *1 lot k .Ik- lull -no. ml invoied. Tim *h»rti*c,noil ii neither a ptospetni* nor an offer or imitation 

10 apply for shares or srturitiea of The Fknnn K Natural Im.-Mm.it. Ii in |.l I am -h ■ nhf H* 'I"' c.«. 1 V w.»> n.usl be made »lchr on the bam ..r the information contained in the Luting Particular* dated 

I Ni.wii.I--. I'*'l Iv.utlln tVimiiK Ilii.Mi.H-.i I ' ';-i MjimK. im-iu I ,.|..h:.ll itniir. I .uutriri Lt~2B TDR. a imuihcr of IMRO. 


■1 







X WEEKEND FT 



Y 

Morgan Grenfell. 


No.l in Europe. 



“*-W ' 





TOTAL RETURN ON XIJD00* 


SINCE 

LAUNCH 

OVER 5 
YEARS 

MORGAN GRENFELL 
EUROPEAN GROWTH 

£4343 

£2,053 

EUROPEAN 
SECTOR AVERAGE 

£2*252 

£1,410 






.*■! :**■■>> 
• ■•*>. ,.\y 


#m>'< 2 , ’ > j 

^^3 


CONSISTENT EXCELLENT PERFORMANCE 
The Morgan Grenfell European Growth Trust is the 
top performing European Growth Trust in its sector 
since its hunch on lilh April 1988- 

An investment of £1,000 invested at launch would 
now be worth £4,343* representing a compound annual 
return of over 2 5%*, significantly outperforming the 
average European Fund. 

INVEST NOW 

We continue to believe that European markets oiler 
good value for money. Corporate profits are growing 
strongly and business confidence has returned. The 
Morgan Grenfell European Growth Trust and European 
PEP are ideal ways to take advantage of the wealth of 
European investment opportunities. 


For further details please contact your Financial 
Adviser. Alternatively call us free today on 0800 282465 
or complete the coupon below. 

To: Morgan Grenfell Investment Funds Ltd., 

20 Finsbury Circus, London EC2M IUT. 

Please send me further details of the 
Morgan Grenfell European Growth Trust Q 

Morgan Grenfell European Growth PEP 0 

(Pbasr ndc bn) 


Full Name. 
Address 


FT S/11/94 


.Postcode . 



"Saunas: M kra p U oflsr to bid rut faeooia ranvmfsd linos launch (1 1.4.88) and 1.1 1.89 to 1.11.94. 

Pfsma ramsmtw file# pari performance is not naraHorily a pjjds la future psffisrmoncs. The voiuo of unto and income from Sum nay hi as mol 
m tin (iho may pally Ui Ihs rouh of n thcsign rots ft uctaofeom), mid fin i nvsOor may nc< nst bodt An oriond amount imusrtsd. Tax ratal ond 
mMsara Aom ceptafid* al lima of printing and may bssihtsd to dtangs. Their vcSuswddqisncf on individual drajmshneu. 
ntss InmsfeiMi 


bund by Matgan Gn 


1 Fundi lid, 


h an <nxMntsdi*pi*Mnlafcmaf Morgan GrsnfsB 



hi Im 


[AUlROandhsAUlF. 


I Funds lid 


The COOPERATIVE BANK 


Why bank with one that isn’t? 


A gold card with 
no annual fee. 

Offer expires 
when you do. 



With a gold card from The Co-operative Bank, the guarantee of no annual fee 
runs out when you do. Till then you can enjoy years of non-payment. As well as 
a minimum credit limit of £3,000. And our balance transfer facility. This allows 
you to transfer the balance from your existing credit card and repay it at just I % interest a month. 
That's 12.6% APR (variable). You'll also find that because re’s a Visa card it’ll be welcomed at 
up to <0 million outlets worldwide. To qualify, you must earn £20,000 pa or more and already have 
a credit card. For more information, call us free 


or post the coupon before 31st December 1994. 


0800 100 170 


Fton to: Goldcanj dept Cooperative Bank pfc. Freepost (4335), Bristol BS1 3YX or phone 0800 100 170 (24 hours a day. 
7 djyt i week). Please quote 56701 when operator aslu. |Pkux use Node capitals.) 


Address . 


number— 


5*701 


WRITTEN QUOTATIONS AVAILABLE ON REQUEST CREDIT f ACHJT1E5 ARE OFFERED 5WHEC T TO STATUS ANQ NOT AVAILABLE 70 MINORS THE BANK RESERVES THE RIGHT 
TO DECLINE ANT APfUCATTON CUSTOMERS MUST USE THE CARO AT LEAST 10 TIMES EEP YEAR 


FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER S 1^4 ; 

FINANCE AND THE FAMILY 


Daughter’s sorry tale 


My daughter foolishly let a 
business associate (now under 
police investigation for fraud 
and deception) know the num- 
ber and PIN of her Bare lay- 
card. Large sums then were 
debited to her account by him. 
Her initial credit limit was 
£3,000 bnt now she Is being 
chased by Barclaycard for 
£25,000. Can she refuse to pay 
beyond the agreed limit? 

■ When applying for a 
Barclaycard, one contracts spe- 
cifically not to reveal its 
details to anyone else. 
Undoubtedly, Barclaycard will 
rely on the contributory negli- 
gence of your daughter to pur- 
sue her for the debt. 

This sorry tale obviously is 
very complicated. We suggest 
you contact a solicitor to 
explore your (laughter’s situa- 
tion in detail. The Consumers 
Association (at 2 Marylebone 
Road, London NW1 IDF, tel: 
071-486 5544) might be able to 
steer you in the direction of an 
appropriate lawyer. (Murray 
Johnstone Personal Asset Man- 
agement J. 

Turning to 
time-share 

Eight years ago, I bought a 
freehold house in France. I 
now wish to convert it into a 
time-share, with six individu- 
als each taking one-sixth of 
the property for £10,000 each. 
Shonld the legalities be 
arranged in Britain or France? 
And what exactly are the tax 
implications? 


■ France. After all, it was in 
that country's alpine resorts 
that time-share began in the 
1960s, so a French property 
lawyer should be able to guide 
you. 

We assume you are a UK res- 
ident: thus, capital gains liabil- 
ities may arise in the transfer 
to the time-share company. 
The Inland Revenue publica- 
tions department at Somerset 
House, London WC2 (tel: 
071-438 6420) will be able to 
supply you with an appropriate 
booklet. (Murray Johnstone). 

Tax demand 
is negligent 

My daughter has been renting 
her famished house in the UK 
while she is living in Austra- 
lia. She did not work either in 
the UK or Australia daring the 
tax year April 1993 to April 
1994 and did not leave Austra- 
lia daring that year. 

The rent from the UK house 
is her only Income for that 
year, but the Inland Revenue 
has refused to allow her the 
UK single personal tax allow- 
ances for this year. 

■ As a non-resident Common- 
wealth citizen, she is entitled 
to a full personal allowance by 
virtue of section 278f2Xa) of the 
Income and Corporation Taxes 
Act 1988. 

Write to the District Inspec- 
tor, marking both your letter 
and the envelope "For the 
attention of the District Inspec- 
tor": you will probably find the 
inspector's name printed on 



BRIEFCASE 


No tog* ran tis mxapbdt yiho 

AancH Tinas tor too amen *» 
aafanvn. M riguirfra ml no seamed & P 05 * 88 


the tax office's letterhead. He 
will be grateful to you for 
drawing his attention to this 
example of maladministration. 

He will also ensure that: 

1. Appropriate adjustments 
are made to the case VI assess- 
ments for 1993-94 and 199445. 

2. Compensation is paid to 
your daughter for the conse- 
quences of the officer’s negli- 
gent tax demand for 1993-94. 

3. All other assessments and 
repayment claims dealt with 
by the officer in question are 
checked by a competent col- 
league, since it is unlikely that 
your daughter is the only per- 
son who has been over-charged 
unlawfully. 

Advice to 
parents 

I have been helping my par- 
ents invest their offshore 
savings in such areas as equi- 
ties, bonds and currencies 
although I have not been han- 
dling the funds or receiving 
any direct compensation for 


advice. Am I subject toregula- 
Uon over this? And what if l 
started managing offshore 
frmds far other members of my 
f amily but did get compensa- 
tion for my. efforts? 

■ Because you. are not remu- 
nerated in any way and are 
simply advising members of 
your family, we do not believe 
that regulatory requirements 
apply to your situation. But k 
is essential that you do'ndt 
offer financial advice to meat 
bers of the public, whether far 
reward or not (Murray John- 


Mother won 5 tv 
open account ^ 

My elderly mother las' never 
had a bank account and Insists 
she does not want one, so I 
have cashed cheques for her 
through my own bank 
account But with the increase 
In “account payee ..only" 
cheques, this is becoming 
incre asing l y difficult 
I have heard there are agen- 
cies which cash cheques for 
individuals for a small per- 
centage fee. Would tins be an 
option? 

■ The recent legislation 
reforming cheque law -is aimed 
at narrowing the possibility of 
cheque fraud Thus, "account 
payee only" cheques are amnt 
present and your mother wifi 
have no alternative but to open 
an account But this is not 
intimidating. and any one. of 
the dearers should be able to 
help. (Murray Johnstone). 


NEW INVESTMENT TRUST LAUNCHES 


— Taijati — 


Kroger (Tefeptone) 


Broker 


Sector 


Sba 

Em 


* 


PEP Sninp 
Oral? Scheme 


i PEP Mft PEP — 

bn lUmam Mtatnun Ran ai Hbiwii Amid 
Pitra MV tMt Chnga kwst Cheap 

r p £ « £ « 


Offer Period 


■ Fidelity Special Values 

Fktetfty (0800 414161) 

S.O. Warburg UK Growth 30+ 

New twin for Fidelity's Special Situations unit trust, run by Anthony Bolton 


n/a 


Vos Yes lOOp 9&5p El ,000 0.95 n/a n/a ia/1(UB4-SAt/9t 


■ Ho mi ng Natural Resources 

Renting (071 382 8989) 

Cazanove Commodity A Energy Id 25+ n/a Mo Yes 

Trust will invest in commodity and energy companies worldwide. Short fife of 254-5 years. 


TOOp 06p £2,000 09 n/a n/a I/I M94-23/11/94 


■ Foreign A Colonial Emerging Markets 

Foreign & Colonial (071 628 8000) 

Credt Lyonnais Lahg Emerging Mkb 15 100 n/a No Yes lOOp 

C-share Issue from established emerging markets trust, ranked second in its sector over three years 


95J5p £2,000 1 . 5 % n/a n/a 26/10/94-14/11/94 


■ Murray Emerging Economies 

Murray Jotiutone (0345 222 229) 

De ZoetB & Bevan Emerging Mas 1:5 Z0ro+ n/s No Yes lOOp 95.5 £1,000 1.25% 

Investing in real emerging markets - India, China. Brazil, Hungary etc - not "gateways" like Hong Kong or Vienna 


n/a (ft an 1/94-28/1 1/94 


NEW UNfT TRUST LAUNCHES 


Hunger (Maphone) 


Sector 


Tsrod fii Seringa - Owges ottde m - Mataon - Owgea tacMe 19 - Urtman Sgedri Oder - 

YleM PEP Schemas MU Animal Other kmL IniiM Annual Offwr best. Odom* Parted 

% tout rind. %%% £ % % % C % 


* 


■ PhuoIwI Latin America Growth Fund 

Popetual (0491 417221) International Growth 0 No Yds 545 1.5 No £1,000 tft ift ift ift 5/11/94-18/1 1/B4 

Launched to fill a hole fit Perpetual’s product range, this wifi Join four other Perpetual funds in the sector, which have predomlnentiy top quartfe perfexmawe 


"2 per coni pok* Bonus durtog hmh ponott 


Borrow 
at your 
peril . . . 

T he wrong current 
account can be expen- 
sive, says a report in 
the latest Which?, 
magazine of the Consumers’ 
Association (CA). A £300 over- 
draft over three months would 
cost £61 with the Clydesdale 
Bank - but less than £7 with 
the Alliance & Leicester or 
Woolwich building societies. 

Overdraft charges on hank 
accounts often are expressed 
as fixed fees rather titan per- 
centages. If you overdraw by 
just a small amount, though, a 
fixed fee of £50 or so can trans- 
late into an astronomical 
annual percentage rate (APR). 

Which ? suggests switching to 
one of the current accounts 
that charge no fees when you 
overdraw by agreement Abbey 
National, Alliance & Leicester, 
First Direct (up to £350), Hali- 
fax. Nationwide and Woolwich. 

Credit cards are a cheaper 
way to borrow larger amounts 
or for more than a few days - 
but make sure you have the 
right one. Those issued by the 
high street banks are not usu- 
ally tbe best value, with inter- 
est rates typically between 21 
and 24 per cent. 

Save & Prosper is increasing 
the interest rate on its Visa 
and Mastercards from OJK per 
cent a month (APR 13.9) to i 
per cent (APR 14. 6) from 
December 1. but they are still 
some of the better-value cants 
around. 

Other credit cards with 
APRs under 20 per cent include 
Bank or Cyprus, Coutts. the 
GM Card, Leeds Permanent. 
MBNA. N&P. and Royal Bank 
of Scotland. 

K you do not borrow regu- 
larly, avoid cards with annual 
fees as well as the Royal Bank 
of Scotland, which charges 
interest from the date of pur- 
chase even if you clear the bal- 
ance in frill. Fee-free cards like 
the GM Card. MBNA and N&P 
are best for occasional borrow- 
ers. 

Bethan Hutton 


HIGHEST RATES FOR YOUR MONEY 





Notice/ 

MMmum 

Rat* 

M. 


Account 

Totaphono 

term 

deposit 

% 

paid 

INSTANT ACCESS A/c* 

Confederation Bank 

Uc*J<Sty 

0438 744500 

Inslant 

£100 

545% 


Manchester BS 

Monejr-by-Ma* 

061 839 5545 

Postal 

£1,000 

6.00% 

Yly 

Sfepton BS 

3Hflh Street 

0756 700511 

Instant 

£2400 

6.10% 

Yly 

Northern Rock BS 

Go area 

0500 505000 

instant 

£20,000 

8.85% 

vb 

NOTICE A/cs and BONDS 

Northern Rock BS 

Postal 60 

0500 505000 

60 Day P 

£10400 

6.75% 

Yly 

National Counties BS 

90 Day 

0372 742211 

90 day 

£50400 

725% 

Yly 

Hatitax BS 

Special Reserve 

0422 333333 

1 Yr aid 

£10,000 

7.35% 

OM 

Chesbea BS 

Two Year Ftaed 

0800 272505 

31.11.96 

£5,000 

84S%F 

Y* 

MONTHLY INTEREST 


Bntamb BS 
Confederation Bank 
Northern Hock BS 
Clwfaea BS 


Capital Trust 

0538 391741 

□nut J 

rOSuJf 

£2400 

5.70% 

MY 

Monthly Income 

0438 744500 

30 Day 

£2400 

825% 

My 

PWlal 60 

0500 505000 

60 Day 

£10400 

855% 

Mfy 

Four Year Fixed 

0600 272505 

31.1248 

£10400 

6.65 %F 

«y 


TESSA* (Tax Free) 


Confederation Bank 
Martel HartHrough BS 
Hmktey 8 Rugby BS 
Hoimesdata BS 




HIGH INTEREST CHEQUE A/ea (Oread 


0438 744500 5 Year £8.900 9L0D%F YJy 

0858-463244 5 Year £9,000 7.60% Y h 

0455 251234 5 Year E3.000A 7.50% YTy 

0737 245716 5 Year £1 7.40% Yly pfr 


* 


Woolwich BS 

Hatrfcsx BS 

Chelsea BS 

Curent 
Asset Reserve 
Classic Postal 

0800 400900 
0422 335333 
0800 717515 

Instant 

Instant 

Instant 

£500 

£5400 

£2400 

£25.000 

3.70% 

445% 

aoo% 

645% 

oy 

viy 

viy 

OFFSHORE ACCOUNTS (Gtroa*) 

Woahrtch Guernsey Ud 

Confederation 8a*. Jeraoy 

Derbyshire 0OM) Ud 

Portman a Ud 

International 
FVnfcioim 
Ninety Day 
Faed Rale Bnd 

0481 715735 
0634 608060 

0624 663432 
0481 322747 

Instant 

60 Day 

90 Day 

3 Yr Bnd 

£500 

£10,000 

£10400 

£10.000 

5.75% 

640% 

645% 

&2S%F 

vi? 

%viy 

Yb 

Yly 

GUARANTEES INCOME BOItOS (Nat) — — 

AIG Lite 

AJG Ufe 

Save & Prosper Group 

General Porttolo 

Eurofife 


081 660 7172 
081 680 7172 
0800 282101 
0279 462839 
071 454 0105 

» Year 

2 Year 

3 Year 

4 Year 

5 Year 

£15400 

£15400 

£5400 

£10,000 

£10400 

5.70W 
6.45 %F 
7.00%F 
6.60%F 
8.00NF 

YV 

Yiy 

Yly 

Yl? 

Yly 

NATIONAL SAVIN OS A/Ca A BONOS (Qiaas) 

MAT SAVMQS CCRnRCATES (Tax Free! 

kwesunonr A/C 
Income Bonds 
Capital Bonds 1 
first Option Bond 
Pensioners GIB 2 


t Month 

3 Month 

5 Year 

12 Month 

5 Year 

£20 

£2.000 

£100 

£1.000 

£500 

525%G 

640%H 

7.75%F 

6.40W1 

740%F 

Yiy 

My 

OM 

viy 

My 


42nd Issue 

Mh index Unted 

Childrons Bond G 


5 Year 

5 Year 

5 Year 

£100 

£100 

£25 

5.85KF 

3_00%F 

Tlnfln 

74556F 

OM 

OM 

OM 


eonas) are shown Gross, r = nxea Mate m other rates ore variable) OM - tot Z 

By Post only. A= Feeder account required. G= 5.75 per cent on £500- 6 oar N " N8t Ra!a ‘ ^ 

cent on £25,000 and above. 1= 8.80 per cant on £20.000 and above’ S«x^a- 

Investment and Mortgage Rates, Laundry Loko, North Watsham, Norfolk.' - The M onthly Guide » 

introductory copy by ptantog 0692 500665. Figures con^o^Tj 000 Readera «=" obtain » 




Who said your 
business can't 



and earn 4.00% 

gross p^L? 

CaD 071 -203 1550 during office hours or 24 hour line 071-526 0879 


You can have 60 free 
transactions per month, 
and earn a high interest 
rate on a minimum 
deposit of £2001. 

A LIED trust 
BANK 

■ iw.Lv J-. , run jri 




























FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


WEEKEND FT 


XI 



MINDING YOUR OWN BUSINESS 


This is 

Clive Fewins visits a company 
which is enjoying its 
amual seasonal boom - it 
sells firework displays 


the night that sales explode 



hris Hutchison 
was bom at 8pm 
on November 4, 
1955. “If I had 
been born four 
hours later my parents tell me 
they would have called me 
Guy," he said. "I have a feeling 
that would have totally altered 
my destiny. I do not think 1 
could be taken seriously if I 
was called Guy." 

Hutchison is managing direc- 
tor of The Firework Company, 
a 10 -man operation based in an 
800 sq ft mill outbuilding in the 
village of Uffculme. Devon. He 
says: “In a game in which 
there are about 18 players we 
rank ourselves in the top half 
dozen serious suppliers." 

You will not see fireworks 
made by Hutchison's company 
on sale in the high street. In 
fact, in common with the 
majority of its competitors, it 
does not manufacture. 

“More than SO per cent of our 
fireworks come from China - 
only about 10 per cent are UK- 
made - and they are nearly all 
designed for large displays." 
Hu tchis on said. "Our business 
is selling display packs to 
groups to fire themselves, and 
creating what we call operator- 
fired displays that we mount 
for customers." 

Hutchison was a deputy 
store manager with Marks and 
Spencer, but left at 25 because 
he feared he was becoming 
institutionalised. The desire to 
run his own business found 
him first in control of a car 
valeting business in north Lon- 
don. with his wife, Peggy. 

“It was a successful business 
but after six years I woke up 
one morning and decided I was 
not having any fun." he said. 
Peggy agreed. She was even 
more amenable when they 
decided they were going to 
return to their Devonian roots. 
The fireworks came later. 

"Basically I felt that firework 
companies were putting explo- 
sives in the hands of the public 
but not taking their responsi- 
bilities seriously," Hutchison 
said. “When I rang jround the 


companies 2 was appalled at 
the lack of service and atten- 
tion they provided. 

“Perhaps it was my M&S 
training in customer care, but 1 
felt 1 could do better. 

“I also felt there was poten- 
tial in expanding the market 
throughout the year. Nearly 
three quarters of all the goods 
we sell go up in smoke in the 
few days around November 5. 
That leaves plenty of scope for 
the rest of the year." 

Hutchison set up The Fire- 
work Company with £1,000 in 
1988. In just over six years he 
has raised turnover from 
£70,000 to £550,000. The com- 
pany mounts operator-fired dis- 
plays costing from £1,000 to 
£20,000 - they are doing 16 
tonight - for customers rang- 
ing from local councils to char- 
itable organisations and large 
corporate bodies. 

For what he calls “D1Y” dis- 
plays - for organisations with 
more modest budgets who fire 
the display themselves - 
Hutchison supplies packs cost- 
ing from £50 to £1,400. 

This autumn the company 
was runner-up in an interna- 
tional firework display compe- 
tition in Macau. “Nobody likes 
not winning but in our busi- 
ness it was like coming second 
in the Eurovision Song Contest 
when you are a song writer,” 
he said. 

“Although we are at full 
stretch and have to hire tempo- 
rary staff to assist us, nights 
like tonight give me a great 
buzz. I wish 1 could visit all our 
displays," Hutchison said. As a 
child he was no more inter- 
ested in fireworks than any 
other lad. But how he is a com- 
mitted enthusiast with a “pas- 
sion for fireworks". 

“Our products bring pleasure 
to about half a milli on people a 
year,” he said. “Big displays of 
the type we are capable of 
mounting really get the adren- 
alin going. There is something 
basic in all of us that responds 
to fi re, Professionally my pref- 
erence is to join the spectators. 
That way I can pick up the 


vibes. I am a great believer in 
selling the feeling, and I can 
only do that If 1 can really 
absorb the experience as one of 
the crowd. 

“Peggy and I started with 
£1,000 and we have grown The 
Firework Co out of our custom- 
ers' money," be said. “Our ini- 
tial trading pattern was to find 
the customer, take the money 
with the order and then buy 
the fireworks. This way we 
have spun a pyrotechnic web 
out of very little." 

Now the company is bigger 


he increasingly finds hims elf 
having to buy fireworks from 
China and several European 
countries well in advance of 
the orders for the explosively 
busy month of November. 

This has led to what he nails 
“a certain retraining" of his 
bank manager. 

“Life has not been all roses 
with the NatWest, partly 
because the company owns no 
premises and quite a bit of our 
borrowing is unsecured,” he 
said. “We run on a £50,000 
overdraft facility and have a 


£10.000 long-term loan." 

Stock peaks at around 
£300,000 retail value in Octo- 
ber, when the 15 tonnes of fire- 
works a year the company 
imports begin to move out 
from their warehouse, “in Jan- 
uary the figure is nearer 
£10,000." Hutchison said. “Dur- 
ing the period in between we 
have huge cash Dow pressures, 
despite our policy of always 
demanding payment before we 
despatch goods.” 

In the UK it makes sense for 
the company to diversify into 


non-November sales. Hutchi- 
son wants to develop the New 
Year's Eve market. “In the rest 
of Europe December 31 is a 
very big,” he said. “There is no 
reason why it should not be 
the same here.” 

The other big event in his 
sights is the millennium. 
Hutchison also hopes he will 
be able to capitalise on the 
kudos gained in Macau by 
increasing overseas sales, espe- 
cially to the Middle East 

“If we could hit the French 
Bastille Day peak on July 14 it 


would help our cash flow enor- 
mously," he said. 

“So for we have been on a 
get-rich-slow path, but exports 
will unlock the door,” Hutchi- 
son said. “Last year we made a 
£10,000 loss on a £500,000 turn- 
over. This year we are hoping 
to return to profit. 

In spring 1993 Hutchison sold 
a total of 17 per cent of the 
company to five acquaintances 
to raise cash for the company. 
“What we could do with now is 
an inward investment from a 
business angel or loan guaran- 


tee scheme. 

“It would help us to buy in a 
more efficient way - which 
often means earlier - and also 
to buy better. It would also 
help dilute my summer shack- 
les 

■ The Firework Co, Shine 
House. High Street. Uffculme. 
Devon EX 15 3AB. 0S84S1QS04. 


■ The Magellan file manage 
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week is available for £25 plus 
VAT from Morgan Computers, 
tel: 071-255 2115 or 021-458 5565 




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HISTORICAL SHARE 
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PERSONAL 


QIVE.'AtL ORIGINAL NEWSPAPER, 
□sled tea vary day they wore bom. Rom 

a&T8t woaesiifls 


MINDING YOUR OWN BUSINESS 

READERS ARE RECOMMSIOH) TO SEEK APPROPRIATE PROFESSIONAL ADVICE 
BEFORE EWTERMQ INTO COMIITMBfTS 


Management Buyin Opportunity 

| Our diem is a well eaahfehfld (over 70 years) bunding company, turnover 
circa £3.0 mflBon and profitable. They require Managing Director Designate 
to assume control of trading activities to enable partial retirement. An 
bnmedtate equity stake is avaflable leading lo a possfcle controlling interest 
in the short term. The Company is based on the South coast and has an 

axoeBent reputation. 

Principals only, Write to Box No. B3525 
Financial Times, One Southwark Bridge, 

London SE1 9HL 


Do you waai id become a 

FULL TIME TRADER? 

Do you bac adequate cop ini? 

IT to nog Mm Piper on 9904 636487 
The Technical Trader, 

76. Nunnery Lane. York YC>2 1AJ. 

Fn 0904 BL2720 

RrprisoHrifem 


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BUSINESS 

SERVICES 


International 
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Ask a fret-* '»nr low rates 
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telephone n&al: 

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Tel: 0171 724 6060 
Fax: 0171 402 0246 


FOR SALE: Slock & Bond Puce Dale. 
Share prim data covering 2000 Stocks 
and Bonds lest 7 years C450.00 
Also competitive update data service 
available giving Open/Hlgh/low/Close 
from as linie as C2.00 par day. 
Tec E Cooper on Q233 733159 


INVESTOR REQUIRED Relum on capital 
negollaU* Ftay sucur ed on property up to 
ClOOOOft Wife k' Bo> B3497. Ftoendal TYneS. 
One Soumwarii Bndge. London SE1 SH. 

FUNDING REQUIRED For butting prrtxt 
n a Cenfaal European Capital dry Pnmo 
location. Private Invaslots only. Fiom 
ESO.OOO - C25a00a Td: 081 381 1331 


BUSINESSES 

WANTED 


INTERNATIONAL UK 
RASED JENG1NEER1NG PLC 
seeks to acquire 

processing/ packaging 

equipment companies or 
product lines with turnover of 
between £2rti - £t0m. 
Principal-S please reply to: 

Box B3528, Financial Times, 
One Southwark Bridge, 
London SE1 9HL 


BUSINESSES 
FOR SALE 


All AtHvatboDenl bootings ate *ccepted 
subjto to our canat Tams >od 
Crotfiticos, cupic* at whki arc Bvailable 
by wririi^ toTbcAdvataukmidi 
Prodoctkxt Duecnx.The Bnandal Thnea. 
Ok Scxfltiw^ Bridge. London SE 1 9HL 
■ftt +44 71 873 3000 
Ftac +44 71 873 3064 


FOR SALE 

Brittan 1 * txggew Yachi Chawikr with 3 
! 6000 &q ft shovnootra m leindun. Pook 
dLSoattompton. Turtmver m rni IW) 
X4.6M. Full Ckitniir Mail Oltfcl 
Catalogue with mailing list. 
Enquiries lu Box N*k B34 27 Finannal 
Times. One Souihwiriri Hridipr. 

London 51: 1 u »l 


INVITATION FOR THE BQGHEST BID 
FOR THE PURCHASE OF THE GROUPS OF ASSETS OF 
• MET/VLLURGIKI HALVPS SA, OF ATHENS, GREECE 

BTHNIKl KEPHAJLEOU SJV, Adroiniafaiion of Assets and Liabilities, of 1 SLoaLcaLou Str^ Alhau, Greece, in in capacity w Uquidaior at METALLURG1K1 HALYPS SA. u 
company with its registered office in Athens. Greece, (the Company L presently under special liquidation according to the provisions of Article 46a of Law IK72/1 WL las 
supplemented by article 14 or Law 2t XltVI WI ), 

anBounces a call for tenders 

for the purchase of any or ail of the groups of assets mentioned below, each one of winch is being sold as a angle entity. 

BRIEF DESCRIPTION 

The Company was established in 1972 and was in operation muil 1991, when it was declared bankrupt, lu activities Included the production of concrete reinforcing unn in rolls 
and bars. On I0X.94. the Company was placed under special liquids lion according to the provisions of Article 46a of Law 1892/1990, as supplemented by article 14 of Law 
2000/1991 and article S3 .«f Law 2^24,94 

GROUPS OF ASSETS OFFERED FOR SALE 

1. STEEL PRODUCING INDUSTRIAL COMPLEX AT TSINGEU". IN THE COMMUNITY OF ALMYRQS. VOLOS, t lift Auction) This to a steel foundry roll int; 
mill. •Kcupying an area nf approx. 57 S .2 15 m2, comprising the following buildings: 

a. Rolling Mill approx. 26.6 70m2 

b. Steel Fwjndry. approx. 7.600 mi 

c. Seven/ aox i/ury buildings ta/Tices. aorap; areas, wafer processing uail. workshop, weighing areas, underground oak* aaxOiaiy areas, etc. (The plain s 

machinery and mechanical equipment, ibe company's trade name and any sucb stock in trade or claims as there may exist are also being offered fnr sale, 
li ahuulJ he noted ihaipfin facilities wcac created U> deal with tbe ptnnt's needs, through the acquisition of special permits granted by the public authorities. The future 
owner of tiie plant will base lu apply ioUk relevant public authorities for ibe renewal of ihc said pcrtmLs. allowing the further use of these fadHiics (which consiituie 
public pnipeny. 

2. OH I Eft ASSETS. (2nd AltgKnU These htduilL- the following: 

a. A 47.425'!. dare of a pluf of land covering 7.969.46 m2 and a 50Pfr share of three (3) storage buildings, of 1^00 m2, 1,965 m2, and JtXhn2 respectively. 

■Handing oo il. located in ibe Local Authority of N. Meoemcni, Thessaloniki. 

h A 47.425'!' share of a plot of land covering i552 m2 and of the storage building standing on iL the wriace of whiefa amounis to 1400 m2 aho located in the Local 
Authority of N. Mencincni. lltrataJoniki. 

c. Agriculrural plot of land amounting to 11875 m2 u Simandra. in tbe Local Authority of N. Moutdani* O w l k idDn. 
d Agrtculiural pirn of land amounting to 4 JI2 m2 in the same area as plot (CL 

OFFERING MEMORANDUM - FURTHER INFORMATION: 

Interested parlies may obtaio the Oficring Memoranda in respect or the Company and its assets thereof upon signing a Confidentiality Agreement. 

TERMS AND CONDITIONS OF THE AUCTIONS 

1. The Auctions shall take place in accorihuxi: with the provisions of article 46a of Law 1892/1990, die terms and conditions set forth herein and flic Terms and 
conditions of Sale' contained in the Offering Memoranda. Such provisions and other terms and conditions shall apply ir respectively of whether they are mentioned 
herein ur out. Submission of binding offera shall mean acceptance of such provisions and otiicr lenns and conditions. 

2. Rindinu ttfiers Intcresicd pa nil* arc hereby invited to submit binding offers not later than Monday, 5th of December 1994 m 12D0 boors to the Athens Notary Public 
Mr. Lvingvlrx. Dracopuulm. address 19. Vouuniresliou Sir- Athens 106 71. lei: +30 1 361 57 32, (am +30 1 362 11.11. In order to bid far both of the above groups or 
assers-iNir should submh two separate offers. Offers should expressly state the offered price and the detailed terms of payment (in cash or instalments, mentioning tint 
number »f instalments, the dales thereof and the proposed annual rale or interest if anyL In Ihc event nf not spe c i f yi n g il the way of payment, bl whether the msUlmenls 
bear interest and c) the in(i-n»i ram. then it shall be deemed that (a) the offered price is payable immediately in cash, (b) the instalments shall bear no interest and tel ihc 
interest rate ihall be tbe legal rale in force. Binding offers submiited later ihan the above date shall neither be accepted nor be considered. 
The offers ■.boll be binding ootil ihc adjudication. Submission of offers in favour of third parties lo be appointed at a laser stage stun be accepted under tbe condition that 
express mentum is made in ibis respect uprt submission and ihai the offerer shill give a persona! guarantee in favour of such third party. 

2. lgn.r.if Guarantee : Binding offers must be accompanied by a Letter of Guarantee, issued, m accurdmce with tbe draff Letter of Guarantee contained in the relevant 

Offering Memorandum, by a bank legally operating in Gtwcc. to rctnirn valid until the adjudication. The amounts of the Letters of Guarantee must be as follows: U) for 
ihc Steel Producing Industrial Complex it Tsingeli (1st Auction): Drs. FOUR HUNDRED MILLION (400.000000. 1 and (bj for the Other Asset, (2nd Aucfkwt Dis. 

IHIRT1 Mil JJiTN 1 30.1 X Ct ix lO t. Letters oi Guarantee shall be returned after the odjudicaliotL In tbe event of uoo^ompliance with the provisions and other lenroond 
uindiiii'ms referred lo in [oragraph I hereuT. the t erters uf Guarantee dull be forfeited as a penalty. 

4. Suhmpgjnns . [finding ■■ffer. together with the Letters of Guarantee shall be submined in sealed envelopes, Submissious shall be nude in person or through a duly 
authorised agent. 

5. Rnvclope> containing the binding offers dull be unsealed (successively as mentioned abtwe. Le. la Auction, 2nd Auction) by the above mentioned Notary Public in his 
office, on Monday, 5lh December IVM, at 14.00 hours. Airy party having duly submitted a binding offer stuff be entitled to attend and sign the deed arresting the 
unsealing uf tbe binding offc is. 

6. As the highest bidder shall be coiwidcred the participant, wbroc offer wilt be judged, by creditors, representing over 51% of the total claims against the Company fthe 
Creditors’ L in their dhcrdnin. uptm suggesikm nf the Liquitfaiw. to be in the best interests of all of the creditors of the Company, fix the purposes of evaluating an 
offer m hr patd by intualmenb. the piesrnt value ibcreuf shall be token into account, which shall be calculated on Ibe basis of on animal discount interest rale of Z2'.»> 
cunipuuiulcd yearly. 

7. The Uquidai.ii shall give wnuen nrxice to rbe higbest bidder to appear on the dale and place mentioned therein and execute the amtrart of Ih: sale in accordance with 
the terms amiantcd in hr, binding iiffer and/or any other unpiovcd terms, which may be suggested by the Creditors and agreed upon. Adjudication shall be deemed to 
take effect upun the evecnlum <»f the omrrun of sale. 

R. All cv-os and ctiwnscs *.f any nature m respect of the participation and the transfer of assets offered hereby for sale shall be exclusive Jy borne by tile ponidpanLs ami ibe 

purcKvcr reuixxtiveiy. 

9. Tbe Liquidai.ir and the Creditors shall have mi liability nor obhpuion whatsoever inwards ibe parrietpanu In relation lo the evaluation of the offers or the appointment 
nf the highest bidder or any decision lu repeat •* cancel the Auctions or any dedshm whatsoever in corateflinn with the proceedings of the Auctions. The Liquidator and 
the mkary shall luve m.< liability for any legal or actual defects of Ibe assets. Submission of bisding offers shall not create any right for the adjudication nor the 
pinieipaiiis vhaJi acquire my right, power w claim front this invitation and/or their participation in the Auctions against tbe Liquidator and/or tbe Creditor! for any 
re.Lvn whnrviever. 

10. ITiLv ttiMtaiiMii ha% boat drafted in Creek uttd translated into English. In any event the Greek vetwoo shall prevail. 

announcement by a third party 

lire Privileged Comport* of General Wareh.nitar. SA fP.C.G.W.j has asked the Liquittoior ihmagb an extrajudicial statement lo inchhk in Ibe pnsem invitanoo Ibe ToUawing 
dcrlaralinn: 

- The immovable property in be auctioned had hewt rcognised in its entirety (bD boused and open spacn'l shx* the year 1979 to be in ihe Annes of P.C.C.W assimilaied to a 
Central Warehouse hv ait. I5D.9IT7/M and it is theiebw tubycci to the cxclnsivc Ttcy-in-band admiitistnuioa of PCG.W., which has the unrestricted right, free of participation, 
for the needs .«f the odminjvuulkin uf all ihe metchnudiw delivered and warehoused by the Meuihupkl Halyps SA into this Private Anne* whether securitised or not. and the 
futK tinning nf this llivute Annex will he continued until the cod at the admin istraikm of such mcrdundM, which nowadays consist on Ihe one hand of tbe existing inierfoi or 
'KiiutuuLi' i«up («ihK«i m their entirety as they are and hold in the Administration of P.C.G.W., through the express judicial consent of the representatives of MctallourgiLi 
llalvps s V i Jin] -il Ihe other hand, nf the quantity uf hilleto sold, which still remains in the furnace of tbe Cnctoiy. nol having been delivered due to inability to extract il from there 
due in a tack ill ulectnaly*. 

l.thniLt Kep hakim will be banding to prospective buyers a copy of Ihc above mentioned cxuojudkaal sWemeot of P.GG.W. and wfll be furntshmg ioformaiiofl concerning the 
uiune i>! ihe (twtwr 

In urrjet in obtain the ftffcring Mrmoranda and any further information please apply lo the Liquidator 'Elhntiri KephaltOU SA, AdmiAistralkm of Asseta and Liabilities'.]. 
Skiiolenu.u Mr. Athens ]«?M. ttr.i-ce. lei +.tii|ili I4S4-7 fa»- +30 1 321.y7.05 1 attention Mra. Marika Frangatk).- 


^7- 











XU WEEKEND FT 


Across a 


landscape 
carved by 
elephants 

Michael J . Woods follows in the 
footsteps of the big game in Zimbabwe 


L eaves, golden brown 
and crisp as crackers, 
crunched underfoot. A 
squirrel skipped 
through the long cream 
grasses with quick bounds and a 
deer passed between the tall trees 
in front of us, one foreleg raised 
uncertainly. But there was no 
sound of traffic, no horse riders 
passed us In the early morning light 
and, much as it might have looked 
like it, this was no Surrey wood- 
land. For the squirrel was a mopane 
squirrel, the deer a bush buck and 
the wood was part of Mana Pools 
National Park on the banks of the 
Zambezi in Zimbabwe. 

It was the beginning of day two of 
our three day safari, walking from 
one mobile camp to the next 
through the Park. We followed the 
Zambezi downstream, rarely stray- 
ing from the river terraces where 
the rich soil nurtured tall trees. 
Dark-leaved ebonies grew on ter- 
mite mounds, their yellow spring 
flowers rich with scent The sump- 
tuous. deep red velvet upholstery 
blooms of the sausage trees had Just 
finish ed and were scattered blousily 
on the ground around the trunks. 
Among these were other trees, tam- 
arinds and feathery, apple-ring aca- 
cias laden with seed pods. Nearby 
were the over-arching, elephant- 
sculpted pillars of cathedral 
mopane. 

Browsers keep the leaves neatly 
clipped so that there are long views 
under the tree canopy to a distant 
thin blue haze. Across this moved 
silhouettes of dancing lmpala, dis- 
dainful kudu, scruffy buffalo and 
stately elephants in a mist of grey 
dust Our pace was gentle and our 
course erratic. Occasionally we had 
to cross depressions which hold 
temporary water and grow a dense 
crop of adrenalin grass. This is 


where old buffalo rest and lion lie 
up during the day, hence the name 
and the need for caution. 

But I had already seen lion on my 
only game drive during nine days in 
the African bush, from the airstrip 
to the start of the walk. We spotted 
them from the truck and, as my 
guide, Garth Thompson, explained, 
park rules forbad us to drive any 
closer. “But never mind." he said, 
“In Mana Fools we are allowed to 
walk." And so. less than 15 hours 
after leaving London, 1 found 
myself walking towards a pair of 
lions. I was back in Africa. 

As soon as we stepped clear of the 
vehicle, the male roused from leth- 
argy to needle-sharp alertness. 
“Watch his tail," said Garth and I 
studied it intently. As we drew 
closer it began to twitch and wave 
with the increasing tension of the 
cat Finally we settled down against 
a tree and the lion relaxed as his 
mate, lolling on her back, coyly 
rolled over and licked his face. 

Although this was to be my only 
Sighting, we regularly heard lion in 
Mana for they were part of the myr- 
iad of night sounds that lulled us to 
sleep in our tents, pitched in a num- 
ber of spectacular spots overlooking 
the river. Their coughing roars 
were joined by the whoops of hyae- 
nas and the occasional bark and 
scream of an argumentative 
baboon. On the marshes in front of 
the camp hippos moved squelchily, 
fat black silhouettes against a ris- 
ing orange moon and the distant 
silver strip of the river r unning 
beneath the mountains of Zambia. 
Now and then they gave hollow 
laughs, a deep sound which con- 
trasted with the high pitched bell- 
like calls of the frogs and the repeti- 
tive soft “prrrp" of a scops owL 

Just as dramatic as Garth Thomp- 
son's camp sites was the location of 



FINANCIAL TIMES 


WEEKEND NOVEMBER S/NOVEMBER 6 1994 


TRAVEL 



Chizarira Wilderness Lodge. It is 
situated in a concession on the edge 
of little known Chizari ra National 
Park and on the edge describes it 
precisely, for it is on the very lip of 
the escarpment and each room has 
a wooden balcony suspended over 
the abyss. C hizari ra is a mountain- 
ous park whose porous sandstone 
yields water through a number of 
perennial springs. These ensure 
that the bird life is excellent but 
that the game is more scattered as 
there is little need to congregate at 
scarce water points. 

Led by Steve Alexander, I walked 
from spring to green spring, stroll- 
ing through dry valleys of golden 
grass and climbing slopes along ter- 
raced elephant paths. One led to a 


gap in the sandstone rocks which 
looked impossibly narrow. It would 
be difficult enough for a horse to 
pass through let alone an elephant. 
Yet the age-old elephant path led 
over the great warm bed-rock slabs 
towards the low cliff and through 
the mere slit of a cleft. Rough ele- 
phant hides had deposited a skim of 
dust and mud on the coarse stone 
walls on either side as the animals 
squeezed through the narrow gap 
and then followed the winding trail 
down the hill to the spring. 

Generations of elephant feet, pad- 
ding in exactly the same places 
every time, had carved plate-sized 
footprints in the sandstone leaving 
a series of worn steps. In the late 
afternoon, with the sun dipping 


towards the horizon, the primeval 
hills of Chizarira had the atmo- 
sphere of an old monastery where 
daily processions of monks bad, 
over centuries, worn prints in the 
steps leading to their cloisters. 

It is difficult to feel equally rever- 
ential about game viewing from a 
speedboat. This creates a carefree 
atmosphere as it whisks you across 
the waters of Lake Kariba from 
Musango Camp to a suitable walk- 
ing spot in Matusadona National 
Park. But tracking black rhino in 
Jesse bush, a dense curtain of 
scrubby vegetation which can hide 
an elephant in a few yards, 
demands a certain sobriety and not 
a little caution. We found spoor and 
droppings but none of the animals 


which, because of poaching, are 
extremely scarce. 

Nevertheless game viewing from 
a boat has its attractions. Many 
mammals seem much less con- 
cerned by people in front of them 
when they are drinking and allow 
remarkably dose approaches. And 
occasionally you find a bird which 
is asto nishing ly confident A tiny 
malachite kingfisher provided us 
with a perfect show one afternoon. 
We drifted towards its perch until 
we were almost touching the 
branch and watched it dive repeat- 
edly, its iridescent blue and bright 
chestnut form plunging into the 
water after small fish and then fly- 
ing free again. 

The sun was already low as we 


started back and within minutes its 
fiery orange ball had slipped 
beneath the waters of the lake. At 
once the colour was gone and we 
raced home over an absolutely still 
lake through warm evening air full 
of scents and soft to the touch. 
Africa at its most gentle. 

■ Michael Woods' walking safari m 
Zimbabwe was compiled and 
arranged by Cazenove and Uoyd 
Safaris, Unit J, 39 Tadema Road, 
London SWlO QPY: tel: 071-376 3746; 
fax : 07JS7B 5237. He stayed at Chi- 
zarira Wilderness Safari Lodge in 
Chizarira National Park, Musango 
Safari Camp on Lake Kiariba and 
walked . through Mana Pools 
National Park with Natureways Wil- 
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Z 1 


A sharp eye f 
on the clouds 

Kate Sevan visits Santa Barbara 
and its wine-producing hinterland 


R ain is usually wel- 
come in the Calif- 
ornia desert. But 
not today. The 
clouds hanging over the Santa 
Ynez mountains north of Los 
Angeles posed a threat. For 
this was the day the Chardon- 
nay grapes were to be picked 
at the Firestone winery. 

This offshoot of the tyre and 
rubber empire sits in stark 
countryside. The Santa Ynez 
Valley is home to more than 30 
wineries, and the winemakers 
there claim that their grapes 
are so good that established 
wineries from the Napa Valley, 
north of San Francisco, buy 
their grapes from Santa Ynez. 

Once a thriving wine region, 
it was virtually killed off by 
prohibition. It did not pick up 
again until the 1970s when 
growers such as the Firestones 
moved into the valley. 

The hills and valley are 
graced by nothing more than 
scrubby dull green vegetation. 
But in spite of the harshness of 
the landscape the region Is 
well suited to viticulture. 

At the Firestone winery, 
Hay ley Firestone Jessup was 
keeping a sharp eye on the 
clouds. There had been a 
“storm" - more like a shower 
to anyone used to regular rain 
- the night before and any 
more rain would seriously 
damage the crop. 

Earlier she had guided us 
tb rough a tasting of some of 
the vineyard's produce: we 
sniffed as we swirled, pulled 
faces as the wine swilled over 
our palates and then reli- 
giously spat out the liquid 
before moving on to the next 
one. With our newly acquired 
knowledge we all looked sagely 
at the sky as we left and were 
relieved that the rain held 
off. 

The valley is less than an 
hour by road from Santa Bar- 
bara. an upmarket resort town 
90 miles north of Los Angeles. 

Reaching Santa Barbara 
after the hot dusty drive up the 
coast from LA is like finding 
an oasis. The lush p alm trees 
and intensely green grass run- 
ning down to the Pacific are a 
sudden contrast after the uni- 
form ochre and tan colours of 
the dull industrial towns such 
as Oxnard which sprawl along- 
side the coastal highway. 

Money has created the oasis 


here - Santa Barbara is a pop- 
ular weekend getaway for city 
dwellers and the scent of 
money around the pools of the 
pricey hotels competes only 
with the scent of sun-tan oil 
and expensive perfume. 

The town has come a long 
way from its beginnings. Ini- 
tially named by a monk aboard 
the ship of Sebastian Vizcaino, 
a Spanish explorer, when the 
coast was sighted on the feast 
of Santa Barbara on December 
4 1602, it was founded - like so 
many of California’s towns - 
as a mission. 

The town now boasts attrac- 
tive pseudo-Spanish architec- 
ture that is quite engaging^ 
until you realise that most of it 
is post-1925, when an earth- 
quake devastated the townee 
One of the few buildings to” 
survive the earthquake is the 
attractive mission, further up 
the hill, dedicated in 1820 and 
known as the “Queen of the 
Missions", where visitors can 
take a tour of the restored 
church and outb uilding s. 

Building since the earth- 
quake has been strictly regu- 
lated and anything taller than 
a couple of storeys is likely to 
be p re- 1920s. But at least there 
is uniformity in the ersatz 
style: red-tiled roofs and sun- 
washed buildings are always 
attractive, even if they do con- 
tain expensive boutiques and 
restaurants. 

Santa Barbara is also blessed 
with a wonderful beach, one of 
the few to run east-west in Cal- 
ifornia os it is tucked into a 
corner of coastline. 

It would be easy to get 
hooked and spend the rest of 
your days loafing on the beach 
and drinking the local wines. 

But just as 1 was getting car- 
ried away with the fantasy, I 
noted the kind of people who 
could afford to live there - ex- 
president Ronald Reagan and 
pop star Michael Jackson have 
houses in Santa Barbara. Theriot 
I looked at my wallet - and' 
beaded back to reality. 

■ Kate Sevan travelled to Calif- 
ornia as a guest of Continental 
Airlines and Four Seasons} 
Regent Hotels. Continental Air- 
lines flies daily from London 
Gatwxck to Los Angeles. Reser- 
vations tel 0293-776464. The 
Firestone vineyard is open 
every day from 10am to 4pm, tel 
(SOS) 688 3940. 


1 





■■Srs. . , 

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I iifo-r. ; - -• ■ 
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FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


WEEKEND FT XIII 




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TRAVEL 


W ednesday, en route 

The cafeteria food is 
awful, the traffic outside 
on the motorway north 
of London is bumper to 
Dumper, and my history of the Highland 
Clearances lacks something of the zingy 
style required of holiday reading. 

A quick sample? "...the entire papula- 
tvm were then com p ressed into a space of 
3,000 acres of the most barren land in the 
parish and the remaining 130,000 acres 
wen dmided among six sheep farmers..." 

Normally, historical disputes oF this sort 
have me rooting for the underdog. In this 
case, I feel won over wholeheartedly to the 
cause of absentee landlordism and sheep. 

Londoners should be so lucky as to have 
SUMO acres of barren highland at their dis- 
posal - if my Scot tish historian is look ing 
for real compression, let him try the Lon- 
don Underground on a close summer's 
day. I am depressed by pawed-cver coun- 
tryside and cities that sprawl, one into 
another, far over the horizon. The idea 
that, somewhere on this island, is an area 
as wild and empty as any In western 
Europe is reassuring. 

I sigh with happy anHripBtfp n and aban- 
don my soggy little motorway innrh. Who 
needs Vegetarian Bake when raw Scottish 
nature lies just around the corner? 


.■ v v m rm a* ? 

• / *• in **. *-***jx 

• y-s-xzz;. 



"Try Mrs Campbell,” someone suggests, 
whisky-inspired, giving me a telephone 
number. Finally, after a dram of this and a 
call to Mrs Campbell, a dram of that and a 
call to Mrs Barnes, more drams and more 
calls to Mrs Mackenzie and Mrs Macleod, I 
find myself a guest in the bed and break- 
fast establishment of Mrs Lottie Ross. 

There is nothing tweedy about my room, 
it is bright pink pink bedspread, pink 
walls, pink carpet, pink lampshades. I like 
it, anyway. Outside, dim white puffs of 
sheep wander in the moonlight and the 
grey sea swells and surges on the ragged 
rocks below my window. 

Lottie and Jimmy Ross sit me down in 
front of a fire in their sitting room before 
they step out to the pub for the evening. 
“Make yourself at home," they say. show- 
ing me the coal scuttle and tea kettle. 

I am beginning to realise I am a long 
way Grom London. It is not that the Rosses 
are unaware of the nasty possibilities of 
leaving a complete stranger alone in their 
home - before be retired from the police 
force. Jimmy walked a beat in Glasgow. 
But things in Achiltibuie simply do not 
work the way they work elsewhere. 


■ Thursday, Thurso 

Bring back cruel landlords, bring back 
mass evictions! Something has gone horri- 
bly wrong. In spite of everything the bro- 
chures say, the Hi ghlands are swarming 
with people. 

At least, Thurso is. It is the town on the 
for north coast of Scotland where the terry 
leaves for the Orkney islands. Not every- 
one, it seems, throngs the Mediterranean 
coasts in summer - at peak sea s on, large 
numbers of Mediterraneans, seeking relief 
from the tourist invasion of the south, 
tom around and invade the north. 

Every bed and breakfast on the Orkneys 
is. consequently, ftdi and the overflow, 
waiting for a tree bed, is jammed into 
Thurso. I spend this evening in Sandra's 
Cate with hordes of Italians. We all eat 
pizzas and watch video dips on the satel- 
lite fthawnei MTV - hardly the Highland 
escape I was hoping for. The Orkneys, 
motto beUe as they are, deserve a visit at a 
quieter time of year. 



Pofbofrt fishing station and tha view towards Actidtibuie 


Oonl WROonn PIAm Utsary 


Clear the Highlands again! 


Nicholas Woodsworth heads north in search of Scotland's great deserted wilderness 


■ Friday , UDapoal 

Ullapool is hardly any more peaceful- It is 
a pretty little town, three hours' drive 
north of Skye - for enough, I would have 
thought, to out-run the torn* groups that 
ply the Hi ghlands and Islands' routes. But 
no: the harbour-side street running along 
the quiet waters of Loch Broom is packed 
with tea rooms, souvenir shops and wool- 
len mill outlets doing a roaring trade. 

It is not the Italians but the French who 
seem to have claimed Ullapool as their 
own. They are voracious shoppers. They 
snap up boxed presentation sets of single 
malt miniature bottles; silver-plate Nessie 
earrings, commemorating the yet-to-be- 
fbund monster; shortbread wrapped in Cel- 
lophane pl«M; dwimai videos of hairy wan 
surging Danny Boy; and postcards at the 


what's-under-that-kilt variety. High road, 
low road, any road in between, few ave- 
nues are unexplored by Scottish kitsch. 

I have <mappori up something, too - an 
Ordnance Survey map showing, I hope, an 
escape route away from these Highland 
horrors. On It, I have circled Achfltibuie, a 
village sitting on a single-track road on 
the Coigach peninsula north-west of Ulla- 
pool. 

My guidebook makes only passing men- 
tion of it It has no Highland games, no 
castles, no shops selling woollens, no 
sheepdog trials, no Celtic music festivals, 
no celebrated golf courses, no stately 
homes open to the public from 10am to 
5pm, no fragrant peat-smoking distilleries 
to visit 

It satmds a good bet 


■ Saturday, Achiltibuie 
It is. What surprises as you drive into 
Achiltibuie is land, sea and sky, and just 
how much there is of each. 

The village, a thread of white-washed 
stone houses stretched along a rocky 
shore, hardly impresses itself upon the eye 
at all. It is nature that everywhere over- 
whelms - the bald, treeless moor sweeping 
down from the top of the hills to the edge 
of the sea; the confused archipelago of the 
Summer Isles sitting offshore like a great 
fleet caught in some muddled manoeuvre: 
fold upon fold of the mountains of Ross 
receding into infinity across a broad 
stretch of cold, north Minch water. 

What bolds it all together in such sooth- 
ing manner are the soft and muted colours 
of the Highlands. Forget Harris tweed. 


Slate greys and kelp greens, beech reds 
and wrack browns, bilberry blues and 
heather mauves all combine more subtly 
in this vast landscape than they do in any 
jacket. 

Repose for the eye is one thing, rest for 
the tired traveller another. Where to stay 
in this great uncluttered space? Along the 
whole Coigach coastline - five little com- 
munities spread along 15 miles of water - 
there are just 300 residents, one pub, and 
one small hotel. 

I pull up at the Summer Isles Hotel in 
Achiltibuie. drawn by the sound of addles 
and accordions. It is early, the afternoon 
sun still bright in a calm sky. But, outside 
the bar, in a little courtyard overlooking 
the sea, I spy a crowd of drinkers and half 
a dozen musicians flailing away in a wild 


storm of jigs and reels. 

In the parking lot 1 meet a tiny, silver- 
haired woman who tells me she was mar- 
ried here many years ago; today is her 
anniversary. The wedding was tragic, she 
laughs; the night before the reception, the 
fis hing fleet sailed in. “They drank the bar 
dry,” she says. “Our tongues were on our 
knees, but you could’na get a drink for 
love nor money.” She rushes off to the bar 
to make up for it. 

Is this the perennial fear of all those 
present, tbeir grounds for early and avid 
tippling? The fleet, one feels, must be just 
around the point and bearing down hard 
on Achiltibuie. 

There may be cheer and music aplenty 
at the Summer Isles Hotel today, but there 
is not a room to be had. 


■ Sunday 

On Sundays, in fact, most things do not 
work in Achiltibuie at alL “This is Free 
Church of Scotland territory,” Lottie tells 
me over a truly magnificent, unstintingly 
generous, mountainously high-cholesterol 
fried breakfast I have been asking about a 
fishing trip out on the Hecloria. the tour 
and sea-angling boat that leaves from 
Achiltibuie's little harbour. 

“We're still a bit traditional and the Hec- 
toria never sails on Sundays, I'm afraid. 
But we are beginning to move with the 
times - a few years ago, I couldn't even 
hang out my laundry to dry on a Sunday." 

I have no laundry to hang out But a 
vague Sunday morning mood of culpabil- 
ity persists - the product, no doubt, of too 
many Saturday evening whiskies. I make 
my way down the seaside road to a white, 
wooden building on the edge of the village. 
There is nothing for lingering guilt like a 
morning service at the Free Church in 
Achiltibuie. 

The Wee Frees, as they are known, get 
no prizes for interior decoration; their 
church makes the average anchorite's cell 
look like a riot of sensual abandon. There 
is no colour, no ornamentation, no graven 
image of any kind. There is no organ to 
give false courage to our singing. 

Nor is there even much chance, it 
seems, of redemption or forgiveness. There 
is just a stiff; wooden pew and the stern 
voice of Douglas Gebbie, the Free Church 
missionary, reminding us of our own 
awfulness. I suspect it does everyone gath- 
ered a power of good. 

It certainly does something for me. 
Stumbling out of the gloom, I emerge Into 
bright sunshine, fresh northern air and a 
thousand sheep browsing on grass cropped 
as smooth as a bowling green. I feel exhila- 
rated. Beyond the churchyard lies endless 
sea and is land and mountain, a view that 
has not changed since creation. Once 
again, 1 sigh with happy anticipation. I 
have arrived in the Highlands. 


FT Ski Expedition/ Aniie Wilson 

Snowboarders in a 


storm 


Arms Wilson and Lucy Dicker 
are attempting to ski every day 
Of 1994 on a Tound-the-toorld 
expedition. They spent October 
in Australasia and are now in 
the OS on the last leg of their 




Vfcrffca l.fet* 


A t noon on Octo- 
ber 26 we were 
flying over a vol- 
cano in New Zea- 
land. At precisely 
the time and date our Air 
New Zealand 747 was starting 
Us descent into Los Angeles. 
Such are the miracles of cross- 
ing the date-line. 

Having skied on so many 
volcanoes in the southern 
hemisphere, we thought we 
sho uld climb to the top of at 
least one before leaving for 
Mammo th Mountain in Calif- 
ornia. 

. We chose Ruapehu, which, 
unusually, has a lake in its cra- 
ter. As we climbed up from 
Whakapapa’s Far West T-Bar, 
the weather became progres- 
sively worse - mist, rain, hail, 
and, eventually, a white-out. 

By the time we reached the 
lake, we could not see a thing. 
All that climbing had been in 
vain. So the following day we 
hired a light aircraft to get to 
see what we should have seen 
the previous day. 

One of the highlights of New 
Zealand was our visit to 
Queenstown, the base for two 
of South Island’s best-known 
resorts, Coronet Peak and The 
Remaitables. But just as we 
drew up at The Remaikabtes, 
the Queenstown constabulary 
arrived to arrest some Japa- 
nese snowboarders._ The 
charge; «kKng with childrens 
season tickets. 

The Japanese snowboard 
phenomenon is a very recent 
me This is only the first year 
in which large groups of Japa- 
' nese have spent the entire win- 
ter In New Zealand as sB 
bums, and according' toths 
authorities they have b rough t 
with fMn a mini crime wave. 

After two of them had been 
grilled about phoney tickets 
another 20 ‘admitted they had 
done the ‘same. Said one ski 
area official: “We want to 
stamp this out before it 






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spre&uS-' 

- Recently a local newspaper 
claimed: “Queenstown’s 
nese snowboarding community 
is at the centre of a gtafrmnff- 
ing controversy. Anther 
reported a nrag^fo whmh 
the suspect was dressed Tike a 
Japanese snowboard®"- 
But the Japanese are not the 


only snowboarders who have 
made themselves unpopular 
here. As in Europe, they are 
viewed as being a mixed bless- 
ing. Skiers at Treble Cone 
resort have complained about 
the “allegedly dangerous” 
behaviour of snowboarders and 
the management is reportedly 
muring of making the ski-field 
only available to skiers. 

In spite of tiffs, Queenstown 
is a bustling but charming lit- 
tle lakeside town with excep- 
tional views of the jagged 
snow-capped Remarkahies and 
f jfcp. Wakatipu, which accord- 
ing to Maori mythology is the 
only surviving remnant of a 
giant: a still beating heart 
which accounts for the regular 
rise and feS of the deep blue 
waters. 

The sheer Remarkahies pin- 
nacles cradle some good bowl 
ckring , but the best runs are 
not served by lifts: a long, 
fairly steep galley called Scar- 
per (also variously known as 
Toilet Bowl Siting Time and 
K3Q An Hour) Involves a 25- 
chmb from the top of 
Sugar Bowl Chair; the chal- 
lenging Elevator and Escalator 
Chutes require a 20-minute 
climb; and even the homeward 
runs involve being picked up 
way below the ski area base in 
a kind of cattle truck shuttle. 

Coronet Peak, on the other 
hand , has more Eft-served ter* 
rain, but apart from the back 
bowls, little in the way of “out 
of bounds” skiing. 

But the newly-installed 


Express high-speed quad chair 
is one of the fastest In the 
southern hemisphere, hurtling 
skiers almost 1,500 vertical feet 
to the top of the mountain in 
under five minutes. 

Those in the business of 
clocking up altitude can man- 
age as many as 50,000 vertical 
feet here In a day. 

Having such a fast-moving 
armchair to the slopes was 
bliss, after several days of 
struggling in New Zealand’s 
“daunting dozen” dub fields. 
But in the end, we almost had 
the measure of these basic ski 
fields enjoyed by hardy skiers 
who thrive on camaraderie and 
cheap lift tickets. 

We have even purchased as a 
souvenir one of the dreaded 
“nut-crackers” - metal devices 
shaped like large nut-crackers 
which you fling over the mov- 
ing rope and hang on to grimly 
until the top. 

This device, which, is fixed to 
a belt round your waist, is seen 
as a macho device by aficiona- 
dos, and also serves to scare 
away wimpish recreational ski- 
ers such as Lacy and me. thus 
leaving the club fields 
uncrowded. 

When this system of uphill 
transport is combined with a 
total lack of grooming, it tends 
to maVp club fields the domain 
of the hardy and skilful few. 
Craigieburn, for example, had 
some of the most dramatic and 
exhilarating terrain south of 
the equator. 

But few "ordinary" recre- 


ational skiers could get the 
best out of it. In some club 
fields, it is difficult to assess 
which is more exhausting: try- 
ing to use the rope tow or try- 
ing to ski down in breakable 
crust 

Craigieburn’s neighbour. 
Broken River had an extra 
impediment: you have to walk 
for half an hour or so up a 
steep path to reach the slopes. 
Add rain, and the fact that Bro- 
ken River, was closed when we 
finally got there, and you have 
a grim day out. 

We eventually got it right at 
Temple Basin, which the man- 
ager, Tony Galvin opened espe- 
cially for us, complete with our 
personal ski patroller Alistair 
Moore (who brought his dad - 
the only other skier on the 
mountain). 

In spite of a steep hour-long 
walk to get to the ski field, we 
managed to master the nut- 
cracker and both snow 
(entirely ungroomed I and ter- 
rain were excellent. At our 
fifth and final attempt we had 
become club skiers. 

Our hardships were nothing 
compared with the pioneers 
who built the fields, often car- 
rying enormous amounts of 
equipment and building mate- 
rials up steep mountain tracks. 
Mount Robert, which has a 
two-hour walk-in. has just cele- 
brated its 50th anniversary 
with a book of its history. This 
includes the following recollec- 
tions. 

“At least 50 per cent or the 
lodge was carried up Mount 
Robert on people's backs. The 
walls became a wonderful 
home for mice, so we were 
never lonely. One could lie in 
the bunk and scrape the solid 
ice off the bare corrugated iron 
about six inches from one’s 
face. One hut lasted three 
months and then completely 
disappeared in a storm." 

Being rather more hedonis 
tic, we preferred hotels to huts. 



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■ Skiing at Mount Hutt, South 
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XTV WEEKEND FT 


FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


PERSPECTIVES 


O n a crisp September 
morning, the Schwa* 
galp in the middle of 
the Appenzeller 
uplands looked like 
any other Swiss Alp, alight with 
autumn colours and a dusting of 
snow on the higher peaks. A keen 
observer might have noticed the 
absence of cows and ramblers. 

Then, suddenly, 50 soldiers 
pounded over the crest of a hill, 
dived to the ground and started fir- 
ing multiple rounds from their auto- 
matic rifles into the mountainside 
50 yards aw ay. 

From their left flank, another 
score rushed in, heaving grenades 
towards the same spot Orders were 
shouted while officers and other 
observers stood by with flags, 
calmly scrutinising the pandemo- 
nium for several minutes. 

Then, as suddenly as it began. 
fhic “attack on an enemy co mmand 
post" ended, the troops retreated for 
a few yards and then relaxed and 
sloped off for a snack and a debrief- 
ing in the midday sun. 

On a normal day, the young men 
who make up the 25th grenadier 
company of the 25th motorised 
infantry regiment of the Swiss 
Army would be working as bankers, 
doctors, lawyers, students, taxi driv- 
ers and many other occupations. 

But for three weeks every year 
until they are 32, and less often 
untfi they are 50, they are called up 
for their WK (Wiederholungskurs) 
refreshment training In Switzer- 
land's 600,000 strong citizen army. 

During those periods, depending 
on their function, they patrol bor- 
ders, manoeuvre tanks, pilot fight- 
ers and helicopters (pilots have to 
do six weeks training a year) and 
carry out all the other jobs that 
need doing in a large modem army. 

The tr aining is always rigorous. 
Soldiers regularly use live ammu- 
nition on exercises like that on the 
SchwSgalp. 

To an outsider, it all seems a bit 
silly at first glance. Toys for boys 
on a heroic scale. The Swiss have 
not taken up arms against anyone 
for more than 200 years and the 
prospect of them doing so in the 
foreseeable future seems remote. No 
one has invaded their mountainous 
country since Napoleon. 

Gradually, however, it becomes 
dear to the visiting resident that 
the Swiss Army's most important 
role is not military at all but sodaL 
Many western countries, includ- 
ing France, Germany and Italy, still 
oblige most or all able-bodied men 
to do military service. But Switzer- 
land alone has an army composed 
almost entirely of militia troops. 

Men start their military service at 
age 20 or on completion of their 
education or apprenticeship with a 
17-week basic training course and 
they are then constantly available 


The Swiss army goes under the knife 

Ian Rodger reports on the cuts being made to Switzerland's militia, the role of which has become more social than military 


” - JC 1 - <? 





Mountain bikes: sokfiers on i 



Cavalry battalions were disbanded, but there are stffl horse platoons 


for call-up and keep their kit at 
home until they are dismissed at 50. 

By then, they have given nearly a 
full year of their lives to the army. 
Those who choose to train to be 
officers must give much more time: 
a full colonel will have spent five 
years in uniform. 

As a militia, the Swiss army per- 
mits no class distinctions. Bank 
executives rub shoulders with dust- 
men. scientists with waiters. Middle 
managers more and more And 
themselves giving orders to their 
civilian bosses, because the bosses 
no longer have the time to devote to 
Officer tr aining . 

The men meet and test each other 
in severe conditions, bivouacing in 
a blinding snowstorm on a moun- 
tainside, surviving a two-day slog 
over mountains and through 
swamps. Strong friendships and 
enmities are formed and renewed 
every year. 

It is at least arguable that one of 
the reasons that Swiss b anks and 


big Swiss industrial companies have 
been so successful over the years is 
the ability of their leaders, thanks 
in part to army experience and con- 
tacts, to avoid egregious mistakes 
in selecting top managers. 

Today, the Swiss army is in the 
midst of its most important 
shake-up since 1910, adapting at a 
stroke to the post -cold war world 
and the increasing sophistication of 
military equipment 

Its complement is being slashed 
by a third to 400,000; more profes- 
sionals are being engaged; and ordi- 
nary citizens will from next year 
train less and sign off at 42. 

While the restructuring has been 
widely accepted on security 
grounds, many people fear that the 
considerable social benefits of the 
old system will be reduced or lost 

Since the 1815 Council of Vienna 
imposed armed neutrality an Swit- 
zerland, the role of the military has 
been restricted to defence. Its cur- 
rent structure dates from 1961 and 




BREITLING 


1884 






k. •* ,1 










* i 1 1 1 


was designed to implement the 
hedgehog or porcupine strategy 
developed during the second world 
war. 

The Swiss realised they could not 
stop an invasion, but they reasoned 
that an invader's only purpose 
would be to gain control of the 
Alpine passes. So they set out a 
defence strategy that make this vir- 
tually impossible. 

To this day, railway and road 
bridges and tunnels are armed with 
explosives at 24XX) points through- 
out the country. 

This strategy survived the second 
world war, but not the great tech- 
nological advances in military hard- 
ware that came with it. In 1966, the 
Swiss announced a more ambitious 
strategy, to defend the country to 
its borders using the most modem 
mechanised and mobile equipment. 

The army now has L800 armoured 
vehicles and more than 300 aircraft 
as well as some of the latest 
self-propelled artillery and wire- 
guided anti-tank weapons. 

Cavalry battalions were dis- 
banded in 1974, although the army 
did not give up all the old ways. Its 
tough bicycle infantry is a modern- 
day rarity, as are the carrier 
pigeons, now threatened with demo- 
bilisation as an economy measure. 

Already in the 1980s. the army 
was being contested on a variety of 
fronts. Environmental protection 
groups objected to the disturbances 
caused by army exercises. Women, 
hitherto restricted to auxiliary 
roles, demanded a chance to enlist 
as regulars. 

Swiss companies, which previ- 
ously made it a point of pride to 
count a few colonels among their 
top executives, were beginning to 
regret the long absences of those 
colonels. And Swiss wives began to 
complain openly about tbe long 
periods they had to look after the 
children alone, not to mention the 
huge loads of dirty laundry their 
hus bands sent home from the field 
(postage free). 

The public was also becoming 
more sensitive about the dangers 
inherent in military t raining . News- 
papers now give full coverage of the 
inevitable accidents. 

In 1989, the government was 
stunned when more than a third of 
voters accepted the proposal in a 
pacifists' referendum that the army 
should be abolished. 

It rushed out a new security pol- 
icy for dealing with "a world in 
mutation" which, in turn, led to the 
elaboration by the defence ministry 
in early 1992 of a complete overhaul 
of the military establishment 

Army 95, as the plan is called, is 
based on the idea of a more flexible 
security force, able to help in inter- 
national peacekeeping activities, to 
protect the population in the event 
of natural and military catastrophes 




,/i.r 


• . .•>••• .... <■ . 

•«* r X- V**' ■ 

' ’ s T • Tj| 


... .' . — M 






... 




The hfis are aBve with the sound at mortals: Eve ammunition is used ki rigorous (retains 


Ptauws: Jnpar Dpta I 


and to combat terro rism. 

It saw the need for fewer soldiers, 
so the army’s manpower could be 
reduced by a third. On the other 
hand, the complexity of military 
equipment meant the new army 
would need more full-time, profes- 
sional soldiers. 

And as Mr Kaspar ViDiger, the 
defence minister, points out, troop6 
going on overseas peacekeeping 
missions will have to be profession- 


als. -You cannot motivate a tniliHa 
army sent to some distant comer to 
resolve a problem.” be says. 

Mr ViDiger refuses to accept that 
the militia will become a 
second-class army, and leaves no 
doubt that his rnutn concern is tbe 
social role the institution plays. “It 
contributes to the psychological 
strength of the country,” be said in 
a recent interview. 

Fun implementation of Army 95 


Is two months away, and dozens of 
battalions and companies are about 
to be stood down for the last time. 

I returned to the mock battlefield 
in the SchwSgalp a few weeks after 
watching the 25th grenadiers. I 
looked carefully, but could not find 
a single spent shell or cartridge 
case or any evidence that anything 
had happened. The Swiss keep 
things clean, even in their war 
games. 


The Wall is gone . . . 


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Continued from Page I 

pages was an instruction stat- 
ing that he was entitled to 
access to a special party hospi- 
tal in case of illness. "This ID 
card is only valid until the end 
of the year. I still have my 
DDR driving licence. Look, I 
know German unification is a 
reality. I am not a man that 
struggles with a windmill." He 
paused to allow the noise of a 
low-flying aircraft pass over. 

"About this belief that I held. 
I thank the Russians for my 
life. I was seven years old 
when the Russians came to 
Germany. I had typhus. My 
mother was alone. She could 
not work. She was sick as welL 
We had to flee to Kolberg. near 
the Ostsee. which is now in 
Poland. The Russians saved us. 
I make no excuses for what I 
did for my bomeland". 

What do you do now? 

“I ended my political life in 
the beginning of December 
1989. Since then I have been 
, forbidden from working in the 
public sector. I cannot teach. I 
am under pressure. The federal 
property office wants to take 
away my house which I legally 
bought in 1989. I travel a bit. I 
am now a private person. In 
early 1990, I worked for an 
estate agency, then in a 
finance office. But not for long. 

1 have found some work in a 
special commission looking at 
east German history. I rely on 
my friends for support". It had 
started to rain. He put his DDR 
papers back into his short, 
brown leather jacket. 

□ □ □ 

The waiting room was full of 
people. But they were all 
silent An assistant came in 
from time to time to summon a 
client It was like waiting to 
visit the dentist 

Lothar de Maizidre's office 
was large and comfortable. Sit- 
uated in east Berlin, a short 
walk from the bustle of the big 
train station on Fried richs- 
trasse, de Maizi&re had started 
up his private law practice 
soon after be was forced to 
resign as East Germany’s last 
prime minister when it was 
discovered he had informed for 
the Stasi. the east German 
secret police. He had become 
the first non-communist prime 


minister of East Germany after 
the first bee elections in April 
1990. 

*T had one hope during those 
days,” he said, speaking softly. 
“1 hoped that we would have a 
united German team partici- 
pating in the Barcelona Olym- 
pics in 1992." 

His hopes, however, have 
since Faded into disappoint- 
ment, and some confusion 
about the pace and methods of 
unification. 

“Please don’t misunderstand 
me. Our economy under tbe 
Communist system was so 
unproductive, the materials so 
awful. I knew what a cata- 
strophic situation we were in 
by the and of the 1980s. But 
despite unification, there are 
enormous differences still 
existing between east and west 
Germany." 

What sort of differences? 

He started to smoke. 

“Over the past 40 years, two 
different cultures evolved in 
East and West Germany. Take 
language. We speak German 
differently. The west Ger mans 
have practically forgotten their 
grammar. They hardly use the 
genitive case, or the adverb 
any more." 

He paused to light another 
cigarette. 

“But it's more than that The 
eastern and western parts of 
Germany were always differ- 
ent. The west was catholic, and 
more open-minded to the 
Romantic tradition. The east 
was Protestant and sober. Look 
at tbe red brick Gothic archi- 
tecture which you find in the 
east but not in tbe west." 

How has the past 40 years 
accentuated those differences? 

"During those years, we 
experienced, beard, and read 
different things. The eastern- 
ers were exposed to art which 
was concrete and realistic and 
Slav influenced. We read Sol- 
zhenitsyn and Akmatova [the 
Russian writers] and listened 
to Shostakovich and Pender- 
ecki. The West Germans 
looked westwards, hugely 
influenced by the US. There is 
such a large gap in our cul- 
tural experiences. The west 
opposed communism and the 
east opposed capitalism. And 
now we are trying to get 
together again." 

And are the two Germanys 
coming together? 


“Inner unity does not exist 
It’s the way they [the west Ger- 
mans] talk to us. The way they 
treat our past My God! You 
would think we never ate with 
a knife and fork before the 
Wende [“change", the name 
given to the collapse of the 
Berlin Wall]. The big mistake 
was that the Wessis [western- 
ers] did not have to make any 
psychological compromises 
after unification. The establish- 
ment made no effort to inte- 
grate the intellectuals and old 
Functionaries. One of the other 
negative things about unifica- 






& . '' - >;• :A 

V • -> . 4b 




Lothar do MatzttdK It's the way 
the west Germans talk to us. My 
God! You would think we never 
eta with a knife and fork before’ 

tioo is the bureaucracy, ft’s 
worse than the times under the 
Communists. But the west Ger- 
mans told os: “Do things like 
us and everything will be 
fine." 

What about you, personally? 
They found out about your 
Stasi past What had you done? 

“I was a defence lawyer in 
the DDR. I was involved in 
many political cases. We had 
to speak to the authorities. I 
did not know that every thing 
would be recorded. In 1991, the 
Bundestag [Germany’s lower 
house] passed a law in which 
every least German] lawyer 
had to be vetted. They spent a 


year vetting me." 

What did you feel when they 
found out about your past? 

“I was helpless." 

An assistant came in. She 
said there was a client waiting. 

□ □ □ 

“I had been a member of the 
Liberal Democratic Party Ger- 
many,” said Hans-Werner 
BChm, Hannelore’s husband. 
The LDPG was a “block party" 
sanctioned by the ruling Com- 
munist party. 

“After fighting on the front 
during the war I finally 
returned from Russia in 1949 to 
Gortitz. I was 25 years old a tg.A 
the time. I trained as an engi- r 
neer and worked in a private 
Handwerk, a small workshop j 
belonging to my uncle. But for 
1972, the Communists banned 
the remainder of tbe private 
sector." 

After German unification, 
the Free Democrats, the junior 
partner In Chancellor Helmut 
Kohl's governing Christian 
Democrats, took over the 
LDPG. “I remember it well" 
said B6hm. “I got this letter 
from Otto Graf Lambsdorff [a 
senior member of the PDF], 
welcoming me into the party 
even though I had never been 
asked if I wanted to join. And 
then he said 1 should pay 
DM15. They just assumed I 
would join. I refused. It was 
their attitude. The arrogance. 

The way they took us eastern- 
ers for granted." 

During last October's federal 
elections, the BOhms both 
voted for the PDS. “The PDS 
speaks out for us. They repre- 
sent our voice. They do not say 
the past 40 years have been 
wasted or worthless. But don’t 
misunderstand us. We are both 
retired. We are well-off. We do 
not want the old days back. 
There are many good thing s 

about unification," said B6hm. 

□ □ □ ^ 

“And the tide. We eventually 
saw the ebb and flow," said 
Hannelore Bdhm. It was in 
July 1992. At Amrum, an 
island in the North Sea. The 
weather was very hot It was 
the speed at which the tide 
turned which was so. surpris- 
ing. It was really beautiful to 
see,” 


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FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


WEEKEND FT 


XV 



FOOD AND DRINK 


, -,J ifi . 

» .. .■ *.i- <*. ‘“(ns, 

VT^r. **$! 

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Wine/Jancis Robinson 

Superbuyers 
flex their 
muscles 




r* - 
-/ 


frr. 


w— -■ 




W hen J. Sainsburv, 
the leading UK 
supermarket, 
decided some 
years ago to launch an own- 
label armagnac, the size of its 
initial order was such that, 
Instantly, it became the 
world’s largest single customer 
for the Oery Gascon brandy. 

This was just one of hun- 
dreds of examples of the power 
exercised by British supermar- 
ket buyers. In d rinks 1 buying, 
at least, British chains tend to 
be more innovative, centralised 
and rapacious than their coun- 
terparts on the European main- 
land - and their American 
equivalents have no such hold 
on the heavily-regulated US 
alcoholic beverage market 
Only the Scandinavian and 
Canadian state d rinks monopo- 
lies can rival UK supermarkets 
but whereas the influence of 
^ the former is waning, the Brit- 
■ ' tsh seem ever keener to buy 
their wines and spirits in the 
brightly-lit aisles of Sainsbury 
and its rivals - Tesco, Safe- 
way, Asda and Somerfield. 
Between them, these five 
chains sell well over 50 per 
cent of all wine retailed In the 
UK 

While more and more British 
wine-drinkers seem to love the 
supermarkets, the supermar- 
kets themselves Jove wine. 
“The wine department is seen 
as one of the recruiting depart- 
ments for the rest of the super- 
market, " says Elizabeth 
Robertson, of Safeway. 

Because much erf the wine is 
bought at Christmas, the, 
supermarkets view their pro- 
motions for -this time of year as 
their annual chance to lure 
new customers - hence the 
heavy advertising. 

Last year's juicy morsel from 
Safeway was its most success- 
ful even Bulgarian Cabernet 
Sauvignon at £1.99. Robertson 
says it was not a loss leader 
although, certainly, it was not 
a revenue generator, either. 
The quantities -involved - 
believed to be about 200,000 
cases (well over 109 container 
, lorries) - were so greet that 
4} two quite different sorts of 
wines were supplied. No one 
complained. 

Safeway invests its three 
buyers with enormous individ- 
ual buying power (up to £50m 
each a year), and requires 
them also to be responsible for 
selling the stuff. Market leader 
Sainsbury has made its buyers 
responsible for the less glamor- 
ous task of shipping it in the 
right quantity at the right 
time. 

It is at this point that suppli- 
ers, some of them tiny peasant 
enterprises, tend to lose such 
Illusions as remain about the 
value of (me large order. Goli- 


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ath Stores does not forgive 
Domaine David his problems 
with cork suppliers or label 
printers, any more than it is 
prepared to pay a sou more 
than It can get away with. 

The one thing on which sup- 
pliers and supermarkets agree 
is that the most important fac- 
tor in the buying equation Is 
price. There is much hot air 
and waffle about upgrading 
quality and broadening range: 
but if a new line cannot be sold 
with the specified margin (usu- 
ally considerably higher than 
its continental equivalent) at, 
say, £2£9, £3.49 or £3.99, then 
the deal is usually off. 

Although, in general terms, 
the modem wine market is 
buyer-driven, there have been 
times when buyers' muscle 
alone has not been enough to 
clinch the deal. Widespread 
frosts in 1991 greatly reduced 
the quantities of French wine 
so that, for once, the supermar- 
ket buyers had to sell their 
employers to their suppliers 
rather than vice-versa. 

Safeway’s Sarah Kynoch 
says: “It was really, really hard 
work, especially with growers 
who thought Tve just lost half 
my crop so I'm certainly not 
going to sell the other half 
cheaply’. As a result, we had to 
drop some suppliers who 
wouldn’t cooperate on price." 

The two important brewery- 
owned multiples. Allied’s Vic- 
toria Wine and Whitbread's 
Thresher /Bottoms Up /Wine 
Rack group, tend to Insist just 
as much on price “co-opera- 
tion” in spite of their relative 
trickle of customers compared 
with the supermarkets. 

Tesco’s aim is to offer more 
choice than arch-rival Sains- 
bury: 785 wines at the last 
count compared with just over 
500 at Sainsbury, including 
such delights as a brace foam 
Brazil made by a Ukrainian- 
Australian based in England. 
But, increasingly, Sainsbury is 
wedded to exclusivity on indi- 
viduallines. 

In spite of its stately 
approach (“we may not be as 
quick or whacky as some other 
supermarkets,” says the com- 
pany’s Claire Gordon-Brown), 
it has been voted Supermarket 
of the Year in the 1994 interna- 
tional wine challenge organ- 
ised by Wine magazine. 

One thing on which all 
supermarket wine buyers 
agree is the need to keep con- 
stant tabs on the competition. 
They are often to be found 
snooping round their rivals' 
shelves collecting samples. 
Tve often bumped into vari- 
ous suppliers in the wrong 
supermarket, ” admits Gordon- 
Brown. who once ordered Elm 
worth of champagne with a 
single phone caff 


Supermarket bargains 


E wiksave supermarkets 
offer few frills but 
have taken care with 
their wine selection for the last 
year or so. Two stunning cur- 
rant bargains are Silver Hill 
-^Jouth African blended white, 
smartly labelled that one 
would never guess it cost only 
<£2.79, and a Chilean Sauvignon 
'labelled White Pacific at £2.69. 
Both are whistle-clean and 


refreshingly hi gh in acidity. 

Safeway’s best current buy is 
their South African white at 
£2.29, or another Chilean 
white, the Calxterra 1994 Char- 
donnay, which is reduced from 
£339. to £3.49 until November 
12. The latter is better value 
Hum the Caliterra 1991 Caber- 
net Progress to Chile generally 
means the younger the vintage 
the better the wine. 





Not a cup of coffee in sight: a kaffeehaus of Vienna's Ringstrasse in 1907 by W. Goufe 


A taste of two cities 


Y ou will still Gnd 
the classic cafe of 
the German- 
speaking world 
in Vienna. It sur- 
vived world and cold wars as 
an extended living room where 
you waste time; keep out of the 
cold; talk ; read newspapers and 
drinks all sorts of different 
sorts of coffee. 

Some drink beer or 
schnapps. Wine you approach 
with caution. It is best adulter- 
ated with fizzy water as a ges- 
pritzier. Without the water the 
wine can be pretty poisonous. 

You occasionally see people 
eating in a cafe. It is nothing 
special: a Schnitzel (vom 
Scfnuein), a potato salad and a 
sticky cake to follow, if you 
want good wine or refined 
food, you go to a restaurant 
Some of Vienna's cafes have 
preserved that out-at-the-elbow 
feel about them. For many, the 
best is Hawelka to the Doro- 
theengasse, with its. rickety 
chairs and crumbly waiters. 
The Efles in the Josefstadt is 
refr eshing ly dowdy. The seedi- 
est is the Alt-Wien, which 
bouses a peculiar collection of 
gnarled old chunks of human- 
ity until the early hours of the 
morning. 

The caffes which have been 
dolled up have lost their 
charm. This happened to the 
Landtmann opposite the Par- 
liament. The Schwarzenberg 
on the Schwarzenberg Platz 
now looks like a 1960s milk 
bar, even if there are good 
cakes and excellent Glflhweto 
in winter. In the Imperial Hotel 
Is the chichi Caffe Imperial 
where people break the rules 
by eating delicate dishes of un- 
cafe like food. 

□ □ □ 

In Berlin, the Third Reich 
drove out cafe life - along with 
the artists and intellectuals. 
Their haunt used to be the 
Romanische Cafe by the Kaiser 
Wilhelm-Gedflchtniskirche. 
The church’s ruin is a poi- 
gnant symbol of post-war Ber- 
lin with its uncomfortable 
blend of pompous old and 
badly dated modem. Alas, the 
old “Rom anise hen” was 
destroyed in the war. Its site is 
occupied by the beastly Europe 
Centre. 

Bombs also smote the old 


Caffe des Wes tens where 
George Grosz went to shock 
the bourgeoisie. The name 
alone is preserved on a build- 
ing which looks like a lot of 
suitcases laid on their sides. 

I have never had the courage 
to climb the stairs. Long before 
the Nazis ruined Berlin the 
Cafe des Westens had trans- 
mogrified tote the Caffe Kran- 
zler in the Kurfurstendamm. 
Kranzler was rebuilt in the 
1950s. It is not nice: the coffee 


Austrian food. Like many Ber- 
lin caffes, Einstein functions 
chiefly as a restaurant. 

Similar in style is the Caffe 
im Literaturhaus in the Fasa- 
nenstrasse. Which serves good 
wines and decent food. A spe- 
cial feature is the readings 
which take place In an old, 
panelled room on Monday 
nights. I went to one on Greek 
love given by a man who was 
clearly partisan. 

He spoke for an hour and a 


Giles MacDonogh goes in search of 
the classic cafe in Vienna and Berlin 


is vile; the waitresses grumpy 
and the place is filled with 
bewildered provincials. 

Also on the Kurfurstendamm 
are two branches of Cafe Mfihr- 
tog in surviving Wilhelmine 
buildings. The cakes are said 
to be good, but I have never 
had any luck with the coffee: 
and neither MOhring has a 
gram or atmosphere. Game, set 
and match to Vienna. 

On the other hand a new 
style of cafe-life has sprung up 
in Berlin. Arty caffes have 
become the alternative to the 
rough-and-tumble Kneipe, 
where people go to get drunk. 

I was alerted to the Caffe 
Hegel in the Savigny Platz by 
Berlin’s best dally, Der Tapes- 
piegel. A home-sick Austrian 
said the only thing he would 
miss in Berlin was the Caffe 
HegeL This I had to see. It cer- 
tainly bad the tattiness of a 
Viennese caffe; a proper Sta- 
mmlokal which looked after its 
regulars. Signs and posters in 
Russian pointed to the possibil- 
ity of Russian artists forming a 
part of its clientele, but there 
were none there that night. A 
solitary man came and sat at 
the bar; issued impossible 
instructions to the waitress on 
how to pour a wheat beer; nois- 
ily rearranged the furniture; 
then proceeded to carry on a 
vigorous conversation with 
himself. I left in despair. 

Intentionally much more like 
Vienna is the Cafe Einstein in 
the KurfUrstenstrasse. It is to 
one of the Tiergarten's few sur- 
viving villas. Unlike its Vien- 
nese counterpart, however, 
customers drink decent wine 
and eat refined, new wave. 


half about Spartan gymno- 
paedes, Zeus and Ganymede 
and Socrates and Alcibiades. 
He illustrated, the talk with 
lurid pictures, occasionally 
taking a big slurp from a 
heroic bumper of wine. 

I gave up trying to find a 
caffe with Viennese style. I 
went instead to the most his- 
toric wine house in Berlin: Lut- 
ter und Wegner in the SchlG- 
terstrasse. It used to be to the 
east, but after the war it 
moved to smart Charlotten- 
burg and this small room with 
its dark wainscotttog and nico- 


tine yellow paint work. It is a 
restaurant now. In the early 
19th century it was a tavern; 
the Stammlokal of E.TA. Hoff- 
mann (of the Tales ) and his 
friend, the actor Ludwig 
Devrient. 

Here they swallowed oceans 
of champagne. Lutter once 
tried to present Ho ffmann with 
a bill He and Devrient were 
incensed and stormed off to 
Schonert in the nearby MOh- 
renstrasse. Lutter realised his 
mistake: Hoffmann and 
Devrient had created his fame. 
He rushed round to Schonert 
and tore up the bill before 
their eyes. When Ho ffmann 
died (to some extent from 
drink) in 1822, Lutter wiped the 
slate clean a second time. 
Devrient died 10 years later, 
his gaze fired on a portrait of 
his dead friend. 

This Lutter und Wegner 
serves good, modem food: a 
“carpaccio of courgettes” with 
plenty of pannesan came with 
a bloody piece of lamb fillet (it 
was better than it sounds); but 
the duck on a roquefort sauce 
was salty (they had bought the 
wrong roquefort). Here I had to 
drink a glass of champagne for 
Hoffmann and Devrient proba- 
bly the first men to bring style 
to the old Prussian capital. 


Cookery /Philippa Davenport 

Cut-price 
glamour cuts 


T he trouble with econ- 
omising is that, all 
too often, it is 
depressingly evident 
The art of paring casts while 
giving real pleasure to your 
guests depends on a calculated 
blend of sheer greed, a shrewd 
eye for bargains, presenta- 
tional flair, lateral thinking 
and - last but not least - a 
smiling demeanour. 

Cut-price glamour is the 
thing to aim for. Relish the 
challenge, plan and execute 
economies with style, and you 
might even create the impres- 
sion that you are lashing out, 
rather than being economical 
Soup, for example, is cheap 
food and the workhouse image 
haunts its past But a broth 
made from, say, the sinewy 
left-overs of game birds can be 
gloriously savoury. And if it is 
served theatrically to individ- 
ual bowls sealed under puff 
pastry lids, the image and the 
eating are decidedly classy. 

A few thoughts on meat 
cookery are given below. Vege- 
tables, fish and dessert ideas 
will follow next Saturday. 

For those on the economy 
trail one thing to avoid is 
mince, which has become 
linked inexorably with nasty. 
But some other cheap cuts are 
both chic and appetising. 
Oxtail is splendid rib-sticking 
stuff, just the ticket for stews 
and braises when winter turns 
wintry. The only worry is that 
it has become so fashionable 
that half your friends may be 
serving it, too. The same goes 
for lamh shanks. 

The time has come for 
avant-garde cooks to greet the 
revival of shin of beef, another 
richly-meaty, awkwardly-bony, 
lip-smacking, gravy-producing 
cut. Once shunned by the 
smart set, my crystal ball fore- 
casts that it is tipped to star. 

Beef shin has been prized for 
years by a few cognoscenti 
who used this meat (where oth- 
ers used more costly chuck 
steak) to make splendid casse- 
roles and stews - with extra 
cooking time, of course. 1 sug- 
gest, though, that it is more 
fun, and much better value, if 
shin is cooked and served on 
the bone. Ask the butcher to 
cut it across to thick slices, 
then treat it to much the same 
way as shin of veaL 
To make what is, in effect, a 
deeply-flavoured version of 
classic ossobuco, colour beef 
shin slices lightly all over, 


then lay them flat to contain 
the marrow safely in the 
bones. Pour on reduced red 
wine, add a plum tomato or 
two or a few prunes, some 
onion, thyme, bay and a curl of 
orange peel 

Cook very gently indeed for 
four hours or so until the meat 
can be pulled clean from the 
bone and the gravy Is sticky. 
Garnish with a variation on 
gremolada consisting of finely- 
chopped garlic, parsley, and 
the zest of an orange. 

For an oriental slant, slow- 
cook the beef shin slices with 
onions, garlic, ginger, soy, oys- 
ter sauce and beef stock. Fin- 
ish with strips of stir-fried 
green pepper and a handful of 
chopped green coriander. 

Offal is “to”. Less celebrated 
than chicken livers (a ritzy, 
long-standing favourite of 
many paupers) but worth con- 
sideration, are sheep and ox 
kidneys. The writer Edouard 
de Pomiane, who considered 
the last to be “unjustly 
despised”, raised their status 
to “aristocratic" by sauteelng 
them and serving with a bear- 
naise sauce. It is a winning 
combination. 

Lambs' kidneys assume 
slightly exotic appeal when 
split, cored, threaded on skew- 
ers, grilled, and served on a 
bed of rice with a snowstorm of 
chives and pats of dukka but- 
ter (butter with dukka mashed 
to) melting over them. 

Dukka is an Egyptian treat, 
a mixture of toasted and chop- 
ped hazelnut kernels, sesame, 
cumin and coriander seed 
which is prepared easily at 
home. Toast each ingredient 
separately in a dry frying pan. 
allowing four parts of nuts to 
three of sesame, two of corian- 
der and one of cumin. Mix, add 
sea salt and pepper, and pass 
the mixture through the coarse 
blade of a meat mincer. 

Dukka keeps well in an air- 
tight jar for many weeks. It 
can also be served as a wel- 
come alternative to bruschetta 
with pre-dinner drinks. Spread 
dukka on a tray and warm it 
briefly in the oven to freshen it 
(If not newly-made), then serve 
it with a bowl of good olive oil 
and warm, crusty bread. 

To eat, break off a piece of 
bread, hold it by the crust, and 
dip the crumb into the oil to 
dampen it Then press it into 
the dukka to pick up some of 
the fragrant nut-and-spice 
mixture. 


Appetisers 

Travel broadens the database 


E ighteen months ago I 
wrote about Thomas 
Henkel an American 
employee of Conoco, 
whose business travels had 
allowed him to produce an 
extensive personal data b ase of 
hotels and restaurants around 
the world. 

Since then Henkel has added 
a Anther 500 entries to his 
database, which now stands at 
3,500, and in response to FT 
readers’ .requests for more 
information,' has ■ launched* 
Henkel's Guide, a bimonthly 
newsletter dedicated to “dis- 
covering exceptional, unique 
and unusual dining and lodg- 
ing. opportunities worldwide”. 
For information on obtaining 


the guide, contact: Henkel's 
Guide, 16 FoxfrQl Lane, Green- 
ville, Delaware 19807. Tel: 
302-992-9927;. fox 302-992-0329. 

□ Q □ 

Another guide pioneer is Rich- 
ard Btnns, who since 1960 has 
been writing and publishing 
his French Leave series. 

Bhms’ latest is AUes France! 
(£10.99) which includes 60 
favourite hotels .and restau- 
rants and a section entitled 
Franc-wise Prance - a guide to 
350 restaurants and hotels with 
value for money menus. 

For Francophiles this guide 
will provide uncomfortable 
reading: Sinus finds French 


Cl A RETS AND 
VINTAGE FORTS 


WANTED ‘ 

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Patrick Wilkinson 071 -267 W5 
or Fisc OT1 2842785 - 


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<jcnatey*w9d(jrxtonWW321Ji 



VIns de Bourgogne 
forsiocldste, 
teb 071-409 7276 


culinary standards at their 
lowest for 40 years and that 
eating out today to provincial 
Britain can be more enjoyable 
than the French equivalent 

□ □ n 

A hundred children will pre- 
pare, cook and serve a Sunday 
lunch banquet for 250 people, 
to raise money for the Young 
Cooks Trust and Whizz Kids, a 
charity which helps provide 
adapted, powered wheelchairs. 

The Big Banquet will be held 
on Sunday November 27 at 
noon in the Royal College of 
Music, London SW7. The lunch 
is masterminded by Philip Brit- 
ten, Michelin-starred chef of 
London’s Capital Hotel 
Tickets are £05 per person 
from Queenie Copping, tel; 
071-233 6800, far 071-233 661 L 

□ □ O 

Restaurant openings never 
happen exactly on time even 
with the most experienced 
management behind them. 

Six weeks after it should 
have opened its doors, The 
Chiswick finally opened for 


business last week. 

This in spite of the fact that 
its directors include Adam and 
Kate Robinson who have made 
such a success of The Bracken- 
bury, W6 1081-748 0107) and 
Tony Mackintosh, the brains 
behind 192 and the Groucho 
Club. 

The Chiswick's chef is lan 
Bates, formerly sous-chef at 
Bibendum, SW3. The Chiswick 
is at 131-133, Chiswick High 
Road, London W4 (081-994 
6887). Closed Sunday evening 
and Monday lunch. 

Nicholas Lander 



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WINE MERCHANT OF THE YEAR * 92-93 & ' 93-94 


Free Trips to 
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(All you have to do 
is Pack a Case). 


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XVf WEEKEND FT 


Basketball 


The Big Dog 
takes his bite 

Patrick Harverson looks ahead to a US basketball 
season purged of violence but not free of greed 


I n this year of sports 
folly, it was difficult to 
imagine {that anyone 
could surpass the greed 
displayed by the owners 
and players whose squabbles 
over money have shut down 
two of North America's four 
major league professional 
sports, baseball and ice 
hockey. 

Then along came Glenn “Big 
Dog” Robinson. 

Robinson, 21 years old. and 
6ft 7ins. was an outstanding 
basketball player iat Purdue 
University in Indiana. He 
should have been making his 
professional debut last night 
when his team, the Milwaukee 
Bucks, played its first game of 
the UHSH-S season against the 
Philadelphia 76ers. 

But Robinson could not have 
been expected to make much 
impact last night. This is 
because he had only one day's 
practice with his new team, 
having spent all but the final 
day of the pre-season engaged 
in a contract dispute with the 
Bucks, who earned the right to 
choose him by virtue of being 
one of the league's worst teams 
last year. 

The dispute was over Mil- 
waukec's refusal to accept Rob- 
inson's demand for a SlOOm, 13- 
year contract. At $7.7m a year, 
the untested Robinson was 
asking for more than double 
what the recently-retired Mich- 
ael Jordan, arguably tbe great- 
est player in the game's his- 
tory. was worth just two 
seasons ago. 

Even in North America, 
where salaries in sport reached 
stratospheric levels years ago, 
Robinson’s demand was 
greeted with astonishment An 
established player who had led 
his team to a championship or 
two might be regarded as ava- 
ricious if he asked for that 
much, but a newcomer who 
had yet to score a single point 
in his professional career? 

Robinson's hard -bargaining 
tactics were particularly dis- 
tasteful because he was seek- 
ing a king's ransom hum one 
of the poorest clubs in the 
NBA. Milwaukee is a small 
market by US sport's stan- 
dards. and its team has 
enjoyed little success lately, so 
the club cannot count on earn- 
ing the vast sums of money 
from television rights or mer- 
chandising sales commanded 
by the big-city teams such as 
the New York Snicks or Chi- 
cago Bulls. Herb Kohl, the 


Bucks' owner put it all in per- 
spective when he said last 
week that he was considering 
trading his ownership of the 
franchise in return for Robin- 
son’s salary. 

£n the end, however, Milwau- 
kee could not face the prospect 
of starting the season without 
their marquee player, and on 
Wednesday the dub signed 
Robinson to a contract that 
will pay him $68 m over 10 
years. At about $83,000 a game, 
that makes Robinson one of 
tlie highest paid players in pro- 
fessional team sports. 

The Robinson saga illus- 
trates a flaw in the NBA's draft 
system. As in other North 
American sports, the process 
by which the best college play- 
ers are fed into the profes- 
sional game is designed to pro- 
mote parity within the league 
by giving the worst teams each 
year the first pick of the col- 
lege stars. 

In recent years there has 
been a dramatic inflation in 
first-year, or “rookie", pay lev- 
els. In each of the past few 
seasons, the top selection of 
the draft has invariably 
demanded - and received - 
more money than the previous 
year’s top selection. Conse- 
quently. the worst teams get 
the best young players, but 
they are also [saddled with the 
best young players' increas- 
ingly imm ense salaries. And 
the worst teams (Milwaukee, 
the Dallas Mavericks, or the 
Sacramento Rings) are often 
the poorest. }by virtue of their 
lack of success. 

It is not just the size of the 
salaries demanded that poses a 
problem, but also the length of 
the contracts. Robinson has 
achieved guaranteed financial 
security over the next 10 years 
- the length of an entire career 
in the NBA. Yet not only can 
the Bucks not know if Robin- 
son will ever become the super- 
star player the club badly 
needs, they also cannot possi- 
bly know how long he will last 
in a league which places an 
increasingly demanding physi- 
cal burden on its top perform- 
ers. Signing a young player 
like Robinson to a 10-year con- 
tract is like buying a long-term 
mortgage on a house in the 
middle of war zone. 

Of course, the club did not 
have to pay the vast sums 
demanded by Robinson, but 
the Bucks could not afford to 
have its star rookie sit out the 
season, as happened in Dallas 


three years ago when the tal- 
ented Jimmy Jackson declined 
the salary offered by the Mav- 
ericks. Jackson missed an 
entire season, and although he 
signed for the club a year later 
and was joined by Jamal Mash- 
burn, another top college 
player, neither Jackson nor tbe 
team has since recovered from 
the disruption. In the last two 
years, the Mavericks have fin- 
ished 27th in the 27-team NBA. 

Robinson’s decision to sign 
was good news for the NBA. 
The league cannot afford to do 
without players of his pulse- 
quickening s kills and athleti- 
cism. Last season was one of 
the dullest in recent memory, 
and the championship was 
won by one defence-oriented 
team (the Houston Rockets) 
over another defence-oriented 
team (the New York Knicks). 
In an attempt to restore the 
game's lustre, the NBA has 
introduced new rules against 
dirty play and intimidatory 
tactics that are designed to rid 
basketball of Us more brutish 
habits. 

Although it is theoretically a 
non-contact sport, basketball 
has always tolerated its share 
of bumps and bruises, crashes 
and collisions, in recent years, 
however, some teams have 
been pushing the rules as for 
as they will go. with players 
using their hands, elbows, 
shoulders, and hips to break 
up attacks and disturb the flow 
of the game. This style of play 
has turned up the temperature 
on court, leading all too often 
to the violent eruptions that 
have earned the sport the nick- 
name “basketbrawr. 

Yet, as Fifa, world soccer’s 
governing body, has discovered 
this year with the introduction 
of its new rules against dirty 
play, the NBA is learning that 
cracking down on rough and 
defensive tactics can mean 
cleaner, but not necessarily 
better, games. 

The chaos and confusion 
among players and referees 
over how to handle the new 
rules made for some disjointed 
contests during pre-season 
exhibition basketball last 
month. The always imagecon- 
scious NBA can only hope that 
players will quickly adapt to 
the new rules, and that the 
new season will not see too 
many repeats of the tedious 
free-throw shooting contests 
that the fans have had to 
endure in pre-season games 
over the }past few weeks. 


FINANCIAL TIMES 


SPORT 




* _ * • ' 
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Pedigree dog: (Perm Robinson became the highest-paid man In US team sports this week 


Janatfun Omi 


T hree years io go and already 
Valderrama's suitability as a 
Ryder Cup venue is being 
questioned. Last week’s 
Volvo Masters at the Spanish venue 
produced record crowds but they in 
turn heightened alarm that the course 
will be unable to cope when much 
larger numbers attend in 1997. The- 
fundamental question is whether such 
events as the Ryder Cup should be 
held on traditional or modern courses. 

Valderrama was built only in 1975 
but is firmly traditional in design. 
Anyone who attended the last three 
Ryder Cups in Europe at tbe Belfry, 
for example, will certainly enjoy the 
better aesthetics. Almost every hole is 
marked by the vivid shapes and lumi- 
nous bark of cork trees. 

The course swoops both uphill and 
down and offers splendid views of the 
Andalucian countryside, its owner, a 
retired tin billionaire from Bolivia, 
Jaime Ortiz Patino, is thought to 
spend £4m of his own money each 
year to maintain the course in splen- 
did condition. 

In the six years since he bought it 
outright, Patino has ironed out some 
of the quirks that brought a mixed 
reaction from the professionals when 


Golf/ Derek Lawrenson 


On the right course? 


Valderrama was first added to the 
tournament schedule. 

“ft looks like it was designed by 
Walt Disney’s brother," David Feh- 
erty once said. 

Patino has rebuilt the greens at the 
rate of two a year so that they spike 
up less and drain more quickly. The 
17th has been converted from a long 
and arduous par five to one that 
resembles the 15th at Augusta. The 
bank behind the green will make a 
splendid focal point. 

There are many feature holes. The 
fourth is a spectacular par five; the 
eighth a gorgeous short par four; the 
10th another birdie opportunity; the 
12th an enormously long short bole 
cut through an avenue of woodland; 
the 15th is a scenic par three. Few 
who have either seen or played Vald- 
errama doubt its right to be consid- 
ered among the top 10 courses in 
Europe. 


But does that make it a great Ryder 
Cup venue? The trouble with tradi- 
tional courses is that they were never 
meant to accommodate heavy traffic. 
Who could have foreseen, in a coun- 
try where few people are interested in 
golf, that one day Valderrama would 
have 25,000 spectators walking around 
it? 

There are bottlenecks everywhere 
that will make it a logistical night- 
mare for those who like to follow the 
Ryder Cup matches around the 
course. To get from the second to the 
third involves going through a small 
tunnel. To get from the 14th to the 
15th means clambering up a steep 
bank, and people were slipping and 
falling as they endeavoured to follow 
Severiano Ballesteros on the final day 
last week. Walk along the [eft of the 
17th ami it is not possible to see a 
thing until the green is in sight 

The trees which add so much to the 


course’s splendour heavily restrict the 
numbers who can walk around. The 
18th, the most crucial hole of all, is 
one of the worst in this respect. Few 
people will be able to see anything. 

Patino has his answers to some of 
these questions. There is talk of a 
bridge being built between the second 
and the third. He is discussing with 
an electronics company the possibility 
of constructing a giant television 
screen behind the 17th so that people 
will not have to fight to catch n 
glimpse of a match that goes down 
the last On the isth. eight of his 
beloved cork trees are to be removed 
to accommodate a grandstand. 

Some of the problems, though, 
seemed to have escaped his notice 
until they were pointed out. He was 
unaware that viewing was impossible 
from the side of the 17th fairway. 

To these concerns Patino added one 
of his own. A section of the road that 


links Malaga to Valderrama has still 
to be built and so for 11 miles the 
traffic is down to one lane in either 
direction. Patino, in his Ryder Cup 
bid, said this would be a dual car- 
riageway by the time of the match 
itself and there would be no problems. 

He was wrong. The construction 
work is in grave doubt The Spanish 
government wants it to be a toll road 
and is awaiting bids to build it None 
are forthcoming. If the money to build 
is not in the transport budget by next 
March then Patino doubts that it will 
be constructed In time. In that case, 
he estimates, spectators could take six 
hours to travel the 30 miles from Mar- 
bella to the course. 

Patino is clearly adopting a high 
risk strategy in making known his 
dismay. He hopes to shame the gov- 
ernment into action. But his views 
merely reinforce the long-held 
thoughts or many in Britain, that the 
Ryder Cup will be damaged by Span- 
ish inefficiency. 

Would not the Ryder Cup be better 
on n modem course, which may be 
bland, but will be easy for spectators 
and accessible? It is a question that 
Valderrama, the sudi of our hopes and < 
fears, raises. 


WEEKEND NOVEMBER S/NOVEMBER <S 1994 


Rugby Union /Derek Wyatt 



shadows 


S ince England's disap- 
pointing tour there in 
May, South African 
rugby has hardly been 
out or the news. Fracas on the 
field has been matched by ver- 
bal dust-up off it Recently. Dr 
Louise Luyt. the SA President 
said in an interview that rugby 
union would be professional by 
1995, that Home Union o fficial s 
should be fired and that the 
1991 World Cup was laughable. 

No one within the hermeti- 
cally sealed committee rooms 
of the four Home Unions 
knows how to read the “new” 
South Africa. It was not always 
thus. Five years ago, when the 
political map of that country 
was more certain or at least 
more dependent on the Afrika- 
ner vote, rugby union, unlike 
nearly every other sport in the 
world, helped prop up the polit- 
ical status quo in South Africa. 

There were no boycotts, no 
ban on players, referees or 
administrators visiting the 
country from the body that 
pretended it represented the 
world view of rugby, the Inter- 
national Rugby Board. 

En gland toured there in 1984; 
New Zealand tried to tour in 
1985 but a successful court case 
led by the affable New Zealand 
rugby player Paddy Flanigan 
QC stopped the New Zealand 
Rugby Football Union in their 
tracks in the high court in Wel- 
lington. When Judge Casey 
deliberated at a special sitting 
on a Saturday morning in Wel- 
lington, the whole of the coun- 
try was rooted to the spot A 
packed public gallery trailed 
outside, blocking traffic. When 
he found in favour of Fhmigan 
the applause of the gallery 
reached out, like a Mexican 
wave, to the streets and 
beyond. 

New Zealand, whose own 
rugby union had toured South 
Africa without Maoris to 
accommodate the apartheid 
policies of the South Africans, 
was posting notice that it was 
growing up. Within months, 
the British Lions due to tour 
South Africa in 1985, fearful 
also of a legal challenge, called 
off the tour. Only the French, 
as ever, decided to break 
ranks, touring in 1990. 

But there were two other 
tours. The first was the Andy- 
Haden-insplred renegade tour 
of South Africa by a New Zea- 
land Cavaliers side, and the 
second was a group of interna- 
tional players who played in 
the white South African rugby 
board’s centenary matches in 
1989. 

Haden denies there was any 
incentive other than pride for 
the team he secretly assem- 
bled. But the 1989 tour was 
altogether different Such was 
the subterfuge, allegation and 
rumour within the Welsh 
Rugby Union of the amounts of 
money given to players and 
administrators who attended 
those celebrations that a report 
| was commissioned. 

That report, of which there 
are three versions - one of 
over 2,000 pages, one of about a 
1,000 pages, and a shorter 
report of only 13 pages. I have 
a copy of the shorter version. It 
states: 

“ . . . Had we been deciding 
this issue (payment) on the 
balance of probabilities that, 
from the evidence heard, we 
would have found that most 
(and quite possibly all) of the 
players were handsomely 
rewarded for going to South 
Africa. By that we mean that 
they received money, and not 
just the incidental benefits. At 
least one player received at 
least £30,000 and others as 
much or broadly comparable 
figures..." 

The report carefully lays the 
blame on the players but I am 
sure that the administrators 
who attended were also well 
rewarded. 


Who paid? Why, the South 
African Rugby Board under 
that wily old fox Danie Craven. 

The irony Is that this report 
was carried out by Vernon 
Pugh QC, then an innocent by- 
stander in Welsh rugby affairs. 
Three years later he' is both 
chairman of the Welsh Rugby 
Union and the International 
Rugby Football Board. Two 
weeks ago, Luyt failed to 
appear at the interim IRFB 
board meeting in' Vancouver, 
where he was to be asked to 
explain his remarks on the 
four Home Unions. 

I would guess, therefore, that 
if you were Pugh, almost the 
last country you would want to 
confront on and off the field 
currently would be South 
Africa. Yet South Africa are In 
Wales and carrying all before 
them. 

Once the sporting isolation 
was imposed, club rugby in 
South Africa gradually became 
a bit-part player to the prov- 
inces. The provinces owned the 
grounds and had the television 
and sponsorship. And with no 
one to play, the country had 
little choice but to turn Us pro- 
vincial champ ionship into a 
mini-international series. 

The gates were huge, fre- 
quently topping 40,000, often 
reaching the 65,000 capacity of 
the larger grounds. Conse- 
quently the amount of money 
piling up was unreal in an 
unreal country. That money 
meant that South African 
rugby union could stop its 


‘ The amount of 
money piling up 
was unreal 


players following the country's 
cricketers to Australia and 

En gland. . 

To keep them, deals were 
done. These started with 
inflated expenses and turned 
almost into payments and then 
salaries. Luyt knows the score. 
What irritates him is that he 
believes this is the direction all 
top-level rugby union must go. 

He cannot fathom why the four 
Home Unions are hiding the 
truth. He knows how much 
some of them were paid tOM 
come to South Africa in 1989' 7. 

Meanwhile, the side South 
Africa has brought to Wales 
and Scotland is good verging 
on excellent It is hard to see 
any real weaknesses except 
that the team has not yet 
gelled completely and some- 
times coasts when it is ahead. 

There are some great players 
- Japle Mulder and Brendan 
Venter in the centre and Mark 
Andrews and Dlrkus Hatingh 
in the second row - but as 
always, South Africa takes 
time to settle when overseas. 
Just the public scrutiny is hard 
for them to take coming, as 
they do, from a society that hid 
the truth for so long. 

They were last in the UK 
only two years ago when the 
last team of the Naas Botha 
era played against England. 
Botha briefly played American 
football for tbe Dallas Cowboys 
and yet was re-admitted to the 
amateur game immediately bis 
contract ended. On the field, 
Botha led South African rugby 
down too many blind alleys. 4 
because be saw the game only- 
in yardage; making huge kicks 
to take his forwards over thu 
gain line. r- 

Two years on. this side is 
fitter, faster, heavier up-front 
and stronger in every position. 

Its only problem, apart from a 
still over-vigorous approach, is 
that it cannot decide on a half- 
back partnership. Nonetheless, 
the Springboks are preparing 
to be crowned world champi- 
ons next year at Ellis Park, 
Johannesburg. 








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C ars arc getting so much 
smarter than the people 
who use them that they 
will soon be equipped 
with electronic systems taking 
decisions oat of tbe driver’s hands. 

It all began some years ago with 
ABS (or anti-lock) brakes that allow 
drivers to stamp on the pedal and 
then steer round obstacles without 
losing control - whereas panic 
braking on wet roads in cars 
without ABS often causes accidents. 

The reason is that a car slows 
down much better when the tyres 
are just revolving than when they 
are sliding. And as sliding tyres 
have no sideways grip, the front 
ones cannot steer the car and the 
back ones cannot prevent the tail 
from swinging out of line. 

But ABS works properly only if 
yon slam on the brakes as hard as 
yon can and keep trying to push the 
pedal through the floor until the car 


Motoring 

for a spin in safety 


stops. Research by Lucas and 
Mercedes-Benz has shown that 
seven out of 10 drivers of 
ABS-equipped cars get it wrong. 

In an emergency, they slam on the 
brakes quickly enough but then 
ease off slightly. This means the full 
benefit of the servo mechanism, 
which boosts braking power, is lost. 
Stopping the car takes longer than 
it need. 

So, Lucas and Mercedes-Benz have 
evolved an electronically controlled 
brake booster that senses 
emergency braking. It then keeps 
the brake-boosting servo folly on 
even if the driver is no longer 
pressing the pedal as hard as 
possible. The system wifi start to 
appear on Mercedes-Benz cars from 
the 1996 model year. 

Ken Maciver. managing director 
of Lucas Braking Systems, describes 
tbe electronic actuation system 
(EAS) as the biggest advance in 


braking since ABS was Introduced 
more than 20 years ago. EAS not 
only allows ABS brakes to work 
with foil efficiency - it also 
prevents a leaden-footed driver from 
spinning tbe drive wheels during 
acceleration, and even helps prevent 
a car from drifting off line in a bend 
taken too fast. 

There has been a lot of emphasis 
recently on passive safety: on things 
such as air bags, crumple zones and 
side intrusion bars to protect 
occupants when a car crashes. All of 
this is well and good - but it must 
be better not to have a crash in the 
first place. This is where active 
safety systems snch as EAS come 
in. 

Also under development by 
Mercedes-Benz, although some way 
off production, is an intelligent 
cruise control system. If fitted to 
cars as routinely as heater/ 
demisters and stereos now arc. it 


would get rid of those motorway 
menaces, the tail -gators. They are a 
prime cause of multiple crashes 
because they follow so closely that, 
when the traffic slows suddenly, 
they cannot help running into the 
car in front. 

The Mercedes-Benz system uses 
infra-red transmitters Integrated 
into a headlamp to monitor the 
traffic in front. A computer 
calculates the safe headway for the 
car and maintains it by operating 
the accelerator and brake. 

It is, of course, only a thought - 
but if drivers were half as 
intelligent as the Mercedes-Benz 
cruise control, they would always 
keep a proper distance from the car 
in front and reduce speed on 
slippery roads. Then, none of these 
clever electronic devices would be 
necessary. 

Stuart Marshall 



Peugeot’s sedan saloon 


Hatchbacks with load spaces are 
useful but many feel saloon cars 
with boots have more style. Yet, 
Peugeot calls its latest 306 four- 
door a sedan. I thought low gear- 
ing made the poshest two-litre ST 


model I drove sound fussy at 
motorway cruising speeds, it was 
nippy hi town, rode with Peugeot’s 
usual shock absorbency, and had 
exceptional space inside. Prices 
are from £11,565 to £13,850. 


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BOOKS 


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’ rot b couple of mouths before 
Princess Elizabeth gave birth 
to her first son, a report in 
the New York Times deliv- 
ffed a waspish verdict on post-war 
Britain: “an impoverished sec* 
ond-rate power, morally magnifi- 
cent but economically bankrupt" 
Today, the feeling that Britain has 
some kind of special reserve of pro- 
bity which can compensate for its 
otherwise sagging fortunes is dis- 
tinctly unfashionable. 

Jonathan Dimbieby’s sympa- 
thetic biography is as much the 
story of that decline, of the gradual 
coarsening of a nation's sensibility, 
as the tale of a man who, racked by 
self-donht, has come to symbolise 
Britain’s crisis of identity. 

That the two - nation and heir - 


Symbol of a disillusioned age 

Peter Aspden finds it hard not to warm to the anguished man who would be king 


are symbtotteally related has surely 
been demonstrated time and time 
again, not least by the roller- 
coaster tale of love, estrangement 
and high force which the world has 
come to know as Charles-and-DL 
The hysterical reception given to 
their courtship and wedding 
smacked of desperation; the price 
paid for the marriage's failure is 
the nation’s hitter revenge for 
being so acutely disillusioned. 

It is hard not to warm to Charles 


from Dimbleby's portrayal; a 
grown man, capable of agonising 
intensity, who still expresses him. 
self in the puerile vocabulary of the 
Eagle, the boy's comic given to him 
by his loving great-uncle Lord 
Hountbatten. The future dug's 
moral universe, as expressed in his 
diary, refuses to veer beyond the 
boundaries of “beastly” and 
“Jolly”; even after the humiliating 
tour of Korea and Hong Kong in 
1992, by which time the fairy tale 


THE PRINCE OF WALES: A 
BIOGRAPHY 
by Jonathan Dimbleby 

Little. Brown CO. 640 pages 

wedding had turned to nightmare, 
his ire was cloaked in the terminol- 
ogy of a schoolboy about to bave 
his tnckshop allowance taken 
away: “I feel so unsniled to the 
ghastly business of h uman intrigue 


and general nastiness ... I don’t 
know what will happen bom now 
on, but I dread it” 

The marriage to Diana was some- 
thing he could - and should - have 
been talked out o ft but who was 
there? Certainly not his mother, 
whose minimal presence in her 
sou’s biography speaks volumes: 
while Charles prevaricated over 
whether to take “la grande plunge” 
(sic), we read that “characteristi- 
cally in relation to such matters. 


the Queen refrained from tendering 
her opinion”. Whether she exer- 
cised similar restraint when the 
blushing bride started head-butting 
the glass cabinets is not known, 
but the widely-publicised lack of 
intimacy in this very mixed-up 
family cannot foil to have blunted 
the Prince’s sense of self-worth. 

To his credit, Charles has not 
allowed the blnnderings of his pri- 
vate life to divert him from the 
quite complex socio-political posi- 


tions he has embraced. In many 
ways, he would make a perfect 
monarch for the current age*, his 
modish mix of eastern philoso- 
phies, eco-concern and community 
politics certainly strikes more of a 
chord today than it did at the 
beginning of the 19S0s. 

Interestingly, he has one ambi- 
tion left; after a famous gala White 
House dinn er in 1985, he reflected: 
“Travolta asked Diana to dance, he 
whisked her about the floor and 
everyone left them on their own 
until 1 joined in eventually with a 
very good American ballerina, 
whose name I forget. Sadly there 
were no lovely actresses or singers. 
I had been rather hoping that 
Diana Ross would be there . . .” 
Another Diana? Forget it 


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T his collection of 
letters, unlike 
Kathleen Tynan’s 
earlier, much 
admired and affec- 
tionate biography of her late 
husband, displays some of Ken- 
neth Tynan’s less charming 
characteristics. The correspon- 
dence also reveals several sur- 
prising, and sometimes contra- 
dictory. judgments from one of 
the most celebrated critics of 
British theatre. 

His early letters from school 
were innocuous enough, offer- 
ing only fen letters and gossip 
to a friend. Oxford provided 
the first of several love affairs; 
there is fun and variety in this 
correspondence but only his 
own evidence of burgeoning 
talent He both directed and 
played in the theatre; “my pro- 
duction of Sweeney Agonistes 
was a terrific success." Isis 
called him “Oxford’s best jour- 
nalist objectionable Kenneth 
Tynan.” He came down with- 
out a degree but with several 
theatrical offers waiting. To 
Picture Post he wrote that “the 
year which I spent in Oxford 
was a superb parenthesis in 
my fife and, like all the best 
parentheses, they mean more 
than all the rest of the sen- 
tence.” This was in 1950, when 
he was 23. 

The following Christmas, he 
sailed with Elaine Dundy, later 
his first wife, to New York. 
John Gielgud asked him to 
supper and Tynan described 
Kenneth More (in The Deep 
Blue Sea) as “our best answer 
to Marlon Brando." 

Arthur Miner's The Crucible, 
he wrote on a later visit to 
New York, was “a failure dra- 
matically”. Yet 10 years on, in 
■ a memo to Olivier, Tynan 
- included it in a proposed 

KEN NETH T YNAN 
LETTERS : 

- edited by Kathleen 
5 Tynan 

Wrtdenfeld A Nicolson £22, 

690 pages 

schedule for the National Thea- 
. toe, to. January 1953 he was 
working both for the Daily 
Sketch and the Evening Stan- 
dard but in July he wrote to 
David Astor for a job as sec- 
ond-string theatre critic on the 
Observer. This did not stop 
him' from faHring qq, a job as 
script editor at Ealing Studios, 
assuring Astor that “a not too- 
tedicras job in another field 
would stimulate me." 

In September 1958, Wolcott 
Gibbs of the New Yorker died 
and William Shawn, the editor, 
invited Tynan to take bis 
place: Tynan left Ealing, with a 
king critical letter to its direc- 
tor, and began work on the 
New Yorker. 

- The section entitled “Crest cf 
the Wave" begins with the 
break-up of his first marriage; 
which Tynan, on the evidence 
of these letters, tried to keep 
s£ ™ going. The ATV programme, 
We Dissent, which Tynan bad 
built up with 26 liberal 
■A Americans citizens, went out 
in January 1980 and was Hi-re- 
ceived in 05. It is hardly sur- 
prising that he reckoned he 
should be in England again, 
where he wrote to Olivier to 
ask for a job; Olivier, reluc- 
tantly at first, took him on as 
literary manager for the 
National Theatre. 

“Celebrating the Sixties” is 
predominantly National Thea- 
tre correspondence. Controver- 
sial plays included Robert 


Modern British drama 
under the microscope 

B*A. Young on Kenneth Tynan and Nick Curtis on Arnold Wesker 



lunched by impresarios and 
championed by his revolution- 
ary peers after years of rejec- 
tion letters. To reach this con- 
summately readable 
apotheosis, though, you have 
to hack through over -400 pages 
of reminiscence, romanticism 
and (Wesker denies it, but it is 
there) nostalgia. 

The story of his childhood 
and early adulthood is clotted 
with diary extracts (his own 
and others), letters (ditto), and 
illustrative snatches from his 
works. Wesker could condense, 
paraphrase or edit but refuses 
to. He depicts himself through 
younger writings as a mildly 
embarrassing but adorable 
innocent 

His hopes, dreams and, 
above all. his family and 
friends are laid painstakingly 
and repeatedly before us in an 
often gauche, sometimes unc- 
tuous and always rambling 
narrative. Wesker's family - 
cantankerous but loving 
mother, ineffectual father, 
saintly sister - appear with a 
frequency justified by his reli- 
ance on them for the grist of 
his drama. His friends are 
another matter. Although 
many metamorphosed into 
characters in his plays, many 
more seem to be evoked for the 
sake of avenging past slights 
or expunging past guilts in 
print A huge number are inci- 
dental to the narrative, sug- 
gesting that Wesker is more 
interested in communing with 
his past than co mmunicatin g 
with the reader. 

Wesker bemoans his infelic- 
ity with prose, and it shows. 
His style at first is either over- 
wrought and overexcited or 
fetishistically introspective 
and self-absorbed. As if bo ilhis- 


AS MUCH AS I DARE 
by Arnold Wesker 

Century £18.99. 578 pages 


Kenneth Tynan photographed by Cecil Beaton: his letters reveal soma of his k»s 


Graves's re-written Much Ado 
and Charles Wood's Dingo, 
which were turned down by 
the board. He continued his 
freelance work, and the seduc- 
tion of Kathleen (largely by 
telegram). In 1956 he proposed 
an erotic show, “Nothing that 
is merely funny or merely beau- 
tiful should be admitted; it 
must also be sexy.” This 
became the notorious Oh! Cal- 
cutta. 

The 1976s marked the start 
of Tynan’s fade-out period. He 
was becoming increasingly 
radical; work was commis- 
sioned from Havel and there 
was an idea for pieces about 
Wilhelm Reich and Daniel 
Cohn-Bendit 

In a series of letters from 
Tunisia, his marriage to Kath- 
leen was going well but his 
health was breaking down. In 
London, Peter Hall had taken 
over from Olivier at the 
National and there was talk of 
Tynan’s departure. 


By the spring of 1977, he and 
Kathleen were in California, 
where he went on writing 
pieces about literary and dra- 
matic figures while retaining 
his English friendships. He 
made friends again with his 
first wife and with fellow-critic 
Harold Hobson, and wrote 
rhymed birthday-cards to his 
children. Then he died. 

It is hard to sense much 
affection in these letters - but 
the answers to some of his 
more provocative correspon- 
dence would have made inter- 
esting reading. 


I f Tynan was the great 
chronicler of modern 
British drama, John 
Osborne, who reshaped 
it in the 1950s, was its 
scalding prophet and Arnold 
Wesker was a quieter, ques- 
tioning counterpart While Pin- 
ter and Becket wowed a com- 


placent theatre with their 
oblique absurdism. Osborne 
and Wesker employed their 
supposed working-class real- 
ism bo equally devastating 
effect: Osborne raged and 
loathed, Wesker argued, 
doubted and loved. 

Unlike Pinter and Beckett, 
their seminal early plays 
(Osborne's Look Back in Anger. 
Wesker's Chips With Every- 
thing and his Trilogy ) have 
dated badly, a fact both refuse 
to acknowledge. While Osborne 
ossifies into damn- you -all cur- 
mudgeonliness, Wesker writes, 
writes, writes, appealing for 
justice and the recognition he 
gets abroad and feels he 
deserves at home. 

This Arnold Wesker - the 
wounded, misunderstood artist 
- cries out sporadically from 
the pages of an unruly, unbal- 
anced first volume of autobiog- 
raphy. He appears in para- 
graphs announced as “Asides" 
in a narrative that hopscotches 


back and forth through his life 
up to 1959 and beyond. There is 
also the bereft husband con- 
fessing. if not regretting, the 
adultery that wrecked his 35- 
year marriage to tbe adored 
Dusty, a marriage barely 
begun as this book ends. Most 
embarrassingly, there is the 
penitent father, appealing 
directly for forgiveness to the 
eldest son Lindsay Joe who 
will not speak to him because 
of this betrayal. (The publisher 
notes that, since writing, Wes- 
ker and son are reconciled. 
Whoopee.) 

Mostly though, this is a 
chronicle of the early years 
that preceded Wesker's early 
success, where he's at pains to 
assert ivhat most writers spend 
their lives denying - the direct 
autobiographical nature of his 
plays, poems and prose. The 
last hundred-odd pages are 
gripping as the twenty someth- 
ing Wesker is tentatively fos- 
tered by the Royal Court. 


trate the blend of self-doubt 
and self-justification that 
makes up the large part of this 
volume (the title is very apt), 
the pages ore Uttered with 
question and exclamation 
marks. 

When writing about his early 
years, Wesker is like a child, 
alternately demanding 
acknowledgment of his clever- 
ness or wheedling for sympa- 
thy. Later - much later - he 
settles down to become fast, 
funny, even fair. He is bril- 
liantly even-handed to his late 
friend, the dictatorial director 
John Dexter, who premiered 
Chicken Soup With Barley, 
Roots and The Kitchen. There 
are also thumbnail sketches to 
rival Osborne’s depictions of 
Tony Richardson and George 
Devine, the powerful Royal 
Court supremos. 

For the most part, though, as 
in his early plays, Wesker now 
seems to be overdoing it. His 
Russlan-Transylvanian ances- 
try; the milieu of an East End 
Jewish family through the 
1930s, '40s and '50s; the factors 
that shaped a young, work- 
ing-class, autodidact Jewish 
playwright are all somewhat 
smothered by the tangential, 
the incidental and the inconse- 
quential 

Since this book officially 
ends in 1959 (Wesker con- 
stantly runs ahead of himself), 
1 presume there's at least one 
more volume to come. The last 
fifth of As Much As l Dare 
hints at how good the next 
book might be. The other four- 
fifths do not 



eading as though 
written en bloc, the 
tales in Carol 

__ Shields’ Various 

Miracles (Fourth Estate, £9.99) 

• are united by a common fokd-. 
nation with the eddy eajflwr- 
ics of chance. Her wry voice 
captures moments of transccai- 
,-dencei accidental beauties 
jniwiirking the quirks ■ of 
human • reminiscence. The 
image -of a wedding ring is 
swept up with the memory, of a 
childhood vision; a revelation 
of religions faith and fresh- per- 
ceptitin' of married harmony. 
She, shows the process by 
which scraps of real lives are 
^transmuted into poetry or 
anecdotes. A . loving testimony 
to the slow, unspoken bargains 


Short Stories/Patrick Gale 


Dying falls, abrupt endings 


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of lasting marriage, . Shields’ 
work here is shot through with 
honest awe. 

Jane Gardam’s fiction- is 
made of darker stuff. Going 
into- a Dark House (Sinclair 
Stevenson, £14.99) is spiced 
with- mortality. She specialises 
in abrupt endings where 
Shields fovours the dying fan. 
Her evocations of place and 
mood are vivid, .the loving 
detail she lavishes on land, lan- 
guage and food, intensely 
Fngiiafr- sere are tough tales 
of lost Innocence and shattered 
hopes. Gardam writes particu- 
larly well about the ambiva- 
lence of mother love. Mothers 
look with disdain on the chil- 
dren they have produced, 
daughters regard their parents 
with cowed, rebellious glowers. 
There is humour too, most 
memorably in Telegony, an his- 


torical novella of whale-boned 
passion in Edwardian Shipley; 
blissfully funny at first, then 
oddly moving. 

Salman Rushdie is a word 
gourmet piling epithet on epi- 
thet clause on sickly descrip- 
tive clause. In the broader 
plane of a novel, this pays off 
richly: apparently gratuitous 
word eruptions and extra-nar- 
rative excursions make a vital 
contribution to a work's vig- 
our. In miniature, however, the 
efiect can prove clogging. Two 
tales here, Yorrick and At the 
Auction of the Ruby Slippers 
grind almost to a bah under 
the weight of Rushdie's 
galumphing irony. At its best 
however, .East, West (Cape, 
£9.99) shows him on extraordi- 
nary form. His strongest spells 
are cast when he curbs his wil- 
der gestures and dares to gauze 


over his strong personality 
with the deceptively plain tale 
he is unfurling. The three 
unpredictable' Eastern fables 
typify this restraint. Lovely, 
too, is The Courtier, a fond 
homage to Certainly Mary, a 
redoubtable family ayah. 
Uprooted and set adrift in 
Sixties Kensington, she finds 
backstairs romance and an 
unexpected aptitude for grand 
master chess technique before 
choosing to return to her roots 
While much of the piece's 
humour arises from the zany 
cross-cultural influences that 
are the collection's theme, 
Mary’s maintenance of her dig- 
nity in the face of her western- 
ised charges' mockery stands 
as a decorous reproof. 

The stories in Carol Lake's 
Switchboard Operators 
(Bloomsbury, £12.99) are so 


unified in character and set- 
ting that this beguiling book 
can almost be read as a novel. 
Set amid the rarefied proce- 
dures. clattering machinery 
and sex war skirmishes of the 
Derby telephone exchange in 
19fi9, the narratives are as 
meticulously researched as 
those in her first work. Rose 
kill, so that the book glows 
with documentary insights. 
Lake's narrator is Sylvie, a 
newcomer to the institution, 
following in her mother's foot- 
steps. Less interested in Past 
Office regulatory procedure 
than m following boyfriends to 
man the Revolution's barri- 
cades. Sylvie is a deeply poi- 
gnant figure. Less bright than 
she thinks she is and given to 
drink, she is. one gradually 
perceives, barely a twin-set’s 
reacli from a psychiatric ward. 


That the undertow of sadness 
is never allowed to swell up 
into tragedy is typical of 
Lake's cunning. 

As much a specialist in the 
field as V.S. Pritchett, Alice 
Munro stands alone in this 
batch in writing stories which, 
for all their brevity, evince 
such complex emotional refer- 
ences and depth of character 
that each reads like a miracu- 
lously compressed novel For 
this very reason, it is impossi- 
ble to read Open Secrets 
(Chat to & Windus, £14.99) 
back-to-back - one has to keep 
laying the book aside to live 
each tale a little in one's head. 
Ranging in their settings from 
the 1850s to the present, from 
Canada to the Balkans, they 
are uni ted by an undertow of 
violence and by the restless- 
ness of their heroines - each a 
pioneer in her way. Like the 
best styles, Munro's is invisi- 
ble. Inexorable and precise as 
the slowest cogs in a clock 
mechanism, her narratives 
seem so weighted with immi- 
nence and induce an often 
quite needless sense of dread. 


Three big 
questions 


P opular science books, 
like crime novels, 
must get read mainly 
by people who follow 
the genre. In the wake or Step- 
hen Hawking’s one great suc- 
cess, there are so many pop-sci- 
ence books in print that if they 
were read more widely the 
problems of public understand- 
ing, which preoccupy scientists 
and science ministers alike, 
would quickly be over. 

Here are the first three of a 
new Anglo-American series, 
styled Science Masters, plainly 
intended to be read by non-ha- 
bitues. Three Big Questions 
are tackled in short, readable 
books by authors who have all 
answered them before. Twenty 
odd more titles are promised 
by the turn of the wiillenniiim. 

So how do the first three 
fare? Take Barrow and Davies 
first Both do a neat job in the 
small space prescribed - the 
putative reader obviously has a 
short attention span. John Bar- 
row has a slightly easier time, 
as he is merely concerned with 
the beginning of everything, 
while Davies has to address 
the end but must consider the 
beginning as well to explain 
how we might get there. The 
big crunch may be Implicit in 
the big bang. 

As this implies, both books 
cover the range of ideas, occa- 
sionally well-attested, often 
speculative, frequently bizarre, 
of contemporary cosmology. 
Here be black holes, worm- 
holes, baby universes, stardust 
and dark matter. These are all 
explained as clearly as they 
can be. In simple English, 
though some very basic phys- 
ics is assumed. These stories 
are about science as intellec- 
tual entertainment, rather 
than scientific literacy. They 
will not do anything for your 
ability to cope with modern liv- 
ing but they will ensure that 
your eschatology is seriously 
up to date. 

The most important property 
of the universe, of course, is 
that it harbours beings who 
can ponder where it came 
from. The origin of the local 
variety of such beings is Rich- 
ard Leakey’s concern, and his 
book is the most appealing of 
the three. A simpler story, 
with less way-out concepts, but 
a compelling one, well-told. 
Leakey is especially good on 
tbe fact that the evolution of 
the genus Homo is both a sci- 
entific study and an origin 
myth. He is well aware how 
images of the human past are 
coloured by prevailing cultural 
prejudice, and is clear about 
the necessary limitations of 
the historical sciences. No 
experiments here: the anthro- 
pologist is condemned to inter- 
preting fragments of a long, 
complex story, imposing order 


on scattered collections of pre- 
served bones which constantly 
tantalise the scientist who 
wants to see tbe whole picture. 

Leakey is candid about hold- 
ing a minority view on many 
key questions, like dating the 
origin of language - old and 
slow he reckons, while most of 
his colleagues think it was 
rapid and recent, perhaps as 
recently as 35,000 years ago. 
This commitment, to continu- 
ity with our forebears rather 
than a clean break, makes his 
arguments seem a little 
sharper than Barrow or 
Davies. 

Against the trend of some 
recent popular science books, 
he is also honest about the fact 
that some of the big questions 
may remain forever mysteri- 
ous. “How can we know what 
happened to our ancestors' 
level of consciousness during 
the past 2.5 million years?", he 
asks; “The harsh reality 

THE ORIGIN OF THE 
UNIVERSE 

by John D. Barrow 

Weidenfeld <£ Nicolson £9.99, 

150 pages 

THE ORIGIN OF 
HUMANKIND 
by Richard Leakey 

Weidenfeld & Nicolson £9.99, 

!7l pages 

THE LAST THREE 
MINUTES 

by Paul Davies 

Weidenfeld & Nicolson £9.99. 
162 pages 

anthropologists face is that 
these questions may be unan- 
swerable". 

Barrow also hints at similar 
limitations, suggesting that 
analogies for many physical 
theories seem to fall to hand 
too readily. He suspects that it 
is only when there is a theory 
which can be described in 
mathematical language, but 
which has no obvious meaning 
outside it that we are getting 
close to physical reality. As he 
puts it taking up the crux of 
Hawking's book, “One can read 
the sentence ‘Time becomes 
another dimension of space', 
understand what all the words 
mean, but still not possess any 
real understanding of what is 
being conveyed". 

Just so. This is another rea- 
son why Leakey's book has the 
edge on reader satisfaction, 
and why it may be unwise to 
launch this series with two 
books about the outer reaches 
of physics. Then again, they 
might inspire readers who will 
go on to fashion new answers 
to the Big Questions. 


Jon Turney 


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1 



FINANCIAL TIMES 


WEEKEND NOVEMBER 5/NOVEMBER « 1994 


ARTS 


‘Beauty’ is mocked 
and betrayed 

Clement Crisp is appalled at the crassly wrong-headed new 
production of this great ballet at Co vent Garden 



T he Sleeping Beauty Is 
the greatest of ballets. 
Its score is Tchaikov- 
sky’s masterpiece. Its 
choreography, respond- 
ing to that score, is a s ummation of 
the ideals of the classic academic 
dance as it was brought to its zenith 
in Imperial St Petersburg by Mar- 
ius Petipa. It is a work of its time 
and place - essentially, I suppose, 
the final and most nostalgic state- 
ment about the art of a dying 
empire. It is the product of a franco- 
phile culture, yet it reflects both the 
grandeur and the humanity of scale 
of its ravishing native city, and 
even of the theatre that gave it 
birth, the Mariinsky, so perfect in 
its architectural ordering. 

For ballet-goers, it enshrines 
every virtue that the word “classic' 1 
can mean to dancing. Petipa’s cho- 
reography as it has come down to 
us pro claims the merits of formal 
order, harmony, of movement 
serenely shaped in space, occupying 
space with both liveliness and deco- 
rum. The action of the ballet as it 
was first given in 1890 - and we 
have clear evidence of its teat - was 
superb in balance, as grandly spa- 
cious as the Imperial world and 
ideal to which it was a homage. Its 
score was no less beautiful in 
shape, each scene, each act, most 
carefully considered as musical 
architecture. 

Nothing in Beauty is distorted, 
extreme, vulgar, unreasoned. Ulti- 
mately, it proposes attitudes of 
moral distinction - Virgil Thomson 
called them “twin privileges, free- 
dom and responsibility” - winch 
must guide classic creation and 
interpretation. The academic dance 
of Petipa insisted on this. The aca- 
demic dance of our century, of Bal- 
anchine, Ashton, held it no less 
true, whatever developments in 
manner might supervene. Beauty 
must remain for performers, pro- 


ducers, audiences, an example of 
clarity, formal dignity, rule of order. 

On Thursday night the Royal Bal- 
let unveiled Its new Beauty at 
Covent Garden, the production hav- 
ing been first seen in America dur- 
ing the summer. Beauty has a spe- 
cial place in the company’s history. 
With extraordinary prescience, 
Ninette de Valois gained a first 
staging In 1939 for her then imma- 
ture company - it was just eight 
years old. The text was correct even 
if the forces (and the design) were 
not up to their task. By 1946, and 
the re-opening of Covent Garden 
after the war, de Valois could bring 
her company to glory and our 
grandest theatre. Beauty , splendidly 
designed by Oliver Messel. 
announced to the world - and to 
America in 1949 when the troupe 
made its New York debut - that 
Britain had a national ballet. The 
production honoured Us text. It edu- 
cated dancers In the greatest chal- 
lenges of their art It taught audi- 
ences to love classic ballet. Over 
succeeding years, other versions 
were presented, none so Ulumina- 
tingly right as the 1946 version. 
That staging, with its Bibiena archi- 
tecture and its sense of space, gave 
the dance and dramatic action room 
to breathe, to take proper and hap- 
piest shape. 

The new staging we now see is by 
Anthony Dowell, in his time the 
purest of classicists as Prince Flori- 
mund, with design by Maria fljom- 
son, who has worked in opera, 
musicals, drama. Dowell has pre- 
served much of the old choreogra- 
phy on the immediate terms of step 
and pattern. Miss Bjomson has dec- 
orated it in a manner so crassly 
wrong-headed, so vulgar, that we no 
longer see The Sleeping Beauty, but 
a cross between a Folies Bergere 
show and a pantomime. The ballet 
has been degraded, mocked, 
destroyed. 


It is beyond understanding that 
Dowell should have countenanced 
design which is malignly deter- 
mined to unbalance every harmony 
that shapes Beauty. Bjomson has 
contrived a permanent frame of ver- 
tiginous and skewed pillars which 
collapse towards a central oval, or 
lead to a dizzying perspective of an 
open gallery. Hectoring in visual 
terms, this disastrous scheme effec- 
tively pulls the eye away from the 
stage action. Costuming is fossy, 
garish, or winsomely pallid, fatuous 
in outline (the Queen comes on in 
the first act as Mistinguett), ill- 
judged in effect. Historical identity 
- Bjomson seems to have dipped 
into A girl's first book of baroque 
motifs with no great success - and 
fairy-tale magic are equally 
unlovely in realisation. (Part of the 
fascination of Beauty lies in the 
mingling of the real - evoking the 
court of Louis XIV - with fairy 
magic, and the subliminal presence 
of the greater theme of beauty 
cursed to a winter sleep and then 
awakening to love and new life). 

Nothing is visually right about 
the staging. Not one moment has 
the power or the grace implicit in 
score or choreography, because 
everything is betrayed by Miss 
Bjornson’s tasteless caprices. (Lest 
anyone think I am too severe, I 
would refer ballet-lovers to the 
video of the Kirov staging as per- 
formed by Irina Kolpakova: designs 
unemphatic but serenely right 
frame performances that breathe 
and flower in the stage space. Cho- 
reography, interpretation, style, 
have a common dignity and illumi- 
nating force.) At Covent Garden, 
the dance now battles against a ver- 
tiginous, maladroit setting, trapped 
in costuming either flimsy or clev- 
er-clever. Performances seem unset- 
tled. unseated, by this decorative 
mayhem. The prologue is domi- 
nated by a vast table whose only 


justification is to allow Carabosse's 
creatures to scamper and riot on it, 
while a set of chairs shake, rattle 
and roll. That it encroaches upon 
the dancing space is an even 
greater flaw: the sublime patterns 
of the dance look cramped. The first 
act boasts a vast oval frame 
through which Aurora must gin- 
gerly enter - gone that colonnaded 
view of the young princess which 
has traditionally been one of bal- 
let’s most thrilling moments. The 
second act is a winter hunting 
scene having an air of austerity and 
acid, vehement colouring, with the 
court dances curtailed so that the 


prince may have an unnecessary 
solo, for which Tchaikovsky sounds 
oddly souped-up. (And the prince's 
tutor is dressed as Smike). The last 
act - the apotheosis of everything 
Beauty means - looks like a preten- 
tious hairdresser's establishment 
with too few clients: the court is 
distinctly sparse in numbers. 

Dowell's production has. and with 
good cause, a harried and browbea- 
ten air. The Prologue’s formal 
splendour - it should be like a be 
Notre garden - is defeated by its 
design and by performances fidgety 
rather than radiant. (And 1 here reg- 
ister a protest at the intermimable 


clatter of thunder played over 
Tchaikovsky’s score to announce 
Carabosse’s arrival: it is symptom- 
atic of the staging that it does not 
trust the music. That Carabosse 
was played by Dowell himself as a 
captious drag-queen is another mat- 
ter). 

Grace of means, that prerequisite 
of tiie academic dance, was rarely 
apparent in the first night perfor- 
mances. VLviana Durante made a 
pretty, delicate and capable Aurora, 
but - not surprisingly - her inter- 
pretation seemed over-shadowed by 
the surroundings and lacked nobil- 
ity of scale. Her prince was Zoltan 


Soiymosi, whose provincial manner 
and brash technique 1 do not 
admire in this ballet. The Lilac 
Fairy of Benazir Hussein was strong 
but singularly charmless. There 
were brightnesses amid the flurries 
of fabric and tinsel - the three jewel 
fairies of the last act seemed 
delightful - but casts are going to 
have a difficult time telling us 
about The Sleeping Beauty in this 
unreasoned, unreasoning carica- 
ture. 


In repertory at Covent Garden, 
sponsored by Inchcape and the 
Friends of Covent Garden. 



* 





In search of some simple common sense 

William Packer reviews the work of the four contenders for the Turner Prize 


H ot on the heels of 
the inaugural Jer- 
wood Prize, which 
set itself to work a 
field which the Turner has 
long left assiduously unculti- 
vated - current British paint- 
ing - the Turner Prize itself 
comes round again. 

There was nothing wrong 
with the Jerwood that the sim- 
ple application of some com- 
mon sense could not have rem- 
edied, or should not get right 
next time. But that exactly has 
been the case with the Turner 
Prize these many years. Is com- 
mon sense still so rare a com- 
modity? With a representative 
display of the work of the four 
artists short-listed for this 
year’s prize now on view at the 
Tate - the winner will be 
announced, and the spondu- 
licks, all £20.000 of them, 
dished out at the party on 
November 22 - we have our 
annual chance to see for our- 
selves. 


Has anything changed? The 
age-limit of 50 remains, which 
prevents the Turner from ever 
being an award of truly 
national standing and conse- 
quent international prestige. 
Yet something of that order 
was always intended and is 
still claimed. The test should 
surely rest on how artists 
stand with artists of any age. If 
a young artist then wins, the 
better for him. 

As to the range this short-list 
covers, the now usual four is a 
narrow number, and the repre- 
sentation no less narrow and 
predictable within its 
avant-garde orthodoxy. There 
are two sculptors, one painter 
and one video-maker: plus pa. 
change . .. 

The painter is Peter Doig 
(35), and a landscape painter at 
that, but he is no pillar of the 
Royal Academy. His inclusion 
is not to be justified simply by 
what might be done sitting in a 
field and painting the trees. 


Rather it must be set out in 
terms of “changing perceptions 
of reality", “tension between 
representative or narrative 
content . . . and purely visual, 
decorative and abstract quali- 
ties", “banal sources", “imagi- 
native triggers" or “fertile 
interplay”. 

The paintings themselves, 
innocuous enough, are conven- 
tionally large, their imagery 
freely reworked upon photo- 
graphic sources into atmo- 
spheric and expressionist evo- 
cations of winter lakes and 
forests and. latterly, Corbusier 
blocks of flats. 

Sculptors have dominated 
the Turner lists Eor many 
years, supplying the lost six 
winners out of nine. Here are 
two more. Antony Gormley (44) 
shows his now familiar feature- 
less figures, cast in grotesque 
and repetitive simplicity from 
his own body and disposed in 
bizarre postures about the 
room and celling. “My body”. 


he says, “is the channel 
through which all impressions 
of the world come, and l want 
to use it to carry feeling back 
into the world.” 

The exhibition booklet goes 
on to tell us. just a shade pon- 
derously. that his work “medi- 
tates on the relationship 
between our spiritual and 
physical selves." 

S hirazeh Houshiary (39) 
was boro in Persia, and 
her work has always 
been “informed by Sufi 
poetry and ancient writings 
from East and West 
on . . . mathematics, philoso- 
phy, religion, art and astron- 
omy.” She has moved away in 
recent years from the organic 
reference of her earlier 
abstracted forms and vessels, 
and is now showing a work 
comprised of metal boxes. “The 
Enclosure of Sanctity", that 
variously represents the plan- 
ets. 


Each box has a structured 
and segmented Interior, estab- 
lished upon “grids correspond- 
ing to numbers with which 
each planet is identified." 
Some are richly decorated, 
some are not. “Through study- 
ing these cubes", she says, “we 
can realise the multiplicity of 
the state of existence." She is 
also showing a group of mini- 
malist canvases that are 
inscribed with delicately calli- 
graphic images. 

Which leaves the radical or 
conceptual slot to Willie 
Doherty (35), who works with 
photography and video and 
comes from Derry. His work 
here, "The Only Good One is a 
Dead One”, consists of two vid- 
eotapes. one a long static shot 
of a street comer at night, the 
other of an endless drive at 
night through country lanes 
with only the pool of light visi- 
ble ahead. It is accompanied by 
a Ironical monologue, as 
though the driver were both 


gunman and target reflecting 
upon the inevitability of vio- 
lent death. 

It is a polemical, narrative 
piece, born of close personal 
experience of the Troubles, and 
effective enough within its 
own terms. Yet is it the form 
or only the content that gives 
such work its force? “In all his 
work”, says the booklet, “he 
attempts with moving clarity 
and honesty to convey the 
complexities of the situation." 

These, then, are the runners 
in what is more open and equal 
a race than usual. Gormley 
must be the clear favourite, 
Doig in with a good chance and 
Doherty and Miss Houshiary 
the outsiders, with Doherty the 
better each-way bet. For my 
money? Well, it stays in my 
pocket. 


The Turner Prize Shortlist 
1994: Tate Gallery, MiHbank 
SWl, until December 4; spon- 
sored by Channel 4. 


A lifetime in opera 

Andrew Clark talks to outspoken Czech conductor Bohumil Gregor 



Gregor, conducting ENO'a production of The Bartered Bride in Geneva 


I t is a matter of national 
pride: Bohumil Gregor, 
doyen of Czech opera con- 
ductors, finds fault with 
Elijah Moshinsky’s staging of 
The Bartered Bride, which he 
is to conduct in Geneva over 
the next two weeks. “Maybe 
Tm too old," says Gregor, 68, 
who first conducted Smetana’s 
opera in Prague in the late 
1940s, “but Mr Moshinsky 
doesn't understand Smetana. 
Stage directors today don’t 
seem to care what the com- 
poser is saying. The works are 
being misused. Smetana knew 
more about drama than Mr 
Moshinsky will ever know." 

Fortunately. Moshinsky is 
not present to hear Gregor's 
criticism. The production - 


first performed by English 
National Opera in the mid- 
1980s - has been restaged for 
Geneva by ENO staff producer 
David Ritch, who has made dis- 
creet changes to suit Gregor's 
taste. Gregor signed his con- 
tract without knowing that the 
setting had been updated. He 
says Moshinsky took extreme 
liberties with the text, and that 
the costumes are more Russian 
than Czech. 

With that thunderblast out 
of the way, Gregor settles 
down to reflect on a lifetime in 
opera. He began his career in 
1945 playing double bass in the 
orchestra of the Grand Theatre 
of the Fifth of May, the 
avant-garde Prague company 
which launched the careers of 


numerous Czech artists in the 
postwar era. Gregor made his 
conducting debut in 1947 with 
Madama Butterfly, and quickly 
picked up a core repertory of 
Italian, French and Czech 
operas. 

He was surrounded by sing- 
ers and conductors who were 
the living embodiment of 
Czech operatic tradition. Many 
had been engaged by leading 
contemporaries of Janddek, 
and were able to pass on 
unique Insights. “There was no 
formal Instruction, but you 
could learn a lot if you had the 
ears - just sitting in the can- 
teen while they discussed how 
they had sung this or that The 
tradition was alive in the 
building - for me it wee like 
mother's milk." 

After gaining further experi- 
ence in Brno and Ostrava, Gre- 
gor returned to Prague in 1962 
with a reputation as a Janadek 
specialist He conducted From 
the House of the Dead during 
the National Theatre's ground- 
breaking trip to the Edinburgh 
Festival in 1964. Guest con- 
tracts in Stockholm, Hamburg 
and San Francisco quickly fol- 
lowed. He also began a 20-year 
association with the Nether- 
lands Opera. His pioneering 
JandCek recordings on Supra- 
phon date from this period. 

British musicians on the con- 
tinent who have worked with 
Gregor draw comparisons 
between his approach to Jand- 
fiek and Reginald Goodail's to 
Wagner, they speak of the 
same undertow of feeling, 
developed through long study, 


patient coaching of singers and 
a stubborn insistence on 
proper rehearsal conditions. 
But Gregor says instinct has 
always played the most impor- 
tant part 

“If you just have the score, 
you're lost hi performance it 
never turns out quite as writ- 
ten, because Jan&cek does not 
make clear the differences in 
tempo. He’ll use one general 
marking for fast or slow, leav- 
ing you to work out the tempo 
relationships and make certain 
decisions for yourself. You 
have to use your knowledge of 
his style to work out how it 
should sound. He used this 
nonsense word scasooka (cos = 
time) - you won’t find it in the 
dictionary. But if you break 
the word up, it has something 
to do with “the connection of 
two times” - it’s quite clear be 
was talking about tempi It's 
part of the oddity of Jandcek.” 

Gregor says there is no fun- 
damental difference in the way 
be conducts Jandcek. Smetana 
or Dvohik. “They all drew on 
the same material - the mel- 
ody of language. Words pro- 
vided the inspiration for music. 
Jandcek was the first to articu- 
late it. but Smetana used it 
without realising. Listen to 
Kecal singing about money in 
The Bartered Bride, or the way 
Dvorak puts the stress on cer- 
tain words in The Deoil and 
Eater, it's exactly how you 
would speak it You also find 
the roots of Martinu’s poly- 
rhythmlc style in Smetana's 
dances. That land of rhythmic 
subtlety is in our national 


musical character." 

Out of favour at home, Gre- 
gor and his wife Blanka spent 
most of the 1970s and 1980s 
abroad. Only after the 1989 Vel- 
vet Revolution did he discover 
that the National Theatre’s for- 
mer Communist boss, Pfemysl 
KoCi, had saved him from 
denunciation. “He wrote in my 
official file that l was to be left 
alone because 1 was unbal- 
anced and a little crazy - it 
was like something ont of 
Kafka! He could be n very 
unpleasant man, but in his 
heart be loved the theatre and 
tried to help the people who 
worked there." 

Over the past five years Gre- 
gor has done what he can to 
shore up the National Thea- 
tre’s artistic credibility. He 


bemoans the lack of money 
and managerial skills, and says 
that by playing works like Y«>- 
geny Onegin and Romeo et 
Juliette in the original lan- 
guage, the company is losing 
its traditional Czech audience. 
He has agreed to conduct new 
productions of Jandfiek’s The 
Cunning Llule Vixen and Sme- 
tana's The Two Widows - on 
condition that they are a true 
collaboration between conduc- 
tor and stage director. “I will 
make the choice. If I’m not sat- 
isfied. I won't say ‘you have to 
change if. I simply won’t con- 
duct” 


The Bartered Bride is per- 
formed at tbe Grand Theatre, 
Geneva, on November 7, 10, 
12, 15, 18 and 21. 


^SX JOSEPH’S 
HOSPICE 

mEsr.HMxmimxifiBisA 

Kb* Edik Dull) 

So many arrive as 
strangers, meaty of pain 
and (earful of the unknown. 
They gladly stay as 
friends, secure in the 
embracing warmth, fortified 
and cherished to the end 
with the help of your 
graceful gifts. 

I thank you kindly 
on their behalf. 

Sister Superior. 


ART GALLERIES 

ARTHUR FLBSCHMAHN, BAU THROUGH 
A SCULPTORS EVES', mended ufl Frida* 
lift Nwarfaa r. UXOO - SjOCL JograBanga 
Rno Ana. W Maeofrt Yart. Di*a SKM Sl 
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AOdseton ton. Bunded catalogue 
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SL Wl. 071 629 Sift. CWBSTOPHER L£ 
BRUN - Paintings 1931-94. Until 12 
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GRAPHICS ExtiRMon imtH 29 Nov ol 
BAD Gdfery. 15 Raadno RbML Hantoy. 
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paintings 5 mriacdiMB Irani Bio JtiLTl 
estate. 2KL2EDI Narartm. MtstFil M.3Q. 
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ROY PERRY hm NOMontm lift 
(2 weeks) CeiAsy Gatafao, Thames Side. 
Henley on Thames, Oxon. Teh (0491) 
575489 


Buster Keaton , 

/T ■ 

jazzed up 


B ill Frisell’s guitar 
playing has always 
been out of kilter 
with the mainstream, 
so it seems quite natural that 
now he should be applying it 
to silent film. Commissioned 
by a New York arts centre to 
write new scores for a set of 
Buster Keaton si lento, the 
elliptical tones which resulted 
met with such approval from 
US audiences that he did more, 
and then recorded some too. In 
this European tour he brings 
his regular band of Joey Baron 
(drums) and Kermit Driscoll 
toass) to accompany three of 
the best, tbe short classics Go 
West. The High Sign and One 
Week. 

To play alongside great 
American film is a natural 
progression for 42-year-o!d Fri- 
sell. He has a passion for popu- 
lar American music and recent 
recordings have covered works 
from such diverse sources as 
Madonna. Charles Ives, Sonny 
Rollins and dc Sousa. With 
musical anarchist John Zorn, 
be has collaborated in corus- 
cating improvisation where 
Mickey Spillane's gangster 
yarns were tbe Inspiration. 

In Keaton's deadpan hilar- 
ity, the American modernist 
has another Ideal setting for 
his own cynical humour. The 
music, like Keaton's visual 
art, is fundamentally melan- 
cholic. but filled out with prat- 
fells and gags. The guitarist’s 
playing combines a concentra- 
tion on melody that reveals a 
background as a clarinettist 


and a love of dissonance that 
comes from listening to Hen- 
drix. Frisell's studied way 
with solos mirrors Keaton’s 
modus operandi of “Think 
slow, act fast". 

You might guess from this 
that the trio's music for films 
is anything but easy, and any 
preconceptions based on the 
traditional ragtime, lid-slam- 
ming treatment of silent films 
were quickly dispersed at the 
Queen Elizabeth Hall on 
Wednesday. Frisell comes 
equipped with two electric gui- 
tars, one looking as though it 
has been in a car smash, the 
other shrunk in the wash. 
There are no fierce guitar licks 
where you might expect Frisell 
to join the car chase, and there 
are no wah-wah sounds when 
Keaton see-saws on the ladder. 
Instead, using the volume 
pedal to gently turn notes on 
and off, Frisell quietly cap- 
tures the sadness and romanti- 
cism of the scenes as they roll 
by. The rhythm section orien- 
tates the score, Baron provid- 
ing some essential rat-tat-tat 
and Driscoll moving the wholes, 
along but Frisell's self-con- 
tamed sound is forever follow- 
ing The Great Stone Face's 
body language. 

Hard to take on its own, the 
coupling is what multi-media 
was made for. 

Garry Booth 

Bill Frisell Music For the Films 
of Buster Keaton Elektra None- 
such 7559-79350/79351 










i 



FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 I 994 


WEEKEND FT XIX 




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ARTS 


A rich and 
raunchy 
western 

David Murray on Greenaway's 
first foray into opera . T&ua 1 


I n Amsterdam the Nether- 
lands Opera has scored 
yet another up-to-date 
success with Rosa , a 
“horse opera” by Peter Green- 
away and Louis Andriessen. 
Greenaway is of course the 
controversial film-maker, here 
engaging with opera for the 
first time; Andriessen is the 
senior Dutch contemporary 
composer, who has tried opera 
(or music-theatre) before, but 
never perhaps with a co-author 
so exacting. 

For Greenaway has not only 
directed Rosa in the most pre- 
cise and rigorous detail; just as 
with his films he has written it 
too, with the essential visual 
imagery already prescribed. 
That would, seem to reduce the 
composer's role to supplying a 
14 film music” accompaniment 
to aider. So it might, with a 
composer less truculently him- 
self than Andriessen; but in 
fact the Andriessen persona 


Louis 

Andriessen* s 
throbbing score 
infuses the text 
with red blood 


(abrasive, q uasi-minimalist and 
hard-hitting, but with warm 
feelings) is stamped all over 
the score. 

Though it answers to Green- 
away's exact demands, it goes 
beyond his text by infusing it 
with red blood - something 
that Michael Nyman's scores 
for all but his most recent 
films hardly did, despite their 
wayward appeal. Here the 
story is in his characteristic 
mode: tantaifaing ly intricate 
and incomplete, lubricious but 
beady-eyed. 

The gist of it is that yonng 

Esmeralda, wedded to a com- 
poser-cowboy who - prefers his 
horse, strived ecstatically to 
become one herself. Since this 
erotic fantasy is told from vari- 
ous times and points of view, 
and furthermore the wild West 
films for which the composer 
writes all his music soon 
invade the stage and even the 
action, the built-in visual 
opportunities are rich and 
raunchy. . 

Naturally Greenaway misses 
none of them, and his results 
-are no less striking than can- 
didly reminiscent of his films. 
Terrific projections, fluid inter- 
play between film (period 
monochrome, modem colour, 
purpose-made sequences too) 
and live-action, everything 
coolly stylised; economical 


with props - but the rehearsal 
costs, including the hi-tech ele- 
ment, must have been fearfuL 
As it happens, some of the 
principals also spend a lot of 
time in the nude, with or with- 
out splodges or black ink, and 
some of the busy octet-ensem- 
ble are bare- bottomed through- 
out Par tor the course: as I 
said, this is an up-tcrdate suc- 
cess. 

Andriessen’s score throbs 
relentlessly, as is his wont. His 
principals are chiefly required 
to sing very loudly, clearly and 
rhythmically, in various states 
of undress, but Marie Angel, 
Lyndon Terracini and Miranda 
van Kralingen all do much 
more than that, and Roger 
Smeets, Christopher Gillett 
and Phyllis Blanford make 
something crisp of their near- 
puppet roles. The only part of 
the piece that remains flat is 
the mock investigation into the 
murder: absurd to taunt the 
audience about getting the 
clues, when so few of them 
were audible anyway. Contrari- 
wise, Andriessen’s pastiches of 
Elm-Western triumph and res- 
cue are funny and stirring. 

★ 

Another British arrival in 
Amsterdam was John Eliot 
Gardiner the next night - not 
by any means bis first visit; 
but his first to conduct the 
Royal Concertgebouw Orches- 
tra in their own splendid ban j 
where they usually sound even 
better than elsewhere. They 
sounded particularly beautiful 
in Debussy's three orchestral 
Images ; they hardly needed 
Gardiner to teach them the 
music, but his attention to deli- 
cate, unfamiliar detail was con- 
stantly rewarding. 

Whimsically, the Images 
were strewn through the pro- 
gramme, interlarded with Hun- 
garian scores. The temperate 
Dutch players were slightly 
short of snap in Bartdk's 
Dance Suite and Kodfily’s Psalr 
mus Hungariais (with Keith 
Lewis a lusty soloist), but 
these were sumptuous, well- 
balanced performances. The 
sharpest impression was left 
by Gydrgy Kurtag’s tour-min- 
ute elegy, Grabstem far Ste- 
phan. A guitar gently strums 
basic chords as if tuning up, 
changing one note from time to 
time, while around it the 
orchestra sketches sighs and 
whimpers over a doomy bass 
tread. Less minimal than much 
Kurtfig, and poignantly heart- 
felt 


Nine more Rosa performances 
at the Muriektheater between 
tonight and November 28; Con- 
certgebouw concert repeated 
November 6 



Love scarcely makes an entrance ht this profoundly nihilistic staging. The tragedy is played oat against a background of gang warfare, the urge to destroy is paramount and death the ultimate thrill 


Romeo without a ray of romance 


Sarah Hemming catches a bleak, brutal portrayal of Shakespeare’s tragedy at the Barbican 


T o say that the first pro- 
duction in the Barbican’s 
Everybody's Shakespeare 
Festival might not be to 
everybody's taste is put- 
ting it mildly. Karin Beier's Romeo 
und Julia from the DQsseldorfer 
Schauspielhaus is a bleak, brutal 
reading of Shakespeare's tragedy in 
which no ray of romance ever pierces 
the despair. Set not in medieval 
Verona, but in a sort of giant grey 
underpass - not unlike the Barbican 
car park - it presents us with a chic, 
harsh world where Romeo and Jul- 
iet's affair is simply a rebellion that 
misfires. 

It is a coherent reading, the inter- 
pretation of a young director (Beier is 
29) who uses the play to explore the 
empty world of contemporary, alien- 


T he Everybody’s Shakespeare 
International Festival shared 
by the Royal Shakespeare 
Company and its host the 
Barbican Centre managed to ran two 
versions of Romeo and Juliet simulta- 
neously on Wednesday and Thursday. 
While the Dfisseldorfer Schaospiel- 
bans actors swinging on their swings 
were presenting their German-speak- 
ing Romeo und Julia at Barbican 
Theatre, the members of the London 
Symphony Orchestra under Mstislav 
Rostropovich in Barbican Hall were 
playing a selection of Prokofiev's 
famous music for a (1939) ballet of 


a ted youth. In a recent interview she 
described how she wanted to capture 
the mood of wealthy young Germans 
driven to fill their empty lives by 
seeking sensation in dangerous ritu- 
als and her production emphasises 
the violence in the play. Romeo and 
Juliet's story is played out against the 
background of gang warfare, as 
groups of youths rove around the 
town, spoiling tor a fight and engag- 
ing in bizarre martial manoeuvres. 
For them the urge to destroy is para- 
mount and death is the ultimate 
thrilL Tybalt becomes an arrogant, 
taunting neo-fascist Mercutio a cyni- 
cal desperado, so bent on self-destruc- 
tion that he deliberately falls on 
Tybalt’s knife and even reappears as a 
ghost In Mantua to goad the exiled 
Romeo towards suicide. 


the play, with spoken commentaries 
interpolated between the ten num- 
bers by the actor Michael Feast 
Who selected the music from Pro- 
kofiev's own two suites and who the 
text - which melded prosaic summa- 
ries of the action with Shabepeare’s 
glittering poetry - we were not 
informed, but the result was a rea- 
sonably satisfying dramatic whole, 
albeit marred by Feast's sometimes 


No one is likeable. While the adoles- 
cent world is violent and rebellious, 
that of the adults is fatuous and hypo- 
critical. Even the nurse is played as 
an unsympathetic raunchy blonde, 
while Friar Laurence becomes a dubi- 
ous, scarfaced individual and the 
prince is a babyish fop. In places this 
staging makes for impressive set 
pieces: the ball is a skillfully choreo- 
graphed parade of garish grotesques, 
the fight a disturbing fray that con- 
veys well the thrill of adrenalin. But 
it is horribly relentless. In this dec- 
adent, comfortless world there is no 
where for the teenagers to turn, and 
no room for subtlety, warmth or emo- 
tion. 

However bleak, all this might be 
just bearable if Romeo and Juliet 
themselves ran counter to the mood. 


over-obvious actoriy pauses and by 
moments of brutal bathos. After the 
axe-like orchestral blows of “The 
Death of Tybalt” we did not need to 
be told that Tybalt had died. The 
music is better left unglossed, espe- 
cially as it was bringing oat the 
golden best of the orchestra. The 
beautifully soaring cellos, the 
melting celesta, the guest leader Tori 
Torchinsky’s fetching solo contribu- 


But in this profoundly nihilistic stag- 
ing, the tenderness and poetry is 
stripped out of even their encounters 
and they emerge a rather gormless 
pair. The balcony scene is played -on 
two trapezes: giant swings, suspended 
over the concrete, emphasise how 
dose to childhood they still are, sug- 
gest the yearning for excitement and 
operate as a metaphor for the unat- 
tainability of love. Even here, how- 
ever, death is seen as the ultimate 
kick, as they discuss who would make 
the bigger “splat* if they toll from 
their perches. Love scarcely makes an 
entrance. 

At this point the subversion of 
the classic interpretation is quite 
funny, but as it goes on, it becomes 
tedious, depressing and empty. 
Arriving at Friar Laurence's cell, 

Bard 


tion to an altogether wonderfully 
realised balcony nocturne, the 

unprecedentedly blood-curdling tnttis 
- aD was sonorous magic in Rostro- 
povich's carefully measured account. 

Earlier we had had Balakirev’s 
rarely beard King Lear overture - an 
example of the blunt Russification of 
Shakespeare to add to Tchaikovsky's 
powerfully simplifying overtures - 
and Shostakovich’s suite, Op. 32a, 


Juliet teases Romeo with glimpses of 
her black bra; when they wake from 
their marriage night they squabble 
petulantly over whether they heard 
the ni ghtingale or the lark. And in the 
final instance of this insistently 
anti-romantic production, Romeo 
changes his mind at the last moment 
and tries to vomit up the poison he 
has swallowed. 

Shakespeare's lovers may he too 
romantic for this age, hut his story of 
two innocents pitted against a violent 
and corrupt society has a trajectory 
that is lost here. Take away that, and 
you take away the tragedy. Here, as 
Romeo dies retching, there is not a 
wet eye in the bouse. 


Final performance at the Barbican 
Theatre tonight (071-638 8891). 


from his incidental music to what 
apparently was a highly facetious 
(1982) production of a Russian-speak- 
ing Hamlet by Nikolai Pavlovich Aki- 
mov. These 13 wittily serviceable 
numbers are not much more interest- 
ing as pure music than Shost- 
akovich’s 1959 musical Chery- 
omushki, recently revived at the 
Hammersmith Lyric; but they deliver 
the authentic smart smack of early 
Shostakovich, and are doubtless 
worth an occasional outing, certainly 
when done with the ISO’s verve. 

Paul Driver 


Music for the 




The Official London Theatre Guide 


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‘Bouncers’ at 
the Riverside 


M uch of our most 
Important fringe 
theatre occurs in 
the London Bor- 
ough of Hammersmith, which 
contains the Bush Theatre, the 
Lyric Theatre's Studio Theatre, 
and the three auditoria of the 
Riverside Studios. Right now. 
Riverside - under new man- 
agement and with a new 
facade - has became again one 
of London's most important 
theatrical venues, valuable not 
least tor bringing the city sev- 
eral of the most important 
shows seen during the Edin- 
burgh Festival. 

John Godber’s Bouncers - as 
performed by Godber's own 


company Hull Truck - is in 
Studio 2. Few Londoners real- 
ise quite how vital a part of 
British theatre Godber is 
today. Various Godber plays 
are staged by numerous 
regional theatres: and like 
Alan Ayckbourn, Godber 
writes plays conceived practi- 
cally for regional small or 
medium-scale theatres. The 


success of April in Paris, which 
came to the West End for sev- 
eral months earlier this year, 
reminds us that he is by no 
means ' merely" regional. 

Bouncers is a finer, darker, 
and more complex work than 
April in Paris, ft is a social 
satire about clubs and dub- 
bing, and it looks the grimmest 
aspects of club life in the face. 
Yes. it shows us homophobia, 
misogyny, crass promiscuity, 
male aggression, sexual com- 
petitiveness. I was surprised to 
find how often it reminded me 
of the work of Steven Berkoff 
and how much more humane 
and subtle it invariably proved. 
Godber can make us laugh and 
shudder at the most grotesque 
depths of behaviour - men side 
by side at the pissorr. girls bla- 
tantly showing their sexual 
availability, gruesome jokes 
about snot and other excres- 
cences. bouncers obliging each 
other to watch porno movies as 
a male-bonding ritual - but 
part of what is rare in his work 
is its eventual tenderness. He 
shows us human beings at 
their worst, and then he 
reminds us that, for all their 
fatuity, they are still utterly 
human. A misogynistic 
bouncer suddenly remarks 
“Women. Weird. Why? They 
laugh at yer when you're 
naked" - and suddenly his vul- 
nerability. which Godber 
leaves hanging in the air, 
becomes as interesting as, and 
connected to. his misogyny. 

Another rare feature nf God- 
bee’s work is its selflessness. 
He does not draw attention to 
his own cleverness or wit; he 
simply keeps drawing our 
attention to new facets of his 
subject. The four performers in 
the current Hull Truck touring 


production do virtuoso stuff in 
changing persona - each one is 
a bouncer, a club girl, a club 
boy in turn, if not otter roles 
too. But virtuosity is not the 
point of the show; transpar- 
ency is. Damien Cruden 
directs; all four men - Chris 
Walker, Peter McNally, John 
Kirk and oh! especially the 
hilarious Andrew Williams - 
give performances that are at 
times astonishingly acute in 
the way they dissolve them- 
selves into their various grim, 
funny, tough, hopeless, 
wounded characters. 

A few blocks north is 
the Bush Theatre, 
which Is just about 
as important as the 
Royal Court tor presenting new 
plays. As part of the London 
New Play Festival, it is cur- 
rently showing Two Horsemen, 
a 65-minute one-acter by 'Biyi 
Bandele-Thomas (author of the 
recent award-winning Resur- 
rections). Ttoo Horsemen is one 
of those waiting-for-Godot exis- 
tential affairs In which nothing 
happens te two men as they 
talk about life, death, resurrec- 
tion, gender, sex, farting, and 
identity. The two men (acted 
by Colin McFarlane and Leo 
Wringer) are black, but their 
sense of identity changes dur- 
ing the play. They seem to 
commute between various 
lives even while they seem 
suspended in one eternal pres- 
ent, and occasionally they refer 
to themselves as female. The 
mixture of poetry, mystery, 
humour, and scatology is 
always arresting, and the play 
(directed by Roxana Silbert) 
receives a warm hand from its 
audience. But the taste it 
leaves in the mouth is ulti- 
mately contrived, fancy, pre- 
cious. 

Alastair Macaulay 


Bouncers is at the Riverside 
Studios. W.6. until December 
3; Two Horsemen is at the 
Bush. W.12, until November 19 


SOUTH BANK 


Sot MAURIZIO POULIN] 

SNonr Deutsche Romentik. Beethoven Sonatas in E. Op. 109; in a tiai. 
TM Do. 110; in C moW. 00,111 _ , 

£25, £20. £15, £12. £B, 05 Homson/Parrott UtVSBC 

Son THE ORCHESTRA OF THE ROYAL OPCHA HOUSE 

SNov Bernard Haitink (cond) Hurray Perafiio. Royal Opera Chaws. 

3-15 Brahms Tragic Ov; atozart Pno Cone. K.4&2; Revel Paphno & Chio* 

(comp) £2330. BIB. £13. C0-5O. £6.50 BOH Cowl Gdn Ltd 

Sin THE LONDON PHIUURllOtUC Resident tf the RFH. 

S No* Hartee Janaows (cond) KryeMan Kntoiimn. London Ptill Choir. 

TJO Debussy Throe Nocturnes Ravel Piano Cone in G; Stravinsky The 

Aim of spring. E30. C9l, E17.C13. Ca £5 *Lon Phil 

Hon WHAHHHA ORCHESTRA NMcolaua Harnoncourt (ynd) 

? Nor r€te!#ue HemOrKOun Beethoven SoHea. Symphony No-*- Symphony 
7 JO Nofi. epm: John Amis talc. Adm irae by concart ttdieL 

$88. CSS, Cl 7. £10, £5 -Phdharmonia Ltd 

rua ROYAL PHILHARMOfBC ORCHESTRA Yurf TanM(jrK.v (confl) 

B NO* Dmitri Atoanev (pno) Prokofiev Suite. The Love oi Three Orangas. 

7J0 Scnmnke Concerto No J: Rachmaninov Symphonic Dances. 

£27. £21, E10.E10.E3 FIFO Ltd 

Wed BBC SYMPHONY ORCHESTRA Alexander Lazarev fcondl 

9 Nov Paul WaiMns tceUo) Rosen Gwies (viola) 

rJU Avet TerDwyan Symptyny Kia.7; Strauss Don Quaeote. 

£10 (unreserved} BBC Rod» j FM 

Thu PHHJMAAMOM1A ORCHESTRA Ntkolaus Harnoncourt (cond) 

10 Nov MUalauB Hamoneoun Boottiovan Series 

7JX Symphony ftkMK Symphony No3 (Paotoiat) m 

pSn, K»_ F17. £10. £5 'PhUhonnoma LM 

Pri ROYAL PHILHARMONIC ORCHESTRA Yuri Tomirkanov (cond) 

11 Nov Nikolai Demldenko, Inger Dam Jensen. Berlioz. Le Corsairs: 

7 JO Rachmaninov Plano Cone No.3; GriagPear Gynt (excptst 

Sponx NEC (UK) Ud. £27, £21, £18. £10, ES RPO Ud 

Sin EHSEMBLE MODERN Oeutoehe Romantik ^ 

BHov Hand Zander (cond) Scott Wair (ten) schuben/Hans Sender 
LM Winwrreise- Thera Is an opportunity to meet Hans Zendor ini.jnnallv Jj 1 

the QB1 foyer aaer the 8pm concert Ei2.E0.C6 S™- 

nw lonoon GCNiceAT CHOIR London JuratorOrah. GRoss 

i Dev Berlioz M6dltation Rellgieuoe; FaurO Canttque ds Jean Roone 
IAS Poulenc Concerto; Franck Ponlo Angellcus. Psalm 1 50; Durufte 

Recfulwn SHiw RMne-Poulanc Ltd. E18. £iB. E13. Eli. £6 UCC 

to Nov dimuflh to contemporary claesica) works homtho lihosot JohnCjgeantl 
7A9 Gavin Bryara. to the writing and impiOviainfl of its own members. 

£10. £7.50 ‘The Arts Counetl of EnglandrSBG 

IW STOCKHAUSEN: MOMENT* Deutselie Homantlk Birmingham 

11 Hov Contemporary UuaJe Group with BEAST, J Harrison. V Hoyland. A 
L45 TunslalL A BtunnlnQ oxtravBQOnxo by one oi this csnlury'-s^mosl 

influential Scontiovorstatcomcoeora. EB (unreserved) ' S8C 



An Evening of 
Fine Wine & Food 
at Fortnum & Mason 

- St James’s Restaurant 
on Thursday 17 November at 7.15pm 
in the company of: 

Monsieur Anthony Barton 

- proprietor of Chateau Lenvillle Barton 
After a reception of 

Louis Roederer Champagne and Canapds, 
dinner will be served accompanied by: 

Langoa Barton 1985 

Leoville Barton 1985 

Leovilie Barton 1982 

Louis Roederer Rich 


Tkks ti . W . 


Please book early 
to avoid disappointment. 

For dinner reservations, please contact 
Annette Duce—The Wine Department — ext. 421 

FORTNUM & MASON 

BSTA ULISHSD 17 07 

181 PICCADILLY LONDON WlA 1ER 
Tel: 0171-734 8CW0 Fax; 01 7 M37 3278 










XX WEEKEND FT 


FINANCIAL TIMES 


5 WEEKEND NOVEMBER NOVEMBER 6 1994 


RICHARD GREEN 


COLLECTING 



Rpbx in a Glass, Signed. 

Board: 16 s 12 in/ 41 s 30J cm 

Edward Seago 

1910- 1974 

Currently oo Exhibition 
at 4 New Bond Street, London W1Y OSP 
Telephone: 0171 - 491 3277. Fax: 0171 - 495 0636 

New York: 518 - 583 2060 

Looking out for a safe Investment ? 

FINE 19tb & 20tb C ENT U R Y 
ENGLISH AND COrTMNKTiTAL 

paintings 

Subjects include: 
Lindscapc, Marine. Sporting. 
Figurative. Topographical and 
SOU Life. 

AUTUMN CATALOGUE 
AVAILABLE NOW 
From 

BU RLINGT ON 
PAINTINGS 

FReerosr 

12 BURLINGTON GARDENS. 
LONDON W1E 7AP 



“Looking ouljbr a ac\fe InoeatmanC 
by ERSKBVE NICOL. ARA. BSA 
EidifbUcd: RA. 1878 Ofl Mix 32 ms. 


Tdcphonr: 071 734 9984 
Fa* 071 494 3770 


(Fine Am) Lid. 

1-9 Bruton Place, London W1X7AD 
Tel: 071 6X9 5600 Fax: 071 629 2642 


mm 




exclusive set of twelve 
saloon or dining chairs 
incorporating 

a Sunflower motif, formerly 
at Redgrave Hall 
near Diss, Norfolk. 





WORKS OF ART 

FROM 


Connoisseurs come in from the cold 

Speculators have disappeared from the auction rooms as collectors return , writes Antony Thorncroft 




T he art and antiques 
trade continues to 
bump along In a 
repressed rather 
than a depressed 
state. There Is little action, but 
prices are certainly not slip- 
ping down Lower. The biggest 
quality fair of the year, Olym- 
pia in June, did well, with a 
record attendance of over 
37,500 and estimated sales in 
excess of £21m- Dealers, major 
buyers at Olympia, are obvi- 
ously now optimistic enough to 
indulge, at last, in some re- 
stocking. 

The first important event of 
I the autumn season, the 20th 
Century British Art Fair, was 
the most successful for four 
years, with over 1,000 works 
sold, and there have been some 
strong auctions, most notably 
the country house sales, where 
as usual buyers went berserk 
trying to secure a memento of 
the Big House, however banaL 
Stokesay Court in Shropshire, 
promoted as a Victorian time 
capsule, brought in £-L2m as 
against Sotheby’s £2. 5m esti- 
mate. 

Routine sales in London in 
traditional areas, such as Old 
Wasters, have proved disap- 
pointing. but specialist auc- 
tions, such as Judge Bayne- 
Powell's collection of minia- 
tures, enjoyed strong collector 
bidding, with a 1645 miniature 
by Samuel Cooper selling for 
£89,500 as against a £25.000 top 
estimate. 

It was a keen collector who 
paid the record price for a 
Dinky toy at Christie’s South 
Kensington, £12,650 for a 1930s 
delivery van bearing the name 
of Ben tail’s. This is typical: 
speculators have completely 
disappeared and traditional 
connoisseurs are sniffing the 
air again. 

German art. especially the 
20th century Expressionists, 
has ridden the recession better 
than most. Christie's second 
annual auction in London in 
this area brought in £7.?m and 
set artist records for Kirchner, 
Corinth. Liebermann, and 
Jawlensky. But almost 30 per 



One of Mxfgffanfs last portraits of his mistress, Jeanne Hebuteme, 
which w9 to be auctioned by Sotheby's in New York on Nove m ber B 


cent of the lots were unsold, 
underlining the selectivity of 
buyers. 

This weekend the pace 
picks up with the Kensington 
Antiques Fair, one of the best 


established seasonal events, 
the draw at Kensington Town 
Hall while, for the first time, 
the foyer of the Royal Festival 
Hall on South Bank acts as 
home to the Contemporary Art 


Society Market. Every year 
anyone seriously interested in 
contemporary art makes a 
point of visiting this show 
wiie re well-known artists (this 
year’s crop includes Bridget 
Riley, Maggi Hambling, Dam- 
ien Hurst. Rachel Whiteread, 
and morel offer works priced 
between £100 and £2,000, with 
the CAS taking 30 per cent of 
the proceeds to spend on 
buying art for galleries. On the 
first morning 150 items sold for 
£80.000, but the work on the 
walls is constantly replaced. 

Later this month, from 
November 16-23, the autumn 
Olympia starts. This fair bas 
quickly established itself as a 
popular event, with around 230 
dealers, many from the 
regions, taking space. Most 
exhibitors are offering a range 
of antiques priced between £50 
and £5,000, directed towards 
Christmas shoppers. 

The art market is acting as a 
faithful reflector of the 
economy - people are becom- 
ing more prosperous, but are 
reluctant to spend. Earlier this 
year, furniture sales benefited 
from the bonuses paid by cer- 
tain City finance houses, with 
young executives spending 
some of their windfalls on 
choice Georgian and 19th cen- 
tury items, but 1994 has not 
been so prosperous in the City. 
Until the house market 
improves substantially, the 
demand for general decorative 
antiques will remain weak. 

But at least the message is 
getting across that antiques 
make excellent furnishings, of 
better craftsmanship than 
modem examples and likely to 
hold, if not increase, in value. 
Sotheby’s, which at one time 
was preparing to stop selling 
low-priced items, is doing very 
well with its Colonnade auc- 
tions, where few lots sell for 
more than £2,000. It brings new 
young buyers into the auction 
rooms, the private buyers who 
have underpinned the market 
in recent years. 

Bonham's and Christie's. 
South Kensington, which speci- 
alise in this area, showed the 


GREAT SCl'LPTC 

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v.-.i:!; 

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fcNOF 

i? Albemarle $•: I.o 
TA: C'l -h2 ,! CS'H F.'.j:: 

v C_j A L 1 . E R 1 

v \ 3 HA 

439 1 NVeeUci.iy'S IC-5.-C |>;r. 


Modern art 

T he market for major which bad fuelled the 
works of Impression- excesses, had disappeared, and 
1st and modern art is the market has been in severe 
currently experienc- shock ever since. A year ago 
mg a long convalescence. In 
1989 and 1990 it vigorously 


convalesces 


Within six months, demand. 


HOVGHTON 



which bad fuelled the 
excesses, had disappeared, and 
the market has been in severe 
shock ever since. A year ago 
there were signs of revived 
spirits when a Matisse sold for 
$13.75m, and in anticipation of 
a recovery in May in New 
York, the auction houses 
gently raised their reserves 
and expectations. In the event 
the results were disappointing: 
it was like a patient over- 
estimating his strength. Next 
week's auctions in New York 
are more modest affairs, with 
sales at Sotheby’s and Chris- 
tie’s combined unlikely to 
reach $85m. 

Still, as always, the auction 
houses look on the bright side. 
The hnndreds of Slm-plus 
paintings locked away in the 
vaults of Japanese companies 
are not being off-loaded on to 
the market to cause a second 
collapse in prices: their own- 
ers are reluctant to sell them 
cheaply and thus weaken their 
overall asset values. And the 
serious collectors of Impres- 
sionist and modern art are 
still interested. 

But in this return to a non- 
speculative, connoisseur, mar- 
ket, buyers are very selective: 
they are prepared to wait for 
the finest examples of an art- 
ists’ work at the best price. 
Anything second rate or less 
than fresh is spurned. Unlike 
Christie’s, Sotbeby’s sold most 
erf its lots in New York in May 
but 40 per cent went for below 
the low estimate. 

So wbat of next week. Tbe 
auctions are small - just 47 
lots at Sotheby’s, 59 at Chris- 
tie's - and fairly modest. 
Prices generally are back to 
1987 levels; vendors have 
finally accepted that they can- 
not expect 1989 prices. This 


means that few are anxious to 
sell: one of the main problems 
Is an absence of star Items to 
kick-start confidence. 

Every picture has its own 
price at the moment H is sold, 
but for comparison's sake, a 
decorative small Picasso of a 
Harlequin and a monkey sold 
for $2.4m in 1989, but is now 
estimated by Sotheby's at 
£800,000-$ Lm. But one of the 
most important paintings in 
the auction. Mini’s “Femme de 
la nuit" estimated at op to 
$4.5m, sold for $2.Sm in 1986. 
Mtrt is an artist whose reputa- 


Salerooms look 
on the bright side 


tion bas risen in the past 
decade. 

Tbe most appealing painting 
at Sotheby’s, and the most 
expensive, is one of Modigli- 
ani's last portraits of his mis- 
tress Jeanne Hebuterne. She 
already looks pregnant, as she 
was when she committed sui- 
cide a few days after tbe art- 
ist’s own death. It carries a 
$5m plus estimate but tbis is 
one of the best full-length 
Modigliani's to have appeared 
in recent years. 

Tbe highlight at Christie’s is 
a Monet “Waterlilies”. He 
painted the pond in his retire- 
ment home at Giverny hun- 
dreds of times bat tbis is a 
rare circular format, one of 
only four, and Christie’s hopes 
for between $4m-$6m, a mod- 
est estimate considering the 
last, conventionally shaped, 
example made $12m in 1991. 
The painting was acquired in 
1946 by Miss Alice Tully, one 


of Manhattan's leading art 
patrons, from the French play- 
wright Sacha Guitry, who 
bought it from Monet in 1914. 
Thus its provenance is excel- 
lent 

Christie’s will be very anx- 
ious over this lot for it guaran- 
teed Tally’s heirs around $25m 
to secure the fixtures and fit- 
tings of ber New York apart- 
ment. In a reversal of 
approach, Sotheby’s Is now 
reluctant to undertake finan- 
cial risks in acquiring desir- 
able properties for sale while 
Christie's is still prepared to 
take a gamble. If the Monet 
does not sell, Christie’s is 
stuck with it Fortunately Tul- 
ly’s furniture sold well last 
week so it can afford to take 
slightly less for this, her most 
important picture. 

This week the auction 
room's sold major contempo- 
rary art in New York, This 
usually gives an indicator to 
the Impressionist sales but the 
signals were mixed, with 
Christie’s having much tbe 
better evening. It brought in 
$14.56m U&8m) with 96 per 
cent of the pictures selling by 
value and 88 per cent by lot, 
an almost unprecedented suc- 
cess. Andy Warhol’s silk 
screen portrait “Shot Red Mar- 
ilyn", so called because a 
would be assassin shot the pic- 
ture rather than the artist, 
made $3.6m ( 22.2m), above tar- 
get and not far off the $4. 07m 
It fetched in 1989 at the mar- 
ket peak. 

In contrast, Sotbeby’s sold 
its top lot, Roy Lichtenstein's 
“Pop" art icon, “l . . I’m 
Sorry", for $2.47m. 
but 40 per cent of the 66 lots 
on offer were unsold. 


Jean-Frunpjis ilc Troy, Li Lecture de Molten?, signed and dated 1 72H 
29 x Jt i in. (7J x 91 tm) 

Pictua’S, Furniture, Silver, Porcelain and Works of Art 

London 

8 December 1994 

To reserve a copy of the magnificent 400 page hard-back catalogue 
containing full details and colour illustrations of this important collection, 
please telephone (4471) 389 2820 
U.K. price .£38 plus postage 


ARTHUR 

BOYD 

Now showing at 

CorbaUy Stourton 
Contemporary Art 

2A Cork Si, Lmxfcm W1 
Tel: 071 734 W3 
CuMcmponry Australian Paintings. 
Sculpture nxl Aboriginal An. 



CHRISTIES 


At?T DECO 
CCICINALS 

a button s* nm , ctaanes *r 
eMaa»-M>twn-a«nciiTTmw 
ireutr wo ornns 


g Tnrnrn— 

■gggggg 


A FEAST OF FOOD IN ART 

45 Artists Prices £150-£4500 
24th November 1994 to 7th January 1995 
Illustrated Catalogue available 




LLEWELLYN ALEXANDER 

124 - 126 The Cut, Waterloo, London SE1 8LN 
(Opposite the Old Vic Theatre) 
Telephone: 071-620 1322 Fax: 071-928 9469 
Open Monday-Saturday 10 am-7.30 pm ind 


greatest expansion Lost season, 
and Phillips, the largest player 
in this field with its network of 
regional auction rooms, also 
returned to growth, with its 
busiest autumn in prospect for 
four years. , , 

The problems at Lioya s 
have made surprisingly Utile 
impact: there have been fewer 
forced sales than anticipated, 
but those Lloyd’s Names who 
annually invested their 
bonuses in a painting or a 
Sheraton desk are notably 
absent. Cork Street, home to 
many of London’s Leading 
dealers in modem and contem- 
porary art, was a traditional 
hunting ground for the 
culturally inclined Names, and 
they have been much missed 
there. 

But Cork Street has risen to 
the occasion by marketing 
itself more energetically, ami 
on November 26 and 27 there is 
the third annual Open Week- 
end. with 19 galleries, from the 
mighty Waddiugtons to the 
Atrium Bookshop, open for 
business all day Saturday and 
Sunday, putting on a happy, 
welcoming face. 

O ne lesson the art 
and antiques 
trade has 
absorbed is that 
collectors are not 
prepared to spend lavishly at 
the moment. Leading dealers 
are concentrating on decora- 
tive works by popular artists, 
priced very competitively. Old 
Bond Street dealer Frost & 
Reed is preparing for pre- 
Christmas buying with a 
December show offering a 
selection of works of art all 
priced below £5,000. 



* ■% 7 »■: '-.7 • • ’• 

*. $ V * 


V - x ; " 



FROST AND REED 

16 Old Bond Street London W1X 3DB 
Tel: 071-629 2457 Fax: 071 499 0299 



w . 


Across the road, Agnew's 
has works by Whistler and 
Roussel but prints rather than 
pointings- Tbe biggest London 
dealer, Richard Green, is 
currently offering the ever 
popular Edward Seago while 
Colnaghi's has temporarily 
ab and oned Old Masters in 
favour of watercolours by Wefe 
Deliss. 

Another established name, 
Hazliti, Gooden & Fox is 
showing contemporary portrait 
painters, including John Ward 
and John Sergeant, with an 
average price of around £5,000. 

Roy Miles has the leading 
contemporary Russian artist, 
Sergei Chepfk. who works m a 
traditional format, while 
Marlborough Graphics & 
offering new etchi n gs on the 
theme of nursery rhymes by 
Paula Rego. 

Anyone wanting to see the 
cutting edge of contemporary 
art can visit the Tate, where 
the short-listed artists for 
the Turner Prize are currently 
on show, but in tbe main this 
is a time of retrenchment, 
of massaging back to life 
nervous traditional buyers 
while hoping that enough of 
the new rich, who are surely 
out there, will catch the 
collecting bug. 

The art world has 
experienced so many false 
dawns of a market revival that 
it has almost given ap hope of 
a substantial upturn. It mi ght 
have to settle for a slowly 
appreciating trade, built on 
connoisseurs rather than 
speculators, and less inclined 
to be seduced by a trend. It 
makes for a less profitable 
business but a more firmly 
based one. 


HEATHER ST CLAIR DAVfS 

Exhibition. November 1ft - December 9 
Catalogue available 




21 King Street, Sc. James's 

London. SW1Y6QY 

Tel: 071 839 2871 Fax: 071 930 3467 


be 
Gemmell 
Hutchison, 



( 1855-1936) 
The Toy Boat 


Exhibition - Paintings of genre and human interest 

" JOIE DE VIVHE" 

Until 30th. November. Fully illustrated catalogue available 


ARTSCOPE INTERNATIONAL 

Highly rotnprliiivc usset protection 
I mill tin r.siahlishcrl insurance 
hmker offering a discreet and highly 
pciMMtuliscd service to discerning 
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Contact: Richard King or Aron Shapiro 
Tefc 07 1 -70S 7600 Fax: 071-705 7625 

Irf iHilnm.il /„ .„ niinv .Viri.vi / hi 

nun \n ' 


pi i* v . . 

As .- 

•«p 'I 

' 

War* - 

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t&Ki 

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K ■ 






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FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


WEEKEND FT XX I 



PROPERTY / OUTDOORS 




: ? 'i r,S 

--i 

‘-■M 

■-i-rjEK 

•: *»s. 

■-r,. v 2a - 

r- -r' T '«■ 
■ ■ *>*$. 

* 

- v ; 
.-■ ' /;f ^ 


A nxious estate agents are 
among those awaiting 
with trepidation for the 
Budget to be announced 
at the end of this month by Ken- 
neth Clarke, the chancellor of the 
exchequer. 

Contrary to expectations, the 
housing market’s bright start to 
the year did not last through the 
summer, and the National Associ- 
ation of Estate Agents found 
recently that two-thirds of its mem- 
bers had seen the market deterio- 
rate through the autumn. 

Yet, most economists agree that 
any farther tinkering with mort- 
gage interest tax relief is unlikely 
to have much impact. The phased 
reduction of relief to a rate of 15 
per cent, announced in the March 
1993 Budget, should already be fac- 
tored into house prices. The great- 
est erosion of this break came 
late in the 1980s when the thresh- 
old was frozen - yet, the housing 
market continued to over-heat. 


The chancellor holds the key 

Simon London on whether the Budget could affect the prospects for the housing market 


Optimists point out that the 
wider picture is favourable. Rarely 
have house prices been lower rela- 
tive to average earnings: the aver- 
age home now seQs for 3.5 times 
earnings, having touched five times 
at the peak of the market In 1989. 

The lesson of previous economic 
cycles is that house prices normally 
lag behind disposable incomes 
through recession hot catch np 
quickly as recovery takes hold. So 
long as the chancellor keeps the 
economy on track, the argument 
tuns, house prices should rise in 
line with earnings. 

Against this seemingly compel- 
ling argument, other factors are at 
work: 


■ Changing demographics mean 
that the number of people in their 
20s will fall from 8.8m now to 
around 7.5m in 1999. This means 
fewer potential first-time buyers. 

■ The average UK household is 
still carrying debts equivalent to 
more than a full year's income. 
Hus limits the potential for house- 
bnyers to stoke up the market by 
taking rat larger mortgages. 

■ Banks and building societies, 
which tightened their lending cri- 
teria through recession, are still 
cautions. 

Moreover, bousing market fore- 
casters disagree about bow favour- 
able the economic ootlook really is. 
Stockbroker UBS believes economic 


growth will peak at 3.7 per cent in 
1995 before falling back gently to 
1.6 per cent in 1998. This leads it to 
expect average inflation of 6.5 per 
cent over the period and annual 
average earnings' growth of 8.4 per 
cent. Against this background, the 
UBS forecast that house prices will 
rise by 48 per cent over the next 
five years - or 8 per cent a year - 
seems reasonable. 

Yet, others are much more cau- 
tious about growth and inflation. 
The Halifax building society 
expects inflation to average around 
3 per cent to the end of the decade 
and house prices to rise by perhaps 
5 per cent annually. Both UBS and 
Halifax see house prices broadly 


tracking average earnings, which 
tend to run at 1-2 percentage points 
higher than the rate of retail price 
inflation. 

The forecasters themselves would 
admit that these numbers are of 
little help to people looking for 
property in a particular region or 
price bracket. In reality, the hous- 
ing market is made up of many 
local markets which perform 
according to local economic condi- 
tions. 

The top end of the market, for 
instance, is only a very small pro- 
portion of the whole - less than 
than 1 per cent of the UK’s housing 
stock is valued at over £300,000. 
But prices in this sector have 


shown a sharp recovery already, 
even though the wider market is in 
the doldrums. According to agent 
Savills, prime London properties 
have risen by 28 per cent since the 
market trough in December 1992, 
with around 20 per cent growth 
this year. 

The high bonuses earned by City 
professionals over the past year 
have helped this recovery. Agents 
also report renewed interest among 
overseas buyers of prime London 
property, although the role played 
by Russian mafia money has been 
greatly exaggerated. 

Even away from London, where 
foreign buyers and City bonuses 
are less important, prices in the top 


tier have shown a marked recovery. 
Savills estimates that country 
house prices have risen by 11 per 
cent in the past two years, far out- 
pacing the wider market 

The main reason for the rapid 
rise at the top end is shortage of 
supply. As one agent remarked this 
week, the supply of 18th century 
country houses was, by definition, 
“inelastic". Small changes in 
demand have a big impact on 
prices. 

If the outlook for the economy 
remains good, there is every chance 
that prime residential property will 
continue to outperform the wider 
market 

The main risk is probably politi- 
cal: heavier taxation of high earn- 
ers cannot be ruled out if there is a 
change of government after the 
next general election. 

Meanwhile, estate agents every- 
where are hoping that Clarke has 
no snch surprises in store on 
November 29. 


:n;-: ; 


«■ 

'nn, 


Sunny Cyprus, where 
the good life abounds 

Gerald Cadogan finds plenty to attract house and flat buyers 


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T he choice is straightfor- 
ward if you plan to boy 
a holiday or retirement 
home in Cyprus: either 
a traditional village 
house, where you balance the good 
points of an older property against 
the possible drawbacks of life in a 
small co mmuni ty, or a house or 
apartment in an efficient new devel- 
opment. 

Old houses are dearer and harder 
to find than a few years ago but still 
attract do-it-yourself enthusiasts 
who are happy to spend years 
improving the property - usually 
with, help from load builders who 
speak English and have probably 
worked in Britain. 

The developments, with their 
swimming pools and newly-planted 
trees, are plentiful and good value 
starting at around C£27,00a (A Cyp- 
riot pound is worth about £L33 ster- 
ling). 

People from the UK - including 
many British Cypriots - make up 
the majority of foreign house- 
buyers. They find many familiar 
things. Social systems and laws, 
even electric plugs, are much the 
same. Motorists drive on the left, 
and the retired are entitled to buy a 
car duty-free. 

Everybody speaks English ahd 
has a relative in the UK usually 
north London - and much bnsmras 
is done in that language rather than 


Greek. Thanks to a generous double 
taxation treaty, retired Britons can 
receive their pensions free of any 
UK withholding tax and will pay 
Cypriot income tax at only 3 to 5 
per cent, a tenth of the local rate, 
with the first CE2.000 exempt 

Buying is surprisingly easy. For- 
eigners pur chase a fiat or house 
with up to two donums (2,675 sq 
metres) of land or a building plot 
not gxnegrfmg that size. The island's 
Council of Ministers must give per- 
mission, but normally this is a for- 
mality so long as you show an 
annual income of £8fr00. 

You must pay with funds brought 
mfn the country. If you decide to 
sell up and leave, you can take the 
purchase price with you (plus any 
gain at a rate of C£10,000 a year). 

You are liable to pay capital gains 
tax an any indexed profit above 
C£10,000. Ike long-established land 
registry guarantees title. 

The land registry’s transfer fee (5 
to 8 per cent of the declared value) 
is unavoidable, as is L5 per cent 
stamp duty. Annual property taxes 
and dustbin collection charges are 
low, however. 

Possible water cuts to homes in 
the summer (which tourists in 
hotels do not experience) are the 
only snag for buyers. Always 
inquire about the simply. 

Paphos, in the south-west of the 
island, is good for new develop- 


ments and also has the advantage 
of its own airport (The main one is 
at Larnaca, in the south-east) The 
beaches are sandy, the climate 
sunny and warm, and the Roman 
mosaics stunning. 

The Nicosia-Limassol motorway 
is advancing to Paphos. When it is 
finished in two or three years, mak- 
ing it easy for Nicosia people to 
commute every weekend, property 
prices are bound to rise, so now is a 
good time to buy. Many have. 
"There must be 5,000 Brits around 
Paphos,’' says Michael Cartwright 
of Leptos Estates, a Paphos-based 
developer which has built 6,000 
units already. 

Leptos bought 250 acres of hillside 
and planted them with trees to 
make Kama res Village, where a 
two-bedroom detached villa may 
cost C£56,000. Jf you do it from 
scratch, plots start at C£25.000 and 
building from around C £46 ,000. 
Owners have a clubhouse and pooL 
High and faring west, Kamares is 
ideal for watching sunsets and is 
cooler than down by the harbour. 

Among other Paphos develop- 
ments by Leptos is Tremythia Gar- 
dens. It is being built around a 
dump of tremythia (pistachio) trees, 
which are a protected species. Flat 
prices start at CE27.000. 

Another developer of repute is 
Cybarco, part of the Lanitis group 
of companies, which has projects 



The Cypriot landscape is far (Efferent from the UK but Britons who move (hero w9 find much that is I 


from Larnaca to Paphos. They 
include Asomatos Villas (plots from 
C217.200 and villa construction from 
CE58.000) in the orange plantations 
between Limassol and the British 
military bases at Episkopi (army) 
and Akrotiri (RAF). 

The smell is heavenly when the 
trees are in flower. In winter, fla- 
mingos visit the Akrotiri salt lake. 

Along the road to Paphos, the 
views from Cybarco's Pissouri Vil- 
las (CE46.700 to C£63.900), on tbe hill 
above Pissouri village, encompass 
rich vine country, the sea and the 


Troodos massif where Cypriots 
escape to be cool, eat trout and look 
at painted Byzantine churches. 

In a traditional house, the baric 
unit is a long hall of stone or stone 
and mud-brick. Roughly-shaped 
ceiling beams support a packing of 
clay and reeds or straw. If there is 
an upper storey. It has a stone floor 
and a high ceding for coolness. The 
stairs are outride. Often, several of 
these buildings, of different heights, 
are set around a courtyard. 

If you can find one. a restored 
house can cost from C £60, 000 to 


C£80.00D, says Paphos agent Renos 
Pitros. Unrestored, they are 
cheaper, especially if inland. A 
CE5.000 shell 20 miles from Paphos 
could cost £25,000 near the town, 
with restoration costs of CEffl.OOO to 
CE30.000. 

■ Further information: m Paphos - 
Cybarco (236 337), Leptos Estates 
(233 775) and Renos Pitros (235 344\ 
In London - Cybarco (071-436 3881) 
and Leptos (081-340 8096). 

■ The FT is organising a Special 
Invitation visit to C ypru s in Aprfl- 
May 1995. See page XIII. 


Plotter’s 
house 
for sale 


H ow appropriate that the 
house where the 
gunpowder plot was 
organised comes to market 
today, 389 years after Guy 
Fawkes tried to blow np King 
Janies L 

The house is at Ashby St 
Ledgers in Northamptonshire, 
and belonged to the Catesby 
family. Robert Catesby, a stout 
Roman Catholic, held the 
planning meeting in the 
gatehouse, tradition says. 

When tiie plot failed. Catesby 
and tbe other conspirators 
rushed the 80 miles from 
London to Ashby St Ledgers. 

Much of the present honse is 
tbe work of Sir Edwin Lutyens, 
albeit working in a 17th century 
mode; but Catesby's honse 
surviv es with fine 17th century 
panelling, as does the 
half-timbered gatehouse. 

Lutyens also designed the 
gardens which mnlud** a canal 
garden, statue garden, temple 
and an early 20th century 
version of a packhorse 
bridge. 

This imposing house with 32 
acres has 10 bedrooms and 
numerous outbuildings. The 
price from Lane Fox 
(01295-273592) is £2m. 


Gerald Cadogan 


' 


D RtED 



Tha common fiofli some areas of Britain have lost more than three-quarters ot their farm ponds in the past half century 



Frogs at home in urban ponds 

Michael J. Woods on a country dweller forced to change its habits 


■:ks 

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H'!J •- 

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| he advent of the zinc 
drinking trough fed 
by dean piped water, 

spelt the end of field 

ponds on most. farms. Some 
.were, simply, neglected and 
followed to slit up, others were 
■ detibsufcely filled, adding field 
area to the form and allowing 
the removal. of trees, which 
shaded crops. - 
Other ponds were allowed to 
fill with pollutants, snch as 
silage effluent. The outcome 
has been bad news for frogs 
along with other freshwater 
species. Some areas of Britain 
have lost more than_ three- 
quarters of thetf. form, ponds 
in the past half century and 


there is now a dearth of frogs 
In file countryside. 

But where fire country frog 
has' lost, the town frog has 
pjnwl, for the popularity of 
garden ponds, and fee relative 
safety of garitaire for am phibi - 
ans has ensured feat the frog 
population has boomed. in 
urban areas. . 

Many breeding adults suc- 
cessfully survive from year to 
year and, come the spring, join 
their own progeny to lay 
spawn among the water lilies 
beneath the spray of fountains 
and the stony gaze of fishing 
gnomes. In some ponds there 
are fish to feed mi the hatch- 
lings, in others great diving 


beetles, newts and even the 
larvae of dragonflies feat have 
made their home there and rel- 
ish die spring harvest of tad- 
poles. 

But ponds harbouring few 
predators, in areas where 
there is little to eat the adults, 
have semi a population explo- 
sion of spawn which can be of 
such magnitude that the pond 
almost becomes a single quiv- 
ering mass of jelly. 

Meanw hile those with new 
ponds are generally keen to 
see frogs move in and many 
Comity Wildlife Trusts now 
run a scheme encouraging 
those wife too much spawn 
and those with little or none 


to get in touch with each 
other. 

Frogs can live to be eight or 
nine but may take three years 
to reach sexual maturity so 
that new ponds may need the 
introduction of spawn for up 
to three years before frogs 
readily find and return to 
them. 

At fee same time, ponds 
must be cared for in order to 
prevent an accumulation of 
dead leaves and to keep the 
water sufficiently oxygenated 
to support tadpoles. Eventu- 
ally. of course, the new owner 
has a seasoned, well-used pond 
and may then become a donor 
of spawn. 


Unfortunately, now that 
frogs are comparatively com- 
mon in gardens, their loss 
from the countryside is tend- 
ing to go unnoticed. 

But the loss of any pond is 
of concern to conservation 
organisations and to the 
National Rivers Authority, 
which is keen on conserving 
ponds and the wildlife which 
lives in them. 

Ironically, desperate frogs, 
unable to find anywhere more 
suitable, sometimes leave their 
spawn, unfertilised, in the new 
drinking troughs. But at least 
this would be good news for 
the goldfish living in one 
trough I know. 


Gardening 


Trees that make 
winter bearable 

Ignore the part-timers, says Robin Lane Fox 


T he tree season is 
ending in most 
people's gardens but 
not in mine, where 
my favourites are at their best. 
They suit small or large 
gardens, they grow anywhere 
and, apart from owner apathy 
or a rare attack of honey 
tongas, nothing seems to 
bother them. And my top three 
have long seasons - they are 
not limited to a fortnight's 
flower or only five months’ 
leaf. 

Those choosing trees need to 
know that they can be 
miserable part-timers. Yes, 
mulberries are romantic, ash 
frees have been turning a 
seductive shade of yellow and 
robinias are exciting because 
they flower. As a garden’s 
main frees, however, I 
disqualify all of them. They 
are so late into leaf that they 
miss fee main thrust of spring 
entirely. I do not want to look 
on the bare branches of a 
mulberry as the garden’s main 
focus in mid-May. 

In smaller gardens, I would 
mneb rather look out on to 
sorb us Vilmorinii. Never 
believe that sorbusses are 
nothing more than mountain 
ashes which can be seen in 
any old garden. VUmorinii has 
leaves which are cut prettily 
and, in spring, open 
punctually to a fine 
greyish-green, while the main 
stem stands np straight. 

It belongs in a front garden, 
beside a small lawn, or on the 
edge of an urban boundary. 
You can plant round and 
under it and yon know it will 
not grow much more than 
10-I2ft with a modest, open 
spread of branches. It flowers 
late in May without being 
special but, just now. it is 
ending six weeks of 
distinction. In autumn, 
Vilmorinii turns a bright 
reddish-purple and covers 
itself wife clusters of 
pink-white berries. 

In a bigger garden, I would 
have to have the robust sorbus 
hupebensis, too. for its bigger, 
greyer leaves and taller shape. 
Vilmorinii, however, seems to 
be a better fruiter: its one 


fault this year is that young 
trees have cropped so heavily 
that their upper stems have 
bent over and snapped. 

While VHmorinii’s shape is 
upright and lightly branched, 
my second favourite bends 
over and develops a rounded 
bead. The mains family 
contains dozens of good 
garden trees besides cultivated 
apples but, to my eye, mains 
Red Sentinel is simply fee best 
in a modest space. 



Like all fee family, it 
flowers freely to spring and 
fruits heavily in autumn. Tbe 
flowers, however, are not too 
harshly white, a failing which 
afflicts several recent forms 
(including Everest, which I 
have just banished from the 
main garden). 

With time, other excellent 
maluses, especially the prolific 
Floral) unda, become upright 
and rather untidy. In its early 
years, Red Sentinel will seem 
to droop, as if hit by a strong 
wind. Be patient, because it 
will broaden out into a 
loosely-rounded head on a 
standard stem. 

It has pretty leaves which do 
not become drab as summer 
advances and it has 
particularly pretty scarlet 
fruits. So do some of the 
others, but Red Sentinel is the 
one which win last in fruit 
from October right on into 
March, trebling fee interest in 
these difficult months. 

By the end, the fruits are 
slightly battered, but I would 
much rather see them than 
not. It is an excellent grower 
and, if you allow enough 


width for its head, it would 
look charming anywhere. 

My companion for it is taller 
but is about to enter Its 
unsurpassed season of duty. 
Last year, fee winter cherries 
were amazingly beautiful in a 
winter that never really 
brought a sharp frost to turn 
them brown. This year, the 
omens look promising ami, in 
three weeks, primus 
snbbirlefla antnmoallas will 
be at its best 

In older age, the trees can 
become quite wide and tall; 
but you can always prune 
them lightly and encourage 
them upwards, not outwards, 
if you are worried they will 
overshadow too much of their 
surrounds. I would not be 
deterred by lack of space from 
frying them at fee edge of a 
front yard which conld stand a 
height np to 25ft after 12 years 
or so. Clipping can take care 
of fee sideways shading. 

This wonderful tree remains 
my first choice and should not 
be excluded because of its 
possible span when older. It is 

controllable. And nothing else 

win give you such clouds of 
white flower waiting to be 
picked and brought indoors 
(where they will last quite 
well), to be replaced by yet 
more buds in intervals 
between the winter frosts. 

There are other winter 
cherries, but only this variety 
has the ability to send out yet 
more buds beyond fee first 
flowers when they happen to 
be caught in cold weather. 
Anyone can grow h and 
nurseries will supply it as a 
bush, rather than a tree, if fee 
dimensions bather you. 

There is, however, one 
important bit of knowledge. 
This winter cherry also has a 
pink form but, for some 
reason, it does not flower so 
promptly in the winter and 
often refuses to open on til 
early March. By feen, it is 
only one among many. 

So. be sure to insist on fee 
white-flowered form so that 
yon do not lose fee five-month 
season of flower which pots 
this tree above any 
easily-grown rival. 




WEEKEND FT 


FINANCIAL TIMES 


WEEKEND NOVEMBER S/NOVEMBER 6 1994 


I ^ 

r 


COUNTRY PROPERTY 


ALL ILLUSTRATIONS ARE ARTISTS' IMPRESSIONS ONLY 




CLASSIC 

ENGLISH 

PERIOD 

STYLE 

HOUSES 

The houses have been 
individually designed 
by architects to a high 
Standard and with 
quality specifications. 
The main accommoda- 
tion is spacious with 
large ball, 4 reception 
rooms, beautifully de- 
signcd kitchens, 
master bedroom suite 
and 4 further 
bedrooms. 

rc 



BEAimiiTY FARM 

CHOBHAM, SURREY 

* RECEPTION ROOMS. 4 BKDRc H IMS 

1 BATHROOMS 

Additional JcalHttx 

breakfast not mi. co.vsEKV.nr >«>■ 
TRIPLE OARAGE. ONE ACRE OK 
GARDENS AND Z'l ACRES OF 
PADDOCK. 

‘“*£850,000 

comenoN shortly 


QUEENS DRIVE 

OXSHOTT. SURREY 

t RECntPTTON ROOMS. 4 IIKDROOMS. 
i bait !Rl toms 

Additional features 

CONSERVATORY. (XX IDLE (LVRAL.E 
WITH GAMES ROOM ABOVE. 
CARDEN AND GROf 'HUS OF .\BOl T 
'.OF AN ACRE. 

£795,000 

COMPLETION SHORTLY 


STRATTON CHASE 

DRIVE CHAI.FONT ST. 
GILES. BUCKINGHAMSHIRE 

■1 RECEPTION ROOMS. S BEDROOMS 
4 RATHRUt »J.\ 

.iddltiounl features: 

BREAKFAST ROOM. TRIPLE GARAGE. 
GARDEN AND « I KOI INDS. 

£650,000 

COMPLETION SHORTLY 


WELLS WOOD 

ASCOT. SURREY 
4 RECEPTION ROOMS. * BEDROOMS. 
2 BATHROOMS AND 
SHOWER ROOM 
Additional futures 

Cl INSERVAIORV DOUBLE GARAGE. 
GARDEN AND GROLiNDS. 

£450,000 

IMMEDIATE OCCUWTTOM 


NATION CREST KIR (ItTAfLS poxskcuj. 

PLC WEEKEND (0 494) 764066 OR MON-FRI (0753) 888369 


ntvELoriNO 


QUALITY ENVIRONMENT 


ok fax iiiT^jH^M.t i 


STRUTT 

PARKER^ 



Kinross - Shire Know b (rales. Path 21 miles. Btnbtxgh 32 mifes. 

A mMmilai, sgrlnilunl and spatiing tsUlt. Mumm hour * 4 reception 
looms. 7 bedrooms and 1 hubrcxmil. 2 bnnluues. Coocb house. 2 coo ages. 
4$2 acres nbie. I06aocs pasuirc. 248 acres hilL Phcaxnd shoe*. 

Tion fishing. Barony mic. About I <M0 acres, fbr sale as a whole or in (( Ms. 
Edmburfch OHkr Tcfc 03 ) -22*. 2500. Ref. 3BJK7+L 



Buckinghamshire - Iver Heath M40 iji> 3 mile*. M4 05) 

3j miles. M25(H6|4 miles. (kahiDw 6 miles. Gaunt Londm (Smiles 
A fln* Fdwardtan ho»e with mature gardens In a hltWy accesubte position. 
S ruccpaon rooms. 7 bedrourm. 2 further be dro o ms in iheadf contained 
annexe, i taifvoonrv. Mature gardens. grass tennis court area. Triple garage. 
Abouf 3 acres. London Office Tel: 071 -629 7292. ReCJAAJIMO 

13 HIU- STREET BERKEUEY SQUARE LONDON W1X80L 
Tel: (071) 629 7282. Fax: (071) 409 2359 
Nowwb eram Hong Kcng.Cafiou' rapt emnai v a earning Fiafta. 
Tel: 010852 8 T6 253Z Fax: 010 852 818 2584 


CARTER IQNAS 



NORTHAMPTONSHIRE 
A'ctrmngem ties. 
Huntingdon 19 mites. 

A 1/AfJ Link miles 

A Georgian Rectory 
requiring restoration 
enjoying snperb views 
over the River Nene 

HalL. 3 Reception Rooms. 

Study. Kitchen. 

5 Bedrooms, Bathroom. 

2 Stores. Garage. Garden 

About 2/3 acres in all 
Price Guide £175,000 
An adiaccnt building plot 
of about 1/3 acre. 
Price guide £50.000 

Peterborough: 0 1 733 68100 


0171 629 7154 


RETIREMENT 


ENGLISH COURTYARD 

•IN THE VALE OF 
THE WHITE HORSE" 
Penstooct Court 
Stanford- in-thc- Vale. Otcon. 

New cottages of lovely cntswald stone. 
2 and 3 bedrooms. Fine views. 
I1TL500 to EIVTjXKt 

roct riding gt rage. 

Lease over 125 yean. 

Full Service Charge details available. 

FOR THIS AND ALL THAT 
IS BEST IN RETIREMENT HOUSING 
ACROSS RURAL ENGLAND 
Eaglbti Courtyard Association 
& Holland Street, London W8 4LT 
FREEFONE 0800 2208SS 


. CHEPSTOW 

ESTATE AGENCY 

Ctiiiau Mill 


NR CHEPSTOW, 
GWENT 

Unique Farmhouse & Barn 
Conversion in 22 acres of 
secluded grounds 
and trout stream. 

M4 7 miles. £285.000 

Tel: (0291) 629292 
Fax: (0291) 629294 

MILLERSON 

Cornwall 

300 yw oM conago wfth landscaped 

gardens and wooKflamts. leadng 

to private salmon flsNng in the RNer 
Tamar. 3 reception rooms, kitchen/ 
breakfast roam. conaer/arory. 

3 bedrooms each w«n bathroom. 

Hod room with wutflo over, workshop. 

dotdjfo garage. Heeled outdoor 
swfenming pool Freehold E1BS3KJ0. 

Tel: (015669 776055 


PARSONAGE LANE FARNHAM COMMON BUCKS 



trfcfttg thanes tov tost nknsed this exclusive devetopmsu al four quality detached 
homes built to a high standard and specification each with 4 nxqukm rooms. 
5 hedtroira. Ttwv are in a saui-rural kxatbm doe lo a vilUpr with onl crerammic-i 
dons to Corints trees, Be-uncfc dd and the M2S. M40 and M4 Mrunways 

PRICES FROM £395,000 
VIKING TEL' SHOWHOUSE 0753 643696 
» o M E s OR AGENTS: 0753 880144 


INTERNATIONAL 




SOME^CT, Winranton 244 Acres 

Wlncaru on l m3e, Bach 31 miles, Salisbury 32 miles. 
GRADE n LISTED FARMHOUSE & 
COMMERCIAL DAIRY FARM. 

House: 3 reception rooms, 6 bedrooms. 

Separate 3 bedroom guest annexe. 

Swimming pool, tennis court. Purpose built dairy unit. 
Range of traditional buildings and loose boxes. 

Milk quota. 3 cottages. 

Saviils, Bath Tel: (0225) 444622 Contact: Richard Rees 
INTERNATIONAL PROPERTY CONSULTANTS 


Hill * Clements 


SURREY - MERSTHAM 

London Bridgc/Victoria 31 mins. 

Reigate - S miles. 

M25/M23 - 2 miles. London - 19 miles. 

In lovely rural surroundings on the crest of the 
North Downs, an historic Grade IP period 
farmhouse with secondary house and cottage 
set in secluded grounds of 3 acres. 

Described by Pevsner as 

"about the best vernacular farm on the Surrey Downs." 

5 bedrooms, 2 bathrooms, 5 reception rooms, garaging for 4, 
period outbuildings, swimming pod, all weather tennis courL 

53 Quarry Street, Guildford, GUI 3UA. 

Tel: 0483 300300 Fax:(0483)301212 


LONDON PROPERTY 

~ ANDRE LANAUVRE & Co" 

Eaton Square 

Immaculate executive 
apartment with 
two bedrooms. 
£350.000 or for rent 


I V-.-, 


*«■ gm; 




TPri? 

mu' 




Jr 


JL U i'V' JL 

Living 

Prices from £345,000- 
£450,000 freehold. 

A fully furnished showhouse is open 
e\vry Joy from lU.dOam to 5.tWp»n. 

Selling agent. Burton Wyatt. 

The Estate Office. Virginia Park. 

Virginia Water. Surrey, 

. Tel: 01344 844622 (24 hour onsaphone). 


VIRGINIA PARK is a magnificent new development 
V of prestigious houses, grand apartments and mews 
collages in an established parkland selling. Excellent 
recreational and sporting facilities together with a high 
degree of security will be an integral part of this 

impressive scheme. 

The Green is the Initial release offering a 
l delightful choice of 4/5 bedroomed houses 

V exquisitely detailed in the Victorian style. 

^ and arranged in courtyard settings. 

■ Motorway access to Gatwick, Heathrow and 

i f London is an easy drive away and Waterloo 
| ‘ f - is approx 40 mins by train from nearby 

r_. Virginia Water station. 


* 


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LONDON PROPERTY 


p=Winkwoith =? 

KcaxinRIon Park Road. WH. 
Wrfl pmcmcid 2 iJouhtc hcJnam 
^mnaa with tahivuat. Ouwrr. 
IjtJunAiaklM room A mxpuua nna 
os 4lh |L OiMl of weD nuitsaatnl porteird 
Hock ufo LadN”te Square UJm. cknt 111 
Aops and IIMiEpCfl. Wj ti kac/CMdXM. 
Winkworlh 

Tel: 071 7Z7 3Z27 Fau 20 *371 


BUYING FOR INVESTMENT? W* Identify 
Vie best opportunities to you Ovoughout 
centra) London and also >n iho city of 
Gamnndge We provide a complete 
package service: Acquisition, Finance. 
Furnishing, Letting and Management. 
THeptone Uafcuhi Waffdn InMrnsftnd on 
071 493<S1 or Fev 071 433 4319 


Buying property shouldn't be a spare-time pursuit. 
Its our full time business. 


LONDON 

RENTALS 


HASKER STREET. SW3 
Auracim- bouse in popnLu icsiAmnl 
area. 2 Rixcpt, Kri/Brk. 3 Beds. 

2 Bulbs, Okm. Oda &UVJfi p» Vf. 
QUEEN SC ATE 
PLACE MEWS. SW7 
Sruiming unluraivix-d mew, holme 
tcalunngoQk fk*xv Rcc 3 Beds. 

3 Baths. Kitchen £700 pw. 
HOBURY STREET. SWI0 
jr rjewe brigbl fornr-bed firs) fir III. 
Reap. 2 Beds. 2 Beds. Kildxu. 
SMGjmOpwpf 

TEL: |071) 589 1244 


ST. JAMES'S. STUDIO APT. FIF. 2nd 
Boor. In ttm Block. Avalefata now* C173 jw 
Tat 071 6292541 (T) 


KENSINGfTOfVCENTRAL LONDON Largest 
selection of audJIty properties, E1SCI- 
CISOOpw. From 3 i*ks to 3 yrs. Chard 
Asaxtms art 7920732. to-Tpm 


Property Vision is a 
professional buying service 
Tor clients will) liUlc spare 
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our clients, usually expert In jT;j 
their own fields, recognise P 
our expenise in ours, which is 
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In business for the buyer. 


6 Addison Avenue. London Wl 1 4QK- Td: 0171 6028788. Fax: 0171 371 3150 


JB INTERNATIONAL 
find the Best London Buys 
Finance, Furnishing, Letting 
and Management 
Tel: 081 445 3848 Fax: 3868 


PETERBOROUGH ESTATE, SW9. 
Newly return, use 3/6 beds. 3 bath A 
sbenrer. Weal tadng gdn. Otters m excess 
at C49Sj000. FawTet 071 7362250 


SOTHEByS 

nmwiAnoNM. Rcarnr 


TOWER BRIDGE WHARF El. Gktss SC 
Katherines Docfc/Tower Bridge. 2 bed, 2 
bath flat. Views of river. FiMly (umtohed. 
C21OA0O. BARNARD MARCUS. Tel: 071 
838 2736 Fac 071 436 2849 
W2C smart 4B> 2 net), 2 oafr tA Mod WB 
block, Lilt. Between Covent Garden/ 
Leicester Sq. Lse: f2f yra £165000. 
BARNARD MARCUS Tel: 071 638 2736 
Fate DTI 436 2649 

WHUD0N VR1AGE. BoouttiOy restored 
2 bedroom cottage. Close to Common. 
Offers £155,000. TW: OH 720 SOB* 

MORTGAGE PROBLEMS? Apply lo 
Vie eatpert*. Hfcsch MantaUonai Mortgape. 
Tat 071 629 5051 Fate 071 4Q9 0419 


BARBICAN EC2. 1 tied tfn*K mwfooMrg 
gerdananake. Lae: 112 years. £105.000. 
BARNARD MARCUS Tel: 071 636 2736 
Fax 071 436 2849 

BARBICAN EC2 I4*i Rr. 3 bad. 2 bafo Ed 
with views ol the City. Lse: 112 years 
£195X0. BARNARD MARCUS Ttt 071 636 
2736 Fax 071 436 2649 

CHARTERHOUSE SO EC1 Fifth floor 1 
Bed Hat over looking gdn so. Pool, gym. 
sauna, lacuzzt. res porter £99500 Frank 
Hama SCO on 600 7000 


CHELSEA HOMESEARCH A CO We 
represent (he buyer to save time arid 
money: On 837 2281. Fax 071 9372282. 


" j SWITZERLAND 

SJW 3«*> to foreigners authorized 
Or spedeatr Once 1675 

Lake Geneva & 
Mountain resorts 

>bu on own a <*ua*ty APARTMENT/ 
CHALET m M0NTREUX. VILLARS. 
LES DIABLERE7S. LEY5IN. GSTAAO 
Vjfley. CRANS-UONTANA. VERBlEa 
«tc From SFr. 200T30Q - Ciook tncMas 

REVAC SJK. 

SZ iu* ifc Momumam CH-T211 GENEVA 2 
W 41 a/ 734 IS *0 - Fu 734 12 20 


D1ANI BEACH, KENYA 

We are looking for miijthlwitr. 41 
Keoya's most beautiful bcarb. 
Ln*ur> freehold iiillas with pool 
and Sit- TV f,v salcf 
Contact Kris tel. (UK)rK)-741-iOjO 
( evening) ui faJLUXI-TJI-VISJ 
Bougaio Villas. Diani Beach Kenya 
.Vo agents ptuae! 

BOCA RATOWPALM BEACH FLORIDA. 
Watertnjnt 6 Golt Course Ltomoa. Buyers 
Representation Wo tee . Contact Rastyn 
Ceresnb, Roatka Far yarn TN*. n cell ym 
(or details- Fan: USA 407 J41 6020 
Tet USA W 3*7 2623 

FRANCE. PARIS 1st -Venddme- 
Concords died- 2 aporimonls. idoal 
lor recaption tn now, luruiy, high 
standard building, parkings- 156m' - 
1MMOBIUERE SATIS Tel: (1/ 45 03 
76 7B. 

MADEIRA. An apartment ol 2 Deds/2 
baths, silling rmo overlooking iho 
ocean with 30ml sea views. 
Furnished. For lurlhor Information 
Tot (Fax (351) 91 933859. 

URGENT COTE D'AZUR Luxury 
vJIn In prlveta location. 5 code, loungo, 
Oudy. 4 baths, poet. Ggo Reduced omo 
for Quick Sale. 3,900.000 F.F 
ToL Owner (33) 9292 01 82 

SUPERB FARMHOUSE I7/18C 4 kms 
Geneva canoe. E>coft. communkiiuon ra 
airport * Inti centra. Li go rooms, rocop 
lOOmso. 1 1 beds. Rxarv. Voplacns. mHture 
garden, tennis TN: (01 04 1 1 227574423 

FRENCH PROPERTY NEWS Monthly 
aid. mw 6 sW tvoeeriles. legal ooAjrm «c 
Ask ter you FREE copy now. Tot 081 947 
1834 


INTERNATIONAL PROPERTY 


BY INVITATION ONLY 

“42, LA CROISETTE” 

In Cannes, between ihe Carlton and ihe Palais des Festivals, 
the most beautiful address on the French Riviera is now for sale. 
A new building of such quality and luxury that potential buyers 
are truly limited to a very select few. 

11' you arc among them, please contact us rapidly. 

John Taylor 

55, La Croi.selte - 116400 Cannes f France) 

Tel. : 1 33) 93 38 00 66 - Fsix : 133) 93 39 13 65 



VI 

*•» 

V-s 


3 JOHN 
TAYLOR 


CYPRUS 


A wide 4etecii.in uf (rrehuid propL-trtn 
in Coral Bay at Panhnt, Kisiiuuri. 
LimawK. Larnaci & Nicusix With tang 
term tiiHncc. 

A, Jehnts call: 

Tel: 07) 4V, .Mil F.i«: f!7 1 43* 5(UH 
CYBARCO I.TD 
ESTABLISHED SINCE 1945 

CYPRUS OtdoW. IstandvndP dnUopas M 
»63S Ftoohou vtias/o pcs tor solo on nBs 6 
coast. Inspection niQhta.LOROOS 
CONTTMCTk Bent 1 17 5, Unoan), Cyprus, 
Tel (357-5) 377877. Fa* >33143. 


100 UNITED NATIONS PLAZA 
One of N*w York'* finest 
condominiums offers 24-hour 
rioomion & conctergo, private 
physical fitness center, on-sits 
gerege & apeolous apartments 
with fabulous views. 

FURNISHED 2 BEDROOM 
Magnificent 2 bedroom/ 2-1/2 
bath apt with lovely views. 
Beautifully renovated & 
furnished to meet the highest 
standards. 

PENTHOUSE PERFECTION 
2293 sf home plus 557 sf wrap 
terrace with Incredible views. 
A oneo f -a klnd exquisite home! 

Shown exclusively through: 


SWITZERLAND Apt3 tram C75.0Q0. chnlew 
tram £2504)00 te tho best kxobcnvTtie Sw*M 
Wp«rt8.Clo Lam & Pln&TrtOSI 742 07D6 


EXHIBITIONS 


12 & 13 November 

at 

TAUNTON RACECOURSE 

Leave MS at Jnct 25 then follow 
AA signs to (he Racasurte 
Sat. IQ-JO am - 5 JO tm 
Sun. 10-30 am - 5.00 to 

To eerw properties Is Northern, Western 
A S u Mwi Fuser, tac. Pmoer. 

Tel. 0752 771777 or U57V 50lb2 
Fax 0570 5U2 h2 


ESTANCIAS " 

throughout the country, ranging from 1,000 to 85,000 Has. 
Productive units under management and/or joint ventures. 
Opportunities lor tourism, fishing, bunting and polo. 
Financial and Investment advice available 


/■YioW 




'■it&Q'IVkTjsb; 

tZ'KsnzGurtfGx 


On the instructions or 
Miss Sumc Cooper 

DERBY SQUARE, 
DOUGLAS 

2 Renovated Maisonettes m 
Victorian terrace overlooking uo 
oasi-. of well kept trees & flowers. 
Includes Lounges: fined 
Kitchens: Dining nr Sun Room: 

2 Bedrooms: gfch and usual 
offices each. 

Price from £138,000. 

For dctdils apply 
Block Grace Cowley. 

1 1 Prospect HilL Douglas, IOM 
Tel: 10024) 022228 Fax 6257S7 

CAP MARTIN NEAR MONTE CARLO 
ft* sate. Suoerti 2 tec room opotvnoife in 
now aevMopmont. son vhnn. letrates. 
root gardens, pools. Prtcos slashed 
by Beret SPA sM lira bod Fhwsa norms. 
Tel: 071 -4830606 Fax 071-4830436 

INTERNATIONAL PROPERTY TRIBUNE. 
Frae property & wrvico mogazno Raguost 
*to 0*83 45525* Fra. 0*63 45409Q 

COSTA OCL SOL PROPERTIES MsrbaOa 

OttlCm. For InfwiRSMn 8 Pnoq ta( rtrrg 
OBI 9033761 anyttma F» 3559 


WYKEHAM 

MANAGEMENT SERVICES 

In UK: 0723 862703 " ~ 

Tan : 0723 664029 

SOUTH DROME - FRANCE 

Restored isth C. farmhouse with 
pool, surrounded by 4 acres of superb 
country side. Leisure or residendaL 
Excdfcof rental revenue. 
PRICE: FFr 1350,000 
Tel: 33 7553 3457 
Fas: 3 3 7553 3821 

GUERNSEY - SHIELDS A COMPANY LTD 
4 Souu esttanaoo. Si Peter Ftert OH« the 
ttew/s targesi nOeperetent Estate Agents. 
Tel: 0481 7 14445 Fax 04fli 713811. 

INTERNATIONAL 

RENTALS 

ALDERNEY. CHANNEL ISLES Tax 
haven, charm rnj gunny uottaga to tot Long 
tern* Fufty turrmh. ofl amsrwos. Steeps 4, 
III Wl. cl h. ie*epnone. Nr shops. Horary, 
churcn. Smalt prony garden Terms by 

negotoSon Tet- 0939 425777. 


Weekend FT *- 

on 

December 3rd 

The Re»dcntu{ Propertv pass 

will Incus on ' ' & 

PARIS PROPERTY 

To advertise y ( inr pro pc rev for 
Sale or rent ' 

Contact 
Paul Cosgrove 
Tel: +44 71 873 3252 
Fax: +44 71 8733098 




ijtti 


WC 











FINANCIAL TIMES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


WEEKEND FT XXU1 



HOW TO SPEND IT 


J ••mi 

iir. ... 


lr l(lr 


Smaller numbers on 
your telephone bill 

Peter Knight looks at the large and complex variety of saving schemes 


IT;: 




S *■ 



tlllir 


'■llin 

•! n,r 

•f-ISS 
■ MS. 


H urrah for the 
free market. 
Some of the 
political prom- 
ises made at the 
time BT was privatised are 
finally coming true - competi- 
tion in the domestic telephone 
market really is driving down 
the cost of talking. 

Business has already bene- 
fited hut now householders can 
cut their phone bills quite sub- 
stantially by using alternative 
telephone companies or sub- 
scribing to the discount 
schemes ottered by BT. 

Mercury, the well-established 
UK telephone company owned 
by Cable & Wireless; Gnergis, 
owned by the National Grid, 
and the cable television compa- 
nies, offer telephone services to 
homes, usually with promises 
of cheaper long-distance raiic 
and charging by time rather 
than unit 

This competition, as the pri- 
vatisation theorists promised, 
m has forced BT to improve its 
service, reduce the cost of 
long-distance calls and offer a 
range of discount options. You 
can even collect air miles on 
your telephone account. 

But this does not mean that 
life is any easier. On the con- 
trary, we have lost the glorious 
simplicity or the old GPO days 
when everyone was expected 
to rejoice at the privilege of 
owning a phone no matter ' 
what the quality and cost of 
the service. Now we have a 
range of savings options that, 
at first sight, seem complex 
enough to flummox Gary Kas- 
parov. 

Telephony has become a 
commodity business and the 
telephone companies compete 
primarily on cost Some offer 


How much can be saved on BTs discount schemes 

Discount 



Souar Humor AsKkr 


Your quarterly phone bifl tom vat and v* rontaQ 
Quarterly spend Jl BT IBM roB MJJ ppu 


better services, such as highly 
detailed bills, but for most of 
us the main reason for using 
another service would be 
because it is cheaper. 

Unless you subscribe to 
cable television that also offers 
telephone services, you cannot 
escape BT altogether because 
BT provides the main infra- 
structure on which the other 
carriers piggyback. This means 
that as soon as you use an 
alternative carrier you will 
have two bills, one from BT 
and another from your chosen 
alternative. Take the cost and 
hassle of subscribing to two 
services into account when 
making cost comparisons. 

Also remember that BT 
offers a . range of discount 
options to suit all sorts of cus- 
tomers from the very low user 
to the terminally loquacious. 
These discounts are based on 
the volume of calls, so if you 
shift some of your calls to 
another carrier, then the rate 
of discount from BT will be 
smaller. More on this later. 

Most people have very defi- 
nite telephone needs and call- 


ing habits. Here are some rule- 
of-thumb suggestions to reduce 
your bill, calculated to meet 
the needs of four different 
types of customer. 

■ Local calls only 

Stick with BT and investi- 
gate some of their discount 
schemes. The new carriers are 
competing mainly in the 
long-distance and international 
sectors. The only exception is 
if you have cable television 
and that company offers tele- 
phone services - then you 
could dispense with BT alto- 
gether. but compare charges 
first 

If you spend less than £35 a 
quarter, join BT's Light User 
Scheme, over that amount, 
then look at some of the other 
BT schemes. 

■ Local calls and long dis- 
tance calls to one person 

If your bill is below £ioo a 
quarter and local calls are the 
biggest cost, then it is probably 
sensible to stay with BT and 
use its Family and Friends dis- 
count scheme (see below) if It 
is offered In your area. If the 
bill is mainly made up of 


long-distance or international 
calls, then look at an alterna- 
tive carrier. 

■ Bills of more than £100 a 
quarter with lots of 
long-distance calls 

If long-distance calls are con- 
tributing most of the cost, then 
you can save by using an alter- 
native carrier, such as Mercury 
or Energis. Depending on the 
age of your local BT exchange, 
you could also benefit from 
better services (such as fully 
itemised bills) by using a car- 
rier other than BT. 

If you want to stay with BT, 
then look at the discount 
schemes that are aimed at you. 
But remember, if you use both 
BT and an alternative carrier, 
you will reduce the savings 
made on the BT discount 
schemes. 

■ £ 100-plus bill made up 
mostly of long-distance and 
overseas calls 

Investigate another carrier 
immediately, but check that 
the rates for the region of the 
world you are calling regularly 
is competitive with BT. If you 
call the US mainly, then check 
out the call-back schemes 
offered by some specialist oper- 
ators who advertise in the FT. 

BT DISCOUNT SCHEMES 

■ Light User Scheme. Rebate 
offered for customers who 
spend less than £10 a month. 

■ Friends and Family. Pro- 
vides a 5 per cent discount on 
five nominated telephone num- 
bers, which can include one 
international number. Only 
open to those customers whose 
local exchange provides full 
itemised billing. One-off join- 
ing fee of £4.99. 

■ Option 15. Designed for cus- 
tomers with quarterly bills of 
over £40 and promises a 10 per 



cent discount. Quarterly fee of 
£4. Dr John Hunter of Hunter 
Associates, specialists in tele- 
phone call charges, says the 
actual savings once the charge 
has been included in the equa- 
tion is less than 5 per cent on a 
bill of £50 a quarter and 
around 7 per cent on £100 
bill. 

■ Premier Line. Designed for 


those with regular bills over 
£100 a quarter. Provides up to 
15 per cent discount on direct- 
dialled caii« and customers can 
accumulate “Talking Points" 
which can be exchanged for 
gifts or air miles. Annual fee of 
£24. Once this fee has been 
included in the calculations. 
Hunter estimates that the 
scheme will give about 10 per 


cent savings on a bill of £100 a 
quarter. Savings rise with the 
size of the bill, but you will 
have to spend about £1.000 a 
quarter before you achieve 15 
per cent 

BT also offers a range of dis- 
count options to business. 
These might be worth investi- 
gating if you make a lot of 
business calls from home, but 


remember that you will have 
to re-dassify your Him as busi- 
ness to take advantage of these 
discounts, and that costs more. 

It might be worth buying a 
calculator before you start to 
work out your options. 

M Information : BT - dial ISO. 
Mercury: PreecaU 0500 200 960 
Energis: 0800 162 162. 





Rough times for cashmere 

Lucia van der Post explains why prices of the luxurious fabric will rise 






Cashmere by Barrie Knitwear - roflneck king sweater, £235, rfcbed sweater round shoulders, £300, round the 
waist, £309. bi black, peorfy grey, platinum gray, ecru or natural. avaRable from Space NK Eariham Sheet, 
London WC2 and other Bame Knitwear Stockists 


T he relationship 
between the supply 
and demand of cash- 
mere, that softest, 
lightest, wannest, most delec- 
table of fibres, has always been 
a delicate one. When the two 
are in harmony the knitwear 
manufacturers and we, the cus- 
tomers, can eqjoy stable prices 
and steady supplies. When 
they are out of kilter, then 
there is trouble - or. more pre- 
cisely. there is expense. 

In Scotland, where the com- 
bination of pure water, finest 
yarns and know-how produce 
the best knitwear, there is con- 
siderable agitation. The tran- 
quil years of stable prices seem 
to have to come an end. The 
Chinese, who have been the 
sole suppliers of that ineffably 
soft down from under the neck 
of the cashmere goat, have 
finally become highly success- 
ful competitors in the textile 
market. 

The Chinese economy is 
booming and refined, luxurious 
shops such as Ermenegildo 
Zenga are opening in Beijing at 
quite a pace. Private enterprise 
is being encourage and there is 
now a very efficient, very hun- 
gry textile business. Hong 
Kong has invested heavily in 
mainland China and now that 
Hong Kong itself has become 
an expensive place to manufac- 
turer, more manufacturing is 
being done in China. 

There is not enough raw 
material to go round and most 
suppliers have already put 
their prices up by 15 per cent. 
It seems certain they will rise 
further. 

The big players - companies 
such as Dawson and Johnstons 
of Elgin - which do everything 
from treating the fleeces to 
designing, manufacturing and 
retailing, can absorb some of 
the extra costs along the way. 
The smaller producers who are 
involved in only one or two 
processes have to make a 
return at every level. 

James Sugden of Johnstons 
says that: “Until supply and 
demand come into balance this 
nonsense will go on." Ulti- 


mately. he believes. Chinese 
wages and costs will rise, mak- 
ing their own costs nearer 
those of Scotland. “In the 
meantime we have to look at 
margins, efficient distribution, 
service and design if we are 
going to have a chance of com- 
peting." 

To keep costs down many 
companies are looking at mix- 
ing cashmere with other mate- 
rials - Pringle has had a par- 
ticular success with its 
cashmere and silk and cash- 
mere and cotton mixes. Mail 
order has also grown in the 
wake of pressure on margins 
and there is a host of compa- 
nies now selling classic designs 
by post. 

Meanwhile in Scotland, some 
farmers are experimenting 
with farming their own cash- 


mere-producing goats. The first 
garments made from Scottish 
cashmere are already on the 
shelves of top stores in Tokyo, 
Edinburgh, Paris and New 
York. Belinda Robertson, for 
instance, has used it for a spe- 
cial limited edition. All should 
bear a swing ticket saying they 
are made of Scottish cashmere. 

Even so, if you fancy some 
cashmere this winter, the mes- 
sage is: hurry. There is 
nowhere for prices to go but 
up. 

■ The Cashmere Store, 2, 
Saint Giles Street, Edinburgh 
EH1 (Tel: 031-225 5178) sells 
classic cashmere knitwear - 
cardigans, V-necked jumpers, 
that sort of thing, by mail 
order at good prices. £149 for a 
two-ply cashmere cardigan, £99 
for a V-necked sweater. 


■ Brora, 7a Filmer Road Stu- 
dios, 75 Filmer Road, London 
SW6, sells classic knitwear, 
jumpers and V or high-necked 
cardigans at the best prices 
around, £110 each. Men's cardi- 
gans are £145, waistcoats £135. 
There is a mail order service. 

■ Elizabeth Stanbury of 7, 
Bridge Street, Hungerford, 
Berkshire and 37, Upper Brook 
Street (first floor, just ring the 
bell), London Wl offers a 
charming personal service. Her 
two shops have sofas, a warm 
welcome and a willingness to 
make any design in any colour 
the customer fancies. There 
are easy country styles and 
sophisticated town ones. You 
could spend a little (for cash- 
mere!). for example £60 on a 
small scarf, or a lot, up to 
£1,750 for a silk-bordered 


king-size 100 per cent cashmere 
blanket 

M Madeleine Trehearne, of 
whom I wrote in the summer, 
has just come hack from India 
with another batch of her 
exquisitely soft and luxurious 
Shahtoosh, Toosh, and Pash- 
mina shawls. In fashionable 
shops they start at £1.600 and 
go on up to £2,500 a time but 
Madeleine, because she sells 
them from her own home and 
has only her own and her part- 
ner's travelling costs to cover, 
sells items from £600, for the 
Pashmina, to £1,200, for the fin- 
est of them all, the Shahtoosh. 
There are lots of colours and 
designs but I think much the 
nicest are the plain caramel 
coloured ones. Ring her on 
071-435 6310 for an appointment 
to view and buy. 


■*SS3 


The World's Finest Men's 

. Underwear. 





• • .. 



flOMkl AGE kj tIMMEBLI- TWJUW 
Bat. AtiffrtW iF'hnA* MHWliUH am 
brtlw. ikaft. T “ ,H AB 

C1I-JM3 Aartaqs. rk*« 41 41 4 * 

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The Antique Wine Company 
of Ghat Britain 

For a most unique gift, wo will 
supply a fine bottle of vintage wine 
( Law or, Lafite. Rothschild, etc.), 
6mn the art year the redpims 
birth together wni the original issue 
of tbfl London ‘Times' newspaper 
from the precise day. Elaborately 
presented and delivered worldwide 

within days. 

Tel: UK 0827 830707 
Fax: UK 8827830725 
Toll fbkr fooneAux rom toe USA 
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- ^Collection GENEVE 



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son Importer Jrtar International Ud. Tet 051-445 6376 Fa»: 081-445 2714 


Ermenegildo Zegna 



The imagination 

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of man is limillrss, 
if ran lift him Jar 
ln*\un<! I In* I hnii i« lanes 

of his . mind. 


\mw ai ( 'nvriii ( ism Ifii 

v .. l.o.Uftl l.i urn*' m l 

U I -41-l-n \\> 1.1 liri4""iHKI| 



Tan gar a, 

1 SK gold, mechitnical 
or daJronintJortrment. 


MgeT 


J0AII.LIER EN HQR LOG ERIE DEPUIS 18 74 
GESliVE 


From leading jewellers throughout 
the United Kingdom or for your 
nearest stockist please call: 

Tel: 071 416 4160 







XXIV WEEK-END FT 


FINANCIAL TUV.ES WEEKEND NOVEMBER 5/NOVEMBER 6 1994 


FASHION 


A laddish 
hi-tech 
style for 
town and 
country 

Nick Ashley inherited a famous 
fashion name . Now he has his own 
shop , writes Richard Rawlinson 

N ick Ashley, son bury Road, Notting HUl, west 
of Laura and London and there have been 
Bernard Ashley, no fancy interior designers - 
tried to Intro- "just a lick of paint, keeping it 
duce me ns wear minimalist" and no marketing 




N ick Ashley, son 
of Laura and 
Bernard Ashley, 
tried to Intro- 
duce menswear 
into the Ashley store chain at 
least twice during his 15-year 
reign as the company’s design 
director. Each time, the grey 
suits in the boardroom 
stamped on the idea, perhaps 
rightly concluding that miring 
floral frocks with men's cloth- 
ing would not work. 

Having left the family com- 
pany two years ago, 37-year-old 
Nick has decided to go it alone 
and at last has achieved his 
long-held dream and opened 
his own menswear business. 

One might expect the heir of 
industrial tycoons to have no 
shortage of cash to throw at a 
new venture. But, just as 
Laura and Bernard began by 
designing dresses on their 
kitchen table, Nick has had to 
start on a small scale. He has 
funded the venture himself and 
says that, in spite of recent 
reports about vast inheri- 
tances, his “net worth is little 
more than what I'm standing 
up in”, though be still owns 
some shares in the old family 
company. 

The shop is small and unas- 
suming though not “in a way 
that shows some trendy. 
Shaker influence, it looks more 
like a Welsh pub". It is in an 
ungiitzy part of town at 57 Led- 


% 


bury Road, Notting Hill, west 
London and there have been 
no fancy interior designers - 
"just a lick of paint, keeping it 
minimalist" and no marketing 
men designing clever logos. 
The carrier bags are plain 
brown. 

Nick’s design philosophy is 
based around "old styles for 
modem living”. He is specialis- 
ing in practical, durable outer- 
wear, ideal for the sporting life 
and wet and windy weekends 
in the country. However, he 
wants to erode the differences 
between town and country 
clothing by combining the 
purely functional with urban 
style and comfort. The result- 
ing cocktail could be described 
as gamekeeper-meets-motor- 
cycle courier or Mulberry- 
meets-Dr Marten Clothing. 

The clothing sometimes 
seems amateur and home- 
made, what the Japanese call a 
“high-touch product” but Nick, 
whose hobby is motorcross rac- 
ing when he is at his country 
home in Wales, is excited by 
this concept and believes he 
has discovered a niche in the 
market 

T designed the collection for 
myself and my friends,” he 
says from his flat in Kensing- 
ton, London, which he shares 
with his wife, Ari, and 214-year- 
old daughter, lily. T want to 
do away with the need for sep- 
arate wardrobes for town and 






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country, one sophisticated and 
one frumpy." 

The collection includes 
reefer coats, drape coats, tai- 
lored backing jackets, cotton 
trousers, fleece work shirts and 
accessories such as shoes, 
boots, hats, gloves and retro- 
style motorcycle helmets and 




goggles. The predominant col- 
ours are black and navy, 
although traditional country 
greens and browns are avail- 
able. 

Prices range from £60 for a 
shirt to £350 for a jacket 

However, the collection's 
most novel feature lies in its 


ALFRED DUNHILL 


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use of fabrics. Nick has taken 
high-performance fabrics, such 
as Ventile and Polartec, used 
by mountain climbing clofliing 
specialists, and applied them to 
everyday outerwear. By doing 
so, he has cut out the need for 
the oily, smelly weather-proof- 
ing treatments so prevalent in 
much huntin', shootin’ ’n’ 
fishin’ clothing. In effect he 
has borrowed the technology of 
tough practical, functional 
clothing and smartened the 
designs up, giving them a fash- 
ionable, but not too fashion- 
able, edge. 

“Clothes," says Nick, 
"should not say too much 
about you. People who wear 
corduroy trousers, tweed jack- 
ets, poplin shirts and brogues 
are immediately pigeon-holed 
as public school types. My kit 
junctions well out of doors but 
it does not give off any social 
message.” 

Nick studied fashion at St 
Martin's College of Art and 
Design where he was a contem- 
porary of Rifat Ozbek. But he 
claims he learnt most about 
clothes, and tailoring in partic- 
ular, while working part-time 
for the late Tommy Nutter, the 
Savile Row bespoke tailor. 

When he was design director 
at Laura Ashley he built a 
team of 10 designers into 60 as 
the company expanded into 
more and more areas. By the 
time he left, his department 
was responsible for 2,500 fab- 
rics each year and the com- 
pany bad 450 shops around the 
world. However, in spite of his 
background in the family busi- 
ness, his plans for bis own 
label are more modest. 

He has inherited a distrust of 
wholesaling clothes from his 
parents and be claims he will 
only offer consumers the range 
through his own shops. "My 
parents wasted 20 years whole- 
saling through the 1950s and 
1960s," he says, quoting the 
much-used retail dictum: 
"Sales are for vanity but profit 
is for sanity." 

He knows his clothes will 
never appeal to the mass- 
market - faddish types rather 
like himself are his main target 
- so he has no designs on the 
high street. He plans ulti- 
mately to expand internation- 
ally with just one shop in each 
of several important cities - if 
London is a success he will 
look for a more central shop 
and after that wtfl come New 
York, San Francisco. Paris, 
Milan and Tokyo. 

His father Bernard, who is 
still running Laura Ashley, is 
at hand to offer marketing 
advice. That company began 
life with the forgettable name 
of Bernard Ashley Fabrics Lim- 
ited. Bernard changed to the 
more romantic Laura Ashley 
only when his wife wanted to 
design nighties. "Dad refused 
to put his name to anything so 
sissy,” says Nick. 

■ Richard Rawlinson is acting 
editor of Fas/non Weekly. 


Chess No 1046: Black won the 
game and the brilliancy prize 
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ABOVE LEFT 

Mck Ashley in an ultra 

lightweight mac. £215, black * 

short-sleeved T-shirt, £17, 

black, cotton dr9 trousers, ~-~ 

£48 and black R. Williams 

leather jocflipur boots, £160- Ci= 

A1 from Nick Ashley, 57, 

Ledbury Rood, London W11. jt “j 

ABOVE (jjV; 

Black suede washable jacket; 

£375, worn over cotton jersey 

shirt with a formal collar, £36, ~ 

a white cellular T-shirt, £17, 

and black cotton driU 

trousers, £48. 

LEFT a*-. 

Green reefer jacket, £225 and 

green fleece worieshfirt, £65. . - 




‘-'■zr - 




Waterproof steel watches, for ladies and gentlemen , 
with an interchangeable steel bracelet and feather straps, from £ 1 100. 


R 


JEWELLER SINCE 1858 

B 0 UCHER 0 N 

180, New Bond Street - London W1Y9PD - Tel. ; 071 493 0983 












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prime suspect in toe November 
1974 murder of nanny Sandra Ffrvett. 
Ranson pieces together Lucan's 
movements in the final hours before 
his disappearance, and fries to 
answer toe most baffling question of 
an-dldhegoontheruncv commit 
sulode? 

10.00 Fim: Hollywood Shuffle. Robert 
Townsend directs and stars in this 
satirical comedy about a young 
black actor's efforts to make it big in 
Tinseltown. Wrth Anne-Mane John- 
son (1987). 

1155 The Turner Prize: Private View. 

Journalists Sarah Kent. John Walsh 
and Cosmo Landesman visit Lon- 
don’s Tate Gallery to examine the 
short-listed en fries for the piesti- 
gious award. 

12.05 Rim: La Gente De La Universal. 
Premiere. Black comedy tonHer 
Alvaro Rodriguez and Jennifer Stef- 
fens star (19931. lEnglish subtitles). 

2.10 Close. 


REGIONS 


ITV RB6KMIS U LONDON BMPT AT THE 
FOLLOWING TtMeS> 

ANGLIA: 

1230 Monas, Games and Videos. IPS Angfia 
News. 1.10 Not Out* Human. (TVM 1987) 255 
Knight Rider. SJ& fin^a News end Sport 11.00 BL 
Stryker: The Kng of Jazz. (19901 

BORDER: 

1230 Movies, Games and Videos. IMS Bordet 
News. 1,10 Stuntmasten- 1A0 Superstars of Wres- 
tfng. 225 Hot Wheels. 255 KrtgW Rider 205 
Border News and Weather 5.13 Bolder Spans 
RftsuHv 11.00 BL Stryker The tong of J 33 L (1990) 
CENTRAL: 

1290 America's Top 10. 1-05 Centra nows 1.10 
The Minsters Today. 1.40 Movies. Games arid 
Videos. 210 SeeOuea DSV. O05 The Fail Guy. 
44X1 WCW Woridwtde Wresting. 505 Central News 
S .10 The Central Match - Goats Extra. BJJ5 Loess 
Waather. 11.00 I'm Gonna Gn You, Sueko. (1938) 
CHANNEL; 

11 JO COPS. 124X3 The rTV Chart Stow 14)5 
Channel Diary. 1.10 Yesrerdoy's Heroes. 1.40 
Thunderboat Row. (TVM 198 S) 130 Cartoon Time. 
245 Knight Rider. 54)5 Charnel News. 210 Puf- 
tm '3 Plaroce. 114X1 Crime Story. 

GRAMPIAN: 

1230 Abarr Spots 14)5 Grampian HrocSnes- 1-10 
Teleflos. 1.40 EJeanan lonmhais- 210 Dannie 
Murdo. 235 Bin Tin Tin. Hero o 1 the West {1955) 
44)5 Superstore of Wresting. 505 Grampian Head- 
knes. 5.10 Grampian News Review. 5.1B PaBce 
News. LSS Grampton Wsatrier. 114X1 BL Stryker 
The King of Jjcz. (1990) 

GRANADA: 

1230 Movies. Gamas and Vceos. 1-05 Granada 
News 1.10 Stwitmaaters. 1-40 Superstars of Wres- 
tling. 225 Hot Wheels 255 Knght Rider. 54» 
Granada News 54)5 Granada Goats Extra 114)0 BL 
Stryker The Kng ot Jazz. (1990) 

HTV-. 

1230 No Naked Raines. 14)5 HTV News. 1.10 Best 
of British Motor Sport. 1-40 Yesterday's Heroes. 
210 Cartoon Time. 220 Movies. Games and 
Videos. 250 The A-Team. 245 Kngw Rider. 54KS 
HTV News end Sport 8455 HTV Weather. 114)0 BL 
Stryker The King ot Jazz. 11 990) 

umip uit 

It JO COPS. 1200 7he rTV Chart Stow. IMS 
Meridian Nows. 1.10 Yesterday's Heroes. 1A0 
Thwdemoot Row. (TVM 1989) 230 Cartoon Tkm. 
245 Knight Rider. 54)5 Meridian News. 114)0 
Crime Story. 

SCOTTISH: 

1230 Extra Time. 14)5 Scotland Today. 1.10 Fnflh, 
Hope and Calamity. 1.40 Tolefios. 210 Dogs to the 
Rescue. (19721 240 Sons and Daughters. 4.10 
Take Your Pick. 54)5 Scodand Today 114XJ Asy- 
lum. (1972) 

TYNE TEES: 

1230 Movies, Games and Videos. 14)5 Tyne Tees 
News. 1.10 The Fall Guy. 2DS Next to No Time. 
(1959) 245 Knight Rider. 54)5 Tyne Tees Saturday 
11-00 Everybody's AS- Amen can. (19681 


1230 Movies. Games and Videos. 14)5 WesJ coun- 
try News. 1.10 Red Rhrer. (1948) 245 Dmosaun. 
4.15 No Naked Flames. 54)5 Wastcoumy News 
255 Wesiaxxwy Weather. 114)0 BL Stiyker The 
King of Jazz. (1990) 


1230 Movies. Games and Videos. 14)5 Calendv 
News. 1.10 7 he Fad Guy. 205 Next to No Time. 
(1958) 345 Knight Rider. 54)5 Calendar News. 5.10 
Scoraena. 114X) Everybody's AD-American. (1988) 


REGIONS 


mr REGtOMS A5 LONDON EXCEPT AT 1W 
FOLLOWING TNG&- 
nm 

1230 Bodyworks. 1256 Angfia News. 200 rail- 
way to Heaven. 255 Kick-Offi 44» ScWatvag. 
(1973) 545 Angle at War. 215 Angfla News on 
Sinday 1040 Angfta Weather. 1145 Street Legal 

BORDER: 

1230 Gardener’s Diary. 1255 Border News. 200 
ScotsporL 215 Best of British Motor Sport. 345 
The Thanksghring Promise. (TVM 1988) 530 Coro- 
nation Street 225 Border News. 1145 Prisoner 
CeS Block H. 

CENTRAL: 

1230 Central Newsweek 1255 Centra! News 200 
Xpiess. 230 The Central Match - Live) 435 Gar- 
den r>g Time 530 tt’s Your Shout 555 HD the 
Town. 225 Central News 10.40 Local Weather. 
1145 Prisoner Cell Block H. 

CHAMIEL: 

1230 Refiections. 1236 Rendez Vote Dh n aracha 
1250 TetefomaL 24)0 Cartoon Tima 210 The Pier. 
236 The Listings. 240 The Merkfian Match — Live! 
535 Dinosaurs. 555 The VBage. 635 Chennai 
News. 1146 The Pier. 

(GRAMPIAN: 

11.00 Deanamaid Gebdeachas. 11.45 Spiorad. 
1230 Gardeners Diary. 1255 Grampian HaadBnes. 
200 Sortsport. 215 Yestardays Heroes. 245 Bad- 
minton Grand Slam. 4-45 Cartoon Time. 450 Pick a 
Number. 530 Movies. Gerties and Videos. 550 
Wild West Country. 630 Appes*. 825 Grampian 
HeadSnes. 839 Grampian Wearier. 1040 Gramp- 
ian Weather. 11.45 Prisoner Call Block H. 
qUOHAPA) 

1225 Granada on Sunday. 1265 Granada News 
200 The A-Team. 255 The Granada Match - Uvel 
530 Cartoon Tima. 630 Coronation Street. 635 
Granada News 11.45 Prisoner Cell Block H. 

HTV: 

1235 The Wrap 1255 HTV News. 200 On Ole 
Edge 230 Midweek. 200 The West Match. 230 
Carry On Bervnd- (1975) 5.10 Cartoon Fima 535 
History on Canvas. 555 Dinosaurs. 635 HTV 
News. 1040 HTV Weather. 1145 Prisoner Cell 
Block H. 

MERHMAN-. 

1230 Seven Days. 1250 Mendian News. 200 
Cartoon Time 210 The Pier 235 The listings. 
240 The Merictan Match - Live! 225 Dlnosaras. 
555 The Vllage 635 Meridian News. 1145 The 
Pier. 

SCOTTISH: 

1130 Oeenanald Gaxdeachaa. 1145 EBcon. 1230 
Scotland Today. 1235 Skoosh. 200 Scotspcrt 
215 Vanishing Act. (TVM 1966) 54» Knight Rider. 
250 Michael Bail. 220 Scotland Today 635 
Appeal 1040 Scottish Weather. 1845 Don't Look 
Down. 1130 The South Bank Show 
TYNE TEES: 

1235 Newsweek. 1255 Tyne Tees News. 200 
highway to Heaven 255 14 Rotxn Crusoe USN. 
11966) 200 Cwvasaus. 230 AnbnaJ Country. 64)0 
Tyne Tees W«*end. 1145 New Visions. 

WEST-COUNTRY: 

1230 Wesioountry Update 1255 Wesicountry 
News. 200 Hoi Wheels. 230 Vet 200 The Scarlet 
Pimpernel (TVM 1982) 230 Father Dowkng InvesO- 
gaies. 63S Wesicouvrv News 1040 Westcountiy 
Weamer 11^5 Pmoner OB Block H. 
YORKSMRE: 

1235 Kickabout. 1250 Catendar News. 200 High- 
way 10 Heaven 255 U Robin Crusoe USN. 11966) 
200 Dinosaurs. 530 Animal Country. 800 Calender 
Hews and Weather 1840 Local Weather 1145 
New Vlsons. 


SATURDAY 


SUNDAY 





BBC RADIO 2 

800 Sufata BaroL 805 Brian 
Matthew. 1800 rJutfl Spiers. 
1250 Hayes on Safwday.150 
The News HuddUnes. 2-00 
Martin Kefner on SatifttOy. 450 
Nfck Bansdough. 800 ShAVXi 
Colvfii in Concert. 200 Reacfing 
Music.' 750 The Gotten Days 
of Recto. 730 Russian BatoT 
Oasaks. 950 Cario Curiey in 
Concert 18.00 Sheridan 
Motley. 1255 fl0«9e Httton. 
1238 Adrien Ftrirghen. 450 
Strata Berts. 


BBC RADIO 3 ' 

230 Open IWvarsfiy.AceeM 
to Matos. 265 WeNtw. 750 
Record Review. 200 BuWng ■ 
LKtraty. mYSffcowf Rsteeaa 
1250 Spirit of the Age. 150 - 
Table Tek. Hew series. The 
hdtansplce roulae. 13D 


- Yeart 200 Jan Raamf 
Requests. VAtti Geoffrey Smith. 
M5 MUNC.MNM& £M*fe 
ouslcai connactiafit. 288 iiAl 
A tari Berg’s opera ettor Ftanz 
Wadatdnd. 250 Bfae SMes. 
Haw series. Ttowcddnos of 
ttw human mkWL 183D • 
Anything Goes! Songs by Coie 

Porter and Duka Smeten. 
1150 fmpn aa fa ns . Featorinfl 
the UMO Jazz Otebesra from 
Frtand. 1230 CkM&- • 


BBC RADIO 4 

BJXJNmts. 


810 Famtofl Today. ‘ 

. 860 ftw tor to" Day. 

750 Today. , 

200 News.. 

20S Sport on 8 . 

930 SraakawBy. 

1800 Loose Bids. 

1150 The Week in 
Wes tm in ster. 

1-L3OEUTO0M6 
1200 Moray Best 
1225 rm Sony I HavenT a 
Clue. 

-LOO News.' 

1.10 Any Ouutione?. . 

24» Any Aiwaa?orr-580' . 
4444. UNenen' ccmnwrte. 
230 pfaytauBK The Lucan f9e. 
MB«Wdh*ri» KtapteBon of 
Janes Rudcfietfs ptey-. 

450 Theft HUay. 

430 Science How. 

200 Ffieon 4. 

540 Another View frera the 

F»Quw 8 

64)0 News and Sports. 

836 Week Swing. 

850 The Locker Room. 

730 KNaidoswpB Feature. 
CrNi fisniiuo. 

750 Heart and Soul 
958 MuNc in Mind- ■ 

850 Ten to Tan.. 

1200 New. 

1215 Quote Unquote 
.1845 ChocdWe Nuns end 
nabombs. Comto 
m ml rt s c e noM of 1868 Pans. / 
1150 RWierd Bokar Coraparas 
Notes. 

1150 Death Comes Staccato. 


GAan Siovt^a detective 
-mystaty. 

1250 News, 

1233 Shipping Forecast. 
1243 (LW) As World Sendee. 
1243(FM)Ctaee. 


BBC RADIO 5 LIVE 

64)5 Dirty Tackla 
850 The BreaMset Programme. 
205 W eeke n d wtth Kerehew 
and WhMaker. 

114)5 Special AssignmenL 
1135 Qtina Desk. 

1250 Mkfday Edttktn. 

1215 Sportacatt. 

155 Spat on Rw. 

54» Sports Report 
208 Sbc-O-Stt. 

755 Saturday EdWen. 

955 Aafan Ptea p actiw). 

235 H» Gosoip CdteWL 
104)5 The Trestmert. 

1150 Mght Extra, 

1252 After Kous. 

256 Up 4X MghL 
450 Ckend ftot SpecoL 


WORLD SQWCfi 

BBC for Europe can be 
received to me et em Europe 
on madhnn wove 648 kHZ 
(483m} st these Oms BSTr 
6.00 Morgenmapazln. 230 
Europe Today, 750 World 
New*. 7.15 Waveguide- 723 
Book Ctoica. 730 People and 
PoSttas. 850 wortd News. 850 
Words gf Ml 215 A Jetty 
Good Show. 200 Wdrid Nam 


end Business Report. 9.15 
Wortdbrief. 930 Development 
94. 245 Sports Roundup. 
1050 Printer's Devil. 1216 
Latter from America. 1030 
Waveguide. 10.40 Book 
Choice. 1046 From the 
Weeklies. 1150 Newsdask. 
1130 BBC English. 11.45 
Mntag&magazin. 1250 Wortd 
News. 1259 Words ai Faith. 
1215 Multitrack Alternative. 
1245 Sports Roundup. 150 
Newshour. 200 News 
Summary; Sport world. 44)0 
Wortd end British News. 4.15 
BBC English. 430 Haute 
AJduafl. 850 News Summary. 
555 Waveguide. 5.15 BBC 
En rfah. 200 Newedesk. 230 
Heute Mouse. 750 News and 
toatinB In Gentian. 850 Wortd 
News. 210 Words ot Faith. 
215 Development 94. 830 
Jazz for the Asking. 8-00 
Newshour. 1200 Werid News. 
1055 Wonfs Ot Faith. 1210 
Book Cixfica 10.15 Mertdtan. 
1045 Sports Roundup. 114)0 
Newsriasfc. 1130 A fapestry of 
Sounds. 1200 World and 
British News. 1215 Good 
Books. 1230 The John Dum 
Show. 150 News Summary; 
Play of the Week: The 
Widowing of Mrs Hotroyd 230 
Nawsdesk. 230 Creeds. 
Councils and Controversies. 
3.00 Wortd and British News 
215 Sport* Roundup- 3-30 
Rom Our Own Correspondent. 
330 Write On. 450 f tawdeak . 
430 BBC Engttsh. 445 News 
Old Press Review hi German. 


BBC RADIO 2 

750 Don Maclean. 9.05 
Michael Aspel. 1030 Hayes on 
Sunday. 1200 Desmond 
Carrington. 250 B*my Green 
350 David Jacobs 4.00 A 
Royle Tour 4.30 Sing 
Something Sknpte S4» Charfe 
Chester. 630 Ronnie Hilton. 
750 Richard Baker. 8.30 
Sunday Half Hour. 950 Alan 
Keith. 1050 The Arts 
Programme. 1205 Steve 
Madden 350 Alex Lester. 


BBC RADIO 3 

655 Weather. 750 Sacred and 
Prolana. ass Choice of Three. 
200 Brian Key's Sunday 
Morning. 1215 Muoc Matter* 
150 Tha BBC Orchestras. 235 
Wapier. 350 Young Artists' 
Forvm. 430 Berttti Symphony 
Orchestra. Schubert, Poteane, 
Schumann. 545 Mtedng Waved 
In Barito. With rtxnpnrev 
Carpenter. 630 On the Bonks 
of the River Sana French 
muse from tfw t2tn and T 3th 
centuries. 730 The Sunday 
Ptey: The Spanish Tragedy. By 
Thomas Kyd. 210 Music ki Our 
Tima. Jan Robs van 
Reosendael, Mara Garun. 
Jonathan Harvey, franco 
Donetoni, Paolo Perzzartt 
1210 Choir Worts. Handel. 
1230 Cfosa 


BBC RADIO 4 

850 News. 


6 10 Ft dune 

630 Monvng Has Broken 

750 Nows 

7.10 Sunday Paper*. 

7.15 On vour Form. 

7.40 Sunoay 

850 The Week's Good Cause 

200 News 

610 Sunday Papers. 

815 L«ti« horn America. 

930 Morning Service. 

1615 The Archers 

11.15 Mediumwave. 

11.45 Fcnr Comers 
1215 Desert island ftsos 
150 The Wortd The. Weekend. 
200 Gardeners' Ouestnn Time 
230 Ctess*c Serial: 

Resurrection. 

330 Pick ol Ihe Week. 

4.75 Analysis. 

550 Had. on Ihe Cut 
530 Poetry Pteasei 
850 Si* 0 Clock News. 

615 Feerfcack 
830 CMdren's Hadw 4. 

74)0 In Bum less How 
companies ccpe with low 
mtljtion. 

730 OcmxMi 
850 (FM) That's History 
800 (LW] Writer's Weekly 
230 (FM) Re**ng Alcoa 
830 (LW) The French 
Etptrtence 

850 (FM 1 The NArt Hlstcry 
Programme 

815 6 W) Mltcned Am ROcti 
930 (FM) Cosing Ute Earth 
845 (LW) Start Skews m 
Spanish 


104»News 

10.15 -lourneys 10 Imaginary 
Places. 

1045 SiH Lives 

11.15 In Committee. 

11.45 Seeds ot Fahh. 

1250 News. 

ISMO Stappng forecast. 
1243 (LW) As Wend Sendee. 
1243 (FM) Ckne 


BBC RADIO 5 LIVE 

6.00 Morning Reports. 

230 The Bram'iasf Programme. 

9.00 Wfrchefi on Sunday 
1250 Mxiday Edition 
1215 The Big Byte 
155 Tap Gear. 

135 Oh tho Um- 

255 ton Cannot Be Senoust 

205 Sunday Sport. 

64» Jan arid the Doc. 

7.00 News Ertra. 

7.35 The Acid Test 

8.00 The Utiimale Preview. 
104)5 Special Assignment. 
1035 Crime Dost.. 

1 14)0 Nighl Extra 
1205 Mghical. 

205 Up AH Night. 


WORLD SERVICE 

BBC for Europe can be 
received In western Europe 
on Medken Wove Wl kHZ 
(463m) at these times BST: 
6.00 News and 'eaiures m 
Getman 5.30 Jazr For Tne 
AoKirvij. 750 World News. 7.15 
•.V:od. Guts ?nd Brass 730 


Front Our Own Correspondent 
7.60 Write On. 8.00 World 
News 809 Words of Faith. 
815 The Greenfield Cofiacdon. 
94)0 Wflrid News and Business 
Review. 9.15 Seeing Stan. 930 
Folk Rouies. 9.45 Sports 
Roundup 10.00 News 
Summary. Science In Action. 
1030 in Praise ol God 1150 
Newjdesk 1130 BBC Bitflsh. 
11.45 News and Press Review 
in German. 1200 News 

Summary; Play at toe Week: 
The Wktowrtg of Mrs Hdroyd. 

1.00 Newshour. 200 News 
Summary: Tuning PotoL 230 
Anything Goes. 800 World 
News. £.15 Concert HdL 450 
World and British News. 4.15 
BBC Engftsto. 430 News and 
features in German. 550 World 
News and Business Review. 

5.15 BBC English. 6.00 
New sti 630 News and 
features in German. 200 Wend 
News. 6.10 Words of Faith. 

8.15 Printer's Devil. 830 
Europe Today 9-00 Newshtxr. 

10.00 World News and 
Business Review. 10.15 
Meridian. 1045 Sports 
Roundup 11.00 Newsdesk. 
1130 Turning Point. 12-00 
World and British News. 1215 
Too Sgc«& 1230 In Prate* of 
God. 1.00 News Summary; 
Voltaire. 1.45 Wood. Guts and 
Brass. 200 Newsdesk. 230 
Composer at toe Month 350 
World and British News. 3,15 
Sports Rcundup. 830 Anything 
Goes. 4.00 Newsdesk. 430 
BBC English. 4.46 
Frunmaqadn 


Valery Salov scored a political 
as well as a chessboard success 
this week when he followed up 
his victory at Tilburg by win- 
ning first prize at Buenos 
Aires. Salov is a semi-finalist 
in the Fide world champion- 
ship. It is rumoured that the 
Greek candidate for the Fide 
presidency, who is supported 
by Garry Kasparov, plans to 
abort the championship as part 
of a rapprochement with Kas- 
parov’s breakaway Profes- 
sional Chess Association, 

Salov is a persistent PCA 
critic who is not even on 
speaking terms with the world 
no l, but his growing reputa- 
tion makes it harder for Fide to 
consider stopping its champi- 
onship in mid-race. 

The biennial Fide teams 
olympiad, during which the 
presidential election is held, 
has been switched from Greece 
to Moscow with backing from 
Kasparov supporters. After 
some fraught negotiations 
Nigel Short is likely to play No 
1 for England. This is good 
news for Duncan Lawrie, the 
private bankers which has who 
have supported the England 
team from also-rans in 1978 to 
silver medals in the 1980s. 

In spite of the elimination of 
Short and Michael Adams from 
the PGA world championship, 
England still has five of the top 
50 ranked grandmasters, a 
total surpassed only by Russia. 
If the England squad can cope 
with December in Moscow, 


they will again be contenders. 

Chess primers warn against 
early pawn hunting with the 
queen, and here White quickly 
refutes Black's dubious strat- 
egy (J Bellon, White; C Garda. 
Black; Benasque, Spain, 1994). 

1 d4 NfB 2 NI3 C5 3 45 b5 4 
BgS Bb7 5 BxfB etfG 6 e4 Qe7? 
afi is better. 7 Be2 Qxe4? 8 Nc3 
Qb4 9 0-0 a6 10 a4! c4 11 axbS 
Qxb2 Black's queen has cap- 
tured the two most tradition- 
ally poisoned pawns. 

12 Qd4 Bb4 13 Qe3+ Kd8 14 
Qb6+ Kc 8 15 Na4 Qxc2 IS dS 
Resigns. If Bxdfi 17 Qxd$ Qxe2 
then 18 b6 renews the mate 
threat at cl and 15...Kd8 19 
Qc7-<- Ke8 20 Riel wins the 
errant queen. 

t A 

n i i 

SI* 

£)A * 

& 9 Aii 

& 

&& & & 


No 1046 

Swan v Molet. Guernsey 
Open 1994. Black (to move) is 
threatened with Qa8+ and if 
Qd8 Nc7+. Can he avoid defeat? 
Solution Page XXIV 

Leonard Barden 


BRIDGE 


Defensive Bridge Play Complete 
by W.S. Root originally pub- 
lished in the US, has been pro- 
duced by Robert Hale at £17.99. 
It is expensive, but its 400 
pages deal with every aspect of 
defence. Listen to the author 
on Opening Leads: “The bid- 
ding sometimes indicates that 
the best opening is from a suit 
combination you would not 
normally choose. If you do 
choose such a suit you must 
select the right card." 

N 

4 A 10 9 8 

V J4 

♦ 76 

A A Q J 10 2 
W E 

*KJ5 *743 

¥ 9 8 5 2 V A 6 3 

♦ A J 3 ♦ Q 9 8 5 2 

$764 $95 

S 

♦ Q62 

f K Q 10 7 

♦ K 10 4 

4 K 83 


At love all North deals and 
bids one club. South replies 
one heart. North rebids one 
spade. South jumps to two no 
trumps. North raises to three. 

What should West lead? A 
diamond seems reasonable - it 
is the un-bid suit Your partner 
may well have five cards to an 
honour. Which card must you 
lead? The three will block the 
suit. The right card is the 
knave, but the ace will also 
work. You start with the 
knave, on which your partner 
drops an encouraging nine. 
Declarer wins with the king. 
He plays five rounds of clubs. 
The spade ace awaits, but he 
must look to hearts for the two 
extra tricks. When East wins 
with his ace, he returns the 
diamond five, you take with 
your ace and lead the three to 
defeat the contract 

I recommend this book. It is 
instructive and stimulating. 

E.P.C. Cotter 


CROSSWORD 


No. 8,603 Set by CINEPHILE 

A prize of a classic Pel ikan Souverdn 800 fountain pen. Inscribed with the 
winner’s name for the first correct solution opened and Bve runner-up 
prizes of £35 PBtikan vouchers. Solutions by Wednesday November 16, 
marked Crossword 2603 on the envelope, to the Financial Times, 1 South- 
wark Bridge, London SEl 9HL. Solution on Saturday November 19. 



ALPHABETICAL JIGSAW 

Met hod: solve the duos and fit the sofcdfans Into ttw dtogram Pgsaw-wieo. 
wherever they wfl go 


A Relatively benign (9) 

B A match with the Lions? (3.4) 

C Togetherness of man in centre 
and north country's extremes 
(9) 

D Princess has old sixpence - 
that’s all - for shareholders (9) 
E Damage to the marrow by aer- 
ator (9) 

F Parislenne. maybe fatal, 
should be searched for (5) 

F Ate quarter share of food from 

Europe In future? (10) 

G Watches TV to protect the 

eyes? (7) 

H Lots of women? Run a mile! (5) 

I 100 is 10 in e pub, which 

means a cut (8) 

J Place for Sunday lunch? (5) 

Jf Tool for problem such as this 
(ttf) 

K Ren moved a step back - with 
Pat and Ella? (7) 

L Doctor In genuine backing for 
food store (6) 

Solution 8,602 


nSaaoSHODOBnonl 

nnnoa aaaBQQQQOl 

□ □□QBDQB 

saaaaaa □□□□boo 

OS □ □ H 

OQ0DQ □□□BaESDDB 
□ □□□□□ 
□□□QtaQBQB QQS0D 

□ n □ □ ol 

HB3QQDO EOBDOBDl 

oaaaanacD[ 
□aaonaaoQ qhqoo 

□ □D0Q0QC1I 

HOHaaaaBQBcinQB 


M From Samos Ulysses went by 
the Tigris (5) 

M Volatile Roman counterpart of 
Hermetic? (9) 

N Small boys* tool (7) 

O Walking place for the euphoric 
when broadcasting? (23) 

P See J 

Q It sounds like a clue to a wharf 
14) 

R Withdraw to parley again? (7) 

S L«R start of play in disquiet to 

get roof attachment (lOj 

T Cross (when retiring) painting 
with poetry (8) 

D Get together with you before 
dark, say (5) 

V Space traveller makes a very 
good half (7) 

W Shoot a lunatic in the arm - 
with a bolt? (43) 

X Tool for surgeons to make 
cross on burst tyres (6) 

Y Call at your home for starters 
( 2 - 2 ) 

Z Breezy garments? 17) 

Solution 8*591 


□uiiuoa uuuuauBE 

□ HGIBQDHG 
□□□□□□□ GD0E0Q0 
laaaaaaaB 

paaiJ QBQQHSGJaSCJ 

a □ □ h g a □ 
□□□□□□ □□□□□□□ 

□ HBHPHQE 
, 0000000 000000 
0 □□□□□□ 
□BH0HQEH00a 0000 

□ □□BQ0O0 
000UD00 Q0QB0Dfl 
0 0 00EIBEIC] 
□□□□EJ00Q HH0QQ0 



WINNERS 8,591: GJU. Cram, Norwich; R. BayllfT. Edinburgh: J. 
Marsden. Tunbridge Wells, Kent JJL Pilcher, Mytchett, Surrey; D, 
Richardson, Bedford; J-R. Wells, Leeun-Solent, Hants. 














weekend NOVEMBER 5/NOVEMBER 61994 


F ancy a quick one after 
work? Think very care- 
fully about it, for you win 
either be substantially 
decreasing your chances of sac- 
combing to heart disease, or yon 

will he stumbling on a slippery 
slope which leads Inexorably to 
cancers and chronic liver com- 
plaints, dependence, violence and 
crime. 

There Is, It would seem, no mid- 
dle way. This week's tiff between 
the World Health Organisation and 
a couple of reputable British scien- 
tists over the effects of alcohol con- 
sumption has severely dented our 
confidence in that most insidious of 
myths, that the moderate embrace 
of a vice can turn into a virtue. 

j Fancy a quick one after work? It 
used to be such an Innocent ques- 
tion, easily considered and quickly 
answered, perhaps a brief consulta- 
tion with the crumpled railway 
timetable, a swift call home, but no 
more. That such an inquiry could 


Drunk as a philosopher 

Fancy a quick drink? Socrates was your man, writes Peter Aspden 


now lead ns straight into pained 
calculations on mortality and even 
(after a couple to warm up) the 
after-life is an nnbappy indictment 
of our positivistic culture which 
claims to know so much more than 
it does. 

The WHO is, to be fair, only 
doing its job. It believes genuinely 
that there is “no minimum thresh- 
old below which alcohol can be con- 
sumed without any risk”; its mes- 
sage to the world is a catchy “The 
less you drink, the better”, which I 
can just see jostling In the global 
consciousness with the glossy Mar- 
tini ads and lurid billboards of 
young, semi-naked bodies imbibing 
various versions of the hard stuff. 


1 wonder what the Greeks would 
have made of ft. They liked a drink, 
although you would hardly know it 
listening to the sanctimonious 
claims made on behalf of their cul- 
ture. I have always asked myself 
why people are only too happy to 
quote the ancient world when they 
are discussing subjects of gravttas, 
such as the nature of beauty or the 
appeal of democracy, bnt ignore 
what John Stuart Mill would have 
called the pursuit of the baser plea- 
sures which took up so much of 
their time. 

For the fact is that all that con- 
templation of the virtuous life and 
the philosophical intrigues of exis- 
tence was undertaken in an alco- 


holic fog the likes of which would 
send our dear old friends at the 
WHO diving into their glasses of 
mineral water in Fright. 

Consider the evidence: the comic 
poet Enbolos gave a pithy account 
of his own health advice to contem- 
poraries: “Three /craters only do I 
mix for the temperate - one to 
health, which they empty first, the 
second to love and pleasure, the 
third to sleep." So far. so good. 

“When this is drank ap. wise 
guests go home. The fourth krater 
is ours no longer, but belongs to 
insults, the fifth to uproar, the 
sixth to drunken revel, the seventh 
to black eyes. The eighth is the 
policeman's, the ninth belongs to 


vomiting, and the tenth to madness 
and hurling the furniture." 

Whoops, sounds like we are on 
that slippery slope. 

When one considers that a krater 
held about 14 litres of naturally 
fermented wine, admittedly diluted 
with water, which serviced a gath- 
ering of about seven couches (two, 
of course, to a couch), we get some 
idea of what these sessions 
involved. After the talk was fin- 
ished, the group would go on a rit- 
ual drunken revel (komos) daring 
which they would parade through 
the streets, singing and dancing, 
assaulting passers-by and damag- 
ing property. All this in the name 
of Dionysus, though it might as 


well have been Arsenal. 

The respect for the joys of the 
grape can clearly be seen in Plato s 
Symposium, when. the drunkonro^ 
of Alribtades threatens to disrupt 
the hitherto civilised discourse on 
the meaning of love. 

“Will yon welcome into yonr 
company a man who is already 
drank?" he asks his colleagues; not 
only do they welcome him, they ask 
him to contribute to their musings. 
At the end of his contribution, the 
party fizzles out in “general 
uproar, all order was abolishedana 
deep drinking became the rule - 

This is not to champion the cause 
of drink, nor to persuade any of 
yon to stay behind for a quick one 
at the end of your next working 
day. That would be irresponsible. 
But the association of love, beauty, 
truth and drunkenness has a his- 
tory which goes a little deeper than 
the oracular verdicts of today's sci- 
entists, and we would do well to 
bear that in mind too. 


Private View/ Christian Tyler 

The woman 


who asked 


too many 


questions 


A sking questions can 
get a person into trou- 
ble. It has cost Wan- 
gari Maathai her mar- 
riage and her job; she 
has been besieged in her house, 
held in jail, and beaten unconscious 
by police on the streets of Nairobi 
Professor Maathai is an environ- 
mental campaigner. In her country, 
Kenya, (as in many more liberal 
democracies) this can be a very 
political profession. 

For the moment, she is free to 
come and go. The latest charges 
against her, of seditious rumour, 
have been dropped. “But Tm afraid 
of the government,” she said. *Tm 
afraid of what they could do to me 
because 1 have not stopped doing 
what 1 was doing when they were 
harassing me. 

“Fortunately, I've had a lot of 
international support," she said, not 
mentioning a clutch of awards. 
“Friends have appealed for my life. 
Every time Fm arrested my friends 
raise hell and they release me." 


Wangari Maathai 
has paid a heavy 
price for criticising 
the Kenyan 
government 


It was unfair to pretend she was 
still in danger now that the govern- 
ment of President Daniel arap Moi 
has stopped pursuing her. “But any- 
body who has been assassinated has 
not been pre-.warned. So I have to 
be careful." 

A more unlikely-looking target 
for assassination it would be hard 
to imagine. What you see in the 
face of this 54-year-old woman is not 
the hard, hunted look of the politi- 
cal dissident but the smiling eyes 
and little pearly teeth of a school- 
girl 

I asked her if being a woman bad 
been some sort of protection. 

“Well, I don’t really know. Some 
people think that perhaps if I had 
been a man I would have been elim- 
inated a long time ago. That’s prob- 
ably true. Also, perhaps, if I had 
been a man 1 would have been 
much more influential than I am,” 
she laughed. 

Formerly an associate professor 
of micro anatomy at the University 
of Nairobi, Wangari Maathai says 
she is not politically ambitious. 

She once tried to stand for par- 
liament but was disqualified, losing 
her academic post in the process. 
She demurred when women sup- 
porters urged her to oppose Moi in 
the presidential election two years 
ago. 

“I'm not looking for power, fm 
not trying to overthrow anybody," 
she said. “I'm just trying to raise 
issues and I think the system sees 
that." 


How did you become such a trou- 
blemaker? 

Maathai laughed at the designa- 
tion. “I think it started as I was 
growing up,” she began, then 
paused, head tilted interrogatively. 
“How did I really get myself into all 
this?" 

As the first African woman pro- 
fessor in the country, she was co- 
opted on to a national women's 
council in the early 1970s. There she 
discovered that there was "a lot of 
misery in the rural areas, no water, 
no energy, no firewood, and a lot of 
malnutrition among children". 

Such observations fell on a mind 
prepared. In I960 the young Wan- 
gari Muta had been picked as one of 
300 young Kpnyang for a pre-inde- 
pendence scholarship programme 
set up in the US. She studied biol- 
ogy at Kansas and Pittsburgh, then 
microanatomy in Munich, Bavaria. 

“The country I left was extremely 
green, the rivers were clean, there 
was plenty of food. I come back 
seven years later and there was a 
lot of deforestation in order to plant 
cash craps. There was a lot of soil 
erosion: you could see gullies, the 
silt in the rivers. 

“So I started asking questions. 
That is how 1 eventually got into a 
confrontation with the politicians, 
be