Skip to main content

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

See other formats


° Ve ny hB 



Ac % 


?Ppro5 

°4 




JPpgpj 



^Caribbean 



5S, „v. "S 
^V“: j!*£wfkS 


FINANCIAL TIMES 


■- •» w,.. 




Europe's Business Newsoac-r 


KBiSSi UK recovery led 
by exports from 
north and Wales 


:.; .J'&S*Su V V t 

*rSr^*% 



'■- * '-SS 

XJBS 


•«* 


‘ iZr *>5. 



—Saji . 
“ -- ; K jVr -» 


■^LJ. * 5 ^ 

’ *15 i* J 
1 ^ 


- ‘ '-Zz 2, 




^ :r^ ^ 




"_ .5^"2 




n 

ico 


m 



ii. •.-■ ■ 

>>w 


/yw- - ’'" 

** -* ^ :, 
=*" * 

** •** ‘ 


***■'*■ ■ 


. , the UK's most 

. export-onenled regions, are leading the recovery 
among Briti sh manufacturers. a survey shows. The 
from the Confederation of British Industry 
amlBusiness Strategies, a regional economic con- 
sultancy group, said new orders rose in all u UK 
rejpomfor the third quarter in succession and out- 
put increased for the second consecutive quarter. 
Companies in. all regions expected hi gher export 
orders in the four months abnstti Page 24 

Oambta coup attempt faded: Gambia’s 
notary rulers said they had foiled a coup attempt 
by junior army officers and that three of the plot- 
ters had been kiOed- 



, ;7/. , 

^OUrCKftetat' 


<Ml » In come tax: Japan's parliament. 

a ppr oved income tax cuts worth Ylfi^OObn ($172bn) 
ora - three years to bolster the country's slow eco- 
nomic recovery. Page 3 

Suicide bomber fctDs three Israelis: A 

Moslem fundamentalist suicide bomber killed three 
Israeli soldiers near a Jewish settlement in the 
Gaza Strip. Page 3 

Attwoods launches last-ditch defence: UK 

waste services company Attwoods made a last-ditch 
attempt to fend off a hostile £364m ($597m) cash bid 
fnm Browning-Ferns Industries of the US. Page & 
Lex, Page 24 

US rate leers drive Footsie down 

There was little invest- 
ment activity on the Lon- 
don Stock Exchange yes- 
terday and the FT-SE 100 
index ended the session 
27.6 lower at 3.075.9 as 
post U Selection euphoria 
evaporated and dealers 
began to prepare them- . 
selves for Tuesday's Fed- 
eral Open Market Com- 
mittee meeting in 
Washington which will 
decide the course of US 
interest rates. The 100 
<r . ' ■ *V :: index was 2L7 down on 
the fiveday period. Page 21 ; Penaltiee for late 
share priee posting. Page 5; Markets, Page 10; Lex. 
Page 24 

Unilever 11 % ahead fin third quartan A rise 
in sales of ice cream and iced tea helped Unilever, 
the Artgfo-Dutch consumer products group, raise 
third quarter pretax profits by II per cent to 2724m 
(51.191m). Page ife Lex; Page 24 

Bonn CMBthw agrees pro grm mws : 

Germany's centreright coalition parties com- 
plated folks on a new government programme, 
clearingthe way for CbanceTtor Behnnt Kohl's re- . 
election by parliament cm Tuesday. Page 2 

BHtlshaldiwwtor s taafadcaptawecfcBrit^ 

volunteer road engineers Calmn Murray, 24. from 
Scotland, and Robert D'Chge,, 80, from London, are 
thought to have beentapturedbyidtels who 
attacked gnbai* in. Sierra Leone, the' Voluntary Ser- 
vice Overseas organis a tion said. 

Ddgety sells US burimwc? Dalgety, the UK 
food and agribusiness group which is focusingon 
its pet food and food ingredients divisions, sold part 
of its US food distribution business for $L38m cash. 
Pages ; 

Sates growth Bffs Astras A strong rise in sales 
helped Swedish pharaiacenticals group Astra to lift 
pre-tax profits by 25 per cent to SKr7,2bn (3985m) in 
the first nine months. Page 9 

Qrobbelaar free to. play for Zbnbabwe: 

Goalkeeper Brace Grobbelaar, under investigation 
in England for allegedly accepting bribes to fix 
matches, is free to play for his country, Z i mb a bwe, 
toUcKHTOW, world soccer's governing body FIFA 
said. Funny old game, football. Page 7, 


Weekend FT 

The Weekend FT’S coverage of arts, fashion, travel. 


ting jj<aaip_ Finance and the Family pages of interest 
p rimar ily to UK readers wgl no longer appear in 
the international edUfon of the FT. Barry Huey's 
LongVtew, together with the weekly London and 
New Yoricnteil^comzneats,cannow be found in 
the first section of the Saturday paper. This week. 


. interna- 
tional edition. _ __ 

We are examSning ways of improving the rrs per- 


Soggesticms and comments would be gratefUBy 
received. 


Companies In UOs Ism 


Amstrad 
Armour Dust 
Attwoods 
BAa 

BarrS Wallace 


8 JJ6 Sports 
a KWnwwt Emerging 

8 


Bradford prop "That 
British Gas 
BtttJshTetocom 


Brawrikm-Tarria 

Calderbun 


GSC ■' - 

Itebarm Tenants 
He^ys 


Merctry Keystone . 
Metroteot Jritte 
Motorpoint . 

S National Power 
.8 NfntsndO 
8 North West Water 

, A Pizzaapress 
. ™ PcworGan - 
• 18 Premier Land 
10 . Ramos 
-a Sega 

s TateWest 

a Tomoirows Leisure 
' * UnBaver 

W® Upton & Southern 
0 VSEL 
8 WJflfilns 


9 


8 

8 

8 

9 

. 8 
■8 
1 
- 9 

a 

8 

8 

0 

1 

18 

9 

8 

9 

9,18 

9 


to «wt®rt»er«i^ 
other {general en«nilfh» call* 


Frankfurt 

{69) 15685150 


WEEKEND NOVEMBER 12/NOVEMBER 13 1994 


D8523A 


Sharp profits fall at Sonic the Hedgehog’s creator 


By WBBam Dawfdns In Tokyo and 
Alice Rawsthom h London 

Sonic the Hedgehog has fallen on 
hard times. Sega Enterprises, the 
Japanese creator of the video 
games hero, announced a sharp 
fell in first-half profits yesterday 
after a decline In demand for 
video and computer games, one 
of the festestgrowing consumer 
markets of the early 1990s. 

Sega saw profits before tax and 
extraordinary items fall to 
Yl&32bn (£103-29m) in the first 


six months of 1994, from Y28J58hn 
in the same period last year, on 
sales down by 25 per cent to 

Ylfilbn. 

The company warned of a fur- 
ther fell in sales for the foil year 
and a 35 per cent decline in prof- 
its before tax to Y27.6hn from 
Y425bn in 1993. 

Tbe games market took off in 
the late 1980s when Sega and 
Nintendo, its chief competitor, 
announced the first wave of 16 - 
bit cartridge console games - 
such as the Sonic games. World- 


wide sales soared from £4.6bn in 
1989 to £13J34bn last year, accord- 
ing to Durlacher, the London 
securities house. 

The industry '8 difficulties 
began last Christmas when sales 
slowed in western Europe and 
tbe US. 

Demand for 16-bit hardware 
and software declined as consum- 
ers awaited the launch of the 
next wave of more sophisticated 
32-hit consoles, using compact 
discs. 

These machines combine supe- 


rior sound and images to create 
more exciting games than the old 
formats, such as Sega’s Sonic and 
his arch-rivals, Nintendo's Super 
Mario Bros. 

Mr Frank Herman, deputy 
chairman of Sega Europe, said: 
“For over a year, our customers 
have known that a new genera- 
tion ctf hardware was coining on 
to the market and have regarded 
our current technology as out- 
dated.” 

New 32-bft consoles, including 
Sega's Saturn and Sony’s Play- 


Station, will be launched next 
week in Japan. Nintendo is pin- 
ning its hopes this Christmas on 
Donkey Kong Country, a 16-bit 
computer-generated game, until 
next autumn's launch of its new 
Ultra 64 games. 

Once the new machines come 
on stream, the games market is 
expected to return to growth. Mr 
David Tabizel, multimedia ana- 
lyst at Durlacher, forecasts that 
the global market will rise from 
£l3.7bn this year to £20bn by 
1998. 



France calls for emergency meeting on embargo 


US move to ease 
Bosnia arms ban 
angers Nato allies 


By George Graham in 
Washington, Laura SOser In 
Pdy a de and Cfayatta Rwland 
in Moscow 

The US sought yesterday to 
smooth over a rift with its allies 
after Britain and France voiced 
strong concern over President 
Bill Clinton's decision to stop 
enforcing the United Nations 
arms embargo against Bosnia. 

Mr Alain JuppA the French for- 
eign minister, told Mr Warren 
Christopher, the US Secretary of 
State, that France was “deeply 
worried by this unilateral deci- 
sion that we can only regret". 

Mr Juppe called for an emer- 
gency meeting of the interna- 
tional contact group on Bosnia, 
which consists of the US, Russia, 
Britain, France and Germany. 

Mr Douglas Hurd, the UK for- 
eign secretary, also described the 
US move as worrying hut his 
spokesman said UK fears were 
eased by a tel e phone conversa- 
tion with Mr Christopher. 

The US secretary of state told 
Mr Hurd that although US ships 
and aircraft would be withdrawn, 
from the embargo enforcement. 
US officers assigned to Nato - 
which oversees tbe operation - 
would continue their duties. 

Mr Willy Claes, the new sec- 
retary-general of Nato, confirmed 


that the alHawrg s till intended to 
enforce the embargo without 
direct US assistance. 

Defence officials in Washington 
said US ships and aircraft would 
stop taking part in efforts to 
block ships carrying arms to Bos- 
nia from early tomorrow. US 
ships will remain in the region to 
enforce the blockade against 
Montenegro, an ally of Serbia. 

A senior US defence official 
said the US measures did "not 
amount to a unilateral end of the 
Bosnian arms embargo”. 

He said tbe US would not sup- 
ply arms to Bosnia, and would 
still bar US citizens from doing 
so, in compliance with the UN 
resolution that established the 
embargo. 

If a US vessel intercepted a 
ship carrying arms bound for the 
Bosnian government, it would 
allow it to go on its way and 
make no report to its Nato allies. 

Nor would it pass on other 
intelligence on arms shipments 
bound for Bosnia. 

*We are now required to iden- 
tify that information as US-only 
and we are obligated by the legis- 
lation not to forward that infor- 
mation through normal channels 
as part of tbe Nato structure and 
the UN structure," a senior mili- 
tary official said. 

UK officials said the US rou- 


tinely shared satellite informa- 
tion with its Nato allies, and pro- 
vided Britain with higher quality 
information under a bilateral 
arrangement It seemed unlikely 
that this co-operation would be 
called into question. 

In Moscow, the Russian parlia- 
ment criticised the US move and 
said it "would lead to chaos and 
arbitrary behaviour in interna- 
tional relations’'. It also criticised 
the White House for being 
swayed by domestic political con- 
cerns, a reference to this week's 
US elections. 

The Serb-dominated Yugoslav 
government accused Washington 
of siding with one party in a dvfl 
war and expressed “deep regret 
and concern” over the decision. 
However, a Bosnian Serb official 
dismissed the move as a “diplo- 
matic game about something 
which is unimportant, because 
the Moslems are already armed." 

Mr Haris Sfiajdzic, the Bosnian 
Prime Minister, hailed Washing- 
ton's move as a “turning-point in 
the understanding of the Bosnian 
problem.” 

The situation in Bosnia wors- 
ened as the city of Mostar. 
already ravaged by last year’s 
Croat-Moslem conflict, came 
under Serb shel lin g and heavy 
fighting raged nearby. 


Swedish political rivals unite 
to call for Yes vote on EU 


By Hugh Csmegy in Stockholm 

Mr Ingvar Carisson, the Swedish 
prime minister, and Mr Carl 
Bildt, his chief political rival, 
joined forces in a rare show ol 
unity test night to appeal for a 
Yes vote in tomorrow’s referen- 
dum on joining the European 
Union. 

With the latest opinion polls 
showing tbe outcome will hinge 
on a large portion of stall unde- 
cided voters, Mr Carisson and Mr 
B3dt appeared together in a final 
television debate, arguing that 
membership of the Union was 
vital for Sweden’s economy. 

Two polls published yesterday 
showed the Yes and No cam- 
paigns neck-andrneck, with up to 
20 per cent of the electorate stfE 
uncertain. One . poll, in the Goth- 


enburg Fast newspaper, showed 
the Yes campaign moving ahead 
by 42 per cent to 39 per cent A 
second, in Dagexvs Nyheter, 
showed the two sides at 4040. 

Mr Carlsson’s Social Democrats 
ousted Mr Bildt from power in 
September’s general election. But 
the two men came together in the 
television debate in the hope that 
their combined political author- 
ity would overcome a tenacious 
anti-EU campaign led by dissi- 
dent Social Democrats, leftists 
and environmentalists. 

Yesterday, Stockholm's finan- 
cial markets were nervous, with 
long-term interest rates moving 
upwards early in the day. But 
with the latest polls giving same 
sign of a Yes recovery after a 
surge for the No side a week ago. 
interest rates fell back. The 


krona strengthened, and the 
Stockholm stock market rose 
marginally. 

The referendum will determine 
the success of the ElTs enlarge- 
ment programme. Fellow appli- 
cants Austria and Finland have 
already voted to join, but a rejec- 
tion by Sweden would represent 
a serious snub for Brussels, 
almost certainly presaging a No 
vote in Norway. The EU wants to 
bring tbe four new members in 
from January next year to clear 
the way for closer ties with, and 
eventual integration of, eastern 
and central European countries. 

But if Sweden votes Yes, the 
chances of Norway also doing so 
on November 28 will be greatly 

Con tinned on Page 18 
Welter of advice. Page 2 


STOCK MARKET INDICES 


FT-SE IOQ: 
YWd . — 


.ajorrse 
4.15 


FT-SE EurotracklKL. 


1 <341.71 

FT-SE-A AU-Share - 1^30 l39 

NUttai ; 19,2806 

Now Ynrit tuncbtkna 

Dow Jones tad Am 3£0&46 
94 P Composite 462.17 


frarjsi 


f-a-SIJ 

Hl-7%) 

fr19£1) 

^1-53) 

ffclB} 


■ LONDON HONEY 

3-imo Intet ba rtt 6&r% ££%} 

LBta Long flfifut- Dec unii port 01 


dosed 


M US RATES 
Fadm d Funds - 
3-tn lYass Bffls: Ytd _ dosed 

Long Bond dosed 

YWd dosed 

■ NORTH SEA OIL (Argue) 

Brant 15-day (Jan). 916^1 ^2 

■ GOLD 

Now Yoric Comox (Dec) JS385.7 
London 5385.46 


(5%) 

16303%) 

P2S) 

(8.147%) 


(16.81} 


(3853) 

(38435) 


■ STERLING 

New Yortt Lunddmec 
5 1-5953 

London: 

S 13894 (1.! 

DM 24438 (3.4506) 
FFr 84054 (8.4225) 
SFr 23464 (2.0542) 
Y 15^937(158545) 
£ Index 803 (80.4) 


■ DOLLAR 

New York luncMime: 
DM 13305 
FFr 5384 
SFr 138225 

Y 9735 
London: 

DM 1328 (13348) 
FFr 53SSS (5-2743) 
SFr 13808 (13865) 

Y 973 (98.04) 

S Index 61.7 (613) 

Tokyo dose Y 97.78 


CONTENTS 


WsmStraf Nsmu, — 23 


IK NSW 

43 



LtedarPara 

„ 


Lefts* 

ManfaftpMteu _ 

—7 

6 

rranpvnlin 


IW 

8 

ML Guu pantos— _ 

Mutate 

FT-SE Actuaries 

a 

21 


FT World Actuates — — H 
Fastn Exchange — —13 
GoH Matae 14 


Moray Metals. 
Becsnt lasun — 


Equity Options. 
London SE — 
LSEDsaSngs — 


.21 

.20 


5tm kitametion -_32£3 


WoiM C c mmodaiM . 


Wd Street. 


Maraoed Funds 15-18 


Bouses. 


— 14 
. 11,12 
. 11,12 


- ^ ***»« aftea Cara* cti js o** fwawo; cyr«a cn.ia each pv*. gzk» dww** oktimio: Eg** Baum tow m 20 m Rr*»nd Fn*u. 

■ «M3j Britain DWJflO; teMt NS&Sft Mr ISttft Joan YBOO: Jcntai Kmm Won 3000; Kwdt Fa >525: taturan W Jft 

SWOO; P«ty^ E sehs; Hear ORliOO: S*ai* DO: Singapore SS4JC Stow* ttwKStfft South 

^ ^ ^ 7 * aaind ^ 7^IPi^,^ 0fc,1 - 500: TaKey L *”°° : ^ Dh<SLg0i ^ 




Irish justice minister Maire Geoghegan-Qninn and prime minister 
Albert Reynolds after an emergency cabinet meeting yesterday 


Sinn Fein 
insists 
ceasefire 
remains 
in force 


By John Murray Brown, David 
Owan and Our Belfast 
Correspondent 

Sum F&in insisted yesterday that 
the 10 -week-old ceasefire in 
Northern Ireland remained 
intact, in spite of mounting spec- 
ulation about the IRA’s role in 
Thursday's post office shooting, 
which left one man dead. 

Amid continuing uncertainty 
over whether the two men 
arrested after the armed raid tn 
Newry were active IRA members. 
Sir Patrick Mayhew, Northern 
Ireland secretary, said he. still 
hoped talks between the UK gov- 
ernment and republican leaders 
would start before Christmas 

This would happen, though, 
only if IRA violence was "shown 
to be permanently at an end”. 

He said: “If this miserable and 
wicked episode . . . shows any- 
thing at all, it shows the evil use 
to which illegally held arms are 
put, and that has got to be dealt 
with straight away.” 

Mr Pat Doherty, Sinn Fein’s 
vice-president, said the shooting 
was “wrong and should not have 
happened.” But he did not know 
whether the IRA had been 
involved. 

He added: “Any military opera- 
tion of any nature should not be 
carried out during this ceasefire. 
That is the commitment that the 
IRA has given - and I am con- 
vinced that is the commitment 
they are prepared to stand over ” 

Continued cm Page 18 


MANAGED CURRENCY FUNDS 


ussmt 



MWON? 


Unlike equities, when; all 
decline simultaneously, a fall in « 
will be accompanied by • rise in another, 
lb take advantage of this and produce 
outstanding reoinri requires AiD in timing 2 nd 
judgement to Identify currencies in upward 
trends. Oar performance speaks for iisdE. 

Vfe were the originator* of the concept 
of managed currency funds and are among the 
market leaden in this field, with US5334 
milli on under mansgement. 

Our funds offer the opportunity for 
greater potential gams than those available 
from single currency funds and they provide J 


lower risk 


to global equity and 


Invest 


choose be* 


1 tbe raD-ttp 


International Accumubctoa fund version of 
our Managed Currency Fuad where pdas 
are reinvested, at the Global Strategy Fuad 
version whtcb distributes incotne. 

Wfth returns like cars, you should return 
tbe coupon today or call Andrf Le Prevost on 
(44) 1481 712176. 

GUINNESS PLIGHT 


MANAGED CURRENCY FUNDS 


Return w: Guirtnes Flight Fund Managers [Guernsey) Limited, Gtdra<« Flight Ho«e, PO Bca 
250, Si Peter Pbrt, Guernsey, GY1 3QH- Tfeh (44) 1481-712176. Far (44) 1481-712065. 

Plea* send me details of Guinness Flight '>j Managed Currency Funds. 


Address. 


.Country. 



• Urn, ■■wrtnurtumiaw art 


itfamummauiataibn 


^■bwSp>»iakaNM»iLim.lw 1 n'eA>Hi>umtl; Ut ■ OK Ukiitel* tent Mint' 
r»T[nt—uhwmmihi^ariM»«i *~i~iini*l — trim — Uin 1 -i — »Ti' — 1int‘-*»«ilriliiMb 
MnntUnl^4M»w^«>tnnw8jMate4n nii ip ren Uiii U anten— PnU fi VUnm 





FINANCIAL TIMES WEEKEND NOVEMBER 1 2/NOVEMBER 1^1994 


NEWS: INTERNATIONAL 


Brussels 

launches 

24-hour 

Eurofraud 

hotline 


By Peter Marsh 

The fight against European 
Union Grand is being taken to 
the masses next week with the 
launch of a 24-hour free 
telephone service for people 
wanting to shop their friends 
or business contacts over 
illicit nse of Brussels 
subsidies. 

People diallin g special 
hotline phone numbers will be 
answered by a computer in 
Belgium which asks them 
in soothing tones whether 
they want to “help the 
[European] commission to 
fight fraud". 

It then leaves space for 
messages, which the 
commission hopes will enable 
officials to follow up leads 
related to financial 
irregularities. 

These are thought to drain 
between 2 per cent and 10 per 
cent from the EXTs Ecu 70b □ 
(£55bn) annual budget 

Informers phoning from 
Britain dial 0800 963595, after 
which they are spoken to 
initially in French and then by 
a recorded voice talking in 
English with an Irish lilt 

The computer at the 
headquarters of Udaf, the EC's 
anti-fraud squad, has been 
programmed so it responds in 
one of eight languages 
depending on where the 
person is dialling from. 

The service will apply to the 
whole of the EU, except for 
Greece, which cannot be 
connected because its 
telephone lines are too 
poor. 

The hotline is being 
launched ahead of Tuesday's 
annual report of the 
Luxembourg-based Co art of 
Auditors, the EXTs main 
financial watchdog. 

This is likely to list 
a range of projects in areas 
such as agriculture, training 
and road building where 
money has gone missing or 
has been spent 
inappropriately. 

Mr Per Brix Knudsen, 

Udaf s director, said the 
phone service would help to 
expand his 60-strong unit's 
“network of knowledge". 

Bnt officials have no idea to 
what degree the EITs 320m 
citizens will want to nse it 

As a rough estimate, they 
reckon 10 people from each 
country will dial up every day 
- bnt this takes no account of 
how strongly people in 
different countries feel about 
fraud, nor of whether 
garrulous Italians can be 
relied on to pick up the phone 
more readily than restrained 
UK citizens. 

Udaf is also slightly worried 
that the service could become 
a focus for cranks. 

“We are taking the project 
seriously; we don’t want 
neighbours’ gossip,” said an 
official. To preserve 
confidentiality, the answering 
machine will not ask for 
names or addresses; and if 
people want to leave them, 
officials will keep identities 
secret 

The hotline numbers for the 
other countries are: 

□ Belgiam, 0800 12426 

□ Denmark, 800 18495 

□ France, 0591 7295 

□ Germany, 0130 820595 

□ Ireland, 1800 553295 
□Italy, 1678 78495 
□Luxembourg; 0800 3595 

□ Netherlands, 06022 4595 

□ Portugal, 0505 329595 
□Spain, 900 99 3295 


Clinton looks to foreign policy continuity 


By George Graham in 
Washington and Guy de 

Jonquferes in Jakarta 

Even if President Bill Clinton 
had not wanted to stop enforc- 
ing the United Nations arms 
embargo against Bosnia, this 
week's sweeping Republican 
victory in congressional elec- 
tions would have made it much 
more difficult to avoid the deci- 
sion. 

Congress voted in August for 
an ultimatum: if the UN had 
not agreed to lift the embargo 
multilaterally. US participation 
in its enforcement must end by 
November 15. 

Mr Clinton's decision will 
comply with Congress's 
demand three days ahead of its 
deadline. But the White House 
is well aware an alternative 
and much tougher resolution 
was sponsored by Senator Rob- 


ert Dole, who will take over as 
leader of the new Senate 
majority when the nest Con- 
gress takes office in January. 

Administration officials 
insist there will be continuity 
in foreign policy, despite the 
change of power in Congress. 
Indeed, some of Mr Clinton's 
advisers hope that foreign pol- 
icy will be one field he can till 
on his own, since his freedom 
In domestic policy will be 
sbarply curtailed by a Republi- 
can Congress. 

Mr Warren Christopher, sec- 
retary of state, attending the 
Asia Pacific Economic 
Co-operation meeting in Jak- 
arta, spelt out seven policy 
objectives on which he said 
he was confident of broad 
bipartisan support, though 
he conceded there could be 
“tactical" differences with 
the Republican-controlled 


Congress on implementation. 

Mr Christopher said the US 
policy would remain 
unchanged on: 

■ Economic security and open 
international trade 

■ A comprehensive Middle 
East peace agreement 

■ Nuclear non-proliferation 

■ Support for Nato and Euro- 
pean integration 

■ Ukraine and other indepen- 
dent states of the former Soviet 
Union 

■ Commitment to a continu- 
ing US role as a Pacific power 

■ New opportunities to deal 
with “global” issues, notably 
terrorism, drugs and organised 
crime. 

A State Department spokes- 
man said Mr Christopher bad 
decided to spell out these 
paints clearly after being ques- 
tioned closely about future US 
policy' by other A pec foreign 


ministers over dinner on 
Thursday. 

There is plenty of room for 
conflict between the adminis- 
tration and Congress. 
Although the Republicans 
have over the last 15 years 
mostly argued for a free presi- 
dential hand in foreign policy, 
that changed noticeably when 
they lost the White House in 
1992 . 

Congressman Benjamin Gil- 
man of New York, expected to 
become chairman of the House 
of Representatives foreign 
affairs committee, is a moder- 
ate on foreign policy issues, 
most interested in Israel, 
human rights and drug traf- 
ficking. Conpessman Henry 
Hyde of Illinois is more conser- 
vative. and could play a larger 
role in shaping Republican pol- 
icy. if he does not take over the 
chairmanship of the judiciary 


committee; but he, too, could 
be described as an internation- 
alist. 

But moderate is the last 
word anyone would choose to 
describe Senator Jesse Heims 
of North Carolina, who wfll 
take over as chairman of the 
Senate foreign relations com- 
mittee. Mr Helms has already 
promised to work to cut the 
tiny US foreign aid budget and 
US contributions to the UN - 
on which it is already wildly in 
arrears. 

Senator Richard Lugar of 
Indiana, number two Republi- 
can on the foreign affairs com- 
mittee. may play an important 
role in moderating Mr Helms. 
He has formed a strong alli- 
ance with Senator Sam Nunn 
of Georgia, a conservative 
Democrat who seems likely to 
retain at least some of the 
influence he has held in Con- 


gress as : cbaxnnan of the aimed 
services committee. 

One other weapon of which 
Mr Helms has made frill nse in 
opposition, -Tnd which he may 
be expected to wield freely as 
rhairpian . is the Senate’s 
power to confirm, ambassadors 
and other top officials. He has 
already delayed the appoint- 
ment of Mr Robert Pastor as 
ambassador to Panama, and 
that nomination, now - seems 
likely to die. 

Mr Cli fton, who campaigned 
against Mr Bush as the “any- 
where but America” president, 
has spent more days outside 
the US in his first two years in 
office than his predecessor. 
Over the next two years, he 
may spend even more time 
abroad, if he Brafa presidents 
and prime ministers more con- 
genial than Senator Dole or 
Senator Helms. 


Moslem offensive 'reversed 



By Laura Sitber 
in Belgrade 

Bosnian Serb commanders 
yesterday claimed to have 
recaptured all the land seized 
in a Moslem offensive in 
northwestern Bosnia after 
giving their leader. Mr 
Radovan Karadzic, sweeping 
powers to declare a state 
of war. 

In the aftermath of a two- 
week Moslem offensive, partly 
supported by Bosnian Croat 
forces, the Bosnian Serb mili- 
tary appears to have regained 
the initiative over their out- 
gunned foes. 

Serb forces yesterday said 
their “fierce counter-offensive 
had completely destroyed" Bos- 
nian government units round 
the Bihac pocket, the Moslem 
enclave which is a United 


Nations-designated safe area, 
reported Bosnian Serb sources. 

After his assembly ended its 
three-day marathon session in 
Pale, the abandoned ski resort 
above Sarajevo, Mr Karadzic 
said his forces would “neutral- 
ise the Moslems” in the Bihac 
enclave. 

Serb forces from Krajina. the 
self-styled Serb state in Croatia 
just over the frontier, have 
joined the Bosnian Serbs. 

Yesterday they claimed to 
have sandwiched the mainly 
Moslem army in Bihac, 
reported the Bosnian Serb 
news agency. 

The Krajina Serbs are 
believed to take orders from 
Belgrade. Their stepped-up mil- 
itary involvement may indicate 
that Serbia proper is relaxing 
its embargo against the Bos- 
nian Serbs. 


President Slobodan Milosevic 
of Serbia imposed a political 
and economic blockade, includ- 
ing military material and fuel, 
in August after Bosnian Serb 
leaders rejected a peace plan. 

In a letter to the Serbian 
president. Mr Yasushi Akashi, 
the top UN civilian official in 
former Yugoslavia, yesterday 
called on Belgrade to stop the 
Krajina Serbs from intervening 
in Bihac. 

Local analysts say an air 
raid launched by Krajina Serbs 
against Bihac on Wednesday 
probably had support from Bel- 
grade. Fourteen people were 
wounded when a Serb fighter 
jet hit a munitions factory in 
Bihac. 

Nato says the flight did not 
appear to have entered Bos- 
nian airspace, which would 
mean the violation of a UN no- 


fly zone over Bosnia. 

If it fired the missile from 
the Croatian border, it would 
indicate a high degree of exper- 
tise. 

Serb forces yesterday report- 
edly crossed the River Una, 
advancing towards Cazin and 
Velika Kladusa, once the 
stronghold of ousted rebel Mos- 
lem leader Fikret Abdic. 

UN officials said that forces 
loyal to Mr Abdic were report- 
ed to be massing just over the 
border in Serb-held parts of 
Croatia, their self-styled state 
of Kr ajina 

Other reports said Krajina 
Serbs were masquerading as 
Mr Abdic’s “army 5 *. 

Bosnian radio yesterday 
reported fierce fighting in the 
region, saying Serb had 
launched infan try at tacks on 
all fron ts. 


Divide grows on France’s right 


By John Ridding in Paris 

Several senior members of France's 
G a Lillis t RPR party are set to boycott 
today's special party meeting called to 
endorse the candidacy of Mr Jacques 
Chirac for next spring's presidential 
election. 

- The move highlights the widening 
divisions within France’s political 
right, splitting support between Mr 
Chirac and his Gaullist rival Mr 
Edouard Balladur, the prime minister, 
who is an an undeclared presidential 
candidate. 

Mr Philippe Seguin, the president of 
the National Assembly, and Mr 
Charles Pasqua, the interior minister, 
have written to Mr Chirac criticising 
his derision to seek endorsement of 
his candidacy following last week's 
announcement that he would run for 
the French presidency. “We want to 
guarantee the unity of our movement 


The meeting and the endorsement is 
incompatible with the spirit of our 
institutions,” they said. 

Mr Seguin said he would not attend 
i the meeting, while Mr Pasqua is in 
Saudi Arabia on an official visit Mr 
Nicolas Sarkozy, government spokes- 
man and an ally of Mr Balladur, has 
also said he will not be present. The 
, prime minister, who is expected to 
announce his candidacy for the presi- 
dential elections at the beginning of 
next year, is spending the weekend at 
his holiday home in Chamonix. 

The deepening divisions on the 
' political right have played into the 
hands of Mr Jacques Delors, the 
Socialist President of the European 
Commission, who is weighing a bid 
for the French presidency. A poll pub- 
lished yesterday in the daily Le Pari- 
sien has Mr Delors moving ahead of 
Mr Balladur with an approval rating 
of 50 per cent Mr Balladur 1 s approval 

• it 


rating fell by 6 points to 45 per cent, 
ahead of Mr Chirac, who stands at 35 
per cent. 

The poll is the latest to show a 
weakening of support for Mr Balladur. 
whose government has been shaken 
by a series of corruption scandals 
prompting the resignation of two min- 
isters since July. 

Mr Michel Roussin, the cooperation 
minister, who is responsible for over- 
seas aid. has also been Linked to a 
corruption investigation. French press 
reports claim that he may step down 
within the next few days in response 
to allegations that he was connected 
to a scheme to raise illicit funds for 
the RPR party. 

Mr Roussin has denied any wrong- 
doing. Mr Sarkozy said last week that 
Mr Roussin was "still a minister”, but 
added that any minister involved in a 
corruption investigation would have 
to resign. 


Italy plans two-stage 
electricity sell-off 


Kohl coalition completes talks 


By Michael Undemarm m Bonn 

Germany’s centre-right coalition 
partners yesterday completed talks on 
a new government programme in 
record time, clearing the way for 
Chancellor Helmut Kohl's re-election 
by parliament on Tuesday. 

The parties have agreed on trim- 
ming bureaucracy and encouraging 
privatisation at state and municipal 
level, and attempting to cut the tax 
burden. 

A final sticking point - measures to 
make it easier for foreigners to obtain 
German nationality - has been agreed 
in outline. 

The parties were due to finalise 
details of the foreigners question over 
the weekend before presenting the 
coalition's programme on Monday. 

The issue lias pitted the liberal Free 


Democratic party (FDP) against the 
Christian Social Union (CSU), the con- 
servative sister party of Mr Kohl’s 
Christian Democratic Union (CDU), 
which had vowed to fight the changes 
to the last 

The partners began negotiating the 
new programme for the next four 
years soon after the October 16 gen- 
eral election, in which their majority 
fell from 134 seats to 10. The negotia- 
tions were completed in just under 
three weeks, the fastest set of coali- 
tion talks since the second world war. 

There were no details yesterday 
about the composition of the new cab- 
inet. Given his slim majority. Mr Kohl 
is eager to avoid upsetting his part- 
ners before Tuesday’s vote. 

The narrow majority and the 
strength of the opposition Social Dem- 
ocratic party (SPD) in the Bundesrat, 


the upper chamber which must 
approve legislation, mean that the 
coalition parties have been unwilling 
to pinpoint detailed policies. 

Efforts will be made to cut the tax 
burden, although the FDP was unable 
to insist on a date for the removal of 
the so-called solidarity surcharge, a 
7.5 per cent income tax to fund invest- 
ments in eastern Germany. 

The parties agreed that they would 
decide whether or not to scrap the tax 
after seeing a review of key economic 
data. 

Bringing down unemployment from 
its present level or 3^m is another 
priority, although the government has 
not spelt out how it will do this. Laws 
to combat crime will be reviewed and 
further measures undertaken to 
improve coordination against crime 
across Europe. 


By Andrew HD! m Milan 

The Italian government yesterday 
announced plans for a two-stage pri- 
vatisation of Enel, the state-owned 
electricity company, beginning before 
June 1995. The sale would be Italy’s 
biggest state sell-off yet. 

Responsibility for electricity genera- 
tion will be passed to one or more 
new companies - 100 per cent con- 
trolled by the Enel holding company 
- before the sale of shares begins, the 
treasury, industry and budget minis- 
ters said yesterday. 

Enel's transmission and distribu- 
tion activities will be formally merged 
into the company. 

The decision should end months of 
squabbling about whether to split up 
the company into regional operations 
or to maintain an integrated 
structure. 

Enel is responsible for 80 per cent of 
Italy's electricity production and It 
has a dominant position in distribu- 
tion and transmission, making it one 
of the world’s largest electricity com- 
panies. 

Within three years of flotation. Enel 
will have to sell off an unspecified 
share of its production capacity to 
reduce its dominant position. 

The group's “dispatching” activi- 
ties, regulating the transmission of 
domestically produced and imported 
electricity, will be split from the 
group and put under the control of a 
new public body. 

The management and accounting 
operations of the transmission and 
distribution activities will be kept 
separate, in line with EU rules on the 
liberalisation of the sector. 

Ministers said they had also agreed 
to preserve a single set of electricity 
tariffs for the whole of Italy. 

Sources indicated that the govern- 


ment was also set to reduce substan- 
tially the length of the concession 
granted to Enel, which tbs law cur- 
rently sets at % years, in order to 
increase competition. 

Analysts estimate that Enel could 
be worth between L2O,O0Obn (£7.9bn) 
and L30,000bn. although its value will 
depend on the extent to which it has 
to reduce its production capacity: A 
final decision on how much of Enel to 
sell off will not be taken until much 
nearer the date of the sale. Its shares 
are not yet listed on the stock 
exchange. 

Yesterday’s decision does not have 
to be submitted for parliamentary 
approvaL 

A decision will be taken later on the 
form of regulatory authority for the 
sector. 

■ Robert Graham adds from Rome: 
Italy's government yesterday called a 
parliamentary vote of confidence on 
measures in the 1995 budget giving an 
amnesty to property constructed with- 
out proper planning permission. 

The move came on the eve of a 
huge protest demonstration organised 
by Italy's powerful trades unions 
against the budget and measures to 
cut benefits. Up to lm people are 
expected to gather in Rome today as a 
follow-up to last month's four-hour 
general strike. 

A government spokesman insisted 
the confidence motion in the chamber 
of deputies was intended to speed up 
discussion of the amnesty - an essen- 
tial revenue raising measure in the 
budget 

However, the rightwing coalition 
has a majority of 120 in the chamber 
of deputies and the confidence motion 
looked designed to unify the govern- 
ment at a moment when the populist 
Northern League is talking openly of 
its demise. 


Sleaze claims anger Gonzalez 

Tom Burns reports on the allegations against Spain’s prime minister 


C allers put on hold by 
the busy switchboard at 
Madrid's El Mundo 
newspaper are treated to The 
Beatles in their Sergeant Pep- 
per mode and to John Lennon 
singing: “I heard the news 
today, oh boy. .."'El Mundo, a 
Eve-year-old investigative daily 
in which Britain's Guardian 
newspaper is a minor share- 
holder, has been making news 
for the past week in Spain as 
well as reporting it 
It claims to have uncovered 
a corruption scandal involving 
Mr Felipe Gonzdlez, and the 
allegations have turned the 
suave and veteran prime min- 
ister into an angry and poten- 
tially vulnerable p olitician 
In a television “fireside” chat 
late on Thursday night, Mr 
Gonzdlez darkly hinted at con- 
spiracies to destabilise the 
economy and eject him from 
office. Speaking from his book- 
lined study and flanked by one 
the bonsai trees that he lov- 
ingly tends, he told the nation: 
“The only reason for these 
types of campaigns is that 
there are those who think the 
recovery of our country will 


favour the government." 

The prime minister did not 
mention El Mundo directly, 
nor did he disclose who was 
conspiring to upset the “cli- 
mate of tranquility", but he 
insisted that there was a 
“minority” determined to cre- 
ate public alarm "even at the 
cost of economic recovery”. 

El Mundo's editor, Mr Pedro 
J Ramirez, was nonplussed as 
he huddled with his journalists 
to watch the broadcast in the 
paper's newsroom. “I don't 
know how this is all going to 
end but my instinct tells me 
there is a lot more to all of 
this. It took us two years' to 
break the Ibercorp story last 
spring,” he said. 

Ibercorp was a top people's 
private bank run by friends of 
Mr Mariano Robio, then gover- 
nor of the Bank of Spain. A 
series of reports by El Mundo 
led to the downfall of the gov- 
ernor, who was briefly impris- 
oned this year. 

Mr Gonz&lez has previously 
been unscathed by the corrup- 
tion scandals which over the 
years have enveloped his 
Socialist party, members of his 


government and senior offi- 
cials of his administration. 

But non he is for the first 
time in the thick of sleaze all* - 
gations. The latest row centres 
on allegations by the newspa- 
per that the prime minister’s 
brother-in-law, Mr Francisco 
Palomino, was favoured by 
government contracts. They 
have stung Mr Gonzalez into 
an unprecedented counterat- 
tack to defend his integrity. 

The chief allegation is that 
Mr Palomino, a Seville busi- 
nessman married to Mr Gonz- 
alez’s sister Lola, profitably 
sold a troubled boilermaking 
business owned by his famil y 
to a company that subse- 
quently hired him as a non-ex- 
ecutive director. The company 
went an to obtain a contract to 
install electronic systems in a 
nuclear-proof bunker built 
alongside the prime minister's 
official residence. 

"Our first report was that 
Palomino had made a pile on a 
Seville property deal and we 
thought it was a typical epi- 
sode of speculation In Andalu- 
cia [Mr Gonzalez's home 
region] by someone who had 


the right connections,” said Mr 
Ramirez. “We were prepared to 
leave it at that and it was only 
when Gonz&lez got so furious 
about the story that we started 
investigating further and came 
up with the government con- 
tracts.” 

Cabinet members and senior 
Socialists have rallied to sup- 
port Mr Gonz&lez in the face of 
the allegations, as have leaders 
of the Basque and Catalan 
nationalist parties whose votes 
keep the minority Socialist 
government in power. 

The government's spokes- 
man has issued a stream of 
detailed statements in recent 
days rebutting point by point 
as "falsehoods" the El Mundo 
allegations. In his TV broad- 
cast, Mr Gonzalez asserted: “I 
have never taken personal 
advantage of my position.” 

It was a vintage persuasive 
performance by a master of 
communication skills. The 
prime minister said there was 
not a shred of truth in the alle- 
gations, declared that he was 
not prepared to admit criticism 
that was "based on lies”, prom- 
ised that “life will be very diffi- 



welter of 
advice on 
EU vote 

By Hugh Camegytn Sfocfkhofan 


A ny undecided Swedish 
Social Democrats 
looking for guidance in 
tomorrow's referOTaum. on 
3 joining the European Union 
i were offered little help yester- 
. day by Af tohb ladeti ■tfietrade 
; union-owned popular newspa- 
> per that is the ' main national ' 
5 voice of the party.. - ; 

Mr tagvar' Carlsson, the' 

: prime minister, and Ms-Mona 
KaKHri, his deputy, smiled out. ." 
. of a prom bient advertisement 
paid for by the party.hrsjng a 
Yes vote. “A Yes to the EU 
means that you "believe in 
co-operation to manage -the 
Swedish welfare system,” they 
wrote, appealing to voters on 
the traditional core issue of 
t Swedish social dembcracy.- 
L But further on* an'evrarbrg- 
- ger ad, also paid for by the 
party, featured their cabinet 
- colleague Ms Margarets "Win- 
, berg, the agriculture minister. 

[ Tor women’s right to their 
! own job and economic indepen- 
dence - vote No," she dedared. # 
The split on the EU within w 
i Social Democratic ranks is a 
key reason why the outcome of 
> tomorrow's referendum has 
[■ been in such doubt - As it is 
i easily the biggest political 
party in the land, victory for 
i either side is all but i mpos sible 
i without winning majority sup- 
port among Social Democrats. 

Mr Carlsson believes he can 
capture that majority; but to 
avoid ali enating bis own sup- 
porters he has allowed anti-EU 
party members a free hand, 
even giving them party funds 
to do so. The presence mi the 
No side of such mainstream 
figures as Ms Winberg has 
helped add weight to the 
anti-EU campaign otherwise 
dominated by leaders of small 
political parties, such as Ms 
Gndrun Schyman of the Left 
party, and Mr Birger Schlaug 
of the Environment party. 

With the help of articulate 
figures such as Ms Agnetha 
Stark, a professor of business 
economics who last night 
headed the No side in the final 
television debate, the No cam- 
paign Has managed to hold its 
own against the pro-EU estab- 
lishment in the welter of cam- 
paigning, leafleting and media 

attention that has engulfed^: 
Sweden recently. 

State-run Swedish Radio’s 
main news and talk channel 
has barely deviated from the 
subject 

Throughout this torrent, the 
No campaign has plugged 
away at its main objections: 
that the EU is an undemo- 
cratic, bureaucracy-driven 
union that will erode Sweden's 
independence, compromise its 
neutrality, entrench unemploy- 
ment undermine the welfare 
system and reverse the high 
levels of women's equality and 
environmental standards. 

The message appears to have 
been most effective among 
women and young voters. 
Swedish women are employed 
heavily in the public sector 
many feel EU membership will 
lead to greater pressure on 
Sweden to reduce its public 
services and polls show a 
majority of women Teady to 
vote No. Likewise, young peo- 
ple, bearing the brunt of Swe- 
den's 13 per cent unemploy^. & 
raent rate, are susceptible W' T 
the argument that the record 
of EU member states od^ 
employment is dismal ™ 
Ultimately, however, it is a 
mighty task for the No side to 
defeat the experience and 
authority of Mr Carlsson, Mr 
Carl Bfldt, the leader of the 
conservative opposition, the 
trade union leadership, every 
well-known Swedish industrial- 
ist, the farm or ganisations and 
every big Swedish newspaper. 

If the outcome is No. the Swed- 
ish establishment will have 
been humiliated. 

THE FINANCIAL TIMES 
Published by The Financial Times 
(Europe) GmbH, Nibduugniptatz 3, 

60318 Frankfurt am Main, Germany. 
Telephone ++49 69 1 56 850. Fas ++4!» 

W 5964481, Tefax 416193. Represented 
m Franlrfun by J. Waller Brand. Wil- 
helm J_. Brussel, Colin A. Kemurd ns 
Geschaflnfuhrer and in London by 
David C M. Bell and Alan C Miller. I 

Prinwr DVM Dnick-Vertrieb nod Mar- I 

kcting GmbH, AJmirol-Roseodahi- 1 

Si nissc 3a. 63263 Neu-benbnxE foamed 
by Hdrriyel International). ISSN: ISSN I 

0174-7363. Responsible Editor Richard ; 

Lambert, c fo Toe Financial Times Urn- > 

iied. Number One Somhwarfc Bridge. 

Loudon SE1 9HL, UK. Sharabokfcre of } 
ihe Financial Tunes (Europe) GmbH 
are: The Financial Times (Europe) Lid, ! 
Loudon ami F.T. (Germany Advetis- 1 
mg) Lid. London, Shareholder of (he 
above menUonad two companies is: The 
Financial Times liwwiwH Number One 
Southwark Bridge. London SE1 9HL. 

The Company U incorporated under ihe 
DGltf BcIl 1 dIUl ^ Vaks - Chairman: ^ 

FRANCE: Publishing Director: D. 

Good. 16S Rue de RivoU, F -7 5644 Paris 
Codex 01. Telephone (Oil 4297-0621, 

Fax lOI) 42974)029. Printer SA. Nord 
Eclair. 15/21 Rue de Cairo, F- 59100 
Roubaix Cedex l. Editor Richard Lam- 
bert. ISSN: ISSN 1 148-2753. Commis- 
sion Pan La ire No 67808D. 

DENMARK; Financial Times (Scandin- 
avia) Lid. Vinunclska/ted 42A, 
DK-II6I CopenhagenfC. Telephone 33 
13 44 41, Fax 33 93 53 35. 


Gonzalez: vintage persuasive 
performance 

cult for those who are cor- 
rupt”, and accused those who 
attempted to drag his family 
into the political arena of 
“moral cowardice.” 

Separately the government 
has asked the state auditors to 
examine all government con- 
tracts which could involve 
companies associated with Mr 
Palomino, who has been urged 
by members of the government 
to seek legal advice over possi- 
ble action against El Mundo. 

Most Spaniards appear to 
believe in the personal honesty 
of the prime minister, who in 
1993 was re-elected for a fourth 
consecutive four-year term. 

However, the fear among Mr 
Gonzalez’s aides is that voters 
will blame him for the climate 
of corruption that has grown 
up during his tenure of power. 


f- 


Hr - r - 1 . - 

i , • 

j;3£Ic- 

■J’’ v 

• 




o* 





FINANCIAL TIMES 


WEEKEND NOVEMBER 12/NOVEMBER 13 1994 


1 1 

» 


NEWS: INTERNATIONAL 


DIGEST 

Suicide bomber 
kills 3 Israelis 

stnxtA another blow against the 
^ ce Process yesterday when a suicide 
^5: I ^ aeU sobhers and wounded four others 
**» Gaza Strip. Six Palestinians, including a 
wounded. Two wounded Israels were last 
rngbt reported to be in critical condition. The Islamic Jihad 
responsibility and warned that bombing was a 
tSS ^.*Zl^ ,eaes for assassination 10 days ago of the 
SSff.fSi t *g st newspaper publisher Hard Abed. It also 
?^}? 1 S*i?i tta f k Palestinian police taking part in joint 
patrols with the Israelis, who have remained in Gaza to 
protect 16 Jewish settlements. 

ttoSZJSSS 1, ^ 3t ’-^ imirn5an of ^ Palestine Liberation 
0 u*. las* night condemned the bombing and prom- 
ff®" take all necessary measures. The Israeli Chief of Steffi 
Lieutenant-General Ehud Barak, insisted that the Palestinian 

wf tm cL p ?££ 8 m ^ Bt 301 more rigorously to control the vio- 
lence JErtc Stiver, Jerusalem 

De Klerk hints at land sales 

Sooth Africa’s first moves towards privatisation would proba- 
ory be through the sale of surplus government land, Mr P W 
de Klerk, the deputy president, said in London yesterday. He 
suggested there was also scope for running down state oil 
reserves. The sale of shares in state companies was not likely 
to be the first item on the agenda. Parastatal companies were 
being put on to a proper commercial basis, in of their 
board and management structures. In this way, “the table was 
being set for privatisation." Mr de Klerk said telecommunica- 
tions was a dynamic sector, but if he was asked to guess 
which company would be privatised first, "I would put my 
money an South African Airways.” Earlier this week, Mr Jay 
Naidoo. the min ister in charge of the reconstruction and 
development programme, reiterated his opposition to selling 
off either Telkom, transport conglomerate Transnet, or elec- 
tricity utility Eskom, saying that they were too valuable to the 
country's development goals to be taken out of state hands. 
Mark Suzman, Johannesburg 

Top US judge quits Lloyd’s 

US Supreme Court justice Stephen Breyer has extricated Him - 
self from a controversial investment in a Lloyd's of Tjwdnn 
syndicate by paying about $100,000 for insurance to cover all 
fixture liabilities. The justice’s investment has forced him to 
disqualify himself from a number of rases involving Lloyd's 
which reached the high court. Mr Breyer promised in Ms 
confirmation hearings last year he would leave the Merrett 
syndicate as soon as possible. Became Merrett 418 and other 
troubled syndicates will be rolled into one reassurance facility 
in 1996, thus closing off future risk, the justice could be paying 
$100/100 unnecessarily. However, a large chunk of the court's 
cases deal with insurance matters, and Mr Breyer’s expertise 
on complicated business Issues is considered desirable. Mr 
Breyer’s nomination to the court was opposed by Republican 
senator Richard Lugar. who argued that he should be disquali- 
fied for showing “poor judgment” in the investment Nancy 
Dunne, Washington 

Da Vinci papers sell for £19m 

A 72-page scientific manuscript written 
around 1507 by Leonardo da Vinci, and deco- 
rated with over 300 illustrations, sold for 
$3A8m (£l3_24m) at Christie's In New York 
yesterday. There were just two bidders for the 
manuscript, the last substantial written work : 
l y Leonardo remaining in private hands. One 
was a representative of a Mflnneafl bank, who was in the room; 
the other was an anonymous telephone bidder who was ulti- 
mately successful. The price was well ahead of the presale 
estimate of $l0m-plus - and the £2.4m which secured the 
manuscript at Christie's in London In i960. It was then bought 
by the oil billionaire the late Annand Hammer and became 
known as the Codex Hammer. Before that, and for over 250 
years, it had belonged to the Earls of Leicester. 

The manuscript contains anginal ideas on hydraulics and 
cosmology. It was sold by the Annand Hammer Museum in 
Los Angeles to help settle a dispute over his inheritance. The 
price was the tenth highest sum ever paid at auction, and the 
highest for any work of art other than a painting. It beat the 
previous record far a manuscript of £8. 14m, paid at Sotheby’s 
in 1983 for the Gospel of Henry the Lion. Antony Thomcroft, 
London 

US car groups lobby Clinton 

The decision by Mr Federico Pena, OS transport secretary, to 
push for the recall of all General Motors pick-up trucks with, 
side-mounted fuel tanks could cause regulatory chaos in the 
industry, according to the big three US car makers. In an 
unusual joint tetter to President Bill Clinton, General Motors, 
Ford and Chrysler said the decision “threatens the entire 
automotive industry by creating needless, unreasonable regu- 
latory confusion.” They said the move threw into doubt the 
value of complying with federally approved safety standards. 
Meeting the standards - as GM had - “is irrelevant if the 
secretary determines years later that the vehicle manufacturer 
should have selected an equally compliant design used by 
another manufacturer because It has had better performance 
in one particular accident mode”, the companies said. 

Mr Pena said last month that he would push for a recall of 
the GM pick-ups, subject to the outcome of a public hearing in 
December. GM is soaking to waive the hearing, which would 
bring further bad publicity, in favour of taking the case 
straight to the courts. It continues to dispute cl aim s that the 
vehicles are liable to hurst into flames when involved in 
collisions from the side. Richard Waters, New York 

Tighter ferry rules proposed 

European Union transport ministers are to ask the Commis- 
sion to draw up tlghter xnspection procedures for roll-on roll- 
off passenger ferries operating from European ports. Ferry 
operators would also be required to count and record Informa- 
tion about the identity of passengers. 

The action follows the sinking of the Estonia in the Baltic m 
September with the loss of more than 900 Eves. The commis- 
sion win be asked to ensure that the International Maritime 
Organisation's safety rules and codes for ferry working proce- 
dures are enforced. The hours and working conditions of 
crews will be subject to scrutiny while ferry evacuation proce- 
dures win be reviewed. EU ministers will call for an investiga- 
tion of the need for “black box” recorders as used on a ircraft 
and for the port authorities to be given powers to prevent 
ferries leaving port in bad weather.The IMO has also 
plans to establish a panel of safely expats in 
December to recommend action on roll-on roll-off ferries. At 
the same time tighter controls have been ordered by a number 
of countries including the UK, Sweden and Finland. Charles 
Batchelor, London 

Russian HIV law is endorsed 



onnaia-c nariiarngnt yesterday overwnennmgiy enarasea a law 
^tiring foreigners to be tested for the HIV vims before 
entering the country. Only tfareo deputy voted against the 
law Which reflects the growing inclination among Russian 
leaders to turn to the restrictive rules of the past as Russia 
mpples with the unwanted side effects cdgreater liberty. 

The draft law, which must still be passed by the upper house 
of parliament and the president, would req^ aH fordgiexs, 
jrJhTrHnP tourists and business travellers, to submit HtV test 

certificates ' or undergo testing at the border. 

mid Russian health officials have criticised the law, 
roaring that it could prove difficult .and indeed, given Hus- 
aavgtaptage of sterilised syringes, dangerous to imptenmnt 
*» considering lobbying Russian President 
^fYStoveto the biD, but he may find it politically 
awkward to oppose such a broadly papular measure. Cftrystia 
Freeland, Moscow 


Japanese coalition wins tax cut victory 


By WWam Dawkins In Tokyo 

Japan's parliament yesterday 
approved income tax cuts 
worth Yl6,5Q0bn (£104bn) over 
three years, in a move vital to 
bolstering the painfully slow 
economic recovery. 

This Is a victory for the 
three-party ruling coalition at 
a moment when internal divi- 
sions have begun to re-emerge. 
It had to close ranks and force 
the bills to a vote in a parlia- 
mentary committee a day ear- 
lier, as a result of an opposi- 


tion boycott 

The tax cuts are to be fol- 
lowed by a rise in the unpopu- 
lar sales tax from 3 to 5 per 
cent from April 1997, needed to 
adjust the government's 
sh rinking income tax base to 
the increasing number of pen- 
sioners. 

The package, the most radi- 
cal overhaul of Japan's tax sys- 
tem since the introduction of 
sales tax in 1989, will now go to 
the upper house for final 
approval In theory, it should 
get through easily, since the 


coalition of socialists and con- 
servatives has a majority in 
both chambers. 

Yet a new element of insta- 
bility has entered Japan's bal- 
ance of power during the tax 
debate of the past few days. A 
group of socialist dissidents 
has started to translate into 
action tentative plans to leave 
their party. 

Mr Wateru Kubo, the social- 
ists' number two and leader of 
the dissident faction. Is dis- 
cussing forming a new party 
with potential partners in both 


government and opposition. Mr 
Kubo wants to create a small, 
centre-left group to hold the 
balance of power between the 
two conservative groups - the 
Liberal Democratic party and 
former LDP defectors - who 
now sit on opposite sides of 
parliament 

Ostensibly, opposition par- 
ties say they are holding up 
tax reform to put pressure on 
the government to produce 
firm plans to cut spending on 
Japan's vast and powerful 
bureaucracy, a popular elec- 


toral theme. Opposition parties 
broadly agTee with the tax 
package, since they proposed 
something very Eke it when in 
power earlier this year. But 
with the help of Mr Kubo’s dis- 
sidents, they clearly welcome 
any chance to put the govern- 
ment on the defensive. 

• Separately, the Finance 
Ministry yesterday gave a rare 
concession in a row with the 
postal bank, the world's largest 
savings institution. 

It allowed the postal bank to 
raise interest paid to ordinary 


savers by 0.03 percentage 
points to 1.35 per cent, where it 
stands more than a point 
above private sector banks' 
demand deposits of 0.25 per 
cent to 0.3 per cent per year. 
The finance Ministry wanted a 
smaller rise, to guard against a 
shift of funds from banks to 
postal savings. 

The rise, while minute, 
answers the Portal Ministry’s 
demands in full. It had asked 
for permission to raise rates in 
response to the small rise in 
bank deposit rates. 


THE APEC SUMMIT 



US secretary of state Warren Christopher (left) with President 
Suharto of Indonesia (right) at the Jakarta summit yesterday ap 

Indonesia pledge 
on labour rights 


By Guy de Jonquferes and 
Manueia Saragosa in Jakarta 

Indonesia yesterday bowed to 
strong US pressure to improve 
its labour rights record by 
announcing a comprehensive 
programme of reforms and 
inviting western trade unions 
and the International Labour 
Organisation to help it develop 
new industrial relations poli- 
cies. 

After a meeting between Mr 
Mickey Kantor, the US trade 
representative, and Mr Abdul 
Latief, Indonesia's manpower 
minister, Mr Kantor said the 
changes were “a step in the 
right direction". 

However, he said the reforms 
did not answer all US concerns 
and would not comment on 
whether they went far enough 
for the US to restore tariff-free 
treatment of Indonesian 
imports under the generalised 
system of preferences, which 
Washington suspended in 


March in protest at Indonesia's 
labour record. 

The suspension is of greater 
political than economic signifi- 
cance since ft affects only 
about S600m <£366m) of Indone- 
sian exports to the US annu- 
ally and is estimated to have 
reduced the total by only about 
S 60 m. 

The reforms announced yes- 
terday include an annual 
review of regional minimum 
wages, stronger enforcement of 
pay, health and safety regula- 
tions and a more effective dis- 
putes settlement mechanism. 

The government plans to 
allow the AU Indonesian Work- 
ers’ Union greater indepen- 
dence and to review existing 
labour legislation. It will 
launch workers’ education pro- 
grammes in collaboration with 
the Australian government 
and the ILO and is also ready 
to work with the AFL/CIO, the 
largest US trades union organi- 
sation. 


Australia bent on 
free trade goal 


By Pater Montagnon and Guy 
de Jonquteres In Jakarta and 
HUM Taft in Sydney 

The summit meeting of 
Asia-Pacific leaders at Bogor 
near Jakarta next week must 
agree a target date for trade 
liberalisation if it is to be per- 
ceived as a success, Mr Gareth 
Evans, the Australian foreign 
minister, said in Jakarta yes- 
terday. 

As an Immediate sign that 
the 18 countries in the Asia-Pa- 
cific Economic Co-operation 
forum are serious, they should 
agree an immediate ban on 
introducing new trade barriers 
such as tariff increases and 
quota reductions, he said. 

Reinforcing Australia's posi- 
tion yesterday in Sydney, 
prime minister Paul Keating 
said that a free trade agree- 
ment among Apec countries 
could lead to a tripling of the 
economic benefit they would 
receive from the Uruguay 
Round trade agreement 

Australian projections, he 
said, suggest that the annual 
gain to Apec's aggregate 
national income from the Uru- 
guay Round agreement would 
be around USSUSbn by the 
year 2002 and that, if free trade 
was established among Apec 
members by 2010, this could 
rise to S366bn (£223bn). 

While Australia has much 
riding on next week - its 
desire for trade liberalisation 
in the region stems from its 
urgent need to increase its 
export performance - its posi- 
tion is a long way from that of 
countries such as China. Mal- 
aysia and Thailand, which 
want to focus on the multilat- 
eral efforts in the General 
Agreement on Tariffs and 
Trade. 


Many ministers are increas- 
ingly convinced that the con- 
tentious issue of setting Apec's 
future agenda will have to be 
left to heads of state next 
week. Even so, according to 
one senior Thai official, there 
is a risk that the leaders will 
commit themselves to a pro- 
cess for which inadequate 
groundwork has been laid. 

Sharp differences remain 
over whether Apec has taken 
on a formal institutional role, 
or whether it is what Mr Ali 
Alatas, Indonesia's foreign 
minister, yesterday called “a 
loose, consultative forum" 
whose decisions are non-bind- 
ing. 

Mr Roy MacLaren. Canada's 
trade minister, said Apec had 
undergone a rapid and inexora- 
ble process of institutionalisa- 
tion with regular ministerial 
meetings on a range of issues. 
Australia's Mr Evans said Apec 
had already taken on the role 
of a negotiating forum in Seat- 
tle last year when it adopted 
an agenda for facilitating trade 
and investment. 

Mr MacLaren said he was 
somewhat unentbusiastic 
about Apec becoming bogged 
down in a debate about target 
dates for free trade: "It's the 
starting date rather than the 
completion date that's impor- 
tant." 

Mr Mickey Kantor. US trade 
representative, said the target 
date of 2020 was “a goal and a 
vision for free trade” Much 
depends, however on whether 
the US can resolve differences 
with China. Mr Kantor has 
scheduled a meeting with Ms 
Wu Yi, his Chinese counter- 
part, tomorrow, while Presi- 
dent Bill Clinton is to meet 
Chinese President Jiang Zemin 
in Jakarta on Monday. 


Bureaucrats triumph as new 
chief heads for Bank of Japan 


By Gerard Baker 

W hen the Japanese 
press descended on 
Mr Yasno Matsu- 
shita’s home early yesterday 
morning, following the 
announcement of his appoint- 
ment as the next head of the 
Bank of Japan, the governor- 
designate was apparently non- 
plussed. “I haven't been told 
anything about it," he said. 

But the expression of sur- 
prise can have been little more 
than an early rehearsal of the 
new governor's capacity to dis- 
semble - a vital asset for a 
central banker. The elevation 
of the 68-year-old Mr Matsush- 
ita has been an open secret in 
financial circles for weeks. 

The new central bank chief, 
who takes over from Mr 
Yasushi Mieno next month, is 
a former senior vice-minister 
in the Ministry of Finance, the 
hi ghpjd - ranlring post in Japan's 
powerful bureaucracy. But 
unusually for a Bank of Japan 
governor, he also has practical 
experience in the private sec- 
tor. 

A graduate of Tokyo Univer- 
sity, be spent a year studing 
languages at Syracuse Univer- 
sity in upstate New York. He is 
understood to be proficient in 
several languages including 
English, German, and. some- 
what improbably, Latin. 

He joined the finance minis- 
try in 1950 and rose steadily 
through the ranks, spending 
spells in the hanking and bud- 
get bureaux. He reached the 
top job in 1982 and retired from 


the ministry in 1984. 

Mr Matsushita then followed 
the time-honoured practice of 
what is known in Japan as 
amakudari, or “descending 
from heaven”, by which life- 
long bureaucrats take up lucra- 
tive posts in the private sector. 
He became chairman of Taiyo 
Kobe, a medium-sized commer- 
cial bank, and oversaw its 
merger with the larger Mitsui 
Bank. He was appointed chair - 
man of the merged entity, 
which changed its name to 
Sakura Bank in 1992. 

As chairman and than execu- 
tive adviser at Sakura, Mr Mat- 
sushita steered the company 
through a turbulent period 
induced by bad loans. 

The new governor’s direct 
experience of dealing with the 
financial sector's difficulties 
was regarded as a phis by most 
analysts in financial markets 
yesterday. “This balance 
between hands-on private sec- 
tor management and good 
standing with the bureaucracy 
is a big help,” said Mr Jesper 
Koll, chief economist at 
J.P. Morgan in Tokyo. “It will 
enable him to meet the princi- 
pal challenge ahead - micro- 
management Of the financial 
system." 

That challenge remains a 
daunting one. Most banks are 
still heavily burdened with 
problem loans, and Industry 
observers expect the Bank of 
Japan and the Finance Minis- 
try, which has principal 
responsibility for banking 
supervision, to continue to 
manage the difficulties piece- 


meal, assisting troubled insti- «■ 
tutlons where necessary and 
encouraging gradual rau mKfiw- 
tion within the industry. 

But Mr Matsushita will also 
come under pressure to ease 
monetary policy early in his 
five-year term. Mr Mieno, who 
took office in 1989, drew fire 
from critics for presiding over 
a restrictive policy that burst 
the “bubble economy" of spi- 
ndling asset prices and led to 
Japan's longest recession since 
the second world war. The 
country is still emerging tenta- 
tively from that downturn, but 
Mr Mieno has been shifting 
policy gradually from expan- 
sionary to neutral. This is 
despite the fact that inflation is 
currently negative and the 
spectre of a sustained fall in 
prices, increasing the real cost 
of servicing loans, haunts the 
financial sector. 

T he appointment demon- 
strates the enduring 
power of Japan’s 
bureaucracy. The governorship 
usually alternates between a 
finance ministry apparatchik 
and a Bank of Japan officiaL 
Mr Mieno was a lifelong cen- 
tral banker and the position 
was expected to revert to a 
ministry man (they are never 
women). It is understood Mr 
Matsushita was chosen some 
months ago. 

But in a rare display of polit- 
ical independence, Mr Masa- 
yoshi Takemura, the finance 
minister, objected to the pro- 
cess and asked for consider- 
ation of other candidates. After 


a protracted and occasionally 
public quarrel within the min- 
istry, the bureaucrats' view 
prevailed 

The ministry's triumph was 
interpreted by some in finan- 
cial markets as a worrying 
sign that the autonomy of the 
bank's governor would be com- 
promised., In the past five years 
Mr Mieno had established a 
reputation for taking an out- 
spoken and independent- 
minded approach, and as a for- 
mer Finance Ministry bureau- 
crat, Mr Matsushita is not 
expected to follow suit. 

Tm a bit concerned about 
his connection with the 
Finance Ministry and I wonder 
how much independence he 
can have” said one banker. 

But such fears are probably 
founded on a false premise. 
The Japanese economic policy 
establishment is monolithic 
and generally has been domi- 
nated, even in Mr Mieno' s 
lively term, by the Finance 
Ministry. The influence of a 
central bank chief is limited, 
even in the monetary field. But 
the Incumbent's personality 
can make a difference at the 
margins. 

According to Mr Geoffrey 
Barker, chief economist at Bar- 
ing Securities in Tokyo, “the 
main difference between Mr 
Matsushita and Mr Mieno is 
likely to be one of style. The 
new governor is unlikely to be 
as doctrinaire as Mr Mieno and 
will probably have more sym- 
pathy with the position of the 
banks and with the aims of the 
Finance Ministry." 



The Outlook 
is Dry. 

(2 Free bottles are Forecast.) 




m 


{ STELI^ i } STEttf* \ 


Free 

7 x 330mi bottles 
of Stella Artois Dry 
free when you buy 
4 x 330rot bottles 
at 99p each. 


I. a 1 ; 


DRY 


Th* oA»' rum Iw. 10 II M i 


i tiorti tm. THi cfer emnoi Dcuv*! In anHi^cw -"»}« wyMhwtAy No Mta ifeawna anpfc Atjoxfc to UK routes only, qrd |g i 


*v*?**aj\- ■■■ •' .r-.-S 








MPs over EU payments 


By Peter Norman and David Owen 

Mr Kenneth Clarke yesterday wrote 
to all MPs to win their support for a 
bill increasing Britain's contribu- 
tions to the European Union. 

The chancellor’s unusual move fol- 
lowed threats by some Tory Euro- 
sceptics to block the bill In retalia- 
tion for the cabinet’s climbdown 
over Post Office privatisation. 

The overall battle plan for EU leg- 
islation received cabinet backing on 
Thursday after an hour-long meet- 


ing. Mr John Major, the prime minis- 
ter, urged cabinet colleagues to 
make clear that the measure - the 
European Community finance bill - 
would lock in arrangements for Brit- 
ish rebates from the EU until the 
end of the century. 

Mr Clarke admitted in his letter 
that the bill, to be Introduced in the 
next session of parliament starting 
next week, will result in net costs 
for the UK. 

But he insisted that these would 
be gmall - at £75m in the . 1995-96 


financial year, rising to E250m in 
1999 - and much Less than those 
faced by other EU states. 

He stressed that the UK rebate, or 
abatement, which was negotiated by 
Baroness Thatcher when she was 
prime minister in the 1980s, will con- 
tinue. The abatement, which Mr 
Clarke said had saved £16bn since 
1984, will continue to limi t British 
payments to the EU budget. 

Tory Maastricht rebels are split 
over the bill, which must be passed 
to fix EU budgets to the end of the 


century. Some are determined to 
oppose it - but others will support 
the government in the interests of 
party unity. 

One Eurosceptic predicted yester- 
day that “less than half a dozen" 
Conservative MPS would oppose the 
measure - insufficient to overturn 
the government's 14-strong Com- 
mons majority, even if all opposition 
MPs also vote against the govern- 
ment. 

Mr Clarke admitted that many 
MPs would wonder why the govern- 


ment had agreed a settlement that 
increased the revenue that the Euro- 
pean Union can raise from its mem- 
ber states, especially when natio n al 
budgets were under pressure. But he 
said the deal, agreed In 1992, was 
“very tough”. 

The 1992 settlement, he said, pro- 
vided for an average increase in EU 
expenditure commitments of 3JS per 
cent a year in real terms from 1992 
to 1999. This was a much lower 
increase than the 511 per cent annual 
real increase agreed for 1987 to 1992. 


However, the rate of growth of 
real EU spending is likely to be 
much higher than thjit for British 
government spending which will be 
detailed in the UK Budget lata this 
month. 

The UK has usually been the sec- 
ond Largest net contributor to the 
EU budget after Germany. But the 
chancellor said he expected France 
and the Netherlands would be mak- 
ing bigger net contributions per 
head thaw fipfaww by the end of the 
century. 


Direct Line is 
accepted as 
PIA member 



By Alison Smith 

Direct Line, the telephone 
insurance company owned by 
Royal Bank of Scotland, has 
taken another step toward 
expanding into life insurance. 
It has been accepted by the 
Personal Investment Author- 
ity, the watchdog that protects 
private investors. 

The range of policies which 
the company plans to sell from 
January is directed at protec- 
tion rather than investment. 
Most do not need to be regu- 
lated by the authority. 

However, one type of policy 
does require regulation, and 
gaining PIA membership also 
clears the way for Direct Line 
to diversify* into more compli- 
cated investment plans. 

Such a move would bring 
further cost competition into 
the life insurance sector when 
companies are already under 
pressure to cut expenses. 

Direct Line's initial aim will 
be to concentrate on selling 
products to its e xisting custom- 
ers but if the move succeeds it 
could expand the operation. 

In setting up a life-insurance 
subsidiary Direct Line has had 
to meet not only the PlA's 


requirements in terms of the 
extent and quality of training 
it will provide for its staff but 
also those of the Department of 
Trade and Industry, which is 
the prudential regulator for the 
sector. It has put in £20m of 
capital to back the subsidiary. 

At its launch the life 
company will have 40 staff, all 
of whom will have been 
through a six-week training 
course. 

All telephone calls will be 
recorded and saved In a system 
that allows easy retrieval in 
order to ensure that the regula- 
tor's requirements are met 

Mr Russell Devitt. the life 
subsidiary's chief executive, 
said yesterday that the opera- 
tion would prove that it was 
possible to sell life insurance 
over the telephone - an idea 
which some traditional life 
insurers doubt 

Mr Devitt admitted that life 
insurance would take longer to 
sell on the telephone than the i 
three minutes it takes Direct 
line to handle a motor insur- 
ance call- He said the length of 
calls could limit sales of more 
complex products. 

Cost-catting premium, Page 6 




Mr Wilfred Aquilina (above), former 
finance director of Brent Walker, the 
property and leisure group, was led in 
distress from court yesterday after 
receiving a £25,000 fine and a 
suspended jail sentence on a charge of 
false accounting. 

Mr Roy Amlot, his counsel, had 
claimed that Mr Aquilina was virtually 
penniless and asked Judge Geoffrey 
Rrvlin to reconsider the fine and nine 
months' imprisonment imposed in 
default if the amount was not paid 
within six months. 

Mr Aquilina's wife, Janet, was called 
to the witness box and told the judge 
that if he insisted on imposing such a 
fine, their £280,000 family home - 
which she owns and winch still has a 


Judge stays fine for 
‘penniless’ Aquilina 


large outstanding mortgage - would 
have to be sold. 

After farther discussion, the judge 
agreed to stay the fine for 21 days. But 
he ordered a “careful investigation” 
into Mr Aquilina’s finances. 

He said the Crown accepted that Mr 
Aquflina's debts exceeded his assets by 
£100,000, bat there was no doubt that 
Id recent years he bad made very 
substantial gifts to his wife in the form 


of the family home and cash. 

He added: “I believe a fine of £25,000 
is proper . . . and but for the things said 
to me today, the fine would have been 
a more substantial one and there 
would have been a costs order." 

Mr Aquilina, now a res taur a te ur who 
lives in south-west London, was con- 
victed last month on a 10-1 majority of 
one charge of false accounting after Mr 
George Walker, bis former boss, was 


Lukewarm reply to pension plans Lib Dems lose case on 

By Norma Cohen, welcomed the introduction running a pension scheme, pensation scheme to cover ~w" % . w T'V A 

Investments Correspondent of compulsory member trust- while 40 per cent said it would fraud losses. I 1 r A l*fl 1 I ■ /k WVl m MU TWl AT\ 

ees. cause them to review their Nearly half felt that compen- M J m_ M ^C^ JLM.JLUr 1. 


By Norma Cohen, 

Investments Correspondent 

Small to medium-sized 
companies are lukewarm about 
the government’s plans for 
occupational pension reform, 
expected to be announced in 
the Queen's speech on Wednes- 
day, a survey has found. 

The survey, by Bain Hogg 
Financial Services, found that 
less than half of all employers 


welcomed the introduction 
of compulsory member trust- 
ees. 

Roughly 60 per cent of all 
members of the National Asso- 
ciation of Pension Funds mem- 
bers already have member 
trustees and say they are 
happy with them. 

About a third of respondents 
thought the minimum sol- 
vency proposals would 
increase the short-term cost of 


running a pension scheme, 
while 40 per cent said it would 
cause them to review their 
investment strategy. 

Only 11 per cent said the sol- 
vency requirements would 
undermine their co mmi tment 
to running a pension scheme. 

Meanwhile, small to 
medium-sized employers over- 
whelmingly felt that they 
should not have to contribute 
towards an industry-wide com- 


pensation scheme to cover 
fraud losses. 

Nearly half feU that compen- 
sation should be met from 
taxes. The survey did not ask 
whether respondents were pre- 
pared to see tax increases to 
cover the costs. 

The survey obtained 
responses from more than 500 
companies with pension 
schemes that had an average 
membership of just below 400. 



Margined Foreign Exchange 
Trading 

Fast Competitive Quotes 24 Hours 
TO: 071-8 15 0400 or Fax 071-329 3919 


INVESTORS - TRADERS - CORPORATE TREASURERS 
SATQUOTE™ - Your single service for real time quotes. 
Futures * Options * Stocks * Forex * News * Via Satellite 

LONDON +71 329 3377 

CONDON *71 339 3377 NEW YO&K +ZH 20C BU 2UANKFDKT +4M9 44M7I 


Reprieve for 
herbal remedies 


futures 

&0PT10NS 

TRADERS 
FUR AN BFFU1KNT 
A ITiMJfrnTTVE SEHVJCE 


38 DOVER STREET, LONDON WK3RB 
TEL 0171 629 1133 FAX: 0171 496 0022 


LIVE FROM LIFFE - 0839 35-35-70 

Ptel pw And bw the FooMlc more with ftvc co nwre mtry Iroro Lite, m it happeos- 
For details d aD Life Hues and oar financial talarmatkm services, all 071- 835 SHOO. 
Cals nre M 39p/mln cheap rate, -Op/min oil other time*. 

Fotures Pager Ltd, 19/21 Great Tower St, London EC3R5AQ, 

■■■i Futures Call 


TAX-FREE^SPECULATION 


To otedaiar Ace CMfe w bowyaorHeneU MmlcraD hdp 
poo. aHMdad atony or bnjeahfcmon 071-880 338 er wrtse 
tone IG lads Ffc 9-11 CkomWoiixIcnf.LoodcaSWTVGBU. 


tyFnftireView^ ---to—** 

In one value far many package. AvsfiaHa m 


Selling herbal remedies will 
continue to be legal, the gov- 
ernment announced yesterday, 
quelling fears that selling 
ancient herbal treatments 
would be outlawed under a 
European Union directive. 

Under the 1968 Medicines 
Act, herbal cures are exempt 
from licensing requirements. 
But the Medicines Control 
Agency - the executive agency 
of the Department of Health 
which licenses drugs and medi- 
cines for sale In the UK - 
found no exemption for herbal 
medicines in a series of EU 
directives. 

Last month it announced 
that it would enforce the new 
regulations from January 1, 
requiring the licensing of thou- 
sands of products - thought to 
be used by about 5m people a 
year. It was feared that the 
expense of compliance would 
have done serious damage to 


an industry which employs 
about 3,000 people with a turn- 
over of about £300m a year. 
Medical herbalists had also 
warned that this could create a 
dangerous underground trade. 

Mr Tom Sackville, junior 
health minister, said yesterday 
that the relevant EU directive 
‘required herbal medicines to 
be licensed if ‘industrially pro- 
duced" - a term not defined In 
UK or European law. 

“The government believes 
that those herbal medicines 
currently exempt under UK 
law are made according to a 
number of traditional pro- 
cesses that fall outside the 
interpretation of an industrial 
process," he said. “As a result 
they can be exempted from the 
new legislation." 

Homeopathic medicines are 
licensed under separate EU 
directives and their position is 
not affected. 


By Roland Adburgham, Wales 
and West Correspondent 

The Liberal Democrats failed 
yesterday to have the result of 
a European parliamentary elec- 
tion last June declared void 
and a new ballot ordered. 

The party believes it was 
deprived of victory in the 
Devon and Plymouth East con- 
stituency because Mr Richard 
Huggett, a rival candidate, 
described himself as a Literal 
Democrat on the ballot paper. 

Yesterday, the Election 
Court ruled that, under rules 
set by parliament, any descrip- 
tion was optional. The judges 
suggested parliament might 
wish to reconsider the rules to 
prevent abuse. 

It is believed to be the first 
time in a British parliamentary 
election that there has been a 
legal challenge to a candidate’s 
description. The Liberal Demo- 
crats, who were ordered to pay 
costs, have yet to decide 
whether to appeal 

Mr Huggett, a retired head- 
master Who did not campai g n, 
polled 10,203 votes. His name 
appeared higher on the ballot 
paper than Mr Adrian Sanders, 
the Liberal Democrat candi- 
date, who lost by 700 votes to 
Mr Giles Chichester, the Con- 
servative candidate, who 
polled 74,953 votes. 

Mr Piers Coleman, of Nichol- 
son, Graham & Jones, the Lib- 
eral Democrats’ lawyers, said 
yesterday there had been 505 
statements by voters saying 


A new political organisation. 
The Conversative Party, 
announced yesterday that it 
was targeting up to 4,000 Tory 
marginal council seals next 
year in a bid to disrupt the 
local elections. 

The self-styled leader of the 
Conversatives is Mr Alan Cor- 
nish, a liberal Democrat sup- 
porin' who unsuccessfully con- 
tested a parliamentary seat in 
1979. 

Mr Cornish described yester- 
day’s court ruling on the Lit- 
eral Democrat case as “bloody 
slHy" adding: “While these are 

they had mistakenly voted for 
Mr Huggett 

The election petition was 
brought by Mr Sanders and a 
representative elector against 
the acting returning officer 
and Mr Chichester. 

Rejecting the petition, Mr 
Justice Dyson and Mr Justice 
Forbes ruled that, under the 
Representation of the People 
Act 1969, the minimum 
requirements for identifying a 
candidate were the full name 
and home address. Any 
description was optionaL 

“Contrary to what might be 
thought to be the popular 
view, parliament has focused 
on certain minimum criteria 
for identifying candidates 
which do not include refer- 
ences to political parties, it 
being assumed that voters wil] 
learn all they need to know 
about the candidates during 


the rules, we will play by 
them.” 

Mr Cornish, a 54-year-old 
company director, claimed his 
bid to field wndMirfM in May 
would force the government to 
address the problem of ballot 
paper confusion. 

“The situation as it 
stands ... is morally wrong 
and totally.coirupt But that is 
what this government is about 
and it would be a poetic way 
to see them lose office. 

The Liberal Democrat party 
distanced itself from his 
action. 

the election campaigns,” they 
said. 

It was also clear that “the 
rules do not prohibit candi- 
dates - whether out of spite or 
a wicked sense of fun - 
describing themselves in a con- 
fusing way or indulging in 
spoiling tactics”. Parliament, 
in debating the rules, had 
understood the possibility of 
abuse and accepted it with 
apparent equanimity. 

Mr Robert Maclennan, Lib- 
eral Democrat president, said: 
“A signal has been sent to any- 
one who wants to disrupt this 
country's democratic processes 
that they are perfectly at lib- 
erty to do so.” 

Mr Chichester described the 
Liberal Democrats' argument 
as arrogant. “I believe that 
most of the people who voted 
Literal Democrat did so delib- 
erately." 


counters 

debt 

rumours 


cleared of o rchestra t ing a £l9m fraud 
at Brent Walker. 

Judge Rrvlin said today the prosecu- 
tion had proved only a fraction, of its 
original alleg ations against Mr Aqidl- 
ina, but the offence of which he was 
convicted was a seri ous one. 

It was com mi tt e d nearly four years 
ago when City accountants started 
investigating the removal of £4.5m 
from Brent Walker’s coffers. Mr Aquil- 
ina, acting as a consultant to the 
group, having been ousted the previous 
year as finance director with a £500,000 
golden handshake, was asked to hdp. 

The judge said he knowingly pro- 
vided accountants with false informa- 
tion about the company's financial 
position. 


Landlords serve notice on chancellor 


^ /-Market-Eye 


"} nil f financijl inforrrjtion direct 



to your PC lor ,i low lixeti coot. 

FREEPHONE 0800 321 321 


Currency or Bond Fax - FREE 2 week trial 

also daily gold and silver faxes 

Irc.n Chari Analysis Lid 
7 S.'.jI/ov; Shoot. London »7tH 7HD. UK • 
cxor.jngc rote specialists far ever 29 years 


i.:v Anne Whitby 
Tel. 0171-734 71 74 
Fax: 0171 -43V 4964 


CURKKNCY MANAGEMENT 
CORPORATION F1C 

II OM Jewry 

Lanka BC2R8DU 
Hit 07 1 -8650800 
Rbc 071-9720970 



•FOREX -METALS -BONDS -SOFTS 

Objective analysis for professional investors 

0962 879764 , 

n ReniiCi House, 32 Soirthgats Street, Winchester. 

~ T . Hants SC23 9 EH Fax 0424 774067 


Pressure is mounting for the 
government to introduce finan- 
cial incentives to private land- 
lords who fear that cuts in 
housing benefit expected in 
this month’s Budget will 
undermine the private housing 
market 

Banks and building societies 
which provide loans to housing 
associations are also concerned 
that Mr Kenneth Clarke, the 
chancellor, under pressure 
from rightwing Tories, may 
have opted to curtail the £8bn 
spending on housing benefit 

More than two-fifths of pri- 
vate tenants are estimated to 
receive the benefit and any cut 
could damage the fragile recov- 
ery of the privaterented sec- 
tor, which has grown from 
about 1.8m units In 1988 to 
about 2m last year. 

Lobbying groups argue that 
the market is also threatened 
by the ending of tho business 
expansion scheme (BES) and 
the tentative upturn of the res- 
idential property market 


Robyn Chalmers looks at what 
the private-rented sector wants 
Clarke to deliver in the Budget 


The private-rented sector 
was ignored in last year’s Bud- 
get, in spite of the govern- 
ment's wish to expand the 
market. Interest groups, 
including the Association of 
Residential Letting Agents, the 
independent Housing Invest- 
ment Group and the Joseph 
Rowntree Foundation, are 
looking for positive steps this 
month. 

The main proposal backed by 
these groups is for the estab- 
lishment Of authorised hnncdng 
investment trusts to promote 
institutional investment These 
would be backed by govern- 
ment grants of up to 25 per 
cent of the cost of properties. 

A recent report by the Hous- 
ing Investment Group and the 
letting agents association esti- 


mates that grants of up to 
£250m a year supporting a total 
Investment of £lbn would pro- 
vide 16,600 new or recondi- 
tioned properties at an average 
cost to the exchequer of £15,000 
a home. 

Other proposals which have 
been floated include grants for 
capital costs, depreciation 
allowances and tax conces- 
sions. 

The recent growth of the 
private-rented market has 
come largely on the back of the 
BES scheme and the poor state 
of the housing market. The 
BES was expensive and 
short-lived, bringing 76,000 
units to the market over five 
years at a cost to the public 
purse of £24.000 each. Many are 
expected to be sold for home 


ownership when tax conces- 
sions end after four years. 

Professor Peter Kemp, direc- 
tor of York University’s Centre 
for Housing Policy, maintains 
that the size of the private- 
rented sector is likely to be 
affected at the margin by what 
happens to bouse prices. He 
said: “If house prices increase 
substantially, and especially if 
there is another boom, the size 
of the sector is likely to fall to 
some extent" 

He added that returns for 
many landlords were low com- 
pared with alternative invest- 
ments. “There seems little 
prospect of the major financial 
institutions being attracted 
into the sector unless subsidy 
is provided to close the yield 
gap," he said. 

But Mr John Roberts, of the 
Department of the Environ- 
ment, argued recently that the 
point of a private rental mar- 
ket was that it should not 
depend on large government 
subsidies or unduly favourable 


tax treatment “The public sec- 
tor cannot and need not meet 
all housing needs,” he said. 

The cost of both housing 
benefit and of inmme support 
for mortgage interest pay- 
ments have spiralled in recent 
years. It is therefore in the gov- 
ernment’s interest to promote 
reasonably priced rental hous- 
ing for poorer tenants who will 
be hardest hit by any housing 
benefit cut. 

By the same token, it is 
seeking to reduce the role 
played by local authorities in 
the sector by promoting a more 
market-orientated provision. 

Prof Kemp, in recently pub- 
lished research, said the gov- 
eminent could consider reduc- 
ing the maxim um housing 
benefit from the current 100 
per cent and implementing 
rent ceilings - two proposals 
aimed specifically at combat- 
ing high rents in the sector. 
But he was not convinced that 
either method would achieve 
the required results. 


Lloyd’s .of London, - the 
insurance -market, yesterday 
sought - to dispel' sugge&Ians 
that its finances would ’be 
: stretched by a Court of- Appeal 

r uling this week which threat.', 
ens to disrupt ife - a ttem pts - at. 
reclaiming debt fnm-.less- 
making members, . BalpS . 
Atkins writes^ 

It said that infonnatfon - 
supplied to the ; Department 
of Trade and Industry .tins 
summer had. shown its total . 
assets' were three times .the : 
required minimum forgendbal - 
business. 

The appeal court ruled fids ~ 
week that Lloyd's might, have 
breached European law fay set- 
ting up a “central fund” to sefc 
tie claims oh policies under- 
written when Names - the,, 
individuals whose -assets back 

the market - refuse, or are 

unable, to provide tSe ftmds 
required. : 

Lloyd’s is appealing against, 
the decision to- the Lords. 

Fall seen in. 
new mortgages 

Gross mortgage advances tri 
October were towier than, ftt the •' 
previous month, underlining .. 
the lack of a dear recovery in 
the market, the' mortgage 
1 Index produced by Barclays'- 
Bank shows. 

l- This is the second month 

8 that- inrfoT i u rtnrih mrm itri nr 

1- the flow of mortgage advances :. 
s through solicitors' deposit 
accounts held with Barclays; 
s has recorded a month-oh- . 

1 mnnfh fan in each-case 
i drop was 6 per cent 

However, mortgage advances, 
s last month were 6 per cent, 
i higher than tn October- last 
1 year. 

; VAT rating will 
i help: airlines 

. The Civil Aviation Authority is 
to reduce charges to airlines 
for navigational services fol- 
lowing a value added tax rid- 
ing by Customs & Excise. 

The CAA, which currently 
has to pay irrecoverable VAT/ 
is to be granted the status of a 
“taxable person” from April 
next year, reducing air t raffic 
control charges by between 
£20m and £ 2 Sm_ 

Support urged for 
SizeweU C plans 

The government was urged 
yesterday to support Nuclear 
Electric 's plans for the Sizewell . 
C power station or to risk 
squandering skills built up in 
the construction of Sizewell B. 

The Engineering Employers’ 
Federation, the Engineering 
Construction Industry Associa- 
tion and the Power Generation 
Contractors’ Association called 
for “launch aid” similar to th a t 
provided for the aerospace 
industry. 

Increase in 
National Savings 

National Savings’ contribution 
to government funding rose to 
£287m last month from cnim 
in September. A total of £99m 
was from net receipts while 
accrued interest contributed 
£188m. | 

The highest contribution 
came from premium bonds for 
the fifth month r unning , at 
£l23m, followed by savings cer- 
tificates at £109m. 

At the end of October, a total 
of £50.8bn was invested in 
National Savings. 

MP deselected 

Mr David Young, 64, Labour 
MP for Bolton South East, has 
been deselected by his constit- 
uency party as its candidate at 
the next general election. He 
has represented constituencies 
in Bolton since 1974 and his 
majority at the last election 
was 12,691. 

Leisure growth 

The number of visits to UK lei- 
sure attractions last year rose 
3 per cent to a record 387m, 
figures from all four national 
UK tourist beards show. Visi- 
tors spent £99Gm, up 6 per cent 

Howard slander- 
action dropped 

Mr Michael Howard, the home 
secretary, has agreed to the 
lifting of the injunction he 
obtained against the Financial 
Times on October 21. He has 
further agreed to iUmnnHniM 
his action against thp paper. 
The High Court yesterday 
made an order by consent 
accordingly. 

Mr Richard Lambert, the edi- 
tor, said: "Mr Howard accepted 
that the FT never intended to 
publish the aiiegaHnnfl which 
were the subject of the aider.” 


* ta 

a si$ n 


?.■£ :> . ”'' r 


v? T 

g ■ ' 


kl- •' '... ■- 






Gilt? m J r 


5 


PtBSHatd 

ief confir 




Nflvrv A 







FINANCIAL TI MES 


WEEKEND NOVEMBER 12/NOVEMBER 13 1994 


NEWS: UK 


* 


Jm °ur s 


->.;r 




Hurd rules 
out talk of 
resignation 




**en in 


By David Owen 

Mr Douglas Hurd yesterday 
said he had considered resign- 
ing in the light of Thursday's 
High Court ruling that he 
acted unlawfully in earmark- 
ing £234m from the overseas 
aid budget for the Pergau dam 
in Malaysia. 

But the foreign secretary 
made It dear that he would not 
quit- "I have never knowingly 
broken the law, and would not 
dream of doing so," he said 

His remarks came less than 
24 hours after the court ruled 
that the grant of aid was 
“fatally Hawed" because the 
project was “economically 
unsound” and did not promote 
the development of a country’s 
economy as required by aid 
laws. 

The ruling was the second 
defeat for ministers in the 
courts in two days. 

Mr Hurd said that in 1991, 
when he was considering the 
matter, “no one suggested at 
any time that the choice was 
about the law". 

“A promise had been given 
that the project would be car- 
ried through," he sa id . 

“The project was then critic- 
ised - powerfully criticised hut 
not at all an legal grounds - 
and 1 bad to decide whether it 
was right... an grounds of 
economy and efficiency to go 
ahead and fulfil the undertak- 
ings Mrs Thatcher had given. 


“It wasn't a very easy deci- 
sion, but I decided it was better 
to honour the word thin coun- 
try had given." 

Speaking on BBC Radio 4. 
Mr Hurd said the court not 
ruled that the project should 
not go ahead but that it could 
not be fin anced out of the aid 
budget “I now have to con- 
sider how the aid budget rmn 
be conducted on this basis, 
whether we need to appeal or 
not” he said. 

His remarks name after Mr 
Robin Cook, shadow foreign 
secretary, called for somebody 
to be “held to account". 

Mr Peter Shore, the Labour 
MP who chaired the inquiry 
held by the Commons foreign 
affairs committee, said the 
£234m “wrongly taken" from 
the aid programme should be 
given to those who would truly 
benefit 

Mr Cook wrote to Mr Hunt 
seeking assurances that the 
funds would be repaid to the 
aid budget 

Baroness Thatcher, then 
prime minister, promised to 
provide finance far the dam in 
1989 while negotiating a £1.3bn 
arms deal with Malaysia. 

Mr Hurd authorised the first 
instalment in 1991 in spite of 
advice from Sir Tim Lankester, 
forma' permanent secretary at 
the Overseas Development 
Administration, that the fund- 
ing was “an abuse of the aid 
programme”. 


Ministers 
feel the 
long arm 
of law 


The government has had a 
difficult week in the courts. On 
Wednesday, the Appeal Court 
ruled that Mr Michael Howard, 
the home secretary, had acted 
unlawfully by introducing a 
new compensation scheme for 
victims of violent crime with- 
out referring it to parliament. 

On Thursday the High Court 
ruled that Mr Douglas Hurd, 
the foreign secretary, had 
acted unlawfully in authori- 
sing £234m from the overseas 
aid budget for the Pergau Dam 
in Malaysia. 

The two embarrassing 
defeats underlined the growing 
willingness of the judiciary to 
curb abuses of executive 
power. Increasingly, it seems, 
where parliament has shown 
itself incapable or inept at pla- 
cing adequate controls on the 
executive, judges are filling the 
void. 

lawyers say there is nothing 
radically new in this. What 
this week's judgments show is 
the dramatic extent to which 
the ambit of judicial review 
has increased. Judicial review 
applications have risen from 
160 in 1974 to 1.500 in 1987 and 
almost &900 last year. There 
were 1,851 applications in the 
first seven wwnfhg of thic year, 
against 1,728 in the same 
period last year. 

“It’S a nontimiatinn of a long 

established trend,” says one 
leading public law QC. “The 
courts more and more will look 
into areas which 20 years ago 
were regarded as the preroga- 
tive of the executive.” 



TbnyAndraso 

World Development Movement campaigners Roger Briottet (left) and Ben Jackson, who led the successful challenge to Pergau aid 


Twenty years ago, for exam- 
ple, the courts would not have 
intervened in the exercise of a 
minister’s prerogative - nan- 
statutory - powers as they 
did when overturning Mr 
Howard’s criminal injuries 
compensation scheme. 

That bar to judicial interven- 
tion was removed by the House 
of Lords in 1985 in a case 
brought by the civil service 
unions against the govern- 
ment’s attempts to ban unions 
at GCHQ. the government’s lis- 
tening post, at Cheltenham. 

As recently as 1984. when the 


government was attempting to 
prevent Sir Freddie Laker liti- 
gating against British Airways 
in the US, the courts took the 
view that they should support 
the government’s stance on 
foreign affairs. No such sensi- 
bilities prevail now, as Mr 
Hurd discovered to his cost. 

The fact that the court was 
prepared to entertain a chal- 
lenge from a pressure group, 
the World Development Move- 
ment, in the Pergau case also 
underlines the increasing 
breadth of judicial review. 

Until recently it proved diffi- 


cult for groups to establish 
they had the necessary interest 
in a government decision to 

mount a COUrt chaTIftngp The 
courts took the view that an 
agglomeration of individuals 
of wham had no interest 
in a decision could not as a 
group, have an interest That 
position has been discarded. 

The Law Commission, the 
government’s law reform body, 
recently called for reform of 
the judicial review procedure 
to cut delays in handling chal- 
lenges. The commission also 
endorsed *h*> view that public 


interest groups, as well as indi- 
viduals, adversely affected by 
administrative decisions 
should in future have the right 
to apply for judicial review. 

The executive is more 
exposed to legal challenges 
than ever before - but for each 
government defeat in the 
courts, there are as many, if 
not more, victories. The lesson 
for ministers from this week's 
events must be to live within 
the law or risk a bloody nose 
in the courts. 

Robert Rice 


Gilts market operators welcome launch of Treasury review 


V \ ruiinu "ill 
airlines 


By PhBp Coggan 
and Comer Mfddefmann 

Investors and marketmakers are 
hoping for substantial changes in 
the way the gilts market operates, in 
the wake of a review announced by 
the Treasury. 

Mr Anthony Nelson, Treasury 
minister, said his officials would 
“examine the present arrangements 
within government for the issuance 
of government debt to ensure that 


we keep up with best practice in 
Europe and elsewhere". 

The review, led by Treasury econo- 
mist Mr Jonathan Fortes, will look 
at existing debt management 
arrangements, the selling of govern- 
ment debt and the msmagRTnent of 
outstanding debt A report is expec- 
ted by next summer. 

The Treasury announced in March 
that it was giving the Bank greater 
freedom to operate in the gilts mar- 
ket, allowing it to choose the tuning 


and nature of issues within the 
terms of the annual remit estab- 
lished by the Treasury. 

One option to be considered by the 
review is a more structured system 
of auctions, along US lines. Mr 
Andrew Burtenshaw. investment 
manager at Norwich Union, said he 
would like a better auction time- 
table. “The one we have at the 
moment is a bit hit and miss.” 

Mr Burtenshaw also thought it 
would improve the efficiency of the 


market if the maturity of the stock 
was known further in advance. “Half 
the auctions tend to be of the five. 10 
or 15-year benchmark stocks so they 
might as well go the whole hog." 

Mr John Shepperd, chief econo- 
mist at Yamaichi International 
(Europe), said a change in the han- 
dling of gilt auctions was especially 
desirable for foreign investors who 
“find thg unc ertainty to be a real 
deterrent". 

Mr Shepperd also recommends 


making all gilts free of tax for resi- 
dents abroad. At the moment same 
gilt issues are tax-free for non-UK 
investors and others are not 
One issue the Treasury review wQl 
not cover is extension of the repur- 
chase, or repo, system in the gilt 
market The Bank of England insti- 
tuted a short-tom gilt repo facility 
following sterling's departure from 
the exchange rate mechanism, as a 
mpan.Q of easing very large shortages 
in the money market 


Under the rfepo system the Bank 
Is a party to all agreements. It has 
been consulting for some months 
over the creation of an “open repo 
market” to allow gilt investors to 
have repurchase agreements with 

pfl ph other with the aim of adding 
liquidity to the market 
The Bank will shortly issue a con- 
sultation paper on the subject, and 
there has been much speculation 
that an open repo market will be 
announced in the Budget 


Penalties 
for late 
share price 
posting 

By Nonna Cohen, 

Investments Correspondent 


The London Stock Exchange 
has d ec i de d to pane l s mar- 
ketmakers that fail to fix 
opening prices on time for 
shares trading on its SEAQ 
system. The system acts as an 
electronic bulletin board for 
share prices. 

The fines, which will operate 
in a iwannw Jrimflaj - to those 

In effect for the trading of 
international securities, could 
ultimately result in a fine of 
up to £25,000 and/or deregis- 
tration as a zoarketinaker in 
the relevant security. 

Marketmakers are securities 
firms which agree to make 
firm offers to buy or sell large 
lots of securities. Because they 
c omm it their own capital to 
promote share liquidity, they 
have certain privileges, includ- 
ing the right to borrow stock 
and to sell stock short 

These privileges are consid- 
ered essential for securities 
firms wishing to trade on their 
own account and for those 
wishing to create derivative 
instruments for clients. 

The stock exchange said that 
marketmakers issne firm 
quotes to customers on time 
“99 per cent of the time”. 

Penalties announced by the 
stock exchange in September 
last year for firms posting 
marketznaking prices throug h 
its SEAQ International bulle- 
tin board have been effective, 
with far fewer marketmakers 
foiling to post prices promptly. 

However, the exchange said: 
“There remains concern at the 
number of marketmakers fin 
both markets] receiving auto- 
matic fines on a regular basis, 
indicating their continued fail- 
ure to open shares on time.” 

From December 1 quotes not 
posted within five minutes of 
the mandatory quote period 
wifi bring a £10 fine per secu- 
rity per day. If the same firm 
is fined twice in any three- 
month period, the second 
offence will carry a £25 fine. If 
in any six-month period the 
same maiketmaker offends for 
a third time, summary disci- 
plinary procedures will be 
invoked. 


sppu r. urged fe 
/cwdi ( piacs 


, Press watchdog 
chief confirmed 


I" 

Su'in? 


By Raymond Snoddy 

Lord Wakeham, the former 
Conservative cabinet minister, 
has agreed to become the sec- 
ond chairman of the Press 
Complaints Commission, the 
industry body that regulates 
standards In newspapers and 
magazines. 

The appointment of the for- 
mer leader of the House of 
Lords, who was Baroness 
Thatcher’s chief whip for five 
years, will be announced for- 
mally next week after talks 
with Lord McGregor, the pres- 
ent chairman, an the timing of 
his retirement 

Lord McGregor, aged 78, is 
expected to go at the end at 
this year, although his con- 
tract does not run out until the 
end of 1995. He has had consid- 


erable success in protecting 
the concept of self-regulation 
in the face of demands for stat- 
utory Intervention. 

The appointment of a former 
senior Conservative politician 
may appear surprising, in the 
light of the tension between 
press and government over 
recent sleaze allegations, but 
Lord Wakeham has been seen 
as a potentially moderating 
influence an those who fevour 
statutory regulation. 

A promised bill on the press 
and privacy is now more than 
a year overdue amid consider- 
able disagreements on what it 
should contain. 

There is a strong feeling in 
the newspaper industry that 
the committee has never been 
given full credit for what it has 
achieved. 


National Theatre 
may make a loss 


By Antony Thomcroft 

The National Theatre warned 
yesterday that it might make a 
loss this year after reporting a 
surplus of £539,000 on a turn- 
over of £2R3m in 1993-94. The 
Royal Shakespeare Company, 
the UK’s other leading publicly 
funded theatre company, 
reported a surplus of almost 
£1.4m last year on a £27.4m 
turnover. 

The hot summer and the fail- 
ure of some new productions, 
notably Johnny on the Spot, hit 
box office income at the 
National Theatre, with seat 
occupancy down on the 77 per 
cent achieved in 1993-94. It is 
returning its popular success, 
The Wind in die Willows, to the 
repertoire in the next few 
weeks which should help to 


keep any deficit below £500,000. 

The National Theatre has 
been successful in controlling 
costs in recent years, and has 
accumulated a reserve of 
£927,000. In contrast, the RSC 
still has a deficit - of just over 
Elm - but for the third succes- 
sive year it has managed to cut 
it 

Both companies are suffering 
from the freeze in government 
subsidy, which accounts for 
just over 40 per cent of their 
incomes. The National Theatre 
received E12m from the Arts 
Council in 1993-94. but, like the 
RSC, has been allocated a 
standstill grant in 1994-95. 
equivalent to a 2J5 per cent loss 
in income. The RSC received 
£S.47m from the council, but is 
also supported by the Corpora- 
tion of London. 


.’Newry shooting heard in Dublin 




rf 


-•TO* 


ill 


, 4a# 

ro j 

. Atopr, 


The usually Ann hand of Mr 
Albert Reynolds, prime minis- 
ter of the Irish republic, was 
noticeably absent yesterday as 
his g ov er n ment awaited assur- 
ances from Sinn Fein, the 
IRA’s political wing, after 
Thursday's murder erf a post 
office worker across the border 
in Newry. 

Few commentators in Dublin 
can remember a time in the 10 
weeks since the IRA ceasefire 
in which the Irish premier has 
been quite so reticent about 
taking centre stage on a policy 
which he has orchestrated 
almost, single-handedly from 
the Irish side. . 

After Ms government's deci- 
sion to rescind its programme 
of IRA prisoner releases, It was 
left to the hapless justice min- 
ister, Mrs Maire Geoghegan- 
Quroxi, normally a sure-footed 

performer, to explain the 
about-turn. t , 

The Dublin government has 
often warned of the dangers of 
leaving large numbers of 
republicans behind bars once a 
ceasefire was in place. It 
argued a goodwill gesture was 
needed to bolster the moderate 
voice in the IRA. 

Mrs Geogbegan-Quinn was 
adamant that at no time did 
the government plan tne 
release of more than nine pris- 
oners, in spite of iTOMpr 
reports in the republic teat as 


Reynolds’ whole approach to the 
peace process is in doubt, say John 
Murray Brown and David Owen 


W\r"j w 

were being considered- 

Her government colleagues 
were yesterday quick to 


applaud her robust defence of 
the policy reversal. Only Sinn 
Fein expressed outright disap- 
pointment. Another surprise 
was the absence of any mur- 
mur of discontent from civfl 
liberties groups. Some politi- 
cians. however, privately won- 
dered about the c o nsi s tency - 
having offered to release the 
prisoners - of withdrawing the 
concession because of an event 
100 miles away in another 
state. 

Not only the release pro- 
gramme has been, put on hold. 
Dublin is reviewing its whole 
approach to the peace process. 
Where . dayB ago a cross-party 
consensus had prevailed in the 
republic in support of Mr Reyn- 
olds’ efforts, the opposition 
yesterday seemed to have 
renewed bounce in its step. 

Both governments insist the 
peace process is cm trade. Mr 
Dick Spring, the republic’s for- 
eign minister, and Sir Patrick 
Mayhew, Northern Ireland sec- 
retary, are due to meet in Dub- 
lin on Monday about progress 
on the framework document 

The Northern Ireland Office 
said yesterday that nothing 
had changed its “working 
flremmp ti nn ” that the IRA had 
ceased its military operations. 
Exploratory talks with Sinn 


F&in about the “practical con- 
sequences” of the ceasefire 
may start this year. They 
would cover the decommission- 
ing of arms and explosives, and 
the steps required to return 
Sinn Ffin to democratic poli- 
tics and the bilateral talks. 

But the Newry murder and 
Sinn F§in’s less than frank 
explanation nnifarWna the dan- 
ger of taking its assurances on 
the permanence of the cease- 
fire at face value without first 
verifying the disposal of arms 
and explosives. “It will cer- 
tainly make us more cautious." 
said a UK government nffinai. 

The Newry tragedy has 
underscored British concerns 
that the issue of arms and 
explosives must be addressed 
before fall political negotia- 
tions can begin, in spite of the 
insistence of Sinn Fein's Mr 
Martin McGninness that the 
Issne is “down the road”. 

The main outstanding ques- 
tion is whether the Newry 
attack was carried out by a 
renegade republican unit or 
whether it was in some way at 
the behest of the IRA’s central 
command. If the former, then 
there seems no reason why 
London should not begin dis- 
cussing the handing in of aims 
with republican leaders before 


the end of the year, as previ- 
ously envisaged. Indeed, the 
incident might even play a part 
in helping to convince the lead- 
ership of Sinn Fein that it has 
something to gain from the 
surrender of at least some IRA 
weaponry at a relatively early 
stage in the peace process. 

But if the raid was sanc- 
tioned by ERA leaders, then the 
UK governments so-called 
working assumption that the 
IRA ceasefire was permanent 
would be under severe pres- 
sure. It is bard to see under 
those circumstances how a 
severe delay in preliminary 
dialogue between London and 
republican leaders could be 
avoided. 

Thursday’s attack also 
underlines the importance of 
efforts being made by senior 
British and Irish officials to 
develop a co-ordinated 
approach to dismantling para- 
military arsenals, as agreed at 
Chequers last month. Mr John 
Mtqor, UK prime minister, said 
the discussions would concen- 
trate on the “logistics and 
mechanics” of arranging for 
weapons held by paramilitaries 
to be handed over. 

It is almost certain that 
these discussions will have 
continued at yesterday's meet- 
ing of the liaison committee of 
British and Irish officials in 
Dublin- Sir Patrick and Mr 
Spring will be under pressure 
to say more on Monday about 
tiie substance of the commit- 
tee's deliberations. 


FINANCIAL TIMES 


BUY YOUR 
OWN 

GOLDMINE. 

£ 84 - 00 . 


A> anv investor knows, there’s nothing more valu- 
able than information. 

That’s what makes a subscription to INVESTORS 
CHRONICLE such a goldmine. 

As Britain's leading investment magazine, we 
know how to provide you with exactly the information 
you need to make the right investment decisions. 

We do this not just because 
we have unrivalled access to all the 
world’s major databases; we do it 
because we have a skill in knowing 
the relevant from the irrelevant; and in presenting it in a 
clear and structured manner. 

Even* week we cover all aspects of stockmarket 
investment, beginning with a general overview and mov- 
ing to in-depth coverage of market sectors. 

VVe give you news sector by sector and stock by 
stock. We track a basket of your most popular shares, and 
subject the new and the fashionable to particular scrutiny. 

We print a weekly roundup of leading brokers' 
views and tips, and invite the occasional column From the 
gurus. In short as an investor you’ll be kept up to date 
with everything From the performance oF your PERs to 
the pitfalls oF the Options market. 

Not surprisingly, INVESTORS CHRONICLE is 
consulted and relied on by investment professionals. But 
though you’ll value an investment opinion that is heavy- 
weight - it’s never, ever, a heavy read. 


We'd like you to subscribe to INVESTORS 
CHRONICLE mid see for yourself how its lucid cmvrage will 
help you make better investment decisions. 

Bui because we know no-one 
can make a decision better than 
can yourself, we're making a 
generous introductory offer of 
FOUR FREE ISSUES - so you 
can judge for yourself the value of 
Britain's leading investment mag- 
azine. And in addition, accept with 
our compliments a copy of the new 
edition of the Beginners' Guide 
7p Investment, the investment 
guide which Lord Hanson “highly 
recommended . . . informative, 
comprehensive and readable ... "and of which Cosmopolitan 
was moved to write “This book is packed with wisdom ”. 



Tie widely acclaimed degin. 
* en’ Cuide to fmotaotf ... 
the second edittoa of lie 
UK's kdirOtag comprehen- 
sive investment companion is 
free to every nets subscriber 
... monk £12.99 in the shape. 


RECEIVE 

YOUR FIRST 

4 FREE 


Pteaae tick appropriate (win: All prices include Pi P. 
n Ves... pleas* enrol me as a trial subscriber, f will receive my first four 
issues of Investors Chronicle FREE. Thereat irr mv firsl year's subscrip- 
tion of 51 issues at the normal rate. 

I I Please also send me my FREE copy of the new, fully revised second 
edition oT Investors Chronicle Beginners' Guide ro Investment, normally 
mailing at 1GL99. If at any time during my subscription I decide to 
cancel. 1 am covered by a Money Back Guarantee. Should l decide to 
cancel. I just write and tell you and you’ll refund my subscription for all 
uniaailed issues. 


"EV VAT n Ihr Incil nr un br lUrd Is dir 
prwr »l (hr -^nenouoa stn, tux VAT 
Ka W tyrnntrt i W ahsMtfxli vB pavaMI mfi 
br uuunrd Nia will re ta il ■■ a 

irdurrd tiWnpuuo Iraph Fidupfin nK»- 
pan^onJi FffclT 


BLOCK CAPITALS PLEASE. 

□ UK inr. N. Ireland/ 
n Cl 00* Europe or Ireland/ 

1"~1 £121 Real of World (airmail I 
1 I Please invoice me/ my companv iVATrrvvBTW.'MtiHS/uws'FtVA/FM) 

I | Cheque enclosed pavable to FT Btuiaru FMterprisr Ltd 
i j Please debit mv credit card account 

H AMEX n Diners [~1 Visa Cl Access 

Card number 1 1 1 I ( I I 1 i t. I t I I C ( I I 
V.xpirv '!--«»• 

Signaimv . - i— — Itft* — — 


Mr/MrvMs 

Natnrr rrf buxine-** 

Pi hr.tt it! jmi|Mtiv adilrev. . 


. JiJt I tile. 


Adcttk-. 


| | I do not wish lo receive promotional mailings from other companies. 

Please return to: FT Magazines. Subscriptions Department FREEPOST 
5367, Bromley BR2 9BR <>r simply telephone our subscription HOT- 
LINE OS 1-402 8485 jjiving u» »our credit card dentil and quote 
reference number 01149V 

FT BLSIXLXX EKTUflUO 1 MRin feptwml Jhr Ktnnba Ore. Snubxvh Brnlp-. 

I .Mil r ‘in ~ ** ~ t J **- r-tr-n-r*'. * ■merger i ei The tafarauioa t«A» 

prmirtr ne hr used m tr*r ihi inlormrd J mho F.TAE. pnxturnand 

npi br anl bi thud prrtu* (EtU harms Art ISM. Rq Nrr. DJH7W f rnnmA 

0l6l, The pnr et .leek market iimviDrsMfoojn Aw»«,wcd*.np tWl ^ " l 2Sv‘/ 

pr ih —w I-MH I vide in hi Bar p t bWf r. v 


INVESTORS 

CHRONICLE 


THE CITY INSIDE OUT 






6 


FINANCIAL TIMES WEEKEND NOVEMBER 12/NOVEMBER 13 1994 


FINANCIAL TIMES 

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

Saturday November 12 1994 


Not just 
the economy 


The US electorate said two things 
loudly on Tuesday: “it’s not the 
economy, stupid" and "not the 
Democrats, stupid." The question 
is what these statements mean, 
since the US electorate has, like 
most oracles, spoken ambiguously. 

It is tempting to argue that 
what happens in the US has no 
bearing on politics elsewhere. The 
constitutional framework, institu- 
tions and political issues are, after 
all. so distinct Where else can pol- 
iticians be pitched out for voting 
against the citizen's right to own 
assault rifles? Where else, for that 
matter, do voters insist on chil- 
dren being taught that God cre- 
ated the universe a few thousand 
years ago, along with evidence 
suggesting it was really several 
billion more. 

However barmy US politics 
sometimes seem to outsiders, it 
would be wrong to ignore the les- 
sons altogether. What is interest- 
ing about these elections is that 
the electorate’s reaction to eco- 
nomic insecurity is to become 
more conservative. 

The lack of a political dividend 
from the recovery is surprising. 
Elected when the economic tide 
was gaining strength, but before 
that strength had become obvious. 
President Clinton has watched the 
economy deliver all he could have 
hoped for. Gross domestic product 
rose 3.1 per cent in 1993 and is 
forecast by the International Mon- 
etary Fund to grow another 3.7 per 
cent in 1994. inflation is securely 
under control. Unemployment is 
already less than 6 per cent, close 
to full employment on most econo- 
mists’ estimates. 


Changing conditions 

The answer to the puzzle is. it is 
suggested, the changing condi- 
tions of US economic life. Accord- 
ing to statistics compiled by the 
Washington-based Economic Pol- 
icy Institute, the incomes of fami- 
lies in the top 1 per cent of the US 
income distribution grew 63 per 
cent during the 1980s, while the 
bottom 60 per cent of families 
experienced an income decline. 
What income growth there was 
over the period was, for most fam- 
ilies, the result of more work at 
lower wages. Part-time and tempo- 
rary employment has become 
incr easing ly important, while the 
availability of secure, good-paying 
jobs has shrunk. 

These characteristics of the 
1980s have continued into the 
1990s. The white-collar unemploy- 
ment rate rose by an above aver- 
age amount during the recession 
and the absolute rise in white-col- 
lar unemployment was greater 
than for blue-collar workers. The 
recovery has not reversed these 
adverse trends. 

It Is hardly surprising then that 
the majority of Americans feel dis- 


gruntled. Wbat is surprising, how- 
ever, is that the party of redistri- 
bution and government interven- 
tion has - apart from in Bill 
Clinton's less than sweeping elec- 
toral victory - made no political 
mileage out of the woe. 

Insecurity and inequality may 
CT pTam the lack of a "feel good" 
factor. Yet they have not encour- 
aged American voters to turn to 
those who believe government Is 
the solution, but to those who say 
it is the problem. Who better 
encapsulates this mood of conser- 
vative populism Congress- 
man Newt Gingrich, virtually cer- 
tain to be the next speaker of the 
House of Representatives? 

Election lesson 

The lesson of these elections is 
neither that the American people 
are fed up with Mr Clinton nor 
that they are fed up with incum- 
bents. It is that they are fed up 
with the Democrats. The Demo- 
crats have lost 11 governorships, 
which can hardly be explained by 
the unpopularity of either the 
president or of Washington As for 
the alleged, hatred of incumbents, 
no Republican incumbent has so 
far lost a governorship, a senate 
race, or a house seat 

The turnout of less than 40 per 
cent may be a partial explanation 
for this conservatism, with the 
economically marginal marginalis- 
ing themselves politically as well. 
But low turnouts are normal in 
US mid-term elections. In any 
case, the proportion of the Ameri- 
can people that has failed to pros- 
per is too large for this to be the 
main explanation. 

If the lesson is indeed the appeal 
of conservative populism, it has 
echoes elsewhere. Silvio Berlus- 
coni is prime minister of Italy 
because of it So is Helmut Kohl, 
who manag ed once again to run 
against Bonn and win. despite 
poor German economic perfor- 
mance during his last term of 
office. Jacques Chirac, too, is 
mounting his bid for power as a 
conservative populist. Margaret 
Thatcher was one, as was her 
Mend Ronald Reagan. John Major 
is not and poor defeated George 
Bush failed to be one either. 

Where does this election leave 
the view that incumbents win 
when economies are doing well 
and lose when they are in reces- 
sion? In tatters. And where does it 
leave the other conventional view, 
that parties of the left should capi- 
talise on economic Insecurity and 
growing inequality? Also in tat- 
ters. In the UK, Mr Kenneth 
Clarke and the Tories have been 
forcibly reminded that recovery 
does not guarantee victory. But 
Mr Blair must realise that Tory 
failures and widespread economic 
insecurity are no guarantee of his 
party's electoral success, either. 


The awkward 

* 

triangle 


D ickens would have had 
fun with the names Dole, 
Gingrich and Gramm, 
perhaps making them a 
modest firm of Victorian solicitors 
supposedly protecting widow's 
mites hut actually taking a little off 
the top. The modem DG&G, how- 
ever, is entirely different - outspo- 
ken, moneyed and so powerful that 
this week it left the president of the 
United States politically much 
poorer ami half-pleading for mercy. 

On the surface, little appears to 
separate the current senior part- 
ners, Senator Robert Dole, 70, of 
Kansas. Congressman Newt Ging- 
rich, 51, from Georgia and Senator 
Phil Gramm. 52, of Texas. They are 
all white male Protestant Republi- 
cans, shown, in the mid-term elec- 
tions to be the dominant political 
class, and they represent parts of 
the country which have either 
always been conservative or which 
have moved increasingly to the 
right in recent years. 

All worked tirelessly for Tues- 
day’s landslide. Mr Dole, as senior 
Republican in the Senate, has been 
the party's titular head since Presi- 
dent George Bush’s defeat in 1992, 
Mr Gingrich was its principal strat- 
egist and also cheerleader in races 
for the House, while Mr Gramm per- 
formed the same electoral function 
in Senate. 

Subcutaneously, however, there 
are divisions that may make this 
week's harmony illusory, and they 
seem to split the three into couples. 
Two (Dole and Gingrich) will from 
January run the two chambers of 
Congress, as Senate majority leader 
and as Speaker of the House respec- 
tively. Two (Dole and Gramm) 
would like to be elected president in 
1996. The two PhDs (Gingrich and 
Gramm) are ideologues, true believ- 
ers in the conservative faith In less 


government and lower taxes. 

Two (Dole and Gramm) have 
wives with successful independent 
careers not unlike Hillary Clinto n, 
who is forever feeding the lash of 
the Gramm and ffing rirh tongues. 
Elizabeth Dole was transportation 
secretary under President Ronald 
Reagan and now runs the American 
Red Cross, while Wendy Gramm 
was formerly head of the Commod- 
ity Futures Trading Commission. 
Two (Gingrich and Gramm) are a 
generation younger than the third. 

The larger apparent differences, 
partly a product of age, are between 
Dole and Gingrich- Though 
unabashedly partisan and some- 
times as mean as a j unky ard dog, 
the senator’s real milieu is Wash- 
ington. He likes its high stakes 
wheeling and baling and, fancying 
itself as a tough town, it likes his 
cutting sense of humour. 

But Gingrich loathes the political 
status quo, perhaps because he 
started in politics working for 
quintessential Republican moderate 
Nelson Rockefeller. As long ago as 
1982, he was so furious at the out- 
come of a finance bid negotiated by 
Dole that he dismissed him as “the 
tax collector for the welfare state”. 

Parts of this year’s Republican 
manifesto - the “contract with 
America" designed by Gingrich - 
leave Dale patently uncomfortable^ 
Proud of being a professional politi- 
cian, he the Idea of impos- 

ing limits on the number of terms 
that may be served in Congress. 

Dole is also less fond of simplistic 
solutions than Gingrich and Gramm 
- like consti t utional amendments to 
balance thebudget or the 1980s bud- 
get-cutting process known as 
Gramm-Rudman - that promise 
gain without specifying the pain. He 
is less inclined than his two part- 
ners to eviscerate social pro- 


C haos. Overcapacity. 

High costs. Entrenched 
attitudes." Such bullet 
points could have been 
chosen to describe the 
outlook for UK manufacturing 
industry at the start of the 1980s: 
thousands of jobs were subse- 
quently lost, many large companies 
disappeared, survivors had to find 
different markets and new. more 
efficient ways of working. 

In fact, the list comes from a pre- 
sentation given four years ago by 
Prudential Corporation, the UK’s 
biggest life insurer, on future pros- 
pects for the life insurance sector. 

This week such warnings of 
upheaval in the industry - not just 
p mnng life companies but also gen- 
eral insurers - appear prescient. 
Norwich Union, one of the UK’s 
largest insurers, announced on 
Tuesday that up to 2,000 jobs (about 
a fifth of its workforce) would be 
lost from its life and general insur- 
ance operations in the next three to 
five years. Two days later Royal 
Insurance, the composite insurance 
group, forecast that its UK work- 
force would drop by 10 per cent over 
the next three years. 

At first sight, there appears to be 
little cause for gloom. Royal's prog- 
nosis came as the group announced 
a tripling or the group’s pre-tax 
profits in the first nine months of 
this year. Commercial Union, one of 
the UK's largest composite insurers, 
this week announced a near dou- 
bling of pre-tax profits over the 
same period to £305m. Similarly 
buoyant figures are expected next 
week from General Accident 
Mr John Carter. CU chief execu- 
tive, says the UK insurance indus- 
try is enjoying a “golden scenario": 
rises in premium rates over the past 
few years have boosted income, 
while favourable weather condi- 
tions and improving crime figures 
have led to fewer claims on policies. 

Blit the latest set of results may 
come to be seen as the top of the 
wave in a notoriously cyclical 
industry. A combination of factors 
is leading many in the industry to 
expect tougher years ahead - com- 
puter and communications technol- 
ogy has opened the way for a rapid 
expansion in telephone selling; the 
life industry faces a tighter regula- 
tory environment; and signs are 
growing that segments of the insur- 
ance industry are becoming satu- 
rated 

Norwich Union does not expect to 
be the last company to announce 
job losses. However, Mr Philip 
Scott, the company’s general man- 
ager for life and pensions, says: “It 
is difficult to predict whether they 
will be companies like ourselves, 
acting in anticipation to make some 
quite significant changes, or compa- 
nies slower to react which then find 
tha t change hits them round the 
ear." 

So far the number of people 
employed in the insurance industry 
has been remarkably steady at 
about 250,000 or above in recent 
years - while some companies have 
shed labour, others have expanded 
their workforces to grab market 
share. That may be about to 
change. 

“General insurance businesses 
are using fewer people, while life 
insurance and pensions businesses 
are having to reduce their costs," 
says Mr Tony Baker, deputy direc- 
tor-general of the Association of 
British Insurers. “I believe we will 
see employment falling fairly signif- 
icantly.". 

The number of sales agents 
employed by life insurers, for 
instance, has already dropped 
sharply. The total either employed 
directly by a life company or acting 
as representatives had fallen by 


Competitive pressures in the insurance 
market look set to claim victims, say 

Alison Smith and Ralph Atkins 

Cost- cutting at 
a premium 


group has actually M en. 

Evan' where direct sals compa- 
nies are not active, insurance -com- 
panies are unlikely to enjoy tfre 
increases in premium. . of 
recent years. The pope eff in crease 
in premiums for commensal insur- 
ance policies, for example, is slow- 



more than one-third from a peak in 
1991 to less than 120,000 by the end 
of last year. Job losses in the pipe- 
line at some large insurers - most 
notably Legal & General - mean 
that total will drop again this year. 

The motivation behind this job- 
shedding, shared by companies 
across the general and life sectors, 
is desire to cut costs. In practice 
there is little alternative in the UK: 
subdued consumer spending is lim- 
iting the market's growth rate. 
Improvements in product specifica- 
tion can quickly be copied by com- 
petitors and bring only shortlived 
gains. 

The task of cutting costs is not 
made any easier in the life and pen- 
sions sector as official regulators 
become more demanding and set 
tougher standards to ensure that 
sales agents are competent and 
properly trained. Mr Stephen 
Maran, chief executive of Lloyds 
Abbey Life, the life assurance 
group, believes sucb compliance 
costs are now seven or eight times 
higber than at the beginning of the 
decade. 

At the same time, regulation is 
increasing the need to cut expenses. 
From the beginning of next year, 
new rules will oblige sales agents to 
tell customers the costs of selling 
the policy, including any commis- 
sion they are paid for making the 
sale. That will focus increased 
attention on charges imposed by 
the insurance companies. 

H Commission disclosure and 
charges disclosure are going to have 
a significant commercial impact." 
says Mr David Prosser, chief execu- 
tive of Legal & General. 

Low inflation and interest rates 
are adding to the pressure to cut 
costs in the life industry. 

"We estimate that you will be 
doing well to average a 10 per cent 
investment return a year in the 
1990s," says Mr Scott of the Nor- 
wich Union. "If your expenses are 
still 4 per cent, that leaves just 6 per 
cent for the investor and you have a 
big problem." 

Yet the special problems of the 
life industry have not stopped new 
entrants. Halifax and Nationwide, 
the UK’s two largest building societ- 
ies, are poised to start selling their 
own life policies from next year, 
p nding the current relationships by 
which they sell only the products of 
Standard Life and Guar dian Royal 
Exchange respectively. Marks & 
Spencer, the high street retailer, is 
due to start selling its own life 
insurance and pensions policies 
from April. 

That tide of new competitors 
extends deep into the traditional 
businesses of the general insurance 
companies. The most serious chal- 
lenge to the big UK composites is 
the trend towards direct selling of 
insurance to private individuals via 
the telephone. Leading the pack has 
been Direct Line, set up by Mr Peter 
Wood in 1985 with backing from the 
Royal Bank of Scotland and now 


UK Insurances hard times ahead? 


v . '/■ IjL : 




grammes, partly because of his own 
history as an impoverished, 
wounded ex-soldier who was much 
helped early on by the welfare state. 
“Government does a lot of good 
things," he said this week. 

Gramm, though a flagwaver for 
the contract and second to none in 
his determination to cut govern- 
ment down to size, can also be dis - 
armingly frank. He said this week 
he really did not know if the bal- 
anced budget amendment or term 
limits would serve any useful pur- 
pose, bat since they were clearly 
the wOl of the people there was no 
point in resisting them 

If there are signs of war betw e en 
Dole and Gramm - and also with a 
powerful group of senior Republi- 
can moderates - for control of the 
Senate’s legislative agenda, Ging- 
rich feces no such constraints in 
the House. He had already mastered 
the existing membership by dispos- 
ing of challenges nearly a year ago 
to his succeeding Bob Michel as 
leader and the new intake is largely 
shaped in his image. Unlike Dole 
and Gramm, he will not be dis- 
tracted by presidential ambitions. 

The question is whether, after 14 
years fighting a Democratic major- 


ity, he can temper his slash-and- 
bum ideologies to the realities of 
power. This week's evidence was 
mixed; he promised co-operation 
with the White House, but could not 
resist vilifying its present inhabit- 
ants as “counter-culture McGover- 
nicks” and “left-wing elitists”. 

Though presumably not a candi- 
date in 1996, Gingrich will be influ- 
ential in the Republican selection. 
Of the firm's partners, he shn nid 
logically prefer Gramm over Dole, 
but the field could be very large. 
Gramm, who has one of the Sen- 
ate's better minds but one of its 
least attractive public personae, is 
definitely in the race and has J15m 
already in his camp ai g n ham It it is 
tough to tell about Dole, but age 
and the sour memory of previous 
campaigns will count against him 
and he would not be the first to find 
man a ging the Senate incompatible 
with running for national office. He 
mi g ht , anyway, enjoy himself too 
mnch, which is precisely what 
DG&G, in their present and under- 
standable pomp, have been doing 
all week. 


Jurek Martin 



The worry for the big insurimee f 
companies is of a a spiral ton* 
wards In premium rates, with -low* 
er-cost operators forcing them ever 
d ownwa rds and making others cut : 
their own throats to retain market 
share. With many direct sellers 
expanding into horns tosuranca, 
premium rates oil mich. poliefes’ 
have already fallen substantially 
over the past year. This could ’also 
affect the life business, with Direct 
TJp e already selling mortgages and 
duo to launch a range of texmassur- 
ance products next January. 

But there are si gns that - the main - 
insurance companies have derided 
not to.try to beat the direct writers. ; 
at their own game. “There is a gen* 
eral recognition that the pursuit of 
market share Is a mug’s game,” , 


Number of Bfe insurance 
agents and repre sentati ves 
TOO 
30) — 


Total mpkyiMnt ■' 
in Insurance Industry * 

- TOO.' 

— 30ff • 




1989 90 91 92 93 


r—'lOO 


1099 90 91 SZ 03 

Soorcac Depctnsrt of BnptaynwMt 


Private motor tosurance premiums rate index" 

Year on year % change 
20 — 


• ft 


1983 84 36 88 87 1 

Source: SG Wartug 

the largest UK private motor 
insurer. Direct Line will announce 
soon that it has 2m motorists an its 
books. 

The new arrivals are snatching 
market share in the private motor 
insurance sector with a dramatic 
impact on the existing insurers. 
Commercial Union is now insuring 
18 per cent fewer private motorists 
than a year ago. 

The lower overheads of the direct 
sellers - they are often sited in 
cheap locations and do not use bro- 
kers - mean they can push prices 
lower. After rising rapidly in the 
early 1990s, motor insurance rates 
are tumbling. Industry estimates 
suggest a 5 per cent fall over the 
past year, a figure that observers 


3 89 90 91 82 93 94. 

"Aturtad ' 

regard as conservative. Mr Steven 
Bird at securities house Smith New 
Court, says: "Anyone who has 
renewed their cover in October or 
November knows that they can get 
more than a 5 per cent reduction, 
unless they have had an accident." 
S.G. Warburg; the inves tment bank, 
reckons that by the end of this year 
rates may have fallen by 10 per 
cent. 

Established insurance companies 
have followed Direct line’s example 
in adopting telephone s etting . Royal 
Insurance set up its own direct sril- 
ing company. The Insurance Ser- 
vice, soon after Direct Line’s arrival 
and it now serves about 400,000 
motorists. But total private motor 
business underwritten by the Royal 


I nstead, the established insur- 
ance companies may decide 
to be more selective :— for 
instance, abandoning the pri- 
vate motor sector if the price 
war becomes too bloody. They also . 
question whether consumers wiU 
want to buy an ever-expanding 
range of products over the tele- 
plume. If they can successfully per- - 
suade consumers that products' 
such as life insurance or home 
cover are too complex to be pur- 
chased over the telephone, they 
have a charre of retaining market 
share. 

The bigger companies can also 
look to overseas growth. Commer- 
cial Union argues that its acquiri-. 
tion last month of French insurer 
Groupe Victoire wffl increase the 
divuralty of the group's Bfe and gen- 
eral businesses. Other companies 
are using their UK experience to 
expand telephone-selling operations 
elsewhere in continental Europe; or 
trying to tak e adva ntage of Euro- 
pean Union a tt e mpts at deregulat- 
ing tiie insurance industry to enter 
new markets, to moat of Europe, 
however, opportunities for expan-, 
sion are Emited- 

So UK insurance companies have 
little option but to review their 
sales methods, distribution costs, 

and olflimg handling - tn fmd the best 

means of retaining profitability. 

Few doubt that the co mpetiti v e 
pressures in both general and life 
jnawanni will rltrim victims. Ear- 
lier this year, a study by actuaries 
Bacon & Woodrow suggested that 40 
per cent of UK Bfe companies had 
expense ratios that would make 
them vulnerable in a price war. 
Direct motor writers admit pri- 
vately the motor market has 
become overcrowded ami casualties 
are likely over the next few years. 
Premium innome for the large com- 
posites may fall 

For those that can become leaner, 
however, there is the prospect of 
thriving In the longer term. Unlike 
manufacturing, there Is no sugges- 
tion that the UK financial services 
sector is in te rminal decline. Many 
life companies, for instanc e believe 

pensions and healthcare policies 
will become Increasingly popular as 
the state becomes less willing to 
provide far the did and QL 
If the large companies are ahip to 
stand back from a price war, 
short-term losses in profits may be 
rewarded by a longer-term smooth- 
ing of the premium rate cycle. For 
those which are prepared to take 
the pain of job losses, the longer 
term gains will be worth achieving. 


FT Mobile Communications is the definitive newsletter 
on the sector for the busy executive and analyst Published 
by Financial Times Newsletters, and available only by 
subscription, it provides both timely reporting and 
authoritative analysis for the professional 23 times each year 



ESSENTIAL NEWS. ANALYSIS AND STATISTICS 
FT Mobile Communications provides regular 
international coverage and spans the following markets 


• Cellular and Confess telephony 

• Paging Sendees 

• Personal Communications Networks 

• Airborne Services 

■ Satellite Mobile Services 

u vt m 


FINANCIAL TIMES 
Newsletters 

Take a fresh took at the business of 

International mobile communications with: 

5B!sni 



\ - 

f ..i- 

** *• ' 

■ ■> " 

£& ’• 
ftV-'V'" . 
***** ■ ' 

- 

-a'Vj i - ■ 

•• .. 
' ■- 







br 


r r- 


Mobile Communications 

•-0 6 1.: •• $ /, : 




►Jbi 


a* 


.•i - 




FINANCIAL TIMES WEEKEND NOVEMBER 1 2/NOVEMBER 13 1994 


: V;v V>$ /^y 

O 

• vy 





O n the night of May 26 1989. 
Arsenal, tty team, played 
Llver Pool at Anfield in the last 
game of °wt season’s champi- 
S!? I fc,SS^!2 e ' J Liverp001 were top of 

the English first division, and Arsenal 
ff * ? owever ’ Arsenal could 
win by two goals, then the positions 

™” d “. ** and Arsenal would 

wm their first championship title for 18 
years. 

It was a tell order. Arsenal hadn’t won 

?^ ly two decades, and 
Uverpool only lost at home once every 

f?** 00 *' ^ **» a 
game that really meant something. 

Incredibly, however, Arsenal did it. 
With almost the last kick of the a 
young Arsenal player called Michael 
Thomas beat Liverpool’s goalkeeper 
ance Grobbelaar to score the second goal 
that his team so desperately needed, and 
Arsenal fans and players exploded with a 
jubilation that none of us could have felt 
before or since. 

Ambitions change and disappear as one 
gets older, but wanting Arsenal to win the 
championship had remained a constant in 
my hfe throughout childhood and adoles- 
cence and adulthood. Only in sport can 
ambitions be realised in a split seamd, 
when all hope appears to have gone. That 
is one of sport’s glories. 

Five years later, I still get goose pim- 
ples when I think about Michael Thomas's 
goal, and I know that I am not the only 
one. 

“You couldn’t have scripted a moment 
like that," Journalists and commentators 


Nick Hornby argues that match rigging allegations strike at the heart of soccer 


Funny old game, 
football 


said over and over a gain, with disbeliev- 
ing shakes of the head. "Nobody would 
believe it" 

But what if it had been scripted? What 
if at least one or the players on the pitch 
knew the outcome of the game even 
before it had begun? There has been no 
suggestion that this was one of the games 
Grobbelaar is alleged to have “thrown”, 
and it Is unlikely that anyone would 
choose to influence the result of such a 
high-profile game, if only because the 
legitimate rewards on offer would out- 
weigh any illegal inducements. 

But how many football fans, on hearing 
this week’s news, found themselves think- 
ing back to a night of glory or an after- 
noon of misery, and wondering whether 
the subsequent depression or jubilation 
had been provoked, not by the mystery 
and beauty of the game, but by the con- 
tents of a brown paper bag in a hotel 
room? 

A pundit suggested on TV one night 
this week that tile accusations against 
Grobbelaar were in a sense immaterial. 
Whatever the outcome , Grobbelaar, he 


argued, was obviously an individual, iso- 
lated case, and football fans were far 
more concerned about football’s 
endemic corruption, the rake-offs 
and tax fiddles and falsification of 
receipts. 

That is nonsense. We know that football 
is a dirty sport: a big, almost ungovern- 
able business in which players that most 
people have never heard of are sold for 
millions of pounds which we never see 
again. We know that dodgy agents take 
huge cuts from huge salaries; that 
managers are offered inducements to 
sell their best players; that serions 
money changes hands in motorway ser- 
vice stations. 

We know all this, and we don't care, 
really; we kid ourselves that much of it is 
done for the good of the team. 

If a club promises an interest-free loan 
to a player, and then conveniently forgets 
to reclaim the money, it is only because 
the player will help shore up a leaky 
defence, or end that chronic goal-scoring 
problem; we care only about what hap- 
pens on the pitch, about strikers and 



results and cups. But once we begin to 
doubt that what we are seeing is real, 
then we will cease to care - and without 
the caring, it ts all over. 

If Bruce Grobbelaar is guilty, it is diffi- 
cult to see bow the game win ever fully 
recover. Already people are making other 
allegations, about other players. It mat- 
ters not at all whether these claims are 
true or false. It only takes the proving of 
one allegation to leave us doubting what 
we see. 

1 was at last Sunday’s Arsenal game, at 


which they drew 0-0 with Sheffield 
Wednesday. I had a thoroughly miserable 
afternoon watching two poor teams foil to 
produce so much as a shot an goal for 
long stretches of the match. I came borne 
frustrated and gloomy. Arsenal quite reg- 
ularly draws nil-all, so I was not suspi- 
cions in any way. In fact, it is hard to 
believe that anyone with any kind of busi- 
ness sense would have paid my team not 
to score, since they usually need no 
inducement of any kind to do this - one 
might as well slip a cat a few 


quid to make it sleep in front of a 

fire. 

But there was at least one small boy, 
the eight-year-old nephew of a friend, who 
was visiting the Highbury ground for the 
first time last Sunday, and it is unlikely 
that his interest would survive if he 
thought that players could be paid not to 
Play. 

I stock with football throughout the 
1970s and early 1980s when large 
numbers of people stopped attending 
games because they were afraid that 
they might get beaten up. 1 was not 
deterred by the tragedy at the Heysel sta- 
dium, nor by the subsequent ban on 
English clubs in European football, nor by 
the Taylor Report, which has introduced 
aB-seater stadiums and changed the atom- 
sphere beyond recognition. 

1 have never previously been able to 
imagine the circumstances in which I 
would give up my season ticket and stay 
at home on Saturday afternoons, but I can 
now. If it turns out that players who earn 
between £250,000 and £500,000 a year just 
from their onfield activities have been 
taking bribes, then we might as well all 
watch wrestling instead, because at least 
we know that wrestling is pure theatre. 
Only the very, very stupid would get 
goose-pimples from Hulk Hogan’s perfor- 
mances; at the moment, it is every foot- 
ball fan’s fear that we have been doing 
exactly that 

Nick Hornby is the author of Fever Pitch 
(Gotland, £4.99) 


O nly a few days 
before a landmark 
meeting of nine 
European nations 
on greater self-sufficiency in 
defe nc e, the US has startled its 
allies with a change of policy 
over Bosnia. 

The US decision to end 
enforcement of the interna- 
tional arms embargo against 
Bosnia was bound, under a 
congressional mandate, to be 
announced by November 15, 
and its practical consequences 
may prove to be manageable. 
British ships, such as the air- 
craft carrier HMS Invincible, 
are understood to have been 
fitted with high technology 
control systems, which could 
make it possible for them to 
take over part of the co-ordina- 
ting role currently played by 
the US in the Adriatic. 

But the US move's timing 
and presentation - described 
as “breath-taking” by one 
senior European official - have 
given a new sharpness to the 
debate about the future of 
transatlantic co-operation In 
foreign affairs and defence. 

As European observers see 
It, the White House would have 
found a sympathetic response 
if it had quietly warned its 
allies of the im pgnrimg deri- 
sion and sought to limit the 
diplomatic fall-out 
British .and French officials 
have shown some understand- 
ing for the US administration’s 
dilemma - as it weaves its way 
between the pro-Bosnian lobby 
in Congress, and the concerns 
of European allies, who fear a 
conflagration in the Balkans. 

But from the European per- 
spective, any hopes that trans- 
atlantic differences could be 
finessed have been disap- 
pointed. ■ 

Word of the US move 
reached Europe “out of the 
blue” through an article in the 
US press and comments by 
unnamed nfUftfoia accompany- 
ing President Bill Clinton to a 
conference in Jakarta. 

It has been received in 
Europe as toe wrong signal, at 
the wrong time: both to the 
warring parties in Bosnia, and 
to the European nations whose 
peacekeeping forces and aid 
workers are acutely vulnerable 
to any further flare-up in the 
fighting. 

“This is not a helpful move,” 
s a id a British Foreign Office 
spokesman, with the practised 
understatement of his trada 
Mr David Clark, defence 
spokesman for the British 
Labour party, was blunter. 
“This promises a dangerous 
escalation of the Bosnian con- 
flict," he said. “It is like 
pouring oil on to a burning 
fire." 

Mr Clark's conclusion that 
“the American action reveals 
the need, to enhance Europe's 
own defence effort” will be ech- 



Alan Pike and James Buxton on 
flawed plan for a private 

S hortly before it went A * 1 * 

into receivership this f-\ 111 T| OF 
week, the Health Care -A UllilW 

International private _ V' 

hospital at Clydebank T_ ^ 

announced plans for a confer- | 1 N § § j§ 

ence on the use of clinical 
information in manap>m«»nt 

“Inaccurate information can p /-v 

be me * than no information oL/Ilt/IIlC 


S hortly before it went 
into receivership this 
week, toe Health Care 
International private 
hospital at Clydebank 
announced plans for a confer- 
ence on the use of clinical 
information in management. 

“Inaccurate information 
be worse than no information 
at all," the conference promot- 
ional leaflet declared. “Conse- 
quently, information resources 
are central to business suc- 
cess.” 

To the many sceptics who 
had always rejected toe case 
for building a huge £l80m pri- 
vate hospital aimed at the 
overseas market on reclaimed 
industrial land near Glasgow, 
Health Care International 


greater proportion of revenue, 
since many were suffering 
from complex conditions. Even 
so, the authoritative Laing’s 
Review of Private Healthcare 
estimates that overseas 
patients now account for about 
10 par cent of the private sec- 
tor’s total revenue. 

Much of this goes to a ban d- 


seemed to have summed up its 1 ful of internationally famous 
own plight The hospital’s London hospitals. Health man- 


HMS Invincible; equipped with the high technology systems enabling it to play the co-ordinating role currently performed by toe US 

Signal out of the blue 


oed by many European politi- 
cians. 

Officially, the “contact 
group" on Bosnia ~ comprising 
the US, Russia, Britain. Fiance 
and Germany - is still on the 
road, and will plod onwards 
with its efforts to present the 
Serbs, Croats and Moslems 
with a joint position. 

In recent weeks, the group 
has been haggling over a pack- 
age of incentives that might be 
offered to Serbian President 
Slobodan Milosevic if he agrees 
to recognise Croatia and settle 
the aimed standoff there. 

But it is already plain that 
the group - whose effective- 
ness depends on unity - is fun- 
damentally divided. 

The US believes the refusal 
by the Bosnian Serbs to accept 
an international peace plan is 
a sufficient ground for authori- 
sing tim open supply of arms to 
their Moslem mid Croat ene- 
mies. 

•file British, French and Rus- 
sians disagree: they believe 
tha t diplomatic and economic 
isolation - by toe entire out- 
side world, including Serbia - 
represents the best hope of for- 
cing toe Bosnian Serbs into a 
more reasonable stance. 

This transatlantic spat is 
m a de for more significant by 
its timing, just three days 
before a meeting in the Nether- 
lands of the Western European 
Union. 

Until recently a Sleeping 
Beauty of international dlplo- 


The US move to opt out of the 
arms embargo against Bosnia 
has strained the transatlantic 
bond, says Bruce Clark 


macy, toe WEU is experiencing 
a revivaL There are policy- 
makers and diplomats who 
argue that this is in the inter- 
ests of both Europe and Amer- 
ica and im plies no diminution 
in the warmth of political ties 
across the Atlantic. 

They argue as follows; the 
end Of the cold war, and US 
budget constraints, make 
America less willing to commit 
men and armour to Europe. 
However, the Europeans 
remain dependent on the US 
for the assets that make it pos- 
sible to deploy troops at short 
notice: air and sea transport, 
electronic intelligence and 
command systems. 

I t is, therefore, logical to 
construct a new model for 
military missions 
launched from Europe: 
the Europeans will provide the 
men and basic hardware, while 
borrowing strategic assets 
from toe US. 

This argument holds good as 
long as the strategic Interests 
of the US and Western Europe 
are virtually identical 
But if they diverge, this end- 
lessly discussed model - 
known by the horrible acro- 


nym of Combined Joint Task 
Force - seems unlikely ever to 
come into being. 

Yet the only alternative to 
co-operation with America is 
for Europe to spend enormous 
sums developing its own stra- 
tegic military assets; a pros- 
pect that would fill European 
finanra ministers, and taxpay- 
ers, with horror. 

It is still too early to say how 
deep a split in strategic inter- 
est the US-European dispute 
over Bosnia reflects. It could 
ultimately prove to be the kind 
of passing squabble that often 
arises between ground com- 
manders and air chiefs fighting 
the same war. 

Both western Europe and the 
US are weighing up the same 
factors in formulating their 
policy towards Bosnia. They 
want to prevent a wider war in 
the Balkans and beyond; main- 
tain the west's credibility in 
the eyes of its friends in the 
Moslem world: and avoid a 
rupture in relations with Rus- 
sia. 

However, the relative impor- 
tance of these factors looks dif- 
ferent from different sides of 
the Atlantic. 

America has been more vul- 


nerable to pressure from pro- 
western Moslem nations, per- 
haps because grass-roots opin- 
ion in countries such as Egypt 
and Pakistan is particularly 
sensitive to US behaviour. 

Europeans, for their part, 
have been more dubious than 
the US about the feasibility, 
and desirability, of isolating 
Serbia for an indefinite period. 
They fear that this approach 
could ultimately drive the 
most powerful nation in former 
Yugoslavia into the hands of a 
chauvinist Russia. 

So there are, to put it mildly, 
differences of emphasis in the 
US and west European 
approaches to the Bosnian war. 

Officials on both sides of the 
Atlantic agree that the signifi- 
cance of these differences is far 
outweighed by a broader need 
to maintain toe transatlantic 
relationship. The price of fail- 
ure, it is widely acknowledged, 
could be a disorderly “rena- 
tionalisation” of the defence 
policies of the leading western 
nations, with each one pursu- 
ing its own agenda. 

In December, the US, Canada 
and all European states includ- 
ing Russia are due to confer in 
Budapest on the prospects for 
a new security order stretching 
from Vancouver to Vladivos- 
tok. Diplomats may have to 
work hard to prevent the Bos- 
nian dispute overshadowing 
this meeting and turning it 
into a fiasco. 


financial backers - who 
included the government with 
£30m of public funds - 
appeared to have acted on 
inaccurate information when, 
in a vacuum, their instincts 
might have warned them to 
beware. 

The project was conceived 
ten years ago by US surgeons 
Dr Raphael Levey and Dr 
Angelo Eraklis, from Harvard 
Medical School Their idea was 
to provide tertiary health care 
- serious operations for disor- 
ders such as cancer and heart 
disease - for patients living in 
countries where good treat- 
ment was hard to obtain. They 
identified Italy, Greece and toe 
Middle East as potential mar- 
kets: a view confirmed in the 
late 1980s, but not unequivo- 
cally. by Coopers & Lybrand in 
studies commissioned by the 
Scottish Development Agency. 

The government committed 
£30m to the scheme, tied partly 
to the 1,800 direct jobs it was 
expected to create and Samuel 
Montagu in London and Mont- 
gomery Medical Ventures of 
San Francisco completed the 
financing arrangements in 
1991. The project was made 
more dependent on borrowing 
with toe reversal by the Indus- 
trial Bank of Japan of its deci- 
sion to invest equity in HCI. 

But even as the idea was 
beiag developed. European 
construction companies were 
literally building a hole in the 
case in the form of new, well- 
equipped local hospitals in toe 
Middle East and elsewhere that 
reduced toe need for patients 
to travel to Europe or the US. 

Overseas patients used to 
form a bigger part of the mar- 
ket for UK private medicine 
than they do today, but fewer 
than 3 per cent of people 
admitted to UK independent 
hospitals in 1992-1993 (exclu- 
ding abortion cases) came from 
overseas. They accounted for a 


agers estimate that to succeed 
in tiie existing market, a hospi- 
tal the size of Clydebank would 
need to attract about one-third 
of all overseas patients treated 
by the entire UK independent 
sector. The alternative was to 
create a new market. 

The scheme's b3ckers argue 
that this was Clydebank's aim. 

‘In recent days we 
achieved a rate of 
admissions that 
would have 
ensured viability 9 

Smaller private hospitals cater 
largely for British patients 
seeking routine treatment out- 
side the NHS. HCI sought to 
provide toe more sophisticated 
and complex range of treat- 
ments offered by toe central 
London independent hospitals, 
and make it available to a 
wider overseas market 
In bed terms. Clydebank is 
almost as big as the NHS’s spe- 
cialist Royal Brompton 
National Heart and Lung hos- 
pital in London. The Royal 
Brompton, with five operating 
theatres, performed 2,700 
operations last year. Clyde- 
bank has 21 theatres to keep 
busy, but when toe receivers 
were called in on Wednesday. 
only 20 of the 50 beds commis- 
sioned were filled. 

These were early days, says 
Dr Levey, for a hospital that 
only began treating patients in 
March, and was not fully oper- 
ational until June. 

“The tragedy is." he says, 
“that in the last few days we 
had been achieving a rate of 
admissions that would meet 
our targets and ensure our via- 
bility. We had just signed con- 
ventions with three private 
Italian diagnostic centres 
whose patients would be cov- 


the lessons of a 
hospital 

ered by private medical insur- 
ance.” Late last month the hos- 
pital reached agreements with 
the authorities in Egypt and 
Lebanon. 

But time had run out Nego- 
tiations had been going on 
since late summer between 
HCI, its bankers and investors, 
about a financial restructuring, 
but Credit Lyonnais, one of the 
five members of the banking 
consortium which had lent HCI 
£&0m. refused to advance any 
more money, precipitating 
receivership. 

The scheme had always been 
opposed by trade unions and 
the Labour Party in Scotland, 
where the commitment to the 
NHS runs deep. The Indepen- 
dent Healthcare Association, 
which represents the UK pri- 
vate sector, also questioned 
the grandiose scheme’s 
viability. 

“The concept and scale of 
the project was unrealistic 
given the size of 'the interna- 
tional market and competition 
around the world," says Mr 
John Randle, the association's 

chairman 

The scheme's promoters had 
also failed to sell the idea to 
IDA Ireland, the Irish develop- 
ment agency. Talks lasted 
more than a year and the IDA 
says it would have been pre- 
pared to back the scheme if it 
had been satisfied it was via- 
ble. “We kept asking the pro- 
moters for more information 
on potential markets and 
financial viability," said an 
IDA official this week. “It 
never reached the stage where 
we felt they had provided the 
information that would have 
enabled us to agree to the proj- 
ect, and the talks eventually 
came to an end.” 

Even so, Mr Ian Lang. Scot- 
tish secretary, hopes it will be 
possible for the hospital to be 
taken forward from receiver- 
ship and survive. New inves- 
tors may be found - HCI hoped 
for more equity from the Abu 
Dhabi Investment Authority, 
linked to a flow of patients 
from the emirate. 

But for Mr Barry Hassell, 
chief executive of toe Indepen- 
dent Healthcare Association, 
the verdict is clear. “I have vis- 
ited the hospital and it is 
splendid," he says. "The trou- 
ble is that it is too big, it is in 
the wrong place, and it opened 
at the wrong time." 

HCI seems to fly in the face 
of the Whitehall adage that 
ministers should never give 
money to someone who wants 
to manufacture square goif- 
balls - even if his business 
plan is flawless. If the scheme 
fails, the whole world will 
remind you that golfballs are 
always round. 


EU border restrictions on 
agriculture should end 


From Prof Mem BudooelL 

Sir, I am sure that David 
Richardson is right (Farmer's 
Viewpoint, November 8) to 
point out the many problems 
feeing agriculture i n cen tral 
and eastern Europe (CEE). 

To pick up just one of the 
factors at the root of the pro- 
duction problem: unfinished 
fend reform is indeed creating 
a more fragmented ownership 
structure in many countries. 
This does not necessarily 
result in a fragmented opera- 
tional structure - that depends 
on the flexibility of the rental 
market for fend. While tafor- 
mal rental arrangements are 
becoming increasingly com- 
mon, it will take many more 
years to sort oat these institu- 
tional matters. 

Thus, the much-feared threat 
to agriculture in the European 
Union from eastern Europe Js 
certainly many years down the 
road. But this is not just a matp 
ter. of supply conditions in 
CEB, it is also dependent on 
the trading relationship we 
offer them- 

The earliest we could expect 
accession of the new applicant 


countries (and thus their 
opportunity to benefit from the 
Common Agricultural Policy in 
the single market) is at begin- 
ning of the next century. They 
pose little threat to EU agricul- 
ture in the interim because of 
our impervious borders 
secured by the agricultural 
provisions of the association 
agreements. Since 1990, the EU 
agricultural trade balance with 
the six associated countries - 
has reversed in our favour. 

So put the Richardson 
hypothesis to the test if we 
j have nothing to fear from east- 
ern Europe, let’s dismantle EU 
' -border restrictions on agricul- 
ture with these countries. Can 
we expect Richardson, his Ger- 
man friend, Mr Graf Grote, and 
the National Fanners’ Union, 
who apparently share his view, 
to add their weight to those 
voices who advocate a more 
open trade stance on agricul- 
ture with eastern Europe? 

Allan BuckweH, 

Wye College, 

University of London, 
agricultural policy analysis 
unit, 

Warsaw, Poland 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 S938. Letters transmitted should be clearly typed and not hand written. Please set fax for finest resolution 

Markets move with due understanding 


Fly me - but do not 
expect an upgrade 


From Mr Nick Parsons. 

Sir, Samuel Brittan (Eco- 
nomic Viewpoint, November 3) 
neatly summarises the prob- 
lems the UK monetary authori- 
ties face in looking at a multi- 
tude of economic signals, not 
all of which are flashing the 
same colour at the same time. 

But his comment that “the 
financial markets did not 
immediately realise the Rank 
was trying to signal the need 
for a bias towards higher inter- 
est rates” is simply wrong. 

As for as changes in interest 


rates are concerned, the mar- 
kets are concerned with three 
simple factors: direction, tim- 
ing and size. 1 know of no one 
who is forecasting the next 
move in base rates to be down. 
Indeed, the short sterling 
futures market immediately 
prior to the inflation report 
was discounting UK interest 
rates of 8b per cent by next 
September. 

The sharp rally in the mar- 
kets was not due to any misin- 
terpretation of the direction, 
nor the timing of future base 


rate changes. Rather, on the 
basis of a swift and detailed 
reading of the report itself - 
rather than the off-the-record 
briefing given exclusively to 
journalists - the market con- 
cluded that the size of the rate 
rises would be less than previ- 
ously expected. 

It is easy to criticise finan- 
cial markets. It is easier still to 
mock their “ex-post rationalis- 
ation" of news and events. But, 
in this particular case, the 
market reaction was correct. 
Interest rates are going up, 


whether this week, next week, 
next month or next year. The 
sharp rally since publication, of 
the inflation report came not 
because the market misunder- 
stood the Bank of England, but 
because it understood it all too 
welL 

Nick Parsons. 

head of treasury advisory 
group. 

Canadian Imperial Bank of 
Commerce, 

Cottons Centre, 

Cottons Lane, 

London SE1 SQL 


From Ms Krm Fairweather. 

Sir, I found Michael Hol- 
man's advice in bis article, 
“Tradecraft of the frequent 
flyer" (October 24), amusing 
and, from what I've heard of 
Nigeria, well worth heeding. 
But there is one point which 
he, for obvious reasons, over- 
looked, and that is the other 
type of traveller who, in my 
experience, is not offered up- 
grades - women. I am a Silver 
member of BA's frequent-flyer 
programme, but I have yet to 
have tbe word upgrade even 
mentioned at check-in, let 
alone be offered one. 


This was finally brought 
home to me when a male col- 
league, who had not flown 
with BA for more than two 
years and is not known for his 
stylish dress sense, recently 
checked in for a BA fligh t , and 
the assistant immediately vol- 
unteered the likelihood that he 
would be upgraded. 

Having flown BA regularly, 
since the days of BOAC, I have 
reached the opinion that loy- 
alty is a one-way street 
Kim Fairweather, 

29 High Street, 

Sevenoaks, 

Kent TN13 1JD 


Is value for money possible? 


Forget market signals, companies must act on higher orders 


From Mr Peter KraffL 
Sir, I have spent months try- 
ing to establish the optimum 
level of investment for my 
company, so imagine my 
excitement at reading that my 
work is over - the government 
has toe answer. I, with every 
other bumness, should invest 


more (“Businesses must expect 
less and invest more, Hcseltine 
tells CBI", November 8). 

Cali me gullible, but I imme- 
diately engaged a pantechni- 
con to call at the department of 
industry. I knew a large 
vehicle would be needed for 
the department’s research on 


my company’s investment, my 
own investigations occupying 
yards of shelf. 

It was with disbelief that I 
found there was nothing to col- 
lect. Apparently politicians and 
civil servants are able to make 
judgments without research. 
Their grounds are that compa- 


nies respond to market signals, 
while government direction is 
far above this. 

Curiously, when I asked bow 
often the department was per- 
turbed by over investment I 
met with silence. 

Peter Krafft, 

Femcroft Avenue, London NW3 


From Mr Neil Ostrom. 

Sir, Robert Rice quotes Ms 
Denise KingsmiU (Business 
and the Law. November 8) on 
duties and remuneration of 
non-executive directors. A rate 
of £15,000-£20,000 for 100 days’ 
work a year seems fair reward 
for 10 hours a week. However, 
it is often the case that direc- 
tors have several non-execu- 
tive appointments as well as a 


full-time one. Does Ms Kings- 
mill suggest that persons with 
six part-time and one full-time 
directorship are willing, and 
capable, of putting in 200 hours 
a week and, more to the point, 
what kind of value can share- 
holders expect from such over- 
worked directors? 

Neil Ostrom, 

Priestfield, Watts Lane, 
Chislehurst BR7 5PJ 


- v ■' ’ 





FINANCIAL 


COMPANY NEWS: UK 


Sales surge in ice cream and iced tea but detergents decline 


Unilever up 6.4% at 9 months 


% Roderick Oram, 
Consumer Industries EcStnr 


A surge in sales of ice cxeam 
and iced tea, plus a more 
favourable economic environ' 
m erit around the world, bee ped 
Unilever, the Anglo-Dutch con- 
sumer products group, raise 
third quarts' pre-tax profits by 
'll per cent from £65 lm to 
£724m. 

The result slightly exceeded 
market forecasts and marked 
an acceleration in the rate of 
profit growth. Profits for the 
nine months to September 30 
were up 6.4 per cent at £1.78bn 
(£1.68bin) compared with a 3 
per cent rise at the half year. 

Ice cream benefited from a 
hot summer in Europe, where 
Unilever has about 40 per cent 
of the market, from the 
inclusion of Breyers, the US 
mator acquired at the mid of 
last year. 

Ice cream plus other strongly 
growing products such as spe- 
ciality chemicals and personal 
products compensated for a 
decline in detergents where 
profits fell despite heavy cost 
cutting. Unilever declined to 
disclose exact figures but said 



Ashwy Aatmpod 

Sir Mfahaoi Perry: consumer products ahead in North America 


“negative publicity had had an 
undeniable Impact". 

Unilever had high hopes this 
spring when it launched Persil 
Power detergent in the UK and 
Orao Power on the Continent 
But a flaw in the products was 
exploited by Procter & Gamble, 
Unilever's rival, through a 
hard-hitting media campaign. 


Market shares of the Power 
detergents have fallen from 
launch levels in the UK and 
the Netherlands, where the 
campaign was strongest, but 
were up 30 per cent in France 
where consumers were 
unmoved by the campaign. 
Unilever said. 

The group said it had raised 


promotional spending in an 

effort to rebuild Power sales. 
Sales of its other detergents 
had risen. 

A rationalisation in its North 
American detergent business 
helped halt the decline in mar- 
ket share. Sir Michael Perry, 
chairman, said. Consumer 
products generally were ahead 
in North America, pushing 
third quarter operating profits 
in the region up 29 per cent to 
£155m (£120m) on sales ahead 4 
per cent to £L54bn (£1.4Sm). 

European operating profits 
were ahead 12 per cent to 
£452m (£403m) on sales up 7.5 
per cent to £4Jbn (£3-9bn). The 
rest of the world rose 10 per 
cent to £163m (£153m) on sales 
18 per cent higher at £2.01bn 
(£1.7bn). 

Interest rose from £45m to 
£60m in the quarter as net debt 
rose to £1.9bn at September 30 
from £1.5bn a year earlier. 

The UK interim dividend is 
raised by 7 per cent to 6.51p 
( 6 . 08 p). The Dutch dividend 
was held at FI 1.48. Third quar- 
ter earnings per share rose to 
24.09p (21.94p) giving G0.22p 
(58.32p) for the nine months. 

See Lex 


JJB Sports to float 
with £64.5m valuation 


Banks invited to take 
part in electricity offer 


By David Bteckwefl 


JJB Sports, the UK’s largest 
independent sports retailer, 
yesterday finalised its flota- 
tion, pitting the shares at 215p 
to give it a market capitalisa- 
tion of £&L5m. 

Mr David Whelan, the former 
Blackburn Rovers player who 
broke his leg in the I960 FA 
cup final, founded the nhatn in 
Wigan in 1971. 

Mr Whelan, who began his 
business career with £400 
raised by benefit matches, and 

hie family inte rests is se lling 

62m shares, raising more than 
£13m. 

A total of 10.5 m ordinary 
shares, or 35 per cent of the 
enlarged share capital, have 
been placed with institutions 
and other investors by 
Charterhouse Tilney. The com- 
pany is raising £8JBm of new 
money, net of expenses, from 
the sale of 4^8m new shares. 


Mr Whelan said yesterday 
that the group would be spend- 
ing £4m on a new 100,000 sq ft 
warehouse in Wigan, to be 
built next year, and £4.5m 
on opening another 30 
stores. 

The group, which will have 
more than 120 outlets by the 
end of this year, concentrates 
on providing kit and 
equipment for all active sports. 
It stresses that it is not 
in the fashion end of the 
market 

Operating profits of not less 
than £&5m are forecast for the 
year to January 31 1995. Last 
year it made £4.7m on turnover 
of m -2m. 

Forecast earnings of 16.35p 
put the group on a multiple of 
just over 13. The notional net 
dividend is 6p, giving a 
notional gross yield of 3^ per 
cent 

Dealings are expected to 
begin next Friday. 


By Michael Smith 


The government yesterday 
began public preparations for 
the international offer of its 
shares in National Power and 
PowerGen, the electricity gen- 
erators, by asking investment 
banks if they want to take part 
in the distribution. 

The Treasury wrote to the 
hanks saying it would choose 
four or five global managers to 
work with Barclays de Zoete 
Wedd and Kleinwort Benson, 
who are advising the govern- 
ment on the flotation and act- 
ing as global co-ordinators. 
There will also be 10 regional 
managers. 

The decision to choose up to 
five global managers follows a 
report by the National Audit 
Office on the last sale of gov- 
ernment shares in BT. This 
pointed out that although 
there were 11 global managers 
far the BT sale, most of the 


shares were distributed by a 
small number of banks. 

The international offer will 
be to UK institutions as well as 
overseas institutions and indi- 
viduals. Banks interested in 
taking part in the retail sale, to 
private investors in the UK. 
have already been briefed on 
arrangements for the flotation. 

The government is selling its 
remaining 40 per cent stakes in 
the two companies. Marketing 
will start in January for a sale 
in February. 


Armour expands 


Armour Trust, the 
confectionery and automotive 
accessories concern, has pur- 
chased Bars Motor Products 
and its subsidiary, Cords Pis- 
ton Ring Company, for £L76m. 

The consideration will be 
satisfied by the issue jaf 3.33m 
shares and £161,000 rash. 



Unilever 


Third Quarter Results 1994 


third quarter 

Net profit for the third quarter, at constant races of 
exchange, increased by 9% over the corres- 
ponding period last year to £454 million. Profit 
before taxation rose by 11% to £724 million. 

In our European foods operations ice cream 
and iced tea sales rose strongly, boosted by the 
effect of acquisitions and fine summer weather. 
Profit increases in these categories contributed to 
a strong foods result. In detergents, profit was 
down on last year, despite the continuing impact 
of cost reductions. Earlier positive trends in 
speciality chemicals were confirmed. 

In North America our consumer operations 
recorded significantly increased profits. The 
improved detergents result, in particular, 
included the benefit of the rationalisation 
programme initiated this year. 

Outside Europe and North America there 
were improvements in volumes and profits in 
most of our major markets. A feature of these 
results was a strong performance in several 
African countries, notably South Africa. 

At the average rates of exchange for each 
period, net profit increased by 10% in sterling, 
6% in guilders and by 12% in dollars over the 
corresponding period of last year. 


NOTES 

Financial Reporting Standard 4 (FRS 4) 

With effect from second quarter 1994, Unilever 
has adopted FRS 4 (Capital Instruments) of the 
United Kingdom Accounting Standards Board. 
This has required reclassification of the dividends 
on certain preference shares in a group company 
from minority interests to interest payable in the 
Profit and Loss Account for 1993. The preference 
shares were repurchased on 13 January 1994. 
Adoption of the Standard has no effect on 
reported net profit 

AcquisitHHis and Discontinued Operations 
In the first nine months of 1994 the effect on 
turnover and operating profit of acquisitions 
made in the period was £420 million and 
£27 million respectively. There were no dis- 
continued operations in the first nine months of 
1994 or 1993. 


RESULTS 


Third Qnner 
ISM 1993 


SmnBkau 

(unaudited} 


Nine u — 

1994 1993 


7,749 

7,085 

9% 

Ibrnover 

22,110 

20,606 

7% 

776 

676 

15% 

Operadng 

profit 

1,9X1 

1.748 

9% 

724 

651 

11% 

Profit before 
taxation 

1,784 

1,677 

6% 

(253) 

(220) 


Hutarion 

(601) 

(549) 


(17) 

(13) 


Minority 

interests 

(43) 

(36) 


464 

418 

9% 

Net profit 

1,140 

1,092 

4% 

Ai cacti periMT»M«w«axliJner 




449 

409 

10% 

Net profit 

1,128 

1,088 

3% 

M49p 

21.94p 

10% 

Combined 
earnings per 
share 

60-22p 

sassp 

3% 


INTERIM DIVIDENDS 

PLC per 5p Ordinary share - 6.5 lp (1993: 6.08p) 
N.V. per FI.4 Ordinary capital - FL1.48 (1993: 
FL1.48) 

The PLC interim dividend will be paid on 
22 December 1994, to shareholders registered on 
8 December 1994. 

The N.V. interim dividend will be payable as 
from 21 December 1994. 

For the purpose of equalising PLC’s and 
N.V.'s dividends under the Equalisati on Agree- 
ment, the Advance Corporation Tax (“ACT”) in 
respect of any dividend paid by PLC has to be 
treated as part of the dividend. PLC’s 1994 
interim dividend now announced has been 
calculated by reference to the current rate of 
ACT (twenty/eightieths); if the effective rate 
applicable to payment of the dividend is 
different, the amount will be adjusted accordingly 
and a further announcement made. 


per fip of Ordinary capital 


The provisional results for the fourth quarter 
and for the year 1994, and the proposed final 
dividends in respect of 1994, will be published on 
Tuesday, 21 February 1995. 

For copies of results statements please 
telephone Freephone 0800 181 891 or write to: 
Unilever Corporate R e l ation s, P.O. Box 68, 
Unilever House, London EC4P 4BQ. or RO. ikw L 
760, 3000 DK Rotterdam. 


Dalgety 
sells US 
business 
for $138m 


By David Blackwell 


Boustead 
ahead to 
£258,000 


Boustead, the industrial 
products and technical services 
group, returned to the black at 
the operating level in the six 
months to September 30, while 
pre-tax profits grew from 
£160,000 to £258,000. 

Turnover of the group, a sub- 
sidiary of Jack Chia-MPH, the 
Singapore-based trading com- 
pany, came to £l2jjm, against 
£28. 8m, which included 
£l7.3m from discontinued 
businesses. 

Last year's profits included 
£573,000 on the disposal of 
fixed assets, but interest this 
time added £245,000 (£58,000 
charge) as a result of substan- 
tial ca sh balances. 

Sir Thomas Macpherson, 
chairman, said the current 
trend for all continuing busi- 
nesses was positive, and full 
year results were expected to 
show further improvement 
over the first period. 

Earnings per share came to 
0.35p (0.2p losses) while the 
interim dividend is maintampH 
at 0.35p. 


Ramus loss rises 

Higher exceptional charges of 
£3. 06m, against £728.000. left 
Ramus Holdings, the 
USM-quoted ceramic and 
kitchen furniture company, 
with pre-tax losses up from 
£422m to £5.17m for the year to 
June 30. 

The pre-exceptional losses 
were 39 per cent lower as a 
result of February's rights 
issue and changes In the com- 
pany’s business plan. However, 
market conditions continue to 
be difficult, with ceramic tile 


Attwoods launches last 
ditch defence to BFI bid 


By Peggy HoIEnger 


Dalgety. the UK food and 
agribusiness group which is 
focusing oo its pet food and 
food ingredients divisions, yes- 
terday sold part of its US food 
distribution business for 
S138m (£8 6m) cash. 

The buyer is Pro Source, a 
distribution snbsi diary of 
Onex Corporation, an Ontario- 
based investment company. 
ProSource, which already 
serves 5,000 restaurants, is 
acqniring the National 
Accounts division of Martin- 
Brower, one of the biggest 
food distribution companies in 
North America. 

Dalgety will realise S47m 
after discharging liabilities of 
S91m. It will use the money to 
reduce Its borrowings, which 
rose sharply to £127m at tbe 
end of June. 

Mr Richard Clothier, chief 
executive, said the group was 
retaining the McDonald’s side 
of Mart in-Brower, which 
accounts for 60 per emit of the 
business. "This is very much a 
specialised service for McDon- 
ald’s”. he said, adding that 
each year it delivered 120m 
cases of goods, including food, 
packaging and cleaning mate- 
rials. to more than 4,000 res- 
taurants. 

National Accounts carries 
oat much the same service, 
bnt to 10 smaller restaurant 
chains. In the year to June. 
National, which has net assets 
of 832m. made profits of 86.3m 
on sales of just over S2bn. 

Mr David Parker, ProSource 
chairman, said that the acqui- 
sition would strengthen joint 
capabilities in the $124bn-a- 
year US food distribution 
industry. 

Last September Dalgety 
reported that operating profits 
from US food distribution were 
15 per cent up at 216.4m, bene- 
fiting from higher sales to 
McDonald's and other custom- 
ers. Mr Clothier said the dis- 
posal would be only margin- 
ally dilative of earnings. 

Since the financial year end 
Dalgety has sold its Dutch 
savoury snack business to 
United Biscuits for £21m and 
bought two Spanish pet food 
companies for £1 Tra- 
it was interested in buying 
DCA, Allied Domecq’s food 
ingredients subsidiary which 
was sold on Monday to Kerry, 
the Irish food group, for 
£265 m. Mr Clothier said Dal- 
gety was unwilling to match 
Kerry's offer. 

If there are no further deals, 
Dalgety expects gearing at the 
end of the current financial 
year to be below 20 per cent, 
down from 33 per cent at the 
end of June. 

• At the annual meeting yes- 
terday, Dalgety reduced the 
employment contracts of the 
executive directors from three 
year to two year rolling notice 
periods. 

Mr Clothier said: “We as 
directors were willing to 
acknowledge that three years 
did seem unnecessarily long. 
We have respected the viewsof 
a number of shareholders.” 


Attwoods, the UK waste 
services company, yesterday 
put itself on the block in a last 
ditch attempt to fend off the 
hostile £364m cash bid from 
Browning-Ferns industries of 
the US. 

hi a style of bid defence more 
familiar in the US than the UK. 
Attwoods pledged to sell its 
British and mainland Euro- 
pean operations if shareholders 
rejected the BFI bid. It would 
then seek a buyer or potential 
merger partner for the US 
assets. The disposals were 
expected to be completed by 
the middle of 19%. 

Attwoods said yesterday 
these actions would realise 
more value for shareholders 
than the 109p a share an nfn>r 
from BFL 

Investors would receive a 
cash payment when the UK 
and European businesses were 
sold which could range from 


24p to 46p a share. This was 
based on estimates of net dis- 
posal proceeds of between 
£69m and £229m, after paying 
£81m in debt and preference 
shares. They would then have 
the option, of cash or shares in 
foe new vehicle to be created 
through the or merger of 
the US businesses. 

Attwoods said it was in di s- 
mgginnB with several potential 
unidentified purchasers. Specu- 
lation centred on Waste Man- 
agement International, the UK 
quoted aim of WMX of tbe US, 
as a possfote buyer in the UK. 

In the US, Attwoods is expec- 
ted to explore merger opportu- 
nities with middle-ranking 
waste companies, such as Sani- 
flfi and United Waste. 

Although Attwoods was con- 
fident that appropriate sale 
proceeds would be achieved it 
said it could not make a formal 
estimate while the bid contin- 
ued Attwoods also said it 
would not make the disposals 


; if It could net “achieve proper, 
value for shareholcteK’V- 

BFI attacked this caveat as 
the “dearest indication." that 
shareholders should accept foe 
bid “When the. bid pressure 
goes away, they will aot do it," 
said an adviser. . ; . 

BFI is expected to indicate . 
by the' middle of next week 
whether or sot it win revise, its - 

offtn * last wight tha trail pany - 

was- adamant that HSpwasa' 
“frill mid fair price". : ■ . 

Investors are less convinced, ' 
however. They are thought to 
be pressing for cnacessama in ~ 
the structure of the. bid — such 
as an equity sweetener ■- in the 
price, or in the amount BET has . 
promised to return to'toveBtcirs 1 
with the sale of Attwoods’ Ger- 
man operations. 

“We do not think this cur- 
rent bid is acceptable,” said 
one shareholder. 

Attwoods shares closed lp up 
at USp. 

See Lex and Weekend Haney 


Barr board casts doubt on 
voting strength of rebels 


By Richard Woltfe 


The family feud at Barr & 
Wallace Arnold Trust intensi- 
fied yesterday as the hoard of 
the motor and leisure group 
cast doubt on the power of the 
rebel shareholders. 

The board Hafmpd that the 
rebels, led by Nicholas and 
Robert Barr, have overstated 
their control of ordinary voting 
shares, some of which are held 
in trusts. 

The Barr brothers say they 
control almost 30 per cent of 
ordinary shares, and rflahw sup- 
port from shareholders owning 
another 20 per cent of voting 
shares, including Mr Kerry 
Firth, a Barns ley -based busi- 
nessman. 

It emerged yesterday that 
the Takeover Panel had inter- 
viewed the Barr brothers and 
Mr Firth last week. 

The brothers are calling for 


their unde, Mr Malcolm Bair, 
who owns 16 p ear cent of the 
ordinary shares, to step down 
as chairman. They have also 
requisitioned an EGM to 
imficat Mr John Parker, chief 
executive, and Mr Brian Small, 
financ e director. 

However, in a statement yes- 
terday the board said ft had 
“substantive grounds for 
doubting whether Nicholas awH 
Robert Barr had unfettered 
control over the exercise of 
voting rights for all the ordi- 
nary shares in their stated 
shareholdings”. 

The board has called a fur- 
ther EGM, to be held before the 
rebels’ meeting , to enfranchise 
the non-voting A shares which 
are held almost entirely by 
institutions. 

It needs 75 pa - cent support 
among voting shareholders to 
succeed with enfranchise- 
ment, which would reduce 


family control from 55 to lfi per 
cent 

A representative for the 
brothers said' "We disndss-this 
latest pathetic salvo from the 
board with the contempt it 
deserves. 

“We-are that with 

our votes and foe votes of our 
supporters that we can easily 
defeat the board's proposal 

for MifVsn^HKyrnBnf 1 flnd CflTTy 

the day not only then, but 
at the EGM the . company has 
requisitioned on our own 
proposals.” . 

On Wednesday the board 
warned that the motor side of 
tbe t mgfapaa could lose its dis- 
tribution franchises if the reb- 
els win control. 

The brothers, who are the 
sons of the late managing 
director, Mr Stuart Barr, plan 
to run the group’s two . divi- 
sions as stand-alone busi- 
nesses. 


Amstrad moves to bypass high 
street retailers in sale of PCs 


By Paul Taylor 


Amstrad, the consumer 
electronics group run by Mr 
Alan Sugar, is to sell Amstrad- 
branded personal computers 
and facsimile machines at cut- 
down prices direct to custom- 
ers - bypassing high street 
retailers. 

The group, which pioneered 
PC sales in the UK high street 
in the mid-1980s, has been 
forced to withdraw from the 
retail store market because of 
fierce competition and tum- 
bling margins. 

Mr Sugar acknowledged yes- 
terday that Amstrad had faced 
a stark choice, “ft was either 
throw away all we have 


created or lanncb this direct 
sales programme,” he said. 

Direct PC sales have grown 
rapidly in recent years and 
now account for about 500,000 
units a year, or about 36 per 
cent of the UK market, accord- 
ing to Romtec, the market 
research argmisation. 

Although there are signs 
that direct market sales 
growth may now be slowing, 
Mr Sugar expressed confidence 
yesterday that Ams trad’s 
strong brand name would help 
it gain a significant share of 
the market 

Direct PC sales in the UK are 
currently dominated by Dell, 
Elonex and Vlglen, the direct 
PC manufacturer which 


Amstrad acquired in July. 
Viglen will continue to sell its 
own branded PCs, but will con- 
centrate mainly an large corpo- 
rate and institutional buyers. 

Amstrad's direct PC and fox 
sales will be handled by a new 
unit, Amstrad Business Direct, 
which plans to sell the 
machines mainly to first-time 
buyers using magasi™ adver- 
tisements and telephone sales. 
Amstrad is relying cm a Sim 
preGhristmas advertising cam- 
paign to boost sales. 

The move, which had been 
widely foreshadowed, Is part of 
a reorganisation being under- 
taken by Mr David Rogers, the 
new chief executive. 

The shares rose %p to 29p. 


NEWS DIGEST 


sales still depressed. 

Turnover was 30 per cent 
lower at £29.1m (£4l.5m). 
Losses per share were 31.8p 
(46. 7p) on the capital increased 
by rights issue. 

The company is ultimately 
owned by Hong Leong Indus- 
tries of Malaysia. 


valued Har borne’s property 
portfolio at £16JLm at Novem- 
ber u, the board said, up £&7m 
ova: its value in the company’s 
accounts last year. 


Henlys purchase 

Henlys Group is paying £4JD6m 
for Motorpoint Vehicle Sales, a 
motor dealership based in 
Romford, Essex, with net 
assets of £I.56m. The consider- 
ation is satisfied by £850,000 
cash and the balance in loan 
notes. 

The company also said that 
demand for Plaxton buses and 
coaches continued to show 
encouraging growth with the 
order book to the end of 1995 
showing an increase of wnm. 


PizzaExpress ahead 

Trading since the year end at 
PizzaExpress, the restaurant 
chain, was ahead of the same 
period last year, Mr David 
Page, managing director, told 
the annu al meeting. 

Mr Page added that the com- 
pany expected to have about 80 
outlets open by the end of 
December, against 75 at the 
half year stage. 

In September, the company 
reported a surge in pre-tax 
profits from £I.4m to £5.6m for 
the first half to June 30, on 
turnover of £2S.&n (£15. 7m). 


for £5.17m. 

It is paying £3.8m for 
Bracken House, a Bourne- 
mouth office building let to the 
environment secretary. The 
current annual rent is £809^00. 

Premier is also buying foe 
Manor House, Sheffield, a. 
refurbished offic e budding let 
to the Trent Regional Health 
Authority, Manpower Services 
and Whatman Wheatcroft 
Auditors. The property cur- 
rently produces £126,000 a year 
with an estimated annual 
rental value of £175,000. 


Tomorrmv 

ffitrueturi 


Mercury Keystone 

Mercury Keystone Investment 
Trust had a net asset value of 
612.78p per share at September 
30, a rise of 3.3 per cent on tbe 
59325p standing a year earlier. 

Net revenue, buoyed last 
time by exceptional income 
from the trust’s holding in 
TV-am. dropped from gg.gfim to 
£2m, for earnings of 14.06p 
( 20.81 p) per share. The final 
distribution is maintained at 
10.5p for an unchang pri total of 
15-5p. 


Kleinwort Emerging 

Kleinwort Emerging Markets 
Trust, which arms for capital 
growth, had a fully diluted net 
asset value per share of l34JJp 
at the end of the six months to 
September 30. This compared 
with i03-9p a year ago. 

The undiluted figure of 
lAl.Tp represented a 3.8 per 
cent rise since the trust’s year- 
mid. 

Losses per share were 0.3p 
(0.07p earnings). 


Bradford Property 

The directors of Harbome Ten- 
ants, the property investment 
company, yesterday advised 
shareholders to reject the offer 
from Bradford Property Trust 

The value of the offer was 
“too low”, the board said. Har- 
bome’s shares were worth 
345p, against the 260p offered 
by Bradford, they added. 

An evaluation report had 


Premier Land boys 

Premier Land Is acquiring two 
freehold investment properties 


Calderbnrn buy 

Calderbum. the office furni- 
ture manufacturer, is expand- 
ing its core business with the 
purchase of Neville Johnson 
(Offices) for a marin-mm fifi-Qm. 

It is also placing 2.42m 
shares at 198p, of which Llfim 
are subject to a l-fbr-15.647 
open offer. Most of the pro- 
ceeds will be used to help pay 
for the acquisition. 

In foe year to March 31 1994 
Johnson reported pre-tax prof- 
its of £231 .000 on sales af£5.2m. 
Period end net assets were 
£670,000 and it had na«h bal- 
ances of Elm 

The purchase price com- 
prises an initial n nnsiripratim 
of £5 .4m, satisfied by L53m 
shares, of which 500,000 wffl be 
included In the placing, and 
£2J2m in loan notes. The profit- 
related deferred consideration 
of up to £L5m will be paid in 
loan notes. 


Hw i; 


Boustaad frrt 

Mercury Keystone — fin 
Me trotect Inda int 


Current 

payment 

Date or 
payment 

Correa . 
pontSng 
dividend 

Total 

for 

year 

iota 

last 

yaw 

0.35 

Mar 27 

0.35 


i* 

105 

Dec 22 

105 

155 

15 JS 

1.15 

Fob 3 

1.15 


3-45 

051 

Dec 22 

008 

- 

25.03 


Dividends shown pence per share net except where otherwise *For 

15 months. 






iss high 
if PCs 


FINANCIA L times WEEFCEND NOVEMBER 12/NOVEMBER 13 1994 ★ 9 

— - INTERNATIONAL COMPANIES AND FINANCE 


Japan’s 

By Mtehfyo Nakamoto 
In Tokyo 




Automotive 


Japan's 
carmakers are 
seeing a fragile 
recovery fn 

domestic 
demand, dem- 
onstrated In half-year results 
published yesterday, and are 
confident of continuing, stron- 
ger demand in the second half 
Non-consolidated results 
from Mitsubishi Motors, Mazda 
and Fuji Heavy Industries - 
which makes Subaru cars - 
reflected the varying degrees 
to which vehicle producers 
have been able to take advan- 
tage of a recovery in the Japa- 
nese market 

Mitsubishi Motors, which 
has benefited tremendously 
Bran the popularity of its rec- 
reational vehicles, achieved a 
20 per cent increase in operat- 
ing profit, to Y22Jbn (S233.7m) 
from Y192bn a year ago, on 
flat sales of Yl.225.2bn com- 
pared with Yl.216.7bh. 


carmakers begin recovery 


Recurring profits, however, 
were up only 1 per cent at 
Y17.4bn from Yl75bn, mainly 
as a result of lower non-operat- 
ing income, such as interest 
payments. 

Net profit was 19 per cent 
down at YS.lbn from YlObn 
because of higher taxes. The 
interim dividend was held at 
Y3.5 a share. 

The company expects the 
domestic recovery to continue, 
and for the full year is forecast- 
ing increased revenues of 
Y2,620bn, higher recurring 
profits of Y45bn and net profits 
of Yiabn. 

Mazda, which is 24.5 per 
cent -owned by Ford of the US, 
on the other hand, suffered 
recurring losses of Y28.6bn, 
which was approaching double 
the Yl5.5bn loss it incurred in 
the same period last year. 

Sales at Mazda, which has 
been slow to take advantage of 
Japan’s boom in recreational 
vehicles, were down 2 per cent 
to Y858flbn from Y876.1bn. Net 
losses widened to Y2&9bn from 


Y15.fitoXL It blamed the overall 
decline in sales mainly to slug- 
gish demand in the Japanese 
passenger car market in the 
first part of the half. 

However, Mazda, which 
relies on exports for 58 per cent 
of sales, was also hit by the 
downturn in European sales, 
which offset a strong increase 
in shipments to the US. 

On the brighter side, the 
company began to benefit from 
the launch during the period of 
its new Familia and Capella 
models, which have helped 
boost sales. The F amili a, in 
particular, has been popular 
for its low sticker price of 
under Ylm for some versions. 

Mazda is also undergoing a 
rationalisation exercise which 
enabled it to reduce fixed costs 
by Yl9bn in the first half It 
believes its restructuring pro- 
gramme, and the continuation 
the Japanese recovery, will 
enable it to reduce losses in 
the second half and return to 
profitability in the next fiscal 
year. 


The company is forecasting 
increased sales of Yl.790bn 
against last year’s Yl.768.7tm, 
lower recurring losses of Y33bn 
compared with Y44.lbn and a 
net loss of Y33bn, down from 
Y442bn. 

Fuji Heavy Industries, noted 
for its four-wheel-drive cars 
and a popular estate car. Leg- 
acy, increased sales strongly. 
However, it suffered a down- 
turn in non-operating profits, 
which put pressure on its per- 
formance at the recurring 
level. 

Fuji Heavy reported a recur- 
ring loss of Y22bn, down from 
a YlSbn loss, In spite of a 13 
per cent rise in sales to 
Y402.9bn compared with 
Y356.Bbn. There was also a 
return to the black at the oper- 
ating level, with Y2.5bn in 
operating profits against a 
Yl5.8bn loss. The company 
passed its interim dividend. 

For the full year, Fuji 
expects sales of Y830bn, recur- 
ring profits of Y3bn and net 
profits of Y3bn. 


Solid sales growth lifts Astra 


Chiron in 
talks as 
shares soar 

Tony Jackson in New York 

Chiron, the US biotechnology 
company, said yesterday it was 
in talks which might lead to 
another, unnamed company 
taking a “very substantial" 
minority stake. Its statement 
came in response to a surge of 
over 30 per cent in its shar e 
price, on very heavy volume. 

Market sources speculated 
the other party might be Ciba 
of Switzerland. Ciba said: "As a 
matter of policy, we never com- 
ment on market rumour or 
speculation.” 

Chiron, America’s third big- 
gest biotechnology company by 
market value, makes a variety 
of products treating diseases 
from cancer to multiple sclero- 
sis. At yesterday’s price of {79, 
it is valued at $2ibn. Chiron 
said its talks involved a poten- 
tial strategic alliance, bat cau- 
tioned “no agreement has been 
reached and there ia no assur- 
ance any transaction will 
result”. 

Other Swiss drug companies 
have bought stakes in US bio- 
technology companies in the 
past '' 


By Christopher Brown-Humes 
in Stockholm 

A strong rise in sales enabled 
Astra, the Swedish pharmaceu- 
tics Is group, to lift pre-tax prof- 
its by 25 per cent to SKr7.2bn 
(8985m) in the first nine 
months. 

Sales of the group's two 
mam drugs, Losec and P uhni- 
cort, rose foster than the mar- 
ket average, enabling it to 
maintain the growth record 
which has made it Sweden’s 
top company by market capi- 
talisation. 

It said the favourable earn- 
ings trend would continue in 
the final quarter, although not 


By Ian Rodger bi Zurich 

Creditanstalt-Baakverein, 
Austria’s second largest bank, 
suffered a 245 pea: cent slide in 
pre-tax profits to Schl.04bn 
ftS&Sm) in the third quarter. It 
Warned the continuing slump 
hi earning s from trading. 

The bank, which is awaiting 
Austrian government approval 
, of a plan to complete its priva- 
I tisation, reiterated that pretax 


at the same rate as last year 
because of a less favourable 
currency impact Its A shares 
rose SKrl to close at SKrl93. 

Underlying sales were 22 per 
cent higher at SKr2D.06bn, well 
ahead of estimated market 
growth ol around 4 per cent 

Although operating profits 
were up 40 per cent at 
SEr6.95bn, a sharp drop in 
financial income to SKr265m 
from SKx747m held back the 
performance at the pre-tax 
level The group has been hit 
by up bo SKrifflOm in unrealised 
bond losses. 

Losec. Astra's blockbuster 
anti-ulcer drug, lifted sales by 
36 per cent to SKr6.87bn, 


profits in the full year would 
be lower than last year's 
record Sch5.4bn. Net income 
would be higher because of 
lower provisions for bad 
loans. 

Income from trading in the 
third quarter, at Sch400m, was 
42 per cent down. The bank 
said income from money mar- 
ket operations and bond trad- 
ing were below expectations. 

Net interest income, which 


against estimated market 
growth of 10 per cent. Includ- 
ing sales through licensees, 
sales reached SKrLLSbn. Losec, 
the world's second best selling 
drug worldwide after Glaxo's 
Zantac, received regulatory 
approval in the third quarter 
for long-term therapy in Aus- 
tralia, Finland and Canada. 

There was also a strong per- 
formance from the anti-asthma 
drug, Pulmicort, where sales 
rose 19 per cent to SKr2.69bn. 

Astra last week agreed to 
pay $820m to US drugs group 
Merck for a 50 per cent stake 
in a new venture that will mar- 
ket Losec and other Astra 
products. 


was down 3.7 per cent in the 
first half, resumed a modest 
growth trend in the third quar- 
ter, up 2.9 per cent to 
Sch2.l9bn. Fee income of 
Sch680m was 6.8 per cent 
ahead. 

For the nine months, pre-tax 
profits were down 195 per cent 
to Sch2.9bn. Consolidated pre- 
tax profits of the Creditanstalt- 
Bankverein group were down 
20 per cent to Sch3.4bn. 


Creditanstalt down 24% pre-tax 


Japanese 
broker hit 
by one-off 
Y32bn loss 

By Gerard Baker in Tokyo 

Tokyo Securities, a 
medium-sized stockbroker, 
yesterday announced it had 
incurred an extraordinary loss 
of Y32bn (8326.4m) in unau- 
thorised US bond and currency 
transactions by one of its 
senior traders. The company 
will report the loss across both 
halves of the current fiscal 
year which ends m»yt. Marc h. 

The loss is almost as large 
as the brokerage's entire 
annnal operating revenues, 
which will reach Y33bn for the 
current fiscal year. 

Last month, Tokyo Securi- 
ties reported a first-half loss 
after tax of Y25bn, on very 
thin equity trading volumes. 
That figure will now be 
revised down to YlS.Sbn. For 
the current frill year, the com- 
pany forecasts after-tax losses 
of Y32^bn, compared with last 
month's forecast profit of 
Yl.lbn, and 1993's actual 
profit of Yl.Sbn. 

Tokyo Securities said the 
trader, who was not named, 
had acted beyond his author- 
ity and taken significant posi- 
tions in US bonds and curren- 
cies, and was personally 
responsible for the loss. It said 
he would be punished accord- 
ing to internal company rules. 

The brokerage had net 
assets in March this year of 
Y94bn. and shareholders’ capi- 
tal of Y86bn. It has branches 
in New York, Hong Kong, Lon- 
don and Zurich. More than a 
quarter of its shares are 
owned by companies linked 
with Nikko Securities, one of 
Japan’s four largest broker- 
ages. 


BHP in venture 
with US group 

The steel division of Broken 
Hill Proprietary, the Austra- 
lian resources group, and 
North Star Steel, part of the 
privately-owned Cargill group 
in the US, are joining forces to 
build and operate a new steel 
mini-mill In the US Midwest at 
a cost of around US$400m, 
writes Nikki Tait In Sydney. 

Hie two companies wifi have 
50-50 interests in the venture. 


Old image still hangs 
heavy on slimmer Sears 


B<nfr%i|OHOfHaclo mercbaiKffalntf operations 


35 


's& 

■ . 

15 

’ll 


flTrtSE 


Net income (Sba)^ 


°1909 BO- Of 82 03 
'SMfflKaoftipafiynjtxiita ' 


■1888 90 81. OH "S3 ■ 



Laurie Morse 

reports on the 
transformation 
of the troubled 
US retail group 

T his week’s decision by 
Sears, Roebuck, the US 
department store group, 
to spin off its Allstate insur- 
ance subsidiary to sharehold- 
ers not only bakes the company 
back to its retailing roots, but 
completes a reorganisation 
that ranks among the biggest 
in US corporate history. 

The revamping was initiated 
in 1992 by Mr Edward Brennan, 
chairman and chief executive. 
In the two years since, the 
company has divested its Dean 
Witter securities arm, its Dis- 
cover credit card operations, 
its mortgage h anking business 
and its real estate group. Ear- 
lier this week, the company 
even announced that it was 
giving up ownership of the 
Sears Tower tn Chicago, the 
world's tallest building. 

The reorganisation will also 
see the departure of Mr Bren- 
nan himself. Now 60, he said 
he would retire after the 
Allstate spinoff has been com- 
pleted next year. He will band 
over the slimmed-down Sears 
to Mr Arthur Martinez, the 55- 
year-old former Saks Fifth Ave- 
nue executive brought in two 
years ago to revitalise the ail- 
ing store operations. 

The dismemb er ment of Sears 
may have been drastic, but for 
shareholders it could not have 
come soon enough. Mr Bren- 
nan's predecessor, Mr Edward 
Telling, hud dreamed of trans- 
forming Sears by turning it 
into a “socks and stocks" oper- 
ation that sold finanraai ser- 
vices alongside hosiery, but the 
idea never really caught on. 
Although the financial service 
businesses performed well, the 
retail operations began to sag: 
by the time Mr Brennan took 
over in 1986, shareholders were 
demanding a break-up. 

When Mr Martinez becomes 
chairman next year, he will 
inherit a company with 740 
department and specially 
stores, a small property devel- 
opment company called Horn- 
art, and part ownership in 
Prodigy, an on-line computer 


service. The difficulty he faces 
is simple: the shopper of the 
1990s is less than impressed 
when offered the services of a 
I950s-style department store. 

Jfo the 1979s, Sears was the 
world's biggest retailer. Today, 
it still has loyal customers for 
Its power tools, la winnowers 
and washing machines . How- 
ever, distracted by its adven- 
tures in financial services and 
left behind by changes in 
retailing, it has slipped into 
third place behind Wal-Mart 
Stores and Kmart, the huge US 
discount store groups. 

When Mr Martinez was made 
ehinf of Sears’s iHerr-hanriigfng 

group, he wielded the knife 
early and often. He dropped 
the loss-making catalogue 
operations on which the Sears 
empire had been founded; he 
closed 113 unprofitable stores; 
he reorganised an un wieldly 
and dated buying organisation; 
ami he axed nearly 50,000 jobs. 
He then embarked on a five- 
year, $4bn repositioning pro- 
gramme aimed at refurbishing 
stores, boosting sales of high- 
margin clothing and accessory 
lines, and creating a more 
glamn mmc image. 

T he results have begun to 
show. After recording 
net losses of in 
1992 - a year In which profits 
were hit by a $3.1 bn restructur- 
ing charge and insurance 
losses from Hurricane Andrew 
- Sears made record net profits 
of $2.4bn last year. The mer- 
chandising group has had 
seven consecutive profitable 
quarters, posting $890m in 
nine-month operating income 
this year, up 37 per cent from 
last year's $632m. 

Growth in same-store sales 


outperformed the industry 
average last year and has con- 
tinued to do so this year, albeit 
by a narrower margin. Last 
month, sales were 7 per cent 
higher than in October 1993 - 
itself a strong month. 

However, Sears has a long 
way to go. Even with Mr Marti- 
nez’s direction, industry ana- 
lysts say it lacks the strategy 
to turn a dowdy retailer into a 
trend-setter. Despite drastic 
cost-cutting and the advantage 
that most of its stores are debt- 
free, its profitability lags its 
competition. In the third quar- 
ter, its costs, at 264 cents per 
dollar of sales, were 20 per cent 
higher than other mid-price 
department stores. 

To narrow the cost gap, 
Sears will make more use of its 
floorspace. adding the equiva- 
lent of about 100 new stores 
over the next two years by con- 
verting administrative nfRpjw 
in its evi«Hng properties into 
sales floors. 

Cost-cutting will add value 
to the department store, but 
the second part of Mr Marti- 
nez’s plan - to recapture the 
market for high-margin wom- 
en's clothing - has not yet pro- 
duced the required result 

Observing that Sears had 
once bean successful because It 
offered an array of dependable 
products to middle America 
when there were few shopping 
choices, Mr Phil Johnson, pres- 
ident of Leo Shapiro and Asso- 
ciates, a Chicago-based retail 
consulting firm says: “From a 
consumer perspective, nobody 
needs Sears any more. High- 
quality products are available 
everywhere, and wealthy shop- 
pers are mobile. They don't 
need everything in one place 
any more.” 


COMPANY NEWS: UK 


* Tomorrows Leisure 
restructures to cut debt 


.*..r fnrrn b'J) _ 



By Chris Tlgtie 


Tomorrows Leisure, the 
USM-quoted leisure group 
which has been struggling to 
extricate itself from a £l6m 
debt mountain, yesterday 
announced a fiTianmai and 
management restructuring 
Intended to transform its 
prospects. 

The cornerstones of the new 
package are a £8.9m placing 
and rights issue, the conver- 
sion of £4m debt to equity and 
a link-up with Wiggins, the 
property developer, which, 
with parties acting in concert, 
is to take a 29.42 per cent 
stake. 

It is also proposed to subdi- 
vide the 2Gp shares into one 5p 
ordinary and three 5p deferred. 

Three Wiggins directors, 
including Mr Oliva toy, 'the 
chief executive, will take 
stakes and become non-execu- 
tive directors. Mr David 
Edwards, managing director of 


Scottish & Newcastle’s inns 
division, will become manag- 
ing director. 

Mr John Sanderson, Lei- 
sure's founder and current 
chairman, will step aside from 
day to day management, 
becoming life president and 
executive director responsible 
for asset development. His 
stake will drop from 3&8 to 5J9 
per cent 

Under the partnership pro- 
posal Wiggins will develop Lei- 
sure’s 1,000 acres of surplus 
land through an profit-sharing 
venture while Leisure will 
have the opportunity to oper- 
ate leisure facilities within 
Wiggins' property develop- 
ments. 

Leisure is also acquiring a 
site in Lincoln with planning 
permission for leisure facilities 
from Wiggins for £2.1m. 

Wiggins believes Leisure, 
where interest charges at pres- 
ent exceed operating profit, is 
undervalued due to uncer- 


tainty over its future. The new 
board’s intention is to keep 
gearing at conservative levels. 

Mr Peter Dawson, a non-ex- 
ecutive director, will become 
non-executive chairman. He 
said: “It’s not an exaggeration 
to say it’s a new dawn." 

Barclays Bank, currently 
owed £ 15.2m, has agreed to 
write off £2m and convert £4m 
into a revolving term loan and 
£3.5m into shares. A further 
£5.7m will be repaid from the 
placing and rights proceeds. 

Some 75m shares are being 
placed with a right issue of a 
further 24.1m share on a 2-for-l 
basis both at lOp. The balance 
of the proceeds will be 
used for working capital and 
acquisitions. 

For the year to March 31 Lei- 
sure reported pre-tax losses of 
£538J)00 (£5.79m) on turnover 
of £9.32m (£9, 73m), including 
£L13m (£1.45m) from discontin- 
ued activities. Losses per share 
were L8p (45£p). 


BAe extends 
offer for VSEL 


British Aerospace yesterday 
extended its offer for VSEL, 
the nuclear submarine maker. 

after attracting acceptances of 

just 0.4 per cent of the shares, 
writes Richard Wotffe. 

BAe’s offer of 2.747 shares for 
*arh VSEL share, and its cash 
alternative of £11.40, were 
accepted by shareholders 
Renting a total of Z65.645 
shares. . ■ 

More than 115,000 shares . 

eama from VSEL directors, { 
who have made irrevocable 
undm takingB to accept BAe. 

BAe said its offer would 
remain open until November 
24 , but closed thecash 


to £15L66per share. 

VSEL shares added Bp to 
$13.73. GECs cash offer, which 
was launched two weeks after 

' ' a 


share. .. 

Mr Dan Dover, Conservative 

MPfor Chortey. jrestenfcj; 
called fear GECs Wd to be 


MPs ware concerned that 

GEC’sbldwas“onlya 

springboard” for a bid for BAe, 
which could give GEC control 
of the UK defence industry. 


Warning lops 24p off 
Metrotect share price 


Shares of Metrotect Industries, 
which manufactures products 
to prevent corrosion in pipe- 
lines, tumbled 24p to 80p after 
the anticipated jump in first 
half profits was accompanied 
by a profits warning. 

Mr Brian Thomas, chairman, 
said that unforeseen project 
delays would result in a mod- 
est third quarter. The outcome 
for the full year was likely to 
fall below the £236m reported 
for the 12 months to March 31, 
he added. 

Nevertheless, he sounded an 
optimistic note; “International 
pipeline forecasts continue to 
run at a high level in areas 


where we enjoy a strong pres- 
ence and prospects remain 
good." 

Pre-tax profits rose from 
£559.000 to £801,000 in the 
six months to September 30, 
the 43 per cent advance 
being achieved on turnover 
ahead 25 per cent to £10.3m 
(£&28m). 

About 90 per cent of sales are 
exported to more than 20 coun- 
tries, with main markets 
including Thailand, India, Bra- 
zil, Indonesia and Iran. 

The interim dividend is 
maintained at U5p, twice cov- 
ered by earnings of 2.33p 
(1.49p) per share. 


NW Water 
considers 
customer 
rebates 


By Peggy Hoflinger 


North West Water yesterday 
joined the growing band of 
water companies seeking to 
address the sector’s tarnished 
public image by indicating it 
was considering customer 
rebates on water bills. 

Any such move would be 
more than a year away, how- 
ever, as rebates would depend 
on North West beating operat- 
ing efficiency targets set by 
the industry regulator in the 
recent price review. 

The indications came in a 
long-awaited operational 
review by the new chief execu- 
tive, Mr Brian Staples, who 
joined the privatised utility in 
March from Tarmac, the 
construction group. 

Mr Staples yesterday critic- 
ised the water sector for giv- 
ing too many of the “benefits 
of outperform an ce to share- 
holders and to the balance 
sheet” daring the first five 
years of privatisation. “The 
companies have not done 
enough to recognise custom- 
ers," he said. 

North West intended to 
redress the balance initially by 
investing half the £230m 
savings it expected to achieve 
on capital investment in issues 
such as foul flooding of cus- 
tomers homes. Shareholders 
would not be ignored, either. 
North West said it was confi- 
dent of surpassing the 5-3 per 
cent real dividend growth it 
had achieved since 1989. How- 
ever, the company would not 
be drawn into a dividend race, 
said Mr Staples. 

Mr Robert Miller-Bakewell 
of brokers NatWest Securities 
estimates that North West will 
achieve average dividend 
growth above inflation of 
between 6 and 7 per cent 


Upton gets 16% take-up on offer 


By Richard Wolffe 


Upton and Southern Holdings, 
the stores group, yesterday 
announced that only 16 per 
cent of its open offer of 90.4m 
shares had been subscribed. 

The company launched the 
£5.5m placing -and offer of 
120.3m shares to rescue its 
business last month. Upton 


had warned that the Reject 
Shop, the home furnishings 
retailer, would have to cease 
trading without the new funds. 

The placing and open offer 
by MeesPierson and Townsley 
and Co represented about 72 
per cent of the enlarged share 
capital Some 30m shares were 
placed with a new unnamed 
Institutional investor, with the 


b alan ce subject to the open 
offer on a 49-tor-20 basis. 

The company said that the 
re maining 76.2m shares would 
be taken up by institutional 
and other investors under the 
terms or the placing. 

The shares closed - before 
the announcement 

unchanged at 5p, matching the 
offer price. 


r . : .. ; 1 v 


Facing some bitter choices 

Roderick Oram on the problems confronting the brewing industry 


M ergers, not meteorol- 
ogy, are what British 
brewers really need 
to solve their structural prob- 
lems and restore their profits. 

A few hot weeks In southern 
England this summer boosted 
their volumes but did little for 
their bottom lines given the 
competitive pressures, over- 
capacity and long-term decline 
in beer consumption afflicting 
the industry. 

The companies will focus on 
the short-term fillip during 
their reporting season, which 
begins on Thursday with Whit- 
bread. The rate of decline in 
the industry's beer volume has 
slowed to about 1 per cent this 
year, from more than 2 per 
cent last year. 

The price war initiated last 
year by Bass and Courage has 
abated, although hefty dis- 
counts are still available, par- 
ticularly to large customers. 
They can buy a keg of draught 
lager at a discount of about £90 
on the typical wholesale list 
price of £210, said Mr Ian Pres- 
snell of Plato Logic, a drinks 
consultancy. 

Thus, profits from beer 
wholesaling are likely to be 
lower for a number of compa- 
nies. analysts forecast. But 
with profits rising in their 
other businesses, which 
include pubs, wholesale drinks 
distribution, hotels and holiday 
parks, overall profits will be up 
for most companies. 

Looking a short way ahead, 
the brewers are unlikely to get 
any joy from the Budget on 
November 29. The Chancellor 
is thought to be very resistant 
to excise duty cuts. He has 
little room for financial man- 
oeuvre, and throughout the 
government there is scepticism 
that a duty cut would help 
stem the rising tide of cross- 


Channel beer imports. 

Even some backbenchers of 
the Treasury select committee, 
who recently heard evidence 
on the subject, think brewers 
have exaggerated both the 
Import threat and the benefi- 
cial effect of bringing British 
duties part way down to low 
French levels. 

It is longer term consider- 
ations, however, which could 
be the most intriguing aspect 
of the results season. Analysts 
and investors will be searching 
for clues to the winners and 
losers In the wave of restruct- 
uring which will roll through 
the industry over the next year 
or so. 

“Getting down from five to 
four big brewers, and then 
quickly down to three, would 
have a dramatic and positive 
impact on the industry after 
years of being moribund,” says 
Mr Ian Shackleton, an analyst 
with James Capel. 


UK brewers 


Breweni sector relative to the 
AS-Shwe (FT-SE-A Indices) 


Beer consumption 
Mfflkyts of hectolitres 



Some: FT Graphite 


SotfcwBLflA 


large part of brewers’ retail 
distribution system. 

Some companies, such as 
Grand Metropolitan and Bodd- 
ington, got out of brewing to 
focus on retailing. Others 
transferred their brewing to 
joint ventures to try to 
increase their heft. Allied 


Pessimists estimate 
that Britain has 
about 10,000 more pubs 
than drinking habits 
can support 


These would be the largest 
changes by far sinra* those that 
flowed from the government’s 
1989 “beer orders". To an 
extent, they would also be the 
settling of unfinished business 
from those directives. 

Five years ago, the govern- 
ment tried to increase competi- 
tion in the industry by loosen- 
ing the tie between brewers 
and the pubs that Conned a 


RESULTS FORECASTS 


Date 

Company 

hrtertms/ 

finals 

Pre-tax 

profits 

forecast 

Previous 

Per cent 
change 

Nov 17 

Whitbread 

lot 

Cl 372m 

£1 35.7m 

+1.1 

Nov 23 

Moriand 

tin 

£9.75m 

£8.8707 


Nov 29 

Mansion's 

bit 

£122m 

C11.5m 

+7 h 

Nov 30 

Bass 

fin 

£545177 

£508m 

+7.3 

Dec 2 

Wolverhampton 






& Dudley 

fin 

E372m 

£3fiL5m 


Dec S 

Scottutfi & 






Newcastle 

lm 

£14501 

E1Q0.1m 

+32.9 

Dec 13 

Greenalls 

fin 

E71.8m 

£08m 

+5£ 

Dec 13 

Vaux 

fin 

£29.5m 

£26.601 

+10.9 

Dec 15 

Greene King 

lm 

£10.7m 

Easm 

+12.8 

Sown- SO Wwouj? 


Domecq, for example, joined 
with Carisberg, the Danish 
brewer, to create Carisberg- Te- 
tley. 

For all the shuffling of 
assets, the industry was left 
suffering. Beer consumption is 
in long term decline, with an 
ageing population switching 
some of its spending to other 
drinks, or at least to imported 
premium lagers. Some 25 per 
cent of brewing capacity is 
excess to demand. 

On the retail side, pessimists 
estimate that Britain has about 
10,000 more pubs than drinking 
habits can support The result 
is too many low-quality and 
uninviting places which make 
consumers even more inclined 
to drink at home. The off-trade 
accounts for about 24 per cent 
of total beer sales, and is gain- 
ing about 1 per cent a year 
from the on-trade. 

The*# unfavourable dynam- 
ics have left some companies 
as uncertain holders of brew- 
ing or pub assets. GrandMet is 
seeking a way out from Q2L, its 


pubs Joint venture with Fos- 
ter's, the Australian brewer. 
Allied Domecq may want to 
quit brewing to focus on 
sprits. Whitbread is trying to 
work out whether to plunge 
into retailing and give up 
brewing, or to build a twin 
future on both. 

The linchpin is Foster's, 
owner of Courage, the second 
largest UK brewer with a 19 
per cent share compared to 
Bass’s market leading 23 per 
cent. It indicated at its recent 
annual meeting that tt hoped 
to complete before Christmas 
its review of its British brew- 
ing and pub busin e sses. 

Any deal it subsequently 
decides to do would most likely 
happen next year. Some ana- 
lysts believe, though, that 
GrandMet and Foster's might 
try to resolve their ownership 
of flSL before this year-end. 

If Foster's decides to sell 
Courage, the price tag could be 
about £400m. Among potential 
British buyers, the most likely 
are Scottish & Newcastle and 
Whitbread, ranked joint fourth 
with 13 per cent each. 

Courage would give S&N a 
southern base, and make it a 
truly national brewer. Con- 
versely, Courage’s northern 
breweries would extend Whit- 
bread’s product range and geo- 
graphic reach. In an ideal 
world they might want to split 
Courage between them, but 
that would be a difficult deal to 
engineer. 

For whoever buys Courage, 
the real pain will come in lead- 
ing the industry's rationalisa- 
tion of production. But the cost 
of this and other changes will 
he home by many. The results 
season will give some indica- 
tion of the companies best able 
to seize the opportunities 
ahead and pay for them 




10 


FINANCIAL. 


TIMES WEEKEND NOVEMBER 12/NOVEMBER 131*^, 




Analysts stress the Importance to retailers of the coming pre-Christmas rush 


London 

Political waves 
alter sentiment 


Utilities are in the firing line, writes Andrew Bolger 


B ritish investors have 
become inured this 
autumn to having 
their hopes for equi- 
ties dampened by regular 
waves of pessimism from the 
US over further interest rate 
rises. It name as an unusual 
diversion, therefore, for Lon- 
don to be swept up in a tide of 
euphoria from Wall Street. 

No matter that US traders' 
exultation over the rout suf- 
fered by the Democrats on 
Tuesday quickly gave way to 
second thoughts about the 
implications of legislative 
stalemate: a surge in strength 
by the dollar helped inspire 
international bond and equity 
markets. 

The transatlantic stimulus 
was sufficient to lift the FT-SE 
100 by 35.8 points on Wednes- 
day - reversing the market's 
31.8 point fall on Monday, 
when traders had continued to 
fret about the interest rate out- 
look amid very thin trading. 
The market marked time on 
Tuesday and Thursday, but fell 
again on Friday as traders 
once more focused on the 
increasing likelihood that US 
interest rates would rise by at 
least half a percentage point 
next week. 

Another douche of cold 
water for the UK market came 
from Gordon Brown, the 
shadow chancellor, who said 
that a future Labour govern- 
ment would impose a one-off 
tax on the “excessive profits” 
of file privatised utility compa- 
nies. This threat depressed the 
share prices of the water com- 
panies, even although North- 
umbrian Water Group took the 
lead in the industry’s dividend 
bonanza with a record 16 per 
cent increase. 

The announcement by 
Northumbrian, smallest of the 
privatised companies, followed 
better than expected pay-outs 
from Thames and Anglian, 
which increased dividends by 
ll and 10 per cent. 

Brown also proposed impos- 
ing a windfall tax an the £&5bn 
that will accrue to the regional 
electricity companies with the 
coming flotation of the 
National Grid. Scottish Power 
kicked off what is likely to be a 
p olitically contentious interim 


results season by the regional 
electricity companies, lifting 
its dividend 10.2 per cent One 
analyst said the reaction of 
shares to Brown’s speech 
“serves to remind investors of 
the political risks attached to 
utility stocks”. 

Not all privatised industries 
reported record results, 
though. Shares in British Tele- 
communications slipped after 
the group said its interim prof- 
its had been held back by the 
cost of cutting pices and jobs. 
The group took redundancy 
charges of £151m and said staff 
numbers were now 151,600 - a 
4.400 reduction on the start of 
the year and on track for a 
reduction of 15,000 in the full 
year. 

BT has reduced prices ll 
times this year under the con- 
ditions of its pricing formula 
unH haq already returned about 
£lbn to customers in the form 
of price cuts, with a further 
£400m to be shaved in the pres- 
ent year. 

T hese price cuts have 
increased pressure on 
its competitor. Mer- 
cury Communications, 
a subsidiary of the telecommu- 
nications group Cable & Wire- 
less. The group said overall 
profits were up but announced 
a substantial cost and head- 
count reduction programme 
which, analysts suggested, 
could cut up to 2,000 of Mercu- 
ry’s 11,400 jobs. 

BT and Mercury are feeling 
these cost pressures in spite of 
vigorous growth in the wider 
economy. The Central Statisti- 
cal Office said industrial pro- 
duction grew unexpectedly fast 
in the three mouths to Septem- 
ber, and upgraded its estimate 
of the present annual trend 
rate of growth for production 
industry output to 6 per cent 
Increasing economic activity 
meant that BAA, the privatised 
airports group, saw a 7 per 
cent Increase in airline passen- 
ger traffic. But the group’s 
shares fell nearly 5 per cent 
after disappointment that thp 
growth in retail spending by 
passengers had been held back 
by building work at Heathrow. 

British Airways managed to 
increase its interim pre-tax 


profits by 45 per cent and said 
it was reaping the rewards of 
cost controls and a campaign 
to win business travellers. In 
spite of flagging a possible 
write-down of its $400m invest- 
ment in the troubled USAir. 
BA said the outlook for the full 
year was encouraging. 

Another blue-chip stock to 
benefit from economic recov- 
ery was Marks and Spencer, 
the food and clothing chain, 
which reported a 15 per cent 
increase in pre-tax profits. 
Already established as the 
UK’s most profitable retailer, 
M&S has lifted sales in conti- 
nental Europe by 20 per cent 
since exporting its Outstanding 
Value campaig n from the UK 

These were impressive 
results, but investors were cau- 
tioned not to get carried away 
by the retailing sector's poten- 
tial The stores team at Flem- 
ings cited the importance to 
retailers of the coming pre- 
Christmas rush (see chart 
below). They said the sector 
seemed to be influenced by this 
and it often outperformed the 
market pre-Christmas. It 
almost always under-per- 
formed between early Decem- 
ber and the end of February. 

Flemings said: “We think the 
most likely explanation for this 
effect is that investors tend to 
react positively to seeing the 
stores busy in the run-up to 
Christinas, but do not have the 
quantitative input to provide 
the necessary balance (if the 
queues at file till are five-deep 
this year, were they four-deep 
or six-deep last year?) Quanti- 
tative measurement comes 
after Christmas with company 
statements indicating how 
good or bad trading was during 
the peak period. Rarely, it 
seems, are expectations 
exceeded!" 

Finally, business came under 
fire from Michael Heseltine, 
the trade and industry secre- 
tary, who berated executives 
for not investing enoug h and 
expecting too great and quick a 
return. He was addressing the 
annual conference of the Con- 
federation of British Industry 
whose president acknowledged 
there was a case for companies 
re-examining their rates of 
return. 


Christmas stores stampede 

UK retail sates non-flaasonalty adjusted. 1990 = 100 

MO 1 



■ Highlights of the week 



\ -W7CG 

: 'Chany*' 


ST1EH 

• . ... # V » 

v; . 


Opweefc ; 

.m-r <■ 

tow : \ 

■ ■ r * if' — 

'* V; . . w 

FF$E ipp Index .. . 

- 3075 * 9 

-21.7 


2878.6 ... 

f US rata rise , concern . 

Atneraham Inti 

800 

-35 

..mi. 

889 

Dhwppoiitfng profits 

BAA 

499 

-18 

54116 

440 

Profit-taking ... 

Burton [Group .... . 

70V! 

+4* 

74% 

51 *. ' 

Favourable figures „ 

Cable a.Wkekws 

.38+ ^ 

-23 

■% ■ ■ ,V ■ • 

^ 543 * . 

380 

Poor, resists v .. . 

Campari Inti _ ^ . 

24. 

+4 

. 74 

20 l . . 

Striae buying 

Coats v Vtyafla 

201 

. . / ■ 

+91* 

ssxr ’ ' * J 

18?.... 

Disposal announcement 

Eurotunnel Uts . 

283 

+22 

692% 

■ # . v ■ ' v : 

195 

French buying 

Reons_ ,. v 

■■ 

+wt. 

157 

107 * 

Odtrik ' V . 

Ladbrqka 

.157 

+10 

217% _ . 

.145... 

Gaining leer reform hopes. . . 

Lonrho 

161% 

+7 

175% 

124% 

Disposal hopes 

Rqyri Insurance 

291 tv . . 

-17 

350 

.232% 

Soring on figures . . 

Tr*n«sprt 

7°4 . ... 

-16% 

.758. 


Fall in' income 

Tosco 

247 

. +13 

255 . . 

200% 

Momma, recommendation . M . 

Wcdtoorne 

669 . 

+25 

731 

498 

RepiMean victory. , _ 


Wall Street 


A honeymoon that lasted just three hours 

Reality quick to replace euphoria after Republicans’ landslide, says Patrick Harverspn 

US Inflation and the benchmark bond ; 


I f the honeymoon between 
President Clinton and 
the new Republican- 
controlled Congress Lasted 
little more than 24 hours this 
week, any affectionate 
thoughts the financial markets 
had about the Grand Oid Par- 
ty’s mid-term election tri- 
umphs on Tuesday had an 
even shorter shelf-life - about 
three hours. That was how 
long it took for reality to set in 
on Wall Street after the Repub- 
licans wrested control of both 
houses of Congress, plus a 
string of state governorships, 
in an electoral landslide that 
left the Democratic party and 
the president reeling. 

The stock market's Initial 
reaction to the elections was, 
unsurprisingly, positive. The 
Dow Jones Industrial Average 
leapt almost 40 points in the 
first hour of trading as traders 
and investors responded to the 
results in typical knee-jerk 
fashion: the Republican party 
is the pro-business party, and a 
Republican-run Congress will 
cut taxes to aid businesses and 
investors and take tough 
action to reduce government 
spending, all of which is good 
for stocks. 

The warm glow surrounding 
the election results dissipated 
quickly, however, as analysts 
and traders began to take a 
closer look at the Republicans 
who would take over leader- 
ship of the key legislative com- 
mittees on Capitol Hill and 
their policies. This involved 
becoming acquainted with peo- 


ple such as BUI Archer, the 
new chairman of the all-power- 
ful House Ways and Means 
committee, from where all US 
tax laws originate. 

Archer, as he explained on 
Thursday, wants to push a 
host of tax cuts through Con- 
gress and. ultimately, elimi- 
nate income taxes altogether. 
He, and other Republicans who 
outlined their plans eagerly 
this week, also want to 
increase defence spending sig- 
nificantly and pass a balanced 
budget amendment to force the 
government to eliminate the 
federal deficit. 

Unfortunately, few Republi- 
cans were willing to explain 
exactly where the huge spend- 
ing reductions required to off- 
set the tax cuts would come 
from, and how exactly they 
would balance the budget after 
spending billions more on 
defence - a feat that the Rea- 
gan administration never mas- 
tered during the 1980s. 

In the absence of any specific 
proposals on spending cuts, the 
markets were left to worry 
about the repercussions of 
Republican policy on the bud- 
get deficit, interest rates and 
the bond market. And none 
was particularly pleasing: if 
Republican actions boosted tbe 
size of the deficit, the govern- 
ment would have to borrow 
more money to finance it. 
which would probably lead to 
higher interest rates. 

It was this kind of thinking 
which prompted share prices 
to retreat from their highs on 


Producer price inflation, 
300 - 

2SO - 


ZOO 


^10-year bond jfckf; % 
— 800 


-700 


- 700 


1.50 


1.00 


0.50 


o — 


- 0-50 



Jan 


Source- DazsHBam 

Wednesday and continue 
retreating on Thursday. 

Traders and investors were 
also troubled by suggestions 
that top Republican congress- 
men might block measures to 
liberalise international trade 
under Gatt (the General Agree- 
ment on Tariffs and Trade): 
and by the likelihood that key 
banking and finawm commit- 
tees now under Republican 
control would widen signifi- 
cantly investigations into the 
Whitewater affair, potentially 
further weakening Clinton’s 
position and undermining 
international investor confi- 
dence in file US. 

Above all. however, the mar- 
kets were unsettled by the 
uncertainty surrounding Tues- 


~CL50 


SLOG 


-550 


*5.00 


day’s political earthquake 
which placed the Senate and 
tbe House of Representatives 
in Republican, hands for the 
first time in more than 40 
years. While ppijUnii pundits 
agreed universally that change 
on this scale was unprece- 
dented in modem US political 
history, no one could explain 
convincingly what exactly it 
would T rw!w T | for the immediate 
future. Would it lead to more 
or less gridlock? A bigger or 
smaller deficit? Higher or 
lower interest rates? A stron- 
ger or weaker economy? 

Amid all the doubts and 
unanswered questions, how- 
ever. Wall Street was able to 
reassure itself with the 
that the mw thing the 


Republicans, did not win con- 
trol of this week was monetary 
policy, which remains fn fife 
politicaUy-independent hftwffo 
of the Fedsal Reserve. \ 

Unfortunately, those hanflq 
are poised to squeere mbfaetary 
policy a litifo tighter next week 
when the Fed’s open market 
committee meets to decide if ft 
needs , to raise interest rates 
again to Tri K h - al fi inflationary 
pressures in the eco n omy. The 
markets are frilly expecting the 
Fed to increase short-term 
rates by . half a percentage 
point, to 4% per cent. Although 
the most recent economic data 
- an <15 par cent^drop in Octo- 
ber producer prices reported 
cm Thursday indicated that 
inflation remained unthreaten- 
ing, the central bank appears 
determined to take every pre- 
cautionary measure necessary. 

This sobering thought was, 
ultimately, behind the -stock 
market’s poor pafonnahce.tUs 
wed. For an the excitement rtf- 
Tuesday’s election results, 
traders and investors know 
that file most powerful ; figure 
in America this week 4s not 
Bob Dote, tiie new Republican 
leader of the Senate, or Newt 
Gingrich, the new Republican ' 
leader iff the House - hut Fed 
chairman Alan Greenspan, 


-Dow Jonam tad A' 

Monday 


Wednesday 
' Thursday 
Friday ■ 


3A08A? +135 ' 
5,830:74 =■ +21.87. 
8331.75- '+1.01 * 
33214JO-.. “S.76 


Black gold from the Atlantic: who benefits? 

Robert Corzine reports on development plans for Foinaven, the UK's first deep-sea field 


Oil 


UK oil: lower prices - higher volumes 


Brant blend price 
(S per barreJj 


G3 production 
(Mffion barrels per day) 
3.0 



s I I I I I I I. 1 1. I. J 

1984 88 88 90 92 94 1984 88 


88 90 92 94* 


A new ’’oil bonanza" 
was how some news- 
papers reported this 
week’s announcement 
that the government had given 
the go-ahead for British Petro- 
leum and partner Shell to 
develop Foinaven, the UK's 
first oilfield in the deep waters 
west of the Shetland islands. 
But will this herald a new Brit- 
ish oil boom? And wbo Is likely 
to benefit? 

Foinaven, named after a 
Scottish mountain, lies in 
1.300ft to 2.000ft of water about 
120 miles west of Shetland. Oil 
companies have long suspected 
the area could have oil but 
interest in the area was limited 
until recently because of the 
high risks and costs of operat- 
ing in the open ocean. 

The risks have been reduced 
by recent advances in seismic 
and production technology. 
And companies, under pres- 
sure from relatively low oil 
prices, have slashed their capi- 
tal and operating costs over 
the past few years by as much 
as 30 per cent. All this has 
made such frontier projects as 
Foinaven more viable. 

A study by 10 companies 
suggests the area, also known 
as the Atlantic Frontier, could 
contain 3.5bn barrels of olL 


Soiree: D SasW n 

Full development of the 11 pos- 
sible fields identified so far 
would cost about £9.5bn 
between 1995 and 2010. 

Government officials say full 
production from the area could 
represent about a third of pres- 
ent North Sea output. That 
would make it a “world class" 
oil province, although well 
short of being a “bonanza" of 
the type experienced when 
North Sea oil was discovered. 

Part of the reason for this is 
an industry perception that 
prices are likely to stay rela- 
tively low for some years. With 
the benchmark Brent Blend 
hovering between 315 to $18 a 


Source: Wood M a clre ate ‘fowc M l 

barrel companies are reluctant 
to start expansive capital 
spending projects with long 
pay-back periods. 

The preference for projects 
with early production and 
equally early cash flows con- 
trasts sharply with the heyday 
of the North Sea when oil 
prices were above $30 a barrel 
and there were forecasts that 
prices in the 1990s could reach 
$100 a barrel or more. 

There wifi, however, be some 
beneficiaries of even a mini- 
boom. These include the dril- 
ling contractors which own the 
30 or so rigs in the world capa- 
ble of operating with safety in 


such deep and turbulent water. 

Then, too, there are the spe- 
cialised pngiryppring companies 
which wiaipp the wiwpiw sub- 
sea wells that sit on the ocean 
floor and are connected by flex- 
ible pipes to production and 
storage ships on the surface. 

The jobs outlook is not quite 
so optimistic. Although some 
new ones may be created in 
the mainly Scottish-based off- 
shore support industry, it is 
more likely that existing jobs 
will be secured. 

As for tiie companies, BP is 
clearly the biggest beneficiary 
so far — ami its risk-taking is 
likely to be rewarded by the 
government in tiie form of new 
exploration licences in the 
area. 

But others which are active 
west trf Shetland include Amer- 
ada Hess, a US concern which 
has expanded rapidly in the 
UK in recent years. Texaco. 
Total, Conoco, Mobil and 
Amoco. 

Will the average Britan see 
any benefits? The government 
says yes. given tiie important 
role played by oil in supporting 
UK industrial production and 
balance of payments. 

Others disagree. Robert 
Mabro, head of the Oxford 
Institute of Energy Studies, 



Foinaven ... another North Sea? 


says tbe government’s view is 
“just crazy”. He claims the 
decision not to charge compa- 
nies a royalty on oil is 
tantamount to giving them a 
national resource without 
charge. 

Mabro adds: “It's as if the 
government handed out build- 
ings rent-free to businesses 
and simply charged th*>m cor- 
poration tax on their profits.” 



Barry Riley 


W elcome to a new 
spot for this col- 
umn, bat the 
issues remain the 
same. Spending is more pleas- 
ant than paying the bills. 
Promises are cheap, delivery 
is costly. Financial markets 
are unpredictable, but if you 
stand back far enough you can 
detect a pattern. 

First, the short view. It has 
been a week for right swings 
in the US. George Foreman’s 
fist struck a blow for the erver- 
40s. And, on Tuesday, the 
right hit back tellingly at Pres- 
ident Bill Clinton, reducing 
the Democratic party to 
minority status in Congress 
and condemning Clinton him- 
self to the role of a prisoner in 
the White House. 

Briefly, the markets cele- 
brated with a traditional rush 
of blood to the head. As a gut 
reaction, markets like conser- 
vative administrations. But 
the enthusiasm soon faded. 
Two years of political stale- 
mate seem like a far from 
inspiring prospect Meanwhile, 
the US electorate remains as 
contradictory as ever. On the 
one h and, there are all the 
complaints about “big govern- 
ment” and excessive taxes: on 
the other, there is little sign of 
acceptance of a parallel case 
for serious public spending 
cuts. 

Recent Republican history is 
scarcely impressive for its 
emphasis on sound finance. 
The Reagan administration, 
after afl, left the US with a 


Old mistakes . . . and new 

In the late 1990s the rich countries face serious debt crises 


heavy extra burden of debt as 
the nation embarked on an 
unprecedented and unbroken 
series of budget deficits. From 
under 20 per cent of GDP in 
the early 1980s, net debt 
reached 30 per cent by the end 
of his presidency in 1989 and 
is now about 40 per 
cent 

While the US government 
has chronically over-spent and 
under-taxed, household 
savings have dwindled from 
an inadequate 9 per cent of 
disposable income to a mini- 
mal 4 per cent now. 

In the UK, the political 
trends are scarcely more 
encouraging. The usual propa- 
ganda has been emerging from 
Whitehall about public spend- 
ing cuts, but much of this rep- 
resents the impact of unex- 
pectedly low inflation. The 
government has only itself to 
blame for its painful struggle 
to balance the books: it won 
the last election, in 1992, 
partly by cynically stoking up 
public spending (mainly by 
raising pay rates) and partly 
by promising low taxes. Soon 
after the poll a clamp was 
placed on public sector pay 
and taxes were reused. But it 
is a trick that cannot be palled 
twice. 

The financial consequences 
are clear in the Bank of 
England's annual exercise of 
calculating the national debt. 
In the year to March, this 
jumped by almost £60bn to 
£307bn. Every new-born babe 
inherits a £5,400 share. Fortu- 


nately, the burden is by no 
means unbearably high by 
past standards, or in compari- 
son with other countries such 
as Canada, Sweden, Belgium 
or Italy. 

Nevertheless, the UK gov- 
ernment's net debt in 1993-94 
jumped by the equivalent of 

Over-spending 
governments 
are raiding 
the world's 
dwindling 
savings 

5.4 per cent Of GDP, making 
Bill Clinton look like a fastidi- 
ous housekeeper. 

The deficit not only showed 
how far the UK was living 
beyond its means but also 
gave a warning of how rapidly 
a deterioration can occur. His- 
torically. the damage has been 
done only by wars but, today, 
the public spending machine 
of a modem welfare state can 
run out of control swiftly in 
peacetime. 

With hick and good manage- 
ment, though, the further rise 
in debt in the present finan- 
cial year will be little more 
than 3 per cent This is from 
a level of 38 per cent of GDP 
on the basis of net 
debt. 

And although the Maas- 
tricht-style gross debt formula 


gives a figure of 48 per cent, 
the UK is, ironically, still 
much better placed in relation 
to the 60 per cent ceiling for 
monetary union candidates 
than are most of the other EU 
member states. But the Maas- 
tricht rules will, of course, be 
bent 

In the 1980s, we were trou- 
bled by financial crises In poor 
countries. For years, we used 
to worry about when and how 
Mexico would default Most of 
such countries have been 
allowed duly to renege on the 
bulk of their debts and are 
now at various stages of a 
third world economic boom. 
Capital is flooding in a gain 
from the west, although 
through the securities mar- 
kets rather than tbe banks 
this time. 

The feature of the late 1990s. 
however, could well be finan- 
cial crises in rich countries. 
Their citizens have voted for 
expensive social benefits but 
are not willing to pay higher 
taxas. They are also keen to 
import cheap goods from 
developing countries made by 
workers whose social security 
benefits are minimal to non- 
existent. You don't have to be 
Sir James Goldsmith to appre- 
ciate that there might be a 
contradiction here. 

Several economic and social 
trends pose a long-run chal- 
lenge to public finance. The 
private economy is shrinking 
in relative terms, the public 
economy Is expanding. Essen- 
tials such as food, clothing 


and manufactured goods, 
which used to loom promi- 
nently in personal budgets 
and in the economy at large, 
have become much chea per m 
relative terms because of vast 
increases in productivity. But 
education, health and (for 
demographic reasons) care of 
the elderly are becoming 
much more important and are 
all highly labour-intensive. 
Unlike training shoes, they 
cannot be imported cheaply 
from the Far East 

The particular problem Is 
that in many western coun- 
tries these services are pro- 
vided mostly by the state. 
Either they must be privatised 
or taxes must rise and rise; 
but the risk of a transitional 
crisis of over-indebtedness is 
obvious. 

As for the long view, it is 
that governments learn from 
past mistakes but manage to 
discover new ones. In the 
1930s, for Instance, monetary 
contraction and a trade war 
were allowed to cause an eco- 
nomic slump. By the 1970s, too 
much monetary expansion led 
to inflation. In the 1990s, the' 
monetary statistics around the 
developed world look almost 
perfect - neither soaring nor 
slumping - but over-spending 
governments have opened up 
the global capital market and 
are raiding the world’s dwind- 
ling savings. 

With Congress and Clinton 
competing to cut US tares, it 
looks as flinng h the limits of 
this strategy may be tested. 




FINANCIAL TIMES WEEKEND NOVEMBER 1 2/NOVEMBER 1 3 J 994 


11 






* Jcnc * *** Ah^ 




* 





★ 

WORLD STOCK MARKETS 


AMERICA 

Bond futures decline pulls Dow lower 


Wail Street 


US share prices dropped u 
moderate trading yestento 
gwnung following declines ii 
ftitures prices, writes List 
Bransten in New York. 

r j 1 Li.P m * the Dow Jonei 
industrial Average was dowi 
26.24 at 3795.75. The Stan 
dard& Poor’s 500 declined 2.71 
at 481.57, while the Axnericai 
Stock Exchange composite 
shed L62 to 44757 and the Nas 
daq composite dropped 255 tc 
761-53. Volume on the NYSE 
came to 136m shares. 

Volume was light, partis 
because the bond market was 
closed for the Veterans Daj 
holiday, but a decline in the 
December bond future contract 
pulled down shar e prices. 

Also holding down volume 


was skittishness in advance of 
nest Tuesday's meeting of the 
Federal Reserve’s open market 
committee meeting at which 
the Fed is expected to boost its 
target interest rate by at least 
50 basis points. 

Shares in major cyclical 
stocks declined with the mar- 
ket Caterpillar fell $% at $57Vi, 
and Dow Chemical lost $1% at 
$67%. 

Biotech stocks surged on 
news that a major pharmaceu- 
tical company was in discus- 
sions to purchase a “substan- 
tial minority equity 
investment" in the biotech 
group, Chiron. Chiron, which 
is traded on the Nasdaq, rock- 
eted $19 to $78%, Genentech 
was up $1 at $47%. Amgen $% 
at $57, Cellpro $% at $15% and 
Biogen. $'/. at $39. 

Several of the major DS tech- 


nology stocks were stronger: 
IBM by $% at $72%. Digital 
Equipment $% at $30% and Dig- 
ital Equipment $% at $30%. 

PepsiCo gained $1% at $36% 
after several analysts upgraded 
the shares, based on a manage- 
ment change in the company's 
restaurant division. 

Shares of Telefonos de 
Mexico, which lost $4% on 
Thursday following news tha t, 
it would face direct competi- 
tion from AT&T, regained 
some lost territory after a 
James Capel analyst rated the 
shares a “buy” and said it 
could handle the competition. 
By midday Telmex ADRs were 
up $1% at $52%. 

Canada 


Interest rate nerves took Cana- 
dian equities lower in 


extremely thin midday deal- 
ings, the TSE 300 composite 
index trading 559 lower at 
4,17350 in subdued volume of 
13.41m shares. 

Newbridge Networks rose 
C$1 % to C$43% in heavy deal- 
ings on continued positive sen- 
timent sparked by the compa- 
ny's deal with 
Hewlett-Packard. Actives were 
topped by International Veri- 
fact, up C$0.06 at C$0.76 in vol- 
ume of 612500 shares. 


Mexico 


Mexican equities were slightly 
higher at midday as Telmex, 
the teleco mmunications group, 
recovered from its two-day fall 
of more than 9 per cent, writes 
Ted Bardocke in Mexico City. 

The IPC index was up 36-52 
or 15 per cent, at 2,52834 in 


volume of 34.7m shares, with 
Telmex accounting for just 
over two-thirds of all trades. 

Telmex L shares were up 1.6 
per cent and the A shares up 
0.67 per cent. Analysts said 
that some investors saw the 
fall in Telmex as having been 
overdone. The sell -off occurred 
following warnings from most 
major New York brokers who 
downgraded the stock on news 
that the group had lost out on 
its bid to reach an agreement 
with AT&T to offer long dis- 
tance telephone services. Bro- 
kers also commented that 
there was strong buying of Tel- 
mex by domestic investors who 
were generally more bullish 
about its short-term earnings, 
as well as the company’s pros- 
pects when Mexico's telecom- 
munications market is opened 
to competition in 1997. 


EUROPE 

Bourses quiet ahead of FOMC meeting 


FT-SE Actuaries Share Indices;. 


Nov 11 THE EUROPEAN SERIES 

Hnity cnang<c Opm 1030 1TJ0 1200 1X00 1400 15-00 Cane 

FT-SE BmOadt Iflfl 1344X3 1342X1 134159 134354 134X23 134359 134245 1341.71 

FT-SE EatfracKMO Wga 14Q252 140X24 140257 1401-36 140003 1398.74 1398.52 

Hnv 10 to 9 Hat 8 Wor 7 Mow 4 

FT-SE Emtnck 100 134552 1346.14 132459 132256 1333.72 

FT-SE Emtrack 200 14065a 1408-38 138462 138859 1396.55 

fe*a ion ptnoflok too - tana aoo - Mauiiart* too • i3*i.is an - rasa t fww 


Bourses seemed studiously 
intent on avoiding much 
change in index levels with 
Washington's Federal Open 
Market Committee meeting, 
and the decision on US interest 
rates coming up next Tuesday. 
writes Our Markets Staff. Paris 
and Brussels were closed for 
Armistice Day. and Warsaw for 
Nation al Day. 

FRANKFURT, once again, 
had little to cheer about. 
Thursday afternoon’s rise on 
short covering was set aside as 
the Dax index fell 4.05 to 
2,078.35 on the session, against 
the previous post-bourse close 
of 2,098.04. Turnover fell hmn 
DMS.Tbn to DM5bn. The key 
index slipped further after 
hours to end at 2,073.67. For 
the second week in succession, 
it was only fractionally higher 
over five days. 

Over 24 hours, the main 
weakness was in cyclicals and 
the relative strength in one or 
two banks and defensive 
stocks.. In chemicals, Bayer 
and Hoechst lost DM4.50 to 
DM344.50 and DM5.40 to 
DM325.60 respectively; in auto- 
motive stocks Daimler fell 
DM12.20 to DM766 and Conti- 
nental, the tyremaker, by DM4 
to DM219-. 

Weakness in engineers coin- 
cided with the statement from 
tire metal employers associa- 


tion , Gesamtmetall, that some 
40 per cent of Its companies 
were still waking losses in the 
current year against 45 per 
cent last year. Mannesmann 
dropped DM8 to DM39&50. and 
Tbyssen by DM5.80 to 
DM288.20. 

Dealers noted buyers for 
Commerzbank, the only Dax 
constituent which closed 
higher after hours, with a rise 
of DM1.80 to DM322.80- Dresd- 
ner Bank slipped DM7.50 to 
DM407 on a television report 
which alleged, against vigor- 
ous denials from the hank that 
Dresdner advised its clients to 
invest their capital in Luxem- 
bourg, avoiding German taxes 
in the process. 

AMSTERDAM declined on 
broadly-based selling, partly 
engendered by Unilever's third 
quarter results which came in 
at the lower end of most ana- 
lysts' expectations. The AEX 
index was trimmed- by 3.05 to 


407.69, leaving it off 0.7 per 
emit on the week. 

The multinational consumer 
goods group saw its shares slip 
FI 1.20 to fl 199.70 after report- 
ing a rise in third quarter net 
profit of 9 pm- cent to FI IJSbn, 
against a market consensus of 
about FI 1.3bn. 

The negative tone here 
spilled over into other heavy- 
weight blue chips, with Royal 
Dutch, for example, down 
FI 1.00 to FI 138.00 and Philips 
falling by the same amount to 
FI 52.50 on sustained US sell- 
ing. Klein wort Benson issued a 
sell note on Royal Dutch after 
the group's slightly disappoint- 
ing third quarter figures ear- 
lier in the week. Tine broker 
said that it preferred Petrofina, 
Repsol and OMV in continental 
Europe. 

ZURICH eased slightly, but 
the 2^4 fall to 2JJ97.8 in the 
SMI index still left it 22 per 
cent higher on the week. 


Mr Frederick Hasslauer at 
Bank Sal Oppenbetm in Zurich 
said that the bourse was still 
enjoying the re-rating of Swiss 
Re, whose move out of direct 
insurance, concentration on 
core businesses and the 
implicit attack on costs had 
lifted the registered shares by 
around 40 per cent since the 
move was announced at the 
end of September. 

Swiss Re rose another SFr28 
to SFriftl yesterday and other 
insurers came along for the 
ride, with Winterthur SFrl5 
higher at SFr685. In pharma- 
ceuticals, the mood was still 
good following the Republican 
victory in the US elections, but 
for Roche certificates, down 
SFrSO at SFr5,810. the celebra- 
tions went into reverse for the 
second day in succession. 

STOCKHOLM endeavoured 
to makp headway, but trading 
was subdued ahead of this Sun- 
day’s vote on whether or not 
the country will join the Euro- 
pean Union, with opinion polls 
suggesting that the result will 
be very close. 

The Aff&rsvkrlden general 
index added 330 to 1.464J0, a 
week's rise of 1.5 per cent. 
Turnover was SKr2.7bn. 

Activity was stimulated by 
Astra's nine-month results 
which exceeded market expec- 
tations. The B shares were 


unchanged at SKrl91. after a 
session high of SKrl94. Salo- 
mon Brothers, in a major 
report on the drug group 
released yesterday, commented 
that Astra benefited, among 
other things, from low expo- 
sure to patent expiry, with no 
major product patents due to 
expire before 1999. 

In contrast Pharmacia Bs 
lost SKr6 to SKrl27 in reaction 
to disappointing results on 
Thursday, and subsequent bro- 
kers' downgrades. 

OSLO was helped by a tell in 
domestic interest rates, 
although trading was dulled 
ahead of the Swedish referen- 
dum since the result is likely 
to influence Norway’s own poll 
on EU membership due later 
this month. The All share 
index showed a rise of L4 to 
598.1. 


Written and edited by William 
C ochran e and John PRt 


SOUTH AFRICA 

Gold shares saw moderate 
gains in a quiet trading ses- 
sion. The sector index made 15 
to 2.185, while the overall was 
up 17 at 5366, and industrials 
by 27 at 6,771. De Beers rose 
50 cents to R100, Vaal Reefs 
R5 to R405 and Sasol 65 cents 
to R35.10. 


Signs of recovery fail 
to lift Italian equities 

But there is room for optimism, writes Andrew Hill 


T he Italian economy is 
growing and fnflarirm is 
relatively low; indus- 
trial companies have shown, in 
half-year figures, the first dear 
signs of recovery, with export- 
ers leading the way. the priva- 
tisation programme appears to 
be back an track; arid, in the 
last three weeks, two of Italy's 
biggest hanks have announced 
their intention to mount 
L2,000bn bids for control of 
quoted competitors. 

Yet the Comit index of lead- 
ing Italian equities still stands 
at about the same level as at 
the beginning of the year, dos- 
ing yesterday at 641. Those 
analysts who forecast that the 
index would top 900 within a 
year of the March general elec- 
tion seem unlikely to be vindi- 
cated. 

“The market is getting to a 
level where it is cheap enough 
to justify buying on fiinriainpn . 
talk" says Mr Andrea Ruggeri 
of Goldman Sachs in London. 
“On the other hand , as far as 
political and fiscal develop- 
ments are concerned I do not 
see the light at the end of the 
tunnel yet” 

One problem is that nobody 
knows how long the tunnel is. 
In s umm er, with equity prices 
still sliding from their mid-May 
peak, investors pinned their 
hopes on a rapid coalition 
agreement on the vital 1995 
budget. Ministers were slow in 
agreeing, but the final plan 
was stricter than most outside 
observers had expected. 

Now, however, the focus is 
on the government’s ability to 
push the plan through parlia- 
ment, which it must do before 
January L This is no easy mat- 
ter, given the underlying level 
of dimtpnt Trade union federa- 
tions are predicting that more 
than a milli on workers will 
join them in Rome today for a 
demonstration against the bud- 
get, following weeks of indus- 
trial action which has reached 
its worst level since the 1960s. 

Such considerations seem 
likely to keep the lid on equity 
prices for the foreseeable 
future, aided by the reluctance 
of Italian mutual funds, them- 
selves short of new clients, to 
invest their reserves of cash in 
the short term. But, as the low 
volumes of the last few months 


indicate, longer term investors, 
notably non-Italians, are also 
hanging back. “The main 
worry for foreigners is not 
Italy as such - it's the rest of 
world bond and equity mar- 
kets,” says Ms Francesca Lolli, 
head of research at Finantiaria 
Indosuez in Milan. 

Real interest rates are partic- 
ularly high in Italy, deterring 
investors from returning to 
equities, in spite of the under- 
lying performance of the com- 
panies themselves. With confi- 
dence so fragile, it has proved 


Italy 



easy for unscrupulous inves- 
tors to set rumours running in 
bond, money and equity mar- 
kets, usually based on the pos- 
sibility that anti-corruption 
magistrates are about to put 
Mr Silvio Berlusconi, Italy's 
prime minister, under investi- 
gation. 

Nervous and frustrated Ital- 
ian ministers have taken to 
accusing the City of London of 
conspiring to undermine the 
Italian currency and economy. 

However, Italy has stiR been 
one of the best performing 
markets in Europe this year, 
and there are at least three 
reasons for optimism about its 
performance in the next nine 
months, assuming the political 
cloud lifts a little. 

• Bank Bids. Shares in Italy's 
quoted banks have performed 
particularly badly this year. 
Hit by the overhang of bad 
loans from the recession and 
the underperformance of bond 
portfolios, the value of banking 
stock has fallen by 11.5 per 
cent since January. The recent 
offers outlined by two priva- 


tised banks - Banca Commer- 
dale Italians (BCD for a major- 
ity stake in Banco Ambrosiano 
Veneto (Ambroveneto), and 
Credito Italiano for a majority 
of Credito Romagnolo (Rolo) - 
have stimulated interest in the 
sector, and raised the possibil- 
ity that other takeovers could 
follow, even if the plans 
already announced founder. 

In addition, the whole bank- 
ing sector could be due for a 
more solid recovery in the first 
half of next year if bond trad- 
ing picks up and as the quality 
of loan portfolios improves. 
Insurers could also benefit 
from cutbacks to the state pen- 
sion system and proposed new 
legislation encouraging private 
retirement provision. 

• Privatisation- The new gov- 
ernment muddied the waters 
on privatisation policy soon 
after fairing office, when minis- 
ters issued a series of conflict- 
ing statements about the speed 
and priorities of the pro- 
gramme. 

Now, however, the timetable 
seems dearer. Yesterday, min- 
isters outlined their proposals 
for the privatisation of Enel, 
the state electricity company, 
promising to begin the sale of 
shares by the middle of next 
year. That should inject new 
liquidity into the stock market, 
particularly as Enel is not yet 
quoted. The first six months of 
1995 should also see the sale of 
the treasury's outstanding 
stakes in Ina, the insurer, and 
IML the banking and financial 
services group, and of holdings 
in Stet. the telecommunica- 
tions holding company, and 
part of Eni, the energy and 
chemicals conglomerate. 

• Futures. The stock 
ftrrhangp will finally launch a 
futures contract on the 
revamped MTB 30 index of the 
biggest Italian stocks in the 
week be ginning November 28. 
Analysts expect this to 
improve the liquidity of the 
underlying market. However, 
they point out that hig inves- 
tors will only be satisfied fully 
with the innovation once the 
borsa develops an efficient 
stock lending system and intro- 
duces full cadi settlement on 
all shares, improvements 
which could be put in place 
next year. 


ASIA PACIFIC 


LONDON EQUITIES 


Nikkei breaks four day losing streak 


Tokyo ' 

A late recovery on Japanese 
institutional investment buy- 
ing allowed equities to break a 
four-day losing streak, but the 
gain was a token one, writes 
Our Markets Staff. 

The Nikkei 225 index rose 
19.51 to 19,284.86, 2.7 per cent 
lower on the week, and only a 
fraction off its high, of i9,288J> 
for the day. Earlier, bearish 
foreign and individual inves- 
tors had taken it to a morning 
low of 19,132.23. 

Volume was estimated at 
380m shares, up from 292.9m; 
the rise was partly due to a 
special quotation to settle 
prices for November option 
contracts. 

Declines outnumbered 
advances by 582 to 417 with 172 
unchanged. 

The Nikkei 300 rose 0.10 to 
278.50, and the Topix index of 
all first section issues fell 236 
to 1,517.67. In London, the ISE/ 
Nikkei 50 index rose 0.13 to 
124&35. 

Foreign selling was triggered 
partly by growing anxiety 
about the lack of domestic 
interest in Japanese shares; in 


contrast, said a dealer. Individ- 
uals had been sellers for weeks 
on disappointment over the 
weakness of privatisation 
stocks, and the newly-listed 
Japan Tobacco in particular. 

Sectors moved both ways. 
The weakest was shipping, 
whfch fell Ii per cent, while 
foodstuffs and airlines were 
also emphatically lower, mean- 
while, the mining, miscella- 
neous manufacturing and 
warehouse sectors were decid- 
edly higher. 

The mining sector was the 
day’s strongest and ended L6 
per cent ahead. 

Among individual issues, 
steels were the day’s most 
heavily traded, and ended 
mixed. Fortunes were mixed 
elsewhere, too. The market 
leader, NTT, jumped Y 14,000 to 
Y865.000 but Japan Tobacco, 
listed at the end of last month, 
fell another Y5.000 to Y962.000, 
down 33 per cent from its ini- 
tial sales price of Y1.438m. 

Roundup 


The region was generally pre- 
occupied with next Tuesday's 
FOMC meeting in the US. 
SYDNEY closed at a 14- 


month low on weakness in the 
resources sector. The All Ordi- 
naries index fell 19.3 to 1,932.0, 
off 2.3 per cent this week. 
Turnover was A$670m- 

BHP fell 24 cents to AS19.46 
after announcing a $400m 
USsteel mill joint venture, and 
News Corp lost 14 cents to 
A$5.56 on reports that it 
planned to form a pay televi- 
sion joint venture with the 
telecommunications carrier, 
Telstra, in Australia for launch 
early next year. 

HONG KONG retreated in 
the absence of any major buy- 
ing from overseas investors. 
The Hang Seng index lost 22L91 
to 9,367.85. for a week's fall of 
L7 per cent 

Turnover rose to HKS2-5bn 
from Thursday’s HK$1.7bn, 
mainly as a result of buying 
interest in Shanghai Ha ir ing 
Shipping, a newly listed H 
share. 

The company, which ships 
coal and crude oil along Chi- 
na's eastern seaboard, ended at 
HE3L65, up 19 cents from its 
issue price. 

SEOUL continued to consoli- 
date in weak trading. The com- 
posite index slipped 4.30 to 
1 .12157, barely changed on the 


week. Turnover was 
Won990.12bn, compared Thurs- 
day’s Wonl.OlObn. 

Trading companies and con- 
tractors declined on news that 
North Korea had rejected 
Seoul's proposal for bilateral 
economic cooperation. 

TAIPEI was Jed higher by 
the financial sector, although 
late profit-taking in industrials 
eroded some of the earlier 
gains. The weighted index 
improved 38.00 to 6,482.68, off 
an intra-day high of 6,52133, 
for a week's rise of 1.7 per cent. 
Turnover was light at 
T$41.6bn. 

MANILA'S composite index 
fell 41.60 to 2.926.61. off 5.4 per 
cent on a week affected by 
strength in the peso against 
the dollar, with companies 
whose earnings are tied to dol- 
lar movements particularly 
vulnerable: PLDT, for instance, 
lost 15 pesos to 1,305 pesos and 
Philippine National Bank 250 
pesos to 330 pesos. 

JAKARTA concentrated on 
the debut of pharmaceutical 
company Darya Varia which 
closed with a 17 per cent pre- 
mium at RpT^SO. 

The official index slipped 053 
to 51358. 


ft-actuaries world indices 


Joktiy wmpfled by The FHancte VmniaL. 
NATIONAL AND 

AEQUNAL MARKETS — — — “ 

FBuw *» parenmewa US Qb£b 

show ramber of &*»- Do tar Chans* 

of stock 


Gofcjrrra, Sachs & Co. and NatWaet Securities Lid. in conjunction with me Institute o< Actuaries ana the Faculty of Actuaries 


Index 




THURSDAY NOVEMBER 10 188* 

Pound Local Local Gross 

Sterling Yen DM Cimsncy % chg Otv. 
Index Index Index index on day meld 


WSMESDAV NOVEMBER 9 1994 DOLLAR INDEX 

US Pouid Local Year 

Qatar Staring Yen DM Currency 52 wee* 52 week ago 

Inctex Index tedex Index Index Ugh Low (approx) 


AusoaGa (581- 

AuaWatlGJ. 


BeiskxnpS) 

Bra* (2$. 

Canada (103). 

" Denmark p3). 
Rntend (24)- — 

France (101) 

Germany £8) — 

Hong KOng (56). 

Ma nd(l4) 

Italy (B8J. 


Japan (489)— 
Malaysia (97). 
MuxfcQPQ- 


__ 168.70 

180.79 

__.168.01 

__18B50 

131.78 

.....245.54 
.183.69 
.1 71JJ0 
.143.44 
-381.19 
.20553 

78.33 

.15558 

J0&40 


-2O3S.09 


Nethorfend (18J._ 
Naw Zealand (14) 
Norway P3) 


.21557 

76.19 

..1S&TS 


Singapore (44-- "££5 

South Africa (53) 

Spa* (3^ 

■•*—***— — ;JSS 


TltaBand f<6) — — : — 

Unfed Kingdom (204) 

iiausia - 


-as 

-i.i 

-0.4 

1.9 

-0.7 

05 

07 

- 0.1 

-as 

-ai 
-os 
■ IS 
- 1.1 
-1.9 
-05 
-09 
03 
-IS 
-to 
-1.3 
0,7 
03 
- 0.1 
-15 
-03 
-02 


15738 

16757 

15000 

174.85 

12034 

228.00 

17085 

158.78 

133.19 

363.96 

19084 

7222 

144.46 

47022 

169059 

20028 

7076 

182.16 

36528 

31124 

13129 

21752 

153.84 

160-76 

18721 

17650 


106.17 

11254 

104.12 

11070 

61.65 

182.17 
12003 
10597 


23023 

127.37 

4067 

9042 

31083 

126141 

183.68 

4722 

121.56 

244.19 

207.72 

87.69 

14037 

10067 

10729 

12441 

117.67 


135.41 

14428 

134.06 

15025 

109.13 
19593 
15455 
13544 

114.45 
304.16 
164.00 

6256 

124.14 
40458 

162453 

172.09 

8080 

10554 

.314.41 

267.45 
11290 
187.18 
13020 
13514 
16070 
15150 


149.85 

14424 

13083 


12056 

20043 

19018 

14159 

114.45 

37823 

184.Q2 

8220 

9542 

49053 

rasas* 

16043 

65.14 

17589 

267.19 

299.72 

13581 

264.14 

132.14 
167.78 
167.01 
18087 


-07 

-0.7 

0.0 

26 

-03 

06 

03 

02 

-09 

- 0.1 

-03 

1.4 

-OB 

- 1.8 

-62 

-05 

05 

-08 

-07 

- 0.1 

0.7 

-02 

04 
- 1.8 

02 

-02 


3.75 

1.11 

422 

071 

283 

148 

0.74 

507 

121 

3.16 

342 

1.70 

080 

ire 

7 . 34 
341 
4.46 
ire 
ire 

2.14 

426 

1.57 

1.84 

ire 

429 

2.88 


17124 

18228 

168.67 

184.71 

13265 

24429 

19237 

17120 

144.81 

38128 

20746 

77.50 

157-32 

51519 

215X31 

217.65 

7598 

19578 

397.92 

33050 

14058 

23342 

185.79 

175«U 

201.95 

19022 


15532 

16958 

155.94 

17077 

1Z264 

29594 

177.88 

1S828 

133.89 
352.59 
191.81 

71.65 

14545 

47725 

1SS2.66 

20123 

7022 

183.77 

367.90 
31588 

12927 

218.18 

15328 

163.13 

18571 

175.B7 


10525 
11204 
10428 
114.16 
82 00 
15107 
118.91 

105.82 

rare 

23574 

12824 

47.B0 

9724 

31928 

133228 

13454 

4595 

122.87 

245.98 

2Q9.86 

86.90 

144.53 

10248 

10927 

124.83 
11728 


13621 

14546 

134.17 

148.82 
105.51 
19420 
15322 
13517 
115.19 
303.35 
166.02 

61.64 

125.14 

410.60 

1714.39 

173.13 

60.42 

1SB.11 

31553 

27025 

111.82 
18529 
13127 
14035 
16084 
15121 


150.72 

145.37 

130.94 

282.19 
129.83 
199 JO 
189.51 
14124 

115.19 
378.40 
185.45 

90.96 
9724 
508.74 
3074.57 
17029 
64.78 
180 34 
268.14 
300.16 
135.81 
254.62 
131.87 
170.89 
18571 
19022 


189.15 

108.89 

177.04 

145.31 

275.79 
201.41 

185.37 
150.40 
506.58 
216.60 

97.78 
17010 
821.83 
2647.08 
22330 
77 58 
2t1 74 

401.38 
342.00 

156.79 
242.68 
17556 

214 96 
19504 


149.38 153.13 

167.46 17516 

150.60 150.60 


130.54 

23027 

11585 

1S6J4 

13537 

341.29 

172.05 

5788 
124 54 
430.71 
169528 
187.01 

59.22 
165.52 
394.66 
205 55 
128.88 
175.B3 
14504 


134.85 

239.30 

120.43 

181.47 
13563 

376.81 
17532 

61.12 
144.51 
471.60 
173892 
192.45 
60.14 
175 65 

311.81 
209.06 
13548 
193.73 

147.47 


181.11 185.43 

17895 188.79 


Americas p84). 

Europe (707). 

Horde (110)- 
PaeJflc Bain (7S3). 
EufO-Padlte flSJCH 

North America (6i® — 
Eumpe 0 l UK (503J~- 
Pac21c Be Japan p25)— 
Worid Ex. US f1708) — - 
WOrtd Ex. UK (2010) --- 
World Ek. Japan (1755) - 



164.95 

18059 

20041 

15525 

15524. 

172JS 

14503 

23510 

15503 

16083 

174.77 


11009 

107.18 

13578 

10028 

KVL27 

115.43 


15591 

105.47 

107J4 

11585 


141.75 

13500 

17596 

131.® 

134® 

14832 

122.91 

204.81 

13580 

13521 

15519 


147.01 
151.B2 
20856 

707.01 
124 22 
185.73 
13032 
22559 
12538 
14328 
177.4S 


-52 

0.1 

0.0 

-OS 

-0.4 

-02 

Gil 

-57 

-OS 

-0.4 

-02 


2S0 
are 
1 JO. 
1.14 

ire 

2JJ7 

2.48 

2.85 

ire 

2.10 

2.90 


17516 
17534 
22421 
166.80 
16544 
188.06 
154 34 
25549 
171.47 
17422 
18584 


164.71 

16028 

20754 

15421 

1S&6S 

172JJ? 

142.69 

23599 

15553 

161.07 

174® 


110.13 

107.15 

13596 

10511 

10474 

115.38 

95.40 

15579 

105.99 

107.69 

11573 


141.71 

137.86 

17582 

132® 

134.77 
14547 

122.77 
205.62 
136,39 
13568 
15020 


147® 
151.49 
20550 
107.90 
125.15 
186.08 
130.75 
228.17 
128 96 
14S.88 
177.74 


178.58 

23391 

176.86 

175.14 

192.73 

158.12 

29521 

176.65 

17559 

195.20 


154.79 
173.19 
134 79 
143® 
17S67 
135.94 
232.54 
145.58 
155 96 
176.34 


156.E0 
185.72 
153.10 
15444 
185.44 
138.04 
235 95 
155.36 
163.60 
17541 


_56 163.13 10568 14ai8 147® -54 2J0 17566 163.33 109® 140.52 147.75 180.80 15665 165.53 


Tte World irxtex (227%- 




Sedv and Co. and I 


■t SeeufUBB Urtrad. 1887 


LIFFE EQUITY OPTIONS 




— 

Cafe 

— 

— 

Put* 

— 

Option 


*n 

A W 

Jfe 

Jan 

» 

Ju 

Usd Danes 

530 

47» 

SB 

64* 

5* 

12* 

21 

(*592 | 

600 

15% 

2B* 

a 

26* 

33 

45* 

Aruyfl 

260 

14 

22 

27 

ID* 

16 

21 

r265 ) 

280 

B 

13 

18 

22* 

27 

33 

ASOA 

GO 

B 

8 

9* 

2* 

4* 

5* 

rs3i 

70 

1W 

4 

5* 

8* 

10 

Iff* 

Brt Afewp 

360 

2DVi 

32 . 

38* 

14 

19* 

27 

rM) 

390 

8 

18 

25* 

31* 

36* 

44 

SMB»A 

390 

XZVi 

<1* 

48 

8 

15 

19* 

T415 1 

420 

14H 

25 

32* 

20* 

a* 

34 

Boots 

500 

M 

SB* i 

44* 

13* 

IB* 

a* 

rsi2» 

550 

B 

16 

22 

47* 

SO 

55* 

BP 

390 

33 

41 . 

47* 

5 

11* 

15* 

("414 | 

420 

13W 

23* 

31 

16* 

24 

a* 

BrM Steer 

140 

20H 

25 

a 

1* 

3* 

5H 

1*158 ) 

160 

7 

11 ' 

18* 

8* 

11* 

14 

Bass 

500 

50H 

55 l 

81* 

7 

13 

IB* 

(*S48 1 

550 

16 

28 

35 

29* 

35* 

42* 

CWiVto 

360 

33 

44 

51 

6* 

16 

19 

rw J 

390 

ie 

28 

35* 

21* 

a* 

33 

CotfU*» 

420 

38 

49 

55* 

7* 

12 

19 

T451 1 

480 

14i» 

27 

84* 

a* 

29*. 

38* 

Comm Untn 

543 

24H 

33 

— 

19 

34 

- 

T543 1 

592 

7 

14* 

- 

51* 

87 

- 

H3 

750 

3315 

4B 

58 

a* 

39 

47* 

T754 1 

800 

13 

24*: 

38* 

82 

70* 

77* 

Wngfeher 

460 

77 

40* 

45 

15 

34 

31 

r«fi l 

500 

nw 

23 

27 

38 

46* 

54 

Land Seas' 

GOO 

27 

40* 

47 

11 

18* 

27 

r5'7) 

660 

6Vi 

IS* ' 

28* 

42* 

45 

58* 

Meu 3 S 

390 

20-4 

so*: 

B* 

ID* 

ie ; 

CTM 

rae i 

420 

7% 

16* 

21 

28 

32 : 

IT* 

Harwes 

500 

33 

42! 

Jt* 

12 

a* : 

33* 

rw ] 

550 

11 

79H, 

a* 

40* 

50 i 

82* 

SMObwy 

390 

28 

40*. 

(8* 

8* 

14*: 

21* 

P410 1 

420 

11)5 

24 

31 

22* 

a : 

36* 

She! Trans 

700 

25* 

36 i 

S3* 

16* 

so*; 

35* 

{*703 l 

750 

e 

is*: 

32* 

49 

62* 

66 

StarefmKe 

200 

IB 

22* 

25 

5 

6 

8 

|-2I4 } 

220 

6* 

11* 

15* 

13* 

15 

17* 

TrrtdffK 

BO 

6H 

8* 

10* 

4* 

6* 

7* 

f81 1 

90 

2 

4* 

6* 

11 

12* 

13* 

Urrtew 

ffOO 44H i 

SB* 

77* 

22 

a*: 

50* 

rural 

1150 

21 ■ 

40* 

54 

40* 

57 

77* 

Zeneca 

850 

42 

581 

»* 

21 

36 . 

46* 

rest i 

900 

19* 

84 . 

(8* 

48* 

67 

74* 

Option 


No* 

Fab 1 

m 

fev 

Feb l 

kb]L 

Grand Uet 

390 

19 

20*: 

36* 

i* 

13* 

18 

(-407 l 


2* 

14 

22 

15 

X 

34 

ladtsthf 

140 

17* 

22 

a 

_ 

2* 

6 

("i57 | 

160 

3 

10 

14 

5* 

9* 

15 

UU Btecufe 

300 

IS* 

a 

31 

1 

7* ' 

16* 

rJM ) 

330 

2* 

ii 

15* 

19 

23 

33 

Opan 


Use 

fear 

An 

Dec 

fe«r 

Jun 

Flsons 

120 

"IT 

16* 

19 

5 

9* 

iiiT 

TI23 7 

130 

8* 

12 

14* 

m 

14* 

16* 

Option 


Mew 

Fab 1 

Ifaf 

Way 

Feb 1 


Brt Am 

460 

12 

X • 

16* 

12 

a* 

41 

1-460 » 

500 

1* 

20 : 

30* 

41 

52 

65 

BAT uids 

420 

29 ■ 

42*48* 

K 

6* ' 

19* 

T447 > 

460 

4* 

19* 

a 

15 

a 

40 

818 

300 

7 ' 

IS* 

a 

4 

im ■ 

IB* 

rw2 1 

330 

— 

7 ' 

ii* 

a 

30* 

a 

midaran 

36Q 

28* 

so*; 

36* 

- 

6* 

10 

(-385 ) 

390 

4 

ta ■ 

19* 

8 

20 

24 

CaduySen 

43) 

23 

35 

41 

i 

7* ' 

IS* 

r«4i 1 

460 

<* 

14* a* 

19* 

a 

37 


feaswn B9C aOOIBVr 45 On 13H 43» 56» 
(-807 ) 8% 3 271» 43M 46H 7ZK 84M 

&HMM 460 9 3* 31 4* 12» 23 

r*4) 500 - a M 36 38 47H 

GEC 280 8 13 2014 3 10H 13 

(-283 1 300 — 5 1114 17 23 25 




— 

Cafe 

— 

- 

Pub 

_ 

Option 


Haa 

Ml 


Noe 

Feb 

few 

Hanson 

220 

10 

14* 

18 

1 

7 

11 

(*228 ) 

240 

1 

5* 

9 

12 

15* 

22 

Lbsbw 

134 

12 

- 

- 

- 

- 

- 

(145 ) 

154 

IVi 

— 

- 

9* 

- 

- 

Lucas Inch 

160 

19 

a 

a 

_ 

3% 

7 

(I* > 

200 

4 

12* 

17* 

5 

11 

15 

P* 0 

600 

34 

52 ' 

81* 

1* 

12% 

a 

P630 ) 

660 

5* 

a* 

» 

22 

34 

53% 

fVOogton 

180 

8 

ii 

18 

2 

7 

9 

HM) 

200 

— 

4 

7* 

16 

ZD 

21 

FiufertH 

300 

IB 

27* 

32 

I 

7 

13% 

m? i 

330 

1% 

11 

18 

14 

20% 

29% 

BTZ 

800 

» 

60 

71 

2* 

16% 

32% 

(*831 ) 

850 

8 

31* 

44* 

23 

39 

58% 

terttnd 

460 

12* 

a 

a 

5 

1B% 

31% 

(*465) 

500 

1* 

12 

21 

35 

42 

57% 

Royal tosce 

280 

13* 

a : 

31* 

2* 

11 

17 

(*2» 1 

300 

3* 

16 

22 

12 

21 

27% 

Teas 

240 

8* 

IS*: 

24* 

1* 

7% 

14 

<W) 

260 

1 

9 

14* 

13* 

19 

ZS 

Vodafone 

200 

10* 

17* 

2A 

1* 

a 

11% 

(*208| 

317 

2 

9* 

- 

10 

17 

- 

WVam 

335 

22 

— 

mm 

% 

- 

- 

(-348 ) 

354 

3 

- 

- 

10 

- 

- 

Optkn 


Jan 

AST 

M 


Apr 

■hi 

BM 

475 

3ffh 

41* 

- 

6 

11 

_ 

T499 ) 

500 

18 

Z7 

35 

16 

21 

27% 

wanes no 

460 

43 

55 1 

B1* 

5 

10% 

19% 

(■4S3) 

600 

18 

32: 

38* 

19* 

26% 

38% 

Optkm 


Dac 

liar 

fen 

Dec 

Ur 

Jot 

Abba y IHf 

390 

33 

4 1*- 

14*. 

3* 


12* 

r*ej 

43) 

12 

23* 

a 

1* 

27 

33 

Anwrad 

a 

4* 

5* 

8* 

* 

1 

n 

(-29 1 

30 

1* 

3 

4 

2% 

3% 

4% 

Barmy* 

600 

22* 

40 

a 

14 

31 

40 

root j 

650 

8 

19* 

a 

47*i 

82% i 

89% 

Bkn Ode 

300 

12 

21 

27 

9* 

15 

a 

(*300 ) 

330 

2* 

g 

IS : 

30* 

34 

42 

anwi Gas 

280 

IS* : 

24* 

30 

3* 

6% 

15 

C291 ) 

300 

5* 

13*' 

19% 

12* 

17%: 

25% 

DMjns 

160 

16* 

21 ; 

ZS*: 

36* 

B 

12% 

noi i 

200 

8 

ii • 

18% 

12* 

19 

23 

madam 

160 

17* 

21 

a 

1 

3% 

7% 

(175 1 

IBO 

S 

0 

13 

8 

11% 

17% 

Lay ho 

140 

14* 

18 

23 

2 

6 

8% 

(151 ) 

160 

4 

8* 

14 

11 

17 

IS 

Ban Power 

480 

30* 

45 

57 

6 

14 

22 

(*487 1 

500 

9 

23*: 

36*: 

24% ' 

37% 

♦1% 

Sea Power 

330 

a 

a 

44 

5 

13% 

18 

(*351 J 

360 

it 

19 

a 

17*: 

27% 

33 

tore 

100 

9* 

12* 

14 

1 

3 

5 

no7 ) 

110 

3* 

7 

8* 

5 

7% 

10 

FatB 

220 

16* 

23 

27 

3* 

6% 

12 

<*232 J 

240 

5 

12 

18 

12* 

15%: 

21% 

Tamac 

130 

7 

12*: 

15* 

6 

10 

13 

p»> 

140 

3 

B* 11* 

12% 

18 

19 

Thom 38 

1000 

a. 

is* a* 

16 : 

36% 

45 

runs 

1050 

9* 

a ■ 

48* 

491 

55% 

73 

isa 

220 

13 

18 22* 

4% 

11% 

14* 

C227 ) 

240 

4 

8* 13* 

is*; 

B% 

a 

Tontans 

aw 

19 

23 28* 

i% 

6 

8% 

{■216 ) 

220 

8 

12 17* 

9 

14% 

17% 

wesnrne 

so 

a 

K 72* 

17 

32 

48 

(-865) 

TOO 

14: 

34* 

48 

44 ! 


72% 

Option 


Jan 

few 

Jut 

fen 

Apr 

J d 

Bm 

600 

a 

50 

84 21*: 

38% 

45 

reoB i 

650 

M* 

ZB* O* ! 

30*1 

57%' 

73% 

HSXTSpm 

700 

43 

84 78* 20* 

42 : 

54% 

J-73M 

750 

241 

38* 

S 46*70*1 

K% 

Reuters 

460 

a 

40 48* 

i3 : 

22%: 

27* 

T472 1 

500 

a 

22 

a : 

35% 

44 

49 

Option 


*w 

Feb 

■w 

Hot 

Feb 

May 

MbfinyCB 

180 

IB* 

a 

27 

- 

3 

6% 

n») 

in 

4 ' 

11*15* 

4* 

10% 

15 


' Undertone scutty pnea PiwnMre are 
based cn wUemert gricee. 

NCHrernbW 11 .Tow COnBxCts; 30,747 CalK 

wres fw* 'Mss 


FT GOLD MINES INDEX 



■o* %cbg 
10 m 6a) 

Noe Hoe Year 

9 8 180 

Us? 

52 aesfc 

Mgb Low 

Sold kfexs late (34) 

2394.40 -02 

BBS 211X88 20S5J1 

267 

2367 AO 178262 

■ Ratfonal 1 offices 

AIrtcanBJ 

337BJS1 -1 A 

343S.73 344313 27663 

469 

3711-87 230* AS 

AuSntasa (7j 

2733.26 -MX5 

Z718JI5 2849JH 2262.72 

1.83 

301389 217186 

taHi Amsnca (111 

1618.22 +03 

181X48 1638.17 1623.12 

083 

203985 140X11 


Copy**#. The Rwenl Unwe UwdiW 

n tvackeo anew nurta o ( comp«ye» Basil US Man. Ben Values: lOOOOO 31/12S2- 
Pnaeceeaor Odd Mnea ind^: No* 11: 2561 , day's wangec -1A fxantn; Yesagac Mitwal 
Latest pncee owe irm eHtHm tr* Site aOCOn. 


RISES AND FALLS 



Rises 

On Friday . 
Fab 

Same 

C 

Rises 

m Hie week 
Fab 

Same 

British Funds 

0 

63 

8 

135 

168 

52 

Other Fbced Merest 

0 

1 

13 

11 

3 

56 

Mineral Extraction 

22 

91 

83 

219 

348 

413 

General Manufecuws 

111 

130 

390 

587 

609 

1,975 

Consuror Goods 

23 

52 

112 

161 

219 

535 

Services 

57 

98 

339 

394 

442 

1338 

UtSItes 

12 

22 

10 

58 

116 

46 

Financials 

44 

125 

195 

345 

515 

960 

Investment Trusts 

30 

125 

31Q 

343 

470 

1,512 

Others 

32 

48 

34 

180 

225 

162 

Totals 

331 

755 

1,494 

2/453 

3.115 

7,348 


Data b ase d on bxse compaxai feted on fee London Sham Samoa. 


TRADITIONAL OPTIONS 

Rrst Dealings November 7 Expiry February B 

Last Deehngs November 18 Settlement Fobruaty 23 

Calls: Auto Sec Rut. Btdars Ref, CUP Lola, Capita, Conrad, Rextech, Ktariek, 
Magnum Power, Mid-States, tfirenet, Regent Corp. TuBow 04, utd Qisrgy, Waver- 
ley Mng. Puts: linnet, Utd Energy, Wmerioy Mng. Puts & Cats: HSBC. 


LONDON RECENT ISSUES: EQUITIES 

baua Amt Md. Close 


price paid 

P up 

cap 

Pm) 

1994 

High Low Stock 

Price 

D 

•W- 

Net 

dw. 

Div. 

COT. 

Gm 

S« 

P/E 

net 

- 

FjP. 

082 


4 APIA mnta. 

6 


_ 

. 

ra 

. 

- 

FJ>. 

17.4 

88 

70 Abtrurt LaOn Am 

87 

-1 

- 

- 


- 

_ 

FJP. 

2.18 

63 

54 Do Wanants 

54 

-1 

- 

- 

- 

- 

- 

F.P. 

112 

167 

180 jiAdare Pmtg 

186 


026% 

8.1 

1-4 

10J 

100 

FP. 

178.0 

93 

85*2 BZW Commodfes 

88 

-1 

- 

- 

- 

- 

- 

FP. 

160 

47 

99 Do. Wits 

40 

-1 

— 

- 

- 

- 

- 

FP. 

47.4 

92 

65 jCffiuna 

88 

42 

- 

- 

- 

- 

280 

F.P. 

303 

287 

280 OruKfxB China 

285 


more 

22 

4.3 

130 

63 

F.P. 

1X1 

68 

65 Enmmbr 

66 


HN0L71 

53 

1.4 

82 

- 

FP. 

62.1 

155 

108 RBroric Ctak 

146 

-2 

RN0.75 

2.6 

0* 

498 

115 

FP. 

35.4 

126 

114 Games Mtafcahop 

114 

-1 

RN48 

22 

5.0 

10.8 

- 

F.P. 

1.91 

35 

23 GroLp Dv Cap Wte 

23 


- 

- 

•n 

- 

- 

FP. 

2841 

62 

56 Hwrtxoa Sm Asian 

56 


- 

- 

- 

- 

- 

FP. 

2.70 

30 

27 Do Warrants 

27 


- 

- 

- 

. 

- 

FP. 

29.7 

99 

90 INVESCO Korea C 

99 

♦1 

- 

- 

ae 

- 

180 

FP. 

160.0 

223 

205 Irttfe Permanent 

218 

-1 

uNB-0 

2-9 

53 

7.6 

- 

FP. 

50.7 

493 

475 PieGfc Inc A/L 

48B 


- 

_ 

- 

- 

135 

FP. 

583 

149 

136 Saretsatr 

145 


RN3JJ 

13 


233 

115 

FP. 

Z1BJO 

125 

11 7 TGL 

123 

-1 

WU3S 

2JD 

as 

17.7 

170 

FP. 

204 

173 

168 Tate-Cine Cel 

170 


RN5.44 

22 

4-0 

113 

- 

F.P. 

SOI 

62 

57 WhflChunfe 

60 


RN135 

3-0 


123 


RIGHTS OFFERS 


Issue 

price 

P 

Amom 

pted 

UP 

Latest 

Rerun. 

dale 

1994 

Low 

Stock 

Closing +or- 
price 

P 

20 

re 

902 

4*2 pm 

1pm 

BtSera 

1pm 

310 

N3 

20712 

41pm 

25pm 

Kenwood Appl 

2Bpm -1 

27 

NS 

28711 

3hpm 

24 pm 

Martm Inti 

3pm 

SCO 

re 

12712 

50pm 

18pm 

Matthew Cfefe 

Iflpm 

26 

re 

22711 

Wi 

Sp " 1 

Novo 

l«pm 

5 

re 

15711 

2*2 pm 

htei 

■J'Uraon Square 

l2pm 


FINANCIAL TIMES EQUITY INDICES 



Nov 11 NOT 10 

NOT 9 

Nov a 

Nov 7 

Yr ago 

■Mgh 

-Lour 

Ordinary Share 

23656 2384.1 

23766 

2348.5 

23462 

2343.7 

27136 

2240.6 

Ord. dh». yfaftl 

437 *34 

435 

4.40 

4.40 

3-96 

•LSI 

3.43 

Earn. ytd. 96 lufl 

6.34 El29 

631 

639 

632 

462 

051 

3.82 

P/E ratio net 

1 are 1 & 3 B 

1861 

16.10 

1623 

27.13 

33.43 

16.94 

P/E ratio nl 

17.78 1763 

1766 

17.65 

17.78 

25.16 

mao 

17.09 

Tor 1994 . OrOhary Shore index Btnc* compUnc hgh 271X8 20 2/94; Mr 484 21UBH0 
FT Onflnary ETm Mn 0 bob date 1/7/35. tOaneeted values. 



Ordinary Sham hourty cha n g e s 

open ago lore ure ifcao 1500 i4no 1500 1500 High low 
2375.6 23651 23757 2372.4 2373.7 23695 2365.6 2364.0 2364.3 2375.6 23656 



Nov 11 

Nov 10 

Nov 9 

Not B 

Nov 7 

Yr ago 

SEAQ bargains 

23287 

24.490 

26.796 

2SUI75 

21,785 

32.710 

EqUty turnover (Emit 

- 

11392 

1576.7 

1072.1 

1063.7 

13002 

EqUty bargainst 

- 

29.443 

29.198 

24,813 

24522 

37,680 

Shares traded (n4t 

- 

5215 

613.1 

5575 

398,8 

632.1 

TEKtutfeg Mo-mhat butems and onereatt tumwar. 





A Prime Site for your 
Commercial Property Advertising 

Advertise your property to approximately 
1 million FT readers in 160 countries. 

For details: 

Call Emma Mullaly on +44 71 873 3574 
or Fax: +44 71 873 3098 


i 



/ 

f 

t 






FINANCIAL 


TIMES WEEKEND NOVEMBER 1Z/NOVEMBER.. 13 199A 


WORLD STOCK MARKETS 


NORTH AMBIICA 

UWTHI STATES (NOY 11 JUSS} 


7^3 

38fc 

ATBT 54 

AfibOL 32 

AcmeCl ll%al 
flannac 34% 


AJrPrC 46% 

s& 

5EK 

AteOS 57% 
«nM ie% 

s ^ 

33% 

Atarax Z7% 

SESa 81 ^ 

AndoBi to% 
AndaNf 47% 
Amenta 33%d 


-% 17% 12% 39 20J5 

-% 78% 57*. 232U g™ 

Z 66% Sfe ■CT 3x1 fgg " 

3SSggt2,£i^ 

isS uu iu 
-% 31 1 ib%icjiob 

6Ut 44 SB X3 
26% 13 143 

5.1 125 §2™ 
XI 259 ™g“ 

1 LI 175 

{ 1 20 5 S£. 

1.7 40.7 
05 — 


10 X2 II J McnKn 

5.0 14.1 Him 

_ ^ 4.6 214 MmAa - 

_fi 62% «% 3.4 66.1 MttnBj 

12 if 14% 35 _ MnaiyO 44%d 

Z% 48% 36% 10 115 Napa 57% 

_*2 27% 22% 5.4 _ WafccC 2? 

73 55 39% 12 — . Nadu 21% 

_£ HPj «% 3.5315 NatnSk «»a 

12 £>% 45% X4 1X3 NMtf 26% 

12 Si 24% ZA 1B5 MUM 

IS 05% 56% 2.7 109 RSBO 

KK +/.U 2 J hbov 

25 218 NMWBk 49% 

1.4 265 NaMtr 

75 07 K80B1 

45145 MeWrtS 


_% 05% 45*2 —612 NYSEE 
ITs 7Vl5 3 U 04 B TTmA 
-% 39% 27% 5.1 145 MwmnSE 


S: 

JEHUS? g I 

US* 33% 


ArSeK V? 
Amo 6(%of 

a iSS 
sss as 

/WtMJo 2Bd 


BatEE ?i% 
BncCnc 27% 
Baratao 59 

BanMm 42% 
8tS3n 28m 
BonWIY jo 

BrttlrA 61 U 

Hdflm 30% 


S3 2 „ 

. . 35 21% — 145 E3S 1 

♦ % 90% 64% 25 _ 

-% .6% gJglU 

44 I3&3L3 iii—, 

29% 85 110 g“™ 

42% 15 685 gg. 

75 115 g"*a 
25 135 SS£* 

4.1 24.5 ™f*6 .-S' 

11 114 

45117 ™*e6 fj 
05 160 Eg®* Ji 
- Ol 75 P»°.„ ,,i?3 

3 rf » 75 gP 

3 ? 5 S? 3 ,4J SSS! S 3 

- 64% 50? 16 107 sJl 

-% 3% 23% __ 33 S UB CO g>?B 
-% 55% 47% 35 235 gS S* 
IS 35% 3fi 45 75 MM l 
-% 43% 24% 15 307 j jf 1 ™ 

+% 29% 51% 05 211 gylnc 
-% 7% 4% .._ 35 gncoiB 

«■% 57% 39% 3.1 31.6 g™5* 

-% 34% 21% 15 ^ 

-% 44% 33% 2B 144 %£ 

^5 112% 92% 52 _ 

ssaai g£ s 2 s 
^"assaBSE 

^ Si ^ 33 'K £1 ^ 

-% 22% 17 25416 

-% 30% 24% 11 74.0 gJgP 
*% 9% 6% 115 g$» 


lUWBk «±3 

# 

-n 4 « 04 HYTrnA B 5 

a“ ass ® 

fifBS* 

13 OB NUB 60% 

-2tQ SmS 26 « 

5.7 115 NomaE 5 % 
— , «, 35 110 Nftgin 47% 

3 ssas 4 4 in^ “S? 

_% 35% 24% 65 13.1 
1% 66% 40% 1.1 210 

1% 7% S% 15 1Sj4 _ 

\z 7% 5% 15 — Q»Ql S3%« 

~ S 20% 35 125 a™*m 52 
-% 45% 32% 2.1 215 Oiw* 

1% 18% 13% _ _ OraCO 
-% 21% 16% 7 0 38.4 


29% 15 11 225 

37% 25% 15 9.1 
BDli 42% 17 112 
— 38% 27 — 125 

■ - 31% 2523.1 

45% 15 445 
29% 35 155 
21% 35 5.7 
" 57% 44% 4.1 10.7 
24 45105 
-% 1B% 13% 3<4 _ 
-% 24% 14% 125 

-% 2B% 24% 4.1 175 

^ SS3 3W. I* ~ 


Twaa 66% 


b M 11 B 

— a £ *£ 9.1 gg tf " 

-!’gssia,y §s»gg 

33% » 4 J 55 *"gW 

ttSSt? “« % 
• ss io _° a 

25 135 

UM4 ™cGn 

15 16.7 HddB 


— 36% 28% 2-7 102 PHH 

.% ;3 46% 50 17.9 PNC Rn 22% 

-2 49% Fi i52ii pram 38%m 
„ 16% 11% 11 08 Paccar 44 
+ % 22% 13% 05 — PcHcb 

_ 57% 38 M 40 Pac&rt 

»% 55 45 25 07 PacCE . — - 
-5 B2V 49% 14 175 PTBfcm 2^jd 
-% 65% 38% 2.1 18.1 PTota 29% 

4% 38% 27% 1.4 214 PanaW 14% 

+% 40% 31% 2.4 21.0 Pa*. _ 13% 

23% 7.i 95 parndE sna 

101% 1 7 14.1 PaiteJr 5% 


-rti fit 
A* 
A 


35 T7.1 PBC0&1 2«%: 
2J_ _ _ 

1.4 37.4 

4 5 13.7 Plgfll _ 

05 a.7 PB«ei a 

3.0 .... ftpac 

25 105 PKnBm 


53% 30 
-% 28% 21 


?»cia si’v 

-% 21% 15% 65 565 _ 
-J. 19% " 

-% 37% 


-% 59% 49 55 145 ffgrtt 

♦ 5 22% 13% 15 217 
-% 83*1 50% 54 245 HOTIK 
1% 55% 43% 11 24J {jgBR tn v. 
I>* 44 34% 45 12.1 I9?» 

-% 24% 16% 25 65 jWg- 
-H 53% 42% II 22.0 55“" 

._ 18% 11% — 313 [ffia 
«% 25% 16*1 IB 24.9 *”*> 

-% 46% 37Jj 30 245 
50% 42% 2311.9 

-% 30% 19 14 16 jr — aL\. 

■Jj 29^ 21^ 24 3^3 

w-isiSUSgg ^ 

-i mS s5i| 23 rav jgjg* 

27% 18 13 255 

-% 71% 63% 6.1 113 S'?™ 3 
-% 28% 22% 11 12-9 JJLJlm rn ~ 
»% 38% 32% 45 _ £1- 

-% 8 5% 45 35 ®5I 

♦% 31% 20% 3J 45 ■?" _ 

S7 25 156 |ng»»l 3q%g 

217, £3 25.4 gga MJi 

50% 0.7 2.8 wa . ™% 


' 10 163 PBlIP 
25 19.7 PWW 
23 107 PHWCD 
39*i 30% 15 175 Plow 

^ “'ll 12 209 H5“«n 
36% 20% 05 145 POtcfi 
15 9*4 05 2B5 PBtHP 

39 30% 33 17 J Pmar 
31% 24% 1.7 295 PrenHn 
121% 96% 15 24.0 Pr/Cco 
— — 25 143 Prawn 

..j 13 194 MetC 

74 -19% 2.1 273 Promm 
72 13 525 Prutffl 
29% 05 413 
17% 1.1 490 RDStEG 
30% 3.1 125 PupS 

18% 2-1 173 OuakrO 
8% 2.7 30.1 Quamar 


23% 



30% 3.1 125 Pl«eS 31% 

‘ ‘ ' “ U*» 

^ *§5 

ad 9.1 10.3 Hemp 42%d 
.j% — 413 RnkOro 12 r d 

— 31% 214122 4.0 Rnycnm 3641 
-% f«% 78% Z-3 «l.7 Koyffui 64% 

3? 1.4 24 . Reetmtt 38% 
8% 5.1 222 ReydW 24% 
48 3J 12JJ Beynut 49% 

— 31% 21% 1.4 235 RBeAa 22% 

’ 32% 23 21.7 ftKdwS 54% 

15 405 ItocOGE 
_ 05 11.7 Hemd 


-% 47% 
-% 2 S% 1 


1^2! 
A "2 * 


:C 50% 0.7 z.8 Bgb -b rap » M 11.7 

z iss «ia ns? i i. xk ?h ~ 11 




ubtu> 3 ^ia 

CjtP&L 2S : 3 

g; 

20?a 

SSn & 

DmnSh 

CRBEM 30 
Cisna Jr- 
CC«R1 41 %d 
9aqCr 17% 
acfn 33 v 

QtiB 71 tj 
&P51 63% 

CnM- 22% 

£S ^5 
gSS ilfe 


KTO. SI? 

SSi "» 




-% B2™ 59< .. 103 
4^, 541; 44% 25 185 ®“ 

-T 92% 55% 25 195 J^,. 

-% 29 24% 21 135 jdff. 

*% 42% 34% 25 1S5 -* 1 **** 

♦ % 18% 14% 2.1 507 
-% 85% 60% 03 29 

4^BSM33Sr & 
tsssss^Sa^S! 3 

-% IS & U if & »S 

-£ 30% 3>% 83 128 J“3S? 

*% 27% I8*J _ KwrUlfl 47% 
1% 40 05 305 55KL »•« 


56%m 

_■ 3.75 157 _ 21 Ftaftr 8% 

♦ % 76% 51% 1.4 „ noOm 23%nl 

-% 22% 12% — 103 Rcom 18 

«5 3S% 24 Tfn Rowan 7% 

_ 13% 15% 4.713.6 RDuaai 1 09% 

-1, 00% 60% 23 31.1 RDtarmd 27%nJ 

Jj 35% 27% 15 205 RuCdfc — 

-% 85 4% _ 05 Rus£D 

_ 24% 15% 27 47 3 Ryee«S 

_ 55% 43% 12 125 

-% 61% 44% 29 1U 

-% 56% 38 21 107 SPX 

-% 99% 47% 25 19.7 Ssttco 

i; a sJ £§i*Q 


??5 aj 118 SSZ? ^ "Sf a §i*G K 

t§ Sa4H *a ^S44?ss“i!3is 
i S si is a -i *9 JSS Sg 151 K 


-% 40 30% 44 190 ""yr. 

-% 42% 335 45 6.4 5™“ 
... 47% 39% 45 10.7 ... 

... 19% 11% 15 

-i 41*5 3? ... an 

•J; Si: es^Hiu ffif 

47% 30% 15118 t *nP. 


► % 71% 90 


2i j LmmN 

35 62 L'S® 


_ 61 48% 10 IB6 SanFv? 16%« 

-% 26% 19% —15.9 SBOLe 25% 

-% 44% 15% -414 SCOOT 13% 

-% 49% 33% 15 165 ScftrH 73%d 

-% 16% 137] 15 — Sdflra S5% 

♦1% 44% 34% 05 09 ScMO 20% 

-% 65% 47% 39 303 SCOOP 65% 

-% 22% 16% 15105 ScnoH 101% 

. — 583CD9 14I;d 


^ iSjg 

^ Is 

sssr 

E S 

SSa 9i 


CimnEti 44% 

a. IS 


taid« ffl 


-% 45% 34% JO 8Jf ““S2 — 

*** 55< 4? 35 175 LC?p . 2?b«l 

-% 33% S% 1*275 L ncdd *»*• 
. 51% 387. 15 295 ^OCwa 

*% 19% H 03 _ HSn, 

49% 27 175 

„ M 404 Uwp 

15*2 4.1 ^ BMilfl 

%‘UzZl 

— — 19*J 35115 — . 

-% 33% 26% 27 195 “**£. 

■ 

■ -saggss- I 

34% 35135 S2JL, Hi; 

14% 23 235 74»j 

24% 45 95 KSS “A 

27% 21 _ !^SS 

24% 25 102 SSS* Hi" 

M. f&8 

n a -m 

,08 105 ,32 

21% 35 BLO 5**^ ’“3 

6% — 43 j™ 

OO t8.4 
15 05 

64% 35 ’BJ “■** 

04 104 

04 50 Jgj? 

5-2 106 MB?? 

25 60 MmtjFi 30bg 

... as, ^ 

4eftfiVii5 E 3 

-> 3* S* Bffi CTlfl 

2.1 201 Mam 41 

3 - » « m 15 19L5 BMtdi 9%d 
79% 56% 35 295 Mnaiito 
41 J 28% 28 20.1 UrgnJP 
-1 13*5 0% 08 65 MrgnSt 62% 


% 4.6 9.1 E-BdD 
_ 87 Seaurtn 

20144 SeatR 

-f% 79% 58% 3.1 109 SequaA 

^iV.l H tsS 

a ss Z& w 

-T 41% 26% 05 21.9 

— 38% 28*^ 25 202 

02 195 
-1W 
— 335 Sort 
15 275 Scrota 

03 23.1 Soc* 

+% 10% ,7109 305 SOnWi 

-% 64% 53% 13 125 SttnCn 
,ei 4.1 166 S1ETH 

1.0 2X2 SWAir 
_ 19 105 SWBen 

^3^1^111^ 83 

+% 34% 29% 9.0 09 Stand 

- 29% 20% 053S5 SWW 
-.13 557 4.12 9.4 85 SWtfWK 
-% 45% 36% 27 117 SOTdi 

22 325 Stmu 
45 145 Sun Co 
-a* 31% 25% 05 103 Sunwar 
+% 142% 102% 05155 snow 
><% 77% 62*2 X2 — SunMie 
-% HM*4 52% 15305 SUMUI 
-% 53% 39% 21 220 SUM 
-H 35*. 3*% 05 1X3 Supral 


ai 


-% 60% 52% M 115 Smeo 
-% 41% 32% 45 11.1 TJX 

1% 17% 8% 15 3X2 

-% 57 30% 25 175 TCOn 




.38 20% X3 19.7 Tmbnta 
? 1^285 Tandool 

5% 32% 25 64 Tandy 
4js — 20 Harm 


25 2X1 TmpM 
X3 1X1 Ttmoco 

4.1 1X3 

30% XI 31.1 Toneo 
9% 2.1 115 Tjinat 
71 % 34 175 Tram 
90% 45 7.1 Ttodra 
55 15 85 HllOha 


7.7 102 
_ 30% 18% 7.4 XI 
*% Z9% 21% 25 — 
*% 50 37% 15 354 

20lS 

?3K 

*\ 40% 5 S 05 275 
I^ ^45 X0M5 

s^HiS 

+ % 33< 28*5 *5 ’65 
7-7 

-1 63% 43% 24 1X3 
-% 20*4 16% 65 115 

• 21% 12% XI — 

~ 17% 22 5X1 

17% 27 4SS 
— __;* — 125 
4% 43% 33 35 1X1 

-% 31% 21% 63 ~ 

-% 42% 34% 30 135 
_ % 40% 25 120 
_ 10% 16% 65125 
-% 24% 19% a4 9.8 

— K =1% B.8 0.6 
-% 30% 20% 45 199 
1% 58 20 75 634 

-% 19% 13% 35 32 
-% 20% 13% 1.9 274 
-% 2S% 18% 17 17.7 
. „ 6% 4% _. 106 

+% 47% 34 22 345 

% 29% 23% 6.7 95 
-s 5a 47 15 135 
4% 27% 19 X7 95 

-% 56% 45% X> 12-B 
-% 32% 23% 7.1 10 9 
♦1% 41% 29** 20 1&B 
<-% 39% 26% 25 545 
’ 2S% 23% O B 502 

25 372 
. 32 215 
*% 64*; 47% 5.4 162 
-% J7i; as% 35 335 
+% 39 U I D 102 

-% 22% 18 4 8 9.7 

*% 40% 29% 2.1 2X7 
»% 46% 29% XI 162 
-% 31% 21% OiMJ 
... 38% 20% 15 22.8 
-% 47V 25% _ 175 
49% 37% 45 285 
-*H 76% 'B% 8.7 9.7 
<1 24% 16% 1.4 192 
__ 28% 17% 15 24.1 
— *4 21% 13 —211 

is if ... 245 
-% 84% 51% 25 - 

1 55% 27% _ 316 
-% 317, 23% 4.4 95 
-% M% 28% XS .. 

■ ~ BB 105 

16% 9.1 10.1 
< I 7 155 
17 14 _. 

*C a 5% — — 

-s; 46% 33*7 ZB 135 

— 13% 10% 7£ 21 JJ 

1 — 33% X9 295 

60% Z 3 125 
-J. 40% 2B% 05 155 
-5 28% 19% 1.4 95 
*1, 5S*a 40% 25 1X9 
-% 24 15% 2.7 15 6 

-*! 74% 53 26 IBB 

-£ 26% 19% 85 103 
44% 33% 3 0 114 
-1 68% 53% 2.6 3X0 
-% 12% % — 1X9 

“ 30V 23 XI IBB 

*-% 20 16*4 3.B SX2 

-% 9% 6% — 

-% ll£% 96% 18 1X3 
... 35% 23% 1.8 2* 0 

— 23 15% 1.4 16.6 

32% 24 IB 2X7 

— % 28 21% Xfi 165 

*.13 450 1.75 — 75 
-% 27% 18% XO 5.1 
+% 18% 13% 25 2X0 
-% S9% 48% 4.1 7 1 
16% 12% X7 14 
-S 4 37% 16 45 
*% 62% 37 1.7 55 

-% a 17% 75 1X5 

17% IJ% 

+ % 26% 12% XE 3.0 

— 26 19% 17 175 

~% 201. 12% 7.4 94 

Z 73 54% 25 17.4 
63 5oC XI 235 
12% 0.3 415 
37% 15 205 
103 75 15 1X4 

*% 18% 13% 45 75 
-% 20% 18% ... 115 
-% 32% 26% 2.1 385 
42% 35 XI 

23*2 25 XI 

-% 28 22% 15 205 

-% 2B% 22 19 1X6 

‘ % 25 21.7 

% 15 215 


XB 1X7 
35 — 
14 1X7 
28 35 05 
10% XS 1X5 
48% X7 - 
15% 35 7X4 
17% XI XI 
28% 55g.7 
20% 05 2X6 
36% 19 165 
% XI 145 
% 3.1 225 
— XO 


% 33, 

— "< 52 4| .rw 

-% 34% 18% 

-.13 3.12 IJB 
-% 51% 43% X01X4 

— 40% 23% 35 95 

♦% 29*4 21% 1.7 235 
-4, 29% 14% 35 05 
*% 77% 61 25 205 

— % 44% 34% 45215 
*% 19% 10% .. 45 
-% 49% 30% 1.4 175 
-% 40*; 23% 1.7 235 

- 28% 14% 45 — 
*1% 7B 50% 25 115 

-1 S6% 43% 25 3X4 
-% 58% 41% 351X1 
-% 12% 3% — 1X2 

-% 68% 50% 55 135 
+% B8% 81 151X2 

-4, 43% 20% 95 185 
-% 80% 47% ZB 1X0 
+% 28 22% X7 75 


CANADA (Nov 1 1 1 
Pf«n) 


71% 56% 
23 10% 
44% 33% 
37% 28% 
39% 31% 
49% 3SH 


47% 30% 
40 30% 
37% 24 V 
55% 42% 
X50 3.25 
25 16% 
36 17% 
31% 23% 
150 03% 
19% 15% 
45% 30% 
2i 20*. 
120% 100% 
50% 42% 
05% 21% 

8is9? 

.’iM a V 
>6% 11% 
aa% jo 

41% 30% 
74 11% 

32% *8% I 
61% 49*i 
48% 3615 

30% 24% 
37*a 25% 
53% *4% 
24% 16% 


08% MJ 

11% 7% 

l MV 127% 

JUS f tt 

te ,S 

39 29% 
51% 375 

■ ■ 48=0 

ID 14% 
59% 40% 

42% 

&VA 

23*; 17% 

l«2 BTlJ 
30% 16% 
141, 7 

'6*0 H% 


20% 15% 25 95 
19% rj% 05 48.4 
0% l — 1X7 
22% 18% 15 145 
17 V 13% 4 6 1X4 
38% 27% 09 675 
40% 20% 05 29.1 
77% 21% 47111 
$25 44 SB — 

:io'» a 45 90 
33% 23% 45 15.4 
23% 17% 1.0 175 
21 18% 55 7X5 
27% 22% 55 335 
8 5% X2 ZD 

30% 17% 4 4 140 
23% 16% 05 3X7 
20% 12% 25 2X3 
29% 210. 1.7 17.4 
36% 28 45 95 

34 22 15 66.7 

24% 19% 15 _. 
17% 10 3.6 11.6 

27 21% 6 .1 1X8 
24% IB 29 185 
X62 X3J — 2XB 
26% 1B% 15 - 
10 1% 82 XS 

3 I ._ 05 
18% 12% 25 4X2 
36% 10% 35 XB 
_% 5% 35 1X3 

9% B% 10J 33 0 
14% 4J 17.4 
»% 13% OS - 
10% 7% XS 545 

7% 3% ... 12 0 

17% 10% 09 3 4 
14 IS 1X3 
0-33X13 1.1 
11 % — -- 
055 3.75 XZ11.8 
27 16% XI 14.4 
17% 12% 75 44.0 
15% 11% 16 225 
171; 13% XI 79 
22% 17% 13 275 
40% 24% 36 79 
34% 27% ....13.8 
32 41 1X5 

14% 1.8 515 
14% 5-5 _. 

. 22% 18 1X9 
23% 19% 41 1X1 
11% 7% 19 0.0 

11% 7% 15 XI 

26 19 13 17.4 


10% 7 

33V 36% 0 7 
-% 77% 21% 09 
-% *0 14% X9 

-% 19 14% 25 

21% 10% 45 
-% 20% 18 55 

-% <S% 12% 7 1 

<8 1J% 41 

*. 16 "3? 23% 0.7 
*% 24% ,9% XB 


605 GaXaf XJ79 
47.5 Gaumffl 304 90 
449 G'ony3 

10 0 Han *3170 
210 HTMal 
11.4 bmft 40XB0 

105 awnona tto 
119 (mfTro SiSO — 


EUROPE 


AUSTRIA (NOV 11 /SOT 


) 1.750 29 
1 700 1 0 
I 597 ! 6 
I X410 0 6 
) 1.190 1 4 
r 1528 05 
I 553 
r 849 16 
! 895 25 

1 385 25 
! in 35 
} 874 ... 
i 312 IB 
I 648 2.4 
) 430 1.7 
1X411 15 


BaOUM/UDOEBBOURG (No* 10 / Frx) 


Kntmh 6.170 
KZMFV 0530 
umr 6,100 


4.450 3.705 15 
8.890 7550 11 
5500 4.000 
... 4580 3590 49 
19930 15550 29 
...26950 2X025 29 
_ 42575 34 QOO XO 
_ 2.650 2.105 1.3 
_ 78.500 20. ’BD 1.7 
. 13075 11.775 35 
_. X7M 2.190 14 
._ 6500 5500 4 3 
_ 215 1&4 67 

_ XBOO 6.100 1 7 
... 1550 1.196 2 1 
...6.020 5.110 75 
- ITS! X67® 4 7 
_ 25TO 1380 
4.560 3B2S S 1 
..4.470 3550 SO 
.. 1.680 1.200 7 9 
.- 9.100 7.140 6 1 
.... 10583 8.720 1.9 

. X550 4.160 2.0 
... 3.685 2.750 6 1 
. 1200 5910 XO 

— 7 950 B 090 7 8 

— 6.400 5900 4 3 
... 1.630 1.350 D 9 

. 10900 16000 

— 10 773 a .250 19 
_ 3560 1.620 4.0 

_ 580 420 16 

— 6.200 4550 4.5 

— 5980 4.320 4 4 
_ XB36 XD3B SB 

— 2,538 1015 5.1 
. 15700 12 550 4 8 
_ 157S 1.450 67 

1733011750 45 
. 11500 9320 49 
_ Hi. TO 2X200 2.4 
_ . 2930 X440 4 4 


1X6 LVMH 
119 LdCDO 
269 Lmndr 

LOroal 1.143 
LBQnd 7520 
Legrte 37S 
Lltui 40790 
Mctune Z1B-9Q 
WMm 11X90 
NntU 987 

NnEst 11X60 
Oman 200 
... Panda 36490 
_ ParWR 332 50 
PBCtnr 167 

.... prime sis 

.. MOT 025 
. PmPr 074 
.... Plant’d 1.000 

... Xdfcft 514 
— ftemyG 21890 
RnonPA 138 
.. RlWd 6Z7 
.. SIUC TDD 
Sagem XB20 
_ Moon 661 
_ SUP 1.439 
Scfmdr 39X30 
r-itiSA 585 
Saflma 397 
Sknco 425 
3sbB 2-060 
SocCon 611 
SuuiiuA 1990 


7S4 1 071J X7 
283 2390 25 
645 343 14 
. 40UO 230 XB 
600 48S XT 
716 4Q3 X9 
. 1.078 «2 79 
119 35 XS 

570 340 X7 
703 500 X9 
BC2 661 XI 
.<9190 377 12 


— Stotn 1165 -15 4J10 X8TS — 

Z xiro ^ 

_ Srt q. prn -95 11933 X 2g l 5_3 
sSbp 1.M IS 7,730 1 JS2 25 

Z TdS 4ji3 fo 

_ Tamta 2X1CS *3S03EBaga35 
_ Toaa=t 17330 -=D02f2£j.^S H 
_ imam laSo -JDixCTacss ia 

Z NEnSSLA8DS(H0*11 /Rx) 


...7.160X480 08 _ 

— 3SX90310J50 _ _ 

62* *aa i« — 
274277.10 15 — 

— 136J0 9790 X3 _ 

— 1948 GS8 XI — 

_ laisorizro x? _ 

260 164 — — 

525 315 49 _ 
535 3012)79 — 
234 13X00 10 — 
371 2SWJ 7.1 _ 

_ 936 752 15 — 

— 1.005 7BS _ 

— VL5B_JPB 1J — 

_ 26719X10 33 z 

— 157.4011393 XB — 
752 542 IB _ 

_ 945 650 25 — 

— 1290 X380 1.9 — 

734 5TB 3-3 

1.789 1.340 17 — 

— 4689033713 Z7 _ 
600 472 X2 — 
61036380 72. — 

— 700 382 7B _ 
_ X<70 1.760 — ._ 

— 792 523 17 — 

2 SCO 1.710 XB — 

52923X10 — — 

__ 377 22X40 4J — 

— 3783 13L53 X4 — 

— 3.133 XajT IB — 
_ 214 13X10 XX _ 
364 SB 193 m 3.4 „ 

— 34501350 39 — 

494 3J3 IB — 

650 42750 X7 — 

— - 01 — 
306 221 11 — 

335 240 14 — 

355 27 ID 49 — 


AgTWCT 6190 
AESCH 10X23 
USX. ~ 


DsetP* 197.10 
Bsevr 1X90 
FttQSR 1X10 
FAnnCR 74.70 
6a=sa 0X80 
earoefl 44 

pagsiyr 1*S 
H seta 34690 
HeCSb 273 

- - B390 



jEO 7X70 5« 4.7 

-11053 803 39 
20 SXO 4ZB0 SB 

■t no 229‘.S*Si 12 
!0 47.29 3X50 39 
i —20 52 3480 11 

— 7790 090 — 
-imiacriBHl 1.J 

! >190 208 17X70 29 

1X50 1450 — 

20 251190 XO 

.10 8X40 6550 43 
.7016X50 8X10 43 
■ —90 5890 *1.40 39 
l *11015750 ia — 
I -110 2SJ3K50 15 
I -9033531 29* 39 
I -90 83*830 XS 

-1 8330 6X30 23 
-BO 4fi JO 34.70 25 
-£0 54.70 7X10 0-2 
+90 8890 74.ro 13 
.40 57 BO 4090 2.1 
.10 5X60 42.10 09 

— 5X904750 — 
I -90 5720 43B0 IB 
I -1B0BS304720 8.1 

I -90 1303) 72 2.4 

123 9X40 8X75 — 
190 0990 6X90 XU 
-1 5X30 40 1 9 

.40 8490 rasa 19 
. -90 131 Til 40 XI 

+30 88 4990 XI 

-B0UX41139D 35 
.10050 6190 SB 
-1 21541 16(80 49 
-.90 5130 40-33 19 
I -120 238 17*4) 29 
I -1 JO 203 5BIS1 XO 
I -90 56-50 *9 22 

i -20 13X50 101 B3 19 


= w ?ss 

-as a a a E« = 

— °*5S 5£ j m H n - 

-HI z si jitS<3- = 

ggp *§£ *Sfl^ = = 

ss ’-s ~% W1£ C ' z 
-$ss ^ ^ f§ si = - 
= S3? 3 ,jS = 


mmi 






— MM sa ii gg £S 

= » is z “ 

= saffl. 

= S t M 

— SS i53t> +2 1 -aSl’SS 8n -* 

— SwJs 1100 -100 4950X000 09 _ 


3 8 a.-. = 

‘4 .S Si 
HBlSt'v' 


♦J19W 
—1 S73 

-13 78* 


4S®iSi-r- : =' 


lilli 


M* =■ 


WRDMrfflcvll/Kranei) 


GBOdANY/Nov 11 /Dm.) 




DBUUIOllNovll M(n 


AaB* A GOO 

Bftu&n 190 

CaalA 265 

Goa™ 5.450 

0/S12A 102900 
DnUo 205 

Dontt* 31 J 

EA*rt 144 

flSB «9 

GtNaid 540 

ISSB 165 

Jr*8R 307 

LTCnB 80X08- 
NKTAfS 326 

PMM8 643 

R30UB 3100- 

SaUlsA 517 

SophsB 516 

Suprti 395 

Tdffla 33X42 


- 780 565 25 

-1 281 176 XS 

-133 333 2SQ 1.1 
-50 7.600 5 .300 OS 
*1500 175X0 96000 OX 
-« 220 17550 1 * 

+3 50 427 307 3 0 
.1 20125 140 62 

-( 6fS 375 ZB 
-5 643 445 22 
-93 Z78 159 12 
-2 (25 330 XI 
-11.12 1.650 BUS P.4 

- 385 252 11 

+B 783*1 468 0 7 


-2 675 (13 a8 

*5 495 321 25 

-5615X33 300 _ 

•20 1-372 Sid 1 4 
.2 267 J9796 4.3 


FINLAND (Nov 11 / Mkaj 


-4 154 
. 178 

_ 105 

• 10 438Q 

.2 233 
-1X50 
-.10 GO 

ros 

.._ 150 

+7 7(7 


-5 2B0 
-2 704 
-90 10a 
_. 104 


99 1 9 
121 19 
54 . 

3X80 19 
141 29 
5 80 — 
45 XO 
502 19 
100 09 
140 19 
138 12 
197 1.0 
190 1.0 
207 a* 


Hitt; 

Hoenfl 
IPOta 32X20 
Htulcn 


__ 260 
maWh 335 
MUSS 16X50 
Krewi 588X0 
mnof 461 
KHD 12271) 
drtlN 13890 

G3S 

E2S 

Unde 886 
UnoH 323 
UAm 19950 
LUftPI 192 
MAN 410 
MAN PI 315 
Manam 400.30 
KanrtiV 653 
■*— - 157-00 

X720 

PWA 237 
Phkumm 505 
Pancn 055 
Presag 44890 

458.50 

PI 37190 
I960 
284 


22% 29 1X9 
19% 4,1 1X1 
. . 7% 19 0.0 

11% 7% 19 XI 

a 19 IB 17.4 
15% 14 SX4 
48 1.7 1 1B 
13% 10% 3-3 13B 

19*, 17 &4 
22% 492X1 
8% 4B XO 


+20 1201 
+3 2S8 
-.10 31 1 

_ 20.60 
— 120 


FRANCE (Nov 10 / Fix) 


SI 36% 09 413 
IS 9% _ 17.7 
24% 17% 1.1 143 
9% 7% —5X8 

24% 18% 17 110 

(.90 3.1S astro 
44% 38% IB 2X0 
g% 1B% — X4 
37% 28% 0t9 STM 
23% 17% 3B113 
35% 27% 3B 11.1 
7% S% - 4J 
24% 18% X7 SO-S 

a is _ bjo 

27% 71 14 2b S 

24 17% — XI 
81% 25% XI 31JJ 
7% S>« -173 

12% ,9 IB 58B 

15 10% —27.0 
10 Hll 1X1 
44% 34% 1.4 2X0 
10 6% XO 21.4 

48 37% XO 3X9 
11% 0% — ZA 

21 14% IB 2X1 
2Ws 8% 2B3X6 
9% 7% 5B 63B 


1 v CT ; ■ >■ 


™ 14% 

S’ & 


a is — 


ABF 
Accor 

S 53 4 ^ 

AjO 25X30 
BSC 670 

BNP 26X20 
Bnco* 550 
Bongm X730 
“ 558 

1,199 
CN1BI+ 061 
CHOHT1 190 
emm 10X50 
Crtoir XiTi 
Caano 161 
am 1B3S 
OdSld 456 

^F S 

aw 

Clttil 

□arm 
Danone 
DOCklF 
□6M, 31^ 

Eanjcfln 40X26 
Ecco 714 
"“nu 37X80 


ErttOnJ 

F-*sar| 

Hew I 
Ernirl 

gdHad 
Hnwi 

FondM 
Fnnaei who 
BTME nl 361 


... 358 202-50 - ... 

— 7Bfl SfK 3 0 .... 

— 814 665 X0 . 

42X30 SB — 

— sf. nr 11s — 

— 710 570 4.5 — 

-20950 227 1.1 _ 

_. 603 44X10 X7 — 

— 3,730 X680 3.4 — 
903 IB „ 

1B33 4B .. 
794 4.4 _ 

— 22X50 1M.0O SB — 
213-2Q 15X50 — — 

— 2315 1,711 X9 — 

— 205 Ifeao 4.7 — 

— 1,570 1 -204 XI — 

— 485 348 XO — 

— 30X50 201 IB — 
— 1365 706 SB — 

— 856 370 XI — 

_ 498 251.20 _. — 

— 737 370140 — 
_. X160 5J!00 X7 — 
- 1,002 685 12 — 
— . 830 BIO _ _. 

— 478 302 IB — 

— 977 7B0 X4 _ 

— 748 418 33 — 

— 740 509 XI 

— <3635X10 5.2 — 

— 2X 296 & 0 “ 

— 282 191 143 — 

— IBfB 085 — — 

B6S 650 6.4 „ 

— 830 635 1.7 — 

_ 1487 2,750 XB — 
_ 2.568 1,700 4.1 _ 

— 734 550 2.7 _. 

_ 1X70 &1& 7.1 _ 

— 182 100 87 — 

— 933 500 3.9 _ 

— 0X00 4.340 1.0 — 

— 578 350 12 — 


Mug 48430 
WT 49230 
VWP1 362 
WeUP 395 
ZWfcan 216 


-20 19U3 140 1.1 

-50 635 4» XJ 

— 1.446 1300 13 
+6X811 1122 0.6 
-36355) 575 IB 

-10 1.1*1 730 — 

+10 1.DS 615 M 
-30 3(3110 276 25 
-1 510 <35 1.0 

-I <0534550 XS 
-3 404*0331:3 32 

— 52625850 33 

-» 923 639 IX 

-BO 575 395 23 
-91.105 315 1.4 
-1B0JWS1 236 XO 
-1 S2S 374 1 7 
-14 951 TSO ix 

— 1,033 756 1.4 

— 1X30 1.140 0.0 

+480 36023250 17 

-S 299 212 IB 
-1 600 380-55 OS 

-2 90< 603 I Q 
-1.50 see «e is 
-130 20550 210 — 
+150 03753 83353 22 
+4X0 1B6 131 2X 

-1 607 <26 12 

+7 337 260 1.7 
-34CSS Jet 13 
-B 610 <85 13 
-XO 207 245 XO 

+ 17 820 590 1.7 

+2 2*5 igo X9 
-10 1300 1.1*1 I SI 
-t (81 SG2IJ 
_ (40 307 12 
-16 1B39 e57 15 
-X20 3feX3234g XI 
-2 1B15 767 IB 

-1 rsa 205 29 
+4 313 254 3-0 
-3 433 32S 2jC 

— 169 131 — 

-3.S0 G<9 515 X3 

-1 558 <51 X9 

-8a:6iBQ::S:0 — 
-230 579 12X70 38 

— EM 615 X« 
+5 250 Si 2 1.9 

-9 36E 833 1.6 
-1 410 311 XS 

— BQ 27X50 1E“50 — 
-50 209 151 13 

+1 473 37* 1.7 

+1 367 235 23 
-4.70 42X50 389 13 

♦3 B22 6S0 

—.10 2S6 101 XT 

-BO 3.517 XG70 14 

♦3 262 210 — 

— 533 493 19 

-5 950 0X2 0< 
-252150 <16 Z2 

-330 5353 2S9 X6 
-20 424 329 12 

-4 1520 1.230 OB 
+550 372 254 25 
+2 267 200 IS 

+3 313 232 25 
-.aims) sea is 
+1£0 <38 353 T3 
-.7079550 637 XI 
+40 695 BIO IS 
+2 5GD 483 S3 
—350 32923650 X! 
+550 380 288 17 
+.70 55359 450 25 
-1 <00 317 XO 

+1 415 318 10 
-450 528 438 IB 
+3-70 554 <18 a* 
+2 443 337 06 
-6 1,073 700 IB 
+8 270 205 IB 


+50 >72 60 45 

+1 175 130 0.7 

+.TO 1DBD 1150 _ 
+ 1 ISO 13 IB 
+50 114 64 _ 

+2 148 100 34 

+2 39B5750 XI 

11550 90X7 

-3Z72L50 206 1.4 
-Z 206 140 (LG 
+360 305 100 XO 

_ W«5D 130 3.7 
-50 fll 7X30 XO 
-1 01 70 X7 

-2 97 72 XB 

-2 1228X50 15 
— 151 110 X3 
+1B0 8*50 1750 _ 
_ B9 3£ 9-8 


= SS5S. =« - 

“ &S> IBM -atBooi^ - — 

— ej*®g 1S00 -30i.no n — — 

= S3S» ^ ito^£*ff a z 

= BS* ^ = .= 

= SL ^ = 

— FnW *35 -4 313 Z7 5 _ — 

— SIS -4 SB5 » 

— RelkS 7W -*«1UD«* 719 - 

— K 1 358 ^HwiJSS r z 

— ESS i$8 -fm 

= S i s = = 

= » i « Svs = 

~ ^ k *3 ’Is 1 ® 45 -- 

B I sJ ■= = W w aul;.: 

— Knerm 397 -23 K30 MB 20 — 

— H^f m ^l5S ^ Z Z TVBen 3.170 ^ 3^0V«_- +. 

= ISSft - = 

— HK»X 971 +71.120 812 — — 




— HtCnd 

— HWnM 


763 -» MB TO ” - 

1B30 +X0XO4O1BSO — — 

1JJ20 +101.120 B20 — — 


l%8 I^|gS : Z Z. 

■3-rx\ -3Q X7E0 scan ^ 

1^0 -20X1«)1BM OB _ 

s«a -I* - ££ SS “ — 

633 +2 -ta 832 » 


— HCJeen 6« 

- HONflP Z400 

- HBk» 438 

— HNMBk 711 


- — ssa. m -ii m ko _ „ 

SSz Z 



-6 589 497 — 

_aM0X300 __ 

+1 790 681 — 


— H1oB> X380 -aaXBSOXM — — «» 


— HondaM 1570 


- SPAIN (Ron 11 / PH) 


=8 

+2 620 Mi _ — loyo 


m -11 070 E7, _ „ 

?2 2S z z 

709 +24- 823 879 - ■_ 

405 -a 437 M m -j, 

l,4ffiS -18S2B0015TO _■ 

Z TayoCn 401 4 M 421 1B „ 

z ^SS 3S , 5S- t ffl SfS 

_ TmStti SBO +1B 7SJ t» + + 


+20 B2B0 5 -150 SB 
+2S6JSXJ4J00 X2 
10 1535 X7IH1 X3 
_ 3400X415 7.1 
-5 4475 3675 46 

•10 17-70Q ir 

+23X3214, 

11 1.(35 700 £11 
3 1330 X410 IB 
_ 5.710 3.400 ZJ 
+210 H 890 7510 15 
-25 X7151.745 4jS 
+S1J7S13T0 1J 

36S0 1.™ 1* 

+30X100X100 XS 
*2 1.130 733 S-4 

+24 82* 416 734 
-95 S.140 3,530 35 
+16 7.210 780 72 
-210 33)0 4500 IB 
-0O7B3O4BDO X9 
-75X490 3500 X4 
-801X5009.420 IB 
-30X210 1.G00 _ 
-25 4500 1605 29 
+5 IS 102 a* 
-3 ran 251 1113 
+3 MS 595 XO 
+10 4.450 XBOS 36 
-SXI05 1.SS5 X7 
+2 739 549 7B 
X*00 950175 
710 1,150 14 
J2D 1.900 XI 
+S3B80 X03S M 


BtagTe 

— Inx 


_ Bank 
AtisuE 


708 +27 1530 CT IB _ TmaKb 

aen —& 1.1770 723 _ TtiyoSK 1170 +00 

1.020 +ZD1^40 &2 ~ Z 1?oS3 X11B *20 

X850 -2D3J70X7*I _ — TOffTR JgO — 

392 +8 525 231 _ — TojoTB 1,080 


*•&'&= z aa.-s 


„ ISM* 988 4_,'» 
-a SOB 330 — - _ 


5X70 +30 6.1 


+1 788 522 -- — 
+8 910 781 1 A — 


■44 420 _ » 


340 _ 418 272- _ _ 

1.331 +101B00 *35 — — . 

1.100 _ 1B30 1B90 X2. •— 


E» ^ r. = SBS-’iB. a*« B = = 


Z JOG 1B90 -10 1.770 1/460 OB _ Ylo8K 086" ■ -12 ; J710 681 1.1 _ 

E Sr 1 fi ® ssstf = « = •?■ 

Z 4U -5 OS ^ — Z jSSff 1,1» . _ I^GOI.TKJ _ Z . 

_ SSrt 1,840 -10X1201.610 - - Hreft* IBM -*>2^01540 08 ' %. 

how i 338 -2 400 288 „ Wn 1,010 1BS0 BOO . _ .. 

Z j mm TM Ig S48 5B0 _ YMkS 540 +10 884 3!3 IB _ 

Z 665 Iz 715 «3l — „ NA ’886 -8 889 55 1JJ48B 

Z f&St 1.160 +20 1B40 022 OB _ YeaTrB Wi -14 1 JOT »* _ “ 

Z XU- +10 2B00 X®0 09 _ \Yy*B_ 1B00 -901,120 780 

_ HDD 10.300 +220 mm 8.780 „ _ HfesKt M4 __ 900 ®* — — 

_ Kagame Ijoo _ 1.470 1.190 0.7 _ YMun M) 078 *■ . IS ST — — 

_ k2£b 065 +4 1,850 02s _ _ nmM ra -n 1.1B0 »o _ _ 

_ KdmPll 1-2TO -201JBB01B7D _ „ YOeftPl MB +131.100 900 — _ 


- SNSBKNn II SKmaa) 


Z rrALY(Noviwura) 


-20 5.E82 3,3(0 55 _ 
-15 3B8SX341 _ _ 
+48X4501B2S IB — 
-I 211 7G _. ._ 
-2502955018500 IB — 
-135 IXCD XllO _ _ 
-36X100 1564 X6 _ 
+21 2B1Z 1.502 __ „ 
+41 X3951B83 <B 
-38 2BT0 940 — — 
+11 yi01Bl9 XI _ 
+81X2748.150 _ — 


93 58 146 

I — 56-75 37 143 

I -2 860 250 1.9 

I +4 BBS 438 IB 

I +B0 197 15 08 

_ S28 144 OB 

I +B01CXS0 85 9.4 

ifj*5C 79 XS 

I -6 <39 ZE 1.7 

! -IBS 446 32B ijj 

134 87 30 

_ 134 85 2_9 

-2 110 7050 XB 

I +2 430 251 IB 

+4 £93850 X3 

+1 311 137 3J0 

-450 312 178 XO 
+ 1 550 1S5 XO 

+1 215 152 X9 

+1 372 17 _ 

-8 IS 14 1J 
—6 155 109 1.7 
+50 1G5 102 XO 

+50 158 99 XO 

+150 164 122 _ 

+1 IBS 124 3-2 
+50 143*950 IB 
+50 142 650 15 

+50 73 3950 _ 

-1 7965) 9750 1.6 
-4 233 129 XO 

-4 475 351 IB 
-250 480 350 IB 
+1 144 85 XI 

_ 110 aa X2 

-50 122 8250 XB 
+1 128 76 „ 

-SO 158 106 sa 
-BO 175 IDS SB 


_ tottt 1^0 -*0X4M1^ _ 
_ Kmte 337 -13 *2Q 335 _ 

— Kaerta 780 +23 826 516 09 

„ KlUIlw 520 +1 STD 430 — 

— KrtB X3&0 +10 2570 X330 _ 

KeNPU 577 -Q 623 423 — 

_ Kao 1.1M -T0 1,310 1.120 — 

— Kartrr 4« %2 500 CT - 

Kjidrt 3BQ „ 4TO OT _ 

KkarSB 428 „ 457 303 — 

KHefjr 630 +10 720 901 _ 

StsSoT 5*a +3 BIS SIB — 

NMonl 844 +B 97D 874 05 


3 Sz z 

+38 74B 48B — _ 


- - AUSTRALIA pOY 11 /ANB) 


_ KMdsn 1530 -10 1JOS 15» 08 _ 
KUM BSB +4 W7 804 _ _ 


= ssss 


1.050 -20 12* 1« — _ 

31Q -* 335 250 __ _ 

8*4 +10 900 737 — — 
1,930 +10X4801.700 _ 


STO +7 
744 +2 

DOS +19 


Z KOTt *° 

— K* 3 *" 

Z 

Z • 

Z Kara 

— ESS? 


Z Mwd» 40* +6 

z MStteJ 1590 +20 2 

z IK IBM 1 

z b *a is 3 
- sr ® +1 


355 ^08 BBS 3BB 08 _ 
MB -5811,12 B4K3B3Z2 
352 -BB- XTO 355 15 ___ 

850 — (IBB 755 35 SIB 

W* z& m z 

4-24 _ 47* 550 XZ __ 

154 -.01 25S: JM 02 48 

IBJMd -22 20.78 W TJ 30.1 

1024801700 — ^35 “ 

ystv§ = = BB 1 iffi jAflad 

+J M7 7a — _ Brlert 1B3 +5t TJf 054X7 _ 

IS SS ~ MraPtl 333 -06 -GCo 3 SSs tJ 153 

19 903 846 — — CSR 45Z _ X48 *4JS 5B:M8' 

17B0 -josSSism 38 __ 

320 Z X40 12 H ~ 

0J3 +58 1X30 750 S _ 
wm -m S.7& 3JB 45 „ 
6.12 +08 650 430 1J _ 
722 - 03 95B X30 83 _ 
IJB +J71 132 0.70 0.4 _ 
0-35 -B1 050 036 5 7 _ 
4j08 — B4 652 3B3 5B2L4 
138 +.01 1JJZ 136^>:+ 1 _ 

ass ^ is fl 

^ ^ sa-asa^ 

J.lfl -02 (JB f.ioxa XI 

IJOd -52 UR 1.10 93 . _ 


731 +1 707 BS1 

480 -22 573 426 2B 

411 -12 523 310 — _ 

1300 _ 1J60 1J71D _ „ 

^ 520 -rn 6« 408 — 

7360 lie 7.!CT 5.880 Z Z 
(OS -S 335 376 U __ 

73? +2 06S 730 — __ 

054 +01550 905 _ 

X430 +10 XMO 2,420 

8*1 -10 TO2CT i_ _ 

1B8D -30 1 230 788 -_ _ 

1B10 +10 1340 BHD3 _ 

1^ +lo2.CT1^W Z Z 

737 -3 K* 73)20 I 

40* +6 483 321 — _ 

1,710 _ 2,010 1,420 IB _. 


as ucs :?:r *A^ a - 


-13 X564 1.123 __ 

—65 7330 4.071 IB 
-TO 4.620 2.H9 25 
+79 8196 3,101 «.< 
+110 17560 10.420 81 
-15 1j988 1236 2-3 

— 44.723 31533 OB 
+104580X675 — 

— 305o is5n 1.1 

+5 8580 3523 IB 
-170 14B00 8170 _ 

-20 2,430 2.000 _ 
♦195 1554* 0552 OB 
+50 X440 4.465 XZ 
+90 18350 12500 XI 
+20 19.700 12210 IB 
-8 1849 870 — 
-27X140 1.750 _ 
-3 6.100 X44Q IB 
-TO X305 1 B70 — _ 
-TO 34850 17500 15 
+1451X160 7.9W 2L3 
+3 10.154 6,705 25 
+1 1888 4®s _ 
-25 8550 4.063 XI 
-10 7200 4.145 _ 


- swnzHttArontam/Fraj 


834 +22 732 657 _ 

682 -8 782 682 1X7 

1.380 +20 1840 1B50 QB 
0ZS +4 063 480 — 
454 -18 593 386 _ 

8M -8 1230 TOO OB 


(indices 

-j 

| US iNDICE 

IS 

No* tar Net 1904 nor 

11 10 9 Hgh low n 

nm NO* 1994 

10 0 W l*w 

Dn* Janes 1 

#B» NW NM 1994 Staa BMpairiUll 

10 0 B Blflh Low Mgh Urn 


M 1910X83 19235B0 2MRM0 1M 177BU0 3DM 


Al OnMtKWn 19525 1971B 198X6 234050 3fc 

M NkdotUI/BQ 998.6 10152 10272 1138.10 3(2 

Mb 

CraN AkBm(3tyi2/84) 38820 38725 38921 48088 2/5 

Traded tndofyifll) 103050 103452 UM1/S3 122225 1/2 


195ZB0 11711 
90458 5/5 


37834 25710 
101 IBB CK 


re »w 18 73 » 249X32 281X94 2891.17 8/2 

COSRRnGBnfndSq 43&1 4375 4882 45U9 3171 

CSS Al Sir (End B3) 27X2 Z74J 2757 39120 31/1 


40830 21/8 
257B0 21* 


40(1/7/8)9 


207853 208858 207517 M3RM 3 Ti 


8BJ20 (1/lAl) 

Brad 

80UHT8 (Z9na®3! 

Cad 

MOMMnfeXlSTE) 
tomasM* (19758 
POrfbloS (471/83J 

MV 

PGA Son (31712/80) 


W 130758 138853 154X85 SC 133838 7710 

M 483285 488905 5511050 1389 3HBB0 371 

84 3B01B1 3923X6 C7&D2 20/10 3*1*011 2Vt 

(4 4170.19 419138 4EOBBO 23/3 389X90 MR 

M 2016.19 201543 218258 VS. 188858 2M 


ONoSamKYI/831 10039 104754 105255 12t1.W 28/2 


44 585X4 56337 987X2* 16*10 300120 W 


CopartoggnGQSTUEQ 34050 33859 33036 41539 2/2 

hm 

HEXGmn*2fl/12/9Q 18317 18311 1826.1 197258 4/2 


5BF250 (31/12NQ 
CAC 4O01712/B7) 


W 1283.15 1291 BB 158520 2/2 
H 194836 194X86 239BB3 2/2 


FAZ Atttn(3l712Sq 78238 7B4JD 78443 68527 IBS 

C UiwMA NXinaSq 2224.40 223X40 2231.90 248558 2S 

Dwcponawit 207335 208x40 209547 2zn.11 16s 

tact 

A6MB 8831/12/80 81539 804B8 80858 119458 1171 

Hgng Kona 

Mm SmBOl/mq 938755 8390JB 940548 1220159 4/1 


12Z7B6 25710 
182442 2S10 

74204 5/10 
211 630 5/10 
160059 7710 


Mania Coro (271/85) 292561 296520 300958 330537 471 


28855 28805 28805 3225M 18S 


£ESM-S-pore(2M^ 56X83 98735 57059 M1BI 471 

SaNh AMca 

JSE GOU (28/9/79 21655V 21705 21785 253480 7H 

JSGML (2B&78) 88005V 87735 67755 890500 11/11 

Sort Kona 

ftreaCBlj)Ex(471«r 112257 113567 113839 113875 8711 

Sato 

Madrid SE £0/1 2/B$ 29934 39934 ^ 25531 3171 

Ti^mt if n 

MsmanMen (17207) 146430 14815 148150 188X80 3171 
MtoiNml 

Str* Bk hd £1712/58) 1204.43 12D513 13B57 14BB4 Sl/t 
SBC General (1/4/87) 91933 82001 81737 WK29 31/1 

Tatam 

«MglMdPr43(Ma«ar* 648258 844458 844599 7181.13 3M 


Wttstl* 302139 383175 383574 397538 3593B5 397856 4122 

(3i/t) m fsmnq pntszj 

HOBS Bondi 94B3 8467 94B4 18X81 9454 10577 54.99 

(2171) (7/11) (lanOTBXO (171 OM) 

Tmagal 148144 1487.17 149152 188239 143550 188128 1252 

»2j fsnq 0 m 9tm 

(flUes 177B0 177.43 17541 Z27B6 17555 25548 1550 

£711 0UB) £1/81931 (V4/33 

DJ kid. Dev’S Ngh 387X47 £88259 ] Low 380510 £7*544 ) (TlMcraticd^ 

Dey% hlgn 385056 £95578 ) Low 3814B2 (301056 ) (Aculf) 


48457 48540 48585 48258 43592 

03 m 

55353 55452 533.79 SBXTO 51055 


-2 292 1*1 
+5 721 968 XB 
+S 713 587 XB 
♦5 3586 2.173 1.4 
+10 1B491B19 IB 
+3 250 190 1J 
-2 7<7 500 5l» 
-3 870 702 IB 

-2 P42 BOB ZO 
♦2 422 327 _ 
+TOX730 iJSBO 1.6 
-10 1,700 1,060 XS 
-TO X932 2.140 32 
-IB 1.0+5 839 IB 
+7 <53 302 32 
_ 971 782 U 
-SBO 1901*350 IS 
_ 991 600 18 

+1S 1575 1/400 xi 
-1 1.437 TBS3 XI 
-250 173110 3) _ 

+ 10 1.733 1,390 45 
-605540X970 _ 
_ 263 178 54 

-TO1B4Q1B01 _ 
-23 mw) 10675 04 
-00 7J70 5. IGO ft£ 
-49X3001540 X8 
-S 1.095 042 \A 
-1 227 148 1 2 

—3 888 635 _ 
+3 070 GOB _ 
+5515901,350 2-7 
+2 1,100 B4S XO 
—3 531 345 <4 
-BO 259 1GB <0 
+23 017 56* IB 
+28 812 616 IB 

-2 880 739 _ 
-515031.055 X7 
+5 832 364 X9 
-815161.128 15 


= ESS3 I 

= KT S 5 


— MAna 444 +4 484 318 — _ 

— M£d <99 -18 889 396 _ _ 

— MbTifi 1550 —4015*0 1,140 — _ 

— HMMM 1.620 _ 1510 1/4> : _ _ 

— MDSeD 630 +3 B80 43t 

— MW 844 +8 805 672 - _ 

— MEnS CT „ 400 301 _ 

— IMFud 1520 +10 1,420 997 OB 

— MBMar 749 +4 390 723 OB _ 

— MMnS <23 +1 489 378 _ _ 

— MtOsk 410 -7 403 337 _ _ 

— HUM 900 *1 940 578 _ _ 

— MtStt 862 +11 940 770 0.7 VMpeC 

— laiToe 419 -7 448 310 — 785 WmFt 

— MKTiB 1510 „ 1/400 848 _ „ WlWtt 

— NUatl 952 —3 1,110 790 __ „„ 

— MftmB 1BJ0 -40 2530 1530 05 „ 


12M -52 UR 1.10 *5 — 
2 ~JB 255 I £3 KB 
IBB -SB 2JU 1.12 35 _ 
1B8 -06 282 1BD — — 
1058 -J01150 X7S XO 415 
32B -BB 450 253 7/4 •>_ 
1850 ->541X8415.70 «B SI J 
254 +B4 3.40 X45 SB — 
259 -B8 SBO 2.55 IB 6*5 
7 _10JJ4 852 42208 

2B6 „ 421 255 4B _ 

1X48 __ 1358 957 45 122 

8-20 -.15 750 S25 XO __ 
5BOJT m.14 720 6.15 05 52 
X27 +JB 228 150 25 — 
3-34 -.12 4.15 356 _ _ 

xm -52 6B2 xsn 87 — 

IS ^ £8 ft = - 

XTO -56 350 200 47 135 
3-5 -BB 425 249 05 — 
S.4H __ 926 650 DJI 
358 + 450 fS 25 — 


1-30 -B1 1.74 1-15 ' 


3,77 -BB 452 3JS 72 BB 

-B7 7.10 £90 SB _ 

^8k ^ ft ft£3 Z 

2BZ _ 3.70 XM K2 2DB 

2-47 — ,03 274 151 _ __ 

450d -.12 472 328 35 _ 

8TO -54 turn 0.10 55 _ 

7B9 -.19 050 6TO IB _ 

853 -.13 aaz 7 m ZB _ 

257 +52 283 X16 45 _ 

Wtoe 424 -54 5BS 453 42 — 

WmPI 4B4 -58 522 X - J 17 __ 

wrwtn 258d -54 352 270 42 — 


3=7 

!rsi 

« 

ar 

tra 

fcw 

'•*a 


^ " 3 , 2 ^ rao Z Z "W"»(»« 11 /K«J 


— MacWll 2510 „ 2500 1583 05 

— MraaOM 557 +27 024 485 OB 

— MotS 2550 -160 2.760 250 — 

— IMHi 3540 +30 4,480 3572 

— NEC 1.1B0 -101B10 858 _ 

— NGKIn 1.030 +10 1,170 885 „ 


E®8 

— wot 

— NOK 


1280 -TO 1/400 1.020 _ 

Eg -a ’Em ct - 

2 tb -1 an 23i _ 

804 +4 839 585 _ 

770 +19 795 528 IB 


AFRICA 


souiuAmcAfftoYU/RamQ 


main 14/z 

544800 lfl/1 


113872 Tim 
67657 Z7/1D 


B5E Sem/1879 


405670 413673 420558 402857 1»9 


Banghok SET £QH/7q 146622 147252 14B&53 175X73 4/1 H0R90 4M 

IMara 

bMlri Qqp^kn 1B8Q 269642 ZBS37B S5951JS 2008800 13/1 129NL70 Z4/3 

WOHUJ 

MS CasU *1(1/1/71)$ 625.4" B2S.7 0285 84950 2/11 681B0 4M 


NASON} Onp 


Dow Jones ML Dhr. Yield X78 

Nm S 

SLPMDIv. yield 2B9 

S L P M. P/E ratio 2093 

■ STAHPAHP AMP POORS 800 MR 

Open Latest Change 

Doc 48625 483.65 -1-55 

Mar 46070 468.70 -1.65 

Jun - 470.60 

Opmi hdereet HgurDS me tar pwtoua dv- 




twin 

Cl/fl 

4X88 

4X00 

4894 

41 JB 



n«» 

m 

25501 

25628 

26721 

m 

aai4 

m 

48125 

45196 

4*799 

(2/3 

422B7 

(W 

70725 

78794 

08393 

(18/3) 

68X79 

t»M) 


10/40 ._ 10BS 870 42 

29 17B0 XI 


226 

™__ 45^ 

OS 3X73 
a^l 28-50 

S3S* ^ 

7^0 
66 

UiS 


Oct 28 Oct 21 Year ag o 
2.70 2.72 XBO 

Nov 2 Oct 26 Yaar ago 
2B9 2B9 X41 

2095 20.62 28.61 

BXPUnwaSSOOthnwIndaw 
FSgh Low Eat. voL Open W. 

46525 483.10 84933 209984 

46690 46890 3913 24,183 

- 47025 B7 3,652 


81338 «»" 51112 ^"WWOI 1341.71 134652 134B14«4a»31fl «« 5H0 

«■! Bn TtB-100 BBfB/Bn 1187/43 118111 119196 131191 VS 113848 B/IO 

EB) Ornmnnm laouje 1824B0 183322 20BX16 20/1 160114 1/7 JCVeKkpn £1/12/88) H 33294 33377 305.19 5/1 20020 21/3 

Batagi Emer0/7/IA2) 10024 181 91 18X70 WM 2M 141BB 2W4 

Ban Coami H (1073 641.05 830.17 83030 817.17 UK wim ion 

MB Onrai tVtm 1Q37-Q «BM 10200 13180B Iflfi MUD IM M CAC-4Q STOCK WPMX PUTUMBS (MATf) £<ov TO) 

Japan Open Sett Price Change Hgh Low Get voL Open InL 

NSfel 225 (10509) 1328498 1925185 19423A 21S2B1 13/8 173BBJ4 4fl ^ 1948 « 1B5e n 19 gaO 18359 21904 23926 

NBM 300 (1/10/33 27450 27X40 28063 811BJ 13* 2BX22 4fl 5£ I™ ^ ^ 19469 317 2*MI71 

Toph (4/1*8) 151797 158103 153331 17B33 IM 144697 4/1 ££ ^ ]S2J £*5 1978.0 1 50 

™**»W** 2T14J8 2121X8 213461 2S42B5 6/7 UBX33 4H **J EJSL-^ 

jastekM4Mffi) 102967 1081165 105191 1SMBB 5/1 S2X33 AM 

“ Set N«r 0 : Tabari WH9j*edftlM 537221; IJiea CotpBc Mm vteaa ol M Mces era 100 arcapt AteMNi Al OnNwnr t ConeoPon.' CetaAmd W 16J0 CTfTJ 

end k*+Q - 6005 Auetrfe Traded. Kia. HEX gen, MB Pen, 88 Btao, CAC4Q. Eire Tcp-lOOi BB3 Orem TrxjWi Cara^MetWe fc 4 The IM Intt. Irtec fteortrt hy; 
Mnerafa eng PAX - «t IJOD 4*6 Mfdd - Ofe 7 ! ~ * n y w Canwtai - 60 and Standwd end Poart - IB. 59 

MoanwL ♦ Tirana. 44 Onee d M Un eael k Me . I IBiaDAX apanhatee Mm War 11 . 3073-07 -a*B7 iWl 8* «NV- P™ ■te 1 ** " tuecheta 1 


SRUS KYI 
9(400 KYI 


NSM 225 (IGfi^n 1928498 192S465 1942368 2U5ZB1 IM T73GR74 4/1 

MM 300 (1/IO/8S9 27X50 27X40 26063 311-71 13/6 mm VI 

Tfloh(4/t/G4 151767 152003 153338 T7KJ3 IM 144697 4/1 

2nd Sscflm (4/UBt) 2114.78 2121A8 2134B1 2S42B5 6 17 167X63 471 


TaModih 
S een Hoe 

Sate fo 

MBRk 


yobk ACnw arpexa ■ TTUnwo Acnwn/ 

Stocks don Bangs • Wotane (hilton# 

Mad price on day Nor 10 Nov 9 Nor 8 

1OBS6B0O 51(4 -4% New Yak SE 280B7G 337.783 269957 

5B58/400 51K +7H rta« 16B70 16175 1XB53 


Puma CD 
Gan tun 
Amor Bee 


Stocks One Ctangs 

Mad price on day 

10BS6BOO 51<4 4% 

5959^00 51(5 +2K 

4B51900 16 

4B1XOOO 3W +« 

2908900 72 >2 

2991900 22M +M 

295B.100 39% -ZX 

X442BOO go -H 

X199J00 38R +U 

XI 98,000 31 H +M 


drta me day, (ilw UQuree kt breeketa 1 


• EnriuAng bonda. t In d ua l i l u ). plus lAHee, F 
owid knee are Ore ensues of dn Nghest and I 
•owe mvp°ed by TeMon) repneent sm NgheM 

* rtrious dW. V Butdeoi to otacW reeetaM 


Saw Traded 2902 2911 2997 

Usee 807 993 1.107 

FUS 1936 1,199 1938 

UneJHgBd 750 Tig 752 

NewHtfa 2B 33 27 

Hew Lows 173 169 292 

H m wc M end Dwtapor ta Don. 

I taweet pttcee reached Artie the day try ox* 
n end kmesl uWuaa that me erdex hn nredwd 


ga 1 

s 4 

11 


J 28 

WAreo 7626 


PACIFIC 


_ 8» 3MJD 
_ 140 10Z QB 

+25 67 TOGO _ 

— . 31 20-75 X9 

S 80 AS 73 
-.10 4B0 X46 IB 
+B0 12125 95-GO 0/4 
-25 1025 8B0 X8 
+1 7X50 <0 3 7 

— 1426 725 42 

_ 36 2X60 3-4 

___42 30 4.8 

— 2320 1020 4.7 

_ 80 53-75 8-1 

„ 16.73 7JJ4 IB 
__ TMBim IB 

-20 47 2325 

-262X73 1X79 7.B 
+26 34 1R Ijj 

--02 426 X1B IB 
+1 104 S3 1 A 

._ 122 76 IB 

-26 8460 6320 3.7 
+25 ” « j.7 

+to 


«K 770 +19 TO M IB 

NTH 705 __ 787 493 „ 

HcWFu 432 +20 4M 316 __ 

HpTdY gl5 -1 *10 002 _ 

* 3i 

Masted 1.400 _ 2,080 1 BOO Z 

nawOf 1.030 -101,100 W — 

wenfl IBTO +4O1B601B10 — 
Hchlra 872 +6 815 ETO — 

MtmQn 878 -ao 810 B28 _ 
EJE5JJJ ^ -2 568 400 0.7 

!*!« E«1 -S 861 579 _ 

-TO lj^ 1BW OB 

i K 3^0 ^SJiSs^S Z 

OT8 -4XSE0 002 _ 

400 w. 48Z 318 _ 

2910 -10 2,130 IB 10 _ 

21*30 _ 2200 1230 ._ 

1.JH0 _tl10 397 Z 

IS *3 g g« 
’■£2 

®70 IDS 470 _ 

1.M0 -00 IBM 1,320 1.0 

gO +4 7B4 863 

833 780 600 

,744 +3 7g 484 _ 

|5 

1^ ^0%8«l^ Z 

l’IJ2 +10 1910 1,130 „ 

552 +1Z 308 335 _ 

CT +S 403 302 _ 

Aqu +4 534 345 

J2-929 -300 27,7® 152» 04 


Q-40 -.18 IBM BBS 4/4 09 
3390 -20 SO 26.00 21 232 
^ 11 -.10 1X70 10.40 39 _ 

3X30 -M «»«-- 

7./0 w , f. m~~m m . 

790 -,l3 14 X^E _ — 

83 -v*B 2720 ia®B 1.7 

1X10 1BB0 39 14B 

896 -BO 1620 MS KB _ 
4.17 _ BBB 4B0 29 _ 

-20 4623-30 IB 

_ +26 131 00 IB — 

ja« +.10 21B011TO AJAQA 
57.73 +J3 BOSO 47^73 3B 21 2 
10.16 -95 i£S 990 XB 26 
-98 ALSO 490 44 _ 

_ Han iaio iB xe 
-90 54 2890 3J 1X8 

+96 3690 20.30 20 _ 

HNLand 1020 +BS 37.75 1790 06 — 
WdTO 1796 -3s 3025 17.7S 4-0 1£0 
k “~ 1K» -.10 17.70 12 39 — 

7.76 -.10 1"“" n 


[H» a.-JK 

1 

!5>*« 

A 

p?s- £>ir _ 

h . ’ f 7 1 -+ . 



= ffisa 


4.70 _ 

327 +92 


3X50 —.70 
20.76 -20 
1X10 _ 

-io 

1090 „ 



Z MALAYSIA (Nm 11 /KYR) 


222’ M —7 1270 982 19 Z HUM 1490 -.10 V 

St ,B a a » z z 

S ::!T ft \ 

CT +0 1*02 701 „ Z SbnoD RJ» I 

ESS h Z% ^g i |g S z = 

££Sl 99S +'4 tJJW 770 _ Z 

M ?3» ~ SWGAMBE(N»11/SS) 

SSSm , ™ -« 372 284 _ Z 

w; ’S Elk H 

ffirff 8 m a i i E = is M fti 


z *S5»» u 

IRI— 


JAPAN (Not 11 /Yerft 


flsas 

AHW 1,110 

I CT 

taKh 1200 
Arana 1950 
AndaOi S7i 
Arrau 1900 


Change your Future- 

The largest provider of dedicated fin.inciai ultimate financial pager on tlur m.-vrset. Try 
paging worldwide. Hutciiison Tolorom, brings Pulsr- for f-KEIT no-.-.- ,ir-.d you'll soon son '/-hy. 
iroii Pulse. With more features and in-depth . 

information Ilian anyone else, it roaily is the Call 0800 28 28 26 Ext. 1^5 today- 



For ■ FREE lHad can 
0800 28 28 26 


►PULSE 


Hutchison 

Telecom 


-1 737 
_ 1210 
+20 1660 
-10 19 BI 
+201900 1 
-19 74* 
-GOUDO 
-24 054 

-640 8600: 

+a?^1 

+101^1 

+10 1900 1 

1 I 

+TOXCTS 

+12 CT 
-TO IBM 1 


E.'4I 

ssa. *8 
set a 

& m 

!Bk 'm 


ra 1090 1X70 1090 29 X4 

F&t* 1690 -2Q 1 Enfl 15 $9 

g?** XGO - £48 2B4 SS Z 

«mfw la +92 x&8 X4S 5a _ 

S22S 4-95 896 4££ 59 — 

™BP 1X70 —B0 1390 B 19 _ 

EgF 1XS0 -^40 1820 111J _ 

«£c M Z S — 790 6.75 o3 — 

s£%*L 14 ;1^ 4-92 i5-io io^a 19 _ 

S2S '5® -‘1017,1013.10 is — ■ 

mEw 3-12 = 398 398 19 — 

3.78 -92 <2B 3.18 XS — 


■a 4 ®*ai -•*- ^ 
M-SSes 


=M Sa ! 


i I j ( ) \ - , 

! A ; 

^ V °L ,i V 


+20 2900X110 M Z 

+ 10 X 1 M 1 B 10 _ Z 


H= r 


I ii|“i I 

® E 

’■a r - 



►An 




FINANCIAL TIMES WEEKEND NOVEMBER 12/NOVEMBER 13 1994 


13 


►Jbi 


o* 


n : . 




CURRENCIES AND MONEY 


MARKETS Report 

Markets wait 


Foreign exchanges spent a 
day yesterday as traders 
fixed their gaze on next Tues- 
day^ meeting of the Federal 
Open Market Committee in the 
US, writes Philip GaxoUh. 

With no statistics of note 
and markets shut for holidays 
in the US, France and Belgium, 
trade was very subdued. 

The dollar shed some of its 
recent gains to finish in Lon- 
don at DML528, from OM1.584& 
Agamst the yen it closed at 
Y97.5, from Y98.04. 

In Europe, the D-Mark was 
firmer against the French 
franc, which closed at FFr3.439 
from FFr3.437. A poll showing 
Mr Jacques Delors, president of 
the European commission, and 
possible socialist candidate 
next year for the presidency, 
ahead of conservative rivals for 
the first time, bothered mar- 
kets. 

The Swedish krona gained 
ground against the D-Mark 
ahead of Sunday's referendum 
on EU membership, closing at 


SKr4.75G from SKr4.769. Ana- 
lysts said the result was too 
close to call 

Sterling had a steady day, 
with the trade weighted index 
closing at 805, from 80.4. 

■ In a day otherwise bereft of 
news and statistics, the most 
interesting contribution came 
from Mr Hans Tietmeyer, pres- 
ident of the Bundesbank. 
Speaking to bankers in 
Munich, he said that any move 

■ ftwwl hi Maw York 

Nwll —-late!— -Pm. doaa — 

£WOt 1.5900 1.8010 

into 15975 ISOM 

3 Eft 15970 15999 

t V 15896 15936 

in official German interest rate 
depended “primarily” on the 
money supply. Other factors 
9uch as exchange rates and 
commodity prices were also 
carefully considered. 

He stressed the theme, much 
repeated recently, that there 
was scope for German rates to 


potter 

DMperi 

iiS4. 


••US? '-*~- 


Yen per $ 
99 


Sterling 

$per£ 

1.66 — • — ■ 


DM per £ 
2.46 — 


French franc 

FFr'perPM 

3.42 ^ 




r 1.63 


■1.60 



2.45 - -r-lA-M 



21 Oct’ 1894. Nay 11 


21 Oct 1994 Nov 11 


21 Oct 1994 Nov 11 


21 OG1 1994 Nov 11 


21 Oct 1994 New 11 


■SaUfCKDatstraam 

both rise or fall. 

“Unlike other central banks 
we do not operate an anti-cycli- 
cal policy. That Is why the sub- 
ject of an interest rate rise by 
no means stands unilaterally 
in the foreground," said Mr 
Tietmeyer. 

“Rather, we will carefully 
check on all sides.” The Bund- 
esbank council left interest 
rates unchanged at its meeting 
on Thursday. 

Mr Tietmeyer said there 
were chances that German 
in fl atio n , just below three per 
cent now, would foil further. 


■ Much attention was focused 
on what the Fed is likely to do 
on Tuesday. Most observers 
are now settling for a likely 50 
basis point rise in the Federal 
funds rate, the market having 
retreated from its recent stance 
that nothing short of a 75-100 
basis point rise in rates would 
be sufficient 

Mr Alan Greenspan, chair- 
man of the Fled, has never pre- 
sided over a move of more than 
50 basis points in the federal 
funds rate. 

Mr Tony Norfield, UK trea- 
sury economist at Abn-Amro 


in London, said that although 
there was more talk of the dol- 
lar having bottomed, “there is 
not a great deal of confidence 
that the turn is here.” 

Indeed, the lack of confi- 
dence is reflected in the view 
of many analysts that a 50 
basis point rise will be poorly 
received by the foreign 
exchange market. 

An important caveat is that 
the Fed may be able to carry 
off such a move if it makes 
clear that it has not ruled out a 
further, similar monetary 
tightening in December. 


POUND SPOT FOR WARD- AGAINST THE POUND 


r m m 

Nov 11 

CtoetaQ 

ndd-potat 

' ■’ ■ • 

Europe 

Austria 

(Sch) 17.2162 

- i 

Belgium 

(BFfl 632996 


Danmarit 

(DKr) 95477 


Rntand 

FM) 7.4358 


Franca 

(FFi) 54054 

1 

Germany 

(DM) 2.4438 

1 

Greece 

(Dr) 375567 


trotand 

TO 1.0173 


l»V 

W 2604.10 


DOLLAR SPOT F£>R VV ARO .A v3AI BIST,. THE DOLLAR 


Day's Mfef 
high taw 


One month Three months One year Bank of 
Rate taPA Rata %PA Rate MPA Eng. Index 


Closing Change BW/oner Day's mtd One month Three months One year JJ> Morgan 
mM-polnt on day spread high taw Rote WPA Role %PA Rate %PA Index 


Luxembourg 

Nethstande 

Nonray 

Portugal 

Spam 

Sweden 

Swttzertend 

UK 

Ecu 

SORT 

Americas 

Argentina 

Brad 


m 248.179 -0.581 964 - 383 252514 240205 250909 -03 264.088 -7.9 

(PtaJ 20X358 -0433 153 - 582 203.726 203.190 203.688 -1.9 204353 -ZO 200968 -1.8 

PKi) 11.6112 -00742 004 - 220 11.6922 115721 11.6302 -25 11.6727 -2.1 11*172 -1.B 

(SFr) 2.0464 -00058 47S - 492 2.0538 25470 254S3 15 25378 2.1 1.9955 2-6 

B - - - - - - 

- 1.2840 -00035 832 - 848 1.2876 12830 1584 0.0 1.2841 OO 1.2785 04 

- 0919048 - - - . . 


17J! 

34 

- 

- 

ItfiJ? 

Austria 

(Scftf 

70.7645 

-0.048 620 - 670 

137750 10.7430 

10.7845 

0.0 

10.7843 

0.0 

108695 

37 

50.1996 

38 

50.Q6B6 

0.6 

117.0 

Belsjtun 

(BFri 

31.4500 

-0.15 

300 - 700 

31.5400 31.4300 

31.4526 

-31 

31.41 

OS 

31.31 

34 

956 

-35 

9.6398 

31 

117.1 

Denmark 

(DKr) 

5.9606 

-0.031 B 

670 - 725 

59810 

5.9649 

5.9739 

-09 

5-9823 

-0-8 

90208 

-OJ 


- 

- 

- 

BSL2 

Finland 

m 

4,6493 

-0.0292 

442 - 643 

4.6641 

4.6382 

4.6501 

-32 

46468 

02 

4.6433 

at 

8J&55 

35 

53274 

39 

10Q-9 

Franco 

(FFr) 

5.2655 

-0.0193 

545 - 565 

5-2610 

5-2490 

5.2507 

-0.3 

5J544 

31 

5.2423 

33 

2A382 

39 

2.406 

1.6 

1234 

Germany 

(D) 

1.5280 

-0.0068 

275 • 284 

1.5310 

1-5260 

1.5276 

33 

1.5255 

38 

1J127 

1C 


- 

- 

- 

- 

Greece 

(Dr) 

236.450 

-1-35 

300-600 

335.700 235.250 

235.72 

-1.4 

238-275 

-1/4 

238-525 

-1.3 

1.0167 

02 

1-0180 

-31 

1Q4J) 

Ireland 

TO 

1.5723 

+0.0053 

718 - 728 

1.5773 

1.5689 

1-5723 

30 

1.5723 

30 

1-5693 

38 

2521.1 

-2.7 

2671.8 

-2.7 

74A 

Italy 

W 

1565.70 

-6.3 

520 - 620 

1569-00 1564.20 

1669-95 

-33 

1577.7 

-31 

10182 

-3.4 

931996 

38 

530596 

35 

117.0 

Luxamboug 

fl-Fr) 

31,4500 

-0.15 

300 - 700 

31.5400 31.4300 

31.4625 

-ttf 

31.41 

0.6 

31.31 

34 

2.7347 

02 

2.7002 

1.5 

1239 

Netherlands 

(FO 

1.7135 

-30077 

130 - 140 

1.7197 

1.7121 

1.7135 

0.0 

1.7116 

35 

1.7 

0.9 

138846 

-31 

138836 

30 

853 

Norway 

(NKl) 

36795 

-0.0425 

786 - 805 

8.711S 

6.6751 

36822 

-35 

6.685 

-39 

6.727 

-0.7 


Peso* 1.5895 40.0038 990 - 999 1.6018 1.8974 

m 13396 400054 384 - 405 1J3441 13380 


'* 5 

T' 

Canada 

(CS) 2.1722 

+0.003B 

713 - 730 

2.1786 

2.1705 

2.1712 

36 

2.1899 

34 



Mexico 

ptowPeao) 6.5002 

+30081 

858 - 046 

5J>104 

5j4950 

. 


_ 




USA 

m 1^994 

+30026 

990-997 

1.6031 

15982 

1-5969 

34 

1-5982 

33 



PadMcMddto EaetMMca 











Auetraba 

(AS) 2.1254 

+30081 

236 - 273 

2.1328 

2.1211 

2.1275 

-1^ 

2.1302 

-39 


Hong Kong (HKS) 123604 +00199 569-639 123888 123523 123614 09 123471 04 123019 OS 

Ireta (Rs) 603338 +00417 166 - SOS 503850 603030 - 

Japan M 155337 -0609 823 • 051 156310 166.750 150487 33 154572 08 140347 4.2 1806 

MatatftfB IMS) 45895 -00003 878-912 43905 43876 - - 

New Zealand (NZS) 25769 +0006 732 - TBS 23887 23726 23806 -23 23896 -22 26097 -13 

PWppineB (Poao) 383846 -03367 961 -728 383080 38.2500 - 

Saudi Antote (SR) 53988 403068 970 - 006 83124 53948 - - - - 

Singapore (SS) 23607 +0001 494 - 620 23577 23490 - - - - 

S Africa pom.) (FQ 53317 +00019 293-341 53435 53283 - - - 

S Africa (FH) (H) 63494 +03171 319-889 83142 63309 - - - - - 

South Korea (W0r4 127638 +235 472 - S44 127738 127434 - - - - 

Taiwan 05} 41.7843 +01235 715-970 413788 41.7576 - - - 

Thailand (Bt) 383198 +00489 951 - 445 403060 393960 - - - 

tSOfi nkon to Now 10. BUMfer spread* in (tie Pnnl 8 dm nfcto show only the laet thru dwd ma l j+arnn Forward mb are not directly ranted to Sw 

maricnr but era knpled by amt Interact rates. String Mac calculated by the Be* cT EngJwd Bass auarnga 19B5 = 100-BkJ. Oita and MW-nami la boOi 

Ml and the DM Spot tabtaa dsrfced tan THE MimtlERS CLOSING SPOT RATES. Suite valuae an rounded by die FT. 


CROSS RATES AND DERIVATIVES 


Portugal JEs) 155.800 -0605 700-900 157.430 156.070 158426 

Spain (Pta) 127.150 -048 050 - 250 137270 127.060 12748 

Sweden (SKr) 72800 -03683 548 - 651 72044 723Q1 72748 

Switzerland (SFrl 12808 -00057 805 - 810 12835 12775 12795 

UK (0 13994 +00026 990 - 997 13031 13982 13989 

Ecu - 12456 +0.0054 451 - 461 12461 12438 12451 

SOftf - 1.47737 - - 

Americas 

Argentina (Peso) 1.0001 +00006 000 - 001 13001 03983 

Brazil (RQ 03375 +0302 370 • 380 03380 08350 

Canada |CS) 12582 +0.0002 579 - 584 1.3592 1.3576 

Mexico (New Peed) 3.4390 -0.0005 370 - 410 3.4410 34380 

U3A IS - - 

Padlle/MMdle East/Africa 

Australia (AS 1.3289 +03029 280 - 298 12316 12250 


-42 15725 -42 18306 -4.0 

-31 128.145 -31 130.76 -2.8 

-34 7204 -34 7444 -22 

12 12755 1.7 12565 13 

04 12982 02 12912 02 

05 1245 02 12446 Ol 


1.3577 02 12676 02 12632 -04 

344 -02 3.4418 -02 34492 -03 


Hong Kong (HKS) 7.7284 -0.0001 279 - 289 7.7289 7.7279 

Indta (Fte) 31.4088 -0325 050 - 125 31.4350 31.4050 

Japan (V) 97.6000 -024 500 - 500 97.8000 97.4800 

Malaysia (MS 35570 -03043 565 - 575 22590 35565 

New Zeeland (NZS 12106 +0.0005 093- 119 12142 1.6088 

Philippines (Peso) 24.0000 -025 600 - 500 242000 239600 

Stud Arable (SH) 37508 +0.0001 505 - 510 37510 3.7505 

Singapore (8$ 14698 -0.0017 693 - 703 14715 14890 

S Africa (Com.) (R) 32213 -0.0045 205 - 220 32220 35195 

5 Africa (Flnj IF) 4.0950 +0.004 850 - 050 4.1300 4.0850 

South Korea (Won) 797250 +02 200 - 300 797200 796200 

Taiwan (TS 26.1258 +0.0348 235 - 280 26.1280 283880 

Thaiand (Bt) 249600 -031 500 - 700 24.9600 242800 

tSDR me to Now 13 BtdMtgr spreads In the Qatar Spot Mblo show only taw laot tan 
but sit Implied by current Merest rcxea. UK. Hand 4 ECU <ro quoted ki US anancy. 


- : +'i i 


12291 -0-2 12298 -02 12372 -0.0 873 

7.7265 02 7.726 0.1 7.7339 -0.1 

314938 -32 31.6388 -2.9 - - 

9726 31 96.66 32 93885 37 150.7 

22478 42 22386 32 2.61 -2.1 

1.6115 -0.7 1.6134 -0.7 1.8187 -0.5 

37521 -04 37562 -02 37748 -02 

1.4875 13 1.4637 13 1.4453 1.7 

32359 -S.0 35676 -52 37266 -52 

4.1175 -8.8 4.185 -63 44 -74 

80025 -45 803.75 -33 82225 -31 

231458 -03 231858 -05 

25.0325 -32 25.18 -32 2364 -2.7 

■e deckm phone. Forward rates are not dknedy quoted to die market 
3P. Morgan mmnl Indus Now 10. Bau overage iwo-ioo 


EXCHANGE CROSS RATES 


EMS EUROPEAN CURRENCY UNIT RATES 


, ->1 


Navi 

BFr 

DKr 

FFr 

DM 

IS 

L 

Ft 

NKr 

Ea 

Pta 

SKr 

SFr 

£ 

CS 

s 

Y 



BohHum 

ppr) ioa 

1398 

1371 

4359 

3022 

4978 

5449 

2123 

4954 

4042 

2308 

4.072 

1388 

4.318 

3.179 

3035 


■■z. 

Denmarit 

(DKr) 52-69 

10 

3804 

2380 

1-065 

2823 

23TT 

11.19 

281.0 

2138 

t31fl 

3145 

1247 

3275 

1.075 

1633 

• 

T 

Rare* 

(FFr) 5385 

11-30 

10 

2-908 

1-210 

2979 

3261 

1371 

2905 

2413 

1381 

3437 

1.190 

3584 

1.902 

185.5 



Grarmany 

(DM) 2368 

3808 

3439 

1 

3418 

T026 

1.122 

4370 

1030 

83.18 

4.750 

0238 

3409 

3889 

3654 

6379 

r 

- ' , ■ 

Mend 

TO 48,48 

9J387 

3286 

2.403 

1 

2482 

3895 

1050 

345JJ 

1992 

11.42 

3014 

0383 

2.130 

1572 

1533 



nmy 

(U 2.009 

0U581 

0336 

3096 

0041 

103 

3109 

3427 

3952 

3119 

3484 

008? 

3040 

3087 

3064 

6226 



Netherlands 

TO 13.35 

3483 

3000 

3882 

0371 

9135 

1 

3896 

9022 

74.17 

4230 

3747 

3365 

3792 

0583 

5628 

— --J 

: 

Norway 

(MC) 47.10 

3939 

7.870 

2288 

08S2 

2346 

2388 

10 

2333 

1904 

1087 

1318 

3939 

3034 

1.497 

1482 


• • 1 - 

Portugal 

' 2318 

3831 

3373 

0981 

0400 

1006 

1.100 

4288 

103 

8158 

4259 

3822 

3401 

0272 

0242 

6356 


• ’ - - 

Spain 

(Pta) 24.74 

4.698 

4.134 

1-202 

0300 

1232 

1348 

n«a 

1223 

100. 

5.711 

1307 

3+92 

1.088 

0.787 

70.68 

V. “ ' 


.Smarten 

(SKl) 4332 

3223 

7239 

2.105 

0.878 

2167 

2361 

9.199 

2143 

175.1 

10 

1.784 

0.881 

1.871 

1377 

1343 



SwOsertand 

(SFr) 2466 

4.602 

4.104 

1.193 

3487 

1223 

1338 

5215 

121.7 

9927 

52B9 

1 

3488 

1.061 

0.781 

7312 

i * -> 


UK 

(Q 5330 

3547 

3406 

2444 

1-017 

2504 

3741 

1038 

2492 

2033 

1121 

3049 

1 

3172 

1.599 

155.9 

.'•I-x.. 


Canada 

(CS) 23.18 

4J9S 

3878 

T.125 

3468 

1153 

1252 

4217 

114.7 

9360 

5245 

0.943 

0.4B0 

T 

3738 

71.78 

/- 


US 

(9 31 <48 

3971 

5.268 

1328 

3836 

1586 

1.714 

3679 

1553 

127.1 

7281 

1.281 

3625 

1.358 

1 

9750 



Japan 

(Y) 32J26 

3124 

6391 

1368 

3662 

1606 

1.758 

3861 

1592 

180.4 

7.447 

1214 

0.641 

1-393 

1.026 

103 

;• • 


Ecu 

39.17 

7.435 

0346 

1.909 

3792 

1950. 

2.136 

3318 

194.1 

1582 

9242 

1595 

3779 

1.092 

1245 

121.4 


Nov 11 

Ecu cert 
rates 

Rate 

against Ecu 

Change 
on day 

«+/-froni 
cen. rata 

9t spread 
V weakest 

Netherlands 

2.19672 

314636 

-300073 

-2.28 

522 

Belgium 

402123 

39.4130 

+021 

-1.99 

529 

Germany 

1.94004 

1.01433 

-0.0001 

-121 

5.10 

Ireland 

3808628 

0.796288 

+3001777 

-1.53 

4.79 

Denmark 

7.43979 

7.47896 

-301593 

a57 

381 

France 

6.53883 

6.58219 

+0.00174 

028 

2 w» 

Portugal 

193854 

195.163 

-3105 

1-20 

127 

Spain 

154250 

159.179 

-3164 

320 

300 

NON EftM MEMBERS 





Greece 

204.513 

204.941 

-305 

1150 

-7.45 

Italy 

179310 

1961.59 

-5.06 

9-39 

-5.66 

UK 

0.786748 

3782253 

+3201781 

-357 

378 


■ D-MARK FUTURES (84M) DM 125500 par DM 


I YEN FUTURES (IMM) Van 12.5 per Yen 100 



Open 

Latent 

Change 

High 

Low 

Eat vol 

Open M 


Open 

Latest 

Change 

Hgfr 

Low 

EsL vol 

Open M. 

Dec 

02634 

02642 

+30008 

38663 

36531 

44201 

81,723 

Dec 

12263 

1 0274 

+00019 

1.0275 

1.0257 

20288 

87.186 

Mar 

02552 

02564 

+02009 

38666 

05649 

571 

8,178 

Mar 

12348 

1.0358 

+30011 

12358 

1.0348 

1.383 

8589 

Jun 

- 

02664 

- 

- 

- 

B 

1281 

Jun 

■ 

1.0447 

- 

' 

■ 

3 

715 


Ecu cvmi rales sw by die Eurepean O nm nXaslon. Cunandasara In descending raMM xmgdL 
Pemenuga changes ore tar Ecu ■ poMM change denotes a weak anancy. Mrragram dme die 
ratio Between two armada: Bw percent a ge rattrrance belwHtte UPtoiU inralira and Ear ccrtral me* 
tar a currency, and me madman permitted percentage d en tati on af dw curmncy'e nrariuk Ml tan Us 
Ecu central rale. 

(T7AITU) Swung end Rattan Urn suepwided bom Bbl AcluatmmQ ce tatatn d by dw nmmcM Times. 


■ PM1ADBLPWA SB C/S OPTMNS 831 250 (cents per pound) 


IFlUWCHmiWBSCMMISft IBSftOOperSFr 


1 nnURSS 8MM) £82200 per E 


.... 

Dec 

37799 

37818 

+30024 

37833 

37793 

28266 

44260 

Dec 

12Q10 

15084 -00008 

1.8016 

1.5970 

18225 

48.708 


Mar 

a 7081 

37851 

+30026 

37881 

37841 

S57 

2510 

Mar 

15874 

15980 

1.5990 

15974 

50 

718 


Jun 

37890 

37895 

- 

37895 

37890 

12 

201 

Jun 

■ 

15970 

1.5970 

■ 

2 

17 


Strike 

Price 

Mow 

- CALLS - 
Dec 

Jan 

Nov 

— PUTS — 
Dec 

Jon 

1525 

726 

750 

753 

- 

304 

naa 

1550 

4.70 

5 02 

546 

- 

0.25 

373 

1275 

2.31 

3.04 

3.59 

- 

0,78 

1.43 

1500 

0.07 

159 

2.33 

318 

1.74 

259 

1525 

- 

370 

125 

252 

329 

3.94 

1550 

- 

0J24 

0.72 

457 

552 

5.78 


World interest rates 


MONEY RATES 


■ The Bank of England 
cleared a £500m shortage, at 
established rates, in its daily 
money market operations. 
Overnight money was very 
easy, trading between 3‘A per 
cent and 4% per cent. This set 
the pattern for other short- 
dated rates, with money up to 
one month offered below the 
base rate of 5% per cent 
Short sterling futures lost 
ground across the board, but 
volumes were very thin. The 
December short sterling con- 
tract closed at KL59, from 93.61 
on Thursday. 


November 11 

Over 

One 

Three 

She 

One 

Lamb. 

Dte. 

Repo 


night 

month 

mths 

TTrthn 

year 

War. 

rata 

rata 

Betoken 

4ft 

43 

64 

SVt 

an 

7.40 

450 

_ 

week ago 

4% 

43 

6K 

54 

84 

7.40 

4.50 

- 

France 

54 

64 

5% 

5% 

6% 

550 

- 

375 

week ago 

54 

54 

5* 

53 

64 

550 

- 

375 

Germany 

4JQ 

4,96 

5.10 

525 

550 

650 

450 

455 

week ago 

440 

456 

5.16 

325 

550 

850 

450 

455 

roana 

64 

5K 

5K‘ 

&4 

74 

- 

- 

825 

week age 

54 

5K 

5M 

64 

74 

- 

- 

825 

ihdy 

S4 

8K 

84 

83 

93 

- 

750 

320 

week ego 

BK 

BK 

BK 

84 

104 

— 

750 

320 

Netherlands 

454 

6.05 

&25 

656 

6l7G 

- 

325 

- 

week ago 

454 

5.06 

324 

336 

5.78 

- 

525 

- 

Owiuerterid 

3* 

34 

4 

4H 

4K 

6525 

350 

_ 

weak ago 

3% 

34 

44 

4K 

4% 

B52S 

350 

- 

US 

*4 

64 

6to 

84 

63 

- 

4.00 

- 

week ago 

44 

54 

54 

8 

OH 

- 

450 

- 

Japan 

2K 

2K 

a» 

24 

ZK 

- 

1.76 

- 

wwric ago 

2Y> 

2K 

24 

24 

2K 

- 

1.75 

- 

■ $ UBOR FT Lor 

don 








tatorbank Fblng 

— 

5K 

54 

6K 

BK 

_ 

_ 

_ 

week ago 

- 

59* 

5K 

64 

63 

- 

- 

- 

US Dollar CDs 

- 

6.18 

550 

558 

850 

- 

- 

- 

week ago 

- 

5l1B 

5.45 

553 

8.47 

_ 

_ 

_ 

SDR Linked Da 

- 

3% 

34 

3K 

4 

- 

- 

- 

week ago 

- 

3% 

34 

3K 

4 

- 

- 

- 


ECU Unload Da add ranra 1 mac GHc 3 mdta SS 0 Mac fli i yaw. 6H- S UBOR tatrabra* tad 
cam are adored ratal tar HOn quoted ta (he mater by taur re fcrenoa banks at tlam wo worfdha 
day. The bertra era: Bartow* Trust, Bra* of Tokyo, Budaye and Nratand Wesmtastra. 

MU ores m shown lor on damsstta Moray Mara U8 S CDs raid 800 Urtrad DspooKi (Q* 


EURO CURflENCY INTEREST RATES 

Now 11 Short 7 days One Three 


Belgian Franc 
Danish Krona 
D-Mark 
Dutch Guilder 
Ranch Franc 
Portuguese Eat 
Spanish Peseta 
Starting 
Swiss Franc 
Con. Dodor 
US Oder 
Italian Lira 
Yen 

Asian SShg 
Short tram rates ■ 


43 -43 

sh - 

5-4% 

8H-8la 

7«a-?i 

■it’s -SB 

Vn-V* 
5&-4H 
4U-4ft 
® - 7*a 

-2A 

21-2M 

• cdl tar the 


S«« - 4S 

S I -4ft 

1-8H 

SA-au 

Vs -2U 
US Dotar an 


5 - 4ft 
8ft - 6% 
4ft -411 

SA-6 
5A-sa 
9ft -9ft 
7ft -7ft 
5ft -SA 
3ft- 3ft 
5ft-5A 
5ft -5ft 
8ft -8ft 
2ft -2ft 
3ft -3ft 

I Yen. qthan 


5ft- 5ft 
8ft - 8ft 
5A-5A 
5ft -5A 
5ft -5ft 
10ft -Oft 
7H-7B 
We -8 
4 - 3ft 


aft - s& 

7 - 8ft 
5ft -5ft 
5ft -5ft 
5ft - 5ft 
10 ft -10 
aft -aft 
e& -ba 

4ft -4 

eft - aft 
eft - 8 
9 - 8ft 
2ft - 2.1 
3ft - 3ft 


5ft ■ ®ft 
8ft - 8ft 
10ft- 10ft 
Sft -9 

3:2 

7ft - 7 
Oft - 6ft 
911-9(1 

2H-2ft 

4ft - 4 


■ THTOB MOWW PgQH FUTUHES (MATIF) Parta Intartenk cStered rale (Nov 10? 



Open 

Sett price 

Change 

Hflh 

Low 

Eat vol 

Open W- 

Dec 

9457 

94.27 

+051 

0429 

9427 

9.4713 

54.372 

Mar 

9354 

9356 

+0.02 

9357 

9383 

11573 

35570 

Jun 

9342 

9344 

+0.04 

9345 

9340 

9,152 

27,126 

Sep 

9301 

9304 

+054 

9306 

9300 

3271 

1953S 


THHBE —OWTH BUHOPQ1LAI1 (LffFg* Sim polnfa of IQOIt 

Open Sort price Chongs hflgh Low EaL vol Open tat. 


Dec 

9383 

9394 

-056 

9394 

9393 

e 

24ffi 

Ms 


83.43 

-0.08 



0 

1380 

Jun 


9252 

-0.12 



0 

354 

Sep 


9254 

•0.13 



0 

81 


■ IMS —OMm tmOWAHK HltllHU (UffSy* DM1 m points at 100% 



Open 

Sett price 

Change 

High 

LOW 

EsL vd 

Open InL 

Dec 

9454 

9453 

-051 

9454 

9402 

7400 

143283 

Mar 

94.60 

9483 

- 

9454 

9450 

14219 

172905 

Jim 

9457 

9458 

•051 

9429 

9425 

7700 

118820 

Sep 

9389 

9358 

•052 

9391 

9386 

0004 

81067 


;«ONTHBUROmiABir4UIT3WnUia»(UFFQL1000nnpOlnraof1001t 


- 

Open 

Sett price 

Change 

High 

LOW 

Eat vol 

Open InL 

Dec 

91.17 

9150 

•052 

9154 

91.16 

1600 

33248 

Ms 

8058 

9050 

-052 

9052 

0057 

1422 

34003 

Jun 

9052 

9056 

. 

9056 

9052 

195 

16116 

Sep 

8952 

8951 

-051 

89.74 

9959 

553 

21344 


; MOWIM BUBO WH«aPBAI>CWmmB3(UFFq SFrl m potato on 0(W6 



Open 

Sett price 

Change 

High 

Low 

Eat vd 

Open tat 

Dec 

9555 

9556 

- 

9558 

9654 

905 

19315 

Ms 

95.69 

96.72 

051 

95.72 

9659 

1112 

20167 

Jun 

9558 

8958 

<x<n 

9558 

9558 

21 

5052 

Sep 

9554 

95-03 

051 

9554 

05.03 

11 

2362 


: MOKIH HCU FUYtmS (UFFQ Ecu 1m potato of 100M 



Open 

Sett price 

Change 

Mfih 

Low 

Eat Vd 

Open tat 

Dec 

93.99 

9396 

-0.01 

9399 

9357 

494 

8532 

Mar 

9058 

93.61 

■0.01 

9362 

9357 

302 

7482 

Jun 

9357 

83.11 

-0.01 

9312 

9306 

71 

4155 

Sep 

92.60 

92.63 

- 

92.61 

9250 

11 

2370 


■ Uunm traded on APT 


■ TMWEB —OMTH BUROOOiXAll QMM) Sire potato of 100% 



Open 

Latoet 

Change 


Low 

Eat vd 

Open InL 

re 

■ 

Dec 

9354 

8355 

+051 

9355 

9393 

173235 

410,720 

• 

& 

Mar 

9344 

9343 

- 

8345 

9342 

233.M5 

423061 

? 

Jun 

9254 

9253 

- 

9256 

9252 

131501 

307519 



■ US TflBASlIirrUl. FUTURES 0MM)»1m per 100M 


ac 9423 9422 -O.QZ 

at - 9420 -0.02 

tn - 9350 

l Open Imraest Igs. are far pratfous day 


9424 9422 1373 16.887 

180 10.074 

9320 155 5.883 


BUWOMAIIK OPTfOWS (UFFg OMIm potato of 100% 

taa CALLS — — PUTS » 

ce No v Dec Jan Mar New Dec Jan Mar 

76 0.09 0.11 027 0.13 301 0.03 0.19 025 

JO 301 022 022 025 318 319 029 0.42 

ZS 0 0 0 022 342 042 0.82 024 


UK INTEREST RATES 


LONDON MONEY RATES 

Now « Over- 7 days 

nffll* r**K» 


■ THREE ■OHTH STHJNO FUTURES (LIFFE) 2500. DOO points ol 100% 


One Three Sh 

month months months 


tatortwrh Stertng 
Starting COS 
Treasury Bite 
Bank BSs 


4ft -3ft 6ft- 4ft SB-5A 6-^a 8&-6A 7ft-7ft 

- 6»-6« e-aft 31-6 4 7ft - 7ft 

6ft - 5,’s sa - BH ■ . 

5A-5,'. aH-« 8A-8A - , 



Open 

Sett price 

Change 

High 

LOW 

Eat vd 

Dec 

9358 

9359 

-052 

9381 

9357 

6476 

Mar 

92.77 

92.77 

-0.04 

9280 

92.76 

6679 

Jun 

02.17 

92.18 

-054 

92.23 

92.17 

2215 

Sep 

91.70 

01.70 

-0.05 

0151 

91.75 

1011 


Prevrus coy's vet, Cafe s+1,751 Ptds 434.712. Prev. <tey's open fate Cdto 21 .sea pies l UCS 


BASE LENDING RATES 


State 

Price 

9475 

9600 

8S2S 

EM. «)l ID 

■ EURO 


aL Cols 5703 Pula 1805. Pmrtous .fay's open fate Crtfa 223131 Puts 201874 
SWISS FRANC 0PT10ltS(UFFE) SFr 1m points of 10096 


State 

Price 

Dec 

- CALLS - 
MS 

Jim 

Dec 

— PUTS - 
MW 

Jun 

9573 

023 

016 

012 

052 

019 

040 

0600 

004 

057 

056 

058 

035 

068 

9026 

051 

002 

052 

030 

066 

080 


, Cols 60 pun M. pravtous deyM open H. Ca*a stnes Pun 1746 


SSSreritydeps. S{3 ^ 3ft 5ft - 8ft 5ft - Sft - 6« 8ft - Bft - 7* 
Discount Marital daps 5 - 4ft 6i - 43 

UK (dedfta bank base lending rate Bft per cm* tam Sefflambar 12, 1994 

Up to 1 T-3 3-6 6-9 0-12 

month month months mortfra moidhe 


haded on A FT. M Open fatsres) *os. are far pnrasous d ay. 

U SHORT STERUNQ OPTKWS (UFF£) £500,000 points Of 100% 


Carts of Tax dep. ( 2100 , 000 ) 1ft ** ** 

s£«WiS4» Doc 25. 1B84; Mtanee B a t» 7aapa B sB— n c erarafar 
JSSd^Sn! reMto^ta^WKSdrame. tv a vaaas*. mraw. hum b»s epetrera n* 

1,1904 


State 

Price 

Dec 

- CALLS - 
Ms 

Jun 

Dec 

— PUTS ~ 
Ms 

Jun 

9360 

017 

005 

008 

008 

0.70 

1.38 

BS78 

056 

052 

003 

□21 

1.00 

1.60 

9400 

051 

0 

052 

0.42 

1.23 

154 


Em. voL rare. Crtte 1275 Puts 1837. Pravtous day's open re. Cats *OOfl* Puis 213419 


Adam & Company — 5.!^ 

ABed Trust Bank 375 

A® Bank S.75 

•f+anryAnstacher S.75 

Bark ot Baroda 375 

Banco Bfcao Vizcaya.. 5.75 

SankcB Cypres 575 

Bank of intend - 5.75 

BarttOf Inda 575 

Bar* of Scotland 37S 

Bodays Bank 57S 

Bril 8L of Md East...- 575 
•Brown Shptey & Co Lid 575 
CL Bank Nedertand ... 575 

Clfeank NA 575 

Clydesdale Bank 575 

Tha Cooperative Bank. 5.75 

Oxfltea Co .575 

Grata Ly-mnao 575 

cyprite Poputef Bank _575 


Duican Lawrie — 575 

Enetac Bank United .... 575 
Rnawal 6 Gen Bank ... 62 
•Robart Ftamtag & CD ... 5 76 

Girobank 575 

■Gutaness Mahon 575 

Habib Bank AG Zk/fcft. 375 

•Hembree Bank 575 

HoritaUe & Gen tav Bk. 575 

mm Sa tntd..... — 575 

C. Hoare&Co >.575 

Hangfrong&ShanghaL 575 
JdUi Hodge Bank .... 575 
•UMpald Joseph 8 Sene 575 

UoydsBai*. -575 

Meghraf BarA Ltd 5.75 

Mdand Bank 5.75 

■ MountBenkmg 6 

Nrawesknlnstar 575 

•NsaBretaars 575 


* Rax&unjhe Guarantee 
Carpoaton Umtad la no 
tango- authorised aa 
abanMngtasdtuiian. 8 
Royal Bk to Scodand 575 
•Smart & WMmen Sees . 575 

TS8 - 575 

•United Bk of Kwc*_ 575 
UnAyTiust Bank Pic 575 

Wostani Treat 575 

WHteeuvay Lakflaw . 575 
YokaNra Barik 375 

• Members of Lander 
Investment Banktag 
Aeeocteflon 

* In adnMstraitan 


■gnmcwMBtciEa 

Nn ii t S 

Hunpry 173643 - 17079 103720 - 108820 

Iran 260380 - 280300 174300 - 175080 

kunB 34770 - 34783 02983 - 02900 

ft*nd 375235 - 376139 234850 - 235150 

testa 489320 - 499350 312200- 312480 

UAE 58883 - 52800 38715 - 36735 



irettV--'- 


DON’T JUST 
UPGRADE YOUR 
SEAT, UPGRADE 

YOUR airline. 



FIRST CLASS COMFORT FOR A BUSINESS CLASS FARE. 
I , ... " I Business Class I Business I Flights from London, Paris, 


, Business Class Business 

Airi,nc Sleeper Seat Class Pitch 

American NO 40* 

Air France NO 38* 

British Airways NO 40* 

CONTINENTAL YES' .rXSZ- 

Peltn NO 41* 

Lufthansa NO 40" 

United NO 40" 

Sirloin* KUMI Jl liar of xoire w pirn rral » raw** ■" 

recBprnrian «rth CoahWiRil. “ SfiaKT Wbirti kiikrte M. 


Frankfurt and Madrid ta 
New York, Houston and Denver 
and on to 130 U-S. eidn. 


?/#»! 

Ji/m i 


=“> ~ J ■■ 

. Aft a* fa'f ■ °> 


ly-c- ’*• . 

tf.i. 


.• -r ' 




14 


FINANCIAL TIMES 


WEEKEND NOVEMBER 1 2/NOVEMBER I3;19$>4 


COMMODITIES AND AGRICULTURE 


WEEK IN THE MARKETS 

White 
sugar at 
4-year high 

Wbite sugar futures sprang 
into unaccustomed prominence 
at the London Commodity 
Exchange this week. 

After a period of steady but 
unspectacular progress values 
were lifted sharply by concern 
about developing supply tight- 
ness, news that the Russian 
beet crop would fall heavily 
and suggestions that Brazil's 
exportable surplus could be 
reduced as domestic consump- 
tion picked up. The March 
delivery price yesterday 
touched a four-year high of 
S378 a tonne, up more than $20 
on the week and nearly $50 
since the beginning of October. 

“There are just no sellers in 
this market and the shorts are 
having to cough up," one 
trader told the Reuters news 
agency. “Technically there is 
really no ceiling for the mar- 
ket" 

“The western Hemisphere is 
looking very tight,” said 
another trader. “If China and 
Russia had the wherewithal to 
buy the sugar they want right 
now, London would see $500 a 
tonne.” 

The LCE coffee market 
began the week in a highly agi- 
tated mood as it awaited Bra- 
zil's official assessment of its 
1995-96 crop in the wake of the 
June and July frosts and the 
subsequent drought 

Talk that the figure could be 
well below recent trade esti- 
mates prompted a flurry of 
buying that drove the January 
futures position up nearly $200 
to $3,600 a tonne at one point. 
But Wednesday morning's 
announcement burst the bub- 
ble. The Br azilian government 
projected a crop of between 
12.7m and 14.8m bags (60kg 
each), down from the 15.7m 
bags forecast after the frosts 
and the 26.5m expected before 
them, but more or less in line 
with recent market thinking. 

Prices retreated quickly in 
response, the January position 
touching $3,435 yesterday 


still $63 up on the week. 

Describing the Brazilian crop 
estimate as “price-neutral” Mr 
Celsius Lodder, executive 
director of the International 
Coffee Organisation, said in 
Hamburg yesterday. “There is 
no reason for prices to go up or 
down". 

“The adjustments the market 
needed were made over the 
last three to four months, per- 
haps a little too quickly,” he 
suggested. “The current prices 
seem justified before a clearer 
crop picture emerges in Janu- 
ary." 

Mr Lodder said the Brazilian 
estimate looked accurate and 
well researched but added that 
the ICO would present its own 
statistics in January, in a new 
effort to provide better market 
services. 

After repaying last week’s 
gains with interest London 
Metal Exchange copper prices 
got back on to their uptrend on 
Thursday and yesterday. A 
continuation of the technical 
correction that followed 
November 3’s four-year highs 
took the three months delivery 
price down to $2,629 a tonne on 
Wednesday morning. But by 
yesterday’s close the price was 
back up to S2.682JK), down just 
$11 on the week. News of 
another sizeable fall in LME 
warehouse stocks of the metal 
aided yesterday’s $17 advance. 


BASE METALS 

LONDON METAL EXCHANGE 

prices from Amtfganoted Metal Tradteg) 


Precious Metals continued 

■ COLD COW EX <100 Trey oi. S/ltoy oz.1 


GRAINS AND OIL SEEDS 

■ WHEAT LCE 1? per unnei 


SOFTS 

■ COCOA LGE gftcnnej_ 


MEAT AND LIVESTOCK 

■ LIWE CATTLE CME 


(As at nwsdo/s dose) 
formas 


AIiUTiinhjrn 

-10325 

to 1,971,825 

Atuntnhon al toy 

*360 

to 2&460 

Coppo- 

-6,050 

to 319^00 

Liad 

-2.225 

to 307^25 

radial 

+222 

to 150+86 

2nc 

-1.425 

to 1515250 

Tin 

-835 

to 29.1 80 


Other base metals seemed 
reluctant to follow copper's 
upturn, however, and most fin- 
ished substantially lower on 
the week. The sharpest feller 
was aluminium, which lost $30 
of last week's S57 rise to close 
yesterday at $235450 a tonne 
for three months delivery. 

A 10325-tonne fall in LME 
aluminium stocks was 
announced yesterday, less than 
the recent average but enough 
to confirm that the producer's 
production-cutting agreement 
was working satisfactorily. 



Cash 

3 ntffw 

Ckraa 

1841-42 

1854-55 


1843-44 

1BS5-56 


1852/1849 

1868/1850 

AM Official 

1847-48 

IBS? 3-68. 5 

Kart) dose 


1852-54 

Opai tm. 

260,407 


Totta daby turnover 

75355 


■ ALUMINIUM ALLOY (S pa tome) 

Ctose 

1823-28 

1853-55 


1816-20 

1844-46 

rtgMow 


1860/1853 

AM Offidai 

1825-30 

1856-60 

Kerb dose 


1845-55 

Open int 

2JZ42 


Total daty turnover 

711 


■ LEAD (S pa tome) 


Close 

663-64 

680.5-81 JO 


667-68 

883-84 

H0riow 


684/872 

AM Offlcita 

664-65 

681 5-82.0 

Kerb does 


682-83 

Opai int 

43453 


Total daey tunava 

8^43 


■ NICKEL (5 pa tome) 


erase 

7290-300 

7410-20 

Previous 

7260-70 

7381-85 

HigMow 


7480/7380 

AM Offldal 

7305-15 

7425-30 

Kota dose 


7410-20 

Open kxL 

73.207 


Totta datty turnover 

16.100 


■ TW (Spa tonne) 



erase 

6140-50 

6235-40 

Previous 

6076-85 

6170-80 

rtgtVtow 

8185 

629Q/J140 

AM Offldal 

6180-85 

6270-75 

Kerb close 


8230-10 

Open Int 

21.066 


Total daBy tonova 

4,387 


■ ZINC, speetta high grade (S pa tonne) 

erase 

1141-42 

1 1K-66 

Previous 

1140-41 

1 1 643-65.0 

tfgMow 


1168/1155 

AM Offldal 

1141-42 

116&&66S 

Kerb dose 


1168-9 

Open ««. 

111,789 


Total dafly turnover 

1&607 


■ COPPER, grade A (S per tome) 


Cloee 

2710^-11.6 

2682-83 

Previous 

2695-97 

<Vvic CC 
cDOjtjC 

High/low 

2726 

2890/2667 

AM Offldal 

2725-26 

2687-88 

Kerb dose 


2888-S 

Open int 

224^66 


Total defy turnover 

75,983 


■ LME AM Offldta E It rata 1.5996 

LME CfcMing £/S rata 1J6000 


Spot 1.6000 3 nfisi JSB9 6mBx1^e9 Bmttel.5945 

■ H)QH GRADE COPPER {COMBO 


Oaf 


Open 

Ctan ctaags 

Mgft M 

fed «W 

Not 12530 +130 

12530 125.10 

1.462 84 

Dec 1ZL45 +1.10 

124.60 12360 

34.492 7.085 

Jan 12170 +895 

12350 123.00 

941 42 

Feb 12130 +12) 

12365 122JS5 

578 10 

Star 122J0 +1ZS 

122.70 122.00 

12J57B 1394 

Aft 121.00 +1.05 

- 

723 60 



Sett 

DayV 



Open 



price 

ebange 

Wgh 

low 

U 

VoL 

Not 

384.9 

-0.1 





Ok 

385.7 

■0.2 

J8S.8 


Si 916 

24.752 

Jen 

3874 

■02 

- 




Fab 

389 4 

-02 

3905 

2892 

24.096 

897 

Aft 

mi 

OZ 

B42 

393.0 

10.053 

155 

Are 

ms 

■02 

39/9 

3969 

10S40 

973 

row 





165,864 

28374 

P PLATINUM NYMEX (50 Tray Oi, S/lroy oil 

Jai 

4120 

+0.9 

4145 

4100 

18.361 

2.719 

Apr 

4165 

+0.9 

419.0 

4160 

7.139 

99 

Jd 

420.9 

+09 

4J2.0 

4210 

f.836 

12 

Oct 

426J3 

+09 


- 

500 


Jn 

4294) 

+09 



10 


TaW 





Z7^68 

2JSS3 

P PALLADIUM NYMEX (100 Tray 02.. S/trov oz.) 

Dec 

156.40 

-QJS 

15725 

15590 

4 032 

655 

tear 

15720 

-0 55 

15825 

158.00 

3.412 

303 

Jm 

15785 

-055 

15890 

15795 

488 

20 

Sep 

158.70 

-055 



31 


Total 





7^61 

978 

p SH.VER COMEX (100 Tray oz.; Certs/tray 02.) 

Kw 

5152 

-09 

5170 

5170 

51 

2 

Dec 

5135 

-1.0 

5219 

5159 65.(54 

22.110 

Ja 

5163 

-1.0 

5230 

5180 

87 

2 

Uar 

5249 

-1.0 

5299 

524 0 

28.499 

5.755 

May 

530. B 

-09 

534.5 

5330 

5,276 

147 

Jd 

537 0 

-09 

541 0 

536.0 

8010 

729 

Total 




121909 31,136 

ENERGY 






P CRUDE OIL NYMEX (42.000 US gaPs. SArarreO 


LttosZ 

Oaf* 



Opee 



price 

draigB 

tflflh 

Low 

tat 

Vd 

Dec 

1805 

-0.14 

18.30 

1802 73.736 57.990 

Jao 

18.03 

-006 

isn 

1799 

884)78 

36.582 

FA 

1785 

■093 

18.08 

17.91 

40339 

12J323 

Uar 

1784 

-QiJS 

1799 

1794 

2«A16 

4.109 

Aft 

17.82 

■Jl fP 

1799 

1782 

17385 

1,017 

May 

1760 

-091 

17.85 

1790 

12*41 

75 

Totta 




394,791 119,129 

■ CRUDE OIL ff>E (S/bairta) 





Latest 

Day** 



Open 



price 

chaaoe 

HjgTl 

low 

be 

vd 

Hoc 

17.31 

+095 

17.42 

17.20 64.929 

26.894 

Jaa 

16.86 

+095 

16.99 

1879 

69.365 21649 

Feb 

1&68 

+0.03 

1690 

1654 

25.346 

6.902 

Her 

1658 


16.66 

1858 

13.800 

2.412 


IBJO 


1851 

1850 

5 548 

483 

May 

1647 

•091 

16 47 

1840 

3.117 

86 


Hot 

Jan 

War 

May 

JbI 

Sap 

Total 


sea B*r*« 
prta stooge Bgb 

10325 -Q3S 10325 
-0<5 I0U5 
-0.35 106.05 
■OS 10805 

-055 110 .05 
-0.40 3850 


70*05 
106 35 
108 05 
110.05 
93 50 


t^ea 
law tat 

102.75 £53 
1D3JS IS 78 
10575 1533 

107.75 102E 

110.00 125 

3850 <3 

VZl 


M 


SbB DqTt 

pfci ctagi Ugh I* 


Open 

tat 


Voi 


55 

Dec 

943 

+€ 

9(5 

S9 

UK 

969 

+fi 

969 

161 

May 

975 

+7 

979 

120 

Jta 

992 

+8 

993 

3 

Sep 

1005 

+8 

1006 

2 

408 

Doc 

ToU 

>018 

+6 

1020 


Dw 

Feb 

k* 


80 


mi J W» ' : j- 
pdea ~*~r 9* Is*. 

70800 +0.425 TOSS 70525 
BIR +0125 63900 00625 
mm +&B5O7OO0O 8U25 
66.778 +0150 00825 85*00 
64575 +0075 64459 81300' 
65.150 -0L0Z5 65300 SLOW. 


■ WHEAT CBT IS.OCCOu min; cenaffiOb bushel) 

Dbg 377/0 -1/6 37S/6 375/2 28570 7556 

Mr mo -20 391/4 38774 Z7.E20 5510 

Bay 367.5 -2? 37DC 367/4 4.477 637 

Jd 3376} -0/6 3394) 338/4 11.707 2547 

Sop 341/4 -7/4 34ZM 341/4 310 31 

Dec 352V -1/4 - 157 16 

Total 72542 17591 

■ MAIZE CBT 15.000 bu min: c«ta/5Sb bushd) 


_ 173.191 2302 

COCOA CSCE QO tonnes; S/tetwaN 


too 
Oct 
TDM 

■ UWE HOPS CME tfftOCOK*: 




1233 

-7 

1298 

1281 

11. 654 

1330 

+1 

1337 

1325 3V595 

1355 

+1 

T380 

1353 

8^79 

1380 

+1 

1383 

1380 

3J06 

1403 

+1 

- 

- 

1504 

1433 

*1 

1433 

1430 

5J367 


JS 
sap 
Dec 
ToM 

■ COCOA QCCQHSDffaAonn^ 


78 

41 

10 

SO 


Dee 

Fata 

Spr 


act 

Total 


38875 +0L29D 34.150 83300 1*083 32* 
37.175 -&tZ5 XT.475 3aa2? 11 JM ^708 
37450 -0.175 S73BO 37 £25 S|417- 720 
42.825 -0.150 42X5 *L5S3 2066 279 
42.400 -OOSQ 48400 4 1060 ■ . «4 SB 

-0.100 39300 auao . - w. as 

3MS 7, 



■ jH3BKBBXiE8eMgfWnWhBO>OMta4 


Dec 217/4 

Mar 2294) 

Stay 236/4 

Jbf 241/4 

Sap 246-2 

Dec 251/0 

Total 

■ BARLEY LCE £ per tonne) 


-2/2 220V 217/0103^42 40.6S2 
-2/2 231'4 22S6 72331 20033 

-2/2 238/6 236 fl 29.461 +£12 

-22 2435 241/2 38357 7,077 

■2/2 248/4 2*6/2 14S7 211 

•2/2 253/D 250/4 18443 3.453 

287016 77338 


Easy 


Price 
_ 98803 


tan. dor 
96832 


■ COFF&LCE&tonae} 


No 9925 +1.25 S8.50 9850 1 2 

Jai 10125 -025 1Q125 101 JB 479 6 

Mar 10325 -125 10350 1082 130 3 

May 10550 -0.«S 10550 10550 48 9 

Sep 9200 -<170 2D 

Mm 9*00 -050 9* V0 9400 46 10 

Tea 724 30 

■ SOYABEANS CBT 0.000x1 mi CHiS/BOb toshsfl 


Hot 

3430 

-25 

3430 

3(10 

391 4 

Jai 

3471 

-34 

3*78 

3435 

I1JH0 1,278 

He 

3422 

-38 

3430 

338S 

7J31 996 

Hay 

3393 

•30 

3395 

3365 

1205 227 

Jta 

3383 

-40 

3363 

3335 

1.480 230 

5tp 

Total 

3353 

-35 

3353 

3345 

1.896 299 

2V869 VOS 


M 


MS 


41.050 -OSS <1500 <0500 
41280 -0450 <1-550 41000 
4228 -0375 42500 <2490 
48350 -0150 43,400 <8000 
42.150 -0200 <2250 47500 


S.1S2 W. 

1217 no 

' 334 27 

. - 3S .. .W 

. 85 .. 8 

ions uu 


LONDON TRADED OPTIONS 

State price S tonne • 






■ coffg‘c , csce(37^ooa»;cgteto^ 


Total 


103290 59210 


■ HEATING OB. NVWX (42000 US ga& C/US gataj 


before closing at $3,471 a tonne, 

WEEKLY PRICE CHANGES 

Latest 

prices 

Change 
on week 

Year 

ago 

Richard Mooney 

1994 

High Low 

Gold pa tray oz. 

$385.45 

+1.45 

37520 

5336. SO 

$369.50 

Sihrer pa tray or 

32-S-5Dp 

•4.00 

3OS50p 

384.50P 

32&30P 

AUaramm 997% (cash) 

Si 841 i 

-21.5 

S1OS6J0 

Si 863.0 

S1 107.50 

Copper Grade A (cash) 

S2711.0 

■233 

S1643.50 

S2754.5 

SI 731 JO 

Lead leash) 

36635 

- 93 

5397.00 

S67SJ) 

S426J3 

Nckta (pash) 

S7295.0 

-190.0 

$4537.5 

S7500.Q 

552100 

Zinc SHG (cash) 

S1 141.5 

-1E0 

S3375 

Si 162.0 

59005 

Tin (cash) 

S6145.0 

-85.0 

$4665.0 

S627O0 

$4730.0 

Cocoa Fuores Mar 

E96B 

-4 

E371 

£1124 

£859 

Coffee FutLras Jan 

$3471 

+63 

$1210 

S409T 

sure 

Sugar (LOP Raw) 

$3303 

+20 

S2535 

$3303 

$252.9 

Barley Futures Jan 

Cl 01 .25 

-1.60 

$103^5 

Cl 0550 

£92.65 

Wheal Futures Jan 

et 04.05 

-1.BS 

£10050 

£117.30 

£97.80 

Codon Outlook A Index 

75.75c 

+0£5 

5500c 

87.10c 

62.45c 

Wool (64s Scoot] 

452p 

+12 

363p 

485p 

342p 

03 (Brent Blend) 

51 6.91 5Z 

* 

$15-605 

S1B.61 

S13.16 


TOM 61282 9013 

PRECIOUS METALS 

■ LONDON BULLION MARKET 
prices auppOed by N M RothsctaJd) 


Gold (Troy ozj 
Close 
Opening 
Morning Bx 
Afternoon fix 
Day's High 
Da/3 Low 
Previous dose 
Loco Ldn Mean 
1 


£ equtv. 


240261 

240.5*3 


S price 
38520-385.60 
386. 00-385.40 
38225 
385.30 
38620-38620 
38600-38520 
384.10-384^40 

Gold Landtag Retea (Vs USS) 

428 6 m o n ths £23 



L atari 

Dafe 



Open 



price 

daage 

HV> 

lota 

M 

Vd 

Dec 

MIRK 

•0.1S 

5108 

5060 

40.413 

14.694 

Jan 

51.15 

-0.17 

51.63 

51.10 36208 

5602 

Feb 

51.70 

-007 

51.85 

51.65 

22657 

2780 

Hot 

5T25 

-0.T2 

51.40 

5120 

12648 

1672 

Apr 

5035 

-022 

50 45 

50.40 

7528 

113 

Hay 

49.00 

-0.12 

4980 

4960 

4605 

213 

ToW 




150682 


■ GAS DO. K Wbniel 





Sett 

OaTs 



OptaJ 



price 

drape 

Wi 

Low 

tat 

Vd 

Dec 

156.00 

+150 

158.75 

154.75 38 888 

5.058 

Jm 

15750 

+1-50 

15825 

15675 22.498 

4.485 

Feb 

157.75 

+V00 

156.50 

157.00 

10.106 

1.735 

Ha 

15725 

+100 

158.00 

15725 

8.123 

539 

Apr 

15550 

+0.75 

155.75 

15575 

3279 

2,729 

Jn 

154.25 

+0.75 

15450 

154 00 

714 


TOW 





9Z683 

14,790 

P NATURAL GAS NYMEX (10.000 ratafiet S/ranBBi.1 


Latest 

DaTs 



Open 



price 

change 

Hsh 

Law 

tax 

Vd 

Dec 

1.745 +0.004 

1750 

1.735 

29607 

16.414 

JAB 

1280 

+0.001 

1.885 

1670 34685 

7.123 

Feb 

1.889 +0.006 

1690 

1 875 

14689 

2.681 

Msr 

TZ74 +0JXJ8 

1674 

T860 

11603 

1.936 

Aft 

1840 +0.004 

1645 

1638 

7280 

896 

Hey 

1540 +0.002 

1650 

1640 

6672 

417 


Nov SSI.V 

Jan 561/2 

Urn 571/4 

Itey 579/2 

AS 585,7 

Ang 5886 

Total 

■ SOYABEAN 

•E6 561/6 551/2 6642 7678 

-7/4 572/4 560/4 55670 29248 

-7/6 5822 571/0 27399 4«9 

6/0 5910 579/0 14.409 1.477 

-60 596/4 585/0 22059 1.(69 

SiV 599S 58S/4 1.633 73 

1372*4 45258 

OIL CBT (GOOOQSbs: cents/Ofi 

dec 

27 37 

■0.41 

2837 

2730 35268 

7293 

Jen 

2633 

6.48 

2738 

2530 

21,721 

<623 

Uar 

2568 

-0.44 

7050 

2562 

17,780 

4.394 


7496 

■043 

25.80 

2465 

14.112 

1.654 

Jta 

2433 

■066 

2505 

2431 

7.485 

2246 

Aug 

24 10 

-060 

2505 

24.10 

1668 

140 

totta 




103633 21685 

■ SOYABEAN MEAL CBT (100 tons: Srion] 


Da 

1586 

-06 

196 

1586 34.907 

5600 

Jen 

1604 

-06 

1612 

1602 

20.413 

4684 

Mar 

1646 

-06 

185.7 

1646 

18208 

aim 

mot 

1686 

-12 

1705 

168.7 

9686 

720 

jm 

7736 

-16 

175.1 

1736 

10621 

1272 

Aug 

1756 

-12 

1705 

1756 

1210 

ISO 

Total 




101602 15609 

■ POTATOES LCE (E/tonne) 




Mer 

1050 

. 

. 

. 

- 

- 

Aft 

2433 

+46 

2*56 

2416 

1A48 

173 

May 

ZOO 


- 

- 

- 

- 

Jon 

7500 

- 

. 

- 

- 

- 

Total 





1646 

173 

■ FRQOKT (BJFFEX) LCE (SIOAndex po an) 


Hoi 

1843 

-3 

1845 

18*5 

264 

2 

Oec 

17% 

+5 

1309 

1793 

394 

38 

Jaa 

1729 

+14 

1729 

173 

1,083 

69 

Aft 

1856 

+4 

1660 

1655 

928 

21 

Jta 

1483 

+3 

- 


132 

- 

Jen 

1610 

- 

. 

- 

17 

- 

Totta 





ZJI18 

ISO 


Ctae 

Pie* 





8R 

1832 

1832 






Dec 

Her 

May 

Jta 

Sep 

Dae 

Total 


18325 +610 1<4on 18070 8204 3263 
18820 +025 19020 18670 13288 3,161 
19120 +630 19250 18920 5.443 418 

1B2.75 615 18326 19250 1212 242 

18420 625 19420 19250 1221 W2 

194J5 +605 - 12® 305 

31,578 7^82 

(TGO)(US ceram^ound) 


■ ALUMINIUM 
(99.796) LME 
1800 


I860. 


1900. 


■ COPPER 
(Grade A) LME 

2600 

2BSO 


Mot 10 

Price 

17730 

Pro. day 

17335 


17390 

17391 

P No7 PRSOUM RAW SUGAR LCE {cantarib a) 

Jaa 1300 

Hw 1343 

Hey 1X58 

Jaa 1340 

Ttttta 

P WHTTE SUGAR LCE (Stomal 

90 

- 560 

- 450 

t,wo 


2700. 


LCE 


tog 

Oct 

OK 

Total 


39120 +1420 381-80 38120 
38420 +1400 36520 371.10 
37250 +1290 37920 366.10 
36820 +1120 30920 35820 
34050 +250 34050 83620 
33620 +6.40 33050 33120 


Die 39120 +1420 39120 38120 1,138 235 

9060 1219 
3£22 476 

2210 348 
1277 243 

106 5 

18228 2226 

■ SUGAR *11* CSCE (I12200BM: centstta) 

Urn 13 24 +028 1177 1142 90231 >4.147 

My 13£8 +037 1174 1145 29234 1228 

it 1327 +026 1153 1120 T7J83 2233 

Oct 7276 +031 1205 1155 18209 1222 

UK 1130 +025 1140 1115 2292 8 

May 1125 +015 1225 12.12 159 1 

Total 18625519280 

M COTTON NVCE (StLOOOfcs; centsflba) 

SK 73 07 609 7140 7295 1*511 52+7 

Mar 7495 +013 75.15 7475 19.487 4120 

(tay 7598 607 7520 7520 7,585 351 

Jta 7620 +017 7820 7628 4219 402 

Oct 7192 603 7195 7195 613 1 

Dec 7000 - 7010 B9L87 *135 198 

TOM 65,17411221 

■ ORANGE JUICE NYCE (1S900KM; OentsAba) 


Jan 
B8 
72 
SO 

Jan 
142 
111 
85 
J*l 
235 
210 
. 189 
Dee 
22 
' 7 

976 — 1 

■ BRENT CRUDE PE Nov 

1650 

1700 40 

1750 


Apr Jan Apr 

138 48 78 

110 71 ' 90 

88 M 120 


3400. 

3460. 

3500. 


■ COCOA LCE 

925 — ; 

950 


Apr - Jan. 
134 " 44 
110- 83 
90 88 

Mar JM3 
312 164 

283 189 
276 21S 
Mar Dec 
74 4 - 

59 14 

47 33 

Dec Nov. 
si i > 

54 3 

36 • 


IDS 

133 

102 

Mar 

'290 

221 


30-' 

.40 

■53'- 

Dac 

42 

88 

Of 




LONDON SPOT MARKETS 

H CRUDE CML FOG (per barrai/Deg -we 


Tow 

■ UNLEADED GASOLINE 
Hllgx (42900 US gata^C/UBgaltaJ 


141417 31283 


Per tonne untan onrawta s -amrt. p Pence/kg. c Cars b. 2 Jon 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Rad Day's Week Month 

. Coupon Date Price change Yiekl ago ago 

Austria 
Balgturr 
Canada* 

Denmark 

France STAN 
OAT 

Germany Trau 
Italy 

Japan No 119 

Japan No 164 

Netherlands 
Spata 
UK Gits 


US Treasury* 


2 months 

3 months 

88v*r Rx 
Spot 

3 iii uiiMb 
6 months 
1 year 
Gold Coins 
Krugerrand 
Maple Leaf 
New Sovereign 


US INTEREST RATES 


L87 12 months -J5JB3 

1.94 


Letaot 

price 

ItayV 

drame 

mgb 

Low 

Open 

tat 

Vta 

prtroy oz. 

US eta aquiv. 

Dec 

5705 

+018 

5805 

5720 

27063 

13894 

32320 

517.75 

Jm 

58.05 

-am 

5320 

55.75 21068 

7.454 

327.85 

524.90 

Fdi 

55.10 

-001 

■w ?n 

5405 

3175 

Z617 

33300 

532.45 

Uar 

55.40 

. 

55.40 

55.40 

4.190 

371 

3J&S5 

SS0.80 

Aft 

5340 

-025 

5375 

53*0 

5JS8 

402 

S price 
387-^0 
396.05-39355 
90-93 

£ equtv. 
240-243 

56-59 

"W 

Total 

57.3* 




1.729 

70232 

108 

27046 


Rot 

11105 

+315 11125 111.05 

293 

27 

Jan 

11400 

+225 11580 11280 14039 

564 

Uar 

11825 

+310 11300 11600 

6054 

S3 

HOT 

121 00 

+220 12200 12310 

1050 

17 

Jta 

12400 

+300 12400 12380 

915 

S 

SR) 

12725 

+210 12725 12700 

1244 

1 

Totta 



26,174 

747 


Spices 

White pepper prices have tended tamer in 
recent weeks, reports Men Produdan. the main 
reason being me growing un c e rt ai nly about the 
size next yen's cr op s . The long draught in 
Indonesia wG no dads affect 1895 produefeon. 
and suppfes from Chtoa and Sarawak are 
patarany drytog up. Muntok white spot was 
priced at at USS3.700 ■ tonne and for Movenj- 
beriDecember shpmont at S3/85D. cS. Stack 
pepper pric es tended somewhat n eat er, mainly 
due to slow demand m recent weeks. Prices 
seem Id have stabMeed at about S2.S50 a 
tome tor spat black pepper Ij&h. and at 
$2975, dS, for November/December sh i p me nL 
White supplies from IncSa and Indonesia were 
vary fmited there were mare offers tram Brazi 


VOLUME DATA 

Open Interest and Volume c We shown tor 
contracts traded on COICX. NYMEX, CBT, 
NYCE. CME. CSCE end IPS Crude 08 era one 
day in i 


INDICES 

■ HkUlkHU (Sena: 1&W31-100I 

Nov 11 Nov 10 month ego year ago 
2138.7 21189 20629 16182 

■ CRB Rlhea* (Base: 1967=100} 


Dubai 

S1&79-S0SZ 

+0.100 

Brant Btaid (dated) 

$1724-700 

+0.150 

Brant Blond (Jan) 

$1390-393 

+0.106 

W.TJ. flpm est) 

$16-90-004* 


P OIL PRODUCTS NWE prompt ddvey OF (toons) 

Premium GeaoOne 

$172-174 

■rt 

Gas 06 

$167-159 ' 


Heavy Fuel OO 

$104-106 

45 ■ 

Naphtha 

$172-174 

+4 

Jet fuel 

$182-183 

+2 

Diesel 

$163-166 

+2 

Mahtro Argos. TaL London (D70 359 ff7B2 


■ OTHER 



Odd {pa troy caft 

S38&45 

+120 

Sflva (per tray az>| 

519.5c 

+30 

PteUnum (pa troy ok) 

5411.75 

+400 

POTndum (pa tray czj 

$15325 

+000 

Coppa (US prod) 

1290C 

+10 

Load (US prod) 

4a75c 


Tin [Kutria Lumpu) 

1523c 


Tin (New Yoriff 

26700 

+40 

Catrie (Bva wtaghQt 

iiaeip 

+1.1 S' 

Sheep pw weight)^ 

101 03p 

+006- 

Pigs (Iva weight) 

770Op 

+003- 

Lon. day sugar paw) 

$83030 

+4.40 

Lon. day sugar (wte) 

*334.00 

+1000 

Tate 3 Lyle export 

£319.00 

+400 

Barley (Eng. teed) 

Unq. 


Mtaza (US No3 YelcM) 

1330y 


Wheat (US Dark North) 

165-Ou 


Rubtwr flJec)f 

86-Tfip 


Rubber (Jo** 

8625p 


Rtatba (KLRSSNol JU) 

3425m 

-00 

Oo«»nut OO (RiDS' 

*73O0q' • 

+3S0 

PNm OB (MateyjS 

S7150Z 

+200 

Copra (PM)§ ■ 

*46S0v- 

+19 

Spyabeow (US) 

£163.01 


Cotton OuttookW hdw 

7B0Cfc 

+000 

Wooltnps (B4» Super) 

A63p 

+13 


i : •. 


6»j? 


,-ir- 




fc?”-' 

%-» 
i * • ' 
S !;v+^: 

T- • " " 

- ^ 

-i— 

• c.:. 

a.v - -• 


Nov 10 
23393 


LONG CULT FUTURES OPTIONS (UFFE) CSO.OOO 64ths of 100% 


Nov 9 
23121 


US 


22794 


22229 


tpwtnnnoijrtMe o 4iwwtaei>B>sd.ppwg/iqi.ocent»/«i. 
r rtagaMla. m MntayriBN caoMtay Nan/Dec. v NataDoc. u 
Oenfav. z Jbl t Nov- q Dec/Jeif London PluelL M S OF 
R uU wd ei t f BiMon awrtwt don. 4 Sheep 0Jva wstf t 
priced. * Ownge an wiek O Prices ws kr |MUauB dqr. 


i : -- 
. . 

I 


Lmch&me 


ECU (French Govt} 
London dotang, -New York 

t Grow friduetog 

Prices: US. UK In 3910*. 


9.000 

0W04 

931200 

-0280 

10.64 

1005 

1320 

7.750 

10/04 

_ 

- 

- 

346 

801 

6000 

06/04 

830600 

-0000 

921 

920 

399 

7.000 

12/0* 

87.7000 

+3100 

390 

396 

379 

3000 

05/08 

_ 

- 

- 

7.64 

7.48 

5000 

04/04 

- 

- 

- 

324 

709 

7000 

09/04 

990900 

-3290 

701 

700 

7.42 

8.500 

□804 

821100 

-3130 

n.Bir 

11.74 

11.65 

4000 

08/99 

1030130 

+0240 

403 

4.06 

4.18 

4.100 

12AM 

932360 

+0070 

409 

4.68 

4.72 

7250 

10AM 

970800 

-3320 

706 

703 

708 

3000 

06/04 

81.4100 

-3240 

1126 

1129 

1395 

6000 

OH/99 

90-09 

-2/32 

352 

351 

343 

3750 

11/04 

87-10 

-7/32 

366 

366 

365 

9.000 

10/08 

102-25 

-13/32 

265 

362 

354 

7250 

MAX 

94-31 

-19/32 

300 

709 

701 

7000 

11/24 

92-24 

-32/32 

315 

312 

704 

3000 

04/04 

83.0400 

- 

354 

364 

346 


MmiMb. 


FeDfcods at Wrrvendoa_ 


Ora nontax 
7M TeewraM^. 
6*3 Three raA. 
48 Sh reoMa _. 
- Oreywr — 


Treoavy BBs mi Bond Vkhfs 
5.7B Trio yea. 


546 Three year- 
138 Rreyea_ 
5J6 10-yeer 
639 StHea 


70S 

Strike 

Price 

Dec 

■ CALLS 

Mar 

Dec 

■ PUTS 

Mar 

7.41 

101 

0-54 

1-Si 

0-32 

2-17 

7.70 

102 

0-23 

1-22 

1-01 

2-52 

709 

8.15 

103 

0-08 

1-00 

1-50 

MO 


■ TREASURY BOM) FUTURES (C8I) SlCffi.000 32r»ds Of 100% 


tasraar. ft . i 


BOND FUTURES AND OPTIONS 


France 

H NOTIONAL FRENCH 80MP FUTURES (MATTF) (No» 10| 


Be. vol total, Cats B338 Pub 4+S. Prevtoue day^ open nr. Crib 78SSS Puts S0Z09 


Ecu 

■ ECU BOND FUTURES (MAT1F) (Nov 10)1 


Dec 

Mar 

Jun 


Open 

96-17 

85-28 

96-10 


9667 

95-19 

94-31 


Change 

- 0-12 

- 0-12 


High 

96-20 

95-29 

85-10 


Low 

9644 

05-17 

94-28 


EsL voL Open teL 
622JH3 393.900 
11929 45929 

277 11.743 


"are 


v- 



Open 

Settpriee 

Change 


Low 

EbL «OL 

Open toL 


Opai 

Settpriee 

Change 

High 

Low Est- voL 

Open tot 

Dec 

110.64 

111.14 

+006 

111.18 

11356 

167037 

132015 

Dec 

6370 

sags 

+026 

81.06 

8360 2029 

6083 

Mar 

10906 

11002 

+338 

11328 

10378 

5048 

12098 








Jun 

10902 

10348 

+338 

10344 

10302 

106 

3090 









Japan 

a NOTIONAL LONG TERM JAPANESE GOVT. BOND RfTURES 

(UFFE) YIQOm IQOthe of 100W 

Open Ooeo Charge Hgh Low EaL voi Open Int 
Dec 10794 10103 10794 1973 0 

Mar 10725 10793 10724 1479 0 

* UFFE conoac i a traded on APT. AM Opai tataraat flge. m tar ptsrtaue day. 


rekt-dey 


w M t aAAu tan at 115 per cent payable ty nonte ta det u al 


YUdK lecta maM aanCBRL ■ LONG TCTM FRBtCH BOND OPTIONS (MATT) (Nov 10) 


FT-ACTUARIE$ FIXED INTEREST INDICES 


Save* MM3 feriwiwOomr 


ECONOMIC DIARY - FORWARD EVENTS 


TODAY: National savings 
results (October). 

TOMORROW: Sweden votes on 
EU membership. 

MONDAY: The National Food 
Survey 1993. Producer price 
index numbers (October). 
Western European Union 
meets in Noordwtjk. Nordic 
Council annual meeting In 
Tramsoe. European parliament 
meets in Brussels. EU agricul- 
ture ministers meeting in Brus- 
sels. UN Security Council 
reviews sanctions against Iraq. 
Lord Mayors’s banquet 
TUESDAY: CBI survey of dis- 
tributive trades (October). 
Acquisitions and mergers 
within the UK (third quarter). 
New construction orders (Sep- 
tember). US retail sales (Octo- 
ber). Japan wholesale price 
index (October). FOMC meet- 
ing in Washington. Informal 
summit of Apec leaders in 
Bogor. FT conference “Euro- 
pean Oil Refining And The 
Marker in Amsterdam. 
WEDNESDAY: Public sector 
borrowing requirement (Octo- 
ber). Retail prices index (Octo- 
ber). Labour market statistics; 
unemployment and unfilled 
vacancies (October-provi- 


sional), average gaming s indi- 
ces (September-provisional); 
employment^) urs. productiv- 
ity and unit wage costs; indus- 
trial disputes; includes 
long-term unemployment 
(quarterly analysis of unem- 
ployment (quarterly analysis of 
unemployment by age and 
duration) (October). US CPI; 
real earnings. EU budget min- 
isters meet in Brussels. The 
Queen 's Speech. 

THURSDAY: Motor vehicle 
production (October). Machine 
tools (September). Retail sales 
(October). Financial statistics 
(November). EU telecommuni- 
cations ministers meet in Brus- 
sels. 

FRIDAY: UK output income 
and expenditure (third quarter- 
provisional). Capital expendi- 
ture (third quarter-provi- 
sional). Stocks and work In 
progress (third quarter-provi- 
sional). Building societies 
monthly figures (October). Pro- 
visional estimates of M4 and 
counterparts (October). Major 
British banking groups’ 
monthly statement (end-Octo- 
ber). US trade gap (September). 
Franco-British summit In 
Chartres. 


Strike 

Plica 

Dec 

— CALLS — 
Mar 

Jut 

Nov 

— PUTS 
Dec 

110 

104 

1.88 

- 

0-21 

101 

111 

368 

105 

- 

004 

• 

112 

024 

390 

- 

1.18 

208 

113 

306 

380 

- 

108 

- 

114 

303 

007 

- 

- 

- 


Mar 


Em. voL MV. Cab 41*56 Puts 30428 . lYeriou* (toy's open M. Ota 304,190 Pure 281.000 


Germany 

■ NOTIONAL QERMAN 6U>«3 FUTURES {19733* PM2S0.000 lOOthe of 100* 

Open Sett price Chaige Mgh Low Eat voi Open bit 
Dec 8005 9007 630 9020 B994 62026 169280 

Mar 8994 89.13 -028 8925 8991 5953 2S337 


■ BUND HmiRES OPTIONS OJ=FgOM2SO.OOO pofrKe jMOOjt 


UK Otti Price Mere 
1 
2 

3 

4 

5 


yp*> 5 v«»p4j 
5-15 ymrt {23} 
Over 15 >ew (8] 
krsrieOTBx£4e9 /BJ 
AM stocks (61) 


Fit 

Not 11 

DaTs 
change % 

Uar 

Not 10 

Acenred 

Merest 

xd ad) 
JfekJ 

todex-Anired 

Fri 

Nwll 

.Da/a 
change % 

Tlw 

Nov 10 

Accrued 

■merest 

xd ad) 
yield 

119L81 

-301 

119.82 

1.75 

903 

6 Up to 6 years P) 

18602 

-302 

1850G 

008 

507 

138.73 

-027 

138.10 

105 

11/49 

7 Owa 5 yearn pi) 

17342 

-311 

17302 

1J33 

.406 

156.18 

-0-46 

15509 

254 

1387 

8 Al atocka (13) 

17304 

-310 

17402 

00a 

4j41 

174.75 

-383 

17505 

004 

1X47 







13822 

-021 

13601 

104 

1003 

9 Data and toane (77) 

12727 

-357 

12709 

248 

907 


'LowcouponjMd- 
N« 11 Nov 10 Yr ago High 


Low 


Nov 11 


UNkrecaeoeiMd • 

Nov 10 Yr ago ttgh 


low 


Not 11 N« 10 




low 


5 yra 
16 yra 
20 yra 
bradf 


890 

897 

893 

899 


894 

891 

647 

893 


8.06 6.95 009) 697 (19/1) 

699 599 QO/9) 690 (20/1 

7.10 891 ’ ----- 

725 8.88 

Inflation rate 5% 


eo/w ft4i eon 

(20/Hj 692 {24/1 


a75 U47 8.16 

&B7 792 925 1 

8.78 794 999 




InSaSon rate 10% 


Up to 5 yra 4.12 4.08 293 
over 5 yra 398 397 3.16 

Debeaioana 5 


4.11 e/101 i13 (VI) 

399 &/Q 298 80/1) 


391 

3.70 


296 

3.09 


196 390 
299 3.79 
— 16 years 


1.19 (1 OS) 
2.70 (20/1) 




V: 


2Syaara 


9.71 993 792 10.07(20^ 7.19 (1UT) 996 999 8.06 898 (2CV8) 799 (20^) 062 996 824 990 CWO) 799 (1(V1) 

Average gross leriemptlon yields are shown above. Coupon Banos: Low: 0M-73|M; Medium: 896-10^96; High: 11% end over, t Ftat yteid. ytd Yera to rs+« 

FT FIXED INTEREST INDICES GILT EDGED ACTIVITY INDICES 

Nov 11 Nov ID Nov 9 Nov 8 Nov 7 Yr ago Ktfr Low Nov 10 Nov 8 Nov S 


Nov 7 


Nov 4 


Govt Secs. (UK) 


Strto 

Rice 

Dec 

Jan 

CALLS - 

Feb 

Mar 

Dec 

Jan 

purs — 
Feb 

Mar 

9000 

357 

003 

079 

004 

350 

1.40 

108 

101 

9050 

334 

337 

001 

375 

377 

1.74 

108 

2.12 

BMW 

319 

025 

346 

009 

1.12 

2.12 

203 

246 


9193 

10792 


9195 9199 
1 0794 1079 9 


9099 91.04 
10799 ioaoi 


102.74 

12395 


107.04 

T33.87 


6994 
10 690 


Git Edged bargains 819 849 80.4 799 889 

»<*ay average 82^ 819 62.0 819 91.7 

I*" ^ t i C°t e ^ aaa f ^f° ^ ^ ,ntara « t ^ enca c ompteOort 13367 , tow 6093 prt/7 S) . Beds KXfe Qovwmwnt SwuMa ISriV 

zd ana now irares lBffi. at Kany nxa nsnata iB74w 


UK GILTS PRICES 


EM. wot MU, Cere 16661 Puts 8134. tena day*! open H, eras 300027 PUB 2339K 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 
mrer u* 200m iooo» of 100% 


M Had PricaE +or- 


-YWU_ 

U Red WceE+or- 


— 1994_ 
fV> Lew 


-ffdd- _1984_ 

P) Wtalat +or- lav 




ShMtt-SArareitiRwT^ 

henflpcISBm 

12pc 1995 

Es£ 3pc Ore 1990-85— 

IDUac 1995 

Tlaa125u*1988tt — 



Open 

Smt price 

Change 

High 

Low 

EsL vd 

Open be. 

Dec 

10096 

101 2S 

■319 

101 Al 

10394 

14651 

ssfinn 

Mar 

10310 

10312 

-318 

10320 

10310 

776 

8389 

■ ITALIAN GOVT. BOND (POT 1 ) FUTURES OPTIONS (UFFE) Ure200m lOOthe of 10066 


TK 


PC19B8B. 



ECU Puturaa pie 


futures a opr/ows brokers 


London 8W1X9HL 
Tel: +71 246 0098 
Ftoc +71 23BBS89 

niiniimrfi 


$32 


ROUND 

TRIP 


EXECUTiC?: OSLV 



State 

Price 

Doc 

■ CALLS 

Ma 

Dec 

- PUTS 

Ma 

10100 

379 

108 

354 

274 

10150 

354 

105 

379 

303 

10200 

332 

106 

107 

304 


Est. voL totta. Cds 934 PUB 821. Plwtaui open me Cato 29151 Puto 32666 


Spain 

■ MOTIONAL 8BAMBH BOND FUTURES (MffF) 


BCSIStePC 1996ft 

CantantanlQpeT996 — 
T«* OW 7pe 1997ft— 
Abb 13Vpe 1997ft — 

Ban lo^pc 1997 

Treat M, Be 1997ft 

EbA 15pc 1997 

MU1C1998 

Treat Tltpc 1988ft 

IhreiUrae 199549ft- 

14pc 1993-4 

-naBl5>2pc < 99ft 

Ena 12pc 1998 

Treat 1999ft 

Esfl 12 I «BC 1998 

That 10*d* 1999 

Treat fee 1999ft 


699 

-lOQAta 
502 101V 

, 

10311 

1004 

1188 



107* 

101V 

104 

507 

968 

- - 

98ti 

97V 

90S 

337 

102 £ 



1073 

102 V 

1204 

6081O5Vta 



113V 

105V 

1298 

396 

107V 

MIA 

-A 

117* 

107V 

1173 

721 

-A 

121 S 

nav 

1223 

70Z1O6V* 


mg 

1084 

280 

7.751Q4Vta 

-A 

112 * 

1034 

7.15 

708 

97« 

-A 

100V 

9BV 

1200 

706 

IMM 


isrm 

UQA 

398 

709 

1C6A 


114* 

104V 

603 

316 

101 H 

-A 

110A 

100 ft 

12/9 

82/ 

H /A 

-A 

131)3 

116R 

341 

341 

103V 

-A 

1143 

TOZi) 

700 

808 

96V 

-A 

106* 

65V 

7.10 

340 


-A 

10 ? 

93H 

1203 

603116Vta 

-A 

131* 

U6t3 

1191 

345 

12ZV 

-V 

140A 

122 

1378 

uemvta 

-V 

1253 

110 ft 

321 

303 

103A 

-V 

USA 

ioi u 

1385 

803 

1123 

-V 

126/, 

uifl 

381 

&0O1O7Ata 

-ft 

121 

105ft 

60S 

353 

90V 

-& 

101 & 

B 8 » 


RutaB3>2pe 1998-4 475 

Cearereba9>ipc20M_ 007 

Treat pc 2004ft 774 

B ‘sc 2005 662 

COnv9l2PC200S BJH 

Trees 12>spc 2003-5 1034 

74pe 2008ft 831 

tae2D02-Sft 347 

Treat iii(pe 2003-7 — 1030 

Treat Sijpe ZO07 ft an 

!3J«C ZD DM HUB 


Treat 9pc 2008 ft. 
Trats ape 2009 


878 

a<7 


7.42 TV* 
677 1D4B 
&68 S7Vte 

an »i 
a72 105A 
aO5120%d 
aes as* 
672 94)3 

aos 116A 
a» 9SB 
90S 127 A 
aw 102 V 
863 94U 


-A 

-A 

-A 

-a 

-a 

-A 

-A 

-8 

-V 

-a 

-A 

-v 

-H 


6BA 69V 
USA 10TU 
1061a B4a 
100A 97 

1Z5V I02*» 
143A I19>e 
11213 90V 

111V 9131 
13BA 1 12 V 
11BA 95S 
151 A >343 
imq sea 
115A 91 B 


m 

ZpeW 

*Vp e»» 035# 

TJraem (783) 

2Vpc1» (7aet 

♦VpcTMft n 353) 


avra'n — fe Lg 

2<2peTB (B1.fi) 

shfc’ao ma 



-A ^ 

-£ IlS 107V 

-V ia*B 1B5A 
-A 188A 
-A 175V 16*V 
-A 146V 12BV 
-V 1B7A 134V 
-V is* 123V 
-V 129,', 106V 
■ i2sa io5V 


Dec 

Mar 


UK 


Open Sett price Change Mgh Low Est voi. Open Int 
68.70 8680 -034 8637 B6.8S 27.784 78£30 

8004 8020 -018 8004 8004 643 1,789 


OaBnataa 







These T/4pc 2010 

728 

U1 

80Ata 

-« 

86ft 

77B 

Door 8pe 102011 ft 

822 

802 

103ft 

-B 

12BH 

10013 

TraBS)peZ>12ft 

370 

801 

103)3 

-H 

127V 

ioov 

Tte5Vft2006-12ft_ 

708 

340 

73V 

-A 

8SV 

71V 

hrasOpC 2013ft 

344 

305 

MB 

-a 

117B 

92 

7VpC 2013-1 Sft 

601 

305 

«v 

-V 

1MV 

8B& 

TteSVpC 2017ft 

60S 

39 

102ft 

-a 

128V 

BBA 

Exdi I2pc 2013-17 

928 

377 13V*! 

-a. 

159V 

12Bft 


2VflC-24ft 197.7) 

_4VQC’30 ft (135.1) .... _ 

n * B0 ° britadon of (1) ION 

f* 8 ! WRwaln pnr wfl re set show RPi base for 
tade ta n g ge B m wtajrtor w ^gut) ant have bean actuated to 
rtataa TSteVng tri R« to 1DD In Februrey 1997. Convtadon 
lactatr 0945. RPI tor February 1994: 142.1 and tor ta w +» ■ * — • 
1994: 146.0 row 



Other Fixed Interest 


Int 


1994 _ 

Bn Price e +cr- H» lew 


CoraerSoo lOVpe 1999_ 

Den Rgitata 1909 

8BE2000. 


■ NoriowALiiKas.Truniigs(LiFFg‘goj)oo3anctaonooN 

Open Settpriee Change Htfi Low Eet voi Open tot 
Dec 101-06 101-11 -0-07 101-14 101-00 22903 101662 

Mar 100-14 100-17 -0-07 100-19 100-13 3458 1690 



Treat 1 iVee 2001-4 — 

• Tap" store*, at Trot-Bee to nawashtonB on 


364 

36SUBVta 

-ft 

121U 

154H 

- 

— 

MB* 


100ft 

90S 

323 

359 

97ft 


97V 

SB 

303 

901 

101ft 

-* 

116ft 

9BV 

1397 

377 

118)3 

-ft 

136JJ 

1169 

348 

37B 

tosa 

-ft 

1Z2A 

103V 

708 

369 

91 A 

-2. 

106ft 

88U 

928 

332 

105ft 

-V 

123ft 

102B 

338 

374 95Vta 

-V 

113)3 

92V 

334 

601 

107ft 

-V 

127ft 

104V 

1027 

808 

my 

-V 

12613 

10BB 


IbntaM 


40 

-ft 

59V 

ItartiaiSVgctt 

_ as 

- 41 AN 

-A 

S4H 


_ 310 

- 57V 

-V 

71 



- 34V 

-V 

44V 



- 2sg 

-U 

58V 

hera zype 

- 370 

- 28V 

-A 

37V 


Ate On lOVee 20G9_ 936 934 1091} 139V 107A 

6Tranl1V()can2^_ — 939 839 116V IK 115 

bteflCapaVscTD 831 - 9BV Z! life 93V 

ape era 199 a ifl - 100 V uj3h 99V 

13PCU7-2 1234 - 10b -V 11»l 106 

H|dra0eetac19pc2911- 1036 933 l+OQ 137JI 

Lttdtiavpezooe 1871 - IS Z 1 ^ IS 

LherpociaVjjctoaL 932 - 36V 44V 33V 

UXapCZOAO. 933 - 32V 40V 29V 

teefMtatr11>zPean7- 1815 9.68 113V T3BV 11lV 

UtLWir. Opc'ff™ <41 832 63 78 68V 

ITW0BAfl^3VjK2021. - 434 132 _ 150V 12BV 

4VpeL202* - 432 1284, MGV 123V 

UtotosSaSn ISVfK ZKK 1239 - 136V 159V 134V 


,r y 

4 




ie 


< M*u4ki iL E Auction beds, ari E* drittond. Ctotano tteptora are h pousto. 















































































•Yitt 


u 




3 is 






— or 2s oaa aw whoit 


i 




SE 




wi 


|gr 


3Pj 




pHE 


SipnSu 




bigwm 


•0.1 
•03 
•OS 
•04 
•Oil 

2787 29491 401 

2452 ZSUl — 
•Ol 




tf. 


m 


iiS 




£ 


m 


1*0 -04 

23.1 -02 

ISO 401 
409 401 


VJ 


S 3 


•Ol 

294.11 -03 
1470 1 -Ol 
-09 
24091 403 
2934 { -04 
WOO 1 


22*31 -03 
3300 -19 

247 J! I *09 

34091 402 
2955 
191.1 


•03 

882 834] -Ol 
1829 1712 1 401 




*4 



M 


_i 


5129 MSB 
5497 5019 
2935 3122 
2804 2903 
2337 2*08 





»rr 


ISaMCBM 6*1 

OBn^n he. 5*j 






xc 


i 


K- 

B 


& 




1158.1 12201 

7013 7304 402 

9753 1027.1 403 

395 7 4105 -02 

1485 154.1 403 

4QU 4212 -09 



20*9] -04 
3300 1 -02 
*a 2 

•07 
•Z7 




KM 


**JB 

&82 SSI 4*3 


sa 


13700 14500 
5724 6025 
329.5 3489 


SKSOail!: 
raffing 
esrasw: a 


5437 3799 
5345 5058 
7031 TOCS 




HUH 11*41 
110509 12522 


BIOS 8799 
8198 8799 
9322 9943 








rcn,\ 




Are you an international / 
expatriate working i( 6 r 
in the UK? ■ 

Are you making 
the most of Britain? 

International expatriates working in Britain qualify for unique tax savings and investment 
opportunities. Investing your money wisely while you are in the UK can lead to significant 
rewards. The Interna t ional in Britain is a new magazine with expertise to help you. 

To be published early in 1995 by financial Times Magazines, it will provide independent 
and impartial advice to help all international expatriates manage their personal finances 
profitably while m the UK. 

And more - regular features will cover job opportunities, property, schooling and healthcare 
as weli as finance - essential guidance on all the practical issues an international expatriate 
faces when moving to the UK. 

Make The International in Britain your first move in the UK - complete and sign the 
coupon below for your FREE one year subscription. 

^International 


Plum rotuni to Ksvtn Pt)fnl(}9, Th» ManattonaJ In Btttain, FREEPOST, G*»y«tofc« Ptar*, Fattar LaiM, London EC48 4QJ 
9Kl5^wnrtwHg«wl»eiirtoBHiatai.araMyKBT»we» > HMta|jlMVODbMfllniiiUtt Do-lpm OH!—* □0w5iws 

— h-2 OM9. Dm^b □Q«S|M 

IMM4. I warn a— mi iwwl«ignkinaflTOiiM«iff 




HU 3184 
asui 2733 
2D99 2159 

5144 3319 

4254 4479 

3854 3742 

5024 5B&8 



Eg S 


m 


iVri 



• 0-1 

1849 17391 40.1 

1312 1589 1 -17 

409 


m say. 


INSURANCES 

ssr w -- ssi 


402 

407 

1719 18121 _ 

1709 108.7 1 40.1 

2179 2309] -12 

1889 1857 -82 

1919 20291 



aorty feiwmir 1*M v«JW 


s 



n 


E? 




S 35 


5? 


»>:? n .i 





3914 412.1 

154.4 1828 

1702 1702 

4605 4332 








!? 


5502 3749 -02 

7704 8204 _ 

4853 8213 409 

0005 0425 

2729 2883 409 

5BZ9 813.1 404 






m km 

“ User I 


1789 1574 

HU 3087 
14817 1579 


TZ82 IkJ 
1384 1459 

1039 1083 

1197 7389 

1417 t*U 


_ SSSks 


©B 



1557 IBM 
1852 1964 
1*14 1899 
3413 2882 


| I 

ItTl^BrT I 


8 


n 


rrrr 



3219 542.1 

1849 174.1 

1380 1380 

.1197 1272 

as &= 


3ES 


ess* 


3r » 




7047 


si m 




s 


rre 


2189 2272 *09 

1772 1189 -0.1 

2150 2383 —19 

3W7 5085 -04 



3029 
109.1 
109.1 
11449 -02 

2227] 412 
4124 -07 

5DU -08 
1905* 

8029 
9489 
2537 
3919 


1719 18291 — 

2485 2550 1 -0.1 

49.1 
402 



0199 081.1 

2392 2613 

3792 5982 

IKI U09 
i7M iaii 


8290 6474 

4074 8191 

* L51 
•7.QB nun 
4070 4295 

8434 B793 

BOTH 3242 


98-788 10802 

««£ W97 

«99 8821 

4248 44.70 

111 20 11795 
8294 8594 

£197 GOTO 
2098 2198 


1254 1329 

W54 1719 


W53 1*2.* 

1634 
1288 1359 


?2= 




































































































































































































































































































































































































































20 


British Funds, etc 


Treasury 13*% Stk 200009 - £12211 
Guaranteed Export Fhanos Coro PIC 12*% 
Gtd Ui SUi 20Q2(Rog) - EIIBd HNO04) 


Bfci u h xj T w Cotp 3%% SOc 1946(or ate) - 

£35%(4No94) 


UK Pubtic Boards 


Mabopoutttn Wato Saidtiwsfc & VtuxMl 
Wdsr Co 3ft Ml Stic - £66*$ 

Port of London Authority 3*% S* 09/99 - 
£82 (7No94) 


Foreign Stocks, Bonds, etc- 
(coupons payable In London) 


Abbsy Nattered PLC 657% Nts’ 


|»£1 000.1000031100000) - £99% (4No94) 
Abfiey rtaUonri Sterling C«U PLCS*% 
SUbant Gtd BA 2004(Br£V<tra) - KW%4> 
Abbey NaDanai Treasury Sera PLC 6% GkJ 

Ms 1939(Br£1 000.10000,10000(9 - £884 


Abbey National Treasury Sara PIC 6%% 
Gtd Bds 2003 P3r S Vta) - $87.7 (BNcBA) 
Abbey Manama Treasury Sana PLC 7*% 
GW Nta 1986 (Sr £ War) - £96% .8 (9No94) 
Abbey Nafiona) Treasury Sens PLC 8% GM 
Bds £003 (Br£ War) -£8155 
Abbey Natfonsl Ttaasuy Sons PIC 10>2% 
GM Nta raw (B r CVaO . £104% (4N094) 
AgricUtunS Mortgage Carp PLC 11 ^MNts 
1996 (Br eiOOO&IOOOq ■ CT04 
Austraftta Industry Dev. Cogxi. 10*2% Bds 
199909r£1OOa&1OaOQ) ■ £10413 «No94J 
BOC Group PUG 8%%Bd9 2004{Brf: Van) - 
£83*4 (9No94) 

BP America Inc 9*2% GW Ms 1998 (Br £ 
Var) - £191% (9No94) 

Bank of Greece 9*4% Bds 2003 (Br £ V*) • 
E90 

Barclays Bank PLC 9875% Undated Suburb 
Nts - £95*<t 

Barclays Bank PLC 10< 4 % Sen Sub Bds 


1997IBr£1QDQ&100Q0) - £103*2 (8No94) 
Barclays Bank PLC 12*K Sartor Subotd 
BdS IQ97(Br£VSr] ■ Cl 10*2 
Barings PLC 9% WPtop Subord Nta (BtCWarf- 
ous) - E82* (4No94| 

Bradford S Bnglsy Buking SodeTyCotoud 
FtttftoNts 2003fRag Multi £1000) - EflS* 
(ON094) 

Bradford 8 Bngfay BUhSng SacMyCcteed 
Rtg Rte NTs 2003 (Br £ V«J- £33*4 
ON094) 

Britah Airways PLC 9*2% Nts 
1997(Br£1000S 10000) . £101% 

Brittsh Airways PLC 10%% Bds 
2008(Br2TiXXU1000q ■ £107.175 f3Ne94) 
BrtSah Gn mo France 0V 9*2% GM Beta 
2001 (Br SC Var) - SC1O0* (7No94) 

Blurt Gas PLC 12*4% Beta 1995 


CBrCIOGOSICOqqi - £101>4 
Bntoh Gas PLC 7*% Nts 1997 (Hr C Var) ■ 
£98*4 (7Nc9<) 

BrrtBti Gas PLC 8%% Bdo 2003 (Br £ War) - 
£93*4 MN094) 

BrOsb Land Co PLC 12*2% Bds 2016 
IBtCI 00008 100000) - £120% 

Bntefi T ateccnwrairecaBtins PLC Zero Cpn 
Bds 200G(Br£1 00081 0000) - EB255 
(7Nc9d| 

Bntsh Tele co m m un r c a Bon a PLC 7%% Bds 
2003 (Br £ Vai) - EBS.k 
Bramah Cased CaprtalUmey) Ld 9*2% Cnv 
Cap Bda 2006 (Reg Cl 000) -Cl 48 B 9 % 
Bnrmah Castro) CaptalUoniay) Ld 9*2% Cnv 
Cep Eds 200GBteS0Q0&5000G] - £145 
(8MB94) 

Cable & Wire&OT kit Rrunce BV 10%% Old 
Bds 2002 (Br £100008100000) - £1(085 
(™a9«) 

Daily Mad & Gone/rt Trust PLC 8*% Exc h 
Bds 2005 (Br£100085000)- £156 
OenmaddKrudom of) 0*% Nta 1998 (Br C 
Var) -03% 

Depta Rrranca N.V. 7%% GM Bds 2003 (Br £ 
Var) - E8S% (8No94J 

Otrons Group (Capttof) PLC G4|% Cnv Gtd 
Bds 2002 (Br£5000&50000) - £84 *2 
Eastern Bectrtcdy PLC 8*% Bds 2004{Brt 
Vart) -£83*2 

BT Enterprise finance PLC 8*% GM Each 
Bda 2006 (Reg £5000} - £100 f8No94) 

Bf Enterprise Rnaiee PLC B%% GM Exch 
Bds 2006O£S000810000q - £97*4 
Far Eastern Department Stares Ld 3% Bds 
2001 (Reg Integral mutt $1000) - S97>2 

mm 

FHmdtRepuUc oQ 10%% Bds 1998 ■ 

£104*2 (9No94) 

Forte PLC 8%% Bds 1997 (Br £5000) - £97* 
(BNo94 

Forte PLC 9*8% Bds 2003 (BrEVte) - £9S*a 
(4NnB4) 

Fuf Bank Ld 1*% Cnv Bds 2OO20M6OOO) - 
$103* 104 

Guaranteed Export Fbwice Corp PLC 10%% 
GM Bds 2001 (Rrftte) - £106*4 
Gulrewss PLC 7*% Nta 1987 (Br E Var) - 


Grttmaos Ftamoe BV 12% GM Nta 
1996(BrC1 000810000) - £104*2* 
HrtfaxBuMtag SocMy e*% Bds 2004 
(Bl£1 000,1 0000.1 00000) - £82.15 4525 


HoHax Busdng Soctete 8^% Nta 
199B(Br£Vara) - OTA (9NoB4) 

Htttax Bedding SocMy 8*% Nta 1997 

caw-) - E10QV> 

KaHax BufcJtag Society K>*% Nta 
1 997(8^1000810000) - £104 (Wtasq 
Hammarson Property hv 6 Dev Qorp 10*% 
Bds 2019 (BrCI 000081 00000) - £10196 
Hanson PLC 9*% Cm SUx*d 2009 (Br 
CVb)-£ 102% EBNoW) 

Hanson That PLC 10% Bds 2008 (BrfKXH) 
-£99*2 100*2 

Mctaon Capftri Ld 7% Cm Cap Bds 2004 
(Ran)- f33*a (BNoW) 

mipertai Chemical Indurttlea PLC (Ui% Bda 
2005pr£1 OOMIOOOQ) - £100*2 
HarAiTMrican Davetopment Balk 11*»% 
Bda !99fi(& £5000). £102 (TNoO* 
MonoHuiel Bonk tor Rec & Dev 10% Bds 


1999(Br£1 00081 0000) - C103.65 \ (4Nu04) 
Wemtttontt Bn* tar Ftac & Dev 11*4% Nta 
19B5(Br£1000) - C10U (4No94) 
MMFtepttiao of) 10*2% Bds 2014 
(Br£10000as0000) - £106 (8No9* 

Japan Dmetopment Bank 7% Gtd Bds 2000 
(tt-CV*)- £91*^(714084) 

Kanael BecMa Roarer Co kio 7*% Nta 1998 
(Br £ Var) - £96*5 

Kobe (Cfty of) 9£% QW Bda 2004tBr£vari> 
oue) - £101* (9No94 
Kyushu Bectrto Powar Go too 6% Nts 1997 
(Br£Vte)-£S8A 

Ledbrake Group PLC 8*% Bds 2003 (Br £ 
Var) -£9i*j(0 No94) 

LrsM Securities RC 9*j% Bds 
2007(Br£1 00081 0000) - £98*4 (BNO04) 

Land SacuWes PLC 9*% Cmr Bds 2004 
(BrSSSOOOMOOOO) - £108* 

Leamo PLC 9*% Nts 1999 (Br £ Vta) - 
£98j02.15(Btta»9 

Lseda Pemvanwit Brddhig Society 7*2% Nta 
ISS7p£Vm) - £98* (4No8ri) 

Leeds Penn a nent BuMng Sodety 10*2% 
Sttnd Bds 2018 03r £Var) - £103* 

Lewis (Johri) PLC 10*% Bds 1998 (Br 
£100008100000) - £103)3 (8No94) 

Lloyds Bonk PLC 7*% Sited Bds 
2004(Bl£Vailou4 - £86* 13 (BNolkQ 
Lloyda Bank PLC 9*2% Sttxad Bds 2009(B« 
Ware)- £98 

Lanrho Rnanee PLC 8% Qtd Cnv Bds 
2004(Br£vera) - C0O*4 (BNoM 
M8PC PLC 9*% Bda 2004(tt£10aO81000a) 


National Westminster Bank PLC 11*2% Und- 
SubNta C1000(Crw to PrQReg ■ £99* 


Corporation and County 

Stocks 

London County 2*2% Cons Slk 1920(0- ana) 


Nta 2018 (Br £ tf«r) - £86*2 
taflormwe BuUkig Society 13£% Sited 
Nta 2000 (Br £1 OOOQ - £1 1 8A 
Wtonwida Br*Jtog Society Zero Cpn Nts 
1998 Or £ VBr) - £71 * (7No84) 

Ippan Tetofyeph and Telephone Coral 0*% 
Bds 2001 (Br £1000810000) ■ £107* 


Norsk Hydra AS 9*% Mb 2003 OBr 
E100081000Q - £100 (9N094) 

2001(8rS1000(S - 5120 (9N094) 

Pearson PLC 10*2% 8ds 
200B(Br£n 00081 0000) - £105*2 (4NQ94J 
Pearson Storfbig TWo PLC 8£% Gtd Bds 

Rsr^hsftsanto 

£1000081000001 - £98425 (4NoB4) 

RMC Capital Ld B*% Cm Cop Bds .2000 (Br 
ES00085000Q) - £131 A (9N094) 

Hank C&Bsvfeatkm PLC 6*% Bds 2000 (Brf 
VM-E94*(BNoS4) 


£35*3 (4No94) 

Bristol Carp Deb Stk (3 >2%) - £35 (BNo94) 
Maneh estot O ty ofl 11.5% Red Stk 2007 - 
£112*2 (BN094) 

Manchester Carp 1891 3% Red Stk 1B41for 
after) - £30 (4No94) 

Manchester Corp 4% Cons tad Stk - £40 
(4No94) 

SoBord (City of) 7% Ln Slk 2019(Ree) - £79*4 


I GM Nta (Br £ Via) - £82* 
da Contaruedon Hn(CJ)Ld9K Pap 


PLC 8*% Bds 


Royal Bank of Scotland PLC 9>j% Undated 
Sited Bds (Br E Vta) - £90* fSNa94) 
Royal Bar* of Scotland PLC 105% Subord 
Bda 2013 (Br C Vta) - £102* & * (BNo94) 
Roy* Bark of Scottand PLC 10*% Subord 


Royal Insurance Hdga PLC 9*% Stead 
Bds 2003 (Br £ Var) - £98* * (9No64) 
Sobisbury (J JfChannel MandsJLd 
B*2%CmCapBds 2005(Br £50008100000) ■ 


£128*2 (BN094) 

Sincere to l uaiio n Corporation 3.75% Bds 
2003 (Br S 100008100000) - 8103* 104 
SmtthkSne Beechon CopHal PLC 8*a% GM 
Nta IS9a (Br £ Vs) - C97 * (9No94) 
SwettanOOngdoni oQ 8*% Bds 
1996(3185000) - £101* (BNo94) 
SwedenOOngdam of) 11*4% Bds 1B85(Br 
£500(8 - £101*4 (7N094) 

TS8 Group PLC 12% Sited Bds 2011 (Br 


£10000810000(9 - £1153 8A (9Na9* 
_Trrmr Bnane e Umnri Ld B*r% Qrv Ce 


Tarmac Finance (Jssey) Ld 0*2% Cm Cap 
Bds 2008 (Reg C100Q - £03*2 


Bds 2008 (Reg £1000) - £03*2 
Tata 8 W Finance PLC 8% Gad Bda 
199S(Bi£1 00008 HXXXXB - £954)3 
Tate 8 Lyte W Fki PLC 5*K Gtd Bda 2001 
(Br£5000)-£85(7Nae4) 

TafeSLyle biffin PLC/TntaSLyta PLC S*% 
TSLHFriGdBda 2001CBT) WTWtaTBLPLC - 
£84*2* 

Tesco PLC 8*4% Bda 20030r£V*ra#FyPd) - 
£95% 

Feaca Coptod Ld 0% Onv Cap Bds 2005(Reg 
£1J- £119*2 *7* *4 *2 
Thames Water UtfUUes Bimca PLC 10*2% 
Gtd Bds 2001 • £105 (BN0B4) 

31 tatamaUo n * BV 7*% GM Bda 2003 (Br £ 
Vta) - £8085 (9N094) 

Tokyo Bectrto Power Co Inc 7>s% Nta 1998 
(Br£ V*) - C95A (9No94) 

Tung Ho Steal Enterprise Corp 4% Bds 
200103410000) - 5116*2 (BNrfW) 
TuriieylReputalc of) 9% Bda 2003 (Br E - 
£7505 (7No94) 

U-Mng Marine Tramped CorpmUonl *2% 
Bds 2001 04eg in Mutt 51 000) -51 08 108* 
Uniover MV 725% Bds 2004(BiS Vare) - 
$92*2 (4N094) 

United Kingdom 525% Treasury Nta 21/1/ 
97(Br ECU vaO - EC952 95* (4NCI94) 
United Knpdcm FKg Rata Nta 1990 
(84100008500000) - 539.85 100*4 (BNo94) 
Vetoftm Pble Attire fin Agency 9*% GM 
Bda 1030(BrCVin) - £102, V 
Worymch Bubflng Society 11% Nta 
1996(Bi£1 000810000) • £104*2 * f9No94) 
Nestle Holding he £75m 8.75% Debt bis 1/ 
12197- £100* 101* 

SwedenOOMdom of) ESOOm 7*% Nta 3A27 
97 ■ £97 >2 (Bhl094) 

.SewtenQOngdom of) £2Sttn 7% taMnneb 
23/12198 • £S3*a 

SwndenOQngdom of) ECUIOOm 7*4% Nta 
2000 - EC84*2 95 (8No94 


Sterling issues by Overseas 
Borrowers 


American Brands too 12*2% Uns Lit Stk 2009 

- £117 * 

Aslan Daimtopment Bank 10*% Ln Set 
2009(fied - £109^45 *2 (8No94) 
AustraftatCommonweatti 08 9*a% Ln Stk 
20l2(Reg) - £101* (7NoB4 
Barit of Greece 10*% Ui Stk 201 0(Reg) - 
£97 * *2 (SNa94) 

Etaopem bweatemt Bank 9% Ln Stk 2001 
(Reg) - EB9*2 100*2 (BNo94) 

Eiaopm bimtment Barrit 0*2% Ln Stk 
2009 - £1045075 .2075 AS -5125 & £7 * 
pr*j94) 

European Investment Bonk 10%% Ln Stk 
2004fftog)-£l08 

Euopeen to vest m e nt Bank 11% Ln Stk 
2002(Rad - £110* (7ND94) 

Hydro-Quebec 12.75% Ln SR 2015 - £129* 
tota nafl onal Bairir tor Roc & Dev 0*/% Ui 
Stk 201U(Reri - C103J5 4 (8N0S4) 
totn n attanal Bank tor Hac 8 Dnv 11J% Ln 
Stk 2003 - ei 14.18 (8No94) 

Mttaysta 10*% Ui Slk 2008»r1 - £107 
(4N094) 

New Zaterd 11*% Stk 200agnad - £115* 
(8No34) 

PetrotaosMteJ c a n oa 14*2% Ln Stk 2008- 
£120 

PortugaKfiep cl) 9% Ln Stk 2016(Reg) - 
£87% 

SnodonOOngdom ct) 9*W Ui SOc 201<<Retf 

- £1Q2i (8No94) 


Listed CompaTjes(exduding 
Investment Trusts) 


AAH PLC 4£% Cum Prf £1 -55(714084) 
ASH Captari Fkiance(Jereey)Ld 9%% CW 


Cap Bda 3000 (Rag Units 100p| - £89*2 
(BNo9fl 

ASH Capua FkwnceParaeyJLd 9*2% Cm 
Can Bds 2008 (Br EWar) - £B9 (BNoBq 
Ato«t fiahar Group PLC AOH (10rl) - $8* 
(BNa94) 

Ataomders Hdgs PIC *A‘(RatV)Ord lOp - 


Atosanrtare rtdgs 9*2% Cun fit £1 - 
81*2 (7N094) 

Atexon Group PLC 825p (Nsq Cm Cum Red 
Prf 10p- 85 (BNo04) 

Mod Domecq PLC ADR (1:1) - $9.82 

ABed Domaoq PLC 11*% Deb Slk 2008 - 

£119 

Med Damocq PLC 7*2% Uns Ln Stk - £90* 

(4N094 

MM Domecq PLC 7*% Uns Ln Stk 93/98 - 
£04(7Nla94) 

ABedJ^one RnancM Sentoee fijC8*% 
GMCrw8rtedBds2008 RegMuHEIOOO - 
Cl 00.45 % 

ABsd-Lyons fin an ci al Sentees FLC8*% GM 
Cm Sited Bds 2008(Br £ VaO - £105% 
(7No84) 

AMs PIC 53% Cm cum Non-Vto Rad Prf 
£1-73 

American Brenda Inc Sha of Com Stk S3. 125 


Ai^sch Com Sha of Cam Stk $1 - $38% 

AmbwraSykn Group PLC Cm Prf 50p - 49 

AngNtnWtatar PLC 5%M Indax-Ltakad LnStk 
2008(82678%) - £131 % (4Na84) 
An^o-Eaatem Planttttona PLC Waraita to 
sub tor Ord - 31 2 

Ai0o-EaatBRi Ptantattons PLC 12%% Una 
LnStk9Stt9-E10D(4No94) 

Atmour THtat AC 10%% Una Ui 881 91/98 - 
£99(4No94) 

Asds Propsrty Mdgs PLC 10 5/18% lot Mlg 
Deb Stt 2011 - £100 (4No94) 

Attwoods PLC ADR (Srt) - $9% CBNefiH) 
Atlwgoda pmee) NV 8%p GU Red Cm Ptf 
6p-98 

Aulomatad Seeurtty(Hkt0e) PLC 5% Onv Cun 
Red Prf £1 -S8(8TfcriM) 

Automated Secufty^^dos) PLC 8% Cnv Cum 

Rad Prf £1 -45% 8 


FT-SE ACTUARIES INDICES 


Hie FT-SE 100, FT-SE Md 250 and FT-SE Actuaries 350 Indices and the 
FT-SE Actuaries Industry Baskets are calculated by The International 
Stock Exchange of the United Kingdom and RepubRc of Ireland United. 
O The International Stock Exchange of the United Kingdom and FtepubBc 
of Ireland United 1994. Afl rights reserved. 

The FT-SE Actuaries Afl-Share Index is cateutatud toy The Rrtandai 
Times United in conjunction with the Institute of Actuaries and the 
Faculty of Actuaries. O Hie Financial Timas United 1994. Afl rights 
reserved. 

The FT-SE 100, FT-SE Md 250 and FT-SE Actuaries 350 Indices, the 
FT-SE Actuaries Industry Baskets and the FT-SE Actuaries Afi-Shara 
index are members of the FT-SE Actuaries Share Indnces series which 
are calculated in accordance with a standard set of ground rules 
established by The Financial Times Limfted and London Stock Bschaiga 
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 United. 



vrifSC 


|,V 


FINANCIAL TIMES WEEKEND NOVEMBER 12/NOVSMBER 13 


LONDON STOCK EXCHANGES Dealings 


Detafla of business done shown below have been taken with consent 
■mm last Thursday’s Stock Exc ha nge Official list and should not be 
reproduced without permission. 

Details relate to those securities not Inducted in the FT Share information 
Services. 

Unless otherwise Indicated prices are In pence. The prices are those at 
which the business was done In the 24 hours up to 5 pm on Thursday and 
settled through the Stock Exchange Tafoman system, they are not in order of 
execution but in ascendkig order which denotes the day’s highest and lowest 


For those securities In which no business was recorded in Thursday’s 
Official Ust the latest recorded business In the four previous days Is given 
with the relevant date. 

FUrie 4.2(a) stocks are not regulated by the international Stock Exc ha nge 
of the United Kingdom and the Rapublc of Ireland Ltd. 

t Bargains at special prices. $ Bargains done the previous day. 


BAT hdustrtM PLC ADR (2:1) - St4* 

BET PLC ADR (4:1) - $7% (4No94) 

BM Group PLC 4 Jp (Nor) cm Cum Rad Prf 
50p . 68(9NoB4) 

BOC Group PLC AOT fill}- SI I^S 11.7 
BOC Qmup PIC 3JM4 Com 2nd Prf £1 -81 
(8No94) 

BOC Group PLC 12*M Una Ln Sfk 2012/17 
-£l23%|9No94) 

BTP PLC 7J5p(Naf) Cm Cum Rod Af lOp - 
180 (9Na94) 

BTR PLC ADR (4:1) - S19J8S 
BatayfCJhL) PLC “B" Ord lOp - 25 (7No94) 
Bompton HUga Ld fl*% Una Ln Slk 2002/07 
-£87*4 

Bangui Property Group Id 7*% Um Ln 
So&voei - C88 (8Ti0fl4) 

Bank of botandtGmamar 8 Co oQ Unlb NCP 
Sfk Sn A £1 8 £3 Uqukbdon - £11 % 


Bank PLC 11%% Und- 
to PrtJSr - £100 (BN094) 


lank of totandOmromor 8 Co of) Unto NCP 
Stk SraA b£1Blr£9 Uqttdalton - 1£11 

Imv Homes Group PLC Old lOp - 1 12 

leretaya PLC ADR (4:1) - 839.188894 
ladaya Bank PLC 12% Una Cap Ln Sk 
2010 - £116 *2 (4No94) 
larolays Bank PLC 18% Uns Cap Ln Sk 


mdaya Bank PLC 18% Uns Cap Ln Sk 
2002/07 - £132% (8N084) 

«tan Qoup PLC 728p (NeQ Cm Rad Prf 

vdon Group'ptC 112Bp Cum Ftod Prf 
2009 lOp - 105% (8No94) 


PLC 8% Cum 2nd Prf £1 -94* 
PLC 9*% Non-Com Prf £1 - 113* 
E xp kmtton Ld Old FXL01 - 212% 
Vdlaoa Arnold Trust PLC Ord 25p - 


Boss PLC 10%% bob Sfk 2018 - C11 1* 
Bass PLC 7*% Uns Ln 3h 92/97 - £96* 


Baton PLC 10% Cum Prf Cl - lOOrJ) 
Bsrgseon d-y AS *B* Nan Vtg Sha NKL5 ■ 
W137J9 8 .79 9.07 A 
Btontoghom MdstSmo BulkSng Soc 9*% 
Perm tot Bearing Sha £1000 - £88* 


I Hodge PLC 5.75% Cum Prf £1 - 


I Hodga PLC 9% Cun Red Prf £1 


i Plfi 8% Cum Prf 90p - 28 (8NrtM) 
to Industries PLC ADR (1:1) - $4.78 


Hue Orel# Industries PLC 5*% 2nd Deb £ 
1984/2009 - £70{BNo84) 

Me Qrcto tadusbtes FLC 8*% Um Ln 
9941979 or off) - ref 
10019 CO PLC ADR (2:1) - 817.05 (BNo04) 
Iradtard 8 On0ey BMdtog Soctoty11%% 
Penn tot Bearing She £10000 - £111 


adtad 8 Hngley BuSdng SoeMyl3K 
Perm Int Bearing srts £10000 - £121% 2 


Brodtoid^PrapM^hnt PLC io%% Cum Prf 
Brarri Walker Group PLC Wta to Sub for CM 

_ MflogA 

Brent Water Group PLC 8^% 3rd NonCum 
Cm Red 2007/10 £1 ■ 1% 

Bridon PLC 10*% Deb Stk 91/98 - £100 

mm 

Bristol Warn PLC S*% Cun tod Prf £1 - 
104* (4Ak>94) 

Bristol Water HWgo PLC Ord Ct • £10 p 9SS 
(9No94) 


Bristol aWtoot BrAJtog Sodrrty 13%% Penn 
tot Searing Shs £1000 - £122* 3* 
Britsnnto BuMng Soclaty 13% Perm mt 
Bearing She £1000 - thia*^ 

British Airways PLC ADR (ion) - 980* 

British Alcan Akjmfrsun PLC 10%% Deb Sk 
2011 -£109* 

Briteh 8 American F8m HMgs PLC CM Slk 
5p - £10% (9N094) 

Bridsri- Amorican Tobacco Co Ld 5% Cum Prf 
Stk Cl - 80 (7NoS4) 

Brfitoh-American Tobacco Co Ld 8% 2nd 
Curt Prf Stk £1 - GO 

BrttMi PatnSeum Co PLC 8% Cum 1st Rrf £1 
-79 

BnUsti Prttotetm Co PLC 9% Oum 2nd Pit 
£1-88 (4No94) 

aaw> Steel PLC ADR (ittf) - $24% joa 5% 
248158* 

British Steel PLC 11%% Deb Stk 2016 - 
ni7%$ %♦ 

British Sugar PLC 10*% Had Deb Slk 2013 

- £112*4* 

Broadstoncr Mdgs PLC 42% (Fmfy 6%) 

Cum Prf £1 - 57 (4NOS4) 

BubneriKPJHIdgs PLC 8*% 2nd Cum Prf 
£1 - 104 (9N094) 

ButmaifliPJHIdgs PLC 9%% Cum Af £1 - 
110 

Bund PLC 7% Cnv Uns Ln Stk 95/97 - £100 
(9N094) 

Bumah Costrol PLC 7*% Cum Rod Prf £1 - 
68% (SNOW) 

Humtti Cartel PLC 8% Cun Prf Cl • 74 
(4No94) 

Burton Group PLC 8% Cm Urn LnStk 1996/ 
2001 - £82*2 3 4* 

Butte Mtatog PLC 10% (Net) Crrv Cron Rod 
Prf 1934 lOp -2* 

entente Energy Go Inc Sha of Com Slk 
$00875 - $18.924437 (7No94) 

Capital 8 Counties PLC 0%% 1st Mlg Deb 
Slk 2027 -£101 (9N094) 

Cmdo Engtoramg Group HC 10%% Cum 
Red Prf £1 - 98 (7N094) 

Caftan Commwiiealiana nC ADR (2:1) • 
328% (8No94) 

Cadton Communlcgtlona PLC 7%% Cm 
Sited Bds 2007|Reg £5000) - £133* 
Carttan CorrmirtcaMuns PLC 7%% Cm 
Sited BdaOOOTpr £8000 - £133% 133% 
(4No94) 

CaferpiBar Inc Shs Of Com Stk $1 - $58* 
Centex Corporarion Shs of Com Stk 80 l 25 - 
$21 (SNo94) 

Qiartwoad Attanoa Hdgs Ld 7%% Una Ui 
Stt S0p-33 

Clwltanh a m 8 Gfcmceater BrSd Soc 11*% 
Perm tat Baatog 8hs ESOOOO - £1 12* 
(9N084) 

Oty Sfte Eatates PLC 525% Cm Cum Rad 
M£1 -58 80(0*104) 

CtayNlha RjG 8£% Subotd Cm Uns LnStk 
20008)1 - £90 (BNa94) 

Coastal Corporation Sha of Com ak $033 1/ 
3 “ 

coats Patona PLC 4%% Una Ln Slk 2002/07 
-C58PN094) 

Coats Patera PLC 8*% Una Ln Stk 2002/07 
-£79 80*2 

Conta Vlyttla PLC 42% cum pit £i . 82 
PN094) 

CohsnlAJ 8 Co PUC Nsn.V "A* Old 20p - 

800 (BNo94) 

Commercial Union PLC 8%% Cun Ind Prf 
£1 -97%% 

CommercW Union PLC 8*% Cun Ind Rrf 
£1 - 104* 5 

Co-Operatfve Bank PLC 925% NuvCun tod 
Prf El -1W*M> 

Coopnr (Rredorict) PLC OuEp (Nat) Cm Red 
Cum Ptg Prf lOp - 88 (EtNoW) 

Coutaukta PLC 8% Cun Rad 2nd Prf £1 - 
83% (BNo94) 

Cbutaritte PLC 5%% Uns Ln Stk SH/3B - 
£94 

Oourtaukta PLC 7*% urn Ln Slk 200005 - 


Cownfey Btedtog Society 12*% Pam Inter- 
eat Bearing Shs £1000 - £111% 2% 
(9NoS4) 

Cowrie Grat8> PLC to%% Hod Rrf £1 - 101 
(4No94) 

Daly Md & Gsund Trust PLC Ord GOp - 
£132 (8Na94) 

Dttgety nc 425% Oum Prf £1 - 68 PNOM 
□ebenhsms PLC 7*% 2nd Deb Stk 91/96 - 

£98 (4NoB4) 

□eterhenu PLC 7*% Uns Ln Stt. 20Q2/07 - 
£80 (BNo94) 

Denoara PLC 625% Cun Cm Red w ci - 
108 (3NaB4) 

Dewhlrsl Group PLC 925% Oum Prf El - 
114 (7ND94) 

Dominion Enagy IRC Ord Sp - 11 (BNoW) 
Dover Cup Com Stk $1 -$34% 

Dunlop Ptadatkst* Ld 8% Cun Prf £1 -59 

BS Group PLC S% Cun Rrf Slk £1 - 49 S3 
(riNooq 

Ec^tsa Srinds HC Ord 6p - 7* 9 % 
finasa PLC 62Sp(Nei) Cm Cura Rad PrfSp 
-89 7* 

EraMOtoa Ctaya PLC ADR prt) - $17% 


I PLC 11%% Um Ln Slk 2018 - 


BtfedSKIO - SK44121 20815 2 2 * .41 
% JJ88 * 3 3 J395 J605 .72 * 28 283 4 


issex and Sudoik Water PLC 11*% Red 

iuro Dbney SuCA. Shs FR5 (DapoMtory 
Reoelpta) - 107 8 10 2 4 S 
iuro Disney SXXA. SJm FR3 (Br) - fru .41 

luratunmf PIC/BflUtmrHl SA Llnfts 
(SfeoMim toscdbecD - FR3078 2 1 M M 
.15 


I PLC/Eurotunsl SA Fndr Wta 
n toaerlbett - RR8123 (SN094) 
PLC Wtaranta to stt> lor Shs - 21 
n Co PLC Ord Sfk Sp - 215 
tgo Corp Com Stk $S - 848* 


tat Bearing ShaEloOOO - £99* 

Ftort Neflonal finance Carp PLC 7% Cnv 
Oum Red Prf £1 - 122% (BNaSri) 
fisivu PLC ADR (fcl) - $728 * (9NoW) 
FfewOton PLC S%% Cun Pit R£1 - 40 


five Arro w s tot Raaanea Ld 
SOJrtfSwfsa fianc Shs) - 1 

mm 


r Challenge 14 Old SNL50 - SN4/42S 
443827S p 165 <8Na94) 

FoMm aoup rc oro 9p - 40 mm 

Forts PLC 8.1% Itoa Ln stk 85/2000 - £96% 


Friondy Hotels PLC 6% Cm Cun Red Prf £1 
- 119 (SIMM) 

Rrisndta Hotels PLC 7% Cm Cum Red ftf £1 

^SSU-f - - 


GKNPLCADRflrt)-S0% (TTrioBri) 

GN Gnat Nan9c Ld Shs DK100 - DK546 
aT.ChaaGtomrih Fund Ld Ord $001 - 
£33** 

General Aoddant RC 7%% Cum tod Rrf £1 
-91* 


General Acocwit PLC 8%% Cum tod Prf Cl 
- 100 

General Sectnc Co PLC AOH H.H - S4.53 
.a5(0N<O4) 

ijttbs & Dandy PLC Ora lOp - BS ier«wi 
Glaxo Group Ld 7*K Uns Ln Stk 55/95 SOp 
-48 

Glyrmed totamoDonal PLC- 7*% Cum Prf Ct 
-69% 

Goode Durant PLC 15% Cum Prf 50p - 26 
Grand Metropolitan PLC 5% Cun Prf £1 - 53 
(4NU94) 

Grand Metropolitan PLC a*% Cum Prf £l - 
07 

Great Uraverjol Stem PLC ADR il.li - Mi 

I7NO04) 

Groat Universe! Storm PLC 5%% Red Una 
Ln Slk - £56* (8NcS4) 

Grad Universal Storm PLC 6%» Rod Uns 
Ln Slk - £68* (8No94) 

Grands Group PLC 8% Cum Prf £1 - 97 

I****) 

Groauta Group PLC 7% Cnv Subord Bds 
2003 (Rag) - £101 

Grounds Group PLC 7% Cm Subord Bds 
2003 (Bf) - £100% (BNa94| 

Guinness PLC ADR (5:11 - £232 S 37% 
Gulnnert Fight Global Strategy Fd Ptg Hed 
PrfSOJJI (Aston CuroncyBBana Fd) - 
£12348364 

GUmess Fight Gkrbel Strategy Fd Ptg Rad 
Prf SO.OlIQobal High toe Bd Fd) - $21594 
Guinness Fight Global Strategy Fd Pig Red 
Prf SOJH (Staring Money FwicO - 339. 1 12 

(4N094) 

HSBC HMgs PLC Old SH1D (Rong Kong 
Red - SH89J5283 * 90 .1487 2 2717 
HSBC hldga PLC tl.89% Subord Bds 2002 
(Re® - £108 

HSBC Hkfgs PLC 1129% Subord Bds 2002 
(Br EVart - £109* % pNa94) 

Haitax Biddtog Society 8*% Perm Int Bear- 
ing So £50000 - £84, i * (9Na94) 

Haifa* Striking SocMy 12% Penn tot Hear- 
ing Sha Cl (Reg £50000) - £114 <0No94) 
Hahn Hokfngs PLC Old 5p - 07 8 9 70 I 
Hammereon PLC Ord 25p - 338 9 40 l % 
Hartfepoofs Wafer Co Ord Stk - Cl 725 800 
Hasbro Inc Shs of Com Stk 90.50 - S3 1* 
Hotomero Estates PLC 10%% 1st Mlg Deo 
Stk 2018- £107 * (SNo94) 

HaicUes Inc Shs of Com Stk of NPV - 
8116* ISN094) 

Hewitt Group PLC 10% Cum Prf £1 - 85 
Holmes Pro t ection Group Inc Shs of Com Slk 
£025-25 

Housing firms Corporation Ld 11%% Deb 
Slk 2016 - Cl 12 

IS Htottoyan Fund NV Ord FLO 01 - $17* 
Iceland Group PLC Cm Cum Red Prf 20p - 
127* 

Inch Kannath Kafang Rubber PLC lOp - 

ei6% mm 

tom Engineered Products Ld 11% Deb Stk 
96/2001 - £100 (9No»4) 

Industrial Control Services Grp PLCOrd top - 
1259 

bn) Stock Exchange of UlURep of ltd 7*% 
Mlg Deb Sfk 90/95 - £99 
tod Stock Exchange of UK&Rep of *!(>%% 
Mtg Deb Stk 2016 - £106*9 
tort Lite PLC Ord K0.10 - 1 05 126 12825 
p 105 

Janfine Mattvssan Hklgs Ld Ord SO 25 [Hang 
Kong Register) - SH0124 .37 % .7242 * 
Jandtoe Strategic Hdgs Ld Ord S0.05 (Ber- 
muda Regtotarf - 5H29.9S (BNoOJ) 

Joroino SfcatogK Was Ld Ord 5025 (Hong 
Kong Register) - $HZ& 18 21 290573 
Johnson 8 firth Brown PLC 11.05% Cum Prf 
CI - 91 (8NO04) 

Johnson Group Ckwners PLC 7.5p (Net) Cm 
Cum Red Prf lOp - 127 (9No94) 

Jotnaton Group PLC 10% Cum Prf £1 - 100 
(7N094) 

Karoa-Gurope FUKf Ld StoQBR to Br) SO. 10 
(Cpn 7) - 54250 4375 4500 0No94) 
Kvaamer AJ5. Free A Shs 1*112.50 - NK2S9 
60 .13 .13 .35 1 .13 

Ladbrake Group PLC ADR (1:1) - 52.455 2A7 
Lcmonl Hkfgs PLC 10% 3rd Cum Prf £1 - 
100 ONo&J) 

Land Securities PLC 9% 1st Mlg Deb Stk 96/ 
2001 - £100* 1 (9N094) 

Lebowa Ptatimim Mines Ld Ord R0C1 - 77 
(3No94) 

Leeds 8 Holtxck Buddtog SocMy 13*% 
Pe r m tot Bearing Shs £1000 - £121* * 2 
* (9N094) 

Leeds Perman e nt Butidng Society 13%% 
Penn ltd Beanno C50000 • Cf28(9No94) 
Lewis( JohnJPartnerahe) FVC 5% Cum Prf Stk 
£1 - 56 (9No94) 

London International Group PLC ADR (5:11 - 
57.1 (9No94) 

London Secuntks PLC Ord Ip • 2 (7No94| 
Lo.who PLC AOH [1:1) - S3.44 (9N094) 

Lonrho PLC 10*% 1st Mlg Dob Stk 97/200? 

- £102* (9NoB4) 

Lookers PLC 8% Cm Cum Rod Prf £1 - 110 
(7Nc94) 

MEPCPLC9*% isl Mtg Deb Slk 97/2002 - 
£100*2 

MEPC PLC 8% Uns Ln Stk 2000/05 - £92% 

3 (8N094) 

McCarthy 6 Stone PLC a7S% Cum Red Prf 
2003 £1 -90 

McCarthy 8 Stone PLC 7% Cm Urn Ui Stk 
99/D4 - £66 

Mrtwmey ftopertta s PLC *A* Old bGOl.tO - 
imo8 

Mandarin Oriental intemabonN Ld Ora SOJS 
(Hang Kang Reg) - SH98l0l43rf .65^ 
Marks 8 Spencer PLC ADR (6:1) • S40% 
(BN094) 

Mariey PUS 11*% Deb Stk 2003 - £111* 

2 1, % * 

Medeva PLC ADR f«1) - $10% * 1 
Merchant Retari Group PLCfl*% Cnv Uns 
Ln Stk 99/04 - £63 5 (8No04) 

Mercury totem a tto na llm Trust Ld Ptg Red 
Prf lp (Reserve Fund) - £503051 (BNa94) 
Mersey Docks 8 Harbour Co 6*% Rad Deb 
Slk 84/97- £95 (BNoS4) 

Ukfiand Baric PLC 14% Subord Um Ln Slk 
3002/07 - £121* U 

MM Oorpontton Com Sha of W*V - S3* 
Moriaxl 8 Co PLC 5% C«n Prf £1 -59 

mm 

Morton Smdour Frtrtcs Lit 5% Cum 1st Prf 
ci - 53 mm 

NK3 Ftoance PLC 10*% Dab Stk 2018 - 
£113% 

NEC Ftoanca PLC 13*% Dab Stk 2016 - 
C140A 

NFC PLC 7*% Cm Bda 2007aRog) - £90% 
Nodonel Metical Enterprisas Inc Shs of Com 
Stk &L05 - 514% 

NoBonrt Rower PLC ADR (Ittl) - $80* 
National Westmtoata Barrie PLC 9% Non- 
Clan SUg Prf Sera ’A" £1 -103* %* 
Nattond westmtoatar Bark PLC 12%% 

Subord Uns Ln SOt 2004 - £117.075 % 
(Mc94) 

Newcastle Butting Society 12*% Perm 
Merest Basing Sha £1000 - £114% 5* 
North Hearing AesoctoUan Ld 8*% GU Ln 
Stk 2037 -294 

- (BNcriK) 

Northchst Investments Ld 8 aiO - £0.12 
Nartham Foods PLC 6*% Cm SUbord Bds 
2008 (Rag) - £66% (BNoOt) 

Northern Foods PLC 6*% Cm Sited Bds 
2008 (Br £ Vta) - £84* (4No94) 

Northern Rock Btridng Society 12*% Pom 


i Bswtog Sn eiooo • £118% 
s PLC Old lOp - 22 (7Nb94) 


Qbts PLC Ord lOp - 22 (7Wo94) 

Paclflo Gas 8 Bectrtc Co Shs ol Oom Stk $5 
- 522* 

Panther Securttfaa PLC Wta to sub tor Qrt - 
13% 

Parkland Group PLCOrd 2Sp- 107 

Ralataan Zochorris PLC 10% Cum Pit £1 - 
109 (9N094) 

Paersan PLC 13^25% Una Ln Stk 2007 - 
£127 

Real Hdgs PLC 826% (NM) Cm Cum Non- 
Aj Prf ei -87 

Rett South East Ld 8*% Uno In SK 87/97 - 
E90(4No94) 

Peef South East Ld 10% 1st Mto Dab Stk 
2020 -£07% 

Po nto e tria rAOrierndl Steam NevCo 5% Cun 
PM Slk - £48 [9Na94) 

Priridna Foods PLC SpOrieQ Cun Cm Rod fit 
1 0p- 87 (4No84) 

Petrottra SA Old Shs NPV (Br to Oenom 1,3 
8 10| - BF9590 4 628J) 

PEX Group PLC 35% Cun Prf £1 - 25 


faraaHon 8 Genenri tow RjC W an a it sto 
sub tor CM - 1 

fonlBtton 8 Genual tow PLC 9%% Cum 
Rod Prf £1 - 94 6(4No94) 

LA gtata m iwt PfaMnums Ld Ord R0JB3 - S20 
dwefl DuAyn PLC 4*% Cum Prf SOp - 24 


PcwrerGen PLC ADR (lOTl) - $9054 

Pramlar Heetti Grom PLC (M Ip - 1* * 

FLOAJOdBS PLC 9% Cum Prf £1 - 90 

HEAHUgi PLC 12% Cm Uns In Stk 2000 
- £96 * (871094) 

RPH Ld 4%H Uns Ln Sbc 2004/09 - £33 

wStLdWt llm Ln Stk 996004 • £94 
Ftacril Sactrorrica PLC AOH (tl) - 57* 

Rank Or gu ri sa flan PLC ADR (2n) - $1005 


1 8 Cotoion PUS 5% Cun Prf £1 - 34 


Reed tote uirto n u l PLC 3.15%<Fhriy 4%%) 
Cun Red Prf £1 - 45 8 (BNo94) 

Pl - C a *** Gtd Uns Ln 

Renew PLC 6*% IMDrtStfc 9095 - £99 
(7N094) 

Ranold PLC 7*% 2nd Dab 8tt 92/97 - 


(torponlian PLC 4£5% (Rrriy 6%%) 
ittdPrfCI -90(BNo94) 

P PLC 11%% Cum Pit £1 - 117 
rp Sha of Com Slk of NPV - $13* 

1 8 Saatdri Co PLC ADR (3rl) - $7.72 


taatafri 8 Seetotri Oa PLC 9% On Uns Ln 
StK 20 T 5 - COB 


Smoy Hotel PLC “B" Old 8p - £42 (9NoW) 
Srmttorillc rtdge PLC 7^p Mel) Cm Cum 
Rod FVf 20p - 46 (SNoM) 

*^5355 

SUM PLC 9*% cun Rad Prf 2001/06 £1 - 

84*3 

aospritoff* Cun ^ p* *«w*i 


Schroders PLC B*% Uns Ln Slk 97/5002 - 
C94(9No94) 

Sears R.C <*.9% (Fmry /%) ‘A - Cum Prf £1 - 
07I0NO04) 

Sears PLC B.75% (FrrVy Gum Prf Cl - 

S«raPL?7%% UnS Ln Stk 9SV97 - S38% 
Severn Rnror Crossing PLC 6% tnd«-Ljflk«J 
Dab Stk 2012 (8344%) - £i 15% 

Shield Qroup PLC Old So ■ 5% (7No94) 
SMew Grot® PlX 534% (Neb Cnv Cum Red 
Pri Cl - 7% (9N094) 

Shopme Rmnca (UK) PLC 1 8?5a(NeQ Cun 
Red Prf Sha 2008 - 67 

Sidtew Group PLC 7*2% Um Ln Slk 2003/08 

- £80% <8NoS4) 

Skipron Buridrrg Socnriy 12*% Perm tot 
Bearing Sns ClOOO - £117+ 

Smth New Court PLC 12% Sited Um Ln 
Slk 2001 -E103 

Smfln fWJLi Group PLC 5%% Rad Um Ln 
Slk - £53* (4No94) 

SmthKHne Be octia m PLC ADR (5:1) - S32* 
985 590330 (7N0B4) 

Smtfh K/lna Oe ec nam PLC/SmlfhMtoe ADR 
(5:11 - £19.4393 5 30.998907 1% * 

Sag Fumriuo Hkigs PLC 11% Cun Prf £1 - 
98 (4N094) 

Standard Chartarad PLC f2*% Subord Um 
Ln Slk 2002/07 - £i 12* (7No94) 
Swtrs(Johni 8 Sana Ld 8 3% Cun Prf £1 - 
TOO 

Synwrnta Engieertnq PLC Ord 5p - 30 
T 8 N PLC 11*% Mlg Deb Stk 95/2000 - 
£103 (8Na94) 

TSB Git Fund Ld Pig Red Pit ip(Ciasa'A* 

Pig Rad Prf) - 100.07 

TSB Group PLC 10*% Subord Ln Slk 2009 

- £100* 0 

TSB Offshore Im Fund Ld Pig Red Prf 
IfriPan Amoncsi Ctossj - 4458 (7No94) 
Tate 8 Lyle PLC B% Uns Ln Stk 2003/08 • 
£85 7 (4NP94J 

Taylor Woodrow PLC S%% 1st Mtg Deb Stk 
2014 - £97 % (8No94) 

TOSCO PLC ADR (1:1) - $4.06 
Tesco PLC 4% Urra Deep Disc Ln Stk 2008 - 
C62 (8No94) 

Thai Prime Fund Ld Pig Red Prf SO. 01 - 
S16.7 (SNo94) 

THORN EMI PLC ADR (1:1) - S15£6 (7No94) 
Tods Eatoies PLC Wta to sub for Ord - 18 
Town Centra Securities PLC 10*2% 1st Mtg 
Deb Stk 2021 ■ £105* ■ (8No94) 

Trafalgar House PLC 5£75% Cun Prf £1 • 

75 

Trafalgar House PLC 7% Uns Deb Slk Cl - 
63 

Trafalgar House PLC 8% Um Ln Slk 94/99 - 
E88(4No94) 

Trafalgar House PLC 9*2% Uns Ln Slk 2000/ 
OS - £90 1 

Tralrigar House PLC 10*% Um Ln Stk 
20014W - C9J 8 

Tram-Natal Coal Cera Ld R050 - 450 
(4N094I 

Transabanbc Homings PLC A Cm Prf 50p - 
£3.45 r7No94) 

Tiansanarmc Huongs PLC B 6% Cm Prf £1 
-92I7N094) 

Transprxt Devatopment Group PLC 4.7% 

Cum Pit El - 61 (4N094) 

Unigate PLC ADR |f:1| - $534 
Urugaro PLC 5% Una Ln Stk 91/90 - £96 
03NO94) 

Untgate PLC 6%% Uns Ln Stk 91/96 - £96 
{9N094I 

Unkyoup PLC 7*% Cum Cm Red Prf Cl - 
62 I9NU94) 

Unlever PLC ADR (4:1) - $72355 
Union toiemabonal Co PLC 6% Cun Prf Stk 
£1 -60 

Union International Co PLC 7% Cum Prf Slk 
Cl -82 

Untoys Corp Cam Slk SO .(71 - 510* f7No94) 
Utility Cable PLC Warrants U sub tor OrI - 
19 (9No&i) 

Vaux Group PLC 9.875% Deb S» 2015 - 
£103*] (4No94| 

Vickers PLC 5% CumfTw Free To 30p|Pff 
SW £1 - 62 9 71% («No94) 

Vodafone Group PLC ADRlKkl) • $33* ST 


Wrtwatersrand Mgei Id Qd R03S -2S 

Weatoombera Grcuo PLC 7%% Cum Prf SIX 

£1 - 60 (77*334) 

Wwwte GanSon Centras FLC (NsO Qw 

Cum Red Prf £1 - 153-4 £Nc9* 

Xerox Cap Com S» ST • S100* (7NCS4 

York Watarworics FLC Old TQp - 320 (7Na94) 
YortfflfBre-Tyna Taas TV HSdgs PLC WS to 
sub for Ord - 227 

Zante CorscS S BBd Copper .ICw UTB* 
Ord K10-21&J) 


Investment Trusts 


AErance thac PIC 4% fif 3k (Cum) - £40 

Aflunce Trust PLC 4%% Deb SOr Red after 
15/5/56 - £45 

Anglo 8 Overseas Trust PLC 4%% Cum Pit 
Slk- £48* (9NO04) 

BoSe Grttord Japan Tnat PLC Wta to Sob 
Ord Shs - 90 

SaSBe OdtaRi Sbm Mppcn PLC Wanante to 
sub kv Ord -112(7Naa4) 

BariSe Gfflord Shin Nippon PLC Wanards to 
sub tor Ord 2005 - 73%{7Nc9fl 

Bankers tovestmart Trust PLC 3£% Cum Prf 
Stk - £52* (9N094J 

BnOrt Assets Truai PIC 4%% prf SO^Qjrrfl - 

£454 

Brittsh Assets Trust PIC 'A* 5% Prf 

SOqCum) - CSOf 

Brush Assets Truss PLC Ecuttss Index ULS 
£005 lOp - 153 6 (7Nc94) 

a m d ga te bwesonan Trust PLC Wta to Sub 
fcrOrd - SO (8NC©4) 

Capital Gesmg Trust PLC Crd 2Sp - 482 3 
(4No94) 

Ctrina tovestmsta 8 DavaicpmentFd Lxffted 
PtpgPrfSOJU -£G5(4No94) 

Ctamema Xcroa Emerging Growth FundShs 
S10 (Reg Lux) - SE3* 13* flNcSfl 


Drayton EngEsh 8 Int Trust PLC 3416% (Fmfy 
5*2%) Cum Prf £1 ■ 58* <SNo94) 

Dunecsn v/orfdwkta tov Trust PIC 3%% Cum 
Prf SOc- C53(BNm 

Rnsbuiy Growth Trust PLC 5% (NeQ Cum Prf 
£1 -7B*4> 

finsbury Stna3er Co's Trust PLC Zero Ohr Prf 
25p - 178% 9* tSNo94} 

Ftosbuy Trust PIC 525% Cum Pit £1 -SO* 
I9N094) 

Ftamtng American tov Trust PLC 3%% P=r nly 
5%) Cum Prf S« - ES4% (9Nc9fl 
Fterrang Ctaverhcuss brr Trust PLC 11% Deb 
S*k200a- £111* *2 

n am in g Comments] Euro tov 1st 5% Cum Prf 
£1 - 63*2 (9NC941 

Homing Far Eastern tov Trust PLC 5% Com 
Prf £1 -53%(9NC94) 

Fto m ln g Japanese Im Trust FLC 5% Cum Prf 
£1 -54*(3NoS4) 

Fleming Mercan&a *m Trust PLC 35% Cum 
Prf Sfk El - 54% I9N094) 

Flaming Overs eas tov Trust PLC 5% Cura Prf 
£1 - 54* (9Nc84) 

Foreign & Cotomd Eurotnat PLC 5*% Cm 
Uns Ln Slk 1996 - £K8 
Foreign & Cd Invest Trust PLC (Fmfy 
596) Cum Prf Sfic £1 - 53% ®Na94) 
Gsrtmore Brush toe a Grth Tat PLCZero DM- 
dend Prf ICp - ICO* (9Nd94) 

Gartmore Shared Equcy Trial PLC Geared 
Ord Inc lOp - 94 a 

Govatt Strategic tov Trust PLC 5% Com Prf 
El - 54% (9Nc94) 

HTR Japanese Smaller Co* Trust PLCOrd 
2Sp-T04%5%%^6*5 
Hambras Imestmaai Thcd PLC 3%% Cum 
M Stk - £36* mm 
Invastcn Coptai Trust PLC 7*% Deb SOt 
92/97- ESS (7Nc9-) 

JF HadceGng Japen Ld Warrants to sub for 
Ord - 45 6 % (9NcS4) 

Lazard Select mvasirrara Thai Ld Ptg Red 
Prf 0.1 p UJC Ac&ra Fund - E14JJ7 


Lazard Sriloet tovsurrard Trusl Ld Pis Red 
Prf 0.1 p UJC LiqukJ Assets Fund -CIO 
(4NC04) 

Leveraged Opportunfiy Trust PLC 2ar Cpn 
Cnv lira Ln 9flc 96/99 - E126(7Nc94) 
Lanoen 8 a Lawrence tovosbnant PLCOrd 
Sp - 158% 8 

Merchants Trust PLC 385% Cun Prf Slk £1 
-56% I9NC94) 

MorctoiGreriWl^AiimCtf'S Tst PLCWts to 
sub tor Old -S8(9Nc94] 

Murray I nt er razors ! Trust FLC 3-3% Cum Rrf 
Cl -60% C9N094) 

Murray SmaOar Markets Trust PLC 4.1% 

Cum Prf £1 -61* (9No94) 

Now Guernsey Sectilfies Trust Ld Ord 25p - 
100 3 

Now Throgmcrtcn Trustf1983) PLC 12.6% 
Deb Slk 20G8 - Cl 17 ONo9<i 
Panbos French Investment Trust PLCSers *A* 
Warrants to sub tar Ord - 20 (8Nc94 
PaTOxs Fren ch Inveshusnt Trcst PLCSars 
■B* Wteianta to sub lor Od - 17$ 

Righta and Issues Im Trust PLC 5%% Gam 
Prf £1 - 87% 0Nc5U) 

St Arafraw Trust R£ 5* % Cum Rrf Stk - 
S04%f (7Nc94) 

Setaoder Korea Fund PLC Wta to Sub tar 
Ord (Br) • $7% (7NC94) 

Scottish American to v asa r j ent Co PLCEqui- 
ttas tadax Uns Ln Stk 2004 - 157 (9NB04) 
Seottrt Eastern tov Trust PLC 4%% Cun 
prf stk - £43% mm 
ScoSCsh tovas&nont That PLC 3.5% Cum 
PM Slk - ES3% [9N394) 

Scottsh tovestment Trust PLC SJ&% Cum 
Pfd Stk - £58% £Nc94) 

Scottsh Mortgage & Trust PLC 6-12% 
Stepped tot Deb Stk 2020 - CIS* 

(4N094) 


Veto Group PLC 4.9% (Fmfy 7%) Cum Prf 
£1 - 70 

WEW Group PLC 10*2% Cun Red Prf 99/ 
2002 £1 - 94 (8No94) 

V/agon industrial Hkfgs PLC 7.23P (Net) Cm 
Ptg Prf lOp • 138 (4N094) 

WaDtsrfThomasj PLC Ord Sp - 27 (SNo94) 
Y/araurg (S O) Group PLC 7*% Cum Prf £1 
-88(0No94) 

watmoughslHkjgs) PLC 8*4% Cum Rad Prf 
2006 Cl • 98 r#tm 
Wellcome PLC ADR 1 1:1) - S10525$ 

WeCs Fargo & Company Shs of Com Stk SS - 
£146*4 

Wenridhave Property Coro PLC 9 J% 1st Mtg 
Deb Stk 2015 - £96% f9No94) 

Westland Group PLC 12*% Deb Stk 2008 - 
£117 

Whrtbraad PLC S*% 3rd Cum Prf Stk £1 - 
57 60 

Whitbread PLC 7*% Uns Ln Slk 95/99 - 
£91% (8No94) 

White ad PLC 7*% Una Ln Stk 960000 - 
£91% 3*4 (7Na9<) 

Whitbread PLC B% Uns Ln Stk 97/2001 • 

£98 (7Na04) 

Whtecroft PLC 5.1% Cum Prf Cl -56 
(7No94) 

WiStams Hdgs PLC 10*% Cum Prf £1 - 116 
watts Corroon Group PLC ADR &1) - 
SI1J99624 (StNo34) 


We help 


Make the most out 
of working abroad 


Nr> ii uiicr wlicrc in 1 1 ic world iiiii’n 1 woi’kiii}', mil hill 
"■.ml n> Ik - kepi iin-jiv nf die r*|jjjorimiilics - iuid till* 
(lialitlK - iliuc ticiy t-xpairr.ifv facn. K\ciy nutiiih of tin* 
w#T Rusidem .\brtKid hiinj^ vrm iliu lau-si uriw liinnr 
sukI pracik:il help on IhinK and w« irkiiiR ahi tKid - plus it 
Wii-jri vtiu in tmiiii with whiu’s hup|Kmng hack home. 


Rcsidi'tii Aiimatl is pnhlLsiieri lyv tin* Kmanchil 'limes, 
and rictus njMin die Fl"s ui-aidi of inlrirmntiini and 
rcMMirren in pruvirie innilnaiiie rnmnient and anniaie 
•lata mi die ilimi ini|mrfam i v.ucs lhriti)> i-xjuiiiiaies 
inf lav - iiKiking Kesidcm AhiTurl inriispensaiile if wm 
mini in stay ahead <»r the e.\|xmiate fftinc. 


Make the most oF your money 

if Jim tiler k nut run- iri-rlepilr, bin caw In rend, 
coverage nf the lateM iinvsimrul jmidiuTs, nnshnte 
hanking, wx ;uluin urges, wnrld stock nuirkeis. dnniieile 
ivmite and miter cxpuiruinV experiences, inn will 
ipiiekly ilLvrinx-r why Kexirleiil Aimratl Lx exseinkd 
tvading wlien vmt live nr work ainiKtd. 


Scnah Mortpve STrorf PLCa*-*^, 
Sapped tatsrwt Dab Slk 2020 - £142*2 

aeo^RWoittf TroirPLC 10* o* S* 
2011 -C1B3 ®NeM} 

SsajrttoTmMofScoSandPLC^* 0 * 11 
Prf Sk - £48 (9No9<l 

Shte rtgU-YleWng Sn# C8% TsfWta to 

rants to sub for Old -SPNWfl 
Sphsra towstorant Trttat PW3^6 (Ftrty 

5%) Cum Prf £1 -88 91(®tt8fl 
TR CTy of Utarton Tiust PLC 6* C*«* w 


TR C#y c# London TnotKC 8% Mon-Oan 

Trm^teEtar kMoAmra That RC 4£% Oim 
PrfSlkEl-8S*(PNoM 
T«rc*s Bw tarortnent Trust PLC 7% Cum 
Prf SOt Cl - 72 . .. , 

Ttacffnortoo Trust PLC 12 V16% Dob Sfk 
2010 - £131 (9 Nd94) _ 

Updown tavsatRMOi Co PLC Old 26p - 671 

f7No&4} 

Wfomixa ftopsrty tovssttiant TM PLOW* to 

Sub tar Ord -25 (81*594) 

WHan InmtoMnt Co PLC 8% Dsb 36(96/99 


USM Appendix 


BdBS PLC Old lap - 29B 335 (9N|«4 
FBO HokJtagi PlC Old IriBLSO - IC1<7 
Gibbon Lyons Group PLC 7% Ow Qrv Rad. 
Prf£T-Ei8 

Gttbs Maw PLC Ord 2Sp - 430 5 

Mdtand 6 Scottish Rsaowcaa PLC <M lOp - 

2* % (9No94) 

Reflex Group PLC Oxl WOOS - IC02 
Tidrattig (taw PLC 7.75% Cm Cura Rad 
Prf Cl - 40 (7N094) 

ToW Systems PLC OTOSp- 33 (SNoS^ 


Rute4«2(a) 


amco Chip Inc Ord lOp - £0.7 (BNoM) . 
Mvanoed Mads Systems PLC Ord £1 - 
El <484* 

Advanced Mufti Systems PLC Wta to wb . 
fcrOrd-SELQOJffl 

African Gold PLC Ord Ip - £1X0375 
Am £2rest O n w rary On Ldl Ord £1 - £4.1 
f4Nc94) 

ArmodDta Hktas PLC Ord lOp - £0-28 
(3N094) 

Arnos Va^jQ Ld Old lOp - 0X31 |8NoS4) 
Assured Cm Contras PLC Ord SOp - £045 
Asian Homes PLC Old SOp - SL67S (7tto94) 
Aston VSa FooCtMB Club PLC Orel C5(1 not*) 


Aiwa Group PLC Ord lOp - BO* 0205 


Barclays tovadntent Fuod(CLL) Stsrtng Bd Fd 
- £04288 (7No94) 

Best PentasuWHonkH PLC Ord 25P-E042 


Boummouth water PLC 10*% Rad Dab 
Slk 1998 - £103% (BN0Q4) 

Brancote Hotataga HC Ckd 5p - £0% 

Bray Technckigies PLCOrd 10p - £0.621563 

f8No9^ 

Brodkbsnk Group PLC Old lOp - £2 (9Nc04) 
Buttress European Band Find Ptg Red Prf 
Ip - SL313$ 

Buttoara Starting Bond FUnd Pig Rad ftf Ip - 


Cette Fbottnd & AIMttk: Co Ld Ord £1 - £70 
Charnel tatands Coma (IV) Ld Old Sp - £058 
0606 

Canister Thist FLC Ord 2Sp - £0* (7No84) 
Cooper Ctartas Group PLC Onl 60p - 87 
Country Gadats FLC Old SSp - SZL58S 
D^LSAtanagsmant PLC Ord lOp - £2:9 
M HjM 

Dttkefth km PLC lOp - £02 (7NoS4) 

Dart Malay Ughi Ftatarzy Ld Old £l - &L8 

mmj 

Dawson HWgs PLC Ord lOp - £5% 

Da Goichy (Afandran) Oo Ltd Old 20p - £1.2 
P^o94) 

Oouglaa Gaa PLC Ord 25b - £1j05 (4No 94) 
EderAdd PLC Old ip - £044 (9N094 
EBar(H}PLC 75% (NoQ Cm Cun Rad Prf 
£1 -£U»( 8 No94 ) 

Frim Arrow Ld Od El (Br)- £55 
Fcrmacantote rna ftond Group PLC Ord Ip - 
£053(714084 

Gmdsr HoUngs PLC Old Ip - £008 (BNoB4) 
Gttbons CStattay)HUga PLC Old 2Sp - £024 

mm 

Gtidon Rom ComnuDlcattorxi PLC Onl ip - 
£15 (6NoS4) 

Graduata Appointments PLC Old Ip - £0-15 

mm 

Guernsey Gas light Co Ld Or) lOp - £1X1 
1.025 0Mo94} 

Gutur Oroito Ld am lap - £151 
Hydoe'Anrt Brerwry Ld ’B* Onl £1 - £08 
frlNaM) 

I E S Group PLCOrd lOp - £07 
Jrmtogs Bros Ld Ord 26p - E2 (7Na84| 

Just Qoup PLC Old Ip - £003 
Ktatowait Benaarrpiiq FUnd Man tat Aae Urdu 
Bond Fd - £14578 (0No84) 

Ktatawort BanronOnO Rani Man MB Git Fund 
• £135 

Lancashtai EntMpdaaa PLC Old 5p - B1J77 

mm 

Lamenca PLCOrd lOp- £1.72 (BNo94 
U Hfcha-s Sams UJ. Old £1 - £3 




ijlBiaadnw tons PLC OnfSp-fiUFWdB^ 
Unified FC I, AUSsdo Grounds PLCOld K. 

esBomom 

undon fMKfaiy ~nwt PLC Otf Ip • 8601 . 
00326 - ' 

Manchester C6y FootbW CU) RC«*J 

£11% . > • '"‘k ■ 

Manx ft Quarasna PLO Old Sp • COST-, v V- 
Marina & MamaUI a OWl aa PLCOrd 
Wft20-£l*i«HBOfl . . - <• .1 

Msrcray FUnd ManSsla of KM Mwcray ML-, 
B»d Raid- 805305 (BNttM) -, 

MrxrattrtrigaPLCOrdTOp-aua > 
MuHbofltLd Ord 10p- £011012 
MUtt*o9l Ld Wta to sub tar Orcl t £<M*Z . • 

NaOorai Parktag Corp Ld Ctad TOp- |0S* O4 - 

tmm - r - 

Hewtxiry Racacoraas PLC Ord £100-92400 
Oaktdl Bntorprtsas Ld Old £1 - 20038' - 

mm . - - • ■*' 

OmttMaRfiMSR-nn . 
paette Msdta PL C Ord Ip -2 - 

r o rpaludL taraay) OBrtora rn rSi u k ^ C ote-. ■ 
$85568 (BNo84) 

P*putudHuaay)Oadwra UKQtqutb- 
£1533664 

Quay Piopsrttas Ld£1 - £0828 (9Me<M) 
ftmoeaFoottsdOob PLCadTOp- 
£055* 

Seottrt Pride HWgs PLC Ckd mp- £043 - : 

(BHoW - - . 

Satan How u Old ei-taas-H*** 

Saiacl toduttriss PLC New Qd 7%p Pp p* 
-£O02S(BNcB4) 

Srerwn Vrtojr RxtvrayOddgrfPLC Ord Cl - 

rnoemm . - - 

Sfaphetd U sama Ld ‘A* Od £T- E85 • 


Sc1n {ere 




< .. 


South Graan HUgs PLC CW ip • 2001 - 

am 125 

Southern Ns wap "p a ra PLC ttd *1-8*4 . 
Southern VScds PU3 Old lOp - £05 CNs«G : 

Surrey Free tons Ord CT - £043 (ar*4K) . 

Sutton HtetrourUdga Ld Ord 26p - £15 - 

mm - 

ThwatattPanlaQ&CanJSCkd26p-£2V ' 

»Na8G 

TTtaflbur PLC Ord Sp - £004 . , 

TTasksr Network FLC Ord £T - C8* 
Tmssnss Tschnoiogfaa PLC Onl Ip- 8086 



Tyrxtaa tataroaOona!p«raay) G» Fund -£TJ 

mm 

vDCPLcaroei -84.1 (7Naa4 ■' . 

Wtartiurg Asset Mananaraent Jsrasy Marctsy 
Ml <S*d 3 Gerard Fd - £15387 * 153 
15085 

WMdtatwn SocraMea PLC Old 6)> - 0MW 

* WoW » ■ 

WnatabtX Ld *A* NorcV Ord 2Sp - £78* . 

Waatebbc Ld 6% Prf £1 - > C150(4NoM . . 
Wlnchastar Mitt Msdta PLC Old 6p - £077 
Woodcharm PLC Gkd £1 -£O6(7Ua04' . 


RULE 2.1 fsHv)- 

Bsrgsim irartod In swullles (not 
faffing within Roto 2.1 (affijwhtre 
the pricipal marioat is outside the 
UK and RdpubSc of (rabmd / 


11 r 


«r Express S*aCKr. 11) 

Amsrctan Buataesa Rod 342*(7JT) 
AaaKMangansseMtaasFZ329%f4.il) 
Bank East Asia HS3350220S35B7367VL11) 
Beach PslroiaumASOimp.11) 

Brush VMtaMn $101744604(7.11} 
aunt Stanbanrav SSaiJBp. 1 1) 

Capa Ftange 01 A$047(B.11) 

Cantav Mtatag 430563099(4.111 
ChurcM ResASO550.11) 

CXy Dova 8*8573168(9.11) 

Comm PsycMric Canters $9*(311) 
DsMppcn Scrasn Man Y74651(IOTD 
OJasr BgrioraBon 9464(011} 

East Coast Mtaa AKL30(8.1T) 

Energy H—W At15M7.lJtOQB77lt.il) 
Forest Utos $43125(10.11) 

Futorts Coro 4*1.15(7.11) 

Qua Sacs tov 8*1542324,1 540635(4,11) 
HaamaMh West 17(9.11) 

Hunter Res ASOAXXnfeBLlt) 

Kutta Sktai Rubbor 118*0.11) 

Malayan Camant RM444A481 5(311) 
Muray & Roberta Udgs S245243S34K7.ii) 
Nth Finds* Mhoa AS7J92(&11) 

OB Search 000(10.11) 

Ptaymaan Hdga HS353f10.il) 

Ftartmah Mtatag 300(101 1) . 

Pretoria Ftarttnd Camart $22524(0.11} 
Stodapras Land 8*8574558(1011) 
8MrerComma8K42e5f10.il) 

UM Ovaraiaa Land5$2555(B.t1) 
VttantCanaAtO340.il) . . 

WsaUMd Mnarata AS75Bf10.il) 

Windsor tad Carp H$10568(011) 


Of Axmtafaf af am Stock erctanpe Cower 




=3: 

”15 

i- 

'«-L2i4 










' ' 




FREE A-Z FINANCIAL GUIDE 
Reply writfakr 14 days and 70a get the boom oTa free 
ArZ guide especially wrirten to help you through (be 
financial jargon man. AH Die bar wards and 
technical phrases arc explained, enabling you to 
make Ihc mast of (be financial sections. 


Make (be most of your lime 

Yim 1 .111 also cut'll I«|J OH |»r«i|»ri1y jii iii-j. in lire I'K ns 
wt-H ;ls iicnisc r«n tries on c<im|Xinuiix* I King crisis, 
inotnriiig. IkKUing, lioliriiiyn ;md inldniiniioii on scliools 
lor die t'iiilihvii. You cm tlucmer die cusicuun und 
itiIiiiivs ol'diflrn-nt ciiitiiiries und find w-.iin for- win und 
wnir Hi mill (0 enjoy your iei.snte lime togedier. Anil 
iltere's niticli, nuich more to enjoy - in even- 


(special offer subscription order“form "" 

I S^Tn. 1 ; '*■' l “** '“InnijiiMHi «.r an.1 


' W 1 1 i-Jk-..# ki-wL-ni .UaiMil. Mr lira a 


rwu-a..- te. Mora- ■rraHw,,,, ,rf-| lw . fatanrtn.- W p.hl.., J 
< hip o-BP »iit«rri|Hi.Mi rlnr !• -I*| Lj UK K 16 LH durepe CM* ■ 


..... — ••wTj|n„ H , imr r-r-| i — | UR K In | | (Europe Ckt* 

■ North Africa and Middle Em CD Ainawr Oil CD .Urmail rro 


MAKE THE MOST OF THIS SPECIAL E5 
SUBSCRIPTION OFFER Vo 

ACF NOW in tike utlvaiiiuge tiCiiiir V 

t|xt-iul Miliscripi ir >11 1 ilfer oF iwo five | 
issues to gel 1011 started. Jim fill in die . 

coupon. )MM| ii 10 iu wills vonr remiiunce 
anil we will ensure 11*11 n.-rehv die Ikii 
reporting fur ex|Mliiali-s - on your ilooibtep 
- every moiiili fin fiinni-en inoinhv All for 
the price of uveUe. 



....mHMKireuM 1 — l.lirvnci tlif | 1 Airmail C7D I 

Rtaa of World CD Vnmt dll ED \imuil Ok. I, 

l>«rinquu-.,4ll _ 

1 Hi nin with mum iva tr\, I 

w rleliii nn □(,,« □ I11 111 ["I I 


nihuiH-a fjirrrpiK-, I.UL 


llr'Mis'.lltn.-lU. 


umi|urrv / Priiuir \ibln-n 


hl441.H/b*.l :T:f.W.l 

Don’t go away without RA 


W ' ■Iflti tim Ukrre LJ\t-4 LJ W LJ lllll,-.s 

vflNu LI I I t I I I I I I I n | | M 

V^' l ** lr ’HSiunni )Ulr 

CD I erirfan,- .in rlinpir |imulifc- 1.. IT IlihytH-r. t-jurepiK*. I.ML 

llr 'Mrs 'Mfc-v \U 

| umi|Uirv 'Priialr lihln-n 

[ firooxlr .Ct.ii.inv 

■ Xaii.mnUn 1 CC 60 M 

I n wqwv*i.MrmuM-iiiintniirf*, W i 

■ <411111 . is. *«— mi— u Zr? I ^ 7’ 

I -* M fw I lllT. mkapjttliM h- trail la ihttti paiw. ila rt , |i r »- m u_ . , ."L. ' 

inurox.ReOdMAtarodlltonlparo D^L POB=,4fll BUS SWP UK 


'vi: 


# ^ • 


-n . 




FINANCIAL TIMES 






% 


■ • rt V 




u 

8 




FINANCIAL TIMjes 


weekend November i 2 /november u 1994 


21 


LONDON STOCK EXCHANGE 


MARKET REPORT 


FT-SE-A Afl-Sham index 


* 


US interest rate fears drive Footsie below 3,100 


Equity Shares Traded 


Turnover try vc4um« (mSlortf, lyuAxJJnfl: 

Mm-marK* bustnsss aid ovaraeax tower 
1,000 * — - — 


By Stove Thompson 


The post US-electioo euphoria in 
tatemabonal markets evaporated 

yesterday, dnvmg down bond and 
equity markets and leaving the Lon- 
don market in disarray at the dose 

of business. 

The FT-SE 100 index ended the 
session a net 27.6 lower, only mar- 
gmalfy above the day’s low. as deal- 
ers closed their books on the US 
elections and began to prepare for 
next Tuesdays Federal Open Mar- 
ket Committee meeting in Washing- 
ton which wiD decide the course of 
US interest rates. 

The FOMC meeting, seen by 
many market strategists as proba- 
bly denning trends in international 
martlets for the rest of the year, is 
expected to see the Federal Reserve 
shin; short-term US interest rates by 


at least 50 basis points to 5,25 per 
cent A rise on Tuesday would be 
the sixth so far this year. 

There was no help for equity mar- 
kets from international bond mar- 
kets which drifted back in thin trad- 
ing, and lacking impetus from New 
York where the bond market was 
closed for Veterans Day. Equities 
trading across Europe was curtailed 
by the closure of French and Bel- 
gian markets for Armistice Day. 

There was little genuine invest- 
ment activity in London yesterday, 
with marketmakers and brokers 
running hard to try anf i rfiivh what 
little activity was in the pipeline. 

Turnover came out at a dismal 
494 -2m shares, the lowest since 
Monday, with trading in non- FT-SE 
100 stodfes accounting for well over 
half the day’s turnover. 

Customer business in the martlet 


on Thursday was reported at a dis- 
appointing £U4bn. 

Dealers lowered their opening 
prices yesterday, responding to a 
disappointing performance on Wall 
Street overnight and thereafter took 
avoiding action in the face of any 
further selling pressure as markets 
became increasingly nervous about 
trends on Wall Street. 

There was precious little support 
for equities all day and the 100 
Index dropped to a session low of 
3.072.0 before closing only four 
points above that level. Second lilt 
ere were never really under pres- 
sure but were marked easier and 
the FT-SE Mid 250 index settled 6.4 
off at 3,586.5, only 1.9 easier on the 
week. The 100 index was 2L7 down 
on the five-day period. 

Their unease was justified as the 
Dow Jones opened under pressure 


and continued to slip away as the 
session wore on. The Dow Jones 
Average was 25 points off an hour 
alter London closed for the week. 

A senior dealer at one of the UK 
securities houses said the big insti- 
tutions were dearly worried about 
Wall Street ahead of the FOMC 
meeting: “The selling may have 
been done before the result of the 
meeting but there is a real worry 
about the possibility of a steep fall 
on Monday." Tf there is any sort of 
panic we could see the Footsie back 
at 3.000 In no time at all: l feel it's 
wrong to be comfortable about the 
market," he added. 

Another markefcmaker took a 
more positive view of the market 
“We fell back on no business at all: 
there’s no panic and I feel we win 
be better at the end on next week." 

However, a strategist at one of 


the City's leading broking houses 
said the market had overreacted on 
the downside to the Wall Street 
worries. “Only the poodles were 
trading today. I wouldn't take too 
much notice of what went on,” he 
said. He said he expected a 50 basis 
points rise in the Fed Funds rate 
but added that “75 basis points is 
really what is needed”. Another top 
commentator said: “What the mar- 
ket needs is 50 points now and an 
indication of a further rise if US 
economic growth shows no signs of 
slowing." 

Rodland made strong progress 
and posted the best gain in the 
FT-SE 100 in the wake of a buy 
recommendation from one of the 
City’s leading agency brokers. Bank 
of Scotland improved following 
switching Into the shares from 
Abbey National 



So© 

Some* FT Craprtto 


■ Key Indicators 


Indices and ratios 


FT-SE MW 250 

3536.5 

-6.4 

Closing Index for Nov 11 

-..3075.9 

FT-SE-A 350 

1544.7 

-11J 

Change over week 

-21.7 

FT-SE-A All-Share 

1530-39 

-10.54 

Nov 10 

3103.5 

FT-SE-A Ad-Share yield 

3.96 

(3.94) 

Nov 9 ........ 

3099.6 

FT Ordinary index 

2365.0 

-19.1 

Nov 8 

30630 

FT-SE-A Non Fins p/e 

18.60 

(18.72J 

Nov 7 - 

— 3065.8 

FT-SE 100 Fut Dec 

3078.0 

-29.0 

High- — 

31120 

10 yr GfltyteW 

8.74 

(8.71) 

Low* 

—.3048.4 

Long gltl/equity yid ratio: 

2.23 

(2-23) 

Intra-day high and low lor weak 


FT-SE lOO Index 


trading volum e 


EQUITY FUTURES AND OPTIONS TRADING 


■ Major Stocks Yesterday 

VdL Ooatng Day's 

P0Q» arm etmom 


art 

ASOA Graulf 
Aboay Naoonaff 

AkWIRtto 
MedOcfneaqt 
Angten Wow 
Agm 


Wot 

OOOa 


Closing 

J2*a 


Days 


iMAgakot 


Assoc, art- ftxxtaf 
Awoc. Bn?. Porta 
DAAf 

BAT test 

BET 

acc 

BOCt 

BPt 

SPBIndo. 

Bonk <4 Scoonft 
BsrW 


ausOrciet 
Bookar 
Boost 
BosnMwt 
Brit. Acnspaost 
British Almost 
BtMOast 
British Lana 
Gkttah Scaeif 

am 

BisiTiBh Gmmit 
Bottm 

CobfeAWtot 

Qxfcuy Schwsppast 

Caradont 
Carlton Conans, t 
Costs Vlysta 
Comm Unont 
Cootaon 

CowtaUdsf 

Onto* 

DsLjiRuat 

Onus 

UsnBUt 
EWHUMBtH. 
O sc ti ocosnps 
Eng GMna Ctem 
ErMrprOc orf 
EurUumto Unto 
HO 


4 Col LT. 



OnsflaU 


Wngfluhert 
Kwh Sim 
Ladbrokot 
Lana SsountkKT 

Laporto 

Legal AOanraatt 
Ltoyds Abbe* . 
UwdsBankt 
LA3MO 
London Boa. 


>.400 

329 


Lom> 

5X00 


42 

BJSOO 

4^ 

-*2 

Lucas 

862 

»1 

382 

-6 <2 

MB*Ct 

BOO 

415 

-1 

132 

43 


MR 

44 1 

139 


755 

593 

-6 

hbnwafa 

174 

820 


537 

512 

-6 

Maria & Sprncert 

3X0D 

399 

<h 

1?B 

340 

-1*2 

Uetands Sara. 

682 

702 

*6 

1.700 

2<B4 

-*i 

Montoon ONTiO 

1,100 

m 

-1 

550 

270 

-1*2 

NFC 

see 

179 

-*2 

39B 

547 

~3 

»■ - -aaa fli ttd 

NPWiK mnfvT 

1X00 

515 

-1 

25 

274 


National Raaart 

971 

«86 

-7*2 

916 

499 

■d 

Hast 

536 

346*j 

-*2 

4,200 

446 


North VfastWawrt 

019 

536 

-8 

6.300 

lOS 1 ! 


Noritiam Bact. 

226 

BIB 

<2 

eos 

3S3 

43 

Nonham Foerart 

212 

203 

-1 

070 

704 

-7 

NBAyab 

BO 

620 

«z 

UOO 

414*3 

-6 

Poanxint 

209 

618 


1500 

305 

»1 

pact 

1J00 

630*2 

-»5 

5500 

305*1 

-3 

PWIHga.1 

1,700 

164 

-4 

4,700 

2.300 

Sg 

Z 

PowerOent 

PrmtoMtatr 

2X00 

1X00 

540 

SIS 

-8 

-0 

0.000 

606*1 

HMCt 

1X00 

woo 

-a 

7.600 

54T 

-a 

RTIt 

2X00 

632 

-5 

2.800 

300 

« t 

near 

1X00 

246 

-£ 

27 

i.son 

411 

513 

-i 

•6 

fe»Or*t 

RacMtt & Cdnanf 

2X00 

148 

406 

EOS 

-3 

-1 

331 

442 

< 

HatttnOt 

6.100 

465 

*4 

1^00 

461 

44 

Read Wit 

445 

785 


13» 

3.000 

388*2 

-24 

s 

Rasotot 

RwtoSf 

393 

2X00 

232 

<72 

-a 

121 

-1 

Rote Roycdt 

2.700 

179 

t4 

BJOO 

245 

159*2 

104 

♦1 

Ryl Bh Scwtondt 
Rdifal tnonanoerr 

6X00 

3X00 

448 

261 

-6 

-4 

337 

loan 

857 

70*, 

-10 

Satodwyt 

8ctaodent 

2X00 

122 

411 

1366 

-a 

-3 

BJXO 

384 

-2 

Scemtoh S Noar.t 

467 

503 

-7 

799 

442 

-Z4 

Sort. Hytko-EleeL 

730 

326 

-5 

409 

274 

-3 

ISBHMfe rwt 

1.400 

361 

-6 

T1 

860 


Saamt 

2X00 

1071a 


1.000 

201 

-14 

Sadgurick 

503 

145 

-1 

2JOO 

545 

+i 

p^.| 1 1 1 — irl 

9WXWU 

77 

435 


2JD00 

261 


Sewn Tnerxt 

500 

666 


1,100 

451 

+1 

ShM Timnportt 

5X00 

704 

-7 

mi 

460 

-1 

suxt 

ifioa 

549 


750 

1001 

+i 

aough Esta 

1X00 

223 

-2 

671 

101*2 

-04 

Sotoh (W-K) 

273 

46G 


561 

607 

43 

Smith & Nephanrf 

1X00 

1441, 

♦*2 

147 

692 

-3 

SmKI Baacbamt 

2X00 

4)6 

-5 

42 

468 

-3 

8it 40 Beecham Utt-t 

2X00 

381 

-4 

65 

353 

•e 

Sntoha mas. 

198 

480 

tl 

895 

376 

-a 

Southom BacLt 

681 

015*2 

+1*2 

£52 

253 

42 

South WWae Sect 

4 

813 

-2 

504 

160 

-2 

South VVeot Water 

11 

501 

■« 

1J00 

120 

41 

South Woet Bara. 

142 

787 

-1 

309 

133 

-1 

Sewham Water 

SUB 

887 

-0 

11.000 

233 

42 

Smdard Chamit 

2X00 

288 

-a 

391 

576 

+1 

StorehoiiM 

1X00 

214 

-i 

2.700 

BBS 


StxtAManoaf 

£300 

331 


2JSOO 

608*1 

T3N 

100 

210 


699 

347 

♦1 

nOrocpt 

5X00 

300 


ran 

514 

-3 

I58f 

6X00 

227% 

-*2 

905 

407 

-6 

Tarmac 

3X00 

180 

41 

IflOO 

555 

-5 

Tata a Lyto 

ixoo 

428 

-2 

326 

100 


Tutor Woodrow 

450 

131 

-3 

1.800 

ms 

44 

Tascof 

5.400 

247 

<2 

3,400 

484*2 

-94 

ThamaaMUraf 

809 

403 

-7 

1/«0 

721 

-8 

Them Bdtt 

662 

1003 

-7 

ISO 

344 

«1 

Tomrdnst 

4,100 . 

210*2 

*1 

3,100 ; 

220*2 

-94 

nate^hoiiaa 

1.400 

81% 

-h 

32 

STB- 

197 

zee 

-1 

.•« • 

uitora 

unfaarf 

1X00 

2,700 

359 

1118 

-2 

-11 

441 

ITS 


LUIad Btocufet 

2B0 

311 

-9 

1/500 

320 


UKL NeMpapara 

1X00 

531 

♦1 

1X00 

750 

-7 

Vodntonet 

3X00 

206 

-4*2 ‘ 

873 

426 

-10 

VMrag^l 

MO 

0*7 

*2 

91 

571 


Wescomet 

004 

069 

-4 

3X00 

467 

-7 

WhtohWMtr 

001 

058 

40 

47 

550 

-3 

WhaaexWMor 

ini 

302 

-X 

5X00 

1B7 

43 

YWtuoaat 

730 1 

547*2 

-7*2 

751 

618 

-2 

Wtokana Hldga.-t 

542 

348 

-2 

253 

718 

-1 

WMaConaon 

80 

137 


1X00 . 

420 

-7 

V»np a» 

346 

MS 

-4 

211 

330 

-4 

woteetoyt- 

604 

780 


4X00 ! 

567*2 

-«4 

YorkshfeaBHL 

460 

744 

<4 

4.400 

145*2 

+4 

YoriuHniVMra 

600 

631 

-1 

70 

727 

ZAneoat 

1.700 

881 

■o 


Stock index futures had a slow 
day, dipping lower on weak 
volume and moving within a 
very narrow trading range, 
writes Jeffrey Brown. 

The FT-SE 100 December 
contract was 3,076 at the 
dose of pit trading, down 29 
points. The premium to the 
cash market was 5 points and 


fair value around 6 points. 

There were B.073 contracts 
traded against 11,592 on 
Thursday with some dealers 
blaming the Armistice Day 
closure of the French futures 
market In contrast traded 
option volume improved, rising 
to 31,129 from 24,636 In the 
previous session. 


■ FT-Sg 100 ft/DEX FUTURES (UFFEJ C2S per ful Index poM 



Open 

Sett price 

Change 

«9«* 

Low 

Eat ud 

Open kit 

Doc 

3092.0 

3078.0 

-29® 

3095.0 

3070.0 

8777 

54167 

Mar 

30925 

30945 

-295 

30950 

30825 

202 

4389 

Jun 


31180 

-27.0 



0 

80 


■ FT-SE IIP 2SO INDEX FUTURES flJFVE) Cl 0 per Ml Index pant 


Dec 


3535,0 


-15.0 


4167 


■ FT-SE WD 250 MDEX FUTURES (QMLX) £10 per (id Index point 


Dec - 3545.0 

M open htmot figures am lor pM >ut do/. 1 Exact vtXume shorn. 


FT-SE 100 INDEX OPTION (UFFE) (-3073) CIO per full Index point 


3050 3100 3160 

C P C P C P 

43 20 18 45 Si 2 87 

90 62*2 61*2 86*2 41 >2 117 


2900 2960 3000 

c P C P C P 

Nm 177 1*2 129 3*j 83 B 

DSC 198 19*2 16B>2 29 1Z2*a 43*2 

Jan 223*a 39 18812 S3 1ffl*a 67 
Fed Ze « 206 60*2 fTPz 76 

Junt 289 7B 222 113 

Ml 9,718 m 4,793 

■ EURO STYLE FT-SE 100 MDEX OPTION (UFFE) CIO per hill Index point 


123 

142 


88 32*2 109 70 
97 113 118*3 90 
164 15412 


3200 32SO 
C P C P 
2 137 1 107 
26 153 15 194 


137 49> 2 168 35*2 205*2 
147 69>2 177*1 S3*i 213% 
120 211 


2875 2926 2975 3029 3075 3125 3175 3225 

Nov 290 1 151 2 10412 6 63*2 14*; 31 32 11b 62b »*2 104*2 1*2 152 

DK 219 17 177 25 138 136*2 195 52 T& 2 72h 51'? 36 32l 2 129 102 164*s 

Jan *» 30 199*2 4Q 165*2 55 132*a 71*2 US'? 94*2 61 119 62 149*2 44 181*a 

Mar 228 B2*z 163*2 95*2 140 70*2 1S8»j 

Junt Z71 BS 209*2 119 154 160*a 109 212 

QNi 2289 Pub 2.745 ■ unftrfttoO total tttra Ptwntara stXMn as based on K flBHat pnre*. 
t Long feted rapty nonBo 

■ EURO STYLE FT-SE MID 250 INDEX OPTION (OMLX) ElO per MUndax point 


3400 


3460 3500 3550 3000 38SQ 

Del 112% 50% 84% 72*4 61% 98% 

db 0 Aw 0 Seaman pices and mbmes me Mam at 4 -30pa. 


3700 


3750 


FT-SE-A INDICES - LEADERS A LAGGARDS 


Percentage changes since December 31 1993 based on Friday Nov 11 1BB4 


apwtag. ****»__ 
mndoB. mpar & Pag. . — +7.o 

IB E gferaUu n 8 NHL 4585 

O. l ute g ra te d — *A3t 

IBenl Exkacfloa _ +-UJ7 


fT-SE Md 250 « it . 
FT-SE Iffld 250 


-6J>B 

■oj2 


HacMdty 

*1X5 

BHaafee teMitoa 

*1X9 

41X1 


-4L70 





-&25 

F1-SE SOtoKd) «r IT 

-3.78 

FT-SE snaKap 

-4.72 


Food UmtaaoHS . * J2A 

General Maiutaduroa -731 

ncn- ft anc a b -7 42 

ScnriB. Wins 5 D0WJ -826 

Cansner Good* -154 

SeMB - -9A6 


DMtfi Hf Bdanib. — 

TaNnftApeni 

Ufe Assixanras 

Transport 

Gn KMrtuban ... 

BudOkig Mans S Men*. . 

DHnoutor* 

Bads ... 


FT-SVWU1.&WE -9.02 

SaRWl Sentas — -915 

FT-SE-4 350 _ -930 

FT-SE 100 -law 

UMSSMt Trask — -KUM 


-10JS2 


RmB 

ROOTS, Genend 

TcMcsnniunmians __ 

HoasoftoM Boods 

kwra. 


Bad ob baAa «ok» br a OHM H valor ncaBst dud Biramb Da SM qom smarter uA *3H«i Truk* 
d ow bM» pr m at rauMN dam. iuah m ft-« iod Mm i 


FT Gold I 


BacUac 4 Bad Bwa — -1053 

Hrtm can -toas 

Htdv -1154 


Btrtftig & Cacsmoun . 

Anooty 


- -1127 

- -1138 
> -13-M 
. -13.77 

- -1441 
. -1545 
. -15 41 
. -1918 

- -1BJ8 
. -1928 
_ -169B 
--17JB 
--1909 

- -1940 
_ -19.42 
. -1941 
_ -1977 


1 I T - SB Actual 

ies' Share Indices 













'fie 0 

K Se 

lies’ | 


Nor 11 

0 W* 

Mr 10 

Mr 9 

Mrfl 

YHr 

VP 

Dfe 

KM 

En. 

KM 

ps mi a 

ntto ltd 

. Total 

TV* 

— IBM 

LOto 

- 

age 

Store CamKMUa-— 

FT-SE 100 

3075X 

-OB 

3103X 

MU 

MU 

3089.1 

4.15 

7.10 

18X3 111X8 

118753 

33203 

M 

2S7SX 

24® 

35203 

2/2/44 

9809 

23/7/B4 

FT-SE Hd 250 

3538X 

-OX 

3542X 

35335 

35117 

3421.1 

3X5 

5X0 

2078 11131 

1322.15 

41528 

3 a 

33814 

Z7* 

41SZX 

3/2®# 

13704 

VfUK 

FT-SE NH 290 n bra Tnrt 

35403 

-Ol 

35402 

3633.5 

3521 J 

3*177 

3J0 

6X7 

1838 117X0 

1320X3 

41607 

1V1 

1382.4 

77® 

41807 

19/1/94 

13783 

21/1/86 


15*47 

-ar 

I55SX 

1553X 

15384 

154X3 

4X7 

BJO 

17.43 54X1 

779)133 

17783 

2 /2 

1451J 

24® 

17703 

inn* 

884X 

141106 


1780X2 

-41 

1782.13 

1781X3 

177824 

17S7.11 

4X2 

500 

25X0 50X2 

138899 

2091X6 

4® 

1771X4 

7/10 

2094X8 

4/2/94 

1383.79 

31/12/92 


174a» 

-Ol 

17SOS6 

1750X6 

174825 

174148 

453 

5X7 

22-96 52X5 

136032 

206072 

4® 

T743XG 

10/10 

208872 

4/2/44 

1383.79 

31/12/92 

FT-SE-A Au^sa*e 

153039 

-07 

154093 

1538X3 

1524.42 

152748 

3XG 

887 

17X2 5148 

1208X8 

1784.11 

2® 

1446X8 

24® 

1784.11 

zm 4 

81X2 

13/1 S/74 


■ FT-SE Actuaries 


All-Share 

iw 

Nov 11 chge% Nw 10 


Nov 9 Nw 8 


it w 

V 


Be Earn. HE Xd at TcM 
ym WM ndbi jid Mum 


Hgb 


1994 


Law 


Sbn Canpuhn — 
High Low 


10 IflMBIAL EXTIMCnM(18t 
12 EUractfva WosWob(4| 

15 (H, fnwgmteCT 

16 PI EmVoraUon & nreHn) 

» GEM MAHUMCIOREBSfST) 


2S57.8S -U 270147 
378755 -09 380943 
283947 -1.4 267094 
1888.74 -03 18HJ2 


271546 289099 241350 
379493 380291 301010 
26BS54 268298 242990 
187897 187034 188890 


394 5.13 
X41 5.45 
399 599 
222 t 


2498 8993 (07798 
22.71 9892 103993 
2197 9044 106086 
t 3893 106006 


anun 

410795 

29S246 


SS 243898 
2/2 3CGS98 
5 B 234895 
27/4 17B490 


31/3 280Z9I VOW 88028 IS^BS 

12 n 410795 272/94 100090 31/12/85 

30/3 278046 5»W 98290 20QM6 

31/3 3944.10 B/S/90 65030 20/7/86 


21 BuMig & Coeamc«n(33) 

22 BiUqWbj UentoBZ 

23 OuaiJa*(23) 

24 BwfWIeil MnsalaMie 

25 Bedronlc 5 But Equip(34) 

26 EaginKrtng(7l) 

27 GaWKeriOo. Whfctesda 

28 Printing. P*X5 S A*g(2B) 

29 Twites 6 NuriW 


157392 

1053.67 

185533 

227894 

177795 

188493 

181494 


279798 

157392 


-04 188196 
-04 105798 
-ftl 1857.70 
-09 r TRftri b 
-19 1794.75 
-OB 190197 
t03 180899 
+02 2292.48 
-02 2804.76 
-0.1 157494 


187490 

106010 

JB44J9 

2277.45 

178999 

189290 

180014 

229598 

280294 

155197 


185019 

104890 

182495 

227010 

177056 

187807 

179120 

2278.17 

27BO0B 

154536 


189490 

112990 

1 B 5520 

214020 

199590 

200490 

170070 

196290 

230590 

180790 


4.03 013 

177 032 
492 594 
4.07 493 
5.18 5.18 
491 OSS 
118 497 
496 192 
398 5.40 
498 B 98 


2393 

24.74 

2118 

2793 

17.91 

2393 

SOOOt 

2198 

1793 


8894 95573 
3033 830.50 
8690 87078 
7998 101042 
82.75 91494 
8198 92398 
5169 104190 
9154 112118 
7071 110107 
61-29 B 8792 


1569.10 


223197 


2011.17 

251095 

904591 

202496 


2/2 

1831X7 

2W0 

2232X8 

2/2/94 

98010 

14/1/86 

8® 

1017X4 

sno 

2125X0 

16W87 

53030 

9/9/92 

24/1 

178072 

7no 

2393X2 

24/1/94 

954X0 

9/9/92 

a® 

228012 

5/10 

2568X2 

8/8/94 

979X0 

14/1/86 

m 

1725.19 

25/10 

2231X7 

?nm 

984X0 

71/I/B6 

412 

182042 

£7/10 

2283X8 

* nm 

98080 

29/3/86 

2® 

173835 

24® 

2011.17 

2/2(94 

982X0 10/11/87 

an 

20S034 


2510SS 

am* 

995X0 

1471/86 

18® 

2821.19 

4/1 

3045X1 

18/3/94 

STUD 

14/1/86 

4® 

1543X6 

am 

232500 

2/1 0®7 

96080 

34/9/90 


30 GQKSOKB 60009 ( 97 ) 

81 BmatatiT) 

32 SBWtta, Mbs & CWereflO) 

33 Food BoxVMwmCT 

34 HouodMU &Wbfl 3 ) 

36 MwdDs Cflra(21) 

37 Ronnacauttalsiia 

38 T«ae»(l) _____ 


275190 

222Z91 


2281-79 

235014 

157899 

3061.11 

375031 


-09 277005 
-07 223898 
-OB 284990 
-08 229066 
-02 235478 
-00 156396 
-1.4 310113 
401 3754.12 


2771.75 272498 273820 
223697 223142 186400 
288098 281070 2807 JO 
229050 228097 225490 
238998 2384.48 280690 
158074 15B052 165790 
308509 300097 308490 
373114 362409 4SB2.40 


407 790 

408 7.74 
196 605 
498 799 
186 703 
300 141 
441 7.04 
5J7 9.15 


15.791DB99 
1597 8193 
108110103 
1592 8047 
1149 8908 
4103 4804 
104312607 
11.7421797 


95195 

995-64 

95092 
96400 
85107 
91 058 
07178 
BS70O 


304805 

24849? 


280094 

189414 

190013 

326 5.3 1 

<71186 


24/1 2*3404 

tan 207107 

24/1 
19/1 
1V2 227186 
19/1 158148 
28/8 2641 JO 
7/1 312174 


24A 300000 
24® 246402 
24J6 348700 
24® 280064 
5H0 2884.14 
V10 204790 
1® 410000 
24® 473093 


22/13/9? 

isnm 

11/5/32 

19/1/94 

18/2/04 

2B/OT7 

14fl®2 

29/12/93 


06790 

06200 

98790 

946.10 

927.10 
87200 
951710 
09200 


14/1 ®6 
14/1/88 
14/1/96 
14/1/86 
21/1/88 
n/i®8 
i3n®6 
an®6 


40 SenKES(219) 

41 DkMwtanOO) 

42 Lelaara & n*a#& 

43 HaaePS) 

44 Maters. FoodnQ 

45 (Wafers, GanerN(45) 

48 SW«W SentaBHU 
48 Tramportfie 

51 ONer Sendees 8 BtfeneMfi) 


190180 

2504.13 

206156 

2844.78 

174907 

150405 

152405 

22S192 

1247.42 


-05 191508 
-10 252113 
-11 2065.77 
-03 286140 
-06 178003 
-00 161193 
-00 152802 
-05 228206 
+03 124395 


T 

254603 


2854.72 

1747.19 

160674 

152609 

2252.75 

124119 


189307 195700 
253802 267140 
202105 190020 
282177 258700 
172168 150010 
180604 188900 
151404 150400 
9MB on 227090 
125021 118300 


127 699 
178 703 
138 479 

144 307 
173 9.15 
303 7.12 
2J9 038 
178 127 
405 113 


1138 52.30 
1114 8125 
H.5B 5709 
22.12 7006 
1151 5227 
1793 4120 
1149 3502 
1178 6102 
4129 2163 


93708 
87117 
103025 
8S0 04 
104115 
08002 
92035 
88400 
107407 


2207.77 

331033 


33*11 

191420 

191097 

186643 


138998 


19T1 184111 
212 245036 
17/2 19 W.M 
17/2 2635.11 
141 151104 
4/1 157112 
2/2 1455.18 
3 12 215594 
10/2 113092 


5/10 2207.77 
5/10 331833 
OH 23*82 
27® 334111 
25/4 223620 
5/10 193404 
5/10 186043 
5/1 U 2806-98 
21/4 245130 


19/1/94 
32/94 
17/yu 
17/2/94 
78/1/83 
29/1 2®3 
2/2/94 
3I2M 
lB/7®7 


94400 


97140 

97120 

91740 

87010 

malfr 

96800 

963.10 


23n®6 
21/1/86 
2171/86 
9/1 /BE 
21 / 1/86 
9/12/88 
1/2/91 
iwree 
T 4/1/88 


eo maxiwstsa) 

82 Betmio 

64 te DWrtafflonp) 



242970 241408 244130 
259104 254691 211900 
197123 1X108 208890 
203178 2004.16 231500 
I85T08 T 88294 183170 



1140 8187 827J3 
1122 8348 105507 
til 706 90006 
1150 5122 B51.44 
US 7500 52073 


Z7B20S 

7754-74 

Z38077 



24® 278203 2/2/94 

24® 235404 30/8/94 
24® 237900 m2 «3 
1® 2481-20 28712/93 
27® 212179 law 


80200 3/10/BS 
99500 7/1/91 

99400 9*13(86 
90200 3no®B 
924.78 1/5/90 


70 mmuww 

71 BarMflQ 

73 taaame(i?) 

74 Ub 

75 

77 ... 

79 Property ) 

M resnEW ' yasispM t 
FT-S6* «l-SHAHa9*9 


6102 13/1274 


■ Hourly mouwMAts 


Op«l 


aoo 


3094.0 

36410 

15680 


3081.0 

^36.7" 

1548.7 


1000 

3065,0 


11J10 


1200 


1300 


1400 


1500 


18.10 Woh/tfey Low/efey 


15480 


FT-Sg 1O0 
FT-SE Mid 250 
FT-SE-A 35C 

Tl»«9FT®EimHl^a3(Wn^ afl3pm . ^ 

350 Industry baskwt* 

gjoO 1000 


■ FT-SE Actuaries 



30804 

35405 

15402 

3065.8 

3630.5 

1546-8 

30BOX 

3539.1 

15409 

3078.1 

35307 

1544.8 

3072.1 
35350 

1543.1 

3073.3 

3535.8 

1543.6 

3094.0 

3541.2 

15522 

30720 

3535.3 

1543.1 

1100 

1200 1300 

1400 

1500 

1&10 

Closa 

PfBVtOUS 

Changa 


9970 


18400 

29390 


997.1 

3035.1 

18460 

i.7 


9970 


18450 
41J 


997.1 

3026.0 

1841.4 

2831B 


987.1 

3023.1 

78370 

2830.0 


9950 
30214 
1136-4 

29260.. 

Base Bass 


9Soj5 

0950 

1000.3 

-4.B 


9033.0 

3075.2 

-42.3 


1833.9 

104&B 

-119 

29303 

2938® 

2960.7 

-34.7 

Boee Base 

> Eoultv aaeikifl or group 

data value 


FT-SE TOW 


31,12/75 100 00 
30/4/82 100-00 
31/12/77 100 00 


— 31/1»85 141Z0O water zanww lwu-w un mas macro 

31H2/921W0-® 3in2ffl6 68194 NorvBwncWo 10 WK 100.00 IrxJrrx-Unked 

Fr^SmxBCao 31/1392 ia&J* 31/12/83 100000 FT-SE-A Afl-ShoB 1(V4«2 10000 Debeam Loans 

31/12/92 SSdft 31/12*0 100000 AB Other 31/12^5 1000.00 

81/12/86 1411"“ t8 *^’^n tV iv MmCT M4MhyawlJxiamBbx*6aJianM4mt>wlT-®E4cBianMiwaiarelna»xBxlihan'-9eSnw»C4Pinde« »e compaa b> 

I th« Fecdsy a# MubIm imfer ■ UsndM tm of pama ntea. C The womartanad ^Stock E«riu>ig« or tn« Unusc i-jrgctom b«J 


9arST-3£ IDO. Bw FT^E with W nwwt TT-SE' axi foota** btb joint [taa meno Jig gatvicq marVa of ma Lonaon Smex artl The 

n—iriii TlBwatiiNterL be8i Tlinea ljBl ” ) J,g, t ao^enfltdxiwii tV^rfeP* negailwe.1beOB Suteraflon iPnxfcgtienToai Aeraw mOBi baea vaus m 10*7 J3 «e al 31/1293 NAW 


• IWxUetf intend umtod 


imZSZt* * M < SJSTe«. sw,or 

CfiW^mGoupnowCr*™'"^ 




Heavy 
trade in 
RBOS 


NEW HIGHS AND 
LOWS FOR 1994 


(APT) 


A seemingly flawed trade in 
Royal Bank of Scotland 
prompted furious turnover in 
the banking sector as institu- 
tional investors used the funds 
generated to switch into Bar- 
clays. 

Dealers said one of the UK's 
leading integrated securities 
houses had taken a block of 
2.5m Roy at R ank shares on 
board at 242p, some 8p below 
the market price. It appeared 
that the house was unable to 
find buyers and passed the 
stake to rival Credit Lyonnais 
Laing which was happy to take 
it for 245p a share, still well 
below the market price. Mr 
Martin Hughes, Laing’s bank- 
ing analyst said: “Our view is 
that the first seller took a very 
poor offer for the shares." 

Royal Bank shares closed 8 
lower at 448p with 50m traded 
It was suspected that much of 
the cash generated went 
towards Barclays which baa 
been benefiting from a big 
Switch out of Lloyds Bank. 
Investors have been worried 
about Lloyds exposure to the 
mortgage martlet through its 
proposed acquisition of Chel- 
tenham & Gloucester building 
society. Those concerns were 
fuelled by figures published 
yesterday which showed that 
monthly mortgage lending fell 
by 6 per cent in October. 
Lloyds lost 6% at 567 '/«p with 
turnover hitting 4.5m while 
Barclays held firm at 606V4p 
with 8m changing hands. 


MEWHWHSC14). 

BREWOBES (1) WMfl wp oai fJDUnniJXNQ • 

cwsmw vixTx*vn.Fi fctrmc a bjsct 
EQUP P) Ericsson (LlfeUasrum 
pcmw-Buinssimg r b*k* a 
Mur.WolrnariENG. VEHICLES (1) Honda 
Mott*.EXTRACTTVE IMIS (1) Vfavcriay Sfflntng 
F/rxnaMWESTMEVr TRUSTS p)Abtrvsx 
Pretend Zeio PtmAMUCaniCALS HI 
AttraAUPPOKT SERVE (S) UMT 
CcnvuUngJUfe K Nc^.TCXTlLES K APPORB. 
(1) Gen (SflLTOAHSKWT H] QflT Bus. 

NEW LOWS (74). 

BANKS (I) Mffm ABIH, BnCWEM ES ft) Mrtn 
Brewery, BUaOffta 6 CNSTRN « Boot ftOBrt 
GKXJP.CH90CAL8 p) EnqoVmd.M na o i a c i 
IraKDCrnniTORS H) BtattHey 
MMBRObMfeMNfeH.m OmuMWOWOWD 
INOLS (1) SW wtoy IMa0UaCT1MC 6 ELECT 
EQUPp) FVM GraupgKMMgWNO P) 
Moans,ENQ, VBflCLES (1) 
hghem,EXnUCnVG MD8 n Ayer 
Hum/VSttCMan Hea, HEALTH CARE « 
/VnerAwm MriLABSodatad Nutmiq 
S ervo. Jfciface infL/H ia no u i fe UMUSEHOLD 
QOOOS (1| VymtralNSURANCE (1] Lowndes 
LMTDeRJNVESniBIT TRUSTS 113) LB3URE A 
HOTHS ff] (Hw> Hp PLJIEBU CQ MMontf 

fclR* N — Mj O n D—d IfetOH. 

EXPLORATION 8 PROD (2) Cop>0> 
HesouiMaJJISMO OpoJTIHER RNAHQal H 
FjocoHambroAunxTi Ju9tUa,Tomy 
LowJMavOTHER SHIVS A BU8N8 (1) Cue 
Range. PfTTNQ. paper a PACKS gq an. 
ItaMamlmwaMReHinv M 
BHdiy.0Be|BiJDannni VMeypSirjIErAllJBIS, 
WOO (3) QeesLShopiXeJIETAMJaiS, 

GENERAL (31 r>wi Art Dffripo-.OrTVimo V«\.OS 

Mdgs^nnnn wmbs a ciders r*> 

UanirSarmJSUPPOFtT S0tV8 [7} CantpaOtogg 

nabrtmnJBAJMcrogMUAiynP^ 

PeapiaSendanan 

Bctmcs. .TB-trOHMUNirATtOHB (I) Mppon T 
A T.TEXTLES • APPAREL (4) Castle 
MEJfetriBnaPwMmLnaadail.TRAMRaofnTfl 
Lamm A Omw MgnwsMMMCMn 0 
Bankers wr. Dana Carp.. 


Glaxo worries 

Pharmaceuticals leader 
Glaxo reversed gains achieved 
earlier in the week as one US 
house downgraded the stock. 
There were additional worries 
emanating from the company's 
Japanese arm and the shares 
fell 13V* to 608’/ip. 

The stock had risen sharply 
after the clean sweep by the 
Republican party was seen to 
have banged the nail in the 
coffin of the Clinton healthcare 
reforms. 

However, yesterday, one US 
research house Hambrecht & 
Quist which is believed to con- 
centrate much of its firepower 


on the pharmaceutical sector 
took Glaxo off its buy list and 
moved the stock to a hold. The 
house said that although there 
might be some upside to the 
stock “possible negative events 
are much closer on the hori- 
zon”. 

There was also news of the 
arrest of an assistant professor 
in western Tokyo for allegedly 
accepting more than Y100.000 
in bribes from two Nippon 
Glaxo employees. The subsid- 
iary denied the claims saying it 
had only paid legal research 
fees. 


Redland up 

Building materials group 
Redland moved against the 
market downtrend following a 
trading buy note from James 
Capel which recommended cli- 
ents to switch out of RMC. 
Dealers also said that DBS had 
been supporting the stock. 

Redland gained 4 to 465p in 
turnover of 2.1m as investors 
moved to scoop up a dividend 
yield of 6.7 per cent, three per- 
centage points in excess of the 


Footsie average and some four 
points ahead of the return on 
RMC which closed 8 lower at 

lOOOp. 

A number of engineering 
shares stood out against the 
stock market's seemingly inex- 
orable commitment to red ink. 
British Steel gained a penny to 
158'Ap ahead of Monday’s 
widely expected bumper 
interim results. And 
Rolls-Royce and GEN both 
added 4 to 179p and 6i9p 
respectively. 

The market's ideas about 
British Steel's interim figures 
revolve around profits of 
between £l25m and £l40m. up 
from £27m last time. Rolls was 
the best performing Footsie 
stock but the reasons for the 
spurt were less easy to pin- 
point, although there was talk 
yesterday that the group was 
about to announce a big Chi- 
nese aeroengine order. 

Motor industry based stocks 
were among the more resilient 
in the sector with Lucas Indus- 
tries up a penny at 19?p and 
T&N holding at 369p in turn- 
over of 4m. 

Anglo- Dutch food and con- 
sumer products group Unilever 
retreated on profit- taking and 
disappointment in some quar- 
ters at the group’s third quar- 
ter figures. The shares fell 11 
to lll8p, after trade of 2.7m. 

However, Mr Carl Short at 
Strauss Turnbull remains a fan 
of the stock and said the fig- 
ures not only met his expecta- 
tions but said Strauss was a 
“buyer of the shares for accel- 
erated growth in 1995”. 

Shares in North West Water 
relinquished 8 to 536p, follow- 
ing a city presentation at 
which the company indicated 
plans to become more con- 
sumer friendly. Mr Douglas 
Falconer at Yamaichi was 
among those unhappy with the 
plan and said simply: “This 
move is shareholder 
unfriendly. ” 

Dividend prospects boosted 
Welsh Water and the shares 
ended the session 8 ahead at 
656p. 

High street retailer King- 
fisher relinquished 7 to 467p. 
as speculation that the com- 
pany was to make an offer for 
Mata! an. a private fashion and 
household goods retailer, 
returned to the market 

However, one analyst indi- 
cated such a move may receive 
a cool reception from the mar- 
ket as, “investors would rather 


■ CHIEF PRICE CHANGES 
YESTERDAY 


London (Pence) 


Capita 

164 

+ 

8 

Fhnchurch 

154 

+ 

11 

Ftettech 

477 

+ 

17 

Gent (SR) 

77 

+ 

7 

Headway 

35 

+ 

4 

Magnum Power 

100 

+ 

8 

Monarch Res 

196 

+ 

11 

Roffe & Nolan 

200 

+ 

13 

SelecTV 

24* + 

3 Vt 

Welker (JO) 

425 

+ 

30 

Waveriey Mining 

120 

+ 

5 

YRM 

17 

+ 

2 


Fails 

Assoc Nursing 
Biocure 
Campari lnt 
Chubb Security 
Cray Beet 
Metro tact 
On Demand 
Platignum 
Union 


215 - 15 

23- 3 

24- 3 

321 - S 
1595*- 81* 

80-24 
77-15 
1354- 2 

89-12 


see Kingfisher turn its existing 
businesses around first, 
although the cost of such an 
acquisition would be of little 
concern.” 

Sentiment in the stock was 
further dampened by reports 
that consumer electronics com- 
pany Amstrad may open its 
own stores. Amstrad edged a ‘A 
forward to 29p. 

Ladbroke, which published a 
trading statement on Thurs- 
day, added another 8 to 157p. 
following a NatWest Securities 
recommendation. However, 
UBS remains negative on the 
stock and analyst Mr Paul 
Heath at the securities house 
said “there was nothing in the 
statement on the trading front 
to make us change our current 
recommendation". 

Supermarket group J Salis- 
bury lost 8 to 41lp, as several 
brokers advised switching into 
Tesco 2 better at 347p. 

BAT Industries held firm at 
448p. Dealers cited support 
from Smith New Court. 

Clothing group SR Gent 
jumped 8 to 78p after announc- 
ing at the annual meeting a 
leap in sales for the first 18 
weeks since the end of the 
financial year. 

Cashmere group Dawson 
International firmed 2 to 133p 
ahead of figures next week. 

Shares in hotels group Forte 
closed 2 ahead at 233p, in 
strong business of 1 lm shares 
as dealings started in the new 
shares offered to the vendors of 
the Meridien Hotels chain it 
recently acquired. 



& Financial 
History do Compact 
Disk 

of htanitaJ futures prices 
md fnndamcntirf inl/ximriM 
■artmff *» your (mgenipsf By 
everything >ou need ia doe easy -to- 1 
sic source C1t6 lafoTccii help, yon perform 
sulmc. bncJoEsrtnji, 
model mg, [tncmHn anil kx» one.. 

35 YEARS OF HISTORICAL PRICES FOR 
CASH FV1TURBS. OPTIONS AND 
INOEX MARKETS. 

30 YEARS OF FIMOAMDOAL INFORMATION 
CK OVER lOTtWMXmES 
Similar to the inforauiMti found hi ibe CRB 
CornfocalHy Year Book, ike 'blMe' of dw 
facura imhotry. laadditioato 
trmrtcal data. CRB Info Tech also provides daily 
price updates vis KR-OsMe- Ka^tu-Ridderli 
wjftwore sfccaTiciUy dertgacd u> 
dowel pad and import eodol-chy pneo 

directly mtn yom database 

INFORMATION: Buuifa Vakil 
KR Hntee. 7B Red Surd London ECdY 1HY 
Tel: t*l (0)71 tMlaOAJ 


oil, 



Sovereign {Forex) Ud. 

24hr Foreign Exchange 
Margin trorfiog FadGty 
C o mpetit i ve Prices 
Daily Fax Service 
let 071-V3I 91B8 
Ftac 071-931 7\ 14 

43a Budanghan Maes Rood 
london SWIWOEE 


HMNCUl TOIES 


ARE YOU INTERESTED IN 
The interactive revolution’ 

• multimedia « virtual reality 
. video-on-demand * video 
conferencing • lelisourism? 
...then call 

FT Management Reports 
for your f RE E media 
catalogue today, on 

+44 (0)71 873 4252 


n Ervand i 



rivKBM RKa to 

Hre Won hr tafap 


Tialat ui H.1IM 

alMM 


Poo 

Pool 

Pool 

tfj w* 

PWCMM 

Trnrinn 

rtol 

Pj«w 

prior 

tutor 

„ P*» 


OMVWI 

COimi 

dmimi 

0030 

23X4 

6X0 

8X0 

0100 

42J» 

BJO 

830 

0130 

42.00 

8X9 

8X9 

OHO 

42.00 

0.93 

11X9 

0230 

3432 

B.93 

11X9 

0300 

22.53 

0X3 

11.09 

0330 

JQX3 

0X3 

11X9 

0400 

9X9 

0X3 

11.09 

0430 

9.19 

8X9 

8SB 

0500 

B2S 

840 

840 

0630 

aas 

9 ua 

11.15 

0800 

R25 

6X0 

1J.1S 

0630 

BJ1 

6X7 

11 X» 

oroo 

9X7 

BX7 

11X3 

0730 

an 

17.05 

2a 02 

0600 

9X7 

17X6 

3812 

0630 

17X0 

1857 

3873 

0900 

22.79 

2041 

22X7 

0830 

26.71 

26X3 

3820 

1000 

31.44 

32X1 

34 7B 

>030 

31-M 

3281 

34.78 

>100 

5BJ>1 

32X1 

34.78 

mo 

56X1 

32X1 

34.78 

1300 

55.07 

aaro 

2820 

12 » 

3144 

3841 

22X7 

1300 

31 At 

1800 

2024 

1330 

31.16 

1800 

2024 

1400 

23X2 

1BX0 

8024 

14J0 

23X2 

1808 

20X4 

1500 

22X0 

17X0 

1875 

1530 

2X23 

1000 

10X0 

1600 

23X2 

10X0 

10X0 

1630 

35.77 

1000 

1008 

1700 

3664 

16X8 

20X4 

1730 

4801 

1831 

20.47 

1800 

48X1 

10X1 

2847 

1830 

44X5 

18X1 

2847 

1900 

43 AB 

40X0 

50.16 

1930 

38.15 

4800 

eaio 

2000 

3560 

47.93 

4899 

2030 

35X0 

42X5 

45.12 

2100 

32.11 

29X1 

3097 

2130 

22X0 

16X6 

21X2 

2200 

22-/9 

1805 

21X2 

2230 

22X2 

1831 

2047 

2300 

9X7 

17X1 

19X7 

2330 

aa? 

1 7.72 

1990 

2400 

027 

816 

816 



I nonMow ptxl Idea tor ■<? txtag 

b M pm tor M rkp FMpat 

trawra d imuxi. Pod Pitm 

« pwl W P««cB«ora »» «*«*«»» rarar » 



DO YOU WANT TO KNOW A SECRET? 


The IDS. Gann Semina/ wO shew* you how Die markets REALLY work. The amazing 
| tracing techniques d Ihe legendary WD. Got can increase yotr prefts and certain yew j 
tosses. How? ThHifcBw secret Ring 061 474 00B0 to book you FREE pteca 


«j:i 

INDEXIA H Plus 


l Technical Analysis Software 1 

) Tel: (0442) 378015 - Fax: (0442) 676334 1 


INDE 


a 


Tile Marker Leaden in spread betting - Financial md Sports For : 
bn>ctvro and oa recount appkcaium farm aB 071 2A3 J6G7 
Accounts ue mnnltv opened urtUa 72 bran 
See our up^Mlaie prices 3a.m. io9p m on Tetetcu page HOi 


4 REUTERS lOOO 

EK 24 hours a day -only $100 a month! 

UV« FMANCZAL EMTA DRZCT TO YOUH PC 
. taUKonSMautt gwmxewBn 1 





DOST OVERPAY 


I 


Bl SfNESS RATES 
TAX T05 


ACT NOW 

The 15 KK 5 Kates SnakoUeM 
win slftct your tax pabfflty 

Fat aJvicc M-ttbarrohCgsUtti 
Contact Roger Dttnkip 


MICHAEL 

LAURIE 


rtf: 071493 7050 

Fa*. 071 4<« 6279 


Signal 


O 130+ software applications O 
O REAL TRIE DATA FROM £10 A DAY O 
O SigaaJ SOFTWARE OUfflE O 
Call London © 44 + (0) 71 231 0556 
tor your guide end Signal price fist 


Argus Fundamentals 

'Understand nnat is driving oil prices' 

Petroleum Argus 

CALL ter £ FREE TRIAL, to this Monthly publication FR47' ) 35c 
















22 



















































►Jbi 


a* 


"ass 


FINANCIAL TIMES WEEKEND NOVEMBER 12/NOVEMBER 13 1994 




INVESTMENT TRUSTS - Coi& 


LEISURE & HOTELS- ConL 


OIL EXPLORATION ft PRODUCTION - ConL PROPERTT - ConL 


RETAILERS, GENERAL - Cont 


TRANSPORT -OoffL 


MW-. JQ 125 


? ? 

3 . 


x - 

3i t.2 


panntggnMJMCl 228 
Warants 82 


TO 


cm n is -h 

wants 13*2 . ... 

flv&lbf Ext 80 

«n» 17 

taaMPI usft 

Fh 2. Me Geared H 8Sd 

Prld Cop 1999 27 

Mr&lfcfc&nlrJD 122 


- Idtf, 

tow 

— 120 

89 

88 

43 

— EM 

£79 

— 163 

12* 

-,ft 88 

40ft 

96 

<3 

9, 

33 

— 293 

26! 

— *278 

206 

140 

78 

-1 IBB 

154ft 

-ft EWft £171^ 

IM 

153 

645 

440 

IZ1 

1D4 

-ft 80 

a 

17 

13 

147 

9, 

48 

14 


-9623-5.8 


MM mce 
.JD 315 


153 124 U 1255 -iB-DaMUorL--.' 
58 48*2 - - EumWwHf- 

* 91 - 894 -2:8 Esnenp 


2.1 2938 7 a FiMneBon — ft* 

! «£xszz£ 

18 2188 178 MpCvPI — — 
14 - - FWLafcure — tig 

- 708 1.1 Ratt “3 


-mm 1 QQJ UM Yld * QT 1™ 

ns -« Hah Ion CapEm Grt WE Moles W» - UJJ 1 5{ 

S ™ 305 7404 17 185 IdM «G 40ft 48ft 

lS ~ TO 133 1309 48 88 IftLEneigv 4C1 18 * 3 * 

S T 2B8 209 1244 li M B2ft -ft 99ft 5 

IK ^5 12 8708 - - UkUibPcOm 5ft — 7 ft *3 

MA 280 «M 48 187 XO.3 32 » — J,» = 

S :r 2-5 ■ *« irtMt 00 -■* a 

,4 E Si af ^ 3.7 : OIL, INTEGRATED 

SJ = S » « 1 M noks Moe *- 

M «W]i W |£t ftimita -titnwft* -a raft * 
mu — aw i# " m as Bum* casern ostbj - o im a 

55 TO « JM 15 - CM-M* OSi -ft "OIK 05; 


is 5 s *- sTa^h R - “ "1 & 


48 ft 19ft 719 - 

21 1 ft 5.12 - 

« IS SB - 

99V 54 483 - 

7ft 4*. OK - 

111 28 1312 - 

00ft EM 1U 195 


_ BOA. 35 — 31 _ 

= 3 I’SnlHjSa 1 


1884 MU W „ 
i Mr GapEm &■» Wt 

i, 14 380 

1 22 *93 - - 

B SI 118 " - 


1994 MM W 
di Mr CapEm Grt HE 


* "5S *XS ’ ift*® M l« Ma5B»Oob#.*tflj 

:s£| -S ^ j i 3 . 1 »wg ^5 


tor 1884 M« 7W 
Nota Met - HDh Mr Capon era HE 
ffl » _ fi« TO 3*08 3, Ift| 

iffi] iM -ft *291 157 1840 4.8 278 

KlO 3M -J 3*7 245 BU i* 177 

""h 118 205 MB 188 187 5.4 

— 348 244 3163 7J3 12.4 

91 58 254 82 M 


= •» S g B ™ S SS IS “ 


s“fi£ S £ g-gSBSS 4 JIW S g , a j ifciumn. JS 1 i ® ii 3 Shag nS » « 

if JSSS a^aaerrS w j. a 5* “,L a ssse-^ 4 : 18 IS Si s erf ft = ft 


■SSSianr^s 7«s ::: ^ s «4 u -»>«m 1* 153 — - 

am-i S -3 III | k SPIRITS, WWES a cm 

aSt 1_ 281*4 2103 £90*2 1&B8 68 - tOT 1«4_ 

Kk&MM £137*1 -1 El 78 SW4? Wg- 


31 w = « is « »"» 


1994 IM W 
b Mr Capon Grt 


affliw 128 -li 143 117 188 7.0 - 

42Sr"jlS*H * _ *182 84 218 11 218 

iSStesir" aw - Eiu «} « « : 

55SSH .‘~~gin 218 MB »58 3088 14 215 

wrSTr-ir 117 -1 « >S| ,7 


KS IAS 718 58 288 
SOB 375 1488 *■! 1H 


s *% - *iw « B^aacEsiB | ig ggnscus sist 

a . - SSmSoSSSB aS Za? aw « ^ SX^r=*tN t« — ® s ^ KSJffldCiz: *1B -r SS 


n 162 228 138 313 - - 

H, XMD 219 *27 197 3178 58 14.4 

!_;$*□ 126 1» 98 2IU 14 ♦ 

*» T in 56 180 95 328 11 - 


PdraBuBFr 


rnt ,08 : : : SSS==fi S 3 J J S 8 ! 

- ’S § ,U I 33; id ^ ^ « na ^ ^ 1 S3?fc*tA5 

170 118 48 1338 88 . 8*iP.C»M— — - .J® JJ? ,»! 'll 27.7 JffiU. « 


170 1,8 «.338 88 ^ ^ W 1» IB f.7 

127 112 102 - - London Outa * W 38 — ** ’Si d *»“*iAS 

,S ,8 « : : SsiS -T5 $ ^ other f 

IS '8 “ »s SS&iS-ffl & ~ *4 A S - 


Mwc TH Inc »a 113 127 112 102 

COP— O 110 -2 150 MB 

varans 22*2 40 22 

Do.GOpdPrf N 151 163 144 48 

Rhflr retake — ID 108 113 IDS HL3 

cap □ 75 -* z 118 75 

WarartS 2 11 2 - 

zoronm as-', m w 

a*mh»-_ — KN 305 343 290 32 

aCMM-alec N 15M -2 143 124 14.1 

Cop 170 -3 223 l: 

ZeroPrt 141 *•«, 151‘j 142*2 

S«oiV8ub- ZIO BS — S3 11 U 


SfUThU H V 

Cap — 1 

MmwUKQtfti _□ 

Wareob _□ 

SOndv Jap*) OntO 

Wanana D 

ScmdvSpBM.nD 

CopU a ; 

ZhoDIvH 1i 


OTHER FINANCIAL 


OMkeNkknls-JKN 
ChMfanJiiut JD 


I ~ *12*4 8*2 11-4 . 18 14 8 

100 — 132 99 128 10 1O0 


+ 0f 199* m w SStesfi-sS n,, 5 ■« n i w M no ACT JO 

- hkfi iqp capon 0*1 _wc *!N S — Jl: S wa - - arts *a 




. v 1044 Mkt YU Bnun IWU Ji 

.“SS ™S *6W ts 

212 IS 9 wb 18 108 Eassuom N 


2S “ 488 373 228 38 138 

a Z rn 358 183 32 183 

108 *208 141 ZU K U 

hh |Q 338 483 48 8.7 

MB — * 293 538 48 108 

530 -8 811 454 2,010 5.4 M 

711 -1 751 508 4888 48 78 

550 *2 645 457 2J014 6.1 78 

ina tS 1800 1525 1017 IB 118 

sm -2 675 404 6313 64 7.4 

587 -8 682 488 SB32 43 88 

4B3td -7 811 434*2 1857 53 7.4 

K8 +B 744 546 9538 48 73 

m -4 *37M 275*a 7BU 4.9 63 

3JB 360 S35 283 - - 

333 351 273 2M 19 111 

531 -1 680 458 1386 14 73 


37 271> 

4*« 113*2 Ufl 


LG - - BrnriHaM 340 **2 

- 81.7 50.8 RjanWHBK-JO 26*2* — 

- - - SU-BMdlMftJIOC 120 

13 1723 93 Saw, A— ** 931* — - 


A -I A .15iSkW=J ig 1 g 1 

ISSSgfttgg 


211 -4*2 282*2 208 23 2473 143 a*fcl- 
82>j -li I00‘? SO*, - " »**» 


« is -a si s “ n J „s a .ii *a.& £ 

KB OIL MH.9 18 29.3 a*meC*J«»-l — Bl'jd — r '.tl **S ; , S T« n i f«i ,8 72 


kid -2 284*2 205 14 144.4 104 Smfcfen *'l 

95 ica*.- 91*2 HLt - S»W *a 1*4 


bu "87 S-U, H 18 29 3 0*2pe Or 2000-1 — fBl'id 

!!SR 3^ — -S »K 1?8 1.9 IU CptSmS a IM 


US ~-3 294*, a£ 14 244^ 104 S fc&l —g 41, — W ^ II 

95 1064 9i*2 mi - - Sam VO U* — ^2 ^5 ,, 7 

“S ^ “a ^ A = S s i .= LI 


si: raw al ,3 i BBaiZL:¥o m 


480 275 115 43 33J -H m “MU 1E.7 

l£ too 1»3 11 178 OMbSacnrtr-fC » -1 ® "1 j§a 

to so ma i.7 148 ntataeaoMgLn g « g SS w «3 


32 "S £ 15 m? AMERICANS 

«3 292 6878 14 107 


50 2&3 1.7 148 dnied 


SniMfloRiincfia 53 1004 91*2 

Cap □ 30 -1 58 29 

Stopped PI 1S3 4*1 182 150 

BmObPr 226 4*2 2354 223 

irnmna 4 — 10 4 

SoxVakia fNO ,07 1334 104 

ScmUarLaBn— □ 934 — 104 B84 

Ibraaa. □ 54 80 42 

Sec Wanes XN 1538 -9 1796 1515 

Seram Conoid- -atC S3 — MM 734 

Second MaH*ot—8aN 461 — 503 43§ 

sec«se« — 8im -4 ten 774 
Select Aasets_iiD 187 -1 179 148 

EqMSeri 148 -1 177 143 

Blind Seri ,48 -I 177 143 


35 ft H « IS S “ 


W 11 - tomoHndSKm -M l 113 

228 - - Comp P»P*e-— ft" 22*5; — 


tar 

Naas Prices 
20m W. 

656*20 -15*. I 


42 ms E rmtl> 
- 153 Warn 
- Ena- 


253 14 ♦ Carp Strain 

331 42 228 CoubDoaa* 


ft 1 J JE S Si H BBStdB 4 -«■ I S“ »BE 


_ ®3 

— 97 
+2 *90 


Sorts 8N 

SemSdBCL 


Start SetocL V* 166 

Wsiarris 22 

SnMrOoa — «ID 129 

Mm«o — 66 

WB'SB— » 


*1 Him -h ,86 774 08 843 43 

° IS :{ ™ IS ■& 1 - LIFE ASSURANCE 

” 148 -I 177 143 as - 41 

at 133 in 128 11 1M0 43 

P » *1 Jfi »» AKOHH 


166 -2 M78 138 06 184.4 203 

22 -1 30 20 - 

129 173 117 IS 129.4 03 

55 83 55 - * 

46 53 40 - - - 


te £5? £« 2 » oi is 

'Sz iS % d ,982 id 

Tartan Im □ M 44 M £ - 1003 ,03 

Waun tt n 38 tl 52 35 - - “ 

nSS 44 mmS |8 Sf 

*5 t S a : « *i 

1tMmBMflCtM..'Zji 188 ■ — ira 28 228.1 178 

momton ArtmJHtl 107 135 102 ffifl 1213 112 

Warrants 32 15 -4 <74 15 .1 ~ 



4 07 1884 

Noos Price - Uoli Mr 

Zn £38% 44 e3*« E32H 

t«3 400 08 370 


1994 IM W 

1 Mr CapEm Grt HE 

W E32U 3,897 33 117 

0 370 iS4 4 .1 - 


HFOtom. 

B6IES0Q.. 
nmuics. 

ISX5a-js3 

taraatmenlCa — til 
hny&Skne HQ 


H 5? ~Z SS ^4 *SS SS 'ii §SSpi=* -w » *374 «■ « « jb — 

g® -- s 450 'mo 12 " 'SSSSSS^ «« g ^ *sS “ 

1 -2 iz2 764 «7J « .53 B5BB? 8 ®— IS — ^sso ao aaS is 118 uom — iSa ♦'» 

a .. 66 3? 113 5.2 121 Hi S®L%h 3- -* v< * m H 112 Ul - BSBDKr E17A 4i 


m IS nk 18 513 AinerCv^* 1 -- — 4 JPi 

05 41 319 05 212 M 

97 46 178 13 - ™T* T - 

278 212 2902 43 !i? 

S SS aiiiiSSs— 3 

ft 'S Si 15 8S ”S 

ft ft i SB m S? = 'y 

» » ’its “ “ S3r^=: a 

TO 135 OM 28 32 atop---. 


1994 Md VU 

S Mr CapEm Grt 
17,'. ,6307 28 
4 p 34 D 7507 03 
!!f 28,4 S83S 13 
A 1BA OIE7 28 
% 30? 53,341 24 

Pi 23< 13482 48 
!% SMI 8^46 32 
33 0319 4.1 

« 3§ 8379 53 

41 30H 13883 58 


549 450 780 12 


-» 41 30*3 13J»3 58 

4! * 34? I 5 ^ 29 S4 

mi Mi. 1^*2 - 

4l 36 ypo 16 

-J, 12)1 11*4 BOA - 

3 26£ 19?. 4206 44 

tS 274 10,148 12 


M 2B*. 22S 11 


43 .. 

241 


250 185 704 3.9 *65 Stipe PI*, 


d n issEffi ^ “ gs= ^ s a J a S 

68 -BSBDKr E17A +A £»U 4«f *j ^Gaaral 872 '«p -1 673*1P 45BUp 1605 - 


~ IB08 ,08 JC 

d 3«8 08 i^^SjbTxTnB 


Warrants — 32 15 -*a 

ItanMiPoaEtoofM 2BsJ — 

Utaiwda • — 

ZemDhPI «*2 — 

IDroa Oust he H 63d — .. 

Cop 488 -7 


m m4 - 97 3 u MEDIA 

BB 88 - 

20Z 172 U 220.1 17.5 __ - HA 

a ^ ft * 


29 43 338 117 Adocena 


^ zj 3 «| “Imi «S&Z3I in ~ 

S3 112 75 - 8S.1 |9 ftrtwMM— ™ — 


- 7018 308 BOB DaWn. 


* *1 » 

Hi Zi MU* 

^ ” 1 s 


7 1 2PcCvP1 43'i ..— 

OteWH Conj. — flil » . — 

Fnmke — JJ “J — 

1994 Md Wd PorW**H._ — _8t« *161 

a Mi C3f£m Brt W PodwPDrtnla.— D ..78 -- 

6 270 m3 II 31.3 PmftWcM.XIlD 5KW -5 

15 198 464 19 203 Oua»te Mno— -«« MB — 

° yj : : KMSLflD ^ .... 


_. 196 131 1,8 12 54 Lend Lease AS — 1h — 

_ 78 51 4,0 20 - mu 6 Assoc ._.»£] »*iW 

_ 1266 970 3003 15 16.7 Lw & MeWP— * 


7TO 890 725 1822 43 268 MJ004_— -- _lj 

87*10, 43'i 37 274 11 203 IbWMrS tg 


— a 

I -»A 


10B 76 684 72 102 London ftofl— -fraQ 330 — -u — q ej , J. in^ .* 

513 415 7117 UIJIUnMW.IE ■ — - « * *£5 *1 _ SHE” 

260 1S8 786 60 + 71ipcC»110RB— E1MI Z — EWOJj E*«I TOO 7.» MI1E — 

» 247 603 41 118 OWL-. » — 74 47 a 411 - = NgO-- 


16 6 118 - 12 Mera Focus. 

367 330 388 38 258 Mo«9en — 


n £g ^ ^ SS ,oi 1S^±=i ”*& 
s ii-siK « ^ ai*SSF= 1 


SS?aSciJD m ~ 147. ito “ ,3SA 11 B2P S 


nmg noo&diCBJD 

Wanarts D 

ThrogmoMTnflD 
Tor Inc .M.W 


S — in 7i^ as 7M 7.4 mctiA "~~WO ^ 

« m ii 128 - _a4ppaH~.SK »a 


3fe==gjH Tf0 iBC iS s? wchb 3 = 
| = s a ““’■‘isaailB a = 

TH^zrtiB ^ = * « g 1,a ! _1 - cSS!!=zz5 » ~ 

ilSrtir — 5Sr^ «7 — »|20? M 02 ,118 -47 C m m* ■- - -— **3 IS — 

™ftSf“sS al » jS tsss J 3 SfSw" 


« w U - UnM 


IF Tecanokm -fst 

zero PI 

Stepped P, 


120 100 OSB 17 102 _CqH 

mi 133 102 28 148 Stratam 

<13 365 818 4.1 268 SednP 

■a *a 2 S5 ii ss issi 

'% sa «•!« 

as a w ■ ~ 


2 JZZL, U 174 Tl 179 its *53 i7 154 MrtCrt«nrCA*J | -J«J ^ ZI ^ 81 404 - - OjMBy SettrootL ttC 3W — 

j ^ S « ji ;;S gE=j 2 ~ C “I Si ■ ,J SSB§ | ^ 

ffl rilot W— — y*- 1 S ; .5 S 549 - E™ -,7, ,£ .1 in 1C 1738 41 201 HaedExoc — 1® — 

2 TjndaiAirstraia 2 1 ,5 Si _ _ P5IT...„ — JS « TO 1*fl 01 - ReOwaptt W 20 — 

- afto 1 Ii2 iw W 217 03 92 ^ & 2B ,«8 24 * 13Z -1 

- Won..— — 2 *4 *» S in - tS .» 1X9 imi 3.1 - nen&*i MD 232 — 


281*2 222 
149*2 IM*2 


£§ - 1428115 38 ^ 

63 11 81.0 228 Bsmterfl 


^"iSSaS an Ti « 190 18 2=90 118 e~r 

MmijhU 97 — — al <“ _ .. 


Warrants — — 

USSoraaerCoiJlD m — « 

Wtrads.. — M — 7 ® 

117§ 1TO 

VMM, 26 a 

opiM** 1 — - ^ — * 

wS™a&ifitoB-*o ». « 

wash mm 8 «o — « 

4 § 2 

ySSL,m — ID Hi __ ™ 


OTHER WVESTMENT TRUSTS 


“ 182 123. 88 1418 S* 

T\ iS 233 28 2712 114 MdOnart ert 

■JOS 93 — 958 -8 Coocitead—— 

"TC x2S ,08** 48 1078 -07 Granadan TV A .— 

+* a 2?? - 208 -18 aBewtcn'^-" 

Z ■ ® 

z:. S -I - :=f Aj 

= .a 5 - : --«"iasa 

aasageg. 

,13 ina 1 197 - • - 'ntawepe ram 

ZfteftC 

Maori DWMbi- 


^ -=f T a 

^ '■£? 
«» -2 1»» 


477 417 
874 -2 

17CB 

24ld — 


1 J j|5 “ ’“S£«Sr"*i-d 13M :z ,S iS oS II 16J 2 :z h ES H ^ “♦« a i§ Canadians 

TS 15 u Hi OTHER SERVICES & BUSINESSES Kjpjssrfi 2« “ § ag ^ 

W1 Bg-l ** ^ to '*» » S?, P* ^ WyT, “ Wn -S ZI “ 56 Oil 48 128 iStfTZj 

S S ^ ^ ..... «a - T *1 - SEf«Sn-wbo «oo5 ZI n» nu 798 im -Son. 


38 

a 

,68 

ez 

24 

720 

87 

s 

192 

*M 

GO 

57.1 

115 

65 

628 

in 

BO 

495 

as 

IM 

188 

115 

83 

485 

5ft 

2ft 

1J8 

*B9ft 

ra» a 

369 

428 

380 

337 

4,5 

290 

352 

« 

27 

108 

TO 

73 

*05 

177 

104 

80* 

65 

20 

5.14 

163 

105 

3*2 


*,*. t-a 

zz. S6 i 


'- TlraeVrtner 21* 


Wrttpod — 
Woorttxdu_ 


"4 t 


<n£ 34« 032S 48 

tX 28jt 1*73 14 
23? IG? 1,184 25 
XL 14ft 4*94 07 
2 s3 16$ 1W35 11 
VH 2B*« 52829 10 
468p Z43Vp - 02 
»H 3864 M 
224} 1B>. 1,768 07 

23U 1H 28M 11 
Wt Wk 2.™ M 
27*> 21ft 1246 12 
51>i 3% 2808 3.1 

31 g« 

w ^ S 
182* 01 
2879 14 

14*3 3.2 

ZH 20(2 4821 11 

w] 23*, 10,983 38 
M 24i «y»4 10 
mi 16« 1865 00 

2H 4809 40 
Js£ 37,i Offl* S3 
si 20, i 1237 18 
31*1 22g IMJI 58 

oon 28 
m® 14 

1863 40 


JSMuidr.Z n 5-4 :z H H IM - - BotBSwdari — _-wr 

RjpiSSKzS 2« 273 20 ag 08 15.6 SS^-J£ 

R lOL 65 40 780 - 18 S»morsnii_ ; 4« 


Jf J& 


^2? — JD TQM ” « 344 mi 4J 202 ~us m *2 w* ^ H SSSSnSdi-.?! 

^4 97 63*. 03 1117 159 •RcapWZ^h TCTg _-_7 -30 1« g 5S SBSiSjS °» « » S I SS&- *3 


218 -1 237 161 853 ZB 1<*J Golden tape IS - J* 95 

1TO«1 +1 *® I’* “J QHHMY«d9S- S 8 -. 

1S2S *1 «> 1J7*. 2B28 6 213 Heoirtav— — ■ *« » ^ 

S “2 ^ « Hi tl S^s-ar* *5? z: 

W 482 338 478 29 248 Ea^oW-T 145 *2 

« Z5 443 281 702 18 11.7 181 — 

1Z7 -2 177$ 127 175.1 28 17.4 Z^oROP,-! 183 — 

14M __ TO3 123 0»1 09 7.7 J , 3ftd __ 


ioS » jg M “MOO* : -ETT^ 'Z Elg 07$ ^ «g 
SO 28 584 25 272 >~4nSNnlir] 104 133 103 “** ** 


90 28 S' 8 * 51 Mt Specfliiv Snope.**D *04 — - 

118 66 5741 ,1 305 sianlna,' -• - i 1 * 3 ’i + * 

292 234 688 W 5lCT«1*Wl9M N £« 

163 95 8900 2r 2'6 yg . . _ ,N'j 35 .... 

248 181 1105 54 ,6.6 xShBB 8 168 

192 145 114 42 - Town Cana*- 4W1 «3 

50 38 495 08 - Traltijrt PorX... ICJ 86»l — - 


So ;T 55 507 1378 21 * 

m 4? M2 243 8174 16 ,47 

“ tj 14 n a? 1 8 - now 

13*a -** 17*2 0 788 - - Amer brick 

« M 438 310 C#9J ^ 250 ttUonhW 

292 +2 *367 2« T734 26B BUNowSOC 

U no 75 S.7S - - BCSas— — ' 7 

« Z: S 93 05 40 155 ^Z. 

97 113 96 121 2, 352 frara, » 

14 *T7 1 < 7*» 282 - - CanboiBk 

182 -1 <»4 1B2 M.I 53 178 CMPadBt. ■■ — — 

E24 -)l ECTA eta 4W8 - - 4pc0eh 

IM ~-i 4» m I ErtwB«*ZI ■? 

a :z ™ ^ 53 ,8 »! ggfczzzj 

TO Tl 391 ,20 478 - HuoaortBay ¥ 

!zi9S aMBS5=! 

* -Z 71 49 107 23 - SS oS «mu 

RtaAMrt— ¥ 

UNICATIONS H^ZZS 

4 or ,994 IM M Im»f«i ; h 

Price - Waft Mr CapEm Grt HE Trans Can Plpo — - — ¥ 


Print - t*jti tow (Mrtm Grt 

i 1 as sa a 

rr* “ft? 4"®!“^ w S 

z- — * •% ijha la im « 
«- ’4 fs ™ “ "S 'A 

170 Up *2 265*20 167 Up - 78 


*}. » «h “ 11 " ’“ss 


“5=L^Zo m ^ 7H 32U 

GookM EomfioOl-O 54*2 « 50 

eSScz^ J - j j 

GoMt^Mn SnWrlCl *» -*1 S ^ 

Worrart* 1W "I 

tnelFMS □ « — “ ?l2 


4*4 7H 32'a - - " News H Spec W 

— 65 50 - 552 M onDanandiw 

~ v n MioaiaoTffl? 1 ™ 

H -TO 1MU M - - PmmS* 

$ £ ^ oT=7oi 

- « K - ' 

__ 62 38U - - ' 


77 -,B IS 72 "ft? „T I Hontshrook .Jjp 

mm "68 ,31 Ml 04 - ptaman __HQ 


SO 38 IM as ♦ urrionS<iua/e-.'*Q 

TBS 82 1712 25 20* «SP... .tM 


z: 

... -a*! 


a “5 is s ^ * 212 %r^J$2 ^ m S « 


a*. 15 *9 10 wmm'csi- 215 — 


006 

28 

J1 7S3M — 


?S MS «5 22 150 Sw&TO-ZjS 166 - 

31 2,*l 128 22 14 UcEnanAKJ 93 

330 253 4M 10 138 ffi^ZZZZ-J* 20W - 


11 51U 5*j J53 - - waiwdafc hd _ . • J 

100 .... 10* 77 478 J.5 -57 WMoCtynlUft «*; 

83 120 79 17,8 4.4 - wTui»MactalV— -f M 

MM 235 195 618 *6 * WOOdUBI ™ 


TO 59 807 52 18? Supoacapoffl— D IM — w «J 14 4 g™- 2 wn£E 4**» 998I.P CTl'iP 08 

ss s ui a :z a a » «^SS 6=3 ^ a-ai^ ’ss « 

IS -a « h 17.; » - » S 5 & ESz :::: S i a 5 a u 

4‘r *1 Ml - - HWomonPOrt.— M “ -- 71 K".£S M,t ,n S nS -U 12B 10H 4858 24 

li £77 h §5 108 : TELECOMMUNICATIONS S®^TZZ^ ^ J 496^ 338 Up t&o - 

TO ira MO 29 - 4 or 1994 IM YM tororW-Own^ ^ ~fy *JS 7u fro 48 

DO 10 288 - - Hom Price - Id# tan CopEm Grt HE Trans Can Hpe — _ — ¥ 0< +-ii 'Oft '** 

t<5 £42 382 39 148 „ _x+M 1 385*; -3 486 353*2 24825 Ilf 

£ S S ^ -15 “SSTifc 1 auS SOUTH AFRICANS 

s "A ^ a ”i SZ 3 ™ - - *- A« j?? 

ft § BJ : ft 3 !» ft iSB Si f ft, -: I S B 

■gl, 5 103 - - _i™5f,-srrr~ISi 789 42 992 506 8429 08 24.4 nrta 12B 75 121 78 ♦ 

2 i .IS a»*BK=* - 157,1 ^ UW E?5 az j a*i|: 

?s a m “textiles a apparel 5£S--zd n a ^ SS tSS i| 3 


nr X+ITI 3ES*? -3 486 353*2 HWB M 13.4 

Ssssrifto _ w a?i is ,s i 


WWW ■» ritawiTST. 

8 IK ‘ :3Star— 

“ 3? S » SS5K 
3S ?,3'SSS ” fi3 7 

7*1 ]4f 201 - - TEX 1 11 


’ft - S mi : a 


M -*] 103'J 03 1278 


^jSSIZZB IB*. «J«J| aTMoii^Sgi?— ® T-«S? |5 ^b^.- » - 

ESte± Jg isa»& » § PHARMACEUTICALS 


nww WWI - - - - C „ w 

YRM _ -i fa 17 * 2 

RETAILERS, FOOD 


29 28! 

68 5J4 36 
15 223 - 


*TcE wtrcL -U 3SBJ. 116ft 

■S 5 ^ 3 -3 


HMBonamaFd-D 2M4 
Mstfafts 23 


-1918 7.1 5^!** TV 
“ “ SotooTV— 


K“ig 4^J “ m *5 2158 38 2U 


wiwnmM- 8® -Jjj ~_i . _ 

Wtoramo -...-- - 4 Wj -ft MH 4n 

s^ss ,^-* 0 a z: i 5 » a - - 

NM^KlvWn sanded by Kdwari SactoHoa UraRed 
an ■ pddo otof. Sea ^dd« » Umdan Store Sardca 

INVESTMENT COMPANIES 

tor 1994 W Dton' IMNma 
MW Frio - m to nw P «H ynt— . 

tar- sa -a at - a w - : 

Efite rft 3 £ £ : : = MERCHANT BANKS 

sSss-kjs ft = ^ * " m i a ■ ft 

nun laimr. 617*2 -1 7WM -12 _ owUitdlniM 113 —ft '37ft 


317 261 58 >128 15.1 

M V ~ " 


24ft 43ft 40 ft 


358 - - 

659 19 68 


1094 MW YW_ 
di tow Cjolm &V HE *st« 


Mow. Pnw - 
N“! B3ft -*i 


- TEXTILES A APPAREL tgGZ=L « ZT w s»MO “5 

l 1004 164 Yld i S^aW-Dilnn li 06 *«S 3 5s *« 51 ^ ^ 

♦ AMWTrtt--!^ m rn "w ' “g « 15.7 QUU3E TO LONDON SHARE SERVICE 

nSZmSO Ho 1W :z a 1« am 48 ig PricMMtrtl^dnnaareSer^ 

AritodTertto— .t« sm 41 8J7 4M 1749 13 15.4 w Rmncrt Ttow IlXX*. 

taMMM "Sq n5 ZI OT 214 ams 59 iaj Companr cbsaScaCao are based MI BW» used ter B* FT-SE Adurate 

w H2LSES- M ttd Z 71 39 477 115 * SbomMCW . .. . . 


m Oara 
0-5 HAV PtoH 


w ,9w to.c^ & *BSEzfS £■ E 

■68 % Id® 35 ,48 Bradterd»1dBe -*«CI S — 


■E 5 j- 1 1 J 36 as= 3 f it*)W H M " 

lilliiii^*jll.!i : «.^ 45 IS 


1'6 ™ Ig — 

222*1 2892 5.4 *18 p^ii^mir N 198 - — 226 


74 105 38 « 

Tl 253 54 203 


92 151 « 625 

EZ2*’ Wj EM*.’. *2'/. **■! 


' owy Farm S ... -*"3 

Fv&A N 


bS Z= m In «m g ™ gnj ^ Ts? id? mi 27 - SBof Z. « ^ 

725 _ « BS K?KSS? S^msftaj-isft 7TO »1W1 M -iHS* 


Boring Qaysalst — 

wmnb— — — 

Boring HdW 5--—-^ 


*8W 35 J46 S — *17ft % JAJ “ ~ ctootofl nrid-pricoi ora down w nonce lodoss otewtoo oarind. Urfs oral 

M ,.t SriMlSw Jg ■— Jg Sa IS 2*)5 t^^«**»W<nl«Pprito 

S is issues *« E ^ s » *»- 7 

•S asiESb £ .± ,2 I S 

^ ’u 158 -1ft rn ^ Mg li 17.4 iMWcapriataarioi damn h raiadaied se^raWy M each Inn (d ozrt 

1 S a See# a a 41 1 i s, ^ 


407 58 158 SB3iiS5ZZ4W 

.^2 Z CarnporitoD — .-■ 


76ft -2*J 137 76ft 1^4 48 111 CajTuB H U. H -ft 


384 344 TO.7 24 198 SwriaeWhaw 


AO m3 ”5 m m 12 ,60 - j-L-Jiia g- Zii tSS mi ffi ri « USU-Mi • V: 

imem 4= £ JS : :as&dS J 53 J 1 l) S*- Z 


BO 37 1W8 «M - CtoOTmri 32381 

108 87 2968 1.7 168 ojjt, yWefc — .!«□ 201W 

-2 371 186 I8S 54 - IQ 5 

... ,079 653 1115 2J 137 craadfcTerl liS 484 

-1 211 133 4408 31 69 [fcwjoo lari .__J63 133 

•_3 ^ «^2 45 9; gs«Sfc— ^ '£3 

— TO 133 268 24 178 {CrSSZZZj! 28 

18 9 650 - hundliria 74 


398 150 1877 

230 21 228 


46 7.17 54 11 D ^QlH- . ... 238*2 -** 


TO -1 ,41 99 9933 09 


SSSuizip ehwj ««£ «*fe ?^5 z1 - : ssftsr- ■ -HH 


■I) 252 178 96.7 28 - ^ H Ml 

-2 232 165 211-3 50 92 M » 

... *148 89*2 IBM 2-5 34* fS3lfO £* » 


48 *198 136 

W — a If 

06 126 94 


1994 IM YM 
n tow CapQn Brt Pff 
7 93ft IL8 iau 


IB 2JC - - fafeateri Net Asart Vataes (W fe) OT s»awi_br ton ^Trgto^ 
94 112 48 168 nnorr rm -nae. nam Mini cm percgteQe cfcqmte g del °» treratan o 
« g8 3.7 | cura* tHring riiare 


"SffiT^zz ?S5 ^ ■ 

_ HratlftcMcS ¥t a ~T «, 

# 6T (M. W gJP H& S' 

b saasf“ is ii® « 
BSSS*"! i rs I 


* § 55 - “ 93 

B'S 3 : 


rST ..lrKJ 247m *2 » 200*2 5W3 «"wk,MJ3g 

n ■ warn SocCv 2005 m7 tl3Z^ £113^2 2 JmL 0 ■ __ hkolto, — -iWU 

PACKAGING jBJL” « ... « S !S» a !u 


£ IS a ’ft ja ’H ♦ PRINTING, PAPER 8 PACKAGING j, ’Z ""ft 

J J;1 b sss 1 ? *“ ta0 s. S-. m ■■■ ” 

S « £ SSS B 'S *—-3 S - ™ u „1 RETAILERS, GENERAL 


102 S0.6 20.5 


gggglann,) Hg 





61 
1305 
ta*5 
82 
M7 
«N 218 


a j a i’r fflSsrfE « -■ ss« 


Q 40.7 
9 138 

1 g at" 


tor 

Nona Pnce 

. n 38 ... . 

AWNI ) 2,4 

. tND 340«) -I'j 


«N 218 — 3W «•« «“ — "T^cTpSZlT 176*1 -* -7J5 ISS toK-'.J -J fg jS; ,53 S " - uw5=-ai 

OIL EXPLORATION a PRODUCTION *** ~ 2 ^ ^ ™i <| ^ JSSlW 41 "* § IS S m ll! 

Hotel Pnra *- ^toc|n Si HE j ^ J[ j| ’ IS? g^''' J S “ I 3 » ^ ESErf 

Afcwte-^Q 4H _ Sft mi : = lew ._ « ig «Sg il HI g~£« ^ -■ 1 » K ™3* 


422 279 i*w Horace 5ml W » — » 

Jacques Ven W Ig — 2JJ 

AL Jowne. TN m — «[ 

RL Jones Stroud 8 *3 — *® 

1994 W W UnteWIHBi Jj «• -r 

Midi tow Capsm Of* WE Lamort — -tN 3«d +1 « 

80 35 28.7 - - Leeds- ^ „ 

248 KB 2206 36 168 LesfleWter. FO S S 

410 307 1819 1* *7-? UsriEr—- 8 *• I? 


23 '—*2 *31 22 308 13 «>• * 

73 -2 91 64 68B 53 ¥ 

M 90 48 279 - - 

m Z: 211 173 178 38 168 

m 73 55 498 1.7 75 

TO 260 81.1 38 16B 

TO Z *202ft 132 165 54 12J 

iM 41 465 333 1851 4.4 110 

*79 *340 265 80.4 2.7 142 

W 3 88 61 213 75 14J 

si a 33 680 a* * 


191 385 48 21.7 Law(RH) 13 


toiWSUorwr-Jd 
JF ANA Select- — - 


m -h 


swj, -v 777ft ^ : : : 
^ fflft C4 730 88 

ms ~=$ -^1 % « 


34 __ 66 33 680 0.4 
Bft .— 7ft 7M ~ 


168 133 628 58 175 PEX — ij — T ncc ,a ico 17 98 

!S '8 «? K rf » Jl m 'S m u im 


in I m B« 689 54 54 

1 Z ■»! 16*2 4*3 03 44.B 

Xte -1 -J8h 29ft 108 4.4 - 


St ^ « 

B2ft -1ft ««ft 


-s 1 ® -g 

^ — z SzS S 

®“ s — ^ IS? ^ 

SSft -Ift 1389ft 792ft 

S£lZZ mS -ft 174}« B3ft 



~n "b 42 188 - - SSlnris - MNO lEttd 199 4*3 35 125 BtecfaLetaire WD 

39ft H S 24ft 1038 - 238 S22U vi EH1J Eiai? 1^2 ‘ !, *7.7 MyBWP - 

» li * JM c ; : oSSLk_.ih ^ *ft 3» =«ft '«" r; ,6 i ™: 




Whmms 

Jaiana FaidS 

Jj gwft ant* 

JawftflES- — “ 


eBSft rft B74^ 

213 Z M 

2ft — A 


- -3SSpS? 


sarfj 51 ri 

taP*to_*ao 


Wft £B1ft 15441 58 - rSST - -M 2W 

i ig g «« asses » 

4 !ft 25 ■ DeLoftra ^ !SE 


N M Z! 88 14 

g 3S , 8« 

SC— S I S j 
sas izz SS - *4 s 


TO 94 M 107-9 10-' OBB-TeK 4Q 




m 42 77 

40 -ft *6* 

^ ^ l| 

«ft 


36 35 3” 5* ,,4 HrwniW-an » 

145 100 408 4 5 JJ-7 Brown (H) . 

439 M? W if *}9 Bwwn - ¥» 

1021 825 1831 2.5 215 Cano, . .. £ 


TO 3B 537 97 56 PerttmJ .—A}SD g 

49 29 114 98 - retards. *tjD 68 — 

264 ,95ft 4111 18 193 Hoadtoullnd ID 7^2 — 

goi ear &.3S0 38 162 Rennon Wj JJ — 


53 1*3 34 


112 74 145., 58 128 

90 72 114 48 7.4 

OS 43 1Q.1 97 


crauM m net vriHi. eomodMcs camarted and wsrada mttotd B 
dUMDceua. 

□ tedteriM 8» most acttW *raW sa efc t. T M a ' ^ 

teeoes Mr cash 

| Sn JS^rt'iSs^ordctoffod 

* 4 SrtS*^S^BwmineraaeBBM. 


#tnN 2Z7V) 


514 n BU, -O' — ■ • 43 ge 43 1IL1 

2ft -- *«ft a JK SS"* 1 Z 1'* « *2 78 43 183 


sJ S A "s? H 12 SSftzzza ig i| «« g g ’g 

IS .-4 a a l« H »| i£T^.?Z^ 14U -Z Ig 137ft WB 38 « 

fS MB IE 7* ^ r 16 27 9 SJrrtaf ID 9BE1 'JO * , n ,■> 

E a a SS M S? S^zrzg i = g ? 9 £? g ® 

a ..:! a a J «ft -a « ^ « « 

a -a a g ig « ^ E a ,£ g g *g 

TOm -- 353 245 2648 3 5 * Ifcriaffl ■«“ 4. 34 204 42 98 

191ft -2ft 2*7 170 7618 O 203 VhaL.- -v{j ,-JI ' . n 42 7.70 35 131 


35 20ft «38 

10ft 5ft 283 

30 lift 1U 

201] 15 128 


“ fijowayGnw—^t?. 

: :SS&“=B 


r — ¥ *oft ♦*• 

‘feiB "« - 


= seSzz^ 


IS '-*3 « S 

iE-a-fl ’-5 


IB — 
2ft — - 
22ft -1 


84 SB K5 - 44.9 Kuf™ ‘ bM 11< 70 086 25 14 9 camelriqlil -- **4' j Jg 

77 « - - - KS*Sd:'“" AN l£S — ™ 110 “-l “ Chrcaamn .*». 16* 

38 1633 1.1 - E58 »,6 631 ft *72 5232 *4 »J Qimn . - . (M *® 

£ MS - - ISS£S5in SS ® 101 75 304 4 5 77 cw^car*. WMj 

- - £22fff"'TS 333® Z <30 302 *345 48 IJ.4 cy^^AS . I® 

- - towns ft 121 — *® ,S * ia2 ll Commeion — » » 

- Sm5*“ — 232 311 228 W £ 7 18 1,0 CeuntrT Cjsuate . N 

8 22.1 9S222 ii 3 30 3 *-74 - - am . . N 762 

- 05 4*rl in "I| -233 1 40 428 i0 334 nRF^um . M ‘ 2S4al 

- - » *so TO* *1 JinSSr. - »i «>ft 

: 23iS£ : ^ .S -3 « a ’S ri mOrCH 1 

- - “5* iBDn2 r - 5G . 70 45 48.4 3 5 RneAnDpr* . .. D CT 


— “J* J, 5 “ -7 fleU Group 9*3 232 

♦i« sift :pft aa ib ai jj a 


— r 114 - 05 168 

_ 12ft 1H 488 - - jnen.-oiCZ.fJD ,51 

z A « “ : 2si is£SsL"V- ,iw 

z 5 £ m ; 

~ £j,S U “ Itocrttom. *ft 288 

-2 489 370 1859 58 - 25 

-ft 720ft 41H a.1 - - Hrov vra 11* 

- 1 ? aft S SS M ,B ! WD « 

♦1 32 19 |49 - piMn MO 172 

_ 8ft Jft JM - - pS«S_ 899 

2ft 1*2 390 - - rkattf frmrihirm AID 41 


S Eteater Jo pami— 70ft ZI W « 

sSSSdSTs-Z ora j* ^ £ 'S 

i 5 gp"-a *s 3 & jl 

SE tot«1 W8S-__ 10^4 “fi ^ 4DH 


75 -*2 100 71ft t»8 M - ~ 

a _ "lift 7ft ill - r wwi4ii()ten — 

M 284 167 192 3 2 * Yoridydo 

S -7 326 2,7 1758 3 6 14 7 


J7 

10W — 
82 — 
2fiM -3 


185 141 21^ 37 128 OTOB 

,80 87 9B.7 45 98 bHg 

TO 137ft 885 10 90 

149 98 928 99 142 oOcte 

TO "7 11-1 4.0 122 a Con 

04 50 498 *2 158 I Rat 

30 19 3*1 92 137 bM 


"Z 99 47 ,9.1 &9 1,5 
;:_ 132 105 921 73 31 


44 34 204 42 ?8 q 

TO 42 7.78 35 IS* p| 

*72 54ft 131 IB IM S 

m OT 258 30 118 o 


“ I tteerttono. tW 

“ Wane. __J4-i 


JH2 25 
—ID ,« 


271 223 CTM 1.9 314 . H 97 

34 18 980 - 3Lj Hj^ftowra ~*J- » 

130 ,18 31.7 40 JO 1 Bfcai cryinea C-N 2M -• 

TO 06 26.0 42 177 c-r-a _ fldJ 230TO 

SO 172 *18 5 * 3*6 S •- tN 6M -. 

820 513 4630 3 0 108 ccasrans -AtoNJ'l 131to .... 

44 16 38-7 - * QraaiUrrrtrsS WD K5*d 


» ^ 4 - ”- TOBACCO 

TO 74 134 18 145 *« 1994 W W _ 

276 124 388 - 105 Nuns Price - hgl to .^1 

264 205 1918 2? 232 wka 411D 4484 — - . 3 g l3 g 7 _ 

“ 1? U 7 S’4 Wftpclii WB- EIMft -A nilft K 18 228 


SpankhSEWrOrt — rS 

iSCcz m, -* a 

YSto rM Tnat fftnd -D gfe 1 

UndooStero 

LEISURE & HOTELS 


Kzs6 _ 


-ift iw 85fift 
-ft 550 . 387 


ift Z 2ft ,ft MO - : fl 4, 44 K 3*7 2 - u - «* 

4KB, 430ft *5? 895 27 2,1 “R n® :.C £1 “ £*« 350.* *•* -...¥*fl* 

-a J j; ™£ 4 *" - :|E-— ,jg SSi*^-” 3 !,', Ti S | 51 Ss?S“.«S S 

jA ^ ^ w if w m SfczzfE A -ift «« T 3 J 5S : ss^ - --B 

3 .3 2 a .5 X » :i-oS '% ,S i! J 


n a -Z nrr w. ■*= — Sam* l '- »unHi -is ■_*_■.* in 

J. % ± ■S "S ii : SLse^R 'Si ’S “S « :« u? SC ; J » 


— — -^i PI * 
imSsgol. — fa 

HtrilMWd sa 


t «Sfr 
v 2SM 


f38ft -1 T?!? 

u ^ 

1438, — — 177 

« — J5 


BU IB 128 ~ 

"S T S ^ “ 


-10 5ft 5*7 - — 

« 4 SA • — 




« _ *! »> * 
% = *S ™ 

j 


I 7 mu • V -- 

'■I iffixw. — - — *t»D m 

SpOrM W6 

: SSS2SS ,J1 -|ln » 

Vtssnupa^ — >T*A_J iW 

I VHndmanfYsesAW 147 


-3 X = rtS ^ S Mi -ESz S “ = 11“ “"-Ttazf5 S 

Ofc 1» J»J 4 % - »s «- : -S5g±!E S 

-i ^ — «S i« B : i « 

li = i H a» : &apd * 5 ? 4 ■S S ,i 

STiWTtCjl ' S, _ » g Ss uuM-iiH —I*. 

- 22fi — « 1 Hi Ml U 202 Bgger.CS.. a -SI i S cS 8W Ii - NWlanfl»-.#IO 3W 

Mlri —. *» « im IJ 118 B « MD 22 ♦ SftoeCaMH — Oft 

m 87 so 334 - - An^nS James — _ left 

S - S 5 K - : *5 

, a>! *<ft -37ft i4ft 


133 10E *18 9* " NABtoqlwn - Jki 

•an 209 232.1 47 110 MuerOp - -»« 

511 365 2945 l- 249 OrdtancinU .W 

ion ua 328 2S 19-6 OMninarttmstL* 


TO K *37 Ti g JSffiWBSte JS TO - 337 2854 18 228 ^tert I«r6 gr^s i— - 

^ SS TRANSPORT 

-1 227 178 44D8 33 173 +W 1994 MB YW secoBy BMlWI, nflestlolrt EMor’e AacreliB 

-7 178 *& 4|u3 JSS S3 “S “a > C ^ « ^ FT Free Annual Reports Senrtco 

-a S ™ 3 M 5S£3 3 * "SIB If wj You can obtain the current mnuaMWaritn 

.4 TO 277 3*1.1 » 98 togwrtn-igg IB W ^ 143 « 2.2 2, 9 report of any company annotated with * - 

- ?S IS MM 38 174 bSl.^:S3c « ^ ^ pKse quote the code FT7408. Ring 

Z ,22 B? 12-0 *7 2S 1a fie,’. ri2 B»45 08 081-770 0770 (open 24 hours Including 

5>] 400ft 380 11,12* 3 0 175 

™ JJ 7 M !K cSofnBM~?a A -ift ik wft u 138 from outside the UK. ring +44 81 770 0770 

■* i bv aagssfis 1 ~ is am ib ata^eiTTOMH^vMjM^ 




ssi-irzJSt 1 -■s 5 » B . : - 

* n ' 'i m M 48* *8 108 

1B fi — S • •• .«4 H * S!?sa * 5 = 


vd 335 23 ,85 own J Mdnscrv ■«.' 28 

Pariridoc Ftot fN B 

P«c^ Wft 

OSBflm -H I65« 

m w, jjaftow .Ml » 

TjAEm Q'1 P* Who 'H™- .*i 


3Q I, 335 250 
28 -2 35 25 


z: as IM II 


- AndnS James 19ft 

- - A19M — a sh 

- flnesiwEsB.-— □ 78 


WM Yld Measm 

won tour Carl Em Grt P* Mm 

Tft* Gd 668 SI 12J Rosetirs .. . 

1“ 91 378 7 8 - tort-. 

j, 1 7ft 100 - " »■«**_ _ 

270 253 1439 - ' 

70 S3 132 - SmimWHi. 


tN, • 140 

Ho 107ft d 


CSy Cadre - — VO 71 — 


74 4*98 as 155 &nta 


im _Z m ill wo - - 5 *»pccvpi iss 


- fiaiS® 1 - iS m 93* 3* «>B SuftdwAS 

- AsriaPnai — StNn ,1Td *1 ^** 101 its 6 7 - Swoto-tse 


2,4 -I 2K 


"3 J 1Z W* - - ' 440 +7 9SS TO 1*u» « •»" up-m-uwacwiu — 

'S SI II U SSs^'.ZZZ C6ft -ft EMt »ft ^ « ,.r telephone from the FT Cityline serw». See 
I ? ™ 8 Sc&-« ^ ^ 3 m S3 Ii 1«1 MaSteys share price pages for details. 

to i« 27.7 *5 ,6.4 188 ZI 2M ,25 iM.i *5 14.7 international service b available for caBera 

■s K 's ' - 'H&fflHSg 5 - s ffi a 1a ^"uk. ^ &*> 

” ^ 1 " 235 tom3I"^3d S -1 ,71 V 208 u - ^ ^^73 4378 (+44 71 873 4378, Intomatfonal) 

1 TO 770 2 a§ 35 »! 32 ^ SS 3iSft iS» *.7 132 Kw mere Wormatton on FT CityDn®. 


0605 32 19.0 (terns i*i AS 







WEAR YOUR 
POPPY WITH 
PRIDE. 


$ 


FINANCIAL TIMES 

Weekend November 12/November 13 1994 





Your Sw a dW iTriKjMa Paitur 

URT«t 071418 0308. UK Fme ffTl 4fft030s7 



GEC appointment adds to Wales and 

, . . north lead 

speculation on succession 


By Alan Cane and 
Deborah Hargreaves 

Speculation over the likely 
succession at GEC, the UK's big- 
gest electrical and electronics 
company, intensified yesterday 
after Mr Peter Gershon was 
appointed managing director of 
GEC-Marconi, the group’s most 
profitable subsidiary. 

Mr Gershon, 47. is managing 
director of GPT, the telecommu- 
nications equipment joint ven- 
ture between GEC and Siemens 
of Germany. He will replace Mr 
Roy Gardner, 48, who has been 
appointed finance director of 
British Gas. Mr Gardner will 
remain a non-executive director 
for the period of GECs bid for 
the submarine builder VSEL. 

Mr Gershon. Mr Gardner and 
Mr James Cronin. 56, managing 
director of GEC Alsthom, were 
appointed to the GEC main board 
in July this year. This suggested 
that the choice of successor to 
Lord Weinstock, wbo retires in 


By Raymond Snoddy 

British Sky Broadcasting, the 
satellite television venture, yes- 
terday announced a marketing 
tie-up with British Telecommuni- 
cations to offer discount tele- 
phone services to satellite televi- 
sion subscribers. 

The deal comes three days 
before BSkyB launches its flota- 
tion prospectus, expected to 
value the company at £4bn to 
£45bn, and days after TeleWest, 
the largest UK cable company, 
revealed its flotation plans. 

BSkyB, a consortium in which 
Pearson, owner of the Financial 
Times, holds a 17.5 per cent 
stake, insisted yesterday that the 
agreement was designed only to 
“constantly improve the proposi- 
tion we offer our customers”. 

The move will be seen, how- 
ever, as an attempt to undermine 
the competitiveness of cable. 


Back EU, 
say rivals 

Continued from Page 1 

increased. Yesterday an opinion 
poll in the Norwegian newspaper 
Aftenposten showed far the first 
time for several months the Yes 
vote moving ahead of the No side 
- by 46-41 per cent - if Sweden 
first decides to join. Another poll 
showed the two sides equal at 41 
per cent in the same circum- 
stances. 

hi Stockholm, Mr Mats HeUs- 
trOm, minister for Europe, said 
Sweden would push for greater 
openness in EU affairs. He said 
he supported demands for the 
results of votes within the Coun- 
cil of Ministers to be published. 


two years at the age of 72, would 
be made from the three newcom- 
ers together with Mr David New- 
lands. 47, GEC finance director, 
and Mr Simon Weinstock. 42. 
commercial director and Lord 
Weinstock’s son. 

City observers believe Mr Ger- 
shon is now favourite after an 
energetic performance at GPT 
where he has cut costs and 
improved profitability. He took 
over the telecommunications 
company after working for the 
computer manufacturer I CL and 
as manag in g director of STC 
Communications. He was not pre- 
pared to comment yesterday. 

Mr Gardner said his decision to 
move from GEC had been taken 
several months ago. He had a 
number of offers, chiefly in elec- 
tronics businesses, but had 
derided to make a clean break. 

He said the succession at GEC 
had been a consideration, but 
tha t s imilar opportunities existed 
at British Gas. 

His appointment was greeted 


which offers discounts of about 
15 per cent on telephone services 
as well as television channels. 

For the past year BT has sold 
its own branded satellite dishes 
in a marketing drive with BSkyB. 

Mr Richar d Woollam, director 
of the Cable Communications 
Association, the cable trade 
organisation, last night s aid the 
deal would have no effect on the 
TeleWest flotation. 

“We have discovered that BT 
can’t sell satellite dishes. We win 
now see that BSkyB cant sell 
telephone services “ he predicted. 

For one year, BSkyB is offering 
BT discount services at an addi- 
tional discount to subscribers. 

BT PremierLine, which usually 
costs £24 a year in advance for a 
15 per cent discount on calls, will 
be available for a monthly fee of 
£L50 to Sky subscribers. BT said 
yesterday that someone with a 
£100 quarterly telephone bill 


Continued from Page 1 


As the Royal Ulster Constabu- 
lary made a public appeal for fur- 
ther Tnfnr matinn nn another man 
believed to have taken ppt in the 
attack, Mr Ken Ma gimds, Ulster 
Unionist security spokesman, 
said he thought a total of four 
people were involved. 

He said three had served prison 
sentences for terrorist offences. 
“It will be interesting to see 
what, if any, action the IRA 
intends to fa»kn against Hie thir d 
and fourth memb ers of the gan g 

who escaped.” 

As the Irish government Joined 
London in emphasising the 
impo r ta n ce of keeping the peace 
process on course, it emerged 
that Mr Gerry Adams, president 


with little surprise in the City 
yesterday. British Gas shares 
slipped 5%p to 291p as analysts 
cautiously welcomed the appoint- 
ment. Stockbrokers are relieved 
that British Gas has brought in a 
director from outside as further 
evidence of the drive to change 
the corporate culture. 

Mr Richard Giordano, chair- 
man. is himself a recent arrival 
at British Gas and has pledged to 
convert the company from the 
inward-looking mentality of a for- 
mer nationalised monopoly to a 
fast-moving international player. 

“Roy Gardner’s line manage- 
ment and overseas experience 
will obviously be useful, but be's 
unlikely to be able to change the 
core of the company or its perfor- 
mance,” said Mr Steven Turner, 
energy analyst at Nomura, the 
Japanese securities house. 

However, Mr Gardner is well 
respected in the City for his 
efforts in restructuring STC. 


See Lex 


would save about £42 a year 
through the Sky offer. BT’s 
Option 15 discount scheme, 
which gives 10 per cent off direct- 
dialled calls for £4 a quarter, will 
cost £1 a month through Sky. 

BSkyB is the first organisation 
to join BTs discount schemes, 
1.7m telephone users already 
have Option 15 and 263,000 have 
signed for PremierLine. 

BT said yesterday it was pro- 
viding the service to BSkyB at its 
normal price and that the satel- 
lite company was absorbing the 
cost of the extra discount for the 
agreed period of one year. 

The marketing deal with 
BSkyB could help bolster BT’s 
commercial counterattack on 
cable. Over the past quarter the 
industry has connected more 
than 36,000 telephone lines a 
month. By October. 50 cable fran- 
chises were offering services in 
competition to BT. 


of Stun Fein, the political wing of 
the IRA, will fly to London next 
week. It will be the first time he 
has visited mainland Britain 
since a ban was lifted last month. 

Hie is expected to spend at least 
two days in the capital. The Irish 
government is likely to seek fur- 
ther meetings with Sinn F6in 
over the next couple of days. 

With the need to dismantle 
paramilitary arsenals now firmly 
at the top of the two govern- 
ments’ agenda, fee issue is expec- 
ted to feature prominently when 
Sir Patrick Mayhew meets Mr 
Dick Spring, the Irish foreign 
minister, in Dublin on Monday. 

Mr Spring denied that the Irish 
government had acted too 
quickly In drawing up plans to 
release nine IRA prisoners. 


the way as 

recovery 

continues 

By Peter Norman, 

Economics Editor 

Wales and the north of England, 
the UK’s most export-oriented 
regions, are leading the recovery 
among British manufacturers, a 
quarterly regional trends survey 
showed yesterday. 

The survey from the Confeder- 
ation of British Industry and 
Business Strategies, a regional 
economic consultancy group, 
said Wales and the north had 
reported the fastest growth of 
Britain’s II regions in terms of 
total demand and output in the 
four months to October. The sur- 
vey was carried out between Sep- 
tember 23 and October 12. 

Of four regions that reported 
order books “above normal”. 
Wales and northern England 
produced the strongest results, 
followed by the West Midlands 
and south-west. Wales and 
northern England also reported 
the highest level of anticipated 
export orders for the four 
months ahead. 

New orders rose in all II 
regions for the third quarter in 
succession and output increased 
for the second consecutive quar- 
ter. Companies in all regions 
expected higher export orders in 
the four months ahead, while all 
regions except Northern Ireland 
were more optimistic than before 
about exports over the coming 12 
months. 

Manufacturers iu 10 regions 
said they intended to authorise 
increased capital spending on 
plant and machinery in fee next 
12 months, wife companies in 
Wales, fee south-west, fee Mid- 
lands and Yorkshire and Hum- 
berside showing strong invest- 
ment intentions. Only in East 
Anglia did companies plan less 
investment. Paradoxically, East 
Anglia was the region where 
general business confidence was 
strongest 

Mr Charles Burton, BSL’s joint 
managing director, said the 
strong export business of manu- 
factnrers in Wales and northern 
En glan d explained their strong 
showing in fee survey. Thanks 
to growth in world trade, those 
regions, which also benefited 
greatly from inward investment, 
were now catching up the West 
Midlands and the south-east, 
which had led recovery. 

Manufacturers in East Anglia 
and Northern Ireland lagged in 
the latest survey because they 
depended more on domestic 
demand and consumer goods : 
production, he said. Manufactur- 
ing in north-west England also 
suffered - partly because of the 
region’s dependence on the 
defence industry and a relative 
lade of inward investment 

The survey showed upward 
movement in prices and costs. 

CBI/BSL Regional Trends, 
November 1994. Subscription 
details from CBI Economic Trends 
Dept (071-379 7400) or BSL (071-630 
5959). 


BSkyB makes pact with BT 
to meet challenge of cable 


Ceasefire ‘still in force’ 


FT WEATHER GUIDE 


Europe today 

A series of frontal systems associated 
with Atlantic tows wiD bring rain to the UK, 
western France and parts of Spain and 
Portugal. Temperatures will range from 
12C in the UK to 21 C in southern Spain. 
1-Sgh pressure across southern Sweden 
will expard towards the Baltic states 
drawing cold dr to the south and west 
Temperatures wfll fall considerably across 
central Europe and there will be snow 
between 300 and 1,000 metres. Poland, 
Russia and southern Scandinavia will have 
sunny intervds. Italy wfll stay mainly dry 
with surety periods. Low presstxe over 
south-east Euope wfll bring showers or 
outbreaks of rain which may be heavy. 

Five-day forecast 

Active depressions wfll bring milder but 
unsettled conditions to most of western, 
central and northern Bsope. There will be 
outbrea k s of rain and temperatures will 
rise to between 8C and 14G. High 
pressure wfll keep most of southern 
Europe dry but Greece, Tufcey and 
eastern Spain will have showers or 

outbreaks of rain early next week. 


TODAY’S 1 




Maximum 

££3 

Mr 

11 

Caracas 

Mr 

30 

Pare 

Mr 

21 


Ceistus 

shower 

11 

Cardiff 

ram 

13 

Frankfut 

Mr 

9 

Abu Dhabi 

sun 

30 

Betpade 

rain 

a 

Caadatmca 

aun 

21 

Geneva 

lair 

10 

Accra 

Mr 

31 

Bsrifet 

ft* 

i 

Chicago 

Mr 

10 

Gibraltar 

shower 

21 

Algiers 

Mr 

22 

Bermuda 

cloudy 

25 

Cologne 

drzzl 

10 

Gtasgow 

idn 

10 

Amsterdam 

ctad 

9 

Bogota 

shower 

21 

Dakar 

sun 

29 

Hamburg 

dandy 

3 

Athens 

shower 

21 

Bombay 

Brussels 

Mr 

33 

Dales 

Mr 

21 

HetaHd 

cloudy 

-3 

Atlanta 

shower 

18 

cJoudy 

10 

Delhi 

Mr 

29 

Kong Kong 

tar 

27 

B. Aires 

cloudy 

24 

Budapest 

rain 

5 

Dubai 

aun 

30 

Honolulu 

tab- 

31 

Bihan 

rain 

12 

Chagen 

ft* 

3 

Dublin 

fab- 

12 

Istanbul 

ram 

19 

Bangtafc 

Mr 

33 

Cairo 

aurt 

26 

Dubrovnik 

shower 

16 

Jakarta 

Mr 

33 

Barcelona 

Mr 

19 

Cape Town 

Mr 

21 

Edfcixsgh 

rain 

10 


rah 

11 


More and more experienced travellers 
make us their first choice. 


Kuwait 

I- 


Lufthansa 


Lima 

Lisbon 

London 

LiDcbotrg 

Lyon 

Madoka 


aun 

dowdy 

Mr 

Mr 

cloudy 

far 

rain 

ckxti 

cloudy 

cloudy 


27 Naples 
19 Nassau 
2* New York 

22 Nice 
18 rfleosia 
13 Oslo 

8 parts 
11 Perth 

23 Prague 


Mr 

srai 

rain 

cloudy 

Mr 

Mr 

Mr 

cloudy 

cloudy 

Mr 

rain 

Mr 

Mr 

Hr 

sun 

fair 

shower 

Mr 

rain 

sun 

fair 


14 Rangoon 
21 Royigsvflc 

21 no 

12 Rome 
32 & Fraco 
18 Seoul 

23 Singapore 

27 Stockholm 

11 Strasbourg 
8 Sydney 

-8 Tangier 
5 Tel Avtv 

28 Tokyo 
17 Toronto 
30 Vancouver 

13 Venice 
17 Vienna 

22 Wosaw 

-1 Wa sh ingt o n 

12 Wellington 
26 Winnipeg 

1 Zurich 


Mr 


Mr 

Mr 

rain 

Mr 


drzzl 

Mr 

fair 

sun 

Mr 

shower 

cloudy 

cloudy 

rain 

Mr 

sun 

Shower 

Mr 

Mr 


32 

5 

25 

18 

14 

13 
29 
-2 
9 

25 

20 

25 

18 

8 

8 

14 
• 5 
-3 

15 
14 

S 

8 


THE LEX COLUMN 

Unilever’s lolly 


The Persil Power controversy has 
exposed weaknesses in Unilever’s 
brand management skills but it has 
not had a significant impact an earn- 
ings. Third-quarter figures were 
robust, indicating that the profits 
momentum evident at the half-year 
stage is still in place. 

The figures suggest that buoyant 
returns from ice-cream and tea were 
offset only to a limited extent by the 
vicious competition in European deter- 
gents markets- The message is feat 
across the vast and diverse Unfiever 
empire more is going right than is 
going awry. The margin improvement 
- especially marked in fee US as 
result of rationalisation in the deter- 
gents sector - is likely to prove sus- 
tainable after a long period of decline. 
The growth of businesses outside its 
main, mature markets is also an 
encouraging pointer for rhp fnhrm - m 
the “rest of fee world” category, 
which includes East-growing e mer ging 
markets, sales were up by 18 per cent, 
with volumes and operating profits up 
by more than 10 per cent But for 
rationalisation costs, margins would 
have risen sharply here too. 

Analysts expect Unilever to make 
pre-tax profits of about £2.4hn in the 
full year, up from £l-9bn in 1993. 
Thereafter profits growth is hkely to 
fall to -tirigte figures. This mnans f-haf, 
in the medium term, earnings trill 
grow more slowly than for the market 
as a whole. Even so. Unilever deserves 
to maintain its market rating because 
of its robustness and skill in extract- 
ing value from low-growth industries. 
The modest prospective yield of under 
3 per cent will, however, limit pro- 
nounced outperformance. 

UK equities 

The market's reaction to yesterday’s 
third-quarter figures from Unilever 
was typical of fee cur re n t reporting 
season. Although fee figures were at 
the top end of City Forecasts fee 
shar es slipped slightly on the news. 
Most other UK companies reporting 
this week also lived up to expecta- 
tions, but only British Airways 
received much immratiatp reward in 
its share price. 

In terms of earnings forecasts, ana- 
lysts' upgrades continue to outweigh 
downgrades by about two to one and, 
while British Telecom's dividend was 
slightly disappointing, Northumbrian 
Water braved fee political backlash by 
increasing its payment by 16 per cent 
The good prospects for earnings and 
dividends make the UK market look 


FT-SE Index; 3075,9 (-27,6) 


Unfover , — . . 

Stae price ratetve to tb*‘ 1 “V 
FT-SE-A Aft-Share index . 1 ' 



faiH y attractive: shares are on an end- 
1995 price earnings ratio of around 1SJ> 
and a pro sp ect i v e yiaM of over 4£ per 
cent. 

Yet in spite of this healthy back- 
ground, equities finished the week 
down almost I per cent One problem 
was that shares received no support 
from gOts which could not shake off 
the downbeat mood in US Treasuries. 
Here all eyes are on Tuesday's federal 
open market committee meeting with 
the markfttK waiting; in both Aar and 
hope, for a half-point rise in US biter- 
est rates. Such a move should at feast 
stabilise Treasuries and might also 
support a long-awaited tu rn in g point 
for the dollar. Given the better infla- 
tion outlook in the UK gilts should 
then continue to o u tp erfor m, allowing 
shares to rise in their wake. But it 
would be no surprise if investors sit 
on their hands until after the Budget. 

Attwoods 

Attwoods’ new defence against the 
B row ning-Ferns lad at least has the 
virtue of novelty. UK companies have 
occasionally tried to ward off preda- 
tors by promising p artial demergers. 
By offering to dismember itself, 
Attwoods is breaking new ground. 
Such a move has sometimes been used 
in fee US though n iton in i«nqjtmi»Hfln 
with a large, up-front payment to 
shareholders. The problem for 
Attwoods is that it is offering no rash 
now, and provides precious little indi- 
cation of how much cash will be avail- 
able later. 

If it had been able to put names and 
numbers on the expressions erf interest 
it has received, that would be another 
mat ter. But the document s tate s it can 


provide- no formal estimates <jf..pto- 
ceeds and add* Ihnp l y that 
will only be put into effectif Attwoods 
is aide, to afetere “proper” value for 
shareholders., .- 

To convince investors, feet the 1ST 
bid undervalues its constituent parts, 
Attwoods also has to explain the nob 
appearance of a white' knight ft 
argues that no single company would 
want it afi and that those which could 
afford the lot could, run fntn monopoly 
problems. Yet if, as Attwoods -main- 
tains, the break-up value is .really 
m u ch more th»n BFI is it is 

hard to behave one of fee smaller US 
waste groups could not nstfe up fee 
money, ft is just conceivable that third 
parties are watting to see Jf BFL raises 
the bid by ..next Friday.. If ai white, 
knight fails to- diow.-Attwbods’Tpre- 
posal wifl be a pretty feebfe substitute. 

GEC/Britisli Gas ; 

Mr Roy Gardner’s decision to leave 
GEC for British (tessuggastsmtrigtt- 
ing prospects for two af the IJK's Ja^- 
est companies. His d epartu re asGSC- 
Marcom’s managing director makes 
his successor.. Mr Peter Gershon 
front-runner to take. 'over from Lord 
Weinstock when he retires as GECs 
managing director. Meanwhile, . Mr 
Gardner's arrival as Gas’s finance 

dirpfffair ghcmld fn rlh ar plana to ahah* 

up fee former state-owned monopoly’s 
bureaucratic culture. 

Though Lord Weinstock himself 
may prefer to hand over GECs reins 
to Ms son Mr Simon Weinstock, teste 
tntiouat investors are hostile to fee 
idea. Mr Gershon has proved hims elf a 

tnng h manage r during four years. .'at- 

GPT. Not only does Mr Gardners, 
departure remove one rival for the top 
job; after a spell at Marconi, Mr Ger- 
shon will have had experience- run- 
ning GEC’s two largest subsidiaries. 

Meanwhile, Mr Gardner joins a 
- small but growing team of outsiders at 
the top of Gas, led by Mr Richard 
Giordano who took oyer as chairman 
aariiBr tiifa year. One of Mr Gardns's 
main tasks wiD be to ensure feat Gas 
does not waste shareholders’ funds as 
it presses ahead with its global ambi- 
tions. Investors can take comfort from 
his time at STC where its ICL subsid- 
iary was sold to Japan’s Fujitsu and 
tiie remaining telecoms business was 
then flogged to Canada’s Northern 
Telecom. Though there -was some 
hand-wringin g when two national 
cham pions slipped out Of RrHfaTi con- 
trol, shareholders made handsome 
profits. 



r 

Morgan Grenfell 




No.l in Europe. 


MORGAN GRENFELL 



EUROPEAN 
SECTOR AVERAGE 




CONSISTENT EXCELLENT PERFORMANCE 

The Morgan Grenfell European Growth Trust is the 
top performing European Growth Trust in its sector 
since its bunch on 1 lib April 1988. 

An investment of £1,000 invested at bunch wouM 
now be worth £4,343* rep r e senti n g a compound annual 
return of over 25%*, significantly outperforming the 
average European Fund. 

INVEST NOW 

We continue to believe that European markets offer 
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 or 
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 Rnsbsry Circus, London EC2M I UT. 

Please send me further details of the 

Morgan Grenfell European Growth Trust □ 
Morgan Grenfell European Growth PEP Q 

(tteasc tide box) 

Full Name • 



Address, 


. Postcode. 


FT 12/11/94 



4 


"Sowcn W uupu l oBw In bid ntk tncomr H lnmt s l lines loundi |H.4 .88) end 1.1 1.89 lel.l 1.9s. 

Phrasrartranh w <ial port pwfarmmca hnaliwcwMrilyo guidstebtura pwfe n mo H Cau'nwwAia of unhand inoBins from i^n raw EJeiwfl 

a» ran may periy b» lh» inufa cf m changt rota Huckj^cmL md tho i wrior may nrt od bock original exnourt inv»ri»rl 

raftsfr ora itioss cppBcobb at fan of prating aid a» bo sufafld to change Xfmr wain wS dnanden indMdud cfrcunutoncM. 
by Morgan CwnU bra^rart fanefa U|, 20 RnAwy Got. landw EC2M lUT.MwbrdlMto. Morgan GranM hralml faiAuJ 
is on eppoiitad rapresanlallva of Margos GranU IM Trad Manoggn Ik) vrfich k a mmbar of IMHO. lAJUIltO and AlSTf. 




FINANCIAL TIMES WEEKEND NOVEMBER 12/NOVEMBER 13 1994 


SECTION 2 


Weekend FT 




iMfSt'S'd ' .y. . -V M '• d‘ : ' y;." ; .. y - * ■■ ■ ; 

-gP' '• • ■ ••••■ •J'Vf- r • ' "'■’’i.i ' .. ; : 



Campaigners all at sea 

Are environmentalists now in danger of extinction? Bronwen Maddox examines their future 



reenpeace, the world’s most 
fembhs environmental group, 
defender of nature against 
man, now faces threats to its. 
own survival, it has been 
widely applauded by ffie puBBc as the con- 
sdence of the west ’^am 'feared lay PoJifi- 
dans mid heads irfindhsby: But how, both, 
friends and enemies. -are asking whether 
Greenpea ce ha s had its day. . 

Aa Pete Wilkinson, a former board mem- 
ber. says: “Greenpeace now has a fleet of 
ships r unning around the oceans looking 
fig something todo." . 

Many whaling vessels, harried so suo- 
cessfully in the 1970s and 1980s by Green- 
peace, have been chased hack into port 
The cargo ships which once tipped toxic 
wastes into the seas have been laid up by 
g ov ernment orders. On land, the worst 
effects of industrial effluent have been 
curbed by new laws. .. .. 

During the last quarter of a century. 


Greenpeace achieved extraordinary suc- 
cess in chang in g the relationship between 
advancOT Industrial societies and the natu- 
ral world. To same extent, it has cam- 
paigned itself out of a job. Moreover, reces- 
sion In Industrialised countries 
temporarily restrained pollution, and also 
reduced the money available to tackle it 

These tensions have resulted this sum- 
mer in bitter infighting among Green- 
peace's senior members. The row reflects 
fears that , the organisation is losing its 
voice: that it can no longer catch the pub- 
lic's imagination as it used to do, or pro- 
mote visions of a brighter, greener future. 

The campaigns winch won Greenpeace 
early prominence - against nuclear test- 
ing, seal culling, and whaling - estab- 
lished a powerful public image of coura- 
geous campaigners in inflatable dinghies 
risking their lives to challenge steel ships 
loaded with weaponry. 

. But the power of that image is waning. 


As Wilkinson puts it, the spectacular pro- 
tests which became the group's trademark 
have been becoming “a bit of a yawn: 
bigger and bigger banners on bigger and 
bigger buildings'*. 

To move forwards now, Greenpeace - 
and the rest of the environmental move- 
ment - must grapple with difficult eco- 
nomic and scientific issues which many 
Greens have so Car ignored. However its 
new quest for solutions to environmental 
problems is taking the group away from 
the traditional ground of pressure groups 
and deep into the realm of politics, eco- 
nomics and science where it has less 
expertise. As Greenpeace elaborates its 
theories of how societies should be organ- 
ised to meet its environmental standards 
they are revealed as incoherent 

Its present conflicts partly reflect the 
distance Greenpeace has travelled since it 
was founded. Its roots - and its evocative 
name - grew out of Canadian opposition 


to US nuclear weapons testing at 
Amchitka, a tiny island off the western 
coast of Alaska, in the late 1960s. Two of 
its founders were Quakers; according to 
the authorised history of the group, its 
tactic of spectacular non-violeut protests, 
or “direct action", was drawn from that 
religion's tradition of “bearing witness”, a 
form of passive resistance. 

Tom Burke, a former director of pres- 
sure group Friends of the Earth and 
adviser to John Gummer, UK environment 
secretary, says: “The secret of Green- 
peace's success is that it has always 
looked like David against Goliath.” 

But David is now GoliatbrSized. Green- 
peace operates in 30 countries, connected 
by electronic mail and fax, and has five 
ocean-going ships. Its annual income is 
about J150m from its 3Am members world- 
wide, even though individual subscrip- 
tions are low. In the UK, a supporter pays 
£14.50 a year. 


The Greenpeace message has proved 
particularly resonant in north Europe and 
north America: those countries . have a 
deep tradition of romanticism about the 
natural world, which also found expres- 
sion in the “flower power" of the 1960s. 

Greenpeace cleverly turned that sympa- 
thy into active support David McTaggart 
an American property developer, who was 
the group's charismatic leader during its 
formative years, and is now its honorary 
chairman, wrote to senior staff two years 
ago: “We must have at least one soft 
issue ... to take the edge off our 
'whack-em' image... Anybody who has 
ever tried to sell Greenpeace to the public 
knows that dreams are better than night- 
mares at winning people over." 

McTaggart, who now lives on an olive 
farm near Rome, also explained the way 
Greenpeace should convert its recruits to 

Continued on Page mu 


CONTENTS 



• * ii 


Food and Prink: Spying tortghti a'. - 
"top i*fef& v sacrots.-_’ 7-W Xt-- 


Peirapc cti Battling with -the 


h Brussels \. ! 


m 


..Sport: The dark world df bribes. Und ■' ' 
'jbungs •' ’ * .. • • XIV 

Arts; Martin Hoyle on radio; . . 

: Ctjrtefopher Dupkley on TV XVI 



• v . • •• v •• •• •• '.V 

... X- . «. i , ... 


!Traw**fc Caribbean special: carnivals, • 
Jamaica arid foe- Bahamas ' IV- VT 

Fashion: women who wear foe 

( trousers “* ■ - Vn 

- Hmv To Spend Hi What makes the 
. perfect briefcase? . . IX 


Art»~ 

Books. 


Bridga, Ctoa®* ennoword . 


XV-XVK 
— XV® 
XIX 


Food ft Drink. 
Gardening . 


~vm 
» XT 

-Xn 


HowTo-Sponf ft. 
.lamas Morgan — 
Motoring. 


JX-X 


XX 


Jtv 


■ ParapocUv 
P«p*hr- 

Sport 1 


-6-m 


XN 


rvcuKSo. 


- XXV 
-IV-V! 
— XK 


Weekend FT has bean nsstructuredL 
Readers wfl find Ibe weekly 
. markets reports In SecUm t of 

today's Issue. 



Joe Rogaly 


The appeal of an incoherent ideology 

It is five years since the Wall fell and the world changed. Western politicians have not yet adjusted 


I tve years have crawled 
by since the fell of the 
Berlin Wall and still 

we have 'not begum to : 

a mpre hanfl the consequ e nces 
>r liberal democracy. Before 
[ovember 9 I960, political dis- 
jurse in the. west- was clear.-, 
today all is murky." . 

Before the fan,, ah era that 
istorians may come to label 
IF. the fareagnjxflicy bf mem- 
33 of the Atlantic alliance 
3 uld be defined in a - stogie 
jntence. We had to counter 
ie Soviet threat. Now, AF, 
ie most powerful incentive 
tr action by US or European 
ijveriutbenis is the appearance 
r this war or that disaster on 
ie Httie screen, in fhe four 
Bcades BF, Nato was pur bul- 
iark; -in .year B AF we mast ■ 
under, as a .distinguished 
merman did privately, the 
ther day, whether there is 


any point to a defence alliance 
that everyone wants to join. 

In that other, BF, world the 
political union of the nations 
of western Europe seemed a 
sensible form of defence 
agaiiist ideological seepage 
from the east Now the reasons 
fin: the grigtenm of the Euro- 
pean Union are less dear. As a 
regional market' ft may make 
sense. As a political unit, an 
e mbryo n ic superstate, it does 
not The number of members 
wflT nearly double if all poten- 
tial applicants to -the east and 
north join. The likely outcome 
is that there win be a loose 
Ganllist confederation, Hs 
affairs heavily influenced by a 
tight German-managed, inner 
circle. /No. one has begun to 
learn how to handle that 

While the wall stood, domes- 
tic politics were not difficult to 
understand. In must developed 


western democracies the 
choice Lay between parties 
that broadly supported the 
free market and those that did 
not in the US the Democrats 
were perceived as the purvey- 
ors of big government, the 
Republicans of minimalism. 
Today, AF, all serious politi- 
cians embrace the market and 
some question the purpose of 
government itself. As a pair of 
generalities that is clear 
enough. The trouble is that, 
once having uttered them, no 
party seems to have a coher- 
ent idea of what to do next 
While they savour their tri- 
umph in this week's mid-term 
elections, the Republicans 
might reflect that they are as 
ideologically confused as the 
rest of us. Daniel Finkelstein, 
who recently picked at the 
intellectual threads of US con- 
servatism, could vouch for 


this. Mr Finkelstein Is director 
of the Social Market Founda- 
tion, a think-tank that pub- 
lishes papers more or less 
apposite to its name. He has 
discerned four separate intel- 
lectual strands among think- 
ers on the American right. 

Some Republicans remain 
wedded to what Margaret 
Thatcher, as she then was. 
called rolling back the fron- 
tiers of the state. Others would 
reform government by deregu- 
lating, decentralising, and cut- 
ting taxes. A further group 
looks to the re-establishment 
of moral values, particularly 
in regard to sexual behaviour. 
That lot should be watched. 
Protestant fundamentalism Is 
a peculiarly US menace. 

Finally, the Republicans har- 
bour protectionists, isolation- 
ists, and those who would 
erect barriers to immigration. 


These disparate factions just 
might come together now that 
they see a chance of winning 
the presidency in 1996. Do not 
bet on it. There will be as 
many different ideological 
messages preached as there 
are Republicans who picture 
themselves running for the 
White House. 

Echoes of many of the ele- 
ments in US conservative 
thinking could be found 
among Bill Clinton’s “new 
Democrats” during the latter’s 
victorious campaign two years 
ago. The Republicans' “Con- 
tract with America", published 
in time for last week's elec- 
tions, implied continued fed- 
eral spending and promised a 
balanced budget as well as 
lower taxes. The 1992 offering 
by the Clinton Democrats 
made about the same am ount 
of sense. The American middle 


class, which, dominates the 
voting, is plainly as mixed up 
as the politicians it elects. 

Nowhere is the frustrating 
search for a political pro- 
gramme suited to our AF era 
more evident than in Britain. 
The Conservative party is an 
unruly coalition of free market 
liberals, continental-style 
Christian Democrats, would-be 
f undamentalis ts, r anting little 
Englanders and sophisticated 
internationalists. The resem- 
blance to Mr Fmkelstein’s con- 
servative Republicans is plain. 

The government wants more 
privatisation, but is ham- 
strung over the Post Office. It 
wants to be at the heart of 
Europe, yet fight “federalism". 
It proposes less government, 
yet seeks to extend the hand of 
the state into every classroom, 
hospital and police station. It 
offers individual Liberty, while 


preaching “family values”. 

Hie policies put forward by 
Tony Blair’s “new" Labour 
party seem less self-contradic- 
tory, but that may be because 
there are so few of them. The 
Labour leader does not seek to 
return Britain to the 1970s, 
when his party was last in 
charge. After the fall that 
would be impossible. We must 
move on, he said this week. He 
spoke of Britain's “world-class 
firms and industries", talked 
of “putting customers first”, 
sought to tackle “welfare 
dependency", and, in a fit of 
inspiration, spoke of individ- 
ual business men and women 
helping a Labour government 
in a “whole range of quasi-gov- 
emmental activities”. His lis- 
teners, executives who support 
“business in the community” 
may have fended they saw the 
speaker grow pretty blonde 


hair and sprout a handbag on 
his wrist 

At the next election in 1996 
or 1997, British voters may 
well choose a business-friendly 
Labour party, complete with 
the promise of seats on quan- 
gos for Tories and business- 
men. The leader of the people’s 
party says that you will not 
even have to contribute to 
Conservative funds to get such 
an appointment He has no 
manifesto yet but believe me, 
it will promise welfare reform, 
national renewal a sense of 
community, more Jobs, better 
education - and low taxes. It 
will speak to the disquiet 
many people feel at “unfet- 
tered” free markets. The Con- 
servatives will offer the same, 
with tax cuts up front In the 
AF world there are no compet- 
ing philosophies, just compet- 
ing nuances. 



f sip, sloosb ‘n’ slurpathdn. 


Today's 
free tastings 


Au.wie Ret),' 


1992 Peter Lehmann Vine 
Vale Shiraz 

15.99 

1992 Mitchcllon 'Preeee' 
Cabernet 

£5.99 

19.95 Saltfam Shiraz 

L 4.99 

1990191 Pen fold 1 
Conncuearra Ca be me! 

Port 

19SS Smith Wool bonne 

£/9)<J 

1992 Montana ‘M Shiraz 

Pu lot Moir 

£5.2 5 

1992 Bailn/h Shiraz 

£5.-19 

Late BoltleO Vintage 

£7. 99 

1992 Wolf Bla.tr ReJ Lahti 


WarrLi Warrior 

£7.99 

Shiraz L ahcrnct 

£5.99 

1979 Graham’.' MalreOor 

£12.99 


10% off Mixed or 
Unmixed Cared 

of featured wineo 
if purchased on the 
day o f taeting. 


'A h t)m«> tm br U kttU*. »*«.« ’.ip- t. Uwh OjfarmmMlrmtiatmviMtwm 










i.iy-f.^TT-.imn*!^ 


n WEEKEND FT 


FINANCIAL TIMES WEEKEND NOVEMBER 12/NOVEMBER 131994 


PERSPECTIVES: MINDING YOUR OWN BUSINESS 


A long ride 
on a steam 
engine 

Four boys became captivated by an 
ironworks in the 1960s. Clive Fewins 
visits the company they founded 


E ngineer David Hodgson 
will never forget the 45 
long minutes he spent 
locked in the catacombs 
of Een&al Green Ceme- 
tery in west London. There were 
coffins as far as he could see in 
every direction. His memory of the 
experience Is even more vivid 
because he had a bad cold at the 
time but had to suppress all his 
sneezes. A service was In progress 
in the chapel directly above him 
and he feared that some of the con- 
gregation might rapidly join the 
dead below if they heard sneezes 
emerging from the depths. 

Such a sound could easily have 
been heard, for in place of the 
hydraulic catafalque that conveys 
coffins through the floor to their 
final resting place there was a large 
void. The catafalque lay awaiting 
restoration in Hodgson’s workshop 
in the Derbyshire Dales and his 
task in the catacombs was to exam- 
ine the condition of the machinery 
that operates it Cemetery regula- 
tions dictated that he should be 
locked in the catacombs while car- 
rying out bis work. 

Hodgson runs the northern arm 
of Dorothea Restorations, a com- 
pany that specialises in engineering 
conservation work. Standing near 
the half to nne catafalque structure 
in the Dorothea workshop at 
Whaley Bridge in Derbyshire are 
several other monoliths from 
Britain's industrial past. They 
include Locomotion - a 20-year-old 
replica of the engine that pulled the 
first passenger trains on the Stock- 
tan to Darlington railway, an 1838 
steam engine that used to haul bag- 
gage trains on the Liverpool to 
Manchester line and a 100-year-old 
industrial diesel engine undergoing 
an overhaul for its owner, Hull City 
Museum. 

Dorothea had its origins in Bolton 
in the mid-1960s when four 16-year- 
old schoolmates found themselves 
captivated by the huge engines. 


steam hammers, heat and flames 
from the country's last working 
wrought iron works. 

“To us it was the most exhilarat- 
ing atmosphere. In our lunch hours 
and after school we got to know the 
men at Walmsley’s iron works who 
used to let us help them and even 
drive the steam engines,” said 
Hodgson, 45. 

The four - the others were Roger 
Lees, Chris Topp and Ted McAvoy - 
all went off to different universities, 
hut kept in touch. 

When they graduated three years 
later, they remained convinced that 

their mission was to conserve and 
preserve parts of Britain’s indus- 
trial and architectural heritage that 
they saw fest disappearing. Three 
found jobs in different parts of the 
country and pooled scene of their 
wages to support Lees, the only 
mechanical engineer of the four, 
who was starting up Dorothea. 

Hie name came from a huge slate 
quarry in north Wales. On their 

m<»qnrl»rrngg rtim four twH discov- 
ered a fine old Cornish beam engine 
there. Although it had not worked 
for more than a decade the engine 
was still in reasonable order and 
the manag ement was happy to let 
the four work on it at weekends, 
while Lees remained on site during 
the week. 

The idea was that the engine 
should form a means of attracting 
visitors to tour the quarry, which 
was suffering hard times. 

But the quarry closed and a devel- 
opment company bought the site 
with the intention of turning pert of 
it into a holiday complex. One of 
the main attractions was to be a 
small industrial museum centred 
around the steam engine. That 
scheme fell through, but the experi- 
ence left the four with enough con- 
fidence to set up a company doing 
what they had always wanted to do: 
restoring old machinery and 
engines. 

With the aid of a £300 overdraft 





r » 


% 

ij. 

-? 


RebuSdtyg the wheats at industry DmvU Hodgson, Geoff Wrtfo and Robert La— at Dorothea Begtarattara 1 Wi rte y Bridge wortahop 


from Lloyds hank, Dorothea Resto- 
ration Engineers came into bong in 
1974 after the four h ad gained fur- 
ther experience at the Infant Iron- 
bridge Gorge Museum and the 
North of England Industrial 
Museum at Beamish near Newcas- 
tle-on-Tyne. The four had no base; 
they met and worked at whatever 
site or project was employing them 
at the Hiwn 

The work mainly involved hori- 
zontal, mill and windin g engines 
but In 1975 they were joined by 
Geoff Wallis, a mpchaniwii engineer 
whom they had met working at 
Ironbridge. His origins were in Bris- 
tol and he rapidly established a 
western base, concentrating on 
architectural restoration work 
based on wrought and cast iron. 
The same year the others rented a 
former candle-wick mill at Kettie- 
shulme in Cheshire. It saved as a 
cheap operating base while business 
grew, especially from the clutch of 
industrial museums that followed 
Ironbridge and Beamish. 


By the time Dorothea established 
a third base - a rented blacksmith's 
workshop in Boston - there ware 20 
employees. In 1976 they extended 
the overdraft to S2J000 and bought a 
workshop in Bristol for £25,000. The 
current 6.000 sq ft Bristol works was 
bought for £137,000 in 1987. It is 
responsible for 60 per cart of the 
turnover of just aver £lm and Is the 
base of 12 of the 23 employees. 

I n the late 1970s Dorothea 
moved its northern base from 
Kettleshulme to a rented 
2JD00 sq ft engineering works 
at Whaley Bridge, near Mac- 
clesfield. By then the company had 
four sites and 70 employees, and 
turnover was about £250,000. But it 
was all too much. 

** Administr ation was a nightmare, 
we had chronic cash flow problems, 
and the business was still run by a 
committee.” Hodgson said. “We had 
left the rivihsed world of museums 
for the harsh realities of the con- 
struction industry, where we faced. 


all the problems of the sub-contrac- 
tor.. But we had always been, salt 
financed and we were determined to 
stay that way." 

They succeeded. In 1980, Topp vol- 
unteered to leave - he remained a 
director - and to run the smithy as 
a separate business, working closely 
with Dorothea when the occasion 
arose. This relieved the company of 
one of the four sites and some of the 
pressure. 

The four than appointed David 
Maiden, an architect who had 
joined them, as a director and and 
gave him a free hand. He put Hodg- 
son in charge of the works at 
Whaley bridge, while McAvoy con- 
tinued with the potentially very 
profttahle,business of making repro- 
duction cast iron street forntture at 
Buxton. . . 

“From being, on the point of col- 
lapse we turned Dorothea round. 

The exercise served us In good 
stead far the leaner years of the late 
80s and 90s,” Hodgson said. 

Ld 1984 the company accepted an 


outside consultant’s report, and the 
street . fond hir e and new archtteo- 
tural metalwork sections split away 

completely. Topp, Maiden and 
McAvoy departed to be dlrectors of 
the new company of Dorothea Ltd. 
and eventually sold out to an engi- 
neering conglomerate. Hodgson, 
Lees and Wallis became directors of 
Dorothea Restorations Ltd. 

So it has remained. For the past 
10 years, in spite of the vicissitudes 

Of the hnilfHng frnA» awl raitharfra 

in museum funding the northern 
and southern works have combined 
to a modest 2 per cent profit. 

“ft's never huge - but we sur- 
vive,’' said Hodgson. “Amazingly we 
have always stayed tn profit In 
recent years there have been no 
xedxmdtaides. Tbe keynote has been 
steadiness and gradual reinvest- 
ment — especially in .staff.” 

Later this year Dorothea is dip- 
ping its toes into continental 
Europe for the first Httib,- the com- 
pany is attending, a trade fefr in 
A ms terdam, ft is also tendering for 


a number of prestigious jobs, 
inrinrting souk replacemen t iron- 
work for the Albert MemoriaL 
Hodgson is hoping to be able to add 
this to . a .string of jobs they have 
completed for (Sente such as The 
National Trust, Rn gHah Heritage, 
the Royal Botanic gardens at Kew 
and the Palace of Westminster. 

The four, original school- 

boys are still the best of friends. 
McAvoy runs an a hmMw ii fabrica- 
tion co m pany near Whaley Bridge 
and. undertakes work for Dorothea 
on occasions, as does blacksmith 
Topp. - 

“Its nice to think that after all 
these years and many ups and 
downs we are still firm friends.” 

■ said, “We all like to think 
we were pioneers back In the 60s of 
the industrial and architectural her- 
itage conservation movement, to 
which, in our own ways, we are all 
Still highly committed." 

■ Dorothea Restorations, New 
Road, Whaley Bridge, via Stockport, 
Cheshire SKJ2 7JQ. Tel: 0663-733544. 


BUSINESS SOFTWARE 

To advertise m Ms station plane telephone 071 -407 5753 
or write ro Nadine Hovrarth at the Financial Times, 

One Southwark Bridge. Loudon SEI 9HL or Fox 071 873 3065 


MINDING YOUR OWN BUSINESS 


FREE SHARE PRICES AND 
MUCH MORE- 

QPT-BI TeUKmt automatically dwn taa da 
shorn pricw. ovtn urontnndnd - mo »®i any 
apraatlaheat lor cu at omi a wl anatyrtg and 
graphing. NO an-Uno costa, tacksfea now 
1IMH SOW samba. Mao Tntywnnr math. 
‘DDEhe**a'ate~- 
Aafc tar bas BuMrad dxbpoek 
OPTOMM TBCWOLOQY LTD 
FREEPOST, LONDON NW44YP 
Tab 0181-303 02m 

a+HOUR FMXONoaiAMD SERVICE - 
IN: 0181-303 BBOd 


Convert your data into 
INFORMATION 

Specialists in Wlndovs-Oasad Rapid 
Application Development using Object- 
Otlontari toflrtquu anfl pragramnftig toots 
(Inc. Visual Basic. C++. Accaas2 and 

PowarBulfdor.) OML Implement El 3 and 

general business systems ntti ussr-Menty 
graphical Interfaces, quickly and cool- 


SELECT400 

LIFE ADMINISTRATION 
SYSTEM 

Romm NetwotkiKi P a dcs o e 
UmUntedAJnbmdUte 
Complete Ftndkmaflty 
hMfaumnqr 

MrttUfrtgurtComnpaAtienca 
matt Staff PnxftjctMy 
Integrate! Ute Ouctstos 

A Maty modem ptadomi lor LT. eflfctoncy 
John Ormond Cvilrd Sohna 
TN QOMC24037' Fax 0024(08703 
BM Nudwmi PCS Select 400 
Til WB3 344228 Fax 0703 2S4S48 

APPLIED BUSINESS PLAN 

laCnrptsnssmncIna 


READERS ARE RECOMMENDED TO SEEK APPROPRIATE PROFESSIONAL ADVICE 
BEFORE ENTERING INTO COMMITMENTS 


BUSINESSES FOR SALE 


He St Louis, PARIS 

Restaurant FOR SALE. 

Excellent location. Very low rent 
High turnover with year on year growth. Price FFr3m. 
Fax/Tel: PARIS 010331 48086277 


Consumer Publishing 
Opportunity 

First dess management tram seeks 
£70.000 to co mp ete the fluxing tor 
on® of 1995'a biggest cbcuMfon 
magazine lauieiws. Equity offered. 
ExoeBont margin projected. 

Principals only to Banpoon 
C u n aisn arP iWca Mo n a, and Root, 
1*04 Wntbwm Oram, 
London W2SBH 


Object Management LM 
Own Montana, Wtfi Street. 
Weatortma, Kent NNM IRQ 
Tat OHS 96579* Roc 0KB 00788 


MARKET ACCESS - 
DATA COLLECTION MADE 
SIMPLE 

N you need data, but; accurately, fndbty and 
raOBtky. look no flatter. Macfcat Acuta, from 
Syneroy Software, brarta new grand ki drti 
Oahvary and removes the anxiety of date 
maintenance. Extensive prices tram moat 
merfieta-tf yourflrtoertkjs. 

Synergy Software 0882424382 or 
Fax 0682 <82741 


SUBSCRIBE TO StAR! 

THE NEW STOCKMARKFT 
SERVICE FOR THE 
PRIVATE INVESTOR 

An ewtttg new taeaMauufih from Synecpy 
Software. StAR aflame eorapMa ‘tee stopf 
solution to your data. Information end 
anslyda needs. Keeping you rigN up to data 
wtm the UK stockmarint. StAfl comMnee 
powerful Investment and portfolio 
management software with Synergy'* 


gubaotpdan arty, ban |usi £10 per 
Can 0683034202 MOW 
For your FUSE StAR Brochure 

FINALLY: REAL-TIME 
DATA YOU CAN AFFORD 
STOCKS, CURRENCIES, 
BONDS, DERIVATIVES AND 
NEWS 

Tenfora prorfdn globe! reoMbne i n anc la l 
date dree* to your PC el the kenat posoMs 
cost. Our Windows platform (acUtaun 
seamless Interfacing wAh other Windows 


Most uouqa ahemtuB plan l 
accounting base. Usod by managers/ 
ocoowiartu to a rt TL User Wendy for Labs. 
Excel, Supercalc. Qua tiro, Symphony. 
MantfjcftrtigOtartxAxi 1 Santos wsrrtam. 
SAVE 100s of hours. Prices from only CBS ♦ 
VAT. 

APPUHJ BUSINESS SOFTWARE LTD 
2 Wartsdyfca Business Certre 
ObdMd Lane, Beth HA2 3LY, UK. 

T* 0238 483008 Fax 038 482008 

INVESTMENT SOFTWARE 
FROM SYNERGY - THE 
MARKET LEADERS 

High performance software to help you 
improve sefecdon, liming and i rea d i ng of 
InvBWmonls using your PC. 
ShsraMasM&Advanced - flexfida. easy lo 
use and expandable packages (from 
£195.00): Technical Analyst, die very best 
(from £905.00). Outtttndng modrtas. Unto 
to Martel Access, dta premie r dots eenfcei 
3 ynergy fluH eereon08B24BCBBor 
Fbx 0382 482741 

COMPUTER AIDED 
SALES & MARKETING 

BreakThrougn, a com pr ehensive sales & 
rarVettng productivity system. Handles, 
contacts, prospects, efttma, Berts ta products 
& services. Produces farm Mm, mafeMo, 
sstot redan lets. Report generator Muted. 
Manage sources, campaign*, costing, 
response evaluation, notes, telephone 
solpts A much moral DEMO OOC anrttoUu. 
SODEL, FREEPOST, London NM1BH 
TEL! 081-8888198 
FAX; 081-3853482 

ACT! THE SALES 
MANAGEMENT SYSTEM 

- Tradoe* your CSent Contact 

- Prompts afyorracdone 

• HasMWP, Modem Fexaucport 

• (XIS. WINDOWS. NETWORKS, MAC, 

- Training, Consultancy, Support, Product 

• Dortt crenpiakt compwsl 
ASK FOR THE DEMO tXSC 
Brown and C om pany 

Tst 01683 488444 
PDC 01382 488333 

UNIVERSAL EXOTICS, 
OPTIONS, SWAP, YIELD, 
ZERO-CURVE ADD-INS 
Additional spreadsheet functions for 
ftnan daf Xterxata Prafaaaloneto udng Lotus 
1-2-3 and Exert (Windows, OS/2. Mac). 


RECRUITMENT 

AGENCY 

HigUy profitable £1 million plus 
TAD. Established 10 yis. Market 
leader in higb-tec mche. South 
east kxarioa. Seeks merger 
daemsiona with larger business. 

Objective - Joaccderair 
expansion into identified areas of 
tel developing technologies. 

Write lo Bin B3541, Financial Tones. 

One Southwark Bridge. 

London SE! 9HL 


FOR SALE 

Highly Profitable car 
bodyshop repair business 
opera ling from freehold 
premises located in 
North London. Substantial 
insurance company 
approvals held. 

Write Boac B35M, Financial ’limes. 
One S tmti i wori t Bridge. 
London SE1 9HL 


WE SEEK 

A MAJORITY STAKE 

hi 

\ -iilMiinlial 

Service OruiMiivitiuii in the 
wni'ltl of IJiisiiie-i 1 ' SWeiti'. 
Kif: Mis ( i. 

[ :r\: U’T<) 4(.I.I5C> 


YACHTS & POWERCRAFT 


BORED WITH EQUITIES, PEFS,TESSA*S 
AND GILTS? 

Why not buy a boat? 

Less profitable bur a lot more fun! 

Prices start from just £12500 for our ex-hire fleet cruisers. 
Phone us for a brochure and have your 
own personal flotation. 

0603 783311 

MOORE & COMPANY WROXHAM. 


Private Investoa impiired tor 
ou-going proves project. 

Excellent security. 

From £5000 -£300000. 

IS* imam paid 6 monthly on 2 year mm. 
30% btterefl paid 6 aoalUy at 3 ywr terra. 
Denub Ck 0747 BSS669 cr write n 
Bax B3S3Q. Fmaciai Tima, 

One SoalhwidE Bridge, Landau SEI 9HL 


BUSINESSES 

WANTED 


BUSINESS SERVICES 


Crt Tantore on 071 008 4841 
Can Tttnfore IK re al* on remote 
Irtim. 78 02 2*2 Mil 


INDEXIA TECHNICAL 
ANALYSIS & TRADED 
OPTIONS VALUATIONS 

TTvmftrwortoracfrtortAMlyaii^rtWTW. 

TwoTtadadOpBcra Vatortotr mtanra. 
TWtrtcrt Airrtyalg Horttetotdy ajum Al 
BupdhdtrthFReEWMaflrtdrtrtxKtoFraa 

or autamricrtyriaMtetot origin or 

THfTExram 

MDOOA ftaomndr. 121 High Strtrt, 

Oil lilt ll*Ta*r W42DJ. 

Tal. 0442 878018 Pxx. 0*42838834 


Pricaa raagolrem £ 2 sa ta £21 
2 


I Ltd 


Tah +44 71438 *200 Fmc *44 71 -SOS 3718 

PC TAX ADVISER PRO 

Commdy uaed by hundreds rtao»u«ants 
and IFAa. Cria toM Ineoma Tax and skim 
flrwKM ptarmhig. Produce* Pmvonrt 
Pa arton Schedules (aggregates unused 


International 
Phone Calls 
For Less! 


USA only 24p par mbi 
Australia 40p par min 
No VAT 

Ash about oar low ratee 
to other countriex- 

^tejibacH 

Call USA 1-206 -2 84-8000 


418 3«opd toe W. SoTOr. W89M HIM 


Call USA 

Only ?7P/Min 

30 Mins Free 


Australia 

Only 29P/Mtn; 

Israel 68p/min 

i T«1 +4410)181-490-5014^ 
[fax +44(0)181 -566-2830; 

Dial Inf. Telecom UK, 


BUSINESSES 

WANTED 


seeks other service businesses 
(any trade) 

* Profit s minimmn £20Ok 

* Management retained 

Write to Box B3534, Fmandol 
TlmeSr One Southwark 
Bridge, London SEI 9HL 


INTERNATIONAL UK 
BASED ENGINEERING PLC 
seeks to acqrite proceariag/pacfegiag 
< ^ ^ paiMia B pwia r Np B iiKl i juf i 
with Bunover of between £2m - £Kha 
Frindpoh please reply to: 
flu, BWM, tewaiirf Tnnet, 
OacSo^bmdeBbdF-LaattjaSBl VHL 


User btoidy raporu rtrich Include dststod 
(uertototona ComprahanBinhrtpflmkn 
«8h swnpi* drta prrtoadacL 
Homh 1000 etorto and aUfl|to Tto Van 
HCQUd,T«t (029^ 7089*8 
FMt (0784268024 C1D0 + VAT 


AD 

satjea x- fliiFnuwM Tmo* xml 
OmSdcxts, copies of wbiril *® ««iM)le 
by writhg to Th; A dmos ci antf 
noriMtoaDRCto^lbe Flcu dc uI Tones 
ODeSouimcdE Bridge, LmdoaSP CHL 
Tf± +-M 71 Sti XCO 
Fk +44 71 873 3064 


NEW YORK 
EXECUTIVE OFFICE 

as your «MflN» in ms usa 
flrxnSl a day. 

Tet. 'Fax/ Mail/ Parcels and mors. 
T*t 212 35*2024 Far 212321-8288 


BUSINESSES 
FOR SALE 


Appoer In tho Financial Timas 
on Tuaadaya, RJcteya and Saturday*. 

Por iuitmr information or to acflrertisa 
bithtosvctlon pieeao contact 
Karf Laynton on 
+4471 873 47B0 
or MdarfeMieoon 
+44 71 8733306 


The night of the 
salesmen 

David Spark only wanted three new windows. . . 


W e decided to seek 
a amide of quotes 
for doabte-glHEtrig 
as our 70-year-old 
front windows let in the cold 
and dust We thought the 
quotes should take about half 
an hour each. So we arranged 
for cme glassman to come at 
7pzn, the other at 8.30pm, 
which would allow us to have 
supper In between. 

We were mistaisn. Our semi- 
nar in double-glazing lasted 
until I2J30 the npTt morning’. 

We first got worried when 
Nath (not his real name), our 
7pm visitor, did not go straight 
to measure the windows. 
Armed with a lawyer’s volumi- 
nous brief case and a flipchart 
kit in black plastic, he made 
for the kitchen table, returning 
from timp to tinw to his car 
boot fig more ammunition. We 
had to have the foil treatment, 
he said, in case we were 
inspectors. 

He was a pleasantly spoken 
Asian from east Africa, with 
grey-tinged hair and a smart 
grey suit, and he told us about 
his well-estabUshsd employer. 
Company A, still with the 
founders tn charge and seLbng 
glaring that bristled with lock- 
ing bolts and British Stan- 
dards. It was Traced in its steel- 
reinforced frames from the 
inside, which made it harder 
for a housebreaker to remove. 
The white FVC frames would 
not go yellow, tmlike Company 
Ca Special glass on the in aifi p 
reflected heat back into the 
room. 

By this time it was 750pm, 
the potatoes were burning, and 
my wife was worried about file 
ham and leeks au eratin. 

Satisfied that he had said 
everything there was to say, 
and more. Nath measured the 
three windows. Thai he pro- 
duced some tables which 
turned measurements into 
quotes, alkmlng far the win- 
dows that bad to open and. the 
fact that we wanted to match 
the style of the road. 

The quote was around £7,500, 
and this was a special favour 
since it should have been 
£ 8*000 - the price had gone up 
that day. However, there were 
discounts which brought it 
down to £5,600. But we had to 
decide there and fhAti 
"Say you’ll think it over,” 
said my son lan, himself a 
salesman. 



We said we would think it 
over. 

Nath asked if he could ring 
his boss. That brought a fur- 
ther £280 discount But we said 
we would get in touch. 

Dave from Company B, sub- 
sidiary of a noted FLC, arrived 
just as Nath was leaving. He 
was a bubbly east Londoner 
who had sold double glazing 
for 12 years, war since he real- 
ised he was too short for pro- 
fessional gnalkeeping: He had 

sold glazing to and hifr 

grandmother. He married n» 
wrong woman first time round, 
or perhaps she did not win* the 
hours he worked. He had 
parted company with his gall 
bladder. 

My wife went to eat her ham, 
leeks and scorched potatoes 
while I listened to Dave’s spleL 
We now knew the form. 

■ His flipchart was not as ele- 
gant as Nath’s but his PVC, he 
said, stayed whiter in the sun- 
shine. It had riita wtanin ingre- 
dient, guaranteed for 10 years. 
Company A’s windows might 
bristle with locking bolts but a 
thief could knock them out 
with a Black and Decker drift 

His glass was put in from the 
outside and sealed with a 
tough beading. Thieves could 
loosen inside-mounted glass by 
gouging out the rubber piping. 
fflg windows fan* this q w fifa l 
finish which repelled the dirt 
He shook up dirty water in a 
glass bottle to prove it 

After measuring, Dave kept 
his cards dose to his chest No 
showing of the price list, just a 
quote of £8,000. But it was pos- 
sible, he said, that ours could 


be a showhouse. We would g 
have a lot of points; a fair ^ 
amount of passing traffic, 400 
yards from the tube station, 
shops and .school, and a house 
on which fajs glazing would 
look great He would ring his 
boss. ”1 bet he’s au commission 
only,” said lan. 

The phfwiR call led him to 
furious pum ping of figures into 
his calculator. Eventually he 
said we could have £^230 off if 
we let tham takft before-and- 
after photographs. Displaying a 
small placard for four weeks i 
was worth £L 000 , and letting 
him show four customers the 
house from the outside another 
£ 1 , 000 . 

That brought it down to 
£4,770 but there was a snag. “I 
have to add VAT,” said Dave. 
That put him back up to 
Nath’s price. We said we would 
think it over and let him know. 

“What would it take to get 
you to decide tonight?” he 


We refused to be drawn. 

There might just be a bit of 
budget going, he said. He 
would ring the boss. 

He came back with an offer 
of £4.450 including VAT and we 
decided to take it It was n an 
and I went for my supper. 1 
need not have rushed. Fomt- 
fitting took a further 45 mat 
utes. ■ ■ 

Nath, when I told him the 
bad news nest day, was under- 
standably miffed. “You rushed 
me,” he said, **or I would have 
mentioned a showhouse." 

A few minutes later he rang 
back. “Here’s my last shot," he 
said, “B4.W0." 









^5o» 


o* 




FINANCIAL TIMES WEEKEND NOVEMBER 1 2/NOVEMBER 1 3 1 994 


WEEKEND FT ILI 


PERSPECTIVES 



- & 
“ Ms?nL| 

V 

■' . ■ c 


i - ys 

f^ZSs. 

."-a 


f the 
n 


* 


<PV. ulnUOtt-j. 


fi.. **■*”*■?£ 
* «.W-T Vi- _ 




9 



Welcome to Soviet Belgium 

Emma. Tucker only wanted to register her car. But she had not reckoned with Brussels bureaucracy 


wm* 


I n fee old Soviet Union, Zaire, or 
even Italy I would not have bat- 
ted an eyelld. But In Belgium? 
The centra of Europe, home to 
the- institutions • that- gave the 
EU the free movement of people? * * • 
Few Know it until they get here f hut 
Belgium lives and breathes bureau - 
cracy. Indeed, relocation to Europe^ 
capital, even than another EU- coun- 
try, leaves incoming foreigners bewil- 
dered, exhansted and sometimes tn 
fits of enraged tears: 

Maddeningly, Hie EO*s bedrock, the 
Treaty o£Rome, can offer no relief 
Article 48 enshrines the freedom of 
movement of workers within the EU 
and abolishes any discrimination 
based on nationality. But a treaty can- 
not pronounce on bureaucracy,- and 
since Belgians endure the same rig' 
marole as foreigners, the country can- 
not be said to discriminate. 

My first hurdle on arriving in Brus- 
sels tn May was registering as a Jour-' 
nalist. The Belgian foreign ministry 
likes to keep a record of all'overseas 
journalists wortlng in the country 
and rang, soon after I arrived, telling 
me to turn up with my passport, two 
pihfftos, and sl press card from home. 

- In a colourless, windowless room In 
the foreign mini s try . 1 completed the 
required forms and after 10 minutes, 
was handed the laminated carcL 
Unfartunately the card lasted far 
only three months. To obtain full 
acxshffltatioii I had to submit it to a 
panel of journalists who would ' con- 
sider my application, and decide 
whether or not I was a reputable rep- 
resentative of the profession. 

“Since you work for the Financial . 
Times," said : the woman, “there 
should not be any problem." But as 
none of my colleagues - not even 1 the 


most fastidious - had completed the 
process, neither did L I was already 
equipped with an international press 
card from the British police and a 
press card from the commission. But 
this was to prove to be a very big . 

mlntflkp- " 

The problems began when 1 bought 
a car. Tn coder to get number plates, I 
had to prove that I had registered 
with tiie authorities of my local “corn- 
mime”. All foreigners are required to 
do this anyway. So on buying the car 
I went, early one morning, to the 
townbaH . 

Having battled through the ranks of 
mothers with prams, frustrated pen- 
sioners, and harassed Immigrants, I 
was told I should have telephoned for 
an appointment “Well, can I make it 
now please?” “No, you have to tele- 
phone.” The woman than pointed to a 
pay-phone in the comer of the room. 
“You can use that one, but you must 
ring before lflam." 

When I finally got through, there 
were no appointments until August, 
two months after I bought the car. 

The commune then refused to give 
me a letter confirming that I lived in 
Ixelles, my commune, so I had to 
apply for temporary number plates 
which lasted only a month - annthar 


Meanwhile, before my August 
appointment, 1 was required to go to 
tie local police station with, a copy of 
my rental agreement- When I rang for 
an appointment, they told me the 
policeman who dealt with my street 
was ilL 1 heard nothing more. 

In August, when I turned up for the 
appointment at the commune. It had 
been cancelled because I had not con- 
tacted the police. But my policeman 
was ill, I protested. Tough. Another 


appointment was set for late Septem- 
ber. By now, my temporary number 
plates were well out of date. 

This time I went to see the now 
recovered immunity policeman. He 
signed a paper confirming that I lived 
at my address which I took, together 
with passport, letter from the FT, pho- 
tographs and details of my parents, 
back to the town halL 
This time they refused to allow me 
to register because my Belgian press 

I was told I must 
telephone for an 
appointment. ‘Can 
I make it now?* 
‘No, you have to 
telephone/ The 
woman pointed to 
a pay-phone. 

card. was out of date. Not only bad I 
not been told that I would need to 
produce this (what for example, do 
doctors or teachers produce?) but I 
had not heard of other journalists 
having to do the same. 

Of the many who work in Brussels, 
only a handful have bothered to get a 
Belgian press card. But l was turned 
away with another appointment for 
late November. Meanwhile, my num- 
ber plates remain out of date, and a 
frill press card can, I am told, take up 
to sax months to receive. 

Why does a city which houses so 
many foreigners - about one-third of 
the population of Brussels is foreign - 


make things so complicated I rang 
the Home Office in London and asked 
what a Belgian journalist arriving to 
work in the UK would be expected to 
do. “Show their passport at the air- 
port,” was the reply. 

There is also a sinister side to Bel- 
gium's Insistence that all its residents 
register with the police. 

Since the mid-1980s, certain Brus- 
sels communes have been allowed to 
refuse to register non-EU foreign 
nationals. Predictably, this rule has 
been used mainly to keep out Moroc- 
can, African and Turkish immigrants. 
In one case, an American who had 
bought a house in a central Brussels 
commune, was not allowed to register 
his wife, who was of African origin. 

According to the Human Rights 
League in Brussels, fighting to have 
the law repealed, it has even pre- 
vented people who have lived in Bel- 
gium for 30 years from moving 
between communes. 

While the rules for some are poten- 
tially devastating, for me they have 
been merely irritating. In the six 
months since arriving I have not been 
able to work out why they exist If it 
is to create jobs, the Belgians would 
do better to put their hundreds of 
bureaucrats to work on the capital's 
pot-holed roads, or on clearing up the 
phenomenal quantity of dog’s mess 
from the streets. 

Belgian officials say their system 
has developed - in the 160 years since 
Belgium was created - out of bureau- 
cratic systems borrowed from their 
neighbours and the need to regulate a 
traditionally unruly population. 

A government official said: “For 
people coming from the UK and the 
US where everything is free it is a 
culture shock. But the great pleasure 


Of saints 
and sinners 

Jimmy Burns went to see the 
work of Mother Teresa’s order 

C hristopher Hitchens want babies in the world fhai 
may have surprised who do not want them.” 
and shocked many She added: “We never ask fb 
Roman Catholics anything, and yet somehow wi 


of Belgian people is to not respect the 
law." 

I do not enjoy exposing the absurdi- 
ties of a country whose people have 
been exceptionally welcoming. But it 
is consoling that all my Belgian 
friends have urged me to do so. 

That said, when it comes to equip- 
ping all citizens with an identity card, 
the Belgians cannot understand my 
objections. 

“But what would happen if you 
were in an accident?” they ask. “How 
would the police know who you 
were?" 

This bureaucratic mentality pre- 
vails across most of the continent In 
Italy, for example, incoming EU citi- 
zens apply first for a temporary per- 
mit, after which they can register 
with the commune. A colleague who 
moved from Belgium to Italy said it 
was laborious - one visit to the local 
police involved a three-hour wait - 
but less frustrating than his Belgian 
experiences. 

In France, similar problems exist 
“To do anything in France,” said one 
disgruntled expatriate, “you need pho- 
tocopies in triplicate of gas bills, birth 
certificates and driving licences. And 
there is always something missing.” 

In Portugal, foreigners have to 
apply for a residents’ card with the 
police, but can only get one If 
equipped with a document from their 
embassy saying that they are who 
they are. “A passport is not good 
enough," said a Lisbon-based Briton. 

Even in the Netherlands, foreign 
EU workers have to register with the 
municipality, and after three months 
get a stamp of residence from the 
local police. 

A treaty against bureaucracy is 
what Europe needs. 


C hristopher Hitchens 
may have surprised 
and shocked many 
Roman Catholics 
with his attack on Mother Ter- 
esa in this week's Without 
Walls programme cm Channel 
Foot, but it has not exactly 
come as a bolt from the 
blue. 

Tn an article entitled “Ghoul 
of Calcutta”, published In the 
US’s leading left-wing maga- 
zine The Nation In April 1992, 
he referred to Mother Teresa as 
a “dangerous, sinister person 
who properly belongs in the 
caboose of the Pat Buchanan 

haggagw tram". 

Hitchens' thesis then, as 
repeated this week, was that 
Mother Teresa’s work among 
India’s poor, barely distin- 
guishable from her public 
attacks on contraception and 
abortion, was an exercise in 
Vatican-style Catholic and 
right-wing propaganda mas- 
querading as charity work. 

In attacking Mother Teresa, 
Hitchens is not alone. As a for- 
mer voluntary worker in Cal- 
cutta wrote to the Guardian 
newspaper this weds, there are 
people who go to India and 
i became disdlusianed with the 
tea-and-sympathy philosophy 
of Mother Teresa. 

Last month I visited one of 
Mother Teresa’s homes for 

ahawrinnari QhfldTBP in Ttolhf 

One of the Sisters of Mercy 
rnt plainfid why the majority of 
the children there were either 
girls or handicapped boys. 

Within the traditional Hindu 
femily culture, a healthy bay is 
all that is really longed for - a 
guarantor of support as well as 
inheritance. The boy earns a 
wage and later lights the 
funeral pyre of his father. A 
giii is a financial burden - for 
her dowry has to be paid by 
her parent 

Those that are bom handi- 
capped are regarded as a curse, 
spiritual outcasts, best aban- 
doned in the hope that better 
things may emerge from rein- 
carnation. 

I spent an afternoon playing 
with Michael, a mentally hand- 
icapped four-year-old who drew 
chaotic lines across my note 
book before crunching up the 
pages. He hardly smiled but as 
the afternoon wore on he grad- 
ually abandoned his destruc- 
tion and tried to draw me a 
flower instead. 

I saw about 100 children 
there being cared for with 
extraordinary love by the Sis- 
ters of Charity, a process that 
would continue until the day 
each and everyone of them was 
adopted. 

When I asked one of the 
nuns what guarantee there 
was that any of these children 
would ever enjoy family life, 
one of the youngest among 
them woke as if from a trance 
and said unflinchingly: “Thank 
God there are more people who 


want babies in the world than 
who do not want them.” 

She added: “We never ask for 
anything, and yet somehow we 
never lack anything. Provi- 
dence ensures that the most 
unexpected person turns up 
with a most unexpected gift.” 

I gave her mma children’s 
books and an envelope filled 
with money. Then I left, think- 
ing of my own two adopted 
daughters, seeking comfort in 
the thoug ht of them and yet, 
troubled by a sense of guilt at 
having to say goodbye to Mich- 
ael, pledged that my best con- 
tribution would be to write 
about him. 

Of course, I reflected after- 
wards, the young nun was in 
celestial cloud-cuckoo land. 
One needs only to encounter 
the beggar children on the 
streets of any urban centre in 
India to realise the conse- 
quences of population growth. 

And yet those same beggar 
children are testimony not so 
much to the impact of Mother 
Teresa’s proselytising but to 
the extent to which a combina- 
tion of political inertia - not to 
mention corrupt bureaucracy - 
and deep-rooted cultural habits 
conspire against decent family 
life. 

Mother Teresa’s tasks result 
not from some hidden agenda 
within the Roman Catholic 
church but from India’s own. 
failing s as a nn Bo n Until the 
day that India has decent hos- 
pitals and redistributes wealth 
among the 40 per cent of her 
population living beneath the 
poverty line, I find it difficult 
to accept that Mother Teresa is 
a negative force rather than a 
liberating one. 

I recall the reaction of some 
medical staff to the plague 
which broke out while I was in 
India. In Surat, the region 
where the outbreak began, a 
doctor ran away to her village 
instead of attending to the first 
patients that came to her for 
help. 

In Delhi, a surgeon in one of 
the country's main. general 
hospitals chased a black rat 
from his operating theatre, 
caught it and put it in a plastic 
bag. 

He took it to another hospi- 
tal where a special emergency 
unit had been set up to analyse 
blood samples of suspected 
plague carriers. When he got 
there be was told to take the 
rat back to where he had taken 
it from because he had acted 
without authorisation. 

Neither the doctors nor 
Michael and the girls in Delhi 
featured in Hitchens' pro- 
gramme. Maybe they should 
have done, if only to underline 
the feet that the identification 
of saints and sinners cannot be 
twodimensionaL 

Volunteers such as Mother 
Teresa work for the living in a 
land where too many people 
are allowed to die. 


Baume & Mercier 
genEve 

MAfTRES HORLOGERS DEPUIS 1830 


The Nature of Things 


The positive side of NO 


****** 
%r |Vf 


I nrnp things ai* so small and 
. _■ ■ unobtru ivie that you fell to 

notice their, presence, even 
...■ '*• yf y though they are doing useful 
• — r ~jpi* work all around you. The most stri- 

* king example in science is nitric oxide 
• ... - : ’ W - NO. - which was regarded until 

' •* /-=■ recently as a borihg and insignificant 
. . tittle m ol e c ule but is now known to be 
. . _> one of the mogt important of all natu- 

. ■/ ral. chemicals: " ■ ■ 

' > Scientists used to ttnnk of NO Just 

I'sp *s a polluting ga* emitted by power 
stations and car exhausts. But over 

'■-' £! y the past seven yeare they have discov^ 
ered that NO performs an. astonish- 

", fngjy wide .range of biological roles* 

,jS T.;' from laying down memories in the 

■ brain to cantroDfag blood pressure, 
from loBiqg gams And cancer cells to 

, ^'’j* preventing -premature birth. 
j-V indeed -this simple molecule - one 
1" *, . . ** oxygen* atom Joined to one.mtrogen - 

■ !*; s V. rv*'./- .is profeahfrbotif the .smallest of all 

j r? $ Mritogically active substances and the 
/ ..: • T mast diverse In its factions. . This 

• ■ : ~ makes it rather embarTassmg for. sdr 

- ~ ence that biological NO remained 
-- tmdhicoviftediar:K>^ ^long. . • 

* One reason JS that for decades.. 
... mpV yn frr hfofngists had been finding - 

.. -*■- . pp'fy more and more ooanphfltiiy in liyins 

•/i j, gystems. They were trained to look 

'*• \>:.s for large organic molecules wht»e 

fimetions were .detemined by .their 

,i-'- L- shape -the classfo image is the chem- 


•• : 


leal key fitting into a lock - and they 
did not imagine that a ample inor- 
ganic gas such as NO could play such 
an important role. 

No one individual can take credit 
for revealing the significance of NO. 
This .has emerged from the conver- 
gence of research into several distinct 
phenomena, inriuding the expansion 
and contraction of blood vessels, cell 
tiffing by the immune system, and 
chemical signalling In the brain. 

- NO was first proved to be produced 
by living systems in 1987, when sci- 
entists at the.Wetlcome. Research Lab- 
oratories in Kent detected tiny “puffe” 

of NO, pven off by cells in the hning 
of blobd vessels to m site the vessel 
walls contract 

Subsequent research has shown 
th# NO plays' a wide role hi control- 
ling blood pressure and in maintain- 
ing the health of the heart and blood 
system.' It is also a general-purpose 
muscle relaxant in the body. 

These observations cleared up sev- 
eral mysteries in pharmacology. One 
was the action of the nitrate drugs 
used; since the 19th century to treat 
angina. It turns out that the nitrate 
breaks down in the body to release 
NO, which dilates the arteries and 
allows more blood to reach the heart 

New abdications for NO*s muscle- 
itelaadng powers are already emerging: 
One is a idtrotereteasing skin patch 


which delays the onset of labour in 
women who would otherwise give 
birth prematurely. 

In the rmmrme system, NO plays a 
quite different and Ear more aggres- 
sive role. It is the long sought toxic 
agent released by macrophages - 
mobile blood cells that kill invading 
germs and proliferating cancer cells. 

Clive Cookson 
looks at a simple, 
unassuming 
little molecule 
that can both 
kill and cure 

Macrophages give off much larger 
puffs of NO than cells in blood ves- 
sels. The process does not normally 
harm the human host because NO 
acts over a very short range and dissi- 
pates rapidly, lasting no more than a 
few seconds in the body. But it can 
kill someone who is overwhelmed 
with a bacterial infection, releasing a 
huge excess of NO that reduces blood 
pressure to a lethafly low leveL This 
is now believed to be the mechanism 
by which people die tit “septic shock". 

Excessive release over a longer 


period may also cause trouble. Scien- 
tists are beginning to blame NO for 
the damage inflicted by auto-immune 
diseases such as diabetes. 

NO’s third main theatre of activity, 
in the brain and nervous system, 
involves the smallest puffs of gas. Its 
role as a neurotransmitter - sending 
chemical signals between nerve cells 
- is the most recently discovered and 
is still fer from being weU understood. 

Scientists believe, however, that NO 
plays an essential part in laying down 
memory through “long-term potentia- 
tion", a poorly characterised process 
by which neural pathways change 
through repeated stimulation. 

In the brain, as elsewhere, NO is a 
Jekyll-and-Hyde molecule. Under the 
right conditions, it not only acts as an 
essential neurotransmitter but also 
protects nerve cells against stress. 

When things go wrong, NO poisons 
the brain. It is implicated in a wide 
range of neurological disorders, 
including senile dementia, Parkin- 
son’s disease, stroke and epilepsy. 

NO research has not been going 
long enough for scientists to know 
what tilts the balance between Jekyll 
and Hyde, let alone how to intervene 
in Dr Jekyll’s favour. It Is not just a 
matter of a little NO being good and 
too much being bad; other factors, 
such as the acidity of its surround- 
ings. affect the molecule’s behaviour. 


Now that NO’s importance is uni- 
versally acknowledged, thousands of 
scientists are working on it. Academ- 
ics are elucidating its fundamental 
mechanisms of action while pharma- 
ceutical researchers try to develop 
drugs, either to deliver more NO to 
cells where there is too little or to 
inhibit its formation where there is an 
excess. 

Although some of the first drugs 
designed with a knowledge of NO are 
beginning clinical trials, the time- 
scales of the pharmaceutical industry 
mean that they will not make a big 
impact on medicine for several years. 

The immediate lesson of NO is that 
biologists should not be so obsessed 
with interactions between complex 
and highly specialised molecules that 
they ignore the work done by simple 
gases. NO may not be the only one 
with unsuspected bio logical functions. 
Ethylene (C,HJ is a ripening hormone 
in plants and may play a role in ani- 
mal s too. And there is recent evidence 
that carbon monoxide (CO) acts as a 
neuro transmitter in the brain. 

More generally, NO shows again 
how scientists can be so caught up by 
the prevailing paradigm that they 
ignore Important evidence that is, in 
retrospect, obvious. In practice, 
though, there may be no other way 
for science to proceed, without chang- 
ing human nature. 


Riviera 


From leading jewellers throughout 
the United Kingdom or for your 
nearest stockist please call: 

Tel: 071 416 4160 
Fax: 071 416 4161 




i 




IV WEEKEND FT 


FINANCIAL 


TIMES WEEKEND NOVEMBER 12/NOVEM.BEK 13 


TRAVEL: THE CARIBBEAN 


Transported 
by the 

salsa rhythm 

lames Henderson is overwhelmed by 
the power of music in the Caribbean 


pj p 


W" 


-r Tm 





I groaned as I was told to "hold". I 
was on the telephone to a Caribbean 
travel company, hassled, trying to 
get myself organised. But a moment 
later there was Latin music on the 
line: a shuffling double beat of salsa and 
sharp blasts of brass, that mesmeric, irre- 
sistible rhythm. 

My mood lightened immediately and the 
memories surged: a warm tropical night, 
dancers swaying left and right, a dance 
frenzy on the way. I felt my legs move 
involuntarily, as though possessed of 
rimes past, and a feverish flush tingled in 
my limbs. I was tempted just to drop the 
phone and head straight to the airport 
There is surely nothing like the power of 
music to reinforce a sense of place. The 
sights of a Caribbean visit - an airburst of 
palm-fronds etched on a sunset, or a 
veranda view over distant islands - and 
the feelings - the relaxing warmth and 
atmosphere of abandon - become inti- 
mately entwined with island rhythms. 

ft could be salsa, or the lilting sound of 
steel drums or a heavy rumble of reggae. 
Hear them again when you return home 
and they transport you. 

It would be a bit of an exaggeration to 
say that there is a different rhythm on 
every Caribbean island, but it is not far 
wrong. The island chain reverberates from 
end to end with the thundering sounds of 
soca (Trinidadian soul-calypso) and reggae 
(from -Jamaica); in between there is a har- 
monic if you like, in zouk. the music of the 
French Caribbean islands of Martinique 
and Guadeloupe. 

Then there are the Latin islands, where 
you will hear merengue in the Dominican 
Republic, and the different versions of 
salsa from Cuba and Puerto Rico. And this 
is not to consider ail the rhythms now 
past: ska. the mazurka and the beguine, 
rumba and cha-cha-cha. 

Music is certainly an important part of 
Caribbean life. West Indians love to dance, 
and of course their sense of rhythm is 

legendary. 

In the Dominican Republic, the rela- 
tively large Latin country which shares an 
island with Haiti, it seems that entertain- 
ment is the largest sector of the economy. 
There are bars and restaurants every- 


where. 

Rarh night the main drag, the Malecon 
in Saw*" Domingo, buzzes with thousands 
and thousands of people taking the even- 
ing air. On the main shopping street l saw 
a m gT i summon all his macho verve (a 
deep intake of breath), stamp his heel and 
strike a matador’s pose, and then lunge at 
a hapless woman on an afternoon’s brows- 
ing, carrying her off down the street in 
time to the music played by one of the 
stores. 

On Friday, Saturday and Sunday nights 
the Dominicans pack the clubs and bars to 
burs ting In feimana on the north coast it 
seemed that most of the town was out 
dancing. 

Caribbean dancing is all lower carriage 
movement. The waist stays almost still 
and the hips and legs sway and shuffle. 
The Dominican merengue, which has a 
distinct left-right. left-right step, is almost 
a march with wayward hips. Couples hold 
each other close in a waltz, moving for- 
ward and back and turning, their legs 
interlocking in a subtle game of advance 
and retreat, never quite touching. When it 
gets going, it can be as arousing as a 
striptease. 

I was really out of my league, though. 
As the novelty of the evening (a gringo on 
the dance-floor) I was treated with indul- 
gence, and it is always fun to be carried 
along in a crowd who dance well. You can 
fell into the rhythm and forget yourself. 

But as I became bolder, so I became a 
liability. There was no sensual quality’ to 
my movement; instead 1 was in danger of 
giving someone a dead leg. 1 gave up 
entirely when 1 saw a six-year old girl 
standing on the edge of the dance floor. 
Her rhythm was perfect. Such grace in 
tiny, dumpy limbs. 

Music has always been important. For 
the slaves on the cane plantations it 
offered an escape from the miserable rou- 
tine and a way of keeping alive a connec- 
tion with their African past. 

Pure West African rhythms can still be 
heard in the drum-driven ceremonies of 
voodoo and santeria throughout the Carib- 
bean and South America. 

Best of all though, go to a carnival, 
where you will see the explosive joy of 





5 



Caribbean dancing is aB tower carriage movement The waist stays almost stffi and the Kps and legs sway and shuffle 


Caribbean music and dance given full 
vent 

The biggest Caribbean carnival is Trini- 
dad’s. which starts soon after Christmas 
and culminates on the weekend before 
Lent. There can be more than 3.000 “play- 
ers" in a carnival “band". 

Hundreds of thousands of people join in 
the dancing and the national airline. 
BWIA, has even been known to make a 
wingtip salute over the revellers. 

The idea of the “farewell to meat", or 
any Lenten austerity' for that matter, is a 
nonsense in a place as fertile as the Carib- 
bean. and true to form, the West Indians 
have made it yet another excuse for a 
massive blow-out. 

The main events begin on the Friday 
night before Lent The Kings and Queens 
of the Bands, the centrepieces of the Car- 
nival bands, are displayed and the Calyp- 
sonians (national figures with the status of 
singer, gossip and political commentator 


rolled into one) compete with one another 
in song, vying for the coveted title of 
Calypso Monarch. And then there are the 
finals of the steel band competition. 

West Indians will tune up almost any. 
thing to make music - over the years they 
have used bamboo poles, biscuit tins, bot- 
tles. wheel hubs, cheese graters and even 
garden forks in their parades. 

~ But surely their most inventive creation 
is the steel pan. Steel drams, which were 
invented in Trinidad, are made from dis- 
carded oil barrels (a 50 gallon oil-drum 
bashed out. tempered and tuned). 

Watching a steel band is extraordinary. 
It is entirely percussive so there is a visi- 
ble energy as 50 or 60 people lunge and 
shift in unison, harnessing a disparate 
medley of plinks. clangs and bongs into a 
coherent tune. The sound can be a raucous 
metallic clangour or it can be as soft as 
velvet ft can move you to tears. 

Nobody goes to bed on Sunday night 


They stay up and nance and then, at dawn 
they spill on to the streets for Jouvert 
(from Jour Ouvert). They cover them- 
selves in mud, paint, axle-grease, even 
chocolate sauce and they move along in an 
ecstatic mass, so thick that the ground 
seems to shake in time. 

This is the explosive essence of carnival, 
and it Is driven by musk from bandwag- 
ons, articulated lorries stacked 30ft high 
with speakers. The noise is deafening. 

The lorries blast out the carnival tunes, 
for 20 minutes at a time, over and over 
again. They etch themselves on to your 
mind. 

At 10am, the players go home to change 
into their costumes for the main carnival 
parpflp- They dance in their bands for the 
rest of the day, in the height of the tropi- 
ca! heat S ome are dressed in elaborate 
costumes, as centurians, revolutionaries 
and courtiers, some in nothing more than 
a body- stocking and boots. 


Unlike at other carnivals, Trinidadians 
do not dance in formation. Instead they 
move as the mood takes them, with maxi- 
mum room fbr selfexpression - warlike, 
sometimes humorous, ever-exuberaot and 
often overtly sexuaL 
Next day, MardI Gres, they get up and 
do it all again, from 9am until dusk, snak- 
ing through the town so that the costumes 
and the bands can be judged. 

That night, exhausted, dragging the 
remnants of their costumes, the revellers 
stagger into a series of parties called Last 
Lap. And they continue to dance. 

At midnight on the dot, carnival stops: 

■ B is possible to join a band at Trinidad 
Carnival You am buy a costume for $50- 
$100. Choose a band you i ootdd.hke to join 
— and then beware ttf sunburn and heat 
exhaustion. 

■ James Henderson is author of the Cado- 
gan Guide to the Caribbean, a third edition 
of which has just been published. 


HOLIDAYS & TRAVEL 


CARIBBEAN 


» i 


I 




-.aaEtggbfr ? 




yppm 


& 25,000 OFF 


To charter an exclusive fully crewed 1 12 ft luxury yacht and 
cruise the Islands of the Grenadines for a week would 
normally cost you approximately 530,000. With lxora Yacht 
Line you can. do it for as little as 5340 per person*, per night, 
all inclusive. (A minimum of three nights including ail meals 
and drinks, sailing from either Grenada or St. Vincent). 

ft’s a new and unique way to enjoy luxury 
yachting either as a complete holiday or as JK~f 
part of your hotel-based holiday. 

Call 081 366 5477 for full details O^yacht l i ne C) 
and a brochure. PEMBERTON HOTELS 

‘Based an two people sharing a cabin and Inclusive of all docking fees, fuel and local taxes. 




Carlisle Bay Club 

A N T I G U A 

EXCLUSIVE 

BEACHFRONT APARTMENTS 
FOR SALE OR RENT 

The Carlisle Bay Club is an exclusive development set on 
its own white sand bay on the Caribbean coast of Antigua. 

Gub facilities include 10 tennis courts, pavilion and Pro- 
shop, a clubhouse and restaurant, pool, bars, water sports 
fatindes and more. 

P.O. Box ISIS Antigua. West Indies 
Tel: 0101 (809) -M2 1377 Fax 0101 (809) 462 1365 
or contact U.K. 

Tel: +44 (0) 795 830392 Fax -H4 (0) 795 830297 


CONCORDE to BARBADOS 

LUXURY HOLIDAYS AVAILABLE 
DECEMBER ‘94 TO APRIL * 95 

7 NIGHTS FROM £i975 TO £4965 

329671 

24 Nicholas Street, Chester CHI 2ER. 


SAILING 



LUXURY CREWED SAIL & MOTOR YACHTS 

Year round cruising in Caribbean and Bahamas. 

Summer cruising in Mediterranean, 

New England, Virgin Islands and other locations, 
50ft - 180ft. yachts available. 

Appleby Charters Limited 

Quarr Meadow • Sway • Lymington 
Hampshire • S041 6 AS • England 
Tel: 44 (0) 590 682625 Fax: 44 (0) 590 683518 



TURna+IW-WitN 


n an mpertanoe taw aJMw. Out Bring an 80 tort maw a not the tar away fantasy you 
might Imaflhe- In tart the rally thmg* tar away are Ota pieces yeuvfcfc. 

Winner in her dm of die MffiO WhMrad Round the Worid race and on mm but 
no* mOle* If) emu yacht CBBQHTOHS Wn^a xf her ow pnjMde a mom 
condottaftia coning for iMcm end experienced estate aHm lo met *** y and kMj Ur 
pett in sa*ng a tegh perionnwico ocean racer 

Whether your view dt actra mwtomant ■ rebxmp with a tfcwfc on dee*, or hota&ng up 

B.OOO^ftafa^ we rnwer tarodirevour boCday TTm year we tdu> ui more regattas but 

ene* tfwrrfs always tone for enkemg and papas, and Dw Cwfbbewi 9m now delude* 
ccuba et the twnoteSaba. an fncredble, imcpodt gem. And il you can take tone at fee* 
“ >ort no0c * he<o»e Oetwnaa, the cun end h ea rt ie r of Cape Town and Rta are bactenatg 
at ecoeptraneJ pncee. 

Pncea Indude a»feod and accommodation threughaut your tern on board, plus oca feet 

W L aw “Si? I** 1 1" 1 * “V"** ■ Bd ™* J ™ nc * so. lo find out 
more. tax user 071 -738 OCT or phone 071-7380278 end cMWttiBnn Rowan. 

Pot the tnpc« a Betane. jam laand tael me thus and power ei ~tfte rad ergratwre m - 



^ ddrna// Q$±/<z nd 

(Cjfieyfc in- (p-Jcafii&m- 

Twin the n&ffae qfTiarbadoA to the due 
of Sr Bart* and bach to the peace, quiet 
and ponder tc/i sand qfcdpffuilla 


Whatever your chosen itinerary, our knowtetlfieafatc craff 
can help create an Individual holiday that 
you will ihTiTjbrpct. 

For further OtfornutUon and bmcburv on aB our 
destinations, call 

SIMPLY CARIBBEAN (TS 

S 0423526887 m 



CARIBBEAN 

on BRITISH AIRWAYS 

Special Offers 

On a large selection of exquisite holidays to 

ANTIGUA + BARBADOS * GRENADA 
JAMAICA +ST. LUCIA 

AnpiOla. Br Virgin ixfcmrfc. Dominica. Guadeloupe, Mxrtirwpx, 
fieri*. Si K/H5, St- Vincent <8 the Grataifaa 

* £50 pp reduction * Child discounts 

* FREE UK connections ★ Free waterspexts 

* No weekend flight suplts. * 2nd wk room Free 

(pry coal*) 

January - March 9S (except 11-25 Feb) 

For tuB details sos HRV&Of^) 

your travel agent or fp yy 

CALL 081-748 5050 TOVO 


«mnn tuunuuMrao ten, mwt 


I TTh a ir 


HOTELS 


FINANCIAL TIMES 


Whilst care is taken to establish that 
our advertisers arc bona Sdc. 
readers are strongly recommended 
to take their own precautions before 
entering into any agreement. 


ST. LUCIA/GRENADINES 
Luxury crewed motor yacht 
wonderful cruising area; 

up to 8 people. 

Modest rates. Brochure. 
0890 840678/509 (Fax). 


Le St.Geran 

MAURITIUS 
Stay 14 nights at the 
legendary Le St.Geran 
Hotel, Casino and Golf 
Club and Air Mauritius 
will give you a 
complimentary upgrade 
to Businas Class. 
Offer applies from 
15 Jan - 30 Sept 1995 

14 NIGHTS 

ZN A DELUXE DGUBLR 
from £27 40p.p. 


;/.-/•/ (>'7 Z<T, [iff. I 


01244 325620 

w iame on ai 
ITA t 7 AH ATQL 2 **S 


CHRISTMAS PARTIES 

IN M ARB ELLA 
Spain 


HOTEL LOS MONTEROS 
GOLF HOTEL INCOSOL 

These two luxury properties offer yen 
the doner o£ holding yocr 
Ctiifaimaa party far sonny MaifrcOa. 
Special 2 -night pro gramm e available 
from 19,000.- Peas, per person 
including breakfast and rfinror 

Col f, (amis uxl squash coarpUmematy. 
FOB FURTHER INFORMATION 
PLEASE CALL 134-5) 2S2 38 4« 


GERMANY 

Dailylblvcost tflgftts.- 
TA-Oft 8364444* ;■ 

Visa/Access ABTA 90685, 
ATQL 2977 IATA • 
Rail Passes & Car Hire. 


TROPICAL 

ISLANDS 

FRENCH CARIBBEAN 

Criogrful llnw OHM In 
S—wndp r t— SlBaw 
INDIAN OCEAN 

Bonne M ia I BM Bmmitow 
Nan AM a M x oia ii d Miim 
M ease. Al ack m tan j h* ri 
ft me* AM a a or Rrmy to® 

baefcn 

wBwunwim 
cwBokaKUdam 


0242580187 


ST. LUCIA S*4>artj Ufa. pananmic posttort, 
3 dMleafbdhs. sWL pool ABacSw mas. 
Bnxhuia 0890 B4OS78&O0 (Ffcfl. 


FLIGHTS 



DECK 

THE 

HALLS 

sod make thyself ready Tor the 

Essential 
Hotel Guide 

for Christmas and the 
New Year on 
Saturday November 26th. 

Hotels and boliday venues 
wishing to advertise late 
Christmas bookings and 
New Year breaks will all' ": 
benefit from this. 



% 

* 














FINANCIAL, TIMES WEEKEND NOVEMBER 12/NOVEMBER 13 1994 


WEEKEND FT 


V 


TRAVEL: THE CARIBBEAN 


Face to face 
with the chop 
in Jamaica 

James Henderson feels the fever and intensity 


T here is something 
theatrical about the 
streets of Jamaica. 
Much of Caribbean 
life tabes place out- 
doors anyway, and all West 
Indians are demonstrative and 
lively, but in Jamaica things 
are more feverish and intense. 
The shouting and quipping and 
carrying on, and the timing of 
course, can seem almost like 
dr ama 

The scene was the Parade in 
downtown Kingston, where I 
was heading to catch a bus. I 
was weaving through the stalls 
of Ben Dung Plaza (so railed 
because you literally do have 
to "ben dung” to select your 
purchase from the piles neatly 
laid out ou the- ground). 

Vendors were shouting: 
“Nuts! Wrigleys! Nuts!"; and 
they soon picked up on me: 
“Hey white man! Come! 
Come!” said a huge brown 
woman with a head-tie and her 
skirts rolled up above her 
knees. 

Like all the stalls, hers was 
laid out with meticulous care, 
almost colour co-ordinated, the 
red and green of cut water- 
melon arid Htflg py rami ds of 
limes. Once she had my atten- 
tion. and that of all the people 
around, she said; “Come daa- 
lin\ Come squeeze me man- 
gos...” 

'I was given a 
satchel of 
books, my 
next door 
neighbour got 
a baby* 

But if I had momentarily for- 
gotten that I was catching a 
bus, the busmen M not, and 
as soon as I strayed on to their 
turf the barrage began: “Yes 
man, this way man.” 

Three of them vied for my 
custom. Before I knew it, I had 
been hustled on hoard the 
nearest minibus, to a chorus of 
mock outrage from the other 
conductors. My intended desti- 
nation seemed only a second- 
ary consideration. 

The victorious busman 
seemed almost disappointed 
when I explained that I did not 
want to go uptown after an, 
but across to the north coast I 
needed a different bus station 
altogether. 

Three hours later I was in 
Ocho Rios, cosseted in old-colo- 
nial luxury in the Jamaica Inn, 
which is a for cry from down- 
town Kingston. It is an enclave 
of manicured calm, purposely 
old-fashioned, one of a number 
of places in Jamaica that 
appeal to an era now largely 


The grounds, complete with 
a sumptuous croquet lawn, are 
worthy of an English country 
garden, thoug h of course the 
image is instantly spiked by 
the palm trees. You can begin 
to feel the romance of the West 
Indies here. 

A famed devotee of Jamaica 
was Noel Coward, who kept a 
house called Firefly jt&t out- 
tide Ocho Bios for many years 
nwHi his rirath ^ 1973. It was 
chosen with customary dis- 
cernment because it has one of 
the Caribbean's finest views. 

Looking from the open- 
fronted drawing room, yon see 
the Bine Mountains recede in 
their camel-back ridges for 80 
miles to one side and on the 
shoreline beneath them the 
headlands outreach one 
another into the distance. - 

It is essential to travel 
around the island to get the 
best of Jamaica, and it was 
soon time to set out again. Sud- 
denly. outside the hotel 
grounds, tha harsh voices of 
everyday. Jamaican life re- 
appeared. 

People were talking to each 
other with the excitability and 
volume of football fans whose 
team has just won an impor- 
tant match. Through a car win- 
dow they had all the gestures 
of pantomime. In the mayhem 
of the market, people nosed 
Hipir handcarts through the 


crowds, goats dragged their 
tethers oblivious, conductors 
leant out of their buses, fistfuls 
of notes folded between their 
fingers, shouting their destina- 
tions: “Brongstong! Brongs- 
tong!" (Browns Town), “Mau- 
byer! Maubyer!" (Mo Bay - 
short for Montego Bay in 
patois). 

I found a seat on the bus and 
the vendors walked up and 
down: “Box drink, box drink, 
bag juice, bag juice.” The aisle 
steadily filled up with people 
standing. It is normal practice 
to hand your shopping to 
someone sitting if you have to 
stand. I was given a satchel of 
books, my next door neighbour 
got a baby. 

I enjoy riding the buses, 
unlike many Jamaicans, who 
think of thprn as an unreliable 
necessity rather than an 
adventure. Outside, the world 
flashed by: groups of school- 
children darted here and there, 
shorts and pinafore dresses 
colour-coded according to their 
school; a small house stood 
between two vast stacks of 
speakers, music audible even 
above the bus’s stereo, a stogie 
man danced; a woman walked 
with a single hand of bananas 
an her head; a boy rode his 
bicycle at an impossibly 
uncomfortable angle, poised as 
though he were about to per- 
form some complicated BMX 
trick - but no, he just switched 
to the other side in some odd 
expression of symmetry. 

Of course Jamaica is well 
known for hustling and there's 
no doubt that it can be hard on 
an unwary newcomer. Some 
lock themselves away in hotels 
and do not step outside the 
compound except in a taxi, but 
if you do, sooner or later (usu- 
ally sooner because they will 
pick you out if you have no 
tan) you will have a run-in 
with a hustler. It starts with a 
question impossible to answer: 
“So wha’ ’appenin?" and a 
hand upturned in question. 

. Once they have you there 
they talk you through it, run- 
ning down their inventory of 
desirable and less desirable 
goods and services, anything 
from primitive art, or yet 
another African carving, to an 
aloe massage. They are persua- 
sive, there is no doubt, and 
some make a good living: “if 
you have de lyric..." 

I stepped out of the bus in 
Montego Bay and it began at 
once: everywhere there was a 
chorus of “So. whanaimariofcr- 
yerT “Wha’ ’appento?" and of 
course the eternal: “Wanna 
taxi buddy?” 

A man approached flourish- 
ing a machete and said, “So, 
white man. I chop you a nut, 
right,” (double take). He deftly 

A six-year-old 
squeaked with 
excitement at 
the sight of me 
and followed 
for 100 yards’ 

topped a coconut and handed it 
to me. “Just 50 Jamaican.” 
After about 10 minutes of talk I 
handed over 20 Jamaican dol- 
lars. 

One of my favourite Carib- 
bean towns, Negrfl, lies at the 
western limit of Jamaica. It 
was well known, to the 1960s 
when the hippies washed up 
here and admired the sunset a 
lot 

With all the recent building 
it has become a little gentrifled 
(it even has a golf course now) 
but it still has a laid-back 
air. 

And here tiling s took a turn 
for the absurd. Hushed, I saw 
a hustler arrive by canoe, brief- 
case in band and dressed to a 
suit, trousers rolled up against 
the waves. He struck a pose on 
the shore and stumbled 
through the sand on his busi- 
ness. 

By all accounts not many 
Jamaicans go out jogging: 
“Well man, you know, it a long 
way... an’ it HOTT And so as 
1 was stretching my legs, head- 



ing out of Negril at a jog, peo- 
ple stopped and stared, or 
looked up from their dominoes, 
bemused. 

One man shouted after me 
with unlikely urgency as I left 
the town limits: “You cyaan go 
out there, man, you are go get 
chop” (momentary thoughts of 
a coconut). A six year-old 
squeaked with excitement at 
the tight of me: “Look, look, 
white man runnin!” and fol- 
lowed on for 100 yards. 

Further on, an old man 
summed it up with a dismis- 
sive wave and just three 
words: “Get a taxi" 

As the largest and most 
vibrant of the British Carib- 
bean Islands, Jamaica baa the 
greatest romantic allure. Local 
life is that much more pressur- 
ised, but the c alm is corre- 
spondingly more of a relief. It 
is easy to feel the love affair 
beginning. 



Negrft waO known in the 1960s whan the hippies washed up there. Today, tt even has 


:ry 
■ 1 - 



I serve as a Captain of the QE2, 
anil my father was the original Captain. Solhnow 
quite a lot about this ship and her heritage. 

She is the classic ocean liner. 

Currently she is being given an exciting new look; 
hut her legendary splendour will still he there. 
After all, Cunard virtually invented travelling in the 
grand style, and they have preserved all 
those remarkable standards of luxury that gave the 
QE2 its celebrated reputation. 
Wonderfully elegant public rooms, miles of decks, 
staterooms that bring a new meagjijg-^ 
to comfort, the magnificent Grand Lrainge™ and many 
welcoming bars — like the ^acht Club, 
where you can sip champagne as you watch the sun set... 

We have a whole range of cruises and 
American holidays. Each one offers a unique experience: 

a superlative journey on the world's 
most famous liner, revelling in the impeccable and envied 
Cunard traditions of service. 

Naturally I am very proud of my ship — as was 
my father before me. I hope you will join her, so that you can 
sample these unparalleled delights for yourself. 77 

^bu will not find people like 
Captain Ronald Warwick on any other cruise line. 
Which is why no other cruise line 
can give you the experience of Cunard. 


CunarcL We make all tke difference. 

Ask your (ravel agent or call Cunard on: 

01703 634166 






9 



<c3 uL’ l?-j] irt Lftl fiiii 


Queen Elizabeth 2 




VI WEEKEND FT 


- ■ .SW: 


FINANCIAL TIMES WEEKEND NOV EM BER IWOVBMBER ' *f 



TRAVEL: THE CARIBBEAN / SCOTLAND 






Colour- coded cruising 

Blue is the colour. Bahamas is the name. James Henderson reports 


Tha Bahamas in a good year, more than 10 times as many tourists pass through as there are Ba ha m ia n s 


T he Bahamas, apparently. 

are favourites with spa- 
cemen and satellite pho- 
tographers. They are 
thousands of emerald 
green Islands, cays and isolated 
rocks ribboned with bright white 
sand, scattered over hundreds of 
square miles to the east of Florida, 
just across the Gulf Stream. But it 
is the sea which makes the Baha- 
mas so beautiful from above. 
Framed in the rich royal blue of the 
deep ocean, the islands stand on 
sandy-bottomed banks, in clear and 
shallow water, which shines with a 
vibrant turquoise glow. 

There are about 15 main groups of 
islands, radiating around the cen- 
tral island New Providence, the site 
of the capital Nassau, and linked to 
it by mail boats and regular flights. 
The islands are all similar in 
appearance - they are low-lying 
with pines that roar in the wind - 
but each group has a distinctive 
feel. 

The Ahacos are an open crab-claw 
of islands in the north of cbe Baha- 
mas: It was less fh.m an hour alter 
touchdown at Marsh Harbour that I 
was sitting on a boardwalk looking 
out on to a bight, taking in the last 
of the evening light. Life has always 
centred on the sea in these barren 
islands (as the name Marsh Har- 
bour hints). 

The old docks are still there, but 
now the bay is steadily encrusting 
with brightly painted restaurants 
and bars which have the familiar, 
cheery’ feel of Florida. Just a short 
bop from the US in a yacht, the 
Aba cos are very popular as a sailing 
destination. About half the marinas 
in the Bahamas are situated there. 

Many of the island groups have 
ribbons of cays standing a couple of 
miles offshore. They enclose calm 
stretches of water ideal for sailing 
and so I took a trip aboard a yacht, 
pausing at an isolated beach of bril- 
liant white coral sand and merciless 
sunshine. The Bahamian sea is 
impressive. With currents on three 
sides of the archipelago, its waters 
are constantly cleansed and they 
are strikingly clean. 

From gin-clear shallows they 
recede through a colour chart of 
blues to a turquoise that Magritte 
might have used. If school ever 
taught me why the sea is blue, I 
could not remember the answer; 
certainly no one ever explained how 
It could be that blue. The question 
began to tickle the brainstem and 
so l took to asking people. 


We put in to Hope Town, a per- 
fect. pretty waterfront town. Pastel 
houses were laid out beneath a pro- 
verbial pink candy lighthouse; it is 
as though it was always destined to 
be a holiday town. The setting, gin- 
gerbread houses standing behind 
white picket fences and festooned 
with bougainvillaea, brings on a 
delicious holiday buzz. 

Sitting on a waterfront deck with 
the waves lapping beneath me and 
tucking into a lobster and lime but- 
ter I felt it all teetering on the brink 
of cliche, but it was a good three 
hours before sunset As for the col- 
our of the sea. my question did the 
rounds of the restaurant stag: toe 
waitress came back saying it was 
the reflection of the sky. Looking 
around, I decided that somehow 
that might not be the complete 
storv. 


Few of the 
Exuma Cays 
are inhabited. 
And if they 
are, civilisation 
is only a 
hotel and 
a marina 


Nassau is the nerve centre of the 
Bahamas and if you travel between 
the out-islands (or Family is lands as 
they are known) you are quite 
likely to put in there. 

Nassau. Cable Beach and Para- 
dise Island have been the heartland 
of Bahamian tourism for 30 years, 
doing a brisk trade as the all-Ameri- 
can rest-cure in the sum beeches, 
cabarets, casinos and shops, all just 
a short flight off the coast of Flo- 
rida. In a good year, more than 10 
times as many tourists pass 
through here as there are Baham- 
ians altogether. 

Bui travellers are beginning to 
venture beyond Nassau. I picture 
them as migrating lobsters, which 
head off in groups of 50 and 60. nose 
to tail, along the sea-floor. The Fam- 
ily islands are beginning to develop. 
And so I flew off to the Exuznas. to 
the south-east of the capitaL 

These islands announce them- 
selves with the silver glint of a line 
of breakers and then you run along 
them, a 100-mile string of sandbars 


and spits of fand s& in a luxurious 
blue sea. Beneath the surface the 
currents have left their marie, with 
ripples and swirls in the sand and 
deep cuts between the islands. 

Few of the Exuma Cays are 
inhabited. And if they are; civiifsa- 
Urm is nothing more a hotel 
and a marina. At the foot of the 
chain we touched down at Great 
Extras, the largest island and site 
of the main settlement. George 
Town. 

The town stands on a magnificent 
harbour, protected from the Atlan- 
tic swells by the usual line of cays a 
couple of mite offshore. The Tropic 
of Cancer cuts through the bay. 

The Exmnas have a rawer, stron- 
ger West Indian quality t han the 
more developed islands to the 
north, and they are largely 
untouched as yet by the pastel tour- 
ist revolution of waterfront bars. 
They are beginning to change, but 
they offer a hint of the older Baha- 
mas, still to be found further south, 
on Rum Cay, Crooked Island- 
Acklins and the Inagoas). 

Local nanshops are as much the 
source of entertainment as the 
waterfront bars here. 

An old commemorative photo- 
graph, yellowed even under the 
lamination, showed George VI and 
tte princesses Elizabeth and Mar- 
garet in pinafore dresses. It seems 
that patterns of human life in the 
Exuma s are almost as timeless as 
those of the waves. 

There are {daces in the Bahamas 
where the sandy-bottomed flats 
stretch for miles offshore - you can 
saunter off the beach, walking for 
miles in calf to thigh-deep water. 
And it is for shallow flats like these 
that the Exmnas are famed because 
they are hnma to boneffsh, which 
are' known to be fearsome light- 
ers. 

Flushed fishermen were telling 
ecstatic tales in the bar at the Peace 
and Plenty Inn when I arrived. We 
got on to the colour of the sea and it 
was decided that its intensity comes 
from the clear water and the white 
sand on the sea Boor. 

1 am not a fisherman, so instead 
the next day I took a Boston Whaler 
and pottered around the harbour, 
still continually struck by tfaecoi- 
our of the water, nosing into iso- 
lated coves and eventually washing 
up on Stocking Island, a classic, 
almost -desert -is land, with just a 
couple of houses and a beach bar. A 
large local lady was cooking up 
conch fritters. 


We chatted about Exnma’s curi- 
ous barrage balloon, ‘ the “Fat 
Albert", which flies high above 
George Town. It is used to watch 
the traffic in the local waters. 
Things have tightened up consider- 
ably In. recent years as the Sou & 
American influence has come into 
play, but living so conveniently 
close to the US, the seafkring 
Bahamian folk have t ra ditionally 
been big smugglers. 

Bimini used to be a favourite 
transhipment point. The two. 
islands lie about 50 miles from 
downtown Miami, just a short tide 
across the Gulf Stream ih.a power 
boat “Now, that a story," the lady 
from Stocking' island had said. 
Whole suitcases of cocaine and 
$1,000 bills used to change hands : 
there. 

Bm American visitors have been 
craning to Bimini since the 1900s for 
a different reason. The island to foe 
traditional haunt of deep-sea fisher- 
men. who have been trawflhg. the 
depths of the Gulf Stream since the 
invention of the outboard motor. 

Hemingway and his strong-sarin 
cronies were here, fishing for mar- 
lin by day and fi ghting in the bats 
at night I stopped over on the way 
out to Miami 

Bimini is an odd mix of foe raw 
West Indies with its ragged, Un- 
roofed houses, and the steady tour- 
ist gratification. Top-heavy cruis- 
ers stand in ginting fines in the 
marina, ■ 

Hemingway's brawls do not mnpt 
much any more, and the most riot- 
ous behaviour is usually foe flailing 
of arms and legs on die dance floor. 

Ihe man hmwri f has mil swim sta- 
tus nowadays; at the Compleat 
Angler Hotel you will see his writ-, 
frigs and pictures of him standing 
by UXXHb monsters. He would -have 
been more at home with foe smug- 
glers than foe tou ris ts 1 guess, so I 
wondered what he would have 
thought of it alL 

1 suppose 1 have missed the space- 
man's promotion scheme by now, so 
Tam unlikely to see the Bahamas 
from foe Shuttle, but you certainly 
get a fine view of the Bahamas «r>d 
all their glory from the window of a 
DASH 8. As for why foe sea is blue, 
that's one for the encyclopedia 
when 1 get home. 

■ The Bahamas Tourist Office can 
be contacted m tel 071S29 5238 and 
Bahamasair on 072-437 8766. 
u James Henderson is author of the 
Cadogan Guide to the Caribbean 
(£1499. 760 pages). 


HOLIDAYS & TRAVEL 


CARIBBEAN 


Christmas 
in the Caribbean 

Enjoy a tropical Christmas on a Caribbean beach 


IVsiimuion hole 


St Lucia: Islander 3* 

St Lucia: Eastwinds 4* 

Antigua: Hawksbill 4 ★ 

Barbados: Silver Sands 
Grenada: Coyaba 4* 

The price m idu dea: Return flights from Gatwick. 
Accommodation as shown. Meals; RO = no meals; 

HB = full breakfast/dinner; ALL =* all-inclusive. Transfers. 
Child disco unts{one child under IS sharing with 2 adults): 
Antigua 50%; St I-ucia 20%; Grenada 10%. Prices are per 
person sharing twin room. 

Not inducted: UK Dept tax (£10 will be added to invoice) . 
Local dept tax. Optional Insurance: £44 per person. 

H i ghl a nd Gass flight upgrade: £349 each way 
(except Antigua) 

I To boot, ufephooe: (open daily inc Sat/Sun) 

® 0306 744300 

Tlje Travel Calkcrim, 

Deendene House, 
wtdng, Sarrey RH5 4AZ. 

Fax: 0306 740328 


IVpl: 

Ntx: 


I’li.v: 

18 Dec 

14 

RO 

£998 

18 Dec 

14 

ALL 

£1998 

13 Dec 

14 

HB 

£1395 

17,19 Dec 

14 

RO 

£899 

21 Dec 

14 

RO 

£1198 




ATQL 132 ABTA 35731 


SAFARIS 



Asia, 

Africa, 

South 4 

Central America 

ferbmd&tpe 
W/n of 3 to 31 wefts 

BS Cana Grata. Drf mto nt, 
awBBtatPHOA. 



ZIMBABWE 

TANZANIA. BOTSWANA 
ZAMBIA A NAMIBIA 
TAILORMADE SAFARIS 


Luxurious remote lodges. 
Walking, canoeing, riding and 
vehicle safaris with the very best 
guides. Superb wttdlifa. 
Adventure with comfort. 

Coir us to create your ideal safari. 
Phone John Burden on 
1)28879 


EXCLUSIVE 

Hamilton House. 

86 Palmerston Bd 
Northampton, NNl 5EX. 


\S 


' -j 


Simply the best for 
BOTSWANA 
ZAMBIA 
ZIMBABWE 
NAMIBIA 
SOUTH AFRICA 
Tel: 081 343 3283 
Fax: 08 1 343 3287 

H Gadd House 
I Arcadia Avenue , 
■ London N3 2TJ i 


FIJI 


Turtle Island 

JnrH ox ptawUbeifvOondiiiSO}acTc 

prtudy Merit 


awoft attari «flWWnMri kiieV 


Travel Portfolio 
n o«idi|wamfc?» a ■ it mi i«l 

Tel: 01284 762255 

_ teaasBi 


Forgotten romance of Scotland 

Nicholas Woodsworth makes a rewarding discovery on the road back to England 


I drove into foe Borders 
town of Kelso late one 
rainy night, feeling 
rather low. I was Lon- 
don-bound and. after a 
week of wild hills and salt air 
in the far north-west comer of 
Scotland, had little taste for a 
return to the stuffy confines of 

En glish life 

ff I stopped six miles short of 
the English border, it was not 
for nostalgic reasons - ft was 
simply because Kelso was a 
place to eat and sleep, a pit 
stop as convenient as any on 
the way to the Ml motorway. 
The place had nothing to do 
with the real Scotland which, 
as far as I was concerned, 
began somewhere north of 
Inverness. 

1 wake early, though, and a 
look outside made me wonder 
i mm ediately if I might not taka 
an extra day on foe way down. 
Hie weather had cleared and, 
just outside my hotel window, 
in warm morning s unlight, 
flowed a marvellous river. 

Twenty feet from foe pasture 
on the far shore, a fisherman 
stood thigh-deep in slow- 
moving water, spinning gossa- 
mer from a fly rod. Caught 
against the li ght, the fishing 
line took on a twisting, restless 
life - the longer it grew with 
each delicate flick of foe rod, 
the more artful became its 
arcs, the more complex its 
ellipses and convolutions. The 
fisherman's final object might 
have been to catch fish but, in 
the process, he also caught me. 

My eyes moved upriver, tak- 
ing in new sights with new 
pleasure: a tall, blue heron 
standing statue-like in shad- 
ows by the bank; a black and 
white border collie, on some 
unknown but crucial mission, 
hurtling past a herd of fat 
Guernseys drinking at the 
river; a large, water-borne 
swan stretching its powerful 
neck skywards, wings flapping 
and chest heaving, before set- 
ting bade down to its custom- 
ary repose. 

My eyes finally came to rest 
on a ter reach of river half a 
mile from the town. Across a 
vast park dotted with shade 
trees, 1 spotted the crenellated 
towers and pepper-pot chim- 
neys of a sprawling castle. 
Somehow, although I had 
never been in Kelso before, 
both river and castle seemed 

familiar . 

The water that flows past 
Kelso is. In feet, the middle 
reach of the Tweed, one of 
Scotland’s most celebrated riv- 
es; any angler who has ever 



Tarzan fay the Tweed: Floors, fairytale csstte, fflm set; at Kelso In the Scottish Borders 


picked up a coffee-table book 
on salmon and trout fishing 
has seen pictures of it. The 
memory of the castle was 
harder to locate 
Floors, Scotland's largest 
castle, was once featured 
graphically m Grea/stote, a film 
in which Tarzan of the apes 
returns from his jungle home 
to claim his rightful inheri- 
tance as Scotland’s distin- 
guished Lord Greystoke. Hat 
little conceit might seem some- 
what improbable but, as I 
began to discover immediately, 
it is no more improbable than 
our insistence that highland 
Scotland is the only Scotland. 

ff romance is foe criterion 
for Scottish travel - and, for 
most of us, It is - then we may 
be over-shooting the mark in 
our haste to maka for lonely 
northern islands and highland 
moors. In the superb virtu- 
ally ignored countryside of the 
Borden, 500 years of violent 
struggle between Englishman 
and Scot ensured there is more 
romance to the square yard 
than- anywhere in Britain. 

Author Sir Walter Scott 
called Kelso “the most beauti- ' 
fill, if not the most romantic. 


town in Scotland”. He might 
have been prejudiced (be went 
to school there) but, to get 
some idea of what he was 
talking about, I only had to 
walk past Kelso’s flower- 
strewn main square to the old- 
est part of town, snogged into 
a sharp bend in the Tweed. 

Once I had tom myself from 
foe display cases of hand-tied 
flies in the Tweedside Tackle 
shop - every bit as good as a 
visit to a fine arts museum - I 
found myself in Abbey Row. In 
the grassy, tree-shaded square 
stood hundreds of headstones. 
green with the moss of ages 
and leaning at all sorts of pre- 
carious angles. 

Anywhere else, a gloomy 
cemetery in the middle of town 
might seem morbid. Here in 
the shadow of Kelso Abbey, it 
only substantiated the link 
between present and past, 
enlivening the great medieval 
romance that bloody Borders’ 
history has now heroine. 

In the middle ages, liar from 
being the stage for wild and 
warring clans that the high- 
lands were, the Border area 
was a centre of monastic cul- 
ture and learning. In the first 


half of the 12th century, Scot- 
land’s King David I embarked 
on a campaign of abbey-build- 
ing so ambitious it left a string 
of his successors bankrupt 

But the fete of those who 
followed the first monks at the 
four great royal abbeys - 
Kelso, Dryburgh, Jedburgh and 
Melrose - was worse than any 
indebtedness. Over foe next 
five centuries, endless invasion 
and border raids by the 
English, interspersed with 
counter-attacks and scorched 
earth campaigns by the 
Scottish, engulfed foe whole 
area. 

Towns, castles, livestock and 
rich farming lands were not 
the only targets. In 1544. after 
the town of Kelso had been 
burnt twice and gutted by the 
English, the Earl of Hertford 
put these four abbeys to the 
torch. 

By this time, “the Kelso 
monks were mainly fighters", 
as one historian recounts. 
“Twelve monks and 90 laymen 
held the abbey against the 
English and, when foe guns 
battered down the splendid 
walls, the gallant soldier- 
monks retreated to foe tower, 


Pletor Marnaaanrf 

where they held out all night 
At dawn, the steeple was won 
and the last Scot died fight- 
ing.” 

It is Uttie wonder that, today, 
there are still significant differ- 
ences of outlook and behav- 
iour, a sense of “us and them”, 
along the Scottish-English bor- 
der. I walked around foe bro- 
ken arches and collapsed tow- 
ers and tried to imagine the 
silent, smoking horror of Kelso 
Abbey following that last, 
early-morning slaughter. 

For a while, alone, it was 
easy. Then, in much less time 
than ft took to bring the abbey 
down, an entire church fete 
and bake-sale built itself up 
around the ruins. I bought 
myself some treacly currant 
tart and wandered off to 
Floors. 

I eqjoyed a tour with John 
Wilson, the castle's former but- 
ler turned guide who now 
shows visitors about It is a 
wonderful place, full of 
fairy-tale castle ornamentation. 
“Altogether a kingdom for 
Oberon and Titania to dwell 
In," Scott enthused. 

Wilson did not wax quite as 
lyricaL “Never used to like the 


stuff;” he told me in the dining 
room, pointing out a magnifi- 
cent set of engraved silver gift 
cutlery. “Used to have to clean 
it” Wilson is, in fact, tremen- 
dously proud of Floors and tre- 
mendously knowledgeable 
about the Meissen porcelain, 
Louis Quinze furniture, Anbus- 
son carpets, Gobelin tapestries. 
Ming vases and the hundreds 
of other objects that fill its 
rooms. ■ 

I enjoyed even more a chat 
with the duke of Roxburghe 

himself an unassuming man nf 

great charm who, when not 
managing his 50,000 acres, 
likes nothing more than fish- 
ing: We discussed forming life 
in foe green, rounded hills of 
the Borders and the proud. 
Independent and tough atti- 
tude that is bom from it - Bor 
ders rugby men, he assured 
me, are second to none in Scot- 
land. ^ 

We discussed Borders horse- 
mans hip - again, mostly 
because of the area’s warring 4' 
tradition, unrivalled In the ' 
country. We discussed fox 
hunting, pheasant shooting, 
hounds, cattle, cattle thieving, 
old Border traditions and, inev- 
itably, Sir Walter Scott, His 
former home in nearby Abbots- 
ford, a neo- Gothic mansion 
filled with all manner of things 
traditional, romantic and 
heroic, attracts as many visi- 
tors as Floors. 

Most of all, though, we dis- 
cussed Tweed salmon and the 
monstrous specimen, weighing 
more than 501b and now 
mounted proudly on the wall, 

' that the duke pulled from the 
Tweed not so long ago. All in 
all, he concluded, there was 
much more here to keep him 
occupied happily than there 
was in London. 

1 might have said the same. 

The pleasures to be found in 
the Borders are as varied as 
you like to make them. Shortly 
afterwards, 1 found myself on a 
rough tramp through the wild 
Cheviot hills with the merry 
members of foe Coldstream 
Ramblers Association. 

On the other hand, dinner 
that evening at S unlaws 
House, a grand baronial hotel 
outside Kelso, was as elegant r 
as could be: Perthshire venison 
with figs. Tweed salmon with 
fennel, and Tayside raspberries 
with a great sigh of satisfec- 
tion. 

I had lost a day on the way 
down to London. The capitaL I 
decided before turning in, 
might just have to wait a day 
or two longer. 


r 









>*D\ 




' V « . % . . 


financial times 


WEEKEND NOVEMBER 12/NOVEMBER 13 1994 


WEEKEND FT VII 


1 re Ports 


mm 



and 


The trouser ait Satan's soft and 

practical 100 per cent wool plain grey trousers, 

ESS and striped Jacket, £275 

Dtawmgs by Graham Marsh. 


urith an 


Waterproof steel watches, for ladies and gentlemen, 
interchangeable steel bracelet and leather scraps , from L 1 1 00. 


I 

-.1 T 


R 


JEWELLER SINCE 1858 

B0UCHER0N 

180, New Bond Srreec - London W1Y9PD - Tel. : 071 493 0983. 


FASHION 


For women who wear 
the trousers 


Lucia van der 
Post greets a 
collection 
that is soft, 
appealing and 
well-priced 


T here are. as any 
woman will tell 
you, trouser suits 
and trouser suits. 
There are those that 
are deliberately, primarily 
even, ambiguous. These are 
worn when a woman is at her 
most supremely confident, 
when she feels assertive, mean, 
moody, able to take on the 
world. They have a hint of 
cross-dressing, a whisper of the 
decadent This Is the trouser 
suit that Yves Saint Laurent so 
memorably brought to life 
when he became the first 
designer (way back in 1969) to 
show us all the sexual punch 
that a woman dressed in a 
sharply-cut, m annis h suit 
could wield. This is the sort 
that every woman who seeks 
to be at the edge of fashion will 
want to have in her wardrobe 
this season. 

Then there are the trouser 
suits that purvey a different 
message - soft, feminine, 
slightly waifish. Here is a 
woman vulnerable in a man 's 
world, no hint of androgeny or 
sexual power. Unstructured, 
with easy trousers and accom- 
modating waistlines, these are 
suits that whisper gently, that 
hint at curves instead of sil- 
houetting them. These are the 
trouser suits a woman dons 
when she wants above all to be 
comfortable, to be able to run 
for a bus or a tube, when she 
wants practical clothing for sit- 
ting in an office or travelling 
in an aeroplane. 

Trousers, as a regular accept- 
able part of the female ward- 
robe, have arrived only 
recently. As Alison Lurie 
points out in The Language of 
Clothes it was not until the late 
1960s that “trouser suits finally 
became elegant as well as 
respectable, and underwear 
vanished or mutated into 
harmless forms. Even before 
the second wave of women's 
liberation got underway, the 
long struggle for comfort and 
freedom in female dress seem 
to have been won at last". 

Today, many working 
women like no thing more than 
to indulge in a bit of role- 
playing - ambiguously, sharp- 
ly-suited by night, relaxed, 
comfortable, easy by day. 

For those looking for the 
unashamedly practical trouser 
suit, the sort that is smart 
enough to go the office (and 
today there are fewer and 
fewer offices where trouser 
suits are still not allowed) and 
comfortable enough for easy 
striding out, a newish name on 
the scene to look out for is 
Sahza The label is the un-cam- 
el-like product of design by 
committee. 


The collection was created 
by the vast Italian clothing 
manufacturer, GFT Donna. It 
is carefully targeted at the 
modern, probably working, 
woman. The brief to the design 
team was that the look should 
above all be soft and practical 
and that prices should be mid- 
dle of the road. 

With almost no publicity it 
has already become hugely 
successful At Fenwick of New 
Bond Street London Wl it was 
only introduced last autumn 
and was such a success that 
this autumn it has been given 
twice the space on the very 
prominent first floor. Accord- 
ing to Mary Flack of Fenwick; 
“It is exactly right for the 
working woman. It is a clever 
combination of separates with 
jackets that work with trousers 
or skirts. There are lots of 
pieces that can mix together, 
though perfect for the office it 
isn't boring and its prices are 
way below designer labels." 

At Harvey Nichols, too. 
where it was first sold in the 
spring/ summer of 1993. it has 
proved a wow and has been 
given a whole wall to itself. 

SahTa does equally soft and 
easy to wear skirts and jackets. 
There is a whole collection of 
knitwear which can be teamed 
with the trousers and skirts. 

Sketched here are three of its 
suits for the coming winter. 
The Sahza label is widely avail- 
able but probably the biggest 
selection is at Harvey Nichols 
of Knightsbridge. London SW1. 
and Fenwick of New Bond 
Street, London Wl. Other 
stockists are Flannels of Man- 
chester and Jenners of Edin- 
burgh. For a local stockist tel 
071-629 5592. 



ABOVE; 100 per cent black wool afightiy flared skirt, £78 and grey marled 
wool Jackal, £190. 

RIGHT: Wool, viscose, polyamide and acetate Caramel coloured trouser 
suit with a single-buttoned jacket; £415. 



ZC/A. 


ALFRED DUNHILL 


!ll» 






















,,\ .sis 



Z-K.:- 




The Londinium. 

• J/m/tAwe Jitcef urttf S/ntemattcuui/ /t/ctwic ytiarantee. 'fapplircj/ax*. ' 1 iiitcr -rcJu«lant. 

,\inius- made toil A tjuazrtc tnovtmfflf. dkicfcetjfddi/ig clasp. 

GOLDSMITHS WALKE R & HALL 

THE MARK OF A FINE JEWELLER 

WH MAY: Nottingham, WALKER 8c HALL: Sheffield Mcadowhatl, Thurrock, Altrincham, BRACHER. Be SYDENHAM: Reading. 
NORTHERN GOLDSMITHS: Gateshead Metro, GEO ATTENBOROUGHS: London Fleet Street, 

REID Be SONS: Ncwcairle, GEO FaRRERj Tunbridge Wells, BIGGS: Faruhan, GOLDSMITHS: Leicester, London Bubopegaic. 


r Sbu^f/it after -since 7<9p<$. 









FINANCIAL TCVIES WEEKEND NOVEMBER 12/NQVBMBBR 13 19^. , 


VIII WEEKEND FT 


FASHION 


. . : ■ 

• *' ‘ : ■ 


Menswear still marches to 



i 


IV 


nr 


\ 


v*.' 




i 




?>■ 


>% 




h 


Gray wool suit from Gieros & Hawtos, Ho. 1 SavSe Row, London W12. Blue cotton shirt with ad away ooiar, £49 and woven pink s» tie, £45 from HackatL Black feather side elastic 
Shoes, £185 from New & Ungwood. "British Warm” coat, £425 from Glaves & Hawkes. Unfined leather case, £485 from HacketL Biony MBary hair brushes, £210, hide brush case and 
brown crocodile fr a me, £425 afl from Asprey. Wardrobe trunk from Loss Vutton. 


Fatigues are ‘in’ with chic young clubbers, but Richard Rawlinson 
sees old soldiers and sailors wherever he looks 




■b *■ . 


■■ .■ -M 

'a « • r 3 


T his season, interna- 
tional menswear 
designers from 
Ralph Lauren to 
Dolce e Gabbana 
have taken inspiration from 
military uniforms. Colours 
range from rifle brown to gun- 
metal grey and cut and detail 
take on a parade ground for- 
mality. 

While Versos. Gianni Ver- 
sace’s diffusion line, offers her- 
ringbone pea coats with mili- 
tary buttons and slim “guards’* 
leg trousers, Valentino pres- 
ents suits with storm flap 
pockets and epaulettes. 

Katharine Hamnett’s camou- 
flage trousers are being worn 
by young night clubbers along 
frith, khaki Gap T-shirts and 
combat boots, Ferre’s fur- 
trimmed parka coats would be 
appropriate for polar expedi- 
tions, bis greatcoats for first 
world war trenches. 

Carlos de Freitas, menswear 
buyer for London department 
store Harrods, says the mili- 
tary influence is a perennial 
favourite. “It comes round 
cyclically and this time Ralph 








Cobra Guru suit, £795 and gray cotton shirt, £195 from Giorgio Armani. 
178 Soane Street, London SW3. Brown suede shoe £155 from New & 
Ungwood. Note-pad, £16 end "London bag” hide kR bag, £325 from 
Asprey. BurSngton field boot, £545 from Scfinieder, 16 Ctfford Street, 
London SW1. Bowler hat, £135 from Herbert Johnson, 30 New Bond 
Street, London W1. 


Lauren has created the look 
with green skinny-rib roll-neck 
jumpers under quilted coats 
and also country tweeds and 
cords. It is all part of the con- 
tinuing interest in practical 
clothes for active lifestyles.” 

Inno Aguib, menswear buyer 
for London designer store 
Browns, says the military 
mood amon g designers is influ- 
enced by styles on the streets 
of New York and London, 
whose younger Inhabitants 
have, for a long time, worn 
secondhand army gear. “Dolce 
e Gabbana often take their 
inspiration directly from street 
fashion,” he says. Their collec- 
tion includes combat trousers 
and Ethree quarter length 
army coat/jackets. 

Horse guards, Vietnam GIs 
and colonial officers may be 
marching Into fashion, but mil- 
itary clothing has a much 
deeper influence. The origins 
of most of today's civilian tail- 
oring - whether for a 
double-breasted overcoat, a sin- 
gle-breasted suit or a fashion- 
able Nehru collared jacket - 
can lie In the naval and mill. 


=HUNTSMAN = — 

SPECIAL PROMOTION 

OFF 

Bespoke & Ready to Wear Clothing 

from 

14 NOVEMBER - 2 DECEMBER 

(OPEN SATURDAYS 19 & 26. 10 am - 4 pm) 

11 SAVEE ROW, LONDON 

— 071-734 7441 ======== 


Collection GENEVE 


at ASPREY and HARRODS 

Sole Importer Jdat Internafioflat let Tel: 081-445 6378 Eaac 081-445 2714 








\ 


L-r **** ; - 

BS* , i.-fl* ‘ 


An 


n 




and 


. cas 


BesJn-' ! 




Hunter green robe, £1,650 from SuBra, 19 Old Bond Street, London W1. funks drew shirt. £55 and Wbidaor . 
cofiar, ££L50 and black bow tie, £950 afl from Hackett, 138-138 Sloans Strati, London 5W1 and 37 Jenuyn 
Street, London SW1. Back leather side elastic stooes, £186 from New & Ungwood, 53 Jeunyn Street, London 
SW1. Angora woof "Block Watch” rug, £75 from Asprey (Bond Stress). 165 New Bond Street, London WL Black 
cotton velvet pillow 12tas by ISns, £195 from Sirfka, 19 OW Bond SMraet, London Wl.Sfide action, sVver engine 
tuned agaette case* £1,100 and vesta match case, £355 both from Asprey. Cav6 a Whisky eat, £4,195. 


Photography and StyTmg by Ralph ShancBya 


— j -v-r^ ■ c***. v* vot /'•"n 




ti *Ki^f 


a®?*** 










/ 


!» .t 








. 




tary uniforms of 200 years ago. 

The classic suit worn by the 
professional classes of the 19th 
and 20th centuries were not 
created by the Giorgio 
Armanis of the day. They 
evolved from the uniforms of 
the armed forces. 

Before the end of the 18th 
century, uniform coats were 
round-necked and collarless, 
rather like the Beatles’ jackets 
of the 1960s or some modem 
Chanel women’s jackets. They 
were worn either completely 
buttoned up or buttoned back 
on themselves to reveal a tri- 
angular-shaped dash of distinc- 
tive lining. The lining was usu- 
ally white to contrast the 
darker shade of the coat. It 
formed the basis for the lapel 
as we know it, although the 
fold-down collar had not yet 
been devised. 

By the 19th century, 
stand-up, tunic-style collars 
had been introduced to uni- 
forms. buttoning up below the 
chin to protect the neck from 
the elements without the need 
for flooncy, Beau Brummel- 
style cravats. When the stand 
collar was turned down, it 
formed the ghfllie collar or the 
top half of foe contemporary 
lapel. The front part of the 
lapel was still part of the coat’s 
torso but, when it too was 
turned back, it established the 
precursor of today's two-piece 
lapel with a notch at each side, 
or gorge cut, as it is known. 

The gorge cut has been styl- 
ised over the years to sit com- 
fortably on the neck, shoulder 
and chest But If you put up 
your jacket collar, you will still 
be able to identify its origins - 
the collar stands up like that of 
a tunic and the front sections 
will kiss at the tips of the 
notches. 


- tv 




U-T-V... 




JV 






? V e<Y*i 


V>. 


•*r. 




-H- 


MiGtary style Jacket, £275 from Emporio Armani, 59 Long Acres, Covent Garden, London WC2. Khaki shkt, 
£134, from Gtenfranco Ferre, 84 Brompton Road, London SW3. Navy motesfcin trousers, £69 from Hackstt. 
Jodhpur boots, £265 from New A Ungwood. LJghwaigM saddle, £695^ FuB size Shaffle BrkBSk £125, brown 
platted crop £48 and Whitney wool blanket, £81.95 afl from W & H. GkkJen, 15d CSfford St, Mayfair, 
London Wl. 


#/• 


The buttonhole on the left 
side of the lapel is not merely 
to insert flowers into, but is a 
continuation of an historic tra- 
dition in men’s tailoring. That 
also explains why truly 
authentic double-breasted suits 
should have button holes on 
both sides. 

Nowadays only shooting 
coats have a button corre- 
sponding to the lapel button, 
allowing protection from the 
wind and rain on grouse 
moors. But most early exam- 
ples of the jacket, particularly 
country clothes warn by estate 
workers and artisans, buttoned 
high like the military tunic. 

The more adventurous and 
monied aristocracy and the 
expanding bourgeoisie, wish- 
ing to show off their expen- 
sively starched cravats, began 
to have their coats cut with a 
lower revere. 

Tailors experimented with 
the fundamental component of 
the coat for the sole purpose of 
aestheticism- The cuff buttons 
originated after the evolution 
of the civilian frock coat out of 
foe military uniform, but it 
also has more to do with func- 
tion than fas hinn- 

In the Victorian era. protocol 
decreed that gentlemen wore 
coats in public. They were 
deemed undressed if they 
revealed their shirts. Doctors, 
for example, who needed to 
wash their hnnds in front of 


patients, required cuff buttons 
which could be undone, allow- 
ing them to roll up their 
sleeves before their ablutions 
at the basin. Modem, off-foe- 
peg suits usually have fake 
buttonholes in order to cut the 
cost of manufacturing, but 
bespoke suits still have work- 
ing cuff buttons. 

Most menswear designers 
continue to show more concern 
for traditions than innovation. 
While womenswear designers 
often let their imaginations 
run wild, men's tailoring 
changes little from decade to. 
decade. Menswear designers 
may alter the number of but- 


tons for a jacket, the shape of 
its lapel and the flaps of its 
pockets for decorative pur- 
poses. 

They may decree that the 
sporty preppy look is “in" one 
season and the effete, Edwar- 
dian dandy look foe next But 
they are faithful to certain 
rales, set down by previous 
generations. 

■ Richard Rawlinson is acting 
editor of Fashion Weekly. 


v 


Tbe World's Fines! Men's 
Underwear. 


IMH Ntewg a tedn wrlsfciw 

1 • Afl wool hand cut 

redlHshedfrede-tt- 


£275. 

WhBttnrathamnrt> 
tte aOea mb odor ■ 
superb s a toc Bo n dt 
■tyteB,cuteanddofln 
(busaiBBMroounfctf- 
' Hsvb one of our 


It i 


'h 


2iNMemi rroiT. n, n„. 

Available la Ira4l»g .Facial Kv 
raiblaa ilan. Uaanll Taaill AC 
CH-MW Aarba.l. Pkaar M2 41 41 41 
Pa. m: 41 )« 72. | | ff 


7\ Mb Dm stain oW at 

f buying a new autt. 

CaB 071-735 4701 bra 
Indue oran appoMmenL 


London, Mddowi.Eaoot, Hots, Bed*. Bodo. 
CMB.SBmr.aBMI, KM.HMH, YOU**. 
HMUokBi No* EM NHfe DM&MM 
Oregon; Bonkra, IMmn 








FINANCIAL TIMES WEEKEND NOVEMBER 12/NOVEMBER 13 1994 * 

HOW TO SPEND IT 


WEEKEND FT IX 



bmm leather briefcase, £445 by Mufeeny, 11 Gees Court; St Christopher's Place, London Wl, 
Dfckma & Jones, Regent Street, London Wl, and Uutoerry 25-25 Swinogate, York. 

An open 
and shut 
case... 

Heather Farmbrough finds out 
what makes a good holdall 



able 


or every Weekend FT 
reader who regards 
baying a briefcase as a 
tedious but unavoid* 
chore, there will be 
another who delights in the 
soft leather and subtle colours 
of a well-made case. 

To some, a briefcase is sim- 
ply a concession to profes- 
sional convention - there are 
far easier ways to carry things 
than in a -*wwall box which 
makes one’s shoulders ache. 

To others,, however, a brief- 
case Is as es sential an acces- 
sory as a pair of good shoes, a 
reliable indicator of its owner’s-, 
style and personality. 

Even if you think of - brief- 
cases .as dull but. practical 
necessities, there Is no reason 
to settie for a boring box; over 
the . i««t .few': years,, briefcase 
design has become Increas- 
ingly sophisticated ahd imagi- 
. native.:-- - J 
' . It is possible to find a rela- 
tively robust simple one for 
around .£100 but there are, it 
•seems, plenty of .people who 
will spend £000 on a briefcase 
and expect it to last for their 
career. - 

Tf you are paying these kinds 
of sumsyou usually get a life-; 
time guarantee for- your 


money. For instance in Lon- 
. don, Swaine, Adeney, Brigg & 
Sons, of Piccadilly, (071-734 
4277) and The Coach Store, 8 
Sloane Street (071-235 1507) will 
carry out reasonable repairs 
. free of charge. 

If you are thinking of buying 
a new briefcase it is worth 
spending some time thinking 
about what you really need. 

Does sturdiness matter most 
or do you want more of a style 
statement? Do you need a con- 
ventional case or would you 
prefer to be a little more 
: adventurous? Do you want a 
case which you can simply 
reach inside without having to 
put on a Oat surface to open? 
And do you need a lock, or are 
, you the.kfnd of person who is 
hound in lose the key dr forget 
■ the combination? 

. Pew. people think carefully 

- before buying. ’ Most, people ' 
seem to acquire briefcases in a 
haphazard way- We. asked 

- same of our readers how they 
“bad crane by theirs. 

Alex Rhodes, a 34-year-old 
director of a qualitative market 
. research company acquired her 
briefcase accidentally. “My 
husband had always wanted a 
decent briefcase and be bought 
one in the Coach sale. I took 




’ W 


Black leather despatch-style briefcase with strap, £199, by Paul Smith, 41-44 Floral Street, London 
WC2. Tab 071-836 7828. 



Brown leather rocket bag wHh aluminium handles, £335, by Bill Ambers, 
Space NK, Ea ri lia m Street, London WC2 ami Picket, 41, Burlington 
Arcade, London Wl. Tet 071-924 4296. 


Chocolate leather London bag, £195. By Osprey, 11 St Christopher's Place, London W1. 


Enjoy Some 
Winter Warmth 
In The Heart Of 
Ayrshire. 

. ; Set amidst 600 acres of magnifiocnt Ayrshire 
<roinl^sde/Mth splendid vtewsover theses to 
The Isle of Arran, Tomberry is-the perfect place to enjoy 
• f ‘ a short, break thb winter. "• • 

■ Fotthe energetic, th^rcare two all weather tennis 

courts, putting greens, riding shooting and fishing, not. 

_■ forgetting the 'Ailra' and the 'Azran', our 2 . 

. championship golf courses. 

• . • Whilst Inside there's a 20 metre swimming pool, 

gymnasium and sauna. Indeed our Health Spe is 'considered 
to be one of the best equipped in the country. 

/However, if complete relaxation Is your ahn. spoil yourself 
with our beauty treatment* from hydrotherapy, to 
’■ "aromatherapy, it's all at your fingertips. •- 

- And with superb restaurants and convivial bats in which 
you emenjoy the best in Scottish hospitality, you're sure 
to shake off theehill this winter. . 

To request your copy. of our 'Great Times' brochure featuring 
all our special tweaks simply call 01655 31000. 



' ^ Ayrshire. Scot land KA 26 9LT. 

Tet (01655) 31000 -Tcksc 777779 Rnc C016S5) 31706 

A member 


one look at it and said it was 
much too feminine because it 
had a shoulder strap. I thought 
he was going to take it bade 
and exchange it, but he left it 
on my bed with a note saying 
it was a present for me. 

*1 love the strap - it’s much 
easier to carry when you’re 
also carrying a hand-bag. The 
front pockets are useful and 
the zip on the small pocket at 
the back stops my business 
cards falling out. There's 
plenty of room: I’ve got two 
fbldere in here, an A4 pad. a 
Filofax, pens, tape-recorder 
and a compartment for a news- 
paper. 

“My old one was much larger 
and harder wearing, but this 
feels much smarter. It makes a 
big difference - I feel as if this 
makes me look more profes- 
sional” 

Barry Jones, a 43-year-old 
management consultant, was 
more than a little annoyed 
when the locks broke on his 
10-month old case from 


Swaine, Adeney, Brigg, partic- 
ularly. as he says: “I was at a 
clients’ meeting when the lock 
broke; I couldn't open my brief- 
case to get out the slides I’d 
prepared, which was extremely 
embarrassing. 

“I took it back to the shop 
the next morning and was 
asked for proof of purchase; 
this annoyed me because when 
you pay a ridiculous amount of 
money for a hand-made brief- 
case you don’t expect the 
retailer to question you. 

“Now ray most important 
requirement is that a briefcase 
is relatively robust and won't 
collapse if I crush too much in. 
I chose this one because it 
looked strong and well made 
and I thought it would last a 
long time, but in reality it 
didn't 

“Does it matter to clients 
what kind of briefcase I have? 
No, I don't think clients really 
care. What matters more is 
that it shouldn't have a label. 
On the whole I just think it’s 



important to have a briefcase 
that looks professional” 

Paul Mullins, a 34-year-old 
merchant banker, puts practi- 
cal considerations before 
appearance. He has a two-year- 
old Papworth which was a gift 
Its greatest asset, he says, is 
that it’s made from very stiff 
leather - the kind used for bri- 
dles or saddles - add has no 
frame. 

“I want as much space as 
possible; I find it odd that most 
cases are too small to flit in 
even two pads of A4 paper side 
by side. Tt is quite heavy - but 
if a briefcase is really heavy 
then you're carrying too much 
or not delegating enough. 

“The combination locks have 
both broken so I’ve had them 
changed to key-locks. Briefcase 
locks all tend to be appalling - 
but then it's usually com- 
pletely inessential to lock a 
briefcase. If someone steals it 
they'll probably open it any- 
way with a crowbar. 

“I doubt this will last much 
more than 10 years, r want a 
long- lasting case - I'm not 
interested in brand names. I 
look on buying a briefcase as a 
distress purchase - if you go 
much beyond £300 then you’re 
starting to pay for image." 

Nigel Crump, 43. takes this 
theory one step further and 
has rejected a conventional 
briefcase in favour of a 13in by 
13in brown and black fabric 
shoulder/satchel bag. As an 
architect and builder he rarely 
wears a suit, with whicb, he 
says, his bag might look incon- 
gruous. 

“I think it's called a jolly bag 
- I bought it in Hong Kong for 
about £20. 10 years ago. It has 
two pockets at the front, com- 
partments and a flap inside 
and it does up with a zip. It's a 
sturdy practical bag; it con- 
tains a camera, telephone, 
measuring tape, drawing pad 
and clipboard." He needs to be 
able to carry it while on build- 
ing sites so the shoulder strap 
is important. 

“I've kept it because it's very 
practical I don't care what 
anyone else thinks of it, but I 
daresay in certain professions 
it would be viewed with suspi- 
cion. I keep thinking 1 must 
change and get a nice old fash- 


ioned leather case but I just 
haven’t got round to it” 
Whatever you choose you 
must feel comfortable. 

Andrew Mitchell, a 42-year - 
old chairman of an advertising 


agency has a Loewe case 
which ha has never dared use. 
“It was a leaving present from 
my previous agency, but it’s so 
lovely I feel I can't take it on 
the Underground. Come the 
day when I can drive to work 
again, rn use it In the mean- 
time, I'm using a black Sam- 
sonite PVC attache case with 
aluminium trim, about 3in 
deep, which my father gave me 
when I was 10. 

“I’m a pretty big chap - I'm 
eft lin - but I was mugged a 
year ago on the Tube in the 
rush hour. I was absolutely 
determined not to let go of my 


case which was wrenched from 
me and split open, the handle 
twisted. 

“But I still use it; I cany all 
my expense forms, pens, a cal- 
culator and a file. If I were 
choosing another, rd go for a 
basic holdall perhaps slightly 
bigger. 

Td want sleeves or folders 
in the lid because I always 
carry agency brochures. In the 
meantime, I'm hanging on to 
this: I’m very emotionally 
attached to it I've been using 
it consistently for 32 years and 
I don't have the heart to throw 
it away." 




f sip, §loosb ‘n’ sferpath 


on. 


free tastings 
xt 


:?“£j 


Anode ReN 

1992 Peter Lehmann Vine 
Vale Shiraz 

1995 Saltram Shiraz 

1992 ill on tar a jU’ Shiraz 
Pi not No in 

1992 Bailey e Shiraz 

1992 Wolf Bla.', Red Label 
Shiraz Cabernet 


£5.99 

1992 ilhtchelton ‘P recce 
Cabernet 

£5.99 

£4.99 

1990/91 Pen/olcl 
Coo/tmearra Cabernet 

£7.99 

£5.2? 

£5.49 

Port 


19SS Smith Wood hotter 
Late Bolded Vintage 

£7.99 


f Carre'.’ Warrior 

£7.99 

£5.49 

1979 Graham '<< J/aleedor 

£12.99 


10% off Mixed or 
Unmixed CaoeJ 
of featured an nee 
if purchased on the 
day of tao ting. 


>| i n » n i 1 - ljh.nl,, ■ /., tali hrma 3- i/»» la Inti iu naimm <■«£ M/f far A-fcH&J. . I* Og^r.MUdt kf bmVm MajmntluM r*0>Mb?r after*. 








X WEEKEND FT 


■/ ; -- . 


FINANCIAL TIMES 


WEEKEND NOVEMBER I NOVEMBER 13 1994 ^ 


HOW TO SPEND IT 


Hair ornaments and 
the art of seduction 

Jane Mulvagh suggests that exotic Chinese jewellery — with a 
past — could be used to add sparkle to that little black dress. 


I f a Chinese concubine 
from the Qing Dynasty 
court of the Forbidden 
City were to survey the 
social scene in Britain 
today, she would assume that 
we are also subject to strict 
sumptuary laws. 

For every woman at a party 
would seem to her to be 
dressed the same; in a little 
black dress. 

She would sympathise 
because depending on her rank 
(first, second, or lower-ranked 
concubine), she too was sub- 
jected to complex rulings on 
dress and make-up, policed by 
unforgiving eunuchs. 

Confined to modest green 
robes in the spring and sum- 
mer. and dark hrown or violet 
for the autumn and winter, her 
only means of expressing 
coquetry in order to catch her 
emperor's eye - amid thou- 
sands of rival beauties - and 
perchance win even one night 












•* 3 




■izsms 






- 






t 


Tar' 






r 

/ 


Photographs Tess Traeger 

Hair Michadlohn 

Make-up John Gustafson 

Styling Jane Mufvagh 

Hairpieces Trendco 


V'v 


with him, was to employ the 
seductive charms of hair orna- 
ments. 

Made from metal sometimes 
silver, the basis of the orna- 
ment was gilded by the Impe- 
rial Workshops in the Depart- 
ment of the Privy Purse. They 
are typically in the shape of an 
Oriental peach, basket, dragon- 
fly, phoenix, plum blossom or 
orchid. 

To this frame the master 
craftsman added filigree work 
filled in with the feathers of 
the Common Kingfisher which, 
according to the Natural His- 
tory Museum, became extinct 
at the beginning of this cen- 
tury. 

But the luminescent tur- 
quoise alone, radiating out 
against their shiny black hair, 
flawless white complexions 
and vermillion lips, was not 
enough in the face of fierce 
sexual competition at The Pal- 
ace of Beauty. 

So trembling wire spirals 
were added to support lambent 
Peking glass beads, coral rock 
crystal, pearls and tiny jade 
and garnet ornaments, that 
glittered and shuddered with 
promise. 

These ornaments, worn by 
the thousands of concubines, 
wives, actresses and ladies-in- 
waiting, were either pinned as 
single elements straight into 
the hair or were sewn on to 
black felt cobles or headcovers. 

The pursuit of allure was a 


full-time occupation for these 
slaves to beauty and it was 
encouraged by the Empress 
who “regarded us as her jew- 
els". 

In her Memoires as a 
lady-in-waiting to Empress Cud 
at the Forbidden City, He Bong 
Er explains; "We were expec- 
ted to glow like jade objects 
whose luminescence revealed 
their true and intrinsic beauty 
and preciousness, as opposed 
to mere glass ornaments and 
gewgaws which would shine 
with a superficial brightness." 

These kingfisher fripperies 
were worn widely In the 18th 
and 19th centuries. An impres- 
sive collection can be seen at 
the Palace Museum in The For- 
bidden City in Beijing, but 


most were burnt - along with 
books, furniture and other 
household artefacts - during 
the Cultural Revolution, 
despised as wicked relics of the 
capitalist old world. 

Some were kept hidden by 
retired courtiers or commoners 
who bought them as souvenirs 
of a city they had never been 
permitted to enter. Today they 
fetch between £150 and £700 
(for a pair). 

Deploying some Ancien 
regime allure this season will 
add twinkle against the fash- 
ionable black backdrop. 

And these collector's items, 
whether worn or displayed on 
your lover’s desk to remind 
him of your charms, may even 
bring you good fortune in the 


New Year, for when Emperor 
Ch'ien-lung ordered ornaments 
to be made for the New Year, 
the workshops made several 
which invited the wish: “May 
You Have As Much Good For- 
tune as the Eastern Ocean 
Hairpin, the Glorious Spring 
Hairpin, the Peace in the Four 
Seas Hairpin, and the Happi- 
ness of Seeing Red Plum Blos- 
som Hairpin.” 

■ Exhibition of Kingfisher 
Feather Hair Ornaments and 
Jewellery from the Qing 
Dynasty, Jehanne de Biolley 
Oriental Art, 29 Conduit Street 
London, WL Tel: 071-495 4257. 
November 22 to December 22. 

Also at the exhibition will be 
copies of Tessa Traeger’s photo- 
graphs. 


>*•;.** 


■\-y 
> • . /.< 


A* 

, Z'S-' " T: - 

-- •- »V~." 


«“’6LV V •' 

:r ; *i-j_ -v 


J 

gr ~ xiiZh' . 

'■■V :&• • ; 




! Jiisi '• 

; ittj?-.-. • 
asi - . 

T»- ... 

t • . 



BREITLING 


1884 





W&:»J 




OLD NAVIT1MER 

Navtiimer: On Course and on time. With tinw* a crucial aspect of air travel, pilots and 
navigators haw long viewed their watch os their baste personal Instrument. Even with 
today's sophisticated navigation satellites and radio beacons, "flight computers" like the 
Navtumbr's arc stilt used tor routine calculations. 

A slide rule of this kind is built into Navtumer mechanical chronographs. The pilot’s sole 
personal instrument, today's Navittmers arc based on a design voted official watch of the 
Aircraft Owners & Pilots Association in 1952. Rekoatksely improved since then, NAvmMffis 
arc totally efficient and fascinating to operate while their good looks remain as unmistakable 


BREITLING SA 
P.O. Box 1332 

SWITZERLAND - 2540 GRENCHEN 

TeL: 41 65/511131 
Fax.; 41 65 / 53 10 09 

INSTRUMENTS FOR PROFESSIONALS 


V -/ ur stcrOi# stiver, sdver pkud and stainless sted cutlery is apem 
to over fifty countries and is widely regarded as the best in the world. 

■ Which is hardly surprising, far no one handcrafts and hard pdishe. 
cutlery the way we do. Sixty individual processes are 
required to make each knife, fork or spoon good .^ Xery 
enough to carry the name United Cutlers of O jft fo y crrr-, 
Sheffield. Good enough to tarry off some 
very impressive awards. Good A ^ 

enough to carry our lifetime 

Of course cutlery of m ^ 
expensive 

C S However, by supplying 

^ *° U dim1 ' ***' 

> cutlery is also the best value . 

^ ^ Doubly so for a limited period! 

Va Price 


Va Price 

||||1!|P| For the next four weeks we are offering 

WfgffSr JVM the opportunity to sample up to seven 

Wjf from our TWENTY PATTERNS 

^ at half the normal price. 

Send for details today by posting the 
coupon, by phoning 0742 433984 during 
business hours, or fax us anytime. .Alternatively you may like to visit our 
Grosvenor Street showroom or onr Sheffield manufactory. 


Unite^^utlers 

/ _ MRuaiikiii 

of^y Sheffield 


YUVLNBOP17 

Automatic chronographs equipped with the legendary “t;i Primero” 
movement by Zenith, the only one in its category capable of 
recording short time intervals to 3 It) oi a second. 

Models in gold, steel and yellow metal or stool, anti-refiertion sapphire 
fes. screwed down push burtons and crown, wator-reslstani to 50 or iflOm, 


Sheffield . London . Heidelberg ■ Oporto 
Petrc Street. Sheffield. S48LL. Phone: 0742 433984 Fax: 0742 437128 
Shtf wroew: 4 Gnwvenor Street, London W IX PAD. Tute: Bond Street 

^ m tfikr half price afcr pi os your bmtmrr a*J pri<r tin 3 


PMIv: United Curie,,. FREEPOST. Sheffield S4 TAX. fna stamp needed) 


* vm? . m 

ii*si§ 


$ 


gS*A v .r 








Him 





’M. 




Available from Harrods, Selfridges, selected branches of 
Watches of Switzerland, Mappin & Webb, Walker S Hal/, 
Goldsmiths, Zeus, and leading independent jewellers 
throughout the UK and Ireland. 

For further information call 0181 891 4391. 


^ ... ’■ 




•S-:- - A - 


if? ?? 

•- 


p. * » .. 

- 




'SNw ■ 


i 





V 


*5u» 


if* 


• r V-., 

•«i; 


FINANCIAL TIMES 


WEEKJEND NOVEMBER 1 2/NOVEMBER 13 1994 


WEEKEND FT XI 


FOOD AND DRINK 





Any frontage: chef Alain Ducasse JnNeaTs Yard Driry 


Spying tonight: chefs’ secrets 

Nicholas Lander swaps information with French cook Alain Ducasse 


. -ft ' - Khough the fall of the Iron 
/% Curtain has brought an end 
- to the careers of many a 
■L - A. James Bond, spying - eating 
-in your competitors’: restaurants, try- 
ing to squeeze trade secrets- out of 
suppliers or kitchen staff keen to 
move^oai. - is still endemic in the 
restaurant Industry. 

The Inland Revenue accepts it as 
pact of a restaurateur’s job. allowing 
50 per cent of the cost of a meal taken 
uotfor pleasure but for education as a 
legitimate business expense, provid- 
ing lt is .accompanied by a written 
restaurant report — ■ 

r ..£ iarjai t haifei ^ - 
Tfiere sheeted taan. - 

rnfagwe AftJwim- spying T niggiftn .enm- 
■ilncted by AKdp Ducassfe, cheTof the 
Louis KY-rapteunjta in the: Hotel du . 
Paris. Monaco at S7, the youngest 

of yranceX lS three-star Michelin 
;die&. . ’ ' v ‘ :• ‘ . - 1 

Ducasse -has. been hired as consul- 
tant chef to & new dub which will . 
open an -Sloane Street in late spring 
1996. His job includes designing and 
equipping the kitchen; writing the 
meuiu^limngkitidien staffl and, most 
importantly,, responsibility for. the 
presentation, cooking and look of the 
food served, in the restaurant and bar. 
-Before this trip Ducasse had spent 
only nine days in Britain. -During the . 
mid-1970s he had been a cammis chef 
at The Bell Trm, Aston CtintGivBuck- 

“W" .Ik T^hat do you do when you 
\ i\ t are a whisky company 
l/^lr fecedwith a decline in 
V-. -W whisky consumption as 
wellasa disaffection among the 
y^ nx ^gp . r dr inkers In, favour of Bour- 
bon and vodka? - 
-If you -are Bells you trade up. 
Instead of the old five-year-old Bells 
iddsky the stuff in the bottle is now 
eight years old. What is more, the 
price, remains the' same. 

* "with nearly half the malt whisky 
tBdffl&ies ta ils portfolio. United Dis- 
inters certainly b flg the wherewithal 
to make a great blended whisky. 

Tbepercentage of malt in the new 
Bd&s has not changed. The company- 
says, simply, that it has altered - the 
‘balance”. Still, about 60 per cent of 


T ' A TThat German wine 

- » l\ /. needs is a real 
:1\i. V humdinger of a 

W‘ .V ; ■ scandal - wide- 

- spread addition of antifreeze. 

jgrhapa - and the will to take 
it seriously. ‘ . 

diethylene glycol deba- 
cle has certainly worked won- 
ders for Austrian wine. Nearly 
19. years on, . with fundamen- 
tally-revised legislation and 
painstaking quality control 
.systems, Che Austrian wine 
industry is 50 freshly scrubbed 
and cloaked- in virtue it is 
almost bfindmgly bright while 
fW German wine business Is 


inghamshire. His memories are of 
wonderful ingredients, invariably 
overcooked, and of thick fog, which 
swiftly drove him back to France. 

Ducasse embarked an a series of 
culinary “stages”, most significantly 
with Alain Chapel at Mionnay. In 
August 1984, flying with other chefs 
to a business meeting in Courchevel, 
Ducasse was the sole survivor when 
an aircraft crashed into a mountain. 

He waited 10 hours for the rescue 
team. This experience has left him 
assured of his own skills and right to 
succeed but, at the game time , humble 
enough to recognise the thin line 
between success -and ohHvIon. — - _ - 
. ft was tids humility which brought 
us together. Ducasse phoned me to 
ask whether 1 would arrange and 
chaperone him on his first visit to 
London. . In. return, he suggested, I 
should come out to Monaco, eat his 
food and meet his suppliers. 

We met and ate in what Ducasse 
calls his “Aquarium”, a cubicle just 
big enough for a small dining table 
arid four chairs with glass sliding 
doors that looks out on to his immac- 
ulate kitchen. 

As. we sat and talked, Ducasse 
Watdued as Laurent, his experienced 
scrus-chflf, took the 21-strong brigade 
through a busy service. 

. Transfixed by the speed and ele- 
gance of a disciplined kitchen brigade, 
I ate superbly. The highlights were a 


delicate, creamy pheasant soup with 
chestnuts and a line-caught turbot 
cooked en cocotte with glistening ceps. 

The following morning, I met the 
unsung stars of Ducasse's kitchen: 
Rend Schmidt who, with his wife, 
picks finises de bois every morning 
between Ram and 9am in a particular 
micro-climate along the bills above 
Nice and then delivers them to the 
top restaurants of the area; Madame 
Paulette Stropiana who, every mom- 

‘I ate superbly. 
Creamy : 
pheasant soup 
with chestnuts 
and turbot 
with ceps' 

tag, single-handedly (her husband 
does not like goats) milks 21 goats 
and then makes the most delicious 
chevre in a bergerie without electricity 
- it is so isolated that the cheeses 
have to be brought down by donkey, 
and finally, Philippe Catananzi, who 
displayed his fruit and vegetables and 
proudly told me that tomorrow a simi- 
lar consignment would be sent via 
Nice and Geneva airports to the resn 
taurants and hotels of Hong Kong: 


D ucass e acknowledged that creat- 
ing a network of such suppliers could 
not happen immediately and under- 
stood when I explained that his first 
visit would just give htm an overview 
of the best of British produce. 

Sandwiched between site meetings 
with builders, Ducasse's itinerary 
included: visits to Hatreds’ and Har- 
vey Nichols’ food halls; Soho's Chi- 
natown; a 420am start to see Smith- 
field, Billingsgate and Covent Garden; 
a view of the game on offer at R. 
Allen & Co, Ma yfair , and tastings Of 
wild Scottish smoked salmon, More- 
cambe Bay potted shrimps and the 
best breads baked in London. 

He found a late afternoon cheese 
tasting at Neal’s Yard in Covent Gar- 
den exciting. Eating a couple of 
English apples from the Neal’s Yard 
display, he drooled with pleasure over 
Colston Bassett stilton, Cheshire. 
Keen's Cheddar and a sheep’s milk 
cheese called Emlett 

He returned again and again to 
taste the un pasteurised Jersey double 
cream produced by SB. Lane & Part- 
ners, of Kent which, he was forced to 
admit, was better than anything he 
could buy in France. 

Restaurant espionage took place 
over lunch at Marco Pierre White’s 
The Restaurant, where Ducasse was 
impressed by the technical excellence 
of the young British brigade. Dinner 
was eaten at Bibendum where the 


Appetisers / Giles MacDonogh 

Bells starts to trade up 


the whisky is grain from the DP 
C am eronhridge distillery. 

- - The main malts are Glenktachie, 
Blair Atholl, Dufftown, Linkwood, 
Inchguwer, Oban and Caol Da. Both 
the Dufftown and a percentage of the 
Ltakwpod have a heavy sherry treat- 
ment. The sherry shows on the new 
Bells. Whereas the old “tinker” had a 
sli g htly di sa g reeable rancid character, 
the new Bells has a more finely-tuned 
toffee and raisins flavour from the 
sherry. 


■ Now that most of the large 
cognac bouses seem to have aban- 
doned the UK for the more profitable 
far eastern market it is a rare plea- 
sure to see someone still actively sell- 
ing cognac and good cognac too. 

Delamain cognacs come from Jar- 
nac on the Charente. The family can 
trace its participation in the brandy 
business back to the eary 17th cen- 
tury and is the last privately-owned 
mer chant house in the region, with 
Alain Braastad at the helm, on his 


mother’s side a direct descendant of 
the founders of the house. 

Delamain Is special in that it sells 
only Grande Champagne cognacs 
which are 25-years-old and over. This 
means that all their brandies have 
that rancio character the aromas of 
rich fruitcake. 

Pale and Dry is an average of 25 
years, a cognac of great breeding and 
delicacy. Many prefer it to the more 
expensive Vesper which averages 35 
years and is a heavier, woodier 


Even James Bond never ate so 
welL 


cognac. The oldest commercially 
available is the Tr6s Venerable, which 
is between 50 and 60 years old. (At 
around 60 years cognac is normally 
removed from casks to prevent It 
from becoming too woody.) This 
cognac has a persistence on the palate 
which lingers for minutes. 

It is worth shopping around for Pale 
and Dry as there are considerable 
variations in price: La Reserve, 56 
Walton Street, London SW3. (071-588 
2020), £45; Selfridges (071-629 1234) 
£42.50; Reid Wines, The Mill, Hfllla- 
trow Bristol (01761-452645) £35; and 
Lea and Sandeman, 301 Fulham Road. 
SW10 and 211 Kensington Church 
Street. W8 (071-376 4767) £36.50. Lea 
and Sandeman also stocks Vesper at 
£49 and Tr& Vfen&rable at £9839. 


Cookery 

Good food 
for free 


quality of the main course and wine 
list were only surpassed by the des- 
sert - an old-fashioned steamed gin- 
ger p udding . 

This, Ducasse admitted, as he 
scraped the plate dean “is the kind of 
dessert I have no idea how to make” 
while making a note to write to the 
chef. Simon Hopkinson, for the 
recipe. 

Finally, to lunch at Sally Clarke's 
restaurant in Kensington Church 
Street, west London, where Ducasse 
could see the same quality of vegeta- 
bles and salads that he buys In 
France: delicious salad leaves and 
herbs from Halcyon Herbs, Oxford- 
shire and perfectly cooked Linzer 
Delicatesse potatoes grown by Adrian 
Barren in Suffolk. 

A novel gastronomic experience 
was a sampling of homemada o atmeal 
biscuits. Ducasse found them so 
impressive he ordered an extra help- 
ing. 

Ducasse left for Heathrow as a Brit- 
ish holidaymaker leaves France - 
with a shopping bag full of food. But, 
instead of saucisson, baguettes and 
fromages, his bag contained cuts of 
Scottish beef, pots of Jersey double 
cream, oatmeal biscuits and Hopkin- 
son's book Roast Chicken and Other 
Stories. (Ebury Press, £17.99, 230 


I t is an ironic fact that 
foods for free from the 
wild seem to be relished 
more by the rich than by 
the poor in late-20th century 
Britain. Samphire and laver 
are prized highly. Even nettles 
are relished. By «wnmnn con- 
sent, though, the greatest trea- 
sure trove at this season is 
ceps, or porcini I use the 
French and Italian names 
sadly but deliberately, for the 

charming old En glish nama is 

all but forgotten. 

Penny bun. The very name is 
indicative of the low esteem in 
which we onca held this lovely 
fungus. Re-christened ceps or 
porcini, it commands respect - 
and pre m ium prices, fresh or 
dried, in specialist shops. 

Happily, though, whatever 
you chose to call it, the fungus 
continues to flourish in 
Britain. It is a question of 
knowing where to look for ft, 
and recognising it when you 
find it 

For a millionaire /peasant 
food treat you could hardly do 
better than slice these best of 
ail mushrooms, saute t.ham in 
olive oil with garlic and pars- 
ley and serve them on a pool of 
polenta. 

Anglo-Saxons too nervous of 
Nature to risk pi cking a poi- 
sonous variety of fungi by mis- 
take, win feel happier gleaning 
or scromping for sweet or 
Spanish chestnuts. Roasted, 
peeled, wrapped in blanched 
Savoy cabbage leaves and 
braised they make an excellent 
High - co mfor tin g to serve on 
its own, chic as a partner for 
game birds. 

The only bore is that 
roasting and peeling chestnuts 
is such a tedious and lengthy 
business. I suggest you reserve 
chestnuts for leisurely fireside 
eating. Then each person can 
peel his or her own as the 
chestnuts emerge roasted and 
charred from the embers; drop 
the skinned kernels Into 
glasses of desert wine to cool a 
little, and fish them out with a 
teaspoon to eat 
Cabbage is, in theory, a terri- 
ble tum-offi it stinks of penny- 
pinching and sulphurously 
inept cooking. The same is true 
of carrots. Neither ingredient 
is intrinsically dull, of course, 
hut to shrug off the dread 
image and to be voted instead 
as star treats for consider- 
able care qnd imagination in 
cooking and in presentation. 

Cabbage can be, as already 
mentioned, splendid when 
stuffed and braised with chest- 
nuts. I also recommend shred- 
ding cabbage very finely and 
deep frying it until frizzy and 
crisp, a jade green “seaweed" 
to serve with Chinese dishes or 
as an appetite-whetting alter- 
native to crisps. 

Carrots look much improved 
if cut into neat tittle batons 
rather than plain rounds, and 
they respond well to turning in 
warm olive oiL Add a bay leaf 
or two, several sprigs of thyme, 
a mere splash of sherry vine- 
gar, cover tightly and leave to 
cook in their own steam in a 
heavy based pot until aromatic 
and just tender. 

Serve (reheated if cooked 
ahead) as a salade Hide, best of 
all if garnished (not so cheaply 
1 agree) with a few black olives 
stoned and cut Into strips. 

For a sophisticated sweet 
alternative, grate long carrots 
into vermicelli and blanch 
them in a rich sugar syrup 
scented with orange flower 
water and cardomom seeds or 
star anise. Served alone or 
with sliced oranges and a bowl 


Why antifreeze worked wonders 


SOLEBA & MINTAGE 
- V. .MADEIRA 

QrarMboOtoi* stoA, 
r 17*2 taim ' 
^PATRICK GRUBB 
* ;. SELECTIONS 

J -Stei»44W)*»340M7 


wanted 

‘ WeVffl wjuoiootaa>nwri>n“ t 


-stfl shrouded in the grey mists 
of compromise and rampant 
m imn e reialism- 

T Fastidious American import- 
ers such as Vin DfVino, of Chi- 
cago, and Terry Thelse, of Mil- 
ton S Kronhftim & Co, 
Washington DC, are fighting 
over Austria’s top wine produc- 
ers, blasting their customers 
with phrases such as: .“I gotta 
warn you: prepare to be sur- 
prised, ’cause you ain't never 
tasted stuff tike dfe.” . 

The British wine trade is 
proceeding rather more 
sedately, as is its wont If it 
does .not act soon it will find 
that the Americans, the Ger- 
mans and even .tiie Japanese 
(who import almost as much 
Austrian wine as the British) 
will have snapped up all the 



- 19*5 

- .v.'-joc BkjOTI 28*2785 

* ■ JW tflndan NW33LN _ 


Vinsde Bourgogne 
, . For stockists, 
teh 071-409 7276 


top wines. 

Austria suffers from the 
reverse problem to, say, Chile. 
It has ample evidence of produ- 
cing some of the world's finest 
wines: dry Rieslings, from the 
Wachau and (often better 
value) neighbouring Kremstal 
and Kamptal; Styrian varietals 
of Coffio-Hke pu ri t y ; and the 
most luscious botrytised sweet 
wines from Burgenland. What 
it does not have is an ocean of 
seriously cheap plonk to lap at 
the shores of the supermarkets 
- except for an extraordinary 
new product called Servus. 

Very much designed, to sell 
at about £3 a bottle on British 
high streets, it is an attempt by 
the new governor of Burgen- 
land to shape some of his 
state’s surplus supply of baric 


SMOKED SCOTTISH 
SALMON 

THE VERY SECT QUALITY 
1 tt> sliced pack £1425 

1 Vr lb steed side £18.95 

2 lb sflead side £2295 

VacHPM 1st Ctes Post Paid 

Gffl CWds may be inriuded 
Vtealta^AmgrfCfaaqpflto: 
Lsdmgmnr, KraptaoB Ml 
KhtBriWitt, SraflMl QGfittJ 
Tet (0557) 330361 fat (0K7) 330385 


white into something that will 
sustain commercially viable 
viticulture in Burgenland, and 
tempt new wine drinkers to try 
Austria. Producer Lenz Moser, 
one of the few big merchants 

The antifreeze 
scandal 
reflected as 
badly on 
Germany as 
Austria 

to have survived the scandal, 
is gambling on its success, 
marketing it defiantly in a 
dear bordeaux bottle. It tastes 
crisp and unobjectionable - if 
undistinguished. 

The economy and geography 
of Austria, however, are proba- 
bly best suited to titillating 
connoisseurs. British wine 
drinkers prepared to spend £7 
to £40 a bottle can find proof of 
Austria’s uniquely dedicated 
new generation of wine produc- 
ers at the addresses listed 
below. 

The parallel between Aus- 
trian and German wine is obvi- 


ous, not just because the label 
language and many of the 
grape varieties grown are the 
same, but because the German 
wine industry today faces 
many of the same problems 
faced by its Austrian counter- 
part in the early 1980s just 
before the glycol scandal 
enforced a clean sweep. 

Large commercial bottlers 
have forced Germany’s grape 
prices down to such an extent 
that German wines, which 
were prized above classed - 
growth bordeaux at the turn of 
the century, are viewed by 
many as the lowest of the 
vinous low. We enthusiasts 
continue to wave a flag for the 
quality-conscious producing 
elite, but the country’s reputa- 
tion continues to be damaged 
by the lax controls on what 
officially constitutes “quality 
wine" (about 95 per cent of pro- 
duction). 

In fact the so-called anti- 
freeze scandal of 1985 reflected 
just as badly on Germany as 
Austria. This harmless addi- 
tive was used exclusively by a 
limited number of Austrian 
merchants (not growers) to add 
body to sweet Austrian wine 
and was subsequently found in 
many bottles of supposedly 


“German" wine. But the ques- 
tions raised by this were never 
properly answered. 

The Germans had a chance 
last year to reform their wine 
laws and they blew it Enor- 
mously high yields are still 
permitted, and there was no 
radical reform of the compli- 
cated and often misleading 
nomenclature or the minimum 
ripeness levels required for 
each category. It is left to the 
better producers, such as (but 
by no means exclusively) those 
who belong to the VDP group, 
to impose their own higher 
standards. 

For the moment, the con- 
sumer is left at the end of the 


queue - but the future is bleak 
for any wine producer which 
ignores the consumer in 
today’s market 
■ Some Austrian importers: 
Adnams, of Southwold, Suffolk 
and T & W Wines, of Tbetford, 
Norfolk (0842-76564$) for Willy 
Opitz' crazy half-bottlings; 
Noel Young, of Trumpingtoa 
Cambridgeshire (0223-844744) 
for Kracher sweet wines and 
POckl reds; Richard Nurick, of 
Pangbourne, Berkshire 
(0734-842565) for Stiegelmar and 
Sonnhof; Lay & Wheeler of Col- 
chester. Essex, for some fine 
Styrian and Burgenland bot- 
tles; Richard Spiers Wines, of 
Guildford. Surrey (0483-37605) 


of fromage finis maybe, this 
makes an exotic dessert. 

Whisked egg whites and hot 
air are invaluable allies to the 
cook with more dash than 
cash. Souffles, so easy and so 
cheap, never fail to delight and 
impress, best of all if sauced - 
think of spinach souffle with 
anchovy cream, cheese souffle 
with a coulis of leek flecked 
with green coriander, and 
prune souffle sauced with 
armagnac-fl avoured cream. 

Profiteroles are another good 
way to share a few ingredients 
between several people - bub- 
bles of choux pastry stuffed 
with a dab of fromage finis, 
pyramid piled, capped with 
melted chocolate or coffee 
sauce, and swirled with a web 
of spun sugar for extra sparkle. 

Even easier, and less often 
seen, are dolls ’-tea-party-sized 
meringues made with brown 
sugar, piled high with crime 
fraiche cementing one to the 
next, the whole towering edi- 
fice scattered with toasted and 
chopped nuts and served with 
a runny, agreeably tart dried 
apricot puree to sauce 
them. 

Mussels, squid and herring 
roes all make inexpensive 
treats, and since mussels are 



now predominantly fanned, 
the effort of cleaning them has 
been greatly reduced. 

Few foods make more glam- 
orous soups and soups-cum- 
stews than mussels, and I love 
them in rice dishes, for the 
blue of their nhrils and for the 
sake of their juices which seem 
to taste both briny and winey. 
There is really no need to 
uncork a bottle to slurp into 
the pan when cooking them. 

Soft herring roes have made 
few dinner party appearances 
since the dmnise of the after- 
dinner savoury. They warrant 
reconsideration now as 
savoury starters. I recommend 
purfieing them and whipping 
them delicately with egg white 
and cream to bake as mousse- 
lines. 

Alternatively, dust herring 
roes with flour, saute them in 
butter until they stiffen and 
curl, toss with lemon or lime 
juice and pile them into fried 
bread tartlet cases, hi this case 
a seasoning of cayenne and 
paprika, or a mixture of chives, 
green coriander and capers 
will finish them nicely. 

Most soothing of all, and a 
useful trick for frozen roes 
which may be a bit broken up, 
is as follows. Stiffen the roes in 
a smallish pan in a little hot 
butter until just cooked on 
both rides. Then pour on some 
eggs beaten with sea salt, 
black pepper, fresh chopped 
dill and a little parsley. 

Quickly draw the pan to one 
side and stir and turn the con- 
tents until the eggs are scram- 
bled and the roes are semi- 
crushed into them. 12oz her- 
ring roes and three eggs are 
enough for six people. 

Philippa Davenport 


for a small Kremstal and Bur- 
gmiland selection; Forth Wines 
of Milnathort, central Scotland 
(0577-862S13) for some of Lenz 
Moser’s estate bottllngs; The 
Wine Treasury of London SW6 
(071-371 7131) for Skoffs Styr- 
ians; The Grape Shop of Lon- 
don SWU (071-924 3638) for 
KOlbl, Bauer and Prechtl 
wines; and Penistone Court 
Wine Cellars, of Sheffield 
(0226-766037). Important whole- 
salers of fine Austrian wine 
Include Caxton Tower, of 
Brentford, London, for Loiben, 
Fritz Salomon et al; and for 
some top quality dry Rieslings 
FWW Wines, of Banstead, Sur- 
rey (081-786 8161) the new UK 
arm of the excellent coopera- 
tive at Dflrnsteln in the 
Wachau. Watch this space. 

Jancis Robinson 


Champagne 
Direct 


OmpTgncfforaUocciuim 
Nation wide DdWwy 

cm* Bonn 
IkUbngtr Bm» Rat NV GU0 0771 
TtHUngT IHaHW Otf-SB JZLU 

UnmClfqiul WLBmNV C217.U OUB 
1 W GST» OM» 
M (tarter BnaNV CSMO 0157 
Lanma Pcmn Cum Rwe OJOJO £19.19 


Afco awtOMc ■ Ukw Mob fcOxuadni. 
ttekttft** Motto 

1 H.nHIWIOminltaiNOMalk 



AVERYS 

FUME WINE MERCHANTS 
ESTABLISHED 1793 


We deliver the world's finest and 
best value wines to Private 
Customers throughout the 
United Kingdom 

Please write, fax or telephone for 
our latest Price List and Special 
Christmas Offers. 
AVERTS OF BRISTOL LIMITED, 

7 PARK STREET, BRISTOL BS1 5NG 
TELEPHONE (0117) 921 4141 
FAX- (0117) 922 1729 


1 


f 







XI r WEEKEND FT 


GARDENING 


Bulbs for long-term growth 

Tulips offer satisfying returns to the careful investor says Robin Lane Fox 

61 Tto third reason is the most '“ffiJ'value of all is foand h 
melooa ^ve^o! Ttof bSblets can then be regrettable. Many of the most tta smaller foras whicb .jre dose 
thf. till in 1 d first finier- renlantad and crown on for up to Impressive modern varieties are to the wild. The white iuhp whici 
Sg in HolLdt today, three years. likTa small business, simply not tough enough for full- 1* *• ^ 


A ll year, tulip-growers 
have been celebrating 
the 400th anniversary of 
the tulip's first flower- 
ing in Holland: today, 
we celebrate its birthday with theo- 
logical correctness as a chapter In 
the history Mammon 
Within 40 years of the tulip's first 
flowering, people were already 
speculating in it madly. Instead of 
planting it, they bought tulip- 
futures, sold them to the next man 
and left the bother of delivery and 
gardening to the last mutt in the 
chain. Perhaps we should reintrod- 
uce them for non-gardening readers 
in the winter. After the market 
crashed, one great academic could 
never look a tulip in the face again 
So many fortunes had been lost that 
he would attack the tulips with a 
stick whenever he passed them I 
will be doing the same with dollars, 
if they carry on down. 

Meanwhile, non-speculators ought 
to be planting their tulips during 
this weekend and the next three. 
They prefer a sunny, well-drained 
soil and at least 3 ins of it above the 
tops of their bulbs. If you plant 
them up to 9ins deep, they are safe 
from passing folks and can be left 
in the ground for years. Nonethe- 
less, many of them will not persist. 
Deep or shallow, they will flower in 
the first year, dwindle in the second 
and disappear In the third. 

The growers tell us to dig them 
up each year in late May. bury 
them lightly in a secondary bed and 


then pick them over in autumn to 
eliminate those which have shrunk. 
These bulblets can then be 
replanted and grown on for up to 
three years, like a small business, 
until they are ready again for public 
display, i have never had the 
patience for this routine. Instead, l 
add a dressing of potash fertiliser 
and dig it lightly into the surface of 
the soil after planting. It helps to 
delay the dwindling. 

After the market 
crash one great 
academic would 
attack tulips with 
a stick whenever 
he passed them 

Why do tulips deteriorate? I know 
three reasons. They miss the rich, 
silty soil of Holland or Lincolnshire 
where the sellers grow them. There 
is nothing we can do about that 
nnipfig we move to the Netherlands. 
Alternatively, they may have been 
eaten by slugs; an expert grower 
tells me that this problem is much 
more widespread than other experts 
realise. Last winter, slugs ate the 
leaves on all my scillas and 1 bet 
they had a go at the tulips. The best 
defence is deep planting, down to 
9ins, below the slug-line. A top 
dressing of slug killer is worth the 


effort. 

The third reason is the most 
regrettable. Many of the most 
impressive modern varieties are 
simply not tough enough for full- 
size flowering after a year or two in 
Britain’s unimpressive garden soils. 
I have learned to prefer proven vari- 
eties and choose the easier of the 
wild forms which are much 
tougher. 

If you want one persistent hybrid 
tulip, choose the one which has 
lasted longest in the lists: pink 
Clara ButL She has become less 
familiar nowadays but she outlasts 
all others in her class. I also find 
that the lily-flowered varieties 
retain their size of flower for many 
years. I have three proven favour- 
ites: the yellow West Point, which is 
a real winner, the deep satin China 
Pink, and the tall White Triumpha- 
tor. So many of the other colours 
shrink from year to year but if I 
was speculating for one season I 
would always choose white Carrara, 
pink and white striped Marilyn, 
which looks so stylish in pots, and 
the lovely lemon yellow Sweet Har- 
mony. which is edged with white. 
This spring, I saw several gardens 
where four or five well-chosen vari- 
eties had been mixed in a multi- 
coloured cluster. The effect was 
fresh, a change from those solemn 
lines of yellow, then pink which you 
see in parks or on the mudflats by- 
Dutch windmills. Nurserymen's 
mixtures include some awful car- 
mines but you can mix a selection 


for yourself. 

The best value of all is found in 
the smaller forms which are closer 
to the wild. The white tulip which 
lasts longest is the short Tulip fos- 
teriana Purissima; the most persis- 
tent striped form is the plain Water 
Lily tulip, or kaufmanniana. which 
is a mixture of ivory yellow and red. 
Avoid its other forms, seductively 
named after great musicians, 
because most of them are not har- 
monious. Recently. I have learnt to 
value the lilac and yellow flowers of 
Tulip bakeri LBac Wonder, whose 
flowers open widely in April and 
have persisted very well in a sharp, 
sunny soiL You would not expect a 
wild tulip from central Asia to be 
reliable in the British midlands but 
I have also bad long life from the 
lovely soft yellow Tulip batal'uiii. 

The nearer you return to the wild, 
the more stamina you find in many 
tulips. They grow naturally from 
Greece to central Asia but it is 
extraordinary that the ancient 
Greeks never mentioned them, 
although they lived with their flow- 
ers each spring. They seem to puz- 
zle their successors too. Not long 
ago, I looked across a Greek olive 
grove of wild tulips in the company 
of two great ancient historians who 
remarked that they never realised 
that the Greeks imported so many 
tulips from Holland. Perhaps these 
non-botanists would prefer tulip-fu- 
tures instead, but we would have to 
take away their walking-sticks if 
they lost bets. 


FINANCIAL TIMES 


WEEKEND NOVEMBER 12/NOVEMBER X994 




a v 




i * -*••• 


Tulips: they grow naturally from Greece to central Asia - but the ancient Greeks never mentioned them 



.1 


‘.zr . ( . 


T here’s a cowslip,” the 
old man said. 
“Where?” said 
Charles Martell, 
looking at the ground. “No, 
yon fool, the tree!” the old 
man said. 

Six weeks later the old man 
died, but he had helped Mar- 
tell save yet another rare vari- 
ety of perry pear tree. 

The incident happened two 
years ago. Cowslip is one of 50 
varieties of perry pear identi- 
fied in the mid-1950s. Martell 
has found specimens of 49, all 
of which he has recorded in 
full and propagated. 

Martell, a fanner and chee- 
semafcer, is a champion of 
Gloucestershire’s agricultural 
history - in particular perry, 
-which is to pears what rider is 
to apples. At his 55-acre farm 
near the Gloucestershire vil- 
lage of Dymock he has investi- 


Late Treacle, the last perry 

Clive Fewins meets Charles Martell who collects the largest of fruit trees 


gated the 50 additional variet- 
ies of perry pear known by 
name, and thinks he has also 
discovered a handful more. 

At this time of year as the 
apple and pear harvest gets 
into full swing, Martell keeps 
a keen eye open for the “miss- 
ing” variety. Late Treacle. 

“Friends pull my leg and say 
the doe lies in the long-lost 
Dymock treacle mines. Wher- 
ever it is I shall find it eventu- 
ally,” said Martell, 48. 

He found the other 49 variet- 
ies by walking, cycling and 
driving round the three coun- 
ties of Gloucestershire, Her- 


efordshire and Worcestershire 
for seven years. Every time he 
finds a new specimen he takes 
a cutting, then grafts it on to a 
root stock before planting 
either in one of his orchards or 
at a plot he has been given at 
the Three Counties 
Showground at Malvern. 

There. Martell's efforts will 
remain for posterity: the 
grandly-named infant National 
Collection or Perry Pears. 
They are there for all to see as 
a result of the pioneering iden- 
tification work nearly 40 years 
ago of Ray Williams, formerly 
of the long Ashton Research 


Station near Bristol. 

They are infant trees 
because perry pears are “the 
giants of the forest” among 
fruit trees. Stinking Bishop - 
one of the largest varieties of 
perry pear - will reach a 
height of 70ft and take 25 
years to mature, before produ- 
cing more than a ton of fruit 
each in a good season. At 
nearby Much Marcle, home of 
Westons, the region's biggest 
manufacturer of perry, there 
are some perry pears still 
cropping that were planted to 
commemorate the accession of 
Queen Anne in 1702. 


Other varieties bear such 
colourful names as Merry legs. 
Painted Lady, Hedgehog, Hen- 
dry Huff cap. Bloody Bastard. 
Steel yer Balls, Ramscod. Clip- 
per Dick and Dead Boy. 

“Perry pears really are mon- 
sters compared to other fruit 
trees, which is why it is quite 
easy to identify them,” Martell 
said. “Many of the small farms 
in the three counties have a 
handful of perry pears that 
would produce perry for the 
family and the farm workers 
for a whole season.” 

Once he has managed to 
plant all 50 varieties identified 


by Williams, who travels up 
from his retirement home near 
Bristol whenever Martell 
thinks he has a found a lost 
variety, the next stage is to 
encourage more local fanners 
to make perry again. “Yon will 
find stone cider and perry 
mills - round troughs in 
which the apples were crushed 
by a stone wheel powered by a 
horse or ox walking round 
treadmill-style - abandoned in 
old orchards on most farms 
round here.” he said. 

He recently paid £SQ0 for the 
stone mfll that he is sure once 
made perry and rider on his 



own farm: “Bess, my old cart- 
horse will probably be dead by 
the time I get going, but I 
have four oxen and I will train 
them to do the job. Perry is 
wonderful: smooth, fuD bodied 
and more sophisticated than 
rider and much neglected. For- 
tunately a group of small pro- 
ducers* is re-emerging round 
here and eventually. I hope te- 


be among them.” 

First, however. Marten is 
perfecting the . soft Freueh- 
style cheese he started mating 
a year ago. It is made*om bis 
herd of Old Gloucester cattle 
and washed in perry to form 
the red mould.' It ts aptly 
named Stinking Bishop. 

And the treacle mines? 
“Nobody has managed to find 
them yet, though some people 
swear they exist, just like the 
famous Oxford treacle well,” 
Martell said. “Perhaps it 
might all be something to do 
with the Dymock Trickle - a 
coal seam that ran near here 
and was once mined near 
Oxenh&H, three miles away.” 

* The Three Counties Cider 
and Perry Assoc, Glebe Farm. 
AyUon, Ledbury HRS 2RQ. - 
m Charles Martell, Laurel 
Farm, Broom Green, Dymock, 
Gloucestershire-GLl82DP. . 


i r 

I 


1 A, ; . * 






BUCKINGHAMSHIRE - 127 ACRES 
Marlow 3 allies. High Wycombe 7 milra, Uraikm 35 mite 
AN ATTRACTIVE RESnUNTIAL & EQUESTRIAN PROPERTY 
Loaned wiUna the Cubans Area of Oetsmuflag Natural Beauty 
DeUgtafal Grade n Listed 16th Century F&nniwnse. 

2 Thatched Outages. J Gaea Homes. 

Hutched Stable Block with pfaunng potential. 

Range of F «n Hb o 2d fagv Rasane Land and WauBmi 
ABOUT 127 ACRES 

FOR SALE BY AUCTION AS A WHOLE OR IN 8 LOTS (naleaa previously sold) 
Joint Agents: Lane Fox and Cote Finn & Panned 0442 870444 


HAMPSHIRE - ABBOTS WORTHY 
Winchester Z5 mflex, Alirsftxd 6 mUcs. 

AN IMPRESSIVE AND ATTRACTIVE COUNTRY HOUSE 
Set in beautiful grouerts in die lichen Vhflny. 

3 Reception Room*, BBtard Room. Luge Kitchen. 

10 SedioonK. S Bathrooms. Shower RooolScII contained Flat. 
Oarage btacfc with Sac. 

Walled Kitchen Garden. Sa ingui ng pool wh ffeanis Coon, 
ABOUT UJ ACRES 

Umdoo Office A Winchester Office 0962 869999 
15 Half Moon St London W1Y8AT TO: 071 499 


RETIREMENT 

A HISTORY LESSON 

What do Dick Turpin, Oliver Cromwell and General Gordon have in 
common? They are all associated with sites chosen for our retirement 
schemes. At English Courtyard, you'll be on famous soil. Bat if you 
thought our historical interest ended there, you'd be mistaken. 
Restoration and convention work has been carried out on a number of 
listed buddings, the oldest of which dates from the 14th Century. 
While maintaining the character of such buildings, English Courtyard 
ensures that the highest standards of workmanship are maintained, 
from the energy efficient beating system, to the kitchen layout 
designed for maximum convenience. 

Prices from £95,000 to £235,000. 

To find out more about our properties in Mlddx^ Somerset. Wilts. 
Bucks and Oxon. please ring us for a brochure. 

English Courtyard Association 
8 Holland Street, London W8 4LT 
FREEFONE 0800 220858 


COUNTRY PROPERTY 


Imnfftf HI mrfrtrff tit Wit W I t tit 1 1 t ti 




The stunning views are free! 

Magnificent family home designed, built and faxed to an exceptionally high standard and set in superb land- 
scaped ground* yer only 17 miles from centra] London. Features include hall with wonderful stained glass win- 
dows, five reception roams, five bedrooms (four bathrooms), lutchenjbreakfast mom, utility room and triple 
gara&z with games room/shoh bedroom. Call now, Copscn House has to he seen to be appreciated. 


[fen 

P 1 

jlRtNCHARP 

[lJ 


■ ARLIDGt 


0932 864242 I 

Oakdene Parade, Cobfaam. Surrey KTI I 2LR Fax: WH2 86344 1 XSlZlI 


PAUL JACKSON 

AUCTIONEERS AND ESTATE AGENTS 

BEAULIEU RIVER, HAMPSHIRE 


A fine country house which has been brilliantly modernised and stands in 
a commanding site erf just under 7 acres with superb views bum almost 
every room over its own grounds to the Beaulieu river beyond. 5 bed- 
rooms, 5 reception rooms, separate staff flat. Jetty and slipway. Paddocks 
and atabhqg. 

FOR SALE FREEHOLD 
Contact - Paul Jackson 

14 QUAY HULL, LYMINCTON, HAMPSHIRE. S0413AR. 

TEL: MJJM7WU. MX; 01590 571919. 


AUCTIONS 

AUCTION OF 

150^ fete:] 

(unless sold prior) r, ; .‘ \- y -‘ -I 

STICKLEY & KENT QEg 

* By Ozder of the Mortgagees & Others p i ■ 

* Flats & Houses Countrywide l £ ^ 


S. DEVON ■ TORQUAY *Maldenconibe 
Cottager. □* 3 Bod !B5 Qb house In wtesti- 
ad coast* one^fth acre pM. Heal ho<- 
daya/rattramanL lb Auction l«h Doc. 
Wbycctts. 5 Rost SI Tbnjuay <0003} 1113531 

S.DEVON- TORBAY. DtaUngrisbati House 
of dam tn abour 2* aons nidi paddock A 
stream. Nsodng madembaflon. RaaHal. 3 
Ftoc Rooms. 6 Beds. 2 Baths. Garages A 
Wrandafts. £248,000 Freehold. Wayeotu. S 
Hum &. Torquay (0003} 212S31. 


COUNTRY 

RENTALS 

BEDFORDSHIRE 
Nr WOBURN 


To be held on 13th & 16th December W •; 


CttncH^USpiwaiMimronaMtSRiMramaainMvilNi. • 


Substantial farmhouse in quiet 
rural location on Woburn Estate. 

bedroom ». 4 baihiocimv 
Available wreft i^rraue. ourfiufUmp, 
uabiin|>. paddocks (I I nro). 

TO LET 

Offers around ,£15,000 per annum 

Tel: 0525 290666 


RENTAL 

PROPERTY 

WANTED 


FOR 2 YRS FROM JAN/FBI US Comfertatte 
turn pariod hsa. In own gmds appnw. i hour 
Wea at Londm. 4S bds. 3* recaps, 3 baft, 
good kUwi. tnrrW court ondtar stmm ln a 
pool It posa, lor careful email tamiy 
Gantry Quest 0072 870 105 Fax 0672 
871405 


On the instructions of the Trustees ofPirton Grange. 


I 




tiAS 1 


i. 


- 


Hertfordshire 

Shillington. Hitchin 5 miles. London about 44 miles- 
OF INTEREST TO INVESTORS. ^ 

A substantial moated manor house in a secluded area of 
Hertfordshire, Listed Grade H*. 

3 reception rooms, 6 bedrooms, gatehouse, outbuildi n gs, about 
2.1 acres. Subject to Pro tea ed Tenancy with Reversion. 

Rent £4,750 pu- 

Private Treaty or Tender later. 

Joint Agents: Waximngtons, Bedford. Telephone: (0234) 82366L 
Jacksoa-Stnps & Staff, London. Telephone: 071-589 4536. 


FINLAYSCf^y HUGHES 

CHARTERED SURVEYORS 


Inverness 36 miles 

WESTER GUISACHAN ESTATE 
INVERNESS-SHIRE 


About 10,000 acres 

Fine mixed sporting estate 
In area of outstanding natural beauty 
20 stag deer forest 
Grouse & ptarmigan shooting 
Salmon & trout fishing 
4 bedroom lodge, 3 bedroom cottage 


45 Church S!:eel. Inverness IV 1 IDS 
Tc-i: (0463) 224343 


LONDON PROPERTY 


JB INTERNATIONAL 
find the Best London Buys 
Finance, Furnishing, Letting 
and Management 
Teb 081 445 3848 Fax: 3868 

LARGE, EXOTIC, VICTORIAN UMt- 
housa Bmaonfinary cablneDy, udnorad 
period ww m an tes , a wori*ig a w fM ca s. H 
original pteawwo* resfflrad by areNbet- 
OWTKH. N London £260.000. Mutt 30R 
DstdsOTI 883 9787 

BUYING FOR INVESTMENT? We IdenBy 
■w beet aoportLnMes tar you feraughaui 
contral London and tfao tn tfw city of 
Cantaridga. We provide acorntriate padags 
canto's: AoqutaUon. mancu. Fumtshtafl. 
lading and Manageme nt THephone 
Maksim Wahan tatemattan m an 071 483 
4291 or Fax 071 433 4319 


NEW OXFORD STREET WCI 

One bed BaL U Root Nt Braid] Mna c am. 

Lease Wl ecu. CWJD00. 


Lease jcn. I 

I coyknt caju 


KiL Lose 121 years CISS^WU. 


110 ya £210000 


Tel: 871 (J4 273* Fwc «71 43«2Mf 
U MesemaSt. Lessee WClA IJT 


NEW PROPEFTTY SERVICE - aefing tor the 
buyer. Wo purchase and lefurtriahfci you. 


and nB M anriy Telephon e 7T» C a wn M i 
Patner tH lp LMod (OBI) 224 5816 or tax 
(001)224 6716. 


LONDON 

PROPERTY 


•am ipKNOToiusiE 

Waterside Point, SW11 


SpcctKalar p c julwaw with panoramic 
rittr views facts dn extensive euau axel 
1m own private inromnlBg pooi complex tn 
t mosl prestigtora modem buildlng- 
FaluGaic Bnat&SM 
1M: 071 581 1631 TVfc 871 499 9344 
Free 871 584 4389 Free: «71 499 2SU 


Dehcnhain 

Thorpe 


Welbeck Street London W1 

Ad el epat Om floor bmay jpu i rew a. pnnrid- 
iDg 3J0Q *q I) approx id eftidlaa aoanao- 
Ii Im i re flood decorative cws fil iiJM- 
&*nmce HaB, Double Bcccptioa Km. Dimug 
Rid, Snidy/Bcdmn 4, 3 Bedrooms, 4 Btifams 
(ZEHuite), Kkdiai/BnakEan Rib. 
CIinfawKu. 24 Uau Porterage, 
Preow U&Ijbk 70 Ycrei, 

Sole Agere. 

£895,000 
MAYFAIR OFFICE 
TfcU0J7l 4082747 


CURZON STREFT, MAYFAIR WI 
A bright 7th floor studio flat hi a ser- 
viced bkk± ckKc to Bodkdcy Square. 
Entrance Lobby, Studio Room. Kdchea. 
Brebroom, Lift, 24 Roar Porterage. 
Lease 37.5 jean 

tasfxa 

BERKELEY SQUARE, 
MAYFAIR, WI 
A brigJn weS feeing 5th floor Bit 
requiring updating. Suitable as s central- 
ly located pied a rare. 
Reception Room, Bedroom, 
Kitchen * Bathroom. UB, Caretaker 

Lease 40 Yu U59SSO 

MayErer Office 

Td: 871 493 0676 Fas: 871 491 2938 



CADOGAN GARDENS SW3 | 
Newly rcf uibis hed Garden Maaonetlc 9 
in prime ioatkre near Sloane Sq. 

2 Bedrooms: E/S Bathroom; E/S 
Slower Rm. Reception Rm. Kiichen/ 
Bieak&st Rm. Fuio. Caretaket 
Lease 55 yrs approx. 

Price £32S£80 
Chelsea office 

TH: 0171584 7020 Roc 0171 225 1237 

ARE YOU A WEARY LONG-DIS- 
TANCE imv ajja? 

TIRED OF 

INTERNATIONAL HOTELS? 

LONGING FOR HOME COMFORTS? 
Over fifty privately owned luxurious 
■panmeuiB and mews bouses for abort 
lee in London’s best locations. 

Call fa r our colour brochure 
IN THE ENGLISH MANNER. 

Teh 1/71 3S26MH1 Fureqn 351 9215 

CFELREA HOMBSEARCH A CO Wa repro- 
•an •» buyer to save Unw and money: on 
9372281, Fax 071 9372262. 


OIK «*»*«* 




TIOka 


P5a» 


'■***:■ a* — 


£• ? rr i.Sr... 


• -a 

* l ' J - >L- 


•■V-p 

V " 

- ' l- B 




•in 


(j** 










financial times 


WEEKEND NOVEMBER 12/NOVEMBER 13 1994 


i 




PROPERTY 


Ripple becomes 
a wider stream 

London recovery spreads, says Gerald Cadogan 


T he little ripple that 
started running 
through the central 
London property 
market two years 
ago has now spread. 

The small upturn started 
after the devaluation of ster- 
ling in September 1992 made 
the prime areas of central Lon- 
don attractive to buyers from 
the Par East The knock-on has 
now reached to areas of cen- 
tral-outer London where UK 
buyers predominate, either 
established Londoners moving 
house or the young starting 
their careers. 

Which parts of town are on 
the up? Agent Winkworth, 
which gets a good picture from 
31 franchised offices across the 
capital, suggests familiar 
names such as Notting Hill 
and Islington - and surprises 
such as Acton and Victoria 
Park, in the depressed East 
End district of Hackney. 

The buyers divide into . two 
types: those seeking a single, 
or main, residence and those 
who have a larger place else- 
where and are after a pled-A- 
terre in town. 

In Bloomsbury, famed for 
writer Virginia Woolf and her 
Bloomsbury Set, the pied-d- 
fcerre brigade makes up 80 per 
cent of buyers, says David 
Salvi of Barnard Marcus. They 
are mostly lawyers, doctors, 
and people in publishing and 
the media 

It is much the same in 
nearby Covent Garden, says 
Lesa Green, of E.A. Shaw. 
"They want a simple pad. It 
does not matter If it is over a 
shop or restaurant.” 

One of the tricks is to work 
out which areas are about to 
become fashionable and buy 
before the stampede drives 
prices up. In the west London 
district of Notting Hill, the 
herd is gathering already, 
although prices are cheap only 
by comparison with «iin»«r 
accommodation in Chelsea, 

Knig htshridga, Kensing ton and 

Holland Park - the areas 
where the ripple began. 
Communal gardens, a fea- 



Far £155/XXk a house an tefington's Do Beauvoir 1 


1 (Wink w orth) 




Left: For £84,750, a two-bedroomed house In London W10 (Winkworth}. Right: For £175,000, a two-bedroomed flat in London’s Bloomsbury (Barnard Marcus) 


hire of the area, are a great 
advantage. A large Notting Hill 
maisone tte opening on to one 
costs £450.000 to £500,000 and 
will attract younger buyers 
away from two-bedroom flats 
in Chelsea and Knightsbridge. 
And there are large family 
houses at about £2m, against 
£&5m to £7m lor similar town 
mansions in Holland Park. 

In some cases, prices in the 
area have risen sometimes by 
as much as 20 per cent this 
year, says Giles Hoskins, of 
Winkworth in Notting Hill - 
and 90 per cent of the buyers 
are British. 

This demand has spread 
northwards to W10 where the 


Queen's Park estate (originally 
the Shaftesbury estate) north 
of the Harrow Road is popular. 
Terrace houses with two or 
three bedrooms, costing £75,000 
to £100,000. go quickly to young 
professional couples or singles. 

The latter are often first-time 
buyers who continued renting 
through the recession. Now. 
they have enough money to 
jump the usual first step in the 
housing ladder - a studio Oat 
- in favour of something more 
subs tantial. 

Further west, Acton W3 
takes over-spill from Chiswick 
and Hammersmith. Prices 
range from £120.000 to £155,000 
for a house near Acton Town 


(District and Piccadilly Under- 
ground lines) in the triangle of 
roads formed by The Ridge- 
way, Park Drive and Princes 
Avenue. 

Those prices are 10 to 15 per 
cent lower than they would be 
In neighbouring Chiswick, and 
Winkworth has sold 17 houses 
in this triangle in the past 
year. The alternative is the 
“poets* corner” near Acton 
Central (North London line) 
where the roads are named 
after Cowper. Milton and oth- 
ers. 

Further north and east. 
Islington offers fine Georgian 
and early-Victorian houses, 
theatres, restaurants and good 


public transport. For real 
value, though, Winkworth’s 
Andrew Towle r advises buyers 
to go half a mile east to the De 
Beauvoir estate. 

This has excellent Victorian 
houses interspersed with coun- 
cil homes. A three-bedroom 
property there would cost 
£1.50,000 to £160.000, compared 
with £250,000 near the Angel in 
the heart of Islington- 

Still further east. City people 
are discovering Victoria Park, 
E9. where four-bedroom houses 
cost from £120,000 to £250,000 
and it is easy to reach the City 
and the West End by bus or 
Underground (District and 
Central lines). 


At Clapham South SW4, 
(Northern line), four estate 
agents have opened recently to 
cover the streets ofT Abbeville 
Road, near the south-east cor- 
ner of Clapham Common. A 
five-bedroom house in Elms 
Road with conservatory, roof 
terrace and garden is available 
from Winkworth for £365.000. 

But go a mile south-east to 
Streatbam SW2, and you will 
find splendid value In five 
streets around the area of Tel- 
ford Avenue. The houses are 
substantial and mostly red- 
brick late Victorian and 
Edwardian, with five to eight 
bedrooms and costing around 
£250,000. 


Spruce up, 
oaks down 

Gerald Cadogan on the new 
woodland grant regulations 


I t Is a big disappointment 
that the new grant 
regulations for woods tilt 
away from broadleaf 
(deciduous) trees to conifers. 
Pinewoods are a depressing 
shroud on the landscape. 

The rules have been in effect 
since September but the 
industry is still trying to work 
out how they wifi be 
interpreted. Meanwhile, the 
Forestry Commission, which 
closed the old schemes in July, 
is running courses to expound 
its “reforms". 

Two parallel schemes, the 
Woodland Grant Scheme and 
the Farm Woodland Premium 
Scheme, offer similar planting 
grants. Rates for conifers are a 
flat £700 a hectare; previously 
they were £615 for over 10 
hectares and from £795 to 
£1,005 for up to 10 hectares. 

The new broadleaf rate is 
£1,350 (formerly £1.175-£L575) 
for up to 10 hectares and £1,050 
(£975) for more than 10 
hectares. A 14 per cent grant 
increase for conifers and an 8 
per cent rise for larger areas of 
broadleaves are the result 
It will now be considerably 
more expensive for a farmer to 
plant across a comer of a field 
to make an easier sweep for 
the tractor as the grants for 
small plantations have been 
cut Sadly, the many small new 
farm copses, usually of 
broadleaves, which are a direct 
result of the old scheme and 
are Fast improving the look of 
the land, will dry up. 

Re-stocking grants are also 
down sharply, to a flat £325 
(conifers) and £525 
(broadleaves). This will 
channel the commission's 
funds towards new planting - 
on the implicit assumption 
that the owner who is 
re-stocking has cash in the 
bank already. 

The standard management 
grant has been scrapped but 
the old special management 
grant stays. Now called the 
annual management grant and 
worth £35 a hectare from the 
time of planting, it wifi have 


strict and targeted criteria 
such as public access or. thank 
goodness, a specified 
proportion of broadleaves. 

Another constraint is that all 
planting must now be at 2,250 
trees a hectare (except for 
amenity woodlands under 
three hectares); the previous 
volume for broadleaves was 
1.100 trees. This applies even to 
better farmland, which 
qualifies for a supplement of 
£600 a hectare (formerly £400 
for conifers and £600 for 
broadleaves). 

The combined grant and 
supplement for conifers is now 
28 per cent higher than before, 
while the demand for much 
closer planting of broadleaves 
means that an owner must buy 
many more young trees to 
plant It is bound to lead to 
more conifers such as spruce 
being planted - and fewer 
oaks, ash and beech. 

Barry Gamble, managing 
director of Fountain Forestry, 
says: “I think it is a 
straightforward commercial 
decision if grants are going to 
be sustainable in the long haul. 
The commission's resources 
are limited.” 

In the UK, the woodland 
market has been busier this 
year than last although 
property prices have not gone 
up - or not yet But Gamble 
says the recent rise in timber 
prices or 10-20 per cent must be 
an excellent leading indicator 
that now is a fine time to buy a 
wood. 

US prices have done better 
stilL They are up about 50 per 
cent - more for hardwoods - 
as supply scrambles to catch 
up with demand. “Black cherry 
and oak are still rising there,” 
says Gamble. When the 
recession began, US producers 
and users destocked. But with 
the upturn of the economy, 
supply is short and prices have 
risen. 

Back in Britain, meanwhile, 
as the plague of conifers 
spreads, the copses planted 
under the old system will be 
ever more welcome. 


LGPcDON 
PRO PERTY ^ 










LONDON 

RENTALS 


KLiiADA ASSOC I V! FS 
u\irm) 


f Biiia ftOHnmpwftaffiAnn 
BELGRAVIA: damme r*o bed new* hone, 
tan douMt rrcrpdoo. two bate PIP kitchen, 

Street*: Umiy 
tm tataxm 0«- Daria* Room wte Gmftan, 
DnmgRim wM teadrwnfoM ID Major, BP 


SW?T 1 


£425 p*. 


KENSINGTON, 
t cfi a M ri mt two baboora nm home. LMqg 
non, Dtaii* m. KF koeheo mA 
USOOOpw. 


22 FAX: ir I J'\ 


CADOGAN DARDENS, SUB Very fltogart 4- 
bednoomed UNFURNISHED aputnwnt 
newly raAofctahsd El .230 per woofc - or tor 
sate. 071 268 5233 F®C 395 2342. AnCbti 
Unaum 


CfTY EGA. Spactow2bad. Stahha’nfahad 
fat *ih acute toeing mw London In 
partared (upon buB Node teUi KL £350 
p*. aamafd Mona* Tat 071 6382730 fine 
071 436 2649 ARIA 

KENSWOTONffiENTnAL LONDON Lowest 
ectoctlon at tpjaflty praperttea, £ 180 - 
ClSOOpax From 3 wka to 3 yra. Cham 
Associates 071 782 0782. 10-7pm 

LEICESTER SO. Mod 2 bad 2 both. Rib fit 
FBOd ML Now doc. & ctpts. Socuty. 
£378 pw. UK ££400 pw torn} BARNARD 

MARCUS 071 638 3738 ARLA 


MAYFAIR. Wl- Stunning ptod A toiw. DDL 
bed eao. tfwin. Recap. Saarty. £370 pw 
BARNARD MARCUS OH 636 2736 ARLA 


PtCTON PLACE, Wl. Ludy epld. 2 bed 2 
bate. RAy It ML Sacuriy £300 pw. tea HAW. 
BARNARD MARCUS 071 636 2736 ARLA 


INTERNATIONAL PROPERTY 


MONTE-CARLO 

BRAND NEW 
STUDIO 

63 sq. m. with nice 
terrace, air conditioned, 
equipped kitchea, dressing 
room, large complete 
bathroom, reduced notary 
fees. (R130) 

A AGEDI 

7/9 Bd de* Moultes MC 98000 Monaco 
\ JM 33-92 165 959 Fm 33-93 SOI 942/ 



LAND INVESTMENT IN 1 
ARGENTINA 

* Our large portfolio provides ibe wide® 
range of croons. 

* Highly qualified staff for ben technical 
A economical advise. 

* Skill and technology for farther 
adrohustraikiD if require d- 

* Our work is carried on under strictly 
enafldeaifal basis. 

Nicolas Mihanovich & Assoc. 

Intcmlinoal * Brokers & 
Consonants 

TctapbwK 1 54-1) 3124695 
Fox 154-1)312-7419 

San Mania 655 - Bum AJre* 110941 I 
ARGENTINA j 


MONTE - CARLO 
BEVERLY PALACE 

New, high standard building 
Last apartments from 2 10 4 rooms 
Direct from ihe property developer 
Cbmpeiilive prices 

TeL 93 30 52 28 
Fax. 93 15 92 09 


COSTA BLANCA tor M cokv broctare on 
our range at new and resale apis. V *3S, 
Bneas and businesses ki Morava ana 
■tonavteja. cm OHH on 0276 676281 now. 

SWITZERLAND Apts ban C75AOO. Owlets 
bom £250.000 ki Ihe best locaftons. The 
Swiss B>teBrt*.de Lara A Pina. Tat 081 7*2 
0706 Fas 081 742 0563 


AFRICAN WILDERNESS 
Hepitinii drinking from year f*iin/nuli! 
pool 1 lures eating on your lawn’ Huy a 
doie nf this Private Reserve in Rowans, 
pan of a 4irt.ut.Ki sen- CunseiYsocy. 
Accessible £ Professionally run lur owners 
& guests. Price lb? 000 Pounds Sterling. 

Contact Andre l-urabard 
Tel +T1 I! 326 lull) 

Pu 1-27 II 7tP 1*07 


Idyllic 140 hectar estate in South 
Bavaria, Germany. Located in 
beautiful panorama landscape 
setting with view of Alps, buildings 
around courtyard in good 
condition, own hunting grounds, 
facilities offer multi-purpose use. 
private sale. 

Contact fax: +49 551 37 30 61 


DIANI BEACH, KENYA 

We are looking for neighbours ul 
Kenya's most bejuriful bench. 
Luxury freehold villas with pool 
and SjI-TV for 'ale! 

Contact Krh id. iUKi<Wl-7-ll-)Cli» 
(evening! or Ijx. OK I -74) -'1.252 
Bougain Villas, Duni Beudi Kenya 
rVo agents pttaxe! 


INVESTORS: AZUR AGENCE Prepare, 
a wHb choice of toaxy vRas. npjrtmeras 
and biddings (all priced v> C3CK - C1M 
to dt*wtop,renovaie or Frericft Rrvcria. Tel 
(331 93 41 41 77 ■ lax 93 41 51 00. 


INTERNATIONAL 

PROPERTY 

MAGNIFICENT VILLA OVERLOOKING 
CANNES- Master rite $40 m 2 ) ptoapod 
tausa, oaie house and cdtag a - 16m pool. 

• SW sgrpoatra 4SB0 m2 toul 5 min to 
Crobese. FFH 16 fflteon- tor ingart sate. 
AZURAflence Frants (33) 9341 41 77 - F»c 
8341 SI OO. 

BOCA RATOH/MIJH BEACH FLORIDA. 

a GOV Coma Homes. Buysn 
Mr Sr—- Contact Rostyn 

: Fat your tut I. Heal you 

far dstafla. Fax: USA 407 241 8026 
"ftt USA 407 347 2023. 

SUPERB WATERFRONT VILLA CAP 
O' AIL (bordering Monaco) - master via 

plus tamitea**. Poo*, “act tKwttbo* 
FFH 25 mteon tor raB«tf nte 
AZim Agere* Franco (33) 83 *1 41 77 -Fax 
83415100 

GUERNSEY -SHEELDS A COMPANY LTD « 
gaw, pJano ntte SL Pslsr Part. One of tea 
taianm trestel tadspandert Estate Agents. 
Tat 0481 714445. Fax: 0*81 712811. 

COSTA BS. SOL PROPBtflES IMda 
Oflcaa For tefar ma fai & PHca 1st ifetO 
061 8033791 aryUma. Fax 3539 

BCmOWTIONAL PROPERTY tribune. 
Fra» property & service magarino. AoquMt 
to 0489 455854 fat 0(83 454M8 

FRENCH PROPERTY NEWS Monthly 
old. new 4 M pmpertiea, bgtf dBtam ate 
Ask tor your copy no» Tit OBI 047 

1334 

GREECE - PAROS, CYCLADES. 
MdMdualy designed S* bed bx. vtias by 
0 » see. £ 11 Sk-ei 45k T» 0S23 831630 


INTERNATIONAL 

RENTALS 


CARIBBEAN 


1 ANNEL ISLES TMt hwan, 
yotfaoe»Q>*l«« , »*- 
0 ananUBK. Steepa 4, ft Wt, 

L Nr shops. **»* e *" BfL 
sdn, ttema by neooaadon. 



l R o y ti I 
WESTMORELAND 

BARBADOS 

CK. rare opportunity to acquire a 
very exclusive Barbados address. 

The luxurious homes available ar the exclusive, Roy.il 
Westmoreland residential country chib in rhe parish uf 
St James, arc surely in one of the world’s finest locations 
high above the prestigious Platinum CoasL 

Magnificent, ardiircaurally iksignal homes set in 480 
acres of tropical splendour with view, o\-cr the Caribbean 
Sea and the emerald greens of a spectacular. 27-hole 
Championship Golf Course by Robert Trenr Jones, Jnc 
The Clubhouse. 'Ictinis Village and nearby Beach facility 
offers Mcmbca a myriad of socal and nxiearkmal aoiviiies. 

A visit to Barbados this winter would be the perlect 
opportunity to view the superb show- homes, play the Course 
and become' a Founder Member of one of the world's most 
cxidusivc dubs. Royal Westmoreland. 

With prices ranging from £200,000 to over £5tniHion 
it’s rhe opportunity of a lifetime for a lifetime s pleasure on 
this beautifitl palm-fringed, coral island. 


‘lb put your name on the door, if unc of ihe Inst iddrcac in ihe mmiIJ u>iu i-.i 
G iles Roonty, Royal Vfcsrmorcland, 1 1 (k-ritder Stmt. Mayfair, ion Jon \\ l\ >>HI 1 

Tct 071-355 5028 Fay. 071-355 5029 (7 days a wuckl 





Greenpeace in action: but how can It keep attracting attention? 


Continued from Page I 


what it calls heavy issues; 
"Hundreds of thousands of peo- 
ple... joined Greenpeace to 
save the whales. Who knows 
how many heard the message 
about nukes?" 

Greenpeace displays similar 
worldliness in courting the 
world’s media. Newsdesks are 
well-used to the arrival late 
on Friday of a thick Green- 
peace report embargoed for 
Monday papers, which are 
often short of news. The tactic 
Infuriates government press 
officers, who are forced to 
track down civil servants on 
the golf courses to extract a 
reply, but it often succeeds. 

As d result, ministers and 
industrialists credit the group 
with great influence. Tim Yeo, 
the former UK environment 
minister, says: “We were very 
ca refill to respond to what they 
were saying about the ozone 
layer partly because we 
thought they were on the right 
track but also because public 
involvement was important." 

After years of confident 
expansion, however, Green- 
peace lias found that member- 
ships in some regions are Call- 
ing. particularly in the US and 
Sweden. Worldwide revenue 
fell by 9 per cent between 1992 
and 1999. Last month, Green- 
peace International, the 
umbrella organisation with 
headquarters in Amsterdam, 
agreed to cut 10 per cent from 
its $3um annual budget for 
international campaigning; 
and 10 per cent uf the interna- 
tiomd staff are to go. 

Those cuts have provoked 
intermd opposition, in which 
seasoned campaigners have 
turned their skills of attack on 
each other. 

Pressure groups are more 
prone than rock bands to splits 
and schisms. However, the sav- 
agery of the latest argument 
stems from the feeling among 
some staff that the leaders 
have betrayed the founders' 
purpose, and are replacing 
direct action with quasi- 
academic research. “The 
bureaucrats have taken over. 
They’ve reached 40-something 
and they want a quiet life,” 
one former staff member said. 

Particular venom has been 
directed at Lord Melcheit, the 
46-year-old former Labour Cab- 
inet member and executive 
director of Greenpeace UK. He 
began two years ago to haul 
the UK branch through the 
transformation on which 
Greenpeace International is 
now -.imbarking, arguing that 
The v./irld in which we work 
1 hurt dumped". 


Although Norway resumed 
commercial whaling in spite of 
a 1986 international ban, and 
Japan catches several hundred 
whales a year for "research", 
there are now many fewer 
such ships to chase. Sea-dump- 
ing of radioactive waste was 
banned almost worldwide 
under an amendment to the 
London Convention in Febru- 
ary. Industrialised countries 
have agreed to phase out pro- 
duction of many chemicals 
which damage the ozone layer 
of the atmosphere under the 
1987 Montreal Protocol. Per- 
haps most importantly, more 
than 150 countries acknowl- 
edged at the 1992 Rio Barth 
Summit that the risk of global 
wanning and loss of species 
were worth attention. 

This legislative flurry has 
usurped some territory on 
which Greenpeace made its 
most popular stands. In order 
to keep attracting attention, 
McTaggart has urged it to con- 
sider “the gray fsic] area 
between violence and non-vio- 
lence ... I am not suggesting 
we go violent . . . [but! we need 
to investigate ways of making 
our campaigns heavier". 

Its marine bias may prove a 
handicap to its appeal, how- 
ever: it campaigns easily and 
rapidly against drift net fish- 
ing, oil tanker spills and whal- 
ing. but does little work on 
tropical forests, in spite of 
their popular appeal. Recent 
campaigns suggest that the 
group is moving further from 
public passions. Last year 
Greenpeace took its campaign 
against the start-up of the UK's 
Thorp nuclear reprocessing 
olant campaigns to the High 
Court, at considerable financial 
risk. Vet Meicbett acknowl- 
edges that it was not, at least 
initially, of great concern to 
the group's supporters. 

As Wilkinson puts it: “For 
years they've been looking for 
'the new whale’ - they need to 


translate the image of the ship 
chasing the whale into the 
1990s. But problems now are 
more technical-" 

The UK branch, in recogni- 
tion of that task, appointed 
Chris Rose as campaign direc- 
tor two years ago. A 38-year-old 
former biologist, he argues 
that Greenpeace must provide 
answers as well as attacks. 

He calls tins approach “solu- 
tion intervention", a phrase 
which staff grumble is “hardly 
a banner to march under". But 
the old guard has cautiously 
welcomed a campaign, 
launched last month, which 
typifies the new strategy. 

I The new 
strategy, 
dubbed 
‘Greenfreeze' 
was launched 
last month 

Dubbed “Greenfreeze", it is a 
“green" supermarket freezer, 
designed in consultation with 
industry, and containing cool- 
ants which do not damage the 
ozone layer. Recently, a 70ft- 
truck bearing the slogan “Tes- 
co’s freezers wreck the planet", 
containing a demonstration of 
“planet-friendly freezers", has 
been touring the UK. 

Hie change of direction rep- 
resented by Greenfreeze is a 
courageous surrender of some 
of the romance and adrenalin 
of the early days. It remains to 
be seen, however, whether 
such campaigns will catch the 
public's Interest Moreover, a 
move from emotive slogans 
such as “Save the whale” to a 
more analytical style will draw 
attention to the weaknesses of 
Greenpeace's ideas. 

For a start, it has great diffi- 
culty in ranking some environ- 


mental threats above others, a 
discrimination which govern- 
ments must make as resources 
to combat pollution are lim- 
ited. 

At heart this stems from a 
quarrel with the nature of sci- 
entific proof, according to 
which accepted theories are 
repeatedly revised in the light 
of new evidence. 

There is, nonetheless, such a 
thing as scientific knowledge: 
some theories are persistently 
better than others at explain- 
ing events. But while Green- 
peace will accept research that 
a substance is harmful, they 
will accept no evidence that a 
substance is safe. Further 
studies, they say, might reveal 
undetected damage. The conse- 
quence is that no one can ever 
show that enough has been 
done. 

A second source of incoher- 
ence is in Greenpeace's ambiv- 
alence about economic growth. 
Many campaigners appear to 
regard the notion of an envi- 
ronmental! y- friendly industry 
as a contradiction in terms. 
Melchett says, for example, 
that the group’s goal in cam- 
paigning against toxic dis- 
charges is for “zero discharges 
of any kind - clean produc- 
tion”. Asked if this is a reason- 
able target to set industry, he 
shrugs and says: Tm happy 
for companies to complain that 
it’s not." 

Perhaps the biggest equivo- 
cation concerns trade. Last 
year Greenpeace circulated a 
manifesto calling for “environ- 
mental protection [to be] the 
over-riding goal of trade rules" 
such as the General Agreement 
on Tariffs and Trade. It urges 
all countries to be more 
self-sufficient- But many devel- 
oping countries argue that 
such principles prevent them 
raising living standards, and 
set “green" concerns above the 
health and hopes of some of 
the poorest people on earth. 

Such stances imply that 
many in Greenpeace are 
uncomfortable with the exis- 
tence of people, given that 
most human activities pollute 
the environment Those contra- 
dictions now confront Green- 
peace as it seeks to step 
beyond its traditional role of 
simply registering opposition 
to government and business. 

The mission which McTag- 
gart bestowed on Greenpeace 
was “to get our world into the 
21st century in one piece". Five 
years from, the millennium, the 
world looks likely to keep 
going. 

It is less clear that Green- 
peace's sense of mission and 
its public support will survive. 


* 

/ 













XIV WEEK-END FT 


SPORT 


A uctioneer Nick 
Nugent was strug- 
gling. He is one of 
Ireland's finest men 
with a gavel, but it needed all 
his blarney and bluster to coax 
bids Grom the packed stands at 
the High Performance Horse 
Sales in Warwickshire last 
week. 

“It’s a market in which 
English buyers are going to 
need educating." said Nugent, 
patiently in the circumstances. 

John Studd, a London char- 
tered surveyor whose hobby is 
owning and breeding competi- 
tion horses, sat anxiously 
awaiting the arrival of Lot 10. 
His five-year-old chestnut geld- 
ing Gunner Killinghurst 
should make a top three-day- 
event horse. Normally such an 
animal would be sold by 
word-of-mouth, “out of the 
field" as horse-folk put it. 

However, Studd is not alone 
in believing that times must 
chan ge. He wants a Continen- 
tal-style breeding system with 
full information on the pedi- 
gree of every horse which 
would be sold, vetted and war- 
ranted, at a prestigious sale. 

"Look at the Verdun auction 
sale where horses for show- 
jumping and eventing rou- 
tinely make £40,000-£100,000. 
There's no private market for 
these types of animals in Ger- 
many," he said. 

Studd hoped that Gunner 
Killinghurst would make 
£5500. 

The first of the British HPH 
sales was fn 1987. Its aim was 
to put more science, method 
and cash into an area of eques- 
trian sport in which the UK 
had excelled by using tradi- 
tional methods. 

So long as the horses won, 
whether at Olympia or the 
Olympics, it mattered not 
whether they were bred and 
bought in the gloom of a black 
art. However, as the sports of 
showjumping, eventing and 
dressage became more popular 
in continental Europe, British 
ways, and the performance of 
the animals, began to fall out 


Equestrianism / Keith Wheatley 

Nice teeth, but 
who was his sire? 


«* r 




tNSURANCI 







RASE WELCOM ES YO', 




IV 


Horses for courses: a horse goes through its i 


i at the tflgfi Performance Horse sates 


of step with the Continent 

Newcomers to the equestrian 
world also demand a market- 
place, where even if they 
lacked the “eye for a horse”, 
they could still buy with confi- 
dence. Blackpool solicitor 
Anthony Slater was at the 
HPH sale to buy a horse for his 
daughter Jane, 22, about to 
take up eventing. 

Tve never bought at an auc- 
tion before and Fm finding it a 


nerve-wracking experience." he 
confessed. Slater successfully 
bid to 9,000 guineas for the 
five-year-old bay gelding Ben 
Fox. He was impressed at the 
chance to inspect the horses 
over a period of days and com- 
pare animals of similar age. 
Slater, a novice purchaser, felt 
the sale organisers were reas- 
suringly honest about faults in 
a young horse. Yet the clincher 
was probably the clear lineage 


behind Ben Fox. 

Prominent in the foyer at the 
HPH sale were the traiiblazers 
of the British Horse Database. 
This was set up a year ago. 
largely on a £250.00 grant from 
the Worshipful Company of 
Saddlers, to tackle the problem 
that most British horses just 
have no paperwork to prove 
their identity - or parentage. 

The phenomenon stretches 
top to bottom. In 1992. Mary 


Thomson won Badminton on 
King William, a horse that rep- 
resented Britain at the Olym- 
pics the same year. The geld- 
ing is an orphan child. No one. 
least of all Thomson, who 
bought him on a bunch in a 

farmyard. has a clue about Wil- 
liam's breeding. His mare and 
sire could by now hare pro- 
duced a string of top eventers, 
with attendant sporting and 
financial benefits, if there were 
any breeding records. 

Of course, breed groups, 
most notably the Hunter 
Improvement Society, do keep 
careful records. Yet they are 
hard for a non-member to use. 
The BHD has plans for modem 
access into its database (as 
happens in the French eques- 
trian industry via Minitel) and, 
equally importantly, will moni- 
tor how horses perform in com- 
petition. 

“At the moment by the time 
the results are collated and a 
stallion is identified as a good 
competition sire he's either 
quite elderly or dead,” said 
Flora McDowaJJ, development 
controller with the BHD. 

Yet for all the good inten- 
tions there are still only 6,000 
animals on the database. In a 
rational world the HPH sale 
would be where the future win- 
ners of Burghley. Olympia and 
the Olympics were to be 
bought And the Thomsons, 
Whitakers and Todds would be 
in the audience buying for the 
late 1990s. But at Stoneleigh, 
neither the horses nor the buy- 
ers bad star quality, suggesting 
that the top apimals are still 
being sold quietly in a field 
somewhere, for a fraction of 
their potential value. 

More than half the horses 
presented at the HPH sale 
failed to make their reserve 
and were withdrawn. The top 
price was just over 12.000 guin- 
eas. an opening bid at Verdun. 
And Studd? Gunner Killin- 
ghurst took all Nick Nugent’s 
skill but be finally sold at 4500 
guineas. “We're going the right 
way but it will take time.” 
sighed the owner. 


No FT, no comment. 


HOW TO 


Weekend FT 


1% 

IT v ? 



. - 


1 v ' * v \ / i :• 
V, V; ! We 


\ return toelriemn- 


Your money. A user’s guide 



: :• 


FINANCIAL. TIMES WEEK-END 


NOVEMBER 12/NOVEMBER ' I 



Soccer / Peter Berlin 

The dark world G§ 

bribes and bungs 

-• - — 

T he video of a man — ” “* — 

alleged to be Bruce 
Grobbelaar, the IS 

former™ Urenwol i 


T he video of a man 
alleged to be Bruce 
Grobbelaar, the 
Southampton and 
former Liverpool 
goalkeeper, apparently negotia- 
ting to throw a match, made 
distressing viewing for any fan 
of English soccer. His laugh 
when he boasted of deliber- 
ately letting in a goal was like 
a kick in the stomach. Sud- 
denly the replay of Andy Cole's 
bat-trick against Grobbelaar 
when Newcastle beat Liverpool 
last November, looks less like 
the coming of age of a young 
striker. Instead the eye is 
caught by Grobbelaar’s vain 
acrobatics as one wonders if he 
is in the best position, is he 
reacting fast enough? The 
accusations have led to careful 
scrutiny of his play. 

Grobbelaar denies that he 
has ever taken bribes or that 
be has ever tried to fix the 
result of any game. 

There have been match-fix- 
ing scandals in the far east and 
in eastern Europe, but rarely 
in the UK. 

There have been odd inci- 
dents of match-rigging in 
Eng land, however. Three Shef- 
field Wednesday players were 
jailed for betting on their team 
to lose at Ipswich in 1962. And 
opponents of Leeds United in 
the 1970s claimed they rejected 
bribes to lose matches. 

Accepting bribes would rep- 
resent a high risk for a rela- 
tively low return for the aver- 
age English Premier League 
player, judging by the amo unts 
Grobbelaar is said to have 
negotiated: from £40,000 to 
£150.000. Few earn less than 
£5.000 a week plus bonuses, 
although Grobbelaar is said to 
have earned much less at 
{ Liverpool. He is accused of 
| having tried to deliver an 
I agreed score in at least four 
i matches. If so he succeeded in 
; only one, Newcastle's 3-0 win 
; over Liverpool. Even here 
: Liverpool nearly scored to 
spoil the "sting” in the last 
minutes. 

To guarantee a result a large 
number of players and go- 
betweens need to be involved - 
in the 1983 Hungarian match- 
fixing conspiracy 260 players 
and 14 referees were suspended 
and 75 people convicted of 
criminal offences - and that 
increases the risk of a leak. 

A player who accepts a bribe 
risks life suspension, public 
humiliation and perhaps jaiL 
There are safer traditional fid- 
dles in British soccer. These 
have a long and vigorous tradi- 
tion and are seen by those in 
soccer as victimless crimes; no 
one counts the tax inspector. 
Since within the game there 
are few losers, there is little 
reason to break ranks. 

However, fans can suffer 
when their teams buy or sell 
players. Sometimes, managers 
receive a cut of the fee - sev- 
eral have clauses in their con- 
tracts giving them a percent- 
age of profits they make 
dealing in players. Sometimes 
a player who is unfit or out of 
form is picked because he, or 
the manager, wants to safe- 
guard his transfer value. Occa- 
sionally a player who wants a 
transfer plays badly. 

The FT spoke to two soccer 
insiders. One Is the former 
chairman of a lower division 
club - referred to as the Direc- 
tor - the other was an adminis- 
trator of a Premier League 
club, the Adm inistr ator. 
BONDSES 

Since attendances are related 
to league position and cup runs 
it makes sense to tie expendi- 
ture to revenue through incen- 
tives. But some managers do 
not like them. In any case they 
must be carefully thought out. 

One chairman of a lower- 
division club introduced spe- 
cial bonuses for a popular 
striker. £50 for each goal with 
an extra bonus for a hat-trick. 
The striker would share his 
bonuses with the rest of the 
team. The consequence, says 
the Director, was that the 
other players started passing 
to the striker even if they were 
In better scoring positions. He 
says he once saw a player on a 
breakaway stop and wait for 
the star to catch up, passing up 
a certain goal in the hope of 
his share of a hat-trick bonus. 
HOLIDAYS 

Holidays are normally taxable 
perks, but not for leading foot- 
ball clubs which find two-week 
post-season trips to some 
sunny resort essential for 
team-building. Wives and mis- 
tresses come too, but often 
only for coze week. Wives come 
out for the first week, mis- 
tresses for the second. Clubs 
discovered that if they organ- 
ised things the other way 
round careless gossip from 
hotel staff could alert wives to 
the existaice of mistresses and 
that does not help build team 
spirit 

CASH 

Anyone who has covered non- 
league soccer, where clubs 
often make most of their 


. ‘'V -v* i/vi 






Mi&z' 


money at the bar, has seen soc- 
cer’s cash economy at work. 
The manager and the players 
come into the clubhouse after 
the game- The manager walks 
over to the tar and the players 
crowd round him, but instead 
of reaching into the pocket of 
his sheepskin coat the boss 
sticks out his hand. The bar- 
man hands over a wad of notes 
and the manager doles these 
out to the players. 

Turnstile fiddles used to be a 
soccer commonplace. Clubs 
would turn off the meters at 
3pm, or slightly before, and 
anyone who came in after that 
was not counted in the atten- 
dance Chita would often allow 
manag ers or star players to put 
one of their men on a turnstile 
and keep the takings, or even 
keep a percentage of the tak- 
ings of one stand. When big 
clubs deigned to go to tittle 
clubs for friendlies, the visiting 
manager would often expect a 
similar arrangement. 

But the days when club sec- 
retaries spent Saturday after- 
noon in tiny rooms under the 
main stand counting moun- 
tains of small coins and sorting 

If a club needs 
cash for a 
bung it will 
come from the 
chairman’s 
pocket 

out players' boot money are 
gone. A high proportion of 
tickets axe paid for with 
Cheques or credit cards. Fur- 
thermore, in the aftermath of 
the Bradford fire and the Hills- 
borough disaster, clubs can no . 
longer lie about attendances. 

It is much easier to calculate 
the gate at an aH-seater sta- 
dium. Safety inspectors and 
local authority licensing offi- 
cials fork at every game, and 
any turnstile may come under 
their scrutiny. In any case a 
growing number of dubs have 
computerised turnstiles which 
allow safety officers to keep an 
exact track on how many fans 
there are in each part of the 
ground. If a dub needs raaah for 
a bung it will often come from 
the chairman's pocket or from 
one of his other businesses. 

THE BUNG 

In the safety of the High Court 
last year Alan Sugar, 
Tottenham Hotspur chairman, 
said Brian Clough, then man- 
ager of Nottingham Forest, 
“liked a bung”: cash to arrange 
the transfer of players from 
Forest. Clough denied the 
accusation. 

But while bungs for manag- 
ers are not uncommon, agents 
benefit most often. Most top 
players have agents or com- 
mercial representatives. 

A well-organised manager 
who wants to re-sign a player 
will often take the precaution 
of reaching a quiet agreement 
with the agent before starting 
negotiations with the player. 
The agent may well find he is 
well compensated for the com- 
mission he loses by persuading 
the player to accept too low a 
contract. Where a player is 
coveted by more than one dub, 
an agent will find his good will 
in demand. Such payments are 
usually made in cash, although 
the agent may find his reward 
wrapped up in payments for 
other services. 

LOYALTY BONUSES 
When a player signs a new 
contract hie will receive a sign- 
ing on fee, which can be quite 
large. In each year of the con- 


tract, on the anniversary its 
si g nin g , he will receive a Icy-, 
alty - bonus. The loyalty 
bonuses and- signing on. flee 
together can add as mochas 50 
pear cent to the total value 1 of 
the contract If a player asks 
for a transfer m writing he will 
lose the next loyalty bonus. So 
players must master the trick 
of forcing dubs to sell them 
without making a written 
request 

Furthermore, if a {days' is 
transferred part of the way 
through' the year there can. 
often be some debate as to 
whether he is entitled. to the 
loyalty bonus. Often, especially 
where a player is - being 
unloaded to a less wealthy 
dub, the selling dub will pay 
the loyalty bonus to encourage 
the player to leave and take his 
lucrative contract with him. 

CONTRACTS 

Contracts are worth rather less 
than the average fen might 
think- For a rising star reach- 
ing the end of his contract and 
keen to move to a bigger dub 
the best policy may he resign 
with his current dub. He need 
not surrender the freedom that 
being out of contract brings if 
he makes an oral deal with the 
dub that it will sell him If a 
big team bids for him. 

The player lands two sign- 
ing-on bonuses and the dub. 
receives a much larger transfer 
foe than it would have done if 
he were out of contract If the 
club tries to renege on the 
deal, the star can stop playing 
well, driving down his transfer 
value and weakening the team. 
The threat is usually enough, 
but it does happen. 

VAT 

Football dubs live In terror of 
the Vat Inspector. But the Vat 
inspector can be a friend Of the 
indebted dub because he Is a 
patient creditor. The Director 
found it could be in the inter- 
ests of a dub to have the Vat 
inspector slap a distraint order 
on a club which effectively 
locks up its assets. Since the 
dub must pay Vat before any 
other creditor, the effect was to 
persuade the others to stop 
clamouring for their cash, 
knowing that if they forced the 
dub to the wall they would 
collect nothing. 

THE FLAYER FOOL 
At many dobs there are two 
player pools in which money Is 
collected for players. There is 
the one that exists and the one 
that does not. The one that 
exists is the one the manager 
refers to when he talks of play- 
ers being fined for being 
booked or some misdemeanour 
at training: being late, swear- 
ing, forgetting some or his kit 
Usually these fines, even for 
bookings in a matoh, are small; 
£10 or £5 a time. But by the 
end of the season the average 
squad of professional football- 
ers will have committed 
enough offences to pay for a 
good night out 
The player pool that does not 
exist is the one that is filled 
with payments for unofficial 
work. Players generally hate 
meeting the public. Fans like 
meeting players. Often, 
wealthy and corporate fens or 
sponsors who own boxes at 
football grounds will pay play- 
ers to come up and meet their 
guests before or after the 
match. These payments can 
run to several hundreds of 
pounds for a session of glad- 
handing. A solitary star may 
pocket the cash, but often 
groups of players go along 
together or perhaps the players 
take turns, and the money goes 
into a quite substantial pod of 
untaxed cash, which, of course, 
does not exist 


T 




1 Head I 






J. 




4 

y,.-- . 


■ 

V> ■:'> 




o* 




financial times 


WEEKEND NOVEMBER 12/NOVEMBER )3 1994 


WEEKEND FT 


XV 


OUTDOORS 


ARTS 


T he Aspen leave: 
nave been sen 
swirling into creek: 
and ditches by ttu 
first real storms o 
novemoer. Another winter has 
begun in the Rockies. Anc 
with it comes the outbreak o: 
- or possibly unlikel! 


The US may have about 14m 
skiers, but since 1977 it has lost 
an estimated 413 ski areas. 
Although these were mainly 
gnffi resorts with insufficient 
profit margins, no one is tak- 
ing any chances. The Ameri- 
can ski magazines give a taste 
of the cut and thrust. 

“The folks up in Vail, the 
biggest of Colorado's mega- 
resorts, like to boast that their 
mou n t ain can accommodate 
41,200 skiers per hour. But who 
wants to ski with 41,199 other 
people?” This was an advertise- 
ment in the November issue of 
Snow Country magazine placed 
by Vail's rival. Crested Butte. 

Quoting America's National 
Ski Areas Association, Snow 
Country claims that one-third 
of the nation's ski areas ran 
“barely keep their heads above 
the snow financially”. 

Only those attracting more 
than 200,000 skier visits a sea- 
son make sufficient profit - 
*21.47 per visit - to be able to 
purchase new lifts, lodges, 
grooming machines and afford 
to pay taxes, debt interest and 
some return to investors. 

Any opportunity to cut a ski 
area down to size is seized: 
“For as long as anyone can 
remember, Aspen Highlands 
has claimed 3^00 vertical feet 
Colorado's biggest vertical. But 
when the mountain was 
resurveyed for the installation 
of two new high-speed quad 
chairs, it turned out to be only 
3,635ft 

“So, did the moun tain 
shrink ? According to an Aspen 
Highlands' official, the ski 
area's original developer (and 
measurer} was ‘very optimis- 
tic’. " This is from November's 
Skiing Magazine. 

Aspen recently purchased 
Highlands and has been 
modernising its antiquated lift 
system. The maverick ski area 
had been a small but Irritating 
thorn in its side for decades. It 
was Aspen which helped start 
the “if you can't heat them join 
them” revolution as an alterna- 
tive to ski ware. 

In recent seasons Vail, a far 
more deadly rival than Aspen 
Highlands ever was, has been 
marketing itself with Aspen as 
a twin-centre ski holiday — an 
unthinkable arrangement a 


Skiing / Arnie Wilson 

Cutting rivals 
down to size 



Copper Mountain: one of its Bfts opened sarty to afiow for US ski team training sum 


decade ago. 

Now, even Jackson Hole - 
another Rockies giant, which 
has signed up Tommy Moe, the 
Olympic Downhill gold medal- 
list as its “ski ambassad or" - 
is busy promoting two minor 
competitors: Grand Targfaee (a 
powder trap across the Tetons) 
and Snow King, a small but 
steep resort in the town of 
Jackson. The new Jackson 
Hole “multi area lift ticket” 
win be valid this winter at an 
three resorts. 

Resorts such as Crested 
Butte, however, seem deter- 
mined to continue their David 


and Goliath campaigns. This 
advertisement is from Ski. 
another American ski maga- 
zine: “The glitz and glamour of 
Aspen is only 20 miles away 
from Crested Butte. Fortu- 
nately there's a 14,000ft moun- 
tain range between us.” 

Crested Butte, alone among 
resorts in the Rockies, is offer- 
ing free skiing before Christ- 
mas for the fourth year run- 
ning. But this year the offer 
starts later than usual, on 
November 28 rather than at 
Thanksgiving. “With 9,300 
young people testing our 
mountain at Thanksgiving, we 


definitely had concerns about 
the impact on our towns, park- 
ing facilities, mountain 
operations and residents,” says 
Steve Scott, a senior vice presi- 
dent. 

In the event. Mammoth 
Mountain in California's East- 
ern Sierras unexpectedly fired 
the most effective opening 
salvo of the winter the resort 
opened three trails, Broadway, 
Fascination and Far West on 
October 8 (with free skiing for 
the day), its earliest opening in 
history, robbing Kiliington, 
Vermont and Keystone. Colo- 
rado - who traditionally battle 


to be the first US ski resort to 
open - of their usual kudos. 

Kiliington opened and closed 
because it became too warm to 
make snow, and Keystone 
quickly regained the initiative 
by opening two quad lifts serv- 
ing 2JQ0 vertical feet of excel- 
lent man-made snow. 

Neighbouring Copper Moun- 
tain's American Eagle lift 
opened early to allow members 
of the American ski team to 
get some pre-season training 
on Main Vein, a fast cruising 
run with a l,420ft vertical 
drop. 

But however well organised 
and marketed the resort, and 
however superbly groomed the 
slopes and the Jiff queues, 
mountain food rem ains an 
issue in the US. Perhaps the 
Americans are finally realising 
that this is the one realm in 
which the European resorts 
knock spots off them. 

Although many American 
skiers are preoccupied with 
how much their precious lift- 
tickets have cost and often 
want nothing more than fast- 
food before res umin g their 
attack on the slopes, others are 
envious of the Alpine institu- 
tion of lunch and would appre- 
ciate something more than just 
a swift hamburger and a beer. 
Some ski resorts are now build- 
ing a new generation of sophis- 
ticated mountain restaurants 
to cater for them. 

Sun Valley, Idaho, has 
opened Seattle Ridge Lodge, a 
vast, spacious and plushly car- 
peted restaurant run by a 
French Maitre d\ At Black- 
comb in British Columbia, a 
“fine dining" establishment 
has opened on the slopes at 
Glacier Creek. Both offer a 
wide variety or international 
cuisine. 

Keystone, Colorado, has 
something even more special: 
the Alpenglow Stube, which 
somehow manages to dish up 
splendid fare at 11,444ft. Your 
ski boots are deposited in a 
warming room and substituted 
by a pair of soft moccasin-style 
slippers supplied by the man- 
agemenL 

Once you have sat down to a 
luxurious four or five course 
meal served with fine wine, 
you can forget about doing any 
more skiing, at least in day- 
light 

But one of the compensa- 
tions for giving up half a day 
of much-needed exercise in the 
quest for sinful pleasures is 
that Keystone has outstanding 
night skiing with perhaps the 
most extensive floodlit terrain 
in the world. 


FT Ski Expedition 

Headlights shine on midnight mn 


Arnie WUson and Lucy Dicker 
are attempting to ski every day 
of 1994 on a round-the-world 
trip. They are now in the US on 
the last stage of their odyssey. 

I t was snowing quite hard 
outside and the last tiring 
we wanted to do after an 
excellent dinner in Mam- 
moth Lakes was to go skiing . 
But after a week on Mammoth 
Mountain’s slopes we had a 
flight to catch. 

We were on our way to an 
unscheduled return to Summit 
County, Colorado, where Key- 
stone shared with Mammoth 
the distinction or being the 
only resort are could find in 


the US with lifts operating: 

IMs meant a five-hour drive 
through the desert to Los 
Angeles the next morning - 
and to get in our skiing for the 
day, we had either to ski after 
midnig ht or at 

In the event, it was exhila- 
rating. Although the great, 
brooding mountain was in 
darkness, it certainly was not 
quiet Teams of snow-makers 
were busy monitoring the 
snow-guns blasting three 
trails - Fascination, Broadway 
and Far West - with a fresh 
carpet of Instant snow. 

Tim Russell and Erie Geh- 
nmg, complete with snowmo- 
biles ami miners-style helmets 


equipped with lamps, met us 
at the bottom of the slopes. 
“Why don’t you ski during the 
day?” asked Russell, genuinely 
confused by our desire to ski 
at lam. We explained. Then, 
each of us hanging on to a 
snowmobile, Lucy and I were 
zooming up to the top of Lift 1. 
Our two drivers followed us 
down, their headlights sending 
our shadows across Broadway 
as we made fresh tracks in the 
night’s new snow. 

It was just as well we skied 
at night: at dawn we headed 
for the airport in a blizzard. 

It was not to be our day. 
Gremlins in the system meant 
that authorisation by Ameri- 


can Airlines, our sponsors, of 
our flight from Los Angeles to 
Denver did not show on the 
computers in Los Angeles. In 
the confusion we managed to 
upset another sponsor. Avis, 
by having to leave our vehicle 
outside the departure lounge. 

When we finally reached 
Denver, we thought we were 
in good hands: Ski The Sum- 
mit - our main sponsors - had 
booked a room for us at Stauf- 
fer's hotel. More gremlins. The 
hotel had no record of our 
booking. By this time - 2,214 
miles and 17 hours after leav- 
ing Mammoth - the weary FT 
skiers were beginning to expe- 
rience symptoms of paranoia. 


But tomorrow was another 
ski day. To onr delight, 
although Copper Mountain 
was not yet officially open, we 
were invited to join race teams 
hurtling down Main Vein, a 
vertical drop of 1, 425ft served 
by Copper's American Eagle 
high-speed quad lift 
Inspired by our fellow ski- 
ers, we skied almost 25,000 
vertical feet in three hours. 

During one descent, a skier 
flashed past. We were sharing 
the run with Olympic downhill 
silver medallist Picabo Street 
Suddenly, our rate of descent 
seemed snail-like. 

Arnie Wilson 


Motoring/ Stuart Marshall 


Aston Martin back 
on the right road 



The supercharged Aston Martin DB7. A dassfc British sports car b reborn 


A ston Martin started to 
lose its way as a 
small-scale, high-per- 
formance car-maker 
20 years ago. Now, however, it 
Is back on track. 

It took the wrong turning 
early in the 1970s by replacing 
the DB6s with massive, V8- 
englned cars which, progres- 
sively, became more obese, 
over-powered and over-priced. 
While rich owners could enjoy 
playing with these £100,000- 
plus toys on racing circuits 
hired for the occasion, their 
bulk and thirst made them less 
p leasant and practical as nor- 
mal road cars. 

With the introduction of the 
new DB7, however, everything 
has changed. Aston Martin is 
making a great car again - and 
we have Ford to thank. Its 
input into the DB7 included a 
vastly more extensive develop- 
ment programme than the Brit- 
ish company could ever have 
afforded in the old days. It 
promises to be the most reli- 
able Aston Martin for years. 

By Aston standards, the 
price of £78,500 is down to 
earth - the V8s start at 
£133^74. But the DB7 is incom- 
parably more pl e asant to drive. 

Its 32-litre straight six has a 
Hi mi personality. It develops 
335 horsepower at S^OOrpm, 
sounding just a shade metallic 
as the revolutions rise, but 
delivers maxim um torque (that 
is, pulls hardest) at only 
3,000rpm. The supercharger 
boost is felt from l.OOOrpm 
upwards, which re prese nts 
3aiaph <5Gkph) m fifth gear. 

Once clear of town traffic, a 
lazy driver could exploit this 
silken surge of power and treat 
the DB7 almost as a anegear 
car. Most, of course, wiR prefer 
to let the engine spin fast 
through the gears and experi- 


ence the li ghtning - acceleration 
- 0-62mph (lOOkmh) in just 5.7 
seconds - even though they 
wifi have to trust the maker's 
claim of a L65mph (266kph) 
maximum. 

The five-speed gearbox is not 
as good as those of the best 


German and Japanese cars - 
my test car's transmission 
made sizzling noises when cold 
and felt a bit slack at times. A 
4-speed automatic with elec- 
tronic control is available and 
a limited slip differential that 
helps stifle wheelspin is stan- 


dard. 

And although the DB7 has 
ultra-low-profile Bridgestone 
tyres only 40 per cent as high 
in cross-section as they are 
wide, its ride is astonishing. 
Subtle power assistance takes 
all the effort out of low-speed 


steering but removes none of 
the open road feel. 

Styling is an individual mat- 
ter but, by common consent, 
the DB7 looks sensational. 
There is a hint of the old DB6 
around its haunches and the 
Aston Martin badge sits easily 
on the down-swept nose. 

Inside, it is traditionally Brit- 
ish, with soft leather seats that 
support in all the right places 
and touches of wood veneer on 
the fascia. Air-conditioning, 
cruise control and all-disc, 
anti-lock brakes are standard. 
But air-bags are not available 
until early next year. 

At the most, only 650 DB7s 
will be built in the next 12 
months - and half of those 
have been spoken for, with 
£10,000 deposits paid up front 
Sales will start in the US in the 
spring of 1996. 

A DB7 Volante cabriolet is 
coming and may be joined 
later by a V12. 

□ □ □ 

If a car with the Aston's price 
is just a dream, consider the 
DB7’s distant relative, the Ford 
Probe. Based on a Mazda (Ford 
also owns a chunk of tbe Japa- 
nese company), this US-made 
2+2 comes in two versions: a 
2.5-litre V6 at £20.160; and a 
two-litre, four-cylinder version, 
equipped less elaborately, at 
£16.745. 

I drove a two-litre Probe at 
the end of a memorable day at 
the wheel of a DB7. Never 
mind that the Probe is little 
more than one-fifth the Aston 
Martin's price. It is quite sleek 
and still unusual enough to 
make heads turn. 

A tortoise to the Aston Mar- 
tin's hare? I suppose so but, in 
the real world, its usable per- 
formance is little different. 


Gold rush fever as 


lottery launched 

Queues are forming for a share of the expected 
windfall, reports Antony Thomcroft 


O n Monday the tick- 
ets go on sale for 
the National Lot- 
tery, and by next 
Saturday the nation will be 
welcoming a new millionaire. 
It will be another four months, 
however, before the other cer- 
tain beneficiaries of the lot- 
tery, the nation's arts compa- 
nies, collect their windfalls. 

Although the Arts Council, 
which is processing the appli- 
cations for the extra funding 
that the lottery provides, 
receives its first first weekly 
cheque from Camelot, the 
organisers, on Tuesday Novem- 
ber 22, it does not expect to 
pass on any money until April. 
In the meantime the accumu- 
lating pool, which should aver- 
age £250m a year for the arts 
during the seven years of Cam- 
elot's contract, will be adding 
millions in tax free interest 
Jeremy Newton, lottery 
director at the council, has 
chosen a steady-as-she-goes 
approach. Although there has 
been pilot research and dry 
runs, tbe council is not send- 
ing out guidelines to prospec- 
tive applicants until the end of 
the month. It expects the first 
completed proposals to arrive 
by January 4. Then the assess- 
ments will begin, with the first 
successful companies hearing 
the good news at the end of 
March, with more approvals 
announced monthly. 

The lottery will transform 
the arts in the UK The antici- 
pated sum to be given away 
each year comfortably exceeds 
the combined annual grants of 
the Arts Councils of En gland . 
Scotland, Wales and Northern 
Ireland. It is a gormless arts 
organisation, professional or 
amateur, that is not consider- 
ing a pitch. Crafts people, and 
film and video makers, as long 
as they combine into a group, 
can also apply. 

The Arts Council has inter- 
preted tbe original government 
directives as loosely as possible 
to make things easier for com- 
panies. There is still an ele- 
ment of matching funding, but 
nowhere near the original 50/ 
50. An arts company seeking 
£100,000 or more from the lot- 


tery must raise a quarter of the 
sum requested through its own 
efforts - from friends, from 
business, from fund raising 
events, from local authorities. 
Anyone seeking less than 
£100,000 need only find 10 per 
cent, and for very small compa- 
nies the council hopes to be 
even more reasonable. 

No one knows how many 
applications there will be, with 
estimates ranging from 10,000 
to 30,000. Up to three quarters 
are expected to be for sums of 
less than £100,000. To begin 
with the money is likely to be 
given to existing small and 

There is a 
real danger 
that the 
government 
thinks it 
has pacified 
the arts 
world 

medium sized arts companies, 
with good track records and 
obvious expansion needs. Once 
these easy options have been 
taken care of the Arts Council 
will turn its attention to the 
delicate matter of new, mainly 
amateur, arts companies, and 
the big boys. 

Jeremy Newton does not 
expect to hand out more than 
£10m on any one project. But 
the Royal Opera House, which 
Is seeking around £50m from 
the lottery for its rebuilding 
programme, need not be too 
down-hearted. The council 
could give £10m for the first 
phase of a development and 
another £10m for a second. 

There is also an acceptance 
that the really major claim- 
ants, those seeking £40m plus, 
like the South Bank Centre, 
the British Museum, the new 
Tate Gallery of Modern Art. 
Cardiff Bay Opera House, etc, 
can apply to more than one 
lottery source, in particular the 
Heritage Lottery Fund and the 


Millennium Fund. Personnel 
will be in place to handle joint, 
or manifold, applications. 

The council has also moved 
slightly over the vexed matter 
of what the money can be used 
for - but only slightly. It is 
basically to go on capital pro- 
jects - on converting a disused 
church, or an empty cinema, 
into a theatre or community 
arts centre etc. Wisely, it is 
reluctant to attract the govern- 
ment’s wrath by giving lottery 
cash to clear overdrafts. Per- 
haps for brand new ventures 
there might be a small revenue 
endowment to tide an organi- 
sation over before it starts to 
earn cash. 

But it would be madness to 
blur the issue: annual funding 
must remain the responsibility 
of the Arts Council, paid for by 
its grant from the government 
If it started to help out the 
current plight of clients with 
lottery cash the government 
would quickly seize the oppor- 
tunity to cut the annual sub- 
sidy. And any arts organisa- 
tion getting Iotteiy money to 
improve its facilities should 
soon benefit in revenue terms 
by attracting larger audiences. 

The annual council grant is 
in enough danger as it is. The 
cabinet met on Tuesday to 
decide budgets for 1995-96. Last 
year the English Arts Council 
had its grant cut by for the 
first time, by £3 .2m, and it has 
been promised an increase of 
only £900,000. to £186m, for 
next year. It is campaigning for 
the restoration of the £3.2m, 
plus an inflation increase. 

The reputation of the new 
heritage secretary, Stephen 
Dorrell, will rest on his success 
in bringing home the bacon. To 
date he has kept a low profile. 
The rising groundswell about 
this aloofness will disappear if 
he can achieve more money for 
his department on budget day 
- and give some of it to the 
arts. There is a real danger 
that the government thinks it 
has pacified the arts world 
with the lottery: but there Is 
little point in promising cake 
tomorrow if some arts organi- 
sations have starved to death 
in the meantime. 


King of the 
cowboys 

Nigel Andrews talks to veteran 
western movie-maker and 
former matador Bud Boetticher 


T he tall, rugged, sil- 
ver-haired man 
with the husky-rich 
voice says: “A man 
had a job to do and 
he went out and did it." What 
is he ta lk in g about? Plumbers? 
Encyclopaedia salesmen? No. 
This man is in California, sur- 
rounded by hills and horses; so 
he must be a veteran movie- 
maker talking about Westerns. 

Budd Boetticher is 78 years 
old and made a stream of 
acclaimed and characterful 
cowboy films in the 1950s, shot 
for peanuts (5400,000-odd 
apiece) and starring Randolph 
Scott Taut tales of honour and 
vengeance - “morality plays” 
Boetticher rightly calls them - 
the films became a cult first in 
France, where critic Andre 
Bazin idolised and explicated 
them, later in Britain and 
America. 

This weekend Boetticher - 
pronounced Bettiker - gets the 
full hoopla as a guest lecturer 
at the London Film Festival. 
The LFF also revives his best 
Western The Tall T. 

I had thought this B-movie 
legend dead until I picked up a 
copy of Variety in Hollywood. 
There I read that he was lim- 
bering up for a new movie proj- 
ect a Spain-made, Robert Mit- 
ch um- starring Western that 
begins shooting next year. I 
drove 150 miles to meet him at 
a stable/bullring complex in 
the majestic hills north-east of 
San Diego. 

Here Boetticher. after 
proudly introducing me to his 
Uppizaner horses, showed me 
the arena where he still puts in 
matador practice. For the Chi- 
cago-bom lad began as a bull- 
fighter in Mexico. Then he 
muscled into Columbia mogul 
Harry Cohn's office to wrangle 
a job as technical adviser on 
the bullfighting film Blood And 
Sand (1941). Then after shin- 
ning up the ladder from mes- 
senger boy to assistant direc- 
tor, he began making his own 
films : including two up-budget 
tauromachy epics The Bull- 
fighter And The Lady (1950) 
and The Magnificent Matador 
(1955). 

But it was the Scott West-, 
eras, made between 1956 and 
1960. that had Boetticher’s spe- 
cial stamp. Realism and raw 
authority. "A masterly 
observer of primitive man,” 
David Thomson calls him in 
his touchstone reference work 
A Biographical Dictionary of 
the Cinema, and talks of the 
films’ “consistent and bleak 
preoccupation with life and 
death, sun and shade.” 

What else, you may ask, 
would a film-maker be preoccu- 
pied with when stuck in the 
desert with scant funds and a 


scary eighteen-day schedule? 

But that is exactly what 
made those rough-and-ready 
1950s westerns - Boetticher's 
were rivalled only by the best 
of Anthony Mann ( Winchester 
73) and Delmer Daves ( Drum 
Beat) - so crucial a piece in the 
mosaic of the genre's history. 

Beyond the studio’s long 
reach film-makers could go for 
all the bleakness and existen- 
tialism they wanted. And they 
could begin the subtle, radical 
process of equalising the 
genre's moral-dramatic balance 
between heroes and villains: 
even if that meant hoodwink- 
ing head office. 

“On Ride Lonesome we didn't 
want to kill the villains, we 
wanted to let them escape. The 
studio said I couldn't. So I 
argued for shooting it both 
ways . . . Well, we shot my ver- 
sion in which the villains 
escape; but when the time 
came to shoot the version in 
which they’re killed, the trucks 
were In the way of the setting 
sun and we couldn't do it. So 
we went back with just my 
scene.” 

B oetticher always 
wanted his villains to 
survive. He also 
wanted them to be as 
appealing and charismatic as 
his hero. “Our baddies could've 
been sheriffs.” says the direc- 
tor, listing tbe future stars who 
started as Boetticher villains; 
Lee Marvin, Richard Boone, 
James Coburn . . .The idea is 
that the audience would- like 
them and root for them; that 
they'd question the boundaries 
between good actions and bad. 
And we’d expand the bad guys’ 
roles . . . The idea is that the 
villains should be cuter than 
the hero.” 

Cuter? Well, Boetticher's 
carefree attitude to the dodgier 
implications of B-movie bud- 
dyism may account for his 
work's charm and power. At 
one and the same time it seems 
both straight-arrow and rich 
with ambivalences. Boetticher 
never laboured the latter, they 
seem to grow straight up from 
the landscape. 


“The big problem with the 
Western,” he says when l ask 
why the genre began to die 
after the 1950s, “is that all 
these Easterners who never 
saw a horse starting malting 
‘psychological' Westerns. And 
they confused even them- 
selves. My characters weren't 
smart enough to have a psy- 
chological problem.” 

After Boetticher's 1950s hey- 
day he made one praised gang- 
ster film. The Rise And The 
Fall Of Legs Diamond, and 
then acted out his own Cali dur- 
ing seven nightmare years in 
Mexico. 

Shooting a film about his 
friend the bullfighter Carlos 
Arruza. he ran out of money, 
got divorced, was thrown in 
jail, spent a week in a mental 
asylum. Then he nearly died, 
first of malnutrition, later of a 
lung ailment. Meanwhile 
Arruza himself was killed in a 
car accident along with most of 
the film's crew. 

But back in Hollywood Boet- 
ticher picked himself up. He 
sold the odd script: notably 
Two Mules For Sister Sara for 
Clint Eastwood. And he 
entered the decades of Euro- 
pean adoration. Why does he 
think he has become a cult? 

“Because 1 tell the truth. If 
there's something phoney 
about me or my life, I don't 
know what it is. And if I found 
out I'd rectify it f think that 
comes across in the films .” 

It does. But judge for your- 
selves. The Tall T is on at the 
National Film Theatre tomor- 
row. Boetticher talks at 2 pm. 
And his new film. A Horse For 
Mr Bamum, should be out 
next year. 


MOTORS 


HAS SOP LEXUS Offers me LS40O Fr 
£511.00 pm end GS300 Fr £308.00 pm 
Demonstrations at your home or office 
Tet 061 45S 0005 fa (totals. 

JEHCA London's Laigcist Dealer for LEXUS 

TokOBl 203 1888 




XVI WEEKEND FT 


FINANCIAL TIMES WEEKEND NOVEMBER 


12/NOVEMBER .137994 : 



ARTS 



Radio/Martin Hoyle ^ 

The sound sendee 



Ingres’ magnificent ‘Odateque’, 1825: one of the many ma s t e rpieces from museums in Cairo currently at the Musde tfOrsay in Paris 


The hidden Orientalists 

William Packer on the Impressionist treasures of an astute Egyptian collector 


T hat artists from the 
west travelled into 
the Moslem and 
Arab world, from. 
Morocco in the west 
to Persia in the east, is a com- 
monplace of the art history of 
the 19th century. Hard upon 
the rediscovery of relics of the 
civilisations of the ancient 
world far beyond the confines 
of the old Grand Toor. they 
were drawn inevitably by 
those living civilisations, no 
less ancient, through which 
they had to pass. There they 
tasted that heady mixture of 
the exotic and the refined, the 
cultured and the barbaric, the 
sympathetic and the alien, that 
altogether was irresistible. 

There was Delacroix off to 
Algeria, there Ingres with his 
bourgeois fantasies of life in 


the harem. Off went Edward 
Lear to the Holy Land. J.F. 
Lewis went native in Cairo. 
Gerome and FTomentin, Girar- 
det and Guillaumet headed 
into the desert with the cara- 
van. Back they came, those 
Orientalists, with their images 
of desert and harem, souk and 
bazaar, to great immediate suc- 
cess. And if their work then 
fell out of favour, in our own 
time we have seen it wonder- 
hilly restored to fashion in the 
auction house and the princely 
Arab eye. 

Even a lifetime ago it might 
have been expected that Arab 
curiosity would be engaged by 
such stuff, as much for its 
romantic ii«»nrp and misappre- 
hension as for any documen- 
tary value. To learn now that 
representative examples of the 


work of such as Leon Belly, 
Eugene Fromentin and Jean- 
Leon Gerome have been sitting 
in a museum in Cairo all this 
time, is not altogether a sur- 
prise. 

No. The surprise is to learn 
that this inter-cultural traffic 
also went on the other way. 
But then we forget that Egypt, 
francophone and francophile in 
her educated classes, had been 
under the close influence of 
France for the better part of a 
century before the British 
assumed the mandate in 1917. 

In 1908. Prince Youssef 
Kamal had set up a School of 
Fine Art in Cairo on the 
French model. This was fol- 
lowed, 15 years later, by the 
establishment of a Society of 
Friends of Art under the 
patronage of the prince himself 


and one of the ministers of the 
time, Mohamed Mahmoud 
Khalil. Khalil, who had a 
French wife, was a great collec- 
tor of western art and, in the 
1920s, extremely active in the 
Paris market when works of 
the highest quality were still 
reasonably cheap - Samuel 
Courtauld was similarly 
astute. 

Khalil's collection was to 
form the basis of the national 
collection when the Cairo 
Museum of Modern Art was set 
up in 1331. After the Nasser 
revolution of 1952, the royal 
collections were taken over 
and have been in the Guezireh 
Museum since 1957. So not 
only have the Orientalists been 
in Cairo since the 1920s, but 
also works of the highest qual- 
ity by many of the masters of 



19th century' French paintin g, 
from Delacroix and Ingres to 
Gauguin. Renoir and Degas, 
with some good sculpture Into 
the bargain, including Barye, 
Bourdelle and Rodin. 

There they have been, and 
there forgotten, les Oublies 
indeed, and quietly suffering 
dreadfully by modern conser- 
vation standards in the Egyp- 
tian climate. Hence this exhibi- 
tion. for the programme of 
restoration has been under- 
taken by l’Association Fran- 
caise d’ Action Artistique. 

The gaps are interesting - no 
Cezanne, no Manet, no Matisse, 
no Picasso - but hardly culpa- 
ble in the face of the many 
lovely things that were 
acquired. The small reclining 
“Odalisque" by Ingres, looking 
back over her shoulder, is mag- 
nificent, and the small Courbet 
nude, lying in the stream, is 
hardly less seductive. There is 
a delightful run of Sislevs, fine 
late Monets including a “Nym- 
pheas" and a view of Westmin- 
ster near Cleopatra's Needle, a 
self-portrait by the young 
Degas and a monumental 
drawing of a wo man washing 
her hair, an extraordinary 
“Cricket Match at Bedford 
Park” by Pissarro, and some 
fine riverscapes by Daubigny. 
As good as any are two Gau- 
guins of the 1880s, the one of 
two symbolic nudes upon a 
beach, “La Vie et la Mort", the 
other just a path through the 
trees. 

Lesser artists too are repre- 
sented at their very best - a 
Moreau “Salome", a Cazin 
“Boatyard”, a reaper reaping 
by Bas tie n- Lepage, a fishing 
fleet by Cottet, Regnault's 
“Patio at Tangiers". But there 
is no need to pick the plums, 
for not one of near 120 is with- 
out its interest 

Les Oublies du Cairo - master 
pieces from Cairo museums: 
Musde d’Orsay, Paris 7me, 
until January 8. 


A s my colleague Chris- 
topher Dunkley will 
bear out, when wear- 
ing his presenter’s hat 
for Feedback, nowhere is the 
Senior Service (radio) more 
conscious of its dignity than mi 
Radio 4. Listening numbers 
may be down but R4’s public is 
passionately loyal and fiercely 
articulate. A weekend house- 
bo and with flu gave me a 
chance to realise how far Rei- 
thian gra vitas is now concen- 
trated in this station, more 
recognisabiy the old Home Ser- 
vice than Radio 3 is the mice 
world-famous Third. Caviar to 
the general, possibly, but R4 is 
BBC Radio's flagship — middle - 
c lass . mature audience all 
- whether the Corporation 
likes it or not. 

The endemic BBC faults are 
there, of course: you come 
across conceit and compla- 
cency. the cosy and the com- 
monplace. Frank Delaney’s 
French Lit series. Journeys to 
Imaginary Places, told ns little 
about Flaubert or Colette but 
much about Frank Delaney, 
his schoolboy French and lus 
patronisingiy unremarkable 
perceptions. Kaleidoscope too 
often trawls the dowdy reaches 
of outer academe to produce 
non-confidence-inspiring 
“experts”, too often massaged 
by the breathily bland Natalie 
\Vheen. 

Serious programmes can be 
hijacked by frivolousness, as in 
last Saturday's Today. Tony 
Banks MP, mystifyingly 
regarded as a wag, witlessly 
gibbered about lavatory bowls 
in an otherwise intriguing item 


on the black economy in 
domestic work. His attitude 
boiled down, dismayingly, to 
an ap pa rent of paranoia 

and old-fashioned snobbery. 
mwi mpi whenslble to any conti- 
nental European- 
But at least Radio 4 re mind s 
us of the union a£ which we 
are part, unlike the bulk of 
British popular .-culture that 
operates under the impression 
that we are the 51st state of a 
union lying in another direc- 
tion. Saturday's regular Euro- 
phiie is a jewel in R4*s trea- 
sury. 

The BBC's 
flagship is 
Radio 4 
whether the 
Corporation 
likes it or not 

The test of a station’s quality 
lies in Its normal output, the 
basic programmes, taken for 
granted. Saturday's Money Box 
has wan the Bradford and Bin- 
gley Award for the best pro- 
gramme on personal finance 
on radio or TV. File on 4 took a 
trenchant look at the one in 
eight of the working popula- 
tion now self-employed. Analy- 
sis (Sunday) examined how the 
appeal of communita nanism 
(yes, the word exists) cuts 
across political boundaries, 
both left and right endorsing 
the philosophical clout of “the 
community”. George Walden 


warned of appte-pte pitd3sm.an 

imag ined Betjemanesqfce sub- 
urbia or idealised work- 
ing-class. It looks as # toe pom- 
munity may survive in an age' 
of mobile phones, dormitory 
suburbs and kids who play 
with computers -hot 'one 
another! rather chillingly, .peo- 
ple will not have friends any 
more, they will ha ve networks. 

They will also batfe the 
mafia. Sunday's Medmamae 
still foils between too many' 
stools. A report from-lt^y on 
the trial -by-journalism irf -the 
murderous “monster of Fkjr- . 
ence" was the sort of itmninfi-. 
nitely better done by the excek . 
lent From Our _ Oari 
Correspondent. Medmmmroe is' 
still presented by a media lady 
not too hot on interviewing, 
talcing cues or reading a script 
(h er - reference to .Mrs . Kenneth 
Clarke’s “matronly bum" for 
“bun” has passed into radio 
history). 

Radio 4’s strengths extend to 
the quirky, the off-beat. Alan 
Cox’s reading of Bariy Entail’s 
Chocolate Nuns and Firebombs 
(Saturday) cheerfuHy evokes 
Paris in 1968 when it was bliss 
to be alive and to be yoimg\ 
was very exhausting. Dylan 
Winter continues his Sunday 
teatime adventures with his 
barge and horse, sturdy Molly, 
meeting positively Dickensian 
canal-side folk. Last week be- 
came across the fanners' closed 
shop (can’t tighten a nail, in 
another smith’s shoe) and a. 
lugubrious tunnel-keeper who . 
misdirected him, let Molly cut 
herself and lacked a lavatory. ; 
Tony Banks would approve. 


'r. .** 


T 






Television/Christopher Dunkley 

Love on wheels 


- 


T here are 20.000 of 
them on the roads, 
they are built like lit- 
tle tanks, they do 
“nought to 60 in a fortnight”, 
their batteries weigh about a 
ton, and their drivers will not 
have a word said against them. 
They are, of course, the electric 
milk floats which hum around 
our streets at dawn, providing 
Britain’s unique - though 
steadily shri nking - doorstep 
delivery service. They were the 
subject of last night's Perpetual 
Motion on BBC2. one of those 
quiet little documentary series 
on quirky subjects which pass 
by many of us most of the 
time, but give disproportionate 
satisfaction to enthusiasts. It is 
this sort of programme which 
so often achieves a “Reaction 
Index” (the degree of enthusi- 
asm expressed to pollsters) 
way beyond those of more 
glitzy programmes with bigger 
audiences. 

In this six-part series, pro- 
duced by Emma Willis at BBC 
Bristol, we have already seen 
programmes on the Ford Tran- 
sit van, the American Air- 
stream caravan, and Concorde, 
as well as the milk float Next 
week’s subject is the Ferguson 
TE 20 tractor, known as “Little 
Grey Fergie", and the series 
ends with 30 minutes on the 
Douglas DC-3, better known as 
the Dakota, an aeroplane 
which inspires among its 
keener supporters panegyrics 
which come close to declara- 
tions of love. That is the key to 
these programmes. They work 


Sp ecial St y- Auction 
“Clocks & OldTechnoloev ■ 


26 November *94 
* - World market fo r “Techni cal Antiques* - i 


* LIU lots of stated 
H rarities + roOettort 

* items oo dl tecfcdr | 
J kbtoded QcMk 

* The first bicycle in 

* the world (Michaux, 

* 1861)* The “Edison 



* Kioetoscope Phono- frw (■*» gc*i am o*rl 


I (poroetlaio) * 
Fans * Cork- * 
ews * Typewrit- * 
& Calculating * 
chfaes * Tele- * 
phones, telegraphs * 
+ cipher machines * 

w * Entire Barber * 

* graph” and many more rare shop outfit * Motor models * Old * 

* meehnnscol mm'* * locks * ^Morion “-hetoet (155011 * 

* Rare docks & watches; Gold- * Orig. Olympic torch "Munich * 

* chronograph by “Canter, 1972” * Bare dm tors (Lehmann, * 

* bronze cartel) clock by “Barillet“ Bing. Tipp. MirklinJ* Steam engines * 

* (1790) * Scientific tatrnments; +■ modri tniB * Dolb (Kcsfner, * 

* R*™ microscope*, etc. * Early S & H) * Raw early radio sets + ora- * 
X Pb^ SVT- + mesfical collector WW O-TV sets! * GatnMitif machines » 

* i!*ai 0-c- denial workshop!) * rarities * Advertising * Vending f 

* Scale* & Balance* * gnreyfrg machines * And mack, much mere! * 
J uamsewtt * Nant tea. Tobacco. PBE-VIEwrNG: Si.. W Not II-4 h.«l1. * 

* lighters, walking sticks * Rare Thu, 24 Nos. (4-7 pjn.). Ft. 25 No* J 
» Sewiaa Machine* ★ Fla t. ire— * 13-7 p.m.). Sa.. 26 Not. (8-10 aaa.) * 

i esnermt rwlf Iff Attx *r p -°- Box SO II 19 • D-S097I Kochi * 

♦JWgUW TH. -/4W22 1/387049 - Fax /374S78 * 

* Brafccr — The Seedalbts bucr Stt 528-S30 - Kaefc-Bajcathal J 




An Exhibition oF 
Modern Paintings 
and Drawings 

16 Novl-iiiIk.-!- - 20 Decent her 
MomUy ■ KrvUv |ii-3JI!|nii 



MAX HINST I'm miHHtr itr Wl 

l*tl and rull^i- .m |Unrl. II stirtrui. 


FINARTK S.A. 

7-N Maann'.s Y.ml ■ Duke Sin-vi ■ KlJanuVs . [juiuUm ■ SWIYtiBU 
Tel: < 17 1 -W»J 723.1 


best when the producers find 
enthusiasts whose fanatic dedi- 
cation poms from them uncon- 
trollably. Conversely they ate 
least successful, or anyway 
least fun to watch, when they 
are closest to the conventional 
documentary formula of histo- 
ry/statistics/newsreel extract 
and so on. 

Thus the least entertaining 
so for was last week’s Con- 
corde programme, which felt a 
bit like a schools’ broadcast on 
transport. There was talk 
about Anglo-French co-opera- 
tion in the design and manu- 
facture, and stories from the 
test pilots, all of which seemed 
familiar from other pro- 
grammes. There was a hint of 
Perpetual Motion’s characteris- 
tic tang when the air hostess 
explained the difficulty of get- 
ting meals served in the early 
days, with passengers so busy 
having their photographs 
taken beside the “Mach 2” digi- 
tal read-out on the cabin bulk- 
head. But there was all too lit- 
tle of that What we needed 
were besotted passengers: the 
reminiscences of David Frost 
or that pencil manufacturer 
who is in the Guiness Book Of 
Records as the greatest user of 
Concorde. Nobody described 
what it felt like to overtake the 
sun. 

On the other hand people of 
ail kinds described their love 
affairs with (of all things) the 
Ford Transit van, which was. 
consequently, the subject of 
the most successful pro- 
gramme so far. The Transit 
won equal plaudits from police- 
men and bank robbers, one of 
whom explained that, as rob- 
beries got bigger in the 1960s, a 
Jaguar was no longer any 
good. You could not cram four 
or five crooks and four or five 
bags of swag in a Jag, whereas 
a Transit did very nicely - and 
concealed you from the law, 
too. On similar grounds .a 
policeman reckoned Transits 


made ideal surveillance 
vehicles, arguing that there 
were many around that 
nobody noticed- those conceal- 
ing police . observers. The bank 
robber grinned and claimed 
you could always see them 
rocking on their springs as the 
coppers moved about Inside. 

Abiding affection is an 
attractive, emotion which 
makes for pleasant viewing, 
even when it is being bestowed 
upon some ancient vehicle 
and few thing s in life seem to 
inspire quite such depths of 
affection as old vehicles. The 
Ferguson tractor went out of 
production 40 years ago and 
yet next week’s programme - 
one of the best - tracks down a 
farmer and his two sons who 
have one each and use them all 
the time. Perpetual Motion is 
really a series of love stories. 


cNBl 


YOUR WILL... 

can help so many 
ddcriy people who have 
given so much 
_aod are row in need of help 
chcmdvcs - with nutting home fees 
or convalescence and in nuny other 
ways. Ptcue ask the NBI to show yuu 
how you can vci op a legacy, a 
o»rcnmitcd subscription. or please 
send a donation hr 

The Secretary. 

The Kdonl BtwnM lasdtaHw, 
41 Bayswstrr Road, 

London W 2 JPO. 


ART GALLERIES 

MARLBOROUGH FINE ART 6, Afcemarfe 
S, W1. 071 029 3101. Cm STCPHER LE 
BRUN - Painting* 1991-84. Until 12 
Nomnfter. MonFH 10630.8*1 10-1240 

SPINK, EDWARD SEAGO. EkhbOon at 
pahttigs & watarccfours (ram me artist's 
estate. 2nt».2S»t November. Man-Fit 9*30. 
Tims 9-7.30. S Khg Sheet BW1. 

ROY PERRY ban Nowmtter 1 1 1h 

(2 vmela) CwXtey OeSenea, Thames 8Me. 
Hen toy on Thame*. Oxon. Tel: (0491) 
5754S9 


OLYMPIA 

LONDON 



f \ 





> 


MNKARl » 

7 and ; 

^ // 

^ANTIQUES " 

^ FAIR 

\ ^ 


16-22 November 

The autumn Fine Art 
& Antiques Fair, incorporating 
the British Antique Dealers’ 
Association Pavilion. 

200 leading dealers with 
magnificent antique /umiture 
and outstanding works of art, 
line jewels, silver and docks, 
classical ornaments and stanuuy, 

glass, ceramics and icxiiles, 
all stringently vetted. 

November 16: 5pm -1 0pm 
November 17-22: from U.nn 

Information; 071 370 821 1/8188 
Tickets available at the dooi 




a^ST. JOSEPHUS 
HOSPICE 

RARE ST. HACKNET, LONDON E8 4SA 
(CtaUNLUUUI 

.. So many arrioe as 
strangers, weary of pain 
and tearful of the unknown. 
They gladly stay as 
Mends, secure in the 
embracing warmth, fortified 
and cherished to the end 
with the help of your 
graceful gifts. 

1 thank you kindly. 

„ on their behalf. u 

Sister Superior. [ 









►Jb> 


o* 


FINANCIAL TIMES WEEKEND NOVEMBER 12/NOVEMBER 13 1994 


WEEKEND FT 


ARTS 


nkk i y 

eels 


Ol.YMPU 
| ('IN DON 

A 





-7^ 

/sy 1 , 


The rise and rise of T 

tar to tl 
acter ii 

a shrewd operator g 

■*- young I 

In a profession where fools rush in, the conductor Kent Nagano 

nas trodden very carefully indeed, writes Andrew Clark jS,J 

T , It mai 

nese are powerful and married a Japanese pia- which would generate public* who recruited him. The Halle’s ctaustro] 
days for Kent nist. He is a modernist who lty but no unfavourable com* board of directors sided with tion is e 
Nagano. A decade speaks of his regard for tradi- parisons. Nagano, and Richardson left the spiz 

after arriving in tion, an artist with an under- Louis Erlo and Jean-Pierre two months ago. The orchestra is itsel 

fciUrnnP am cfandiniv pVa ! 1 iraluo a DwtOKmonM tUn AnAwn'n m. J: z — L.i _ « 


T hese are powerful 
days for Kent 
Nagano. A decade 
after arriving in 
Europe as an 
unknown Japanese- American 
conductor, he cuts one of the 
most glamorous profiles in 
today's image-conscious music 
world. 

As music director of the 
Opfira de Lyon since 1989, he 
has played a key role in devel- 
oping its internal nng] reputa- 
tion and progressive repertoire. 
He is also revitalising Britain's 
oldest symphony orchestra, the 
Halid, which he conducts on 
Thursday in his first Manches- 
ter concert of the season. 
Appointed principal conductor 
two years ago, he has only just 
begun to make an imprint on 
its programmes. In 18 months, 
he hopes to lead the Halle into 
Manchester’s new £42m con- 
cert hall 

hi a profession where fools 
rush in, Nagano has trodden 
carefully. He has avoided the 
core classical repertoire, expos- 
ing himself only in 20th cen- 
tury scores which show his 
analytical grasp and mmmimi. 
cation skills to advantage. For 
his London debut a decade ago, 
he conducted Frank Zappa. In 
Salzburg, he has given lucid 
performances of Messiaen and 
Stravinsky. He champions 
John Adams' minimalist music 
on both sides of the Atlantic. 
But he has yet to convince 
large sections of the music 
business. ‘There's too much 
plastic,” says one agent, point- 
ing out that Nagano has yet to 
conduct major works by Moz- 
art, Verdi and Wagner. T think 
the shine from outside is better 
than what is inside-" 

Nagano is certainly an 
image-maker’s dream. With his 
oriental features mid shoulder- 
length hair, he wows audiences 
wherever he goes. In Manches- 
ter, he Introduces complex 
modem scores in his soft Cali- 
fornian accent- In interviews 
he talks like a campus guru, 
articulating artistic goals as 
“visions and dreams".' “Music 
is a sharing experience", he 
says. 

But with Nagano music is 
rarely a great emotional expe- 
rience, or one of spontaneous 
inspiration. Some orchestral 
musicians have likened him to 
a machine: he rehearses and 
re-reheafses, demands clock- 
work precision and leaves 
nothing to chance. “He's a 
recording producer’s dream - 
he conducts it exactly the same 
way every time," says a mem- 
ber of the Lyon orchestra. 

Nagano, 42. whose Japanese 
grandparents emigrated to Cal- 
ifornia 70 years ago, carries 
many traits of his mixed cul- 
tural background. He practises 
the martial art of Shintaido 


and married a Japanese pia- 
nist. He is a modernist who 
speaks of his regard for tradi- 
tion, an artist with an under- 
standing of market value, a 
man with big long-term ambi- 
tions who has calculated every 
step of his career. 

His introduction to Europe 
came through the French com- 
poser Olivier Messiaen. 
Nagano, who grew up on a Cal- 
ifornian artichoke farm, was 
conducting Messiaen’s music 
at Berkeley, and invited the 
composer to work with his 
orchestra. Messiaen was 
impressed. He brought the 
young conductor to Paris in 


which would generate public- 
ity but no unfavourable com- 
parisons. 

Louis Erlo and Jean-Pierre 
Bros smarm. the Opera's co-di- 
rectors, offered experience, 
media introductions and a 
handsome budget Nagano was 
their conduit to high musical 
standards and a younger audi- 
ence. In terms of personality, 
Nagano was perfect for Lyon's 
new high-tech Opera building, 
which opened in May last year. 
His Lyon recordings have won 
international awards, and be 
has now been invited to take 
the company on tour to San 
Francisco and New York. 





An image-maker's dream, but some musicians have likened him to a 
machine: Nagano, who conducts the HaS6 in Manchester next week 


1983 to help prepare the work! 
premiere of his opera Saint 
Francois d’ Assise. Messiaen 
introduced Nagano to artists’ 
agent, Sylvio Samama, who 
saw in him a talent worth nur- 
turing. Once his reputation 
was established, Nagano 
walked out on the agency and 
has never looked back- He is 
now said to command around 
£15,000 per concert 

Lyon and the Halid were 
shrewdly chosen. In both 
cases, Nagano could be guaran- 
teed a certain amount of lime- 
light, without the competitive 
environment of Paris or Lon- 
don. Both had secure artistic 
foundations and vast untapped 
potential. 

In Lyon, the Opdra was In 
the midst of a seven-year 
nomadic existence while its 
home was rebuilt The situa- 
tion was a godsend for an oper- 
atic ingenu like Nagano. He 
was able to rehearse and 
record extensively, choosing 
the kind of exotic repertoire 


In Manchester, too, Nagano 
invested in an organisation at 
a low point in its fortunes. The 
Halid had a worldwide reputa- 
tion. but was not of worldwide 
quality. Eclipsed by orchestras 
in Bi rmingham and LiverpooL 
it needed awakening from the 
sleepy conservatism into which 
it had lapsed since the death of 
Sir John Barbirolli In 1970. 

At first sight Nagano was a 
strange choice. He was barely 
known in Manchester, and his 
repertoire had little in common 
with the Halid's. The two have 
taken time to adjust to each 
other. Nagano plunged in with 
Boulez and Stockhausen, 
which did not go down well in 
Bradford and Sheffield. He 
tampered with the money-spin- 
ning formula for Manchester's 
summer Proms, which then 
made a loss. He made disparag- 
ing comments about the 
orchestra's recent past, denting 
the musicians' pride. 

He also clashed with David 
Richardson, the chief executive 


who recruited him. The Halid’s 
board of directors sided with 
Nagano, and Richardson left 
two months ago. The orchestra 
is now being run by Alan 
Dean, a Mancunian business- 
man with fund-raising experi- 
ence. who says his priorities 
are to raise Nagano's profile in 
the community, increase corpo- 
rate sponsorship and reduce 
the Halid’s £400.000 deficit. 

No-one doubts that Nagano 
was the right man to shake up 
the Halle. His predecessor. 
Stanislaw Skrowaczewski, 
improved playing standards, 
but had no public face. 
Nagano, by contrast, is a 
crowd-puller - a key factor in 
tbe orchestra's move to the 
new hall. Nagano talks knowl- 
edgeably of the Halid tradition, 
which he summarises as 
"excellence, innovation and 
courage. We have to redefine 
the tradition, renourish it. refo- 
cus it toward the future." 

Critics say the orchestra is 
sounding refreshed. Nagano 
has worked hard on technical 
aspects - “almost to the point 
of putting the players off,” says 
Gerald Lamer, who has fol- 
lowed the Halid's fortunes 
since the Barbirolli era. The 
sound has become smoother, 
softer - the kind of thing you 
need for John Adams. But 
there hasn't been the same 
degree of artistic illumination 
and inspiration." 

Nagano says there should be 
no hasty judgments. "We all 
agreed from the beginning that 
this was a long-term commit- 
ment, something with roots 
that are going to bring benefits 
far into the future, and will 
require patience. I really feel 
rm laying the bricks, assem- 
bling the structure." 

The conservative pro- 
grammes for the current sea- 
son - plugging important gaps 
in both Nagano's and the 
Halle's repertoire - suggest he 
recognises the need for consoli- 
dation. Next March and April, 
they will make the first of a 
projected series of recordings. 
There will be a festival to open 
the new hall in May 1996, 
before Nagano’s contract 
comes up for renewal. "I've no 
doubt he'll use the Halid as a 
stepping stone - he’s a clever 
operator", says Lamer. “He's 
not going to spend a lifetime 
here, and he would be well 
advised not to. But if he can 
pull the orchestra round, it 
sets him up for life for other 

thing s." 

Chess No 1047: 1 Kc3 Kc6 
Else the WK reaches a5 and 
wins the b5 pawn. 2 Kb4 Kbfi 
3 f4 Ka6 4 e4! dxe4 5 d5 exd5 
6 Kc3! To stop Black's e4 
pawn. Kb6 7 fS gxf5 8 g6 and 
qneenstby Y Pigarev. 1955). 


Neat one, Martin. 



EN 

“Jane Eaglen and Cyndia Sieden... 
an inspired piece of soprano casting" 

O 

EvC-nnin Si-iivl.iid 

November i£ .'S 

Where opera 

December 18 M ai 7 30 &ni 

comes idw 

November jI * .tijpm 


Tnl. or. Irani £B 


Bo. Ollice 071 033 B 30 Q 


Electronics near genius Marlin Crindrod wasn’t happy with any 
available hi-fi system. So he simply designed, and built, his own: 

The AVI total hi-fi system* stacks up to link more than 12* in height. 
And £3.5% in money. Ir is perfection at any price, described by one 
hi-fi reviewer as, without doubt, his fifst choice . 

(You’d find ir no small pleasure to call 0453 752656 for details.) 

■The AVI Syncm: pre-amp, mono-bUk power amps m 

(not pictured) CD player and tuna. / VI 

A V hntruUMil LiwtcJ. lln FJO. Bull tarn I Taili* Eaw. So«J. Glbttamr G!' JQf. 

lHptoe 04» WJ 7VPT 

The PARKHOUSE AWARD presents i 

(Registered Charily) { 

Bartfaohfy Trio of Fans 
- n profound empathy w mere display. ’ 

MARTINU ♦ BEETHOVEN ♦ SCHUBJSRT 
Tuesday IS November - 7 JOptn 

MAftTINU Baseredtt; SBSTBOVBN Am Trio Op 1 N»2 a* C; 
SCHOBEBT Piano Trio No 2 ta Eb, Op MS D929 

TniwT non, if ****r °* — * 1 °~ Wl 

Tickets: £MfcJL5#;7jSS8-T«fc9Tl-*352l4l jbhwqod 
“ML . .. FOUNDATION 






T he actor Brian Cox 
has made no secret of 
the tact that his real 
life is strikingly simi- 
tar to that of the central char- 
acter in Ibsen's The Master 
Builder. 

On stage he plays Halv&rd 
Soilless, a man in late middle 
age who is captivated by the 
young Hilde W angel; offstage 
he lives with Siri Neal, an 
actress 27 years his junior who 
plays Hilda W angel in this 
production. 

It may sound risky or even 
claustrophobic but Cox's posi- 
tion is entirely in keeping with 
the spirit of the play which 
is itself a daring act of 
self-analysis. 

Ibsen wrote this late psycho- 
logical drama partly In 
response to his own predica- 
ment: at 61 his life was shaken 
by meeting the 18-year-old 
Emilie Bardach, a meeting that 
proved both an inspiration and 
a scourge. 

Brian Cox, given a free hand 
at the Edinburgh Lyceum 
where this production origi- 
nated, deliberately chose to 
produce this play, hoping to 
bring to it his own personal 
experience. 

It certainly pays dividends; 
his performance is totally com- 
pelling. penetrating and vital 
and he mines all the possibili- 
ties in Ibsen's complex explora- 
tion of self-doubt and id ealism. 

Ibsen’s play calls for a 
mature understanding. 

Like many of his mas ter- 
pieces, it is maddeningly 
patchy. At its heart is a pain- 
fully honest account of fear - 
fear of ageing, fear of fail lire, 
fear of retribution from God. 

Yet it is full of booby-traps 
for a modem cast. In the midst 
of believable dialogue it sud- 
denly becomes stilted, seeming 
almost to stutter to a halt in 
places; among profound 
insights into h uman behaviour 
comes to our ears 
heavy-handed, sometimes ludi- 
crous symbolism. Cox and his 
director John Crowley find 
their answer to this by sprin- 
kling the production liberally 
with humour. 

It is surprisingly funny, 
which heads off some of the 
problems. By the time we get 
to talk of trolls, demons and 
castles In the air, we have 
laughed enough not to giggle 
and Cox has made his Solness 
pompous, arrogant but desper- 
ate enough for us to under- 
stand why he grasps at the fan- 
tasies Hilde offers him. 

This Solness has a Glasgow 
accent and is clearly the 
self-made man - brusque, 
jovial and terrified of being dis- 
covered. 

It is easy to see why he falls 
for Hilde 's flattery and is 



Brian Cox and Sm Neal manage the nuances of the relationship sidtfuBy 


Theatre/Sarah Hemming 


Master Builder 


pricked by her taunting. Cox 
and Neal manage the nuances 
of this relationship skilfully, 
making it clear that the 
crisis her arrival precipitates Is 
just as much spiritual as 
physicaL 

Neal's Hilde is at first attrac- 
tively forthright, but gradually 
her desire to drive Solness 
to face the truth about 
himself appears arrogant and 
selfish. 

The production is rather 
slow off the blocks, and some- 
times oddly paced, but the per- 


formances are thoughtful and 
pleasing. 

Andy McEwan is strong as 
the tight-lipped apprentice 
whose talent Solness is trying 
to suppress; John Fraser is 
amusing as the self-contained 
doctor, who conveys how much 
he knows with the slight 
twitch of an eyebrow. 

And Morag Hood is fascinat- 
ing as Solness’s long-suffering 
wife. Pretty, patient and all- 
seeing, she appears at first to 
shame Solness with her 
decency, but as the evening 


wears on it becomes clear that 
she has trapped both of them 
with her sense of guilt and her 
inability to cast off the cloak of 
the sweet- natured martyr. 

The evening, however, really 
belongs to Cox whose tor- 
mented dynamic performance 
drives the play forward. 

The masterbuilder may scqje 
the height of his steeple and 
then tall off; Cox manages to 
hold on tight. 

Riverside Studios 
(081-741 2255) 


The Official London Theatre Guide 

Supplied by The Society of London 7 liv.i ire 


ADELfHI.SbJoJ. TrflPl J44 nn55. 

Sunset Boulevard 

TnbrrOurun; Cpt»* MimU<JI>qm 

ALBERT. M Minin'! Ln WinJUfflo. 

Lady Windermere's Fan 

TMfcr.Ln tft<nS q*F 

ALDtnCH. Alifwwh. 

A tt I nspretor Calls 

futinCoxnl Ljnlav rrkrvtTJUgJJO 

APOLLO Shillokuryfe* -frUnurMStm. 
Neville's Island 

Tub. PttommyCiira Prttn CJSIlvJg 
APOLLO VICTORIA. 17. When Rl THD7UIUMZ. 

Starlight Express 

Toby VVlwu. ri.CTs.ElP0tM3aJi 

CAMBRIDGE. E4rtum5i, t*W7M*44M0. 

SinderellauiiiiiD-ri 

Tuk C.uHiiC,ril*ii P -vi-' tlPHIVCZS ui 

COL I SEUMt.Si Minin', Line Trlan-kUAMO. 

Enroll NjiawulOpvra THE MAGIC FLUTE 

AHUDNEONNAIOS 

Tub* Lrttol*rSqm» PrtiryfSHKOim 

COME DY.r-ni.mSL T»l vtijvi.itji. 

A Passionate Woman 

Tii- r,(*ldlvCiRU* ISkV. OJIUmi 

CUTER IDNt, rxdilllly C Iron Tr 1 071 -SOT. MSS. 
My Night with Reg FxunNm is 

Tubr rik(jdil1)Omii rnCrrLfjlI-tlVjli 
DOMlNION.To«imlkamCiiurtR*| TrKD7l.41ft.ftMa. 

C rease n. *. NmUri s< S*pi w 

TubriTuianmnCi LL MBtgjsgjil 

DONM At W aREHOOSE^uSuoiSl lb EOT JM. I7JX 
True Wes t unui Dk ) 

TubyC.ArraOanJin. Hy— IMaKULrtl 
DRURY LANE OdvnncSirm. THU71 4*1 JUDO. 
Mist Saigon 

Tabrimvwn jnlfn Pmn. 01.500 1 in) 

DUktlEAS.OtWnwSlifet Trien m.ttttS. 
Don't Dress For Dinner 

Tub* r.nuTW fuMT-CSIH I III SU 

DUKEOF10RK , ».SlM4rliniLi MBTIAUlSIZZ. 
Beautiful Thing 

Tubr L*nT-rrt Sqm* fYna.CPJIMJttJU 
FORTUNE KuvudlN TrtB71.Uk .ZUa. 

The Woman in Black 

Ldr Gulm Frkfg fljfrflglll 

GAMRKCK.Ounr^CntoaRd T«i0714ILil»5. 

Moscow StalionRUnuMlMiMiinni DkI 

Tubr PhdrmgCwrHk hirr\i3ilKI*50 
GlElGUD •ihitmburjtor TV! 071.4*4 JOftS. 
Hamlet 

TnbfiPnuJiUYOrrm rntc-OLMMSim 
HAYMAHkFT.H* T nurL-r TrlBTl.UOAMa. 

Arcadia 

Tuby rVljQittv Limn rniw JU-LZmO 
HER MAJESTY-*. H^oakrt Triari 4H.S400. 

The Phantom of the Opera 

TuhfPirwdtlKClfW lVimffiki-OUttl 

TSIE ISLAND. IVnueal Si THD7I.494JMO. 

Once on Th ia Island 

Tub- Ho IN. in I-lKf* (IJJH35flO 
LONDON PALLADIUM, 4 i»IISl 

tri«n «m ran Oliver! is 

T«b--Pil«vdSi fruw IIP ip-amp 

LY1IC Shul luxury A«r MK71 494.504$ 

Five Guys Named Moe 

Tubr ritrudillyOrw lYiru, C5JQ.CZ750 

NATION ALTKEATHEl jeu Hi Smk. 1» SOT .WSJ2S2 
CHwirr THE DEVIL'S DISCI PU 
RACING DEMON 

PH»r» cbm-ehuo 

L>ltrltun 5 WERT SIR DOF YOUTH 

BROKENGLA6S 

Pntn IBSv-azm 

Gunrukv.nVt) (TEELS (TfTHTHE QUEEN 
AUireS ADVENTURES UNDERGROUND 
RUTHERfORD&SON 
rrtm CUHUllJR TubcVbuikn 


NEW LONDON. DninUac. Wen -4BMR7Z. 

Cats 

Tube Hnlbnrn Tricrt-CWSIMJIUB 

THE OLD VK.WMnboU.1M071.92S.7tU. 

The Sisters Rosenswelg 

Tubr ivumion Pncn tusKa! on 

PALACE SbulBibury 4>*n ur. TH B71.4MJM9. 

Lea MLse rabies 

TuJbc UlinaStim. MwCTISOlUI 

PHOENIX. Chums Cidm Rpud. TrlenJMlTXI. 

Blood Brothers 

Tube ToacMwiiCourt Rd. PThngSgOtagO 
PICCADILLY. Drawn SL TM07UW.17S4. 

Only the LonelyrTuRorOrhEuniSiaiy 

rnbrJVmhlh Ob* fnwRIUXFCSSO 

THCT1 AYTfO US F_Nnrlhra,*r,ld /W.WOnm.MOT. 

On Approval 

Tubr. LmbmlMitM l*nq^tkQPC!2J0 

PRma EDWARD. Old Crenjrtnn Si- TrlOTLTUJWL 
Crazy For You 

Tuhr. LumfcT S i|buit Wto-CII SMJmB 

PRINCE OF WALES Co.mtrrSl THt71U45»»7 
Copacabana 

Trftp Pwidilli Ctftut u r m>s DPflMMilQ 

KOlALCOintTf.aftinrSqiiMv. Trl07l7M.I7CS. 

The Editing Process 

TuN-ShMm.Sqw ft trey OtTW ISSO 

KOVALOPERA H0.1,0»nuCdn. TrKmJStABOBi 
ThuRtnilPp*™ ROMtOmULirTTE 
Tin- Reyjl S.Brr AN ASHTON CELEBRATION 
THE SLEEJSNG BEAUTY 
rubrrCurrftf Cah u 

ICn-ALSHAKESPEARECOLRjrbvui TMUTLOUSn 
Buiblun.- T1IE MERCHANT OF VENICE 
Trifn £750*3? 

Thrril A MIDSUMMER NIGHTS DREAM 

ITVrt CISW TubrRubmn 

S A DLETS WE LLS. RrnrbOY Ah-. Trl D71 JTMm b. 
Nu-rhfra RiSri TVwir C3NDERHXA UuSI No* 14 

Tulhf.AiiccL frut-Y C- fC-OfUC 

ST MARTI KS . Wtm Strert. 1*1 0TLM4.14M . 

The Mousetrap 

Tub* L*KTw*»Snim* rwnURKSM 
SAVOY. StianJ. IrUTLUuUL 

She Loves Me 

Tub* ClwnnsCnw,. PrfcH.CHUO-QOiltl 
SHAFTESBURY. Shilmb.r7A«*.1rlDnAUJSSk. 
Out of the Blue 

Tutu- TaumluiaCw. U rtK** QI5O-C2750 
STRAND. Akllu.m TFI071.9MJS00. 

The Prime of Miss Jean Brodir 

TMw OwnuRCnw, rriraitSHHZl JO 

VAUDEVILLE 5<l«l.T*ISnU*J9S7. 

The Queen and i 

Tub* ChinngOuH. Trill*. OilO-aLlM 

VICTORIA PALACE. VkKrwSt M07UHJ117 

Buddy Nowboukxi^iseirveufttt) 

ThbrYiOftiA Pw.*ȣm)IM 3?J0 

WYNDHAtTS ChuinRCms.R4.TMD7LJ49.l71A. 

Three Tall Women 

Tub* L*wg«*fSqimT pH0m:C95(|.O5JM 

P hone numhirtiiiliRtiiTTpcAliiew ill tMdiaiftd 
w hrnnuJungaacdit card lekphoneboolung. 
Nodureefor pat ul hookingor personal ca Den 
t ■ Registered Chanty 

Theatreline 

Call iheffiwi TheatrelinenuinbersbclowlOT 
more intorma Hon anddaily seal availabiUty 
on each show CallscoalJUpperoiillcluap 
raieor4VpperminatcithertlnieslntheUK. 
Theatrel inr is presented by the 
Socielvof London Theatre. 
CallThMirelineon 0591: 

559400 Musicals 559903 Thrillers 
559701 Plays 5599MOpera/Danee 
5S9902Cornedi«5H>9O5Child rwi'cShouni 


mmmmmmmm royal festival hall 

THE LONDON PHILHARMONIC Resident at Umj RFH. 

Oautsche Romantik. Klaus Tennstodt (corvS) Hsurtzio Polllnl. 
BaMtnuen Ov. Leonora No. 3: Schumann Piano Cone: Brahms Sym 

No.1. £21, £17, CTB, E5 (ONLY) ‘Lon PM 

PMLHARRRONIA ORCHESTRA Nikolaus Harnoncourt (condl 
Nikolaus Harnoncourt Beethoven Serins. Piano Concerto No.3; 
Symphony Nc 9 (Choral) 0pm Music ol Today. Adm free by concert 

nofcsL RETURNS ONLY •Phahatmona LU 

THE LONDON S>HILHAXUOONIC Resident at the RFH. 

Deutsche Roman ilk. Klaus Termsledl (canefl Uaurhla Potllni. 
Beethoven Ov. Leonora No.3: Schumann Piano Cone: Brahms Sym 

No.1. Sponsor GKN pk: C5 I ONLY) 'Lon Phi 

BRNO PHILHARMONIC ORCHESTRA Leos Svarovshy (cond) 
Igor Oistrakh (vln) Smetana Ov. The Bartered Bride; Tchaikovsky 
VtoKn Gone: Suk Fantesoc Scherzo; JanAcok Smlonleua. 

E25, EZ1. CIS, Ell. E6 Van Wabum Mqt UdTSBC 

LE MYSTERE DE VO IX BULCARES 

Eeriliy beautiful harmonies which blend East and West in mekxSes, 
rhythm and cocuume. 

E17.50. E15, E13JO, CIO, C7.50 Serwus Spoakom 

AN EVENING OF RACHMANINOV Philharmonla Orchastra, 
Djong Victoftn Yu (cond) Evgeny Mogilevsky (poo) Pfong Vlctartn Yu 
Tana, a Korean Rhapsody; Rachmaninov Plano Cone No.2: Sym No. 1 . 
C28, £22. C17, £10. £5 OP EntS 


£28, £22, £17, £10. £5 op 

Frf THE LONDON PKILKARSfONIC ResManl at (he RFH. 

18 How Michael Siam (cond) Boris Belkin (vtn) Slrausa TH Eulonsptegel; 

7 JO Tchaikovsky Violin Concerto; Raehmaninov Symphonic Donees 

E10. £5 'Lon Phil 

QUEEN ELIZABETH HALL ■M^MB 
Sal ALBAN BERG QUARTET Associate Artists at the SBC 

12 Nov Haydn Siring Quanei in G minor, Op.74 No.3 (Rider); Schoenberg 

7 AS Siring Quartet No.3: Bcothovon String Quartet in F. Op 135 

Cl 5, £13, £9 50, E6 'SBC 

Sun KEVIN KENNER International Plano Series 

13 Nov Weber invitation to the Dance: Schumann DavKfsbundieiLanze; 

3. DO Ravel La Valse; Vaises nobtos el wsnnroentakrs 

CIO. £8. CG Ingpen & WZttoms Ltd/" SBC 

Sw THE BRANDENBURGERS IN BOHEMIA 

13 Nov Chelsea Opera Group Orchestra A Chorus, Vllem Tauoky (cond) 

7.15 Smetana The Brandanburgera in Bonemla (concert perl, n EngDch) 

£15, £12.50, C7.S0 'COG 

fw ACADEMY OF STJMART1M IN THE FIELDS 

15 Nov Kenneth Sill Ho. James Bowman. 

7.45 Works by HondoL Albinoni. Vivaldi, Boyco. Haase & Bach. 

£15. Cl 2.50, £10. ES (ONLY) ASM (Ofcri) Ud 

Wed ELK IE BROOKS " " 

16 Nov The prolessionai career ol EDJe Brooks began 34 years ago at the age 

7 AS ol 15 and 1994 marks her 30th anniversary as possibly Bruacn s Gnesi 

M u &3 singer T14, E12J5Q, £8 Barry C layman Concerts 

mi r ICHAFID GOODE Compiote Beethoven Plano Sonatas. 

17 Now Sonatas m G nvnor, Op*4B No l; In O, Op. IQ No.3; In E HaL Op.31 No.3: 

7 AS in G. Op 79; In E. Op 109 

£16. £13. £11. £8, £6 Imamruslca Arcsls MonagerTrenl Lid 

PURCELL ROOM 

Tim EXOTIC BERNSTEIN Judith Black Lucy. 

15 Nov Honotli The Telephone; Bemsleln TrautJe m Tahiti 

7JD Two Diacas of tuly-siaged American EOin-Cenlury music lhaaire. 

rg E S.5Q JCM Productions 

ROYAL FESTIVAL HALL TUESDAY 1 5 NOVEMBER 7.30pm 
LONDON INTERNATIONAL ORCHESTRAL SEASON 


© 


OISTRAKH plays 


Violin Concerto 

Brno Philharmonic, Leos Svarovsky conductor 
Piogamme also includes: 

Janafek: Sinfonietta 

sea South Bank panel for details 
Tickets E6 - E25 Box Oflice/CC 0171 -928 8800 
Presented by Van Walsum Management &The South Bank Centre 


B 

I 


7Ji 









‘BRIAN KAY’S SUNDAY MORNING.’ MUSIC AND REQUESTS. 9:00AM. 




go 3 RADIO 3 
9 0 - 9 3 f M 






i 







BOOKS 


I do not read regularly Brian 
Sewell's re views as art critic 
of Hie London Evening Stan- 
dard. It is not that I cannot 
abide them, although there are cer- 
tainly many that feel that way; it is 
Just that I live in Scotland, and 
visit London only about once a 
week. Invariably on my return 
journeys I boy Brian’s newspaper, 
and largely because of his reviews, 
which are at once shriekingly 
funny and utterly exasperating. 
What singles them out from almost 
all the others is that here we really 
do have a scholarly, weH-infbrmed 
art historian and connoisseur, writ- 
ing articulate and thought-provok- 
ing stylish prose. 


A lost 
world 
down 
the 
mine 


Provocative voice of visual integrity 

Timothy Clifford dips into the wit and wisdom of Britain’s most controversial art critic 


Of course Brian Sewell adores to 
be provocative and controversial. 
And he is feared. He is feared 
because he cannot be crushed, blud- 
geoned or packaged by cliques of 
the contemporary Art Establish- 
ment who dob so closely together 
to force him, »nd indeed the rest of 
ns, to believe in and worship so 
many of their idols. Brian 
Mfrinima, albeit in tones rather too 


shrill and fluting, that they are 
“false gods" and, often, he is right. 

The delight of reading the odd 
review of Sewell’s, or indeed listen- 
ing to hi™ broadcasting, is that you 
are subjected to Sewell’s wit, man- 
nerisms and hang-ups in palatably 
short bursts. But 100 reviews on 
357 pages of Brian Sewell’s unadul- 
terated ire and froth is far too rich. 
I suspect, for most of os to digest in 


THE REVIEWS THAT 
CAUSED A RUMPUS 

by Brian Sewell 

Bloomsbury £12.99. 357 pages 

one read. This is a book to dip Into. 

The key problem is that not only 
can Sewell not abide fellow critic 
Waldemar Januszczak - I quote: 


“Pupils of Johannes Wilde will be 
relieved to find him omitted from 
this farce; had Ur Januszczak read 
Wilde’s lecture on the Sistme Ceil- 
ing, he would have been compelled 
to recognise that his own rumina- 
tions on the subject, even after res- 
toration, are puerile and superflu- 
ous, their publication a tiresome, 
self-indulgent, mas tnrb atory dis- 
play" - but also that he tilts at 


almost everything else: Hie Royal 
Academy, the Arts Council, photog- 
raphy as an art form (in parti cula r 
the very talented Annie LeUbovnsQ* 
the Turner Prize, Tony Cara, Gil- 
bert and George; Indeed the list is 

Tin imH mg . 

Sewell feels obliged to discredit 
everything and everybody so that 
we are forced, out of empathy or 
fellow-feeling, to defend his multi- 


tude of targets and^ro 
ger of overlooking 
observations and. 
plays to the gallery* 
w inding -room a ny' fa Hotpjmfcr 
tines, and th q? ec Acaoe 
appearing to share hi . ; 
dices. This goes smnewsy % 

e_„ Me tan Oman ft mWiiiIm i 


-Critic of the Tear". ; Y . ; : 

Were Brian to pause and be * 
little kinder and more generous 
(which he is capable TrfbetegVi 
suspect not only would ftebe tr.at 
more seriously but his kereZr-crtii^ 
-.cm* would then appear nwre-jus- 
tifiable and deadly. . . ;-V- 

Timothy Gifford &0* iBnfrr ’ qf 
Scottish National GaUeHis.' p"? ; 


M ark Hudson is the 
author of an 
excellent and 
fascinating book 
telling of his stay in a 
village in the Gambia: Our 
Grandmothers’ Drums. Here, 
in Coming Back Brackens 
he applies a rather 
similar first-person, 
not-quite-an thro po logical 
approach to a village closer to 
home and to his heart - 
Horden in the Durham 
coalfield. 

"My father’s family were 
miners," he begins, “working 
the narrow scams five miles 
out under the North Sea, lying 
in spaces only IS inches deep, 
often in water, hacking into 
the coal with picks or a 
primitive coal-cutting machine 
called a nig-nog.” 

Hudson goes back to live for 
nine months in the village so 
often described to him by his 
father, who had escaped, 
through education, this 


COMING BACK 
BROCKENS 
by Mark Hudson 

Cape £16.99. 310 pages 


underground fate. He tracks 
down family, looks up old 
men, talks with retired 
managers and union officials, 
finds “the last co mmunis t in 
Horden” and the women who 
fought In 1985. 

He is exploring a doomed 
society, a lost world: Horden, 
once the biggest colliery in 
Britain, "moderate" in that it 
did not support Arthur 
Scargill, closed down after the 
1984-1985 strike. There used to 
be 188 pits nationally, and 
now, in the old Durham area, 
there are none. 

Today, in Hudson’s appalled 
account, there is a society in 
decay, a society which has cut 
bade on its ambitions, where 
children have less faith in 
education than they ever did, 
where the village is less able 
to cope with its anti-social 
members, where economic, 
social and cultural deprivation 
are winning out over the 
tra ditio nal qualities of “stoic 
cheerfulness, the unassuming 
generosity and gallantry”. 

He has an unashamedly 
sentimental view of the old 
society: the knocking-up slate 
by the front door so the 
“carter” could wake the men 
for the first shift; the 
greatgrandfather who did not 
allow Ms back to be washed 
because that was the source 
of his strength; the role 
of the Primitive Methodists 
in the early 19th century; 
the “wands” of the 
under-managers; the constant 
danger, and the utterly 
limited expectations of the 
men who risked their lives 
every day. 

It is an ill-organised. 


a nine-month journey batik 
into family History, but 
Hudson writes well and he 
knows the nature of his task, 
which is to raise a memorial to 
his forebears. That is worth a 
book. 

“Of course, it had been 
awfoL One knew it had been 
awfbL But the awfhlness had 
all been part of the richness, 
and, dare one even think it. 
the romance of that world . . ." 
And by the end he has 
discovered that the coal seams 
were not 18 indies but nearer 

three feet high. 

J.D.F. Jones 


NEW AUTHORS 

PUBLISH YOUR WORK 

ALL SUBJECTS .CONSIDERED 
Rctan, nan Acton, Biography, 
Rgfiglous, Pooby, Qtidrms 
AUTHORS WORLD-WIDE FNVTTED 
WRITE OR 8SJ3 YOUR MANUSCRIPT TO 

MINERVA PRESS 

2UUJB1 MW rONHOh LONDON SW73DQ 




The brain- ce 
connection 

A,C. Grayling joins the consciousness debate 

O ne of the greatest culiy, but not in principle they behave 

mysteries facing sd- impossible. ? or ! al w ? 5 ? 

ence and philosophy Penrose argues that the com- by laws inte rmediate befei 

is the phenomenon pntational model cannot the quantum and classical 


O ne of the greatest 
mysteries facing sci- 
ence and philosophy 
is the phenomenon 
of consciousness. Bow do 
tiiree-tiimensional techni colour 
pictures arise inside oar 
skulls? How do we the 

perception of scents and 
sounds? How does the excita- 
tion of neurons result in belief 
memory, reason? 

Three centuries ago Rend 
Descartes declared that the 
problem was best solved by 
being ignored, and there are 
some philosophers today who 
agree with him. They argue 
that the supreme difficulty of 
the problem is a result of tire 
fact tha t the human mind just 
is not built to understand its 
own basis - rather like the 
impossibility of an eyeball see- 
ing itself. Fortunately the pes- 
simists are in the minority, 
and an exciting worldwide pro- 
gramme of debate and research 

Roger Penrose, who is a pro- 
fessor of mathematics at 
Oxford, is one of the leading 
contributors to that debate. In 
his previous and much 
applauded book The Emperor's 
New Mind he attacked cur- 
rently fashionable attempts to 
explain consciousness by 
thinking of the brain as a com- 
puter, and argued instead that 
something quite new is needed 
in science to give us the mate- 
rials Cor an explanation. In this 
book he tells ns what that new 
something might be. 

To attack the “computa- 
tional model" of mind is a sig- 
nificant matter, because upon 
it turn two important related 
hopes. One is that we will one 
day build computers powerful 
enough to be genuinely intelli- 
gent, and the other is that the 
way to understand conscious- 
ness is to disentangle the enor- 
mous complexity of the brain’s 
billions of internal connections 
- a task of great practical diffi- 


culty, but not in principle 
impossible. 

Penrose argues that the com- 
putational model cannot 
explain consciousness, and 
especially the all-important 
conscious phenomenon of 
“understanding.” The reason 
lies in the notion of “computa- 
tion” itself- As the term sug- 
gests, computation is what 
computers do. It consists in the 
ordered running of specified 
procedures, even in the case of 
“bottom-up" systems which 
ran <-«»»rh themselves and thus 
modify and evolve as they go 
along. In Penrose's view, even 
the most sophisticated compu- 

SHADOWS OF THE 
MIND 

by Roger Penrose 

Oxford University Press 
£19.99. 457 pages 

faHinnal mnriolc cannot simu- 
late consciousness for the good 
reason that the latter has 
something fundamentally nan- 
computational about it. In the 
first part of his book he 
gypiafeg what this means. In 
the second he tries to identify 
mm-compntational features of 
the human brain’s activity. 

It is crucial for Penrose that 
“non-computational” should 
not be taken to denote some- 
thing mystical or non-sden- 
tific. He believes that con- 
sciousness can. be understood 
by science - but that it will 
have to be an pytmuW science: 
one which includes new ways ' 
of thinking about the “interme- 
diate level” between the micro- 
scopic world described by 
quantum physics, and the 
everyday world of ordinary 
objects described by classical 
physics. This is the topic of the 
book's second part, where Pen- 
rose explores new ways of 
thinking about the connections 
betwem brain-cells - the syn- 
apses - the proposal being that 


they behave in umtaanpute . 
tional ways describable only 
by laws intermediate beMem. 
the quantum and classical lev- 
els. ... 

There is a great deal of chal- 
lenging mathematics and sci- 
ence in this book.. Penrose's 
argument against the. compote- " 
tional model of nrind turns on 
a particular application of the 
famous theorem discovered in 
1930 by the Czech mathemati- 
cian Kurt Godel, which proves' 
that no set of rules for proving . 
propositions in sarnie formal 
system can ever be sufficient 
to establish all the true propo- 
sitions of that system. Penrose 
takes Godel to have shown 
that no set of proof-rules can 
ever prove all those proposi- 
tions of. say, arithmetic which 
hitmans can know to be true. 
From this it follows that “there- 
must be more to human think- 
ing than ran ever be achieved ’. 
by a computer.” 

There is such a wealth of sci- 
entific, mathema tical and phil- 
osophical ideas in Penrose’s 
book - all presented with 
extraordinary clarity, in a mix- 
ture of straight discussion, 
fahlflB, dialogues and dia grams 
- that debate about the merits 
of its arguments promises to be 
extensive. But Penrose is offer- 
ing a genuine attempt to 
advance understanding of the 
complex questions which sur- 
round .consciousness, and even 
if his colleagues remain unper- 
suaded by the more speculative 
arguments in physics and 
physiology in the book's sec- 
ond part, there is much in the 
first part which those who 
favour the computational 
approach are going to have to 
think about very hard indeed. 

Whether or not one is per- 


W ith Westminster 
knee-deep in 
sleaze allegations, 
you might think 
this was not the time for the 
minister responsible for the 
Child Support Agency to con- 
fess to having a mistress. 

Still less a "bewitching” mis- 
tress. And the disclosure that 
she dresses In red and wears 
dark stockings will surely 
make eyes pop at many a Con- 
servative constituency associa- 
tion. 

Happily, the mistress in 
question goes by the name of 
Manchester United and Alistair 
Burt is owning up merely to 
the occasional tryst at her Old 
Trafford love-nest. Readers 
may find it in themselves to 
forgive this lapse if they con- 
sider that Burt's first football- 
ing love la lowly Bury. 

Burt's is one of the more 
entertaining contributions in 
an intriguing collection of foot- 
ball writing by 30 current and 
farmer MPs. The compilation - 
a fund-raising exercise for the 
Child Poverty Action Group - 


I n Pharaoh's Army is the 
sequel to the much-lauded 
autobiographical This 
Boy's Life, but it is also an 
outstanding addition to the 
library on the Vietnam War. 
Appropriately enough for a 
book composed a quarter of a 
century after the events the 
prose has a cool poise and. 
compared with the frenzy of 
Michael Herr's Dispatches or 
the brutality of Larry Heine- 
mann's fiction, seems almost 
gentle and unAmerican. 

Tobias Wolff drifted into the 
army, the Special Forces and 
then the Officer Candidate 
School - a course he only man- 
aged to pass because of his tal- 
ents in manag in g the gradua- 
tion night revue. “They kept 
me on to produce a farce. 
That’s how I became an officer 
in the United States Army." 
There are other passages that 
are so symbolic that they 
would invite derision if fea- 
tured in a novel: Wolff leads 
his men on a parachute jump 
that puts them smack in the 
miridla of a rubbish dump, for 
example. 


Confessions from the House 

MPs with bewitching mistresses wearing the strip? David Owen reads on 


consists mainly of the MPs, 
including three cabinet minis- 
ters, reminiscing about their 
favourite teams in unasham- 
edly partisan terms. 

AH the nintn parties are rep- 
resented and there is a particu- 
larly strong Scottish contin- 
gent, with contributions 
covering soccer rivalries in 
Glasgow, Edinburgh and Dun- 
dee. Issues like the Taylor 
report and the advent of foot- 
ball’s premiership are recur- 
rent themes. The collection 
was co-edited by Alastair 
Campbell, the Burnley-mad 
personal press spokesman to 
Tony Blair, the Labour leader. 

The quality is uneven but 
the volume contains some 
gems and could be a rich 
source for collectors of fbotbaH- 
ing-cum-p olitical trivia. How 


many knew, for example, that 
chancellor Clarke thought 
it a "dreadful mistake” for Not- 
tingham Forest to let Lee 
Chapman go? Or that home 
secretary Michael Howard's 
all-time favourite player was 
"probably” Steve Helghway, 
the Liverpool winger of the 
1970s? 

Hands up those who were 
aware that Gordon Brown, the 
shadow chancellor, received 
what he calls his “introduction 
to martlet forces" trying to sell 
programmes outside Raith 
Hovers’ ground in Kirkcaldy. 
And that Mike Gapes, Labour 
MP for Ilford Smith, used to 
deliver Geoff Hurst’s, and 
sometimes Bobby Moore's, 
papers. Tantalisingiy, he fails 
to tell us which titles the great 
men ordered. 


FOOTBALL AND THE 

COMMONS PEOPLE 

edited by David Boll 
and Alastair Campbell 

Junta Printing and Publishing 
£9.95. 317 pages 

The chapters that work best 
are those with the vividest per- 
sonal memories. Doug Hender- 
son, Labour MP for Newcastle 
North, conveys a convincing 
sense of the addictiveness of 
fandom in his account of sup- 
porting Falkirk. “My life sen- 
tence dates back to 1956-57,” he 
writes. “The constant fear of 
the charge of betrayal keeps 
me hooked." 

Peter Snape, Labour MP for 
West Bromwich East, writes of 
"agonising” days as a railway 


worker at two signal boxes 
behind Stockport County's 
ground. “From the No. X box 1 
could see only half the pitch 
(invariably the wrong half), 
while No. 2 was immediately 
behind the pie stall and, 
although I could hear the 
roars, I could not see any of 
the action." 

Roy Hattersley, former 
Labour deputy leader, 
describes singing away the Sat- 
urday afternoons at Sheffield 
Wednesday “through mouth- 
fills of Nuttalls' Murines." The 
Owls, he predicts, will always 
remain a different sort of big 
club: “Scampi, the real sign of 
football stardom, wfll be kept 
to an absolute min imum " 

On a less whimsical note, the 
Tory MP David Evans contrib- 
utes an insightful account of 


his stint as a director of Luton 
Town - a period which saw the 
installation of an artificial sur- 
face at the dub’s ground and 
the imposition of a ban on 
away fans. An England youth 
international and former pro- 
fessional with Aston Villa, 
Evans turns out to be some- 
thing of a prophet of doom. He 
predicts the re-emergence of 
hooliganism and suggests that 
the game is dying as a conse- 
quence of too many “unsuit- 
able" chairmen, “poor" manag- 
ers and “greedy - very greedy” 
players. 

If this week's newspaper sto- 
ries accusing a leading profes- 
sional goalkeeper of accepting 
bribes to fix matches turn out 
to be true, more people may be 
inclined to agree with this 
gloomy prognosis. 


*£> - 


• ***$••': 


C’i V** 

& a 


w- 


•ix - 
mu • 1 

ir* 

LE i ir- .‘.i 


suaded by Penrose's argu- 

tS-cs*. 

ments, reading them gives one 

-- 

a highly absorbing education 
in much contemporary science 
and philosophy at their sharp- 


est cutting edges. 

Bias 

Deadly serious too is Alan 

'A- 

Simpson’s attack an what he 


calls “Everton's lamentable 


record on black players." “A 

" _W. 

club cheats only itself and its 


fans when it cannot recognise 

T . 

such a rich seam of posdbfli- 


ties when the seam isn’t 

X •» 

white," the Labour MP for Not- 

5“2 - 

tingham South writes. 

^ i-: - 


War, death and superstition 

Tibor Fischer finds truth can be stranger than fiction 


Despite being a Green Beret, 
In Pharaoh’s Army demon- 
strates that Wolff was as 
gung-ho as Franz Kafka (“I was 
completely incompetent to lead 
a Special Forces team.” he con- 
fides in the opening pages). 
Fortunately for him, because of 
his knowledge of Vietnamese 
("like a seven-year-old with a 
freakish militar y vocabulary”) 
he finds himself posted as 
adviser to a South Vietnamese 
artillery unit, where he spends 
a not too-combative year get- 
ting a big enough television to 
enjoy Bonanza and saving dogs 
from Vietnamese barbecues 
until the Tet offensive bloodily 
lumbers up to his quarters. 
The figures are well-known: 
imbecile officers, all-knowing 
sergeants, wily natives - Wolff 
makes it so funny, moving and 
memorable you feel it has 


IN PHARAOH’S ARMY 

by Tobias Wolff 

Bloomsbury £12.99. 210 pages 

THE CURE 

by Carlo G6bler 

Romish Hamilton £14.99. 

306 pages 

never been written about 
before. 

Carlo Gfebler’s The Cure 
takes brutality of the hearth- 
side variety as its theme. His 
novel, set in rural 19th century 
Ireland, relates how Bridget 
Cleary ends up being doused 
with paraffin and set alight by 
her doting husband, who then 
shoves her into the grate to 
smoulder away. AH this while 
her family and assorted 
acquaintances stand around. 


It is a tribute to GSbler's 
skin that this climactic immo- 
lation seems inevitable: “rules 
were rules and as the creature 
must have known there was 
always a right of recourse to 
fire". Michael Cleary is not 
murdering his wife, but elimi- 
nating a fairy changeling in 
order to recover her. 

The whole book revolves 
around beliefs, whether of the 
superstitious or motivating 
variety - G£bler rips open the 
heads of all the characters. 
Bridget herself helps to build 
the superstructure of supersti- 
tion that dominates village life. 
“From the moment you 
pricked your finger,” she says 
to her cousin shortly before 
her death, “I knew there was 
going to be bad news coming”. 

In its prose The Cure is clear 
and spare, in its horrific depic- 


WHO WILL RUN THE 
FROG HOSPITAL? 
by Lome Moore 

Faber £14.99, I4S pages 

THE SECRET LIFE OF 
LASZLO, COUNT 
DRACULA 

by Roderick Anscombe 

Bloomsbury £15.99, 409 pages 

tion of a woman executed by 
her nearest and dearest only 
comparable to Freldonne Sah- 
ebjam’s La Femme Lapide. 
First rate, but not a book likely 
to be promoted by the Irish 
Tourist Board- 

Mention of Proust on the 
first page of a novel is usually 
a bad sign, but Lorrie Moore is 
too good at brevity and too 


contemptuous of the French to 
commit any Proustian sins. 
Who Will Run the Fray Hospi- 
tal ? has the narrator, Berie, 
picking over her adolescence, 
but the style is punchy and at 
148 pages is really two collided 
short stories (Moore is one of 
the finest short story writers in 
the US) rather than a novel 
The substance of this witty 
and poetic book is Berie 's 
friendship with Sils, who 
works with her at an amuse- 
ment park for pocket money; 
we get a portrait of intimacy, 
mooching in dubs, an elegy for 
teenage kicks. Incidents are 
few: SOs gets pregnant, Berie 
pilfers money for an abortion, 
gets caught, gets sent to a Bap- 
tist summer camp. Moore ren- 
ders this through superb one- 
liners and a great gift for creat- 
ing mood. 


It will be interesting to hear 
what Simpson thinks of Ever- 
ton’s sacking this week of Mike 
Walker, the manager who 
enjoyed such success with Nor- 
wich City. 

I should end by declaring an . 
interest it was an inch-perfect Ilf 
Alistair Burt comer that led to ‘ 
me registering my first goal of a 
the season in a match against * 
the Conservative party last 
month. Unfortunately it was 
an own goal. 

Did this influence my deci- 
sion to start this review with a 
reference to his “mistress"? To 
borrow the catchphrase with 
which he ends his chapter: 
"You may think so. I could not 
possibly comment” 

One of the most poignant ele- 
ments of in Pharaoh’s Army is 
the death of Wolff’s friend, 
Hugh Pierce. Lorrie Moore 
powerfully shows how you do 
not need a war to lose a close 
friend. Loss and irretrievability 
permeate both works. 

The Secret Life of Laszlo, 
Count Dmcula is, as the title 
suggests, a Magyar Psycho. 
Laszlo, scion of a noble Hun- 
garian family, leaves Transyl- 
vania to study medicine in 
Paris. Enjoying the fieshpots of 
the city, he slashes the throat 
of a demimondaine and flees. 
Back at the ancestral seat 20 
years later, as the reader may 
have guessed, he discovers that 
killing women and drinking 
their blood is his hag. Beams ^ 
sub-plot involving Hungarian ™ 
nationalists plotting against 
Austrian domination. Readable 
tosh, the only notable thing 
about this is that it is written 
by an assistant professor at 
Harvard Medical School who 
works with the criminally 
insane. Sadly this Dracula does 
not get beyond the elementary 
beast within. 


pv/ 




• FINANc,a l times weekend November 12/november 13 1994 


WEEKEND FT XIX 


TELEVISION 


BBC1 


7-00 Lassie. 7JS Mm- — 

Bnhday. 7AS MJmTM^Lr^^LL’ a5 Hapw 

«mt the rw, >™«sa9ate8. UE 

twn of *** ***" Aergw_ 

The LordM^Ts^ 5 ^ 31X3 WcWn 8- «■« 

12-12 Weather. 

t2-1S Introduced by Stave 

SS£jft Ftovrere Original 
2^ dkap Chaoa 12.50 Football 

1,05 Racin a : ^ 

1 25 S0ft <1 H «t ap Hurdte - 
^fSRugby Union Preview. 1.40 

5“*g=J5« 1-S0 Mackeaon Odd 
"WKUcap Chase. 2.00 Rugby 
^ on; En 9 lancl w Romania. Lfua 

of the home country's flret 
imenabonal of the season from 
Twickenham. 3.55 Footed! Half- 

Un, °™ Wghflghts 
ofttw SoMhsh Districts v South 
■ ^f^S-, 4 - 25 Motor Racing: Final 

practice for the AustraBan 
Stand Pnx. 4.40 Final Score. Times 
may vary. 

5. IS News. 

*■*5 Regional News and Sport. 

®*®® 1 7 le C*o*hos Show New York Spe- 
cial. Jeff Banka and Brenda 
Emmanus report from The Big 
Appte’s fashion shows, where the 
w»K of the world's top designers Is 

cfispJayed. 

B™** Forsyth's Generation Game. 

T ' 10 !£S> Party- Chaos from 
Crtnkiey Bottom, featuring speci a l 
guMt Twiggy, and hypnotist Rad 
McKenna recehratg a Gotcha Oscar. 

80*0 Casualty. A road accident vfctkn’s 
strange behaviour causes concern, 
and Ash reacts angrily to the discov- 
ery that the pofics are charging him 
with assault. 

8J50 News and Sport; Weather. 

8-10 Royal British Legion Festival of 
Remembrance. The Queen, Duke of 
Edinburgh, Queen Mather and other 
members of the Royal Family Join 
the British Legion's annual com- 
memoration. 

10-40 Match of the Day. The Road to 
Wembley. Ray Stubbs Introduces 
highlights of today's FA Cup ffrst- 
round ties. 

11.40 The Danny Baker Show. 

12-25 ram: Modem Love. Bittersweet 

comedy drama chronicling a turbu- 
lent relationship. Robby Benson, 

Karla DeVito and Burt Reynolds star 
<1990). 

2.10 Weather. 

2.13 Close. 


SATURDAY 


BBC2 


BjD 5 Open Urtwretty. lOmcnanoXya. (English sub- 
tided). 10.40 Style Byte, 1030 Network East 11 JO 
Bolywood or Bust] 11J0 Rkn 84 with Barry Nor- 
man. 

1240 FftlE Who's Minding the Mint? A 
government employee gets drawn 
Into a plan to rob the US Mbit after 
acdrimtiafly destroying £50,000, 
Comedy, starring Jkn Hutton (1967). 

1 M The Phfl Stivers Show. 

2.20 Horizon. How a scheme designed 
to monitor global warming could 
pose a threat to whales by affecting 
their ability to navigate and find 
mates. 

3.10 Ftfan: Tycoon. Rstiway engineer 
John Wayne causes friction by 
wooing his arrogant boss's daugh- 
ter. Action melodrama. also starring 
Cedric Hardwicks (1947). 

5. 15 TOTP2. 

CLOO Late Again. 

6L45 What the Papers Say. 

7.00 News and Sport; Whether. 

7.15 Assignment. HUary CSnton carried 
with her the hopes of many Ameri- 
can women when she became First 
Lady. Shunning the traditional role of 
standing behind her man, she took 
control of health care policy and 
became a role model Bridget Ken- 
dak tiles to the First Lady as 
Assignment re-assesses her posi- 
tion. 

840 Later with Joots HoHand. 

0.00 Have 1 Got News tor You. Royal 
biographer Andrew Morton and 
comecfian Lee Hurst Join Paul Mer- 
ton and Ian Hfetop fri the satirical 
quiz: 

940 Perfor ma nce: The Deep Blue Sea. 
Terence Rattigan's moving drama, 
following a neurotic woman ladng 
the future alone after two (ailed sui- 
cide attempts. 

11.10 Last Word. 

11.55 Fthn: Suddenly. Frank Sinatra plays 
an assassfri who takas over a subur- 
ban house as part of a plan to kin 
the US president Thriller, with Star- 
ling Hayden and James Gleason 
(1954). 

1.10 Uncut 

1.45 HtaiK Shimmering Light Drama, 
starring Beau end Lloyd Bridges 
(TVM 1978). 

3.15 Grand Prix. Live coverage of the 
Australian Grand Prix from Adelaide. 


MO GMTV. SL2S What's Up Doc? 1130 The Chart 

Show. 1230 pm Speakeasy. 

1.00 ITN News; Weather. 

1<05 London Today, Weather. 

1.10 Movies, Games and Videos. 

Review of new cinema release It 
Could Happen to You, starring Nic- 
olas Cage and Bridget Fonda Plus, 
Grumpy Okt Mon on video, end the 
console version of Dtsney's The Urn 
King. 

1.40 WCW World wide Wrestling. 

2-30 Safari's Soccer SkBs. Wycombe 
Wanderers' CyriHe Regis and 
Tottenham star Jurgen Klinsmann 
pass on tricks of the trade. 

2-50 Brand New Life. 

3.50 Murder, She Wrote. 

4- 45 ITN News and Results; Weather. 

5- 05 London Toraght and Sport 

Weather. 

5-20 Baywatch. Matt teaches a young 
boy not to be ashamed of his dwarf 
father. Carolina's infatuation with 
Logan causes her to lose concentra- 
tion on duty. 

6.10 Gladiators. 

7.10 BSnd Date. 

8-10 Family Fortunes. The Masons from 
Reddrtch take on the Slsvin family 
from Dublin, hoping to win cash, 
prizes and a bumper 83,000 jackpot 

840 ITN News; Weather. 

8-66 London Weather. 

9.00 Open Fire. Dramatisation of the 
early 1980s police search to find 
notorious armed robber David Mar- 
tin. which turned into a scandal 
when officers mistook innocent Ste- 
ven Waldorf for the suspect and 
shot him. 

11.05 Film: KHBng Machine. A retired 

terrorist -turned-trucker takes on the 
Mafia altar his wife is murdered in 
an ambush. Spanish thriller, starring 
George Rivero and Lee Van Cfeef 
(1986). 

12.50 Love and War. 

1.20 Get Stuffed; ITN News Headfties. 

1.25 The Big E. 

2 - 20 New Music. 

3- 20 Get Stuffed; fTN News Heatlines. 

3J2S European Nine-Ball Pool Masters. 

4.25 BPttL; Night Shift 


CHANNEL4 


530 4-Tel On View. 635 Early Morning. 9.45 ESte 
1130 flwiww Football Halo. 1230 sign Ore Dad 
World. 1230 pm The Great Maratha.[Engfah aubti- 


1-00 F few Exodus. Otto Preminger's 
frue-tife epic chronicling the turbu- 
lent events surrounding the postwar 
founding of the state of Israel. Star- 
ring Pad Newman and Ralph Rich- 
ardson (I960). 

4.45 Magoo's Puddle Jumper. 

438 Magoo Goes West. 

538 BrookskJe; News Summary. 

830 Right to Reply. Roger Bolton pres- 
ents viewers' opinions about televi- 
sion. 

730 Taxi to Timbuktu. Report on how 
inhabitants of the poverty-stricken 
Matian village of Batama are seeking 
work abroad to earn money for their 
desperate families. The programme 
follows Alpha Gassama as he takes 
various jobs in New York, and 
shows how tighter Immigration laws, 
coupled with the global recession, 
are Increasingly restricting the 
options open to Malians worldwide. 

5.00 For Love or Money. In the final pro- 
gramme of the series, Nicholas 
Wardklackson hunts for bargains In 
Hong Kong's art and antiques cen- 
tre. He also reports on how valuable 
artefacts are being smuggled out of 
China, learns how to spot a fake, 
and interviews T.T. Tsui, the world’s 
biggest collector of Chinese art. 

9.00 Brides of Christ. Sister Catherine 
questions Church conservatism 
when the Pope decides not to 
revoke the ruling on contraceptives. 
Last in series. 

1035 Roiy Bremnen Who Else? 

10.45 FVm: Atlantic City. Drama starring 
Burt Lancaster as a former petty 
gangster who gets involved with a 
would-be croupier (Susan Saran- 
don). With Robert Joy (1981). 

12-35 Late Licence. 

1235 Herman’s Head. 

1.15 Butt Naked. 

1.50 Let the Blood Run Free. 

2L20 Henry 9 Til 5. 

2^0 VIe The Documentary. 

3-30 Close. 


REGIONS 


(TV REGIONS MS LONDON EXCEPT AT 1U 

FOLLOWING TVNEfe- 

ANQUA: 

1230 Movies, Games aid Videos. 135 Angle 
News. 1.10 Warlords or Attends. (1S7S) 238 Knight 
Rider. 53S Angfci News and Sport 835 Angle 
Weather. 1135 Darts: The UK Masters. 


1230 Movies, Games and videos. 13S Border 
News. 1.10 Stuntmastm. 13S Superstars of Wres- 
tling. 230 Hot Wheels. 230 MaeQyvw. 345 Knight 
Rider. 635 Border Nows end Woodier 5.15 Border 
Sports Results. 1135 BL Stryker Winner Takas At, 
<1980) 

CEtmUl: 

1230 America's Top 10- 135 CotM News 1.1D 
The Mumters Today. 140 Movkn, Gamas and 
Videos. 2.10 Seaquest OSV. 335 The Fefl Guy. 
430 WCW WbridwKto WrestSna 535 Central News 
5.10 The Central Match - Gods Extra. 835 Local 
Weather. 1135 The Desert Rats. [1953) 


1130 Cops. 1230 The Chart Shew. 135 Channel 
Dtaiy. 1.10 Yesterday's Heroes. 1.40 Journey to the 
Centre of the Earth. (1B58) 330 Cartoon. 345 
Knight Rider. 535 Channel News. 5.10 PutfbVs 
Ptefflce. 5.15 Cartoon Time. 1135 Crime Story. 


1230 Abotr Spars 135 Grampian Headfrtes. 1.10 
Tetefios. 140 CnJrme-Ce. 2.10 Guns of the Thnber- 
tand. (I860) 435 3«x>eratara of Wrentftng. 535 
Grampian Headlines. 5.10 Grampian News Review. 
5.18 Poloa News. 835 Grampian Weather. 1135 
BL Stryker Whiner Takes AL <1990] 

GRAMMMj 

1230 Movies, Games and Videos. 135 Granada 
News 1.10 Stuntmasters. 135 Siperafera of Wtas- 
Ong. 230 Hat Wheats. 230 MacGyver. 545 Knight 
Rider. 530 Granada News 535 Granada Goals 
Extra. 1135 BL Stryker Wtoner Takes AL (1990) 
mm 

1230 No Naked Flames. 135 MTV News. 1.10 Bast 
of British Motor Sport. 140 Yesterday's Heroes. 
2.10 Cartoon Trim. 230 Movies, Gaines and 
videos. 230 The A-Team. 348 Krvght Rider. 535 
HTV News and Sports Results 055 HTV Weather. 
1135 BL Stryker Winner Takes AB. (1990) 


1130 Cops. 1230 The Chart Show. 136 MertcOwt 
News. 1.10 Yesterday's Heroes. 140 Journey to 
the Centra of the Earth. (1968) 330 Cartoon. 345 
Knight Rider. 53S Meridian News. 5.16 Cartoon 
Time. 1135 Crime Story. 


1230 Strategy and Tactics. 135 Scotland Today. 

1.10 The Best of British Motor Sport 140 Tetaftos. 

2.10 Wlcto'a Domain (TVM 1983) 340 Sons and 
Daughters. 4.10 Take Your Pick. 535 Scotland 
Today 1135 Souverar. (1988) 

TYNE TBS; 

1230 Movies. Games and Videos. 135 Tyne Tees 
News. 1.10 The Fal Guy. 235 A Touch of Larceny. 
(1958) 345 Knight Rider. 5.05 Tyne Tees Saturday 
1135 The UntoighwL (i960) 


1230 Maries, Games and Videos. 135 Wtetooun- 
try News. 1.10 Gunsmoke It The Last Apache. 
(TVM 1990) 235 The A-Team. 345 Dtooeauc. 4.18 
No Naked Rames. 535 Weatcouttry News 835 
We&tcountry Weather. 1135 BL Stryker Winter 
Takes AM. (1990) 


1230 Movies. Games and videos. 135 Oelendar 
Newa. 1.10 The Ftil Guy. 235 A Touch Of Loreeny. 
(1958) 345 Knight Rider. 535 Calendar News. 5.10 
Scoraane. 11.05 The Unfonghm. (I860) 


SUNDAY 


BBC1 


730 BBnky B8L 735 Ptaydays. 8.15 BreefctaM with 

Frost a. 15 Plngu. 930 Bftsa. 938 Bay CHy. 1000 

See Heart 1030 Cenotaph. 7136 rtam e mtaia i m . 

. 12-00 CountryRto. 

1235 Weather for the Week Ahead; 
News. 

1230 On the Record. 

130 EastEndere. 

230 Martin CtiuzzfewfL Shown test 
Monday on BBC2. 

4.15 Tlia Bookworm. Popular novelists 
give a crash course in writing a "" 
bestseller', mid ctigymen in Safe- 
bury discuss Susan Howatdl's racy 
Starbridge novate. 

430 Junior Ma a tfchwf. The find. Michel 
Roux and Sir John Hanrey-Jones 
Judge the cttHhary oftaifrigs of young 
c on testants from LateeBtarahlre. 
Etflnbtxgh and East Sussex 

S^S LKetine. John Humphrys appeals on 
behalf of SheBer, tin national cam- 
paign for homeless people. 

536 Just WTdtiam. New series. Charter's 
comedy, staring Ofiver Rokbon as 
the mischievous schoolboy forever 
getting himself Into scrapes. 

GjQB News. 

835 Songs of Pratoew Steve Chalks vis- 
its Aktorahotto meet people whose 
faith has been strengthened by the 
experience of war. 

730 Chtidran in Needb CW News. Terry 
Wogan reports an how Ihe appeal ta 
supported by redo. 

7.10 Lovejoy. Tinker Is arrested for pos- 
sessing erotic antiques, and tries to 
get himself off tbe hook by impfica- 
ting Lowboy In a robbery. 

8.00 Vintage Last of the Summer Wine. 

830 Birds of a Feather. 

04)0 Seaforth. Work pressures prove too 
great for Bob, and Otana begins to 
suspect husband John was involved 
hi her lover's death. 

830 News and Weather. 

104)5 The FuD Wax. 

1039 Heart of the Matter. Investigation 
into relationships between lecturers 
aid students, aslting K restrictive 
codes of practice should be Intro- 
duced. Last hi series. 

11.10 Simplify Me When Pm Dead. Actor 
Douglas Hodge reflects on ttw tree 
moaning of Remembrance Day. 

1133 FBnc Just the Way You Are. 

Romantic comedy, starring Kristy 
McNichoi (1 984). 

14)0 The Sky at ftfigitt. 

1JM) Weather. 

135 done. 


BBC2 


530 Gunsmoka 646 Match of the Day. The Road 
to Wamtaoy. 745 Grand Prix. HUM TkneBustois. 
1025 Gtagt Ml. 1060 The Boot Street Bnd. 
1130 Artrageoua. 1145 The O Zona. 1230 Quwv 
tum Leap, 1245 pm Snowy River: The McGregor 


830 GMTV. 830 The Cterwy Club. 1015 Link. 
1030 Suxtey Manets. 1130 Morning Worship. 
1230 Sunday Matters 1230 pm Crosstalk; London 
Weather. 


CHANNEL4 


630 Blitz. 7.10 Early Morning. 1030 Dennis 1015 
Saved by the Bel. 1046 Rawhide. 1145 Little 
House an the Prairie. 1240 pm Ryan Giggs Soccer 
Skits. 


REGIONS 


mr muttons as London sxcbt at ink 


1J80 Around West mi nster. 

230 WHcSfo Classics. The varied wUcfifa 
and spectacular landscapes of New 
Zealand. 

230 ram Gypsy. Classic musical 
— recounting the rise to fame of strip- 
tease artist Gypsy Roee Lee. Rosa- 
Ind Russel stare (1982). 

5.18 Rugby Special. Heights of 

England v Romania from Twicken- 
ham, and a review of the rest oflhe 
weekend's important matches. 

6.13 One Man and Hte Dog. Alasdair 
MacRaa, John Griffith and Brian 
Morgan compete in the finals of the 
singles and brace championships. 
Lest In series. 

74M) The Money Programme. Report on 
the Intrusive personality tests many 
empfoyere are now forcing on their 
staff. Sarah Spffler reveate disturbing 
evidence about this axrtrovareiai 
new procedure, which could decide 
the future of milfions of employees. 

7-40 Video Nation Weekly. Members of 
the pubOc record their experiences 
of the past week on camcorder. 

8.00 Cenotaph Mghtights. This morn- 
ing's ceremony. Including the march 

past by 10,000 ex-servicemen. 

9.00 Grand Prix. Highlights of this morn- 
ing's AustraBan Grand Prix. the final 
round of the drivers' and oonstruo- 
tora' championships. 

930 T im a w atah. Previously unseen foot- 
age from Nazi archives reveateig 
how German scientists developed 
the VI and V2 rockets, which devas- 
tated southern England at the end of 
the second world war. The pro- 
gramme examines how racBcal tech- 
nological Innovation was responsible 
for Immense human suffering at the 
time, but went on to pare the way 
for America's space programme. 

1040 ram: The KHng Fields, Harrowing 
fact-based account of an American 
reporter and hte native guide who 
Ml fed of fanatical Khmer Rouge 
guerrillas fri 1970s Cambodia. Sam 
Watereon and Haing S. Ngor star 
(1984). 

14H) Close. 


1.00 

1.10 

2.00 

2~30 

248 


B.1S 

846 


8.18 

6410 

840 


740 


8-30 

9.00 


10.00 

10-30 

10.40 

1048 


1148 


1240 

1.00 

2.00 

240 


445 

440 


fTN News; Weather. 

Walden. 

The Mountain Bike Show. 

Saint's Soccer Skflto. 

The Sunday Match. Chariton Ath- 
letic v West Bromwich Albion. Jim 
Rosenthal introduces live First Divi- 
sion coverage from the Valley as the 
enigmatic Land on ere take on Alan 
Buckley's stragglers. 

Love and Marriage. 

The London Programme. New 
series. Reports from one of Lon- 
don's top greyhound stadiums, 
where insiders claim they were 
offered thousands of pounds in 
bribes to fix races. 

London Tonight: Weather. 

ITN News; Weather. 

Schofield's Quest Report on spon- 
taneous human combustion, phis, 
new fight on Europe's werewolf 
myths, and an appeal for help in 
tracing three stolen Shetland ponies. 
Heartbeat Scrap metal thieves 
descend on Aidensheld and begin 
stripping lead from notated biddings 
- but Nick's Investigation is inter- 
rupted by a surprise announcement 
You've Been Framed! 

London’s Burning. Charisma 
returns to the ranks after a spell in 
admintetration, and soon finds him- 
self fighting a potentially explosive 
blaze at a propane cylinder storage 
depot 

Spitting Image. 

ITN News; Weather. 

London Weather. 

The South Bank Show. Profile of 
veteran actress Thora Hird, who 
began her working fife as a super- 
market cashier and went on to 
become one of Britain's best-loved 
personalities. 

The Big Fight Special- Humberto 
■Chiquita" Gonzalez defends his 
WBC world light-flyweight title 
against oJd rival Michael Carbajal at 
the Plaza de Mexico in Mexico City. 
Introduced by Jim Rosenthal. 

You're Booked! 

Cue the Music. 

Married - With Children. 

Get Stuffed; ITN News Headines. 
Fthn: Listen to Your Heart. Roman- 
tic comedy, starring Kale Jackson 
(TVM 1983). 

Get Stuffed; fTM News Headlines. 
Spinning the Globe. 


1.18 


445 

448 


440 


8.05 

5.10 


740 


840 


B.00 


1040 


12.10 


2.10 


Filin: The Man in the Grey Flannel 
Suit Gregory Peck plays a New 
York executive struggling to choose 
between hte family and career. 
Melodrama, with Jervtifer Jonas 
(1950). 

Rarg. 

Snap sho t s . Political cartoonist 
Ralph Steadman recalls the early 
days ol his career. 

Belfast Lessons. Reports from Bel- 
fast's Hazelwood College. 

News Summary. 

FBnc The Day the Earth Stood 
StflL Classic SF drama, starring 
Michael Rennie as an alien ambas- 
sador who lands In America and 
defivera an ominous warning to 
humanity. With Patricia Neal (1951). 
Equinox. Heather Couper narrates 
an in-<fepth account of a space 
shuttle mission, describing how the 
shuttle is launched, and giving a 
personal perspective on the systems 
used to keep asbonauts alive in 
space. Featuring breathtaking fool- 
age or the Earth taken by the 
unmanned SPAS satellite. 

Beyond the Clouds. Mr Mu goes to 
buy raw materials tor a new pig feed 
mfll. and investigates the late of a 
cousin kidnapped 10 years previ- 
ously. (English subtitles). 

The Lost Fleet of GuadalcanaL 
Salvage expert Bob Ballard attempts 
to locate some of the 50 warships 
sunk during the second world war 
battle of Guadalcanal. Accompanied 
by veterans of the contact, Ballard 
uses the latest underwater technol- 
ogy to expose evidence of the bat- 
tle, including pictures of the torpedo 
and shell damage Inflicted on so 
many battleships. 

Film: Barton Fink. Premiere. A 
pretentious playwright woridng In 
1940s Hollywood gets drawn into an 
increasingly surreal and nightmarish 
world. Acdaimed drama, starring 
John Turturro and John Goodman 
(1991). 

FBrg The Golden Horseshoes. A 
Tunisian intellectual recalls key 
moments In hrs file as hte country 
celebrates 30 years of indepen- 
dence. Political drama, starring 
Hicam Rostem (1989). (English sub- 
titles). 

Close. 


1230 Bodywork s . 1235 Anglta News. 230 Cartoon 
Time. 2.10 The Big HgM SpedaL 235 Ktck-Offl 
345 Cartoon Time. 430 Once Upon a Spy. (TVM 
1980) 546 Angb at War. B.16 AngSa News on 
Sunday 1040 Angfla Weather. 1145 Street LegaL 


1230 Gantenaria Diary. 1233 Border News. 230 
The A-Taam. 235 latantxi Express. (TVM 1938) 
446 Ths Big F&l SpecH. B30 Coronation Straat. 
<L 2 S Banter News. 1145 Prisoner Cel Btock H. 

CENTRALS 

12.30 Central Newsweek. 1236 Central News 230 
Xprass. 230 The Central Match - Uve! 435 Gar- 
dening Tima 530 It’s You- Shout 535 HR the 
Town. &25 Central News 1040 Local weather. 
1145 The Big Fight SpedaL 

GRAMPIAN: 

1230 Gardener's Diary. 1235 Grampian Headfaies. 
230 The Big Fight Special. 246 Yesterday s 
Heroes. 3.15 Best and Wont of Sport. 335 High- 
way to Heaven. 430 Modes. Games and Video*. 
530 WH West Country. 530 Murder, She Wtoto. 
825 Grampian HeadUnes. 038 Grampian Weather. 
1040 Grampian weather. 1145 Prisoner Cell 
Block H. 

GRANADA: 

1235 Granada on Straday. 1235 Granada News 
230 The A-Team. 235 (started Express. (TVM 
1968) 448 The Big Fight SpedaL 530 Coronation 
Street 635 Granada News 1146 Prisoner Cell 
Block H. 

KTVl 

1235 The Wrap. 1235 HTV News. 230 On the 
Edge. 230 Midweek. 330 The Long Ships. (1*4) 
5.16 Cartoon Time. 535 History on Canvas. 535 
Dinosaurs. 635 HTV News. 1040 HTV Weather. 
1145 The Big Fight Special. 


1230 Seven Days. 1230 Meridian News. 230 
Cartoon Tima 210 The Pier. 235 The Ltatinga. 
240 The Merkfier Match. 335 I Married Wyatt 
Earp. (TVM 1983) 5.15 Cartoon Time 535 Doga 
with Dunbar. 535 The VSaga. 835 Meriden News. 
1145 The Big Rght SpedaL 
SCOTTISH: 

1230 Scotland Today. 1236 Stoosh. 230 Si***- 
man II. (1980) 420 Knight Rktar. 5.15 Cartoon 
Time 535 Dinosaurs. 535 Mchaal BtfiL 835 Scot- 
land Today 1040 Scottish Weather. 1045 Scottish 
Vdces. 11.45 The South Bank Show. 

TYNE TEES: 

1225 Newsweek. 1239 Tyne Toee News. 200 The 
Big Rght SpeciaL 246 The Moon-Sptarwra. (1964) 
530 dnaeaure. 530 Animal Country. 630 Tjme 
Tees Weekend. 1145 New Visions. 
y ieirww iyi u r. 

1230 Weslcounlry Update. 1256 Weal country 
News. 200 Hot Wheels. 230 Air Ambulance. 330 
The Golden Voyage of Sktead. (1973) 830 WBd 
West Country. 530 Father Dowlng Investigates. 
635 West conn by News 1040 Weslcounlry 
Weather. 1145 The Big Fight SpedaL 
YORKSHIRE: 

1225 Kick About 1250 Calendar News. 200 The 
Big Fight SpedaL 245 The Maon-Sptnrters. (1964) 
530 Dinosaurs. 530 Animal Country. 830 Calentto 
News and Weather 1040 Local Weather. 1145 
New Visions. 


RADIO 


SATURDAY 


SUNDAY 


RADIO a 

tijnra Bool 835 Brian 
•w. 1030 Judl Spiers. 
Hayes on Satuntey. 130 
Jews Huddlinas. 230 
Keinw on Saturday. 430 
amadough. 530 B8Be Jo 
l in Concert. 630 
en Mackintosh; The 
w. 736 Young Murician 
asa. 630 The Royal 
i Legion Festival of 
iterance. 9-15 David 
i. 1030 Sheridan Morioy. 

Ronnie HHtort 1235 
a Nave. 430 Sufata 


BBC RADIOS 

630 Open Unhraraay. VlPS, 

&&5 Weather. 

730 Record Review. Sbauso, 
Hummel. Ft aa cc hri d. Mozart. 
Schubert, Mussotgiky. 

030 BuSdbig a Library. * 
Vau*an WBtorts' Symphony 
No 4, by Edwart Graanfiskt 
10.15 Record Release. Bach. 
Loosen Conus. 

.1200 SpW of the Aga 
LOO Table Tatis. The Man 
spies routes. 

130 ButoSon String Quart*. 

Beetfxrim Shoetatorich, 

Mozart. 

330 Vintage Yours. Bette, 
Beethoven. Schubert. 

S30 Jazz Record Reoueste. 
With Geoffrey Snnflft. 

845 Music Matters. A new 
novel about Dvorak’s lave tifa 


630 Haydn. 635 Uve from 
Covert Garden. Gounod’s 
opera Romeo at Jidette. Sung 
friFrench. 

1040 Bins Skies. Perspective 
In.ait 

11.10 Bobby Pravfta. 130 
dose. 


BBC RADIO 4 

630 News. 

8.10 Faming Today. 

A50 Prayer far the Day. 
730 Today. 

830 News. 

835 Sport on 4. 

830 Breakaway. 

1030 Loose Ends. 

1130 TaMngPoBtica. 

1130 EurophDe. 

1230 Money Bool 

1235 rm Sony I Haven't a 

CkM. 

130 News. 

1.10 Any Questions? 

230 Any Artavers? 

230 Playhouse- Merin and 

Arthur on the Way » 
GSastonbuy from Deptford 
High Street By N. BNdwfrl 
430 Scapegoats. 

430 Science Now. 

530 Fie* on 4. 

540 Another view from toe 
Rah Queue. 

830 News and Sports. 

636 Weak Erefing. 

050 The Lodrar Room. 

730 KsteMoecope Feature. 
730 Shout a Secret to the 
Stone. 


836 Music In Mtod. 

850 Tan to Tan. 

1030 News. 

10.15 Quote Unquote. 

1045 Chocotate tens and 
Hratoomhs. 

1130 Rtehad Baker Compares 
Notes WML With Lady Waton. 
1130 Death Comes Staccato. 
1230 News. 

1233 Shipping Forecast. 

1243 (LW) Afi WOfM Service. 

1243 (Fhfr Ctaaa 


BBC RADIO 5 UVE 

635 Dfrty Tbckta. 

630 The Breakfast ProtyaiTxna. 

935 Weekend with Kershaw 
and WMatoc. 

1138 Special AfisfgnmartL 
1135 Crime Desk. 

1230 Mdday Etttloa 
12.18 SpOrtSCteL 
138 Sport on Rva 
SLOO Sjxtrts Report. 

838 SU-O-Scl 
735 Saturday Etfltkn. 

936 Aston Perapecttra. 

935 The Gossip Oofoma 
1035 The Traatmart. 

1130 »BgM Extra. 

1235 Altar Hours. 

208 Up All MghL 
230 Grand Prtx SpedaL 


WORLD SERVICE 

BBC tor Europe can be 
nedwd fri wastam Gtxope 
on BMKfium wave 648 fcHZ 
i at these times BST: 


630 Morgen mag azin. 6.30 
Eurt8» Today. 730 News. 7.15 
Waveguide. 735 Book Choice. 
730 People and Robbcs. 830 
News. 639 Words of Fatal. 

8.15 A Jofly Good Stem. 630 
World News and Business 
Report 9.15 Woridbrtat. 930 
Development 94 945 Sports. 
1030 Printer's Devil. 10.15 
Letter from America. 10-30 
Waveguide. 10.40 Book 
Choice. 1045 From ths 
Weattes. 1130 New&desk. 
1130 BBC English. 11.46 
MKtagsmagazin. 1200 News. 
1230 Words of Faith. 1215 
Muitttrack Alternative. 1246 
Sports. 130 Nearahour. 230 
Naao; Spoitsurarid. 430 News. 

4.15 BBC English. 430 Hauls 
AktueS. 5.00 News. 535 
Waveguide. 5.15 BSC English. 
630 Nevsdesk. 630 Haute 
AktuaB. 730 News and fretures 
In German. 830 News. 510 
Words of Faith. 8.15 
Development 94. 830 Jazz for 
the Asking. 930 Newshour. 
1030 News. 1035 wads Of 
Faith. 10.10 Book Choice. 
1515 Meridian. 1045 Sports. 
1130 Newsdesk. 1130 A 
Tapestry of Sounds. 1200 
World and British News. 1215 
Good Boots. 1230 Ray of the 
Week. 200 Newsdesk. 230 
The S&uffipa far OS. 330 World 
and British News. 215 Sports. 
330 From Our Own 
ConxtoondenL 550 Write Qn 
430 Newsdesk. 4.30 BBC 
EngBsh. 445 News and Press 
Review In German 


BBC RADIO 2 

7.00 Don Maclean. 9.05 
Michael Aapel. 10.00 
Remembrance Day. 11.30 
Desmond Carrington. 200 
Benny Green. 200 David 
Jacobs. 4.00 A Royte Tour. 
430 Sing Something Simple. 

5.00 C tea rife Chester. 230 
Ronnie Hilton. 7.00 Richard 
Baker 830 Sunday Halt How- 
200 Alan Keith. 1030 The Arts 
Programme. 1205 Slave 
Madden. 200 Alex Lester. 


BBC RADIO 3 

*tw* Weather. 730 Sacred and 
Profane. Mendelssohn, Bach. 
Lufly. Mozart Fansnawa. Box. 
a£6 Choice of Three. The 
week's programmes. 

930 Brian Kay's Sunday 
Morning. 

1215 Music Manors 
130 BBC Phflhaimonic. 
Khachaturian. Tdvafltovsky, 
Ippofitov-tvanov. 

200 Youtg Artists' Forum. 
Music by Faure. HMtemiih and 
Lutostawslo. 

430 Shoststovtch 
545 Making Waves. American 
playwright Edward Atttee 
rafiaetaonhiacaiw. 

630 Takacs Quartet. Schubert 
andSartok. 

730 The Sunday Play; Brighton 
Beach Memoir*. Nel Simon's 
aemi-aiitobk^rttotecal comedy. 
930 Musk: in Our Time Pwoes 
by Asw Plazzcfla and Fedanco 


Hurra. 

1039 Char Works. Zetenha 
end Durufte. 1230 Close 


BBC RADIO 4 

630 News. 

210 Prelude 

830 Morning Has Broken. 

730 News. 

7.10 Sunday Pepera 

7.15 The living World. 

7.40 Sunday. 

250 The Week's Good Causa. 
930 News. 

210 Sunday Papers. 

0.15 Letter from America. 

930 The Aichera- 
1030 Service of Remembrance 
from the Cenotaph 
1145 Meoumwave. 

1215 Deeen Island Discs. 

130 The World TNa Weekend. 
200 Gardeners' Question Tims 
230 Classic Serial: Operama - 
La Vie de Bottoms 
230 Pick of the Week. 

4.15 Analysis. The 
redistribution of wealth. 

530 Hack on the Cut. 

530 Ptw&y Pteasei 
6.00 Six O'clock News 
215 Feedback. 

630 ChikJraV® Radio c 
730 hi Business. British 
executives who work abroad. 
730 A Good Head. 

830 IFM) Scapegoats. 

200 ILW) Writer's Weekly 
230 (FM) Reading Aloud 
230 tLW; Ihe French 
Experience. 


9.0 0 (FM) The Natural History 
Programme. 

215 ILW) Mttcheti Am Rhein. 
930 (FM) Costing the Eatt. 
9.45 (LW) Stem Stories In 
Spanish. 

1030 News. 

10.16 Love and Death. 

1045 Eureka! 

1130 Sunday. Bloody Sunday. 
1145 Seeds ol Faith. 

1200 Nows. 

1230 Shipping Forecast. 

1243 (LW) As World Service. 
1243 (FM) Ctose. 


BBC RAMOS UVE 

200 Morning Reports. 

230 The Breakfast Progra mm e. 
200 WHchek on Sunday. 

1230 Midday Edition. 

1215 Tho Big Byte. 

135 Top Gar. 

135 On the Une. 

205 You Cannot Be Serious! 
335 Sunday Sport. 

205 Jm and the Doc. 

730 News Extra. 

735 The Add TeeL 
200 The Ultimate Preview. 
1035 Special Assignment. 
1035 Crime Desk. 

1130 Night Extra. 
1205kligMca2 
205 Up Afl MghL 


WORLD SERVICE 

BBC for Europe can be 
received it western Europe 
on medium wave 648 kHZ 


(463m) at these times BST: 

630 News and features In 
German. 630 Jazz For The 
Asking. 730 News. 7.16 Wood. 
Guts and Brass. 730 From Our 

Own Correspondent. 730 Writs 
On 830 News. 209 Words at 
Fatal. 215 The Greenfield 

Collection. 930 World News 
and Business Review. 215 
Short Story. 230 Foflt Routes. 
945 Sports. 10.00 News; 
Science In Action. 1030 
Service of Remembrance. 
11.25 News. 11.30 BBC 
EngEeh. 1145 News and Press 
Review in German. 1200 Ptay 
of the Week: Redevelopment 

130 Newshour. 200 News; 
Help. I'm Going To Be A 
ParenL 230 Anything Goes. 
330 News. 215 Concert Hal. 
430 News. 4.15 BBC Engfish. 
430 News and features In 
German. 530 World News and 
Business Review. 218 BBC 
English. 630 Newsdesk. 230 
News and features to German. 
830 News. 210 Words of 
Fatih. 218 Printer's Devfl. 230 
Europe Today. 630 Newshour. 

10.00 World News and 
Business Rovlow. 10.16 
Meridian. 1045 Sports. 1130 
Newsdesk. 1130 Help. l‘m 
Going To Be A ParenL 1230 
News. 1215 It'S Your Busmen. 
1230 In Praise Of God. 130 
News; Pop on the Line. 146 
Wood, Guts end Brass, 230 
Newsdesk. 230 Composer of 
the Month. 330 News. 216 
Sports. 330 Anything Goes. 

4.00 Newsdesk. 4.30 BBC 
Engfeh. 445 Fruhmagazlri. 


CHESS 


The Sicilian Defence is the 
most popular chess opening at 
all levels from club player to 
grandmaster, so last month's 
Buenos Aires tournament 
where games began with the 
Sicilian was a most interesting 
experiment. 

The event produced several 
surprises. The Bc4 attach 
which Nigel Short used to 
effect against Garry Kasparov, 
and the black eS system popu- 
lar in summer tourmaments 
like Novgorod, appeared only 
once each. But White castled 
queen’s side in 18 games out of 
56, confirming the Sicilian's 
image as a dynamic struggle of 
mutual attacks. 

Anatoly Karpov was at a dis- 
advantage. Most of his rivals at 
BA use the Sicilian in their 
normal repertoire, while Kar- 
pov often opens 1 d4 as White 
and meets 1 e4 as Black by the 
Caro-Kann c6 or by l ...e5. 

Karpov decided on an 
unusual system from 30 years 
ago, and after two draws with 
normal play he launched His 
own novelty. Anand defeated 
It, then dismissively offered to 
give the Russian three points 
start in a match where all 
games started at Black's ninth 
(V Anand, White; A Karpov, 
Black; Buenos Aires 1994). 

1 e4 c5 2 Nf3 efi 3 d4 cxd4 4 
Nxd4 Nc8 5 Nc3 Qc7 6 Be2 afi 7 
04) NIG 8 Be3 Bb4 9 Na4 dS?l 


Nxfi4 10 Nxcfi dxc6 U Nb6 is 
usual. 10 Nxc6 bxc6 11 exd5 
Nxd5 12 Bd4 C5 13 C3 cxd4 14 
cxb4 e5 IS BfS B«6 16 NcS 
Qd6? 04) Is better. 17 Rei KbS 
18 BxdS QxdS 19 Nxa6 Now 
White has three passed pawns, 
while Karpov's own central 
pawn can be stopped. 

RcS 20 Qa4+ Ke7 21 b5 Ro4 
22 Qa5 Ra8 23 Qb6 Rd8 24 b3 
Rcc8 25 Nb4 Qd6 26 Nc«+ K 18 
27 RxeS d3 28 Rdl Ra8 29 h3 
d2 30 Re2 Rdb8 31 Read2I For- 
cing a won endgame, since 
Qsd2 falls to 32 QxbS+ Rxb6 32 
RxdB g5 33 RdS+ Rxd8 34 
Rxd8+ Kg7 35 Rb8 Resigns. 

No 1047 



How can White (to move) force 
a win in this pawn ending, 
which many players would 
agree drawn? 

Solution Page XVII 

Leonard Barden 


BRIDGE 


When dummy appears, 
declarer should count his top 
tricks and those that can be 
soon established. Then he 
would avoid the fatal errors 
that so often arise. This hand 
comes from rubber bridge: 

N 

4 A63 
f A J8543 

♦ 4 

♦ K 74 

W E 

* Q 4 J 10 8 5 4 2 

¥Q76 V K 9 2 

* 10 8 6 3 +A7 

* Q J9 8 6 * 5 3 

S 

♦ K97 

V 10 

♦ KQ J952 

♦ A 10 2 

North dealt at love all, and 
opened with one heart. South 
said two diamonds. North 
rebid two hearts. South's three 
no trumps closed the auction. 

West led the club queen. 
Declarer took with dummy's 
king and returned the diamond 
four to his king. When this 
held, he continued with the 


queen. East won and ted his 
last club. South won with ace. 
and played his diamond knave, 
but West had the guarded 10, 
and the contract was defeated. 

Badly played. The declarer 
should count his tricks. He has 
two spades, one heart and two 
clubs. Therefore he needs only 
four diamonds. He must make 
sure of getting them. 

After winning the club queen 
in dummy, he should lead the 
diamond and finesse his nine. 
West wins with his 10. but can- 
not lead clubs with advantage. 
South has gained a tempo. 
West leads a heart, won with 
dummy’s ace, and declarer 
crosses to the spade king and 

plays his diamond king, faikon 

by the ace. Tbe defence can 
score two heart tricks, but 
declarer gets home with the 
nine tricks he had in mind. 

TAe Right Way to Play 
Bridge, by Paul Mendelson, 
(Elliot Right Way Books £399) 
is what the improving player 
needs. 

E.P.C. Cotter 


CROSSWORD 


No. 8,609 Set by CINEPHILE 

A prize of a classic Pellkan SouvcrSn 800 fountain pen, inscribed with the 
winner's name for the Brat correct solution opened and five runner-up 
prizes of £35 Pelikan vouchers. Solutions by Wednesday November 23, 
marked Crossword 8,609 on the envelope, to the Financial Times, 1 South- 
wark Bridge, London SEl 9HL. Solution on Saturday November 22 



Name—. 

Addrass. 


ACROSS 

1 How to mount for optimum 
horsemanship (8) 

5 Tell when one's doing well? 
( 6 ) 

10 D ismiss social outcast when 
be returns (5i 

11 Display old wound caused by 
two-seater? (6.3) 

12, 13, 14 Discover suffer terms 
formed by the principle of the 

S ie 15,4,5,6) 

cloth for male beasts (7) 
18 Gorge on cheese? (7) 

20 Household where people get 
older (6) 

22 Fruit from some London 

orchard (5) 

24 Ptay milalj 
with a bite (9) 

25 End with a lot of fur in the 
gallery (9) 

26 Very soft stuff left in the sack 

(5) 

27 Drink like a Dsh (do you 
understand Old English?) <6> 
28 Spot the significance a reel 
may have (6£) 


Solution 3,608 


lag mildly upon words - 


DOWN 

1 Meat’s about right for start of 
tea when deprived (6) 

2 Replace with very good stuff 
to sow, we hear (9) 

3 Crossness of one of the fam ily 
known as d? (8,7) 

4 Do spend small change or 
you'll lose heart (7) 

6 Some notification, the lip. pos- 
sibly. over my dead body 

7 Happen to firm that’s backed 

8 Warning season, we hear, by 
the sea (8> 

9 Behold Sidney or Beatrice at a 

time of weakness (3^) 

16 Proper piece of entertainment 
- Tories getting more so? 
(5.4) 

17 Little science applying sur- 
face to motorway with a 
sword (8) 

19 Ring tbe bells again or cancel 
( 6 ) 

20 Runny man to leave West 
Indian bay (7) 

21 Dash between barrels (6) 

23 Ancient city breaks cover, 
which is ghastly (5) 

Solution 8*597 



□□□□a □hhuejQbqu 


WINNERS 8JS87: JJfc Abram, Goose Green, Wigan, Lancs; H. Hollings- 
worth. Hitchin, Herts; P. Keeley. Skerries, Dublin; J. Mockford, Owed, 
Surrey; R. Stainer, London EC2; P J. Veraey, Ipswich. 







XX WEEKEND FT 


FINANCIAL TIMES WEEKEND NOVEMBER 


A diplomatic incident over sunshine 


N ations rejoice, 
nations mourn; and 
nations can also look 
very foolish indeed. 
Just look at some of 
the tiffs they get into. Until last 
week, the silliest diplomatic inci- 
dent I had ever come across was 
the one which accompanied the 
England cricket team's “bodyline" 
tour of Australia in 19323. 

For those unfamiliar with this 
seminal moment in both countries' 
sporting histories, it consisted of 
an upper-class Englishman telling 
a lower-class Englishman to hurl a 
projectile very fast at the beads of 
a number of Anstralians. The 
countries' dignitaries exchanged 
angry letters, questions were 
asked in the House, and the entire 
episode coincidentally said every- 


Should you go to Peru or Bolivia to see the solar eclipse? Neither, says Peter Aspden 


thing yon needed to know about 
pre-war English attitudes to soda 1 
mobility and colonialism. 

But last week, thrown away at 
the bottom of a sto ry in The Times, 
came an infinitely (and I use the 
term deliberately) more absurd 
example of state squabbling. It 
concerned the sighting of a total 
solar eclipse in South America, the 
rarity of which understandably 
caused quite a commotion. Tour- 
ists arrived from all over the world 
for a view of this outstanding phe- 
nomenon; and what could be more 
wholesome than that? 

Well, here is that last paragraph 
in foil; “The event has caused a 
diplomatic rift between Bolivia 
and Pern, which accused each 
other of minting false ast ronomy 
charts and maps to attract more 


visitors to their observation 
points.” Yes. indeed; this was no 
mere solar eclipse, but a quintes- 
sential entrepreneurial opportu- 
nity to earn some hard cash for a 
couple of strapped economies. So 
while the Nobel Peace prize winner 
Rigoberta Mencbu. a Guatemalan, 
was waxing spatial on the eclipse 
symbolising the sun and moon 
malting love, and producing an off- 
spring of love and peace, the boys 
in the back rooms were batching a 
fiendish cartographic scam to 
improve the balance of payments. 

The idea that both the astrono- 
mer, that most millimetrically pre- 
cise of scientists, and the innocent 
romantic, contemplating our ulti- 
mate insignificance for a moment 
or two, can thus be ambushed by 
political expedience is rich in cos- 


mic irony. Do not ask for the 
moon, as Bette Davis so nearly 
said, when we have the technology 
to redraw tbe sky. 

Bat maybe the Bolivians and/or 
Peruvians (I am refusing to adjudi- 
cate on this one) have a point. Tbe 
notion that anyone should spend 
time looking at the night sky for 
any reason other than whimsy is 
ludicrous. 


I o South American mythology, 
what we call an eclipse is in 
fact a puma dev on ring the 
sun; to prevent the sun’s 
death, the puma has to be fright- 
ened away by the screams of ani- 
mals and children beaten with 
sticks. 

This strikes me as considerably 
more plausible than tbe latest find- 


ings by cosmologists and that tire- 
some Hubble space telescope, 
which conclude that the universe 
is only half as old as the stars it 
contains. The scientists poring 
over this remarkable result at 
least have the grace to confess that 
it is a logical impossibility, but I 
am sure that will not stop them 
devising another muddle-headed 
piece of nonsense about the begin- 
ning of the universe, as if anyone 
cares any more. 

These people make their reputa- 
tions by blinding us with stagger- 
ing facts and ridiculous figures, 
and hope, like the Inca kings, that 
we will be impressed by the glare. 
It is no accident that whenever 
they urge ns to watch something 
worth watching, it has to be 
through a pinhole in a shoe box. 


Well it is time to whip off 
the sunglasses. I am br anching out 1 
on my own. While doing some 
further reading on this subject, 

I have discovered that there is 
something called the Andromeda 
Nebula which is ripping towards 
onr do pniprf planet at 300km a sec- 
ond- 

With the aid of Bolivian and 
Peruvian researchers, and last 
week's episode of Star Trek, I have 
calculated to the last decimal point 
that it will be arriving, sooner 
rath er than later, in the vegetable 
patch of my back garden. Yon can 
all come and watch for a fee which 
most, of coarse, reflect realisti- 
cally the costs of my research. And 
if yon are in any mood to argue, 1 
will set the puma on you, I 
promise. 


Private View 


Positive 




picture 

book 






. i: 




ii&v -vj. . 


thinking 


-y * : .. 




B&P***** : v 


Christian Tyler meets the 
philosopher Sir Anthony Kenny 


S 




V oltaire pulling on his 
trousers. Sartre being 
shadowed by a gen- 
darme, a Botticelli nude, 
some languid Gauguin 
beauties, a Giliray cartoon of fat 
men playing billiards - these are 
some of the more outlandish images 
pressed into service for Anthony 
Kenny's iatest work. 

A picture boob on philosophy, 
however handsome, however 
learned, may seem to purists about 
as clever as turning Wittgenstein's 
Tractatus into a musical. 

Sir Anthony, philosopher-knight, 
former Catholic priest and one-time 
Master of Balliol (among many 
other academic distinctions), admits 
he was “Initially rather sceptical” 
when approached by Oxford Univer- 
sity Press to edit an illustrated his- 
tory of western thought 
But, impressed by the popular 
response to a TV series on the great 
thinkers in which he had appeared, 
he decided the OUP venture would 
reinforce a healthy tread. 

“There used to be a certain con- 
tempt for philosophers who tried to 
speak to the general public," he 
said. However, over the last two or 
three decades they had been 
descending from their ivory towers 
to work in scientific laboratories 
and to tangle with such everyday 
issues as medical ethics and wom- 
en's rights. He himself wrote about 
the logic of nuclear deterrence. 

But iT the subject is not in 
decline, where are the great philoso- 
phers of today? Sir Anthony con- 
cedes there is none of the stature of 
Bertrand Russell or the aforemen- 
tioned Ludwig Wittgenstein. (His 
top six, incidentally, include the lat- 
ter, plus Plato, Aristotle, Aquinas, 
Descartes and Kant.) 

“The kind of genius it takes to be 
a first-rate philosopher - you can’t 
get a bit right without getting it all 
right - is something which can't be 
expected to occur very often. You’re 
lucky if you get two of them in a 
century. We’re waiting for the next 
one. And I think there will be one. 

“It gets harder and harder 
because of the massive expansion of 
human knowledge, of all the differ- 
ent scientific disciplines. 

“Because philosophy has this 
extraordinary ambition to take a 
single, synoptic vision of the meth- 
odology of the whole of human 
knowledge it becomes a more and 
more ambitious task. Nobody could 


ever be Again what Aristotle was, a 
master of all the sciences.” 

Is philosophy today in retreat 
from science; can it pretend to be 
more than a handmaiden? 

“I don't think it's true that it’s in 
retreat from science,” Sir Anthony 
said. “The relationship is rather dif- 
ferent, and always has been. Rather 
than being the handmaiden, philos- 
ophy is parent or nursemaid to the 
sciences. That is, there are areas of 
human curiosity where we not only 
don't yet have the answers, but we 
haven’t got the questions properly 
formulated. 

“Gradually, through reflection, 
the terminology and methodology 
become clear. Once that emerges. 






‘I don’t believe 
something can be 
true in religion 
and false in 
science. There’s 
just Truth.’ 


then a new scien t ifi c discipline sets 
up house on its own. It's like the 
relation between a parent and an 
immature child becoming mature. 
So philosophy is in retreat from sci- 
ence only in the way in which par- 
ents are in retreat from their chil- 
dren." 

A good example, he said, was the 
problem of mind itself, currently 
preoccupying both philosophers and 
scientists. Until they could decide 
whether, for instance, thoughts are 
independent of language, a scien- 
tific project was not really possible. 

Philosophy was a never-ending 
story. Sir Anthony said, partly 
because of oddities such as the self- 
reflexiveness of language a nd mind. 

“Philosophy is to some extent par- 
asitic. When it has done its job well, 
it just disappears without trace. 
People are then able to think with- 
out the muddles winch they had. 

“So you can either say there 
aren't any achievements - they all 
belong to the sciences - or you can 
claim an of them.” 

If science eats up philosophy, 
does philosophy undermine reli- 
gion? In Sir Anthony's case it did. 
Bom into a Catholic family in 
Liverpool, he went to Gregorian 
University, Rome, and was ord- 



F&v-". 






KeE'*. - y i 




Trevor H u mphrie s 


ained. E ight years later he returned 
to the lay state and three years 
after that married an American. 

Somewhere in the course or 
studying Aquinas’s famous five 
“proofs” of the existence of God, the 
young priest lost his faith. It was 
the conflict between divine omni- 
science and human free will that 
did for him. These days he is a true 
agnostic. “I know of no compelling 
argument either for the existence of 
God or against,” he said. 

“But many of the best philoso- 
phers I know are very religious peo- 
ple.” (He mentioned Michael Dum- 
mett, former Wykebam Professor of 


Logic at Oxford, and his own tutors 
Peter Geach and Elizabeth 
Anscombe - all Roman Catholics.) 

“I don’t believe in double truths. 1 
don't believe something can be true 
in religion and false in science. 
There’s just Truth. Of course, peo- 
ple can believe in God quite ratio- 
nally without having a philosophi- 
cal proof! That’s why I’ve said I am 
agnostic.” 

Then what do you do for consola- 
tion, I asked. Is philosophy suffi- 
cient? 

“I don't think the function of 
either philosophy or religion is con- 
solation. Wanting to know what is 


true is a more serious motive than 
what is comfortable." To believe 
something without cause was super- 
stitious and to put comfort above 
truth was ‘ignoble". 

I suggested that was precisely 
what many people do. 

“The question is not about people 
do but what they ought to do.” 

If he is an intellectual ascetic. Sir 
Anthony was not behaving like one. 
He remained calm and affable. So I 
gave him another push. 

“Isn't it a fact of life that people 
don't do what they ought to do? 
They do what makes tbe burden of 
consciousness easier? You’re a 


T here is an air of fatigue in. 
the reports from foreign 
correspondents in London 
these days. British politi- 
cal scandals do not match the sto- 
ries back home. How can you get 
excited about a FFr4,000 biQ at the 
Rhz hotel in Paris when your read- 
ers yawn over $4m bribery exposes? 
What interest is there In the com- 
plex, and possibly scandalous, mar- 
ital arrangements of a forma 1 min- 
ister if actual ministers at home 
are in prison? 

Then there is the traditional Brit- 
ish obsession with minutiae. Who 
else would care to unravel the 
details of the fax sent by The 
Guardian newspaper to the Riiz to 
obtain a copy of a ministerial bill, 
especially when there seems to 
have been no need for the fax in 
the first place? 

In France, it is so simple: a minis- 
ter is alleged to have had his villa 
in St Tropez done op by a builder 


As They Say in Europe / James Morgan 

Egbert Mulliner’s torrent of tosh 


in search of public contracts. 
Everybody can understand that M 
Italy, things are even more 
straightforward and larger sums 
are involved. Only the Germans 
match British tedium. Was a 
recommendation to buy certain 
supermarket trolley spare parts 
w r itten on ministerial notepaper? 

But, however difficult the British 
political story is for the foreign cor- 
respondent, the crisis surrounding 
the royal family presents even 
more horrible problems. There is, 
even at this stage, the possibility 
that one's readers may have same 
passing interest in the affair. Tbe 
Princess of Wales plays a major 
role in the popular press around 
the globe. Prince Charles gained 
similar fame by marrying her. 

Tbe problem faced by tbe London 
correspondent reminds one of P.G. 
Wodehouse's story. Best Seller. It 
concerns a young man, Egbert Mul- 
liner, whose work it is to interview 


lady novelists and review their 
overwrought and monotonous writ- 
ings for a literary magazine. He Is 
driven to the brink of madness by a 
particularly horrifying work called 
Parted Ways. 

A similar problem is posed by the 
waterfall of revelations of parted 
ways emanating from the royal 
house of Windsor. Books alternate, 
outlining the grim vortex of emo- 
tions into which the protagonists 
are plunged. Every Monday, read- 
ers back home seek more details. 
La Stampa obliges under a series of 
subject headings - “A French mar- 
riage?" and “The divorce" and 
“Camilla" and so on. This treat- 
ment lends itself to word processor 
paste-ups and enables the corre- 
spondent to provide a reasonable 
account of latest developments 
without going mad. 

The Frankfurter AUgemeine Zei- 
tung shares out tbe story between 
its London correspondents. Gina 


Thomas tackles the Charles angle 
while Bernhard Heimrich reports 
on the Diana phenomenon. 
Between them, they handle one 
story every two weeks, which is as 
much as flesh and blood can stand. 

Last month, Thomas gave a 
robust account of the prince's 
views as purveyed by author Jona- 
than Dimbleby under the headline: 
“What happened to the stiff upper 
lip?” This week, Heimrich seemed 
vulnerable to Mulliner’s syndrome. 
His story had as a subheading: 
“Another creepy weekend for Brit- 
ish readers.” 

There followed a Gothic introduc- 
tion which pursued such m a tters 
as: Halloween and Guy Fawkes 
Night, fireworks concealing 
another noise that posed an even 
greater threat to a British institu- 
tion even older than the Parliament 
threatened by Fawkes - the royal 
family. That background noise 
came from the printing presses of 


the Sunday Times, churning out 
pre-publication excerpts from yet 
another product of the Diana 
industry. 

This marital swamp only rein- 
forces the bad name that the Brit- 
ish have given to tacky, keyhole 
journalism. Those who wish to 
keep a lid on things point to 
Britain as an example of what hap- 
pens if you do not. In France, the 
revelations about President Mitter- 
rand’s “love child". Mazarine, 
would not have stirred up such a 
ftiss had there not been the ghastly 
cross-Channel experience to point 
to. 

In France today, the toadying 
attitude towards those in power is 
Justified by a reference to Britain - 
“Do we really want to be like that?" 
Yet, there is enormous cause for 
concern: Mazarine has been sup- 
ported by the state, which has 
employed dubious personalities to 
liaise between her and the presi- 


dency. This is a matter of public 
interest In spite of that, one paper 
could write: “It was the honour of 
our profession not to give itself up 
to voyeurism, not to scrutinise hid- ! 
den lives through the keyhole.” 

Even in France, though, some 
argued that the matter had to be 
exposed because it was already 
well-known to a select corps of 
Paris journalists. The biggest sell- ' 
Ing daily, Ouest-France, replied: 
“But doctors, lawyers, priests know 
a lot of things which others do not 
know: should they divulge them as : 
well?” 

Because no trivial matter can be ; 
kept secret in Britain, the French 1 
argue that journalists should faiko a 
vow of silence. If the “truth” 
becomes a torrent of tosh, the oppo- 
nents of truth feel able to resort to 
any argument, no matter how fatu- 
ous, to support their cause. 

■ James Morgan is economics corre- 
spondent of the BBC World Service. 


s.v'-iffi.j# ;.j 7 r 




to 


C linging to tie pa# is an-.:- 
understandable' reaction ^ 
to the continuing ’unc®-' -• 
tainty in centrriBuropei> 
But even 90, the recent cefebration ■ 
by the Czech Republic afJheestab- - 
jj, ghTiM»nt of Czedhoslcvaina'ta;igu£- 
looks like nostalgia in the extrema. 

The Czech Republic, as well as * 
Slovakia, Poland, and Hungary 
were left in a no-man’s land after ' 
US president KH Clinton and the 
Russian president, Boris Yeltsin. 
agreed that the former communist 
countries of central Europe should . 
remain outside Nato. They were left - ; 
in a similar limbo at Yalta by ah 7 . 
agreement between Stalin. Roose- 
velt and the reluctant Churching 
The results were hot good. 

Such reaffirmation of a power - 
vacuum in the space between .Gep-v. 
many and Russia underlines, the . . 
true significance of the 1918 redraw- r." 
ing of the ™ap of Europe: fhethsin- - 
tegration of the Habsburg many* 
chy by which France, in cme ctiba:; 
unrealistic fits of grandeur, -hoped. . 
to establish a cordon samtafe of . 
lesser allies on the eastern bonders.-, .. 
of Germany and Italy. . . : , 

France held on to this preposter-'r ; 
ous idea for only six years, when, at r 
Locarno, it adopted, with the UK. .. , 
Germany and Italy, the equally...: 
unrealistic concept of a Four Pow- 
ers’ Directorate which would rule - . 
Europe. The only act of this “direct — 
torate” was the Munich agreement - 
by which Czechoslovakia was 
handed to Hitler on a silver plate: ' 

The Habsburgs’ central Europeem. 
empire, which in 1918 paid the price 
for Unking its fate with the Bohen- - 
zollem Germany, had its origin m 
the union with Poland and Hungary 
established for the first time in the 
12th century by the Czech kings.. 
Unfortunately, the centrifugal * ■' 
forces of nationalism, unleashed in 
1918, make it now almost impossible 
to seek stability in central Europe . . 
by a reconstitution of a . strong, 


Jmman being Rke the rest of us, 
so... 

He parried with a laugh. “Are you 
urging me to do what 1 oughtn't to 
do?" 

Why not? 

He laughed again. “Then you're a 
bad man if you’re tol li n g me to do 
what I oughtn't to do.” 

Aren’t you afraid that at the last 
moment you'll reach for the priest? 

“There are all lands of temptation 
which I might succumb to at some 
time or other in my life." 

is that one you’ve decided not to 
succumb to? 

He paused. “It’s something ... 1 
mean, one cannot predict what 
one’s beliefs wSJ be at a later stage. 
I hope very much that 1 wouldn't be 
so weak as to ask for the consola- 
tions of a religion I didn't believe 


Do you suspect you will? 

“I have no Idea." 

Do you think about it? 

“No” 

Do people chide you with it? 

“No, this kind of conversation 
that you and I are having is 
extremely rare.” 

Don’t your friends say “Once a 
Catholic, always a Catholic?” 

“Most of my friends have known 
me since I stopped bring a priest 
and are more interested in what I’ve 
done with my life since 1 got on the 
right track than the mistake I made 
early on.” 

Were philosophers’ attitudes 
largely a function of their epoch 
and upbringing? 

“I think *function oT is a sort of 
weasel word. If it means that they 
are influenced, that’s obviously 
true. If you think they are deter- 
mined without the alternative. 1 
think that is quite untrue. I don’t 
believe in determinism." 

Are they influenced sometimes 
more than they understand? 

“Yes. I agree with that entirely.” 

I asked him how far his own 
career had been influenced by his 
unusual upbringing. Sir Anthony 
said the Latin and Greek he had 
learnt in the s eminar y had proved 
extremely useful. He had reacted 
against the philosophy taught him 
in Rome but it was there he 
acquired his deep interest in 
Thomas Aquinas. “You won’t find 
that I'm one of those es-Catholics 
who devote their life to attacking 
the Catholic church or Catholic phi- 
losophers. On the contrary. I recog- 
nise the importance and intellectual 
power of those philosophers, living 
and dead. I just think they’ve got 
some of it wrong." 

Would you recommend philoso- 
phy as a career? 

“I don’t think anyone should take 
it up as a career unless they feel 
they must It Is something that has 
got to compel you if you’re going to 
do it at all well 

“Unless people are really gripped 
by at leat one major philosophical 
problem, and willing to put aside a 
lot of other things in order to get to 
grips with it, they oughtn’t to 
become a philosophers . . . though 
they*U need philosophy for other 
things... 

“On the other hand, I think that 
somebody can be a very good phi- 
losopher without being a profes- 
sional." 

Can it be morbid, depressing? 

"I haven’t noticed philosophers 
looking any more depressed than 
others.” he smiled. 

So it hasn’t got you down? 

“No. It’s one of the most exciting 
thing s there is." 


'I heard 
an echo of - ., 
Neville ■ 
Chamberlain’s 
speech and ■ 


was cross 


defensive, buffer* zone between Rus- 
sia and Germany. - 

The other scenario open to (he 
Czechs is to seek the protection of 
Germany. In spite of the bitter 
memories of Nazi occupation and 
the second world war, this solution 
was floated soon after the collapse 
of communist power in 1999. 

In 1990, when trying to obtain 
support for the establishment of a 
British trading centre in Prague, I - 
was told by the British ambassador 
“We would rather wait a few years 
until the dust has settled.” And to' - 
my rejoinder, that by then the Ger- 
mans will have taken the market, 
he said: “Let them. After all, they 
are so much nearer and know it so 
much better.” I heard in this tbe 
echo of Neville Chamberlain's “a far 
away country about which we know 
little" and was cross. 

lake most Czechs, I was also cross 
when president Vaclav Havel chose 
West Germany for his first visit 
abroad. 

Since then I have had time to 
realise that neither the British 
ambassador nor president Havel 
were much off the mark. Germany 
alone is aware not only of the eco- 
nomic potential, but also of a com- 4 . 
mon security interest with the “ 
Czechs, wedged between Bavaria 
and Saxony, and reaching close to A 
the very heart of west Germany. w 
Economically the Czechs are now 
doing better than any other of the 
former communist countries and 
even repaid before time the mone- 
tary loan obtained from the IMF. 
Most foreign investments, trade - 
and tens of millions of tourists each 
year - come from Germany. Ger- 
many is building a highly profitable 
economic link with the Czech 
Republic without having to subsid- 
ise it in the way that it pours 
money into the four new lands 
which were East Germany. 

But can the Germans risk alien- 
ating France, the UK and US by 
acting alone in providing the 
Czechs with security? Would they 
dare to make a move suggesting the 
rebirth of the Holy Roman Empire 
of the German Nation which was 
Europe's superpower when the 
Czech king was emperor or primus 
inter pares of the Electors? 

Having secured four more years 
In office, chancellor Helmut Kohl 
may pursue the plan of making a 
close alliance with France the core 
of the European Union. In such a 
core, the centre of gravity would 
shift to Germany as soon as it 
recovered from the pains of unifica- 
tion. France then may have to drop 


its objections to an extension of ^ • 
Germany's strategic links east- * 


Germany's strategic links east- 
wards. 

In such a situation the Czech 
Republic could again serve as a 
gateway to the other former com- 
munist countries, repeating thus 
the dual link the Czech Kingdom 
used to have with Germany and the 
Habsburg monarchy. 


-*** ;.W 


*V >' 5 

■L'Sf' 


A.H. Hermann 


>toP 







JUG'S* ** 








fcrs n* ■rrr 


ter ; ; — 


t\* 








»Jbi 


a*