Skip to main content

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

See other formats


WEEKEND NOVEMBER 19/NOVEMBER 20 1994 


ft 

1 cwai 
a ir.r 

J*aicS 

t«?r. 

* i*r 
& iV i 

it'd or- 
Ji-jr. 


■' r: i- 

.--."■,-‘,*35 

:‘ r VvS 

**? 

-/iSSS 

", v> ^5 

•-:-:•••■ ~. s «» 5 


■• : •: jfi? 

..;. ‘-".L ^*®S- 

*- * -93j£. 

r^-r -"• .ll^i 

- t 

n.,«; r f :s ? ^ 

-4^; 

r - ;v ^^ r 


luctuatio 




- j-z: 

■. l LLi.^G:ov=: 

-■ ■ , j.::.*j3’ 

12 ." ' -. — : .i: 



J Acquisition 


«r? it-'- - 




FT-Sfi lOOIndox 

Handy movements '. " 
3,160 ;■— 

3,160 

3,100 r-rt—-— — ~r . 


activity, plus renewed 

equity market showing ' 
algos lit strain alter a 
week pi outperfonnauce 
against US and European 
markets. -The FT-SE 100 
Index began the session 
around 5 points easier 
after an uninspiring per- 
formance by Wall Street 
overnight, but closed 3,5 . 
points higher at 3,131.0, 
extending the rise on the 


V :• " 14 : . ltouW T- points higher at 3,131.0, 
souiw.Rwwr extending the rlsa on the 

week to 55.1, or UBper cent Page 25; Markets, 

Page 14; Lex, Page 28 

Sweden seeks $5tm syndicated loan: 

Sweden is asking i nt er n ational banks to lend it 
$5bn in one of the biggest syndicated loans this 
year. Page 13 

Russia urged to make Investment easier; 

Russia could attract more than $60hn of foreign 
investment in its energy sector If the country's 
legal and tax regimes were more flexible, US and 
Russian experts said. Page 3 

WorM Bank chief to Join JJ*. Morgan; 

Ernest Stem is to leave the World Bank, where he 
is ma n a gin g director, at the end of January to Join 
US bank J J. Morgan. 

Glaxo chairman defend* £9m package: Sir 

Paul Glxolami defended a E337m ($15 46m) two-year 
package erf salary, bonuses and pension contribu- 
tions at his last annual meeting as chairman of UK 
drugs company Glaxo. Page 28 

BP agrees to pay $1 .4bn tax to Alaska: 

British Petroleum ended a dispute with. Alaska by 
agreeing to pay $lAbn ta back taxes. Page 3 

LVMH cuts Guinness holding: French luxury 
goods group LVMH sold a 4 per cent stake in Guin- 
ness, reducing its holding in the UK drinks com- 
pany to 20 per cent Page 13 

Brazil to buy seven British navy strips: 

Brazil’s navy is to buy four frigates and three mine- 
sweepers from the British navy for about £l00m 
($l64m). Page 3 

Reliant carmaker sacks receivership; Beans 
Industries of the UK, manufacturer oTtbe three- 
wheel Reliant Robin car and the Scimitar sports 
car, asked its bankers to call in receivers. It is 

hoped the company will be .sold as a going concern. 

Page 7 

Lottery Jackpot could reach £7m: A Jackpot 
of E7m ($11 -5m) could be cm offer when the first UK 
National Lottery draw is made today, organiser 
Camelot said. By yesterday afternoon, £3Sm worth 
of tickets had been sold with more than 15in people 
fairing part Night of the Mg gamble. Page ll 

Some rafl tares to rise by up to 5%: Some 
UK rail passengers face fere rises of 5 per cent in 
the. new year, but many fores will be unch a n ged 
and others, will rise by less than 2 per cent, British 
Hall announced. Page 7 •_ 

Fop customer sendee and 
other general enquiries call: 

Frankfurt 
(69) 15685150 


Gaza killings threaten peace 


1 1 killed and 200 injured as 
violence erupts between 
PLO and Islamic extremists 


• First issue of our new colour 
. • magazine inside 

Tietmeyer warns 
against a rush to 
monetary union 

Bundesbank president Hans Tietmeyer warned 
strongly against rushing towards European mone- 
tary union before a joint monetary policy had been 
worked out and foil central banking independence 
achieved. Speaking after Giovanni Ravasio, the 
European Commission's director-general for eco- 
nomic and monetary affairs, held out the possibility 
of Emu by 1987, Mr Tietmeyer said: '1 am convinced 
that monetary policy integration in Europe can 
only be the outcome of a lengthy process." Page 28 

Honda doubles first- half profits: Japanese 
carmaker Honda more than doubled first-half pre- 
tax profits to Y56.7bn ($590.6m), helped by strong 
sales in North America and Europe. Page 13 

Group* Butt sell-off launched: The French 
government launched the privatisation process for 
loss-making computer company Groupe Bull, Invit- 
ing candidates to submit offers to buy stakes in the 
company by December 9. 

Footsie gains 55 points on the week 

„ A burst of corporate * 


By Julian Ozarane in Gaza City 

At feast 11 Palestinians were 
killed and 200 wounded in the 
Gaza Strip yesterday in the worst 
internal violence since the estab- 
lishment of self-rule in May. 

The first bloodshed between 
Palestinian police and Islamic 
extremists marks a dangerous 
escalation of the conflict between 
the Palestinian Liberation Organ- 
isation. which controls the police, 
and the Islamic extremists in the 
self-rule areas. 

Palestinian observers warned 
increasing confrontation could 
spark civil war. “Israel is placing 
more obstacles and pressures on 
the Palestinian authority and is 
pushing it towards civil war," 
said Mr Farouk Kaddoumi, head 
of the PLO political department. 

The shootings come amid 
warnings from PLO officials and 
western diplomats that the Israe- 
U-Palestinian peace process is in 
danger of collapsing. 

Hours before yesterday’s 
clashes. Mr Terje Larsen, United 
Nations under-secretary general 
responsible for Palestinian terri- 
tories, said: “If there is no change 
immediately, there will be more 
killing, more blood. . . My assess- 
ment is that both the peace pro- 
cess and the legitimacy of the 
Palestinian Authority are losing 
ground day by day and the rea- 


son is that nearly nothing has 
been delivered on the ground.” 

Witnesses said the violence 
began outside a Gaza City 
mosque during Friday prayers. 
Palestinian police took loud- 
speakers off a truck being pre- 
pared for a rally of the H amas 
Islamic Resistance Movement 
and the Islamic Jihad groups 
which oppose the Israel-PLO 
peace accords. Supporters then 
attacked police with stones and 
bottles. After warning the crowd 
to stop, police opened fire at close 
range with automatic rifles. 

Sheikh Ahmed Bahar, a lead- 
ing Hamas activist who gave the 
Friday sermon, appealed over 
loudspeakers to police to cease 
fire. "Stop shooting your own 
people or else you will pay a high 
tnice,” he said. 

Sporadic fire was exchanged 
between police and Islamic gun- 
men all day. A Palestinian police- 
man was among the dead. 

Hundreds of relatives gathered 
outside Gaza's Shifta Hospital, 
shouting slogans against Mr Yas- 
sir Arafat, chairman of the PLO 
and head of the self-rule author- 
ity, whom they dubbed a “trai- 
tor” and a "collaborator”. 

Police arrested about 300 
Islamic militants and posted 
sharp-shooters on the roofs of 
buildings. 

The violence follows Increasing 








Demonstrators hurl stones at a Palestinian police van near a Gaza City mosque. Eleven people died In 
dashes after police removed loudspeakers from a truck being used for a militant Islamic rally p wuutmm 


tension between Mr Arafat and a 
resurgent Islamic opposition 
which has challenged his author- 
ity on Gaza's streets and aimed 
to sabotage the peace process. 

Mr Arafat, under pressure from 
Israel to creek down on extrem- 
ists responsible for recent attacks 
on Israel, has twice ordered the 
police to arrest scores of activists 


and said he would not tolerate 
unlawful activity. He has banned 
illegal weapons but Islamic 
groups openly defy him. 

Police said later they had been 
acting on information that armed 
Tslamlp. Jihad activists were plan- 
ning a rally after Friday prayers. 
They said they had been pro- 
voked into confrontation. Offi- 


cials said Mr Arafat had given 
orders to security personnel to 
act firmly and “respond severely 
with armed militants no matter 
what the results”. 

Hamas, «tiung the sho otin g s a 
“massacre”, urged its supporters 
to defy the police. 

Arafat on ropes. Page 4 


Faster economic growth revives rate fears 


By Philip Coggan and GIMtan Tett 

The UK economy grew at its 
tjBgg&st annual rate for six years 
in the third quarter, in dica ti ng 
that the recovery is for stronger 
than the Treasury or City had 
predicted. 

.. "But the pace of growth revived 
fears that Mr Eddie George, the 
governor of the Bank of E ngland, 
might push for a further increase 
in interest rates before the end of 
the year. 

The Central Statistical Office 
said yesterday that gross domes- 
tic product grew at a seasonally 
adjusted 0.9 per cent between the 
second and third quarters, up 
from its earlier estimate of 0.7 
per cent 

Since figures for earlier quar- 


ters were also revised upwards, 
the result was that third-quarter 
GDP was 4.2 per cent higher than 
in the same period a year ago. 
The last time the economy grew 
at such a pace was in the fourth 
quarter of 1988. 

Even it the economy fails to 
grow at all in the fourth quarter, 
GDP for the calendar year 1994 
will be 3.7 per cent higher than in 
1993, At the start of the year, the 
Treasury forecast and the City 
consensus was for an increase of 
just 2.5 per cent. 

Most estimates are that the 
long-term growth rate of the UK 
economy is between 2 per cent 
and 2.5 per cent This year's rapid 
growth means that the socaUed 
output gap - the difference 
between actual and potential out- 


IXK GOP 

Index* woo =100 


t02- * 

GDP 

a ax oti and gas 
10 qA ^ 




1990 91 92 93 94 


put - is narrowing fas t. Eco- 
nomic theory suggests that infla- 
tion will accelerate sharply once 
the output gap disappears. 

September's increase In inter- 
est rates from 5225 per cent to 5.75 


per emit was partly spurred by 
evidence of faster-than-expected 
economic growth- While , eco- 
nomic statistics published earlier 
this week, notably on inflation 
and retail sales, had appeared to 
rule out an imminent rate rise, 
yesterday’s GDP figures might 
persuade the governor that quick 
action is needed to slow the pace 
of growth. 

The GDP figures also weakened 
hopes for an investment-led 
recovery, in which the consumer 
took a back seat. Investment 
actually fell in the third quarter, 
while consumers' expenditure 
was responsible for about a third 
of the GDP increase. 

Nevertheless, other figures 
published yesterday painted a 
mixed picture of consumer confi- 


dence. Although, consumer credit 
rose in October,, mortgage lend- 
ing faltered following the interest 
rate rise in September. The Build- 
ing Societies Association said net 
advances, which take into 
account Iran, repayments, fell sig- 
nificantly to £788m in October, 
down from £Ll4bn In September. 
This was the lowest level since 
February. 

The broad measure of the 
money supply, M4, was also slug- 
gish. The Bank of England said 
yesterday that M4 had grown by 
3£ per cent in the year to Octo- 
ber, the slowest rate for a year. 

Fall in rate of manufacturing 
investment. Page 8 
Editorial Comment, Page 10 
Lex, Page 28 


UK fears 
Bosnian 
rift with 
US could 
split Nato 

By Philip Stephens in London 
and George Graham 
in Washington 

The UK government fears the 
deepening rift between Europe 
and the US over the war in Bos- 
nia risks provoking the most 
damaging breach in Anglo-Amer- 
ican relations since the Suez cri- 
sis nearly 40 years ago. 

In spite of public reassurances 
that the dispute provoked by the 
US decision to withdraw from 
enforcing the arms embargo on 
the former Yugoslav republic Is 
containable, ministers are con- 
cerned it presages a deep split In 
the western alliance. 

Unless the disagreement is 
patched up at a minfetertal meet- 
ing early next month of the five- 
nation contact group on Bosnia, 
the UK government believes it 
could do irreparable damage to 
Nato. 

British concern over the diplo- 
matic rift came amid reports that 
Serb aircraft yesterday bom- 
barded Bihac, the UN-designated 
safe area in northwestern Bosnia, 
ignoring warnings of Nato retali- 
ation. The UN Security Council 
was due to meet last night to 
discuss the attack. 

At a Franco-British defence 
summit in Chartres yesterday, 
Mr John Major, the British prime 
minister, said the US embargo 
decision "should not be over-dra- 
matised”. However, Britain and 
France were concerned that the 
US move might encourage a grad- 
ual unravelling of the embargo. 

Washington’s unilateral action 
is already semi as a damaging 
precedent, undercutting the soli- 
darity of Nato at _a critical 
moment for the alliance. 

France believes the “unreliabil- 
ity” shown by the US administra- 
tion over the embargo has 
greatly strengthened its case for 
Independent European defence 
arrangements. Further overt US 
support for Bosnia’s Moslem gov- 
ernment could force both Britain 
and France to withdraw their 
troops from the UN peacekeeping 
force in the former Yugoslav 
province. 

British ministers believe that 
the US administration is now 
“running scared” of the US 


Continued on Page 28 
New world order, Page 2 


Battle for VSEL intensifies 
as BAe raises bid to £560m 


By David Mfigftton 

British Aerospace raised the 
stakes yesterday in the battle for 
VSEL by increasing its share 
after for the nuclear submarine- 
maker to about £560m. This Is 
some 5 per cent above GEC’s 
rival cash bid. BAe also raised its 
cash alternative to match GEC's 
£14-a-share offer. 

Mr Dick Evans, BAe's chief 
executive, said the new offer was 
designed to {Hit it on level terms 
with GEC before the Office of 
Fair Trading decides whether to 
refer the bids to the Monopolies 
and Mergers Commission. 

"We will now be able to get 
back to the real commercial and 
competition issues,” Mr Evans 
aajfl jig denied Hming of 

the offer reflected BAe's view of 


the likelihood of GEC's bid being 
referred, estimating the odds at 
"about 50-50'’. 

Mr Richard Laptborne, BAe 
finance director, added: “We were 
advised that it was very unlikely 
that we could buy VSEL for less 
than £14 a share even if the GEC 
bid was referred." 

Most analysts believe GEC will 
return with a higher bid, possibly 
before the OFT’s decision, which 
Is due by December 7. 

“GEC has to come back even if 
it means overpaying,” said Mr 
Sandy Morris, engineering ana- 
lyst at NatWest Securities. “BAe 
is making an aggressive move 
into GEC’s patch.” 

GEC said that it would make 
"an appropriate response" to the 
revised offer in due course while 
VSEL recommended that its 


shareholders take no action. The 
cash alternative for the new BAe 
offer wifi be funded by a novel 
two-stage rights issue at 390p, 
which will allow BAe to increase 
the offer again without having to 
renegotiate its underwriting. If it 
did raise its offer further, BAe 
said it would seek shareholder 
approval before sealing a success- 
ful bid. 

Even If BAe’s bid fails, it will 
raise £l78m from the first 
tranche of the issue. The second 
tranche, which is conditional on 
the offer succeeding, will raise up 
to a further £357m, exactly 
matching any extra funds 
BAe requires to meet the 

Continued on Page 28 
Background, Page 12 
Lex, Page 28 




w 




m 


Good to see at least one 
UK Selector get it right. 




\ V*- 




stock Market indices' 




FT-SE ion- 3,1300 

YWd 409 

FT-SE Euntrack 100. 

104400 

FT-SE-A Aft-Stare -1,58402 

Nikkal ... 1900208 

Now York lunchtime: 

Dow Jones Ind Aw 3,796.78 
SAP Composite — 461-44 


3-mo (ntte ban fc 0 j5j% 


MaredMNoML-— 2-4 
UKNms _W 


■ US hMielith— RATES 

■ STERLING 

Fsdorol Funds; 6 

New YortCuntihttmo! 

3-m Treas BUfcr Yld.. 5*77* 

S 1.6883 

Long Bond .-82ii 

London; 

YWd ai38% 

S 1.569 (1.5742) 

■ NORTH SEA OB. (Argus) 

DM 2.4379 (2.4368) 

Brent 15-day (Nov) $16-73 (16.68) 

FFr EL3737 (8.372) 


SFr 2.064 (3.0477) 

■ GOLD 

Y 164.581 (154.50) 

Now York Oomax<P9c)-JS384^ (385.9) 

C Index 79.7 (79.8) 

London $384 J) (386.4) 



■ DOLLAR 

New YoridunchBma: 
DM 1.56325 
FFr 5.334 
SFr 1-3175 

Y 98.475 

London: 

DM 1.6539 (1-548) 

FFr 53372 (S3 183) 
SFr 1-3156 (14008) 

Y 98325 (90.145) 
S Index 62JS (62.3) 
Tokyo dose Y S84S 


Selector UK's proven investment 
approach will continue to reward Investors. Over. 
And over. And owl 

For more details, oik to jour Independent 
Financial Adviser today. Alternatively, return the 
coupon or telephone us now on 0800 282465. 


Tm Morgan Grenfell Invnmeni Fonda LkL, 
JO fWiury Gera*, load on EC2M HIT. 
Plcuc arnd me forUmr <kt>U» of Selector UK. 




ManhOwNem. 


LMdsrPsge. 


UK 

ML Corepankx _ 
Mart** 

FT-SE Actuate*. 


FT Worfd Actuate 15 

Foreign &icbwg« 17 

Ectfty Options 15 

GofdMstets 16 

London SE 25 

LSE DeaKngs ... « 

Managed Funds - — 19-23 


Mont* Mwtats 17 


Share WannaUon 

World Commodnes 16 


Bourses 15.10 


iummi DtoUSfc tt-W Motors 8ftOS[ hands CS17B; CM* IWBMUW Cyjwua Ctutt Cacti Rep CZKBQt DtHitek OKrtOW. Egypt EKJ» Eaww Bu A 00. fir*** fiww FFrtJft Cermnny DM3J0: Grem 

WES! M MB1S M*® Morteh MW WSflOi SBftrUMDt ukjpan Witt JtsdNi JOt^O: ttws 

S^inPts22S; M L**s HwjSO; Sweden Bttd Uft Swfawtmd Pi&Wt Ta*— fl NCBS TManu BhttO; TuMa Dfnl .500; Tbriwy UHDOt UAE phi 2 SXk USA Si W 

£) THE FINANCIAL TIMES LIMITED 1994 No 32,528 Week No 46 LONDON ■ PARIS ■ FRANKFURT - MEW YORK < TOKYO 


It was the ultimate lust. *. jw* .. . ^ -^nn*** 1 

Select a portfolio of UK • JJI "*** 

Shares whose hidden values would result In unbeat- 
able performance. 

The manager of Morgan Grenfell’s Selector 
UK Fund didn’t let the side down. 

Our UK team's active aodcpicking approach to 
investment led to growth of over 25% since the 
Fund's launch an 11 ill June 1993*. Moreover, the 
Fund has been awarded first place (n the UK Equity ' 
OHshorc Sector by both 'Oflshore Financial Review' 
and 'The International for the year ending 30th 
September 1 994. How's that Fora fast delivery? 

The UK market currently offers some excellent 
buying opportunities. We (irmly believe that 


BBS MORGAN GRENFELL 
US ASSET MANAGEMENT 

Ite pna of Stew oni At i«a» 6o« fo <nw « *4 a ^ «<4 la«m g* M feokMtfwisi'icflr Im*4. 

IK ii ■ eMmtedaii Jmfaatl ornoi gf feprOMMa pmiMiy felK >red *>0 SMbm! iwtareip ta oiiteiabiiUrf 
Ca'yiwcea n iKtewww— apdr^ iU hi— — ite»fc l l n >i4 20 RmtepOioifc iaAi K3M UK. M adn u UMUX 
•Sam WMfWNftVla KAV, 91 m ten nhMBi 1 1 4«u f.H.M 









2 


FINANCIAL TIMES WEEKEND NOVEMBER. 19/NOVEMBER. 20 1994 


NEWS: INTERNATIONAL 


Serb jets bombard 


‘safe area’ of 


By Laura Sflber in Belgrade 
and Reuter 

Serb aircraft yesterday 
bombarded Bihac, the UN-des- 
ignated safe area in northwes- 
tern Bosnia, ignoring warnings 
of Nato retaliation, a UN 
spokesman said. 

The air attack came as Serb 
troops, backed by forces loyal 
to Mr Fikret Abdic, the rene- 
gade Moslem leader, tightened 
a noose round the Bosnian gov- 
ernment Fifth Corps in Bihac. 

Nato, which is policing a UN 
no-fly zone over Bosnia, could 
not confirm the attack. Bos- 
nia's mountainous terrain 
makes it difficult for radar to 
detect air attacks. 

The UN has threatened to 
call in Nato air power if Bihac 
was attacked. Its Security 
Council was due to meet last 
night to discuss the attack. 

In Sarajevo, meanwhile, the 
Bosnian Federation assembly 
building was hit by a guided 
missile yesterday as the UN 


commander in Bosnia was 
snubbed by the Serbs in 
attempts to have them discuss 
the city’s security crisis. 

As the military situation in 
and around Sarajevo deterio- 
rated further and threw into 
doubt the future of an uneasy 
truce that has prevailed since 
February, the UN said Bosnian 
Seri) General Ratko Mladic had 
refused demands for a meeting. 

The jets that attacked Bihac 
are believed to have taken off 
from nearby Udbine. Croatia, 
claimed by Serbs as part of 
their "state" of Krajtna. Kny- 
ina Serbs have joined Mr 
Abdic's Forces in the counter- 
offensive launched by Bosnian 
Serb forces. 

The increased involvement 
of Krajina forces casts a Long 
shadow over international 
efforts to restore relations 
between Zagreb and Knin, the 
Serb stronghold in Croatia. 

It plays into the hands of 
those Krajina leaders who are 
close to their Bosnian Serb 


Bihac 


counterparts. They hope to 
scupper any deal that Presi- 
dent Slobodan Milosevic of 
Serbia reaches with Croatia. 

Despite Intense pressure 
from Mr Milosevic, Krajina 
leaders yesterday rejected a 
proposed agreement on forging 
economic links with Zagreb on 
the grounds that it was tied to 
the question of Krajina’s politi- 
cal status. 

It dashes hopes that the 
Krajina assembly will today 
approve the agreement to 
restore water, power and fuel 
links between the breakaway 
Serb state and Croatia. 

international mediators have 
been pushing for an agree- 
ment. hoping to isolate the 
Bosnian Serb leaders who 
rejected a peace plan. 

As the fighting continues - 
and despite a blockade from Mr 
Milosevic - the Bosnian Serbs 
appear even less inclined to 
endorse the plan that would 
divide Bosnia between them 
and the Moslem-Croat alliance. 


US Congress told of choices 
in re-arming Bosnian forces 


By Jurek Martin In Washington 

The Clinton administ ration has 
provided Congress with "theo- 
retical models” by which the 
Bosnian army could be re- 
armed but accompanied them 
with warnings of the dire con- 
sequences of such a policy 
being implemented unilaterally 
by the US. 

The options, which have 
been fully discussed with dip- 
lomats from Nato countries in 
Washington, are legally 
required under the terms of 
the Nunn-Mitchell Act of last 
autumn. Members of Congress 
were also briefed on than this 
week. 

The act laid out a timetable 
for the lifting of the arms 
embargo on Bosnia, failing 
Bosnian Serb acceptance of a 
peace settlement. However, it 
had been rendered temporarily 


and partly moot by the deci- 
sion of the Bosnian govern- 
ment last month not to ask for 
an end to the arms embargo 
for another six months. 

The three principal options, 
ranging from the minimal to 
the marimum . are: 

• Lifting the arms embargo, 
but not supplying arms from 
US government sources. 
Instead private weapons sales 
would be authorised. 

• What is known as “light" 
US supply, costing about $400m 
(£244m), and mostly confined 
to small arms and anti-tank 
and anti-artillery missiles, 
together with some training of 
Bosnian army personnel 

• The “heavy” option, worth 
perhaps 85 bn, would place few 
limits on the nature of the 
arms supplied and would 
involve heavy t raining in use. 

But a Pentagon spokesman 


emphasised that these options 
were only being presented 
because of the legal obligation 
and “to point out the serious 
implications if they are imple- 
mented". 

Western diplomats agreed. 
One said administration offi- 
cials had been at pains to 
stress that the options only 
embraced "theory", and there 
was little difference of views 
between the Pentagon and CIA 
and European ministries of the 
consequences In the Balkans 
and for Nato and the UN peace- 
keeping presence of rearming 
the Bosnian government 

Congressman Newt Gingrich, 
the likely next Speaker of the 
House, said yesterday he was 
opposed to any substantial 
reconstruction and military aid 
to Bosnia on budgetary 
grounds, adding: “It's largely a 
European problem.” 


New world order going badly wrong 


Bruce Clark and Chrystia Freeland explain 


T he Bosnian crisis, which the US. 
the European powers and Russia 
have tried to resolve collectively 
under the aegis of their international 
contact group, has been the most prom- 
inent laboratory for the new post-cold 
war world order. 

Judging by harsh comments from 
senior British officials, who said yester- 
day that US-UK relations were more 
strained than they had been since (he 
Suez crisis, the experiment is going 
badly wrong. 

The catalyst for the dispute was the 
US decision last week to withdraw uni- 
laterally from enforcing the arms 
embargo against Bosnia. This decision 
was broadly expected and its Immediate 
consequences are limited. 

But some European officials, notably 
in France, see the US decision as mure 
than a gesture, it could be a declaration 
of support for war as a means of ending 


the conflict by p unish ing the Serbs and 
allowing the Bosnians to reclaim lost 
territory. 

Tn contrast with this morally-imbued 
American position, Mr Charles Dick, 
director of the Conflict Studies 
Research Centre in Sandhurst, says 
that "if you are a western European 
government you might prefer some sort 
of stalemate, no matter how unsatisfac- 
tory, to an escalation of the fighting.” 

In Europe, these clashing objectives 
have given rise to “a strong fear that 
the US is trying to push the European 
forces in Bosnia into playing a direct 
role in the conflict”, according to one 
European expert. He said the Euro- 
peans were concerned that the 
Americans, who have not committed 
any of their own forces, “are willing to 
support the Bosnian government down 
to the last French or UK soldier". 

In addition to specific concerns about 



the dispute on handling the war in Bosnia 


their own troops, the Europeans are 
also anraisfng the US of violating the 
transatlantic modus vtvendi tentatively 
established after the collapse of the 
Soviet Union. 

“Since the end of the cold war, we’ve 
talked about sharing responsibility ” 
said Mr Jonathan Eyal of the Royal- 
United Services Institute in London. 
“The Americans said that there might 
be situations in which the Europeans 
would play a direct military role on - 
their own. . 

“But even though the Americans 
don’t have troops in Bosnia, that hasn’t 
prevented them from telling the Euro- ■ 
peans what to do.” 

The US adminis tration stresses that it 
still respects the ban on arms supplies 
to Bosnia. The government will neither, 
send arms to Bosnia itself nor allow US 
rittTgng to do SO. 

However, European officials fear that 
the current official US stance is consist- 
ent with some discreet assistance to the 
Moslem and Croat forces, aimed at 
encouraging them to overcome distrust 
and fight together. 

Alarm bells rang in European foreign 
ministries last month ova: a report in 
the New York Times of a mission to 
Sarajevo by retired General George Gal- 
vin, a senior US officer. 

Mr Gojko Susak, Croatian defence 
minister, said the US mission would be 
helping to forge a joint Moslem-Croat 
army. 

US policy statements present Croat- 
Moslem co-operation as something 
which could fora either a building 
block for a settlement, or the basis to 
pursue war against the Serbs. 

Mr John Galbraith, US ambassador to 
Croatia, has termed Croat-Moslem 
co-operation an "alliance between two 
victims of Serbian aggression (which! 
has maria those two victims better able 
to deal diplomatically, politically and 
militarily with that aggression”. 

U S policy-makers say they want 
to see Serb nationalism 
hemmed in for reasons that go 
beyond Bosnia; they are worried by the 
prospect of an even bigger standoff 
between Serbs and Albanians. By con- 
trast, European diplomats fear that 
stepping up pressure on Serbia by eas- 
ing the arms embargo on B osnia could 
lead to an escalation of the conflict 
“If you get a Bosnian army with 
Croat aiiiw making real progress than 
the prospect of the war escalating has 
got to be on the cards,” says Mr Dick. 
“It would be difficult for Belgrade not 
to be drawn in and then you’re in dan- 
ger of a Balkan war." 

These fears have given European 


diplomacy r particularly of Francs 
and Russia - a different focus, v. 

It aims at promoting reconoEatioh , 
between Presidents Slobodan Milosevic 
in Belgrade and'Frutio Tudjxnian in 
Zagreb, in the hope tbat'between'.fhemj 1 
they could bring tt» shtfUan in Bosnia-; 
under control. 

France brokered a secret meeting 
. “between armed foriss chiefs, from Bel- 
grade and Zagreb in September. . 
Moscow for its part, has sought to 
boost ihe authority of .Presiden t M Dog- 
evic and rebuild Seihia-as a bastion: of 

' . Russia n iwflnmwe: ’• • 

- R ussia - successfully insisted that ’Mr 
Milosevic should be re warded for sever- 
ing .ties. with the Bosnian Serbs, and it 
now wants him to be offered even 
greater rewards if he toffy. recognises, 
Croatia. 

The US is committed to the territorial 
integrity of Croatia, and it has pressed 
the Serfs who control xme third of-that 
republic to settle with Zagr^i. However,. 
it fears any approach -to this problem 
which involves boosting the status of 
MT Milosevic. 

Fear of antagonising the Russians, 
with their strong historic and cultural 
ties to Serbia, is another source of Euro- 
pean objections to the US de c afon 'to 
withdraw from the arms embargo. The 
Russian foreign. minister, Mr -Andrei' 
Kozyrev, reiterated fierce Russian criti- 
cisms of the US move yesterday in Paris 
when he told reporters: “All of usr share 
anxiety over military developments hr 
Bosnia and object to resolving the Bos- 
nian problem by force." - - 

But many western observers, believe 
that for the time being Russia- is too 
weak to take action matching its verbal 
protests.- “The Americans appear- to be 
calculating that Yeltsin will ~ not,, 
respond.”. Mr Eyal sail “and, for now, 
they are probably right”" 

However, with outside powers pursu- 
ing at least two separate strategies in 
Bosnia, analysts fear that the rival- 
approaches could become disastrously 
entangled. 

hi mid-January, Croatia must decide, 
whether to renew the mandate oUhe 
UN peace-keepers on its territory. If ft 
does not, that will be a signal that it 
intends to retake by force the - land 
which it has lost to the Serbs. 

Diplomat see this as a real possibility. 

Amid confusing signals from the 
main capitals, Mr Tudjman might con- 
clude that he can win out both ways: 
the US will support his forces - as long 
as they are fi ghting within their own- 
republic - while Russia restrains Mr 

Milosevic. 

If that calculation then proves wrong, 
an almighty war will ensue. 


Ahern leading Fianna Fail race 


All cordial at UK-French summit 


By John Murray Brown 
in Dublin 

The likely shape of Ireland's 
Future coalition may become 
clearer today when Fianna 
Fail, the senior partner in the 
outgoing coalition, decides on 
a successor to Mr Albert Reyn- 
olds, who resigned as prime 
minister on Thursday. 

Two candidates have so Ear 
declared themselves: outgoing 
finance minister Mr Bertie 
Ahem, the clear favourite, and 
outgoing justice minister Mrs 
Maire Geoghegan -Quinn. 

Mr Reynolds’ resignation fol- 
lowed the withdrawal from 
government of the Labour 
party, junior coalition part- 
ners. Mr Dick Spring, Labour’s 


leader and deputy prime minis- 
ter. accused Mr Reynolds of 
misleading the Dail, Ireland's 
parliament. 

The row began with Mr 
Reynolds’ appointment of Mr 
Harry Wbelehan as president 
of the High Court, a move bit- 
terly criticised by Labour: 

Under fire from Labour and 
opposition parties, Mrs Quinn 
offered her own resignation on 
Wednesday night. It was 
turned down by Mr Reynolds. 

It is widely expected that if 
Mrs Quinn won the nomina- 
tion, Labour would look else- 
where for a new alliance with 
one of the opposition parties, 
leaving Fianna Fail to go into 
opposition. 

The politicians have until 


Tuesday to agree a new gov- 
ernment. after Mr Reynolds 
decided not to seek parlia- 
ment’s dissolution but to try to 
forge a new alliance between 
the existing parties. If he is 
unsuccessful a general election 
will have to be called. 

Mr Ahem represents Dublin. 
Once known as “anorak man" 
because of his dress sense, he 
is respected in business circles 
for his management of the 
economy. 

A former chief whip, he is 
the party rank and file's 
favourite to succeed Mr Reyn- 
olds. As a former trade union 
official, he earned a reputation 
as a negotiator, a skill which 
could be useful if Fianna Fail 
is to form a new alliance. 


An investment yon 
can actually enjoy / 


The Holiday Property Bond 
is a Life Assurance bond 
offering holidays for life. 
Your money is invested in 
holiday property and in 
securities producing income 
to help to pay management 
charges. The Bond can be 
encashed at any time after 
wj years for its then value, 
wliich is linked to the value 
of the holiday properties 
and securities. The unit 
price of the Holiday 
Property Bond is quoted 
daily in the Financial Times. 
However, Investors should 
note that they may not be 
able to realise their invest- 
ment when they choose 
because property in the 
fund may not a'ways be 
readily saleable. At such 
times, the Life Company 
may defer redemption for 
up to twelve months. 
Property valuation is 
generally a matter of the 
valuer's opinion rather than 
tad- There is the potential 
for long-term capital 
growth, but the value of 
investments can go down as 
well as up. 

Ita Mfcte mpm m ■ , ■aS'fMMi •** * 

SflBnMisrtrHiaiikiMic 

UA* attend « to IMnalrto, 

Bate bfimnofto AsM Ifni 

toUrtetor if—pr,i rtn-rf MnUttn! 

KUMWMPBKtoViHMk 

l im SwH rmto toM m toHw HnUri M 

a™ — — *-* i — ,m I. —f- 1- 

wnwn^tol In WWllltonl 

hUMdAi roaa)tMtftK»nli«a 

D^to-bUte, nrtepumim) 

IMhL atMrin ■ 8fplUw.qnaur. 

Unfog Mi * vn nt to. tre nd w C 
l r U»ritn.tannlatol<»toralM' 
oMivblMmNnM 
HU Own, CSS IkmatwO IMMtaia too* 

m l US 8teW.fr* 

fettentf Ar- 

gqratobw dUrrfHa owtetlhtai 
Mtercf UCIBD.S Rtampfr nartor 1 — i bi 

■ft. 

Villa Owners Club Ltd.. HPB 
House, Newmarket, Suffolk 
CBS 8 EH- Tel: 0638 660066 

9IKV0GM 



The 

HOLIDAY PROPERTY BOND 

When yon invest in the Holiday Pr op erty Bond, yon 
own * fin a nci al i nt er e s t in more than 600 luxury 
cottages, villas and. apartments at 24 locations in the 
UK, Europe and America. AH the Bond properties acre 
beautifully appointed, in delightful resorts and near 
to restaurants and shops - everything for the dis- 
criminating actfcatering hoHd a ynufccr. You can use 
them all for your RENT-TREE inflation-protected 
holiday accommodation every year, for life, and you’ll 
never hanre to worry about furnishing, upkeep, 
maintena nc e and letting - it's simpler than ovning a 
villa and more flexible than tuueshare! 

MINIMUM £2,000 INVESTMENT 


> I ItaMvMni 

RKUKE nOUflESMEAmtU - TUB BS0T A HUH* 8f>TU_ 

a nwsHMem ivuamb satoe 

The Holiday Property Bond is one or Europe’s 
fastest-growing property co-ownerships, with more 
than 17,900 Bond ho ld e rs who have collectively 
Invested over £1 12,000,000. 


Please send me details of the HOLIDAY PROPERTY BOND 


Name (Mr/Mrs/Wbs/Ms) . 
Address 


Telephone (Daytime) . 
(Evenlng/Weekcnd) 


, Post Code. 


toi4npmdi«aCr4m*^t*iunL Usubmi 

ii—iS i* r — nfr .t 

(WtfMWf Pyte ao nfcl p uhj Ml » brer bom i 


te* Atfjfrowadilhefl 


te * n . nvrJtS'pq wffd 


NO STAMP REQUIRED Post fth cou p on to; 

Villa Owners Chib Ltd, FREEPOST, HPB House, 
Newmarket, Suffolk CBS 7B8. mw i bum 


A meeting of the parliamen- 
tary members to select a leader 
was adjourned on Thursday 
after news that Mr Wheiehan 
had resigned. 

Mr Reynolds is expected to 
submit his resignation as party 
chief at today's meeting. He 
had been expected to announce 
he was stepping down earlier 
but is understood to have 
delayed the decision in a bid to 
influence the succession. He is 
said to favour Mrs Quinn. 

Mrs Quinn represents Gal- 
way West She has won a repu- 
tation for competent handling 
of the difficult justice portfolio, 
despite a recent slip-up over 
the release of IRA prisoners, 
which she quickly had to can- 
cel after the murder of a 
Newry postal worker in North- 
ern Ireland. 

Investment sought for North- 
ern Ireland, Page 8; Unwel- 
come diversion. Page 10 


By David Buchan in Chartres 

Leaders of France and the UK 
yesterday capped a harmoni- 
ous summit by declaring their 
joint intent to persist with 
peacekeeping in Bosnia and by 
anting to co-ordinate their air 
forces in future peacekeeping 
and humanitarian operations. 

They took their expected 
decision to set up a small plan- 
ning unit of five officers from 
each air force with the long 
name of the “Franco- British 
European Air Group". Based at 
the Royal Air Force base at 
High Wycombe under the ini- 
tial command of a French air 
force general, the unit's task 
will be to draw up require- 
ments and procedures for joint 
peacekeeping actions. 

But UK prime minister John 
Major also went further than 
the French had hoped by 
agreeing to set up with France 


a study of possible UK partici- 
pation. in the Future Large Air- 
craft (FLA), an ambitious proj- 
ect for a new European 
military transport aircraft on 
which Paris sets great store. 


Mr Mitterrand said 
yesterday’s meeting 
took place ‘in the 
best climate for 
several years’ 

Mr Major separated this 
move from the immediate issue 
concerning that “part of our 
[Lockheed] C130 fleet which is 
very near the end of its opera- 
tional life". The option here 
was to either refurbish these 
aircraft or to buy some of the 
newer C130J models, he said. 

He said the FLA study with 
France was “.without commit- 


ment” to Britain's eventual 
decision on its longer-term mil- 
itary transport plans. But “we 
need to see if our economic 
and military interests can coin- 
cide, and if they do we can 
proceed together” with other 
Europeans. 

Deliberately focusing more 
on their mutual defence and 
foreign policy interests and 
less on more divisive internal 
European Union issues. UK 
and French leaders found it 
easy to reach agreement. But 
President Francois Mitterrand 
went out of his way to say 
that, measured by past Franco- 
British summits, yesterday’s 
had taken place “in the best 
climate for several years". 

At a concluding press confer- 
ence, Mr Mitterrand and Mr 
Major both seemed to see the 
European Union's planned con- 
stitutional conference in 1996 
in remarkably similar terms. 


Hie French president said the 
1996 conference “should con- 
centrate on securing the 
achievements of Maastricht, 
before passing on to fresh terri- 
tory", while Mr Major said he 
did not believe it would be “h , 
great leap forward". Mr Mitter- 
rand leaves office next May : 
and he sees Maastricht as part 
of his legacy. 

Clearly anxious not to rouse 
Eurosceptics’ susceptibilities at 
home, Mr Major stressed that 
yesterday’s new defence moves 
were “not some startling inno- 
vation, but a natural develop- 
ment of longstanding co-opera- 
tion” between France and the 
UK. However, the High 
Wycombe command is the first 
joint military organisation 
between the two countries, ft * 
may one day extended to “our 
European partners", UK and 
French defence ministers said 
in a communique yesterday. 


Yeltsin backs reform 


By John ThomhBI In Moscow 

President Boris Yeltsin yesterday 
expressed strong support for economic 
reform in Russia and for the first time 
publicly endorsed tbe austere 1995 
draft budget, which is seen by many 
economists as a prelude to a full stabi- 
lisation plan bnt which ran into fierce 
parliamentary opposition earlier this 
week. 

“Our financial policy is determined 
by the draft budget - it is tongh, but it 
is necessary in our conditions,” he said 
in a speech to artists and writers. 

However, Mr Pavel Grachev, the 
defence minister who is fighting for his 
political life as a result of allegations 


of corruption in the military, later 
launched an emotional attack on tbe 
1995 budget, saying its proposed spend- 
ing cuts put the army “under threat". 

“For the sake of the country's secu- 
rity think about this budget Ask your- 
self - do we need an army? If so, it Is a 
sin to keep it in poverty and half- 
starved,” he told the Duma, the lower 
house of parliament 

Mr Yeltsin’s continuing adherence to 
economic reform had appeared in 
doubt after a recent ministerial reshuf- 
fle which had promoted both conserva- 
tives and reformers In roughly equal 
measure. But Mr Yeltsin said the new 
cabinet members would strengthen 
reform, highlighting the contribution 


and austerity budget 

of its two leading proponents. 


Mr Yeltsin described Mr Yevgeny 
Yasin, the new economics minister, as 
a “top-class professional with a market 
outlook"and Mr Anatoly Chubais, the 
former privatisation chief who was 
appointed first deputy prime minister, 
as a man who would not take a “single 
step away from reforms”. 

But Mr Yeltsin acknowledged tbe 
trauma that economic reform was 
producing in Russia. “If they say that 
for an individual moving house is 
equal to a fire, then for a country 
reforms are like a typhoon," he said. 

“!t is Impossible to live when every 
day on television you watch only 
unpleasant things like the collapse of 


the rouble or petrol stations drying up, 
or see that someone has been killed," 
he added, promising tongh action 
against crime and ultra-nationalist and 
fascist publications. 

The Russian president urged demo- 
crats to unite to overcome these diffi- 
culties and press ahead with reform. 
“What we need is not gifted fairy-tale 
tellers but real changes, new people 
capable of producing these changes," 
he said. 

Mr Grachev said military funding 
was running at about half the 
Rbs37.7bu (£7.3bn) planned for tbe foil 
year. He said the cash shortages had 
resulted in 2,600 young Rnssian offi- 
cers leaving the army this year. 


Flexibility urged on energy 


By John ThomhBI 

Russia could attract more than 
$60bn i£36bm of foreign invest- 
ment in its energy sector if the 
country’s legal and tax regimes 
were more flexible, US and 
Russian experts told an indus- 
try conference in Moscow this 
week. 

Feasibility studies for sev- 
eral giant development pro- 
jects have already been con- 
ducted by foreign companies 
but will never be realised 
unless there is a more predict- 
able and stable investment cli- 
mate, western executives said. 
“There is simply too much 
uncertainty and confusion at 
present," said one US oil com- 
pany director. 

The conference, organised by 
the Russian Energy Ministry 
and the US Energy Depart- 


ment, attempted to resolve the 
legislative and fiscal difficul- 
ties obstructing foreign invest- 
ment. 

Mr Yury Shafranik, the Rus- 
sian energy minister, said 
progress had been made and it 
was recognised that “strict 
rules of the game" had to be 
applied. US representatives 
held out hopes that fresh legis- 
lation concerning foreign 
investment in Russia’s under- 
ground resources could be 
introduced into the Russian 
parliament as early as next 
month. 

Such legislation would face a 
tough passage, because of the 
political sensitivities involved, 
but sources dose to the Energy 
Ministry suggested a presiden- 
tial decree could be used to 
break any legislative impasse. 

Foreign oil companies com- 


plained that one of the main 
deterrents to long-term invest- 
ment was the ambiguous legal 
position of oil ventures, given 
the overlapping jurisdictions of 
administrative and commercial 
law. At present, licences 
awarded- by the Russian 
authorities to develop energy 
reserves fell under administra- 
tive law, which cannot be chal- 
lenged in international courts. 
Western oil companies prefer 
production sharing agreements 
(PSAs), common in other parts 
of the world, which would be 
subject to international arbi- 
tration. 

Russia's confusing tax 
regime, the potential threat of 
an abrupt termination of pro- 
duction rights and the absence 
of a workable system of dis- 
pute arbitration were also died 
as stumbling blocks. 


Some western oil executives 
pnvately expressed dismay at 
the bureaucratic delays they 
had encountered over the past 
few years and doubted that 
new legislation could be 
swiftly implemented. 

“There is still no national 
consensus in Russia on how 
they should exploit their 
energy resources.” said one 
western executive. 

Mr Bill White.' US deputy 
secretary of energy, urged Rus- 
sia to reform Us investment 
legislation speedily, saying an 
international race was under 
way to supply the increasing 
demand for oil “The countries 
which encourage that invest- 
ment and are first will be able 
to sell their production on an 
economic basis and those that 
lag behind will not.” Mr White 
said. 


wi.rwmm am Mem, CS 

£ , , Fr -r fc ij 1 _? h * J - Waller Brae 
H- * Bft-I. C 01 '" A- (Gera 
GwchaJWuhrer and in Lout 
David CM. Be!! and Alan C. 
Printer. DVM Drock-Vertricb uu 
ketmg GmbH, Admiral-Roa 

Ncu ' Isc > lbu {S 

r Rejponsbte Editor: I 

Uunbcrt. c/o T^c Financial Tun 
Itod. Numter One Southwark 
London SHI 9 HL, UK_ Shamho 
(he Financial Times (Europe) 
F^wnal Times (Eurof 

SF* “rationed two companies 

»wstra 

r ? 4 *? ft™ <■* R »voli, F -7504 
Cedcx Ol . Telephone fOli 429: 

R “* dc Caire, F 

ten. ISSN: ISSN 1J4S-27S3. G 
Slon Pantnlre No 6780SD. 
DENMARK: Financial Times (Sc 



FINANCIAL 


T, MfcS WEEKEND NOVEMBER 19/NOVEMBER 2u IWM 


3 


US trade gap 
widens as 


Trade in 
pollution 
credits 


exports fall 


By Nancy Dunne in 
Washington 


A slowdown in US experts 

S«p t m? b t r j elped push tl 

US merchandise rrade defic 

from Sl-Ubn <£S.5hni i 
August to Sl4.6bn. its secor 
aig'hesi level since 19S7 tl 
Commerce Department sai 
yesterday. 

Exports of goods and se 
vices declined during tl 
month, dropping from S59.9b 
in August to S 59 . 7 bi 
Merchandise imports aJs 
declined slightly - frm 
»8.2bn to $58.1 bn, and senit 
imports rose from $ 11.4 t 
Sll.Tbn. 

Although economists attr 
bute the growing deficit t 
macroeconomic factors, men 
bers of Congress will seek t 
use the trade gap as ammun 
tion to attack the Urugua 
Round legislation when it goe 
to a vote later this monih. 

Senator BjTon Dorgan, 
North Dakota Democrat and a 
opponent of the Gatt deal, ve- 
terday called a press confei 
ence to complain "the currer 
trade strategy is producing los 
jobs and lower Incomes fo 
American workers." 


The US Chamber of Com- 
merce said exports to US part- 
ners in the North American 
Free Trade agreement were 
growing at a rate of 14.4 per 
cent. “Unless the Congress 
gives the US and world econo- 


mies a shot in the arm by pass- 
ing that Gatt Uruguay Round 
Agreement, future trade data 
reports will just be more of the 
same." the chamber sold. 

The Clinton administration 
has made exports the centre of 
its economics and trade poli- 
cies While exports of goods 
jumped by s.9 per cent in 
August, they have declined in 
two of the past three months. 

Exports of semiconductors, 
computers accessories and tele- 
communications are booming 
- up almost 22 per cent in last 
year - but imports of these 
products grew at a rate of 26 
per cent. 

The deficit with Japan 
showed a rare decline, from 
S5.9ba to $5.4bn. as imports of 
cars and car parts declined by 
Sl.2bn- Japan and China still 
made up the bulk of the trade 
deficit although their share 
over the past year has shrunk 
from 70 per cent to 63 per 
cent 

Most economists expect an 
improvement in the trade gap 
next year. In a commentary, 
Merrill Lynch said: "Countries 
like Germany and Japan are 
emerging from a period of eco- 
nomic malaise and should con- 
tinue to grow. That global 
pickup in economic growth 
rates will allow VS exports to 
rise while our domestic 
demand slows." 


BP to pay $1.4bn 
tax to Alaska 


By Robert Condne 

British Petroleum yesterday 
ended a long-running tax dis- 
pute with the state of Alaska 
by agreeing to pay $1.4bn 
(£850m) in back taxes. 

The settlement ended a dis- 
pute which had clouded rela- 
tions between BP and Alaska, 
one of its most important oper- 
ating locations. BP'S fields on 
Alaska’s North Slope account 
for about 40 per cent of the 
company's worldwide output 

The dispute centred on oil 
and gas production taxes paid 
by the company between 
1979-91 and its 19784J8 state 
income taxes. 

It arose over different inter- 
pretations of wellhead prices 
and the cost of transporting 
oiL The state contended that 
BP and other companies oper- 
ating in Alaska, such as Arco 
and Exxon, understated well- 
head prices and overestimated 
transportation costs, thus low- 
ering their tax liability. 

Mr Walter Hickel, Alaska's 
governor, said the agreement 


represented an “equitable reso- 
lution of all significant tax dis- 
putes between the company 
and the state.” 

It is thought that Alaska's 
original claim against the com- 
pany was as high as $3bn. 

BP declined to comment on 
how much tax relief it might 
qualify for, but US analysts 
said it should receive substan- 
tial federal tax relief on the 
$L4bn settlement That could 
cut Bp's net payout by more 
than half, to around 9630m. 

Company officials said ade- 
quate financial provisions bad 
already been made. They pre- 
dicted that the settlement 
would not affect BP'S profits. 

The settlement calls for BP 
to pay Alaska in three instal- 
ments. A payment of $700m is 
due at the end of December. 
Two further payments of 
S35Qm each are due at the end 
of 1995 and 1996. 

The company said other 
teams were confidential. It had 
obtained a limited waiver to 
announce that a settlement 
had been reached. 


extended 

By George Graham in 
Washington 

Two US electric utilities 
yesterday signed an agreement 
to trade pollution credits, 
which for the first time places 
a market value on reductions 
in emissions of carbon dioxide. 

Arizona Public Service, the 
largest utility in Arizona, will 
exchange 25.000 tons of sul- 
phur dioxide emissions 
allowances for 1.75m 
tons of carbon dioxide reduc- 
tions from Niagara Mohawk 
Power, which supplies electric- 
ity and gas in northern New 
York state. 

Sulphur dioxide emission 
reductions are mandated by 
law, and a market system has 
been set up to allow 
utilities which exceed 
their reduction targets to 
trade the surplus. Emission 
allowances are currently trad- 
ing between $143 (£87) and 
S160 per ton. 

Reduction or carbon dioxide 
emissions, however, is a vol- 
untary commitment that only 
a handful of utilities have 
made to the department of 
energy as part of a programme 
1 to meet the Rio de Janeiro 
Earth Summit agreement to 
reduce emissions to their 1990 
level by 2000. 

Yesterday’s deal, sponsored 
by the department of energy, 
sets a rough value of 82 per 
ton on reductions in carbon 
dioxide emissions. 

The deal provides for Ari- 
zona Pnblic Service to transfer 
25,000 tons of snlphor dioxide 
allowances, which it does not 
need because the installation 
of new scrubbers has cut its 
pollution well below target, to 
Niagara Mohawk. 

The New York utility will 
then donate the allowances to 
a non-profit organisation to be 
permanently retired, and 
claim a tax deduction of 
around Sim on the charitable 
gift. That mosey will be spent 
on further projects to cut car- 
bon dioxide pollution both in 
New York state and outside 
the US. 

A direct donation ol Niagara 
Mohawk’s carbon dioxide 
reductions would probably not 
have been allowed as a chart- j 
table deduction by the internal 1 
revenue service because, , 
unlike sulphur dioxide, there 
is no defined market 
value for greenhouse gas 
reduction. 

Arizona Public Service 
expects not to have to emit the 
extra 1.75m tons of carbon 
dioxide, but plans to keep the 
reductions as an insurance 
policy in case energy demand 
grows so fast in the booming 
Arizona economy that it 
would not otherwise be able to 
meet its voluntary commit- 
ment to the energy department 
to cat greenhouse gas emis- 
sions. 


DC faces federal takeover 
as bankruptcy nears 


By Jurek Martin In Washington 

The federal government may be forced to take 
over the virtually bankrupt District of Colum- 
bia, according to reports circulating in Washing- 
ton. 

The hardest evidence of such a prospect came 
in a television interview aired on Thursday 
night with Mrs Eleanor Holmes Norton, the DC 
delegate to Congress. She advised city employ- 
ees who qualify for a job - buy-out "to take it and 
run, you're playing with fire”. 

The Washing ton Times also reported that the 
General Accounting Office, acting at the request 
of two Democratic congressmen, had begun a 
review of the history of previous examples of 
federal rescues of financially strapped cities, 
including the precedent of New York in the 
mid-1970s. 

Among several options under consideration 
by the independent federal agency, the newspa- 
per said quoting the GAO, were a complete 
federal takeover of the city's affairs or the 
appointment of a federal board of directors to 
oversee civic finances, as happened in New 
York. 

Mr Marion Barry will return as mayor m 


January with virtually no cash in hand and 
with little choice but to pursue even harsher 
budget-cutting measures than those instituted 
by the outgoing mayor, Ms Sharon Pratt Kelly. 

Even with such measures, it is considered 
certain that DC would need to raise money on 
.the capital markets, where it enjoys little confi- 
dence, or ask the federal government for assis- 
tance. 

Among Ms Kelly's proposals - and the subject 
of Mrs Norton’s reference - are incentives to 
city employees to take early retirement. This 
programme is now calculated to save $20ra 
(£12. 5m) well short of the S140m original target. 
The city government is also considering asking 
federal authorities to take over management 
and costs of the prison in Lorton, Virginia. 

Compounding DC’s problems is the uncertain 
relationship between Mr Barry, whose three pre- 
vious terms in office from 1979-90 are generally 
seen as having wrecked city finances, and the 
new Republican Congress. Mr Newt Gingrich, 
the likely next Speaker, has already proposed 
abolishing the House district committee which, 
under the Democrats, had at least proved a 
sympathetic, if often critical, forum for the 
mayor and the city council. 


Brazil buys 7 UK warships 


By Angus Foster In Sao Paulo 

Brazil’s navy is to buy seven 
ships from Britain for about 
ElOOm in the second large anus 
deal between the two countries 
this year. 

Brazil is buying four type 22 
frigates and three river class 
minesweepers which the Brit- 
ish navy put up for sale earlier 
this year. The frigates, built 
between 1976 and 1980, are no 
longer needed following the 
post-cold war fleet reduction. 

In January this year West- 
land, the UK helicopter maker, 
won a ElSOm order for nine 
Super Lynx helicopter from 
the Brazilian navy. British offi- 
cials hope the Brazilians will 


choose Westland again when 
they equip the newly acquired 
frigates. 

The frigates are the Broad- 
sword, Brazen, Brilliant and 
Battleaxe and will be delivered 
over the next three years. The 
minesweepers Humber, Helms- 
dale and Ribble will be deliv- 
ered next year. 

Several of the world's lead- 
ing arms exporters are looking 
at Brazil as a potential growth 
market, even though Its armed 
forces budget has suffered 
horn years of cutbacks. Mr Wil- 
liam Perry, the US Secretary of 
Defence, visited Brazil this 
week to discuss a number of 
potential defence contracts and 
Brazil is also looking to Russia 


and China for limited arms 
purchases. 

The British deal marks the 
end of a year of increased con- 
tact between the two countries, 
restoration of British export 
credit cover and several British 
ministerial visits to Brazil, 
including that of Mr Douglas 
Hurd, foreign secretary, in 
April. Britain is also close to 
finalising an extradition treat}’ 
with Brazil and discussions 
have started on a double taxa- 
tion treaty. 

The contract was signed by 
Brazilian vice-admiral 
Armando de Senna Bittencourt 
and Mr Michael Robinson, 
assistant director of the UK's 
Defence Export Sales Office. 


★ 


NEWS: THE AMERICAS 

Deep-freeze for Canada’s ice hockey 

Bernard Simon on a salary dispute which has brought the sport to a halt 


F or the eighth Saturday 
in a row. millions of 
Canadians will be at a 
loose end tonight. They would 
normally be glued to television 
watching hockey night In Can- 
ada. the Canadian broadcast- 
ing corporation’s most popular 
programme. 

But the North American ice 
hockey season has yet to start 
Owners of the 26 US and Cana- 
dian teams which make up the 
national hockey league (NHL) 
locked out the players on Sep- 
tember 30 alter failing to per- 
suade them to accept curbs on 
their rocketing salaries. 

No settlement is yet in sight, 
despite numerous meetings 
between the owners and the 
pkiyers’ union. 


The season may be called off 
altogether if there is no break- 
through within the next three 
or lour weeks. A similar pay 
dispute forced the cancellation 
of part of this year's 
baseball season, as well the 
world series baseball champi- 
onship. 

While the labour dispute 
may be an annoyance far fans, 
many businesses, big and 
small, are counting more tangi- 
ble costs. 

Molson, the diversified brew- 
ing group whose entertainment 
subsidiary produces hockey 
night in Canada and which 
owns the champion Montreal 
Canadieus, estimates that it 
will lose CSlOm-CSllm (£4.4m- 
£4.9m) in operating profit, even 


if a shortened season starts on 
January 1. The loss would dou- 
ble if the entire season is can- 
celled. 

Among other public compa- 
nies with a stake in the dispute 
are ITT. the US conglomerate, 
which owns the New York 
Rangers through its interest in 
Madison Square Gardens, 
where the Rangers play their 
home games. 

Walt Disney owns the Anah- 
eim Might}' Ducks, one of sev- 
eral teams in California and 
Florida which have helped ice 
hockey to migrate in recent 
years as far south as the Sun 
Belt 

As with the baseball strike, 
TV revenues have been among 
the heaviest casualties. The 


NHL, which has been strug- 
gling for years to gain expo- 
sure on US mainstream televi- 
sion, recently signed a $200m 
five-year deal with Mr Rupert 
Murdoch's Fox network. 

The dispute will need to 
be resolved soon if Fox's 
first hockey broadcast, 
the annual All-Stars game, is 
to go ahead as scheduled on 
January 21. 

The players are also big los- 
ers. Their union estimates that 
its members earned a total of 
around C$500m last year. Sev- 
eral stars are in the C$2m- 
C$3m a year bracket. 

Finding another job has not 
been easy. One Anaheim 
player is publishing a chil- 
dren's book. The St Louis 


Blues’ goal-tender has started 
flying lessons. Another player 
has signed up for a financial- 
planning course. 

About 40-50 players, mostly 
Russians. Finns, Czechs and 
Swedes, have returned to 
Europe, where they can not 
only play hockey, but play it 
without the violent brawls 
which have become part of the 
game in North America. 

Most people’s sympathy, 
however, lies with neither 
greedy owners nor overpaid 
players, but rather with thou- 
sands of entrepreneurs - hot- 
dog vendors, souvenir peddlers 
and taxi drivers, for instance - 
who have lost a big chunk of 
their livelihood and have little 
to fall back on. 


Argentina bans new public spending for 1994 


By David Pilling in Buenos 
Aires 

All new spending by the 
Argentine public sector for the 
rest of 1994 stopped yesterday 
following a presidential decree 
banning all expenditure that 
had not already been approved. 

The S1.3bn that the measures 
are expected to save will be 
used to pay pensions and 
Christmas bonuses to Argen- 
tina’s 3£m retired people. The 
cuts - said to include a virtual 
ban on travel and on the sign- 
ing of new government con- 
tracts - will enable Argentina 
to finance its social security 
deficit without the need to bor- 
row, according to Mr Domingo 
Cavallo, the economy minister. 

Earlier in the week, Mr 
Cavallo had threatened to 
unleash “savage” budgetary 
cuts if Congress failed to pass 
legislation requesting emer- 
gency funds and incorporating 


measures to curb future social 
security payments. Signs that 
Congress was unlikely to pass 
this legislation quickly 
prompted Mr Cavallo to act. 

Mr Cavallo said cuts were 
necessary ’to offset the excess 
spending of this year.” With 
only 43 days of 1994 remaining 
it is “safe to assume that 
money not yet spent is not now 
needed or that, if it is required, 
it can wait until January l.” he 
said. 

Mr Cavallo blames the dete- 
rioration of the fiscal account, 
which showed a deficit for the 
third quarter • the first in more 
than two years - on a spate of 
court decisions backing pen- 
sioners’ claims for higher pay- 
ments. undermining govern- 
ment attempts to uncouple 
pensions from indexes of his- 
toric inflation and current 
wages. Without such adjust- 
ments. officials say, the pen- 
sions system faces bankruptcy. 


Some however feel the econ- 
omy ministry is exaggerating 
the significance of pension pay- 
ments to mask spending lax- 
ities in other areas. Mr Cavallo 
himself admitted to visiting 
foreign investors recently that 
he was deliberately raising the 
stakes in order to persuade 
cabinet and Congress to accept 
cost-cutting legislation. “If I 
say that the deficit is manage- 
able then everyone will come 
to the ministry asking for more 
money,” he said. 

Such arm-twisting is not 
without its dangers. In empha- 
sising fiscal problems to a 
domestic audience, Mr Cavallo 
risks alarming foreign Inves- 
tors. Last month, Argentina 
had to pay 350 basis points 
above US treasury bond prices 
for a sovereign five-year bond 
issue, considerably more than 
expected and a sign that inter- 
national confidence in Argen- 
tina has waned somewhat 



Cavallo: bring to put his financial house in order Ton**™*** 




In futures and options, you’re not solid unless you’re liquid. 

LIFFE’s dominance in Deutschmark derivatives offers you the consistent strength, depth 
and liquidity you need to control risk in your portfolio. 

Over 1 60,000 Bund futures contracts are traded on average every day on LIFFE’s trading 
floor - over 70% of the world market. 

For Bund options and Euromark contracts, LIFFE’s 98% market share ensures that 
supply meets demand with maximum efficiency and flexibility. 


For further information, contact our Business Development department 
on 071 623 0444. 


LIFFE. The Deutschmark Futures and Options 
Capital of the World. 


The London International Financial 
Futures and Options Exchange 



/ 

r 

tr 






4 







NEWS: INTERNATIONAL 


FINANCIAL TIMES WEEKEND NOVEMBER 19/NOVEMBER . • 


Mr Mugabe lets slip an unsettling aside 

The whites’ seizure of Africa’s wealth is too recent for blacks to ignore, writes Michael Holman 


I t was just one phrase in a 
four hour debate about 
“indigenisation of the Zim- 
babwe economy”, but Robert 
Mugabe may come to regret it. 

Some Zimbabweans, he 
suggested at a conference this 
week, are "more indigenous 
than others”. 

When he went on to draw a 
distinction between what he 
called “the indigenous indige- 
nous” and the merely “indige- 
nous", Zimbabwe's president 
made no mention of colour. 

But the delegates knew per- 
fectly well what he meant. 

The former are the lim 
black Zimbabweans. The latter 
are the 100,000 or so whites, 
some of whom proudly boast of 
being third generation “white 
Africans”, but most of whom 
go back no further than the 
wave of immigrants from post- 
war Britain. 

Nearly 15 years after inde- 
pendence in 1980. the economic 
Unbalance has barely begun to 
be redressed. 

The numbers of whites has 
fallen from the pre-indepen- 
dence peak of 275,000, but 
those that remain still control 
most of commerce and indus- 
try, and about 80 per cent of 
the 4,000 commercial farms. 

Judging by his wry smile, Mr 
Mugabe was fully aware of the 
Orwellian undertones to his 
comment. Nothing he said, 
before or after, suggested that 
be was threatening the white 
minority with second class dti- 


Indeed, on several occasions, 
Mr Mugabe cooled emotions, 
arguing at one point that the 
post-independence generation 
of whites would be more inte- 
grated than their parents, and 


repudiating a speaker who - 
partly in jest, it should be said 
- suggested it might be neces- 
sary to return to the bush, to 
win the battle for black control 
of the economy. 

Furthermore, many of the 
speakers seemed not so much 
resentful of whites' dominance 
of the economy, as critical of 
what they saw as the govern- 
ment's failure to provide suffi- 
cient venture capital and man- 
agement training programmes 
for black entrepreneurs. 

But Mr Mugabe's aside could 
nevertheless prove dangerous. 

Whether he sanctions it or 
not, there is a danger that in 
the run-up to next year's elec- 
tion. officials of the ruling Zan- 
u-Zapu coalition may be 
tempted to play the populist 
card in an attempt to divert 
attention from the govern- 
ment's shortcomings. 

Widely regarded as corrupt, 
with many senior army offi- 
cials. ministers and senior civil 
servants known to have 
enriched themselves through 
business and property deals 
over the years, the r uling coali- 
tion is expected to win the poll 
by defeult, such is the calibre 
of a fractious and poorly led 
opposition. 

It is a tactic that may well 
appeal to the hundreds of thou- 
sands or frustrated youngsters 
in a well-nigh hopeless search 
for work, in an economy where 
the pain of structural adjust- 
ment is more apparent than 
the benefits. 

At least 20,000 workers have 
been laid off since economic 
reforms started in 1991. Every 
year more school leavers join 
the ranks of the unemployed. 

Black resentment goes 


deeper than this, however, and 
goes to the very heart of the 
country's creation. 

The foundations of white 
economic power were laid 
barely a hundred years ago, 
consolidated by victory in 
what the white settlers called a 
“rebellion” and what their 
adversaries saw as the first 
“chimurenga" or war of libera- 
tion in 1896-7. 

In 1890 Cecil John Rhodes’ 

‘We have to 
pay those 
those who 
seized land 
from us, 
though they 
did not 
pay us’ 


British South Africa Company 
acted on its belief that what is 
now known as Zimbabwe con- 
tained gold reefs as rich as 
South Africa’s Witwatersrand. 

Promising each settler 15 
gold claims mid 1,200 hectares 
of land, it recruited what most 
historians would call an “inva- 
sion force” but which white 
“Rhodesians” to this day refer 
to as “the pioneer column''. 

Two hundred whites 
enlisted, and the expedition set 
out in June that year from 
northern Bechuanaland (now 
Botswana), in the direction of 
what is today Zimbabwe’s 
Mashonaland province. 


Three months later the Brit- 
ish flag was raised on the site 
of Salisbury, now Harare. Thus 
Rhodesia, now Zimbabwe, was 
born - but not without a fight 
for supremacy. 

The first of two battles 
between the settlers and the 
African people was was soon to 
begin. 

On March 20, 1896, the Nde- 
bele began their war fumvu- 
kela”) against white rule, ris- 



ing In the south; in June, the 
Shona people in the north fol- 
lowed suit, launching their 
campaign, or “chimurenga", 
and in one week killing 100 set- 
tlers. 

But by the end of 1897 it was 
over, African spears were no 
match for Europe's rifles. The 
last defenders held out tn 
caves. Some were starved into 
submission. Others died when 
sticks of dy nami te were tossed 
into the caves. The first chimu- 
renga was over, but it was not 
forgotten. 

After the first war for inde- 
pendence, the victors seized 
the spoils in a process which 


continued into the 1950s. 

Between 1908 and 1915 the 
company put 15m acres of the 
country's best land into settler 
hands, establishing the pattern 
for today's whitoowned com- 
mercial farm sector. 

Later, under the pretext of 
preventing overstocking on 
land designated for “natives”, 
cattle were impounded, more 
than a million head between 
1946 and 1950. with many 
resold cheaply to white fann- 
ers. 

The whites obtained mining 
concessions of questionable 
validity for themselves. The 
whites who negotiated them 
may well have misled the local 
chiefs about the significance of 
the concession documents they 
signed. 

Meanwhile Africans were 
effectively coerced to provide 
the labour to develop the con- 
cessions through the imposi- 
tion of a compulsory hut tax. 
which most were only able to 
pay if they worked in the 
mines. 

As recently as the years after 
the second world war, more 
than 100,000 people were 
evicted from white-owned farm 
land. 

Notwithstanding this back- 
ground, the government has 
moved cautiously. But Mr 
Mugabe, referring to the gov- 
ernment's programme of land 
redistribution through pur- 
chase of white farms (only a 
handful so far) can be forgiven 
if there was an undertone of 
anger in his comment to the 
conference this week.' “We 
have to pay those those who 
seized it from us. though they 
did not pay us." 

Some 70 years after the first 


chimurenga, the spirit cS the 
time and the leaders of the day 
were evoked when black Zim- 
babweans again went to war. 

Ian Smith’s unilateral declar 
ration of independence in 
November 1965, an assertion of 
continued minority rule in 
defiance of Britain, was to 
prove the signal for the second 
chimurenga. This time the set- 
tlers were defeated, and deeply 
apprehensive about their fete 
as it became clear Robert 
Mugabe had won the 1980 inde- 
pendence elections. 

But the man vilified for 
years as a “communist terror- 
ist” was magnanimous and 
compassionate in victory, 
appealin g for racial reconcilia- 
tion in a speech that rescued 
the country from the risk of 
post election turmofl. 

But the political victory has 
done comparatively little to 
alter the structure of owner- 
ship of the economy. Nor, 
given the government’s limited 
re s ources, and the constraints 
of today’s world, can the gov- 
ernment do much about it 

As Mr Mugabe wryly 
remarked during Wednesday's 
debate, times have changed 
since the days of the first chi- 
murenga: “We are behaving 
like gentleman, and acting 
gradually." he said. 

Zimbabwe's whites may not 
see it that way. Nor, one sus- 
pects, may foreign investors. 
And as for the tm patrpnf black 
Zimbabweans, particularly the 
rlrggmnt-1i»H youth, they might 
argue that it is time their gov- 
ernment stopped behaving like 
gentlemen. 

Either way, Mr Mugabe may 
be reflecting, he cannot win. 


Japanese institutions forsake 
the world’s investment markets 


By Gerard Baker in Tokyo 

Japan's life insurers, among 
the world’s largest institu- 
tional investors, and once the 
most aggressive in pursuing 
investment opportunities over- 
seas. put almost no money into 
foreign securities in the six 
months to the end of Septem- 
ber, a leading industry official 
said yesterday. 

Mir Takahide Sakurai, chair- 
man of the Life Assurance 
Association of Japan, said life 
insurers had poured all of the 
net increase in their assets 
during the period into 
long-term domestic fixed inter- 


est securities, loans and yen- 
denominated public and corpo- 
rate bonds. They had also 
transferred money from 
short-term funds into those 
instr ume nts 

Mr Sakurai's remarks con- 
firm unofficial reports that the 
insurance companies' have 
continued to abstain from 
investing abroad so far this 
year. That abstention has been 
a principal factor in the 
strength of the Japanese yen in 
foreign exchange markets. 

In the first half of the cur- 
rent financial year, which ends 
next March, the life insurers’ 
total assets increased by about 


75 per cent from a year earlier, 
Mr Sakurai said. But while 
domestic stock investment was 
“neutral", there had been 
almost no overseas investment. 

In the 1980s, as Japanese 
savings increased rapidly and 
the insurance market was lib- 
eralised, life insurance compa- 
nies invested heavily in over- 
seas securities. Between 1986 
and 1990, their holdings of for- 
eign securities quadrupled, 
reaching Yl7,800bn (£112bn), 
more than 15 per cent of their 
total assets. 

Since then, following heavy 
losses on both fixed interest 
and equity investment, mainly 


as a result of a rising yen, they 
have scaled back their invest- 
ments abroad, and for the last 
three years have been repatria- 
ting funds. This year their 
portfolio of foreign securities is 
expected to fall to close to 10 
per cent of their total assets. 

Mr Sakurai said the life 
insurers, who will report their 
half-year results later this 
month, would not see an early 
recovery in their earnings. 

“We still can’t see the bright- 
ness in the economy", so often 
referred to in official govern- 
ment economic reports, he 
said. 


■■ * 7 -. 

■tyxS/xr.' 



Nepal’s Communist party president Man Mohan Adhikary, 
adorned with garlands during an election victory parade yester- 
day. His party is poised to lead a coalition government 


Bloodshed in Gaza Strip prompts growing fears of Palestinian civil war, reports Julian Ozanne 

Arafat on ropes as peace process comes under fire 


Y esterday's violence in 
the Gaza Strip has 
underlined the growing 
crisis in the Israeli-Palestinian 
peace process and raised the 
threat of a Palestinian civil 
war. 

The simmering tension 
between Mr Yassir Arafat's 
authority and his Islamic oppo- 
nents erupted into full-scale 
bloodshed, raising serious 
doubts about the stability of 
the self-rule experiment 
Palestinian police yesterday 
were forced to open fire on 
anti-Arafat Islamic demonstra- 
tors illustrating the extent to 
which the Islamic opposition 
has become a real challenge to 
the authority of the Palestine 
Liberation Organisation on the 
streets of Gaza. 

Political observers believe 
Mr Arafat is on the ropes with 


the fragile political support 
base for the peace agreement 
eroding daily. Palestinians are 
losing faith in a process which 
shows no sign of addressing 
their grievances - the end of 
Israeli occupation of Palestin- 
ian land; right of return of Pal- 
estinian refugees and improve- 
ment in living conditions. 

Hours before yesterday's 
clashes, Mr Terje Larsen, UN 
under-secretary general 
responsible for Palestinian ter- 
ritories said: “If there is no 
change immediately, there will 
be more killing more 
blood.. .My assessment is that 
both the peace process and the 
legitimacy of the Palestinian 
authority are losing ground 
da; by day and the reason is 
that nearly nothing has been 
delivered on the ground.” 

Instead of trying to shore up 


Mr Arafat’s rule, Israel contin- 
ues to undermine the PLO 
leader, fuelling the opposition. 
A partial closure of the Israel- 
Gaza border remains in place, 
preventing thousands of Pales- 
tinians travelling to jobs in 
IsraeL 

The peace process is at least 
nine months behind schedule 
and Israel shows no recogni- 
tion of the danger of further 
delay in handing over the still 
occupied West Bank to Pales- 
tinian rule. Palestinian prison- 
ers remain in Israeli jails 
months after Israel promised to 
release them and Israel is forc- 
ing Mr Arafat to go to war 
with the Islamic extremists by 
linking further progress in 
peace negotiations to a crack- 
down on Hamas and Mamin 
Jihad, the two main Islamic 
Palestinian groups. 


The failure of the peace pro- 
cess to meet Palestinian griev- 
ances has created a fertile 
ground for Mr Arafat’s Islamic 
critics who are increasingly 
confident and determined to 
meet his crackdown by force. 
They successfully portray him 
as a "poodle" of Israel doing its 
dirty work. 

Israel refuses to accept the 
Palestinian view that there is 
no military option against 
Hamas and Islamic Jihad. 
Although Gen Nasr Yussuf, the 
Palestinian military strong- 
man, has been spoiling for a 
fight with the Islamic opposi- 
tion, Mr Arafat’s political 
advisers have warned against a 
conflict that could erupt into 
civil war with no guarantee of 
victory. Both groups are well 

disciplined and maintain s mall 
tightly knit underground mili- 


tary wings willing to carry out 
suicide attacks in the name of 
Islamic glory. 

Hamas and Islamic Jihad are 
bound to exploit yesterday's 
shootings by Mr Arafat's secu- 
rity forces, using them to 
accuse the Palestinia n leader 
of acting as an instrument of 
Israel's security agenda. They 
are also likely to strike back, 
further escalating the tension 
and violence. 

Israel's refusal to honour the 
timetable and the commit- 
ments of the peace accords is 
also fuelling division inside the 
PLO and Mr Arafat’s Fatah fac- 
tion. This week’s PLO execu- 
tive committee meeting in 
Gaza was attended by only 
eight of the 18 members. Two 
of the most senior Fatah offi- 
cials - Mr Farouk Kaddouml 
and Mr Mahmoud Abbas, the 


architect of the peace agree- 
ment - refused to attend and 
are increasingly critical of the 
implementation of the deal 

Mr Suleiman Najjab, one of 
the PLO executive committee 
members who refused to 
attend the meeting, said a 
majority favour a review of the 
entire experiment, given 
Israel's refusal to implement 
the accords. 

Israel will welcome yester- 
day’s events as a sign of Mr 
Arafat's willingness to con- 
front extremists, but the dan- 
gers of its policy are apparent. 
Israel's apparent dete rminati on 
to force Mr Arafat into conflict 
with Islamic groups could irre- 
trievably weaken the PLO and 
leave Israel with no other part- 
ner to negotiate with but 
Hamas and Islamic Jihad 
which oppose a Jewish state. 


This announcement appears as a matter of record only. 

New Issue September 1994 


¥13,000,000,000 

sabena 


O 


Sabena Interservice Center, S.A. 

4.50 per cent, (p.a.) Senior Unsecured Notes 
due 29 September, 1997 

Guaranteed by 

Sabena S -A. 

Arranged by 

Merrill Lynch International Limited 


Kenya central bank to 
halt widespread fraud 


By Leslie Crawford in Nairobi 

The Central Bank of Kenya is 
introducing new banking regu- 
lations, including the vetting 
of directors and managers of 
commercial banks, to prevent 
the recurrence of fraud and 
other financial malpractices 
which robbed it of hundreds of 
millions of dollars last 
year. 

The Kenyan parliament is 
expected to approve amend- 
ments to the banking act next 
week which will allow the cen- 
tral bank to scrutinise the 
“moral and professional suit- 
ability of persons proposed to 
manage or control financial 
institutions”. The bank will 
have the power to withdraw a 
bank's trading licence if it is 
not satisfied. 

Another amendment aims to 
end the practice of "insider 
lending” - through which the 
owners of some Kenyan lante 
help themselves to cheap 
credit - by lowering a bank's 
maximum permitted exposure 
to a single borrower from 100 


per emit of shareholders' capi- 
tal and reserves to 25 per 
cent 

Mr A Wangoria, director of 
the central bank's supervision 
department, believes the 
reforms will bring more pro- 
fessionalism to Kenya’s finan- 
cial sector. 

“Twenty-eight banks have 
failed in the past 10 years,” Mr 
Wangoria said. “They all had 
weak boards of directors, who 
knew little about banking. 
There was also a lot of mis- 
management insider lending, 
and few of the banks were 
properly capitalised. 

“If we want a stable banking 
system," he said, “we most 
start by ensuring that the 
board of directors, main share- 
holders and managers of 
banks are competent profes- 
sionals.” 

The antral bank recorded a 
net loss of 4.5bn shillings 
(£42m) in the financial year 
which ended in June 1993, 
partly as a result of making 
large unsecured loans to three 
local banks which have since 


been liquidated. 

Known as "political banks” 
for their ties to influential 
Kenyan politicians, the banks 
bad acted as conduits for gov- 
ernment fluids to ensure sup- 
port for the ruling Kanu party 
in the run-up to the 1992 gen- 
eral elections. 

After the elections, the 
"political banks” ran into 
severe liquidity problems, and 
used their Influence to obtain 
irregular credit from the cen- 
tral bank. 

Mr Micah Cheserem, who 
took over as governor of the 
central bank after the losses 
were incurred, is still trying to 
recover some 6bn shillings of 
monies owed to the central 
bank. 

Not only were the loans 
unsecured; Mr Cheserem 
believes there was also a con- 
spiracy to defraud the bank. 
Senior treasury and central 
bank officials are under inves- 
tigation. The owner of one of 
the banks liquidated last year 
is in detention awaiting 
trial. 


INTERNATIONAL NEWS digest 



s unions 


may 




•-> • 


Italian trades iminngTiinted they could call off a general strife 
after the defeat oTa government plan to trim p^sdori costfc' 
Opposition forces on Thursday joined forces wttfrthe Northfii^ 
League - a member of Prime Minister SMo BafosttHifk 
coalition - to defeat the government’s pensions measuro in mp 
Chamber of Deputies (lower house). .'lbs &feated: meatus 
would have cut tiie cundflative entitlement .to penacag to.;VE>, 
per cent for each year of a worker's salary from twu,per r p«a; 
starting in 1996. . -V .V V 

Next year's austerity budget, deigned to reauce tne oimg ef 
deficit by L48,000bn (filflhn) has brou^it , 'relations . betweta 
lntinns aM government to their lowest point for aj tecafle. 
Unions have called a general strike for December 2to protert 
against the government's plans to trim the budget by reifocfeg: 
pensions spending. But on Friday, Sergio D’Antom r _head.tit 
the C9SL union grouping, Hintwi the unions oould caH pff tfee 
strike if the government accepted their proposals to -modify- 
strlngent pension reform proposals. Reuter, Borne • / 

Hong Kong rates to rise ; ^ ; 

Ranks in Hong Kong yesterday said they vrouid raise tending 
and deposit interest rates 5y0.75 percentage pointe anMfaiday 
in response to the move this week by the US FederaLreserve 
to Hgfiton monet ary policy. Hong Kong's dollar has be en fixed 
against its US counterpart since 1983 and the authorities^^ 
little option but to move official and bank rates higher to 
preserve the link. On Tuesday the US Fed increased its Fed 
funds rate by 0.75 points to 5.5. par cent The colony's hew 
hank rate will be 8^ per cent - the highest level since late; 
199L The Wfmgknng Bank said it will raise residential; mort-- 
gagfr costs to between 1035 per cent and 10:75 pec cent. The 
prospect of higher borrowing costs unsettled the focal stock 
maricftt where share prices were mariced down •sharplyr'in 
spite of the widespread expectation of an imminent rate bike. 
The Rang Seng tn<tey of 1 wafting - Hong Kong stock ended 904JT 
lower at 9,427.44 on anemic turnover of HK$2-43bn_Stmon fibf- 
berton. Bong Kang ’.it 

Mobile phone price wax fear " 

Hong Kong is to go ahead with plans to issue up to id new 
wrhtio talpphnrw licences, despite 'criticism from existing 1 pro-, 
riders and analysts that the move could lead to price wars amL 
lower standards of service. The decision, yesterday; foltowsHa;- 
lengthy consultation process that began when industry views 
were solicited in Febniary. Hong Kong has no bars on foreign 
ownership, and since the proposal to expand the market was 
first mooted. Mg industry players from across the world haver 
made exploratory trips to the colony: Maze than UOQ applies 1 
turn documents were handed out after the announcement The 
telecommunications Authority will decide an the number of 
lirwyes to be Issued Mr Alex Arena, director-general of tele-' 
communications for Office of the 'Mecommunicatians Author-, 
tty (OFTA). said yesterday that the consultation process indi- 
cated strong support for the granting of additional licences to 
arable the introduction of new advanced cellular mid cordless 
access technologies. Louise Lucas, Hong Kang 

French property chief quits 

Mr Michel Manor, the French property developer under inves- 
tigation for alleged corruption, resigned yesterday as chair- 
man of Cogedim. The company said Mr Mauer, who . is being 
investigated far alleged influence peddling in a case involving ; 
illicit political financing, was -stepping down far health rea- 
sons. In an interview yesterday, Mr Mauer saM . the strains of 
the investigation and his incarceration for 24 days had taken a 
ton. “Physically and morally the ordeal tired me enormously," 
he told Le Figaro. Mr Mauer is one of severer senior business 
executives under investigation for alleged corruption and is 
the first to resign from his post Cogedim, a subsidiary of 
Paribas, the hanking group, said that MrMauer was also 
resigning his seat on the board. The case involving Mr Mauer 
concerns alleged illicit funding of the Republican party, one of 
the largest components of the centre-right government coali- 
tion. John Ridding, Paris 

Japan’s monetary growth weak 

The growth in Japan's money supply continues to be weak, 
constrained by the decline in bank lending, weak corporate 
demand for funds and a firm monetary policy M2, or cash in 
circulation and bank deposits, plus certificates of deposit, 
grew by a mere 2.4 per cent last month, by comparison with 
October last year, the Bank of Japan announced yesterday. 
That represents a very slight increase on Z3 per emit money 
supply growth in September. The weakness of monetary 
growth contrasts with previous recoveries, when an increase 
tn domestic demand coincided with a robust rise in liquidity. 
The hank 's broader gauge of liquidity, also including postal 
savings and government bonds, rose by 3J> per cant in Octo- 
ber, a slight slowdown on the 3.6 per cent growth achieved in 
the previous month. William Dawkins, Tokyo 

Doubts over Angola pact 

Accusations of truce violations from both sides in Angola's 
19-year -old civil war have put fresh pressure on the country's 
fragile peace pact Just ahead of the scheduled signing tomor- 
row of the pact in the Zambian capital, Lusaka, the rebel Onita 
movement reported that government forces had ignored a 
fruce to attack and capture the rebel-held northern town of 
Ujge. There was no immediate comment from the government 
m President Jose Eduardo dos Santos but it made accusations 
“ °»p that Unto forces had violated the truce, declared on 

Wednesday night, with three attacks on government-held 
towns. Leaders of several southern African nations are due to 
“f* “ Lusaka today to discuss threats to the peace pact, 
which follows one in 1991 that held for about 18 months. The 
Sp uth ^can Deputy President Thabo Mbeki said 
test night he would attend the regional meeting in Lusaka, to 
beM±aired by Zimbabwean President Robert MugabeJteuter. 

Court reverse for Ciller 

Andmgfate on Thursday by Turkey’s constitutional court 
Taasu filter to postpone crucial by- 
etections scheduled for December 4 has increased speculation 
that she may call general elections in the spring. The court's 
£ humiliating reverse for Mrs CiflerTlt accepted an 

p ? rty and out voting rules 
nuninuse damage to her True Path party. 
Sixteen of the 22 seats up for grabs on December 4 are inth« 
south-east region, scene of hS^Tfighto^e^een^^ 
fon» and guerrillas of the Kurdistan Wortere^i^Mra 

s sseasa wasa 

mw evicted from parliament in March to stand trial 

trauasferred to^Refah! 
hfeh was expected to win most of the seats, endangerina the 

Gonzalez’s allies accused 


aAa'ssfi.sHHSS?- 

lster at public wX 

pressured a town council inInS W J^ port ? ***** **® * 
ownsd by his brother-in-law. Tm b0ytag U 


4 



r, 





I 



■ y/>XS 


mmM 




mm 


#-■ 


<3©>; 






m$. 

m&. 


Iplg 

0 MM! 


$mm 


wrnmmm 


AlPli ft Y 3 

$w$i A %'■ 


One Hundred Years 


lIsfM 

toiiiijiiii 


TOCWST CAtt ««£#>[« 

w)nj>on &#> V 0 <}T>; 


DA*S;*CJy 













FINANCIAL, TIMES WEEKEND NOVERfflER l?/NC>VE^^^4^ ^r;L":jl 


NEWS: UK 




'--W. 


Guinmer bows to pressures over powers of Environment Agency 


Lobbyists force change 


Labour attacks May 
over EU finance bill 




council 

officer 


By Kenneth Goocfing 
and Ivor Owen 


Mr John Gummer, the 
environment secretary, yester- 
day bowed to intense pressure 
from environmental groups 
and made changes to the legis- 
lation setting up the Environ- 
ment Agency that will control 
pollution in England and 
Wales. 

He also announced the 
appointment of Lord de Ram- 
sey, a fanner and business- 
man, as g fifliTman of the advi- 
sory body preparing the way 
for the new agency. Lord de 
Ramsey is expected to become 
the agency’s £50,000 a year, 
part-time chairman. 

Environmental groups were 


universal in their condemna- 
tion of the terms of the hill 
w hen they were announced in 
Wednesday's Queen's speech. 
They said It substantially 
w eake ned existing powers by 
giving the agency "aims" 
rather than "duties’. 

Mr Gummer said there had 
been no intention to weaken 
the legislation and he would 
amend the wording “so as to 
provide a clear duty not simply 
to consider conservation issues 
in relation to all the agency's 
functions but to further conser- 
vation as appropriate". 

He refused, however, to 
budge on another matter of 
great concern to environmen- 
talists - a clause insisting that 
environmental regulation 


“must take proper account of 
costs and benefits". Neverthe- 
less. Mr Gummer said he 
would ensure that this clause 
was not used by organisations 
to win more time before having 
to comply with regulations. 

Friends of the Earth said last 
night that it seemed as if Mr 
Gummer was "giving back 
only half of what we had 
before" in pollution control 
powers. The Royal Society for 
the Protection of Birds said: 
"We will be reassured when 
the actual wording of the bill is 
published. The new agency and 
its counterpart in Scotland 
must have a clear duty to fur- 
ther nature conservation." 

The new agency will com- 
bine the operations of the 


National Rivers Authority 
(NRA) with the Inspectorate of 
Pollution and various local 
authority waste regulators. 

Mr Gummer said the 
enabling bill would contain 
measures relating to contami- 
nated land and pollution from 
abandoned mines. An enabling 
power for the preservation of 
hedgerows of particular value 
would be in the bill but would 
not form part of the new agen- 
cy's role, he said. 

Mr Guinmer welcomed the 
decision of Lord Crickhowell to 
remain chairman of the NRA 
until the vesting of the new 
agency in April 1996. He 
suggested this should reduce 
the “problems of disruption" 
that might arise by the merger. 


By Kevin Brown, 
Political Correspondent 


Model’ farmer takes the reins 


By Kenneth Gooding 


John Fellowes, 5th Lord de 
Ramsey, who is set to become 
chairman of the Environment 
Agency that will control pollu- 
tion in England and Wales, 
said last night that the most 
important part of his new job 
was to establish the credibility 
of the new agency with the 
public when public confidence 
in politicians, businessmen and 
the media was at a very low 
ebb. 

He had no doubt that the 
agency would on occasion 
cross swords with government 
ministers and many others. 


Mr John Gummer. the envi- 
ronment secretary, recalled 
tha t as minister of agriculture 
he had engaged in. some robust 
debate with Lord de Ramsey, 
then president of the Country 
Landowners Association, 
whose members are estimated 
to own half the privately- 
owned land in England and 
Wales. 

Lord de Ramsey, 52, who suc- 
ceeded to the title 18 months 
ago. has been described as “the 
very model of a modem farm- 
er-businessman His company 
farms 6.500 arable acres at 
Ramsey in Cambridgeshire 
where his family has been 


New deal talks 
at Lloyd’s likely 


By Ralph Atkins, 
Insurance Corresp on de nt 


The ruling council of Lloyd’s of 
London is likely to discuss 
next month the possibility of a 
fresh out-of-court deal between 
lossmaking members and pro- 
fessional agencies they are 
suing, Mr Peter Middleton, the 
insurance market’s chief exec- 
utive, said yesterday. 

He reiterated that he and Mr 
David Rowland, Lloyd’s chair- 
man, were prepared to try to 
forge a new settlement offer - 
providing all sides believed it 
worthwhile. But he warned: 
“The amount of court activity 
at the moment, involving 
Names and underwriters, sug- 
gests that we have not got that 
agreement at the moment" 

His comments came amid 


Margined Foreign Exchange 
Trading 

Fast Competitive Quotes 24 Hours 
Tfcl: 071-815 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 

LOtmOMVH 5» 3377 NEW YOKK+212269C6M FEANKFOBT +4M» 44WJ1 


FUTURES 

&0PTIQNS 

TRADERS 


I PO* AN EFFiniWT 
A I IWETnTVE SERVICE 


38 DOVER STREET, LONDON WIX SKB 
TEL 0171629 1133 FAX: 0171495 0022 


LIVE FROM LIFFE - 0839 35-35-70 

Dial now and hear (he Footsie now with Hve commentary bon UWe. as it happens. 
For detail* of all Ufle Uoo and oar Unsocial intonmUon services, cafl 071-895 JM00. 
Calls are charged at 39pftrUn cheap raie.49p<rala all other times. 

Futures Pager LW. 19/21 Great Tower St. London EC3R5AQ. 


Futures Call 



GM&FutureView *——*-•* 
esc sgriurf&dreseife 

gaga of USB wafi accuracy A spaed. in cna value far money pacfogj-Avafladem 


3f ofusewaraccura 
i UK and Europe via 


Market-Eye 


Professional financial inTonr.ation direct 


to your PC tor a low tised cost. 



FREEPHONE 0800 321 321 


Currency or Bond Fax - FREE 2 week trial 
also daily gold and silver faxes , A Whjtbv 

from Chart Analysis Ltd «nne wnuDy 

7 S-w'law Sir.X't, London V/TR 7HD, UK • ! el: 0 '}} ' ’ 74 

cichangc rc'.e specialists (or over 20 years ax ' 7i -“3rw9£6 

auVs-eo ay -ncPe-jonjl inTO:i.-<-: Awnsr.r.- 


ipJQlGji 


CORKSW^ MANAGEMENT 
COWORATSC»mc 
HOU ferny 
London BC2R8DU 
Tct 07 1-865 0800 
Re 071-9720970 


•FOREX ’METALS 'BONDS -SOFTS 

Qbjettive analysis for professional investors 

0962 879764 


FiCPrrei House. 32 Sauthgate Street. Winchester, 
Hants S023 9EH Fax 0*24 774057 


active in draining and fanning 
the fens since the middle of the 
17th century. 

He spoke proudly yesterday 
of the 1.000 elm trees on his 
estate, virtually the last sur- 
viving in southern England, 
kept free of the killer Dutch 
elm disease by surgery and 
injections of fungicide. 

Instead of bulldozing old 
farm buildings his company 
has converted them into light- 
industry workshops without 
c hang ing the character of the 
village in which they are situ- 
ated. “You need profits to keep 
this lovely landscape looking 
as it is." he said. 


Lord De Ramsey said he 
would resign as a director of 
the Cambridge Water Company 
and as president of the Associ- 
ation of Drainage Authorities, 
mainly because of potential 
conflicts of interest, but this 
would given him more time 
towards the 2'4 days a week he 
would spend on his part-time. 
£50.000 a year chairmanship. 
“But I expect to have my week- 
ends and holidays disturbed.” 

He hag still to make his 
maiden speech in the House of 
Lords where, while president 
of the CLA. be sat on the cross 
benches. More recently he has 
taken the Conservative whip. 


Labour yesterday accused Mr 
John Major of playing games 
with the Commons by allowing 
Mr Kenneth Clarke, the chan- 
cellor. to open a debate on the 
European Union finance bill a 
week on Monday. 

As Labour's parliamentary 
strategists pored over the two- 
clause bill, published yester- 
day, senior officials said Mr 
Tony Blair was “surprised" by 
a Downing Street announce- 
ment that Mr Clarke would 
open the debate. 

Mr Major surprised rebel 
Tory backbenchers an Wednes- 
day by threatening to call a 
general election unless the bill 
was passed "in all Its essen- 
tials”. However, both main 
opposition parties accused the 
government of causing confu- 
sion by failing to clarify 
whether it will accept amend- 
ments or additions to the bifl. 

The confusion deepened in 
the Lords on Thursday when 
Lord Henley, defence under- 
secretary, told peers that "the 
whole bill must be passed with- 
out amendment". 

Downing Street said Lord 
Henley’s comments were in 
line with the prime minister’s 
announcement 

Labour officials said the 
party was considering abstain- 
ing on the second reading 
unless Mr Major clarifies the 
status of the vote. 

Mr Chris Smith, shadow her- 
itage secretary, said: “It looks 
like turning into a charade 
aimed solely at providing John 


This is the text of the 
European Union finance bill 
published yesterday: 


A Bill to amend the MnWnn 
of "the Treaties” and “Hie 
Community Treaties” in sec- 
tion 1(2) of the European Com- 
munities Act 1972 so as to 
include the decision of 31st 
October 1994 of the Connell on 
the Communities’ system of 
own resources and so as to 
remove a spent provision. 


the definition <4 Tito Treaties" 
and “the Community Treaties ** 
for paragraphs (e) and (f) 
(Council decisions qf 7ffi May 


A senior officer nf : Liverpool 


1985 and of 34th Jims 1988 on ' City Council has . been 
Commzmities’ oum resources, suspended over a. series of 


BE IT ENACTED by the 
Queen's most Excellent Maj- 
esty, by and. with the advice 
and consent of the Lords Spiri- 
tual and Temporal, and Com- 
mons, in this present Parlia- 
ment assembled, and by the 
authority of the same, as fol- 
lowx- 


and undertaking of. Member 
States confirmed on&UhJum 
1988 for financing the Commu- 
nities' budget for 1988), and toe 
word “and” immediately pre- 
ceding them, there shad bejub- 
stunted the words "and ($ the 
decisions of the Council of 7th 
May 1985, 84th June 1988, and. 
31st Qdaher 1994, an the Cbm-. 
munities’ system of own 
resources: and". 


Ml) This Act may be cited as 
the European Communities' 
(Finance) Act 1994. 


1. In section 1(2) of the Euro- 
pean Communities Act 1972, in 


(2) The European Communities 
(Finance) Act 1988 (which is 
superseded by this Act) Is 
hereby repealed. 


errors fh& ted to- 
an vim , overpayment to -mem- 
bos' of its aigtoeerihff-.dirtti 
services oiganisaticnL 

The council .was. unsibfe to 
confirm ’ claims that the.tois- 
take in fhe performance 
1 related bonus schema gave. 50 
workers an average of £20J)0Q 
extra in the i333-94 flnaricial 
year.- ' 

Mr Harry Simmer, Labour 
council leader, said ;he . was 
oohSMsatcf gating the money- 
bade. He said: “It is anotber- 
instance of poor management 
and particularly poor account ■ 


W 

i*ce ,v * 






.-ft* 


Major with the illusion of a 
short-term trium ph, ff that Is 
all it is, we win have none of 
it" 

If Labour did abstain, the 
Liberal Democrats would prob- 
ably follow suit leading to a 
farcical situation in which 
Tory MPs would be whipped 
through the lobbies to save foe 
government while opposition 
MPs foiled to vote. 

Both opposition parties sup- 
port the principle of the bffl, 
which will raise UK contribu- 
tions to the EU in Rnn with an 
a g rp or r- w nf reached at 1992 
Edinburgh >- n»»nH- 

But Labour is concerned that 


it might be “suckered" Into 
opposing the bill on the basis 
that it was an Issue of confi- 
dence, only to be pflloried by 
the Tories for inconsistency. 

Mr Axcby Kirkwood, the lib- 
eral Democrat chief whip, 
increased the pressure an the 
government to clarify the posi- 
tion by tahfing a written ques- 
tion asking Mr Major to list the 
p cwitial riwnnntK of the hffl 

He said: “The official 
responses foam the prime min- 
ister still leave many questions 
unanswered. Parliament has 
the right to know exactly, what 
these ‘essentials’ are before the 
key votes on November 28.” 


Pris<Hi stafiT " 
‘acted unlawfully 9 


Tory ‘family man 9 denies role in home-sales policy 

Votes 


speculation that Lloyd’s lead- 
ers are stepping up the pres- 
sure on groups representing 
Names and the "errors and 
omissions” insurers - out of 
whose funds successful rfaimg 
for negligence would be paid - 
to start discussions. One possi-' 
bility being floated is of sepa- 
rate agreements being struck 
with different groups of 
Names. 

The Court of Appeal is expec- 
ted to rule next week on 
whether the E&O insurers 
should be forced to disclose 
how much cover was bought 
by the Lloyd's members and 
managing agencies faring legal 
action. Figures on the E&O 
“pot”, which some estimates 
put at more than £lbn, give an 
idea of the maximum size of a 
new out-of-court settlement 


scheme 
‘not MP’s 
baby 5 


Anglers hooked 
by permit sales 
at Post Office 


Prison officers who retimed to 
accept hew prisoners into an 
overcrowded jaff were acting 
unlawfully, a High Court judge, 
ruled yesterday. ... 

Mr Justice Keene. said, the 
officers at Preston prison had 

an " mni pra famitoWa am rfB ty*.- 

that a ’-breach of the. peace 
might' occur/-, but he rejected 
their argument that, they had 
an ovanldtiig "constabulary 
power” to disobey theirgover- 
nor’s orders to continue admit- 
ting new inmates. 

In the highly regulated and 
disciplined atmosphere of a 
prison it was essential that a 
governor's lawful aiders, billed 
an. Home Office admissions cri- 
teria, prevailed over the indi- 
vidual discretion of his offi- 
cers, the judge said. - 


Right to sOetice 
move draws fire 


By Rob Evans 


A Conservative MP yesterday 
insisted that he was not 
involved in any way with the 
alleged Westminster City 
Council homes-f or- votes 
scheme, the public inquiry 
heard yesterday. 

Mr Barry Legg, MP for Mil- 
ton Keynes South-West, has 
been accused by tbe district 
auditor of being a driving force 
behind the scheme. 

Mr Roger Toulson QC. open- 
ing the defence for Mr Legg, 
said: “The long and the short 
of it is that it was not his 
baby." 

hi a provisional report the 
district auditor. Mr John 
M ag ill . had found that Mr Legg 
was part of a triumvirate 
which controlled the London 
council in the late 1380s and 
had guided the evolution of the 
“disgraceful and unlawful” 
scheme. 

Mr Legg was Conservative 
chief whip on the council for 
seven years. The other two 
members of the triumvirate 
ware the then council leader 
Dame Shirley Porter and her 
deputy Mr David Weeks. 

The district auditor derided 
that the three, with seven 
other councillors and council 
officials, deliberately sold 
homes to increase the number 
of Tory voters in right mar- 
ginal wards in a scheme 
known publicly as designated 
sales. 

He is recommending that all 
of them should be surcharged 
for the £21m he says was 
wasted. 

In a written submission to 
the inquiry, the MP said: “I 
accept that I was present at 
political meetings at which tar- 
geting designated sales in mar- 
ginal wards was discussed. I 
personally never paid much 
attention to the talk about tar- 
geting marginal wards 
because, for one thing, I 
regarded it like much else as 
political rhetoric. 

“As the proposed programme 
for designated sales was sound 



By David Owen 


•t? - •« v\ ■ •••».• .. * 




*3* - 


..." ».• 


■ -S ■ <mSm 

- ' • 





Something fishy is going on in 
the sedate world of freshwater 

an g lin g . 

Sales of rod-fishing licences 
are soaring. The National Riv- 
ers Authority has sold more in 
the first seven months of the 
current financial year in 
England and Wales than it did 
in the whole of last year. 

By the end of October the 
NBA had sold 966,000 licences 
and exceeded its full-year reve- 
nue target of £11 An. In 199&04 
885.000 licences were sold, rais- 
ing naim. 

Is the pastime more popular? 
Or a ng le r s more law-abiding? 

Is thprp another wplanatitm 9 

Mr Bfll Cockbum, chief exec- 
utive of the Post Office, says 
he knows. He attributes the 
surge to the fact that rod-fish- 
ing licences have been avail- 
able in 17,000 post offices since 
March. Before then anglers 
bought licences from fishing- 
tackle shops. 

He said: “The Rivers Author- 
ity cannot believe their farfr 
The potency of the network of 
post offices in growing a 


market is very significant."' 

The NRA agrees that the 
increase is due to “better dis- 
tribution and better promo- 
tion”. 

It has also changed the licen- 
cing system this year, introdu- 
cing more short-term permits 
and splitting the annual 
licence, which used to cover all 
species, into coarsefisbing and 
gamofishing categories. 

With annnal licences valid 
from tbe start of the fishing 
season on April 1, the NRA , 
acknowledges that sales are 
concentrated around that 
period. Nevertheless, annual 
licences for 1994-95 - allowing 
the holder to fish anywhere in 
En gland and Wales if local by- 
laws permit - are still selling. 

The Post Office's right to sell 
tiie licences was approved by 
Mr Michael Heseltine, trade 
and industry secretary, in spite 
of opposition from Mr Michael 
Portillo, the farmer chief secre- 
tary to the Treasury. 

In an exchange of letters 
revealed last December Mr 
Heseltine is said to have told 
his colleague to “get your hook 
off my line”. 


Prosecutors in Scotland would, 
be allowed to comment oh an 
accused .person’s silence under 
government proposals, in the 
Criminal Justice (Scotland) 
Bill, foreshadowed . in' the 
Queen's Speech and published 
yesterday. 

Labour last night attacked . , 
the proposal, saying it was con- 
trary to the views of the Scot- 
tish Office’s advisers and bad 
not been foreshadowed in the 
white paper. 

Mr John McFall, a Labour 
spokesman, said yesterday: 
“The whole basis of the crimi- 
nal justice 'system in Scotland 
rests. on tbe assumption that a 
person is innocent until proven 
guilty. This is a fundamental ; 
attack an that assumption.” 


Teachers agree 
5% pay deal 


Farmers may seek 
renew of quotas 


Scottish teachers' leaders yesr 
terday agreed a two-year pay 
deal worth just over 5 per cent, 
as strike ballot papers were 
about to be sent out over a 
per cant one-year offer. 

The teachers will receive a 2 
per cent increase backdated to 
April L, a further l per cent 
from December I and 2 per 
cent from April 1 next year, 
adding £75m to the £lbn a year 
salaries bill paid by the govern- 
ment and local authorities. - 


ICI criticises 
electricity prices 


By Deborah Hargreaves 


Barry Legg, MP for Milton Keynes South-West, arriving at 
Marylebone Town Hall, London, for the public inquiry yesterday 


and justifiable. 1 would not 
have regarded tbe hope of 
political advantage as making 
it wrong. I cannot recall, and 
do not believe I ever knew, the 
criteria for selecting proper- 
ties.” 

Mr Andrew Arden QC. for 
the group of Westminster resi- 
dents who first lodged the alle- 
gations, said it was “not credi- 
ble” that Mr Legg - a senior 
member of the council - knew 
nothing of the alleged gerry- 


mandering when many others 
in the council were well aware 
of it. 

Mr Legg replied that he was 
oniy a “part-time councillor” 
since “many demands occupied 
my life”. He said he was com- 
pany secretary and a board 
member of Hfllsdowu Holdings 
during an “extraordinarily 
busy time” and was also bring- 
ing up a young family. 

The inqairy was adjourned 
until Monday. 


The National Fanners’ Union 
is considering applying for a 
judicial review of the way the 
government has handled the 
allocation of spare quotas for 
sheep tenners this year. 

Rationing of quotas has left 
some formers in severe hard- 
ship, tbe union said. 

“We have taken independent 
legal advice and believe there 
is a case for a legal chaHengp 
about the way the ministry has 
handled European Union rules 
on the quota reserve," said Sir 
David Naish, NFU president. 

A union official said: “We 
have a lot of members out 
there who are extremely 
annoyed.” 


Fanners need enough quota 
to cover all the animals In 
their flocks if they wish to 
apply for EU subsidies. 

The government retained 
some quotas to award to new 
entrants to farming, producers 
expanding their b usiness e s 
others who felt disadvantaged. 

But the Ministry of Agricul- 
ture was deluged with, applica- 
tions Hy rationing extra quota 
and awarding it chiefly to 
upland producers, the govern- 
ment has left some 5,000 dis- 
gruntled applicants. 

Mr Geoxge Dunn, rural eco- 
nomics adviser at the Country 
Landowners’ Association, said 
many were in genuine hard- 
ship and some would be forced 
out of business. 


Five frontrunners for Hogg’s No 10 job 


By James BQtz 


Mr Andrew Tyrie, a former 
adviser to Mr John Major and 
Lord Lawson during their 
terms as chancellor, and Mr 
Nicholas True, deputy head of 
the Downing Street Policy 
Unit, are emerging as strong 
candidates to succeed Mrs 
Sarah Hogg as head of the 

unit. 

Other contenders include Mr 
Michael Fallon, the former 
Conservative MP for Darling- 
ton, who lost his seat at the 
last general election, Mr Alas- 
tair Ross Goobey. chief execu- 
tive of Postal Investment Man- 
agement, the UK's largest 


pension fund, and Mr Danny 
Finkfllstein, head of the Social 
Market Foundation. 

Following a Queen's Speech 
which was widely seen as lack- 
lustre. Conservative officials 
believe the replacement for 
Mrs Hogg - who announced 
this week that she would be 
leaving the job - win play a 
vital role in generating new 
ideas in the run-up to the next 
election. 

Mr Major's choice for the job, 
which involves planning the 
prime minister’s broad politi- 
cal strategy, will send an 
important signal about the 
direction government policy 
should take. 


Mr Tyrie, a shrewd and abra- 
sive figure on the centre-right 
of the party, is senior econo- 
mist at tbe European Bank for 
Reconstruction and Develop- 
ment 

Mr True is one of the prime 
minister's principal speech- 
writers. Senior Tories catego- 
rise him as a “safe pair of 
hands", though some have 
blamed him for the ill-fated 
“back-to- basics” policy. 

Mr Fallon, a committed sup- 
porter of the free market, 
would be a popular choice 
among right-wing MPs. who 
argue that the policy unit must 
give the government clear 
political direction. 


However, be wishes to fight 
a seat at the next general elec- 
tion, which would be incompat- 
ible with the policy unit post 
under Whitehall rules. 

Instead, Mr Fallon might be 
more suited to the pest of head 
of the Conservative Research 
Department it as expected, Mr 
Andrew Lansley quits the posi- 
tion later this year. 

Mr Ross Goobey, who was a 
Treasury adviser to Mr Nor- 
man Lament, the former chan- 
cellor, is the most heavyweight 
of the contenders. But there 
are doubts about whether be 
would quit his lucrative job to 
join Downing Street. 

Mr Finkelstein has been 


instrumental in the develop- 
ment of a number of rigbtwing 
policies in recent years. His 
biggest handicaps are his 
youth — he is is his early 
thirties - and his past- as a 
former parliamentary candi- 
date for the Social Democratic 
party. However, he has devel- 
oped the Social Market Foun- 
dation into one of the more 
impressive and influential 
think-tanks in Whitehall, prod- 
ucing a stream of policy 
reports that have influenced 
government policy. 

“He has an the intellectual 
credentials, and would provide 
some much-needed rigour " 
said one Tory official 


ICI, the chemicals company, 
yesterday criticised electricity- 
pricing structures following a 
60 per cent rise in prices .it- 
pays for power since the sum- 
mer. It said the Office of Eleo-^ 
tricity Regulation had faffe d to." 
ensu re rea sonably stable and 
competitive prices. 

The Association of Indepen- 
dent Electricity Producers said 
the average price in the elec- 
tricity wholesale pool was 
likely to be within limits 
agreed between the regulator 
and the two mum generators. 
“There is no reason to believe . 
that winter and summer prices 
should be the same." 

ICI and other big elect ricity 
consumers which buy power 
directly from the wholesale 
pool have for long campaigned 
lor pricing structure changes. 

ICI said yesterday its Cheshire- 

based chlor-alkali business 
faced bills of more than vim a 
week following the latest rises. 
Foreign competitors enjoyed 
lower and more stable prices, it 
said. 


End to rabies law 
likely to be urged 


An end to rabies quarantine 
Is expected to be 
suggested in a report by the 

SUSSES! select 

committee of MPs when it is 

teased next week. 

Tte report also looks at the 
effectiveness of health checks 
on tem animals imported into 
Britain as a result of the Bare 
Pean angle market It will be 
Wednesday and is 
ukely to recommend replacing 

tawB a vS 
nation scheme. 



-Jtli (jjul 







Sftc-r 

»,. Pl 




• C. . ■ -J"— ? r~r rt e -&' 
->■-= '-' 








:h S1 


•. . " * .. pir V 

. : ‘ ; “ rc 
. ^ 

"U .. ^ 

:r : ^ 

- '■ ••as: 


PrLs 


°n staff 


d 


"*» 


'acted 


■ f . '.’ ‘"■■•’V 

■»r _ * “: r tr**u s. 

-:• - r 1; : ■■**£ 
-•/.' . -;-*‘f4adrf; 

.: ®*4 

-V-'. S. ■■=*«; 

U- r^' 


’ A ,z ^ •; 

■■"'•’ v.> - 


Ri^ht tosiksa 

mmt dransft 

■■■: '■”:::: La 

■ ■ r - c.-. ■* ;“.;vv- 

i: sy.; 


;<■ ■ ■ 

•• • • 

? 


i -1 ■- s.- - 

•2 

.-W - ■.•■■ •’■ 
*• •••'" r ' 
jiVj: •• : 


,l- ' * ■■.'.■ 

1 1-.--.-~ 
':** vlw'-- 

- : ‘ 

il-.* 



$ 


- 

!»■->- - 
:W*?A •• 


it-'* -• 

<V fr: 
Y>v 

f.r 

i “ ar •“ 

#S- 


ob 


f "N 

■L* I' 




m--> 

** 

*** \ • 
IjjtSr* - '. \ . 

is V^'- 
&t ** % ' 7 

«& ^ ;r 





financial TlMES 



WEEKEND NOVEMBER 19/NOVEMBER 20 1994 


NEWS: UK 


Bad debt s cripple Beans Industries 

Maker of 
Reliant in 
receivership 




; _r >. r TJZ'.z 
... .. _ ”... : ii-^p 


Teachers? 

j pay deal 

_ =2 
•' 

/•. ....j-jeW 

“• ■ ■ ■ 

. - u r^' 

" - 

.rr^gsu 

-i « 

= " : : -’7;£5 : 

” •: Tr::J 

• ■•■ " ■■■ti'-' 

: -:;Sf 


iC l crincisB 

electricity r 

: ■ ^ --3ss^ 

i“ ' 5“ • 

• ■■; - 

• 

.-■ • r -.'-ss*£Tst 

: 


Cheeseright, 

M, ™ anda Correspondent 

Beaas Industries, the auto- 
motive component maker and 
manufacturer of the three- 
wheeled Reliant Robin car and 
Somiter sportscar. has run out 
of cash. 

The directors of Beans on 
Thursday evening asked their 
bankers to call in Mr Mark 
™P“|? “d Mr Roger Oldfield 
of KPMG Peat Marwick, Bir- 
mingham, as receivers. 

The group's failure comes 
when demand for its products 
had increased to the extent 
that it recently introduced 
overtime working at its car 
plant in Tamworth and its 
engineering works in Tipton. 
The receivers plan to sell 
Beans as a going concern. 

Beans, founded in 1919, won 
a place in motor history with 
its pre-second world war con- 
struction of a world land speed 
record holder, the Thunder- 
bolt It acquired Reliant from 
the receivers in 1991 and pro- 
duced a restyled Scimitar in 
1992. It was once part of the old 
British Leyland group. Rover's 
precursor. 

. Mir Oldfield said yesterday 
that Beans had bad debts of 
nearly £2m which bad “a dra- 
matic effect on cashflow”. In 
the year to December 1992, the 
last for which accounts are 
available, Beans had a turn- 
over of £l5Jm. 

The debts date back three 
years and stem from the fail- 
ure of AWD, the Bedford truck 
manufacturer, and Leyland Daf 
Vans, both of which called in 
receivers. Although these com- 
panies have since been resur- 
rected, there were not suffi- 
cient funds to pay unsecured 
creditors such as Beans. 
“Beans had been working for 
nothing," said Mr Oldfield. 

He added: “The directors 
went to the bankers for more 
money. They were unable to 


It is ironic that Beans’s 
rundown Tipton factory shares 
space with Advanced Engi- 
neering Systems, a Unipart 
subsidiary whose managing 
director, Mr Frank Burns, con- 
trols both AES and its sister 
operation. Premier Exhausts - 
1993’s “factory of the year", 
John Griffiths writes. 

Even mote ironically. Beam 
itself sold AES to Uni part two 
years ago - with potentially 
life-saving trial contracts to 
supply motor components to 
Toyota's Bnniaston car plant 
in Derbyshire. 

Machined castings and other 
parts for Toyota and Honda 
provide most of the turnover 
at AES, which Uni part regards 
- with Premier - as its lean 
manufacturing “flagships". 

Mr Burns acknowledges that 
Unipart bought AES from 
Beans - which prior to the 
sale also reconditioned 
engines for Unipart - solely 
because of the Toyota con- 
tracts and the chance to start 
a long-term relationship with 
Japan’s largest carmaker. 


comply with the request,” Mr 
Oldfield refused to nnmp the 
bankers. The 1992 accounts 
show that Beans had long-term 
debt of £3 .37m, however. 

Mr Hopton said he had 
received half a dozen inquiries 
from people who had already 
been in preliminary talks with 
the company’s management. 

Beans is making up to 15 
Robin Reliant cars a week. The 
company's 95 employees at 
Tamworth also turn out Avb 
£ 15,000 two-seater Scimitars 
every week. 

Beans’ customers for auto- 
motive components include 
Rover, Automotive Products 
and GKN. Yesterday both cus- 
tomers and suppliers tele- 
phoned the Tipton works 
“seeking comfort", as Mr Old- 
field put it 



Unhappy new year: commuters arriving at London Bridge station yesterday morning are among millions of rail travellers who will face price rises In January 

BR unveils range of fare rises up to 5% 


By Charles Batchelor, 
Transport Correspondent 

British Rail and London 
Underground yesterday 
announced fare increases of up 
to 5 per cent - double the rate 
of inflation - for millions of 
travellers in the new year. 

Passenger groups and opposi- 
tion politicians condemned the 
rises. 

On some BR routes where 
there is tough competition 
from cars, coaches and the air- 
lines there will be no fare 


increases. But on those where 
fores will rise increases will be 
between 2 per cent and 5 per 
cent Moat BR fore increases 
will take effect from January 8. 

London Transport, which 
will raise fares from February 
5, said Underground fares 
would rise by an average 5 per 
cent although most bus fores 
would remain unchanged. Th e 
price or Travelcards, which 
allow travellers to switch 
between trains, the Under- 
ground and buses, will 
increase by up to 9 per cent 


The Central Rail Users’ Con- 
sultative Committee, a 
national watchdog represent- 
ing rail passengers, said the 
overall level of increases was 
too high and would deter pas- 
sengers from trains. 

Mr Michael Meacher, Labour 
transport spokesman, blamed 
the cost of rail privatisation for 
diverting funds from improv- 
ing the railways. 

BR said the 25 regional train 
operating companies which 
played an important role in 
setting fore levels had to raise 


more money to finance invest- 
ments, but they could not 
ignore competitive pressures. 

The signal workers’ strike 
last summer cost BR £2Q0m. 
Before it numbers of commut- 
ers and leisure travellers using 
the railway had started to 
increase. 

The new fores include: 
Unchanged: Intercity West 
Coast’s long-distance and 
sleeper fores, Great Western’s 
leisure fares and Sco trail’s 
Strathclyde services. 

No average fare increase.* 


Train operating companies 
Anglia Railways, Intercity 
Cress Country, Intercity East 
Coast, Merseyrall Electrics and 
Regional Railways North East 
Three per cent Increase: Car- 
diff Valleys and Intercity West 
Coast Also Sussex Coast lines. 
North London, South Eastern's 
suburban and Kent Coast lines 
and So lent & Wessex. 

Five per cent increase: Chil- 
tem Line s, Great Eastern, Lon- 
don Tilbury and Southend, 
Thames Trains and Thames- 

Hn>_ 


Dorrell 
acts over 
dramatic 
freebies 


By PhtOp Stephens, 

Political Edftor 

Mr Stephen Dorrell, the 
national heritage minister, has 
imposed strict new limits on 
his officials' acceptance of free 
tickets to the opera, theatre 
and cinema. 

Whitehall insiders say the 
minister's ruling has fallen 
particularly bard on the most 
senior mandarins. They are 
accustomed to being courted 
for funds by the department's 
cH futs in the agreeable sur- 
roundings of Glyndebourne or 
the National Theatre. 

But Mr Dorrell, who told Ms 
officials some weeks ago that 
he wanted a stricter regime, 
decided that the freebies were 
inconsistent with an arm’s- 
length relationship with the 
lobbyists. 

His instruction coincided 
with the recent furore over 
political sleaze. It followed a 
separate instruction earlier 
this year from Sir Robin But- 
ler, the cabinet secretary, ban- 
ning civil servants from col- 
lecting “air miles" while 
travelling on official business. 

The heritage department 
stressed yesterday that Ur 
Dorrell had not imposed a 
blanket ban. Officials would 
still be permitted to accept 
free tickets if their attendance 
at a particular event was 
directly relevant to a project 

But Mr Dorrell expects 
many more empty seats In 
London's royal boxes. 


Lilley hints at benefits boost for low-paid workers 


By Ptitnp Stephens 

The government yesterday indicated 
that improvement of in- work benefits 
for the low paid would be the first 
priority for future reforms of the 
social security system. 

Mr Peter lilley, the social services 
secretary, said the dispersion of earn- 
ings power in the past two decades 
was the most significant social prob- 
lem faring western governments. 

In what may foreshadow further 
measures in this month's Budget to 


make it easier for the unemployed to 
take low-paid jobs. Dir Lilley said: 
“Creating and maintaining incentives 
to work has been at the centre of my 
review of social security. They will 
remain there.” 

hi a lecture prepared for the Conser- 
vative Political Centre in Northern 
Ireland, be said the widening of pay 
diffe rentials between the skilled and 
the unskill ed was not only a main 
cause of unemployment 

In a marked shift in government 
rhetoric, he said the squeeze on earn- 


ings power at the bottom end of the 
income scale had become intertwined 
with many of Britain's social prob- 
lems. 

He said: “It may play a major part 
in the break-up of families, the 
growth of lone parenthood and a 
growing welfare dependency. It may 
even play a part tn explaining delin- 
quency and crime.” 

Mr Lilley stressed the widening 
earnings power of the skilled and 
unskilled was an international phe- 
nomenon. 


In countries with flexible labour 
markets such as the US and, more 
recently, Britain, the impact had been 
to increase income disparities among 
those in work. In other, less flexible 
economies, the biggest effect had been 
felt in higher unemployment rates 
among unskilled workers. 

Rejecting “artificial" mechanisms to 
push up low pay - trade harriers 
against developing countries, a 
national minimum wage or restric- 
tions on new technology - Mr Lilley 
said the long-term solution lay in 


Improving the education, training and 
glcflls of the workforce. 

State intervention to make employ- 
ers pay more would simply result in 
higher unemployment But better 
trained and more highly skilled work- 
ers would cnmmaqri higher wages. 

Mr lilley said the immediate prior- 
ity was to ensure that the interaction 
of the labour market and the benefits 
system did not discourage the unskil- 
led from taking work. Employment 
provided a basis for the low-paid to 
improve their marketable skills. 



! BUSINESS 

LAW 

! EUROPE 


The twice-monthly 
newsletter covering 
cuirent legal issues for 
lawyers advising 
industry in Europe. 
Business Law Europe 
combines up -to- date 
timely reporting with 
down-to-earth and 
practical comment , 
setting news in cot? text 
and identifying the real 
meaning of events and 
their if i plications for 
European busmess 


Key Areas Covered Include: 

- competition law - restrictive practices: monopolies: 
market dominance; merger control; deregulation of 
state-controlled sectors; control of subsidies 

• Intellectual property - copyright; patents; designs; 
trade marks; licensing; technology transfers 

• market access - commercial laws; tort liability 
regimes; international trade measures, regulations 
and agreements; export controls; public procurement 
regimes; GATT/WTO framework 

• corp ora te law- the impact on cross-border business or 
company law; employment law; finance, tax, property 
and insolvency law 

• International dispute settlement - jurisdiction; 
arbitration 

• European few - current cases before the European courts 
that are Hkely to have an impact on the future of business 


To receive a FREE sample copy contact: 

FT Business Law Europe, Financial Times Newsletters, 

PO Box 3651. London SW12 8PH 
Teh 444 (0) 81 673 6666 Fax: 444 (0) 81 673 1335 


FT 


FINANCIAL TIMES 
Newsletters 



arab african international bank 


International Head Office 5 Midan Al Snray Al Koubra, Garden Gty, Cairo 
Tel: 3545094 / 33*15095 / 35*15096 - Tlx: 93531 AA1B UN - Fax: 355S493 
Branches: Dubai / Abu Dhabi / Beirut / London / New York. 



s* .4 -Jf-" 








FINANCIAL. TIMES WEEKEND NOVEMBER 15/NOV EMBEfe 



NEWS: UK 




Manufacturing inyestment shows surprise 




Tories 


By Gillian Tati, 
Economics Staff 


The level of investment by British 
manufacturers showed a surprise 
Min the third quarter of the year, 
official figures yesterday showed. 

The drop disappointed industry 
groups, and surprised economists 
who had been predicting that invest' 
meat, which has lagged behind the 
rest of the economic recovery, would 
pick up sharply in the coming 
months. 


Nevertheless, analysts yesterday 
pointed out that the quarterly 
investment figures were volatile and 
prone to revision. 

The Central Statistical Office said 
yesterday that total capital spending 
of manufacturing industry was 
£2.736bn in the third quarter of this 
year, measured at seasonally 
adi^ted 1990 prices. 

This was to per cent lower than 
the second quarter and broadly 
unchanged from the same period a 
year ago. 


Most of the quarterly fall stemmed 
from a drop in the level of Invest- 
ment in buildings and vehicles. New 
building work fell 7.3 per cent 
between the second and third quar- 
ters, although it remains 11 per cent 
higher than the third quarter of last 
year. 

Spending on vehicles fell 12 per 
cent in the third quarter compared 
with the second quarter, and 
remains 16 per cent below the third 
quarter last year. 

Spending on p lant and machinery, 


which accounts far three-quarters of 
manufacturing Investment, rose 
0 A per cent. It was barely different 
from the levels seen a year ago. 

On a sectoral basis, the main 
increase in investment in the quar- 
ter was in the engineering, elec- 
tronic, optical and transport sectors. 
Investment by chemicals, metals and 
non-metallic mineral products com- 
panies fell. 

Economists had expected that 
investment would rise sharply, given 
that the corporate sector is increas- 


ingly cash rich and that receit sur- 
veys have suggested that the recent 
strong manufacturing growth has 
started to create capacity problems 
in some sectors. 

The Engineering Employers Feder- 
ation, which had been predicting 
that a surge in investment would 
boost the UK engineering sector, 
yesterday admitted that it was “dis- 
appointed” by the figures. 

Mr lan Thompson, economist at 
the federation, said the figures could 
be affected by the system of seasonal 


adftM tmegit used, which reduced the 
third quarter's real Inyestment . 
spending by about a t e nth . . 

Kb said: “Th» published figures 
are disap pointing but it doesn't nec- 
essarily wwwn that the upward trend- 
in investment has ran out of steam.” - 

Separate indicators yesterday 
suggested that companies were rela- 
tively upbeat about future demand. 
Stocks held by maniifacfairgts rasa. 
ElBlm nt seasonally adjusted 199a 
prices in the third quarter, c o mpared 
with a £2Qn tn the second quarter. . . 


attacked 


over 


fly tvorOwranj • "~" 

parttameotary Correspondent 


Growth of M4 at its lowest for a year 


Investment 


By Giffian Tett 


The annual rate of growth in 
M4, the broadest measure of 
money supply, fell towards the 
lower end of the government’s 
target range in October, official 
figures showed yesterday. 

The Bank of England said 
M4, comprising bank deposits, 
h ank lending and all other 
forms of money, grew 3.8 per 
cent in the year to October. 

This was the lowest rate for 
almost a year, and towards the 


bottom of the government's 
target inflation for M4 of 
between 3 per cent and 9 per 
cent 

Measured on a seasonally 
adjusted basis, the annual 
growth rate was 3J9 per cent. 

The size of the drop yester- 
day surprised the City, which 
had previously predicted an 
Mnarifrvy** 1 annual growth rate 
of -L6 per cent. In September 
the unadjusted annual growth 

rate was 4£ per cent 

The key reason for the drop 


was subdued growth in the 
level of bank lending. Total 
sterling lending by the main 
British banks to the UK pri- 
vate sector rose £6l0m in Octo- 
ber. Although this was higher 
than the very low increase in 
September, it was below the 
previous six-monthly average 
of £712m. 

Borrowing by companies fell 
in the month as the corporate 
sector continued to repay bank 
debts accrued before and dur- 
ing the recession. Manufactur- 


ers repaid £233m in October 
and financial companies 
£34 Im. 

Lending to the personal sec- 
tor grew by £759m in October, 
a slightly higher level than in 
the previous month. But 
although consumer credit rose 
quite strongly, mortgage lend- 
ing rose at a slower rate tlian 
in recent months. 

The Treasury said that 
another reason for the drop in 
M4's annual growth rate was 
that the third tranche of Brit- 


ish Telecom shares had 
depressed bank deposits. 

Meanwhile, corporation tax. 
payments had been higher this 
October, compared with last 
October, partly as a result of 
new initiatives to persuade 
companies to spread tax pay- 
ments throughout the year. 
The Treasury said the drop in 
M-l suggested that companies 
had chosen to pay this corpora- 
tion tax through their deposits, 
rather than by taking on new 
borrowing. 


Capital flKpefufltomtW _ *.* 
manufacturing industry (Ebn) . ; * 

4J0 ---. . --t - 

1990 picas aBMondr actuated. 

3.8 W r"- r r-^ 






3 JO 


few* 


2ja 


2.6 * — * 

1988 90 


Source CSO/Sanfcof Bgand. DBtMragn 


L.. ; • -! ■ i .j. . * ■■■«■ »■ »■<.. »■ » ■ «?«*; , n 

94 *. 0 N D JF ^ j 


Mr David ... Martin, 
Conservative MP for Ports- 
mouth .South, hit .out. in tin 
Commons yesterday at Tory 
backbenchers who forced the 
abandonment of plans to pri- 
vatise Royal MaiL 

Daring (he resumed debate 
oti . the Queen’s Speech he 
flndoritngd his concern about 
the effect their success “could 
well have” on to* direction of 
government policy. \ 

Mr Martin resigned as par- 
liamentary-private secretary'' 
to Mr Douglas Hurd,' Die for- 
eign secretary/, so ' that he 
could speak on the ferae. 

To nods of approval, from 
some of his backbench col- 
leagues Mr Martin complained 
that the right policy and toe 
right future for Royal Mail 
bad been “scuppered* by the 
dissidents. 

He said ft should be left to 


Mortgage lending drops 30% [Consumers boost GDP 


By Alison Smith 


BuBcOrB Society loans 


Further gloom descended on 
the UK mortgage market yes- 
terday with the release of 
figures showing that new net 
mortgage lending by building 
societies dropped by almost 
30 per cent last month 
compared with September, to 
reach its lowest level since 
February. 

Statistics from the Building 
Societies Association showed 
new net lending at £788m in 
October, compared with 
El.llbn the previous month. 

In contrast to recent months, 
when figures have not been 
encouraging but have shown a 
slight rise compared with the 
same month last year, this is 
lower than the £825m net lend- 
ing undertaken by societies in 
October last year. 

While the drop may reflect 
fears about future Interest rate 
rises, these loans will have 
been agreed before the 0.5 of a 
percentage point rise in inter- 


Net new fencing (Ban) 
1.2 



Oct 93 1994 O 

Source: Bearing Sodettos Association 


est rates during September. 
The rise in mortgage rates In 
response to that may be a fur- 
ther depressant factor which 
has yet to feed through to the 
figures. 

The ammmt of net new com- 
mitments - which will trans- 
late into loans undertaken in 


the coming weeks and so is a 
forward-looking indicator - fell 
to £2.81bn in October from 
£2.97bn the month before. 
Although the October level is 
higher than the same month 
last year, the drop between 
September and October Is 
greater this year. 

The n umb er of net new com- 
mitments - at 48,000 - was 
lower than in October last year 
when it stood at 48X00. 

New gross lending in Octo- 
ber also slipped - by almost 9 
per cent to £&9bn, compared 
with £3.19bn in September - 
but remained above last Octo- 
ber's figure of £2.6bn. 

Mr Peter Williams, BSA head 
of research and external 
affairs, said the “disappoint- 
ing” fall in net advances 
reflected the fears of interest 
rate rises and uncertainty in 
the approach to the Budget 
Even the subdued levels of 
activity expected in the coming 
months could be put at risk by 
Budget changes , he said. 


Mr Ian Shepherdson, UK 
economist at Midland Global 
Markets, said the figures for 
new mortgage approvals, when 
adjusted for seasonal varia- 
tions. were the weakest since 
July and were clearly showing 
the effects of the September 
rate rise. 

But Mr Rob Thomas, bousing 
analyst at stockbrokers UBS. 
expressed doubt that the inter- 
est rate rise had an immediate 
effect on the lending figures. 
He said that more important 
factors were general uncer- 
tainty about the Budget and 
the cumulative impact of some 
months without a clear injec- 
tion of confidence in the mar- 
ket. 

There was, however, better 
news for societies on savings 
with an unexpectedly high net 
retail inflow of £87 lm in Octo- 
ber - about 40 per cent more 
than in October last year. Mr 
Williams said this was proba- 
bly due to recent rises in 
savings rates. 


rise in third quarter 


By Philip Coggan, 
Economics Correspondent 


Hopes that economic recovery 
was being powered by export 
and investment growth were 
dashed by yesterday's gross 
domestic product figures. 

The breakdown of GDP from 
the Central Statistical Office 
shows that the British con- 
sumer is still going strong. 
Consumer spending rose 0.5 
per cent between the second 
and third quarters and was 2.3 
per cent higher than in the pre- 
vious year. 

While recent retail sales fig- 
ures have shown signs of a 
slowdown in high street spend- 
ing, the consumer bag never- 
theless been remarkably -resil- 
ient in the face of this year's 
tax increases. 

Consumers contributed 
about a third of the 0.9 per cent 


third-quarter GDP rise. Just 
nniiw a Half was doe to t he 
improvement in the trade posi- 
tion. The hoped-for investment 
boom faltered as gross domes- 
tic fixed capital formation fall 
in the third quarter — although 
it was s tfll 2-3 per cent higher 
t-fran a year ago. 

While the upward revision to 
third-quarter GDP had been 
expected, after strong indus- 
trial production, figures for 
September, the chang p in the 
estimate of second-quarter 
growth from LI per cent to 1.3 
per cent was more surprising. 

Hie CSO said part of the rea- 
son for the rise was a jump in 
the estimate for agricultural 
production, but the bulk of the 
increase came from the ser- 
vices sector. 

After allowing for all the 
revisions, GDP Is about 32 per 
cent above its previous peak 


and 7.1 per cent above the 
trough, reached in the reces- 
sion. The revisions confirm 
earlier views, expressed by 
some of the chancellor's panel 
of independent .forecasters, 
that official figures had been 
under-estimating GDP growth. 

There are threw ways of mea- 
suring gross domestic product: 
output, inco me and expendi- 
ture. The CSO found that the 

in come expenditure mea- 
sures were growing faster than 
tiie output indicator. Revisions 
have been made to align the 
output measure with the other 
two. 

This alignment is achieved 
by adjusting the stocks figure. 
So while the statistics show a 
£925m rise in stocks and work- 
in-progress in the third quar- 
ter, the biggest rise for five 
years, this statistic will be 
treated with caution. 


We help 


Move to attract foreign 
companies to Ulster 


By Stewart Datby In Belfast 


Make the most out 
of working abroad 


No mailer where in the world you're working, you will 
wain lo lx* kepi im-.iiv of the opportunities - mid the 
pilkills - that every cNpairuin.* fares. Kim iiioiuh of the 
year Resident Almr.id brings you the latest now, views 
and practical help on living and working abmad - plus il 
kcL-jjs you ill much with whin's happening hack home. 


[r A 


Resident Abroad Is published by die Financial Times, 
and draws upon the FT's wealth of information and 
resources U> provide invaluable comment ami accurate 
data on the most important issues litcing expatriates 
today- making Resident Abroad indispensable if you 
want to stay ahead of the expatriate game. 


j 


Make the moat of your money 

if you check out our in-depth, but easy u> read, 
coverage <>r the latest investment product*, offshore 
Ixinkiug. lax advantages, world stock markets, domicile 
issues and other expatriates’ cxjwriences, you will 
quickly discover why Resident Abroad b essential 
reading when you live or work abroad. 


More than 400 international 
companies are being invited to 
the International Investment 
Forum on Northern Ireland, to 
be opened by Mr John Major in 
Belfast on December 13. 

Mr Ron Brown, the US com- 
merce secretary, is expected to 
address the conference, which 
Is aimed at boosting the num- 
ber of foreign companies 
Investing In the province as 
part of the process of reviving 
its economy in the wake of IRA 
and Loyalist ceasefires. 

Tackling Northern Ireland's 
endemic high pl oy men t is 
seen as an important part of 
the peace process. The prov- 
ince’s unemployment rate - 
12.7 per cent - remains about 
3 percentage points higher 
than the national average. 
Unemployment Is particularly 
high among males in city cen- 


tres such as Belfast and Deny. 

The Industrial Development 
Board for Northern Ireland 
says the province has enjoyed 
one of its best years for foreign 
investment 

In the 12 months to Marmh 
1994 new investment totalled 
£505m, of which £260m was 
new foreign inward invest- 
ment The inward investment 
created 2300 new jobs net Hie 
investment figure for this year 
should be higher because of. 
the controversial Hualan proj- 
ect from Taiwan. 

The CDB believes that the 
province's violent image has 
deterred potential investors. 
The conference will be told 
that a peaceful Northern 
Ireland holds considerable 
attractions for foreign inves- 
tors - with a highly skilled 
workforce based on engineer- 
ing industries and wage 
levels 16 per cent lower than 


those in mainland Britain. 

The IDB says land and prop- 
erty is considerably cheaper 
than in Great Britain. It is able 
to offer a package of Incentives 
which can include 50 per cent 
of start-up costs. 

• Mr John Hume, leader of 
the nationalist Social Demo- 
cratic and Labour party, is 
expected to receive a rapturous 
reception from the 600 dele- 
gates to the party's 24th 
annual conference over the 
weekend. 

His keynote speech is expec- 
ted to cover the future of the 
peace process in the next 12 
months. Opening the confer- 
ence at Cookstown, Co Tyrone, 
yesterday, Mr Mark Dirfcan, 
the party chairman, reiterated 
the SDLP demand for a dual 
referendum on both sides of 
the Irish border on any politi- 
cal agreement reached about 
the future of Northern Ireland. 


Labour and liberal Democrat. 
MPs to argue that free enter- 
prise and the free market, 
could not - provide services "in 
the public interest. 

Mr Mairtin said that Royal' 
Mafl required a great. deal 
more money and freedom \to 
compete . with domestic and 
foreign rivals. The. crucial 
argument , was whether this 
could be. done with ministers 
and civil servants deciding 
how much -money was 
required, or with .private 
money raised through com- 
mercial channels. 

Mr Martin highlighted the 
success achieved 1 by! British 
Telecommunications since it 
took control of the telecommur 
ideations network from the 
Post Office. ....... 

WMie criticising the “ridicu- 
lous salaries” paid to top exec- 
utives in water and electricity 
undertakings, he said that the 
overall success of p riva tis ation 
would help the Conservatives 
to achieve a further general 

election victory. 

During the debate Mr Mich- 
ael Howard, the home secre- 
tary, announced new restric- 
tions on the home leave 
1 privileges available to prison- 
ers nearing tiie end of their 
sentences, or on compassion- 
ate grounds. 

Insisting the safety of the 
public had to be paramount, 
he said that, with Immediate 
effect, a much more rigorous 
risk, assessment would be 
made before an y tem porary 
release was permitted. 

Hie new system was . likely 
to lead to a cut of about 40 per 
cent in the number of prison- 
ers released temporarily. 

• The government hopes to 
secure an early change in tiie 
law authorising the comfisca- / 
tion of money and property 
acquired through criminal • 
activities in the six years ; 
before a court conviction. 

A bill to achieve this objec- 
tive is In preparation and Hr 
Michael Howard, the home 
secretary, told toe Commons 
yesterday that it would have 
government support if Intro- 
duced as a private member's 
measure by a backbench MP. 

The bill would also ensure 
that tiie confiscation order 
could not be avoided by serv- 
ing a term of imprisonment in 
default 

The ballot for toe ri ght to 
introduce private members’ 
bills will be held on Thursday. 




FREE A-Z FINANCIAL GUIDE 
Reply within 14 days and you get the bonus of a Tree 
A-Z guide especially written to help you through the 
financial jargon maze. Ail the buzz words and 
te chnical phrases are explained, enabling you lo 
make the most of the financial sections. 


Clouds over the sunset regions 


Make (he most of your time 
You can aUo catch up on pix»|jcriy prices in the UK. .is 
well so ]k-iumc fcwuiix-t on comparative living costs, 
motoring, homing, holidays and information on schools 
fiir the children. You can discover the customs and 
cultures of different countries and find ways for you and 
your family to enjoy your leisure lime together. And 
there’s much, much more to enjoy - in cvcvy 


(special offer subscription order form "" 

I lliTO liii llir ,|ipni|iriili' l«« IxiiM mi imth-uic unir -jit*. ii|Mhhi iuii- .mil 

1 IM.IIU'IK mvtlKML 


MAKE THE MOST OF THIS SPECIAL 

SUBSCRIPTION OFFER 


ACT NOW to lake iiclvaittugc tif our V 

special subscription offer of two fire 1 
issues lo get von started. Just fill ill the 
coupon, post it (o ns wilh your rcriiitlaiirc 
and we will ensure you arrive die Ixat 
rejjorting Ibr expatriates - on ruin' doorstep 
- every immtli for fourteen months. All for 
l lie price nF twelve. 



| L 1 YYS Wnw x-ixt ro»* lUo nv\i V t Wan— «>t KcnmUii) AbrmA. fii-i 
- bancs .in- Irrr. PIt.im- atm vud hit un lirrtnpt I I n- K |Miruiir W.gmri,-. 

One wur inlnrrt|Miuii (bt»- Ml □ UK C Hi □ Europe ti:r 

^ North Africa and Middle Esm □ Aiishit Oil □ Air nl.iil 17(1 

^ Rest ot World □ A i reiser W> □ Aiinuiil £H4t 


n \ \I M lW fevll-h hr mUk * I bill* ja» i «4 lift lrfisu|d*llf llAwtiili l \ f Vipipbft .1 \tr. 

•hslMh^ui>Hk«li <Piwo> HM«ofi(lrf>| t| j tofenl A« i^s»ihtnlh 


l uiuprati r<Hvi(fcifiirsiinfc M V\T Ki«* \n — 
IV.Yt 1VV Rt\\. MOUV WNT IW»T\» 


Pk’ihp ib'liii nn □ ■Urr» □ V'ra □ □ LMims 


K\|nn «ltri 

Dl.ni 


( «md«vu- my rlinjiH- jura bit- in IT Hit.iiu-n I- iiK-r|>riM-« l tit. 


\k. 


CmillMllv/IVhau 1 .liklirw 


IZH 


■ XuiHiicility KttHN 

S I SHI . Ibv | iniiliu4n: > mni Ik hktiuwM jx.Wt ...» I. aih.Ml 


President abroad 


I.rjo i.ulniM .miaul Ir tail la Ihid 1U11IW.U.., s, r-i.^iion,)., 

r~jlpiHn maimnri |i«iMlBri*pliiB<.l.i 


Don’t go away without RA 


is™- IMIIIII l» RoddcM Ahead MtM vdun Ikpb PO Bat •(til Brantley BM9VVP UK 


FINANCIAL TIMES 


At a social services conference 
on the Isle of Wight two years 
ago Mrs Virginia Bottomley, 
the health secretary, 
announced funding arrange- 
ments for the reform of com- 
munity care that even her crit- 
ics admitted looked 
unexpectedly generous. 

1 Ironically, the Isle of Wight 
county council this week 
became the first local author- 
ity to have spent dry its com- 
munity care budget, only two 
thirds of the way through the 
financial year. 

The island - where more 
than a quarter of the popula- 
tion is above retirement age - 
is not alone in facing problems. 
Gloucestershire County Coun- 
cil, with its care programme 
£lm in the red, started han- 
dling only emergency cases 
from Tuesday. Other local 
authorities are likely to be in 
serious difficulties before the 
end of the financial year. 

The new community care 
system is intended to help 
elderiy people and these with 
handicaps Uve in the commu- 
nity rather than Institutions, 
and the councils in trouble are 
those in coastal and rural 
areas with big elderly popula- 
tions. 

The government has no 
plans, at least at present, to 
make emergency funds avail- 
able to councils such as the 
Isle of Wight, which says it 


Alan Pike on why a new funding 
system for community care has 
tut coastal and rural councils 


needs at least £500,000 to keep 
community care services run- 
ning until April But if more 
councils run into trouble in the 
coming winter ministers may 
be forced to take emergency 
action. 

Many local authority social 
services officials fear, however, 
that the problems are not tem- 
porary but the first evidence 
that the financial regime 
announced by Mrs Bottomley 
two years ago was not gener- 
ous enough after alL 

The Immediate difficulties 
for authorities such as the Isle 
of Wight and Gloucestershire 
arise from changes in the allo- 
cation of ftmds between 1993-94 
and 1994-95. In the first year of 
the new system money was 
divided between individual 
councils on a 50-50 basis which 
took account of population 
structures - factors such as 
the proportion of elderly peo- 
ple - and the number of resi- 
dential homes in each area. 

This benefited coastal and 
rural councils with large num- 
bers of residential homes but 
was disastrous for cities such 
as London, which have rela- 
tively few homes but face 


heavy pressure on community 
care services. So this year 
funding was calculated on pop- 
ulation structure alone, to the 
disadvantage of areas such as 
the Isle of Wight and Glou- 
cestershire. 

However, Ms Denise Platt, 
Association of Metropolitan 
Authorities undersecretary for 
social services, regards the 
change in the allocation for- 
mula as a red herring. She 
said; “It has pushed the imme- 
diate pressure from one part of 
the country to another. But the 
real problem is that the vol- 
ume of people seeking commu- 
nity care services is much 
higher than was expected 
when the financial arrange- 
ments were introduced.” 

This view was supported by 
Mr Deryk Mead, Gloucester- 
shire's director of social ser- 
vices, this week when he 
announced the county’s finan- 
cial crisis. He said: “We have 
bad 18 months' experience of 
implementing care and the 
number of people coming for- 
ward is far higher than was 
expected two years ago. The 
government had attempted to 
devise a fair formula but now 


had to recognise that things 
had “worked out differently In 
practice”. 

Local authorities blame “cost 
shunting” by the National 
Health Service for part of the 
unexpectedly high number of 
people seeking co mmuni ty 
care, with patients who might 
have previously received long 
term nursing care being 
referred instead to councils' 
community care services ami 
budgets. 

These budgets are still 
heavily concentrated on pro- 
residential care. 
Although the new system is 
intended to free fund8 for 
domiciliary care, these new 
services are proving slow to 
develop in many areas. 

Ms Platt said another factor 
was that the highly publicised 
community care reforms had 
Proved a victim of their own 
meAy people were 
started to go to their local 
councils for community care 
assessment and had done so. 

teve powers to 
criteria by which they 
uefine individuals’ care needs. 
The easiest way of malting the 
“cney go further is 
to adopt tighter criteria. 

But with so few councils in 
Conservative control, demand- 
ing more money from the gov- 
erament is likely to prore a 
acceptable 






.... 






Wr*». 






) . 




FINANCIAL TIMES WEEKEND NOVEMBER 19/NOVEMBER 20 1994 ★ 

SJlVIhGS HttEJD ON rwRE’ll b! io V. NAT££ B'JLAC ah' WOMOTHna OS OttCOUNlS. SUBJECT TO STATUS AHO CUBStfll tNLMGK ICRMS AMD CONUUhlNi WIAlLi CORPtCr AT Tint OF CQl« TO WtSi 








/ 


/ 




&■? 


f h 


3 k 


M 


S! 


, ',-i SAL'*;*: 




* ' J 
















# v 




Vi"- 








\Hib- 


>'V 


W- 




PERFORMANCE 


The telephone is the first contact 
your customers will have with your 
company, so it is vital that you give a 
good impression. 

Listening to an answerphone, or 
worse still a ringing tone, is not a very 
good advertisement for anyone’s company. 


That’s why we at Energis give all our 
customers a free monthly Management 
Report, spelling out in black and white 
(well, colour actually) the effectiveness 
of their answering system. 

You’ll be able to see how long your 
callers have to wait before their calls 


are answered and how many just give up. 

Energis gives you information on all 
your calls: infcoming and outgoing; local, 
long distance and international. Combine 
this with our guarantee to save you a 
minimum of 10% and up to as much as 
40% on your current long distance 


phone bill, and then you’ll see why 
Energis more than measures up to the 
needs of your business. 

If you would like to know exactly 
how quick off the mark your switchboard 
is, then CALL 0800 162 162 AND 
ENERGISE YOUR PHONE. 


^ENERGIS 









10 


FINANCIAL TIMES WEEKEND NOVEMBER 1 9/NOVEMBER 20 15*4 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tei: 071-873 3000 Telex: 922186 Fax: 071407 5700 

Saturday November 19 1994 


The risks of 
euphoria 


Like an errant teenager, the 
British economy has often prom- 
ised to change Its ways, only to 
disappoint. Usually those in 
charge are themselves deceived, 
before deceiving almost everyone 
else. This has now become the 
mqtn dang er confronting the UK. 
As in much of the industrial 
world, things economic have been 
going increasingly welL Maybe, as 
economists at the Hongkong and 
Shang hai Rank have argued, this 
is the end of the inflationary era. 
But any policy-maker who acts on 

that assumption would be a fooL 
Fortunately, Alan Greenspan, 
the cautious and wily chairman of 
the Federal Reserve, does not fall 
into this category. By raising 
short-term interest rates a further 
three-quarters of a percentage 
point this week, he and his col- 
leagues acted to slow the rate of 
expansion of the US economy to 
what they believed, on the best 
available evidence, to be its sus- 
tainable rate of economic growth. 
They may be wrong. But it was 
still the right thing to do. 

If a policy-maker turns out to be 
over-optimistic, the economy will 
overheat and inflation will rise to 
excessive levels. The costs of 
wringing inflation out of the sys- 
tem, once forward momentum has 
become strong, are high and in 
part irreversible, while the time 
required to do so is also long. 

In the UK, for example, the price 
laid for the 13.8 per cent expan- 
sion of the economy between 1986 
and the second quarter of 1990 was 
almost four years of recession and 
slow recovery, before output 
finally returned to its previous 
peak level. Even in the third quar- 
ter of this year, GDP was only 3 
per cent above its previous peak. 

If, however, policy had. been 
more cautious in the late 1980s, 
the expansion might well have 
continued - or at least the subse- 
quent downturn could have been 
shorter and shallower. If, for 
example, economic growth had 
averaged as little as 2V* per cent a 
year since 1986, output this year 
would be 2V4 per cent greater than 
it now seems likely to be. 

These considerations must 
guide policy-makers, not least a 
chancellor of the mrrhpqner fram- 
ing a budget. Hie must not confuse 
the cycle with the trend. He has 
also to keep his head, while all 
around are losing theirs. 

Good news 

Certainly, almost ah the news is 
good. Gross domestic product 
grew 42 per cent in the year to 
the third quarter, with 30 per cent 
of the expulsion generated by the 
improvement in net exports. Not- 
withstanding rapid economic 
growth, the trade deficit on goods 
and services is estimated at less 
than 1 per cent of GDP in the first 


three quarters of 1994- Retail sales 
continue to expand at a measured 
pace. They were up 0.1 par cent 
between September and October 
and 3.1 over October 1993. The 
public sector borrowing require- 
ment in April to October of this 
year is already £72bn less than it 
was last financial year. 

S easonally adjusted unemploy- 
ment fell another 46,000 in the 
month to October 13, to ?-52m . It is 
455,000 down from its peak in 
December 1992. With output per 
head rising 8 per cent In the three 
months ending September 1994, 
unit labour costs in manufactur- 
ing also fell by 1.4 per cent over 
that period. 

Average earnings 

The decline in unit labour costs 
partly reflects the slow rate of 
increase in earnings. The underly- 
ing annual increase in whole econ- 
omy average earnings re m ai ne d at 
3y* per cent in September, which 
is consistent with achievement of 
the government's infla tion target 
of 1-2V* per cent by the end of this 
parliament. That target has 
already been achieved, with retail 
prices, excluding mortgage inter- 
est payments, rising just 2 per 
cent over the year to October. 
This index is. in feet, no higher 
than in May. With broad money 
provisionally estimated to have 
ot panifarf over the six months to 
October at an annualised rate of 
just 2.4 per cent, even monetarists 
will be unable to detect the small- 
est danger of inflation. 

It is always possible to find 
something to moan about gross 
fixed capital formation declined by 
1 per cent over the last quarter. In 
afl, however, the picture is one of 
rapid growth with low inflation. 

It is possible that it will stay so. 
Credit growth is slow because the 
housing market has been flat- 
tened, partly by the decline in 
nominal prices during the last 
recession. Consequently, mone- 
tary growth has almost disap- 
peared. The ramwii tm ent to ftiH 
employment is known by wage 
bargainers to have gone. Unions 
are much weaker than before, as 
the cavalier way they are being 
treated by Mr Blair's Labour Party 
demonstrates. Meanwhile, greater 
competition within the economy 
seems to transmit disinflationary 
forces into lower prices, not just 
into lower levels of output. 

Hoping that this grpangirm will 
he different - longer, stronger 
and above all, inflationary — 
than previous ones is reasonable. 
But that outcome is not certain 
and must not be assumed in pol- 
icy. Let policy-makers position 
themselves to be pleasantly sur- 
prised. That way they also have 
the best chance of ensuring both 
they - and the British people - 
actually will be. 


E leven weeks after the 
IRA ceasefire, fresh 
uncertainty has 
descended on the North- 
ern Ireland peace pro- 
cess. throwing up the possibility of 
further delays in the political nego- 
tiations to end the 25-year-old con- 
flict 

On Thursday Mr Albert Reynolds, 
Ireland’s prime minister, was 
drummed out of office, after allega- 
tions that he misled parliament 
over an controversial extradition 
case involving a paedophile catholic 
priest. 

The resignation of Mr Reynolds 
has left Ireland under a caretaker 
adminis tration, while parliament 
tries to agree a new coalition. But 
the absence of a government in 
Dublin has also left the delicate 
peace process apparently frozen. 

The crisis was triggered by oppo- 
sition to the appointment by Mr 
Reynolds of Mr Harry Whelehan, a 
former attorney general, as presi- 
dent of the Irish High Court 
Mr Whelehan's former office is 
facing allegations that it delayed for 
seven months the extradition of 
Father Brendan Smyth to face 
charges in Northern Ireland of child 
abuse. Mr Whelehan has also been 
involved in other controversial 
cases, including the investigation in 
1991 into the misuse of official 
export credits in Ireland’s beef scan- 
dal As attorney general he issued 
an injunction in the notorious 1992 
“X-case” to prevent a 14-year-old 
rape victim travelling to the UK for 
an abortion. 

When Mr Reynolds persisted in 
waking the appointment, the coali- 
tion between Ms Fianna Fail party 
and Mr Dick Spring’s Irish Labour 
party collapsed after 22 months in 
office. Mr Reynolds resigned as 
prime gtinister before a parliamen- 
tary vote of confidence that he 
would have lost Mr Whelehan. the 
cause of the crisis, resigned from 
his new office. 

At one point, however, it seemed 
that the affair mi g ht have much 
more far-rea ching consequences. Mr 
Pat Rabbitte of the Democratic Left, 
told the Irish parliament of docu- 
ments that would “rock the founda- 
tions of the state". 

Rumours circulated in the Dail, 
Ireland’s parliament that fha head 
of the Catholic Church, Cardinal 
Cabal Daly, may have intervened 
on Father Smyth's behalf - a 
rumour quickly scotched by the 


T he UK government is 
doing its best to play down 
the impact of the power 
vacuum in Dublin on the 
Northern Ireland peace process. 
From London’s perspective, time is 
nothing to be gafaad by to 

the sense of crisis that Mr Albert 
Reynolds’s resignation has threat- 
ened to stir up. 

Host leading Ulster politicians 
have come round to a similar posi- 
tion. Even Mr Gerry Adams, presi- 
dent of Sinn F6in, the IRA’s politi- 
cal wing, emphasised this week 
that the peace process was “bigger 
than any of us” - although he 
warned of “widespread concern” 
among nationalists about the 
effects of Mr Reynolds’s removal. 

Mr Adams’s choice of words was 
uncannily similar to that of Mr 
David Ervine of the Progressive 
Unionist party, which speaks for 
some loyalist paramilitaries. 
According to Mr Ervine, “this is a 
bigger issue than any individual”. 

Both moderate and hardline 
unionists have indicated that on 
balance they think the peace pro- 
cess will gain from the fall of a 
prime minister whom they felt was 
influenced to an uncomfortable 


Ireland’s political crisis could hardly have 
occurred at a more awkward time for the 
peace process, says John Murray Brown 

An unwelcome 
diversion 




Irish trio: Bertie Ahern (left), a possible successor to Albert Reynolds (top right), and Labour leader Dick Spring 


Cardinal with good humour. 

Such was the massive public 
interest in the drama unfolding in 
the Dail, even pilots on Aer Lingus 
flights felt obliged to provide their 
customers with constant in-flight 
updates as the government teetered. 

Dublin's troubles could hardly 
have occurred at a more awkward 
time for the peace process. The UK 
and Irish governments have been 
locked in talks on the framework 
document that will form the basis 
of future talks involving Ulster's 


principal political parties. Ideally, 
this would have been finalised 
before London begins the explor- 
atory talks it has promised to open 
with Sinn Ffein before Christmas. 

Some disruption to the timetable 
now seems unavoidable. Agreement 
between the parties on a new coali- 
tion could be days, perhaps weeks 
away. If the search fans, parHawimt 
will be dissolved and the country 
will have to go to the polls. That 
would certainly require prolonged 
negotiations over a new coalition 


before a government could be 
formed. It could be into the New 
Year before the Irish are ready to 
push the peace process forward. 

The composition of any new coali- 
tion could have wide ramifications 
for the peace process. AH the Irish 
parties are publicly committed to 
the process and all have endorsed 
the Downing Street Declaration that 
was signed by Mr Reynolds and Mr 
John Major last December. 

However, it Is widely believed in 
Dublin that Fianna Fail, a party 


fanrmd to oppose partition- and.the . 
1921 Anglo-Irish Treaty; may be bet- 
ter placed to persuqde the harfflkie : 
republicans of Snnfenrto go along 
with a settlement . . £ v 

Mr Reynolds was criticised, even 
in Dublin, for being ovor-hasty in 
embracin g the Sum F&n leaders,' 
greeting Mr Gary Adams, the par- 
ty’s leader, with a handshake outlaw 
steps of Government BcdKffiogs fear 
than g wrek after the ISA ceasefire. . 
However, Mr Reynolds argued that 
a bold gesture was needed, from 
Dublin, to bolster the moderaijs In 
the movement. Similar thinking- 

was behind his idea of a crossparty 

Forum for. Peace and Reconcilia- 
tion, which had its third sitting ip 
Dublin Castle yesterday. 

There are many offirials in Datv 
iin who fed itwUl be di fficult iitthe 
short term for a new government to. 
achieve the sort of understanding 
with '. Sum Ffiin that Mr Reynolds 
mid his top advisers enjoyed. 

uch rapport may be hard 
torepDcate wi& a govern- 
ment led by Fine Gael, the . = 
main -opposition party,, a 

conservative party that is ■ 

identified historically as -the pro- 
1921 treaty party. With Fianna Fail 
on the . opposition benches. Fine 
Gael might also find it hanler to . 
promote the constitutional change 
that untamste fa tire North see as a 
central part of any setfiement .... 

Fianna Fail masts today to electa - 
new leader to succeed Mr Reynolds.' 
The two names pot forward so far : 
ore fhnap of outgoing finance minis- , 
ter Mr Bertie Ahern and Justice - 
Minister Mrs Maire Geoghegan- 
Qulnn. Under a new -leadership, 
Fianna Fail may be able to form a 
new coalition with Labour. The pal- , 
icy programme agreed between (he 
two- parties as the basis, for the 
coalition . that., is now dissolved 
remains to be completed. However 
the bitter taste of this week’s events 
will not be easily swallowed. . . 

The alternative . coalition options 
may be no eaidm te put together. 
Fine Gael, - the main opposition 
party, could farm a parliamentary 
majority -with Labour, and one of 
the smaller parties. But relations 
between Mr Spring Mr John 
Bnttoh, the 'Fine . Gael leader, are 
described as frosty. 

Without an early resolution of the 
political uncertainty, however, 
progress on the peace process is 
likely to be impaired. 


One more element of doubt 

David Owen on how London views this week’s events 


degree by Mr Adams. 

More important, they argue, is 
whether the IRA is ready to 
renounce violence permanently. 
Many unionists remain uncon- 
vinced. Mr William Ross, the Ulster 
Unionist chief whip, says: “I have 
always been sceptical and I have 
seen nothing in recent weds or 
days to change my mind.” 

However, the collapse of the Dub- 
lin coalition has added new ele- 
ments of doubt to a process that 
was already difficult The piece of 
the jigsaw most cleariy in danger is 
the much-delayed joint framework 
document the two governments 
have been striving to agree. 

This document will form the 
basis of future talks Involving 
Ulster’s pr i ncipal political parties. 
At its heart will be a constitutional 
trade-off under which Dublin would 
remove its territorial claim to the 
province in return for changes to 
the 1920 Government of Ireland Act 


enshrining partition. 

Speaking within hoars of Mr 
Reynolds’s resignation, senior Brit- 
ish officials said the two govern- 
ments were “close” to agreement. 
But this week’s events are unlikely 
to help the work of the so-called 
“Raison committee” of British and 
Irish officials who are working an 
the framework document. 

The pace of progress on explor- 
atory talks with Sinn F6m and loy- 
alist representatives — due to start 
before Christmas, provided the 
ceasefire holds - may also be 
slowed. This is because the liaison 
committee has yet to complete its 
work on developing a co-ordinated 
north-south approach to decommis- 
sioning paramilitary arsenals. 

The British government expects 
the handover of these weapons to 
be close to the top of the agenda 
when these talks get under way. 
Unless the committee continues to 
work while a new Irish government 


emerges, London may have to start 
the talks before the liaison commit- 
tee’s report is ready. Officials can 
pursue technical points in the 
absence of a governmen t in Dublin, 
but they win soon need fresh politi- 
cal direction. 

Another imponderable is the per- 
sonal chemistry between Hr Major 
and the new Irish premier. While 
the UK prime minister and Mr 
Reynolds had their disagree m e nts , 
they seemed to be on the same 
wavelength. This was invaluable in 
underpinning the peace process’s 
credibility at moments when rela- 
tions between London and Dublin 
were strained. 

London wfS be keen for Mr Dick 
Spring. leader of the Irish labour 
party, to retain a prominent role in 
the process. This would ensure an 
element of continuity. 

Although Mr Major has won 
plaudits for his handling of the 
peace process, there was a growing 



Major personal chemistry 


feeling, even before this week, that 
time was beginning to press. 
Events in Dublin have reinforced 
that feeling, but have also made it 
more difficult for the two govern- 
ments to respond to it. 


MAN in THE NEWS: Andre Middelhoek 


A figure of 
frugality 


P oring over European 
Union accounts is a pas- 
time that Mr Andr£ Mid- 
delhoek finds so gripping 
that be even makes a few boors on 
a Sunday afternoon for the sport 
In the smart Luxembourg suburb 
of Heisdorf, he surrounds himself 
with papers chronicling the minu- 
tiae of how the EU eats up around 
EcuTOtm (£55bn) of European tax- 
payers’ money each year. 

But not everyone is grateful for 
his diligence. This week, in his 
capacity as president of the Luxem- 
bourg-based Court of Auditors, the 
EU*s main financial watchdog, Mr 
Middelhoek caught the headlines 
with a report on mismanagement, 
fraud and waste in EU spending. 

Packed with examples of lax 
spending controls, in areas from 
building to wine production, the 
464-page annual report has raised 
the hackles of officials at the Euro- 
pean Commission. “He is more a 
seeker of publicity than of solu- 
tions," said one senior European 
Commission offlc toL 
The 62-year-old Dutch economist 
a former budget director in the 
Dutch ministry of finance, has 
worked at the court since its incep- 
tion in 1977 and has been president 
since January 1993. His main aim 
has been to increase the court’s 
authority over the financial 
operations of the Commission and 
the member states - and, according 
to a colleague, to “show to Euro- 
pean citizens that someone is 
looking after their money”. 

As a job, Mr Ifiddelhoek’s is dose 
to impossible. No-one can say how 
much EU fraud exists, he says, 
although experts reckon that 
between 2 per cent and 10 per cent 
of the budget is wasted either 
through poor controls or criminal 
actions. But his task is made more 


difficult by the peculiarly unwieldy 
nature of the court itself. 

Although many observers believe 
it is meant to detect fraud, its remit 
is “to monitor the management of 
[EU] funds and point out areas 
within this field where improve- 
ments need to be made”. About half 
the EU budget is spent on farm sub- 
sidies via the common agricultural 
policy - an area said to involve 
some 70m cash transactions a year 
- while another quarter goes on 
regional spending aimed at boosting 
the economies of the EtFs poorer 
countries. Monitoring these kinds of 
flows means scouring mountains of 
paperwork, and interviewing hun- 
dreds of government officials from 
the member countries who spend 
most of the ElFs budget 

It is the court’s 430 staff, roughly 
half of whom are professional audi- 
tors, who perform this seemingly 
endless task. They aim to look at 
each main item of the EU budget in 
reasonable detail every five years. 
In November the court publishes its 
finding s in its annual report, and 
every month or two it publishes 
documents looking at specific 
issues, such as the cash spent on 
tobacco forming or cotton. 

What the court looks at, and 
when, is decided by a panel of 12 
nominally independent officials, one 
from each EU member state, who 
work foil-tune in Luxembourg on 
renewable six-year contracts. They 
come from backgrounds in law, pol- 
itics or government service, and 
every three years they elect one of 
their number as president 

The panel also draws conclusions 
on where things need to be 
improved, and negotiates these 
changes. It is in tbis area that Mr 
hfiddalhoek's record has been most 
criticised. 

Combining the panel's disparate 



officials into a single efficient opera- 
tion has proved particularly diffi- 
cult The t hen British c ourt mem- 
ber, Mr Jo Carey, said two years 
ago that the institution often 
seemed like a “rudderless ship”. Mr 
Middelhoek's efforts to improve 
matters through sessions for strate- 
gic thinking have helped a little, 
although doubts remain over the 
organisation's cohesion. 

Although gifted with a sharp 
mind and unflagging energy, Mr 
Middelhoek is also said to lack the 
diplomatic skills needed to win 
acceptance from the Commission 
and member states for new proce- 
dures to control spending. 

“Middelhoek's good at banging 
the drum about fraud and waste, 
but he’s not so good at establishing 
the relationships to start putting 
things right,” said one EU official. 

Offi cials at the court do not dis- 
guise that their relationships with 
the commission are poor, and com- 
mission insiders suggest Mr Middei- 
hoek’s lack of finesse has been 


responsible for much of this. He 
has, for example, had a stand-up 
row with Mr Bruce Mlllan, the 
blunt Brussels commissioner for 
regional aid, who felt he was being 
lectured. 

Mr MwiHoihnpir is unhappy 
he has never had a proper discus- 
sion with Mr Jacques Defers, the 
outgoing Commission president. 
But the absence of a meeting is put 
down on the commission side to the 
court president's prickliness. 

Even Mr Middelhoek's supporters, 
though praising his dedication and 
his ability to work for 18 hours a 
day, say the Dutchman can some- 
times lose patience with those 
around him. “He’s not always the 
most charming boy,” said one. 

Mr Middelhoek certainly does 
have a combative side, asserting 
that no EU member state is keen 
enough to combat waste and mis- 
management. His row with Mr 
Carey was particularly bitter. In 
response to Mr Carey’s comments 
about the court’s lack of direction, 
he said earlier this year “We have 
read it all and say [rode noise].” 

Mr Carey last year left the court, 
and is now involved in mediating 
between the commission and mem- 
ber governments on disputes over 
agricultural spending. 

To many, Mr Middelhoek’s quali- 
ties would seem ideally suited to a 
mission to seek out impropriety and 
push for change. However, the last 
two years have shown that, in his 
particular job, diplomacy is as 
essential as determination. 

Mr Middelhoek is in the van of 
those pressing the Commission to 
introduce hefty fines on member 
governments that lack sufficiently 
tough spending controls. Many 
would argue Brussels also needs to 
introduce more auditors into its pol- 
icy directorates to ensure ;h 
spent wisely. 

Mr Middelhoek has just one year 
left in office to persuade the new 
crop of commissioners that he is not 
just out to grab the headlines, but is 
also working at solutions. 


Peter Marsh 



OIL MARKET REPORT 

COMPREHENSIVE COVERAGE OF WORLD OIL 
MARKETS, PRICES AND STATISTICS 

Published monthly by the International Energy Agency, 03 Market Report relays the 
most up-to-date statistical information available on global oD demand, supply and 
stocks. The latest official monthly oil statistics are made available to us each month by 
OECD countries and we have an expert network of contacts with governments, oil 
companies and other oil professionals who provide us with the latest information 
available on non-OECD countries' oil production and demand. 

OIL MARKET REPORT ALSO PROVIDES DETAILED 
ANALYSIS OF RECENT TRENDS AND PROJECTIONS FOR 
THE YEAR AHEAD 

OU Market Report covers ofl demand by region, oil supply by region and in individual 
OECD countries and selected OPEC producers; there is reliable data on OECD industry 
and government controlled stocks, as wdi as the latest spot prices for major 
internationally traded crudes and products; with data on refinery throughputs and 
margins this makes 03 Market Report an extremely reliable source of data. 

If you would like to receive a free sample copy please contact Tony Ashcroft on 
+44 (0)71-873-3794 or fax +44 (0)71-873-3935 


* 



Marketed on behalf of the International Energy Agency by 


FT 


FINANCIAL TIMES 

Newsletters 

Hie rafennatian you provide m 2! beheld farm and stay be ami bf other grim quality ann»nte 

FT Enterprlao Limited. Re^Serel Office N mrf»O ogSom hw3Ti. ^V^ 1 "~V mai^tn.L!juf] Purp<ga ' 
ftytendWneSllfc VATR q)Wniii i i iNtCfft?t5Pl ^ 


?v 







Nr JVl 


N- 

-.-•XrOs 

“• - »r •■ "'*• -is, 

s*-*~ :•.: ..*-cr.v 

•■ "r; ‘i ?ft‘ 

•;v 

a ‘ 

r. • - 

^ :. - '■v 

:. 

r-i.i " i: • 

.. ... _ -« .-«* • . 

:. v_... <; _ 1 -- 

•-- .."" ■• ■' -1” ■ ■-" l ^-"*iv 
■- •- ;.- \\,r. 

• -ft* • 


S 






.., . % 


• ; ^t: 
:;■ ^ 
r-^ 




-v- 

. r . .% 

rJ.'x^ 

-7 ;:* 

;\ l : 201 ^ 

■iris* 

'■ »^,. 

iisfefc,; 

■■■ ~ 

. ■; -,i, 


---- 

;r a «s 

. ’." .V ^ £l> 
•• _.r JCt 







»!4j 



Sw-jsS®* 


•v-- 

«•* 


;T f*' 


■-‘I ' ' 

-• - \r‘ 


■4H ’** 


financial times 


WEEKEND NOVEMBER 19/NOVEMBER 20 1994 


11 



The return to power 
3v tree elections of 
Politicians with 

E* l “ the pre. 

Thn fayrfZ r nS? COm »Unist 

SB mV f* Sf t th ? ums 33 one 

°_J he most fcsci- 
aspects of 


WALL 

the Post-Soviet woridf 


Surprising reversal of fortunes 


, These incliide Li thuania invaded 

by the Soviet army inSoandfS^ 

Sl 3 tte D s S2 I 0 ™ ted mh the other 
Bar™ states into the Soviet Union. 

^ year Algirdas Brazauakas, for- 
mer communist leader was aim«ri 
**“ rena “«i Democratic 

trounced K? rty h - ad Previously 
frounced the constitutional nation- 

g^hamentaiy elections, 
in. Hungary, where citizens foueht 
Somet tanks in the streets of Buda- 

Sf vSlEV* Gyula Horn’s sodal- 
™ heir t0 tte Communist 

party, won a majority of seats in 

S!d Pw2 P^^ntary elections. 
And m Poland, which had been in a 
state of semi-insurrection against 

^ n Mr lS ii n,le J for most o^the 
JgJ* Mr AtaTOter Kwasniewski’s 
Democratic Left Alliance (SLD), the 
Communist party's successor, is the 
W 7 “ ***» ruling coalition, 
rart of the explanation lies in the 
nature of the last communist gov- 
ernments in these countries. They 
were led by pragmatic, nationalis- 
tic, reform-minded leaders, permit- 
ted, even encouraged, by Soviet 
President Mikhail Gorbachev to 
embark on structural political and 
economic changes unthinkable 
under his predecessors. 

In countries such as Hungary in 
1989, the younger generation of 
com m u n ist leaders were people who 


Anthony Robinson on the return to 
power of the former communists 


had been doing deals and making 
compromises with their citizens 
much like ordinary politicians for 
years. 

The process was often corrupt 
and morally corrupting. It was 
summed up in bitingly accurate 
jokes such as “they pretend to pay 
us and we pretend to work" or "he 
who does not steal from the state 
robs his own famil y”. 

For ordinary people, this involved 
trying to live a private inner and 
family life and getting around the 
system as much as possible. For the 
leaders, It meant conceding as 
much freedom to their peoples as 
Moscow would turn a blind eye to, 
for the sake of peace and quiet 

This tacit compact between rulers 
and rated, which involved millions 
of ordinary citizens in moral and 
material compromises, was the 
main reason why the revolutions of 
1989 turned out to be mainly non-vi- 
olent and surprisingly lacking in 
vengeance. 

Even so, the speed of rehabilita- 
tion of former communists has sur- 
prised even those who have bene- 
fited. Hungary's Mr Horn fought as 
a communist against the rebels in 
the 1956 uprising against the Soviet- 
backed communist regime. While he 
could claim credit for opening the 
Austro-Hungarian border section of 
the iron curtain as foreign minister 
in 1989, many were surprised to see 
him back in power within five years 
of the fall of the Berlin Wall. 


They were also surprised by 
Poland's Mr Kwasniewski. Five 
years ago, he was one of the closest 
collaborators of Mr Mleczyslaw 
Rakoweki, Poland's last communist 
prime minister during the round-ta- 
ble negotiations with Solidarity that 
led to defeat for the communists in 
the subsequent elections. 

But in September 1993, Mr Kwas- 
niewski's SLD became the largest 
party in the Polish parliament and 
part of the ruling coalition. Since 
then, he has been stealthily work- 
ing towards a realignment of Polish 
politics, bringing the social demo- 
cratic wing of the former commu- 
nists into alliance with the liberal 
foee-maricet and centrist factions of 
the Solidarity movement to create a 
stable, democratic centre/left party. 

In much of post-communist 
Europe, the electoral success of the 
former communists can be attri- 
buted - at least partly - to the 
failure of the politicians who took 
power after the collapse of the 
Soviet empire. The new politicians 
who have emerged from the rubble 
of communism were inevitably 
inexperienced amateurs. 

Most were dissident academics, 
intellectuals or artists, such as Lith- 
uania's Vytautis Landsbergis, a 
music teacher, Hungary's Jozsef 
Antall, a history teacher; or 
Poland’s Tadeusz Mazowieckl, a 
catholic intellectual and publisher. 

They Inherited bankrupt econo- 
mies, passive bureaucracies 



(From left) Algirdas Br aza u ak a s of Lithuania; Gyula Horn of Hungary; and Poland's Alexander Kwasniewski 


responding only to commands, and 
a long wish-list of expectations. 
Widening income differentials 
between the new entrepreneurs and 
the unemployed, old and sick 
swiftly led to disillusion with 
change among significant parts of 
the electorate that the former com- 
munists have been swift to tap. 

The country that has proved most 
impervious to the blandishments of 
recycled communists is the Czech 
Republic. Much of the credit for its 


swift transition to a market econ- 
omy goes to the political skill and 
economic clear-mindedness of Ur 
Vaclav Klaus, prime minister since 
mid- 1992. 

Mr Klaus, contemptuous of what 
he calls “irresponsible intellectuals" 
with their hankering after a soft 
“third way" between the rigours of 
capitalism and the b landishment s of 
socialism, hoisted the standard of 
balanced budgets, low inflation and 
mass privatisation. Opinion polls 


indicate that he and his party will 
probably return to power after the 
1996 elections. 

In addition to the problems of 
emergence bom totalitarianism an d 
collapse of the integrated Soviet 
economy, many of the former com- 
munist countries faced the difficult 
task of state-building. Millions of 
people who had been subject to 
powerful empires - Hapsburg, Otto- 
man or Romanov - in pre-commu- 
nist days found that the collapse of 


the Soviet empire gave them the 
opportunity of self-determination, 
Ukraine and Belarus In Europe and 
the central Asian republics for the 
first time enjoyed independent 
statehood. 

It Is hardly surprising under the 
circumstances that the combination 
of political inexperience, reawak- 
ened ethnic and cultural identity 
and economic chans overwhelmed 
most of the hesitant politicians and 
economic reformers who bravely set 
out on the uncharted voyage of 
transition in 1989. 

N either is it surprising 
that the countries that 
have moved furthest and 
fastest along the path to 
"normality* are those with the 
strongest national identities, the 
biggest middle classes and most 
developed economies in the pre-sec- 
ond world war period. Czechoslo- 
vakia, Hungary, Poland and the Bal- 
tic states retained distant memories 
of independent national status and 
democracy that had been snuffed 
out after the war. 

The greatest problems remain in 
Russia and other states of the for- 
mer Soviet Union, which were head- 
ing for a form of constitutional 
monarchy before the Bolshevik rev- 
olution in 1917. They have no demo- 
cratic tradition to draw upon in 
rebuilding their societies. 

Five years after the Hall of the 
Berlin Wall and three years after 
the collapse of the Soviet Union, it 
is clear that the return to political 
“normality” and reintegration into 
the world economy is the task of 
decades, and probably g e nerations. 

This is the third in a series on the 
consequences of the fall of commu- 
nism . Previous articles appeared or 
November 9 and 11 


Michael Skapinker on the competition implications of today’s UK lottery draw 


T 


he mil lions who sit down in 
front of their television screens 
tonight to watch the first draw 
In Britain's new national lot- 
tery will not be the only ones quivering 

with tens ion 

Football pools operators, bingo hall 
proprietors, betting shop owners and 
managers of other gambling concerns 
are deeply apprehensive about the dam- 
age their businesses could suffer as a 
result of competition from the lottery. 
On Monday, they will begin e xamining 
their sales figures and assessing the 
Initial impact erf a lottery that has sold 
ova- 30m tickets in its first week. 

The gambling industry and leisure 
analysts' are unanimous about which 
sector will suffer most Mr Stephen 
Devany, head of public affairs at Lad- 
broke, which owns casinos, the Vernons 
pools operation and 1,850 betting shops, 
says: "The pools give us the greatest 
concern." 

Mr Devany says the pools and the 
lottery are similar attractions: both 
involve choosing numbers. While the 
pools are based on the outcome of foot- 
ball results, few entrant s think about 
the results of matches. Mr Devany says 
that 90 per cent of pools players choose 
the. same numbers. every week. 

There has been some cheer for pools 
operators in the run-up to the lottery’s 
launch. Legislation affecting the pools 
hflg been changed to allow them to com- 
pete more effectively: 

• The minimum age fix' pools players 
has been lowered from 18 to 16. 

• Pools coupons can now be distrib- 
uted through betting shops. 

• Coupons can also be distributed 
through retail outlets (while this went 
on in the past, the law was unclear on 
whether it was actually allowed). 

• Under certain circumstances, the 
pools can roll over their unwon prizes 
from week to week to build up a bigger 
jackpot 

Mr Devany says: "We suspect the 
business wfil decline, but our job is to 
make- the decline the slowest possible.” 

Mr Simon Johnson, an analyst at Bar- 
clays de Zoete Wedd, believes that view 
is optimistic. The decline of the 
pools “is likely to be terminal", he 
says. 

Pools players tend to be over 45 and 
are more likely to be men. than women, 
Mr Johnson says. While easting partici- 
pants might continue to fill in their 
coupons, younger people will find the 
Lottery more attractive, he says. As 
older pools players die. they are 
unlikely to be replaced. 

Mr Johnson believes, however, that 
casinos will not be significantly affected 
by the lottery. A visit to a casino is a 
social event - and a relatively expen- 
sive one. The £1 required for a lottery 
ticket is unlikely to deflect a serious 


Night of the 
big gamble 



turnover are unduly pessimistic. 

A relaxation of betting shop restric- 
tions should help to minimise the 
impact, says Mr Devany. Betting shops 
are now allowed to remain open on 
summer evenings. From the be ginning 
of next year, they will be permitted to 
have clear street-front windows, allow- 
ing passers-by to see the inside of the 
shops. There will also be 12 days of 
Sunday racing next year. 

Opinion over the effect of the lottery 
on amusement machines is divided. 
While leisure analysts and machine 
owners say there is likely to be some 
fell in business, they are putting their 
faith In a hard core of mashing gam- 
blers who, they believe, are unlikely to 
r-hang B their habits. 

Mr Garrett says Rank has been count- 
ing the customers going into its amuse- 
ment machine centres this week and 
there does not appear to be any fell in 
numbers. He wfil only know next weak, 
however, whether they have been 
feeding fewer coins into the mach- 
ines. 


W! 


gambler from visiting a casino. 

Mr. John Garrett, managing director 
of the Rank Organisation's recreation 
division, which Includes its casino 
operations, goes along with this view 
but has been running some special pro- 
motions anyway to try to keep regular 
customers' loyalty. 

Members visiting Rank casinos have 
been asked to put their business cards 
into a barrel. Tonight, cards will be 

picked out and win- 

ners will receive 
prizes of up to £500 
worth of national 
lottery tickets. 

Of greater con- 
cern to Mr Garrett 
is the effect of the 
lottery on Rank's 
bingo halls. Rank’s 
research revealed that about 9 per cent 
of its bingo players thought they might 
need to divert some of their spending 
from bingo to the lottery. 

Mr Garrett says that, in limiting the 
damage, his most important task is to 
maintain the loyalty of his regular cus- 
tomers. In particular, he wants to make 


The gambling industry 
is unanimous about 
which sector will suffer 
most: football pools 
operators 


sure they turn up at the bingo halls 
tonight rather than staying home to 
watch the lottery draw. The winning 
lottery numbers will be announced in 
Rank’s bingo halls as soon as they are 
available. Some bingo halls will have 
television screens showing the draw 
live. 

Rank has also been giving customers 
its own version of the national lottery 
card, with six numbers chosen for 
them. If their num- 
bers match those 
drawn by the 
national lottery 
tonight, they will 
win a prize of 
£100.000. The 
amount seems tiny 
compared with the 
forecast lottery 
jackpot tonight of £6m, but Mr Garrett 
says: "If my punters win £ LQ0 ,000, they 
will be over the moon.” 

Mr Johnson says he expects betting 
shop businesses to be damaged in tbe 
early days of the lottery, but predicts 
that they will recover. He thinks some 
industry estimates of a 5 per cent fell in 


'hile gambling businesses 
remain uncertain over the 
precise impact oE the lot- 
tery, they are unanimous 
on one point: the relaxation of the 
restrictions on their industry does not 
go far enough. 

The philosophy underlying UK gam- 
bling legislation is that operators must 
not stimulate demand. This means, for 
example, that betting shops cannot be 
listed in the telephone directory. Bingo 
companies can advertise, but the adver- 
tisement may not carry the address of a 
bingo hall. Pools companies can adver- 
tise in newspapers and magazines, but 
not on television or radio. 

Leisure operators argue that the 
advent of the lottery has made non- 
sense of the notion that people should 
not be encouraged to gamble. They say 
that the government, as sponsor of the 
national lottery, has become the biggest 
promoter of gambling, backed by a 
huge advertising campaign. 

Mr Michael Howard, home secretary, 
acknowledged the force of some of these 
grievances last week in a speech to the 
British Casino Association. He said the 
ban on casino and betting shop adver- 
tising would be reconsidered. The maxi- 
mum number of jackpot machines 
would be increased in casinos, bingo 
halls and members’ dubs. 

As they await tonight's draw, the 
gambling industries console themselves 
with one thought: there will be millions 
more lottery losers tonight than win- 
ners. They hope it will not be long 
before they can begin filling the 
bingo halls, casinos and amusement 
arcades with disillusioned lottery 
punters. 


R upert Murdoch Is no 
stranger to upsetting 
establishments, as 
Britain's tabloid-tor- 
mented royal family knows to 
its cost 

But this week it emerged 
that the Australian media 
magnate's Fox Broadcasting 
plans to co-sponsor a $2fim 
World "Tour” for top golf pro- 
fessionals. This marks as col- 
ourful and audacious an 
attack on entrenched sporting 
interests as he has yet 
launched. 

Supported by one of the 
world's top players, Greg Nor- 
man - called the "Great White 
Shark” for his Bowing blond 
hair - Fox proposes to stage 
eight tournaments (five* in 
North America, one in Britain, 
one in Spain, one in Japan) 
with top prizes of $600,000 per 
event and a $lm bonus to the 
overall annual winner. 

The development has sent 
shock waves through the 
game's governing bodies - 
notably the Royal and Ancient 
Golf (Hub in St Andrews and 
the long-established Profes- 
sional Golfers Associations 
(PGA) - and stirred dire mnt- 
terings that the prestige of the 
Open championship and other 
events could be damaged. 

It is also likely to focus the 
spotlight on the controversial 
figure of Mark MacCormack, 
whose IMG group effectively 
controls, through management 
contract, a third of tbe players 
targeted by the new Tour. 

And for Murdoch’s Fox tele- 
vision empire, which outbid 
CBS for the rights to the NFC’s 
American football package 
earlier this year, it could far- 
ther boost its ambition to 
become the fourth US network 
and wrest valuable sports 
properties from Its rivals. 

In some respects Murdoch's 
move is reminiscent of Kerry 
Packer’s 1977 swoop on inter- 
national cricket, which led to 
the famous Packer circus - of 
floodlit games in pyjamas and 
all that - and transformed tbe 
shape and character of the 
sport Then, as now, the story 
leaked out (after a party 
thrown by England cricket 
captain Tony Greig). Then, as 
now, the underlying business 
issne was an Australian's 
ambition to exploit TV rights 
on an International scale. 

It is possible that profes- 
sional golf will not he tbe 
same again, but in other 
respects the Packer analogy is 


Fox 

goes for 
birdie 

Tim Dickson 
on Murdoch's 
challenge to 
the golfing 
establishment 


Land ffs luminous* ] 

THE CflMEWS CPU 

waerrouri 



flawed. Unlike their cricketing 
couterparts of 17 years ago, 
top golfers such as Nick Faldo, 
Bernhard Longer and Colin 
Montgomerie are fantastically 
well paid - even if some of the 
professional journeymen who 
make up the numbers at tour 
naments and consistently end 
up among the also-rans live in 
caravans or hire bed and 
breakfast rooms. The stars 
whom Mnrdocb Is courting 
have no obvious need of his 
shilling. 

Another difference Is that 
Tony Greig, Packer’s unoffi- 
cial recruiting sergeant, bad 
most of the world's top crick- 
eters signed up before news of 
their defection hit the streets. 
This time, plenty of names are 
being cited on tbe m moor mill 
bat Norman apart, none has 
yet come out publicly. 

This Is not to say that a 
Murdoch circus is not in the 
making. The five "Tour” bod- 
ies that administer the profes- 
sional game around the world 
have been remarkably success- 


ful in riding the golf boom of 
the last 20 years. The Euro- 
pean Tour's prize money has 
gone up from £500,000 hi 1975 
to £28m today. But the dissat- 
isfaction of some top players 
goes beyoud Faldo's recent 
criticism of the condition of 
some European courses, before 
he headed off to play more in 
the US. 

The issue for most of them - 
as articulated by Norman this 
week at his Shark Shootout 
tournament In California - is 
not so much tbe money as a 
desire to play each other more 
often. Trudging round interna- 
tional tour events, other than 
the so-called "majors”, part- 
nering a tournament no-hoper, 
is the good club amateur’s 
equivalent of playing with a 
36 handi capper. 

The scheme also makes com- 
mercial sense to Fax, since the 
fens are mainly interested in 
what is happening to the 
handful of players who rou- 
tinely show up on the leader 
board. 

Many of the 30-40 stars that 
Fox now hopes to cherry pick 
anyway believe that the vast 
majority of unsung and 
unknown professional players 
have been riding on their coat 
tails. The PGA Tours in 
Europe and the US - which 
represent all players and claim 
a wider responsibility for the 
"orderly progress” of golf - 

are both constitutionally and 
philosophically unable to sat- 
isfy their wishes. 

Battle lines are being drawn, 
with both PGA Tours vowing 
to protect their jurisdictions 
against Fox Incursions. But 
even the PGAs’ "conflicting 
events rule” - which gives the 
authorities a say over which 
events contracted players can 
enter - win count for tittle if 
Murdoch woos enough names. 

IMG could be pivotal. Tbe 
group’s worldwide golf 
operations co-ordinator and 
senior executive vice-presi- 
dent, Alastair Johnston, said 
from New York last night that 
IMG had "been approached by 
Fox in an exploratory capac- 
ity-. 

fie said each client would be 
counselled and each would 
have a different perspective, 
“but I can tell you now that 
tbe draft contracts submitted 
by the organisers are entirely 
unacceptable. We couldn’t 
approve them. 

"We are not going to be 
bought,” he said. 


Electronics can offer the 
opportunity to achieve a 
deeper level of democracy 


Firm Jams Walsh 

Sir, In his article, "Virtually 
real democracy” (November 
15), Joe Rogaly highlights some 
of the undoubted dangers of 
armchair democracy. However, 
his argument is based on the 
incorrect premise that elec- 
tronic democracy is inherently 
dangerous. _ . , 

Surely the premise should be 
that, in a democratic society, 
greater representation of the 
electorate is for the underlying 
good? This is not to say that 
there are no dangers: the 
extremes outlined by Rogaly: 
must dearly be avoided. 

Global interactive med ia 
offers enormous opportunity 
for the voice of the individual 
to be heard. But, as important 
it provides the c ^ La ^ e ; 
through which the individual 
can be informed and educated. 

Not only can it give access to 
more information in the cur- 
rent one-way format but inter- 
actively, it allows users to pose 
questions and receive answers, 
and makfl comments and. air 
concerns. It also allows them 


to forge associations nationally 
and internatkmally. 

Surely an enlightened elec- 
torate and responsive global 
democracy is worth striving 
for. . 

But the era of increased 
interactivity poses two main 
challenges to government and 
the media. First, in the same 
way as governments of the 
19th and 20th centuries wee 
faced with a widening of 
democracy, so the govern- 
ments of today and tomorrow 
must seize the opportunity erf 
deeper democracy. Second, the 
media will have a far greater 
responsibility to inform the 
electorate and to shepherd 
information - but not to dis- 
tort or lead. 

. And, with information and 
the access to It increasingly 
synonymous with power, the 
rote of government wifi be to 
make sure this power is equita- 
bly distributed. 

James Walsh, 

14 Bridge Square, 

Famham, 

Surrey GU9 7QR 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

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


No wriggling out 
of Pergau refund 


From Mr Roger Briottat 

Sir, Your editorial, “Utter 
contempt” (November 16), 
rightly condemned reports that 
the UK Treasury is considering 
ways to wriggle out of the 
High Court judgment that the 
decision to give £234m of aid to 
the Pergau dam was unlawful. 

The judges ordered the gov- 
ernment to unravel the finan- 
cial mess, and awarded the 
World Development Movement 
the right to return to the 
courts if the money Is not 
returned in full to the aid 
budget 

The refund of this money, 
illegally spent on an uneco- 
nomic project, would give a 
much-needed boost to an aid 
programme fully stretched to 
meet the stated objectives of 
tackling poverty and promo- 
ting development The amount 
is, for example, twice as much 


as all British aid for water and 
sanitation for the past five 
years. 

It seems somewhat remiss 
that the foreign secretary, 
when faced with vigorous 
opposition from his aid depart- 
ment to this uniquely large 
project, did not take legal 
advice - especially since that 
possibility was considered 
internally. 

It is unforgivable that there 
should be any talk now of sub- 
verting the High Court’s judg- 
ment The law deserves a little 
more respect. And WDM, deter- 
mined that justice shall be 
done, will not hesitate to 
return to the courts if neces- 
sary. 

Roger Briottat, 
director, 

World Development Movement, 
25 Beehive Place. 

London SW9 1QR 


Short contracts will not 
attract best managers 


From Mr Roy Goddard. 

Sir, The National Associa- 
tion of Pension Funds, in its 
zeal to correct a wrong, has 
forgotten some of (he reasons 
that originated long rolling 
contracts. 

I have little or no sympathy 
with under-performing direc- 
tors who lose their jobs 
because of Incompetence or 
worse. However, what about 
directors who lose their jobs 
because of ill health or unwel- 
come takeovers? Is it fair that 
they suffer? I think not 

I worked in headhunting for 
more than 25 years at the high- 
est level. No able manager 
already running a successful 
business is going to consider a 
change unless there Is some 
underpinning of the risk. The 
potential loss of pension rights, 
maturing stock options, 
bonuses and other fringe bene- 
fits cannot be sufficiently com- 


pensated in a move by a large 
salary increase. 

From time to time most com- 
panies need the infusion of a 
high-level manager from out- 
side and will seek such an indi- 
vidual in a very competitive 
market place. Two- or three- 
year contracts have been part 
of the inducement for individu- 
als to undertake the risk. 

In spite of careful selection, 
advice of headhunters and due 
diligence by prospective candi- 
dates there is still a significant 
chance of the individual and 
company not jelling. 

I suspect that, in future, top 
managers approached about a 
change of job only carrying a 
one-year contract, will feel the 
balance of risk has swung too 
far the other way. 

Roy Goddard, 

10 Norfolk Bouse, 

High Timber Street, 

London EC4V 3PA 


An educational challenge 


From MrJCC Lander. 

Sir, In his article The old 
school lie” (November 10), 
John Authers’s comment, "Par- 
ents place increasing weight 
on exam results”, attracted my 
attention. As parents who have 
sacrificed holidays abroad, etc, 
to finance education, our aim 
has been to prepare our Chil- 
dren for life rather than just 
university entrance. My wife 
and I want our children to be 
successful with their relation- 
ships with others as wen as 
contributing with their profes- 
sional expertise. 

As an employer I do not look 
for the candidate with the 


highest aftwripmir achievement, 
I seek the candidate who will 
achieve the results I need. This 
often requires a range of quali- 
ties, particularly those dealing 
with people successfully - cus- 
tomers, suppliers, subordi- 
nates, peers and others. 

May I challenge the FT to 
produce surveys showing the 
value of schools in producing 
contributors to our community 
while at the same time leading 
rewarding and happy lives. 

J G C Lander, 

Waterdale House, 

Chequers Lane, 

Waterdale, Watford, 
Hertfordshire WD2 7LP 


Verbal not oral agreements 


From J A G Stonehouse, 

Sir, Without wishing to be 
pedantic may 1 point out that 
all agreements are verbal? 
(Financial Planning , November 
12/13). 

The word verbal Is derived 
from the Latin verbum mean- 
ing word, which can be written 
or spoken. The true distinction 
is between agreements which 
are oral and those which are in 
writing. This was pointed out 


to me very forcefully, but cour- 
teously, some 40 years ago as a 
pupil barrister when attempt- 
ing to draft a pleading under 
the gimlet eye of a man who 
subsequently became a very 
senior judge. It is a lesson in 
logic I have not forgotten. . 
JAG Stonehouse, 

Km Lodge, 

43 Upper alehouse Street, 
Hitchm, 

Hertfordshire SOS ZEE 


i 




12 


FINANCIAL TIMES WEEKEND NOVEMBER 19/NOVEN^ER ^O IS^4.- 


COMPANY NEWS: UK 


GrandMet’s involvement 


in Inntrepreneur 


By Roderick Oram, 

Consumer Industries Edtor 

Grand Metropolitan and 
Foster's Brewing Group have 
refinanced Inntrepreneur 
Estates, their British pub joint 
venture, and given it an inde- 
pendent management in an 
attempt to improve its perfor- 
mance. 

The partners remain joint 
owners, however, leaving unre- 
solved the long-term future of 
Inntrepreneur. GrandMet, keen 
to focus on its drinks and food 
businesses, was thought to be 
seeking a buyer for its stake. 
"The market is disappointed 
that GrandMet has not made a 
complete exit," an analyst said. 

Its shares fell 2p to 408p. 

Lord Sheppard, GrandMet’s 
nhnirmfln. said Inntrepreneur 
might be “floated in three or 
four years when it achieves its 
value. It does not fit our strat- 
egy." Meanwhile, Grand Met's 
financial and management 
involvement would be reduced 
by the new arrangements. 

Australian-based Foster's is 
known to be reviewing 


whether to sell Courage, the 
British brewer through which 
it holds Its stake in Inntrepre- 
neur. With 20 per cent of Cour- 
age's output sold through the 
6,000-pub estate, the City saw 
the strengthening of Entrepre- 
neur as a prerequisite to any 
decision on Courage. Courage's 
agreement to supply the estate 
expires in March 1998. 

GrandMet has managed the 
joint venture since the part- 
ners pooled their pubs In 199L 
It has been criticised for run- 
ning Inntrepreneur more like a 
property company than a pub 
b usiness Some licensees have 
com plaine d about the terms of 
their leases. 

"Whitbread and others have 
spent more time developing 
relations with licensees than 
GrandMet has," one analyst 
said. 

The changes will bring En- 
trepreneur's management 
"closer to the lessee," said Mr 
Mike Foster, Courage chair- 
man. “It is about selling beer 
not just bricks and mortar." 

Under the terms: 

• GrandMet and Courage will 


reduced 


parh convert £84J>m of inter- 
est-free loans to Inntrepreneur 
into equity and inject a further 
warn of new equity into it 

• An £800m main bank facil- 
ity has been agreed with a 
group of lenders consisting of 
National Westminster, Sumi- 
tomo, Chase Manhattan, Citi- 
bank and JP Morgan. These 
have less restrictive covenants 
than Entrepreneur’s existing 
loans. 

• Inntrepreneur will repay to 
GrandMet a £3 60m interest- 
bearing loan. 

• The freehold of 320 Chef & 
Brewer pubs leased to Scottish 
& Newcastle will be trans- 
ferred from Entrepreneur to 
Morgan Grenfell, the merchant 
bank, for an m initial £203m 
pending sale of the freeholds. 

• Entrepreneur's pubs have 
been written down by a further 
£20m, or 1.4 per cent 

After the refinancing. Entre- 
preneur wifi have net borrow- 
ings of £969m and sharehold- 
ers’ equity of £424m. Analysts 
estimate profits of £40 to £50m 
pre-tax in its first year. 

See Lex 


Visits to institutions 
raise RJB Mining’s 
fund raising prospects 


By Peggy HoOnger 

RJB Mining 's prospects of 
receiving backing for its £91 4m 
bid for British Coal’s English 
mining regions looked brighter 
yesterday after a week of insti- 
tutional visits, in spite of 
doubts which have dogged the 
company's plans. 

Estitutions said they 
were encouraged by the details 
revealed E meetings this 
week, which have been 
published by the FEancial 
Times. 

One fund manager, who 
admitted he had been shaken 
by public doubts over RJB's 
coal price and volume assump- 
tions, said he left the meeting 
“very reassured". 

Mr Richard Budge, chief 
executive of RJB, had given a 
"very good performance". 

Shareholders have sought 
comfort on at least two issues 
before giving their support 
to the expected £425m equity 
issue: that RJB should he able 
to pay off the debt it incurs - 
at present expected to be bank 
debt of about £528m; and that 
price and volume assumptions 
are realistic, particularly 
after 1998 when lucrative elec- 


tricity generator contracts 
come to an end. 

On the first issue, institu- 
tions are believed to have 
received comfort over the level 
of debt RJB will have to pay. 
E addition, institutions expect 
capital investment to be half 
the rate of depreciation. This 
will free cash flow to service 
debt. 

On RJB’s price and volume 
assumptions, institutions still 
vary. One said the recent pub- 
licity would ensure close ques- 
tioning when RJB presented its 
proposals. 

“Looking at the prices they 
hope to achieve, they seem a 
bit Optimistic," the shareholder 
said. Volume assumptions also 
seemed a bit high. However, 
the shareholder said he would 
reserve judgment until after 
the presentation. 

Another shareholder dis- 
missed the doomsday scenarios 
which have raised questions 
about the volumes of coal that 
Mr Budge said he would be 
able to sell after 1998. “It is 
certainly not the case that on 
April 1 1998, when the con- 
tracts end, the whole thing dis- 
appears up his backside," he 
said. 


Ibstock makes 
£15m Scottish 
purchases 

By Geoff Dyer 

Ibstock's move to concentrate 
on its core business of manu- 
facturing building materials 
was reinforced yesterday with 
the purchase, for up to £i4£m. 
of two Scottish brick compa- 
nies. Centurion Brick and Scot- 
tish Brick Corporation. 

Ibstock, the UK's third larg- 
est brick maker, paid £9.05m 
rash and has assumed about 
E5-5m in debt, which it plans to 
pay off immediately. It may 
pay a further £200,000 on com- 
pletion depending on the value 
of the combined net assets. The 
previous owner was Law Hold- 
ings, a private company with 

Coal reining intpraghi 

Centurion operates a factory 
at Tannochside, near Glasgow, 
producing 50m faring and engi- 
neering bricks a year. Scottish 
Brick owns a mothballed fac- 
tory at Bishopbriggs, afan near 
Glasgow. Ibstock plans to 
install a new tunnel Win at a 
cost of about £6m. 

Mr Ian Maclellan. group 
managing director, said 
Ibstock’s 10 per cent share of 
the UK cement market would 
rise to 13 per cent and that 
Ibstock would become the larg- 
est producer and seller of 
bricks E Scotland. 


BFI 

disputes 

Attwoods 

break-up 

value 

By Peggy HoBWger 

Browning-Ferris Industries 
yesterday claimed Attwoods' 
shareholders could get as little 
as 56p or 88p in the break-up 
being presented by the UK 
waste services company as its 
last-ditch defence to the hos- 
tile £39 1m bid. 

Mr Philip Angel 1 of BFI said 
his company's alternative 
illustration of break-up values 
showed the tentative nature 
of Attwoods* proposals. “It 
Is a very iffy proposal,” he 
said. 

BFI has attributed a range 
of values to Attwoods’ busi- 
nesses which Mr Angell 
described as being nothing 
more than a reasonable 
scenario. 

It values the European 
waste business at $15.2m 
(£9 .2m), the US operations at 
between $34 Om and S500m, 
and the German business -at 
$56.8m. After Horfnp«ng costs 
of the break-up and tax 
charges of S30m, and debt and 
preference repayments of 
$264m, BFI estimates 
Attwoods would net between 
$2 74m and $434. 7m. 

Attwoods dismissed the esti- 
mates. “If they think those are 
tiie real numbers it rather sur- 
prises us that they bid for us 
in the first place," the com- 
pany said. The multiples used 
by BFI for valuteg the US 
businesses were at least half 
the market average, Attwoods 
said. 

However, it appeared last 
night that BFI’s increased 
offer of 116.75P per share, plus 
a 3JZ5p dividend, had won over 
shareholders. One investor 
criticised the break-up strat- 
egy as toothless. He said it put 
no value on the promised 
return to shareholders. 

"Cash today as opposed to 
promises tomorrow is a lot 
more attractive,” he said. 

BFI already has the support 
of Attwoods’ largest share- 
holder, Laldlaw of Canada. 
Laidlaw has agreed to sell its 
29.8 per cent stake and 73 per 
cent preference holding to BFI 
under the tarns of the original 
offer. 

Perhaps, not surprisingly, 
shareholders felt the offer, 
which had been increased 
from 109p, was still too 
cheap. 

“It was tough when we did 
not have another bidder,” said 
one institution. “It means we 
were essentially bidding 
against ourselves.” 


T rombone 




David Wighton considers BAe’s response in the battle for VSEL. 


T he timing and funding 
structure for British 
Aerospace's increased 
offer for VSEL may have taken 
City observers slightly by sur- 
prise. But few had doubted 
that BAe would respond to 
GECs rival bid. And few now 
doubt that the battle has a 
long way to go. 

The fight over VSEL is part 
of a wider struggle between 
GEC and BAe for dominance in 
the UK defence business. For 
both companies the stakes are 
high. 

Although BAe’s share price 
fell in response to the novel 
rights issue yesterday, the gen- 
eral City reaction was that the 
company had significantly 
strengthened its hand. 

Not only has it matched 
GECs cash offer and topped it 
with its share swap terms, it 


share with a cash alternative 
of £11.40, provided by selling 
shares to institutions which 
were underwriting it for a foe. 

If BAe wanted to increase 
the terms its advisers would 
have to go back to the institu- 
tions to underwrite the cash 
alternative. 

“The process makes you as 


Ed shnnlrt be refereed to the 
Monopolies and Mergers Com- 
mission on competition 
grounds. GEC already owns 
Yarrow, the UK’s other big 
warship builder. • 

Some observers ‘ have, 
suggested that if the GEC bid 
alone were referred to the. 
MMC BAp could have won con-' 


Development of Hie takeover battle ; 

September 29: VSEL gnnnnnfps takeover talks with unnamed 
party, subsequently confirmed as BAe. 

October 12: BAe bmnriwe £480m otter wrath about £1380 
a share with cash alternative of £11.40. 

October 1& VSEL announces 5 per cent rise E interim pre-tax 
profits to £30.2m. 

October 21: Takeover Panel GEC to clarify its in t e ntion : - 
towards VSEL 

October 28: GEC makes £14 a share cash bid valuing VSEL at 
£532m. 

November 18: BAe increases value of share offer to about £1480 
and raises cash alterative to match GEC at £14 


BAe’s financial 
notan issue 


has given itself the flexibility 
to raise the terms again if GEC 
continues the bidding. 

Mr Sandy Morris, engineer- 
ing analyst at Nat West Securi- 
ties, described the timing and 
structure of the offer as astute. 
"The bid had started to look 
like a fait accompli but BAe 
has shown itself prepared to go 
head to head with its major 
competitor. At least it will 
emerge with its reputation 
enhanced." 

BAe’s institutional share- 
holders also expressed support, 
although some took the cynical 
view that the company thought 
it had little chance of winning 
and had structured the funding 
to guarantee itself a £17Sm 
equity injection if it failed. 

BAe said the hovel two-stage 
fund raising, known E the City 
as a "trombone issue", enabled 
it to compete with GEC on 
equal terms. 

Under the terms of the origi- 
nal bid BAe offered shares 
worth about £12.60 per VSEL 


visible as a herd of elephants 
to the opposition who can see 
exactly what you are going to 
do,” said one of BAe’s advisers. 
But by raising money through 
an underwritten rights issue 
BAe can increase the terms 
without going back to the insti- 
tutions. 

“We can act very quickly, 
very simply and very secre- 
tively.” said Mr Richard Lap- 
thorne, BAe’s finance director. 
BAe argues the move puts it 
on more level terms with GEC 
which plans to fund its bid 
from its large cash pile. 

E effect BAe has asked its 
shareholders for a blank 
cheque. To give some comfort 
to the institutions it has 
a gree d to ask for BharghnlflerB * 
approval before declaring a 

successful hi gher Ed lmcnndi - 
ti rmal 

BAe’s chances of success are 
partly in the hands of the 
Office of Fair Trading. BAe has 
argued strenuously that GEC’s 


trol of VSEL with its original 
offer. However, BAe said yes -, 
terday that it believed VSEL 
shareholders would now not 
accept less than GECs £14 a 
share, even if GEC was barred 
from bidding. "Expectations 
have been raised,” said Mr 
Lapthorne. 

He denied that the improved 
rtffer reflected an assumption 
by BAe that GEC’s hid was 
unlikely to be ref e rred alone. 
Mr Dick Evans, BAe chief exec- 
utive, even suggested that 
BAe’s move might improve the 
chances of GEC being referred 
by demonstrating that BAe’s 
financial port io n was not an . 
issue. 

Another potential benefit of 
the improved offer Is that it 
may allow BAe to buy VSEL 
shares in the market. It cannot 
do so at a price above the 
value of its share offer, which 
lias prevented it making such 
purchases so for. 

Yesterday VSEL shares 


doted at £14B8, just lfip above 
the value of BAe’s share offer. 

GEC Already holds 15, per 
cent of VSBL and cannot cur- 
rentiy make further purchases 
under tide Takeover Coda • 

Thanks to its tax losses and 
gloom of unrelieved advance 
corporation t ax.B Aewioqld.pqy 
no tax on 'YSEL’s profits. It 
calculates that even at the 
higher offer a successful- take? 
-ovra would enhance its earn- 
ings per share by more than. 10 
per cent next year. 

NatWest Securities believes 
that taking over VSEL would 
now boost its' earnings from 
35.7p to 40p, compared with 
42.4p under the original terms. 
Other analysts believe, the 
enhancement would be slightly 
smaller and that the deal, 
would actually dilute earrimgs 
thereafter. ; - 

However, most believe BAe 
would raise the stakes again E 
the likely event that GEC oon- 
Hmmi the bidding. ■- • 


BAe will raise maximum £535m 


By David Wighton 

British Aerospace is relying on 
a new trombo ne to help it win 
the fight for VSEL 

Two-stage rights Issues, 
nicknamed trombones, have 
become increasingly popular 
as a method for funding bids 
since first introduced in the 
UK by Klpin wort Benson, 
BAe’s merchant bank. 

Most recently, GKN used 
such a s trac t ore to fund Its 
hostile bid for Westland. The 
traditional method is to split 
the issue into a first tranche, 
which Is underwritten E the 
normal way, and a second 
tranche which only goes ahead 
if the hid is successful. 


This means that if the bid 
falls, the company Is not left 
with much more cash than it 
needs, which is likely to dfinle 
earnings. 

E BAe’s case, Klemwort has 
introduced a new twist, mak- 
ing the second tranche not 
merely conditional but also 
variable. If the bid foils, BAe 
will get only the £178m from 
file first tranche. 

If it succeeds, BAe will get 
from the second tranche only 
the extra sum ft needs to sat- 
isfy those VSEL shareholders 
who opt for the cash alterna- 
tive. The maximum raised 
from both tranches will be 
£5S5m. 

The mechanics are that Brit- 


ish Aerospace shareholders 
will be able to subscribe for 
one “stack unit” for every 
three shares held w i t h an ini- 
tial imrtnfmmrt of 130p. 

A second instalment of up to 
28 Op will be payable if the 
revised offer goes uncondi- 
tionaL The units will then con- 
vert into ordinary shares. 

Shares on wfakfi the second 
instalment is not paid will be 
fo r fe it e d, so BAe is virtually 
guaranteed the second tranche 
money and. only ' the first 
tranche has been underwrit- 
ten. 

BAe wanted the first tranche 
to he as small as possible, but 
the Stock Exchange would not 
allow it to be less than a third 


of the total. In previous exam- 
ples, tiie two tranches have 
been of equal size. 

Mr Tim Shaddock, joint 
head of corporate advisory at 
Kle in wort, believes the tech- 
nique win be adopted by other 
companies in similar situa- 
tions. “I have bad n lot of 
people ringing up asking 
why nobody thought of it 
before.” 

■ The costs will -be - based 
partly on the scale for rights 
issue and partiy on the system 
for underwritten cash offers. 

BAe, which spent about 
£10m underwriting the first 
offer, faces another bfll of at 
least £10m, depending on the 
length of the bid. 


S Staffs 
Water 
rises 22% 

South Staffordshire Water 
Holdings raised pre-tax profits 
by 22 per cent from £5Am to 
£7.1m E the six months to Sep- 
tember 30, on turnover 8 per 
cent higher at £30m, against 
£37 Am. 

Mr Lindsay Bury, chairman, 
said operating costs had been 
well contained as a result of 
Initiatives on performance-re- 
lated pay and cost controL 
Operating margins had 
improved from 23.4 per cent to 
25 per cent 

Net interest charges fell to 
£400,000 (£700,000), as a result 
of continued improvements E 
debtor control procedures. 
After tax of £2.1m (£l£m) earn- 
ings per share came to 84p 

®&8p). 

The interim dividend is 
stepped up from 16.5p to 
I9p. 

Chester Water 

Chester Water reported pretax 
profits up from £1.07m to 
£L23m for the six months to 
September 30. 

Turnover was £3.08m, com- 
pared with £3m. 

Profits were helped by the 
lack of non-recurring costs of 
£159,000 relating to the finan- 
cial reorganisation when the 
company gained pic status, a 
further reduction in costs in 
the core business and an 
increase E income from non- 
core activities. 

Earnings per share were 7.3p 
(&3p) and the interim dividend 
is 1.95p, compared with l.Tp 
adjusted for the share sub-divi- 
sion. 

Brackenbridge 

Brackenbridge, the USM-traded 
bridal and formal wear group, 
returned to the black at the 
interim stage with pretax prof- 
its of £32,000. 

The outcome for the six 
months to September 30, which 
compared with losses of 
£239,000 last time and £&39m 
for the full year to end-March, 
came on turnover of £5.56m 
(£7.49m, including £i^Sm from 
discontinued operations). 


After a nil tax charge, earn- 
ings per share were 0.04p 
dosses of 0.29p). 

Dunloe House 

Directors at Dublin-based Dun- 
loe House Group announced 
yesterday that they were not 
engaged E any commercial 
discussions or negotiations 
which might explain the vola- 
tile behaviour of the group's 
share price over the last 
month. 

The shares in the group had 
risen from I8p on October 21 to 
30p on November 17. 

Radstone at £lm 

Radstone Technology, a sup- 
plier of open architecture 
computer subsystems, reported 
a sharp jump in pretax profits 
from £221,000 to £1.01m, for the 
half year to September 3a 

The results are the first since 
it came to the market in Febru- 
ary. 

Mr Rhys Williams , chairman, 
said tiie improvement mainly 
reflected a more even, pattern 
of sales E the current year and 
the timing of shipments on a 
small number of production 
contracts. 

Turnover advanced by 22 per 
cent to £14.7m (02m) generat- 
ing operating profits of £1.1 lm 
(£349,000). Earnings per share 
came through at 3.98p (0.12p) 
and a dividend of 0£25p is 
declared. 

TR Property 

Benefits emanating from the 
£39m purchase earlier this year 
of a property portfolio from 
PosTel and a substantial cash 
raising exercise underpinned 
the interim revenue account at 
TR Property Evestment Trust. 

Rises in rents and unfranked 
investment income, although 
partly offset by increased 
administration expenses 
reflecting the larger portfolio, 
contributed to a 28 per cent 
advance in attributable reve- 
nue for the six months to Sep- 
tember 30, to £2.48m, a gainst 
£lR3m. 

Earnings per share, however, 
dipped to 0.6lp (0.68p) on capi- 
tal increased by the C share 
issue. 

The interim dividend Is 
maintain ed at 0.4p. 

Net asset value at the period 
end was 88.8P, against 36.2p a 


NEWS DIGEST 


year earlier and 42p at March 
31 this year. 

Black Arrow 

A marked improvement in 
activity helped Black Arrow 
Group, the furniture and leas- 
ing company, lift pretax prof- 
its from £346,000 to £1.1 3m in 
the half year to September 
30. 

Turnover grew 68 per cent 
from £7.64m to £12Am. 

However, Mr Arnold Edward, 
chairman, cautioned that he 
did not wish at this stage to 
predict the full year results 
because of the “fragility of the 
economy”. 

With earnings per share well 
ahead at 2.93p (0.78p). the 
interim dividend is doubled to 
IP- 

Cambridge Water 

Cambridge Water lifted pre-tax 
profits by 54 per cent from 
£1.77m to £2.72m for the six 
months to September 30, on 
marginally reduced turnover of 

£7.47m, against £7 -63m. 

Eaming g per share climbed 
from 394p to 500p and the 
interim dividend is lifted to 
125p (Bp), partly to reduce dis- 
parity. 

The company said income 
and expenditure had been in 
line with forecasts and bud- 
gets. New connections were 
being made at about the same 
rate as last year, which was 
well below the long term 
average. 

Persona] Assets 

Personal Assets Trust had a 
net asset value of £86.47p at 
October 31, a rise of 1.3 per 
cent on its April year-end fig- 
ure of £85.34p. 

The tmlpppnripntly managed 
trust's benchmark - the FT- 
SE-A All-Share Index - 
declined by 2.8 per cent during 
the same period. 

Ea rn ings per share E the six 
months to end-October were 
unchanged at 108p. As already 
announced, a second interim 
dividend of lOGp will bring the 
total for the year to 200p 
095 p). 

Worldcatch sale 

Receivers of Worldcatch, the 
property company which went 
into receivership in February 


with debts of approximately 
£39m, have sold the leasehold 
interest in a London building 
for £36m. 

The building, 2-14 Baker 
Street, comprises 73,495 sq ft of 
offices, 16,678 sq ft of retail 
units and a restaurant 

Mr Chris Barlow, joint 
administrative receiver from 
Coopers & Lybrand said the 
sale followed an extensive mar- 
keting campaign. “As a result I 
will be in a position to pay my 
appointing bank in full" 

Ashbourne 

Ashbourne Holdings, the nurs- 
ing home operator which 
announced a placement and 
public offer of 33.3m ordinary 
shares earlier this month, 
received applications for 2£7m 
shares. It had allocated a mini- 
mum of 5m shares to the pub- 
lic offer. 

The 33J3m shares were ini- 
tially placed with institutions 
at 15Qp and the 2.67m shares to 
satisfy the public offer have 
been clawed back. 

Ashbourne, which was the 
subject of a management 
buy-out last year from Stakis, 
the hotels and casinos group, is 
raising £48m after expenses to 
pay off debt 

Thomas Locker 

The absence of losses from 
activities now disposed of and 
unproved results from several 
continuing businesses resulted 
in a return to pre-tax profit at 
Thomas Locker, the general 
engineering group, E the half- 
year to September. 

On sales of £14.4m (£13.5m) 
from continuing businesses, 
pre-tax profit amounted to 
£104,000. The previous first half 
saw a loss of £329,000, includ- 
ing £200,000 from discontinued 
activities, on total sales of 
217.3m. 


The interim dividend is 
maintained at 0.2p, payable 
from earnings per share of 
0.l5p (0.67p losses). 

The company said that the 
profits tumround included 
£309,000 from the elimination 
of losses from Associated Per- 
forators and Weavers and 
Locker Asia. 

Lincat acquisition 

Uncat Group, the USM-quoted 
designer and maker of com- 
mercial catering equipment, is 
acquiring Imperial Machine 
Company (Holdings), a cater- 
ing and bar equipment manu- 
facturer and supplier, for 
£6.1m. 

The consideration is satisfied 
by £501,000 E cash and £5. 62m 
by the issue or 2.39m shares. It 
is also proposed that a divi- 
dend of £560,000 net be paid to 
the vendors. 

E the nine months to 
August 31 ZMC made pretax 
profits of £651,000 on turnover 
of £4.24m. Its net assets of 
£2.5m at end-August will be 
reduced by the proposed divi- 
dend. 

Following the acquisition, 
Mr Paul Bouscarle, managing 
director of IMC. will join 
Uncat's board as chief execu- 
tive. 

Lincat also announced that 
it was applying for a full quote. 

M&G Income Inv 

M&G Income investment Trust 
suffered a fall in net asset 
value per capital share from 
78.47p to 70.3p over the year to 
October 31. 

After-tax revenue for the 
nine months to end-October 
grew from £9.34xn to £10.7m 
and earnings per income share 
came to 4.32p (3.79p). The third 
interim dividend is held at lp 
for an unchanged 3p In the 
nine months. 


| DIVIDENDS ANNOUNCED || 





Cones - 

Total 

Toted 


Current 

Date 

of 

ponding 

for 

lest 


payment 

payment 

(Svidend 

year 

year 

Black Arrow — tn» 

1 

Jan 

3 

0.5 

, 


Cambridge Water Int 

125? 

Jan 

3 

65 



Chester Water bit 

1.95 

Dec 

21 

1.7V 


5.19 

Perpetual fin 

25 

Jan 

12 

igi 

35 

15 

Redstone Tech int 

0.825 

Feb 

10 



S Staffs Water int 

19 

Jan 

3 

1&5 



TR Property int 

o^t 

Jan 

9 

0.4 

- 

OA 


ya hub wnwe omerwtse stated, tt 

hcraasad capital. jPerty to reduce disparity. ^Adjusted for gub-<*vis»n! 


Hammerson pays £55m for 
French shopping complex 


BySbnon London 

Hammerson, the property 
company which sold its Aus- 
tralian portfolio last month for 
£25Qm, has started to reinvest 
the proceeds by acquiring a 
shopping centre near Paris. 

The company is paying Uni- 
bail, the French property 
group FFr459m (£55m) for the 
E space St Quentin centre E 
the new town of St Quentin en 
Yvehnes, 20km south-west of 
Paris. 

The centre indudes 117 units 
amounting to 206,000 sq ft of 
retail space. At the purchase 


price, the initial yield is 83 per 
cent Hammerson sold its Aus- 
tralian assets on an exit yield 
of 53 per cent. 

Espace St Quentin was 
opened E 1987 and is 99.5 per 
cent let to tenants including 
Benetton, Etam and Naf Nat 
Annual net rental income is 
about FFr40m, with rents 
linked to the level of construc- 
tion prices and turnover 
achieved by each store. 

Mr Ron Spinney, chief execu- 
tive, said: “We believe there 
will be opportunities to add 
value to this property by active 

m^nsggmpnt- " 


H a m merson already own 
eight French properties, bu 
the acquisition marks its firs 
shopping centre investment 
As E tiie UK. France now opei 
ates a planning regime wind 
discourages out-of-town shop 
ping centres in favour ot towi 
centre developments. 

Mr Spinney said t h at Ha m 
merson was looking for furthe 
acquisitions E France. 

“We are continuing to tool 
at retail properties and wil 
consider buying offices bzr 
only in prime Paris location 
with good specifications,” hi 
said. 


Firecrest to raise £l.lm 
from offer for subscription 


Firecrest Group, which has 
Interests E advertising, sales 
promotion, media raid leisure 
related businesses, is to raise 
£l.lm before expenses fro m an 
offer for subscription. 

The offer, of np to 3.67m 
ordinary shares at 30p, is 
being made by Gerrard Vivian 
Gray, part of Gerrard and 
National. 

The shares are dealt under 


Rule 4.2 and assuming full 
subscription, the group will 
have a market value of about 
£5 .5m. No existing sharehold- 
ers are selling shares. 

Directors forecast pre-tax 
profits of not less than 
2402,000 for 1994 and consider 
that not less than £917,000 can 
be achieved E 1995. 

Mr Roy Capper, chairman, 
pointed out that the profit pro- 


jections took no account i 
any positive or negative rev 
nue from the proposed lamu 
or “Collect”. 

This project Is due to 1 
launched E 1995 and is has* 
on a smartcard points- bast 
loyalty system, which iu 
been developed in partnersH 
with a large media group. 

The latest date for receipt i 
applications is December 9. 


Perpetual surges to £35.4m 
and sees similar this year 


On turnover almost doubled at 
£l-52bn for the year to Septem- 
ber 30. against £842m. Perpet- 
ual. the unit trust warwgwnflnt 
roup, reported a strong 
dvance in pretax profits from 
14.7m to £35.4m. 

The result also reflected an 


Mr Martyn Arbih, ch qjn nan, 


did not match the reported 
results in the current 


t rading year". 

He expected mawapmiwf fee 
income to exceed comfortably 
this year’s figure but feared 
that sales revenue might 
decline. 

During the year funds under 
management increased from 
£2.03bn to £8.5bn with £l.32bn 
of net new money. 

Mr Arbib said the company 
had agate won a number of 
awards enabling it to increase 
its share of the market 
“According to the latest indut 
try figures we have become the 
largest unit trust provider. 


me asured by sales, in 

market" 

Personal equity 
accounted for 39 pe 
sales and over the 
months Perpetual sa 
the greatest share of 
ket 

« “ tes 200,00 

with £lbn of funds m 
agement. 

Eam *ngs per share 
at^oe.upjorsj 

diluted. 

A final dividend 

<“3? “ proposed for 
35p (15p). 





^ ton 

lU!e for Vs El 







,1 «s aot a- 


. ■■ .^"•' Vlgi ■ 

■-/t. 

.■": ■'■•“•Vr,. 
=■ ^ 


..__j 

V. 7 ^ -• s>- 

It?: 7w- 
1 •' S'rT'i— >j.. 

■" ■•■! u 

• - . 1 ;* 1 h 

■ T -r' ..'Stg 

- '■"» rTT 


• - -w’l. 


im £535i 


*■'. ■ 

:r.s^S2 

V-? 

rvr-'- -.- * 

w;- • 

7.“ 


• ; :: c.rp:s3 

•^r. vr 


f ?. r J 

aas 


re ■-..*> \z •— 

: Ttr-’.' ■ ' ' 

• ■; I2-r — 




irttr -I 

_ r . - 

' 



ta tv-.— - 

- »-j e 







v a:.:: *- 
-' ' •” 2-25^- 

■;: iu- 


s £55m for 
complex 


y-v - 

2 ‘ " 


•»- 

rv- 

j/% • 


5 - • *■ • : 
i. • * : 

rrti <■' 
i': - 
* \‘ 
v** ■ ' 


•v -.■?■ 




fwancjal times 


WEEKEND NOVEMBER 19/NOVEMBER 20 1994 


13 


INTERNATIONAL COMPANIES AND FINANCE 


Honda races ahead in first half 


^ N =kamDto 

£S\? e Japanese carmaker 

ta North A^rtS 
ana Europe, cost -cutting men 
“ures. and the salelJte S 

^Hover, the UK JSS5 

This was the first time in 
? u LS 5tha,H “Mnwa S abte 
Jjjjy?* * in profits, the 

SSS P* outloQk for the 
second-half performance was 

even better as car sales “ 
■Japan m the latter half were 
expected to recover, it added. 

J? « montbs to Septem- 
ber, Honda enjoyed buoyant 
demand in the North American 
and European markets which 


supported a s per cent rise in 
group revenues to YlS9L4bn 
iS2Q.3bu) from a previous 
Yl.874.Sbn. 

Recurring profits - before 
extraordinary it*»»nK tax - 
more than doubled to Y56.7bn 
from Y22.5bn previously, 
although the figure was helped 
by a Yl4.6bn gain from the sale 
of Honda's 20 per cent share in 
Rover, acquired by BMW of 
Germany. Net income more 
than tripled to Y38bn from a 
previous Y92bn. also helped by 
a Yizsbn gain from the Rover 
sale. 

In Europe, Honda's sales 
were supported by an increase 
in output of UK-made Accords 
during the period and imports 
of US-made Civics. As a result, 
Honda was able to maintain 
price competitiveness against 
other Japanese carmakers in 


the region and became the only 
Japanese manufacturer to 
increase market share in 
Europe. Honda said. 

In the period from Januar y 
to the end of October, 29 per 
cent, or 44,700 units, of the 
153,500 vehicles Honda sold in 
Europe were manufactured in 
the UK, It said. This figure 
would increase further when 
Honda started manufacturing 
its European Civic model in 
the UK next year. 

hi contrast to Us strong per- 
formance in North America 
and Europe, Honda continued 
to suffer in the Japanese mar- 
ket during the period with unit 
sales falling 5 per cent The 
value of Us Japanese car sales 
increased marginally on a con- 
solidated basis helped by the 
popularity of its imported cars 
and a decline in inventories, 


but fell 5 per cent on a non- 
consolidated basis. 

Motorcycle sales for Honda, 
which is a leader in the world 
markets, increased moderately 
as weakness in industrialised 
markets was offset by strong 
Asian sales. 

Honda expects firm results 
in the second half on the back 
of improving world markets, 
including Japan, a better prod- 
uct owl confirming cost- 
cuts. 

The company has recently 
introduced a recreational 
vehicle in Japan which has 
seen strong demand. 

For the full year, Honda fore- 
casts consolidated sales to 
reach Y3.991.4bn compared 
with Y3.862.7bn and net profits 
to rise to Y60bn, against 
Y23-7tm last year and an ear- 
lier forecast of Y52bn. 


Chase pays 
$363. 5m for 
US Trust arm 

By Richard Waters 

in New York 

Chase Manhattan, the US 
tank, agreed to pay $363 Jm for 
the custody and other securi- 
ties processing businesses of 
US Trust, reinforcing its strong 
position in these markets. 

The all-stock transaction will 
bring Chase about 5237bn in 
additional assets under cus- 
tody. Of these. $i27bn are held 
for institutional investors for 
whom US Trust acts as domes- 
tic or global custodian; $74bn 
are assets of US mutual fund 
groups; and $36bn are held for 
closed-end investment trusts. 

The acquisition will confirm 
Chase’s position as the biggest 
global custodian of securities. 
With US Trust’s 50 per cent 
share of the US investment 
trust business, it will also 
become the biggest in this 
field. 

Investors marked down the 
bank's share price on fears 
that the deal would dilute 
earnings per share. Chase said 
it would counter this by 
increasing its stock buy-back 
programme to purchase the 
same number of shares it 
issues under the transaction. 

Absorbing US Trust’s securi- 
ties servicing businesses will 
cost about $4Qm, but lead to 
annual cost savings of $2Qm to 
$25in thereafter, said. 


MetallgeseUschaft loss widens 


By Andrew Fisher 
in Frankfort 

MetallgeseUschaft. the German 
trading and industrial group 
which nearly collapsed as a 
result of controversial deals in 
US oil futures, yesterday 
announced an increased net 
loss of DM2.7bn (glfibn) for the 
1993-94 financial year and said 
it now looked with confidence 
to the future. 

The preliminary figure com- 
pared with a loss of DML97bn 
for the previous year to Sep- 
tember 30. 

Turnover was down to 
DM20. lbn from DM26-lbn as a 
result of asset sales and with- 
drawal from unprofitable busi- 
nesses. 

MG Corporation, the US sub- 


sidiary responsible for the oil 
futures debacle, incurred a pre- 
tax loss of DM2£bn. 

The company, which only 
survived after a DM3. 4 bn res- 
cue package led by creditor 
banks, repeated its expectation 
of a positive operating result 
for the current year. 

This should total well over 
DMlODm. Its trade, plant con- 
struction, chemical and finan- 
cial services activities would 
all contribute to this result 
Bank indebtedness fell to 
DM3.1bn, which was matched 
by liquid assets, from DM7.4bn 
at end-December 1993. 

Mptaligp<M»ngrtiafl- again said 
the annual meeting next 
March would decide cm capital 
restructuring measures, but 
gave no details. 


A reduction in share capital 
followed by a rights issue is 
one possibility. 

The company said with the 
closing of the 1993-94 financial 
year, all visible risks from its 
US subsidiary had been dealt 
with in the balance sheet The 
company has sold subsidiaries, 
shareholdings and property to 
strengthen its finances. 

In recent months, the way 
the oil futures contracts were 
unwound has been the subject 
or a furious debate. 

MetallgeseUschaft and Deut- 
sche Bank, a leading creditor 
and shareholder, have 
defended themselves against 
claims by US economists that 
the method of unwinding 
actually increased the 
losses. 


ABB improves 23.7% to $266m 


By Ian Rodger m Zurich 

ABB Asea Brown Boveri, the 
world's largest power engineer- 
ing group, reported pre-tax 
profits of $266m for the third 
quarter. This was a 23.7 per 
«»nt advance from the same 
period- last year and was 
mainly due to cost-cutting. 

New orders jumped 33 per 
cent to 67-lira, continuing the 
strong t rend established in the 
first half. 

At the end of September, the 
group’s order backlog stood at 


$33.3bn. 17 per cent higher 
than a year earlier. 

Revalues in the third quar- 
ter were up S per cent to 
$6.9bn, reflecting improving 
conditions in many markets. 

For the nine months, reve- 
nues were up 1.2 per cent to 
$20.04tan and operating profits 
advanced 16 per cent to 
H.65bn. 

Mr Percy Barnevik, chief 
executive, said he was pleased 
the group had been able to 
raise its operating margin in 
the first nine months from 7.2 


per cent to &2 per cent in spite 
of flat sales. Personnel costs 
continued to be driven down 
by the shift of operations to 
low labour cost countries. 

Pre-tax profits for the nine 
months were ahead 21 per cent 
to $874m. 

The group said demand for 
standard products improved 
steadily, but investment goods 
sales grew more slowly. The 
first signs of an upswing 
in the order intake from conti- 
nental European markets were 
visible. 


COMPANY NEWS: UK 


Competition likely to chum up 
and slim down dairy industry 

Higher milk prices will result in 
more added-value products, 
writes Deborah Hargreaves 


ise U-lfl 

subscript 



T wo weeks ago, Britain's 
£8bn dairy industry was 
pitched into a new com- 
petitive world when the gov- 
ernment deregulated the milk 
supply market for the first 
tirno in 60 years. 

This has resulted in compa- 
nies enmpigftirng bitterly about 
price increases and threatening 
plant closures and job losses as 
profits are bit. 

Unigate, which has already 
.warned that the rise in milk 
prices would cot its profits by 
£10m this year, said it might 
have to close more dairies to 
compete. 

Dairy Crest, the processing 
arm of the old Milk Marketing 
Board, recently announced the 
closure of two dairies with 
the loss of more than 200 
jobs. 

Dairy Crest's own future is 
uncertain as speculation is rife 
about a takeover bid from rival 
Unigate- -The company is due 
to be sold by the residuary 
body which was appointed to 
wind up the milk beard’s busi- 
ness, but a stock market flota- 
tion has been put off indefi- 
nitely following the milk price 
rise. _ . 

A match between Dairy 
Crest and Unigate would make 
strategic sense as it would 
offer scope for ra ti onalisation 
of low-grade butter/s Trimm ed 
ruffle powder plants and cheese 
making capacity which have 
been hardest hit by the rise in 
milk costs. 

Liquid milk clairle* In 
England and Wales ; 


m 


m 




..I- 




4q H . 1 I- -'* ' < ‘ ■ 

198788 69 90 -91 02 . 93 . ®4 


A bid would be likely to 
attract the attention of the 
competition authorities, how- 
ever, as it would give Unigate 
almost 60 per cent of file UK’s 
butter-making capacity. 

It is not just these two com- 
panies which must trim capac- 
ity: the entire industry faces a 
pressing need to reduce output 
if it is to remain competitive at 
higher milk prices. 

Although dairy companies 
have shed many plants in 
recent years a nd cut mflk pro- 
cessing capacity by 60 per cent, 
they have not kept up with the 
rapid pace of change in con- 
sumer buying patterns. Some 
dairy executives believe there 
is still considerable slack in 
the business. 

Consumers are turning rap- 
idly away from doorstep milk 
deliveries to supermarket pur- 
chases at a rate of 12 per cent a 
year, making many bottling 
plants redundant 

Mr Andrew Dare, chief exec- 
utive of Milk Marque, the form- 
ers’ co-operative which has 
succeeded the milk board, 
reckons Britain -has twice as 
much milk bottling capacity, 
twice as much butter/powder 
capacity and 30 to 40 per cent 
more cheese making facilities 
than required. 

The rise in milk prices which 
has raised raw materials costs 
by. an average of 11 per cent 
across the industry has eroded 
company margins to about 4 
per cent 

Some City analysts believe 
the industry’s milk bill will 
rise by £350m in the coming 
year, wiping out its entire prof- 
its. 

Financial imperatives are 
likely to hasten rationalisation, 
but Mr Neil Davidson, group 
executive at Northern Foods 
and - current president of the 
Daily Industry Federation, the 
trade body, fears that if too 
much capacity is closed there 
will be insufficient facilities to 
cope with seasonal peaks in 
milk supply. 

Milk cannot be stored for 
long and at certain times of 
year, when cows are calving, 
output increases. The extra 
mflfr must be turned into a 



Andrew Dare: Britain has twice as much milk bottling capacity 
and 30-40 per cent more cheese making facilities than needed 


product with a longer shelf life 
such as butter or skimmed 
milk powder unless it is to be 
wasted. This is why much pro- 
cessing capacity can stand idle 
for long periods in order to 
absorb peak supply when it 
occurs. 

However, Mr Dare says the 
problem is not as great now as 
in the past Farmers have man- 
aged to iron out much of the 
seasonal fluctuation in milk 
output in recent years - he 
says it is now plus or minus 
5 per cent of core product- 
ion. 

Dairies have been slow to 
gear up to these changed mar- 
ket realities. To a large extent, 
they are still thrashing out a 
strategy in the new competi- 
tive world after having been 
cushioned for many years by 
the milk board’s system for 
rationing supply. 

They have been late in recog- 
nising the need to add value to 
their production and innova- 
tion has often been led by 


foreign competitors. 

It will be much more difficult 
for companies to pass on 
higher prices for undifferen- 
tiated products. Mild Cheddar 
cheese, for example, is vulnera- 
ble to replacement by lower- 
priced imports. 

The industry must move rap- 
idly to capitalise on its produc- 
tion of higher- value value 
items which are less exposed to 
rises in raw materials costs 
While rationalising commodity 
production to cut overheads. 

Over the next three years 
there is likely to be a wide- 
spread shakeout in the indus- 
try. But so far the dairies have 
laid their problems at Milk 
Marque’s door, resenting 
higher prices, and complaining 
to the Office of Fair Trading 
about an abuse or its dominant 
power. 

Further rationalisation in 
the industry would help 
counter Milk Marque’s domi- 
nance by establishing a small 
number of powerful buyers. 


4 ±1- 


LVMH 
sells 4% 
stake in 
Guinness 

By John Rkkflng in Paris 

LVMH, the French luxury 
goods group, yesterday said it 
had sold a 4 per emit stake is 
Guinness, reducing its holding 
in the UK drinks to 

20 per cent- 

The French group, which 
made a pre-tax capital gain of 
about 250m ($82m) on the sale, 
said the operation was in line 
with an agreement made at 
the beginning of the year 
when the two companies 
restructured their cross-share- 
holdings. Under the terms of 
the agreement, Guinness 
exchanged its 24 per cent 
stake in LVMH for a 34 per 
cent holding in MoSt Hen- 
nessy, the LVMH cognac and 
champagne business. 

LVMH said the company had 
no plans to reduce its Guin- 
ness holding further. “We are 
merely completing the 
restructuring of our share- 
holding which we agreed In 
January,” it said. 

Some industry observers 
expressed surprise at the tim- 
ing of the move. ”1 thought 
they might wait in the expec- 
tation of a strengthening in 
the Guinness share price,** 
said one analyst at a French 
merchant bank. “LVMH had 
until next June to make the 
sale, and the beer and spirits 
markets may Improve with 
economic recovery.” 

Proceeds of the sale will 
strengthen LVMETs financial 
position. The company’s net 
debts, which stood at about 
FFrl5bn ($24Sbn) at the begin- 
ning of the year, will fall to 
about FFT4£bn. 

Mr Bernard Arnault, LVMH 
chairman, has used the 
group's improved financial 
position to launch a series of 
acquisitions. Following the 
conclusion of January’s agree- 
ment with Guinness, the 
French group took a majority 
stake in Gnerlain, the fra- 
grance house, in a FFrL9bn 

(tail 

LVMH is set to take control, 
of Celine, the luxury goods 
company, from Bon Marcht; 
which is part of Mr Arnault’s 
group of companies. 

Industry analysts expect 
farther investments and ac- 
quisitions. 


Sweden seeks $5bn loan 
from international banks 


By Martin Brice and NScfwbs 
Denton In London and 
Christopher Brown-Humes 
In Stockholm 

Sweden is asking international 
banks to lend it 55bn in one of 
tite world's biggest syndicated 
loans in this year. 

The pricing on the five-year 
loan is extremely low, with a 
facility fee of Libor (London 
interbank offered rate) pins 4 
basis points and an awrniai fee 
on toe amount drawn of 4 basis 
points, making a total of 8 
basis points over Libor. 

These are even keener terms 
than for a loan arranged by 
Chemical Rnnit for Spain in the 
summer which was priced at 
an annual interest rate of 
Libor plus <L5 basis paints and 
a facility fee of 4.25 basis 

points 


The loan for Sweden is being 
handled by Citibank and 
JJ. Morgan. 

Mr Staffon Crona, director- 
general of the Swedish 
National Debt Office, said: 
“Our biggest loan was the 
EcuSbn deal in September 1992. 
This loan is to repay maturing 
debt.” He does not e xp ect the 
loan to be drawn on this year. 

Sweden, which according to 
Mr Crona has a borrowing 
requirement for calendar 1994 
of SKri80bn ($24.5bn), is the 
world's biggest sovereign 
issuer on international bond 
markets. 

Bond traders yesterday esti- 
mated that a Swedish govern- 
ment eurobond would need to 
be priced to yield close to 
Libor. 

In a syndicated loan, one or 
two banks arrange a transac- 


tion and parcel out portions of 
the loan to share the risk. The 
market for syndicated loans 
has increased dramatically this 
year because prices for loans 
have fallen as banks, which 
have rebuilt their balance 
sheets, compete aggressively 
for new assets. 

• Gencor, the South African 
mining conglomerate, yester- 
day launched a 8537.5m seven- 
year syndicated loan to pay for 
the purchase of Billiton, the 
international resources com- 
pany bought from Shell in July 
for $L3bn. UBS, the coordinat- 
ing bank, plans to bring in 
banks which have a relation- 
ship with th» company. 

It said lenders were express- 
ing strong interest in the deal 
Other banks involved include 
Barclays, Credit Suisse and 
Dresdner. 


Greyhound Canada plans airline 


By Be rn ard Simon 
In Toronto 

Greyhound Lines of Canada 
plans to move out from the lan- 
guishing long-distance bus 
business by forming a low-cost, 
no-frills airline. 

The Calgary-based bus com- 
pany, which operates the sam e 
familiar silver and blue buses 
as its US counterpart but no 
longer has any direct corporate 
link with it, is confidant tha t 
an airline would complement 
its bus services. 

For example, it would offer 


tickets combining bus and air 
trSveL Greyhound Canada is 69 
per cent owned by Dial Corp of 
Arizona, which sold its interest 
in Greyhound Lanes, the ailing 
US bus company, in 1987. 

Ofreyhound Lines this month 
avoided a second brush with 
bankruptcy by offering a large 
equity stake to its creditors. 

Dial, whose business centres 
on consumer products, said it 
was considering disposing of 
all or part of its stake in Grey- 
hound Canaria to faftifitatp. the 
formation of the airline. Under 
Canadian law, foreign inves- 


tors are limited to a 25 per cent 
stake in a domestic air carrier. 

Greyhound Canada said it 
had not decided how the air- 
line would-be structured. It is 
seeking outside investors in 
both the bus and air 
operations, and plans to lease 
up to 10 aircraft for domestic 
routes. Canada’s air industry is 
dominated by Air Canaria and 
Canadian Airlines Interna- 
tional. 

Greyhound Canada earned 
C$8.7m (US$6.44m) in toe first 

nfna mnnfh.c of Uric year On 

revenues of C|160fon. 


Goodman Fielder sees mid-term fall 


By Nikki Tat in Sydney 

Goodman Fielder, the ailing 
Australian food company, yes- 
terday warned shareholders 
that first-half profits in the 
current year would fall, 
although an improved second 
half should produce a foil-year 
increase. 

The news of contouring poor 
performance - described by 
the chairman Mr John Studdy , 
as unacceptable - was given 
to investors at the com- 
pany’s annual meeting in Syd- 
ney yesterday, setting the 
scene for three hours of stormy 
proceedings. 


At ftm> meeting, shareholders 
voted down the proposed 
appointment of Mr Neil lister 
to the board, although Mr 
Studdy subsequently asked for 
a poll, the results of which will 
be awnmmreri rm Monday. Mr 
lister is one of the three new 
board appointees which Good- 
man agreed to accept as part of 
a deal with unhappy institu- 
tional investors in September. 

Mr Lister is a director of 
Agrifoods, the privately-owned 
business belonging to Ur Doug 
Shears, a Melbourne-based 
businessman. Mr Shears 
received a small stake hi Good- 
man when his Unde Toby’s 


business was acquired by the 
quoted group. The objection to 
Mr Lister as a director came 
after one shareholder pointed 
out that he - along with Mr 
Shears - had been directors of 
another company which went 
into receivership in 1990. 

The reappointment of Mr 
Donald Hughes as a director 
proved contentious, with some 
shareholders arguing that he 
had been part of the board 
which approved generous, non- 
performance-related remunera- 
tion packages for now-departed 
executives. However, Mr 
Hughes was finally re-elected 
OH a Show of hanriw 


Why think national 
when you can be 
International ? 


Use the FT 

Senior business people all over Europe use 
the FT throughout their working week. 

They use it to keep up with the news, views, 
issues and most importantly the opportunities. 

So for key national and international appointments, 
using the FT gives them a wider choice of the top jobs. 

Today Europe is the job market and the FT, 

Europe's business newspaper, is where to find it. 

For more information please call Elizabeth Arthur on +44 71 873 3694 




FINANCIAL TIMES 

EUROPE’S BUSINESS NEWSPAPER 


0 



MARK 




Boots: Taring a very demanding market 5 


Ptiofograph. Tony Man 


London 

Market buoyed 
ahead of the Fed 

Buy-backs boost sentiment, writes Andrew Bolger 


A nticipation can prove 
more pleasurable than 
the real thing, and so 
it proved with this 
week’s long-awaited rise in US 
interest rates. Having decided 
that a further tightening by 
the Federal Reserve would 
prove beneficial to bond and 
share prices, London equity 
traders appeared to get most of 
th ei r celebrations in ahead of 
the event. 

The FT-SE 100 gained 19.4 
points on Monday and a fur- 
ther 40.1 points by Tuesday's 
close, when the City still did 
not know by how much the 
American rates would rise. 
News that the US authorities 
had gone for a higher-than-ex- 
pected increase of threeqnar- 
ters of a percentage point kept 
the market moving ahead on 
Wednesday, but profit-taking 
set in and the FT-SE ended the 
week at 3131, up 55.1 points. 

London's buoyancy was not 
just due to growing confidence 
that the Fed would act The 
equity market also benefited 
from a clutch of strong corpo- 
rate results and optimistic eco- 
nomic indicators which 
suggested that the UK is con- 
tinuing to enjoy strong eco- 
nomic growth, combined with 
low inflation- 

Boots, the retailer, drew 
plaudits on Monday for decid- 
ing to sell its prescription 
drugs business for about £850m 
to BASF, the German chemi- 
cals and drugs group. The com- 
pany had long been thought 
too small to compete in the 
drugs industry, and analysts 
welcomed its decision to con- 
centrate on retailing. 

Boots became even more 
popular the next day when it 
spent £508m buying back 10 
per cent of its shares on the 
stock market This will boost 
earnings per share, and helped 
alleviate any concerns that the 
company would do something 
rash with the proceeds of its 
pharmaceutical disposal. 

One should not get carried 
away with enthusiasm, how- 
ever. In common with other 
retailers, Boots is feeing a very 
d emanding market. 

Although official figures said 
retail sales last month were 
slightly higher than last year, 


the rate of growth has slowed 
and price competition remains 
intense. Retailers are expecting 
a tough Christmas, with bar- 
gain-conscious consumers 
spending carefully. 

Another fillip to market sen- 
timent came when PowerGen, 
the privatised electricity gener- 
ation company, raised its 
interim dividend by a whop- 
ping 27 per cent. PowerGen, 
which bought back 0.6 per cent 
of its shares earlier this year, 
said it was considering further 
bay-backs but was keeping its 
options open. 

The government is due to 
sell off its remaining 40 per 
cent stakes in both PowerGen 
and National Power, the other 
listed generating company. 
National Power said it would 
spend more than £5 00m on 
buying back 8 per cent of its 
shares through the govern- 
ment offer. 

A buy-back might not 
help the cause of 
wider share owner- 
ship, but it will 

enhance Mining s per share - 
and thus generate more cash 
lor the Treasury by increasing 
the value of its stake. 

Another company to benefit 
from recovery was British 
Steel, which quadrupled its 
interim dividend after seeing 
pre-tax profits bounce from 
£27m to £159m. The group said 
second-half prospects were 
encouraging, with steel 
demand in the UK and conti- 
nental Europe expected to 
grow by about 5 per cent this 
year. 

Most of the week’s economic 
indicators were encouraging, 
with news of better than expec- 
ted figures for UK inflation, 
unemployment and public sec- 
tor finances. This must have 
been music to the ears of Ken- 
neth. Clarke, the chancellor, as 
he puts the finishing touches 
to his November 29 Budget 
Clarke sought to calm con- 
cern that the US Interest rate 
rise would lead to an immedi- 
ate increase in UK base rates, 
saying on Wednesday that “at 
the moment, we have things 
well under control”. But the 
odds on another tightening of 
UK borrowing costs shortened 


again with yesterday's news 
that the British economy is 
now growing at its fastest rate 
for six years. 

One area of the economy 
that appears impervious to 
recovery is housing. A survey 
by the Royal Institution of 
Chartered Surveyors said the 
housing market remained 
stuck In the doldrums, with 
home-owners keeping proper- 
ties off the market “in a seem- 
ingly futile wait for meaningful 
house prices”. 

The survey of more than 100 
estate agents said less than 5 
per cent of agents in England 
and Wales reported price 
increa ses in the three months 
to October. 

Such gloom would not have 
surprised Roger Bootle, chief 
economist with HSBC, who 
this week published a 70-page 
study arguing that we could be 
seeing the end of the inflation- 
ary era. He believes the sus- 
tained moderate inflation in 
the post-war world was due to 
several structural changes - 
such as increased unionisation, 
industrial concentration and 
state ownership. 

But many of the factors 
which produced the persistent 
inflation had gone into reverse. 
He suggest? the western world 
is approaching a new period of 
prolonged low inflation. 

A contrary view came from 
Bill Martin, economist with 
UBS, who says the chancellor’s 
plans for a steady economic 
recovery could be quickly 
undermined. He says: “Retail 
price inflation (excluding mort- 
gage interest) is expected to 
breach the prescribed 4 per 
cent cmivng tn the second half 
of 1995, accompanied by a cri- 
sis jump to 10 per cant base 
rates as the pound flounders.” 

Is the UK economy really 
heading for a sustained period 
of low-inflationary growth, or 
will lack of capacity in the 
economy lead to over-heating 
and a traditional exchange rate 
crisis? The next week is bound 
to be foil of pre-Budget specu- 
lation. But the outcome of this 
more fundamental debate will 
matter much more for UK equi- 
ties than the exact timing of 
any interest rate rise - here or 
in the US. 


End of an inflationary era? 

Annual % change 



=0 -A 

Z\ A 




J\ 


i 




/OECD 


\ [ /\ 

5 

n » < » » ■ 

1 1 » » 

1 1 

• 1 v 



1960 

85 

70 

75 

80 

86 90 94 

Source: HSBC Manats 






1 U Highlights of the week 


Price 

jritay • 

Change 
• • op weak 

1994 " 

1994 
; Low 


FT-SE mb Indent 

3131 JO 

+55.1 

.35003 

2876.6 

Deooupbig from US/Eurg markets 

FT-SE MM 250 Index 

3575.6 

+39.1 

41523 

3363.4 

SKounglns economic news 

Amos 

351 

+11 

410 

307 

Solid hstitufiorcd buying 

British Aerospace 

446 

-15 

584 

390 

Bfcf for VSSL plus rights. Issue 

British Airways 

386 

+17% 

48616 

344 

USAir fears discounted 

Commercial Union 

532 

-14 

701% 

461 

Post results setting 

[Cl 

788% 

+3314. 

688 

... .728 

Commodity price upAVartwg "buy” 

Lonrtw 

16314 

+12. 

17516 

12414 

Disposal hopes 

Meyer bit. 

357 

■46 

669 

357 

Weak Interim results 

National Power 

611 

+23 

520 

4Q4V* 

Announces share buy-back 

Regent Inns 

289 

+30 

303 

. 209 

Upbeat agm statement 

Safnsbury (J) 

421 

+13 

480 

.342 

Jamee Cape! & UBS recommendations 

Towry Law. 

85 

-47 ... 

224 ... 

- 79 

Profit warning 

VSEL 

1488. 

+115 

1490 

, 880 

Countnttd from BAe 

WWts Corroon 

156 

+18 

245 

.130 

Cost cuts/bJd tafit 


Wall Street 



Anyone for a nervous 

After this week’s events, Patrick Harverson finds thajt something soothing is needed 


T homas Gallagher, the 
head of trading at 
New York broking 
firm Oppenhelmer. 
puts it succinctly: “It's abso- 
lutely crazy. This market 
needs some Prozac." 

As an assessment of Tues- 
day's events on Wall Street, 
this was not an especially help- 
ful comment But as a vivid 
description of stock market 
sentiment, it hit the nail firmly 
on the head. 

Judging by the response of 
share prices to the latest inter- 
est rate increase by the Federal 
Reserve, the market does 
indeed seem close to a nervous 
breakdown. 

The Dow Jones Industrial 
Average surged 20 points 
immediately after the rise was 
announced, then fell 40 before 
ending the session flat, only to 
jump almost 19 the day after 
but fall 16 the day after that. A 
prescription to calm everyone’s 
nerves might not be such a bad 
idea at that. 

This was certainly the kind 
of week designed to test nerves 
to the limit. Tr adin g on Mon- 
day was dominated by the 
expectation that the Fed would 
announce a tightening of mon- 
etary policy after the Tuesday 
meeting of its open market 
committee. 

The solid gains in share 
prices on Monday reflected 
confidence that the rate rise 
would be well-received by the 
bond market and would proba- 
bly be the last increase for at 
least this year, if not 


longer. 

Tuesday dawned sunny and 
bright but investors' confident 
mood did not last long because, 
when the Fed announced its 
rate increase early In the after- 
noon, it managed to catch the 
market on the wrong foot 

It announced a larger- than- 
expected three-quarters of a 
percentage point increase in 
two key short-term interest 
rates: the federal funds rate 
and the discount rate, which 
moved from 4% per cent to 5% 
per cent and 4 per cent to 
per cent, respedively. 

The initial reaction from 
both stock and bond market 
was positive: the Fed was seen 
to be talcin g tough pre-emptive 
action against inflation, and 
that was good news. But it was 
not long before doubts began 
to set in. 

Had the Fed moved too 
aggressively? Would the larg- 
est increase in the discount 
rate since 1991. coming on the 
heels of five earlier rate 
Increases, slow down the econ- 
omy too much? And was this 
really likely to be the last 
tightening for some 
time? 

The former question haunted 
the stock market which knows 
that, at some stage in the next 
12 months, the string of rate 
increases this year will begin 
to take their toll on economic 
activity and corporate earn- 
ings. 

Amid a deteriorating interest 
rate environment, the only 
support propping up share 


Discount rate rises - Inflation 


Percent 


5.00 

•; .-"V 

450 — - - 


m 

4.00 

■ ■ , «* *- i' i 



rs\ ^ ^ 



2J50 — 


2.00 



1992 

Souca Ostatiream 




prices this year has been earn- 
ings growth. Remove that 
earnings growth from the pic- 
ture and the market suddenly 
looks exposed. 

The latter question troubled 
investors in bands, who know 
that file severe bear market in 
government securities will not 
end until the cycle of Fed tight- 
enings has peaked. 

Few investors will want to 
buy bonds if they believe that 
more rate increases are on the 
horizon - and the Fed conspic- 
uously declined this week to 
comment on the outlook for 
monetary policy. 

(By contrast, when the Fed 
last raised rates in August, it 
hinted that its policy was 
approaching a neutral position 


that would preclude the need 
for further tightening. The sub- 
sequent unexpected strength- 
ening of the economy quickly 
made that judgment redundant 
and, ultimately, prompted thfa 
week’s move). 

Although the mood on Wall 
Street had calmed down by 
Wednesday, aided by some 
encouraging news on inflation 
(consumer prices up just 0.1 
per cent in October), Thurs- 
day’s declines proved that the 
stock market remained vulner- 
able. They also showed that 
stocks are stfl] hitched to a 
bond market bandwagon 
which continues to roll down 
the hilL 

The rosy scenario being dis- 
cussed before the Fed tight- 


ened this week* was that: a 
sixth and final rate increase 
would finally bring- peace to 
the beleaguered bond market, 
ushering in a new era of stable ■ 
bond nrices. . ^ ■■ ■ - 
. This would allow, a mnefli- 
needed decoupling L of stocks 
and bdnd& leaving share prices 
free to’ pursue their own" 
course: There- was even talk of 
a yeawaid stock market rally 
that wpuld retum the Dow to ' 
the highs it enjoyed earfierin- 
tteyeat .. 

i The roses, however, sud- 
denly do not smell unite so 
good. The bond market - fear- 
ful that the Fed 'will raise 
interest rates again soon possi- 
bly before or at iter next .ppai 
market committee meeting on 
January 31 - shows no sign of 
breaking out of its slump and 
share prices areuhJfkely to go 
anywhere while bonds remain - 


The Dow now seems trapped 
in the 3,800 to 3^00 range 
where ft has been trading since 
mid-August - a depressing 
prospect for " those who 
thought, optimistically,: that 
this week would herald the 
dawn of a new phase fra- the 
stock market 

Gallagher was right: -break 
out the Prozac. . 


Dow. 


mm - bKl'Amag* 

a ■ • 1 • -■ 

A. 


.-;vroase*fey 



Gilts 


There’s reason for cautious optimism 

Graham Bowley finds that good news on the economic front has reinforced hopes of recovery 


O wners of UK govern- 
ment bonds, or gilts, 
may well be wonder- 
ing where the next 
blow will come from after the 
rise in US short-term interest 
rates this week. The increase, 
the sixth this year, was the lat- 
est attempt to dampen future 
inflation in the world’s largest 
economy, which is continuing 
to grow strongly. 

The first, in February, was a 
watershed, sending shock 
waves through the world’s 
financial capitals and leading 
to a bear market that has 
given bond investors in all 
B um tr ies a painful lesson in 
how global the capital markets 
have become. 

Bond prices tumbled world- 
wide on fears that economic 
recovery in the US and Europe 
would be inflationary and lead 
to sharply higher interest rates 
around the world. The price of 
10-year gilts fell by more than 
19 per cent from their highs in 
January, and yields rose by 
almost 3 percentage points to a 
peak of around 9 per cent in 
September. 

The UK gilts market was hit 
particularly badly, partly 
because the country's eco- 
nomic recovery was further 
advanced than that of its fel- 


IQ-year government bond yields compared 



Sauce: Datastisam 


low-Europeans and partly 
because of the British authori- 
ties' poor track record in con- 
trolling infla tion. 

The large size of the UK gov- 
ernment budget deficit, and 
the enormous amount of new 
gilt issues that this implied, 
also weighed heavily on inves- 
tors. 

Almost 10 months later, how- 
ever, and the fears about infla- 
tion and higher interest rates 
have yet to materialise. British 
base rates have edged 
upwards, from 5.25 per cent to 
5.75 per cent, but this was 
received generally as a 
well-timed move to head off 


future inflation What is more, 
the UK’s “economic fundamen- 
tals" are looking increasingly 
favourable for gilts. 

Economic data published 
this week reinforce the fact 
that inflation, at a 27-year low, 
remains subdued and that 
Britain’s finances appear a lot 
healthier than those of other 
European countries. It was for 
this reason that gilts rallied 
this week despite the rise in 
US rates. 

Many City analysts and fund 
managers believe, however, 
that this cannot continue for 
much longer. “Gilts have now 
gone a long way against the US 


market and it is becoming very 
tight,” said Edmond Warner, 
head of strategy and economics 
at Investment bank Klemwort 
Benson. 

“That puts a big external 
constraint on gifts It is becom- 
ing in crMm'npiy difficult to 
ignore the US." 

Warner pointed out that the 
latest rise in US interest rates 
narrowed the gap between the 
US and UK to a quarter point, 
the smallest margin for more 
than six years. He thinks thin 
now puts pressure on the chan- 
cellor of Ore exchequer, Ken- 
neth Clarice, to raise UK inter- 
est rates as early as Budget 
day on November 29 rather 
than risk damag in g the gov- 
ernment's anti- infla tion cre- 
dentials. 

As ever, however, opinion is 
divided and some fond manag- 
ers have a more optimistic 
view of the direction gilts will 
now follow. 

In particular, many believe 
Clarke will use his Budget to 
reaffirm his commitment to a 
strong stance on public spend- 
ing, which could see gilts rally 
significantly. 

David Kauders, a portfolio 
manager based in the west of 
England, with about £22m 
under management for private 


clients, the bull market 
to resume within ihe next six 
months as investors realise 
that Inflation and . interest 
rates are set to remain low.. 

Many managers point to the 
extremely attractive returns 
gilts can offer the long-term 
investor. 

“Gilts offering a yield of 
dose to 9 per cent should play 
a part in any balanced portfo- 
lio,” said Tim Knowles, direc- 
tor of Fleming investment 
Manageme nt 

.“There are good, solid. rea- 
sons for being optimistic about 
gilts." he added. “The problem 
is that the shock to confidetfoe 
thin year has been so great 
that it could take same time 
for this to be reflected in 
prices.” 

Others echo this caution. 
“Although we do not think 
inflation is about to take off; 
we are holding off on gilts 
until after the next interest 
rate rise, which we think will 
come soon."- said James Hig- 
gins, of financial adviser 
Chamberlain De Broe. 

Given the unpredictability of 
the gilt market this year, and 
the many uncertainties that lie 
ahead, the wise investor could 
be the one who errs on the side 
of caution. 



Barry Riley 


O ld Spanish 

practices, they are 
called, although 
they are not always 
old and certainly are not 
confined to Spain. In the 
financial markets, 
comer-cutting and kickbacks 
can be found almost wherever 
there are money-making 
relationships and a lack of 
transparency. 

Are such practices seriously 
corrupt, or do they represent a 
necessary oiling of the 
markets' wheels? 

Two examples have been 
highlighted in London this 
week. The City's biggest fund 
manager, Mercury Asset 
Management, has decided to 
abandon so-called soft 
commissions - a payment 
device whereby part of the 
commission on share trades is 
rebated to a fond manager in 
the form of services or 
benefits of various kinds. 

MAM says it is responding 

to market pressure to move 
towards “dean” fees. It is not 
the first manager to make 
such a declaration, but it is In 
a minority. 

Separately, the Office of Fair 
Trading has published a 
provocative paper by 
Professor Paul Marsh of the 
London Business School on 
the cosy system by which UK 
rights issues have for many 
years been underwritten. The 
deals are syndicated to 
numerous sub-underwriters - 
essentially, the medium to 
large investment institutions 


From small fiddles to big abuses 

The puzzle is that Spanish practices survived the Big Bang 


- at prices which have 
consistently earned the 
fortunate recipients juicy 
profits (described more 
neutrally by the professor as 
"excess returns"). 

Both of these practices hark 
back to the cosier days of the 
stock exchange when share 
commissions were fixed and 
competition was less intense. 
Soft commissions gained 
popularity in London mainly 
as a way around the fixed 
commission scale, so that 
institutions could get extra 
value from the business they 
did. 

Hoare Govett’s DataStream 
electronic information system 
and Wood Mackenzie’s 
performance measurement 
service for pension funds - 
both usually “softed" in those 
days - were examples of 
innovation by brokers. 

Sub-underwriting 
commissions were altogether 
murkier at that time ami, 
essentially, helped to finance 
the marketing muscle of the 
big new-issue brokers. 

Reliable fund managers - 
those who would accept the 
dud issues as well as the 
winners - were rewarded with 
a regular stream of almost 
risk-free underwriting 
commissions. 

The puzzle is that such 
practices have largely 
survived London’s Big Bang 
eight years ago. Fixed 
commissions were swept away 
and the big global investment 
banks moved in. 


The trouble is that the 
winds of change were not 
always unpolluted. Soft 
commissions, for instance, are 
rife in many markets around 
tbe world, not least in the US 
where the Securities and 
Exchange Commission has 
been surprisingly relaxed 
about them, although 
imposing various conditions. 

Britain's own Securities and 
Investments Board has hem 
reluctant to be tougher than 
tbe SEC. Interestingly. 


Oil for 
the wheels 
can turn 
into grease 
for the 
palms 


institutions such as MAM 
appear to be moving ahead of 
the regulators. 

Not everything about soft 
commissions is bad. They 
enable small brokers to 
compete against big (mas and 
they provide a channel for 
innovative products and 
independent research services. 
But fond managers are also 
tempted to charge what ought 
to be their own expenses 
against the fund. The client, in 
effect, pays twice - and could 
be trading shares at the wrong 
prices, too. 

Although resistance to soft 


c om missions is becoming 
apparent in pension fund 
management, where the 
clients are professional (or at 
least receive professional 
advice), there is little 
opposition in, say, retail unit 
trusts where the turnover of 
portfolios is often much 
higher than can be justified by 
the quest for investment 
perfor m an c e. Do the managers 
have a vested interest in such 
churning? Presumably they 
do, and soft commissions may 
be a factor. 

Meanwhile, Marsh's report 
has touched raw nerves in the 
City of London. Not just 
merchant banks and broken 
but also institutional investors 
have protested - an indication 
that the private investor has 
been the real loser from being 
left out of the cosy 
sub-underwriting ring. 

Of course, private investors 
count for little in the UK, 
where they only own about 20 
per cent of company shares. 
They are much more 
important in the US. where 
the institutions are much 
more numerous and 
diversified, too. 

There, the emphasis is on 
syndicating securities thro ugh 
a vast distribution network. It 
is fairer but also considerably 
more expensive, which is a 
reason why British companies 
may have tolerated the 
sub-underwriting system in 
London. 

London’s instituti onal 
Investors, for their part have 


clung on to the 
sub-underwriting system not 
primarily because they are 
greedy but because they have 
seen it as a way of protecting 
the principle of pre-emptive 
rights of shareholders. This 
has largely gone by the board 
in the US, where the big 
investment banks call the 
shots. 

In the UK, however, existing 
shareholders normally still 
have first call on new shares, 
and cannot be diluted by 
company treasurers selling 
new equity at a discount 
through the voracious 
distribution chains of 
investment b anks 

Preemption is certainly a 
principle worth defending. But 
the UK’s institutional 
investors should surely be 
prepared to bid competitively 
for sub-underwriting' rQp t- p w tB 
to show that big shareholders 

are not gaining an unfair 
advantage over small ones. 
Then, they would be 
supporting two principles at 
once. 


Markets are foil of grey 

8TO3B. If you scratch my back, 
perhaps I should be ready to 
scratch yours. Many people 
feel nostalgia for the old City 
mar kets where relati onships 
counted for a lot and 
electronic auto-execution 
systems were unknown. But 
small fiddles have a capacity 
thiSJ b « abuses. And 

the fact is that oil for the 




ris 


% k 


'V 




: Vikkei slif 


rap 














>wn? 


tnn-i'j * 
.. = h ^ ( - 


led 






Co»v J M6S 


. ■■ 
• -I"'-’ 


timism 




recover 


bus® 

in,' Hi? « 





■- 

■a -i 


* 




W|-i;ickND NOVKMRF.R 19/NOVEMRRR 2n M»m 


15 


AMERICA 


WORLD STOCK MARKETS 


US stocks follow bonds downward 



US share i.ri.-,.* 

Thursday's ^ £**•• 

pS= rl 

36.00 31 y :&•> fir rh d, ’ Wn 
broadly based' sL mb I’d & 
a J? te "' iffi 
iockF.vS' ,lte ■'’""Iran 

Mock Exchange nomnosju* 
diP^d im at m.>*. Th,- vi 

S q 7MS P T ll * # i- ^ d,J ' v " 1S1 
?he Siw 4 Trad ', n “ v,,lum * «i 
th L NYSE wa =* awm shores. 

urhiw : ?' y , Mr Trt asury band 
wh^ch had held nor early , n 

£* ™°™* n *P- fcH nearly 
shortly after the upening of the 
stock niurki-i ajid 


then 


bounced back somewhat, post- 
ing only a modest decline by 
midday. The stock market, 
however, proved unable to 
rebound, with program selling 
causing the Dow to slide early 
m the afternoon. 

•Shan's in major cyclical com- 
panies were mixed in spite of 
the weak market. Allied Signal 
fell $ 4 « at $33!». Caterpillar 
shed S’, at $53 V;, and Dupont 
lost S', at SGGV International 
Kaper was unchanged at 
Dow Chemical fell S3*, at $6-1% 
after the Wall Street Journal 
reported that the chemical 
company had participated in 
the distribution of silicone 
breast implants through a for- 
mer Italian subsidiary. The dis- 
closure could mean the com- 
pany would have to contribute 
to the settlement of a lawsuit 
filed by women who said they 


were harmed by the implants. 

Shares in aluminium compa- 
nies got an initial boost from 
news that they would increase 
prices, before falling later in 
the day. By early afternoon 
Aluminum Company of Amer- 
ica. a component of the Dow, 
had fallen $*/, at $82%. while 
Alcan Aluminium was 
unchanged at $»l% and Kaiser 
Aluminum was also 
unchanged at $iHi. 

News that Amgen had bid 
$9.25 a share for Synergen 
boasted Synergen’s shares $3Ji 

at S3, 1 ;. Amgen shares, how- 
ever. fell $1 A to $56 after the 
company said It expected the 
acquisition to reduce its earn- 
ings. 

Southwest Airlines rose $1 at 
$22% after announcing that it 
had reached a 10-year accord 
with its pilots that puts off auy 


wage increase for at least five 
years. Other airline companies 
saw their shares foil: AMR. the 
holding company for American 
Airlines fell $$'/« at SftffJi and 
UAL. United Airlines' holding 
company, down S’* at $93%. 


Canada 


cus gained, including madia 
and transportation stocks. 

Gas stocks fell as gas futures 
slipped, with Toronto’s sub-in- 
dex shedding 1.4 per cent. Tal- 
isman Energy was off CSV. to 
27% while Nova fell C$% to 
12 %. 


France languishing 
from lack of liquidity 


Andrew Jack on a continuing poor performance 


Mexico 


Toronto slid at midday as US 
inflation nervousness com- 
bined with the Friday dol- 
drums to drag the market 
lower. Traders said that a US 
trade deficit at the high end of 
expectations and rising 
imports continued to fan con- 
cern about Inflation. 

TSE 300 was 29.59 lower at 
4,114.25 by noon in volume of 
24.98m shares. 

Eleven of Toronto's sub-sec- 
tors fell, led by sagging gold 
and yns stocks. Four sub-indl- 


Mexican share prices followed 
Wall Street lower, while there 
was continued selling of Tel- 
raex. 

The IPC index was off 11.35 
or 0.5 per cent at 2,453.86 in 
volume of 15m shares. 

Analysts said the rest of the 
month would continue to see 
volatility in the market but 
confidence should improve 
once President-elect Ernesto 
Zedillo took office on Decem- 
ber l. 


EUROPE 


Milan rises on prospects for budget passage 


The continent's bourses found 
it difficult to sustain momen- 
tum in the face ol a variety of 
domestic factors. 

MILAN adopted a brighter 
tone at the end of a difficult 
week amid growing optimism 
over the progress uf the 1995 
budget through parliament and 
hopes of a calmer political out- 
look through a broadening of 
the coalition. 

The Comit index rose 5.31 to 
643.59, also supported by com- 
ments from the treasury minis- 
ter, Mr Lamberto Dini, which 
held out hopes for lower inter- 
est rates, if the budget was 
agreed in its present form. 

The index was little changed 
over a week that, said NatWest 
Securities, had seen the largest 
ever demonstration against the 
government and continued 
with a series of confidence 
votes, which gave an idea of 
the difficulties that the prime 
minister and his cabinet were 
experiencing. 

"Although the political cli- 
mate remains heated, we 
believe we are nearing an end 
to this long and uncertain 
period,” said NatWest. "With 
this In mind, we would be 
quite happy to start turning 
more positive as most of the 
bad news is now in the price." 

Gains were seen across the 
board with Olivetti rising L71 







(ton 18 

Routr cnaqts 

Gam ium 

inn iron 

THE EUROPEAN SERIES 
1300 HOD 15.00 Dose 

FT SE CuiMrach 100 
FT-SE EreoSac* 200 

(344.11 134414 

1409 70 1410 70 

1346.44 1347.94 
1406 34 1409 79 

134827 

140937 

134885 134307 1344.08 
140968 140696 1405.91 


ran 17 

NW 10 Nw 15 

Nw 14 Nh If 


n-SE Euroaadi ICO 135043 1358.00 1354 70 1347.G3 1341.71 

FT-SE Gunjoacfc S00 1412.33 M2I.32 1415.93 003.12 I333.S2 

fijse low £&r)D/mi rfcjiior iou ■ IM8»- ten ■ I4li «i UMttarr in - 1J4I<« joo ■ iaW74 | MU 


or 3.4 per cent to Ll.995 and Cir 
Up L60 to UJ 938. 

Ferruzzi, L32 ahead at L1.369. 
continued to show gains in 
spite of the official denial of 
rumours that it would be 
merged with Montedison, its 
agro-industrial subsidiary. 

FRANKFURT was pressured 
by the expiry of options, the 
Dax index off a marginal 0.41 
at 2,102.28 in official hours, and 
up 1 per cent on the week. 

Mannesmann continued to 
benefit from Thursday's 
results, rising DM5.30 to 
DM41L80. 

Elsewhere, VW put on 
DM6.60 to DM460.00 marks on 
options expiry. 

Financials eased slightly, 
with the results season due to 
start next week: Deutsche 
Bank lost 80 pfennigs to 
DM757. Dresdner70 pfennigs to 
DM412.70, Commerzbank 
DM3.70 to DM329.30 and Alli- 
anz DM16 to DM2,424. 


Chemical stocks were also 
lower ahead of next week's 
results with BASF down 
DM2.40 at DM312.60, Bayer 
down DM 1. 50 at UM343.60 and 
Hoechst down DMl at DM324. 
ZURICH edged higher in quiet 
conditions, with the firmer dol- 
lar providing further support. 
The SMI index rose 5.6 to 
2,606.5, little changed on the 
week. 

UBS commented that the 
week was again dominated by 
a marked improvement on the 
currency front as the Swiss 
franc weakened further against 
the dollar and the D-mark. The 
bank said it expected a further 
positive impetus on the cur- 
rency side although the stimu- 
lus from interest rates was 
likely to be modest. In the com- 
ing week, dollar sensitive 
stocks would continue to out- 
perform interest rate sensitive 
shares. 

Brown Boveri gave up 


Thursday’s advance, losing 
SFr7 to SFrl.107, with the nine 
month results from ABB prov- 
ing in line with expectations. 

Swiss Re registered shares, 
however, picked up SFr22 to 
SFr797 as demand picked up 
after the recent profit-taking. 

AMSTERDAM weakened as 
expiry of November options 
made itself felt. The A EX index 
dipped 1.44 to 409.85, a week's 
rise of 0.5 per cent. 

Philips headed the list of 
most active stocks, with some 
2.7m shares traded largely as a 
result of options expiry. The 
shares lost 80 cents to FI 53.20. 

KNP BT. the paper and pack- 
aging group, went against the 
trend, adding 20 cents to 
FI 50.10 on better than expected 
third quarter earnings. 

Begemaon, the industrial 
group, which fell sharply on 
Thursday, put oil FI 1.11) to 
FI 29.70 in strong local trade. 

MADRID finished higher as 
some late buying overcame 
mid-session weakness, with the 
expiry of the future contract 
boosting otherwise thin vol- 
umes. 

The final quote of the gen- 
eral index was not available, 
due to technical problems, but 
the ibex-35 index rose 14.24 to 
3.286.71. 

Dragados climbed Pta45 or 
2.4 per cent to Ptal.955 in 


ASIA PACIFIC 


Nikkei slips as Hong Kong recoups losses 


Tokyo 


A sharp fall In Sony's share 
price, which affected the con- 
sumer electronics sector, 
dampened investor confidence 
and the Nikkei index lost mar- 
ginal ground amid small lot 
selling, writes Bntifco Termono 
in Tokyo. 

The Nikkei 225 index lost 
34.01 to 19,302.56 after a high of 
19.332.07 and a low of 19,299.24, 
barely changed over the week. 
Share prices lost ground on the 
morning session on selling by 
Institutional investors and 
profit faking by foreigners. A 
steep decline in Sony later 
prompted selling of other high- 
technology shares. 

Volume remained flat at 
210m shares. The Topix index 
of all first section stocks fell 
4.14 to 1,523.47 and the Nikkei 
300 lost L02 to 279.73. Losses 
led gains by 476 to 448, with 235 
issues remaining unchanged. 

The IS E/ Nikkei was down 
0.02 per cent to 1,250.28. 

Sony tumbled Y310, or 5.3 
per cent, to Y5.480 on profit 
taking. Investors were discour- 
aged by Thursday's announce- 
ment of the company's writing 
off losses which bad stemmed 


from Sony Pictures Entertain- 
ment, former Columbia Pic- 
tures. 

Sony’s decline affected other 
electrical stocks. Matsushita 
Electric Industrial, which also 
owns a US film studio MCA, 
declined Y40 to Yl.540. Sharp 
fell Y20 to Y1.780 and Toshiba 
retreated Y8 to Y708. 

Mitsubishi Estate lost Y20 to 
Y1.050 on worries over the 
financial state oF the Rocke- 
feller Group of the US, in 
which the Japanese group 
owns an 80 per cent stake. 

In Osaka, the OSE average 
rose 11.93 to 21,455.96 in vol- 
ume of 21.3m shares. 


Roundup 


HONG KONG managed to 
recoup part of its steep morn- 
ing losses, having found sup- 
port just below the 9.400 level 
after plunging sharply ahead of 
an expected bank rates rise. 

The Hang Seng index tum- 
bled 9034 to 9,427.44. against a 
day's low of 9373.69, but was 
still 03 per cent higher on the 
week. Volume fell to HK$2.4bn 
from Thursday’s HK$238bn. 

The Sino- British Land Com- 
mission's decision ou Thursday 
to boost sharply land supply 


was a further factor clouding 
the property market. 

SEOUL finished lower in 
moderate trading on tight 
liquidity concerns but late 
institutional buying of some 
primary blue chips recouped 
early losses. 

The composite stock index 
lost 2.18 to 1,118.45. off a low of 
1.113.02, for a 0.4 p+er cent fall 
on the week. 

KUALA LUMPUR encoun- 
tered renewed retail buying 
which enabled most shares to 
rebound although Galls in core 
stocks dragged the composite 
index down 3.60 to 1.048.88, but 
still 1.8 per cent higher on the 
week. 

Retail investors were 
reported to have bought sec- 
ond-line and speculative stocks 
amid optimism that some 
favourable news would emerge 
from Malaysia's dominant 
United Malays National Organ- 
isation's general assembly this 
weekend. 

SINGAPORE was easier on 
institutional selling amid wor- 
ries that high US interest rates 
would squeeze corporate profit- 
ability while strong October 
trade data came too tale in the 
session to influence trading. 

The Straits Times Industrial 


index closed 3.3 down at 
2354.67. but was still 1.4 per 
cent higher over the week. 

TAIPEI made headway on 
hopes of a technical rebound 
and bullish remarks from the 
ruling Nationalist Party's busi- 
ness manager. 

The weighted iudex added 
52.83 to 6350.71 in low turnover 
of T$205bn, down 2 per cent on 
the week. 

Textile shares led the 
advance on expectations of 
Increased earnings from poly- 
ester products, which are in 
heavy demand on international 
markets. Shinkong Synthetic 
Fibres rose T$Q3 to TS28.7Q. 

MANILA rose slightly as a 
technical rally, sparked by hnr- 
gain-hunting in Petron, 
reversed an early downtrend. 

The composite index put oil 
8.76 to 2,912.86 for a 0.47 per 
cent loss on the week. 

SYDNEY was supported by 
industrials which offset weak- 
ness in resource issues. 

The All Ordinaries index 
dipped 0.4 to 1,922.1) in turnover 
of A$490m. off 1.5 |>er cent this 
week. 

Among resource stocks, CRA 
fell 13 cents to ASI7.40 in 
active trade, mainly on the 
exercise uf A$19 put options. 


4tt- ACTUARIES WORLD INDICES 


joWty compiled Oy The Financial Times Ltd.. Goldman. Sachs S Co. and NmWosi Securities U4 In conjunction with Die Institute ol Actuaries and ino Fneultv oi Actuary* 


national and 

REGIONAL MARKETS 
Flgires In perenthewsi 
show number of fines 
of stock 


THURSDAY NOVEMBER 1? IBM 


US 


□ay's Pound 


DM 


Local Local 
Currency % dig 


— WEDNESDAY NOVEMBER 18 1994 


Grass US Pound 


Dtv. 


Yen 


DM 


Local 


- DOLLAR INDEX 

Year 

eek 5C week ago 


Australia (B8L. 


Austria (16) — 


Belgium (35) 

Brazil (B8) 

Canada fi 03).. 


..164J9B 

.177.92 

..168.95 


1M.B2 

13031 


Denmark *££ 

FWand J=ff2 

France (101) 

GemMny VU3A 

Hong Kong tS6) “StS 

Ireland 

Italy 160).— 


.78.70 

japan X. 

Malaysia (97) 


Mexico (18)- 


Motherland (10). 


Nt*r Zealand (14).. 

Norway P 3 *- 


Stagaporo (44) 

South AMea (50) — — - 


...336,14 


Sweden (3$ — - 
Swttaertand (47). 


141.39 

_^4aro 


.164.10 


IT” 174 oft 

Thaflsnd W--—-— 

Unftod Wngaom (204) .J00.16 

USAS15} 


..180.66 


% 

Index 

Inden 

Index 

Index 

on day 

Yield 

Index 

Index 

liulei 

Index 

lnde» 

Fflgh 

Low 

-0.9 

16538 

10038 

132.78 

14S91 

-1.0 

391 

166.47 

157.06 

103^2 

134 23 

147 44 

189.15 

149.38 

-0.2 

16755 

110.38 

143.18 

143.08 

-0.5 

1.14 

178.35 

1B898 

110.91 

143.81 

143 SJ 

198 89 

(67.46 

0.0 

15722 

103.67 

13490 

131.05 

-0.3 

491 

167.02 

157.59 

10388 

134.67 

131.47 

177.04 

151.70 

-1.8 

174.15 

114.72 

145.82 

283.37 

-19 

0.73 

188.35 

177.71 

117.13 

151 88 

288.11 

- 

- 

-0.7 

122.71 

8084 

10497 

128.60 

-07 

2.66 

131.15 

123.75 

8196 

105.76 

129 53 

(45.J1 

120 54 

04 

23957 

. 155.64 

201.91 

20694 

02 

1.44 

24g.93 

235.81 

155.42 

201 53 

208 16 

275.70 

230 27 

(34 

182322 

12004 

155.72 

192.75 

05 

073 

192 95 

181.77 

119.60 

155 34 

191 22 

201 41 

116.85 

-09 

15056 

104.45 

135.60 

14a48 

-1.1 

3.08 

189.94 

16094 

10598 

137 03 

141.99 

185 37 

159.34 

-Ol 

134.94 

5630 

115.32 

115.32 

-09 

190 

143.46 

13596 

5992 

115.68 

115.68 

150.40 

128.37 

-0.9 

361.96 

236.44 

300 32 

381. S3 

-09 

3.14 

386.02 

368.11 

241.30 

312.89 

385.05 

508.56 

341.29 

-Ol 

192.75 

12098 

184.72 

10890 

-0.3 

3.43 

204.77 

19391 

127.35 

165.V2 

100 80 

216.60 

172 05 

-1.0 

72^3 

47£9 

51.73 

0097 

-1.0 

1.74 

77 jib 

73,08 

45.17 

B2.46 

91 89 

97 78 

57 88 

0-4 

147.17 

96.95 

125.77 

06.95 

0.1 

079 

155.56 

146.88 

W.B1 

125.53 

96.81 

170 10 

124 54 

-1.3 

491.46 

323.76 

420.00 

615.49 

-19 

1.82 

328.97 

499.10 

328.96 

425.54 

522 45 

621-63 

430.71 

-1.9 

1892-67 

1246^3 

1817.43 

7S84.D2 

-1.6 

195 

2047.61 

193195 

127395 

1661.07 

7724 80 

26-17 08 

1696.28 

0.0 

201.82 

13295 

172.47 

10998 

-09 

3.41 

21492 

202.12 

133.22 

172.74 

170.07 

223.30 

187.01 

1.1 

7045 

46.41 

6091 

6398 

0.7 

4.55 

74.00 

89.82 

4692 

59.87 

5341 

77.50 

61 27 

08 

185 JO 

122.00 

16890 

18058 

0.6 

1.53 

195.13 

184.11 

121 95 

157.34 

(7 9.76 

211.74 

16552 

0^ 

373.69 

246.11 

319-27 

263.01 

09 

197 

39496 

37299 

24524 

318.00 

267.50 

-ini 38 

204.66 

OS 

316J8 

20064 

27092 

306.27 

19 

2.11 

33490 

315.60 

208.01 

269.72 

302.31 

142.00 

206 55 

-0.1 

133.16 

87.72 

11179 

136.15 

-02 

422 

141.56 

133.56 

B8.03 

1J4.1S 

136.49 

155 70 

128M 

-0 £ 

22067 

549.33 

153.71 

26195 

-0.0 

1.63 

24297 

22555 

150.85 

195.00 

264 06 

24268 

175 83 

01 

154.83 

101^8 

132.14 

132.41 

-02 

1.83 

163.® 

154.72 

101® 

133.22 

132 66 

176 56 

14604 

>0.9 

164.61 

103.37 

14098 

18990 

-09 

2.06 

17697 

10531 

109.62 

142.14 

171 22 

- 

- 

-04 

188.49 

124.18 

101.09 

168.49 

-0.6 

497 

200® 

10994 

12493 

161.99 

189 54 

214 96 

181.1 1 

>04 

178.53 

1J7.60 

15290 

15996 

-0.4 

299 

19099 

ITS 54 

116® 

153^4 

1S0.29 

196 W 

170.95 


173 S3 


133 86 
if30.se 
124. IS 
165.2b 
133 24 
386.46 
175.41 
61. W 

146 48 
■U».3S 
1969 « 
189.12 
83.63 
179.03 
313 93 
223.27 
139 20 
197.02 
146.48 


Americas (Wfl 
Europe (TOT)— 
NortSe{ll«). 


...17730 


171J 




Slwg: 

Buro-PaoflC pSW------ 

North America PH9- I g ff 

pSfc ex. Japan (32S) 

IJrtdE*. US fl 70S) — I™* 

USE EX. UK (2019)-- -JJfjJ 

Wr'-' ^ ll7SS > -- 


-0.4 

-03 

-02 

02 

0.0 

-0.4 

-03 

-OS 

- 0.1 

-0£ 

-0.4 


16&B8 103.03 142-61 14727 

161.87 106.84 139.33 15233 
216.36 142.53 10100 213.B7 

156.06 102.81 13338 10756 

168.40 10135 13536 12523 

176.06 11532 149.60 16539 

144.17 94,98 12331 131.18 

241.99 159.42 20630 227.34 
160.14 105.50 13835 128.95 

163.02 10730 13031 14333 
176.66 11838 160.07 177.64 


-0.4 

-0.5 

-03 

00 

- 0.2 

-04 

-03 

-03 

-02 

-03 

- 0.6 


231 

3.07 

1.36 

1.14 

1.97 

230 

2.48 

2.B6 

1.97 

2.10 

2.90 


177.09 
172.47 
23026 
185.40 
168.26 
188.62 
163.5a 
258.95 

170.10 
173.39 
108.37 


107.94 

162.73 
217.25 
156.06 
168.76 
17000 
144.91 
244.33 
10037 
163.60 

177.73 


1T0J58 

10735 

143.10 

102.06 

104.64 

11605 

9531 

161.04 

105.83 

107.83 
117.14 


143.52 

139.07 

16567 

133.37 

135.60 
150.48 
123.64 

206.61 
137^3 
13931 
151.09 


147.93 

153.12 

214.53 
107 58 

126.53 
1B6.12 
131.83 

229 22 
12920 
14392 
178.43 


17H58 
773 91 
176.66 
17514 
192 73 
158 12 
296.21 
176 CS 
178.59 
195 20 


154.79 

173.19 

134 79 
143 88 
175 67 

135 94 

202.54 
146 58 
155.96 

17S34 


157.65 
186 00 
154.47 

155 75 
165.01 
139 24 
241 03 

156 » 
164.81 
179 77 


T rr ue-iHhiaaCgaa6---<«A9. 


-0J 16028 10007 141J23 147.57 -0.3 2^9 17081 165.88 11MJ33 141.77 148.01 180 80 I56-6& ^ 


~ — - ■ " ' ,^-i n fW men.gfli^«lCa.andNiilWMtSseu^ 1887 


price* wmt i 



response to Thursday's results. 

STOCKHOLM was led higher 
by Ericsson in a partial correc- 
tion of Thursday's losses, 
although prices came off mid- 
session highs as the domestic 
bond market lost earlier gains. 

The Affitrsvarlden index rose 
6.10 to 1,506.50, for a 2.9 per 
cent rise on the week. 

Ericsson B rose SKr-1.50 to 
SKr-143. in turnover of 
SKrS03m following Thursday's 
SKr23 fail In response to its 
nine months figures. The share 
hit a session high of SKr449 
and a low of 432. 

SCA B rose SKrl to SKrtl5. 
following its nine months 
profit figures and higher full 
year forecast. 

Asea A fell SKi9 to SKr533, 
following the ABB nine 
months figures. 


Written and edited by John Pitt 
and Michael Morgan 


SOUTH AFRICA 

Industrial shares extended 
early gains to close firmer 
while golds posted declines as 
sentiment worsened ahead of 
the weekend on a fall in the 
price of bullion and a firmer 
financial rand. The overall 
index lost 16.3 to 5,925.3, 
industrials rose 38.6 to 6,950.4 
and golds fell 51 to 2,138.3. 


W hat is good for Ren- 
ault is not necessar- 
ily good for the mar- 
kets. The French government 
may be congratulating itself on 
the apparent success of the 
partial privatisation of the 
vehicle group this week, but 
the sale of these shares may 
spell further bad news for the 
performance of equities. 

Mr David Harrington, French 
markets analyst with James 
Capel in Paris, estimates that 
upwards of FFrl20bn in capital 
has been drained from the mar- 
kets by a record year of privati- 
sations, rights issues and other 
public offers - up from a 
record FFtti9bn in 1993. 

Renault. UAP, Credit Com- 
mercial de France, Elf Acqui- 
taine, Paribas, Michelfn, 
Alcatel Aisthom. Peugot: the 
list is endless. It has sharply 
contributed to the lack of 
liquidity on the market, which 
in turn has led to further dis- 
appointing returns for inves- 
tors. 

The CAC-40 index has Lan- 
guished over the last few 
months, closing yesterday at 
1,926.50. “Obviously France has 
been a disaster this year," says 
Mr Harrington. 

"It's been one of the worst 
performing equity markets," 
says Mr Piers Butler, head of 
French equity sales with Smith 
New Court in London. He adds 
thatinstitutions with a spread 
of Investments across Europe 
had overweighted their portfo- 
lios into France in the belief of 
good growth prospects, and 
been disappointed. Mr Frederic 
Redd, strategist for the French 
market with Socfete Gdndrale 
in Paris, argues: “There has 
been under-performance since 
the end of 1992.” 

He says that the difficulties 
developed in two stages. In 
1993, France remained one of 
the few countries with a strong 
currency. The effect on the 
exchange rate put pressure an 
domestic companies, causing 
sharp falls in their profitabil- 
ity. 

This year, the spread 
between OATs. French govern- 
ment bonds, and their German 
equivalents dropped almost to 
zero. He stresses the influence 
of new Issues soaking up 


Liquidity, and well as first-half 
profits which were generally 
disappointing. 

Mr Harrington points to 
other factors which he believes 
have dragged down the mar- 
ket. He says that the French 
stock market lacks the cyclical 
constituents of many other 
markets such as Cermany, for 
example. 

High up his list is also the 
growing cloud of corruption 
overhanging many leading 
French companies. “Several 
have had their ratings 
slashed,” he says. “It may have 
stripped 25 per cent off the 


Incteas (robaseO) 

105 — 



75' 


Jan 1994 

Source: FT Graphite 


Nov 


value of the CAC 40 compa- 
nies." 

However, he thinks there 
may now be signs that compa- 
nies are beginning to recover 
from the criticisms. Much will 
depend on the willingness of 
the government to push 
through reforms of the funding 
of political parties - Including, 
as suggested recently, the pos- 
sibility of a complete ban on 
corporate donations. 

Looking forward, Mr Butler 
predicts the beginnings of 
recovery, partly triggered by 
recent optimistic economic 
data. “Some of the smart 
money seems to be coming 
back in now,” he says. “People 
are starting to think that 
stocks look attractively val- 
ued.” 

Mr Harrington is less opti- 
mistic. He says that In the 
short term the markets will 
remain for traders rather than 
investors. "There may be a 
trading rally but I have longer- 


term worries about tax, the 
economy and unemployment,” 
he says. 

He predicts earnings per 
share growth for the CAC >10 
companies of 38 per cent this 
year and 36 per cent next year 
- back to more normal levels. 
Mr Redel estimates that the 
CAC 40 index will reach 2,000 
by the end of this year, and 
2,400 by the end of 1995. 

The biggest uncertainty that 
most commentators highlight 
over the next few months is 
the presidential elections, 
which are due in May but may 
be brought forward through 
the tactics or advancing illness 
now affecting Mr Francois Mit- 
terand, the current resident of 
the Elsfee Palace. 

Mr Jacques Chirac, the 
mayor of Paris, was the first 
serious candidate to declare 
that he was running at the 
start of November, in a move 
which is likely to split the 
political right He shares mem- 
bership of the Gauilist RPR 
party with Mr Edouard Baha- 
dur, the prime minister, who is 
likely to declare by January. 

Meanwhile, opinion polls 
rate Mr Jacques Delors, the 
socialist president of the Euro- 
pean Commission until Janu- 
ary, on a par with Mr Balladur. 
He is also likely to run, and 
recently published a book 
which has been Interpreted by 
some as a manifesto, although 
he has not yet confirmed his 
decision. 

Mr Edmond Alphandery, the 
economics minister, recently 
said that none of the leading 
candidates would do anything 
to upset the current govern- 
ment's programme of economic 
liberalisation. But some argue 
that Mr Chirac - more than Mr 
Delors - remains a wild card 
who may yet threaten refla- 
tionary policies. 

Mr Harrington says the most 
important issue for the govern- 
ment will be to appease the 
bond markets to ensure that 
they remain in line with those 
In Germany, through an insis- 
tence on maintaining budget- 
ary restraint. “But what is 
good for the bond market is 
not necessary good for the 
underlying economy or for 
equities,” he says. 


LONDON EQUITIES 


.LIFFE EQUITY OPTIONS 


RISES AND FALLS 


■On Friday 


On rho week 


Cals Pub 


Octal 


)■ Apr 

JW 

An 

for 

il 

Wed Unreal 

550 

46 50 85M 

4M 

11 

19M 

CW5 ) 

600 

18 28 

37 

24 

31 

43M 

Argyll 

280 18V* 24 V* 

30 

7M 

13 

19 

7270) 

280 

7M 15 

20 IBM 23H 

30 

ASOA 

80 

8 9M 

11 

114 

3 

4 

ra ) 

70 

ZM 4V, 

8 

6 M 

8 

9 

Bra Airways 

300 31 M 43 

90 

7 

13 

20 

1*386 ) 

390 14M V 

34 19M 

26 

34 

ted Bora A 

420 

24 34 

43 11M20M 

28 

1*429 ) 

480 

7M 17 25V* 32M 4SM 

48 

Boob 

500 

27 401* 

48 1DM 

16 23M 

<*5f? 1 

550 

7 I7M 

SS 42M 

44 

SI 

BP 

420 

20 29 

37 

11 

19 

24 

1*426 ) 

460 

4M 12 20M 

37 42M 481* 

Baton Seel 

140 

1 C 21V* 

24 

2 

4M 

7 

(*i55 1 

160 

4M 10V, 

13 

11 

13M 

16 

Bass 

500 40M 48 

M 

9 ISM 

22 

(-538 ) 

550 

0 2t 29M 35M 41V* 47M 

bttini 

3W20M33M 

41 

14M 

24 27M 

1*396 ) 

420 

9 20V* 

28 32V* 

41 44M 

Catfauhb 

420 

36 46V, 

S3 

7M 12M 

20 

r«0 1 

460 12M MM 32M 

38 

31 

40 

Coen Unton 

493 47M 531* 

- 

5 

IB 

- 

r*S3t l 

W 16«* 2S 

- 

24 

41 

“ 

(Q 

700 

65 68M 

78 

8 V* 25M 

33 

(*788 J 

800 24M 38M51M 

29 

50 5754 


Cals PUB 

Nw tab u* Kw Feb My 


1 * 233 ) 
Lasmo 
<1481 
Incas Ms 
nos i 
Pi o 
rG39) 
PHnnkm 

n«) 

PiudmtM 
4-323 | 

FTZ 

CM01 

Redtand 
(* 486 ) 
Royal Ira 
1*389 ) 
Tosco 
1*250 ) 

vaaftmo 
1*206 ) 
tflUms 
1*357 ) 


z 20 14 17 an - 

240 1 7H 11 7 

134 14--- 

154 1 - - ffii 

200 9V4 lavs 22V. 1 

220 - Btt 13» ID* 

EDO 40 57 68 - 

650 4ft Zm 40 13 

180 BVi n 16ft 1 

200 - 4 8 14 

300 23K 3ZM 35M - 

330 IK 16181* S 


41* 9 

14H 10 


7 11 
171* 31 
9 24K 
28»4flh 
6 8 
18» 20 
6 11 
10H 20 



Rises 

Fata 

Same 

Rises 

Falls 

Same 

BritWi Fuads 

40 

5 

10 

224 

69 

8? 

CHhor Fixed Interest 

0 

0 

14 

4 

3 

63 

Mineral Extraction 

72 

46 

78 

356 

230 

388 

General Menufactuera 

113 

101 

416 

702 

546 

1.901 

Consumer Goods 

‘41 

37 

109 

216 

170 

540 

Services 

100 

72 

320 

500 

362 

1.606 

Utfltttea 

7 

26 

11 

91 

71 

58 

FVnancfals 

98 

66 

201 

562 

294 

064 

Investment Trusts 

62 

57 

346 

558 

207 

1.580 

Others 

35 

44 

37 

233 

163 

177 

Totals 

576 

453 

1.540 

3446 

2,126 

7,328 


BSO 15 48 SB 4» 24H 41h 

MM «t 22D 35 391* 53H 70 
460 27 42 SOM M 10H 23M 
500 ZM 10M 29M I5J* 27M 45 
280 IBM MM 30 It* 12 17M 
300 1 IS 20M 12 22 28 


□■a based ai tfwu companlK Med on nw London Share Sorwe. 

TRADITIONAL OPTIONS 

Hist Dealings Novum bar 7 Expiry 

Lost Daabigs November 16 Settlement 


February 8 
February 23 


Calls: Anglo Eoatanv EcDpse Binds, First Aua Finance, Magnum Power, Mlmnot, 
Navan Rea, Sun Res, TUflow 06. Puts & Cats BmUMO hl Beocbam A, S«ai Res. 


2<a HIM 
260 M 

200 a» 

217 M 
354 5 

384 - 

Jm Apr M Jan Apr Jul 


W 28 M 8M 12M 

9 16 10M ISM 23 

18 225* 1 6 11 

8 - 9M 17 - 

- - 2M - - 

- - 26K - - 


LONDON RECENT ISSUES: EQUITIES 


1*473 ) 500 11 23 29M 31M39M 50 


Laid Secur 600 10 311* 38 I6 2IH33M 
P504 I M0 3 13 17M 54 55^ 66 

Mete & 3 390 28 39 M 4h 9 15 

(-409 ) 420 10M 22 27M 17W 21 29 

haSWea 500 42M 53 62M 6Vi 21 27 

1*531 1 550 15M 27 38 281* 471* 53 


&SH50ury 
1*4X1 ) 
Shea Trans. 
i*7M I 
Storehouse 
[TIB 1 


<20 ir* 31 38 U 22 281* 

460 5M 14 20 fa 41 481* 52 

700 26 38M 44M 14M M 32M 

750 8M 15M 23 465* 60V* 83 

200 21 24M 28M 3M 5 8K 

220 B 11 17 10M 13 17M 


TratfltfB 

1*83 I 

Utfmer 

1*1114) 

?ewca 

1-857 l 

Down 


80 EM B 11M 3M 5M 7 
90 2M 4M 7 9M 11M 12M 
))00 53M 74J* 86 15M 33 44 
1150 2SM 46M 99K 38 531* TO 
850 37M 52 64 22 41 49 
900 15M 29M 42 51 704 78 
Mw Fee May Nov Fea May 


MO 18M 29 


38 - 13V4 

30 


tend Met 
C407 | 420 2 13M21M13M 

Lxtwote 160 4M 13M IB I 

1*184 } ISO - 5M 10 18 

IM Btt euffl JOO 281* 36M 4fM - 

1*328 I 330 2M 17 23M 5 


17 
33 
7 12M 
19 24V* 
3 10 
13 23M 


Octal 


Dec liar Jai Dee Mar Jun 


Rsons 
(*130 ) 


130 

140 


a 14M 18 M 

4 10M I4M 


7 I1M 13V* 
13 77 19 


0 p«n 


Nov Feb May Nw Fee May 


Bra Aeo 420 27 47 57M 1 15 26 

(‘448 / 460 2M 23M 37H 17M 33 46M 

BAT Ms 460 5M 28 35M 3M 18 31 

1*463 ) 500 - 10 IBM 36M 42 56 


BTR 300 6 M 18 24 IM 9M 17M 

<*305 I 3X - 7 IHt 25 20 38 

Bnl Tdeocm MO 4W 14M 23M 3 ISM 20 

(*391 V 420 - 4M 12 281* 38 40 

Canary 5cn 420 23M 38 41 H 74 15 

(*44J 1 460 1 14 20 18 26 36 


Eastthn Boc BOO 13 43M 82 8 43M 54M 

1*805 ) 850 M 24 41 45 72J* B2M 

GUraws 460 B 24 32V* 2 VIM 224 

(*465 I 500 - B 15 344 38H 4fiH 

GEC 280 0 17 22M I 8M II 

(*297 ) 300 - 8 13M 13 ISM 22 


BAA 

500 

19M 

32 

40M 

11 

18M 

23H 

(*5« ) 

525 

fl 

20 

— 

25 

30 

- 

TtameaWS 

460 

43 

54 

B3M 

4J* 

ID 

19 

(*494 ) 

S» 

171* 

30 

Wh 

18 

26 

38 

Opwn 


Dec 

Her 

Jm 

Dec 

Mar 

JU1 

Attoey imi 

390 

33 

43 

46M 

21V 

lit* 

17 

T41B) 

«0 

12 

24 

2BM 

12 

25 

31V* 

rimsdad 

« 

Z 

3M 

4<i 

T» 

3 

JJi 

(*30 ) 

35 

M- 

IM 

3 

5 

6 

6M 

Barclays 

GOO 

2D 

37M 

47 

14 

301* 

38 

(*603 J 

650 

3M 

17; 

26M 

48 

62 

a 

Ban Ode 

300 

171* 

28 

33 

5 

11 M 

19 

raw i 

330 

3M 

14 

19 

21V* 

2754 : 

351* 

emtsn Gas 

300 

9V* 

19M 

25 

W* 

111* 

19M 

1*302 ) 

330 

1 

7M 

12 

28 

301* 

38M 

ttairs 

180 

12 

17M 

23 

4VS 

9 

14M 

nra j 

200 

3M 

8M 

14 

16 

20V 

25M 

HUsdowi 

160 

19 

22M 

28 

M 

3 

7 

1*177 ) 

180 

S’* 

10 

14 

6M 

I0M 

IBM 

Lore*) 

160 

9 

14V* 

19M 

5 

101* 

14 

rira 1 

1B0 

2 

6M 

11 

IB 

223* : 

251* 

Has Power 

500 

17M 

34M 

48 

12 

22 

31 

P5t0 i 

S50 

2 

14 ! 

BM 


52 

59M 

Sed Power 

380 

18 

25 

38 

11 

22 : 

27M 

1*363 1 

390 

5 

13 23M 

30M 

40 

45M 

Sean 

100 

10 

13 

15 

h 

2H 

4M 

H09 1 

110 

3M 

7M 

9 

4 

6M 

9 

Forte 

220 

IBM 

23 

26 

2M 

614 

VIS* 

(*232 > 

240 

4h 

12 : 

IBM 

72 

153* 213* 

Txmac 

120 

11 

18M • 

L9M 

2M 

6 

fl 

(IM ) 

130 

5 

11 

14 

61* 

103* 

131* 

morn EM 

950 

54 

68 91M 

5M 

1935 : 

2/M 

re93) 

1000 

20 

38V* 

61 

22 

401* 

49 

IS8 

220 

14 : 

2DM23M 

3 

10 

13 

r?aa v 

240 

4M 

fll* 

14 

13 

20M 

24 

lomMns 

220 

fl 

15M 

22 

5H 

11 

14 

(*Z23 ) 

240 

IV* 

7M 

13 

18 

23 : 

25» 

Welcome 

550 

33 

55 69M 

IBM 

32 

48 

(*662 ) 

700 

11M 

32 

47 

441*! 

58M; 

m 

00000 


Jan 

Agr 

■U 

Jan 

Apr 

JUI 

Gtao 

600 

37 

SIM 

a 

18 : 

34H' 

«2S 

(*614 1 

650 

14M 

29 

43 

m 

63 

ra 

lEscnpte 

750 

38 ! 

55MB8U 

27 ■ 

wv* : 

m 

r756 ) 

BOO 

17 

34 

48 

S7 

01 

90 


460 : 

341*. 

44M 

54 

BM 

IB 

23 

f462 ) 

500 

14: 

24V* 

34 

27 

38 

43 

Opaon 


Nov 

Feb 

May 

Nw 

Feb 

«ty 

notvftnce 

ISO 

4 

13 

17 

2 

BM ' 

I3M 


ZOO 


& 

8M 

18 

21 

25 


issue Amt 

MKt 



Ctosa 





prioa paid 

cap 

1094 

puce 

Net 

Dh/. 

Gm 

P/E 

P up 

(Env) 

high 

Low Stock 

p *4 

- <fv. 

art. yM 

net 

- FJ>. 

182 

Bb 

4 APTA Wmts. 

6 

_ 


s- 


- F.P. 

17.4 

88 

70 Atanm Labn Am 

87 

- 

- 

e. 

- 

- FJ>. 

2.06 

63 

51 Da Warrants 

52 

- 

- 

e. 

. 

- F.P. 

115 

18/ 

180 ^Adara Ptnbg 

188 -1 

026% 

8l1 

1.4 

109 

1QQ F.P. 

08.8 

33 

65^2 B2W Commodities 

89 

- 

- 

ta 


- F.P. 

6.10 

47 

30 Do. Wits 

39 

- 

- 

ta 

- 

- fP. 

4 

104 

65 ^Cattuna 

99 -1 

- 

- 

- 

- 

280 F.P. 

302 

207 

280 Cturchfl Chma 

285 

RN9.86 

22 

42 

13.0 

63 F.P. 

12.1 

68 

65 EnnemU 

66 

RN0.71 

53 

U 

3SL 

- F.P. 

481 JD 

495 

491 Rde«y Spec Unts 

491 

- 

- 

ta 

- 

- FP. 

/as 

168 

108 Fnnmjc CTIek 

168 +11 

RN0.75 

2.6 

Q-B 

56Jj 

100 FP. 

11.1 

T01 

100 Fhntxiry Smlr C 

101 

- 

- 

ta 

- 

100 FP. 

11G.2 

102 

101 Far S Col Emg C 

101 

- 

« 

ta 

- 

- FP. 

1.91 

35 

22 Group Ov Cap Wts 

23 

- 


ta 

- 

- FP. 

280 

62 

56 Hairtoroe Sm Asian 

56 

- 

- 

ta 

i- 

- FP. 

2.70 

30 

27 Do Wjrante 

27 

- 

- 

_ 

- 

100 FP. 

303 

102 

93 Hoars Govett 1000 

101 

- 

- 

_ 


~ FP. 

29.7 

100 

90 INVESCO Korea C 

99 

- 

- 


- 

180 F.P. 

167J 

£23 

205 Hah Permanent 

220 

uN94) 

2J3 

5J5 

7.7 

216 FP. 

69.0 

232 

229 JJB Spoils 

230 

RNELO 

2A 

sa 

14.1 

- FP. 

d 02 

403 

475 PraMc me A/L 

485 -1 

- 

- 

ta 

- 

135 FP. 

82.3 

156 

138 Sonrisnlr 

166 46 

RN3.8 

18 

3.1 

25.1 

115 FP. 

224.4 

(2b 

117 TLG 

126 

WN15 

24) 

w 

iai 

170 FP. 

196 

173 

168 TeteOiw CeR 

168 

RN5.44 

22 

4.0 

iu 

- FP. 

Bin 

82 

57 Whitchurch 

GO 

RNIJfi 

34) 

2-0 

125 

RIGHTS OFFERS 






ton* Amount Latest 




Ckxdng - 

wr- 

price paid Rerun. 

1994 



price 


P i4> 

date 

Hflti Low Stock 



P 



310 NH 

20/12 

41pm 18 pm Kenwood Apf* 


25pm 

-3 

27 NjI 

28/11 

3'jpm 2 la pm Martin InU 


3pm 


26 AM 

22/11 

l *(nn Mpm I'ftJW) 



>«pm 


85 ta 

23/12 

15pm 10pm Prnsaac 



10pm 

-1 

FINANCIAL TIMES EQUITY INDICES 






Nov 18 

Now 17 Nov 16 NOW 15 

Nov 14 Yr ago High 

*Low 

Onfrnanr Share 2407.0 

2406.7 2418.6 240a4 

2379.7 2357.6 27134V 

22406 

OrcL cflv. yield 

4.32 

4.32 428 4_23 

4.35 

3. OS 

4X1 


149 

Earn. yVl % Ml 

633 

633 B20 B23 

6.30 

a. 52 

6l51 


3.82 

P/E raflo net 


1024 

18.23 18.04 IB. 58 

16.34 

27.11 

33.43 

16.94 

Pfli ratio nM 


17.06 

17^5 10.16 16.11 

17.89 

25.1S 

31X80 

17.09 

■For 1B94. Orctasy Shan indw ahee comdbdon: high 27130 24Q/94; tow 49.4 38/8/40 



FT Orrtary Stan Max base data 1/7/35. 






Ordinary Share hourly changes 






open 9.00 1000 

11JOO 12X30 13JV0 144)0 154» 

164)0 

Hgh 

Low 


2404.4 3410.1 2409.7 2406.8 2406.2 2408.4 2406.2 2405.3 2407.4 2411.4 2403.1 
NW 18 Nw 17 Nw 16 New 15 Nov 14 Yr ago 


* Underlying neeuiKy Brice. Premiums shown am 
based on eantement cross. 

November !8.Tcral contracts; 34.1W C*di: 
14783 Pus £0324 


SEAO bargains 25,114 20218 

Equity turnover (M)f - 1436.3 

Equity brngafatsf - - 3GJ374 

Shares traded (rnfrt - 652. 9 

tBufcsfcg Ma-flunkM bene and ouereeaa turnover. 


31,156 

1588.7 

30243 


30,763 

2629.1 

54,603 

805.4 


25,659 25,276 

887.0 nm 
30.137 29.474 

436.6 2453 


FT/GOLD MINES INDEX 


Not % dig Hem Nov Tear Gross At 52 mek 
17 or day « is ago MS % Urn 


Gnu Mbtes Index (34) 
■ Regional Imfleea 

Arta (18) 

Ausraiasia (71 
Norm Amenta ill) 


2640.74 

-46 

206B4H 20794)0 3061.23 

Z1I 

238740 treata 

3344.21 

+05 

3327 70 3363J9 2840.41 

Lti 

771127 230L45 

2651.42 

-15 

2691 J» 266067 229030 

1J8 

301169 2171.66 

157199 

-1.4 

159916 1602.77 1606.26 

0.85 

2039J65 1466.11 


CwV*. Hie Financial Hme* UmMd 1»4, 

Flgu»» in tractate stan , mim ol owwe SdM US OoBn Beoe Uabeo: 10X100 31/12S2. 
PtedoewB« Odd Mlnee inde*. Nov 18: 2658 ; day's cwnge- -1.7 poW«: "rear ag* 2463 r Portal 

Lawsi prices went unnaaraito lor nw eoaen. 


A Prime Site for your 
Commercial Property Advertising 


Advertise your property to approximately 
i FT readers in 160 countries. 


1 million 

For details: 

Call Emma Mullaly on +44 71 873 3574 
or Fax: + 44 71 873 3098 


T 




mi 


FINANCIAL TIMES • WEEK-END NOVEMBER ! 9/NO VEMBER r 20 ; f^ . f 


WORLD STOCK MARKETS 


./. rank Lam 1W m 


NORTH AMERICA 

(HTH) STATES (Nov 18/15$ 
Pin] 

,2% +% ,7% II 


Drew Mi 
a#BP* 3(ftS 
Ducra 54% a) 
DuPont safari 


-4, Z*i\ 18 3.3 90 Monttn I5%jd 
2. « 3a% fi.i 120 wo* »** 


4.7 310 MtM 


62% 48% 3.4 3U UBUMd 28% 

~ Ifcntwo 45 %«a 


>3 I*% H gg* «,!g» 


tu 2 B% is 5.2 21.5 mam bb% 
-4 37% 25% 10 170 nowtr 21 % 
-1 61% 424a7 2U Titwram 35% 
-% 38% 27 .... 115 rant* xz% 


-% 725 
♦'% g% 

iS ”k 


Hi £Z BW* 


38% 43 31 X 
49% U 17.4 
25% 2J 17.6 
6% IS 23.7 
18% 120 ftj 


4A% 36% 3J139 Men 
+% 27? 22% BJ - NBCOC 
- 1 % SB 39% 3.1 14 0 Nashua 
‘ 56% 40% 3.3 2DJ 

-i 82% 45% 2.4 13.7 
-% 35% 24% 14 160 
B5% 56% 2017.4 
+% 31% 12% 2.1 ™ MSflW 
-D m 2 nS 17 182 NaHIBk 
12% 10 240 Navas 


31% 20 180 Ttmton 
455 12 164 Tdmrk 
295 3.0 21.2 TOSCO 
SD% 15 5.4 TrtPNA 
445 4.4 73 TnHH 
24 40 102 TMnf 
135 11 10.6 TiraWJ 


as? sj 

Timo 13 


44 8.1 81 
S% 13 116 


80118 NBD Bn 


305 3.4 _ 

12% 170 


81 Ira* .32% -% 

16l 6 Trtxra 53 U d -% 


> JcnW 2^3 


jiftS 

ftStS 

-a- ??% !£ 


83 90 g“» 

12210 g*j 

0 182 9V 

1-5 280 [«tt l 

ia — £5 **p 


+% 19? 10% 4.7 140 NoteftS 

-5 ICC? 66% 40 182 


27 43 90 TmovH Z9Hd 


s ^ana 1 ?® 

■ +% 28% 22 88 1*2 gMPBd 

28% 195 80 108 fWCm 


-4 100% 66% 4 3 182 

+15 855 48% -.484 
-.13 7.12 307 10 80 NVTmA 
+5 395 275 52 11 JJ NwmntB 
05 4? 83 04 NwiraiM 
+% 80? 57% __ 14.5 MasjM 
•- 20 % 23150 War 


28% 195 80 108 ™«1 
405 33 za 117 gaj. 

39 21% __ 184 HSS? 


71% 84 04 (BUS 
20% 88 380 NLU 
22% — 03 Not** 
67% 87 206 NonnE 
29% 84 10.1 NMrm 
41% 88 84 NorlftS 
4j4 92 NEUB 
42 00 NS 8 *W 
1.6 187 map 
80 MU) Momut 

S3 86 NOUONB 


46% -1% 52< 

itiE 

HSU 371; 


90% 84% 12 .„ gMJ 
8 % 6 % 12110 £»™ 
10% 5% 00 Wit 


& 15 


5% 02 Ut 
M 10.7 

42% 12 392 S55 
27% 75 108 g«*2 
26% 80 115 ggW 
245 43205 

Zfl% Zfl 112 Fhmr 

66? 47 111 godU 
815 05 181 FoodLB 
44% 55 8.4 PW... 


— 225 12 

.> 10% ft 

♦% 41% 30 

— 27% 10 
+5 OT H 


65 Triton 

__ _ ZB? 7.7 8 7 IvCDI. 

-% 30 U 18% 75 03 Tylsr 
“ —* 21 3 13 189 - ' 

_ 37% 10 482 
T _„ 49 37% 12 681 UST 

+? 205 12 84 7.6 UAL 

a! S% 225 50110 1BXM 
+2 6 B% 48% 12 15.7 USX US 
-5 13% 45 1.7 123 Unborn 
32% 22% 0-8 772 UnMV 
6 % 52 433 ItoCarni 
31 DJ1 180 unCan 
38% 81 181 UnBoc 
20 % 81 oi unPac 
. _ 385 80 116 IMsra 


- 1 % 
B 3 


71% 66% 33201 TaksE 27% -% 

v% 26 19% '«»« TjjKO 24% * , 

-5 44 u 13% 10 laha IS% -% 

*% 37% 20% 3.4 34.9 Thoman 16%d * • 

-% 39% 31% 30 ... lurDom 19% -% 

-5| 405 34% 17 0.7 IracnP 17% -% 

-5 36 £7% IS 13.7 Tnur 14 .% 

->2 185 10% 14 14 9 Irtmac 135 -% 

-% 40^ 32% 214 Tftwe 05 

.... 67% 46% 4.1 9 4 UUDom 27% -% 

.. 165 13 4.0 65.0 Wastes 225 .... 

-% 43 31 19 70 WBSnC 39% v% 

-% 845 50% tO 100 

^ “ i7i EUROPE 

+% 40 29% 2.3 16.5 

♦ % 37% 24% 0.3 24 3 
. 55% 42% 0.9 16.4 

-.13 650 325 .-18.7 AUSTRIA (NOV 18 /SCO} 
+% 26 10V 03 

36 17% . 88 

% 23% 4 0 15 0 AusM 1.940 +15! 

iO 03% .. 74.4 BUAuat 02B »3 

Hftt «* 

t» 0*5 3S1* WU-S MGan s- 7 * 0 - ,0, 

24 20% 7.1 730 EVN 1240 -4 


-I. 335 28% 07 < 
-I, 27% 21% 00 * 
-% 10 145 59 

*1, 19 14% 20 ! 

-% 23% 185 40 
-% 205 IS 84 
+% 16% 125 70 
-% 18 13% 4j4 

11 % 4 _ 

-% 11 235 0.7 

.... 24% 19% 30 
+5 44 3S I B 


(jBumnl SIS 
Cpliya 36160 
Ham 43320 

s-m-r (7*7*1 

kianfr 420 
knmbnq 049 

360 

mne 470 


+4 38373090 10 
-100 845 343 33 
-1.10 40 398 20 

+4 680 496 20 
+7 716 403 6.7 
-0 IjOTO 6S2 7.1 
+305 MO 32 SO 
... £70 340 MU 
-600 709 486 7.4 
-6 002 B61 11 
-0491 90 377 30 
-tM 187.70 10620 _ 
t0 1205 1JU6 DO 
-60 7.160 5480 OO 
-aooaioMSooa — 

-7.10 624 428 55 
-120 Z74 3TMD 1.1 
-1.10 13650 0700 5l7 


SnfcSP 2200 
Tt*»n 4 MB 
TonAu 23,40) 
Toaffr 172SHJ 
Unhwn 10290 


4 JHiEh -sss ss h ss &Z -83L 

900 +1D02UK1: 


I lls I 


i 0 mi 8 /R 8 ) 




rf 


{3? 


st* 


ABNAmr 8120 
AEGON 108^ 

M 10700 -OO 


-21 1246 868 82 

— 1090112.10 51 
„ Z80 184 — 

-JO S2S 315 42 
+.00 SOS 30120 56 
-1.90 33413850 51 
+7.40 371 mOD BO 
-11 036 7B2 12 

-6 1.005 785 — 
+31.160 BOS 12 
-1 604352.10 _ 

— 207)95.10 30 

-320 18710090 — 

— 157.4011380 ZB 
S 7G2 542 1J 

-33 946 850 10 
*3 3J90 2 J 6 a 12 
+7 734 578 14 
+14 1789 1,340 32 
+34toll7.W 17 
-20 600 472 13 
-320 610903)0 7.1 

— 700 382 82 
-1014701,700 — 

+4 702 523 87 
-12 2.600 1,710 16 
+Z10 523232.10 — 
-1 377 229.40 42 

-3.40 23700 KELSO Z* 
+7511201201 12 
+140 214 IE. 10 SlB 
+203045013X10 14 
+1^02245012550 XI 
-4 494 333 18 
-4 JO 65042750 5J 
+S0 00039350 l£ 
-4 308 221 95 

— 335 240 3^ 
-Z20 355 227.10 42 


UnMV H2%d +1% i»% 109% 2-B i<» Lanau 

SSS? ^ S? i 6 VA £Zr 

UnBoc ™ -% 39? 72 122 JgSn 


22 11.4 Nynes 

81 — OccU> 


1811.7 ESS ? 1 

12 14.7 MIDI 


— *4 275 21 12 147 ™*“ 1 

-% «% 38% 42 104 FneueM 17% 
3 1B5 nfa i 3&7 rawEn 73? 
_ 64% 505 U 187 0£« 

*% 38% 23% —272 f*™ 0 

+? «S 24% li 1SJ and 

-% 20% Z1% 15 20J5 

7% r,/b 33 > £7 124 U%d 

~ 44? 33% 2J 122 «i 


' 33% 24% BJ 112 ooden 20% 

-3; M% 40% 1 S 10 J oSaCs 30% 

jJ 7% 5% 1.6 162 OtrioEd 18% 

^ ” 5% 1J _ OWJp 635*1 

78% 17 87 Omncm 52% 
— 22102 Oneok 

— 11,4 OAKfe 

-% 21% 10% 7.1 _ 

-% 78? 60 02 52 

- 38% 17 112 0UMB 

47% 2.0 102 

20% 02 217 OwonsC 28% 
28% 22100 PHI 

. — 40H2218JO PNCFfl ... 

+Jj 4»% 3Q% 1.3 172 PPvlto 305d 


,, — 385 62 116 UMsn 10% 

-|C 47% 34% 17172 USAk 425 

jJ 28% 22% 17 0.7 10WI3 14% 

-4 27% 32 0.7 162 USHoma 10% 

-5 41% 33% 6-1 27-7 USUCp 325* 

-5 22% 15% 62 7M USShae '*■ 

33 24% 10 % 82 122 mk 
_ M5 20% 48 10.7 UST 
-H Z25 l«fj « - «SW-- 


.... 67% 45 3.6 10 J Ratart 

+-,■3.^ "I li'HB? 
:... Si? "A , 4 8 :S» 

„ 41% 30% 4.1 75 

-1 24 11? 12214 SSL 


+16 22U0 1.750 22 
+3 1.270 780 12 
034 597 1.6 
-10 4.2901430 02 
-4 1.713 1.190 1.7 
-II 1.30 7 901 OS 
744 643 .... 
♦2 1207 045 12 
-2 1.050 095 22 
.. 498 385 22 


. . 250 171 13 

-5 1.180 874 — 


-S 408 312 1 2 
+1 791 540 22 




is%03 90 ««« W» 
73% 3.1 119 


+2 600 *30 1.7 
-10 4J40 3,411 1.0 


4.1 17.8 UMT 6 C 585*1 -1% 


-IX 80% 48 4.1 17.9 UhfTflC 

- 1 ? 53? «5 2-4 174 Unacd 

+% 20% 1M> 0.4 132 UMn 

+? S3 28% -412 ™CD 


Jl^ M 4 ?.*** 


-% 305 24% 32 302 
- 37% 265 4.6 102 „ 

535 44% 17 Ufl Actoms 4.05S 
-% 24% 10% 22 - «rnart 7.640 


ib% H52i£2 Paccar 415; 

225 19% 0.6 . ^ 


-% 68 % 47% 1.1 214 fjanjn 
+4% 39 21% n A 7ft 7 OnMrE 3§%JSf 

^5 35% 26% 13 112 
-5 ^ 45 30? 12 14.4 GenPU- “ 


iSSf^iS 


= * W % 

-% 25% 20% 7.1 112 g»" — l* 

30 25% 42 82 ®W*lfti 35% Ml 

-s. «eu! Sc iSi Garten 


-% SB « J2 102 PacOE 

+% 62 % 4o% 32 16.7 pramn Z9%d 

-% 66% 37% 11 62 Pfeun 20% 
27% 12 232 Mr»W 14? 
-e; 40% 31% 14 21.1 Pan 18% 

- 31% 23? 72 £02 ParME 21 id 

*s 


+% 25% 17% 11 72 Varfv 

... 26? 17% 22 - lAnado — - 

A, 40 275 — 182 ViacnM 48>sd 

+% 43% 33 18 9.8 WMX T 3) 

A 31% 20% SlB 84 WCfm 32% 

A 42% 34% 12184 wataoc 42? 
^1 fll? 40% 14 M W*rn 41 Ha 

A 19% 16% 6-2 US WMIt 23 

+% 24% 185 0.3 10.8 wntLoti 77 V 

... 36 215 62 0.0 W«nOL 33 

305 Mi 4.4 142 WoiWB 246 
A 50 2BH 72 282 WaOUn 33% 


-5 285 0.7 16.1 AM 

A 50% M - 17 J BSL 

+% 37? 305 13 17.9 Wrti 15275 

_ *% 44 2.7 203 BGnLPt 21600 

A 30% 22% z-l 181 a»nia 37.125 

-l, 3Si 30% 4.1 11B BWCO 1435 

S.07 3J97 - 06 Ba+n 23.4SO +602040021350 1.7 

-% 427, U4, 19 113 CSHOffl 11200 +100 11Q7S 11.775 30 

v% 20% 32% 0 7 11 3 CM8 167Q *30 2. VaO 1190 3.1 

-% 66% DO 3 1 M.0 Cobam 5220 

A 4Slz X 2 6.7 11.7 COdP 200 

A 204 221% 17 170 CtXryt 

-% 38% 19% 1.4 14 7 OBttoz 

-5 20 24% II 142 Bacte 

.. 11 % 7? 2 J 132 HfnAC 2215 +101701 1670 4.7 

♦ % 1805 127% 22 10 2 Forta “ 

.. 10% 13% I 7 111 G8L 

+% IBS 05 .. 10.4 (BLah 3.090 

»% 20? 0% 102 OBGp 1266 


4.450 3.705 12 
-60 8290 7.350 32 
+0 5 300 4.000 .. 
15 4280 3,880 42 
... 19.990 15S5S 22 
ioo re.**) aita ta 
75 41875 J*2W 92 
35 1660 1105 1.3 


SLoU 1.4*0 
Sdmdr ““ 
SaftSA 
Setong 400 
Ston» 460 

StosR 4149 
SocGon 
SoranrA 1 

10 


ifli 13% 13 102 wataMk 24 %d 
205 13% 40 21.1 Waacm 105 
25% 165 32 142 WAf 


83% 49% 12 172 &S?* 
505 38% 4.1 72 OdW?, 
26% 22 % 41 7J 

^ ** S3 


+ % 74% 37 

A s '% £ 

A «% _ s 


101V 1.7112 ParkDr 
30% 22 20.7 ParMto 
33% 12 152 PocoEn 




1.4 314 

42 14.4 PraOl 
12 82 Pooo&i 
10 202 Peptoc 


ISS& ^ 


. 1 % B4% 1 K>*J B 2 fU 

— 40 30 22 110 


- 1 % 40% 31% 14 92 PknHm 
A 485 38% 16 117 Pstto 


41 14 gW* 

ns Hatol. . 

22 212 Z4 -v 

10 432 re"** 1 * 


+% 09% S2% 12 IIS Pltnr 75%d 

-% 27% IB? 14 ._ PheW »5n1 

A 21% 15% 52 44.0 Phtoonr 625 

+ % 19? 13% 10 152 FW 335 


-% 48% 34% 12 162 SSS 
+? 59% 40 14 117 


135 12142 Mayo 
so% 13 m 2 yyp 
43% 1.1 117 HUg. 
34? 42 17 KodaM 


13*» z.0 152 me* 

27? 22 „ PftflVM 

A 28% 23% 72 17-2 PWWCp 

+% 30% 30% 12 216 Hones 

+ % 28% 10% 1.0 20.7 PHnoy 

A 82% 41? 18 119 Pttstn 


29% 23% 68 114 WUPub 
sfl 45? 10 10.7 WsIflU 
275 18% 82 9.7 VftNo) 
56% 45% 6.4 111 WwhM 
23% 72 11.7 wfirtp 
41 % 295 10 <7-2 WHtmn 
39% 26*2 22 17.6 Whml 
Z3% 23% D2 512 Wnu 
70 935 12 110 WknOi 
65 47% 3.1 162 WhEEn 
84% 475 9.3 13.7 WVMnt 
375 25% 14 M2 WttmQT 
M 14 10 102 Wft ; a 4 
12 % 16 4.8 <L1 Xerox 

40% 29% 10 119 Yl+ow 


H. 200 5.200 4 1 

115 154 05 

0.000 0.100 1 7 

I. 650 1.190 2.1 
+20 0220 5.1 10 72 

2215 +10 3.781 2.670 4.7 
2.805 -.1870 2 J80 ._ 


a =58 , 77 

Bsc «% 197 JO - 1 JQ 
Hsasr 1720 +.101 
FHdMl 14JQ 
HHNDR 7320 


fsss - a • w a s? 

7« i s “ a£ew IS . 3 TOO 

g tf ^ 1 r sB.-i.JJ 
.“J 411 1^0,™ ~ - Wgr, i|S ^0 2^0 

1 lifiEElti 

m -ToiStai StS “ ~ Aoaao 

718 +7 910 , 531 — -^xirn 

514 +1 570 415. — .061 / 4lli100 


5 ..-'■i- 


Z CBrOpR ^4150 +5 



z 1J060. +TO1«0, 

— 791 -1.M0 

— DTESfM 704 — , 000 

— DahMS 900 +4JJ26- 

= •«» «■ -m&h 


Hi™.; 

BBOT 


i -all’s = 

931 -01JJ3O 83D aS Z 




+•*? 


A 1 Jig- 864 - 

Api.aaotiSo a ZE- 


{''■ i \ ? • 


3^ _ 

Ocavgr 7130 -.10 


= d^n ^ m s am-.ia : •-« 

rvwpiOq E70 +3 B3B 48B «. •«• J25 w 

- a? iss ~mm = 

-m. l-dlUSW-fi 

“ SSr tm -30 2.4M1JM item -770 ~ 


-+a Bis 

-10,220 


mm tub 

1,310 +J0 181 11140 11 

Rodmeo 5070 +30 68 49£0 02 

FtoOnc 11050 +.I0m40m» 17 


M r^zss z za 

2 - Wz» ft % £ 

Ijp 80 -101J70 WO — — Toaflos 005 . - +5 851 MB .ftJ - 

l3oa -00 2200 1280 — — fcka 404 -2 568 367 ,J Z 

l(o40 -20 lilBO Ml — — ToMfcC -591 --S 720 50K— Z 

509 -9 700. ,214 — — TMiiSa 949 . -6 - 8a3 0ra Z 

733 -5 933 733 - - Tbd -748- -A 407 533 ^ Z 

986 — IflBO 888 — — ran- - 11000 + 10021200 17JBB- A : Z- 

503 — 700 420 U> — lottfi- -2/M0' - — iSn 1*3- 

m +aiJ2BD Wi. — — ItaBkL. 1,130 -10 \JW 1.110 — A. 

406 +6 MO. 440 —. — rSS 447 ■■+5 -9M 

am -a 734 eaa.u-. — nafco ; 234- . +? M7--«5 — - 

606 «4 B40 677 — ■ — TMpM ' 1.150 ' +20 TJWI.OTI) QJ 1 A 

s a ar= = Sgr. i»- 

ran -IS l.lffi 7BS _ — IMPS . Ij&ss +5J2J0701J10 — - 

W — 550 38S 1 J . — Tj gy 1,wg +1B|gO^^ 

z z jjS 1 :.*38 *i*a 

970 M Z ■ Z 1830 + 301 S 0 lass Z . z 


005 Z' 

t msri 

08- 

-Z 


,r ■' -- 
ir-:- '■ 





16405 4 JS 
4030 IS 
17140 10 
16455 || 

ul 


N08WXT (Nov 13/ Kroner) 


“■ GSMANY (Nov 18/ Dm.] 


3215 +10 4.590 3,625 5.0 


.... 4.470 3250 10 
+2 1.660 1.200 19 


I 5 18 3 GoiBm 7,320 +20 9.160 7.140 5.0 


3.3 46.6 Gram 

., •— o 3J IB 2 CMtol 

73% *8% 14 1 1 9 InwoU 1885 
10 145 11 116 W«>* 0240 

56% 405 13 175 KMcAFV 1Z70 
33? 22% 30 145 Mcnver 0.100 
56% <2% 3.0 17 7 Moaang M72 


38% 3.6 13.7 PukO 
5 10.7 20.1 PtcyMn 
28% D.9 153 PBch 


-? 53% 42% 31 21.9 

iBU n£ 197 Hnaito 11 A 

+% 25? 10? 18 212 «if« 

»% 40% 37% 11 263 ’Sfc 

A 50% 42% 11 15.3 ™on 71% 


S*hU 

» 

BdFmB 285 
Brfair 38% 
BlMk 18%« 

ss* ~^ja 

d 


A 50% 42% 11 15.3 ™» 

— 30% If 18 6.4 {ffigL, SI* 
_ 165 11 03 114 jynwgp 

A 29% 20% 14 273 17% 

. +% 45% 32% 3-0 90 2E2J 30 **'“ 

59% A 00% 50% 4.9 153 
61% A 74% 54? 1913.0 Kg*? 

795 d -1% 85% 55% 2.4 416 


85% 55% 2.4 48.6 
27% IS 1 J 478 *9B 

715 535 61 14.1 
285 21? II 110 K, 71 ™ 



+% 30% 32 10 _ E? 

— 0 5i 48 19 «*■ 

A 31% 20% 38 138 gf* 

A 32? 24% 14 18.6 » — - 

— 25% ,7% 14 ,4.7 ta" 275 

+% BB% 47 28 118 Egg* 1 w, **f 

A 35? 20% 13 23.9 , 31 

A 725 505 0.7 13.7 C "- 

A 25 19% 38 10. H WMB* 1 

-% 82% »? .... 118 2“ 

+ % 34% 44% 18 248 «! . 7 

♦ 5 92? 65% 16 114 

+? 20 244* 2.0 14.1 kWn* 

♦% 40 34% 17 112 5«*£ _ 

— 18% 14% 11 405 HE® 7 

-% 65% 60% 02 Z1.6 

A 35% 30% 2.4 14 9 W™ 

A 30 221* 6.7 til >52^ 


. 9% 0L5 2S8 PoISP 

-% 39 30% 38 117 Prator 

-? 31% 34% 1.7 314 Pren*t 
-2 121% 96% 2-0 138 Pr/Cca 
+ % 53% 41% 28 183 PikmX 
+% 102% 71? 12 113 PlOCtQ 
+3% 74 435 ,.7 298 Pionua 

n 18 588 PntlB 
295 08 37.2 Pnietn 
17% 1.1 2 00 PbSrEG 
30% 38 148 
195 11 17.1 
85 17 30-9 Quansx 
38 118 RJRW> 

,.- a — 92 98 RUtnP 42%M 

A 25% 19% —211 BnfcOm 13% 
31% 21% 111 3.9 Fbychm 34% 
— % 1D4% 78% 13 11.7 Raylhn 

»% 45% 37 1.4 19.4 Haebok 

-? 22% 10% 5^ 10.7 HsynRA 

+ % 54% 44 IB 215 RaynMI 

+% 31 i 21% 18 298 FUWU 

- 1 % 41% 31? 13 178 RoadwS 515 

-1 42 29? 18 — RoctiO 

+5 73% 58 14 111 RctoMI 

A 11% 75 - 3.1 RotonH 

— 3.75 187 — 10 ftobr 

+% 70*0 51% 1.4 208 Uki 

+% 22% 12% -.478 Rouse 

-? 45>* 35% 14 238 Horn) 

A 19% 15% 4.7 7 A RDufdi 108% 
+% 80% 50% 14 238 Itobrmd 2B%d 

+% 35? 27% 1.7 117 RudOc 19% 

_u «£ it „ 3.4 HmoCn af 

19*48 (MhS — 


-I, 22 % 16 4.8 9.1 xerox 

t? 40% 29% 28 138 Yl+ow 

+% 48% 29% 11 117 ZMhS 

A 31% 21 % fflJS 15.4 zero 

-% 30% 29% 18 148 

+ % 475 26% — 348 

A ^ cmu®A(Nov 18 /Can. S) 

A 24% 16% 1.4 158 CIM) 

-% aaC 17? 18 218 

13—298 AUR> 17% +% 21 


+% 33% 22'. 
-? 56% 42*i 
. 27% 23L 
. 26% 124 
+5 23% 171; 
-% S3? 36* 


1% 5 7 153 
? 40 3 4 
% 1 9 21 B 


♦4OI0J8D0 1720 1.8 
♦ 15 5.550 4.140 1 7 
-5 3.665 2.750 5 1 
+40 0 J00 5.910 1.9 
7850 6890 18 
6,400 5800 48 
1^30 1.350 19 


AEG 15120 -80 18630 140 1.1 

AGIodV 523 +3 635 490 13 

MJDRo 1.040 +20 1.446 1,000 13 


57 153 Pnriux L 1 I .000 +100 HU3O0 1 
4 0 3 4 PUtaa 9.330 -70 10.775 E 

2860 +10 3.660 3 
474 -e SOB 


21 % +5 23% 17% 19 21 B Pnfln 

40*J -% S3? 36% IJ240 RcUd 

101% -1% 1125 97 5 3.0 81 4 Ry9d_ ..... .... . 

19% +% 30% 165 4.9 . . RyBAPV 4850 

12 % -*» 14% 7 _ 02 SocOnB 1175 

12% .. 16% 11% 3.2 14 7 S0IIAPV 1226 ....28361015 10 

soma 11200 +50 i3j 55 FSso « 0 

Selvae — 


3-0 

2860 +10 3.660 1620 4.0 

474 -6 506 420 17 

4.770 +15 0.200 4.250 4 5 

. 5.980 4.320 48 

15 2.630 1025 5.3 


A 64% 51% 12 198. 


15% 10 108 
13? 0.7 43.9 

10% 18 M8 ™MAnK(N0.18/Krt 

..... 13%. 48 10.6 

-% 38% 27% Oil 616 MPA 5S0 

-% 40% 20 % 08 27.7 £E*n Tm 

='i 25 12 - 8 Sw & 

44 16 — Cortm S ton 03 


1.585 —1.075 1.430 6 5 

14J50 -29 17-J50 13.750 4 5 

9810 +60 1I8D0 9320 48 

24,700 +350 76. TO 71300 13 

1570 -60 2.930 1440 4 7 


~ 27% —214 AibtaE 

22? 48 08 AlbN)l3 
20% IS W2 Haw 
24 8.4 iai AmBaro 
+% 24% 16% 98 113 RC Tel 
-S 85 01? 1.7 228 BCE 
-? 27% 17 14 358 BkMont 

A S 5% _ ... BkNovS 
A 48% 33% 2.8 14 2 BmtXkS 
+% 135 105 7.4 22Jj SreoiA 
-% 42% 33% OJ 28 4 Hmcor 
A 08? 00% 13 16.1 CAE 
A 40% 26% 08 111 CTHn 
— 20 % 195 1.7 116 CMUor 


1424 -16 281,1122 08 

636 +1 ®B50 570 10 

760 +16 1.191 TOD — 

600 +15 1825 615 1.1 

31160 -2.40 34380 270 28 

BlMi 489 +1 510 435 18 

Mom 35680 -ISO 48S 345.50 28 
Bawr 34380 -18040430 330.10 3L2 
tost 41180 -1.70 52039350 38 

tm* 7g +2 ^ ^18 

409 +2 575 395 28 

oan 1854 +41.105 BIS 1.4 

BolKr 29680 -8034050 238 10 

390 -1 528 374 3.7 

835 -5 951 760 1.0 

001 -19 1-Q30 755 1.4 

CXAd 1170 -25 1833 1.140 08 

Cmmrbk 32980 -170 39029280 38 
Ccntnt 227 -I 29H 212 18 
DLW 424 +2 60038050 05 

DM* 73080 -80 904 S99 18 

~ ussa -.70 566 420 18 

Bab 22680 — 1.10 TBflJSO 210 — 
LWdeF*. 757 -80 Bd 780 65080 12 


WHV 90 
RraanA 151 
OnSd 1150 

B T^g 


— 112 98 4x4 

+3 175 130 07 


nmrf 273 

LctfH 70 

BfQfif hnf ? C I 

IQoS 171 

Ortda 20080 

RTJorA 125 


-’3 IS Is z 


- HeME 

z B3f 


+5 -B 20 421 - _ ‘ 

-H1 1.720 1^0 — Z 

+mZ0»1S16 — . 

+T0 12ft' US7D — ■ _ 


E I 



— WCrad 

— HtXoU 

— HHeri 


,J8S ^2^,133 ::Sa a** 1 ®" z 


Undo- IQS 

Vard A 1880 


S .IbsSK 


SPAIN (Nov 18 1 PtSj 


DUtVtk 15680 +330 ISA 131 10 — 


Atop A 590 

Bftubn 190 

CtolA 260 

Cotton 5.46383 


700 565 15 

201 178 16 

.. 333 250 1.1 


.. . 7.600 5J00 08 
241 IKK® 9^008 OS 
+ 1 228 17550 1.3 

*1 427 307 3.0 

.20 20325 140 6.1 

*2 615 375 26 


-1% 74% 515 17 31-0 Cjnlmp 
26% 10% B.4 12 3 CanOcc 


66% A 0»5 545 41 118 
55*2 -? 80? SO 1.1 13.7 Jra* 1 ?] 

0% A 13? 9% 9.4 1.4 

20% ♦% 45? 2D% 1.0 5.7 jj **,. 

20% - 30% 20% 0.4 ,,J 28 

Mt ii —!■ 77 Lt iau KorrMc 

+5 ?i 08 34.2 

0% A 14 8% 18 a7 Knorad 

A « 30% 48 5 0 xngrt. Hi. 


12 117 SrSTO 

11 iao spx 

14 19.1 Safeco 

12 17.4 sn*n 

3.2 348 Sl&a 


— 26% 

AS 

% 

-j* lisi 

: K* 

+>2 32 
-% ! 
-.13 480 


^ S 

20% 195 1.7 158 Cmbtor I 6 %d -% 235 10% 08 34.4 

99% 40% 10 13.0 CaiMfifl lS% _ 20 % 12 % 28 22.0 rK 

24 15? 16 513 Camoco 29% A 30 21 ? 1.7 17.4 

74% 51 i 17 318 Ctodmp 31% -% 30% 20 4.2 98 S.'S 

2B% 19% 0.4 128 CanOcc 32% A 34% 22 \2 641 

44% 33*2 XI 112 CaPx 21% +% 24? 19% 18 .. S= 

68 % 63% 17 10.0 CtolTlA 11% +% 17% 10 3811.7 

— 8 % — 35.0 CtolUtA 23% J +% 27 217, 6.1 ig.7 s+Sta 

M 11 178 Conor 17% ... 24% 10 3.0 10.3 

16 % 38 .... CtneOd 380 -J 0 5 62 13) _ 30 0 

— .... Conned 25 A 28% 18% 1.2 — u2CS 

38 19.0 COnsum 7 % +% 16 1 % 17 78 

180 +.03 3 1 . n? 


□ousts 420 -7 807 421 13 

Dnnk 302 — 337 2GO 1.7 

Oradik 41170 -0046650 346 13 

G 0 C 553 -5 t)ia -W5 18 

Diahm 253 80 -180 307 245 10 

— 820 -5 828 500 U 

220 -2 245 190 10 



10 s!ma4oo Ij 

nffl 7j6io n 

+2S 2JT51J46 4J 


HStsM 1J010 —1,110 820 — TtaOp. 683. rT ^-.-631. 

msexl 1J40 +3OZ2B0 1810 _ ■— TkuLnd -.470 A 730 47B-— • — 

Hotel 1,360 - oio _ _ Tanan 18» . — ^ 

K SS =? fi S£ z. z T§a ‘wo- s 

= z fife Si z- z 

r-rjoirs 701 -+ tbo -v;i — — TtoftMa 7M. -16 779- 433 .— : — 

tna£P 2L38Q -tezemZSM — — Tafttai Bffl — 823 864 — » 

HntoCd t,@M . +10 I.M )3a0 — — Toaoh . 410 +0 437 236 - „ 

Hntowp rnt +* m S _ _■ two t.era +30iraai^ro — £, 
HteW UMO -60 2J40 U 18 — TwroOi <71 -9 599- 491-4.1 ^ 

Hmapp 14TO -2D28iaiJB} — - 101O — ZOTO 1.430 _ 5^? 

■uraC KB +l3 1830 M 08 — ' M iS Sf Z Z 

Kf’ 1 ,m +SISS ^z +rolSg?5S z-:= 


1.600 +10 1 , 
083 +4 


•M luOW ODU « ~ 

“2 S 

+0.437 .206 - - 


31% A 
32? -% 


-I 335 £S£ 3.1 
-2 PS101 468 0.7 


-2 245 190 38 

-7 1J0O 1,141 18 
601 562 1-7 

— MO 307 11 
-31899 857 18 

-13fisaa<M 12 

-2 1815 767 18 

— 253 205 19 

-1 313 254 38 


— IM3UE 

— tzunly 


MB +12 1J30 525 08 — 'OvSKn "j»3 - +8 733 S24 — _i 

7.040 +2dIj40 Jm Z Z MSI 2.120 +?□ 2 ^ 0 1 J 1 W Z - z 

2JSO -30 3^170 2760 - - TbjoTg 470 J- .597 330 — i. 

36 O +2 626 261 — — TataTB 1 JT 10 - —1360 966 — — 

1800 —2^16 1870 — — T^bo 407 +l /3S ^ _ — 

330 -3 457 292 — — 7*5*1 639 - 6 . BO *&.. 

4m -6 686 946 — — 1*3 • B04 A 09 6 M — 

746 +4 768 622 — — -WET 403 +1 438 206 — — 

768 A 910 701 18 — UHOC 354- A 41B 272 — — 

HB z z & ;W- d8’®tSfl--= 

TJMO +10 107a 1.730 — — YmteuC -201.430 rad' — — 


A 40 30% 48 6.0 5 ™* Hi 
-% 42% 33% 58 0.4 KnRKId 49% 

A 47% M? 4.4 208 B??® Si* 


S 60 48 38 138 SHotm 

44% 33% — 15.4 StlDnGE 


06? 10 19.0 COnsum 
23% 1.8 20 J CttoCan 
15% K 14.4 Dafaca 
24 IS 108 OambiT 
21% 17 111 Don** 
1.75 .... AS tWiUA 
185 5.1 5.0 Echo 8 
13? 15 4.7 Emeu 
47% 4.0 8.3 FPI 
12% 17 B.4 4Seacn 
375 15 9.1 GraftA 


DOST -6 492 279 1.8 

520 -.25 615 497 0.0 

523 +3 075 413 08 

413 —4 406 321 14 

329 -1 15633 300 

720 -20 IJ72 510 14 

234 -4 207 n? 96 4 3 


”5l ‘w! U12M HNLAND (NOV 18/ Mka) 


90^ 16 11 S Huead 

^ S ,4 “ss ar« 

- 4 . 47 V 3 bi 4 i« 71 Lki Br 
-2% ri? M% .1 10.4 1 
- 1 % 45% 34? 10 105 H2SS. 

+? 57% 47 38 102 LbOto 21%d 

-% 33? 25% IS 117 UMhd Tin) 

+*3 M? ISB? 8SJ * 

— 19% 14 08 418 MP*j 

-% 65% 43% 28 108 Li^Or 
A M? 21% OJ 5J 
-% 46% 38% OJ 112 Lobpn 

-*S 50% 27% 0.4 244 Lnbfid 32 

-5 «7 34% 58 114 «mgC 

♦% 52% 41? IS 278 WW 


A 21? 1A15 14J SFaGd 1 : 

— 61 40% ID 108 GanFeP IBS 

A Mi 19% _ ,17 SaraLa J 

+% 45% 15% —200 

+% A% 33% 18 148 __ . 

— 18% 13? 1 J 248 Schtmb 

+% 46% 34? 0.0 17J SciAO 


37 1.7 238 Gantra 
17*3 70 18 jS OdSb 
13% ....400 Quite 
12% 08 112 ttnvkSd 
19% 17 34.9 1*09311 


-% 66 % 47% 48 372 SCOOP BSVtol 
+% 22% 165 1.7 198 ScrtoH 101*9 


+% 22 % 

jj’S! 
-T3 tS 


+1 140145 1025 _ — 

aa.n 




mum ^ 


Z.B 2X9 "® MCL . 

ESI 



lTJH 


+% 9% 0% HU 3tb 
-% zo% 14 ? 12 16 S . . . . 
-5 20% 13% 05 70 J A 

7%14S5.0g2w 
— r+l 3% — 118 SE* 
A 17% 10% 0.7 3.4 g“. H 
.... 20% 14 3.4 15.0 H*™ 1 

-83 0-70 083 308 1 I 1^ °° 
Hi- Kesto 

3.78 9.1 107 5°™0 


Khmyr 
Laffin 
Unde 
UaoH 
Luflhn 
luhPI 197.1 


-% 20% 12% 70 8.7 HnrtoG 
+% 75% 54% 17 150 HMto 
A 63 505 12 20.4 ISor-ftm 
■ 12% DJ 418 HuDSay 


37% 18 208 BLEn _. __ 
75 1J T0.4 bmaco 
13% 50 09 knuOJ 

I ? .... a.7 Inca 
% 11 217 ktiMur 
% 1215.1 inniG 
% 28 5.7 Jnmck 
% 10 170 KanAd 22% to 
22 19 117 Lama 
22% 20200 LatawA 
56? 3.7 220 IdtttoB 
29% 10 140 Lcblao 
13% — 98 


4013.4 B'B3» 

._ 31.1 S«X7I71 
19% 11 I6J SbSSh m 
505 12 102 SoouaA 23*5 
04% 1.1 GIB SaraCD 21 
15% 11J 7.7 JMHtor 
31% 35 138 9toUd 
33% 15120 9H0T 


135 -% 22% 11% . „. JW" 

4.40 -.10 6.25 3.78 9.1 10.7 5°™® 

17V +% 27 16% 11 140 fffiSP 

2%to A 17% 12% 7.6 4,0 “228 
iSi -% 155 11% 30 210 
13n ♦% 17% 12% 11 7.1 5J2S2 

19 A 22% 17? 03 25.8 
25% -% 40% 24? 17 7.7 j *fi**P. 

P%to — 34% 27? _ I3S 
39% +% 44% 4.0 10.7 KSS 


100 -2 ,54 98 10 

130 ... 176 121 1.9 

60 10S 54 ._. 

39.90 . . *9 00 35 00 1.5 

147 -I 233 14, 15 

BIDV +03 1150 5 BO _ 

5130 +.10 BO 45 2.0 


_ 247 140 10 

-1 250 138 1 0 


♦ 5 44% 32 4.0 10.7 “ 

-■« gi ^ a 4<s 

^ Jlaoig ra 


-7 712 287 14 
-3 106 es — 

-1 104 59 1.4 


14 % sj JSE* 

K% 17 151 ** ™ , 


19% 4.1 128 w * nrt 
75 10 0.1 


rn -1 1D4 59 1.4 

BS — 102 54.10 1 0 
44.50 .. 57.BO 41 _ 

93 +80 120 0400 1.1 

23S — 250 175 10 

1680 -.10 31 1400 .. 

1300 -30 2000 12 — 

102 — 129 B9 — 


7% 10 BJ 
19 1.1 178 


1.1170 FRANCE (N« 18/1+1) 

38 614 


'Uti f 


-*■ gig Ki “ ^ a 

■tS Sis'Ji SS 1 + 


13 70 

“ „; r ; ^ 
12 315 
— 27.7 

30 100 *WW 1 

_ 4 J “»*r 

11 130 “2HF 
1.4 6.1 WjW 
38102 j***. 

Art in Mantra 

S3 60 «tog« «% 

SJ 16.3 * **** 

70 98 ***»*’ 


03 210 
7 100 478 
1.9 308 
48 14.4 
. 10 317 
725 4.0 140 
40% 2-1 70 


20 30 140 
195 15 114 
49% 18 NATL 
15% 11317 Nmbdp 
_ 17% 11 ,14 KamaA 
39% 30% 58 610 NmttM 
39 205 02 114 MORllE 
44% 305 16 15J NOlTto 
41 29% 11 110 Now 

30% 13 112 Noumea 1 
088 — 20 NuttK£ 
21% 30 128 Osfturt 1 
30% 3 J 158 Pawn* 


445 10 100 __ 

10? 13 138 ABF 
21% 14 138 Aooor 

J0, 3 Z 288 sas 

IS IB 11 An 
23% 30 27.0 6BC 
B% 4.1 13 BW 
28 4.5 10 Bncadr 
... 29S Broom 
17 12 “ 


22400 +200 35820250 — 
611 -9 70S 504 38 


708 -4 814 6S3 10 

423 -020 913 417 6J 
284 +100 330 217 111 
B7S — 718 570 4.4 
H10 +1 28950 2Z7 l.l 


840 A 1815 767 10 

206JO _ 253 205 20 

257 -1 313 264 30 

339 +080 433 325 14 

168 -1 18900 131 — 

57600 +7 SO 648 SI5 13 

KthoT 472 +7 55S 451 20 

KHD 12110 +1.00 1E1 J0 11510 — 

133 A 179 10270 38 

« +5 800 615 13 
— 050 612 1 0 
+5 966 830 10 
-5 410 311 20 
202 -1 2155015733 — 

luftPt 197.50 +1 50 209 151 t J 

MAH 421 A 90 470 376 1.7 
MAN Pf 325 +4 307 295 12 

MMUtsm 411.80 +SJO4BS0 3B9 18 

855 822 660 

15150 +100 20B 101 50 

2.785 —20 301 7 1670 14 

237 A 262 210 — 

§ +00 530 483 30 
+19 950 822 14 
-00 SOI 50 418 12 
46000 -0O5Z9.S; 399 2.8 
RWE PI 37400 ... 424 329 32 

1845 -5 1020 1230 00 

285 -2 372 254 15 

222 — 26/ 20tf3.fi 

231 A 313 23 fZ 

100100 +100 UB3S 860 1.4 

360 A 438 330 1 8 

BIS A 79050 «I7 11 

635 -8 096 610 10 

518 — 560 480 1 2 

281 -1 328 23150 11 

32700 +200 3B0 288 3.1 

53* +.1055050 468 14 
37170 AID 400 317 10 

328 A 419 310 17 

46000 -4 528 436 10 

46080 +680 ES4 418 04 

n*r< 385 +3 443 337 OS 

SK, ’■§ Bli 


A 924 418138 

■^SSMSS 

^Wi 

+11 012000 1420 10 
AD 1400 1000 — 
10 4000 3009 38 
+1 365 102 OA 

S 896 351 118 
-1 ms SB5 50 
+05 4^00 2005 30 
+15 1105 1095 17 


731 -19 984 S2B — _ YBUM* - 919 +6 960 820 _ — 

1,840 —1070 1000 00 — Mk 7T0 -8 1.010 692 1.1 — 

314 +8 448 %4 _ — YmncM 1000 -40 2^301030 — 


714 S 778 009 07 — H u b to l l 1880 -60. 

401 -1 601 308 — — VauttM 1830 +10 

488 A 688 479 — — VtaTlil 1 >iO — 

1090 -10 2,1201090 — — YtazBtoc 1 mo +20 

320 A 400 288 — — YMhan - 1.020 +10 

731 A we No - - Ykrtfl m. +a 

860 +3 715 431 — — Y.ufir 704 • +6 

1.150 +10 .040 822 08 — YMTlS 700 A 


■e-r z 
1.110 — _ 
l^ff&B — 

M8 i0 z, 

' 690 10 470 
734 — — . 


1120 +10 2000 1050 00 — VkaiiS 1.030. — 1.120 780 — ‘ — 

10.100 —114010.780 — — YkfSflfc 645 A 98U 834 _+ _ 

1.100 -20 1 


— Raooma 1.100 -20 1^701.180 07 

— Krfma 880 +310EO B25 — 

— KXhPIi 1070 -1O1JSWB107O — 

— KMHto 1040 +201^1090 — 


A 420 333 — 
+6 826 516 00 


— YMmfflb 088 -1 74S 628 — — 

— YMilIkl 861 -131.160 890 — — 

— VWfll. 928 — 1.1B0 900 _ — 

— Yttoaa. - BM. — 783 442 — .. — 

— Zmto .tea — 743 408 — — 


t3SO AV7101.13O 5A 

1389 +10 3.120 1080 11 

1265 +1530801035 10 


- SHHjai (Nov 18 /Khmer} 


S9G 810 10 
560 480 U 


68 -00 aa 68157 

67 -1 fll55 37 149 

534 A 660 230 10 

538 -8 flJS 438 1S 

200 +1 203 ,5 00 

199 *1 201 144 ©iS 

9900 +2HB0O 65 90 

9900 A 1 6650 79 90 

383 _ 439 282 1 0 

44300 +400 480 32B 10 

93 -1 134 67 30 

33 -1 13* 88 30 

64 -00 1107600 60 
397 +3 430 261 10 

4700 +2 Bfl 3630 13 

244 +4 311 137 20 

244 +2 312 ,78 20 

IBS +1 990 IB 20 

18900 +, 215 132 20 

334 -1 372 17 — 

123 +00 180 14 10 

122 +00 156 109 10 


= BR ■*§ *?S*i! z 'iz z 

— no i,i3o —10101,110 _ _ - 

— EJwHry 445 -fl 508 ^ — AbtoM 300 . -06 500 148 00 _ 

SES? 1 "? JS SJ ” — Ameer- 691 +0711.12 8.42 30 330 

KOMSB 410 -1 457 303 _ — Am — iw tffi - nin n nn 14 __ . 

H* -S 720 5TO A^ p9 -M 1,00 706 30315 

Malar 909 +3 815 919 _.. — MAm 1S2 -03 302 191 30' 

KMtun Q 2 S +5 970 B1 4 00 — SEjzjy, 371 +nc SJ 2 300 £4 Z 

— SSff - 1 ® - 101^6 1 .^ 06 _ SS «1 404 - 4.79 lisa : 

KtakM BZ8 A W7 SR* — — AM 10ft „ > 66 iw R6 44 

Z R|“ -1*01^ - - OV « +0420^ 1BT029J 

— gy g ~ ^ 38 “ ~ BTRPfv 20? — 300 209 40 62 

Z gag .lEg -«i £8 JS z z ^ ■ *» ** -® S - 1B ' U » - 

= EEs ^ z z 


Z MM 720 

z KuiGurt 493 

z nn&o 415 

ziss '■'£ 


809 +14 983 640 — — 

720 A 787 591 — — 

493 — 573 42S 10 — 

415 A 523 318 — — 

1.180 - I!1 1060 ,010 — — 




117 A 
115 — 

131 — 


Z ITALY (Nov 18/ Ure) 


540 -10 68344610 17 

1,682 -47 3.750 2080 3.4 


22% 40 53.7 
13% 30 510 


-47 3.750 2080 14 
+0 759 503 1.4 
+4 1,480 1033 40 


8 Comm 3010 
anzAg 1 790 


+80 9062 1340 60 — 




,4% 30 10.7 


25% 00 mi 
1U5 00 100 
62% 33 170 
52% ,0410 
30% 21 190 

00 240 

54 80 
®% 48 100 
9% 10 362 
30% 14 164 


195 10 130 **«Ll(n 
34 11 210 


M*J 31160 


♦ % 485 34 21 210 

♦% 38% 18% — 21 .. 

+% 37% »% 04 120 Hpp_ 
-% 48% 37? 0.7 28.7 HtoaSI 
-% 36% 23? ,0 31.1 MWM 


32^ 14 70 

aft, 

* 21169 

3.4 171 
__ 4.1 210 

30% 61 281 


46~ 

235 10 31.1 MW 815*1 
34% 71 110 Mob* 

26? 12 17.1 Mote* 

90? 20 160 MroMcb 
66% 40 270 Mrenso 72% 
28% 18 170 **WUP L 
9*2 67 60 MnmSI 89% 


3 i_ KSS^ 

225—300 Ptosuo 
26% 61 190 Pttoma 

33% 10100 PowrCo 

4, 17161 PowiFn 

\% Z M 4 

-% 51% 43% 30 110 RnnOI 
+% 40% 23? 30 68 naSta 
-% 29% 21% 1.7 21.4 FtenEn 
-% M% 145 30 110 nn* 

^“3 sJk 

SfiiS"® _ 

+% 48? 30% 1.4 171 RnOtoc 

-5 40% 23% 10 ,70 EIukA 

+3 26% 14% 40 Scroffl 


% 66 510 Caftto* 847 +4VJ55 794 4.4 

% 0043.4 QuOton 19160 +130 22BS0 19880 9.3 
% —171 Mlb 199.50 ^20 2132016950 
% 1.1 t«0 Ofaur 2098 -2913151,711 61 

% — 080 Casino 1BtL90 -00 205 1 izjo 4.7 
18 17 120 Oraa 1174 -25 1070 1104 63 

15 65 172 CJroMd - 

5 10 220 tXf 


B noma 1.730 
11 ? 


A 3085 1341 — 
*2 1450 10H 1.4 
-700 211 76 — 

+10028030169X1 10 
+160 12.460 8.110 — 
+60 6100 1064 20 
+9 2012 1002 — 
+5 1395 1083 40 
+50 2010 940 — 
+131518 1,519 60 
_. fll74 9.150 — 
+39 1684 1,123 — 
+105 7130 4.071 10 
+46 4020 1119 18 
+20 6196 6101 40 
+165 170BO 10L420 50 
+M 1^1136 12 
-50 44.72S 31ra ,0 


274 AS 1070 ,004 63 
438 -110 489 348 11 


8 % 67 Ofonf 

H 09 38.3 Crt-rQ 


23120 -13030090 201 ,0 _. 
790 -4 1086 706 7.1 


50% 60 91 
43? 13 29.1 


175 67168 QUWF 
27% 63 100 dim 
..■+ 406 — 4.0 Oamrot 
24% 18% 0011.1 Danone 
~~ 6 % 10 470 DockaF 

,9*a 60 — DjttM 
— -464 wr 

— 18 Eamfti 

— 220 Eceo 

14 26.8 

— 62 
42 310 
„ 180 

20 580 & 8 Qi 
, 0 % —250 fcJtok 


468 -2 856 370 62 

+5 498 391.05 — 
un m— — -100 737 370 M3 
60 Oamrot 9040 -40 6,160 9000 67 

1.1 Danone 748 A ,002 969 61 

70 DockaF ear a bm sio _ 

307 A 47B 302 10 


-13 977 7B0 18 — 


DiMI lOMOto 
Fulfill 1J70 
FW 8290 

FtaBY 3000 
FUa 4000 
FonSpa 12075 
Gamna U 80 
GanAaa 37,700 
GkU 3000 


13300 +00 168 124 £z 
128S0 — 143 9900 10 

128 -1 142 030 10 

48 -JO 73 3900 — 
131 +1 19UDB7JO 10 

18900 -00 23310201 10 
461 +1 475 351 3A 

480 350 10 


IflfO — 1^30 fUO 

'fig z 

78® — BOO 730 20 — 

iJw - 1020 m i^o i3 Z 


.634 +04 402 615 60 — 

• 000 -03 1JB IMK— ' 

1202 +04 1906 1100 40 320 
104 +01 1.18 004 67 
6M +06 603 61G 50130 
•LSI +02 {US 423 90 180 
17.40 -.18 2000 I960 40 — 
207 -08 680 155 30 j- 

*a z 

408*1 + 670 309 40 — 

401 -.18 500 400 10 — 

734 +04 908 600 63 — 
101 +01 102 OJB 0l4 — 

008 +0, 058 034 68 — 
307 - &«J3 305 60 190 

106 HIM 108 100 — — 
0.77 — 1.40 0.88 18 80 

2.7m -01 648 £44 17 — 

IS +iT Ho 

1.16 — 1.78 T.OB 20 SJ 

1.18 +02 1.78 1.18 90 — 
203 -02 205 ,08 80 69 
106 — , ‘ 


C-Ji^ C?tCSS FUTt* 


9600 +150 144 S3 11 — 


S3 A 
84 SO -SO 
111 -1 
,44 +100 
,46 +100 


110 88 62 
122 8190 30 
,26 78 — 

159 108 64 
175 103 S3 


—02 185 108 63 68 

— 102 1.12 63 — 

-07 162 105 — i_ 


+J01684 1670 403f2 


•H i 


L40 145 61 m. 


~ SHnZEBUND(Nov18/Ff6) 


+40 4080 2,879 — 

+550 »3o 1U00 1.1 — 


A 292 101 — 
+8 721 988 10 

+4 713 987 10 
-40 3008 2,173 14 


A 79Z 682 QJ — 
AO 1040 1 JM 09 — 

=5 S SSz z 

-12 ,130 700 00 
-10 3010 2.110 — — 
+1 984 4ZG _ _ 


206 -04 3JB £47 20 667 
6.77 +071004 605 40180 

3 — 401 205 4.7 

1004 +.18 1308 907 67163 
632 +07 700 625 20 — 
5.44 +08 7.20 616 00 6, 
1H -02 2.79 100 20 — 
311 -04 4.19 60S — ■ it 

3.70 +^ 502 3SC 61 — 

1.70 -03 115 l35 — — 

108 -07 143 ,03 — — 

110 -04 648 200 40 120 


703 — ; 

1060 -an; 


+105 8 380 5,029 10 
+70 HJOO 9.170 — 
+30 1430 £000 — 
♦105 14846 8062 0.8 
+ 106 6440 4465 12 
+15iaM0lSj?® 11 
+1,0 1BJTJDtl2W 10 
+8 1 048 870 — 
+73 6140 1.750 
+83 6100 6440 13 


A 1048 1010 10 
A 230 190 1 J 
— 747 500 34 
+3 970 702 10 
+7 9*2 808 19 
A 422 327 — 

-667301080 IS 
+30 1.700 1060 20 
+76 1932 1140 60 
+3 1072 -838 14 
+14 430 302 60 
A 971 782 1.7 

A 10014150 10 
_ 981 BOO 10 
-10 ,073 1,400 £1 
+9 1437 1063 20 


Tffi -16 1088 886 


20 29.1 Seagrm 
40 120 Saarac 
_ 70 antoA 


4« io 8? 63 in Sn 

-H 445j 34? 14 270 Eu rafr 


9% 20 10 

715 66 1 


»% 53 168 SHLBy 
81 13 110 SOUOWl 


57% 4.7 70 
55 20 66 


W« 90130 - 

47% 18 10-7 

225 £8 64 TVXGo 


— .V 6% 60 21.4 EtoBC6 

-5 46 37% £1 3S2 
-? 11% 8% ~ 21 , 

J 14% 1.4 264 FrocLy 
.9 £8 360 FnnM 


7% 63 500 flTNCnt 
7 ,_B40 DtoLof 


673 -6 806 660 67 

758 +8 830 835 1.7 

6460 _ 6487 1750 18 

1.750 -19 2369 1,700 6, 

+S TM 930 £7 
-.10 I8J0 616 79 
+.10 182 100 62 
_ 339 580 30 
4000 A3S 8020 4040 1.1 
378 -4 878 308 30 

2400 -W 1764 ,070 67 


Madbne !3,43M 
Mamed 10,9 
OHw, ,087 
HrH 3.985 
PiSa 1306 
HAS 16190V! 
nraac 
SASffl# 

SMI 

STCT 4039 
StohA 4,700 


♦ TO 3085 1070 _ 
04034*9014310 £2 


+8403486014310 £2 
♦S0 12,160 7, 

+113 10394 - 
._ 1088 
+129 6350 4085 20 
10 7000 5, 4S _ 


“ MUM 635 

= Era* S3 


530 +8 

760 V 
535 -7 


m 

-MF' 




-.10 626 500 
-08 430 £83 61 


— IHV 470 +1 500 

- s^” w i | M _ _ 

— MiTffl 1020 -qn T 0 fa 1 . 1 « _ _ 

= BT , fif Z 

= M S : 7 S SF z z 

- HS)«* “5 -]61^ B93 00 

B S§ -1} S8 S5 « r 

IMOak 401 -5 463 337 Z Z 

UVOt 904 +4 940 678 Z Z 

««&* 834 A 940 770 67 Z 

HTTaa 400 -7 449 310 _ 780 

MOW 1000 -1400 84S Z _ 

M*«q_ BK +2 1,110 700 — _, 

gw 6 +10 6230 1J230 04 _ 

^ IS 3 li ?0 m “ z «"6«>*(NW18/K KSi 

Mocfcl 1000 AO 1500 1083 04 Z 

-Kfi _1 ° Ik* _ 00 — AmovPr 905al - is ro 


A 17511160 
_ 1,738 1090 40 
+10 9^40 6^0 _ 
178 SJ 


INDICES 


US INDICES 


Nov NO) NW 

18 17 IS 


Nor HH 

IB 17 


Nov Hov 

17 IB 


1904 

IB* UW 


Stoca nvpUkn 
Hgh Um 


+ioo 00*0 i4ms 04 
-5 7070 6.180 00 
+20 2000 1040 23 
A 1056 642 1.4 
-100 227 148 10 
+2 888 


General Vat\7fTl) 

M 1803207 18491-22 2547048 16/2 

1778806 20M 

tmg Htou 

m iMradmi/i/so) 

,9220 

1322.4 

,9403 23(068 3/2 

192208 18711 

AfNHngn/UBO) 

9702 

9830 

991.1 1138.18 3/2 

90400 SO 

MM 

0«K/IK)ef]paa2/94] 

385.17 

388.14 

387.18 48008 20 

37094 25/10 

Ttorami MBNCE/i/Qi) 

1024.13 

102502 

1031 03 122225 1/2 

101108 0/B 

KUOfl/Ml) 

13B1.48 

138907 

139125 134265 W2 

133808 7/10 

Brad 

Bnespa (29/12/83) 

H 

487370 

498900 55,1000 ISA 

380000 371 

ffm— *« 

mom MMSfflBTfl 

M 

333339 

395809 4Z7B02 2 DnO 

329900 20M 

cwpratet 0875) 

to) 

414300 

4171.70 460900 230 

399900 240 

Par«*D§§ H/IA3) 

M 

200038 

£03009 218209 I/S 

18(048 W8 

a* 

PGA Gen (31/12/80) 

M 

57240 

96650 572400 17/11 

390120 4/4 


PC fftov 1978} 


M 24ffi01 


382805 384620 


CBS1WKHBBnd83) 
CBS M Sr ^dl 83) 


4384 4365 

£718 Z75.1 


46430 31 n 
28430 31/1 


40630 21A 
29730 2UG 


147629 148307 


Cap. 40{U7/88) 


205186 204821 


17672 17684 


ofcSEWpnwi 


109504 105703 


DJ IntL Day’s M^i 388608 (388438 ) 
Day% htafi 384934 (384654 ) Low 38 


Manfla Comp p/1/8^ 

Portugal 

BDt (1077) 

SBS Aa-S-Barae/OTg 
Swill Afcfca 
J5E Cold (36W78) 
JSElnd. (380/76) 


2013.10 2904.10 


330037 4/1 


Oaf*, N0i 384934 (384654 ) Low 38 
S to mt a nl » S naan 
ConpBSKB t 4630B 46500 


382638 387838 3S3635 397838 

P1/1) (Vfl P1/WB5 

9409 W501 0308 109.77 

121 / 1 ) (17/11) dan 093) 

148427 188220 143800 188229 

02 ) isrto) aam 

176B4 22708 175.72 25648 

(3/1) (17/H) (Jl/B/M) 

Low 3797.77 (380682 ) OTtoOrMctoti 
1907(982031 ) (AcbtoMM 


A 1080 1050 20 
~ 1.100 846 20 
-i ni m« 
-z sm 166 4.7 
+23 819 68 * 13 
+22 817 919 13 
-3 888 735 „. 
_ 1.503 1006 17 
A 832 384 16 
-4 1019 1.125 10 


MUtoS 448 

MtOak 401 

WM 904 

fSasSofc 834 

wrroa 4oe 

M7V8 1000 


tfi -jT ^ »S.= 

1 $ +.ra jS 3M 7.1 as 

570 -03 7.10 685 53 _ 

+ -iS - 

2W +.02 300 185 69 — 
20? -02 3.70 208 63 200 

74 101 _ _ 
60S 30 *. 

744 -.11 800 eM LI Z 

8*1 _ 932 730 10 _ 

134 +.02 185 118 40 „ 

4.12 -04 60S 403 4.4 _ 

4.80 __ 622 670 1.7 „ 

201 -02 302 170 43 




1000 AO 

fir as is 

Hexap ~ 


m = : asG as - 

-]>!2B.9£ - - S3o -2a 6, v ‘il aO 


AFRICA 


amwa 


55383 55505 


58688 57,07 


21380S 21890 
89500V 89120 


253400 7/9 
BBSOO 0 18/11 


T74BOO 144? 
544600 ,9n 


Qyialia0M5E(VU89 mis 34007 34643 41679 2/2 


837.19 VII 


NoreaQne<4/WMJ“ 11,645 112083 


44613 44839 


HEX Gdnaidps/12/91) 19268 19460 13367 187200 4/2 


1681.10 VI 


MartW SE (30/12/85) 30221 30129 


35631 31/1 


78684 15684 


4654)3 48200 
03 

55433 88116 

pan m 

4264 <684 

(14/3 

75462 2B7.71 

03 

44661 49709 
03 

78902 90303 
(IB/3 


SOUTH AHNCA (Nov 18 /Rand) 


SBF 250 (31/120Q 
CSC 40(31/1207) 


126061 128468 129706 15BR20 212 
192650 192703 185020 235003 2/2 


122706 25/10 
182*42 2S/10 


ABammhGan (1/237) 150600 150040 15R50 108300 31/1 


FAZ N0Bn(31/12Q6) 78657 78901 

OomraarzJBniin/12/53) 2247J0 224670 
0AX(30/I2fl7)f 210023 210209 


frt 80627 IB/5 
H 746650 as 
(4 2271.1, IK 


74204 5/10 
211630 V10 
190000 7/10 


Sutra aim 01/1359) 122303 123149 ,21005 142934 31/1 
S 8 C 8 to 1 SI*l ( 1 /ilBT) 9Z308 82102 3234a 108329 31/1 


113672 27/10 
87657 27/10 


Dow Jonas bid Div. YtafcJ 


MgMtaKfiir 635071 829708 634678 7191.13 3» 


S & P bid Oh. yield 
S & P bid P/E ratio 


Oct 28 Year ago 
170 2.71 

Nov 2 Year ago 
2.39 138 

20.06 2008 


Aboti SE(31/12/80) 81600 81679 82104 T19UB 18n 

Naas ten 

HmB SangpVTW? 9427.44 951628 958224 1220108 4/1 


BSE SEn(1976| 


M 415619 411679 482657 1Z/9 


JAarta OwpJIOWKJ 60684 51146 516,4 91209 S /1 

hbad 

BED Owwm 182844 184105 184671 882.18 2VI 

ter 

Box* COmm U (1973 64159 63628 64641 617.17 106 

MB Qanant (4/1/94) 1043.0 10340 10360 lSiaOD 1W5 


fttogte* SET (30*4/73 14S709 147926 148915 178323 4/1 119859 AM 

rainy 

btadxX Cn*U/jn 19BQ 

2723588 270013 274210 2888300 13/1 1289070 24/3 

MHO 

MS Cert* H (1/1/70B 6262- G2S3 6264 B4£90 271 1 89100 4M 


■ STAMXNBO Aim POORS BOO IHDCX PUTUWBa $500 Bmes Inttex 

Open LateM Chonga Law EsLvoL Oponbrt. 

Dac 40405 463.45 A 90 465. ID 463 JO 205^10 

Mar 406.00 46605 -085 46680 46650 0029 34077 

Jon - 470.70 - - 470.70 389 4005 

Opro Waraat flgums am Car ptr*m day. 


88888 ion 

94400 1V1 


HUM 22S (1W46, 1830206 1833657 1830666 2159201198 

WW 300 (VI ft®) m . 73 260.75 28021 311.71 isffi 

Tbpbl (WBt 9 1623.47 152701 152500 1712.73 13« 

ftto SacBm (4/U6Q 2147.70 21029 215655 25C68 W 


1736674 4/1 
26822 4/1 
144807 4/1 
187X33 4/1 


Euratradk lOOpSKHO) 134408 13SO09 135669 15019 31/1 
Em Top-100 (2EW9Q 119207 119253 12078 131101 2/2 
XUpm^n pmaaq M 33X38 33662 38539 VI 
BJNngjEnw5(7/Wa 17724 17689 1760 W129 2Sfl 

■ CACAO STOCK TNOPC FUTU1I«S (MATT) 

Open Settmca Chongs High Low 
NOV 1940.0 1935.0 - 1941.0 19150 

dec 19460 19440 - 19490 182S0 

Jan 19570 1952,0 - 19570 1936.0 

Open totaes flguras lor pretooia day. 


128648 V10 
113648 V10 
29028 21/3 
14105 21/4 


■ PMW YORK flCTIW STOCKS ■ TRAOMQ ACTWTTY 


Ctoae Change 
pica on day 


• VUhma (mSon) 

NW 17 MOV 16 NM 18 


EsL woL Open tot 
16013 21,080 

1/413 2S/4T1 

237 


KLSE QX11M4/4/8B) 104688 1052.48 106115 131446 S/1 


ATST 

WN-Uar, 

Gen Hobra 

TeMm 

Men* 

RJH HaHsco 
W 

Motorola 

Ctoysler 

DigBjsp 


W 


" 3to Nov 12: Tabrnn WeMtod Price (d ; Korea Comp & 1 1 1608. Base vAim or to toden am 100 msape Atmrta Ml OdWay and 
MWog - SOO; Arabia Traded, 8020, HEX Oen, MS Gao, 38=350. CaC* 0 . Bio Top-1 oa beO Ovwto; Toronto Ooirai/Mtoato a 
Uwatai and OAX - al 100ft JSECUd- 2567. JSE 28 htouabtete - 26*3; W«E « Croiwim - 50 and anted and Poert - 10.$$ 
Monbato. f Taranto. fB) Stand. M U havtoto bte. 1 ns/OAX aAvpTmn index Nov 16 - 208048 -246 


t ConBdkn. ' Catai m d at 1500 GMT, • 

4 TheDJ todL indai AeoMtcto <t*y% hUn 
toodc whoram Bh aduto doy% highs and to 
dumg lha day. phe figroas to meketa » 


+H 

-M 

—IK 

Hew Ybrk SE 
Ann 

NASDAQ 

321188 

i 6 jas 

317015 

298.973 

15.132 

376034 

330338 

18.779 

■ *■ 
-1)4 
+h 

NYSE 

tan Traded 

2032 

■ir.imrr; — 

2020 

2022 

— 

Rhb 

744 

1035 

1.198 

4-1 N 

rm 

1,483 

1006 

1098 

+to 

UMranged 

728 

877 

888 

- 1 « 

MwHtfra 

23 

22 

39 

-114 

New Lows 

204 

163 

214 


— 1,35 8-70 4.0 
... 36 1730 ,3 

— 1230150 X2 

__Z8E 110 £1 

A 284.®! 192.60 1.8 

-12 306 344 XI 
+3 140 102 00 

-1 57 2630 _ 

-AS 31 2075 3-0 
_ 80 4Z 73 

+35 430 3.45 13 
-1-75 12175 BG-fiO 0 A 
, -- 1035 OW £8 
-1-26 7£B0 48 3.7 

-35 1405 70G 43 
-36 33 JM aa 

-.70 4Z 30 40 
24 1060 4.4 
-1-30 80 53.75 02 

-30 15.7b 7.84 13 
130 S73P 10 

+33 34.75 I® 1A 
_ 4.05 £15 13 
A 104 56 14 

_ ,22 76 1.7 

— 8430 03.30 3.7 

A 73 41 £8 

-l IOO 76 1.4 

z 7.55^ a 

-1 SB 30 37-00 £3 

— 30.75 23-50 13 
2600 1650 1.4 

+1 128 72 10 

— 1330 £70 _ 

+36 20 16 £0 

-36 105 7B 1.9 

„ — 66 2650 13 

+135 37 27 2.1 

A 104 102 £2 
+1 50 40 13 

+030 622126 10 

A 489 368 30 
-1 7830 33 43 

-030 230 IBS ZS 
-JO BO 4400 33 


r/XK 281 

K9S 930 

KSK 766 

NIN 7,4 

| te h f % *33 

& IS 

5SSn 33 

ran«o *30 


A gO 385 — _ 


■30 g7 

-IS li 8.16 “-Z 


rao a ran Si ~ - SKh ~ M z** 0 iaa0 & - 

auu J — Qttad] 18.00 -.05 1&.1Q IB30 30 140 

71* "i m S 1JI ~ S *? 1 805 -.10 1630 ft« 00 _ 

1 21 S3 — — “300 4.17 -JJ 8 BOG 4.10 P0 Z 

I S<|la=BrfllJa|8d 

^ ~5 '-S2 ’-S? — — -.10 60^ 32.80 53 Z 

1 + ” Hi 1 ~ » IP =:18^,^3l3 a g| 


WOMEY RA?tS 


A J* 


880 -10 B81 STB ._ Z 


A 5ZD 412 _ 


Nam 958 
Wtond 6.430 
HpOfiV 593 


’S2 - 1 0i/**o a»i £5 Z 


28-00 -JO 54 2BJO M 12J 
?3M -^3&5OS®30 „ 

-36 31.76 1700 00 — 
- IB 30^0 1736 40 180 
-.10 17.70 12 30 — 

— 1000 500 4JB _ 
3400 — ilO 4Z.60 2700 £0 _ 
19.70 -03 35S 1935 ij Z 
£15 __ 13. id 700 00 w_ 

_ *a.re o.S Z 

z aa- 

— Hss, JJS ,JH 1200 030 00 


-?S5 A 1 . 1*0 863 _ z 

HS saSSHS z z 

2^ 1 2.1M 1010 Z Z 

arao -3o zjoo 1330 _ 

»«0 -in 1 /mo «7 z z £?■»! 

986 +1 802 rant _ IfS® 1400 -30 Z5 1 

1 ™ +3„6Z0 450~ __ 1000 +05 1200 uuu _ 

1"£*J — Z, 100 1050 OJ _ Sf™ 11 25- >9 -.10 4200 2030 43 _ 

M -S SS::® Sfi JS ^4,iSI2gS 

* ^ ’ll -.18 *1.™ til |& 

*00 4 .05 1040 0 11.7 283 

1 U'-Sl »«:» aSS SSttS 

, -101.110 742 — z JSSEL -- 30 41 2S0Q £2 = 

*■370 ♦ □ 1040 13SO _ Z BXS, *&s AS 2300 14.78 ij Z 

* SJ 'JO '412 '.WO — _ SSS? «^S2 “ l0 18 - B0 900 20 — 

3*5 +, 5 S8fl 336 "XBor 1005 -.1017.40 90S 70 _ 


ggS 794 653 Z 

MO -10 Tm sob 

, TM +6 TOT 4B* Z Z 


'j, _ " - . 


3CT +4 BIS 441 
, 777 -10 1,110 742 

JJJ2 +10 1040 1350 


> » +18 588 '336 Z 

3^ A 403 302 

I 470 Hh4 534 

1 864 -1 867 521 “ 

• +3 81 9 3BS Z 


«MLATSW(Novia/MYR) 


Ss£ - 0 ? 600 3J 

wSH ?§-75 16J 


*fig ~Ti£ S3 1:1 - sag SUg EfSBlag 

804 3 tB4 Sr ~ ” ’I-IS + -39 'Is® 13^0 1.1 - 

M88 z z » S^g us m - 


1^20 nS ■— 5SST Uf1p J-™ *-Ofl OJB5 2J0a CL4 “ 

= *12 ’’tot & 4 -'? JS P= T2 Z 

"* + §iS BS - - l**™ IB-50 Vt alto S 00 Z 

" -.1020901070 * Z 


§® w ♦wiSw 2 ™ 1 ^ E “"^(Nowie/ss) 


-1770 «15 >. 
“i 559 401 _ 
~ 7 * ■?« - 770 Z 


l °TPoli 


ol| sh Air! 


met 


PACIFIC 


Sfinura I £m 

& ® 
w s 

wum 032 


111? 

773 582 _ Z ImS? 






JARUftlov 1 S/Yai 4 


I lf TJ 5 

■ iff? lil 5111= 


wo X58 Hs ta Z 

ill 




Onwkaa ij®§ 


Wurtna bonds, t Maud okra Uffltoea. Ptnmto raid TranapvuiarL 

wd Xrarara P°c*o reacMd dutng die dav bv each 

Tvinrrnn*--^* ■ to * l ” > <a * iW l * MI ** *»*» haa readied 

W**°ua da/to. Y aii)act to eOlGka recatcutadon. 


Atomto 1050 
MBbBr 650 
MHM 1090 
WB 1J40 
Jbratoa 1720 


ADM»i.2do _ 

Z 1010 091 05 
-101000 976 _ 


The Future's History. 


Anrtju 1020 
I ABM 423 


Tfie largest provider of dedicated financial ultimate financial pager on the market. Try 
paging worldwide, Hutchison Telecom., brings Pulse for FREE now and you'll soon see why. 
you Pulse. With more features and in-depth 

information than anyone else, it really is the Call 0800 28 28 26 Ext. 134 today. 


r 

Easy 


£ 

swop OUI 
5wn you 
■sting paj 
provider, 

ir 

gerj 

In 


A 


SS ST 538 

Acanek uno 

tS& ‘*7M 
«aaras ijzao 

as 0 

6TO 

Bnyufti e&3 
Bqpto 1030 
BrpOr 60S 

cat 3000 


-20 ,000 m _ 

-rfis 1 ®* 

■S T -S2 SStS 


-2 538 402 Z 

+2 779 530 1* 

+10 3340 2.190 _ Z 

-J sea aao ij " 


FeranEEWalaO 

0800 28 28 26 


►PULSE 


Hutchison 

Telecom 


^00^002,220 _ 

+30 0MO 4 m M 

mWffiz 

+2 , ^ f M0 10 

-2 513 380 10 


*ra -7 M 2 non m — mean or f ra te 

«7 +5 010 UO 10 - — ^ f"” 

z = 


H nBiain? = s 

T0QO AO 207D 1 min to 


+4 801 415 


Cntmc 700 

I Canon tjso 


+2 801 415 
-20 3040 2,410 _ 
A 1,220 032 40 
+,0 803 «0 _ 
1030 1090 — 


fif- ?fi8 -?a!SSISS 0j ® - 

EL f « z z 






+±n ^ 







P'NANCIAL times 


WEEKEND NOVEMBER 19/NOVEMBER 20 1994 


17 




CURRENCIES AND MONEY 




. * 
A m 


1 


market s Report 

Dollar steady 


Dollar 


Sterling 


French franc 


DM psrS 
1.56 — 


Van part 


$par£ 
1.65 - 


DM part 

2.46 - - 


FFr per DU 
362 


2?e‘ad? 0 "a y y o e fS? y f hi “ ! 3 

exchanges h °? ‘ h . foreisn 
firtrty fttaiffly u 2 to^iJSEf 
w j? Phili P Cn with r,gans ‘ 
Although the SeotemW tiq 

hyX'bta 

, S5 ; 73fan from $5.8bn 

Trade frictions between the US 

S2.-ji apa « *“** contributed 

doUar weak- 

doUar c! ose d in London 
at DMl.5539. from DM1.548 and 

at Y9&525 from Y98.I-J5. 
to Snrope, the Swiss franc 
pressure following 
“ailtet rumours, which were 
S™*- t^at the Swiss National 
Bank might lower interest 
rates. It closed at SFr0 847 
SjSSft the D-Mark, from 

Sterling gained little help 
from strong third quarter GDP 
figures, showing the UK econ- 
omy had grown, year-on-year. 


by 4.2 per cent (revised up 
from 3,6 per cent). It finished 
at DM2.4379, from DM2.4368. 
and at $1,569 from $1.5742. 

Renewed debate about 
Britain's relationship with 
Europe has contributed to 
recent sterling weakness. 


■ Analysts said the market 
was probably slightly long of 
dollars at the wnmunt, and this 
accounted for the currency's 
grudging upward progress. 




28 Oct 1994 Nov 18 



2.45 


2.44 


1 2.43 


2.42 



Source Datatraam 


■ Pound la Haw York 


tall 

C3M U680 

1 mu 15675 

3ndh 15678 

1 V 1.5653 


■ Pm. dm- 
1.5718 
15715 
15718 
15688 


despite a combination of sup- 
portive events. 

Mr David Cocker, economist 
at Chemical Bank in London, 
predicted a “slow, upward 
grind" for the dollar. But he 
added that “the bottom for the 
dollar may now be in place.” 

He cautioned, though, that a 


lot of dollar bears remained in 
the market. Those banks 
which remain bearish of the 
doUar - Swiss Bank Corpora- 
tion and Chase Manhattan are 
two - tend to base their view 
on long term structural prob- 
lems, concerning the balance 
of payments and fiscal policy, 
remaining unresolved. 

Bears believe that Republi- 
can gains in Congress, if any- 
thing, are a cause for further 
fiscal alarm, while Japanese 
institutions are understood 
still to be nervous about 
recycling their current account 


surplus into US assets. 

Mr Cocker said the market 
probably wanted further data 
about the US economy, con- 
firming the Fed's success in 
slowing US growth and infla- 
tion, before pushing the dollar 
higher. 

Trade was fairly quiet, with 
traders happy to take profits 
ahead of next week's Thanks- 
giving holiday. Only Monday 
and Tuesday will be uninter- 
rupted trading days. 


■ In Europe analysts reported 
some attention returning to 


the Italian market Mr Peter 
Stoneham, analyst at Techni- 
cal Data in London, said the 
lira looked to appreciate as the 
1995 budget neared completion. 

"The only fly in the oint- 
ment, as Ear as Berlusconi is 
concerned, is that his coalition 
party falls just short of an 
overall majority in the Senate 
and it's possible that he will 
see some further budget 
delays." 

“Overall, the picture looks 
brighter, and if the Berlusconi 
administration can reach 
agreement with the labour 


unions over pension reforms, 
expect to see the lira appreci- 
ate to below the key LM2O50 
level by the end of the year.” 

The fortnightly foreign 
exchange survey, conducted by 
IDEA, found currency inves- 
tors and corporates in over- 
whelming agreement that the 
lira was the currency in which 
they were most underweight 


■ The Bank of England 
cleared a £350m shortage in UK 
money markets at established 
rates. Three month money 
traded at 6& per cent 


pound spot forward against the pound 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 



Nov 18 


Ctoamg 

Change 



mu-flow 

on day 


Europe 




■i " 

Austria 

Belgium 

(Sch) 

PFr) 

17.1604 

50.1358 

+ 001 G 6 
+00258 


Oanmark 

(OKr) 

94361 

•0.0074 


Finland 

(FM) 

7.4580 

-0.0138 

■" 

France 

(FFr) 

83737 

•00017 

j: 

Germany 

(DM) 

24379 

•00011 

A 

Greece 

inland 

(Pr) 

m 

375.764 

1.0147 

+0.475 

-0.0023 

. r. 

Ha* 

w 

2498.50 

-0.33 

• 

Unerabourg 

OFr) 

50.1358 

+0.0258 

s 

Netherlands 

TO 

27320 

+00011 


Norway 

(NKr) 

106736 

+0.006 


Portugal 

Ss) 

249071 

+0.41 


Spain 

(Pta) 

202999 

-0041 

. . 

Sweden 

(SKr) 

11.5017 

-00548 


Swt&Brtond 

(SFr) 

20640 

+00183 


UK 

(ti 

. 



Ecu 

- 

12801 

+00003 


spread 


Day's Md 
high low 


On* month Thrtw months Onyw Bata of 
Pm MPA Rata MPA Rata MPA En» Mac 


Nov 18 


Closing Chongs BM/orter 
rrid-prira on day 


Day's mkt 
high low 


Ona month Three months 
RaM MPA Rate MPA 


Ona ’ 


OP Morgen 


Rata MPA Max 


406 

675 

766 

368 


681 17.1979 17.1060 17.1G6 03 17.1442 04 

548 50-2570 501110 60.1606 -06 500368 0.B 498308 

95598 9.5316 
7.4800 7.4465 
03960 03645 
2.4456 2.4355 
004 370006 374.161 
153 1-0201 10134 

084 £503.08 249600 
548 502570 50.1110 
2.7381 2.7305 
783 107067 10.6499 
205 249.191 24&57B 
083 200558 202^70 
113 11.5905 11.4911 
652 2X662 2X532 


in 


1102 

1176 


1- 334 


SORT 


- 0.931718 


Argentina 

Brazt 

Canada 


(Peso) 1-6692 -00043 688- 696 1.5725 1-5639 

(RQ 1-3117 +00011 098-135 10144 1.3045 

(CS) 2.1441 -00028 432-449 2-1490 21389 

Mexico (New Paso) 5.4165 -00167 129-200 04250 04020 

USA (5) 1-5690 -00052 588 - 893 1.5722 1.5042 

Padtlc/MkhMa East/ Africa 

Amtrala (AS) 20682 -0.0239 660 - 703 20863 20878 

Hons Kong (HKS) 121303 -00414 268 - 338 121647 120931 

India (Rd) 402160 -01647 991 - 329 493120 493730 

Japan (Y) 154381 +0.001 507-655 154.700 152870 

Malaysia (MS) 43259 -00117 242 - Z76 43335 43101 

New Zealand (NZS) 25148 -00157 122 - 173 23250 26112 

PMtopinas (Peso) 383295 -00023 425 - 165 304200 383420 - - - 

Saudi Arabia (SR) 5.8851 -00197 833 - 988 5.B969 S387G - - - - 

Singapore (S3) 23051 -00114 040-001 23137 22997 - - - 

S Africa (Com.) (FQ 53480 -00044 466-614 53577 53381 - - - 

S Africa (Ha) (R) 64872 -03738 501 -843 05187 84375 - - - 

South Korea (Won) 124865 -4.18 829-901 125131 124446 - - - 

Taiwan (75) 41,2759 -00134 657-961 413504 41.1819 - - - - - 

Thailand (BO 393395 -01381 150 - 630 303420 301520 - - - 

tSOfl ratoB lor Now 17. BUtatfer spraaos In tes Pound Spot table riuw only Hm hat dam dookml ptaoss, Formed ratee ere not dnefly quoted id Iho 
tna+at but am knptad by cunra fauraat nan. Storing bdar catoriiied by me Bank of England. Bam avenge 1985 » lOaad. Oflar and MkHaM In bdh 


BJS337 

03 

9.5484 

-05 

9326 

01 

1183 

- 

. 

- 

. 

- 

- 

80S 

83745 

-01 

83866 

03 

83126 

07 

1093 

2437 

03 

24335 

07 

24038 

1.4 

1201 

1.0145 

03 

1.0142 

03 

13158 

-01 

104.0 

250S3 

-27 

25163 

-27 

2584.75 

-28 

742 

501608 

-06 

Hlrrwai 

08 

493306 

13 

1173 

27309 

03 

27273 

0.7 

26976 

13 

1208 

106738 

00 

10.6753 

-01 

103742 

00 

853 

250801 

-03 

252081 

-73 

- 

- 

- 

203349 

-21 

204.004 

-20 

206344 

-13 

B5.7 

113207 

-2.0 

113632 

-2.1 

11.7077 

-13 

763 

23607 

1.9 

20537 

20 

20133 

23 

1205 

- 

- 

. 

e. 

- 

* 

707 

138 

03 

13805 

-01 

13741 

03 

- 

21431 

06 

2.1418 

04 

21404 

02 

86.6 

13691 

-ai 

13689 

00 

13682 

02 

625 

23713 

-13 

20741 

-08 

2068 

-03 


121213 

09 

12117 

04 

120718 

03 

- 

154.171 

22 

162188 

26 

148341 

4.1 

1904 

25195 

-22 

23297 

-22 

23488 

-13 

_ 


Europe 

Audita 

Belgium 

Denmark 

Finland 

F ranco 

Germany 

Qrooce 


Italy 

Luxembourg 

i*M«nenaKJ3 

Nanny 

Portugal 

Spoil 

Sweden 

Swttzartand 

UK 

Ecu 

SORT 


(Sch) 10637S 
(Bft) 31.9550 
IDKi) 86780 
(FM) 4.7535 
(FFr) 63372 
(P) 1.5539 

(DO 239.500 
PQ 15462 
(L) 1583.10 
(LFO 31.9550 
(H) 1.7413 

84KO 28030 
(Ed) 158.750 
(Pta) 129385 
(SKr) 7.3308 
131 66 
15690 
12257 
1.46671 


♦0625 785 - 795 
*0X10/ 485 -585 
+0.0188 385 - 378 
+0.0059 536 - 541 


04 


(SFfl 


+0047 360 - 400 108845 105175 1093 08 109135 

+0.123 500-600 320900 31.8800 31.935 08 31 .0875 
01010 66645 00773 Ol 6.083 

4.7837 4.7460 4.7508 07 4.7485 

;,■» !« SMan 5^)383 02 caaw: 04 

15650 14500 14532 05 1451 07 

+1.1 400 ■ 600 239.980 238.700 239.77 -1.4 240325 -1/4 

-0.0017 456 - 488 1.5511 14378 14484 -02 14469 -02 

+5.1 260 - 360 159000 158025 158645 -27 16034 -27 

+0123 500 - 600 320900 314800 31.935 08 314875 08 

1.7485 17375 1.7405 08 1.7383 07 

64435 07782 64112 -14 6428 -14 

+079 700 - 800 159.170 158210 159425 -44 16045 -44 

+0405 380 - 410 129480 128470 1294 -20 13002 -20 

74823 74195 7442 -14 74688 -21 

1.3195 14065 14134 24 14089 20 

14722 14642 14691 -Ol 14689 OO 

14285 14207 14257 00 1426 -0.1 


+0.0065 408 - 418 
+0.0265 015 - 045 


-00104 263 - 353 
+00147 150 - 160 
-0.0052 686 - 683 
-00044 25 2 - 262 


10316 

1.1 

1043 

3138 

03 

1000 

01015 

-04 

1063 

4.78 

-01 

829 

53077 

06 

1001 

13349 

13 

1073 

242475 

-13 

883 

13425 

03 

— 

16373 

-26 

743 

3139 

03 

1063 

1.7226 

1.1 

106.7 

63555 

-03 

85.7 

184 

-33 

952 

132125 

-21 

807 

7.4858 

-21 

813 

13855 

23 

1073 

13862 

03 

883 

T3292 

-03 

- 


Argentina 
Brazil 
Canada 

Maxk» (Now Peso) 

USA (S) 

PacHlc/Mtddta Eera/AMca 


(Peso) 

TO 

PS) 


14002 +0.0006 001 -002 

08360 +00035 350-370 
14688 +00028 663 - 668 
3.4523 +00009 508-538 


1.0002 09998 - - - 

0.8370 04350 - - - - - 

14685 14850 14883 04 1486 04 14711 -04 

3.4538 3.4508 3.4533 -03 34551 -03 34625 -03 


831 


95.7 


Austrata 

(AS) 

13189 

-00108 

184 - 193 

13280 13184 

13197 

-07 

13215 

-06 

13342 

-12 

063 

Hong Kong 

IHKS) 

7.7315 

-03005 

310- 320 

7.7328 7.7307 

7.7295 

03 

7.7283 

02 

7336 

-0.1 

— 

biota 

TO) 

313888 

- 

650 - 725 

313725 313850 

31.4388 

-27 

313838 

-2.7 

- 

- 

- 

Japan 


983250 

+038 

000 - 500 

963500 902600 

90255 

03 

97.635 

3JB 

9435 

09 

151.1 

Malaysia 

IMS) 

25880 

+00012 

655-665 

25675 25650 

2383 

1 A 

25585 

13 

25885 

-08 

- 

New Zealand 

(NZS) 

13028 

-00047 

015 - 041 

1.6067 13015 

13037 

-07 

1.5062 

-08 

1.6152 

-08 

- 

FtiBppInas 

Peso) 

24.4300 

•008 

800 - 800 

24.4800 243000 

- 

- 

- 

- 

- 

- 

- 

Saudi Arable 

(SH) 

07610 

. 

507 - 512 

07512 07507 

3.7546 

-1.1 

07615 

-1.1 

0776 

-07 

— 

Singapore 

(SS) 

1.4092 

-03023 

688 - 695 

1.4720 1.4885 

1/4678 

13 

1.4642 

14 

1.4477 

13 

- 

S Africa (COmJ 

(R1 

33396 

+0009 

380 - 375 

33390 33235 


-63 

05844 

-04 

07493 

-00 

- 

S Alrtcn (FH) 

n 

4.1220 

-0033 

120 - 320 

4.1500 4.1050 

4,15 

-02 

4.1945 

-73 

4.432 

-70 

- 

South Korea 

(Won) 

795350 

- 

800 - 900 

798300 795300 

79085 

-43 

80235 

-33 

62085 

-01 

- 

Tekran 

(TO 

283080 

•00782 

010 - 150 

263150 262420 

26328 

-09 

26388 

-09 

» 

- 

— 

Theiand 

(Bt) 

200100 

-0305 

000 - 200 

200300 253000 

25-0995 

-1-4 

201305 

-13 

20535 

-21 

- 


■He and Bie Dolor Spat uHee thrived tom THE WMffiEUTBtS 


SPOT RATES. Sam vriuae era nxndod by the F.T. 


ISON tali tar Nov 17. SUfcflar meads fei the Dolor Spat bite show wily the Int ene docenri peon. Forward me era noc tastily quoted id to msriost 
but we bland by curant karat new. UK. Mend 8 ECU ne quoted in US cunwcy. JJ». Margin neatest Mces Notr 17. Beee mnp 198CW100 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

NOV 18 BRr DKr m 


DM 


K 


NKr 


Ea 


Pta 


SKr 


SFr 


CS 


8 


Ecu 


EMS EUROPEAN CURRENCY UNIT RATES 

Nov 18 Ecu can. Rate Change % +f- from % spread Dtv. 


... !- 


Brrigtum 

Darmwk 

Ranoa 

Garmaev 

Ire lan d 


Nether la n ds 

Norway 

Portugal 

Spain 


Swtturtand 

UK 

Canada 

US 

Jbpan 

Ecu 

Dorter Kroner. 


(Bft) 100 
(DKi) 5257 
FFr) 5867 
(DM) 2057 
(IE) 4944 
(U 2006 
FT) 1845 
(NKr) 4096 
(Ea) 2013 
(Pin) 24.71 
(SKr) 4359 
(SFr) 2449 
(0 5013 
(PS) 2346 
<*) 31* 

(Y) 3245 
39.16 


1002 

10 

1148 

3-813 

0404 

0382 

3490 

8437 

.3830 

4.700 

8492 

4420 

9438 

4.448 

6-078 

3172 

7450 


16.70 

0780 

10 

3438 

8457 

0335 

3965 

7447 

3483 

4-127 

7481 

4457 

0373 

3905 

5437 

5419 

6-641 


Ranch Franc. Nonmtfwi Kionsr, and 0 wkM> 


4-881 

2458 

2911 

1 

2403 

0088 

ftfBP 

2484 

0979 

1401 

2119 

1.181 

2437 

1.137 

1453 

1477 

1404 

Kronor 


2023 

1.063 

1411 

0418 

1 

0041 
0371 
0990 
0407 
0400 
0882 
0491 
1.014 
0473 
0448 
0668 
0782 
oar 1 ft 


4885 

2621 

2965 

1025 

2464 

100 

814.7 

2342 

1004 

1232 

2173 

1211 

2489 

1166 

1593 

1017 

1952 


5.450 

2885 

3263 

1.121 

2894 

0.109 

1 

2580 

1-097 

1348 

2376 

1334 

2732 

1474 

1.741 

1.768 

2134 


2148 

11.19 

1274 

4478 

1042 

0427 

3406 

10 

4485 

5459 

9478 

3170 

1007 

4477 

3801 

6-906 

8486 


496.7 

281.1 

297.4 

1024 

2454 

0964 

91.14 

2334 

100k 

1227 

2164 

120B 

2494 

116.1 

1637 

1614 

1944 


EMgtai Franc, Yen, Escudo, Lfea and Paaata 


404.7 

2128 

2423 

8346 

2001 

8.119 

7447 

1902 

01-49 

ICO 

1734 

6030 

2029 

9444 

1294 

1313 

1535 

parlOO 


2294 

1208 

1373 

4.719 

1134 

0460 

4409 

1078 

4318 

5668 

10 

5572 

1140 

5384 

7330 

7.443 

8364 


4.117 1395 4477 3130 3084 2453 


rales against Ecu on day can, rata 


ML 


2164 

1349 

2248 

1345 

1823 

1342 

NUrartantta 

219672 

214562 

+000083 

-233 

078 

2485 

1.194 

2561 

1374 

1843 

1.529 

Mohan 

403123 

303720 

+00121 

-239 

562 

0347 

0410 

0360 

0644 

6040 

0625 

Germany 

1.94964 

181 426 

-032042 

-131 

R W 

2036 

0386 

2114 

1347 

1524 

1362 

Mend 

0808628 

0796121 

-0300366 

-165 

434 

0.083 

0040 

0388 

0063 

0182 

0361 

France 

053883 

057297 

-030081 

062 

278 

0755 

0366 

0785 

0374 

5055 

0489 

Denmark 

7.43879 

7/487S4 

+000712 

038 

282 

1334 

0337 

2008 

1/470 

144.8 

1300 

Portugal 

182654 

195389 

+0003 

136 

203 

0829 

0402 

0361 

0630 

BP 05 

□614 

Spain 

154350 

159370 

-0009 

032 

030 

1.017 

0493 

1.057 

0773 

7015 

0631 







1.796 

0370 

1.884 

1384 

1343 

1.118 

NON ERM MEMBERS 





1 

0484 

1339 

0.780 

7435 

0620 

Otaoca 

264613 

294667 

+0144 

1130 

-736 

2064 

1 

2144 

1369 

1546 

1380 

Italy 

1793.19 

196135 

-008 

938 

-564 

0963 

0466 

1 

0732 

7206 

0697 

UK 

0786749 

0784745 

-0000262 

-035 

368 


16 


-a 

-23 


1315 

1336 

1313 


0637 

0.847 

0781 


136B 

1388 

1375 


1 

1316 

1428 


96.47 

100 . 

1207 


0318 

0326 

1 


Ecu central nom oat by the Eumpoon Camnanfcm. Currsndon an In dsistnang rWfflve stnxxyh. 
Parcontapo ctoigu as lor Ecu ■ poatw di»XP donoMS • nd ewnney. D ln wgance eh ow Bw 
niDo between tun apreadsc fca pawraage J ilaan Be be twem the aotuU whet and Ear canaw ralee 
tar a cureney, and die maakiun parmBad parcantage dadaaan el the airancyla matot rtfe tmn Ss 
Ecu canto! Me. 

(inu/BQ Staring and Man Lka atapantad man BM Aftuatment takUhaadbytha RoancUlimaa. 


■ D-MARK FUTURES (WM) DM 125000 per DM 


tan LQ Yen 124 per Yen 100 


'v4 




Open 

Latest 

Change 

ttigh 

Low 

EaL woi 

Opan bit 


Open 

Latest 

Change 

Hgh 

Low 

Eat M3I 

Open krL 






06453 

■03007 

0.6459 

08415 

20335 

91315 

Deo 

13204 

13196 

-03011 

13208 

13170 

14,032 

73337 


: 




0.B467 

-00011 

06467 

06439 

1368 

7.859 

Mar 

13288 

1.0282 

■00018 

13294 

1.0263 

669 

9.163 



•• 

Jon 


03497 


- 

* 

48 

1333 

Jun 

' 

13407 

" 

_ 


68 

8T6 


■ PMLADBJPHU SB CfSOmOM £91450 (canta par pout« 


PRAMC FUTURES (lACkl) SFr 125300 per SFr 


■ SIBUHI punins OMMI E82300 per £ 


Doc 

07888 

0.7633 

-03058 

07688 

07592 

15330 

Mar 

07700 

07870 

-00067 

07700 

0.7826 

283 

Jun 


0.7710 

- 

- 

07B9O 

23 


52,177 

2997 

284 


DOC 

Mar 

Jin 


14718 14778 

14720 14730 

14724 


-00002 

-03002 


14728 

14730 

14724 


14050 

1.6660 

14670 


11,498 47381 

118 945 

4 20 


Strike 

Price 

Dec 

- CALLS - 
Jan 

Feb 

Dec 

— PUTS — 
Jan 

Fab 

1625 

4.BS 

532 

055 

018 

056 

095 

1680 

263 

021 

364 

0.62 

123 

1.71 

1-575 

131 

168 

263 

165 

232 

277 

1600 

043 

038 

166 

361 

365 

425 

1628 

010 

044 

089 

5/48 

5.79 

005 

1650 

- 

017 

048 

7.79 

734 

804 


Piwtaue oeymutt, CsBi 3,700 Puts M22 . ha. OW* opan int. Call 387.107 na 338.177 


UK INTEREST RATES 


WORLD INTEREST RATES 


MONKY RATES 

November is Over 

nigM 

One 
moral 1 

Thraa 

irate 

So. 

mtha 

On# 

year 

Lorab. 

inter. 

□ta. 

rate 

Repo 

rate 

Mghim 

4K 

4$ 

Sft 

5Mr 

CM 

760 

460 

_ 

waehaQD 

4% 

4fl 

Si 

TO 

TO 

7.40 

450 

- 

Ftanoa 

5* 

54 

TO 

TO 

TO 

530 

- 

575 

wash ago 

BA 

5« 

TO 

TO 

TO 

530 

- 

6.75 

Germany 

433 

435 

5.15 

5-25 

530 

6.00 

430 

4.85 

weak ago 

430 

435 

815 

525 

560 

630 

430 

435 

kotend 

Si 

5K 

TO 

6ft 

7ft 

_ 

- 

825 

weak ago 

5* 

5H 

TO 

Bft 

7ft 

- 

- 

825 

tedy 

8ft 

Bft 

8M 

Bft 

9ft 

— 

760 

820 

weak ago 

8| 

8ft 

Bft 

89 

99 

- 

760 

&20 

a* -* - a ■ 

HOTDSHNnUN 

434 

534 

£24 

537 

578 

- 

535 

— 

week ago 

434 

534 

535 

638 

5.78 

_ 

525 

_ 

jOhmlnd 

3 

3M 

SB 

4ft 

4ft 

0625 

360 

_ 

week ago 

3M 

3M 

4 

4tt 

4ft 

0825 

330 

_ 

US 

51* 

H 

TO 

8ft 

TO 

- 

4.75 

- 

weak ago 

48 

ss 

TO 

Bft 

88 

- 

400 

- 

Japan 

2* 

2U 

2ft 

2ft 

21 

- 

1.75 

- 

week ego 

ZK 

2V& 

TO 

2ft 

2ft 

- 

1.75 

- 

■ SUBOR FT London 








BteSaaaa 

mDSX rtxMlD 

- 

5M 

eg 

Sft 

89 

- 

- 

- 

week ago 

- 

5M 

SB 

TO 

TO 

- 

- 

- 

US Dohar CDs 

_ 

560 

575 

839 

572 

_ 

- 

- 

weak ago 

- 

560 

660 

568 

660 

- 

- 

- 

ODRLHMdDa 

- 

TO 

3ft 

TO 

4 

- 

- 

- 

week ago 

- 

TO 

3ft 

TO 

4 

- 

- 

- 


ecu 


I rain, t Date She 3 tmtac SJfc e mac ei i year. 6*+. s LBOR bitartaeah. bung 

■ tar Siam tyjatad id Dm nWMt by taw nte+in barta at liwi each «tnag 

day. llw bMW me Badaca Treat. Barit at Triqn, Bactays and K-noaf Wcsmaaur. 

MM mm m twaw tar ma d e m aai u Moray Haw. us S CP> and 50R Lntet Papaaea (ftp. 


EURO CURRENCY INTEREST RATES 

Nov 19 Shan 7 days Ona Three 


tami 


notice 


Six 

months 


One 

year 


Brigbn Franc 

43 

-4fi 

48 

-4H 

48 

-Ml 

Bft - 

5ft 

5ft- 

5ft 

eft 

-6 

Dmkft Krone 

5ft 

-Sft 

5ft 

-Sft 

5ft 

-5ft 

Sft 

-6 

Sft- 

Sft 

7ft 

- 7 

D-Mark 

Stf 

-4» 

5- 

4 ft 

5 - 

1 4ft 

Sft - 

5ft 

5ft- 

5A 

5ft- 

5ft 

Orach Qufcjv 

5- 

48 

5ft 

-48 

5ft 

-5ft 

5ft- 

Sft 

5ft- 

5A 

58- 

58 

French Ftene 

Bh 

-5ft 

5ft 

-Sft 

5ft 

-5ft 

5ft- 

5ft 

5ft- 

5ft 

Bft - 

Sft 

Portugueee Eac. 

9 - 


6ft 

-88 

9ft 

-Bft 

10ft 

-9ft 

10ft- 

10ft 

10ft- 

10ft 

re 

cfxnvi ram 

Th 

-7ft 

7ft 

-7ft 

7ft 

-7ft 

?H - 

m 

8ft- 

Sft 

9ft 

-9 

Swing 

55a 

-5ft 

5ft 

-5ft 

5ft 

-Sft 

Bi- 

5ii 

88- 

6» 

7A- 

7ft 

Swiss Franc 

3ft 

-Oft 

Oft 

-3ft 

3ft 

-Sft 

aa- 

38 

4ft 

■ 4 

4&- 

4'. 

Can. Qatar 

5ft 

-5 

5ft 

- 5ft 

5ft 

-6ft 

5ft- 

Sft 

6ft- 


74- 

7A 

US DoUar 

5ft 

-Sft 

5ft 

-5,1 

Sft 

-Bft 

58- 

58 

8ft- 

Sft 

e«- 

0ft 

ttsOan Lfea 

9- 

7ft 

Sft 

- 8ft 

8ft 

-Sft 

»ft- 

Sft 

0ft- 

SB 

9ft- 

9ft 

Yen 

2ft 

-aft 

2ft 

-2ft 

2ft 

-2ft 

2ft - 

2ft 

2ft- 

2ft 

2ft- 

2ft 

AtanSSng 

ih 

-2ft 

3ft 

-28 

3ft 

-3ft 

3ft- 

3ft 

3ft- 

3ft 

4ft 

-4 


i am cad tor BN US DgSar aid hn, Mhorae two ekqa* ooeew. 


MONTH P9BOH PUTURHS (MATF) Parts Intorbeta otfeted rate 



Open 

Sen price 

Change 

High 

Lew 

Eel rot 

Open M. 

Dec 

9460 

9461 

+061 

9461 

9429 

5.471 

47,431 

Mar 

9368 

9367 

m 

93.98 

9368 

8678 

38625 

Jun 

93/49 

93.47 

-002 

93.49 

83.48 

5.488 

29629 

Bep 

93.15 

93.14 

-062 

93.16 

9313 

4654 

21.178 

■ TMMta 

MONTH BUROOOLUU1 flJFFET 81m poktts of 100K 




Open 

San price 

Change 

High 

Low 

EaL uol 

Open ktt. 

Dee 



+061 



0 

2633 

Mar 


y>w> 

■ 



0 

1454 

Jun 


82.75 

-061 



0 

389 

Sep 


S268 

-003 



0 

177 

■ TMM 

MOMm HMIUM Pimiim (MFFEr DMIm pointa al 100% 



Open 

Sett price 

Change 

Ugh 

Lew 

EaL vol 

Open int 

Dec 

9462 

9463 

+001 

9464 

9461 

7830 

133401 

Mr 

B461 

9462 

+002 

9463 

94,59 

20418 

178082 

Jrai 

9423 

9423 

+001 

9420 

9420 

22076 

118173 

Sep 

9364 

9364 

+061 

9386 

93.79 

11887 

82844 

■ 1MM 

MONTH NUtOLOU WTJUITi nnUROI JJFFE) LlOOOm potett erf 100« 


Open 

8ett price 

Change 

High 

Low 

Eat vd 

Open M. 

Deo 

91.06 

91.18 

•010 

91.19 

9168 

3845 

31323 

Mar 

9047 

9066 

+068 

9068 

9046 

3392 

34416 

Jun 

8963 

9868 

+006 

8968 

8960 

1108 

15906 

Sap 8931 

B963 

+066 

8868 

89.47 

748 

21197 


■ TIM MOMTH BUBO MB 

B FRANC FUTUMS (UFFE) 9Fr1m points of 100* 


Opan 

Sell pries 

Change 

High 

LOW 

Est ml 

Open bit- 

Dec 

6564 

9860 

+066 

9004 

9564 

3087 

17922 

Mar 

9563 

96.70 

+067 

95.70 

9563 

2879 

20968 

Jun 

9664 

9567 

+068 

9567 

grtaa 

801 

5844 

Sep 

6563 

8562 

+068 

9563 

95.00 

205 

2621 


■ Tl — ■Oiraucu WmW3FFE)Ecu1ni prints of 100M 



Open 

Sett price 

Change 

Htfl 

LOW 

EaL uol 

Open W. 

Dec 

9464 

9467 

+062 

94.09 

9464 

608 

8134 

Mar 

9368 

9S68 

+001 

9368 

83.66 

8M 

7339 

Jun 

83.16 

93.18 

• 

93.18 

93.15 

288 

4288 

Sep 

9264 

9268 

+001 

8268 

9264 

90 

2347 


* UFFE liliiaa traded on APT 


MONTH WROOOUJIR QMM) Sim poinis ol 100M 


r 



Open 

Latest 

Change 

High 

Low 

Est vd 

Open tat 

Dec 

9368 

rata 

-062 

9360 

9368 

134618 

395681 

Mar 

9369 


•003 

9361 

9365 

221,125 

448680 

Jut 

92.75 

92.71 

-064 

92.77 

92.70 

150632 

314693 

■ UnUMPTN 

LL FUTURNS (TMM) Sim per 100% 



Dec 

94.48 

94.46 

-061 

94,48 

94.48 

2694 

15642 

Mar 

9368 

9365 

-062 


8365 

1657 

9.479 

Jrai 

9367 

8363 

- 

9367 

9363 

1,164 

2602 


Al Qpan btmt 10k. am tar fRwfeuactair 


OPTlOm ff-IFFQ DMIill pointa ef 100M 


SUM 

Price 

•478 

8900 



CALLS - 
Feb 

Mar 

Dec 

Jan 

PUTS 

Feb 

Mar 

010 

012 

n rr> 

020 

npa 

066 

064 

065 

019 

040 

042 . 

(M3 

061 

062 

042 

083 

064 

0.65 

8ML fterinua day's open Ins, Crib 

220107 Puts 304971 



> QJFFQ SFr 1m pobits of 100M 


LONDON MONEY RATES 

Over- 7 days 
nlflW nodee 


I (UFFE) ESOOJOO points of 100M 


How 18 


One 

month 


Thraa 


Ona 




3£-3fe 5*8-4^ 55,-5»i 8-Wa - 8ft 7^ ?l» 

- - sh-si 8B-GH 7A-? 

6,’r - Sh 6H - 5* - 

gm bus - ■ SB-S* 53-511 8&-8d - , 

SSSZraltytapt 4H-4ft 5i-43 5% - 5A 8-5% « - « 7A-?A 

Dhcoirt Market deps 4%-4 5% - 5 ■ 


Kt&rtjenic Staffing 
StanfingCDs 
Tnwsufy EB* 


93.73 

9201 


Sett price 

Chenge 

Ugh 

Low 

Est \k» 

Open InL 

83.77 

+0.04 

93.77 

93.71 

15797 

138889 

93.01 

+001 

93.03 

32-flfi 

27742 

89867 

92.40 

+003 

92.41 

9264 

7183 

57384 

9163 

+003 

9163 

9167 

3832 

84881 


Dec 
Mar 
Ju> 

Sep 91.90 

Tkadad on APT. AM Opan InraraH Mga. era tar prariMt day. 


Wi 9MOHT gimJMQ OPTIONS (LfFE) £500300 porta c4 10Q* 


UK daertag bank base landing 


rate 5% per cent ten September 12 1994 
Up to 1 1-3 26 69 


9-12 


Certs of Tax dap. (ClOOOOO) 


ih 


3* 


3% 


3«a 



Strike 

Price 

Dec 

- CALLS - 
Mar 

Jun 

Dec 

— PUTS 

Mar Jrai 

9375 

012 

064 

065 

010 

078 1.40 

•400 

002 

061 

063 

02S 

1.00 1.63 

9425 

0 

0 

0.01 

0/18 

164 166 

Est ML tod*. c«li 0084 Puls 13842. Purina dVs Open ML. CaBe 347090 Pun 22M87 


BASE LENDING RATES 


% 


% 

* 

Adam&Compraiy 

5.75 

Duncan Lawte 

5.75 


Afeed Trust Bata. 

..._8.75 

Exeter Bn* Urrited — 

075 

Copowon Lbrtad to no 

AiBBata 

— 5.75 

FteancMi Gan Bata- 65 

bngir authorised os 

•Henry Aresbactar. 

— 575 

•Robert Flaming 8 Co _ 

&75 

abonttviratatan 8 

BataofOaiuda .... 

5.75 

Garins* 

U5 

Royal Bk of SooBmU _ 575 

Banco Bmao Vbcaya... 5.75 

•Gunnosa Mahon — 

075 

•SrnVi 8 VMmsn Saca . 075 

Bata al Cyprus.. 

.... 5.75 

Hafcfe Beta AG Ztstch. 5.75 

TS8 075 

Beta Of Ireland .. 

575 

ray | r_r rt|ra ,|. 

073 

tainted Eh of Kuwaft—. 075 

Bataofbxte 

....575 

Ftarsabte 8 Gen Irw Bh. 5JB 

Jney Trust Bonk Pta _ 078 

Bra* ol Satand 

..-5.75 

•HflSanwri — 

075 

WaatamTruet 075 

Barries Bata... 

— 5.75 

C. Horan & Co — . — 

075 

WHtoraiwyLsktew — 075 

•Brawn Sh^iey & Co Ud A75 

JUtan Hotee Beta — 

6.75 

a75 


CL Beta Nederland.. . 5.75 

•Leopold Joseph & Sons 6.75 

• Membera of London 

OBwtaNA 

6.75 

UoydsBata - _ 

075 

kwestmeraBMdng 

Oydeodala Bank .. 

— 5.75 

Meghra|BanfcLkt..._ 

075 

Aeeedaflan 

The Coopraalue Bank. 575 

MklandBata 

075 

* ki admnabaflon 

couraaco 

...-075 

* Mauri Banking 

0 


CradlLyunnab ... 

6.75 

NatWrasrrAWer 

075 


Cyprus popular Bata -5.75 

•ReaBrateera 

07b 



Strike — 

FTtae Dec 

- CALLS - 
Mar 

Jrai 

Dec 

— PUTS - 
Mar 

Jun 

9800 068 

006 

064 

006 

038 

0.87 

(MSB 001 

on? 

am 

068 

057 

090 

9680 0 

001 

0 

050 

081 

1.13 

Est WL WUI. cm 0 pus a PiMm days open hu Cats 2815 Pras ibis 



tans 


UAE 


£ f 

171J30 ■ 171484 109.480 ■ KR580 
275140 - 275400 174400 - 175000 
04888 - 0.4700 Q.+W W - 112997 
372543-373180 237S04 - 237883 
495020 - 495490 315540 - 318880 
57545 - 5.7681 167(5 - 33735 


FT QUDE to WORLD CURRENCIES 


lhe FT Guide to Vtarid Currencies 
table can be found on tbe Comperiaa 
& Branca page bi Mondays paper. 


He? 

i** 




y- 




?.’i4 *■ 


■ i ,c i 
c 


it 

'•> "L 


'A 






I •’ - - 




LOT Polish Airliaos fly 13 rimes a week to POLAND during the winter. A daily, direct, morning flight to WARSAW with 3 additional afternoon flights plus 2 flights a week to ClWCOV and 1 to Gdansk. 
Convenient connections to the whole of Central Europe, Belarus, Estonia, Latvia, Lithuania, Russia, Ukraine, the Middle and Far East, and the USA 
All fligh® «« from London. Hoothrow Airport and you’ll find a truly friendly welcome on our latest Boeing 737 jet aircraft. 


POLAND 




Even dm 

m ohh| y The International Airline y 
MJA (M that’s really taking off 


LOT Polish Airlines 313 Regent Street, London W1R 7PE. Telephone: 0171-580 5037. 













FINANCIAL. TIMES 


WEEKEND NOVEMBER 19/NOVEMMJl^ l^t; ' 


COMMODITIES AND AGRICULTURE 


WEEK m THE MARKETS 

Gains all 
round at 
hectic LME 

A hectic week at the London 
Metal Exchange ended yester- 
day with most contracts hold- 
ing on to the bulk of their 
gains . 

Capps' met with some profit- 
taking after the exchange 
annnnnrwi a substantial rise in 
warehouse stocks of the metal. 
In contrast, an exceptionally 
large fall In aluminium stocks 
encouraged a fresh wave of 
buying. 

The copper market had been 
the leader of the upsurge, the 
three months position soaring 
to a four-year high of $2,860 a 
tonne with a $i00-plus advance 
on Wednesday. By yesterday’s 
close it had retreated to 
&827.S0 a tonne, but that was 
still $145 up on the week 

uk wAnonuse stocks 

{As at Thursday's doae) 

Damn 


Akankrium 

-49JS5 

to 1.000,175 

AknUun rtkiy 

+100 

to 26.690 

Copper 

+7JOO 

to 320225 

Lead 

-4,675 

to 361.025 

Mcfca* 

-60 

10150432 

ZJno 

-2JI76 

U 1,212.126 

Tin 

+0 

to 20995 


Analysts saw good funda- 
mental reasons for copper’s 
recent strength. There was 
concern, however, that a heavy 
fall could ensue when the 
investment funds, whose buy- 
ing has been a particular 
feature of this year's climb, 
decided to take their profits. 

Mr Ted Arnold, analysts at 
Merrill Lynch, said it would be 
reasonable to expected a great 
deal of profit-taking by Decem- 
ber 16 so that the funds could 
include the benefits in their 
December-quarter results. 

Another concern was that 
the copper market was being 
manipulated, a view encour- 
aged by the establishment 
recently of substantial premi- 
ums for nearby delivery posi- 
tions, a reversal of the normal 
situation. The LME was moni- 
toring the copper market mote 
closely than usual, nJhfof execu- 
tive David King confirmed this 
week. The exchange it has the 

WEEKLY PRICE CHANGES 


power to intervive if it believes 
a “disorderly" market is devel- 
oping. 

The prospect of an exodus of 
investment fund money is also 
han g in g over the aluminium 
market But with stocks con- 
tinuing to fall rapidly as pro- 
duction cuts agreed earlier this 
year work through traders do 
not seem undoely worried. At 
yesterday’s dose the three 
months LME price was quoted 
at $1370.75 a tonne, only $&25 
below the four-year peak 
reached in the morning, and 
up $11635, or 6.4 per cent, 
since the end of last week. 

Dealers told the Reuters 
news agency that the alumin- 
ium market seemed to be 
winding-up for an attack on its 
next overhead objective of 
$2,000 a tonne. 

Other notable performances 
at the T-MF. this week were 
three months zinc’s push 
through IL200 a tonne, for the 
first time in two years, and 
lead's brief foray above $700 a 

tnnnfi- 

Nickel also did well Though 
more than $100 below Wednes- 
day's peak, the three months 
price's closing quotation of 
$7,72230 a tonne represented 
an overall gain of $30730. The 
price had fallen sharply with 
copper an Thursday but raided 
yesterday, despite the denial of 
early talk that Russia's Norilsk 
plant, the world’s biggest, was 
suffering production problems. 

At the London Commodity 
Exchange coffee prices tum- 
bled to the lowest levels since 
mid- August as the market 
responded to weakness in New 
York. 

The January futures position 
ended yesterday at $3380 a 
tonne, down $72 on the day 
and $191 on the week. The 
price has now fallen $320 since 
last week's official projection 
put the Brazil’s frost- and 
drought-hit 1995-96 crop at 
between 12.7m and 143m bags 
(60kg each), broadly in line 
with market forecasts. 

A trader told Reuters yester- 
day ‘that coffee roasters 
appeared to be baying at the 
lows, but added' “They aren't 
willing to chase the market 
up". On the other hand, he said 
he had not noticed any evi- 
dence of producer selling. 

radianl Mooney 


BASE METALS 

LONDON METAL EXCHANGE 

(Prfofts from Amalgamated Mow Tratfng) 

■ ALUMMUM. 0X7 PUKfTY (5 per tonne) 


Precious Metals continued 

■ GOLD COMEX {100 Troy 02.; Vtroy ozj 


C toe 
Previous 

M0MOT 

AM Official 
Kerb okno 
Opsn kit 


OtDi 3 rathe 

196X5-6.6 1970.6-1 

1S21.6-23 1832-3 

1908 1980*1900 

1967-8 1974*1.5 

1977-8 

249*36 


Silt Dart Opaa 

pries Bings f#gb ta « Vi 

aasA -u 

-1.4 3815 363-5 04882 16848 

-1.4 .... 

-14 3890 387.1 ages 1090 

-1.4 392-5 391X1 12042 1,633 

•1.4 3985 395.1 11-270 1.142 

IfiSjBIB 2200 


Total daffy turnover 67.239 
■ ALUMN&JM ALLOYS per tonne} 


MV 

ON 3843 

J*n 3882 

m 3883 

Apr 392.0 

JOB 3958 

ToW 

■ PLATMUM NYMEX [50 Troy ccl; S/toy oz.) 


GRAINS AND OIL SEEDS 

■ WHEAT LC£ (£ par tonne) 

Salt Dart Op™ 

price cteapa Ugh Low lot 

■bi 105l2S +1X10 10523 10525 232 

JM 10540 +0.45 10535 104JH 2J0B4 

107.40 +845 107.15 107.10 1J31 

109i40 +025 10935 10925 1382 


SOFTS 

■ COCOA ICE E/tanna} 


Vd 


Mey 

M 

s<p 

law 


inm +805 
94.00 -0.45 


119 

81 

MSI 


26 

Oac 

963 

+14 

80 

MU 

984 

+8 

14 

Hay 

983 

+0 

10 

JN 

1003 

47 


SAP 

1012 

+0 

136 

Dae 

Total 

1028 

■ +2 


Mi Bay* 

prioo change MSA law 
984 
960 
994 


■ WHEAT CBT (BXXXRxi mh; oertta/BOtt) buriwl) 


U M 

950 10274 1^7 
978 43211 3259 
900 14,413 1(486 
1002 0293 40 

1011 12,464 1213 
1026 10208 > 
mm »m 

M COCOA CSCE flO tonnw; SAonna^ ' 


Ctosa 

Prevtaua 

HigMow 

AM OfflcW 

Kob dose 

Open bit 

TotN dafly tanenrer 
■ LEAD (J per tonne) 

1060-70 

1855JS0 

1980-70 

2J0S7 

600 

1806-000 

1805-90 

1910/1900 

1895-900 

1906-6 

Ctosa 

8785-73 

694-6 

Previous 

872-3 

00 O-1 

HtfWIow 


605/689 

AM Official 

077-8 

695-0 

K»b dose 


683-5 

Open (nL 

43^18 


Total (My turnover 

8,124 


■ MCKBL (Spar tonne) 


Ctosa 

7595-605 

77204 

F’mtous 

7636-40 

7080-5 

HlgMow 

7040 

77807040 

AM Official 

7839-40 

7758-80 

Kerb dose 


-7740-5 

Open fait. 

08/383 


Total (My turnover 

11,710 


* iw (0 per tonne* 



Gtoae 

0195-205 

B290-6 

Previous 

6200-10 

6300-10 

WgtVtow 

0190 

633CVB246 

AM Offldei 

6185-90 

6285-8 

Kartt doee 


6270-80 

Open Int 

21,388 


Total drily turnover 

7^74 


■ ZMC, apeolel Wgh wade (S per tonne) 

C*ooe 

1175-5-0-5 

1203-4 

Prevkwa 

1170-1 

1196-6 

HtgfVTo+r 

1179 

1210/1200 

AM Official 

1170-6-9 

1204-5-5 

Kero doee 


1204-5 

Open Int 

110648 


Ton) daily turnover 

14,463 


■ COPPER, grade A (I par twine) 


Close 

2875HH 

2827-8 

Previous 

2883-4 

2841-2 

HJgh/tow 

2885 

2856/2810 

AM Oflldri 

2000-90 

2629-30 


Jaa 

414X1 

-2.1 

417X1 

4112 15.788 

813 

DM 

377M 

+2/2 

37810 

375/6 21,622 

A993 

%>r 

4166 

-2.1 

421X1 

4176 7.355 

137 

ter 

3W2 

+30 

3832 

386ft 31,m 

%613 

Jri 

422.9 

-2,1 

- 

- 1,976 

13 

My 

3GB/4 

+34 

371/D 

387/6 4J925 

560 

Oct 

428X1 

-2.1 

- 

- 507 

- 

Jri 

338/2 

+1/0 

33745 

334/0 10950 

935 

Jn 

431 XJ 

-21 

. 

10 

- 


342/0 

+3D 

342/0 

341A) 373 

24 

ToW 




21934 

963 

Dm 

350ft 

+1/4 

352ft 

360ft 159 

2 

■ PALLADIUM NYMEX (100 Troy oz.; Sftroy oz.) 

Tetri 




09L747 Il|f33 


Dn <5625 -2.10 157.75 15423 2789 612 

Mir 1S0J9O -2JB 15805 105X9 4JS38 SO 

Jin 157 A) -205 15920 15920 552 45 

Sap 158.10 -203 91 9 

TaW 7JM 1,188 

■ SB-VER COMEX (100 Troy pg.; Cente/lmy oz) 


Dn 


JU 

TOM 


5118 -9.7 - - 10 20 

514.7 42 5232 5132 53,531 14208 

51T2 -92 5232 3232 07 1 

5232 -92 5312 5222 41.260 5264 

5292 -&8 5372 5232 5288 97 

5352 -02 5432 5342 7225 162 

133,182 19238 


■ MAIZE COT ROOD bu min; certa/SSb buahcfl 

Dn 217/2 -Oft 21K 217/0 92235 17,463 

liar 22Bft -0/2 226/2 228/2 79222 MM 

May 233* • zm 235/2 30.45Z 1,592 

JO 240/2 4V2 24043 239ft 40299 2220 

Sap 243/2 X® 244fl 243/2 3778 188 

Dn Z4745 -1/D 24845 247ft 21,588 1086 

TOW Z7BXQ3 31,128 

■ BARLEY LCE{2 per tmaj 


ENERGY 

■ GROPE ON. NYMEX (42.000 US gJto. Vbairw'i 


Latest Day's 


M 


17JB3 -OQZ 17.73 
17.82 -0.04 17.75 

17.98 -008 17.68 

Ur 17.52 -OOS 17.82 

Apr 17.47 -DXI7 1724 

■ay 17.47 -004 1722 

ToW 

■ CRUDE ML IP6 RrtwtaO 


lm n w 

1727 33295 31,199 
1727114,803 80X191 
1722 47200 18,170 
17.48 31,634 B.18B 

17.43 17251 5,064 

1747 15.303 1288 

<07293135219 


M* 

loots 

■aio 

10000 

loom 

10 

3 

JM 

102.75 

+0-25 

10L50 

1022s 

468 

13 

■far 

losxn 

- 

iosxn i05J» 

1S3 

4 

■ay 

iff?. 2a 

+125 

- 

- 

44 

- 

Sap 

0250 

HU0 

- 

- 

20 

- 

Nov 

90.00 

. 

nenn 

« m 

52 

- 

Totri 





729 

34 

■ SOYABEANS CST tS.OOObu nrirc canta/GOb butoel) 

Rev 

501/2 

-MB 

564/0 

559H 

1JD7 

2A5Z 

Jaa 

570ft 

+Q» 

572/0 

WGffi 92^80 18J1B 

Mar 

579/2 

+1/0 

960ft 

575/8 28222 

4JI75 

Key 

588/2 

+1/4 

587/2 

5B3A 1+.3Z7 

1,515 

Jri 

590/6 

+1/0 

582ft 

688/2 22.625 

999H 

Aag 

693/2 

+2/2 

594ft 

591/0 

1,744 

88 


Dm 

1281 

+1. 1209 

1273 

1,584 275 . 

Mr 

1324 

- 1330 

1315 41261 Zm. - 

My 

1347 

-1 1384 

1345 

9,219 « 

Jri 

1371 

.1 1373 

1388 

X870 m 

Up 

1396 

+0. 1405 

1360 

L585 20 

0M 

1428 

+3 ..1428 

1421 

MZ7 , 27 

Total 




M3 70 

■ coco* nooatawMam 


Noe. 17 


Mm 


Free, dqr -. 

D*_ 


907^3 


W7J0 

■ COFFEE LCE {S/tonnri 



Her 

3253 

SO 9265 

wan 

380 52 

Jn 

3283 

49 3315 

3280 

91572 1,074 

Mr 

' 3240 

-64 3202 

3240 

X302 831 

Mf 

322& 

-53 3235 

, •ftan . 

zpa vz 

Jri 

3198 

■79 

- 

1231 

a* 

3188 

-77 

■- 

7 yea 

Total 




am zm 

■ coma ‘c* csce pr^oaas; cenatoet 

Dm 

107.40 

-ago .17X10 

10X73 

2.103 5J3SS 

Bar 

17X35 

•440 17X49 17150 17/389 7.218 

Mm ' 

17430 

-420 19025 17X80 

WO 416 

Jri 

17030 

-420 181XU 17X00 

2,100 40 

sn 

177 JO 

-250 18325 

177 JO 

1X>U - 34 

Dm 

17am 

-155 1B42& 177*0 

042 3 

Total 




29UM13JS» 


MEAT AND LJVESpiGK^^' 

■ live cam* cME^onoen^^bijfci^ 

- MM M a ?Wi‘ ' **£ 

Bee 89275 +0X08 7X2OQW0OO 2B^a^4Zt7. 

M 89.175 +0.1® 88250 :89200 

/tar 0922S -4UBS 3X080 0MOO:10yBUt> 3gB8' 

.£' • 65200 -WHS 6WW EB2Bk 7 5#5S-^'4K 

- Mi 832TB -WPS 64275 63850" 1,70t ''tU 

M 64J5D -also 04025 .riuci'jszrt;;# 

■we 

■ UVE HOPS HOME gqOMf: OBrtWh» dv -V 
Die 3Z2W +0200 S225 OtKJSa'Wm^Zin 

m -3t42S+at80 3SJBO-35J0q;t|3tej^snr 
■ »m~ 3X500 -0.100 37XBC 36450 ;« iSn 
m 4Z000 ;■ -.41300 ■flJra.T^06. , ;‘ia54 , 

tm ■ 41250 -0J25 4E86Q 4L5H>r.S74-.-$f 
0 H . 09200 -0028 38250 .30080'. . $»;>-'•»• 

TPW v : V . W 

m PORK wnugft CMEftOflOCtt*: 

M 

■W- 3£S» -0235. 3X325 27200 „ 

m 39200 ; -0725 -ttBfid 39403 : ' 

M 


37200 -0225 89228 3UB0 Wt 
37,880 -0225. 30325 27200 .MU . 200. 
30280 -0725 -40HQ. 3OM0 : ' «$>Wf 
40075-0073 4L10D 30880 - OB' 

36228 4675 30050 38200 
. - 


LbNDON TRADED OPTfeSte: 

etriM prfcw $«mim • — C Mfc— 


■ ALUMWAMI 

(00.796) LME 
.1900 


■ COfTg (KXJ) (US canta/frotncQ 


TMri 


133,104 2ABM 


■ SOYABEAW CTLCBT paOOOIbg egjjMjM 


KOrb drow 2829-30 

Opwi InL 233^80 

Total daily tumovar 70.769 

■ LME AM OTOcU E/S raw 1XS673 

LME Cktatag PS rate: 1 J6BS 

Spot 1^675 3nata:12070 0mlia12BB9 9m»Bl265e 

■ HWH ORADe COPPER (COMBO 




nart 

Opaa 



Ctaaa 

ettangn tfl^i lew 

tat 

H 

Her 

13830 

-OS 135.40 135J» 

907 

159 

Dec 

13455 

- 13X10 13X20 27^80 

B.647 

Jri* 

13090 

0.15 13a90 13050 

928 

55 

fob 

12X85 

+A10 12920 12X20 

742 

18 

Mar 

12755 

-aiO 12X55 127^0 1X745 

3012 

ftv 

125-20 

-035 125.55 12X55 

690 

14 

Tetri 



mas 1X254 

PRECIOUS METALS 



■ LONDON BULLION MARKET 
(Prices sietpiied by N M Rothaetrid) 




pries dtanpa H(ft Low tat \M 

Jn 18.72 +0-09 1878 1882 98841 ZBXB5 

Mi 1845 -0.03 1859 1840 28358 8398 

Mar 1823 -0.14 1843 1823 16180 A579 

Mr 1623 +-803 1833 1829 5267 402 

May 1831 +006 1831 T827 3283 84 

Jus 1813 -810 1822 18(2 3251 680 

Total 156419 422G7 

■ HEATTHOl ML WiWEX 1+2X1DD P5 Bdtac c/OS gMa) 

Opas 

[aw M M 

4805 33,085 14483 

4850 42272 7297 

4825 25295 5,135 

4845 14,145 2263 

49JS 9225 SS5 

4820 5.168 411 

157,733 29297 


Dec 

3X57 

0.18 

28.65 

wnm 

8A23 

Jan 

2748 

-004 

27^2 

27m Z3/31 

X340 

Ibr 

peas 

-002 

2X42 

?crw en nm 

46+1 

m 

2X48 

-002 

2X50 

2X15 1X482 

1^25 

M 

2488 

+0.14 

2490 

2455 9.406 

2.448 

Aog 

24.45 

+au5 

2450 

2430 1055 

573 

Tetri 




111,780 23J7B 

■ SOYABEAN MEAL COT (100 tore: S/ton) 



Nm 17 

Price 

Prev. Up 

OmtLdd&r 

16X37 

17065 

IS dqramaga 

.17X14 

17X91 

■ No7 PRQMklM RAW SUGAR LOEfcareamid 

JM 1300 


- 90 - 

Mar 1X83 

- • 

600 - 

Bay UX5 +0JD1 

- 

- 450 

Jri 1X79 

- 

- * 

TOW 


MW . - 

■ WHITE SUGAR LCE {S/tonnat 



Dn 


Ml 


Dafa 

prica cfeaaga wga 

4830 +0.16 4820 
4885 +0.08 4815 
49L0O +0.18 4925 
Ms 4820 +023 4883 

Mr 4830 +033 4830 

May 4875 +028 4875 

Tfital 

■ GAS CM. PC tS4ora) 


Salt Dafa Opn 

price duoga MgD lam M 

14800 -023 15075 149X10 35.777 

151 45 -025 15475 151X10 24.550 

1S475 - 15150 15225 14608 

Mir 15475 - 15150 15400 8246 

Mr 15123 - 152-25 151X10 1048 

Mqr 15050 -OZ5 - - 785 - 

TaM Man torn 

■ NATURAL GAS WYMEX (10X100 miiODl; MitaBnij 


Jan 

Mb 


Voi 

0213 

3789 

4713 

1248 

900 


Dm 

1590 

+09 

15X7 

166.4 28098 

3052 

Jaa 

101 JO 

+10 

1610 

16X1 

21022 

3,135 

Uar 

1650 

+10 

1655 

1642 19504 

1050 

*1 

16X6 

+00 

1700 

1BB0 

1X710 

828 

Jri 

1745 

+10 

1740 

1730 1X174 

005 

tag 

17X5 

+10 

1770 

1763 

2083 

32 

ToW 




101,067 1X127 

■ POTATOES ICE (e/Kavw) 




Mar 

1050 

_ 

. 

re 

_ 

re 

Apr 

2810 

+100 

grain 

27X9 

1083 

328 

Hay 

287J 

. 

- 

- 

1 

- 

Job 

2500 

- 

• 

- 

• 

- 

ToW 





1084 

328 

■ FREIGHT (EHFFEX) LC£ (SIOAndax point) 


Nn 

1880 

_ 

1800 

1885 

241 

13 

Dm 

1870 

+10 

1905 

1870 

388 

110 

Jm 

1605 

+15 

1830 

1790 

1,104 

141 

Apr 

1720 

- 

1741 

1715 

996 

51 

Jri 

1500 

-7 

1510 

1500 

1Z7 

11 

Oct 

1625 

- 

- 

- 

17 

18 

Trial 

Ban 

Prev 



2071 

342 

OR 

1855 

1848 






M K 38830 +490 38880 384J0 10172 1.424 

Iky 38120 +470 38800 37920 4201 1,109 

Abb 37150 +440 37420 30800 4729 392 

Oct 34840 +400 34920 34020 1201 54 

On 34020 +480 - - - 100 - 

Mar 34820 +490 - 199 

Total 107(2. 1929 

■ SUGAR *11* CSCE (Ilg/MOKw: cantartba) 

Uar 1390 +806 13-91 13.77 W1 283 SJEfBO 
May 1884 +4L0B 1324 1893 30.413 4402 

JM 1893 +020 1871 USB 18299 %«1 

1322 +028 1112 1227 10289 1220 

1457 +229 14B3 1452 4957 318 

1444 +0.10 1229 1436 308 SO 

T719D3142B 



LONDON SPOT-MARKETS 


Oct 
Bar 

May 

Total 

■ COrroWNYCEpOOPOBtajoenta/fca) 


DM 

7409 

-050 

7478 

7305 12078 4022 

■to- 

7607 

4107 

7X14 

7X40 24,128 00W 

■ay 

7705 

403 

7708 

7X55 7070 1000 

Jri 

77.73 

402 

77.75 

7700 4051 360 

Oct 

7100 

4116 

7105 

7100 654 50 

Dm 

7X35 

4.10 

7X40 

7X10 3044 234 

ToW 




S%488 13048 

■ ORANGE JUICE NYCEOXOOOKn; centaftba) 



Latest 

Price* 

Change 
on week 

Year 

ago 

IBM 

Wgh Low 

Odd par troy oz. 

S3S40O 

-1.45 

$37800 

$39X50 

$36900 

Stver per bay az 

330.5ap 

+600 

32Q0Op 

384-50p 

3280Op 

AkanMum 9X7K (cash) 

SI 9060 

+1240 

$104200 $19860 

$110700 

Copper Grade A (carii) 

$2880.0 

+169.0 

Si 62700 $29150 

$1731 00 

Lead (cash) 

$677 .0 

+1X5 

$40X50 

$8750 

$4260 

Nickel (cash) 

$760X0 

+30X0 

$467X00 $750X0 

$5210.0 

Zinc SHG ftash) 

$11780 

+340 

$92900 

$118X5 

$9000 

Tin (cash) 

$620X0 

+55.0 

S46270O $62700 

$47300 

Cocoa Futures Mar 

£984 

+15 

£1040 

£1124 

£850 

Coffee Futum Jan 

$3283 

-188 

$1264 

$4091 

$1175 

Sugar (LOP Flaw) 

$3370 

+70 

$2640 

$3370 

$2520 

Barioy Futures Jan 

£102.75 

+100 

£10X15 

£10500 


Wheat Futuos Jan 

£105.40 

+105 

£9905 

£11700 

£97.80 

Cotton Outlook A Index 

78.10c 

+205 

55.10c 

67.10c 

62.45c 

Wool (043 Super) 

460p 

+0 

353p 

485p 

342p 

OV (Brent Bend) 

$1X73z 

4.186 

$15085 

$1X81 

$1X16 


246279 

244.017 


S prioo 
38320-38440 
336.10-38520 
385-25 
38420 
38520-38520 
36320-36320 
38820-38800 

Gold Landtag Raton {Us USS) 

— 427 S months 528 


Par (oma lataa othamtaa aoaadL p Panoa/kp. e Carta lb. z Jan 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 


GoM (Ttay oz.) 
CKM 
Opentao 
Meaning fix 
Afternoon fix 
Day’s ugh 
□ay's Low 
Previous doaa 
Loco Lrin Maoai 

1 month — - 

2 n mnfl w 

3 months 

SBver Rx 
Spot 

3 months 
8 months 
1 year 
Gold Coins 
Krugerrand 
Maple UM 
Now Soveratgn 


US INTEREST RATES 


£ ec/itv. 


Dn 

Jn 

Ml 


Bert 
pries ctapi 

1.620 +0.002 
1.785 +0206 
1910 +0002 
Mar 1900 -0008 

Mr 1.775 -0.008 

May 1.780 -0200 

Told 

tl UNLEADED GASOLME 
HWX 142200 US gals; oUSgatp 


1935 

1905 

1910 

1920 

1.780 

1788 


low tat 

1900 23218 
1775 32246 
1.790 18274 
1.795 14,125 
1770 7231 
1770 7286 
is yw 


Vrt 

28472 

9274 

1756 

1707 

1290 

907 

51290 


006 12 months 509 

0.13 


Utari Dart 
pdee dwnge 

NM* 

apM 
Law tat 

W 

p/troy oz. 

US eto aqriv. 

DM 

5X10 

-0.49 

5500 

5475 20039 

18074 

33X40 

522.75 

JM 

5398 

-X13 

5415 

5305 2X942 

11021 

33800 

53X45 

m 

man 

-025 

5390 

5340 9003 

4073 

34X40 

53X25 

Mar 

5390 

-020 

5410 

5X70 5070 

i.m 

35600 

55700 

Pm 

57.10 

- 


• 5*48 

770 

$ price 
387-390 
394.70-307.20 
90-93 

£ equh/. 
247-250 

58-81 

Mr 

Irial 

5805 



- 1088 208 
73084 37045 


SpiOM 

The popper rmhat ana somewhat quieter this 
weak, mainly due to holidays h various cow- 
tries. Stack papper tended a Kfle easier In 
bustnaes. White, however, eapacia B y for deBv- 
eiy to the US, remained steady. Supplies ta 
Malaysia and China an gadudy ikying i<l 
T his vweK, at a pepper s emina r in Kuching, 
Malaysia pessimistic aa Wrnatos lor Mstayatan 
1095-00 pepper practacttan ware Issued. Aa 
carry over stock* at previous yaare have bean 
fully liquidated, when demand re-appoars 
prioas are aoepeoad to Viciaa ae tu rthar. Muntok 
white spot was quoted at USS3290 a tonne 
and NovambariPacantoar sh toment at £3.625. 
dt. Spot black papper Lajj. was at £2.600 a 
tonne and November/December sMpaient at 
S2275. cff. 


J» 1T796 -1.15 11140 117.10 101 S3 

Mm 12120 -090 .12L40 12040 17.105 4230 
May 12325 -070 13420 12150 1147 1208 

JM 12845 -095 12880 12890 1980 938 

Sap 12925 -1.10 13090 12920 1230 227 

Ho* 12735 -1.10 12790 12790 1275 650 

Total 21047 020B 


VOLUME DATA 

Open Merest and Velum* data shown fat 
contract* traded on COMEX. NYMEX, GST. 
NYCE. CME. CSCE *id PE Crude Ol are ona 
day in ; 


INDICES 

■ REUTERS (Base: 16/8/31=100) 


Nov 18 Nov 17 month ago yn ago 
21447 214 8.1 20882 10311 

■ CRB Rrturea (Base: 1 967-1 QCp 

Nov 17 Nov 10 month ago yeor ago 
23321 233.74 23321 22220 


■ CRUDE 04LH3t3(per berrei/Jsn) 

+or- . 

Dubai 

SIXBXXBSz 

+OXQ5' 

Brent Bland (dated) 

$1X49-001 

-ao8 / 

Brant Bland bM 

*1X72-8.74 

+005- 

W.TJ. (Ipm esq 

S170O-702Z 

.-0096 - 

■ O*. PRODUCTS NWEprainpt drihery Of (taoM| ^ 

Premium QeagQna ■ 

$175-177 

---10 : 

Gm 00 

$181-153 

•40-.' 

Heavy FUet OR 

. $107-108 


Naphtha 

$173-175 - 


Jet fuel 

*174-173 

-1 

Head 

$168-199 

■00 - 

Ntataea Ague. ToL pmdon p71) ssoxm 

- 

■ OTISR . 



Gold (per troy cz>f 

$3840 


SRvar (par troy az# 

6170O 

-8u0 . 

Platinum '(par toy az) 

*41428 

-1-75 

frihdm. (par troy az) 

$16X25 

-0.16 

Copper (US prod) 

• . 1400c - 

'+T0 _ ’ 

.Lead (US prod.) '. 

40.75c 


Tto Qtuala Lumpta) - - 

1X7W 

. -OJA , 

Tin (New York) 

2906c 

-10 

Grifle weighty ' 

iiasop 

-aoir 

Sheep (be wright)f4 

1O809p 

+4-48* 

P|g* Ohm waiglil) 

7702p 

-008* 

Lon. day sugar (raw) 

$33700 

+400 

Lon. day sugar (wto) 

$30700 

+«o ■ 

Tate * Lyta export 

08800 - 

+400 

Bartay (Eng. fa«9 . 

Unq. 


Matos (US No3 Yolow) 

Unq. .: 

1 

Wheal Dark Norltj 

aexttr 


Rubber (Det^V 

saoito 

4X29 

Rubber (Jorjf 

87.7Bp 

+OJGO 

Rubber (KLHSSNofJue 

9440m- - 

+10 

Coconut Oil (PN0§ 

$71804 

-3X0 

Prim OR (MriayjS ». 

.$7W>lt ; .^ 

-1XS 

Copra (Phft§ - 

$483017' " 


Soyabeans. (U^ 

£1660t 


Cotton OuHodTA' todeyt 

78.10C 

+020 


2 par tanna ntaaB oMamtae atatad. p pancsllig. o owpafti. 
r riagtft/hg. m Mdtadn cantsML y JaaOlw.' v NoMTOao. u 
Osol .z Jn. t No*, a DtcUm f London PbyMort. r§ OF 
Rottwdon 4 Btftan mariot doaa. 4 Bap 0Jv» wMM 
primf. * Change «n weak O Mew are tar previous dnt 
- 14/tMM Oonactad flgim far WH 0T79O-7XE 


■ LONG Q8.T FUTURES OPTIONS (UFFq E50200 84tha Of 100W 


US 


Coupon 


Rod 

Date 


Price 


Day's Weak 

thaiiQB Vlatd ago 


Month 

JSL 


Lmchttna 


Austrafia 

8000 

09AM 

880500 

_ 

1008 

1X84 

1017 

Belgium 

7.750 

10/04 

8X7000 

-0200 

800 

828 

843 

Canada* 

WS40 

06/04 

8X4000 

+0360 

X15 

821 

9.13 

Danmarit 

7.000 

12AM 

8X1600 

4X200 

802 

a 9a 

800 

France BTAN 

8000 

05788 

1010500 

4X082 

7A7 

7.47 

706 

OAT 

X750 

10/04 

8X4400 

4X120 

X19 

X14 

822 

Genttriiy Bund 

7000 

11/04 

980900 

-X140 

706 

701 

700 

Italy 

8000 

08AM 

810000 

+0.640 

1106T 

11.81 

1102 

Japan No 119 

4000 

00/30 

1020630 

+0038 

4.06 

403 

407 

Japan no 104 

4.100 

12/03 

B5036O 

4X031 

4.74 

409 

4.74 

wamGnancai 

7250 

10/04 

970500 

40020 

701 

708 

748 

Sprin 

xooa 

06/04 

81.6400 

-a 040 

1102 

1128 

1124 

UKQDta 

6000 

08AM 

80-29 

+8/32 

806 

802 

801 


B.750 

11AM 

88-02 

+10/32 

X54 

808 

803 


9000 

10/08 

103-22 

+18/32 

804 

806 

6-82 

US Treasury * 

7076 

11AM 

89-00 

+1/32 

802 

800 

7.78 


7000 

11/24 

92-26 

-1/32 

X14 

X1S 

801 

ECU (French GovQ 

8000 

04AM 

8X8100 

-0080 

800 

X54 

80S 


tartwlannla. 
Fed. Rank. 


MXaadiMIntannBga. 


0ns uuA _ 
0lf Itaaanb- 
Tbrea north- 

SBimfli 

OoBjert — 


TiBBsay BOa and Bond Ytekte 
59< itaatav. 


S 


593 Itaaa year- 
591 Fhayaar _ 
80S 10-ysar 
889 30y«ar 



Strike 

Price 

Dec 

CALLS ■ -■ 

Mar 

Dec 

7M 

102 

0-38 

1-38 

0-16 


103 

O-OB 

i-oe 

0-51 

&1B 

104 

0X1 

0-50 

1-43 


PUTS 


US TREASURY BOND FUTURES (C81) llOgOQO 32nds of 10054 


BOND FUTURES AND OPTIONS 
France 

■ NOTIOMAL FBBiCH BOND RJUIREB g4*UT) 


Em. vd toM. CWi 08S7 Puts 1115. Pmvtoui dafa span tat. cata 7WS4 nua 66161 


Ecu 

■ ECU BOND FUTURES (MATIF) 


Mv 

2-00 

2- 34 

3- 12 


Opan 

Uteri 

Change 

Huh 

Low 

EaL vd 

Dec 

96-24 

96-14 

-0X9 

98-31 

96-13 

550082 

Mar 

96-06 

96-27 

-0X9 

96-12 

95-26 

11488 

Jun 

96-23 

95-09 

X-08 

95-25 

96X8 

187 


00206 

11283- 


■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 
(LFEE) YIQOm lOOtha of 10016 



Open 

Sett price 

Change 

Wtfi 

Low 

EaL vd. 

Open kri. 


Open 

Sett price 

Change 

High 

Low EaL voL 

Open InL 

Open Ctoso Change Hgh Low 

Eat voi 

Open ML 

Dec 

11X74 

11X74 

4X08 

11X78 

11048 

112085 

130004 

Dec 

8X72 

8008 

■X08 

8X78 

8002 X1B8 

7.408 

Dec 10700 10X02 10708 

394 

0 

Mar 

10902 

10902 

4X08 

10802 

10X78 

1.655 

22054 






10701 107.34 10728 

1884 

0 

Jun 

10908 

10X08 

4X06 

10X08 

10800 

56 

3004 








’ UFfE contact* batted on APT. Al Opwi Marat tganfcr pwtoua day. 




London doifeig. Kaa> Vadt mid-day 
t Grew fadukg WtMtaUng tn at 129 par ant pqebta by 
Plicae; U8 UK In 32ndt, eihara h ' 


YtadaLncrtirerkrtMananL ■ LONG TBB1I FRBICH BOND OPTIONS (MA71F) 


FT-ACTUAMES FIXED W T ERES T INDICES 


Sww «M3 tatafnadoml 


ECONOMIC DIARY - FORWARD EVENTS 


TODAY: First UK national 
lottery prize draw. A special 
conference for the formal elec- 
tion of a new Irish leader. 
Unions "94 conference in Lon- 
don. 

TOMORROW: Ukrainian par- 
liamentary by-elections. 
MONDAY: Balance of trade 
with countries outside the 
European Union (October). 
Opec ministers conference in 
Denpasar (until November 23). 
European Union transport min- 
isters meeting in Brussels. For- 
eign parliamentarians meet in 
Washington to discuss the 
reform of the World Bank and 
the International Monetary 
Fund. China and Taiwan in 
ta lks i n Nanjing. 

TUESDAY: US budget deficit 
(October). Gulf Arab foreign 
ministers meeting in Bahrain 
Gatt working party meets in 
Geneva to discuss accession of 
Taiwan (until November 24). 
Commonwealth foreign minis- 
try officials meet in Islamabad 

to discuss arrangements for 
next year’s heads of govern- 
ment meeting in New Tealanri 
(until November 24). South 
African defence expo opens in 
Johannesburg (until November 


26). 

WEDNESDAY: Digest of Welsh 
statistics (1994). US durable 
goods (October). Indian port 
workers threaten a strike in 
protest against failure to 
implement wage agreement 
European Union fisheries 
council members meet in Brus- 
sels. Japanese markets closed. 
Results from Granada Group, 
Courta ulds and Tate & Lyle. 
THURSDAY: New earnings 
surrey 1994 Part E: Analyses 
by region; analyses by age 
group. Engineering sales and 
orders at current and constant 
prices (September). Energy 
trends (September). New 
vehicle registrations (October). 

- Health and Safety Commission 
publish annual report. Draft 
legislation to allow construc- 
tion of rail link between the 
Channel Tunnel ynd T+mrinn js 
expected to be put to parlia- 
ment Thanksgiving Day in the 
US • all markets closed. Bund- 
esbank council meets. Interim 
statements from Babcock Inter- 
national and Johnson Matthey. 
FRIDAY: Confederation of Brit- 
ish Industry publishes monthly 
trends enquiry (November). US 
existing home loans (October). 

. .Strike in Furnish retail sertnr 


strtto 

Price 

Dec 

CALLS 

Mar 

IW 

008 

103 

ill 

028 

104 

112 

X04 

X72 

113 

001 

046 

114 

- 

025 

EM VOL total. CM* 34,206 

Put* 37.177 . 


UK i 


Frl 

Nm 18 


Day* 
change % 


flu- 
Nov 17 


Acaved 


Jun 

1.74 


Nov 

0.10 

097 


3.26 


Dec Mar 

121 223 

324 


1 

Up to 5 yearn (23$ 

12025 

+0.12 

12X11 

203 

2 

5-15 yewa (231 

14X10 

+032 

13X85 

108 

3 


15X94 

XAO 

158-31 

2.79 

4 

hradeemafales ($ 

17608 

-OM 

17801 

002 

5 

AB stocks (BO) 

13740 

X27 

13703 

208 

Ytakta Nov 18 

Nov 17 

Yr ago Htft 

Low 

Nov 18 


xd ad| 
ytakf 


Rf 

Nov 18 


Day's 
change % 


Thr 
Nov 17 


Accrued 


933 

1199 

10-87 

1397 

1083 


0 Up to 5 yaaratS 
7 OvWSywiflT) 

0 Al stocks (13) 

9 Deba aid taana (77) 


xd ad| 
yWd- 


10624 

174X18 

17490 

12792 


+O.10 

40.11 

+ 0.12 

+0X12 


10094 

173X54 

17495 


090 027 

1.13 498 

1X38 .491 


Low 


Nov 18 Nov 


12790 

“'W 


225 


922, 


5 yra 
15yra 
20 ym 

tawLf 


894 

890 

894 

853 


ago 


097 

849 

890 

821 


000 825 
828 888 




Low 


Germany 

■ NOTIONAL GERMAN BUMP FURIBBS (LUTE)- DM250.000 lOOtha Of 100% 


898 821 QQ/B) 841 HF1) 
7.10 828 (20/Q 852 (24/1 
Mtatttw Trite S% 


527 (1971) 

880 eon) 


0-81 826 837 9.10 1 

021 885 7.18 BJ2S 

8.72 874 720 80S 


Up to 5 yn 
over 5 yra 


329 

328 


Dae 

Mar 


Open 

8027 

8828 


Sett price Change 
+0.03 
+0X34 


8926 

80X35 


Law 

6928 

0880 


Eat. voi Open InL 
106408 188282 

9089 38760 


323 2.11 4.12 (11711) 2.13(4/1) 

325 3.09 809 (21/6) 228 (SQ/I) 

6 yeera 


■irfattor rate 10% 


224 227 123 321 (11/11) 1.1B (18® 
326 828 220 3.79 (21^ 2.70 pry?) 
15 


26 


■ BUND FUTURES OWIOWS flJFFE) DM2SOX3QO potato of 100% 


9 83 8 83 729 «W7plV9) 7.19 (1071) 729 028 (20/9) 728 B071) flS 925 8 ? fi 8JIIMOI 

Awraee g» radtaMUon y fete are shown above, axpon Bands; Uw 0+4-7^%; Modtont; 8«r1CH,%: HJgh: 11K«xJ overt Ha yMH ytd^Sr ^ 

FT FIXED INTEREST INDICES GILT EDGED ACTIVITY INDICES 

_Nov 18 Nov 17 Nov 16 Nov IS Nov 1« Yr ago HJgh- UW Nov 17 Nov 15 ^ l6 ^ 14 tol1 


Strike 

Price 

Dec 

Jan 

(ALLS — 
Feb 

Mar 

Dec 

Jan 

PUTS 

Fab 

Mar 

8860 

X48 

003 

002 

1.00 

X12 

104 

103 

101 

9000 

CL21 

X3S 

002 

X7B 

005 

106 

1.63 

100 

SOSO 

007 

n.oa 

X48 

001 

X71 

1.74 

107 

2.12 


Ert. •* total. Cam 28150 Plum 14573. » + o<*i u » op«i M. CWta 38+083 Pub 342873 


Omt Saca. (UK) 0120 9122 9120 9123 9122 103.89 107X34 8924 GBt Edged faemtos 1749 10A-* — 

Hmd Mont 108.16 1D624 10822 10722 107.88 124.18 13327 10820 5-day ^ ^ «32 - 


UK GILTS PRICES 


DM H Rad NcaE+o-- 


— 1994 — 
MflU bar 


-YMd_ 

H Rad Price E. 


— 199+ _ 


.JneretaftaeV 

INaagpciSMA 

12BC1M5. 


■ NOTIONAL ITALIAN GOVT- BOND (BTP) FUTURES 
(UFfg- Lire 200m looms of 10054 


Bail qc Gas 1990-95 . 
io*+pc 1995- 


DO YOU WANT TO KNOW A SECRET? 

I The IDS. Gam Sarin® vd dvw you how he motels REALLY wMk. Um smeaing] 
IrsirigtR^rlquesoflhelegBnk^WJ^.Gajin^inirQessyourpitdMandoontatayoLr} 
tosses. How? ThabAwsaeraL FSngOSI 474 0000 to book your FRffi ptaca. 




Opan 

Sett price 

Change 

Hgh 

Low 

EsL voi 

Open taL 

Dec 

10X80 

10X78 

+0.40 

10101 

10002 

23725 

54804 

Mar 

9820 

98.78 

4003 

3906 

99.80 

1382 

11759 

■ ITALIAN GOVT. BOND (BTP) FUTURES OPTIONS ffJFFE) L/ra200m lOOtha of 10QK 










Price 


Dee 

Mar 


Dec 


Mr 

10090 


068 

107 


028 


201 

10100 


029 

102 


05t 


208 

10150 


X14 

147 


008 


321 


Eat vcL MM. Crib 1079 ftatt 899. Plwrioua OqTt epan feiL Crib 39997 Pub 35841 

Spain 

■ NOTIONAL SPANISH BOND FUTUMS (n OT) 


838 
1127 
104 

10X30 

Tnm 13Vpc 1995(T TUB 

14*1908 1228 

1U«c 19098 117J 

E«tl13+tpe I90d» 1132 

CmBrionUtacIBW — 968 

TnsBCw7pcigg7ft_ 7.13 

Twa1J 1 4DCl9B7tJ 1127 

Be* 10*»c 1997 - 920 

T«ta8\gcl9Sm 100 

Ea* 1Spc1897 12.7B 

Mrt*IB9a™_ 137 

TnB71tec199e» 748 

Tre«3 M,pc 1995-aRtt- 7JB 

14pciS9B-f 1129 

Tiaa15>ipe-B8tt 1229 

&rtl2pc1988 10.71 

TpreaSJjjxlMatf 9.15 

fc*fi12>^c 19SS 10.79 

TmBlIO 1 ^ r9B8„ 8J8 

TraBfipei989tt M0 


-100M 
MB 101A 
5l 7B BMi 
828 102U 
155 105U 
183 107* 
7.11 lim 
7.M mm 
rjo io*h 
7.71 BBA 
7.75 HOB 

7.78 105H 
799 vug 

a 10 1171 

32T 104.V 
0.18 97A 

121 95*i 

13411I«b| 
328 123*i 
337 112 

334 103B 
342 113»i 
340 1U7H 
UB 80Q 


Dee 

Urn 


UK 


Opan 

07X11 

88.15 


Settprice Change 
87.10 +0.14 

8028 


High 

87.13 

88.16 


Lxjw 

6823 

88.10 


EaL voL Opsn InL 
32204 81236 

1243 4284 


Me taMaae yam 
CrowriaalfflipclM9_ 157 
Tntg Rig Rata 1899 

Me 2000 


■ NOnONAL UK QO.T RTTUCS CUFF0* £50,000 32nds of 100M 


Open See price Change Ugh Low Eat voi Open tat 
Dec 101-20 102-11 +®-1fl 102-15 101-26 51093 103677 

Mar 101-08 101-10 +0-17 101-10 lffl-08 4828 10888 


CMffeeaoQtt. 
Ttaa13pc2000_ 
i0pc20m 

sr- 

0K2D03H 

.1 Ope 2003. 


117 

150 

1020 

940 

722 

322 

031 

938 


TMH 11%* 2001-4 1119 

• Tap’ otDck. tj TaxJrae to 


347107ib 
- 9BMri 
343 

144 102A 

8-S USA 

ifii ran 

335 01% 

387 1QSQ 
360 86 AN 

an 10731 
m Hsu 


„ Rreang3<ap: 1999-+— . 

— 3W Owtarian 9*21* 2004 _ 

— Trtta«HHe2004» 

r 'B 

— 121 u 110% 

T17fi lOBi'i >Pe2002-flt* 

112& 103 A TtoriiHipe 2003-r — 

+«a (OPa 88% fate 02PC 2007 ft 

— 171U 110A 13>ape 2004-3 

— H4i 194*1 ihaaspcanstt- 

— lOOi Traa Upc 2009 

-A me 118B 

114JJ 10215 

■— 108i Be*, 

+/» 102 m 
+* 131A 1183 r 
+A 140A 12Z 1 

+i 125U HIM T/MBWpeWO 

+A 11W, 101H 0nr9pelA2B1l U— 

+*a 128A 11 ig Thai Bpc 201 24 

+A 121 A 1C5A ItaasSliK 2008-1 tit- 

+H IMfi 00H TtBBfipc 2013|t 

71»pe2B12-15$t 

TIM W.PC 2014 * — 
Endnspc 2013-17 

*A 12111 10412 

— I0OA 98*a 
STh 98 

*& ifBA m 

^ ^ 222TL 

+A l2zA 103*3 y*** 4 ?. — 

+A I06A 88B 

+A 123A USA Qw3**pe W «. 

+£ 113® Bn 1 taaa^CW/W. 

+rt 127A IOBj Ownla2*zpc 

+4, I2KS 1000 TreaZiapc 


4.72 

706 

74 * 

BJB 

802 

105 % 

707 

80 S 88 *M 

803 

802 

98 % 

M 

805 

108 * 

1 X 26 

800 

121 % 

823 

802 

84 * 

BJB 

80 S 

MB 

10.12 

880 

118 * 

as 

M 4 

Bffi 

1 X 50 

800 

128 % 

80 S 

80 S 

10 W 

X 3 B 

802 

aaa 


894, 

1013 

IMS 

97 


7Jf 140 81 Ad 
164 351 104*, 

U! 349 TOSS 
7AJ 3Z7 741 

US 143 958 
131 144 9ft 
140 142 103A 
317 aiBia^ri 


+rt 86* 

+4, 125* 

+J 105*a 
10oa 

+& 128*a 1021, 
+4* 143,'. 118*, 
+* H2B BW, 

+a his 01s 

*& *38* 1124, 

+A »$A ssfi 

+41 151* 12412 
+A 124U 99U 
♦U H5A 91J3 


+4| 96* 77U 
+U 12H1 lODSa 
127 *b 100*, 
71 >* 

+^a H7fi 92 
114% 891 
+fl 12M+ 9Bi 
+i 150*2 120* 


— VMd — __19M — 

PI Cl Meat +or- Hrii Law 


*5 


Me|0B_ 

3SS=& 

4*tfcmtt — fiaaij 


309 200a 

3L66 107* 


332 168* 
a 84 lias 
384 157% 
&84 1® 

388 138* 
1B7 13H, 
18* 110* 
187 109* 


+*a 1795 1635 
♦Ja 1735 158A 
+5 1165 WTh 

+*f 18+H 189* 

+5 168* 1*5 

+** 175% 154** 

+% 146% 120% 
*h 1E7& 131%. 


taekv 3 A«?rpi 1087 - OonwnW 

wot sums, run *» MtaUl 1804; 1416 and tar Oetah_ +M* 


1412. 


Other Fixed biterwst 


= W4- 

“4 fed Ma£+ir- 


807 

- 48% 


Mil 

XX 

- HrW 

-ft 

643 

508 

- 88% 


71 

800 

- 84% 


44% 

807 

- »A 

-ft 

38% 

808 

- 29% 

4ft 

37% 


— 71 SS% 


noHaridaaa on ta te toadarb EAucdon bob. xd fit dMttand. Oaring nidiataae are ahewn In pound*. 


Man Dav10%w 2009 
n«H%pezoilZZ 

ttpew-a 

'^“ispezoii- 

Js^ 

tt n».ieita r 1 H*pc 2007 

**■**■ 3K-*ZZ1 ~ 
■Ttafcfc Mg&i 3%pe am , 

UdHs 


Mflk UM 


089 

388 

9XD 

12XB' 

1138 

1071 

8LS2 

913 

1013 

441 


If* 110* 
059 116% 
- 80 
- 100 
- 107% 
M4 141% 


126 


Wipcam i20B 


- 32% 

008 113% 
132 68 

132 

4-52 126% 

- 136% 


138% W£ 
«2- 115 
118% 93% 
103% 09% 
115% 106 

188H 1378 
149% - ta 
44% 33% 

40% 28% 
138% 111% 
> 78 88% 
150% 129% 

145% 

159% 134% 































































































20 


. ft- 

.I' 1 ^ 


FINANCIAL TIMES WEEKEND NOVEMBER 19/NOVEMBER20 ; I^J ; 



























































































































































































































































































































































































































I*" 1 - 


British Funds, etc 

Ttaasury 13%% Stt 2000/03 - £12353 


Corporation and County 
Stocks 


Bfemtogftam Cap 2*2* 3ft iBZSforaftal - 
£26(1SNoM 

ekrnhaian Corn 3%» 3 Ik ISttferafta) - 
£33^ fl3No94j 

Bfemtotfiem Otaatct Oaundl 11*2* Ru Stt 
2012-ei17% 

BristotyQty a*> 11%96 Rad Stt 2008 - E113 
(194094) 

Dudley Metropolitan Borough Counc*7% Ln 
Stt 2019 pojKF/P) - £M& (1®Jo94) 

Lstoestor CXy Could 7% Ui Stt SOlWeg) - 
E8QA (10*094) 

MtftttasterfCity of) 11.596 Red Stt 2007 - 
SMI-aV* 

Manchester Cap 4% Cans tod Stt - £4(1 
(14No34) 

NatOnghom Corp Water Anefgf C1JS) ■ C8 
(14N0M 

Notttngtan Crap Qas Anrafcrf CL25) - E33 
(l4Na94j 

SaHortl (City el) 7% Ln Stk 2019(Refl) - E80i 
084004) 

SWictariteia CWp (Rher War Camnf3% 
FMad Debt Anna - E3i % 


UK Public Boards 


Oydeooit Ld 3% uro 3 k - e» (14 «o 94) 
Metropo lit an Water Metropolitan Water 3% A 
Stk 83/2003 - £87 D4NO04) 


Foreign Stocks, Bonds, etc- 
(coupons payable In London) 


Ftto Da JmtrofSbte oQBrad 5%% CnvfSOg 
Ln BdsKA-now 1%96) - £80 fIBNaW) 
AALPJUX) PLC 13% Bda 2016 {Br 
CSOOMIOOOOa - £130 (ISNoW) 
A-M_P.(UJ*L] PLC 1 1%96 Bda 2001 {Sr 
£1000,10000310000(0 - £109,*# pdNoEK) 
Abbey National Sterling Capital PLC8%% 
Subord Gtd Bda 2004(BriVara] • £95 
Abbey National Treasury Serve PLC 096 Old 
NTS 1909(Br£iaOQ.1000a 100000) - £88% 
(15No94) 

Abbey National Treasury Saw PLC 796 Qtd 
Nta 1997 (8rS1 000310000) - $9802 

(14No&4) 

Abbay National Treasury Sana PLC 696 GW 
Ode 2003 (0« t Vat) - €89 82 1 * (lONoOa) 
Acer Incorporated 4% Bda 20Ql(BrS10000) - 
5226 (1BNa94) 

AUsd Domecq PLC 10%96 Bda 
1B99(Br£S0003100000) - £10535 
ASDA Group PLC 107(96 Bds 
201 OOrtM 00003100000) - £106 
BAA PLC 11%H Bds 2016 (Br 
E10000310000QJ - £1213 (14NC94) 

BOC Group PLC 8%» Bds 2004<Bi£ Van] - 
£83% (14Na94) 

BP America Inc »%% Gtd Nta 1996 (Br £ 

Vie) - £101% (15 No 94J 
BP AmeHea Inc 9VK GM Nta 1909 
(BrSSOOO&SOOOO) - 5105.46 (idNoBfl 
Barclays Bar* PLC 7JS7S% Undated Stajord 
NTs [Br £ Var) - £88% <11No04) 

Barclays Bank PLC 937596 undated Subord 
Ntt - £96% (1BNOS4) 

Bodays Bank PLC 10% 96 Sen Sub Bda 
1 99 7(&f1QOO& 10000) - £103% D5N084) 
Barings PLC 9%96 Parp Subrad Nts (BrCVeri- 
oust - £82 (IINoSq 

Bradtord & Bkigey Buldlng SocMtyCoBarad 
RtgRteNts 2O0S(RBg MiiU£1OO0) - £83% 
(16NO04) 


Bntannta BUWfeig Society 10%96 Bds 2000 
(3 £100003100000) - £104% 

British Auospaos PLC 11%% Bds 2008 (Br 
£10003100001 -Cl 13J3 
British Always PLC 9%% Ms 
1997|£k£1 00031 0000) - £101% (15No0q 
Bnfah Afeways PLC 1096 Bds 
1996(Bi£1 000310000) ■ £103 (16No8% 
British Akways PLC ia%% Bds 
2008Brtn 000310000) • £107% (15N094) 
BriSsn Gee inn Finance BV q%% GtdNts 
1999(8*1000,1 00003100000) - SI 005 
(14NO04) 

Brt&rfi Gas M Ftoanoe BV9%% Gtd Bds 
2001 |Br SC Vta) - SC100S D8NO04) 

BriBsh Qas PLC 7%H Nta 1997 (Br E Var) - 
qqL 

British Gas PLC 7%% Bds 2000 (BrEVar)- 
£94% 

Brash Gas PLC 10%% Bds 2001(0' 
£1000,100003100000) • £107% 

British TeMoomnuricaBons PLC Zero Cpn 
Bds ax»(Sri?iaoo&ioooa) ' £83% 

(ia*oB4j 

Brash Teiccotnm ur S cui lQn a PLC 7%W Bds 
2003 (Br E Vta) - £88% (15NOM 
Briitah TatoceannuifcaMons PLC 8%% Bda 
2020(BrfVm) • £95525 
British T teaooervmjni ca non a PLC 12%96 Bds 
2008 - £122.4 (1QN094) 

Burnish Caetrol C%6tauansy) Ld 9%% Cnv 
cap Bds 2006 (Reg £100Q - £144% 6% 
Bum* Caste* Cap4aJ(Jereay) Ld 9%96 Cnv 
Cap Bds 200BprCSa00350000) - £141 
C16NO04) 

□ely Mtal 3 General Hum PLC 8%96 Each 
Bds 2005 {BrCIOOOBSaaft - £151 (T4Na94) 
DsrenteWtogetam aQ 8%% Nta 1890 |Br £ 

Ctepta Hnance N.V. 7%96 Gtd Bds 2003 (Br £ 
Var) - £86ii (16No94) 

Dow Chemical Co Zero Cpn Nta 30/W 
97{Br£1 000470000) - £80% f15No94) 
Eastern Bectricky PIC 8%96 Bds 2004<ar£ 
Vtas) - £94% t1&7*o04) 

Q1 Entatprise Finance PLC B%% Gtd Each 
Bds 2006(Br£5000&1 00000)- £97% 
D5Na84) 

For Eastern Textfle Ld 4% Bds 
2006^5)0000) - *107% (16N094) 
FMandDRnptaee oQ 9% 16 Nta 1997 (Br£ Vie) 
- £102% (15NO04) 

Ftarrieh Export Crodt Ld 8% Nta 1996 (Br 5 
Vte) - *99% 89% fl4NoWJ 
Porta PLC 8%% Bda 2003 (Br £ Vte) - £85% 
GESB PLC 8J6% Gtd See Bds 2018 
(Brcioooj . eazu (itmoM) 

Grand Metropoli ta n tav Cqrp 796 Nta 
1S98(Br5 Vkrtoiea) - 595.1 
Gowtartaod Expert Finance Carp PLC Old 
Zero Cpn Bds 2000(Br£100003lOOOOQ) - 
£59% (14No94) 

Gtannses PLC 10%96 Nta 1987 pr £1000 & 
10000) - £104 (14No94) 

NBBC HoWnge PLC 9%9i SUbartt Bds 2018 


IS8C Hoktngs PLC 0%96 SUtXMl Bds 2018 
(Br£ Vnr) - C88f11No94) 

IbHbx Brddng SncMy 7%96 Nt9 1998 (Br £ 


KbHbx Buidng Soctaty 7%96 Nt9 1998 (Br £ 
Va) . £98 (14N094) 

Hdttax BuMng Society 3%9i Nta 
19990Br£Vtas) - £07H* 

Haltax Bracing Soctaty B%96 Nta 1897 
(BrfVar) - £100.55 
Hanfac Bddfeig Soctaty 10%96 Nta 
1997(Br£1 00031 0000) - £104# 

Hanson RC 9%96 Cnv Subord 2008 & 
EVar) ■ £1M% % (16No9^ 

Hanson That PLC 1096 Bds 2006 (BriSSOOt? 

- £101.15 % (iflNooq 
Hydo-Quebec &50* Daba Sara K 
IQSSfFtag C Vara) - £91 (11No84) 
JntarAmertcan Darolapniant Bar* 17% 16 
Beta 1965(Br £5000) - £101 % % 
[ntamattoroi Bank lor Rec 3 Dev 8%96 Beta 
2007 (BtESOOq - £101% (15NrfM) 
VaemaBonal Bank lor Roc 3 Dev 1096 Bds 
isas(Bi£iooo3ioooa) - ciD3% 4575 
. nsNo so 

Wemailonal Bank lor (tao A Oew 11%96 Nta 
2001{Br« 00031 OOOQ • £109 (15No84) 
kaWeputtfc oQ 8%% Nts 
2001(055000350000)- *101% (15No94) 
Japan Development Bank 746 Gtd Bda 2000 
(BrCVafl -ES2% 

Japan Deveto p mant Bank 7JSH GM Beta 
1999 (PiftnricMt - S9BC7 f1S*J94) 

Kaisal EtecMc Power Co Inc 7%96 Nts 1988 
(BrC Vtf - £95% 


1 (Ply ofl 9616 Gtd Beta 2004Q3rCVart- 
outi - £101% n«No94) 

Kyushu BdCtaC tea Ca Ino 816 Nta 1997 
(&£Vta)-£98% 

Land Sseutaes PLC 9%96 Bds 
2007(Bf£1000&7000C) ■ £98g (16N094) 

Land Seculttea PLC 9%9fi Cnv Bds 2004 

®r£5000»60000) - £109% (15N094) 


Uwd#BankPLC8%«5>*wdBe&2023(a- 

£ Var)- £88,1 (1 SNWEW) 

MEPC PLC 9%M Beta 200«(Br€1000S1 000(3 

- £99% 

Marta & Spencer Finance PLC 7%J6 Gw Nta 
1988 (Br £ Vo) • £96% % 

Notional Power PLC fl%96 Bd32tXO(BiS VM) 

- KBASefr 

Nafcnd * Piwtaedd BWg Society 8%96 Nt» 
1988 (BrEVai)- £07% (15N0B4) 

NaDond Weetm ln atg Bank PLC 11%96 
SUxrt Nts 2001 (Br War) - £1 10% 
(1SPM94) 

National WessiSnasr Bsrte PLC Und- 

SubNtS ClOQCXCnv M PlflBr - £100 
(11N094) 

NationwMs BuMng Soctaty 1l%96 Nta 1995 
(Br £50003100000) - £102 (14Nc04) 
Nattanwkta BuUetaig Soctaty 13JS96 Subead 
Nta 2000 (Br £1000(8 ‘£11 7 A 
N»kxi Doro Kodan 9%96 Gtd Beta 1996 
(BrCCIOOO* 1000(8 - EG10aAH4Ne«4) 
Northumbrian WUer Group PLC 9%H Beta 
2002 (Br C Vta) - £90% 

Ptoeein Stofc9 TWO PLC GW Beta 
2004(Br£ Vers) - £99% fUNaM) 
Peninsular* Ortoital Steam Nw Co 11% 16 
Beta 2014 (Br£1 00003100000) - £112% 

HTZ Canada Inc 7%K GW Beta 

!996(BrtE5aa031 00000) • £94% (157*094) 
Rank OrgontsaBen PLC 6%H> Beta 2000 (Br £ 
Var) -£96% % D1NP94) 

Robert Ftamfetg kin Finance Ld 9%96 Ptap 
SuborO QW Nta (Br C Var) ■ £82% 

(MNoefl 

Royal Bank ol Scotland PLC 8%96 Beta 
2004(BrfVars) - £82, ‘i (16N094) 

Royal Bank of Scotland PLC 9%1h Undated 
Sta»rd Beta (Br£ Var) - £922 
Royal Bo* of Scotland PLC 10.5% Sutxvd 


Bds 2013 (Br £ Var) - £104% (16NoS4) 
loyal Irisuranoa Hdgs PLC 9%H Subord 


Royal tisrarEa Hdgs PLC 9%K Subord 
Beta 2000 (Br C Vta) - £974 
SabKbiry WACtaMMl HandsJLd 
8>296CnvCwaeta 2005(Br £60003100000) - 
£130% 

Scottish Alterable Finance PLC S£96 
Undated Suborn Out Beta (BrEVta) - Cr&i 
LtlNaBS) 

Severn Trent PLC 11%96 Bds 1999 (Br 
£9000310000(8 - £108% (15N094) 

Staoera Novfgatkxi Corporation 3.7596 Bds 
2003 (Br *100003100000) - 5102% 

Soctate Generate 7 £75% Perp Subord Nts 
(Br E Vat) - £88% % flSNa94) 

State Bank ol New Swift Wteas Ld 796 Bda 
1999 [BrSA Var) - *A89% (11 No94) 

Tarmac Finance (Jersey) Ld 9%96 Cnv Cap 
Bds 2008 (Reg £100(8 - £94 S% 6 
Tate & Lyla bit Fin PLC 5%96 GW Beta 2001 
(Br £5000)- £85% P6N094) 


TateSLyte taffln PLC/TulohLyV, PLC 5%% 
T3UtFnGdBds 2001(Bi) W/VWsTSLPLC - 
£84% % (1GN094) 

Tascei PLC 8% 16 Beta 2003(ar£Vara)(PyPc8 - 
£B5(14No84) 

Tasco Capnal Ld Mfc Crw Cap Beta 2005IRag 
£1) - £117% 8 % 

Tosco CapKal Ld 996 Cm Cap Beta 
2005(BdSaa031000q) - £115% (16N094 
Thanes Water PLC S>296 CnvSubevdSeta 
2008(Br£500Q350000) - £125 (18NO&9 
Thames Wat» utattas Fbmce PLC 10% 96 
GW Beta 2001 - £106% -35 (16Na9-*) 

31 Group PLC 10% 96 GM Beta 
2001 (Br£1 00031 0000) - £106% (11N094) 
Tokyo 8acMc Rawer Co tec 7%96 Nta 1998 
(Br C Var) - £06% 

U-Mng Marine Transport Cor p oe a Hon1%94 
Bds 2001 fftag in Mutt *1000) - *105 
LteOeuer PLC 7%% Nta 1998 (Br C Var) - 
£90% 

United Kingdom 7%96 Bds 20Q2(Br5Vs) - 
S94%(14No94) 

United Kingdom 8%96 Treasury Nts 24^795 
(Br ECU Vta) - BC1 0028 (14NOS4) 

Wtesti Water Utnttaa Rnanca PLC 7%96 GW 
Bds 2004 (BrfVariaus) - G85£ (1 1N0B4) 
Bqrarischa Hypolliaksn u. Wachsd 
BkSCIOOm 796 Nta 571 1/98 - *C88% 
(14N0O4) 

Nestle HaMtag Inc £75m &75M Daw bn 17 
12/97 - £100% 101% (16N094) 
Oesterrektaische KonboBbank AG S400m 
7.5% Debt Sec 15/11/99 - *98% (16NoB4) 


SwadanOOngdoin ofl £800m 7%N Nta 3/12/ 
97 - £97% % % R 


Sterling Issues by Overseas 
Borrowers 


Bark al Greece 10% 96 Ln 91k 2010(RBg) - 
£97 % 8(15No94) 

Danmark(Klng(Jom 08 13% Ln Stk 2005 - 
£125% (14No94) 

Eurapaan tovestmam Bonk 9% Ln 8tk 2001 
(Reg) - £100% 1 

European investment Bark 9%96 Ln 8(k 
2009 - EHMil (1flNo94) 

European inveaiment Bar* 11% Ln Stk 
2002ffta(* - £111% (1flN094) 

New ZMteid 1 7 %96 8tk 2008(Retf - £114 
(I4NOB4) 

Nova 8trotta<ProvbK» erf) 1fl%% Ln Stk 2011 
- £163% (14NO04) 

PortugailRep at) 996 Ln Stk 201flfftQg) - 
£07% % A26D4NOM 

SwedenOttigetani at) 9%% Ln Stk 20l4(Red 
-£103% 

SwedenOOngdam at) 10596 Ln Stk 
2010 |Reb) - £131 % (11N094) 


Listed Companies(exduding 
Investment Trusts) 


ABF tewaimena PLC *%% Una Ln Stk 87/ 
2002 500 - 37$ 

ABF InvBBtmanti PLC 7%% Una Ln 3th 87/ 
2002 500 - 43%$ 4%$ 

ABC) Ld 6^2% Cum Prt R2 - 50 
ASH Gape* Rnana(Jw3ey)Ld 9%% Cnv 
Cap Beta 2008 fftog Untta 100p) - £71 % 
Aberdean Trust PLC A We to Sub forOrti - 
45 (15N094) 

Abtrust ASos Find She tfi NPV(GW»I Capital 
PortJoBp) - $3221$ 

Aetna Ma te ysfan Growth RjrwfCnymanJLd 
ORl 8001 -S13C18No84) 

Ataanetar 3 Atacmda- SarWcaa mq She of 
Ctass C Com Stk 51 - £12 {1SNo94) 

Atawm Group PLC &28p INaQ Cnv Cum Red 
Prf lOp - 55 D8No94) 

ABkd London PTOperfles PLC 10% Cum Rrf 
£1 - 107(14No9^ 

Ailed Domecq PLC ADR (Irl) - S9-42 
AJDad Domocq PLC 8%K Uns Ln Stk - £83 
(IBNcAq 

ABed Domecq- PLC 7%M Uns Ln Stk 93^8 - 

£94 % 

ASed-Lyons B ni dte Services PLC6%96 
GtdeawSuboedBdaaooa RagMuktCldOO - 
£109^5.7% 10 

AMs PLC S^% Crw Cum Non-vtg Rad m 
£1-73 (14N064) 

American Brands Inc Shs of Com Stk S3. 125 
■*33%(15N09fl 

Ameritoch Carp Shs of Com 8ft *1 - 537% 
(11N09J) 

Andrews Biitae Group PLC Cm Prt 50p - 80 
Anfpan Water PLC 5%96 btdax-LHeed LnStk 
200a(8J!S761G - £190% (7614094) 
Anglo-Eastern Pttrtattate PLC Wteranta to 
aub tor Old - 39% 40 
Anglo-eastern Plantations PLC 12%96 Uns 
In Stt Bern - £100 (1«4c9d) 

Angkweef Ld N Old ROOOOI - £20% 5 32% 
Armour That PLC IO%96 Une Ln Stk 91/98 - 


Atwoods PLC ADR (5rt) - S9% 2748 

CISNOWB 

Altwoaeta (Fbmce) IW S%p GW Red Cnv Ptf 
5p-»1 

Alie n M e n AgriCufluni Co Ld SA 0 SO ■ 486 
(1011064) 

Automated Secutty(FHg*) HX 6% Crw Cun 
RM MCI -43.40% 4 %% 

Automotwe Products PLC 9% Cun M £1 - 
102 (18NoB4) 


FT-SE ACTUARIES INDICES 


The FT-ffi 100, FT-SE Mid 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 Republic erf 
6 The International Stock Exchange of the United Kingdom and Repubfe 
of Ireland Limited 1994. AH rights reserved. 

The FT-SE Actuaries AH-Share Index is calculated by The Financial 
Times Limited in conjunction with the institute of Actuaries and the 
FacUty of Actuaries. 6 The Rnancia! Times Limited 1994. All rights 
reserved. 

The FT-SE 100, FT-SE Mid 250 and FT-SE Actuaries 350 indtee*, the 
FT-SE Actuaries Industry Baskets and the FT-SE Actuaries AH-Share 
Index are members of the FT-SE Actuaries Shoe Indices series which 
are calculated in accordance with a standard set of ground rules 
established by The Financial Times United and London Stock Exchange 
in conjunction with the institute of Actuaries and the Faculty of Actuaries. 

"FT-SE" and "Footsie" are Joint trade marks and service marks of the 
London Stock Exchange and The Finandd Times Limited. 


FINANCIAL TIMES WEEKEND- NOVEMBER L9/N OVEMBER^ 1994 


LONDON STOCK EXCHANGES Dealings 


Details of business done shown bekm have been taken with Consent 
from last Thursdays stock Exchange Official List and should not be 
reproduced without permission. 

Detafcs relate to those securities not included in the FT Share Information 
Services. 

Unless otherwise Indicated prices are in penca The prices are those at 
which the business was done In the 24 horn up to 5 pm on Thresday and 
settled through the Stock Exchange Taifsmsn system, they are not in order of 
execution but in ascending order which denotes the day's Wriest aid lowest 


For those securities In which no business was recorded In Thursdays 
Official List the latest recorded business in the four previous days is given 
with the relevant date. 

Rule 42(a) stocks are not regulated by the International Stock Exchange 
of the United Kingdom and the Repubflc of Ireland lid 

t Bargains at spedai prices. $ Bargekis dona the previous day. 


Lasmo PUG 9%96 Nta 1 889 (Br £ Var) - £98% 

(1IN094) 

Lawk (John) PLC 10%% Beta 
2OO8|)BrCiaOO31OO0a) • £105,1 
Umta (John) PLC 10%% Beta 2014 
(Br£1000at1000tXg • £107% 

UHte krtamaflarci B.V. fl%96 Crw Beta 
2004(Reg In Dans J5UM) - SI01% 

Lloyds Bank PUC 7%9* SubonJ Beta 
20C:;artVariou8) - £86^ 


AvtM PLC 10% 96 Urra Ln Stk 9VW - £100 

|11Na94) 

Awn Rubber F1C %99i Cum Fr» Cl 
BAT taefcofttew PLC AOU (til - $!■*% 

Bin PLC ADR (4.-1) - 56.72 fMNaW) 

BM Group PLC 4Jlp (Nei) On Cum fieri Prt 
20p - 03% M6NCI34} 

BOCGtoud PLC ADR (1:1) - *11.87 (18N084) 
BOG Group PLC: 3.8% Cum 2nd Prf £1 - 48 
(16NOM 

HIP PLC 7j5p$W0 Cr ™ Cvm Hori Prf 10P - 

BrnncSutn - tisreo94i 

Stt Sra A d A £0 Uftwtatron- £1l%$ 
Bark etf WHtos PLC 13%% Subwd Uim Ln 
Stk 95/97 - £88% (14No94) 

Banner Hamas Group ' PLC OW 1 0p ■ 108 
(15No94) 

Barclays PLC ADR (4:f ) - *38^85 
Barclays Bank PLC 16% Una Cep Ln Sth 
2002/07 - £134% (10NO04) 

Barton Group PLC 735p(NoB Cnv Rod Prt 
25P-S1 

Barton Group PLC 338% Cum Prt £1 -40 
(14N094) 

Bordon Group PLC 11 25p Cum Red Prt 
2005 lOp - 97 

Barings PLC 896 Cum 2nd Pel Cl - 88% 9% 
(16N094) 

Barings PUC 9%% MoevCum Prt £1 - 107% 

% 

Bomato Expkraflon Ld Orel H0J31 - 225 
Bow 3 WaBaco Amok) Trust n.C Orel 2Sp - 
E20(1SNo9fl 

Boss PLC ADR (2111- *18%$ 

Baas PLC 10%% Deb SBe 2B16 - £111% 
(15NO04) 

PLC 7%96 UrH Ln Stt 92/97 - £97 
Battoys PLC 109b Cum Prt £1 - 98 (14No04) 
Bwgwend-yAS ’B* Non V%r Sh3 W15 - 
NKI44 6J» .126 Jn % 6% 8 
Bbrrtng n am kteshbua BuMte,) Soc 9%96 
Perm tot Beartna 3 ho £1000 - £88 % % % 
Btoe Clreta IndteMriM PLC ADR (1:1) - 54.8 
43 

Booker PLC ADR 14:7) - JMS (1114094) 
Boots Co PLC ADR (£11 - £18.76 


Bradtord 3 angtoy BuOeSng Soda*y11h% 

Perm Ir* Bearing Shs £10000- £110 % 

Bradford 3 Btoflley BuHdtog 3oO«lyl3% 
Perm H Bowteg Sta C1DOOO-. £122 % 3 
aadtoid Property Trust PLC 10%% Cum Prt 
£1 - 122% 

Brant townauanaf PLC 9% Cun Rea Prt £1 

- 88% (1SNa94) 

Brant Waber Group PLC WTs to Sub lor Grd 
- 0 % 

Brans Waftnr Grotto PLC V» Rte 2nd Cnv 
Red Prt 2000/2007 £1 - 8 
Beam Waller Group PLC 84% 3rd Nan-Cun 
Cnv Red 2007/18 £1 - 1 % 

Bridon PLC 8% 96 Urn Ln Stk 2002/07 - £77 
(16N094) 

Breton PLC 7%96 Uns Ln Stt 2002/07 - £85 
(SSN094) 

Bristol Water PLC 8%9n Cum tort Prt £1 - 
104% (1BNaB4) 

Bristol Water Hldgs PLC On) £1 -986 90 
Bristol 3 Wea BuUbig Society 13%% Perm 
tot Bonrteg Sbs £1000 • £122 % % 3% 
Brttanrtia BuBdSng Society I3K Perm Ini 
Bearing She £1000 - £1 18% % 9% % % 
Bnttsn Abwaya PLC ADR (10:1) - S61% 

Bnttah Alcan AtomMum PLC 10%% Deb Sib 

2011 - £108jl$ 

British FMbns Groe^i PLC 5.5% Cnv Red Pri 
£1 - 64 5 (15Na94) 

British Lend Ca PLC 6% Setoord tort Cm 
Bdsffli)- £91 (I5N094) 

BrHtati Petroleum Co PLC 8% Clan 1st Prt Cl 

- 79 

British Petrcfoum Ca PLC 9% Cum 2nd Pri 
Cl ■ B8ll4No94) 

British Steel PLC ADR (10:i| - 524.74917 % 

JB .85 

BrWsti Steal PLC 1 !%H Deb Stk 2016 - 
£117.7 % (15Nal)4) 

British Sugar PLC IO%96 Red Deb Stt 2013 

- £113% (15No94) 

Broadstanor Htdgs PLC 4296 (Firty 696) 

Cun Prt £1 -52 

BrownfJohri) PLC 5%9b Sac Ln Stt 2003 - 
£75 (1 1NoB4) 

Bulgm(A.FJ & Co PLC On) Shs 5p - 83 
(14NoS4) 

BUmer(HPjFSdg3 PLC 8%% 2nd Cum Prt 
£1-103% 

BuhnarOLPJHklgs PLC 8%M Cun Prt Cl - 
110 

Bund PLC 7% Cnv Uns Ln Stk 96/97 - £100 
()6No94) 

Bumah Costal PLC 6% Cum 2nd Prt £1 - 
60D8NO94) 

Burmah Castrol PLC 7%96 Cum ReW Prt £1 • 
88 %$ 

Burmah Costal PLC 896 Cun Prt £1 - 74$ 
Burtai Group PLC 8% Cnv Uns Ln Stt 199W 
2001 - £83 % .29 5 

Butte Mntag PLC 10% (Nor) Cnv Cun (tad 
Prt 1994 IOp-2% (18NO04) 

CESC Ld Eqirity RulQ - 208 10 (15Na04) 
Caffyns PLC 6%% Cun 1st Pri £1 -68 


Caflyns PL( 
(15NoM> 


PLC 8%96 Cun 1st Prt £1 -66 


Caifyna PLC 10% Cum Prt £1 -110(111*04) 
Cambridge Water Co Cons Ortf Stk - £8850 
(1BNo94) 

Capital SCouiUM PLC 9%% letMtgDeb 
Stk 2027 - £102% (11No94) 

Carlton CommunieabQna PLC ADR (2rl) - 
S28%(1SHoM 

Caritan Corfu l u crtoatksrs PLC 7%K Crw 
Subord Bda 2007(Beg £5000) - £136 7 
Cotorptlar Inc Srisof Com Stk 51 -166% 
Comentorto W:C Wta In Sub tar Ord - 17 
Centex Corporation Shsof Com Sft *025 - 
820% (16*4004) 

CheltenlNtoi & Ooueantar Bertd Soc 11%96 
Pwm tat Baerteg Shs £80000 - £1 128 .85 
3% (16No94) 

Oty SOo Estates PLC 555% cmr Cum Rad 
Prt £1 - 86 flSWMl 

Ctayhflha PLC 9L6% Subord Cm Una Ln Sft 
2000/01 - £94 (10NO94) 

Coastal Corporation She of Com Stt S&33 1/ 
3- SZ7% 

Coats Patena PLC 4%% Una Ln Sft 2002/07 
£83$ 

Coate Patons PLC 6%% Uns Ln Sft 2002477 
-E80 

Coate Wyefla PLC 4J8% Cun PrtCt -61 
Cohen(A) & Co PLC Non.V ■ A* Old 20p - 
600 (1574094) 

CommardU Union PLC 8%% Cum M Prf 
£1-98% 

Commerce Union PLC 8%% Cum tod Prf 
£1 -99% 

OteOprahm Bank PLC 925% Non-Cun tort 
Prt £1 -106 

Cootacn Group PLC 4.9% Pfd Old 50p - 32 
(14No64) 

Cooper (Frederick) PLC 6Jip (Nat) Cnv Had 
Cun Pig Pri IDp -S4 
CouteuMe PLC 696 CUn let Prf Cl - 60 
(16NO04) 

Coutacfda PLC 5%96 Uns Ln Stk 94/98 - 
£94% (1816094) 

CoutaUds PLC 7%N Una Ln Sft 2000/05 - 
£90 

Oautwhta Ctoffang Brands Ld 7%96 Cun 
Prt Sft Ci - 73 (iiNo94) 

Covenay Bu*ang Soctaty 12%K Perm totar- 
•ai Boartng She £1Q0L1 - £112% 

Ddy Man 3 Genwal Trout PLC CM 50p - 
£13% (HNo»4) 

□aigaty PLC 4^5% Cum Prt £1 -68 

(1GN<i84) 

□abenhans PLC 7%% Uns Ln Stt 2002/07 - 
£80 (1GNJ94) 

Dobmhnms PLC 7%% Una Ln Stk 2002/07 - 
£ 86 % 

Delta PLC 10%9«0eb Stt 95/99 -£100% 
(1116094) 

Dewhurat PLC Ord 10p - 92 
Otxnna Grot* PLC ADR » 1) - S3 (15Na34) 
Dow Carp Cam Stt 91 -1654% flSNa94) 
Ecfpse Bteids PLC ChrtSp - 6 
B Ora MtotogAExploratton Co PLC Ord lOp - 
537 (18No94) 

BrtWlniUedori) PLC CM 2Sp - E4%$ 

Emess PLC B2Sp(Nal) Cnv Cun Red Prf 5p 
- 66 7% 8 % I15NOB4) 


HFtegJSKia -S63SK42B.93 7 8% 9 % % 
30 381 .1 22334 5 5 l> 8 8 388 7.803 
8% 0 JE7 SI 40 .055 J1 J314 37 1 1 .1 
.17 .17 % A .71 2 JH .411 % JB JBi 3 
3%%%44JJ1%S35!5 JB4 J28 0 8 
.4 % 78.1 .1 .35.56 .714 50% 2 J1.65 3 
%%J6S24%S£36 7-15 8>< 9% 
B02S3 1% .8298 2.131 % 3 3 JB % .48 
-««%j985 4>2%55%%X545^».0 
8 % % .725 % 7 % .57 57 8 
Guns Dtaney S C A. Shs FR5 0 Depositary 
Receipts) - 102 2 4 8 9 10 
Euro Disney SjCA Shs FH5 03r) - FR8% J5 
4SJS5 J9347 0 

Euroumei PLC/Eurotunnd SA Unta (1 EPLC 
Ord 40p 3 1 ESA FRIO) (Br) - FR22.17S 
(14N094) 

EuoturvKf PLC/Euratunml SA Units 
(Sleovam Insoribei* - FR22.1 .4 ^«s jsa £ 
Euotunnel PLC/Euotunral SA Fndr 
WtaflEPLC 3 1ESA WmoSei forUnto) - 

£1393 14 FR11&44 DONaB^ 

Eraotumel PLC/Euratunnel SA Fndr Wta 
(Skovam Inscribed) - £0.09279$ 

Ex-Lands PLC WmO lo aub for Shs - 21 
ExcoSbwr Group PLC 1 1596 Cun Prf £1 - 
107 (16N094) 

E x pkyaflon Co ftC Ord Stt: Sp - 235 
fVnt Chicago Corp Com Stt 35 - Sa7% 
(14No94) 

Brat Natlanel Bitadtog Society I1%96 Rum 
tot Bearing Shri £10000 • £39% (14N094) 
Rrat NaHonrf Rnanca Cr»p PLC 7S6 Cnv 
Cum Rad Prf £1 - 122 (15NO04) 

Fbons PLC ADR (4:1) • S8 (T4ffaS45 
Ftaorm PLC 5% % Itos Ln Stt 2004/09 ■ 

£88% 011*394) 

Fletcher Ctalanga Ld Ord SML50 • SN4.16 
4.16245 p 137 (15N094) 

FtSeaB Group PLC Ord 5p- 42% (IBNoSfl 
Fata PLC 9.1% UMa Ln Stt 95/2000 - £97% 
Ragman Estates PLC 13A546 latMtgDeb 
Stt 2000AX) - CTOB (191094) 

GKN n£ADR(l:1J-S10%(16Na94j 
GN Groat Name Ld Shs DK100 - 0KB50 
aT.ChfloGroanh Fund Ld Ord KL01 *532% 
(l*Na94) 

Gates (UJq Ld 4%96 RM CXO Sft - W$ 
General Aoctoent PLC 7*96 Cum tort Prf El 
-92% 

General Aexridw* PLC 8%% Cum tod Pi4£1 
-1«% % 

General Boearte CO PLC ADR (in) - £23313$ 
GUSW & Demdy PLC CW lOp - 85 
Gkno Group Ld 8%U Una Ln Stt 85/05 80p 
■ 49 (14N094) 


Gtaeo Group Ld /%% Uns Ln Stt 0&% SOp 

.48 

Gryriwed tatemaunai PLC to%% Urn Ln Stt 
04/99 - £100 (16N0B4) 

Grainger Trusr PLC 11%% 1st Mlg Deb Stt 
2024 . £105 % (17 No94> 

Grand MerropoUtan KC 5% Cun Prf d - 53 
(14N094) 

Grand MetapoHan PLC 8%K Cum Pri Cl - 
65 (14N084) 

Oeat UrtvarMl Stores PLC ADR (1:1) - 58.84 
(IINO04) 

Graentf s Croup fW 896 Cum Prf £1 - B? % 
9% (ISNorW) 

Graereus Group PLC 11%96 Deb Stt 2014 - 
C1l4il|ISNoe4) 

Croup PLC 0%H tod Una Ln Stk - 

en 

Gnwrato Group PLC 796 Cnv Subord Bda 
2003 (Reg) - £102% 

GnsMufls Group PLC 796 Cm Subord Bds 
2003 (Br) - £100% t!5Ne>94) 

Greencore Group ft£ 95% Cm Uns Ln Stt 
109S-l£135(11No84) 

Gutonesa PLC ADR (£i> ■ S3&.7782 
Gunnsss Flight Global Strategy Fd Ptg Rad 
Prf SadliGtotael high Inc Bd Fd) - S2I 57$ 
GUnneas FDgra GMd Strategy Ft) P^ Her) 
Prf S0C1(U.K.Fund - £28.7 
HSBC Hidgs PLC Ord 8H1D (Hong Kong 
Reg) ■ e?j8808M SH91 % .7884 £ M JH 
.B61627 570188 Z .128927 .15 J7DK 
HSBC Mdgj PLC 1 1^0% SUbord Beta 2002 
(Reg) - £95 108 % 8 9% % 

HSBC Htoga PLC tl.6896 Subord Beta 2002 
(Br War) ■ 009% (15N094) 

HaUaa BuJtfng Sooety 1296 Perm Inf Boar- 
tog Shs £1 peg SSOOOO) - Cl 15% 

Hattin HoMtocis PLC Od 5p - 68 9 
Hal EivjffToonnglHWBaJPLC 555*4 Cum Prf 
£> -82 

Hammerson PLC Ord 2$p - 337 0 42 
Hardy* 3 Hansom PLC Ord 5p - 2S3 60 
Hardys 5 Hinsons PLC Ind 496 1st Mg Deb 
Stt - £41 (15NOS4) 

HasHo Inc Shs of Com Stt 3050 - 
*31. 139/8 (I4N094J 
Heraies Inc Sria of Com Stt ol WV - 
Sl17% (15N094) 

Hewitt Croup PLC 10% Cun Pri Cl - 90 
(1SN°94) 

Hil 3 Smith KHgs PLC 14«6 1st Mtg Deb Stt 
2O0CWU ■ £118 

Hormea Profeerikm Croup Inc Shs of Com Stt 
S055-28 

Hong Kong Land Kdgs Ld Ord SO. TO (Ber- 
muda Reg) ■ SH19.752 (15NS94) 

IS ramalayan Fimd NV CM FL0.O1 - Sr 7% 
17% 17% 

Iceland Group PLC Cm Cum Red Prf 2Gp - 
128.19 % 

(nauattU Control Santcea Grp PLCQid lOp ■ 
12) 4% 5 

toll S»ck Exchange of UKSRep ol irtjd 7%9t 
Mig Deb Stt 90795 - £99 (1 lNo94] 
tosh Ula PLC Orif b£D.10 - 1£1 88 p 183 a 
Jartkna Marheeem Hkige Ld Ond SO .25 (Hang 
Kong Register) - $H82 A 575 
Janttoe Strategic radgs Ld Ord *0.08 (Hong 
Kong Regreter) - SH27.6 .7642 
Johnson Group Cleaners PLC 75p (Net) Cnv 
Cum Red Pri lOp - 123 5% (18No94) 
Johnfltpn Group PLC 10% Cum Prf £1 - 95 
(|1N<]84) 

joneSLSlroudlHdge) PLC 10% Cum Pri £t - 
123 

Korea- Europa Fund Ld ShsODR to Br) SO. ID 
(Cpn 71 - $4187% 4250 
Kvaamer AS. Free A Shs NKI250 - 
NK274.177 5.3 .7965 

Lttlbroke Croup PLC ADR (1:1) - *2.48 2% 
253 |16NoB4) 

Loral Secunttea PLC 9% IW Mtg Deb Stt 987 
2001 - £101% (16N094) 

Land Securtttea PLC 6%% Una Ln Stt 92/97 
- £95 

LASMO PLC 1D%% Deb Stt 2009 - £103% 
kjetrowe Plonnum Unas Ld Ord ROjOI - 78 
Leeds fi Hal beck Bidding Society 13%% 

Perm tot Bearing Shs Cl 000 - £121% % 2 

4 

Leeds Permanent Btattflng Soctaty 13%% 
Perm tot Bearing £60000 - £129% 
Lawn(John) PLC 5% 1st Cum Prf Stt £1 - 57 

(11NO04) 

LawBfJahntPsrtnershlp PLC 596 Cum Prt Stt 
£1 - 57 (15N094) 

LewsMohnjPartnershlp PLC 7%% Cum Prt 
Stt £1 - 75(1551004) 

Lombard North Central PIC 5% Cum 2nd prf 
£1 - 48 (16N094) 

London Securities PIC Ord Ip - 2 (14Nattq 
LanrhP PLC ADR (1:1) - *251 .53 
Lookers PLC B% Cm Cum Red Prf £1 - 107 
MEPC PLC 9%% 1st Mlg Deb Stk 97/2002- 
£100% 

MEPC PLC 10%% let kritg Dab Stt 2024- 
£112%aiNo94) 

MEPC PLC 8% Uns Ln Stt 2000/06 - £93 
McCarthy 3 Stem PLC 8.7596 Cum Red Prf 
2003 £1 - 88 % (10N<j94) 

McCarthy 3 Stem PLC 7% Cnv Una Ln Stt 
99/04 - £70 

Mctoenuy Proporttea PIC 'A' Ord HOI. 10 . 
£0056 

Manchester Strip Canal Co 4% Perp 2nd Mtg 
Debs(Rad-£40 

Mandolin Oriental totem u l ton i d Ld Ord S0.06 
(Hong Kong dag] - £0% 8H9.53923S 
(14N084] 

Marks B Spencer PIC ADR (8:1) - S38.7 
(18N094) 

Mteshdle PLC 10% Cum Ptf £1 -100 
(16NOS4) 

Maaten.Thompaan 3 EversheeJ PLC 10%% 
Deb Stt 2012 - £108% (16No94) 

MedBVD PLC ADR (4:1) - *10% .99963 1.105 

% 

ManaosfJann) PLC 9% Cum Prf £1 -86 
(11Mo84) 

Msdisit HeW Group PLC 8%% Cm Uns 
Ln Stt 9WD4 - £80 4 

Mtotand Bank PIC 14% Subord Uns Ln Stt 
2002/07 - £121% JOS (16No04) 

M*el Corporattm Com 9a of NPV - £2 2 
(14No9«! 

Mata too Shs ol Ctass A Oom Stt *005 - 
S38J3S (111400$ 

NEC Finance PLC 10%% Dob Stk 2018 * 
E119A . 

NFC PLC 7%% Cnv Bds a0078Reg) - £90% 
1% (14NQMI 

NMtonfll MeeSctf Enterprises toe Shs ol Com 
Stk *OX>5 - *14 (16NO04) 

NaBond Power PLC ADR (I0c1) - *81 % 
National Weotrrtnotar Bank RC 9% Notv 
Cum SO0 Prf Sera ■ A 1 £1-103% % % % 

4 

Manorial Westmfe inter Bank PLC 12%% 

Setoekrt Uns Ln Bft 2004 - £1 18 
Newcastle Butting Soctaty 12%% Perm 
toterast Boattog Shs £1000 - £1 15 
Noway Group Id 5% Cum Prf £1 - 52 
Nowlori.Ch8n*ws 3 Co Ld 3J% (Frnly 596) 

1st Cum Prf £1 -60(15NoS4) 

New «C 7%-A- Cun Prt £1 - 87 (11N084) 
Next PLC 10%*B* Cum Prf SOp - 48 
( 134094} 

North Suray Water Ld 4% Dab Stk - £40% 
(11NOB4J 

Northern Foods PUS 8%% Cm Subart Beta 
2008 (Rad - £88 

Northern Foods PLC 8%% Cm Subord Bds 
2008 (Br E Via) - £85% fl6No94) 

Northern Rode Buttfng Soctaty 12%% Perm 
tot Bearing Shs £1000- £116% % % 78 
Ortts PLC Oxl 10p-2l% (T8Na94) 

P 3 O Property HaMtogs Ld 8% Urw Ln Stt 
97/99 - £83 (16No»4) 

Pacflc On 3 Bedrtc Co Shs of Com Stt *5 
- 522.3 

Panther Securities PLC Wte to sub far Ord - 
14 5 6 7(1814004) 

PraUand Group PLC On) 25p - 165 9 
(ISNoM) 

Pearson PLC 9 J% Uns Ln Stk 88/2001 - 
£100% 

Reel Hietes PLC 9%% 1st Mtg Deb Sft 2011 


Pad radgs PLC 525% (NeQ Cm Cun Non- 

WgPrfCI -85 

Pttridne Foods RC 8p(Ne0 Crvn Cnv Red ftf 
10p-B3 

PUtroOna BA Ort Shs NPV (Br In Denom 1^ 
3 IQ - BFB360 425JM 30 B235 

PlantaBOn 3 General Invs PLC 9%% Cum 
Red Prf £1 -94 

PortsmOUth&Sunderiand Newspe- 
persPLCil 6% 2nd Cun ftf £1 - 125 
(16NO04) 

PagtaeBramst Ptattoums Ld Ord R0.Q25 - 
*8% 8% P 520 

Pewto tt Pu fty w PIC 4%% Cum Prf 50p - 24 

RmwGen PLC ADR (10:1) - *80 (18N0S4) 

Premier HeeOh Group PLC Ord Ip - 1 % 

ILEAHWgs PLC 9% Cum Prf £1 -80 
(1GNo94) 

RPH Ld 996 Uns Ln Stt 96/2004 - £94% 

RTZ Corporation PLC 3425% "A" Cum Prf 
£1 -48 (IGNoDd) 

Bocal Bectrontas PLC Aim (El) - STS 

Raefc OegantsaBon PIC Mm (J;i) . *13 


too Shs of NPV - SX409 


re.CS%%CunPW75p-36 


Rtvenlew Rubber Estates Berhad SM 1 - 
RMZ7% p 700 (15NO04) 

FkxStoie PLC ADS >$0.15 (iflNoBq 
RopmrPLC H%% Clan PM £1 - 110 
(15Ne>94) 

Royal Bank of Canada H Bond Fd LdPlg 
Rad Prf 8001 - *11727$ 
RioseKAtaswietar) PLC 5.75% Cum Cnv Red 


3 Shs Of Com Stt of NPV - *13% 

& SaaecN Co PLC ADR fti) - ST% 


SraacN A SaatefB Co PLC 896 Crw Ura Ln 
3tt2O15-£«7O(15No04 
Safratxryg) PIC 896 tod Una Ln Stk - E82 


r Hold PLC *B* Ord 5p - £40 (14NoM 
rode Hdgs RC 7^5p pile* Cm Own 


Rad Prt aOp - 48 (16N094) 
kantronlo Hdga PLC 5.7596 Cnv Cun Red 
Prf £1 *55(1681004) 

Eehdl PLC 5% 96 Cnv Clan Red ftf 2006/1 1 
Cl - 780 

Eeottish & NwrasUe PLC 4*% Cum Prf Cl 
-67(l6NdM) 

leottMt ft Naweadte PLC 042S96 Cum Prt 
12%9t Deb Sft 8012 


Seagram DMBara «JC 1 

^saosgu 


12%9t Dsb Sft 2012 


Sears PLC 4.9% (Fmly 7%) 'A'CumFWCI • 
84 (14NQ04) 

Seem PLC 8-75% (Fmly 12%%| Cum Prf £1 - 
95(15NQ04) 

Saws PLC 7%% um Ln Stk 92*37 - £86 
11614004) 

Severn raw Crossing KC 6% toefcx-Ltoked 
Deb Stt 2012 (6S4496) - £118 (1414004) 
She* TrarisportftTrarttigCo PLC Ord Shs (8r) 
25p (Cpn 183} - 707 (lINdM) 

Shopnu Ftoanea (LBq PLC 7^75pffW Cum 
Red Prf Shs 2009 - 71% 2 8% 4 
Siefdw Group PLC 7%9f Uns Ln Stk 2003/08 

- £80% (14No94) 

800 Group PLC 1196 Une Ui 8ft 82/97 - 
£100 (11NO04) 

Shptori Buidfrtg Society 12%% Perm bit 
Bearing Shs £1000 - £117% % 

Smith New Court PLC 12H Subord Uns Ln 
Sft 2001 - £101% 

anrtti (WJi) Group RjC 5%94 Red Itoa Ln 
Stt £51% 

SmilhMtoe Beecham PLC AOfl (5:1) - 333% 
.89 (15NO04) 

SmtorKltoQ Beecham PLC/SmUMtoa ADR 
(5:1) - S3 1 ^51 % % 

Stag Fumftre Hidgs PLC 1196 Cun Prf £1 - 
S5 

Standard Chatered PLC 12%% Subord Una 
Ui Sft 2002/07 - £1 13 % (18NO04) 
SutcWteS peaH m an PLC Red Cun Prf 
£1 -0O(14NO04) 

SwartUohri) 8 Sons PLC Ord 2Sp - 427 
(15No04) 

S<m(Jahi4 ft Sons Ld 8J96 CUm W £1 - 
100 (MMo94) 

Symoneta Engtoeertng PLC Ord 3p - 33 5 
T fi N PLC 11 %S Mtg Dab Stt B5/20OO - 
Cl 03 (14No04) 

THFC {todenee* Ld 585% todax-Untad Stt 
2020(8.7018%) - £121% 2% t!6No04) 

TSB Group PLC 10%% Subord Lfl Slk 2008 

- Cl 07 % 

1S8 Oftahora tov Fund Ld Pig Rad Prf lpCMI 

EquRy CtaB$ - 225.7299$ 

TSB onshore tov Fund Ld Ptg Red FVt 1p(UK 
Equty Ciasa) - 30049 (1 INo94] 

Tate ft Lyle PLC ADR (4:1) - *27% (16No94) 
Tate ft Lyra PLC 6%96(4J5% plus ten eaed- 
iQCun Prf El - 68$ 

Toytar Woodrow n.C0%9t lot Mta Deb Stt 

20 M - £88% 

Tasco PLC ADR (1:1) - 54.05 
Tasco rec 4% Uns Deep Disc Ln Stt 2008 - 
£62^625$ 

Thai Prime Fund Ld rag Red Prf 3001 - 
S18.B I11N094) 

THORN EMI PLC ADR (1:1) - S15l7 (|4NoS 4) 
Tops Estates rec Wea to sub for Ord - 18 21 
(14N004) 

Trafalgar House PLC 7% Uns Deb 3tk £1 • 
63(16No34) 

Tratalgar House PLC 8% Uns Ln Stt 94/99 - 
£91 (16H094) 

Trafalgar House PLC B%96 Ura Ln Stt 2000/ 
05- £91 

TraUgar House RjC 10 %% Uns Ln Stt 
20014)6 - £94 7 

TraSort Para Eatatee PLC 1!%% 1st Mig 
Deb Stk 2007/10 £109% 

Transatlantic HoMtoga PLC B 6% Cnv Rrf£l 
-91 2 

Traneoort Devwopnuni Group PLC 8U% 

Uns Ln Stk 83/38 - £86 fl1No04) 

Unlgate PLC ADR (VI) - 35% (16Ne«4) 
Unfgata PLC 596 Uns Ln Stk 91/96 - £85 
Unlgate PLC 6%% Uns Ui Stt 91/98 - £96 
urauoup PLC 7%» Cum Cm Red Prt £T - 

62 U M 5Nf04) 

Unaew rec ADH «rt) - *7053 
Unton totemaUand Co PLC 6% Cun Prt Stt 
£1 - 59 9 (1614004) 

Unton totemanonaJ Co PLC 7% Clan Prt Stt 
£1 - 60(18No94) 

Untsys Carp Com Stk StLOl - £7 
United Kingdom Property Ca PLC 8%96 Uns 
Ln Stt 2000/05 - £88 (14NO04) 

Utnty Cable PLC Warrants to sub lor Old - 
17(1SNo94) 

Vaux Qrrato PLC 4%% A Cum Prf £1 - 46 
(15NO04) 

Vauc Group PLC 9375% Deb Sft 2015 - 
£103% (14N094] 

Vtdwrs PLC 5% CUmfTu Free To 30p)Prf 
Stk £1 ■ 65 (I1N0941 

Vodafone Grom PLC ADR(10:1) - S33% h % 
%% 44 

WaddtogtonUohn) PLC 4296 Cun Prt £1 - 
80 (1814004) 

WdimrfTIramas) PLC Otd Sp - 29 (14NoSM) 
Warburg (S_Go Group rec 7%% Cun Prf £1 
-87%$ 

Wntmaijghstndfta) PLC6%96 Cum Red Prf 
2008 £1 - 100 (15N094) 

WeUcams PLC ADR (Trt) - S1CL37485 % .4 
Weds Forgo ft Corrpany Shs of Com Stt S3 - 
*145% (flNo04) 

WIMbtead PLC 5%% Ind Ura Ln Sft - £S7 
(1 1NO04) 

Whitbread PLC 7%9i Uns Ui Stt 95490 - £82 
% (10NO94) 


wmtbread PLC 9% um Lfl Stk 97AQ01 - 
£100 

WNftrand PLC HFjH Urn U Sft 200006 - 

£l03(llNo94) 

WMRB HUga PLC 10%K CUn Prf £1 > 116 
(16N094J 

WlbCuroon Group PLC ADR Prt) - 
£11/355 

Wyevuto Garten Oentraa PLC IL59* $ta* Crw 
Cun Red Prf Cl - 15* C1®to9$ 

Xerox Carp Cam Sft 81 -5103% 
Yukshlra-Tym Ten TV Hdgs PLC Wta to 
sub lor CM -2301 

Yuta Cato 3 Co PLC 11%% Cun Bed Prf 
1998/2003 £1 -106fH»M4) 

Zambta Cemxftaud Copper Mtoee UPB’ 
□MK10-210 7 


Miscellaneous Warrants 


Peribas Capital llwiwta Group Ld Sra D Put 
Wta ratgFTBEIOOtoefeK 20711^6 -C1B. 18 
^15No04] 1 


Wtart»g«43jaTCFLCCH Wtt OKAt 

m uKB5*ataWB6- Boa* tiwm 


■ MuMsoRUIWtatb«ubtarOi%-£aoi. 

. (fie***) . 

N.WJ'.-Lttarf 

' tMkmd Parfetog^otp Ld Oid Up - £0» 
•- (11NO04). ; . . •, ->_4..,- 

r0ni«re«3PtC Ordftp-jaw ttfS3»- 


iSv < 

n 


USM Appendix 


PaoBJc Meda PLC On} fp - 1% ?f2 

Pan Andean rta eo uo a a PCCOrt lp.- 


Bdos PLCOrd iCto -307%$ 

FBO Htadtogs PLC Otd K&60 - CL87 
Gtebs Mm PLC Ordasp - 430 40 (1SNoB$ 
MUand ft SootOdi. Ranucss PLC Old lOp > 
1 % 2 

Total Systems PLC Ord Bp -33 


' fta r p a tu a Hi s twy i CKttmMtaj&ndtar 

. ItaMta-eiAIMfTANq**) 1 ' 


•r .. - 


ptiptfraMMOOtaitn ukGnroth - ^ 

*8^88117$ - , . 

Rangn Football Ctab PLCCWWp^EOJB 
3a»MH«rtkQmJd4M<Wtt-'B3% ■ : 

~ (15No8$ • - - - r- . 

■ssgs^ ai s s i r^ 

Sexridsh PiVte radgs PLC Onllpp~.aL4 . ■ 
Moot hdrefitas PLC^OW Re* . 

■ -aL03‘ ■■■'„ '!;■•■ " ‘ ; 

S)tap)wdN98ULa'X*<WQVeU. • 
04NOM.' :.r • 

Soutti Green Hdgs PLG OkI lp - ‘EOunm . 

paMM) - . V -.-v . 

Southern Mewapapeas PlC GW CtHftL3B 

f43CWt*«4 • -j." 1 

SurToy ftne tons Quito - £0 .48$ 

Sutton Htabour radgs LdCW2Sp-£li- 
(TINoOO : ... 


Investment Trusts 


Rule 4.2(a) 


AManco That PIC 596 Prt Sft - £50 
(1114004) 

Bade GWnrd Japan That PLC Wta to Sub 
Old 8ha - 98 D5No94i 
Bans Gfflord Shfn Mppm PLC Warrants to 
sub tor Ord 2000 -71 (ISNoSK) 

Butters towstmartT^atPiC 3596 CUm Prt 
Sft - £49 (16Nc$4) 

British Asssla Trust PLC 'A* 5% Prf 
StMCum) - £50 O INoM 
Briton Aosta Trust Pu5 EcpjHJee Indax ULS 
2005 lOp • 149 52% 

Broadgate hwdmsni Ttua RC Wta to Sub 
tor usd - 51 (15NaD4) 

Capital Gaorlng Trust PLC Old Z6p - 455 


Advanced Maria Systems PLC. Ottf £1 - 
£1JS 1J7 1 JO (flNadfl 
AMcan GoU PLC OR) Ip -«M» 

Am SteM Qrawary Co U Od £1 - Eft* 
(IflNoW) • 

Am Street BroWory CO Ld Oat Red 2nef "Prf 
£1-£8LS(I9N09$ 

ArttenrfFootbafl CMb fftCOrd £1 - £425475 

6OOaBNo0$. • 

Aa aofl taM d BrtBsh toftatttes PLC 0rt£1- 

EL35 

A»N«ga Trust PLC Ord £1 -C&t5{15No94) 
Ann Group PLC Old lOp - 8L23S 0258 
02575 (ISNCflfl . l 

Barclays irwntment FetoeSCi) Stattig Bd Pd 
- £04214 OGNoM 


Ctamente Korea Emnrgtng Growth FuidShs 
810 (Hag Lw}- £82278 *13 13% 
EA4jurgh toverfnwnt Trust PLC 5% 96 Deb 
Stt 1090 - £87 (!6No94) 

Finsbury SmaSar Ctfa Trust PLC Zero Ota Prf 


' yjt v *' . . . . 

. - 

J:' • - V 


ifc:' 7 ;.. 

J.r'fv, . 




Baytrad 3 Co PLC 11^% Cun PlTCI - £OM - (TINoftO - 


■:y"i 

w;- 

V , 

*£y’‘ 


rlsiifi?; Mercanao tov Trust PLC 3 j 6W Cun 
Prf Sft Ci -5e(lENo94) 

Gstetore British toe ft Grth Tat PLGZoro DMr 
ctand Prf lOp - 99 

Gutmore Shared Equity Trust PLC Soared 
Ord toe lap - 90 

Govett Strategic tov That nC 10%96 Dab 
Stt 2018- £108% (16Nt®fl 
HTR Japonare Sn wl ar Cute Trim PLCOrd 
2Sp - 105% 8 % % % -56 M J&7 
to vratara Cmpirn Trust PLC 7%% Deb Stt 
92/07 - £85% 

JF FfcdgeaM Japan Ld Warrants to arte tar 
Ord-46 %7 

Lszard Setoct Vrv eap neni Treat Ld Pfc Rod 
Prf 0.1 p GMM AcMva Fteld - £1304 
P6NOS4) 

Lazud Setae* tovesteiwit That Ld Pig Rad 
Pit O.lp U.K. ACttn Fund - miJ7 14JB 

pINoOe 


BruvMta HoldtaBB PU> CM Bp - £0% Ml 
(UNO04) . 

Bramaftma Industries PLC TOW Cm Us'.Sft 
1B»-£91%tiaMo04) 

Buttress Europem Bondftand Pig Rad W 
Ip - £91272$ 

Channel Wands Coma (IV) id Ort Gp - £089 
021 (1BNo9$ 

Charincei/Chartahara Ctartnoo Dtstr - £1/837 . 
(14N09fl 

ChUlaM Raid Man agement PLC Ord 1 0p - 

£1.36 1.6{11Na04) 

Cotater Irtac PLC Old 2Sp - f3L2 (IINaee 
Country GoRtans PLC Ort 25p - OL53 0J55 


Lszard Sstara tovosimert Ttust LdPte Rod 
Prf Mp UX Ljqiad Assets Fund - £10 
(1114004) 

London ft a Lawrence hreatment FLCOrd 
Sp- 1S3 60% 

Merohancs Trust PLC 496 Ferp Ddb Stt - £42 

(11NO04) 

MorganGrerataLaOnAimrCO'S TstPLCVWsto 
sub for Ord - 58% 

Now Guernsey SeeuOes Trust Ld Ord 2£p - 
101 3 (1TN094) 

New Ihropiorton Trost(19Sa) PLC Zero Cpn 
Deb Stt 1998 - £71% (1JFto94) 

Northern Indust tmpravTYust PLC Old £1 - 
500 (16N094) 

Paribas Free** towsttnart Trust PLCSera 
*B* Warrants to sob tar Old -17^(1 8No04) 
Schrader Korea Fluid PLC Ord SLOT (B(| - 
Si5(i8Ne»q 

Scottish American tovastmant Co PLC496 tod 
Deb Slk - £40nflN0B4) 

Scottish Eastern few .Treat PLC 4%% CUm 
Prf Sft - £48 (I1NO04) 

Scottish Eastern few Tmst PLC »%% Dab Slk 
2020 - £105& % (15Nc94) 

Scottish Investment Treat PlC 4£59t Cum 
"A" Prf Stt - £66 (15NCS4) 

ScaUWi bwasttaanC Dust PLC 496 Parp Dsb 
Stt - B4Ori6Na04) 

Scottish National Trust PLC 896 Cun Prf £1 - 
7O(16Na04) 

Scottish National Treat PLC 1096 Dob Sft 
2011 - £103% (1SNO04) 

Shkas H^-YlekSng Sr* Cert TWWta to 
Sub tor Ort -86$ 

Sphere fenwst m en t Treat PLC Revised War- 
rants to sub tar Ort - 3 (l-lNnM) 

TR Smtatte COmpantas few Dust PLC 10%96 
Deb Stk 2016 - £109% (14No34) 
Thragmomn Trust PLC 12 6/1696 Oeb Stt 
2010- £120%$ 

Wigenore Property kwasmanl Tst PLCWta 10 
SubfuOra-25 

Wltan fenresttraot Co PLC 6%96 Deb Stt 907 
95 - £98% 

Wltan Investment Co PLC 8% Deb Stt 98/09 
• £99% 


aa&ManegementPlCCMIOp-ES .. 

ikSr tavro PLC ibp -mi7 O4N0B4) 

Dot Valey Light Rslwsy Ld Ord £l -KL8 : 
(!fiNoS4) 

Dotson Hdga PLC Old lOp - GftSS . • 

De Qntct$ (Abratwn) Oo Ltd Old 20p-E1% 
R4NaB$ 

atoe (BJ PLC 7JSX (Nd) Cnv Cum fted Prf 
£1 - £1.28 (T5Na04) 

Engiah Churches Houatog Group Ld2%% 
LnStk- £12 

Fhe Arrow Ld Old £1 (Br) - E&36 fl3No9fl 
Furtong Homee Group PLC Ort 10p-£1 
UJ2a(15No9$ 

Gander HoIdkigB PLC CM Ip - SOJ086 
D5No»0 

Gusrnaey GesUght Cold Ord 10p- £099 
C18N094) 

Guameey Press Co Ld {W. lOp - £1.83 
(14NoS4) 

Hantarae Amd ManaoereCCi) Japan Puid - 
S4S«mNo0$ 

Htaow Dedtoated Insurenoe Fund Ora 80p - 

Cl%$ 

Hydro Hotd Eastbouna PLC Old £1 - £34 
(15No94) 

I E S Group PLC Ortl lOp - EftM f15No04) 
Jenntogs Brae Id Ord 2Sp'- £2 (1414004) 
Jeretaiga Bros Ld 8%% Cun W £1 - C0uB7 
P4NO&Q 

MebMort Bensoi$nO ftaid Mm Oantfnsntaf 
Borepean Fund - DM2.129 (UINa94) . 
Netowort Bensanftnl) Fuid Man Enwgtog 
Makete Fund - £18/38 &Z78 (1414004 
KMwol Bana « i$4) Pin) Man tot too UMa 
Bond Fd - BU87 (1MO04I 
KMtWOri B a ns onlra) Fend Men KB Git Raid 
- £14318392 (16N0S4) 

KMktwoit BmaonCtoG Fiaid Man M Equly 
Gwttr toe - £283$ 

Lancashire E ntapitaos WJO Otd 6p- £1.77 
D5No9$ 

LteMitetoe PLC Onl lOp - £1 V (14NoM 
Lawrte Group PLCOrd £1 - £28 (187)094) 

La Rfcho's Stores Ld Old £1 - £205 207 
(18N094) 

London HdudteyTVmt PLC Ord Ip-- 
OLQ2750J03 

Marae ft Orereses PLC Old 5p - HUWW13 
(111400$ 

Mtertlit radpa PLC CM 10p r B0JD337S 
(11Ne>94) 

Muhiaan Ld Old Idp - £0Jn D4NOB4) 


ftaNo9$ . 

TitDtfftrPLCorasp-auas 
Tntotar NatworiePLCOrt. £1 -£84,0 'V 
Tmraanae Technotogta a AC,Ottkip'- nag 
O-flfLoewe ••• - . 

Urban torts PLC Ord 2Sp-£D^7fl6NaOiQ 
Untowd PLC Ord Wttjfr- O «{I8 No 0$ 
VDC PLC Oral £I r B<*1 4.12 
Warioug Aaoat Manogmant JenmrManwy 
toil Gold ft Ganstal Fd -*ljB4 
Wsektarbum Saouttaa PLCOrd£p-fiat2 
(t6No0$ ... 

WaataUx Ld *A* NtaLVCM 23p • £10$ . 
W n a t mount Shergy Ld Old lOp 7 £0.14 
Winchester. Midi Meeia PLCOrd 5p.-£QJ 
. (18NO0$ 

W oodU a am PLC Old £t - £88.(144 aM) 




e.-.m 


RW£2.t«M : 

Baraakw movleod bi Mcarfttos (not 
laBng wHhin Bute 2A Wfl) ) where 
the ptfdpol market to outaid* the 
LHC ant* Repubflc of Ireland . 


Aujt Fbunetodontov85 " 
Bank Eset Aohi H335.1708J17 


BuMt SemMnreng 8*308(18.11) . 

.Cepe Range <2 A*X4B15(1111) 

Oaraaur Mining **047784(14.11) 

CXy Devetapmems 3*8^00844208 . " 
DevneASO^MS - 
Defter Btpfcntoan FliRta 
HaomaMhWBsL17fM.il) 

Hunts- Rseouross ASO5048S$ff Ml) _ j 
HyewiDoveHS20LlJ8Da.il) 

Kftnghal Mthorta CM RM3JS11D4.il) 
KuRm VOmj Ord Rag fM3.78lD4.1i) " - 
Net O eobonics i-ftdBS C4J2D5.T1) 
QtSearoh35L0D8.11) 

Petabore l/Mig FZ7B(i4.ii) 

Pelroiaun Sees Auat 83D4.11) 

Pretoria hBntog FL93.10^4903eL95JM 
Regd Hotel radgs HS131787D5.11) 
SWengar Oooonats RM4.73(16.11) 
Singapore Land S$8Jn 25 - 
SHrer Comma SK448u44D8.il) 

Uhl Overseas Land SI2J066G2 . ’ 

WteitCora21A*a4335 
Washington NaHond Corp $21%$ ‘ 


Of PWmtoataa of Km fttedt Bnlwriga CH^cf 


THE 


DAVID 

T HOMA S 

PRIZE 


I*:*- 


■wwWl 


■’ 5 


David Thomas was a Financial Times journalist killed on assignment in 
Kuwait in April 1991. Before joining the FT he had worked for, among 
others, the Trades Union Congress. 

His life was characterised by original and radical thinking coupled 
with a search for new subjects and orthodoxies to challenge. 

In his memory a prize has been established to provide an annual study/ 
travel grant to enable the recipient to take a career break to explore a 
theme in the fields of industrial policy, third world development or the 
environment. 




306 ait.*-' 




The theme for the 1995 prize, worth not less than £3,000, is: 
DOES FREE TRADE THREATEN THE ENVIRONMENT? 


Applicants, aged under 35, of any nationality, should submit up to 1000 
words in English on this subject, together with a brief c.v. and a proposal 
outlining how the award would be used to explore this theme further. 

The award winner will be required to write a 1500 to 2000 word 
essay at the end of the study period. The essay will be considered for 
publication in the FT. 


CLOSING DATE JANUARY 6 1995 


7%96) Cum Prf Cl - 


Applications to: 

Robin Pauley, Managing Editor 
The Financial Times (L) 
Number One Southwark Bridge 
London SE1 9HL 


r *3 3«- , 


a* 


V;.- ^ 





' H . ,. 




™ AiNC 'ALT.M ES 


WBlsK END NOVEMBER 19/NOVEMBER 20 J994 


****** *EPQRt 


LONDON STOCK EXCHANGE 


1 W"'t, 


<•>- P “ 

:v ' " i * <.1 |9H ' 


. : .~n->fl'£ 

’ «. i . - *. •.:•■•*■■ 

ik'.< ■ - 


fs ii i 5 *■ 




l 


/ Ji'liP 1 ** 


, 

,L; ' 


!h;i» t'.'-'H 10 - 


• 'J* ^ 

uM w . : 

. , pr^P‘- 

■ i *■ • 

'»*'*■ ..if 

fci> 


U1 K- 


1 9*5 


. . « 1 

<» n.**- 


H'tlK 


£>t;t 


Equity market bolstered by corporate deals 


nvse-4 An-shw« fatdox 


By Steve Thompson 

Another burst or « 

Plus renewed sa i n j riK,rate activity, 
to galvanise a 8 ?^ 01 g,lts * 
ket shotS^ siiS n f? n ^ mar- 
week of outaSSL? stram «*«■ a 

Aerospace\ b, jaunch tS BritIsh 

rights issue to L. ? £535ra 

increased o{fer for vsel th d ? 

marines maker 5“' the , sufa ' 
LVMH. the Frenrh d . the Sale b V 

manuCacture/S- = j £l? ury Eoods 

in Guinness Th J P * r “ m stake 
market's atf L ii V ca P tur ®d the 
Td KS 0n at the ^tset. 

be pSX^f r T n r fUSedt S 
revision in domestic' ? «P wa rd 

■ Mstfor Stock* Yesterday 


interest rates in the UK to help sti- 
fle inflationary pressures. 

The FT-SE 100 index closed a net 
3.5 higher at 3,131.0, extending the 
rise on a highly successful week to 
one of 55.1, or 1.8 per cent Tfce 
second-liners once again underper- 
formed the leaders, with the FT-SE 
Mid -250 index finally 1.0 off at 
3.575.6; over the week the 250 index 
has risen 39.1. or 1.1 per cent 

Mr Rob Buckland. market strate- 
gist at Nat West Securities, said the 
UK market had overcome one hur- 
dle in the Fed move to increase 
rates, but that be was yet to be 
convinced the Fed had done enough 
to convince markets. “The UK mar- 
ket wants to go up but the US bond 
market remains the key. Mr Roger 
Barker, equity strategist at UBS 
preached caution; "The budget 
could contain more dangers than 


positives for the market than it 
thinks.” he said. 

There was general satisfaction 
around the City’s dealing desks 
with the recent sharp increase in 
turnover levels following the spate 
of special one-ofT deals. Turnover 
yesterday expanded to 750.8m 
shares, with double counting of 
LVMH's sale of a 4 per cent holding 
in Guinness accounting for 146m 
shares and another substantial 
series of bed and breakfast, or tax- 
related trades at the outset respon- 
sible for over 32m shares. 

The 100 index began the session 
around 5 points easier and looking 
queasy after another uninspiring 
performance by Wall Street over- 
night; an initial bullish response by 
the Dow Jones Average and Trea- 
sury Bonds to Tuesday's 75 basis 
points increase in the Federal 


Funds rate, has given way to a 
mood of depression in the US with 
equities and bonds under persistent 
selling pressure. 

But with institutions said to have 
been queueing up to buy the Guin- 
ness stock on offer - LVMH's move 
has been expected for many weeks 
- the market quickly gathered itself 
and moved into plus territory as 
soon as the placing, worth £32Sm, 
was completed The deal was exe- 
cuted by UBS, the Swiss-owned 
stockbroker, via a bought deal 
which was said to have earned the 
broker just over £3m. 

The tuning, but not the content. 
of British Aerospace's increase bid 
for VSEL came as a surprise - deal- 
ers said any move was not expected 
until next week. GEC is now expec- 
ted to return with a potentially 
knockout blow. 


VSEL shares raced higher in 
anticipation of the gathering bid 
battle, but Aerospace suffered from 
the fund raising move. 

For the rest of the session the 
market was content to mark time, 
shrugging off the poor opening by 
Wall Street, where the Dow Jones 
Average was down around 20 points 
shortly after trading commenced. 
Two hours after London dosed the 
Dow Jones Average was showing a 
fall of more than 40 points. 

Dealers in London were not 
overly worried by the losses across 
the rest of world markets; “As long 
as gilts are ok we should be One.” 
said a trader at one of the big Euro- 
pean securities houses in London. 

The head of trading at one of the 
UK securities houses said he expec- 
ted a sell-off in the futures markets 
to attempt a sell-off on Monday. 


1.625 v 

1.600 

1.575 ~Y - 

1.550 — \ kr 

1.525 - -I \ 

1,500 

1.47S' A 

SoursarFTttspMB 1984 

■ Key Indicators 

hotfices and ratios 

FT-SE Md 250 
FT-SE-A 350 

FT-SE-A All- Share 
FT-SE-A AD-Share yield 
FT Ordinary index 
FT-SE-A Non Fins p/e 
FT-SE 100 Fut Dec 
10 yr Gat yield 
Long g lit/equity ytd ratio: 


EqunjrSharas Traded 

Trancver by woJuma (n>fcon) Ewaxvng: 
•ntra-marha business and menaaa turnover 
T.OQO — 



357SL6 

1570/) 

1554.22 

3.91 

2407.0 
18.79 

3140.0 
8.80 
Z23 


EQUITY FUTURES AND OPTIONS TRADJNG 


at 

ASDAOiourt 

«*oy Nattwiarf 

ABwtFtow 
ARcd Domacqf 

Angton Water 
Aibo# 

ArmBCroupt 

ArfcWlWra} 

Awk. Bra. Fwxfct 

Asaoa Bra Ami 

BAAf 

BATM&.t 

BET 

HCC 

sr 

Brew#. 

Bit 

BTRf 

Bank d Scoa»*jf 

£3* 

SZS”** 

Boast 
BOMUWt 
Bra. Aeraspacaf 
BriUdiMmnyst 
British (last 

Brttah Land 
Bntwi snort 
Buna 

Bumrfi CastrOf 
Bulan 

CUfeAMef 


va Ooi,n.j cra> a 

— P- Xe iJiob 
'33 ~ 

trw etu 

•■MO 4 : 91 , . 1 . 

ajoo 4 

>.«w M S '.- -at, 

*» 405 -1 

■’M Hi -o 

’.B00 

1 IDO J8I . s 

MB 574 .,7 

^80 

2.50; -05 .,3 

<J 00 41 M ,3 

CAOO 105 

177 3M 

JO 7 734 ,1 

6.100 425'- ,,1, 

».’r» 310 

3.000 291k .it- 

9400 »5 -1 

m Ji 6 -1 

3.0X1 602 -1 

1.700 536 *S 

512 31 1 ^ 

198 412 11 

1J00 5'2 -2k 

MS jm 

8 JOO 446 -19 

1.700 386 -1 

3.400 300'i -2 

292 3 9 Q 

3.000 ttis'i -ik 

IBS 167 

S3 849 -3 

MOO 7|l- -ik 

3 .600 386»j Jj 


Csffliuv Sdraappmt ?,600 443 


gwfcwt 37B ms ,z 

Caritan Comma, t 442 BSOk ,ik 

Caste M)*ila 533 201'- -i: 

Omit Unkmt SB4 S32 -1 

£“**■> 882 345 tS 

Coutauldst 109 449 .1 

JWpWV ^ 386 424 »! 

Os La Bust 178 101 6 <4 

““»» . SJ300 186*2 -k 

E«temBsc«.t 1200 «m -4 

East MUsnd Etacl «0 688 ~z 

Bactiocunpa 217 474 ,1 

EnaCNnaCters 883 355 48 

E««prt»OIT 366 380 « 

Euotunnal UnSa 312 259 -4 

FW 1.300 1EG -2 

Hsona - ijBOO iso 43 

Foreinr 8 Cci. LT. 782 73612 -‘j 

»^rt«it 742 232b -1<a 

Gwl Axktmtf 658 571 -1 

GenarriBacLt 3JOO 287 12 43 

Gtect S^OO 613*2 -34 

GBytiwed 1^00 346 -t 

Qunadst 729 S26 46 

QrandMstt 3J00 408 -2 

QUSt 488 68412 -llj 

anet saoo ias»j 43 ^ 

GKNt 753 638 43 

GuSnesat I48d000 466 -9 

HS8C(75pahet 2.400 766>2 *1*2 

Hammeraon 1 341 

Hunoont SJDO 233 +2*2 

n ante u im OrnMH 1,70 0 T6Z -2 

rtna taoo 361 -2 

HRMonrn 376 177 42 


Comm. Unkmt 
Ooefcaon 

Coutauldst 
MBW 
Os la Rust 
Dam 

Eastern Bsct-t 
East MUsnd Eject 
Boctrocnnpa 
Eng China Clays 
Enterprise Oif 
Euotunnal lints 
FW 


K3t 

Incftcapat 
Jobaon UaUigy 


Gtact 

Qlyinwed 
Oraiadot 
Brand Matt 


Lonmo 

Ul±33 

MEPCt 

tin 

Usnuob 

■AUU SSlMVteft 
MicKmds Elect. 
Wcmaon (Wm.) 

MFC 

NjftVrrS Bank! 

kanonsl Poaart 

T4M 

Nnrih Wat nwert 

Morifam BxcL 

Nonfwn Foodst 

Mryweo 

■’sanont 

PiOT 

Ptknjayi 

PowmOmt 

Prudamiat 

nuci 

wit 

RoctV 

RanhOrat 
Redon £ Coanant 
RodUnlt 
Read Ud-t 
RernoMt 
Reutant 
flou Royoet 
Ryi Bk Scntbndt 
Royd Imuancert 

wniwsf 

Scottish 3 Maor.t 
ScoL. Hydro-Becx. 
Scottish Powert 
Searet 

Sutswck 

Seaboard 

SauamTiamt 
Shal Trtewuorrt 
Skbef 
Slaugn EM 
SnMh(WXJ 
SrrSh A W e pneut 
EmMBeMhonit 
SmN Boechom Ua.t 
&mflhe aids. 

Southern Bcctf 
South wran Beet. 
South West Water 
Southwest. Beet. 

Southern Water 

Etendstd Chart&i 
Bmahixns 
Sun Ateot 
TIM 

T* Qroupt 
TSBt 
Tarmac 
Tats & Lyle 
Taylor Waadraar 
Tmcot 

Thames Waterf 

Thom 04ft 
Tomtdnat 
Todlotoor House 
Ureoste 
Unhurt 
Lintted Btecutsf 


VoL Ctaong Day's 
MPa crk» cnrmpe 

ZJMH 103*2 4*2 

2.700 209 -2 

1.100 403 -1 

598 140 -a 

338 018 -10 

U00 400*. -2lj 

78 776 -0 

B37 141 .2 

1.700 175 -1 

X9QQ 531 ‘j ,2k 

3.700 511 

423 254 -l 2 

1.700 554 -6 

106 B21 -5 

368 314 ^ 

113 8i? -3 

1.100 608 -8 

22C 630 -2 

470 188 -1 

1.500 582 -2 

1.500 323*2 »3 

107 1000 *2 

IMP 881 -0 

348 231 

874 410 -7 

1.800 678 *4 

1.400 487 ^ 

341 790 4 

1.000 237 *1 

1300 482 -3 

5.900 183 -*2 

1J00 457 48 

820 280 +1 

1.000 431 -3 

3 1418 «5 

763 514 46 

602 333 4t 

3.000 364 +4 

2300 108 4*2 

8JXU 148 43 

707 425 -11 

SI 568 -2 

2400 707 

EB6 S71 46 

42 227 

531 468 44 

330 148 

0500 430 *2 

4,600 385 +3 

622 468 -1 

834 807 -9 

36 816 -6 

182 601 -3 

164 786 -3 

160 587 -9 

1.800 294 -10 

867 218 

U00 338 

411 224 -1 

38 375 

970 230*7 +3 

3800 128 -1 

58S 444 -*z 

1000 127 

ZSOO 260 -1*2 

1.200 484 -3 

332 994 +C 

(LBOO 234 46 

7£00 83 -1 

524 357 -6 

828 1138 46 

3J00 328 411 


Stock index futures did little 
more than mark time in dull 
trading volume, making few 
attempts to lead the cash 
market, either up or down, 
writes Jeffrey Brown. 

The FT-SE TOO December 
contract was 3140 when pit 
trading came to an end. up 4 
points. On the week the 


December contract has risen a 
net 62 points. 

Volume was again flat with 
10,236 contracts traded, 
against 10,522. At the official 
4:10 close, the premium to the 
cash market was 10 points or 
three points more than fair 
value. 


■ FT-SE 100 IMMEX FUTURES (UFFE) 05 par M index perm (APT) 

Open Satt price Change Htgn Low Era vof Open n. 
Dec 3134.0 3140.0 +5.0 3149.0 3128.0 11239 54603 

Mar 31S2J) 3156.0 +4 j5 3158.5 3152.0 12SS 4767 

Jun 3177.0 +46 0 145 

■ FT-S£ Mfl3 850 INDEX FUTUftES fUFPE) £10 per hi) inQa. pt*» 

Doc 3562.0 3587.0 -8.0 3592.0 3562.0 28 4185 

M FT-SE MP 250 INDBt FUTUHES (OM 1 X) CIO p er tut inekct point 

Dec - 3585.0 0 

M opan inter Ml npurm are lor prevloua day. 1 Exact vokana shook 

■ FT-SE 100 INDEX OPTION (UFFQ r31301 CIO pa Ml Index potrn 

2950 3000 3050 3100 3150 3200 3250 3300 

CPCPCPCPCPCPCPCP 
tor 181 131 81 31 19 69 119 169 

Dec 203*2 13 162 21 12312 33 88 49*2 58>; 72 38*; 102 23k 137 * 2 12k 178*j 
Jan 231*2 33 104 45*2 156*2 5B* 2 122 1 ; 76» 2 92 95*2 70 124*j 48* 2 155 35* 2 193 

F8b 247*2 40*2 211 53* 2 174*: 87 145 B7*z 115 108*: 02 136*2 71 166*: 53k 200*2 

Jtnt 239 91*2 200 131*2 ISO*; 181 107*2239*; 

Cab lljnohb 4990 

■ ElfflO STYLE FT-SC 100 WDEX OPTION (UFFE) CIO par hJ Index point 

2975 3025 3075 3125 3175 3225 3275 3325 

Mar ISO*; 100*2 SB*: 0* 2 41*2 91*2 141*: 19lk 

DBC 182 17*2 1*1 k B 105*: 41 74*2 60 49 84 29* 2 114*2 16*2 150*2 9 192*2 

Feb 205*2 34*2 168 46*2 136*2 64 t&2 B4 83 109*2 81 137 « 70> 2 31*2 206*2 

Mir 200b 7? 139*2 109 82 156*2 57 222b 

Junt 245*2 99 187 137 U /*2 1B4 97 239*2 

Clb 2.055 Pib 3jG87 * IMMyrng Mar rakie Prtmtms -harm am Msad at nHenenl pflcea. 
tUnsbHd «pky mb. 

■ EURO STYLE FT-8£ M»D 2SD WDEX OPTK3W (OMUQ CIO perftil mde« poinl 

3400 3460 3500 3560 3600 3650 3700 3760 

Dec 96*4 48*4 60*2 72i 48*4 !01*« 

Caia 0 NsO SMtismert pdcaa and atm are Won a* 430pm. 


FT-SE-A INDICES - LEADERS A LAGGARDS 


1.400 

mb 


Ifodoforef 

5UJOO 

207 1? 

-0J 

BIB 

447 

+2 

WtetwofHfct 

1/XXJ 

688 

+3 

84 

S74 

-6 

WaBcanot 

739 

683 

♦3 

870 

474 

-1 

wssfeftvuBtar 

78 

683 

-7 

103 

503 

+1 

Wsaatat Want 

328 

314 

-1 

4.100 

184 


tHHtfareaitf 

1^00 

551 


1200 

005 

+1 

W*Bame M«J89.t 


388 

+3 

507 

718 

*4 

WMsCanrxn 

2.100 

153 

+9 

168 

438 

-1 


4.100 

132 

-1 

1JXD 

S3 ff 

*4 

Wotootorf 

81 

732 

+4 

8300 

5S5 

+6 

YottaiWra EteCL 

133 

738 

-7 

1500 

148 


Yotaflto Water 

170 

539 

-6 

103 

710 

-a 

Zonocat 

1*0 

8BB 

+T 


Land Bocuftont 1 J 00 003 41 Vwaamo Wrigrut X *0 368 +3 

Laperu 507 718 -4 WbaConuon 2.100 155 48 

Logar&Oenmft 168 438 -1 WbW , 4.100 132 -1 

UcryOB AK»w 1+000 S» *t *M* ao rt 81 783 *4 

Unytta BankT 3^00 505 +6 Yqriobre Eject. 133 738 -7 

LASUB 1300 145 +*j YorfcBWB w*nr 170 539 -6 

London Bera 193 719 -8 Ztewcat 12® 888 »T 

BieM a BidBi •dteat B> • ideaba M naja ucunha dtek nnagh ta BEMmlwi itMinliv od 430pai Imdat 
Dl an abkn ■ awa are raamhO obml UMbba 01 n-tt 100 MW nrabiara 


Pnconaga changes 

+• ■ + »-■-+- . 

Dj^nrenm, rtnPW . ■■ ■ ■ 

Prhann. Paper 8 Pfiko _ 

01 EmiumluH « Proa 

«. kmnnatc — 

Mrwar Edradto — 

Cb cb i hdubic 

ReCbem, Fond 

Badrt** - 

Engbartl 

LbUB&Hotrts 

0uW3b 

Herb — 

Branarte 

FT-SE Sroacao « IT 

n-SE Smacau — 

nwnamttab 

FT-SE NU 2S0 0 IT 


since December 31 1993 based on Friday November 16 


kiiteikM 

FT-SE Md 260 

Sen HamAcaanc _ 

HM-Ftanctais 

Sentces 

Caeunar flooaa .. — — . 

FT-SE-A M-ShuE 

FT-SE-A 350 

Spmk Whin S (Mere 

FI eu Mam He 

FT-a 10 a 

knmtmaal Tnate — — 

UMaa 

SUppon Senftn 

BadnMc 8 Sec Eteb 

»s»iCar« 

Wnr — 


Ownflad kiUM _ 

UTa Pant * ne ca 

G» OMhhdln 

Tiampari — 

ntuauttm 

TW«85 & tffoM 

BenM ... 

BuMtaQ Metctab 

FharcUi 

Mteiaa, Caoem 

THa m a m acawM 

Mcnban B«*5 

Tobacca 

HaaaahW Goods 

keuanca 

tnpmlr 

BuMng 8 Dmanuoan 


— -1JJJ4 

-1150 

-T1JM 

-1118 

-IJ.2D 

-*345 

-1353 

-1192 

— 1452 

— -1556 

-1558 

-1551 

. 1528 

-17 JM 

-1743 

— -2U30 
_ -2027 


FT - SE Actuaries Share Indices 


...The UK Series; 


Oh. Earn. Pit » aq. Total 


NO* 16 


Nw 17 

Hw 16 

HD* 15 

ago 

HA 

pM 

ntita y« 

Baum 

m 


Urn 


wn 


Low 

3131 J) 

+6.1 

3T27J 

31465 

31354 

31063 

4JB 

7m 

IBM 11458 

1189.48 

asms 

2/2 

287*8 

24* 

35203 

7X19* 

9888 

23/7/84 

35756 


3578JS 

35823 

35B0J 

34553 

3.48 

375 

2055 12669 

133357 

41520 

3B 

33614 

27* 

41528 

Wto 

137*4 

21/1/86 

357L3 


3577 JO 

35333 

35632 

3452.1 

365 

623 

1651 125J7 

133725 

41807 

ian 

33BZ.4 

27* 

4180.7 

19/1*4 

13763 

21/1/86 

T57M 

+41 

I5H17 

I57EJ- 

15702 

I54S3 

3J» 

BJ2 

1752 5649 

123333 

1778J 

an 

14S7J 

24* 

77733 

2/2/94 

684J 

14/1/86 

17B0.16 


178MB 

1786£7 

178131 

175150 

330 

AM 

2536 5124 

1364.47 

M9458 

4/2 

1771A4 

7/10 

RB4J8 

4/2/94 

136179 

31/12/92 

1756.71 

+6.1 

17SMS 

17S294 

*748.45 

1731.00 

351 

555 

2307 5325 

137223 

263072 

an 

174166 

iono 

206072 

4/2/94 

136X79 

31/12/92 

1S5L22 

+-0-1 

155362 

156020 

155380 

153112 

391 

6£0 

1601 55.16 

1228.74 

17*4.11 

an 

144SAS 

24* 

17*4.11 

2/2/94 

6182 

13/12/74 


FT-SE 190 

R-SE Hd 286 

FT-SE Hd 2SD ax tea Ttmte 

FT-SE-A 358 

R-SEStetfCV 

R-a 8—Ebi as tea Trash 

R-9E-A ALL-SB4HE 


■ FT-SE Actuaries All-Share 

D&* tor 

Nov IB dW* tov 17 Noa 16 Nov 15 ago 


Oh. Earn. Fit M4 Tb 
ykM ym ratio yU Baiun 


— Since Corep*Woa — 
Ugh Low 


ID MEHU. EXflUCnOBna) 

12 aawtte hdu»feK4) 

IS oa. Wagmbdpl 
IB OH Btfotooo 6 PraXII) 

ai am mmrmimnatun 

21 BuUig & 0onatrodta433} 

22 Btfdng Mans 6 Meretnpq 

23 ChanricaH23l 

24 DhwrfM taducMatena 

25 BadMUK 5 B«a EqulpC341 

26 Enghoartagfn) 

27 Efotettlng, WhWesna 

28 Prwma. Paper S PrtoCM 

29 TaxBw 6 Afframtzq 

30 Eonsatst BOODS(97) 

31 BmMrtaxllT) 

32 Spktts. Wow & OdarsnO 

33 Food ManuteoiBWsca 

34 HousahoU GoodanS 
38 Heram can<2i> 

37 Ptarmacsatictesfia 

30 TMaccoO) 

40 SBNRES(2199 

41 0btt»un(30| 

42 iobrae & WbilfZS) 

43 

44 Ratstiara. FoodOQ 

45 Rdatiara. 6unwaJ|49 

48 awwrt Sattoostm 

49 tonspo^id . 

51 Obar Senifcei 5 artwssP) 

so imuTHSpaj 
62 Etoiwry|17) 

64 lbs DbHUMa 

66 WacomniunleatiowW 

66 Maori 3) 

60 90M4WBaWJP”l . 

70 nMNCUISflM) 

71 Baadund 

73 kmnacaO?) 

74 UfeteamncoW 

75 Mantoit BartoB 

77 Oder RnandUM 

79 PmwWm 

80 pwESraBri mosisfiaq _ 
69 FT-S&A MJL-SHABSB6S} 


2711.76 +0-1 Z709J0 272202 272200 238ft£0 3.48 504 2S07 89^3 1094.79 238201 

y ftjm +1) 383970 388947 3872.78 3133.80 13) 5J9 23.40 966? 1071.40 410765 

2878.70 -0.1 268055 2683.20 2682^1 237230 3.64 5j61 22.19 8044 110536 27B246 

1878JSS +03 1873.10 1873.79 1872.B8 189980 221 t t 3903 108630 200843 


+03 1894.48 1907^6 189613 1887.10 

104017 105710 105111 113950 

+0.4 167210 109219 IB8929 180110 

+93 231219 2331-99 232908 2111.70 

+95 179319 T820-2B 161117 I9B1.0D 

+01 1091.66 1898.44 189998 204710 

-03 183618 183211 1624.19 168260 

-01 237617 238613 232214 1984.10 

+01 2857.45 285298 2848.22 243210 

-03 1577.46 1573.43 157132 1B7720 

+03 277711 2799.13 2789.10 2747.90 

+4X8 221419 222618 222778 202810 

-01 284617 2877.75 2B64J2 270710 

+0.8 230710 23093) 229617 2207.00 

+45 2384.71 235711 236010 XVM 

-A2 156917 1563-64 156143 168190 

+4L2 308310 311517 311910 304010 

+0.7 3863.17 301311 3842-31 415810 

__ 1935HI 1938.44 1931.48 188M0 

+14 255818 2551.48 2517.84 265570 

+12 206012 206814 207170 1924.60 

-02 2891.47 2902.10 288811 258710' 

-01 1790.44 178741 1792.10 169030 

-0.4 163410 163619 1B32JB 1716m 

1525.41 152663 1531.11 156220 

+01 2Z74.1B 229111 227815 2313.10 

+0.4 12B3.7B 12S7.B7 126018 1202JM 

-04 244914 245414 2448.14 247&1D 

—0.4 258218 2572.14 2S0&75 210420 

-08 200513 201819 201195 213110 

-03 203476 204379 204511 23013) 

-0 7 187024 188228 185081 166060 

+Q1 1873.79 1681.73 167548 1M1.26 

+02 222942 224033 223IUB 22000 

+01 2074.48 293714 2376.06 287510 

+05 124062 124068 124411 1418^0 

+06 239119 238911 241813 259110 

+04 2BEB27 263710 2771.73 3060.70 

-03 16S7.77 190211 188031 1704.10 

-01 1*32-19 143414 144533 169670 

-01 277046 277214 274048 288260 

+OI 1553.02 159020 155190 153112 


4J08 5.17 
311 518 

317 119 
4JB 454 
519 5.11 
197 059 

128 5l39 
422 147 
102 5.40 
439 615 

412 712 
418 7.79 
194 B.BZ 
412 754 
IBS 714 
119 341 
418 617 
558 684 

313 6.49 
358 7.14 
132 4.72 
241 120 
316 017 

129 7.01 
179 640 
171 5,10 

318 317 

418 7.75 

314 912 
BH t 
4.16 7.72 
10* 1114 


413 076 
415 953 
642 074 
5 31 7.76 
161 917 
358 034 
<27 453 
2J3 114 
311 650 


2X39 6097 
24.45 3657 
2317 7057 
2750 7066 
2352 82.76 
1819 6118 
2110 5420 
BOOOT 9254 
21.57 7719 
1712 6129 


97114 2232m 
02050 1569.10 

092.15 238322 
1029.44 25BOC 
928.78 223117 
83217 226318 

106211 2811.17 
116012 251619 
113220 304511 

997.15 202418 


151711121 96416 304816 
1549 6147 99656 246452 
1617 10123 95160 3E2553 
1512 8847 98215 2S0B54 
15.7B 09LSB 36020 2804.14 
4125 4824 924.72 1908.13 
181013107 991 IS 335551 
12.15217.07 aa<66 471816 

1612 6611 95413 2307 J7 
1656 8525 89453 331913 
2453 57m 103441 236062 
2Z43 70.14 100411 3349.11 
1177 5812 107256 1B1429 
17.78 52.78 87616 191917 
1825 38.16 93118 106643 
1115 6711 90163 2S059B 
4112 2163 109214 138956 

15.70 89.76 94657 278133 
124610115 107759 275474 

3119m 936.15 236177 
15.75 50.22 86548 20042 
128 7063 304.88 Z12V8 

1179 5816 118356 167136 

1323 9024 88847 2737.13 
12K116JS 696.11 3S0155 

11.71 Gill B8552 158311 
15. 72127.82 93022 292117 
1112 97.76 B72H 378129 
1414 6495 101520 327916 
2715 45.12 62041 lanaa 

5219 56.16 93253 318411 
1101 55.16 122174 176111 


519 243096 
2/2 365BA 
5/9 234096 
27/4 178440 

2/2 1631.67 
BO 101714 
24/1 17KL72 

an 2268.12 

AS 172110 
An 162642 
2/2 173095 
S/8 209134 
1813 2621.19 
4/2 IStfH 
24/1 249494 
19/1 207117 
24 n 283648 
19/1 209926 
18/2 227186 
19/1 156848 
26/8 2641.70 
7/1 3120.74 
19/1 1648.11 
2/3 245036 
17/2 199418 
trC 267111 
19/1 161114 
4/1 157112 
02 1455.18 
3 n 216554 
10/2 113612 
2/3 210092 
30/8 202412 
7/1 168426 
2/2 188488 
30! 1586.7! 


4/2 2034.74 
4 ft 261177 
24/1 115312 
18/1 218911 
2/2 2S62JS 
4/2 178213 
4 e 1430.73 

an 261686 

2/2 14665 


31/3 200211 5/9/94 

12/7 410753 3/2/94 

30/3 276246 5RS4 

31/3 394410 B/0/90 


98020 19/2/86 
100X00 31/12/65 
96210 20/2/W 
65010 28/7/88 


Hm 308000 22/12/92 
24 IB 246452 19/1/94 
24* 346710 11/5/92 
34* 260014 19/1/94 
V10 289414 16/2/94 
5/10 2D47-49 28/9/87 
1* 418810 14/1/92 
24* 413913 29/12/93 
5/10 2207.77 19/1/94 
5/10 331913 2/2/94 

6/7 238012 17/2/94 
27* 3343.11 17/294 
25/4 223810 28/1/93 
5/10 193414 23/12/93 
5/10 1 sea 43 2/2*4 

S/10 260518 3/2/94 

21/4 245810 16/7/B7 
24* Z7S213 2/2/94 

34* Z75474 30/8*4 
24* 237910 16/12/93 
1* 248110 29/12/93 
27/6 7126.78 3/2/94 

24* 167018 2/2*4 

24* 2737.13 4/2/94 

8/7 360115 4/2*4 

24* 162420 29/12/86 
1* 282117 19/1/94 
4/10 37611B 2/2/94 

4/7 227&3S 4/2/94 

lB/11 213240 5/9/B9 

27* 318411 2/2*4 

24* 1784.11 2/2*4 


97710 14/1/86 
8112 13/12/74 


■ "outer ■no.emw rts^ ^ ^ 

— A122-5 3132.1 3130 

FT-SE too 3574,1 3576.7 3576 

FT-SE MW 250 1Bat 5 15714 1566 

FT- 6 E-A 350 . .Z2T 

7^ 0 ffT-«1«JMBh:8^ L »- :aaE<w 

■ trr^tE Actuaries 350 industry ba»ket3 

■ FT-SE ACBK* opan W t«mo 

1 <UQA 083.7 683.3 

Sdo * Cnutrcn 3050 _ 1 306S.1 30731 

Priamacouficto 1W15 1883J iflBSl 

WOW *110.0 3022.4 3018.9 

Banks 


High/ day 


FT-SE IMS! Win 

FT-SE SmaOCW) 

FT^E SbbBCbp « It* Tib 
FT-SE MW 2SD 


pbbi » ■ ■ w 1 1 

d*u value EauUy BecUon.w gn# date vefcie Egufty eeclkxi or | 

01/12/92 1000.00 FT-SE MM 260 W tor Tluib 31/12/S5 1412.60 Water 
S 1 /t 2/62 1383.79 FT-4S&A3» 3t/12ffl5 682JM Non-Rnanctato 

31/12/92 1383.7* FT-SE TOO 31/12/63 100000 FT-SE-A M-Share 

31/12/85 1412-50 BocWcBy 31/12/80 1000.00 Afl Olher 


rT-nt — - 31/12/85 1412.W BwwKsty ainzfflo iummm wwr 31/1200 iuuo.uu 

FT-SE MW 250 .^p+.eg^aateaSSOMItoMeiltotooytoLontoawiEwtoioeHitoiiwR^AaucawAl^elntoanditoR-SESmaaCnpindo. «uvnp**l 

to FT-8E 10 a W ^jSLIrL wltii be Mte» irf Actuwii* end aw Ptots 0 ! Aenwtee under a aandaid a* of 90 m) nba. C The Memetionpl tod. E«1 ubi9b <V bw Un««J Hitoam and 
fw-klTVnra LBritod. Three Untend 1994 AI IMN9 iBMWtet fT-ST and “ftwteto" era tore trado mk) Old acraen mam* el the London Sue* ErCJiuvjn nnd T)w Ftrisrcal Ti 

q—+T Ol kntand Un»diSWtP ' ^ ruiM V91 j a than 60 era noi ton. t VHuav tn rugHwe Die 04 to toraBa n 4 tadueum Told RetunE Me tosa vatea 13 1CU? Mm* ■'vi2'03 

LmmL Amber 1 *** *** o»>ra>u , r- 


0 9B3£ 8842 98 42 9639 +03 

2 3063.9 3066.4 3063 7 3068 1 +7.6 

8 1851.7 1857.7 1857.7 1870 5 -12 8 

5 0007.2 30I&8 3018.3 30122 +&1 

Bah Base Base Base 

up date value Equity necbon or croup dale value 

23/12/89 1000.00 UK Kit* toOkw. 31/12/75 100.00 

lOAi/62 lOtXOO Indm-Unked 3U/4^2 100.00 

10/4/62 100.00 Deba and Lorae JVltm 100.00 

31/12/85 1000.00 

MucrnAI-ltoe Into and italT-6E SmdGae meo> Jt uompted bi tub 

1 nto 0 to Wwne8onol Socfc EaritengB ol BW Unae-J hjn^dam ond 

1 and Mnnpa manu ol tha Lcndon Sloe* EjCttmgn nnd to Finpocol Taw* 
^Ddueuen Total Retume Me tosa «akn ia l(M? 3.1 m « '11/12*3 


dale value 

31/12/75 100.00 
30/4/62 100.00 
31/12/77 100.00 


Guinness 
active on 
placing 


Turnover in spirits group 
Guinness jumped, to a hefty 
N6m, probably a record but 
certainly the highest total for a 
single day's trading in the 
stock for 7 years, after French 
luxury products group LVMH 
carried out its long anticipated 
move to reduce its 24 per cent 
stake in Guinness by 4 per 
cent. 

The sale carried out in the 
form of a bought deal was exe- 
cuted by UBS which placed 
72m shares at 457p, at a 2.5 per 
cent discount to the market, 
with a variety of institutions. 
The placing was said to have 
taken around an hour and the 
securities house is believed to 
have taken a turn of 4Vip on 
the deal to earn around £3m. It 
was thought to be one of the 
biggest ever bought deals car- 
ried out by a single house. 

This is the second time this 
month that UBS has executed 
a sizeable deal having placed 
78m new shares in Forte two 
weeks earlier. 

Shares in Guinness relin- 
quished 2 to end at 466p, while 
a two way puB in hotels group 
Forte left the shares VA lighter 
at 2 &lp- 

BAe bid 

The VSEL takeover saga, one 
of the stockmarket's most 
widely followed special situa- 
tions. sprang to life with the 
submarine maker surging 77 to 
I475p following a counter-bid 
from British Aerospace, which 
tumbled 19 to 446p on the 
move. 

The market buzzed with 
speculation on a further round 
of bidding by GEC with best 
bets among analysts centring 
on a move upwards to 1500p 
cash. They also believed Sir 
Arnold Weinstock and his 
team would move soon - possi- 
bly before the December 7 
deadline for a statement on 
VSEL from the Office of Fair 
Trading. 

BAe's new offer, 3.3 shares 
per VSEL share, puts a value 
of just under I472p on the deaL 
It has backed this with a cash 
alternative that matches the 


B & Financial 

ymtpaa 

fafuro |r1cc* 

[grautum 

geiupal By 
ia ooeeas++u- 
jkm perform 
sbJius, toctocuiafr 

modeling. praciBWdm nd kite nxac— 

.15 YEARS OF HISTORICAL PRICES TOR 
CASH. FUTURES, OPTIONS AND 
INDEX MARKETS. 

Su YEARS OF FUNDAMENTAL INFORMATION 

on over HncouMoames 

Similar hi tee lufoniuiian found ia Ihc CRB 
CunmaJily Yea, Bor*, ike tibie' of (he 

futures indurirv la iddiiiua hi 

tuuncil date. CRH InluTreh aba prandaiUAy 
price upifcuca oi KR -Ounce, Kdghi-Riddci^ 
nllni( 'ipenfksUy .trgjjp'rd la 

■k.<*nk»l uid import cod+rf+by prion 
■limxly I mo your dauhme. 

FN FORMA HUN. BuuUee Vikil 
KR House, 7S Flai Sara. Lanka EC-TY IHY 
TeL «-W(Oi ;j w:jiw 


ORJF 



Sovereign (Forex) Ud. 

24hr Foreign Exchange 
Margin Ending FacSHjr 

Comperitivc Prices 

Doty Fax Service 
fet 071-931 9186 
fine 071-931 7124 

42a Bvckkightm Un toad 
London SW1W OEE 


Canadian pacific limited 


Canadian pacific luoted 
PEBPLTUaL4% CONSOLIDATED 
DEBENTURE STOCK 
NEW BRUNSWICK RAILWAY COMPANY 
4>V DEBENTURE STOCK 
CALC ARY 8 EDMONTON RAILWAY 
COMPANY 

4* DEBENTURE STOCK 
In picpanlioa fur Lhc payacni of ihc balf- 
rcufy anaaB due Jauaiy I JAK- ae it above 
Sriucto. At Tnamfct huoto wj| be dased B.U0 
p a. •-« DcMraber 2 l‘M4 and will he rc- 
opeoed ue hul) J IW. 

DR.KEAST 
Deputy 5 coeust 
fiZ-r.1 TthIjIqu SipaG 

bmJun WLTN 5D Y Mnmba ig |V94 


NEW HIGHS AND 
LOWS FOR 1994 

NEW HKMtS (40t 

raw (1) BANKS tl) asms B*oa VJtea. 
BREWERIES HI Regan; fonv BUKD8M 4 
CNSTRN (1) VmwUnL WSTRJBUTORS (31 
MaUcn. Tntost V.-±aam ELECTfWC A 
ELECT SOUP (3) HMKi-Pschxd. Magnuni 
Pt»er. MaurDla BUNEERtNQ fe| Bnynas (Cl 
Lhcnt Petxw. VSEL Cansomn. ENO, 
VEMCLES D) Honria. EXTRACTIVE *03 (* 
Angla AmoiKan. Anjtavx*. OwsLa Cora., krfKia 
mnm WVESTMCNr TRUSTS FI 
Mn/ESIHENT COMPANIES D) HEDM |1) MM) 
Buaasn. OIL OCMMAUON R PROD Q Cam 
Envoy. Cnaadw. OTHER FINANCIAL C9 
esnawon Fund Afocra. JUteer Tyntftt OTHER 
SERVS A BUSKS (41 An^o-Eoti Plante., FtottN 
Ornanveiy, Rowe Ev ans. PRTNO, PAPER & 
PACKS (|) SjteX PROPERTY H Ourtw 
House. Green (E) S Part.. SUPPORT SERVS (1) 
tiamu Posl water Ml Soun Sob. 
AMERICANS (9 Ascot; LabcnEorauL Artier. 

Cyanarnd. Dau Cemra SOUIM AFRICANS Dl 

Tongaal-FMeR. 

NBN LOWS |4Q. 

BUHJMWQ A CNSTRN |* Ariawide. Couuryride 
Props.. GaBHML Rrgera BLDD MAILS A 
MCHTS (3) Expldura Lostun (JL CHEMICALS 
Ml Meoofoct Irera. DtSmBUTORS Ml (tanM. 
ELECTRNC 8 ELECT EOUP (1) Pnasra. 
ENBMEaviW K &t3sfi rtera. ntp At. OBE 
IM, Hm^son 6Vip Pit 91/03, Mains. 
EXTRACTIVE INDS (Q Emperor Mnaa. FOOD 
MANUF Ml earta tow CL HEALTH CARE PI 
Associated NursJng Sovs.. INVESIMBfr 
TRUSTS « LEISURE ft HOTELS (1) Pnm. 
MEDIA Ml WMGO. OH. EXPLORATION 8 PROO 
(1) Comand Pwatom. PRTNO, PAPM 4 
PACKS (1) Bemrose. PROPBnY R 
OmuHoid. Chasterm ML. Derwere Vco*y. 
UEPC. MountvHw Esra. otvea. RETAILERS. 
FOOD tV App toy VMKnoitL RETAUR& 
GSIEHA1.« Ry+iQHriMra. Pnriridge RmArtx 
Slpm. SMUTS. WINES A ctaens (q 
Menydonn. SUPPORT SERVS (8 Pegasus. 
KfaTMrffotetetL TEXTHES £ APPAREL ff| 

Bead (W). AMEHKSANS (Q BankAmodw. 

Botiun NY. Dene. CANADIANS 69 BC Gas. 
Dorton k«te. 

existing 14Q0p a share cash 
offer from GEC. Vosper Thor- 
neycroft got caught up in the 
bid fever, jumping 12 to 754p. 

More than 8m shares in BAe 
changed hands but none of the 
other protagonists was heavily 
traded. GEC improved 2%p to 
288p in 3^m turnover. Turn- 
over in VSEL was just 1.7m. 

The first part of BAe's two- 
tier £535m rights issue to 
finance the deal is priced at 
390p, a comfortable 11 per cent 
discount to market levels and 
right in line with the price set 
for BAe's last cash-call three 
years ago. 


BP restrained 

Oil major BP was restrained 
by news that the company had 
agreed to pay $1.4bn to settle a 
dispute over oil and gas pro- 
duction and income taxes 
allegedly owed to the state of 
Alaska. 

Analysts said that after the 
payment was offset against US 
Federal tax it would come 
down to around $900m which 
would be paid over three years. 


■ Engcma a 
amo te 
Toon] cm aim 



PtaOf 

Peel 

Fool 

1/2 to** 


lUllBto 


pood 


w* 

one* 

atom? 


cwn 


0030 

9J3 

1Si33 

1725 

0100 

944 

1002 

1002 

0130 

B.44 

922 

982 

0200 

0.44 

1585 

1787 

0230 

9-22 

1*435 

1727 

0300 

023 

1SJB 

1727 

0330 

981 

1585 

1727 

o+oo 

a IB 

1533 

1785 

0430 

812 

019 

11.11 

0500 

a 12 

825 

026 

0530 

8.16 

9.19 

11.11 

0600 

6 19 

9.19 

11.11 

0630 

a .18 

9.18 

11.11 

0700 

ata 

925 

11.16 

0730 

*23 

1551 

17.43 

OStM 

923 

22.65 

2483 

0830 

985 

29X6 

3087 

0300 

1138 

20X6 

3087 

0930 

27.58 

3041 

3833 

1000 

31.00 

44X1 

46.13 

1030 

33.86 

44 J1 

4013 

1100 

^ ww 

*421 

4&13 

1130 

3386 

4*21 

46.13 

1200 

318Q 

33.41 

3*33 

1230 

27.68 

33.41 

35X3 

1300 

27X8 

3141 

35X3 

1330 

17X7 

29XQ 

3087 

1*60 

!£L38 

20X7 

*9PA 

1430 

1088 

2087 


1500 

025 

2087 


1530 

923 

3087 

22X9 

1000 

1088 

20 97 

axB 

1630 

31X7 

2007 

22X9 

1700 

0660 

2007 

»*« 

1730 

4BJB 

3S26 

37.17 

IBM 

48-DO 

34.70 

3062 


44.60 

47W 

48.77 


40.10 

47X6 

49.77 

mo 

37.43 

47X0 

1&S2 

2000 

27.00 

4031 

4283 


31.27 

34.70 

36X2 

2100 

10.38 

3082 

32.44 

2130 

1D83 

22X3 

2485 

2200 

983 

2087 

WM 

Z23Q 

*23 

1580 

1781 

2300 

921 

1583 

1781 

2330 

820 

989 

1181 

ZW 

820 

982 

0X2 

Pan n 

MteM W 

*“*> t*«4 

w " .red! 





u. ngutriM te 






Is tncan «a praouct i* ■men l» , 
o a carava n (and « w 1 
AMI pod pros ■» MorioMi 
■renY MO drei turn da 4 ly of 


S.I5WP UL+MV » Frt»*r 


The S300m a year bill has been 
allowed for and BP said it 
would not affect earnings. 
However, it is likely to have an 
impact on gearing and US deal- 
ers were offering BP stock as 
soon as the news broke. In the 
UK, the shares dipped lVk to 
425!£p on turnover of 6.1m. 

Rival Shell Transport held 
steady at 707p ahead of a pre- 
sentation to analysts and insti- 
tutional investors in New 
York. The annual update is to 
be repeated in London on Mon- 
day. 

Pharmaceuticals group 
Glaxo slipped 2V S to 612'Ap as 
the company said at its annual 
meeting sales growth was 
weak and also disappointed 
those who though it might 
spend some of its £2J2bn cash 
pile on shareholders. 

The company said that the 
declining growth was a reflec- 
tion of a weaker dollar but 
there was some concern that it 
might have had a more funda- 
mental base. There had also 
been some speculation - fuelled 
by a news-wire report yester- 
day - that Glaxo might either 
announce a share buy-back or 
special dividend payment. 
However Sir Paul Girolami, the 
outgoing chairman, said there 
were no plans for a buy-back 
which could cause problems 
with advanced corporation tax. 

Wellcome gained 3 to 663p 
ahead of a big conference on 
Aids in Glasgow. The company 
has an Aids treatment known 
as Retrovir which has come in 
for serious criticism. 

Red! and gained 8 to 487p in 
modest 1.4m turnover for a 
two-day improvement of 12 as 
attention focused on the build- 
ing materials group's high for- 
eign currency earnings. 

With turnover inflated to 
Urn. by a number of bed and 
breakfast, tax related deals, 
housebuilder Beazer gained a 
penny to I36p. 

A NatWest Securities recom- 
mendation earlier this week 
pushed United Biscuits up 11 
to 329p, In good trade of 3.2m. 

Fans of Associated British 
Foods celebrated this week's 
EU decision to make no change 
to production quotas for sugar. 
Its British Sugar subsidiary 
has around 50 per cent of the 
UK sugar market and there 
had been fears of a less favour- 
able quota regime. The stock 
jumped 17 to 574p. 

Recent bid speculation in 
Hazlewood Foods appeared to 


FT-SE 100 Index 

Closing index lor Nov 18._. 3131.0 

Change over week +55.1 

Nov 17 3127.5 

Nov 16 — ....3148.5 

New 15 3135,4 

Nov 14 3095*3 

High" 3168.1 

Low 3069.5 

Intro-day ttigh and low tor weak 


■ CHIEF PRICE CHANGES 
YESTERDAY 

London (Fence) 

Rises 

Antofagasta 356 + 10 

Bumdene Invs 44+3 

Caffyns 283 + 28 

Crown Eyeglass 190 + 30 

Filtmnic 168 + 11 

GreenaUs 433 + 15 

Magnum Rower 134 + 10 

Regent Inns 299 + 8 

Servisalr 155+6 

Telegraph 346 + 9 

Tomkins 224 + 6 

Transport Dev 225 + 7 

Utd Biscuits 329 + 11 

VSEL 1488 + 90 

WiHisCoiToon 155 + 9 

Fate 

Brit Aerospace 446 - 19 

Clinton Cards 96-5 

CourtauWs Text 471 - 11 

GBEInt 19-8 

M & G Group 995 - 25 

Seeboard 425 - 11 

Standard Chartered 294 - 10 

Vodafone 207 V4- 6K 

fade leaving the shares 4 ligh- 
ter at 120p. Sellers were also in 
evidence at Unigate which 
reported good figures earlier 
this week. The shares eased 5 
to 357p. 

In the drinks sector, Green- 
alls advanced 12 to 430p, after 
Hoare Govett reiterated its buy 
recommendation. The broker 
cited the improved terms of the 
company's supply agreement 
with Whitbread among the rea- 
sons for its positive stance. 
Whitbread, which reported 
interims on Thursday ended 
the session unchanged at 551p. 

Mobile communications 
group Vodafone, which earlier 
this week was within 3V» of its 
221 p high for the year, shed a 
further 6 to 208p in 3.6m turn- 
over as bullish stories about 
next Tuesday's interim results 
showed signs of turning sour. 
Robert Fleming Securities 
issued a sell note. 

Press reports that the four 
biggest Austrian banks were 
preparing to provide against 
Eurotunnel debt in their 1994 
accounts left the channel tun- 
nel operator 4 lower at 259p. 

Media conglomerate Pearson 
shed 8 to 6l6p as NatWest 
Securities held presentations 
to discuss a bearish thesis on 
the valuation of'BSkyB, the 
satellite group which is to be 
floated and in. which Pearson 
ha s a significant stake. 

Publisher Emap eased 4 to 
400p ahead of interim figures 
on Monday. 


xityIi 

INDEX'! 


The Marital Leaden ia spread betting - Fmmcsa] ad Spam. Far ■ 
brochure ad in accaiua a pp bc nu ofi form aD 071 231 J(a 7 
Aaouau are normal?! opened nritlda 72 tour* 

See out np-to^te price* 8aji. 10 9p m. op Tetaaa past 605 


D REUTERS lOOO rrTI 

B 24 hours a day - only $10O a month! | / »v | 

UVB IWMNCML OMM OSFHCT TO VCHM PC 

fla UK antis atm Ba»a+«B4Bt7a77a*‘™*™* 


nichail/^ We imngr loan* up k> 904 Loan Us Value. PROPERTY 

I AURIC Mum compeumr tail dexiWr forms for 
oaaaaa^ quality UK commercial pop eny A FINANCE 

TcL 071 493 7050 tfcrndopaicrts upwMids of C ra UK Cannnerctol 

Fxc 071 4996279 Contact: Rkfcsrd «u GeCm Property 


Signal 


O 130+ sottwan applications O 
O REAL1HE DATA HUM $10 A DAY O 
O Signal SOFTWARE GUIDE O 

Call London © 44+ (0) 71 231 355S 
for your guide and Signal price lisL 


Petroleum Argus Oil Market Guides 

'Cc.rnpreftensv'i'e explanations cf the dJ markets' 

Petroleum Argus 

CALL tvCVV tor- furrier cerarl? ^4 71) 359 8792 


ECU Futures (Sc 
2 SpMtiWni Place 



London SW1X8HL 
Tat +71 2W00B8 
F«C *77 2356509 



Appear in the Financial Tunes 
on Tuesdays, Fridays and Saturdays. 

For further information or to advertise 
in this section please contact 

Karl Loynton on +44 71 873 4780 or 
Lesley Sumner on +44 71 873 3308 


FINANCIAL TIMES 

EUROPE i BUSINESS NEWSPAPER 


I 




























































SgSGXGKWSSSa , £SG£SSSSfSS£K£G , CgSKfiKB:SSI5gK£Ci , , SSSSC . S , eSSGKCKESEESS 


















































































World 
Leader 
in rolling 
bearings 


FINANCIAL TIMES 

Weekend November 19/November 20 1994 



TYPEWRITERS • WORDFROCESSORS. 
PRINTERS * COMPUTERS • FAX 



Unions condemn above-inflation pay increase as public sector faces squeeze 

Plan to give ministers 4.7% rise 


By James Blitz 
and Robert Taylor 

The government was yesterday 
facing a fresh controversy after 
statins that it would propose a 
4.7 per cent increase in salaries 
for ministers next year. 

Amid clear indications that 
public sector workers lace 
another squeeze on pay in the 
financial year L9&HS, the govern- 
ment said it would propose the 
increase in ministerial salaries to 
parliame nt- next week to mak e up 
for an earlier freeze. 

The pay increase for ministers, 
which is 2.3 percentage points 
above the current level of infla- 
tion, was immediately denounced 


as unfair by trade union leaders, 
coming at a time of public sector 
restraint 

Mr Alan Jinkmson. general sec- 
retary of Unison, the public sec- 
tor union, accused the govern- 
ment of “sheer hypocrisy." 
adding: “It is unfair that the gov- 
ernment should penalise 5m pub- 
lic sector workers with a perma- 
nent pay freeze and not lead by 
example with their pay awards." 

Mr John Monks, the TUC's gen- 
eral secretary, also said that the 
pay Increase would make the 
government's public sector pay 
bill freeze “even more unsustain- 
able". 

However, the government 
defended the increase for minis- 


ters, saying it would help their 
salaries to catch up. It also 
claimed that ministers and MPs 
would still be about £2,000 worse 
off than they would have been if 
old links with the civil service 
P3y scale had been maintained. 

The pay rise should mean that, 
effective from January l, 1995. a 
Cabinet minister’s salary will 
rise from £64,749 to £67,819 - an 
increase of £3,070. 

Mr John Major's salary as 
prime minister should rise from 
£78392 to £82.003. an increase of 
£3,711. 

Mr Tony Newton, the leader of 
the Commons, will submit an 
order to parliament on Thursday 
about raising the pay levels. 


which also increases the Income 
of the Opposition leader and 
Opposition whips in the Com- 
mons and Lords. 

However, Mr Tony Blair, the 
Labour leader, said he would be 
rejecting the pay rise in a free 
Commons vote next week. 

A spokeswoman for his office 
said: "Tony Blair will not accept 
the increase. He feels it is wrong 
to take up the increase at a time 

when millions or others are hav- 
ing no increase at all.” 

The Opposition could decide to 
exploit the issue, which comes 
after allegations of political 
sleaze and cash-for-questions, 
and a resignation following fail- 
ure to disclose financial interests. 


Fears over 
Bosnian rift 
with US 

Continued from Page 1 


Congress and may well move fur- 
ther towards open backing for 
the Bosnian Moslem war effort. 

Mr Warren Christopher, the US 
secretary of state, has privately 
assured Mr Douglas Hurd. 
Britain’s foreign secretary, that 
reports the US is already supply- 
ing arms and military intelli- 
gence to the Bosnian Moslems 
are incorrect. But British minis- 
ters are worried that the US 
administration might soon give 
covert military support 

US officials have refused to 
comment on whether they are 
already providing intelligence to 
the Bosnian government. 

Russia, which along with Ger- 
many is also in the contact 
group, has already voiced its 
anger at the US move to with- 
draw its ships from the Nato fleet 
enforcing the embargo in the 
Adriatic. 

In Washington yesterday Euro- 
pean o fficial*? said that the rift 
was serious but not yet dramatic. 

BAe raises 
VSEL bid 

Continued from Page 1 

cash alternative. BAe said that 
£178m was the lowest fixed 
amount it could raise under such 
a scheme and denied suggestions 
that the structure of the deal 
was designed to strengthen its 
balance sheet even if the bid 
failed. 

VSEL has a cash pile of almost 
£30Om and some observers have 
described BAe's bid as a “dis- 
guised rights issue" to broaden 
its narrow asset base. BAe said at 
the higher offer VSEL would still 
enhance earnings by more than 
10 per cent next year and would 
not lead to any dilution “for the 
foreseeable future". 

VSEL's shares rose 90p to 
£14.88, about I6p above the value 
of BAe's 33 for 1 share offer. 
BAe's share price fell I9p to 446p 
while GEC's rose 2p to 2873p. 


Tietmeyer warns against 
a rush to monetary union 


By Andrew Fisher rn Frankfurt 
and John Bidding in Paris 

Mr Hans Tietmeyer, president of 
the Bundesbank, warned strongly 
yesterday against rushing 
towards European monetary 
union before a joint monetary 
policy had been worked out and 
full central banking indepen- 
dence achieved. 

He was speaking the day after 
Mr Giovanni Ravasio. the Euro- 
pean Commission’s director-gen- 
eral for economic and monetary 
affairs, had held out the possibil- 
ity of Emu as early as 1997. Mr 
Tietmeyer said: “I am convinced 
that monetary policy integration 
in Europe can only be the out- 
come of a lengthy process.” 

The struggle to devise the best 
monetary policy strategy and the 
right instruments to implement 
this “could prove to be even more 
difficult and time-consuming 
than the preparations for issuing 
banknotes and coins,” be warned 
In a speech to a Frankfurt bank- 
ing congress. He said satisfactory 


monetary results could not be 
obtained without proper indepen- 
dence for the future European 
central bank - it was indispens- 
able to have “not only theoretical 
but also a far-reaching degree of 
actual independence”. 

The Maastricht Treaty does not 
caD for central banking indepen- 
dence until stage three of Emu. 
However, Mr Tietmeyer said it 
was “crucial to enhance the Inde- 
pendence of national central 
banks at an early stage." 

The Bundesbank and the cen- 
tral b anks of France and Spain 
are independent, while the Bank 
of England is subject to govern- 
ment control. Others are under 
varying degrees of government 
influence. 

The European central bank's 
independence could not be 
achieved at short notice, he said. 
On monetary policy, he criticised 
suggestions that an all-European, 
or transnational, monetary target 
should be set now, in stage two 
of Emu. The technical and insti- 
tutional pre-conditions did not 


yet exist for an early switch to a 
common monetary policy. Opin- 
ions on future policy also differed 
widely. 

Mr Tietmeyer was speaking in 
the week of the first council 
meeting of the European Mone- 
tary Institute (EMI) at its new 
Frankfurt headquarters. One of 
its tasks is to recommend by the 
end of 1996 what type of inflation 
or money supply targets should 
be pursued by the future central 
bank to achieve price stability. 

The EMI's goal is to produce a 
“turnkey" European central bank 
that could begin operating as 
soon as Emu receives the politi- 
cal go-ahead. 

Mr Kenneth Clarke, the UK 
chancellor of the exchequer, yes- 
terday supported the objective of 
European economic and mone- 
tary union, but said the timetable 
laid down by the Maastricht 
treaty for a stogie currency was 
invalid, while Mr John Major, the 
UK prime minister, claimed the 
question of a single currency did 
not arise at the moment. 


Girolami defends £9m package 


By Richard WotRe 

Sir Paul Girolami yesterday 
defended a £9.37m two-year pack- 
age of salary, bonuses and pen- 
sion contributions at his last 
annual meeting as chairman of 
Glaxo. 

Sir Paul, who retired yesterday 
after 14 years at the helm of the 
pharmaceuticals company, was 
questioned by angry sharehold- 
ers about his remuneration. The 
payments include £&44m in pen- 
sion fttnd contributions, of which 
22.05m result from his retiring 
two years early. 

Sir Paul, 68, countered his crit- 
ics by arguing that the figure 
was an arbitrary calculation. 
“This socalled package consists 
of apples and oranges. It consists 
of salary over two years, but why 
not make it 10 or 20 years? 

“It is not a package, and 
Incl u d es payments made to the 
pension fond and not to me. My 


pension is determined by my con- 
tract.” 

Since Sir Paul stepped into the 
chief executive's shoes in 1980, 
Glaxo’s market capitalisation has 
increased more than 40-fold from 
£429m to £l&8bn. 

He transformed the group from 
a diversified also-ran into 
Europe's largest prescription 
drugs company. In the year he 
took over the reins, the company 
posted pretax profits of just 
£66m. That compared with 
£134bn last year. 

The £9.37m is equivalent to 34 
hours of global sales of Zantac, 
the anti-ulcer drug which is the 
world's best-selling medicine. Sir 
Paul’s marketing prowess Is 
widely credited with the 
product's huge success. 

At yesterday's meeting, Sir 
Paul also faced uncomfortable 
questions on Glaxo’s £ll5m pro- 
vision for losses on its bond port- 
folio in the year to June 30. The 


company warned it would incur a 
further £16m loss this year and 
has since liquidated its £1.7bn 
portfolio and reinvested the 
funds in bank deposits and gilts. 

“We made a series of bad 
judgments. We got into the 
wrong bonds at the wrong time 
and we got into so-called deriva- 
tives without understanding 
what they meant." he said- 

la a trading statement, Sir Paul 
confirmed Glaxo’s sales growth 
had slowed in the first four 
months of the year, with the 
weak dollar contributing to the 
slowdown. 

“However, 1 am pleased to tell 
you that our new generation of 
products continues to make a 
strong contribution to the 
group’s results," he added. 

Sir Paul, who worked at Glaxo 
for 29 years, is replaced by Sir 
Colin Corness, chairman of the 
building group Redland and the 
Nationwide Building Society. 


FT WEATHER GUIDE 


Europe today 

Unseasonably warm and moist air will slowly 
spread over the Benelux, Germany and France 
as a result of an Intense storm near Iceland. 
There wfll be rain from southern Scandinavia 
across the Benelux and Germany to Switzerland 
and Austria 

The British Isles wilt be warm too, but during 
tee afternoon showers will accompany cooler 
ear from the Altarrtfe. Eastern Europe win be 
generally cool and dry. 

From Greece across Turkey to the Russian 
Caucasus there wilf be heavy rain and thunder 
showers with strong winds at the coasts. 
Sunshine and higher temperatures will persist in 
the western Mediterranean. 

Five-day forecast 

Warm air will flow to central and eastern Europe 
diring the weekend, causing a brief rise in 
temperature in most regions. Western Euope 
will have rain in the north followed by cooler ak. 
Conditions over the eastern Mediterranean wiH 
remain windy and unsettled. 





1020 


1020 


HIGH 





& 






Wain front , 


Cold front 



Wind speed ftiKPH 


TODATSTEHSERAIUISS 


Situation at 12 GMT. Tenwatuma maxfmun? tor day. Forecaso by Mateo Consult of the Nethertarxts 


Maximum Beijtog ter 8 Caracas sun 

Celsius Belfast shower 13 Carefiff rein 

Abu Dhabi ter 31 Belgrade fair 6 Casablanca sun 

Accra talr 33 Berlin raki 6 Chicago ter 

Algiers far 22 Bermuda cloudy 25 Cologne rain 

Amsterdam rain 18 Bogota ter 22 Dakar ter 

Athens thund ifi Bombay fair 34 Dates (hind 

Atlanta ter 23 Brussels rain 14 Delhi swi 

B, Aires Sin 23 Budapest cloudy 7 Dubai fair 

BJtam shower 17 Chagen cloudy 6 Dublin shower 

Bangkok Salr 35 Cairo cloudy 25 [Xibrovnlk ter 

Barcetona ter 20 Cops Town fat 21 Edinburgh ram 


No global airline has a younger fleet. 


19 

9 

13 


16 


Lufthansa 


Faro 

sun 

21 

Madrid 

sun 

19 

Rangoon 

ter 

34 

Frankfurt 

rain 

12 

Majorca 

fair 

21 

Reykjavik 

show 

3 

Genova 

ter 

Id 

Malta 

fair 

20 

FSo 

cloudy 

29 

Gibraltar 

sun 

21 

Manchester 

- rain 

10 

Rome 

fat 

18 

Glasgow 

rain 

13 

Mania 

fair 

32 

S-Freoo 

ter 

15 

Hambng 

ten 

8 

Melbourne 

fair 

32 

Seotf 

cloudy 

11 

HtfsHd 

ter 

-2 

Mexico City 

fair 

22 

Singapore 

thund 

29 

Hang Kong 

fair 

29 

Miami 

fair 

27 

Stockholm 

fak 

-1 

Hondufu 

cloudy 

31 

Milan 

fak 

11 

Strasbourg 

rain 

13 

tettmtoU 

(tend 

11 

Montreal 

sun 

8 

Sydney 

ter 

24 

Jakarta 

cloudy 

33 

Moscow 

cloudy 

0 

Tangier 

SUl 

21 

Jersey 

rakt 

17 

Munich 

rain 

8 

Tel Aviv 

ter 

23 

Karachi 

sun 

33 

Nairobi 

fair 

25 

Tokyo 

cloudy 

17 

Kuwait 

cloudy 

28 

Naples 

ter 

17 

Toronto 

sun 

11 

L Angeles 

sun 

20 

Nassau 

Ur 

28 

Vancouver 

rain 

8 

Las Palmas 

lair 

25 

New Yak 

fair 

17 

Venice 

cloudy 

11 

Lima 

SOI 

25 

Wee 

ter 

18 

Vienna 

cloudy 

8 

Lisbon 

sun 

18 

Nicosia 

show 

20 

Warsaw 

let 

3 

London 

shower 

17 

Oslo 

rain 

0 

Washington 

fair 

18 

LuxJxwu 

rah 

11 

Paris 

cloudy 

14 

Wellington 

shower 

13 

Lyon 

ter 

14 

Perth 

fair 

24 

Winnipeg 

fair 

-3 

Madeira 

lair 

22 

Prague 

cloudy 

S 

Zurich 

shower 

11 


THE LEX COLUMN 


BAe blows its 



British Aerospace has a new toy. a 
“flexible trombone". That is the name 
for the rights issue the company 
unveiled yesterday aa part of Its 
improved bid for VSEL. It is called a 
flexible trombone because BAe will be 
able to use to it raise anything 
between £l78m and £S35 m , with the 
exact amount depending on the extent 
to which VSEL shareholders opt for 
cash or BAe shares. Moreover, if BAe 
increased its offer again, it would be 
able to do so without going back to its 
underwriters for approval - though it 
would seek retrospective permission 
from shareholders. 

BAe’s management is clearly happy 
blowing its new trombone. It means it 
can make as much noise as GEC can, 
despite its rival bidder’s huge cash 
pile. If GEC ups tts bid, so can BAe. 
The trombone also means that, if BAe 
fails to win VSEL, it can still pocket 
the first £178m. That will come in 
handy, since BAe will soon need to 
restructure its loss-making turbo-prop 
bu siness. 

Whether BAe shareholders should 
be happy is another matter. Yester- 
day’s Improved offer is near the limit 
of what is sensible. Because BAe wfll 
be able to set its tax losses against 
VSEL’s profits, earnings per share wfll 
be gnhanngd by about 10 per cent in 
the first year. But if the cost of buying 
the trombone is taken into account 
the earnings enhancement will be vir- 
tually wiped out Moreover, in subse- 
quent years, acquiring VSEL would be 
roughly earnings neutral: the tax 
advantages would be balanced by the 
fact that VSEL is a wasting asset 
Once the industrial benefits of a 
merger are taken into account the bid 
probably just about stacks up- But if 
BAe seeks to use its trombone to make 
a bigger noise, shareholders should 
plug their ears. 

UK economy 

The odds of another rise in UK inter- 
est rates before year-end to prevent 
the economy overheating shortened 
yesterday. The government revised 
upwards GDP growth for the second 
quarter to L3 per cent and reported 
growth in the third quarter of LI per 
cent That indicates the economy has 
been expanding at an annual rate of 
more than 4 per cent, compared with 
Treasury forecasts at the beginning of 
the year of ZS per cent. The last time 
the economy expanded that fast was 
in 1988. 

Those arguing against an imminent 
interest rate rise point out that the UK 


FT-SE Index: 3131.0 (+3.5} 


How the bidders compare., i; 

Sam prices relative to the ■ \ 

FT-SE-AAI-Swra Index 

180 — — “ — - — - r r rr'y; 



1984 8B 8S 87 88 8B 90 Of 02 
Stuck FT& toftl* ; • V 

economy is presently only &2 per cent 
bigger than at its peak, in 1990, so 
there should still be plenty of capacity 
left. Besides, inflation remains sub- 
dued. On Wednesday, the gover nm ent 
reported underlying ‘inflation for the 
year to October at a 27-year low of 2 
per cent Although unemployment fell 
sharply, underlying earnings growth 
remaine d unchanged at 3-75 per cent 

Nevertheless, the gap between 
actual and potential output is dosing. 
One worrying feature of the GDP fig- 
ures was that investment fell slightly, 
meaning new capacity is not being 
created at the rate it should be at this 
stage in the economic cycle. 

The markets yesterday took the 
GDP figures in their stride, suggesting 
they are reconciled to an interest rate 
increase sooner or later. The exact 
timing will depend on whether the 
Chancellor is willing to risk the ire of 
retailers by putting rates up before 
Christmas. 

Inntrepreneur 

For Grand Metropolitan, the refinan- 
cing of Inntrepreneur Estates (SSL) is 
good but not ideal. Good, because 
GrandMet is to be repaid a net £332m 
as a result of the tidytng-up exercise 
and is set to shed day-to-day manage- 
ment responsibility for the 50 per cent- 
owned operation. Far from ideal, 
because GrandMet is not making a 
complete withdrawal from the pubs 
business. It still has £2 12m of equity 
tied up in IEL and may have to wait 
for three or four years before it can 
extract itself fully - probably by 
means of a flotation - from what is no 
longer a core business. 

It is just possible that an exit route 


•wffl present itself before then. Cour- 
age, the brewer which owosthebther 
68 per cent of IEL, is widdy nHhoured 
■ to be up for sale. The pretise intefr 
turns o£ Foster's Brewing Grouiv Cour- 
age's parent, . remain inscrutable hot 
the IEL refinanci ng is a smaft pointer 
to' a possible disposaL Courage's wilt 
ingneds, along with GrandMet, to 
inject £28m of fresh equity Into IEL- 
lodks strange in the light ot FqsterY 
' questionable commitment totiie DR 
market unless, that is, the investment 
helps sort out lEL’s finances to the 
'point where the whole operation 
would look more; attractive to.a buyer./ 

Sentiment towards GrahflBSet, whoae' 
shares have underperformEd byTteariy 
10 per cent in the past six montha, 
would improve if it cooH remove the 
IEL mills tone from, around its neck 
sooner rather than later. 

Insurance brokers 

Shares in UK Insurance brokers : 
have performed woefully this year, 
down 20 per cent against the market: 
Continuing troubles at Lloyd's are tart 
one factor depressing sentiment Mar 
gins are under pressure from all sides* 
The weak US currency" hurts, as a 
large proportion of revenue originates 
outside the UK and is denominated In 
dollars. The industry is also suffering 
tighter fee structures. 

Brokers have compounded these 
problems through diversification - 
none more so than Willis Corroon, 
formed in 1980 when Willis Faber of 
the CJK merged with Corroon & Black 
of the US. That folly was exposed ear- 
lier this year when Willis announced 
disastrous US results. It took until this 
week, however, for Willis 1 manage- 
ment to bite the bullet. Though details 
of the planned retrenchment pro- 
gramme were regrettably not spelt 
out, the £40m provision will wipe out 
the bulk of pre-tax profits for the cur- 
rent year. 

But Willis plans a welcome return to 
basics. Once the restructuring is com- 
plete, the previous attractions of 
Insurance broking may again become 
apparent Capital employed is minimal 
mid brokers have traditionally paid 
out virtually all distributable profits 
to shareholders. This came to a halt in 
1992 when Sedgwick halved its., divi- 
dend. But Willis' restructuring may 
presage an eventual sector-wide 
return to this desirable practice. Bro- 
kers are not an the verge of becoming 
growth stocks. But a higher distribu- 
tion would limit the downside to 
investing in this maturing industry. 


The One to Watch 


m -V • * 






* Average annual return for the last two years to 1.11.94 

To find out more, call us free from any of the countries lis ted 
If you live elsewhere, please use the UK number. 


Bahrain 800 574 Belgium 078 11 75 66 
France 05 90 8213 Germany 0130 81 92 06 
Netherlands 060 22 64 43 Norway 050 11063 
Spain 900 96 44 76 Hong Kong 848 1000 
UK (for other countries) 44 732 777 377 


TM 


Fidelity investments 

The world’s IsErgest ifldependent fund specialist ■ 


The Fidelity Funds SICAV Prospectus is available from any of the numbers listed. Past performance k „ , « 
i, ^ wJXta, of charges and C«K. 


I 


I 1 


l 






INanc *al Times weekend November i 9/november 20 1994 




mbo 


■- L l -ca ? ^i- 


SECTION 2 


Sv: -■ '-V.rf 

iV : 

••• • .. :? Ht. 

^ "7 - : 

*; —■■ .- v- :^ki 
1-'-.- /•:?***: 

•>■• V'-r'.rr./',;::^-Bv 

•• :-j ^- 4 . " -UWi* 

- .:•- :: ^ 

>' - i s ’.‘. 

;;?■ • * — -. - - ~ VV""' ■. 

: \ j. • v “ . ; ' ‘ ■%■ 

C: , *.*.*.-; 

' *- : . ^^35, 

‘ .""T" ' “PV-Sfe!*: 

' ■; \iPi 

' ' _’■ - ■' 'V^r.'~ ,V. 

T «; .. . . ' : ^ 

. . •■ . .. ’ ^sc. 

V.- ;■■■- ;”^3C; 


■■' • -".ra 

.'■ -I “ : ■ : r. ~ 




fund 


tch 



. ... 


;<ei ! 


v '*■■■■” 

JK 


i « * - 
#1 *- ; r 
^ 1 r 

4S •*** 

*?** "T * r 

j » s' r ' ■ 






We ekend FT 


S 3111 ^ 11 w as tottering. As a 
^oreWet. he wTo£<rf 
S® “ en sponsible for 
M? S rt? g the cwnmanity. 
lie dnmk.^hp m° re honey beer 

his duhrWM, jT 1 H had observed 
“to my hut, toLSSd tor 

gsa“ r " 

thro aid collapsed on to myteiA 
lato he sat u7 

immediately 

Samson wbs right on all counts 
2 ? “ ***** a Polygamist and a blas- 
Sfgf.tagbe* 1 and, as such, is 
the last in ins line. The ceremony 
over which he had just presided had, 
in effect, brought his own commu- 
nity to an end. 

Throughout Maas ail and, tradi- 
tional life is ending so swiftly that 
some researchers claim. Africa’s 
most famous surviving n omad s will 
be reduced to little more than tourist 
dancers within the next two years. 
The Maasai, who once maita their 
hying by driving their cattle great 
distances across the savannahs, are 
suffering a land privatisation so 
flawed and so fraudulent that it has 
brought most of their 400,000 people 
to the brink of destitution. 

Their catastrophe began, as most 
African catastrophes begin, with 
good intentions. Running down lions 
and killing them with spears, fight- 
ing other tribes and other of 

their own tribe, stealing cattle 
wives, refusing to till the ground, 
the Maasai, who had overrun v«if of 
what is now Kenya, were regarded 
by the first British officials as the 
antithesis of all they sought to 
implant 

The administrators believed that 
east Africa would not become a 
God-fearing and productive land 
until the Maasai were settled. At the 
beginning of this century they con- 
fined them to Just 10 per cent of the 
savannahs they once occupied, then 
set to work to change the way they 
lived. To the Maasai, the land was 
not theirs but God's. Elders would 
claim rights to use certain places, 
but there was no outright owner- 
ship. The British saw this as a pre- 
scription for disaster. They argued 
that if no-one owned the land, every- 
one woul&ex&QSttt as keavily as he 
could. (My by making every herder 
responsible for his own patch could 
they prevent it from being 
destroyed. 

The British left Kenya before they 
managed to settle the Maasai. But, 
though the tribe was no longer a 
threat to other peoples, the indepen- 
dent Kenyan government upheld the 
policy, reasoning that nomadism 
was primitive and unproductive. 
Recognising that the Maasai would 
not accept the outright privatisation 
erf their lands it started, in 1968. with 
an intermediate stage, putting every 
community in charge of what it 
called a group ranch. A small com- 
mittee of elders was selected to man- 
age each one. 

Wherever external appointments 
have been imposed on self-governing 
people, the newly powerful exploit 
their own communities, and the 
group ranch committees were not 
slow to discover that they could do 
just as they wished. They started to 
grab the best land tor themselves, 
excluding the rest of the M aa s ai. 

Soon the ordinary people realised 
that if they too did not seize some 
Iftnd , the greedy committee members 
would take the lot The chaotic and 
inequitable division of the savan- 
nahs that began in this way is now 
approaching completion. 

It is destroying everything that 
dist inguished the Maasai as a peo- 
ple. 

Over the last two years I have 
watohed Samson’s community toll- 
ing apart In Enkaroni. close to the 
Kenyan border with Tanzania, 1 tod- 
lowed the passing out ceremonies of 

the last warriors ever to be initiated. 

After six months of festivities, they 



CONTENTS 



Food ft Drink : A caffi 
society - where to aat, 
shop and just sit and think 
in France... Page DC 
... or how to stay at 
home and order the best 
fare for Christmas 

Pages X& XI 

Perspectives: 

Holy feud that threatens 
Ukraine's fragile unity 111 

Skflng; Why skiers are mi 
endangered species. IV 


The last warriors: betrayed 
defeated, dispossessed 

George Monbiot investigates the destruction of the Maasai, their society and the land they roamed 



were dancing in a huddle of red 
ochre and beads when Samson sent 
a man running towards them, carry- 
ing the horn of a kudu antelope. He 
brought it to bis mouth and blew 
tour loud blasts. 

Screaming, the warriors scattered: 
Four or five lost consciousness and 
lay drumming their heels on the 
ground like the last spasms of the 
dead. They had, one of them later 
told me, been overcome with grief 
and anger. The sound, which tradi- 
tionally brought their youth to an 
end, had also dissolved the commu- 
nity, for warriors are the axis of 
Maasai life. 

But the fury that all the young 
men felt was unfocused: they told 
me (hey were not angry with anyone 
in particular, simply with the situa- 
tion. This was scarcely surprising, as 
the mem who had sold them down 
the river were some of the elders 
they had always been required to 
respect 

When the committee members had 
awarded themselves the best land, 
the other people of Enkaroni bad 
complained to the government They 
were told that the only option was to 
divide their ranch formally into 
inalienable private farms. 

But when, in 1967, the subdivision 
began, the villagers found that the 
government recognised only the 


decisions of the committee members. 
Instead of splitting the land equally, 
these people took even more for 
themselves. One member bribed the 
others to let him have 4,000 acres; 
some ordinary Maasai received as 
little as 10. and hundreds were left 
out altogether. 

Travelling around Enkaroni, it is 
not hard to discover where the com- 
mittee members live. Red tiled ranch 
houses have sprung from the savan- 
nahs, with new Land Cruisers or 
Mercedes parked beside them. 

Traditionally the richest Maasai 
would distribute some of then: 
wealth to the poor, knowing that if. 
in this volatile environment, the 
tables were turned, they could 
depend on the same generosity 
themselves. But these Mercedes 
men, the taabenzias they are known 
in Kenya, no longer need the old 
support networks, and feel they owe 
nothing to anyone. The rich people 
of Enkaroni are becoming perma- 
nently rich and the poor perma- 
nently poor. 

The division or the land has forced 
the Maasai to split into hitherto 
unknown nuclear families. In a 
wind-stricken patch of thorn scrub 
Tepeney, the mother of one of the 
warriors, complained that no-one 
came to visit her. Before subdivi- 
sion, people had arrived throughout 


the day, to exchange news, take a 
cup of tea or ask for a loan. Now, she 
told me. it was every family for 
itself, and she felt so lonely she 
sometimes believed she was the last 
person left on earth. Yet she is 
among the more fortunate small- 
holders for, seven years after the 
land was privatised, she still owns a 
dozen cows. 

Their catastrophe 
began, as most 
African 
catastrophes 
begin, with good 
intentions. 

Nomadism evolved in east Africa 
because, during the dry seasons, the 
customary pastures shrivel up, and 
the animals rap only survive by mig- 
rating to wetter places. Trapped on 
one plot, the cattle on many of the 
private farms of Enkaroni died soon 
after the rains moved on. Their own- 
ers had to sell up and look for work. 

They were woefully unprepared. 
Most were illiterate and spoke only 
Maasai. The toabenzi needed Little 
labour, so the dispossessed moved to 


the towns. 

In Kajiado, a small town 15 miles 
from Enkaroni, I found a handful of 
Maasai who had used the money 
from the sale of their land to buy 
small businesses, and hundreds who 
had no idea what to do with it 
Every bar was filled with men in red 
cloaks, with hoarse voices and shin- 
ing eyes. Young men, deprived of 
their role as guardians of the live- 
stock, wandered the streets at night, 
mugging people and breaking into 
shops. Government ministers sent 
lorries, ferrying them to political ral- 
lies to beat up their opponents. 

When their money runs out, many 
of the Maasai of Kajiado move north, 
seeking work in Nairobi. They sink 
into slums like Kibera, where as 
many people live in two square 
miles as in all of Maasalland, and 
one in 40 has a formal Job. 

Looking back over the history of 
the Maasai. it appears that the Brit- 
ish administrators misunderstood 
how they used their land. The lack 
of outright ownership did not mean 
that the savannahs were uncontrol- 
led. Every group of elders regulated 
the areas (hey grazed: they decided 
who should be allowed in and for 
how long. If people abused the land 
they were punished, for the elders 
knew that anyone overexploiting it 
was exploiting them. Widespread 


destruction began only when the 
Maasai were settled. 

That there will never be sufficient 
employment even for those already 
living in the cities is now axiomatic 
In Kenya. As the approaching com- 
pletion of privatisation coincides 
with a population boom, the effects 
of destitution will be catastrophic. In 
1994, for the first time in 30 years, 
Maasai herders starved to death in 
southern Kenya. Yet, as the Maasai 
wobble, the government continues to 
shove. In a quiet grove of fever trees 
beneath the Ngong Hills. I began to 
find out why. 

1 met “Amos” crouching between 
two trees. He told me he did not 
know whom he had offended, but 
every time he showed his face he 
was arrested on public order 
charges. He was one of 2,700 people 
in the community of Loodariak who 
had been left off the registry when 
the land was divided. Their places 
had been taken by 200 outsiders, reg- 
istered as members of the commit 
nity even though many of them had 
never set foot there. 

The people of Loodariak had peti- 
tioned officials at every level of gov- 
ernment, even waiting outside state 
house to waylay the prescient, but 
no one would listen. They pooled all 

Continued on Rage H 


Books 5 Evocative art and ■ 
-hauntbig memories of the - 
fustworfd war ; ■ : XIV 

( Haw Tb Spend It: Yves 
St Laurent talks about 25- 
yeess of -ready-to-wear. ’ V! 

Arts: The fT Christmas - 

■ show fltdete- XVH 

Private Vtawr :■ Guillermo . 

■ Cabrera Infante explains. 

• vrfry exHes are free XX 


flrta ,, . j , XVMtVM ■ 

PntnrAapdao . XX 

.Books u XIV & XV 

BHOs*, Chosa, Crossword _ XDC 

emMoct 

Food A Drink 0C-». 

Gantenkigi — » ■ , IV 

How To Spond It -i-u— . VI & VUT 

Jams Irtoraan — .... XX 

Motoring ..... ..tV 

Fawpoctfrea nan 

Pitot* Vtaw XX 

■JVop*r*y— : V - 

SmriC BoairxMaws . , _ ,B 

Sport XH 

Tnftal— » 

TVAFtedio, Z — XIX 


NEKT WEEK 

Air travel: ft's 
going to get worse . 



Joe Rogaly 


A sa wise old Conserva- 
tive owl remarked 
over dinner this 
week, four aces will 
be played at the next general 
election. Two are held by 
Labour. We know what they 
are without taking a petf. 
They have a popular leader; 
and most voters have had 
more than enough of. the 
Tories. The two other killer 
cards are in John 
hands. His government M 
St taxes, and fly tte-Ew- 
j areptfcfll flag. 

That concludes your week- 
j end executive summmr of the 
1 current condition of Bntash 
j pities. It wffl need 
IgToay Blair loses 
, tism, as wise-owl thought the 
I Labour leader was be ginn i n g 
. to do in the debate on the 
| Queen’s speech on Wednesday. 
Wewfll have to think again if 


Gan Tories deal themselves a fifth ace? 

Britain's two main parties are plotting the next hand of electoral poker. Perhaps they have something up their sleeves . . . 


the Conservative coalition 
really does break up over 
Europe, as opposed to merely 
threatening such a disaster. 
Apart from that no other aces 
can be found in either hand. 
None. ZOch. 

Mr Major may remain prime 
minister, but he is not Hkely to 
regain the toll measure of 
authority associated with the 
office. Grandstand plays such 
as his threat to dissolve parlia- 
ment if a particular European 
.finance bfll is lost demonstrate 
weakness, not strength. One 
fine day Mr Blair may produce 
a few policies, and thus 
become vulnerable to attack, 
but he has so far shown no 
sign of hazarding anything 
quite so foolhardy. Like the 
prime minister, he is busy 
doing nothing; 

to short, the outcome ti£ a 
contest that does not need to 


he held until the late spring of 
1997 is unpredictable. We can 
see no further than two 
Labour aces against a pair of 
Tory aces. Hold on. Poker in 
any variation is rarely less 
than a five-card game. What 
about the “feelgood factor?” 
Surely that is a high court 
card, a king indeed? 

Possibly. If people are fat 
and happy, secure to their jobs 
and confident that their eco- 
nomic circumstances will 
improve they might stick with 
the government Yes yes. IT 
you believe that two more 
years of steady growth com- 
bined with low inflation will 
turn thfo traditional indicator 
Tory-wards, go ahead and toe- 
tor it to to your calculations. 

Before doing so, consider a 
rather different equation, the 
feelTory factor. This is noth- 
ing to do with allegations of 


improper behaviour. It is more 
serious than that. Let me 
explain. Those of us who 
inhabit the fringes of politics 
sometimes find themselves to 
a roomful of Conservatives. On 
other occasions everyone 
Standing around is, if not 
socialist, at least a non-Tory. 
The two experiences are dis- 
tinct. unmistakably different 
It is not only a matter of 
clothes, accents, champagne, 
or commonplace manifesta- 
tions of wealth or lack of it, 
but of what is said, and the 
manner of saying it. 

Conservative chambers con- 
tain laughter, politically incor- 
rect phrases that can offend, 
hints of harshness and cruelty. 
Labour salons can be serious 
to the point of dullness, 
marked by ethnically sensitive 
use erf language, expressive of 
concern for this or that unfor- 


tunate group, sometimes 
tinged with collectivist men- 
ace. The Tories are usually 
more fun. The tribunes of the 
people are often nicer. 

Evidence published this 
week suggests that many vot- 
ers feel culturally comfortable 
among Tories, to spite of their 
apparent distaste for the gov- 
ernment. The numbers are to 
be found in the llth British 
Social Attitudes survey, pub- 
lished by Dartmouth on Thurs- 
day. This is a collation of 
answers to annual question- 
naires sent to a random sam- 
ple of some 3,600 people. Many 
of the results are unsurprising, 
'indicating that voters want 
social services (paid for by 
other people’s taxes?), public 
transport (but cars for them- 
selves) and so on. 

The chapter that grabbed 
my attention is about the 


“authoritarian personality," a 
concept invented in Berkeley, 
California soon after the sec- 
ond world war. We need not 
detain ourselves with the his- 
torical implications of that. 
What concerns us today is the 
set of responses to the 1998 
survey. These indicate a gen- 
eral bias against libertarian- 
ism and a rejection of values 
associated with the 1970s left 

Asked whether schools 
should teach children to obey 
authority, SS per cent say yes. 
Censorship of films and maga- 
zines is supported by 65 per 
cent. Homosexual relation- 
ships are disapproved of by 64 
per cent Capital punishment 
is thought right hy 65 per cent. 

By boiling down the answers 
to all 15 relevant questions 
Daphne Arendt and Ken 
Young, the authors of this 
chapter, create a neat index of 


hard-nosed attitudes. They 
conclude that 40 per cent of 
respondents have a “most” 
authoritarian world-view, with 
12 per cent “least” and the rest 
in the middle. This is an 
improvement on 1989, when 50 
per cent were placed in the 
“most" category. As you would 
guess, younger and better-edu- 
cated people are mare liberal- 
minded than their older or 
less-schooled fellow-citizens: 

The key correlation might 
also have been anticipated, but 
it is nevertheless st unning . Of 
respondents who identify 
themselves with the Labour 
party, some 80 per cent are 
marked with a “most authori- 
tarian" outlook. The equiva- 
lent figure for self-identified 
Conservatives is 52 per cent 
Chew over that for a moment. 
It is an uncannily good fit with 
the ambience at Conservative 


party conferences. It is the 
measure of the feelTory factor. 

I suspect that Mr Blair 
understands this concept He 
has positioned himself, and 
possibly his party, against lax- 
ity in schools and to favour of 
families run by two parents, 
one of each sex. He is 
famously tough on crime. Has 
he got it right? The Arendt- 
Yotmg account suggests a soft- 
ening of British attitudes in 
several important areas, nota- 
bly welfare benefits. Others 
who favour traditional atti- 
tudes long for order and secu- 
rity. Some accept that neither 
can be guaranteed. 

The prime minister compre- 
hends the feelToxy factor, but 
he overdid it with “back to 
basics”. There is time to get it 
right. The party that aligns 
itself with the values of the 
1990s will hold three aces. 









•Vi £j. 


a. 


I t is a bitter November 
evening and the wester- 
lies are howling across 
the Lizard Peninsula 
from the Atlantic. In the 
warmth of their old stone farm- 
house the Roskilly family's 
thoughts are turned to 
summer. 

Halva - the Greek sesame 
seed-based confection - is the 
subject of the conversation. 
Would it make a good 
ice-cream flavour? Rachel Ros- 
killy thinks It would. Together 
with sans Jacob, 31* Toby, 25. 
and daughter Bryn, 29, she had 
been experimenting with 
halva, honey, nuts and their 
own milk and cream for much 
of the day. 

It's a bit way out but its 
worth a shot next summer," 
pronounces Roskilly, 59- No* 
one disagrees. Next summer 
halva ice-cream will be added 
to the 33 flavours that the fam- 
ily produces. 

Father Joe Roskilly. 63, sits 
at the end of the table in his 
farmer's overalls. He is silent, 
but under his shock of grizzled 
grey hair he is attentive. 

The cows that are the base of 
the family business are his 
activity. There are 90 
prime milkers. A farther 60 
calves, yearlings and heifers 
complete the hard. 

He has been producing milk 
on the farm, 10 miles from 
Britain's most southerly point, 
since be came there to work 
for his god-mother Game Bulk- 
eley at 17. When she retired in 
1359 sbe gave Joe the 40-acre 
form. 

Joe married Rachel in I960. 
He has added 90 acres to the 
form but not strayed for from 
the Lizard. This year 1 have 
not been out of Cornwall. 
There has just been too much 
to do," he mIH. “Rachel and I 
last had a holiday when Toby 
was four." 

Hard work and money have 
not always gone hand in hand 
at Tregellast Barton farm. 'Pen 
years ago Rachel and Joe were 
turning over barely £50,000 - 
less than a fifth of what they 
turn over now. 

“Although we had been mak- 
ing clotted cream since we 
married and doing holiday lets 
in the outbuildings for 32 
years, we realised that if the 
farm was ever to support three 
grown-up children plus their 
possible families we had to 
make it a lot more profitable," 
Joe said. 

They looked at ways of mak- 
ing more money from their 
milk, and also from their Jer- 
sey cream, which had a good 




U'A ■*, g' f; - ' 



: } - ' ah ; mw m : 



:: 



• ' !£!§: 

■7?8 - ;?••• ■■■ 

- ■ m£ : . 

W* :: 


T* *■■■■: i- >: j,?-?...: *.+ • f ' 

%■& vv^V^'V 


HS m I f i 








• - v» 

- -V. 


Down on the fame Joe and Rachel RoaWHy with their chldren, Jacob, Bryn and Toby 


Ice-cream that binds the family 


Clive Fewins visits a Cornish dairy farm where the children strayed but have come home 


local reputation. Ice cream 
seemed the best prospect 

“We ruled oat ice cream in 
1984 because small-scale equip- 
ment was not available at the 
right price, ” Joe said. “But 
three years later, when we 
were looking for a small pas- 
teuriser with which to make 
whipping cream, we realised 
that things had changed. 

“Rachel and I invested £5,000 
in a pasteuriser and a deep 
freeze, convinced that making 
ice cream would help retain 
the childrens' interest in the 
form." 

At that time Jacob was back 
on the farm, having been to 
agricultural college, Toby was 
doing his A-levds, and Bryn 
was an art student in London. 

Jacob, whom the others 
regard as their “business 
brain”, was seized by the 
opportunity to sell what he 
saw as a profitable by-product 


BUSINESS SOFTWARE 

To abatis* in this section please telephone 071-873 3503 
or write to Nadine Haworth at the Financ i al Times, 

One Southwark Bridge, London SE1 9HL or Fax 071 8733098 


FREE SHARE PRICES AND 
MUCH MORE. 

OPT-lll TflMtat automata** dmnftncfe 
Ohara ptaa, tan umUtaad - un an* 

■p urad N wu t tor cuatontad analysis and 
graphkig. NOon-ta coats, Indudoa ran* 
Tolotaxr aooff antra. Aiao Tq^worrf ssarch. 
-DDEta*iWei&_ 
AskforftMBurtraladdatapack 
OPTIMUM TECHNOLOGY LID 
HtEEPOSC LONDON NW44VP 
DA 0181403 0220 

24-MOUR fWtOKOSIAND SB* WCE- 
T* 0181-203 5500 


COMPUTER AIDED 
SALES & MARKETING 

BraakThraigh. a camprahsnahm aaias & 
n tfrtw Un o producflvH* s y aisiu . Komflsa. 
contacts, pro^jods. dents, doelers products 
Asantaa. Produoas term Una. maSthois. 
sates acaon Ms. Report ganerator hcWad. 
Manage sourcss, campaigns, costing, 
rsaponao sMtesttoa notes. Waptions acrtpB 
& much morel D0I4O N9C svatate. 
9000, maPOsr, Unton N10 in 
TO: 0814839100 
FAX; 0S1-38G 3402 


SUBSCRIBE TO StAR! 
THENEWSTO CKM ARKET 
SERVICE FOR THE 
PRIVATE INVESTOR 

*at SMcMng iws braaMfraugh 1mm Synwgy 
Software, SAB altera a compute ‘one stop 1 
saMten la yaw dal*, information and 
analytes nssda. Heaping you right up to date 
wtih the UK Btettmaftaa. StAH contUnaa 
powerful Investment raid portfolio 
managornm aaftwaro aim Synergy*# 
renamed data dstary mnIob. Amfafale on 
ataofpBonorlyt from pattgiO par aa wK. 
Cad 0882 424282 HOW 
For yow FREE StAfiBrecftm 


ACT. THE SALES 
MANAGEMENT SYSTEM 

• Taciaalyour Clant Contact 

• Prompts «l your actons 

• HsaUlWP, Modem. Fa* support 

• DOS. WV4DOWS, NETWORKS. MAC. 
- Training. Cansutancy. Suppon, Product 

• Daft constat compete! 

ASK FOR THE DEMO MSC 
Brown and Company 

H* 81682 485*44 
Fa* 01552 488333 


Convert your date into 
INFORMATION 

SpacMMa In WAndowa-tmaad Rapid 
Apptatkxi Pwva to pra o n t uafng Obfad- 
Oriartsd lachniquaa end prog a iirtn g bob 
One. Visual Basic. C++. Aceoss2 md 
PnmeuBdarJ OML Implement bs and 
general buakwaa ayatams wtti urer-btend* 
graphical fc iia rtac s a. qufeMy anf eaat- 
eflecflw* 

Omact M— gaarantm 
Gnat Moratona, Mgb Street, 

W a st arftai n , Kant WHO IRQ 
TSfc 0930 S8B7M Roc 0038 BSS7BS 


FINALLY: REAL-TIME 
DATA YOU CAN AFFORD 
STOCKS, CURRENCIES, 
BONDS, DERIVATIVES AND 
NEWS 


UNIVERSAL EXOTICS, 
OPTIONS, SWAP, YIELD, 
ZERO-CURVE ADD-INS 

AddUlonai apreadahset tutedona ter 


Umbra provides global radMfene financial 
date tfirect to your PC st 8» Imraal pastas 
cost Our Windows platf or m fnrift a toa 
aa nm l ai n Interfacing wtti othar Wtedow a 
appIcBUom 

Can IMm on on 409 4S« 

CaBTariora Russia on MaiRa 
W no. 7S 02 222 14 11 


1-2-3 and Excel (Windows, OS/2. Mac). 
European and Amafesn atyfa aptfant and 
warrants on bonds. cammodUaa, OJnsncta 

tUOasa and shares. 


INDEXIA TECHNICAL 
ANALYSIS & TRADED 
OPTIONS VALUATIONS 


1U: +44 «Z00 Fa* <41 714 


SELECT 400 

UNIT TRUST SYSTEM 

Robust Networked PachaoB 
Recoramendad by top Fund Mmagera 
Complete tuidtenAy 
hUtasrancy 

MuHgal Cearaapandanoa 
Baopean and Arabic 
Hgi&iapndudMy 
A talsCy modem, economic 
PkaJorm for LT. afflctency 
John Omond Central Software 
fWOBH 824057 Pter08Ma2*TO3 
Btl HuttMan FO Sated 400 
0783 244228 BDt 0783 214648 


Three Powarli VacMcal Analytis systems. 
Tao Haded OpftmalMuoHon ayatams. 
Tadsdcte Analysis Homatert* cauras. At 
arsvlsd mAh HB hbtarical databanks. 

Free support. No monOSy tftarge. UprWs 
manuMy or autemalcitiy da Mariagt origin or 
TH£TEXT2000. 

0«eaA naaswotL 121 Iflgh Sasat, 
Barid iam alasd HP42DJ, 

1U. 0442 B7801S Fax. 0442 8788M 


PC Sharewatch 

ImntemetK aaBunre lor IBM compeBbte PCS. 
Pragmma operate inter DOS and come 
conttaa wVi date Ibr over 1800 oomparta. 
Wrekm ZD1 m* ted PMVWT. 

Vtaten aoiTT H i d Ward 20 00 ux i m a iiM a) 


> 27l»Da8 > Vamham 


MARKET ACCESS - 
DATA COLLECTION MADE 
SIMPLE 

if you need date. tea. aausnfy flatty aid 
nUil^ltanatidtHr,WMQSA0teei,tan 
Synergy SoBwars breaks new ground h date 
deBwy and romma dm sradaiy of data 
maintenance, enanatn prices trom moat 
n»tafls-atyaurflng«i)p9. 
syrergy software 0382 <24282 or 
fte 0582 482741 


READERS ARE 
RECOMMENDED 
TO SEEK 
APPROPRIATE 
PROFESSIONAL ADVICE 
BEFORE ENTERING INTO 
COMMITMENTS 


of the mirk. Rachel, who pro- 
vides huge breakfasts and 
lunches for the family, three 
full-time and many ptut-time 
helpers, relished the prospect 
of developing a variety of 
unusual natural flavours. 

Producing and naming such 
delights as Crabbers Nip, 
Hokey Pokey, Lovers Delight, 
and the Bees Knees appealed 
to the whole family. 

Two years ago Bryn, who 
had gained an MA at the Royal 
College of Art, was templed 
back to the form by the pros- 
pect of her own stained glass 
studio. Tbby returned this year 
from a furniture-making 
course in High Wycombe to set 
up a workshop. 

Jacob's responsibilities 
include the family ’s ioe cream 
shop in Falmouth, plus all the 
production and distribution to 
shops, hotels and other outlets 
all over Cornwall. 


Last summer (1994) the fam- 
ily opened The Croust House, a 
50-seater restaurant serving 
coffee, cream teas, salads and 
other light lunches, as well as 
aH the Ice creams and Rachel's 
home-made bread, scones, 
takes and jams. It also sells 
clotted cream, the Roskilly's 
fudges, mustards, chutneys 
and furniture polish based on 
the wax provided by Rachel's 
bees as does the farm shop at 
the other end of the yard. 

“The Croust House is very 
labour-intensive and it is too 
early to say how it is doing 
financially ,” Joe said. “But the 
conversion cost us very little 
as we did most of the work of 
converting the former calf pens 
ourselves.” 

Toby, who plans to run the 
Croust House as part of his fur- 
niture making business, made 
all the tables and chairs, while 
Bryn made the startling 


stained glass windows. 

“Developing the Croust 
House has been possible only 
because two years ago we 
invested £80,000 in a com- 
pletely new computerised dairy 
unit, which freed a lot of our 
traditional buildings for other 
uses,” Joe said. “To do the 
work we needed no additional 
loan to supplement our £24^000 
working overdraft We realised 
the new unit would free build- 
ings so that the family could 
return here to pursue their 
own interests if they wished. 
That in turn was only possible 
because of our decision seven 
years ago to go into ice cream 
in a relatively big way.” 

The next project is a show- 
room for Toby's furniture in 
the former bullpen. Again 
members of the family are 
doing moat of the work. 

“By the time that project is 
complete we shall have com- 


MINDING YOUR OWN BUSINESS 


BUSINESSES FOR SALE 


P<F 


worldwide 


FOR SALE 

Mortgage Company 


• Loan book value circa 
£5 million 

• Profitable 

• Cash generative 

• Low overheads 

• Experienced management 


WANTED 

1 have time, equity and many 
years of marketing and sales 
experience to invest in a 
Retirement Sale or 
New Business Venture. 
Please write to: 

Box B3547, Financial Times, 
One Southwark Bridge, 
London SE1 9HL 


PROPERTY BARGAINS Tenanted roe. up 
ID 7tf% off KpL vteutekm- Al areas. 0S32 
370068. 


BUSINESS FOR 
SALE 


For Junker information please contact: 

Julian Gibbins, at 

Panned Kerr Forster 

New Garden House 

78 Hfflton Garden 

London ECINSM 

Tel: 0171 831 7393 Fa*: 0171 782 9390 


Paoccfl Kerr Fooler ueiMborecd fcy Ac looltMe of 
Cbmerei AccMonoa in Eatfaed and Wti« ta aery m 
invee wm t bntintn la tee linked Koodoo 


HVNNELL 

KERR 

FORSTER 


FOR SALE 

Highly Profitable car 
bodyshop repair business 
operating from freehold 
premises located in 
North London Substantial 


SUCCESSFUL, PRIVATELY OWNED, EAST MIDLANDS BASED, 
AUTOMOTIVE ENGINEERING BUSINESS OFFERED 


insurance company 
approvals held. 

Write Boc B3540. FmatKial Times. 
One Southwark Bridge. 
London SE1 9HL. 




Remit cootroOiog Director rrisb W retire. Voted range of own prodoett sad in-house 
design lariHxy. New freehold fitesory oo btqp: nto, jraitafab Sir Letter dcvcJopmeal- 
Tamoua esuentfy £Gm pa annum wiA profits estabfisbed «t over £L La per anaam. 
Write ter Bax B3546, notarial Hraes. Ok Southwark Bridge, Loodsa SE1 9BL 


For Sale 


RETIREMENT SALE, LARGE RETAIL UNIT ON 
THE OUTSKIRTS OF HASTINGS 

IN PRIME LOCATION WITH OWN CAR PARKS, ROOM FOR EXPANSION. 

Turnover £L3m gross. Gross Profit £180k. Premium L/H £IOOK, 
Rent £45K or would consider FREEHOLD S AT JR. Ideal for existing 
com pa ny to expand or hard working business CamUy. 

Wrise to Hoc B3S44, Financial Times; One Saokwark Bridge, London SEi 9HL 


Well established and 
profitable distribution 
company specialising In 
British Gypsum drytinlng 
products, suspended celling 
and Insulation materials. 


Write to Box B3532. 
Financial Times, One 
Southwark Bridge, London 
SE1 9HL 


BUSINESS WANTED 


I'flO KX (M'ff .k I.U. SIMI1 i: SAI i.S AVI) SI RVK i 

BUSINESS WANTED 

Keen pmviuisL‘1- »ill nu\ ;in<J goodwill ol :iil 

or p:irt of j business or "ill ;K'i|iiiiv sbaiv capital. 

( nnlldentijlih Icitt-f nil) he issued to \mi on reply. 

!*lv;i-t rx- ply ll.itrid!; 'Ud: MJIIi 

n(:.r < 'limvli C.n-un I :iM. K. Klildi. V. .K^-tti-Uus: [IM\ SCI' 


BUSINESS 

SERVICES 


PERSONAL 


BUSINESS SERVICES 


BEE 


USA only 24p per min 
Aufttmfia 40p por min 
NO VAT 

A»* about oar loto rates 

to other countries. 


-\rv ymi ,i Mitjjic. proli'ssiun.i! 
"dill. rn in voile til's'. 1 Arc >oll 
usinu a datiii” nuciuy or Ion: !; 
ta-arls ads to find a pai'dicr'.’ 


I; -.i iiHi I i 

OS I SO? o': To 


Australia 

Only 29P/Min 

Mexico 72p/min 


$Skaj iback 


CM USA 1-206-Z84-8600 ! 
Fu USA 1408>282N« j 

«»»5eraBdAra W.ScMtir.««mit9ljSA I 


’Tb1 +44{ 0)181-490-50142 
;Fok +4010)181-568-2830; 
i Did Int. Telecom UK < 


NEW rORK EXECUTIVE OFFICE 
BS yiw oftkta in •» USA kam SI a day 
Tel/Fax/Mall/PjreeJB and more. 
TH: 212 354-20M Fac 212381-8288 


pleted. the picture as I see it," 
Joe said. “But we could not 
have done it and be mak ing 
the profits we achieve without 
that crucial decision seven 
years ago to go into ice cream. 
Together with the associated 
food lines it accounts for more 
than 50 per cent of our total 
current turnover of nearly 
£300,000. 

“Although the dairy herd is 
the key to everything we do, I 
have always felt that diversifi- 
cation makes farming more 
interesting and more fan than 
it used to be. The younger gen- 
eration can get bared by the 
routine of fanning. Diversifica- 
tion can help retain their inter- 
est when otherwise they might 
have been tempted away from 
the countryside.’' 

■ J.B. and GJL RosktBy. Tre- 
geUast Barton, St Keveme, Bet- 
sum, Cornwall TR12 GNX. Tet 
0326 280479. 


their money and hired a law-, 
yer. but the high court refused 
to hear their cose. Now, Amos 
told me, they .were left with , 
just (me option. 

“Lei thfise people come. Let 
them come ami say this is our 
land.’ We are , ready “for tham- 
We are going to kill people' 
hare.” 

Failure of the author ities 
even to acknowledge what was 
happening began to make 
sense when, with the help of . 
certain inducements, I was 
able to extract the lands 
registry frean'a dusty office in 
Kajiado.. / % ; 

Among the .hew* owners of 
Loodariak’s territory I found 
the associates of some of 
Kenya's most powerful people, 
tnpinrihig the maiden name of 
the wife of the Minister of - 
Land, Darius Mbela. - 

Mysterious manifestations of 
his wife's name had already 
caused problems for Mbela. In 
1991 he had almost been forced - 
to resign when it was found on 
the Tratghtvmrmg c o m mu nity's 
registry. Mbela had claimed 
that his wife bought the land, 
but lawyers uncovered 
memoranda he had signed 
wMwitng people he wanted 
TTw*mted cm the HsL I visited 
Mbela, now ministe r of water, 
in a weather-stained block in. 

Nairobi 

He answered my general 
questions about privatisation' 
with affability, but when. I 
turned to the case of Loadariak 
he became strangely terse. Ha 
told me that trig ministry was 
not responsible for the 
allocations, that he knew 
nothing about his wife’s 
registra ti on, and the situation 
of Loodariak was sub-judice 
and he did not wish to discuss 
it 

In Loodariak tim new owners 
appear to he waiting for the 
price of their land to rise 
before selling it on, but in the 
Rift Valley in western 
Maasailand they have set to 
wmk to make it pay. Here the 
rainfall Is just sufficient, in 
good years, to allow them to 
plant wheat Beside the road 
from Nairobi to Narok I 


watched a ■tractor towing. a 
plough . through , the- .-grass 
sward. The savannah flowm, 
the -many hundreds of-grass ' 
.species. Tolled over te expose 
dean dabs of - earth." For io- 
ndlekl saw nefiha- ahe^nor:. 
ahmnanbdng,sipiityusHfof 
churized soSL / Swig . of the 
tuabemi bierQ. had seized as 
much as 30,000 acres. The 
ordinary Maasd were eadUeff 
- with insufficient land, te' grate -. 
one cow.. They -could efr 
notiimg wifli these plots but 
lease them for a pittance to the 
people who had tafeen the rest. 

The sefia here are shallow : 
and fragile. After tbree or fodr 
years the farmers abahifon 
then. Recovery, tf it happens . 
at afi, win take 40 or years. 
Scanning the Weak horizon, I 
wandered whore all the people 
had gone. The answer came' 
sooner and louder than I could 
have guessed. 

Driving 'into Narok I saw a 
' crowd leaning over the bridge, 
storing across the basin of the 
riyer. The houses. below them 
. appeared to; have exploded. 
-Cars were : tangled in the 
branches of the bankside trees. 
A~tree trunk transfixed two 
walls of a diop. r - 
- The storm, the evening before 
had been noi .worse than many 
that foil on Narok, but soon 
after' it broke the people heard 
a- rumble in the surrounding 
MUs, and a wan of filthy water 
roared into town- Everything 
in its path was .swept away. 
Thirty-two bodies were found 
hanging from the branches of 
the trees or rammed into the 
tiverbahk. 

The Maasai pushed ' out of 
their. pastures by the wheat 
forms had nowfafere to turn to 
but land too steep for the 
tractors to plough. With their 
livestock and the displaced 
wildlife they crowded Into the 
InBtop forests, consuming the 
vegetation and compacting the 
soil. The rain had flashed off 
the . indurated ground. It 
brought to the people of Narok 
a final roar of despair, as the 
nomads reached the end of 
their! migrations. 

■ George Monbiot is the 
author of No Man's Land: an 
investigative journey through 
Kenya and Tanzania. 



Tunnel vision: La Shuttle wd gat your car to France taster, but It probably won’t saw you any tkiw oafmm 


Over or under to France? 

Stuart Marshall takes his car on Le Shuttle 


N ext time, will you 
take your car over 
or under to France? 
It all depends 
I whether you regard the actual 
crossing as a pleasure to be 
enjoyed or an ordeal to be 
avoided. 

Having at last made a trip 
with a car through the Chan- 
nel Tunnel on Le Shuttle, 1 can 
vouch for its speed. The 34 
minutes it took from drawing 
out of the English terminal 
near Folkestone to pulling up 
at the French one at Sangatte, 
near Calais, beats even the 
noisy and uncomfortable Hov- 
ercraft 

The fact that the brightly lit 
double-deck car-carrying 
wagon is rushing along under 
100 metres or so of water can 
be forgotten. Reality is 
suspended. The train Is so 
quiet and smooth riding at up 
to 100 mph (160 kph) one is 
hardly aware that it is moving. 

Wm the forecast of just one 
hour between leaving the M20 
motorway and joining the A26 
autoroute be achieved by the 
average car driver? 1 reserve 
judgment 

Four trains per hour are 
promised at peak travel peri- 
ods. A one-hour crossing will 
clearly be possible for motor 
ists who drive into the termi- 
nal just in time to catch the 
next train. But not if they just 
miss it And most certainly not 
if they arrive to find queues of 
care waiting to cross. Conceiv- 
ably, they might have to wait 
up to an hour to drive on 
board. 

Upper and lower decks me 
loaded simultaneously. The 


first cars have to drive the full 
length of the train - weD over 
800 metres - but will, of 
course, be first off The day I 
went, disembarking was a 
much slicker operation than 
loading. I would not like to 
find myself at the back of the 
train, parked behind a car that 
would not restart after the 
crossing. 

During the journey you sit in 
your car, with windows and 
sun roof open, to catch fre- 
quent announcements in 
French and English You can 
also hear them on your car 
radio. Apart from walking up 
and down the carriage, the 
only diversion is a visit to the 
lavatory - if yon can find one. 
They appear not to be sign- 
posted. 

After walking through so 
many power-operated airlock 
doors between the carriages 
that I lost count, and down the 
forward loading ramp, [ found 
one up a spiral staircase. A 
notice in French said it was 
under repair. 

Eurotunnel is a fantastic 
engineering achievement. The 
terminals - especially the 


Hovercraft 

Travellers from further 
afield may find little point in 
using Le Shuttle. For th em, the 
75-90 minute Dover-Calais voy- 
age by P&O or Stena Sealink 
superferry ia the eepxtvalent of 
a stop at a motorway service 
area. They can have a proper 
meal, buy their duty frees, 
have a nap or stretch their fogs 
while they cross. Yes, of 
course, the actual crossing 
takes for longer than it does by 
Ia Shuttle. But the trmp pas- 
sengers save by not having to 
stop for a meal, buy their duty 
frees and so on will erode - 
even wipe out - the tram’s 
main adv antag e. 

The Dover-Calais ferries 
have so improved check-in pro- 
cedures that they offer what 
are almost “turn up and safl" 
crossings outside summer peak 
tunes. When the Monopolies 
and Mergers Commission 
allows P&O and Stena Sealink 
to pool their services - as it 
surely must next time they 
apply - the situation will 
improve farther. 

Motorists beading for Brit- 
tony. the Atlantic coast of 


I '-".ty * . jffl " 

V M V 

A V eX 1 . 

•e /• '.!* *“ 

* -• 
:=:y« 

V-Vt v--- 


V- .v - 

•ft*.*' ■- .I-’* 


?rv;. 

•? 5**7.- •• ■■ ---. 










the 


thre 





colossal one on the Freodi ride 
-are like modem Ste. ^ 

Win Le Shuttle - the vehicle- favourite 


carrying train - be a commer- 
cial success? Provided it is 
priced to be competitive with 
the femes, I can see it being a 
hit with motorists who live 
within 100 miles or so of Fol- 
kestone, are short of time, hate 
sea travel and bring their own 
sandwiches and coffee. Unless 
you suffer from acute claustro- 
phobia, it must be a highly 
attractive alternative to the 


- “ffiur rnj 

favourite, Brittany Ferries. A 
rune-hour day crossing from St 
Malo to Portsmouth a few 
weeks ago was more like a 
aaort cruise than a ferry trip. 
Tjns immaculate and stylish 
snip has a shopping arcade, a 
““■dressing salon, a children’s 
pfoygronnd and a gootkmalily 
restaurant 


CrosfrdhanneJ shopping 
- Page IX 










►Jb* 


a* 


-H lu.x-- 


J last 


ANcIai.tim^ WEEKEND NOVEMBER 19/NOVEMBER 20 1994 


WEEKEND FT IU 


PERSPECTIVES 


iasai • M 


if 1 


■■■ i 

• "■if. j'- 

'r = ‘ ; 

iSv 






'■ /rfe 

V- " 


' v -i., 

'•:r~ >2~ r to: »! 








: ::y 

mm ~~ v.*> r*-- H 


.■■■*?*■■ hfc. 




7 

;. :r “3Ei-- 


-* * 


s:®*. 




:?■ ■• “l ■.'■ .- 


: 










JX-' ~ 
i-r-ifT 7 
i *•*&-! 

i*w. K 
A 


. >:;r 


sfcW***' »/;• 

T* .... 

LiV i 'J -•.=•; tf 

’rfi .. ‘ 1 


jgfi r-^ 

ir» 

.fflgpty" 
j* IT :* 


*2;; 

* * r '; 

%*Sh* 1 — , j = : . i-; 

jw ••- 


#T t _^v- 

**•2; 


***** c** a 

fcatLzi iptf* 


M S * hakcd earth, 
S' 01 »* ft high, are 
wtramod between the 

» giant mo ?“ f 5 looks as 
through the^.,. h ?. ve hurn >wed 
Lightning t R- d S s t h > an J around 
outback town whiPh he j} t,stral,an 
*£££””"* 

local t bJmn?h the 1JOOMA 

a uartiniJir-,’ buni P s hw truck past 

dnctly- -Ahl S ? i he situation sue- 

^Sasr-* 

s€^l«s 

gaiSisSs 

SL ^. f0Urth year ° f 

fiSS' ^iS “T^wpcre have been 
•"*Sr i th P^^es or cracked 
rattJe ' Ministere 

toun-d fh!» their Canberra suits and 
»smn- Hundreds of mU- 

S of dQ »a« of federal aid have 
been promised. 

But the miners of Llghtnlne 
Ridge are a forgotten casualty. 
Their town, just south of the 
Queensland-NSW border, last saw 


Miners’ dreams turn to dust 


Nikki Tait visits Lightning Ridge where the supply of opals has dried up in the Australian drought 


rain nine months ago. Already, 
daytime temperatures are reaching 
90°F <38°Q, and what little water 
remains In the surface catchments 
is evaporating fast. This means 
that the giant cement mixers - 
called “agitators'* or “agis" by the 
locals - which wash clay away 
from the lumps of precious opal are 
largely dormant 

The inability to process opal dirt 
has brought torpor to the mining 
fields themselves. In contrast to 
diamonds or gold, opal mining is 
still the province of the individual 
prospector. Miners - many of 
whom have Irish, Scandinavian, 
Serb or Croatian roots - simply 
torn np, peg a claim and start dig* 
ging. No one is allowed more than 
two claims at once, and the maxi- 
mum size that can be pegged Is 50 
metres square. 

Technology has made few 
inroads. Because the gemstone 
occurs Just below the earth's sur- 


face, the extraction process has 
changed relatively little since Char- 
lie Nettleton sold the first parcel of 
black Opal for £15 in 1903. Normal 
practice in the Lightning Ridge 
fields - where most of the opal 
occurs In random nodules, not 
seams - is to drill a 3ft diameter 
hole, perhaps 60ft deep. The miner 
then scoops out underground tun- 
nels at Its base, supporting his 
shafts with local pine trunks. The 
resultant dirt is vacuumed or 
winched to the surface for washing. 

At the best of times opai-mtnlng 
is a raw business. Its safety record 
is worse than that of the coal 
industry. Inadequate propping of 
underground shafts Is the main 
cause of fatalities. 

Moreover, while a successful End 
can bring in millions of dollars, 
most miners live in a state of per- 
petual optimism. Maxine O’Brien, 
who runs the Lightning Ridge Min- 
ers Association, reckons that about 


40 per cent of the town's commu- 
nity is technically below the pov- 
erty line, subsisting from trailer 
homes or temporary structures on 
the pegged claims. (“Permanent" 
dwellings are not allowed). 


Opal mining is 
the province of 
the individual. 
Miners turn up, 
peg a claim and 
start digging 


Another -10 per cent makes a “rea- 
sonable” living. Perhaps onc-flfth 
gets rich. 

Back In the pubs of Lightning 
Ridge, tales of Lady Luck's caprid- 
ousaess abound. Bob Barrett, for 
example, recalls the day when a 


fellow miner picked up a chunk of 
opal dirt which was wedging the 
tyres of Barrett's truck. 11x6 other 
miner split open the tump. Inside 
was Opal worth hundreds of thou- 
sands of dollars. Barrett, who did 
not get a cent refuses to believe 
that the block came from dirt he 
had dug np and discarded. 

Bat then, at least things were 
happening. Tbday. the inability to 
process the opal dirt coupled with 
a required weekly outlay of AS500- 
AS1.000 on diesel oil if a claim is 
being worked, means that many 
miners have simply shut np shop, 
leaving their stockpiles of dirt to 
await the rains. Only a few individ- 
uals, who know that they are work- 
ing productive shafts, are paying 
vastly inflated rates to rent the lim- 
ited agitator spaces attached to 
bore-fed dams. Production, esti- 
mates the LRMA, has fallen by 
about 60 per cent 

This idleness is doing nothing to 


Improve the strained relationships 
between miners and farmers. The 
rural community tends to view the 
miners as a degenerate bunch, gam- 
bling on the chance of a quick 
buck. Miners, for their part, think 
the fanners are a selfish breed, 
pampered by politicians. 

“The problem is not about water, 
it's about distribution,” says Dino, 
a bearded bear of a man, mourn- 
fully surveying a muddy paddle 
which was once Smith's Dam. 

The miners argue that they 
should be given more access to bore 
water, from the artesian basin, 
pointing oat that annual opal pro- 
duction in Lightning Ridge to 
worth around ASSOm. The value of 
the wool from the adjacent shire is 
only Ag20m, they say. 

Perhaps the biggest paradox is 
♦ha t this hiatus has not brought 
higher prices - at least, lor miners. 
Australia produces about 90 per 
cent of the world’s precious opals 


and Lightning Ridge is the main 
source of black opals. These are 
stones with deep background col- 
ours and iridescent flashes, whose 
individuality makes them the most 
highly prized by collectors. 

Bat marketing is erode. Miners 
sell their smaller stones to travel- 
ling middle-men, who rent rooms 
in tixe Lighting Ridge motels, post- 
ing baying signs above their doors. 
As the steady supply of stones has 
dried ap, so have buyers’ visits. 
Already, one auction house has 
seized the opportunity to arrange a 
sale in Hong Kong next year, hop- 
ing to persuade miners to part with 
some of their larger hoarded gems. 

In Sydney, the story is different. 
Scores of opal “boutiques” jostle 
for the Japanese tourist trade. 
Sales opportunities provided by the 
drought are not being missed. 

Last Sunday, in one of the clas- 
sier outlets by the Harbour Bridge, 
a German gentleman was ponder- 
ing a A$S, 000 gemstone. “Opals are 
getting very hard to replace - with 
the drought, we haven’t got the 
water for polishing," urged the 
saleslady. Her Information may 
have been inaccurate, but her psy- 
chology was spot-on. He paid 
another A$ 1,000 for a larger stone. 


The messy holy war that 


threatens to split Ukraine 


,;vs.i ... ***:•> 


S unday is no day of 
rest for Mikhail pyat- 
nitsky. For the past 
several months on 
this day of worship, 
he has dashed about Kiev with 
his microcassette recorder, lis- 
tening to sermons and Inter- 
viewing parishioners, in a des- 
perate quest for a suitable 
church. 

“It's very confusing and I 
want to make the right 
choice, ” Pyatnitsky explained. 
Pyatnitsky to neither a reli- 
gious fanatic nor on a personal 
odyssey to discover his faith. 
He describes himself as com- 
fortably Ukrainian Orthodox, a 
branch of the Eastern Ortho- 
dox Church and the dominant 
faith in Ukraine. 

But he has a lot to be con- 
fused about Just to pray at 
Christmas, the average Ukrai- 
nian to forced to choose 
between three similarly- 
named; but warring churches 
- the Ukrainian Orthodox 
Church, the Kiev Patriarchy of - 
the Ukrainian Orthodox 
Church and the Autocephalous 
Ukrainian Orthodox Church- 
Each claims to be the legiti- 
mate church and denounces 
the others as heretical pretend- 
ers. 

The competition to. win 
Ukrainian souls extends 
beyond scathing rhetoric. Vio- 
lence flared when a nationalist 
paramilitary organisation fried 
to prevent the head of one 
chinch from entering his mon- 
astery. Monks claim they have 


Adultery, money and power divide the Orthodox church, writes Jill Rarshay 


been beaten up. Old women 
bar cathedral doors to high 
priests. Communities stage 
hunger strikes. S candals have 
been exposed. Everyone, from 
New Jersey clerics to the Con- 
stantinople See, from Kiev offi- 
cials and the Russian Patri- 
arch. has taken sides. 

Unlike neighbouring Poland 
and Russia, whose do minan t 
churches serve to unify, the 
Ukrainian church schism is 
another reminder that so little 
binds together this fragile 
three-year old nation. Ukraine 
to split between Catholics and 
Eastern Orthodox, between 
Ukrainian and Russian speak- 


The Ukrainian 
schism is a 
reminder that 
little binds 
together this 
fragile nation 


ers, and between its more 
nationalist west, which borders 
on Poland, and its Moscow-ori- 
ented east, part of the Russian 
empire for more than 300 
years. 

The three churches encapsu- 
late the deep internal divides 
betweai Russophiles, pragma- 
tists and nationalists in 
Ukraine. Each group wants its 
world view to define the Ukrai- 
nian national identity. None 


Beijing's finest point 


to France 

-ar or: UfShu^ 4 



is right 


iciUy.'fc ' v&i&zi 


in its centre. 



THE PALACE HOTEL 

tame 


sham i THt e xrc auncf 




The pcnmwl* HoBeSant-MWb-WcwYoA- Be%ertvHlUs 

the Potoe* n** 1 81-111 ft » kK ' 0 ^ MdW ***"*• 


wants to be left out 

The struggle also exhibits 
how Uk rain l an- Russian ten- 
sions are alive In matters of 
spirit as well as in political'dto- 
putes over the Black Sea Fleet, 
nuclear weapons and energy 
supplies. 

Things were much simpler 
under the Tsarist empire, 
when there was one Russian 
Orthodox Church. Then dissi- 
dents, who wanted nothing to 
do with Soviets, established an 
independent church. This 
Autocephalous Ukrainian 
Church lived underground in 
Ukraine and practiced in 
Ukrainian communities 
abroad. 

Ukraine's independence in 
1991 ushered yet another split 
when farmer president Leonid 
Kravchuk encouraged the cre- 
ation of an official Ukrainian 
church to mark his nation's 
break from Moscow and to bol- 
ster’ his new state. 

Not everyone followed Many 
priests and congregations con- 
tinue to heed the Russian 
Patriarch, who refuses to 
recognise the independent 
Ukrainian Church. The inde- 
pendent church or dissidents 
and diaspora managed to unite 
with Kravchuk's rebels far a 
year until they broke off again 
last September in a priestly 
squabble. 

The Moscow followers still 
use the Old Church Slavonic 
language and genuflect to the 
Russian Patriarch, whereas the 
other two churches conduct 
their services in Ukrainian and 
make no references to Moscow. 
Otherwise little distinguishes 
the practices of the three 
churches. White-bearded high 
priests don similar black robes. 
Icons and pungent incense fill 
their churches. The same 
ancient hymns are chanted 
and the same theology to 
taught in their seminaries. 

“1 go to St Sophia's because 
no one makes a comment 
about my wife not wearing a 
head scarf,” said Sergei Oly- 
okhin, a 36-year old business- 
man, on his way out of Kiev's 
main onion-domed cathedral. 
Olyokhin prefers the relaxed 
atmosphere and blinking 
Christmas lights of the new 
independent Ukrainian church, 
where his wife, Larissa, 
sported skin-tight denims, 
dangly earrings and three-inch 
black pumps. 

The Moscow branch’s main 
church to crowded on Sundays 
with elderly women lighting 
candles by the dozen. All are in 
modest dress and head cover- 
ing. Lidiya, a 62 year old 
woman, said the head of the 
independent Ukrainian church. 
Metropolitan Filaret, “doesn't 
have a religious hone in his 
body. There to no God in his 
church. It's just a building.” 

On the edge of Kiev's city 
limits to the humble church of 
Ukrainian nationalists. Valen- 
tina and Oleksandr Cheshkova 
travel three hours to worship 
at this white cossack house 
with raw wood and iconned 
interior. Why? “1 was illegally 
christened by a repressed dissi- 
dent,” explained Valentina. “I 
fried one of Filaret's services 
once, but It didn't feel right" 

Filaret to at the centre of the 
conflict Many say he was close 
to the KGB in the old days of 
the Soviet Union. Ukrainian 
government officials confess 
that he is as active in politics 
as he is in piety. 

hi Soviet times, Filaret was 
the head of the Kremlin-con- 
trolled Russian Orthodox 
Church of the Ukrainian 
Republic, when church officials 
were “asked" to be informants 
and the brave observants were 
regularly dragged in for KGB 
interrogations. Filaret made 
the three-man short list for the 
Russian patriarch In 1990. He 


was not selected and when 
Ukraine declared independence 
in 1991, he suddenly trans- 
formed himself into a national- 
ist, realising his religious 
career lay with the indepen- 
dent state. 

“We realised that an inde- 
pendent state needs an inde- 
pendent church.” recalled 
Filaret In his ornate Kiev head- 
quarters, where he once sat as 
a messenger of the Russian 
Patriarch. "Ukrainian sover- 
eignty would be a farce if 20m 
believers were subordinate to 
Moscow. 

"But Patriarch Alexei (of 
Moscow) would not have it He 
launched a crusade to depose 
me and eventually had me 
defrocked,” Filaret said. 

' * Just as Ukraine's leaders and 
the controversial Filaret were 
desperate to escape Moscow's 
grasp. Moscow was loathe to 
lose Ukraine - the historical 
and spiritual core of the Rus- 
sian Orthodox Church. 

The two Slav nations had 
been one church for more than 
1,000 years since Christianity 
took root in 988 at the famous 
baptism in Kiev’s Dnieper 
river. 

Sixty per cent of all churches 
of the Russian Orthodox faith 
were on Ukrainian territory. 
An equal share of the Russian 
Orthodox clergy was ethnically 
Ukrainian. Many were sent to 
Russia to run parishes. 
Ukraine boasts five seminaries 
to train priests. Russia has 
only two. 

To seal the break from 
Moscow. Filaret made a career- 
saving but unlikely alliance 
with the Autocephalous Ukrai- 
nian church. Filaret had previ- 
ously denounced this diaspora 
church. 

With Kravchuk’s blessing, he 
joined the dissident church 


Moscow branch’s theological 
academy, says he wants to re- 
unite with the Kiev church, 
but first “they must repent and 
confess their sins for breaking 
away from the Moscow church. 
Naughty daughters will never 
get a tomos" (the eastern ortho- 
dox grant of sov- 
ereignty). 

Until then, "their blessings, 
marriages, christenings are 
useless and not recognised by 
the canon," he says. 

Once the churches agree to 
unify, all sides say that 
Moscow might grant them 
independence, paving the way 
for international recognition of 
the Ukrainian church. For now 
the three leaders are unable to 
sit down at a negotiating table 
together. 

And so on each Sunday, 
Ukrainians remain divided In 
prayer and Pyatnitsky wan- 
ders. 


-.>■ V* • •• y-Vr‘1 \ ' •'* ’• 

% 4 






■**«?**?? 0.-'^ 


Kiev: where the house M God is tfvided 


ALFRED DUNHILL 




mm- 


mnsr- 


jpr.. • 






There were 
scuffles 
and protests. 
Old women 
took to 
the streets 








and established Ukraine's first 
official and independent 
church in mid- 1992. New Jer- 
sey diaspora leader, Mystislav, 
was elected Kiev Patriarch. 
Filaret became Bishop of Kiev, 
the second highest post. 

The newly-appointed, highly- 
respected bead of the Russo- 
based church was forced to 
seek refuge in the fortress-like 
Kiev Monastery of the Caves, a 
stunning gold-domed complex 
of ancient churches dating 
from the llth century over- 
looking the Dnieper River. 

Filaret grabbed the treasury, 
residence and St Sophia Cathe- 
dral for Kiev. There were scuf- 
fles and thousands of protest- 
ers, especially old women took 
to the streets. 

Kravchuk ordered Ukrainian 
television to broadcast his 
church's services and ignore 
the pro-Russian church. But in 
spite of Ukrainian government 
support, only about 3,000 of 
Ukraine's 8,000 churches have 
gone over to the Kiev side. The 
others remain loyal to Moscow 
and maintain the Old Church 
Slavonic liturgy. 

In Dnipropetrovsk. on 
Ukraine's eastern border with 
Russia, the two Kiev branch 
congregations have no church 
and have been conducting 
Sunday services in the open 
air. 

Ukraine's independent 
church is not recognised by 
Constantinople (Istanbul), the 

Eastern Orthodox See. but the 
Kremlin one is. 

Nikolai 'Zaboga. rector of the 










,V 


, ^ m 












The Londinium 


r If aft /fax JtSer/um/ /<SW tjo/</. , r /»t erntrl fonn / * Ytipp/tire^ y/tt.vt . ’ffti/rr -rr-uxftmt. 
• How /wn/e mif/t ywarts movement. \AmTeei t /o/tfouf t 


G O LD S M I T H S WA LK E R & H ALL 


RETAIL JEWELLER OF THE YEAR, BEST CUSTOMER SERVICE. 


Available ai .elected bMachit ui the Goldiniiths Group-, ALTRINCHAM: ViUcf ft Hull, FAR N HAM: Btggi, LEICESTER] Goldtmiihi, 
LONDON: Geo. An tnhai ought (Fled Si), Gold! until (Biibopigjic}. METSO CENTRE: Northern GoMibmiIm, 
NEWCASTLE UPON TYNEj Reid & Soni. NOTTINGHAM: W H May, READING: Braduff ft Sydenham, SHEFFIELD: Walker ft Hall, 
THURROCK: Walker ft Hall, TUNBRIDGF. WELLS: Ceo. Farrar. 

For a brochure call FREE on 0800 22Q733. 


foe/p/it a/ter xint'C 







IV WEEKEND FT 


FINANCIAL TIMES WEEKEND NOVEMBER 19/NOVEMBER 2D 1994 


GARDENING / OUTDOORS 


Not everything 
in the botanic 


garden is rosy 

Roy Barnes compares two approaches to providing 
public access to open spaces 


left Britain a week after 
the Cambridge Univer- 
sity Botanic Garden 
announced it would 
charge visitors on week- 
days between March and Octo- 
ber to help cover its £1,200 a 

day raaintenanrp COStS. 

The charges - entrance 
remains free on Wednesdays 
and for school parties - were 
introduced on January 1 this 
year. 

Shortly afterwards, I was 
walking through the high 
north-east section of New Zea- 
land's Dunedin Botanic Gar- 
den, admixing the native plants 
and trees, and could not help 
thinking about the sad devel- 
opment in Cambridge. 

Where I was walking, there 
is no perimeter fence, the pab- 
Iic road leads directly into the 
garden before dropping down- 
hill beside the native H indi. 

There is no attempt, and 
apparently no need, to keep 
the public out day or night, 
and there are no charges to 
enter the grounds, the glass- 
houses. the aviary (containing 
endemic and Australian birds) 
or the car park. 

Everything, apart from the 
excellent cheap food, hot and 
cold meals and snacks, served 
in delightful surroundings in 
the restaurant is free. 

Whereas in Britain most 
botanic gardens were estab- 
lished by private bodies or 


individuals with a primary 
purpose- of botanical research 
and education and not as pub- 
lic parks, in New Zealand most 
botanic gardens are “public 
domains", set up for the "bene- 
fit and enjoyment of the com- 
munity at large". They have a 
combined botanical, amenity 
and educational function. 

The Dunedin Botanic Gar- 
den’s budget of $NZl.lm 
(£450,000) is funded from local 
rates with some additional 
help from various commercial 
and voluntary bodies. 

Like all local authorities in 
the UK, Cambridge city council 
Is required to put the care and 
maintenance of its open spaces 
out to competitive tender. The 
council’s horticultural officer 
merely monitors the work of 
the contractors. 

And even if the local author- 
ity bad the will, it clearly has 
neither the funds nor the 
expertise to supply a free 
botanical information service 
to the general public. 

The Dunedin Botanic Garden 
also contracts out some of its 
work - grass-mowing, litter 
control, path maintenance and 
plant propagation and supply - 
but day-today control of the 
contracted staff's work is 
firmly in the hands of the gar- 
den's own manag ers. 

In addition, the administra- 
tors are obliged to provide a 
unified service in which 


research, education and ame- 
nity go Hand in band, and this 
is an obligation that they will- 
ingly accept. 

One has a strong impression 
all over New Zealand that 
everybody wishes to work for 
the common good. The land 
and its flora are the common 
heritage of all the people and 
they wish to preserve it. 

Hus could be a result of 
their history and geography - 
only 3m people in a country 
the size of Great Britain - and 
a tradition so different from 
the UK’s, where the use of pub- 
lic land for private ends has 
fostered a different view of 
things and where urb anis ation 
has diluted familiarity with the 
countryside. 

The contrast between the 
two countries can be illus- 
trated by the amount of local 
involvement in the affairs of 
the Cambridge and Dunedin 
Botanic Gardens. Both gardens 
have their “Friends", who help 
with donations of cash, produc- 
tion of publications, and some 
gardening chores. 

But outside help goes much 
farther in Dunedin than in 
Cambridge: the Dunedin Bog 
Garden was established by the 
Friends; the aviary is financed 
by donations from the Trust 
Bank Otago Community Trust, 
the Dunedin Rotary Club and 
New Zealand Television; the 
Alpine Rouse was rebuilt in 


Everything in the garden Is not rosy: the Cambridge Botanical Garden kt whiter, the pobOc must pay to go 


1986 with money supplied by 
the Dunedin Amenities Soci- 
ety; and the new Herb Garden 
was paid for and installed by 
the Otago Herb Society. 

Every local specialist society 
helps with its speciality - the 
Dunedin Dahlia Circle with the 
herbaceous borders, the Dun- 
edin Rhododendron Group 
with the marvellously exten- 
sive display of azaleas and rho- 
dodendrons. The new historical 
rose garden was laid out in 
1988-89 under the guidance of 


the Dunedin Rose Society. 

The Dunedin Botanic Garden 
manager says that when 
administrative costs, salaries 
and payment for contracted 
works are deducted from the 
SNZl.lm grant, the contribu- 
tion of the voluntary societies 
becomes "significant and 
invaluable to the success of 
this Botanic Garden". 

Cambridge University 
Botanic Garden does not con- 
tract out any work and, except 
for minor tasks such as seed 


In 

gathering by Friends, every- 
thing is carried out by profes- 
sionally qualified Mi - tans staff 
or by sandwich-course trainees 
from horticultural colleges 
under professional supervision. 

The superintendent has said 
that he does not see how ama- 
teur labour and expertise, of 
the kind and to the Priml that 
it is used in Dunedin, could be 
incorporated into the work at 
Cambridge. 

But sadly, even in Dunedin 
there are nrnmwts creakings: 


the Dunedin Botanic Garden. 

Mfmaganmnt Wan mn terms the 
sentence: “The garden does not 
sit easily with its classification 
as a recreation reserve." 

One senses that thing s may 
be chan ging not entirely for 
the better. Throughout the 
country there are signs of 
change: motorways are begin- 
ning to sneak out of the bigger 
towns; there is smog in Christ- 
church; and downtown super- 
markets and hamburger bars 
are appearing ever yw here. 


Tbs government is urging 
“modernisation”, doubling the 
tourist trade very five years or 
so; in some. areas the local pop- 
ulation is outnumbered by ve- 
iling Japanese tourists and 
businessmen investing money 
and buying Up hotels (m one 
Case a whole university)/ 

One worries for them and 
hopes that they will be able to 
•maintain the old communal 
values that, for me, are won- 
derfully symbolised in the 
Dunedin Botanic Garden. 




Motoring 

And the 


winner is . . 


T he European Car of 
the Year contest jury 
is out. Five self-con- 
gratulatory advertis- 
ing campaigns are being pre- 
pared. Four of them will have 
to be binned when the result is 
announced early next month. 
This is a contest with only one 
w inner . The also-rans really do 
not count There are just five 
names in the frame th is time. 
Last year there were 15. This is 
not due to a dearth of new cars 
in 1994 but because the organ- 
isers of Car of the Year have 
changed the rules. 

Until now. the jury of nearly 
60 motoring journalists (no. 
not me, which is why I can say 
here who I think will win) has 
had to vote on every eligible 
car. Some embarrassment has 
been caused when one or two 
of the less desirable models 
frdled to attract any votes at 
alL So, tins year, the 19 origi- 
nal entries - or 22 if you count 
the Citroen, Fiat, Lancia and 
Peugeot badged versions of the 
joinly developed Fiat /PSA 
multi-purpose vehicle - have 
been whittled down to a short 
list of five. The 1996 Car of the 
Year will be chosen from the 
Audi AS, Renault Laguna, Fiat 
Punto, VW Polo and V&uxhall 
(Opel) Omega. 

Among the exclusions are 
the BMW 7-Series, the first 
completely new Range Rover 
In 24 years and, of course, the 
Fiat /PSA multi-purpose 
vehicle, which I believe could 
turn out to be the most signifi- 
cant new model of 1994. 

Which car will win? It 

depends on what impresses 

jury members most; large cars 
with advanced technology. 



Peter Beales 

CLASSIC ROSES 

Over 1100 varieties of old 
fashioned, shrub, climbing 
and rambling roses and the 
best from more recent times. 

Full colour, descriptive 
catalogue - free on request. 

Peter Beaus Roses (F.TJ 
London Road, Attleborough, 
Norfolk NR17 1AY 

Td: 6953 454707 



sm al l ones with fuel economy 
or medium-to-Iarge ones offer- 
ing top value for money. 

If it is advanced technology, 
there can be no argument; it 
must he the Audi A8. This 
large and shapely saloon is 
made almost entirely from alu- 
minium alloy and ha« either a 
2.8-litre V6 with front wheel 
drive or a <L2- litre VB with 
quattro transmission and Tip- 
tronic gear selection. 0 have 
just spent a couple of weeks 
with both A8s. They combine 
clever new thinking with tradi- 
tional luxury and are extraor- 
dinarily quiet). 

The Punto and Polo are at 
the other extreme; small and 
inexpensive. Yet they provide 
fuel-efficient personal trans- 
port with the refinement and 
comfort of larger, dearer and 
thirstier cars. Punto is by Ear 
the best Fiat for years; Polo is 
really a scaled-down Golf. 
VWs build quality is renowned 
but the Punto is at least as 
well put together. Renault’s 
front-wheel driven Laguna has 
to be compared with the Ford 
Mondeo (last year’s winner) 
whereas the larger Vauxhall 
(Opel) Omega has rear wheel 
drive. It is similar in size and 
layout to the Ford Scorpio. 

In Britain, at any rate, the 
Laguna is priced below most of 
its rivals though its equipment 
levels, comfort and perfor- 
mance are just as good. The 
Omega looks much nicer than 
Ford's curiously fish-eyed Scor- 
pio. It may well pick up votes 
because the diesel version has 
BMW's superb six-cylinder tur- 
bo-intercooled engine (with 
automatic transmission option) 
while the diesel Scorpio is 
manual only and its engine is a 
beefy four-cylinder. 

My money for Car of the 
Year 1995 would be on the 
Punto. It is a splendid car - 
and also it Is years since Flat 
won the contest 

I think the Audi A8 will be 
runner-up, if only because of 
its advanced aluminium tech- 
nology. Not fax behind will be 
the Renault Laguna, with the 
Polo fourth and Omega fifth. 
The contest will be close. Any 
of the short-listed cars is wor- 
thy of winning. IqJhe end, it 
will depend what toms on indi- 
vidual members of the jury. 

Stuart Marshall 


Skiing 

The pirates are boarding the slopes 


Amie Wilson sees the future of winter sport: it has a T-shirt and an attitude and rides a sriurfer 


I have seen the Mure, and 
it is snowboard shaped. Of 
21 people in the queue for 
Lift 26. at Mammoth 
Mountain. California the other 
weekend, I was the lone skier. 
The other 20 were snowboar- 
ders, wearing T-shirts and 
sweatshirts with such mes- 
sages as “Snowboarding Is Not 
A Crime" and “I Love Animals 
- They’re Delirious." 

I travelled up with one sport- 
ing a Red Baron board com- 
plete with Teutonic red crosses 
and imitation cannon shell 
holes. On the slopes, boarders 
outnumbered skiers by about 
30 to 1. 1 frit like an interloper 
who had strayed by mistake 
into the wrong side of town. I 
frit even more goofy than a 
light-footed boarder. 

It was tiie moment I knew 
was going to happen - but it 
came years earlier than I 
expected. Within a decade 
some people in the skiing 
industry predict that snow- 
boarders win outnumber ski- 
ers, with 60 per cent boarders 


to 40 per cent skiers. 

But perhaps one should not 
read too much into this partic- 
ular Sunday - snowboarders 
traditionally come out to play 
early in winter, while skiers 
wait for better snow condi- 
tions. And with insufficient 
snow on Mammoth's new 
snow-board park, boarders 
were concentrated in part of 
the mountain usually domi- 
nated by skiers. But it was a 
glimpse of things to come. 
Snowboarding is said to be one 
of the fastest-growing sports in 
the west. Many resorts wel- 
come the inevitable: others are 
still agonising over whether to 
bow to “progress" or ban them. 

Tradition has it that snow- 
boarding was invented in the 
early 70s by a Hawaiian "surf- 
ing freak" called Sherwin Pop- 
per. According to local legend, 
when the Californian summer 
came to an end he decided to 
keep going by building himself 
a surfboard designed for snow 
- a snurfer. 

Twenty years later, in both 


north America and Europe, 
snowboarders represent fresh 
blood for a stagnating ski 
industnr. But they are also 
alienating some of the more 
conservative skiers with their 
clothing, culture and configu- 
rations. The very arcs 
described by a snowboard are 
not in harmony with that of a 
ski. Collisions between skiers 
and boarders are inevitable, 
even when no one is to blame. 
But boarders are always 
looking for things to jump off, 
or get “air" from . . . skiers 
much less so. 

One of the most disturbing 
things that snow-boarders tend 
to do is jump out of the trees 
like Exocets in a diagonal 
direction without looking 
before they leap. It is usually 
up to the skier to be constantly 
on watch to avoid a collision. 

Skiers tend to be Ear more 
watchful than snow-boarders 
unless the boarders are ex-ski- 
ers. Because of their stance 
boarders tend to have “floun- 
der vision", seeing only 90° of 



/ 


their field of vision compared 
with a skier’s 180°. Boarders 
might benefit from wing-mir- 
rors so that when they leap 
into skiers' path they can see 
thnm coming. • 

Most boarders who started 
out as skiers tend to be more 
considerate and aware of 

I Snow-boarders 
jump out of 
the trees like 
Exocets, not 
looking before 
they leap 

mountain safety and etiquette 
(or shrediquette as it Is some- 
times known to sneering 
boarders). But few boarders 
ever switch to skiing and 
rarely have the awareness ski- 
ers seem to have. Many have 
come strai ght fr om skate- 
boarding or surfing, and have 
little sympathy with rules and 
regulations, even if they are 
designed for safety. 

I have been knocked flying 
by snowboarders when I have 
been completely stationery, 
and I have experienced dozens 
of near misses. One of the sad- 
dest blemishes In snowboard- 
ing history happened two win- 
ters ago when a little girl on 
the nursery slopes in Val Thor- 


ens is in the French Alps was 
killed by one. 

During the samp winter, tem- 
pers flared between snowboar- 
ders and skiers at Copper 
Mountain, Colorado, when 
some boarders “buzzed" skiers, 
sometimes knocking them over 
and even threatened members 
of the ski patrol. The local 
sheriff had to be called in to 
defuse the situation. ■ 

Snowboarders are banned in 
some ski resorts, including 
Aspen, Colorado arid five of the 
biggest resorts in Utah. Yet 
many skiers are switching to 
boarding - and not just in the 
14-21 age group which domi- 
nates the sport 

Ken Hensler - a lifelong 
skier at Mammoth, California 
- volunteered to keep one of 
his 22 grandchildren company 
when she was in tears during 
her first hoarding lesson. 

“Michelle and I learned 
together," he says. “She was 13 
and I was 60. 1 fell and fell and 
fell, cracked two or three ribs 
and hurt my hands and knees 
so much that I felt like quitting 
the first day. I was black and 
blue. So 1 started boarding 
with a beach towel wrapped 
around me under my outer 
clothing and made myself knee 
and hand protectors." 

But after the first day or two 
of agony the learning curve for 
a snowboarder is much sharper 
than a skier’s. Two years later, 
Hensler. the retired boss of a 


carpet manufacturing com- 
pany, was out on his show- 
board for 130 days. He has 
never touched his skis since. 
This winter he aims not to 
miss a single day on the moun- 
tain - and even plans to learn 
to jump. ■ 

His moment of glory was 
being acc epted by other snow- 
boarders. “When they saw me 
they said: “Here comes the leg- 
end!' Then I discovered what 
they meant by a legend; any- 
one over 40 on a snowboard." 

Although I rode a chair with 
Ken and accompanied him 
down the mountain a few 
times (I am uncertain whose 
reputation was most tarnished 
when we were seen together). I 
resisted his attempts to get me 
on to a board. Much as I would 
love to love snowboarders, 
they make me nervous. Per- 
haps in the next decade we will 
not have to confront them ; 
they will dominate what used 
to be the ski slopes while ski- 
ers will be confined to special 
ski parks. Skiers like me will 
be threatened species. Perhaps 
we already are. 

The other day an English 
snowboarder and I became 
entangled as we moved off 
from the top of the Beaver Run 
quad at Breckenridge. Both 
unbalanced, we grabbed <*»ch 
other for an impromptu Waltz. 
It was probably the nearest I 
shall ever get to trying snow- 
boarding for myself. 


FT Ski Expedition 

A man-made winter 



—A- u-.JKjf. 

All on board: soma proriet that snow b o ar ders writ soon outnumber skiers 


John PvU-^ten 


Amie Wilson and Lucy Dicker 
ore 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. 

W atching winter 
take Its grip on 
the Rockies is a 
slow and fascinat- 
ing process. It is like watching 
blossom buds opening in 
spring. Right now one or two 
snail petals are uncarting: in 
a weeks time, after Thanksgiv- 
ing. the ski season will be in 
full bloom. 

Winter Is often reluctant to 
help, it is man and his artifi- 
cial snow who curtail the 
blaze of glory that is the falL 
Every year, ski resorts are des- 
perate to tell the world they 
have opened on the earliest 
possible date - sometimes 
ridiculously early. 

hi hs traditional battle to be 
first. Keystone pulled off a 
master-stroke to scupper Love- 
land, its local rival When Lov- 
eland announced it would 
Open at 9am on October 18, 
Keystone simply tinned on the 
fights they normally use for 
floodlit skiing and opened at 
6am. offering free coffee and 
doughnuts. Keystone’s spokes- 


man, Jim Felton gloated: “I 
hate to put it in those terms 
bat they started it!” But is a 
resort really open when it has 
only one run or one lift operat- 
ing? It would seem so. 

It seems perverse that skiers 
frantic for winter to begin 
rush to ski a mile or so of 
man-made snow and yet com- 
pletely ignore mountainfulls 
of snow and hundreds of trails 
in late spring. 

We are currently marking 
time In Summit County, Colo, 
redo where we have had the 
luxury of choosing from half a 
dozen long trails in Keystone, 
Breckenridge and Copper 
Mou nt a in , we have been able 
to monitor winters unfolding. 
One run (Born Free) open at 
Vail. One at Breckenridge 
(Columbia) eventually fol- 
lowed by a second (Bonanza). 
It is all about getting your one 
run open and then gradually, 
trying to get a second ran 
open and possibly a third. 

Not that we have lacked real 
snow: there have been quite a 
few falls, but, except for the 
storm which gave Mammoth 
Mountain 2ft in early October 
(and then melted) none has 
been sufficient. 

Meanwhile the talk is still of 


summer activities - particu- 
larly Llamas. At a birthday 
Part y for a Forest Service exec- 
utive, there was much discus- 
sion of Llama Lunch Hikes. 
Yon ride the gondola with 
your llama to the summit of 
Keystone Mountain and fair* a 
lunch and hlfcp , 

Said Boyd Mitchell, the 
mountain manager “G etting a 
Hama into a gondola is no 
more difficult than getting a 
horse into & horsebox” he 
said. “They enjoy it. You 
tell, because they hum.” 
Another guest, Marsha Colby 
chimed in: “No, when they 
™ it means they’re 
s tressed. Perhaps it is just as 
wefl that winter is on its way 
ana the subject of Hamas can 
be deferred. 


MOTORS 


i 



i 


j 




< 







■••• Alias' 

- ■jv.frt 


* ••*=:** s 
■ s " : '-EH5- 
■ 

« 2tfc* 


■Siv 



slopes 



>nnrfer 

* "a . ;■ 


/ / 1 

- ^ ' 22 ' r 

'■* !“ 1 r . • 

- . - • " 


— ^ 




-. ■ Vi r.fT 

* ’ 

. ’ i H-Pr -a'- 

■ v 1 • 

: --:^- 

«■» 


t 


^ ■. t . / 

■■ 1 ' 



> -W _“• 





1 1 

*y S ‘- ; 



' 1 * - 

■ ■ 



„■ . 




" ' " ~ 

y-i • - 

- — .j" 

*r jc- ; • 

’ 7 . .; i'ji 1 ; 

jt- ' - 

‘ 

, i 

1 . . n m .:> 

f • 


jfcl-’ ’’ 

' -5 

a i 



._ - j-’ J '“ 2 < 

r-a in*-- 


^4 i 


' 


i 

- ’ ■**■" .i ■ -J 


■ , »"• 

ill*.: :* ‘ 

".a 

5 * 

~ - " 



iiior! 





WEEKJEND FT V 


PROPERTY / OUTDOORS 


N ew rules 


for old 


houses 


Gerald Cadogan assesses a fresh approach 
to England's historic environment 


heard °f 

tTC 15 but, if you own one 
of the 500,000 listed build- 
mgs in En^and. or live in 
one of the country's 8000 
areas, you w ffl ignori It 

after many consulla- 
and revisions to the draft ver- 
sion, the Department of the Environ- 
ment an d Department of National 
Heritage issued planning policy guid- 
ance note (PPG) number Son Plan - 
and the Historic Environment. 
Tms policy statement will guide local 
authorities on managing listed build- 
ings, conservation areas and historic 
tendscapes. And that will affect every- 
way who lives in them or nearby. 

ITjGs are not law, but they carry 
weight, telling district councils and 
planning appeal inspectors what the 
important factors are in their deci- 
sions. 


The key element in PPG 15 is a 
presumption in favour of preserva- 
tion, welcome news far conservation- 
ists who had feared it would be lost in 
the revision. Anyone who wishes to 
alter or demolish a listed building of 
architectural or historical merit bqg 
to make a positive r?$e to justify the 
proposal and obtain listed building 
consent The same bolds for buildings 
in conservation areas which may not 
be listed but are part of “the familiar 
and cherished local scene”. This sur- 
prising lan g ua g e marks a seachange 
in official attitudes. Government is 
beginning to nnriurgfemrf the intangi- 
ble value of the environment 

Local authority development plans 
should include conservation, and 
examine how run-down historic areas 
can be revived by Ada p tin g old build- 
ings; the canalside regeneration of 
central Manchester is a good example. 

PPG 15 recommends tourism and 
leisure as new uses and insists that 
development must be snstamable. 

“This is hot spelt out enough,'* 
remarks Neil Fin don, of the Council 
for the Protection of Rural Rn gfand 
The essence of the policy is not to 
sacrifice things that people will , value 
in i.the fhture far short-term and often 


illusory gains. Councils are expected 
to cast a beadier eye over sche me s 
that affect the setting of listed build- 
ings, which may be adjacent unlisted 
buildings or high, bulky buildings 
some distance away that could “alter 
views of a historic skyline", says the 
policy statement 

It would be marvellous if this 
meant Oxford City Council would dis- 
mantle the - banal brown and g flt 
signs for pedestrians which diminish 
the city's handsome buildings and 
destroy the scale of its streetscape. 

Listed building controls will be 
tougher. The rationale that “once lost, 
listed buildings cannot be replaced'* 
now includes damage by unsuitable 
alteration as well as outright demoli- 
tion. Indifferent minor works “can 
cumulatively be very destructive of a 
building’s special interest”. 

Councils should be flexible about 
how they apply disabled access and 
fire regulations so as not to damage a 
building’s historic character. Nor 
should they be overly strict, if they 
give a grant for damp proofing. 

The requirement for conservation 
areas is that councils now identify 
important elements in each area - 
green verges, trees, buildings, street 
flooring, pillar boxes, lamps and other 
street furniture. This will make the 
rase for designating new areas, win 
guide applicants and planners in 
keeping up existing ones. For councils 
in the shires, which may have as 
many as 50 conservation areas, it will 
be an expensive task. 

Gap sites in conservation areas 
need imaginative, high q uali ty build- 
ings. If development proposals con- 
flict with guidelines, there should be 
“a strong presumption against the 
gr ant of p lanning permission". And 

trees may not be cut down, lopped or 
topped, even if they do not have tree 
preservation orders, without council 
permission. (This usually happens by 
default. Give six weeks' notice of 
what you intend. If you hear nothing 
to stop yon, then proceed.) 

PPG 15 details the procedures for 
fisting and issuing building preserva- 
tion, urgent works and repairs 



Sign of the times: with any tuck the new gukWnw wffl persuade Oxford council to do away with Ms twee street signs 


Tony/ 


notices. At the same time it reminds 
owners that there is no specific obli- 
gation to keep the buildings in good 
condition, “though normally it will be 
in their interests to do so.” 

It does not mention relief from VAT 
which, thanks to the negative attitude 
implicit in the law - contrasting with 
the positive approach of the PPG - is 
posable for works that have listed 
building consent, because they alter 
the character of the building, but not 
for the all-important regular clearing 
Of gutters or other wtaintenanrp It 
ex plains also how to have a building 
de-listed. 


People developing buildings which 
might be listed can apply to the DoE 
for a certificate of immunity from fist- 
ing. Good for five years, it allows the 
developer to work without disruption 
by spot-listing. If it is not granted, the 
DoE nor mally fists the b uilding forth- 
with, and listed building consent 
rules apply. 

Three groups of places do not have 
any special statutory protection, but 
councils are urged to be extra vigilant 
about them: World Heritage sites, 
there are 10 in Engl and, such as Bath, 
the Tower of London, and Stonehenge 
with Avebury; historic parks and gar- 


dens on the English Heritage register 
and baH-iafjplds on EH*s draft register. 

Finally. PPG 15 introduces the pub- 
lic to the notion of seeing the country 
as a nmiwiMite artefact — an historic 
landscape that reflects how people 
have used it for centuries. 

Conservation is as much about 
hedgerows that have been in place 
since Saxon times as about 200-year- 
old fisted buildings. Expect further 
announcements on this theme from 
En glish Heritage and the Countryside 
Commission. 

■ PPG 15, Planning and the Historic 
E nvi ro nme nt. BMSO £8.40. 


Fishing 


Chapter 
and worse 


W hether consumers 
like anthologies 
as much as pub- 
lishers, I rather 
doubt. I suspect they either get 
bought by people who know 

nothing much about whatever 
subject is being anthologised 
as presents for those who do; 
or they don’t get bought at all 
From the poire; of view of the 
enthusiast, virtually all anthol- 
ogies suffer from the same 
incurable defect 
It lies in the combination of 
diversify *nd insubsfantiality. 
A collection drawn from 50 or 
more writers, representing dif- 
ferent ages and traditions, cov- 
ering a hotchpotch of themes 
within the overall subject. Is 
hard-pressed to establish an 
identity of its own. 

It becomes something to be 
dipped into; which, as often as 
not, means it is relegated to 
the lavatory along with the 
Book of Lists and Edith 
Sitwell’s English Eccentrics. To 
grapple with the anthology is 
like being invited to a feast 
and finding it consists of a vast 
array of homes douches. One 
picks and picks, and longs for 
red meat 

No pastime has stimulated 
better writing than fishing, 
and many are the hands which 
have sought to scoop off the 
cream. There is one anthology 
alone which triumphantly 
dodged pitfalls and, in doing 
so, became a classic in its own 
right It is BB’s The Fisher- 
man's Bedside Book, which was 
first published in 1945. 

Although BB did exploit the 
published legacy available to 
him - the work of great men 
such as Sheringham, Skues. 
Fare on and others - he did 
much more. For one thing, he 
used a good deal of his own 
writing, which had not been 
published a nd remains arnnng 
the best there Is. Hie also went 
to great lengths to seek out the 
memories of anglers who had 
never dreamed of putting pen 
to paper - such as J L Webb of 
fteadrng and Albert Buckley. 

A variation on BB's 
approach is the collection re 
specially commissioned pieces. 
A fine example is A Book Of 


Fishing Stories, edited by F G 
Aflalo, which was printed in 
1913 on gorgeous, thick, paper, 
and which has a splendid 
Edwardian smack to it 

John Haslette Vahey’s The 
Humane Angler ; which came 
out in the 1930s, was an early 
example of the cream-skim- 
ming genre, which has swelled 
to the point of excess in recent 
times. 

Each of these anthologies - 
with titles such as The Angler's 
Bedside Book, The Angler's 
Weekend Book. The Angler's 
Companion - contains its 
gems. But they all suffer from 
the fatal flaw, prompting a 
hankering for beef and two 
veg, with apple crumble and 
custard to follow. 

The latest to enter this 
overly congested ring is Jer- 
emy P axman , whose Fish, Fish- 
ing And The Meaning Of Ufe 
has just been published by 
Michael Joseph at £11199. Let 
me say at once that, in my 
view, it is flawed in the same 
way as most of its predeces- 
sors. In addition, the illustra- 
tions are poor, the habit of 
identifying authors after the 
extracts is maddening, there 
are too many chunks which 
are too short and too few sub- 
stantial ones, and there is too 
much mediocre verse. 

The greatest virtue is that 
the editor's taste and my own 
are in general accord (which, 
in view re the fact that I lent 
him a good portion of my 
library, is not very surprising). 
He has avoided the mistake of 
bring too literary and includ- 
ing for too much boring stuff 
from olden days. 

Paxman’s own introduction 
is graceful and rather touch- 
ing, am| the first of the mighty 
succession of titbits is a fine 
fragment of wisdom from the 
American, Robert Traver, and 
an absolute cracker on winter 
chubbing by the great Trent 
Otter, J W Martin. Overall, the 
verdict is that yon non-fishing 
present-givers may buy this. 
But. please, publishers: let 
there now be a moratorium on 
fishing antholog ies 


Tom Fort 


COUNTRY PROPERTY 


LONDON PROPERTY 


)LE FLA TT 

Partners 



Buckinghamshire, Wendoven 
A Grade II listed elegant and historically interesting property located 
in this old market town, yet Still gives easy access to Lo«d«i 
via rail and R»d Bnls. 

Aylesbury 6 miles, Ameraham 9 miles, London 32 miles. 

Three reception rooms, kitchen, cloakroom, three bathrooms, 
four bedrooms, two dressing rooms. Grounds of almost half an acre. 



Cole Flatt & Partners, 


Wend over (0296)696500 


The Earldom of Arran 
Scotland 

for sale by Auction 

130pm Wednesday, 14 December 1994 
Stationers' Hall, A ve Maria Lane, London EC4 


WOODLANDS 


John Clegg & C 


WOODLAND FOR SALE 

BANFF AND BUCHAN 

\Utadaw3BtUes PaoheadSimia 

T HE FOREST OF DEER 

446 Hectares / 1103 Acres in 8 Lots 


Aberdeen 28 miles I 


Formerly the pr oper t y of The Most Noble The 12th Duke of 
HamHiton, Duke of Brandon, and Due dc Chalclherault. 
Premier Peer and Knight Marischal of Scotland, on the 
instructions of his granddaughter, The Lady jean FfonV- DL, 
Countess of Arran. To include approximately 1,000 acres and 
Lochranza Castle, the bde of Arran. Scotland. Also to be auc- 
tioned 20 Lordships of the Manor and Baronies in England 
and Ireland on the instructions of the Nobility and On try 

Earldom catalogue includes plans, maps, and VHS video, UK 
and European Union 175.00, all other places by cou nur £100.00 
(US$15000). Catalogue of English and Irish Lordships and 
Baronies only, la available separately for £15X10 iUS430Hj!. 



wintfl 


,■»«***$ 




Manorial Auctioneers, 104 Kenmngton Road, 
London SET! 6RE; Tel: (44) 0171-582 1588 foe 7022 



BUCKS - Overlooks Vkto of Ayfasbury. 
StHaaitW hmriouaa. S bnaoot m . acceSem 
condOan. Granria sreatofr O rt N AtWigBaigS- 
BUa. Contact 8ta(rien Rica 0223 841841 


RETIREMENT 


A mixed portfolio of woods 
Age Class Distribution 1*43-1992 

■ Ifloi recess ■ tamaS* Ikw ■< optat paw** 

Fortst office with Ptamring Consent Bor change of use ■ Budding PM 
1 Small paddock 


jT tU ^ 
***** 

<rf 



1 Kut land Square. Edinburgh. EH I 2 VS 
Tel: 0131 229 8S00 lax: 0131 229 4X27 


*r. 

I* 

m ***** 
artwv- 


— - - ■ ..j 

?:V>’ P 




4» * ’/ 




.w 



COMMERCIAL 

WOODLAND 


SURUNG, 
MID SCOTLAND 
100 acres 
. £80,000 


for further 
information contact 
Simon Vetdoo or. 
Marcella Stephen; 


Fountain Forestry 

Oxo* 0X1/ 1W 

Tub 01295 750000 
Fax: 01295 750001 



WANTED 


BBC TV 


Programme wishes to speak 
to BaaketS'-ltadeis & City 
Eckere who bought residen- 
tial property in Docklands in 
the 1980s. 


ENGLISH COURTYARD 

■BETWEEN SHOPS AND 
THE GOLF COURSE* 

LyefMd Conn. Emmet Green, 
Caverstuun. ui-oHing 
A 2 bedroom Hat Soar Das. sonny bal- 
cony. attractive views. A 2 bedroom 
ground Door Dal. 
in a aeduded courtyard comer. 
£109,950 and £119,500 - including garage. 
Lease over 125 y cuts. 

Rdl Sendee Ctargs deads avathMc. 

FOR THE AND ALL HUT 
IS BEST IN RETIREMENT HOUSING 
ACROSS RURAL ENGLAND 
BigW Courtyard Aacortarioa 
8 Bemad Street, London VV8 4LT 
FREEFONE 8800 220858 


BUCKINGHAMSHIRE 

SEES GREEN, NR BEACONSF1ELD 



A FINE COUNTRY RESI- 
DENCE 

3fA Receptions. 5 Beds dll with ensunes 
Including Anncse and 
Indoor Swimming P<ml l implex. 

Price on Application 

Tel: 0753 886666 



Si.v remaining houses from £950,000 
1 2-i In Snsnfiy ♦ Landscaped Giinlens 
Underground and integrated utr parking 


For lurthcT in ton nation nn properties at Kensington Green 
please contact the Sales Office on 


071 938 3350 

or Facsimile 

071 937 8194 


SAVILUS 


LONDON RENTALS 


please write/pbooe: 

. 081 895 F761 
AYSHA The 80s, EM21, 
East Thwcn BBC lUevtahm 
Wood Lsae, WI2 7RJ 


rr* 

■ fa y.— 

RE**’ 
p *** 


+ r'C ' V* 

«*' < s- , 

'JP J 
-.'■c 


More 

Residential Property Advertising 
appears on page XII 


ENGLISH COURTYARD 

"WHERE LONDON MEETS THE 
GENTLE COUNTRYSIDE" 
ObkIi Ptee, tctenjHtn, MUd*. The 
home bnn ■ dm heart of tic A 

spenarnttr new dwelopmeta of roomy 
cottages red Data. 2 and 3 bedrooms. 
Cotservoioy. 

£2UMXMio£235JG0 - i ndwfin^^og^ 
Lease o*er 1 2S ytarx 
Ml Sendee Ctarge dads mflnbfc 

FOR TfflS AND ALL THAT 
IS BEST IN RETIREMENT HOUSING 
ACROSS RURAL ENGLAND 
Engtisfc Ceortyltfd Association 
8 HoOasd Stxw. London 1V8 4LT 
FREEFONE 88W 220858 


ANDRE LANALfVRE&Co 


CH ESTER ROW 
SWI 

Attract i vc four hedroomed 
house with garden, available 
UNFURNISHED 
£160(1 per week. 


ARE YOU A WEARY LONG-DB- 
TANCETRAVELLEie TIRED OF 
WTERNAHONAL HOTELS? 

| LONGING FOR HOME COMFORTS? 
Over fifty privately owned luxuriotB 
apartments and mews houses far short 
lets in Luodoo^ beet kKMioiK. 

Call for out colour brochure 
IN THE ENGLISH MANNER. 
Tel: 071 352 6811 Fac071 351 9215 


MAYFAIR. Large redo homed sotfti taefcq 
Georgian house (appro*. 7BOO eq. fl.) WBhri 
a few yards at Gtoavanor Sq. & OS 
Ermnssy SutaUe 88 tartly or dfctomrilc 
residoneu. Very trie recep rooms. 7 bod- 
rooms. 3 hEBtuooms. 2 lactwn&4 pareen 01 
B * noon, tap pnwio ffdan- Nta» » yr 
lease C2.d5m, su^iaO B catted. Tet 071 
828 0074 lor Udetata 


TEL: 071 259 5233 
FAX: 071 235 2342 


WEST END 2 nod. 2 bom. Oat Cteoo 
Ukxsro Sq. Mod. P/b UocSl S3S0 pox 
BARNARD MARCUS 071 036 2738 Fax 
071 438 2848 


HEW PROPSTTY SEH1RCE ■ actrig tor the 
buyte Wa purctaSB and rotaUMi tar you. 
asleQuaning your Interests cost-eftedWaly 
ml rtbenOy. INaptuneTha CmnidHi 
Pemsstta Ltratad f08i) 234 58 IB or tax 
{081 1 224 571& 


MAYFAIR W1 
Center town hrase anaiged » two 
nwpmettes ior sale on new 75 yeas 
lease. Three be d rooms, two bathrooms, 
reception room (each flat), garage, ter- 
race. Appro*. 1853 &q. fl. 
£750000 


WgTHfcRELL 

QTMKygM 



Dubuiilr.un 

Thorpe 


IMVFAIR - Pail' Sire® New leiionbhed 2 
bedfi both tat *” ^ssOQious burning. 
C485p« DIZ Dotjnmian Thoroc Oil 406 
2740. 


KENSWGTOIMXNTRAL LONDON Urged 
aofectan of quaity propotBas. 5180- 
ElfiOOpw From 3 wte 16 3 yrt. Chord 
Atfiodau 071 7S2 07R2. lOTpm 


BLACKHNARS BRIDGE. Ctoaa 2 bad Ifll 
wan Rmt mi BbdL ut Pam. 
Balcony. Paridn®. H 65,000 BARNARD 
MARCUS 071 636 27S8 For 071 438 2648 


BUYING FOR INVESTMENT? WOktanfty 
«n bail opgg'MiflK for you Ihrougfwti 
cental London and «ta» h 8» dty oT 
Cartridge. WbjswWo aeomptaa package 
soMcet Actpddian. France, Fwnbhhg, 
Lotting and Management Telephone 
Mcaeolm WMon rit a matanol on 071 483 
4281 W Foe 071 4834319 


Hyde Park Crescent 
London W2 

A newly tefaibistKd and fonusiicd 
apmmra domed on the Bdi flow of tUs 
prestigious modern brick, bencfinltig 
fiom a brighi souh WGStedy aspect 
end cjoemrit tiws. 

HjM. Reoqeioa Room. Pntly Fated KitHwn 
2Bettaoffis,2Battamn&(l en-snitey 
24 hour porterage. Paasaagcr CfL 
Lease; DO yeats. 

SOLE AGENT £295^)00 
(to in dude entire contents! 

Muyfeir Office: 071 408 2747 


CHBBEAHOHESEARCHACOWaregre- 

sm rie buya a save tiros and money: 071 
«7 2201, Ra 071 937 2282. 







l 













VI WEEKEND FT 


FINANCIAL TIMES WEEKEND NOVEMBER 1 9/NOVEMB^^:^^^ : 


HOW TO SPEND IT 


A celebration for 


the great innovator 


Luda van der Post on 25 years of Saint Laurent's ready-to-wear 


I t Is just over 35 years 
since Yves Saint Laurent 
opened his first ready-to- 
wear boutique in Lon* 
don. Today, with hind- 
sight, it seems such an obvious 
thing to have done. But then it 
looked different 
St Laurent was the star cou- 
turier of the day, a day in 
which haute couture was alL 
No other had deigned to sub- 
mit his talents to the challeng- 
ing disciplines of ready-to- 
wear. A few had boutique col- 
lections, attached to the main 
house, but they were heavily 
influenced by haute couture. 

Yves Saint Laurent was the 
first to see that ready-to-wear 
required a different approach, 
that it deserved a line of its 
own and that the right place to 
sell would be a tiny shop in the 
rue de To union, a then unfash- 
ionable venue on the left bank 
(hence the Rive Gauche labeU- 
The fashion world looked in 
amazement as those accus- 
tomed to shopping in the chic 
boulevards of thn right hank 
crossed the river and queued 
to buy a genuine Saint Laurent 
label for about FFr200, a frac- 
tion of the haute couture price. 
But, much more importantly. 
Saint Laurent had discovered 
that he could reach a com- 
pletely new market - those 
who had neither the money 
nor the inclination to shop in 
tbs grand couture houses. 

As Marguerite Duras put It, 
in a foreword to a book encap- 
sulating the work of Saint 
Laurent: “With pr&t-a-porter. 
elitism In high fashio n is no 
longer an issue. Yves Saint 
Laurent women are made in 
the harem, the chateau, on the 
edges of cities ... they are in 
the streets, the Metro, Pri- 
sunic, the Bourse.'’ 

The tuning was perfect. 
Women’s lives were changing. 
As they began to take on jobs, 
to lead more active as well as 
busier lives, as servants disap- 
peared from the houses of all 
but the truly wealthy, they 
needed clothing for this new 
way of living. Saint Laurent 
gave it to them. 

He was genuinely radical, 
intuitively deciding that 
women would need clothes 
that gave them authority with- 
out denigrating their sexuality. 
He invented the trouser suit 
for women, proving hims elf a 
past master at makin g women 
who wore them look more and 
not less feminine, playing on 
the ambiguity. 

Saint Laurent defined the 
difference between ready-to- 
wear and haute couture thus: 


• “Twf. 










.-^ujvr.swfcr 


Lj 



From the summer of 1971, an austere suit teamed with a sheer blouse 


P.: v ; 




M W ‘ 


|f : ' ^ 




'***?■ £*■«&•*•**•« 


Saint Laurent hi Hie early years 


“Rive Gauche is for the neces- 
sities, for the needs of daily 
life. In haute couture you can 
allow yourself to dream.” 

His perception, that the 
necessities, the needs of daily 
life, were not yet adequately or 
stylishly enough catered for, 
proved correct It turned out to 
be the pot of gold and almost 
every other designer of note 
followed suit - fast Today the 
turnover of the ready-to-wear 


collections Is FFr280m 
(£33-29m) at wholesale prices, 
there are nearly 100 ready-to- 
wear boutiques, some of which 
Saint Laurent owns outright, 
while others are franchised. 

In 1969 Clare Rendlesham, 
who had been fashion editor of 
Vogue and Harpers & Queen, 
brought Yves Saint Laurent’s 
ready-to-wear to London. Jac- 
qumine Bromage, her daugh- 
ter, who runs it now, was only 








' • - At ««V*I 


Fisher Island. 

Unlike any community in the world. 



In 1925, William K. Vanderbilt II could have chosen anywhere in the world to create his elegant seaside winter 
estate suitable for hosting captains of industry, presidents, kings and princes. 

He chose Fisher Island in Florida, overlooking the Gulf Stream, Biscayne Bay and the skylines of Miami and 
Miami Beach. 

Thrcc-quancts of a century later, Fisher Island has remained absolutely faithful 
to the original design and purpose William Vanderbilt envisioned for it 

In the last decade, the developers of Fisher Island have re-ena/edxhc princely 
lifestyle chat flourished on this historic, museum-quality estate. 

Today, it offers an array of world-class amenities, including seaside gplf, 
tennis on three surfaces, an international spa, magnificent beaches, fine restau- 
rants, two deepwater marinas, shops and the ultimate in privacy and security. 
More than four hundred of rhe world’s most prominent families from thirty-nine countries now iivc in splendid 
residences in Vanderbilt Style. ^ „ 

Fisher bland, Florida 33 109 (305) 535-607 1/ (800) 624-325 1, Fax (305) 535-6008. 

Your inquiry is welcomed and appreciated. I FLS1 lER I SLAND j 


$ 


nine years old at the time but 
she remembers clearly that her 
mother, who had never owned 
a business before, was "besot- 
ted with Yves Saint Laurent's 
clothes. 

“She was convinced that 
British women would love 
them. 1 can still see her in a 
long, denim skirt and tight 
lace-up boots. She wore almost 
nothing but Yves Saint Laur- 
ent and when she used to weed 
out her wardrobe some of them 
would come down to me. 

“I used to go to school wear- 
ing them and I remember 
everybody laughing at me as I 
was one of the first to wear 
Saint Laurent's baggy boots 
when everybody else was still 
wearing tight ones.” 

When that first boutique 
opened, the famously frail cou- 
turier appeared in person - as 
did his perennial muse Loulou 
de la Falaise. Princess Mar- 
garet, pop stars, all the fashion 
press and movers and shakers 
of the day also turned up. 

It was a poignant moment in 
the creative life of Saint Laur- 
ent. These were times when 
hemlines were deemed of uni- 
versal interest. In 1969 when, 
for starters, he dropped the 
hemline iMn and, later, all the 
way to the ankle, he had as 
definite an affect on the fash- 
ion business as Pompidou's 
devaluation had on the money 
markets. The fashion press 
went wild but there were 
doubts that the look would 
catch on. 

Yves Saint Laurent hedged 
his bets. He was photographed 
outside the shop with one 
model in a classic 1960s mini 
on one side and another with 
the longer look on the other. 

The press, It is fascinating to 
note, were almost universally 
shocked by the prices. “Girls 
buying his ready-to-wear in 
London will have to be 
loaded,” wailed the Daily 
Express. "Dream clothes, 
ni ghtmare prices," moaned the 
Daily Mafi. Other fashion edi- 
tors pointed out helpfully that 
at least the fore to Paris could 
now be saved. "Rich women 
used to go to Paris to bny their 
clothes: now they need not 
bother - the clothes are here." 

“One of the big problems at 
the time,” says David Roberts, 
who joined Clare Rendlesham 
early on and has been there 
ever since, “was persuading 
people to spend £90 on a skirt. 
Clare did a lot of educating. 
She persuaded her customers 
that It was more intelligent to 
buy better and buy less. She 
herself would buy only about 


* 

I 




Unlike aaj commtuuij 
intkeworid 


Residences fiom $800,000 to $4,900,000. Guests of nsidaiB are welcome eq stay in mored Vanderbilt Era (lues 
Cottages and Seaside ViHaa, fiom $425 to $1,000 per night. 


■n>* prniM is iqtfMOtd nil *c .New I«*T Red Knot annum SIBKC «¥*-ni la 7lt RqpqnMn dm mu maim m nfcaeaaa menus, nk. offer pAqEctObsiiiasrfmdfe 

Ne- Ja*r Uttm* beta *<^1^ TO fc ** m .Ifciir* » pwo^ mi ^ ^ 



a. hi* 



i >/r«2 : ■ ~ 


\J 


Helmut Newton in this 1975 photograph of a Saint Laurent trouser suit captures perfectly the ambivaleoce, the equivocation inherent in the look 


two outfits a season and wear 
them to death." 

Looking back, the clothes 
seem a steal. A trouser suit 
cost about £50, a day suit £30 
but scarves could be bought for 
around £10 and a silk shirt for 
£15. Anyone who bought a 
piece then, and still owns it, 
would almost certainly still be 
able to wear it. 

All those classics - the sleek 
trouser suits, the “smokings" , 
the shiny trench-coat rain- 
coats, the Scarlet O'Hara corse- 
try, the pea coats, the safari 
jackets, would look perfectly, 
beautifully, at home in the con- 


temporary wardrobe. His 
clothes more than anyone's 
capture the spirit of our age. 

The great innovator, the 
designer whose clothes were 
genuinely radical (women, it is 
worth remembering, were ban- 
ned from serious restaurants 
for wearing his trouser suits so 
provocative were they deemed 
to be), these days is sickened 
by innovation for innovation's 
sake. In his mature years (he is 
now 58) he seeks a refinement 
an updating, a perfection of the 
style and the craft he has spent 
his life exploring. 

Many of his most classic 


designs, for instance, . have 
been reworked for this season. 
For winter evenings he has 
updated “le smoking" - one 
rather mannish version, sin- 
gle-breasted, ane-buttoned and 
a slightly softened one with 
satin lapels and cuffs and satin 
flap pockets. These days his 
prices are not so different from 
many a less distinguished label 
- a jacket runs at about £795, 
trousers at about £240. 

It would be hard to better 
Alexander Lieberman of Comte 
Nast's summing up of the 
appeal of Yves Saint Laurent 
“He understood that women 


needed certain clothing if they 
were to function in a modem 
world. He understands, as few 
other couturiers do, the sex-ap- 
peal of women. Other couturi- 
ers clothe women to hide then- 
sexuality. He liberates it. 
Whereas the troubadours of 
old wrote poems for women, he 
makes clothes." 

■ Yves Saint Laurent for 
women is at 137. New Bond 
Street, London W1 and 33 
Sloane Street, London SWL 
Yves Saint Laurent for men at 
135 New Bond Street, London 
W1 and 33 Sloane Street, Lon- 
don SWL 








'-'vm 



STzz* -r— 
r,.. 


-Vl *Xr : ,viv,. 


i 


Paru 






' C> : 


A LONG LOOSt 

AT nirs swh/vff “ 

XrNTAY.VFVER SEE-- " 


■T 

ft;,,:. -' 

-• 


For next summer, available from mid-January - the trouser sut updated 



InrrcHludnt! Th.: I'oruwu CuTin^rio;!. 

or unique ciorSun;,: mim; rare Alpaca i,iv- 
■cdudvu liu-iit 




.Oltcs: Lotto,,. Our vsuui.v e des,^ an: produced 

.ib.imst.oi I tnoi v: n ,ncr Lsucn ,alo in this k n Uiltr , b ., f( ,, c 
:nC 0Ul '- V ' VC ‘ U ' r ' ‘He auaent Amit-.m 


'l’ one f it ;iv: tin: tt. 


, , owcicc a copv ot nowAiitLsiisn car d- 

Fa:.-n: sdcpltonc: 0800 >50000 IK reruns the a: , 1 , a . 


pcTuvis^j-rjl^onnccticr; 


■ .GAMNdAC. ._ 

• ; GENEVE 


M1 Ht ASPREY and HARRODS 

SOlfl Importer Jakar Internati onal Lid. Tel: 081-445 6376 Fax: 061-445 2714 


HfMI Mi: a lb* OJH UMIIF MAT PI WiVUN GjNNI 


w 7hKS AxnUMN umi y jt 


Addn»_ _ 


• • — M 

* “H! "* * RK ‘” < '* Z JW 1 — 









financial times weekend November j 9 /november 20 1994 


WEEKEND FT VII 



FASHION 


; Hi! - 
i ‘;%y& -wr -WjTir • 

\V; » * :. \ .j* i’.V. 

ergs.-: }-, 

^-v. V '(.{ iiyyi *,'■ 






Not^l accessories need come new. Think secondhand Dotty Diamond 
lSfSus stiver crochet and bead handbag, £30 



Brown satin and marabou feather boots by Valentino, 160 New Bond 
Street; London W1. £480. 



Red satin court shoes £125 from Patrick Cox, 8 Symons Street, 
London SW3 






Dolce o Gabbana chiffon and silk old rose necklace, £360 from Browne, 
South Motion Street, London W1. Black velvet gloves Comefia James, 
£25 from Haney Nichols, London SW1. Sterling silver bangles, £1439 
from Me key at Hyper Hyper, 26-40 Kensington High Street, London W8 



VermHon velvet corset-belt by Wee Saint Laurent, 137 New Bond Street, 
London W1. £140 


Prezent spider pendant £19. 
Kensington Market, 
Kensington High Street, 
London WB. 


Printed Chinese tasseUed bag 
EAOl Virginia Antiques - 98 
Portland Road, London W11. 
Tat D71-7Z7 9908 


Catherbie Avison, one ofBie new generation of tree craftswomen. produces ejtqu^te.hanAnade scarves such 
as Ws brown Rond embroidered version, £510. Browns, South Melton Street, London W1. SW3 

Uustrattons by GRAHAM MARSH 



Dolly Diamond 1950s black velvet 

and feather cocktail hat £25. 51 m . 

Pembridge Road, London W11. For the truly impecunious, one single black silk rose, £1. The Black 
Teh 071-792 2479 Rose, Kensington Market 



Party-time dress pointers 

Witty accessories are the key to looking good this season, says Jane Mulvagh 


Waterproof steel watches, for lodiu and gentlemen, 
uidt jn interchangeable steel bracelet and leather srrafis, from £.1 100. 


I t is hard to feel skittish at 
the beginning of the party 
ooagnn without the tonic 
of a new dress. If you 
have to make do with last 
y^s mJel - probably black 
- accessories are the way to 

give it a new lease of life- 

Even if you could afford a 
new dress, buying 
Series may be a better mvest- 

ffl A lt witty pair of shoes or a 

jewel-bright eveningtogw^ 
enliven the most sotwr 

Black Dress - and seldom has 

EES. EL£JEl&£ 


The World's Finest Men's 

Underwear. 



l-SS - AC 

Ztmg* 


scarf or under £10 on a chain- 
store bargain. 

Although there are plenty of 
inexpensive accessories 
around, there is a new genera- 
tion of designers which takes 
the view that it is better to 
own one exquisite piece that 
than a drawer full of workaday 
pieces. . 

Take, for instance. Catherine 
Avison’s floral embroidered 
scarf, which comes in cappu- 
chino or powder pink - it is a 
fine example of delicate crafts- 
manship, each flower made 
and embroidered by hand. Ari- 
sen has just graduated from 
The Royal College of Art and 
was immediately taken up by 
Browns, of South Molton 
Street London Wl. 

Just as finely wrought is 
Natasha Barrault's pleated silk 
Fortrmy-esQue bag. Saint Laur- 
ent's scarlet corset-belt is a 
modem classic which not only 
will lift midnight-dark mono- 
chromes but can enliven day- 
time tweeds. 

For evening, I have always 
been of the opinion that if the 


CLASSIC SILK SfflBTS 

Luxurious classic sQk shirts, lies, 
waistcoats, boxer shorts, jackets. 

free colour brochure 
muchen silks, freepost 

PO Box 3432, London SE5 9FT 
Teh 0171-274 3387 (24 hoars) 


shoes, bag and jewellery look 
snappy then you can get away 
with the simplest backdrop. 

The sauciest shoes this sea- 
son come either from Valen- 
tino. in the form of silky satin 
ankle boots trimmed along the 
cuff with impossibly frivolous 
mar abou feathers, or from Pat- 
rick Cox - Cruella de Vil spiky 
courts and thigh-high boots in 
blood-red or fuschia-pink satin. 

The elegant modesty of 
Joseph Azagury's court and 
bar shoes, especially his matt 
satin, may also appeaL 

Legs need highlighting with 
the sheerest black hosiery; 
please him with stockings 
rather than tights and you by 
eliminating the cumbersome 
ri g gin g of suspenders in favour 
of lacy-topped hold-ups. The 
Black Rose, a stall in Kensing- 
ton Market, London, run by an 
Australian with ghoulish attire 
and gentlemanly maimers, 
offers a wonderful range of 
novelty hosiery - fishnets, 
Lurex and bumble-bee stripes 
by Pamela Mann and Mary 
Quant for between £3 and £6. 

The waist and the bosom are 
foal points and, depending on 
your assets, one or both should 
be emphasised. 

V.V. Rouleaux, the trim- 
mings shop behind Peter 
Jones, Sloane Square SW3, 
stocks delicate black passemen- 
terie imported from Paris at 
around £30-£40 a metre and 
multi-coloured braids hung 


with lambent silken cord tas- 
sels which add conversation- 
piece interest to any waist or 
throat. 

Dolce e Gabbana's romantic 
black chiffon and silk velvet 
neck tie, decorated with faded, 
old. silk roses is exquisite, but 
at £350 perhaps not for ever- 
yone. For those on a budget a 
few black roses at £1 each from 
The Black Rose, or fin de siecie 
silk ones at about £20 each 
from Virginia Antiques, would 
recall Odette's boudoir charms. 

Wacky false eye-lashes of an 
Olympian excess and labelled 
“Cow Lashes” are on offer in 
gold or silver tinsel at Starga- 
zer Makeup, in the basement of 
Kensington Market, along with 
coloured wigs, ranging from a 
sharp, bitumen-black Louise 
Brookes’ bob at £33 to Anita 
Ekberg blonde waist-length 
tresses Cor £65.00. 

One of the must striking jew- 
ellery ranges at the moment is 
Odalisque, made by an imagi- 
native Persian woman who 
spent time on the north-west 
frontier with the Red Cross. 
Collecting stones and pieces of 
old jewellery, she reconstructs 
them into parures and tas- 
seUed beads. Colours are 
muted and subtle, such as sun- 
set mauve with eucalyptus 
green. Prices range from £U» 
to £450.00. . 

It is the transient nature ol 
parties, that moment of flirta- 
tion seized and relished that 


makes them a compelling stage 
for performance art. The 
adventurous extrovert, who is 
clever with a needle, could sew 
edible nasturtium flowers 
along the neckline of her dress. 
A box of six can be found at 
any good supermarket- 

Or make a pair of fur cuffs to 
slick up a plain, black sweater. 
Simply sew a wrist -sized piece 
on to a wide band of elastic 
and slip over the wrist. 

For those modernists who 
favour this season's sleek 
transparency, Jimmy Choo, 
Senso and Pied-a-Terre are all 
offering see-through plastic 
sandals, sling backs and mules. 

There are myriad tiny hand- 
bags which echo this trend - 
but bear in mind that the con- 
tents will need to be taken into 
serious consideration! 

Baudelaire loved to chronicle 
what he called “that feminine 
lust for bargains'* and this sea- 
son adversity - if you can call 
not having a new dress adver- 
sity - may inspire you to use 
invention, artifice and allure 
instead. 

■ Other addresses: 

Joseph Azagury, 59 Knights- 
bridge. London SWl. 

■ Odalisque Collection of jew- 
ellery designed by Rosey 
Aalam. Tel OH-586 1882. 
Strange Attractions, 204 Ken- 
sington Park Road. London 
Wll. Tel: 071-229 4781. 

■ V.V. Rouleaux, 10 Symons 
Street, London SWB. 



JEWELLER SINCE I 9 5 S 

B0UCHER0N 

ISO, New Bond Street - London W1Y9PD - Tel. : 071 493 0983. 





VUI WEEKEND FT 



Glass candy Munano (fish, £2495, from 
The Royal Academy of Arts 


I f those geniuses at Sears 
Roebuck, J.C. Penney 
and Montgomery Ward 
(those pioneers who had 
the bright idea that peo- 
ple might buy goods through 
the post) could see us now. 
they would be astonished. 
Once mail order was just for 
the utilitarian and the every- 
day. Today you would be hard 
pushed to think up anything 
that you could not buy by 
maiL 

At Christmas, mail order 
comes into its own. Forget the 
forays into bleak car-parks, the 
crowded shops, the over-heated 
shops and the battle to get the 
parcels home. There is still 
time to order the catalogues, 
sort through the lists and get 
everything delivered on time. 


See-through urabne la with perspex duck handle, £48 


Gothic revival waB sconce, 19% In high. Play against the computer -bridge for 
£2499 from the V&A one, £99^0, bom the Science Museum 


An initialled see! with a terracotta handto and a stick of seating wax, £9.90, from the 
National Portrait Gallery 


Crowd-beating gift hunting 


Lucia van der Post meanders through the Christmas mail-order catalogues 


These days few catalogues 
come with a cover price - they 
flutter out from almost every 
magazine and newspaper in 
the land - but for anybody 
whose doormat has been 
neglected here are some of the 
best of the commercial ones 
around. 

Shaker, 25 Harcourt Street, 
London Wl. Tel:071-724-7B72. 
£5. 

Those who love Shaker-style 
will probably already know 
this nharmmg STnajj company. 


Baume & Mercier 

GENE-VE 

MAJtRES HORLOGERS DEPUIS 1830 


New watch 
HAMPTON 
stainless steel, 
water-resistant to 30m. 



From leading jewellers throughout 
the United Kingdom or for your 
nearest stockist please call: 


This year’s catalogue is fatter 
than ever and a source of beau- 
tifully simple household goods 
ranging in price from about 
£635 for home-spun, gingham 
soap bags to much, much more 
for serious furniture. A small 
Shaker hanging cupboard at 
£299 is especially charming, so, 
too, are the tin, scented candle- 
holders and lanterns. There is 
a lot for chUrir m - this year’s 
collection, of hand-made deco- 
rations are on a woodland and 
fishing theme with lots of ging- 
ham fish, wooden sledges and 
sweetly-dressed little dolls. 
Beckett and Graham, 3 Lang- 
ton Street, London SWlO 0 JL. 
tat 071-376-3855. 

A small catalogue, filled with 
ideas for household accessories 

- photograph frames, flower- 
bedecked trays, sweet little 
jugs and wrought-iron fruit 
and candle holders. There are 
some nice old-fashioned games 

- pick up sticks (£230). skip- 
ping rope (£2.30) snakes and 
ladders (£235). 

The Finishing Touch, 197 New 
Bing’s Road, London Sw8 4SB. 
Tel: 071-736-0410. 

A catalogue with trad, classi- 
cal presents - enamelled cuf- 
flinks, silk ties, photograph 
frames, teddy bears (£239 for a 
tin; one with tartan paws), 
jumbo ballpoint pens (£5.99) 
and silver-plated notepads and 
panes (£1630) and business 
card cases (£739). There is also 
a shop at the above address. 
Rural Crafts Direct, The Ridge 
House, Duns Tew, Oxfordshire, 
OX6 4JL. Tel: 01869-340002. 

For those who believe in sup- 
porting rural crafts this cata- 
logue culls the best pieces from 
more than GOO craft members. 
You could buy a warm and 
tweedy country jacket for £189. 
a carpet bag from £4230, tartan 
picnic rugs for £45, leather lug- 
gage from £100, a hand-made 
rocking horse or a traditional 
wooden trug. 

The Royal Academy of Arts, 
Royal Academy Enterprises 
Ltd., Harrington Dock, liver- 
pool L70 1AX. Tel: 
051-708-0555. 

Much improved, expanded 


catalogue this year. Calendars 
and notebooks have always 
been good, now there are 
crackers (£1935), a candle and 
snuffer set (£16.95), a pretty 
blue and white ceramic (lower 
brick (£3230), a copy of a stone 
Modigliani head for £295 and 
some excellent toys for chil- 
dren. 

The Y & A Treasury, Euroway 
Business Park, Swindon, SN5 8 
SN. Tel: 0793-420120. 

A touch of nostalgia here: 
hand-quilted patchwork bed- 
spreads at £85 for a double 
"wedding ring" design, tapes- 
try cushions, waistcoats and 
footstools. An old teak book 
rest costs £2495 and white, cot- 
ton nightdresses at £2935 and 
there is a charming amber 
necklace at £49.95. 

Science Museum Catalogue, 
Euroway Business Park, Swin- 
don, SN5 8SN. TeL-0793-480200. 

Tremendous catalogue for 
the young set Strong on edu- 
cational value and fun. Good 
smallish presents (The Nasa 
Bullet Pen, using the same 
pressurised ink cartridge as US 
astronauts used while on the 
moon, all for £11.95), a home 
lab for young scientists 
(£2499). rocket kit (£29.95). lots 
erf radios, cameras, binoculars 
and other gadgets and gizmos. 
The Natural History Museum 
Catalogue, Euroway Business 
Park, Swindon SN5 8SN. Tel: 
0793-431900. 

More for the scientifically 
enthusiastic young - philoso- 
pher’s knot puzzle, £9.99, a 
pedometer to keep track of dis- 
tance covered, time taken, cal- 
ories burned, £17.99, the 
famous dock powered by pota- 
toes, £1499, and a gadget that 
purports to be binoculars, mag- 
nifying lens, compass, quad- 
rant. torch, sundial and lots 
more all for £8.50. Lots of use- 
ful presents for the older set as 
well - magnifiers, candlesticks, 
salad bowls, a fine coir rug 
(£16.99) and some curiously 
nostalgic-looking patchwork 
quilts and throws. 

Presents for Men. High War- 
dlngton House, Upper War- 
dington, Banbury, Oxfordshire 


Britain's Beet Traditional Sofas 

SALE 

Up to 40% off stock sofas and armchairs, 
and 20 % off furniture orders. 

SATURDAY NOVEMBER 26 - DECEMBER 10 
PETER DUDGEON 

Brampton Place, Kmghtsbridge (80 yards west of Harrodsi 

071-589 0322 


OX17 ISP. TeL 0295-750100. 

Presents here for traditional 
men - leather-bound photo- 
graph albums, photograph 
frames, coasters, ties, garden- 
ing equipment, torches, pocket 
knives. Strong on practicality. 
Diverthnenti (Mail Order), Fo 
Box 323, Yateley, Camberley, 
Surrey GU17 7ZA. Tel: 
0252-861212, 

The catalogue for the foodie 
set with much that the good 
cook would love to own - 
sturdy cooking pots and state- 
of-the-art knives, mandolins 
and salad spinners, pasta mak- 
ers. dried wild fungi and a lit- 
tle stainless steel mill for grat- 
ing Parmesan cheese. Lots of 
kitchen classics, including the 
DuaUt toaster, £89.95 for the 
two-slice version. 

National Portrait Gallery Pub- 
lications (Mail Order), Free- 
post (Lon 5125), London WC2H 
OBR. TeI:071-30 6-0055- 

New on the scene, it brings 
to a wider audience the offer- 
ings normally on sale in the 
gallery's shop. Not a large 
selection but. In this day of 
centralised buying for many of 
the charity catalogues, almost 
everything seems unique to 
the gallery and relevant to its 
purpose. Portraits, ranging 
from (ting * and queens to Law- 
rence of Arabia, Virginia Woolf 
and Guy Fawkes, appear on 
everything from paperweights 
to trays. Small but elegant 
Barclay & Bodie, 7-9 Blenheim 
Terrace, London NW8 OEH. 
Tel: 071-372-5705. 

This is an enchanting shop 
with a mixture of well-chosen 
small antiques and the sort of 
beguiling things most of would 
love In our houses but feel are 
a little too extravagant to buy 
for ourselves. You can buy 
hand-drawn, threadwork guest 
towels at £12J50 a time, some 
golden yellow French Proven- 
cal oven-to-tableware with bas- 
ketwork holders, beautiful 

r ^ARK TRADING COMPANY ] 
« portayjni a - | 
pmaus I 

‘The Menu | 

fete gnu dVtauitr 

test 

SpMtowuhfmtbdertmfflti 
JYiiia peru Qnuoat 
OUHBilet fifijganCia catfit i'olt 


see-through umbrellas with 
Perspex duck bandies, brocade 
sewing rolls and a small selec- 
tion of toys. 

Past Times, Witney, Oxford- 
shire 0X8 6BH. Tel: 
0993-779339. 

Lots of nostalgia here - Vic- 
tor! an-style Christmas cards, 
silk scarves. Bayeux tapestry 
cushions, Friar & Belcher gar- 
goyles, should your house have 
lost a couple, and a copy of a 
1930s wireless (although this 
time round it has a cassette 
player as an optional extra). 
Presents for fogeys young and 
old. 

The Dolls House Emporium, 
Tudor Models Ltd., Victoria 
Road, Ripley, Derbyshire, DE5 
3YD. Tel: 01773-513773. 

Every small girl needs a 
doll's house and The Dolls 
House Emporium bas them in 
almost every style and price- 
range, from a Queen Anne- 
styie manor house to country 
cottages. Prices range from 
£49.90 for a flatpack do-it-your- 
self Blossom Cottage to £999.90 
for a ready-built and decorated 
Queen Anne house. Much more 
fun to let the child build, paint, 
decorate and furnish herself - 
and much cheaper, too. Solve 
present-giving for years to 
come by buying everything the 
house needs from furniture to 
cooking pans. 

Tbe Hill Toy Company, 113 
Landsdown Road, London Wll 
2LF. Tel: 071-229-0222. 

A fine source of classical 
wooden toys - the sort parents 
love to give, all usefully pres- 
ented in age categories. First 
building blocks, push-along 


NortoN 

Townsend!! 


toys and rocking horses to 
dolls and cots, engines and 
construction kits. Excellent 
prices and a good page of toys 
all under £10. 

ttridias! The Ice House, 124 
Walcot Street, Bath BA1 5BG. 
Tel: 0225-469455. 

An old favourite this with 
plenty of nice sturdy wooden 
toys to appeal to the taste 
police as well as lots of gaudy 
stocking Oilers to appeal to the 
children. A good source of 
inexpensive joky toys - joke 


food, indoor fireworks, space 
age snacks (as eaten by real 
astronauts), wiggle., balls and 
books of jokes. - 
Teddy Bears, 99 High Street, 
Witney, Oxfordshire, OX8 6 
LY. Tel; 0993-702616. £3 for the 
catalogue. 

The place for teddy hears, 
old and new. Tbe Alfonzo bears 
have been such a success that 
delivery now takes several 
months. Lots of others to 
choose from - Including the 
Steiff 1908 replica at £145. 

Play & Learn from Galt, Cul- 
vert Street, Oldham OL4 2ST. 
TeL 061-627-1677. 

A fabulous selection of toys 
from steam engines and elec- 
tronics kits to atlas ses and 
see-through cars. Something 
for children of all ages. 


THERE ARE 93 EXQUISITE 
INSTRUMENTS IN THE NEW 
SEWILLS BROCHURE. 



Barograph 




fy /> a 


Ships Bells Clock 




Weather Station 



IMM nNniMe Serrfcewh mwer aaBfayw 

f AR wool hand cut 
•ndMihedmadB-to- 

muaurn suite tram 

WMmthemeorin 
Bin office mailer a 
auperij selection of 
atytrs.cutaandctattig 
(buairtessorcauntry). 
Have one of our 
trained measurers 
tata the strain cut el 
buying a now nit. 

Cal 071-735 4701 fara 
bredne ormmpoMneni 

L^ntaiVieEklfMX. Eases, Hets.Bsh.BBdo, 
(tea, Sray, sum Km. Hm, tokM* 
rvmimno, W rare? wtn canxign, 

tagout Baders, Dnon 


HERE'S JUST 3 OF THEM. 

Crafted in solid marine grade brass and 
mahogany, enhanced by bevelled glass. 

Extensive range of 118 products featuring our 
ume-honoured Ships Clocks & Barometers 
Barographs, plus wrist and pocket Watches. 

All with full 5 year guarantee and instructions 
with pnees ranging from £50 to £1,000. 

Free New 28 page colour brochure on request. 
PHONE 0X51-298 2299 
FAX 0151-207 6777 

SEWILLS 

Maker to the Admiralty. Estd lBOOad 

_ __ ^_^" nu Pawl,lnn - * lh 'n D-ck. Liwrpao, U ^ 

POTl to. S« wills FREEPOST, Llverpo^ UM 3 BR 
(«w> sump needed) 


PCS TCP DF 

















* Vvrs «3L £=SJr 


. _ t ■ i: 

. ; .■.'i' ■> 


r^.:* & i--b. 5v Sc 5 
•A.': . O'-foriOts 
• •; --• -ryyWfiiSt 


... - ■■ • - - -_S' 
- :• 'lit? r* 




- - -A 


* ' “ .r^r 

r .v. ..- - 




.r^. -vOUSITH 
NTS :N THtNB' 
$ BRCCHL-M- 


^NANClAI, *m IKS WfifcKEND NOVEMBER 19/NOVEMBER 20 1994 


CHRISTMAS FOOD AND DRINK 



WEEKEND FT IX 


,t. W '\D , 


CUnSJCHELt-fl 


You can almost smefl the aroma of cro lass nls and tobacco In Made-Franco Boyer's evocation of "Tlie French CaM" (Thames and Hudson, £124$, 120 
pages}. There are 100 recommended ctrfes and 190 photographs in a book which places the caf6 at the heart of the French way of Ufa 


A special experience 


Giles MacDonogh travels (without a donkey) in the Cevennes 


W hat is It which 
makes France 
so special? 
One reason is 
variety, 

With certain notable excep- 
tions, such as the Brie, the 
Beauce or the monotonous 
Unties, the landscape changes 
every 30 kilometres: parasol 
pines might give way to; 
maqtds, olive trees and vines 
cede their places to chestnut 
trees and herds of goats. With 
every mutation there is a new 
culture, patois and diet 
I have been to Montpellier 
dozens of times, but before this 
autumn I had never ventured 
up into the Cfevennes. 

My.- destination was the 
hotel-cum-restaurant Chanto- 
iseau in ViaJas in the Loz&re, a 
place so remote that even its 
owner, the lyrical chef Patrick 


BALLANTYNES 
OF COWBRIDGE 
FORSALE 
FINE FRENCH 
& ITALIAN WINES 
DARROZE ARMAGNAC5 


TEL: 0446 774840 
FAX: 0446 775253 



WINE GIFTS 

wm/A OtfFEK&CK 
Gifts from under £5.00 lo over £200.00 
PORT * STILTON in wooden box 
L2 WINES From POLE TO POLE 
PERSONALISED BOTTLES 
Wine Lfcl»d Hamper Broduitc 
FREE f rom 

the wine SCHOPTEN ltd. 

3 Oak Srea. Sheffield. SS 9UB 
Tel: 0742 SSJ30I 


FOR SALE 
VINTAGE PORT 
CRU CLASSE CLARET 
BURGUNDY 
AND RHONE ETC. 
AT TRADE PRICES 

SECKFORD WINES 

Tel: 0473 628072 FbJC 0473 626004 
• ptoasa phono lor pries lint. 


iu'sTJW^ 


.r. . 

irT'V 


il“C! 

I* . 


SMOKED SCOTTISH 
SALMON 

■nttWfflYBBTQUAUIY 
Sozdtodpack £J» 

2'/ilbsMC8dsilte E29 - ,,s 

Vto-Pacist Class Post Paw 

2»~S=- 

SEskb&_, 



*r ■*?: •' „ 






VlnsdeBouigogne. 
. For stockists, 
lei: 071-409 7276 


Pagfis, is heard to exclaim M esl 
li ot 2 Jtsus Christ a perdu ses 
savattes ", an idiomatic way of 
saying it is a hell of a place to 

find 

The Cdvennes were made 
famous in Britain by the writ- 
ings of Robert Louis Steven- 
son. This is Protestant France. 
Many fled to Britain, Holland 
and Germany after the infa- 
mous dragormades of the 17th 
century. These who remained 
maintained a careful secrecy 
about their lifestyles and even 
to this day they can be closed 
and withdrawn. 

The chestnut is the module 
of cevennes cooking. It was a 
region of intense poverty, and 
every part of the tree served 
some practical purpose: the 
leaves were used to feed the 
animals; the wood served to 
make furniture; while the nuts 
themselves were smoked to rid 
them of their maggots and 
used to provide force during 
the cruel winter months. 

As Pagfis points out, a mere 
handful of chestnuts is enough 
to nourish a man. 

Normally they were offered 
with goats’ milk as badjana. In 
the poorer villages of the C6v- 
ennes this is how children are 
fed to this day. As PagSs puts 
it: “Chestnuts are not trees, 
they are an entire civilisation." 

The frugality of this basic 
diet was relieved by the occa- 
sional feast The great special- 
ity was a calves’ head vinai- 
grette with boiled potatoes; or 
tripoux, a dish which might 
have reconciled them to their 
Calvinist cousins in Scotland: 
little packets of sheeps' stom- 
ach cooked with mutton trot- 
ters much in the manner of the 
pieds et paquets de Marseilles.' 

The onerous task of c l e an in g 
the tripe made it one of the few 
meat dishes consumed by the 
poor. The soil was so terrible 
that only the rich possessed 
sheep or cows. Their diet was 
slightly different: ..they con- 
sumed slow cooked meat stews 
or daubes; the plentiful game; 


or salt cod augra tin. 

Potatoes were another 
important staple; either cooked 
in a purge with herbs or as 
ahgot, an unctuous purge of 
potatoes and young Cantal 
cheese which should be so elas- 
tic that you are obliged to 
wrap it round your fork like 
spaghetti. 

There was no systematic cul- 
tivation of the vine, no beer, no 
cider and no perry. From the 
late 19th century onwards, 
what little wine there was 
came from the Clinton grape, 
which, as the name suggests. 


Pages is a 
highly 

respected chef 
and sommelier 
who represents 
the region of 
Languedoc- 
Roussillon 


was imported from America. 
This hybrid made light col- 
oured, thin wines which were 
rumoured to affect both the 
heart and lungs. Pagfcs asserts 
that it was Clinton, rather 
than vinegar, that was in the 
sponge passed up to Christ on 
the cross: “It was that which 

killed him. ** 

This account of the gastro- 
nomic specialities of the Loz&re 
might seem calculated to put 
off potential visitors, but let 
me assure you that there is no 
Clinton among the 1,020 wines 
listed at Chantoiseau. Nor will 
you be dissatisfied with the 
menu: Pages is a highly 
respected chef and sommelier 
who represents the Languedoc- 
Roussillon region both in 
France and abi ij. 


He Is, however, more than 
happy to make use of local 
Ingredients. 

He lists as one of his speciali- 
ties, in the Michelin guide, the 
plate of juicy sausage which 
greets you as you arrive at 
table. 

The famous chestnuts of the 
region found their way into the 
quail consomnfe with ginger 
and Soissons beans as well as 
the exquisite raoiole of pilar- 
dons, the local goats' cheese; 
this was served on a bed of 
Swiss chard and a little sauce 
of fresh mousseron mushrooms. 

This is a paradise for mush- 
room lovers and come the 
autumn wild mushrooms fig- 
ure largely on the menu. Some 
tender fillets of stag, for exam- 
ple, came with two significant 
piles of mushrooms: one of ceps 
and the other of grisettes, 
together with a dollop or ahgot. 

The same pilardons also 
loom large on the cbeeseboard 
but they are joined by other 
goats* cheeses and some of the 
greats of the nearby Auvergne. 

The name of the restaurant 
is a little pun which demon- 
strates something of the own- 
er's humour. His father was a 
boulcmger (baker) who became 
the owner of the Hotel Platon 
(no relation to the philosopher) 
in Vlalas. 

Pages changed the name to 
Chantoiseau after the man 
credited with opening Paris’ 
first restaurant In the 1770s. 
Chantoiseau was his nom de 
guerre. His real name was Bou- 
langer. 

■ Chantoiseau. Vialas 48220 
Loz&re. Tel: 66 41 00 02. Open 
April 8-November 11. Closed 
Tues night and Wed. It is 
advisable to get instructions on 
the best way to get there when 
you book. 

■ Menus range in price from 
FFr130 to FFr720. A la carte 
FFr400 to FFr500. Rooms 
FFr410 to FFr520. 



FRIARWDOD 


We special too in Croud Cru and 
Premier Cm Champagnes, Fine 
and Great Clarets, and Burgundy 
spanning many of the most famous 
Domains. We would be pleased 
io send yon oor catalogue or 
receive you personally !□ oar 
yinoUmpie at 

26 New King’s Road, 
LONDON SW6 4ST 
Ttefepbone 0717362628 
andFacP71 7310411 


CLARETS AND 
VINTAGE PORTS 


WANTED 

We wffl pay motor tanner prices. 
Pyacrt hh bkCm b. 
Ffamekpfaeoc 

Patrick WUkiasoo 071-067 1943 
-or Fuc 071 284 2785 



iVNmEnsLMTED 

Rne Wine Merchants 
CaretMtn* fid London NWS ON 



We deliver Ihe world's finest and 
best value wines to Frivate 
Customers throughout the 
United Kingdom 


Please write, fax or telephone for 
our latest Price List and Special 
Christmas Offers. 


AVERYS 


HNE WINE MERCHANTS 
ESTABLISHED 1793 


AVERYS OF BRISTOL LIMITED, 
7 PARK STREET. BRISTOL BtSI 5NC 
TELEPHONE (01 171 *21 4141 
FAX: tUH7)V22!72V 


A luxury smoked 
salmon platter, plus 
a prawn oud lobster 
selection platter / 
delivered ready 
to serve - just 
as you see it /Jr 

yst-*, ' r . 

_ .. /s y , ? 

rtmtStOX ,jr # ^ 

YMI PSrcnT uuj mitt’ itt" .°T ourlUml Urtler 
ieuku. 0672 *3 m 7 S Line 0672-6.) I fM lunot 




Over from 
Dover 


Jill James recommends shops and 
eating places in north France 


M ary Tudor may 
have had Calais 
engraved on her 
heart but l shall 
have it tattooed on my Wel- 
lington boots. 

Arriving in a particularly 
nasty squall last month, for Le 
Shopping, I found it a little 
bard to explain to my family 
why we were forsaking the 
pleasures of London for a 
week in the Pas-de-Calais. 

The reasons were looking 
even ropier after two indiffer- 
ent and expensive meals at 
recommended restaurants. 

But then came the turning 
point At my 11-year-old‘s 
insistence we booked in to an 
old favourite, the Atlantic 
Hotel in Wimereux, a small 
resort a couple of miles from 
Boulogne run by Aron and 
Marle-France Misan. 

Here we ate some of the best 
food of oor stay - including a 
dish that I thought it would be 
very difficult to make a suc- 
cess of - foie gras stuffed with 
lobster and spinach, which 
worked surprisingly well. 

Lobster is the speciality of 
the boose and so. In season, Is 
fruitsde-mer. Out of season the 
menu is commendably short. 
Expect to pay about £35 to £45 
a head with wine. Hotel 
accommodation is modest 


And now, for those of you on 
the annual drink-buying pil- 
grimage, here is a selection of 
the very best restaurants and 
food simps In Calais and Bou- 
logne (see panel opposite^ 

Necessarily it is entirely 
subjective, gleaned from many 
visits. Mostly I have either vis- 
ited the shops and restaurants 
personally - and paid for 
meals and goods out of my 
Own money - or they come 
highly recommended from 
friends and colleagues. 

I have concentrated on 
small, good quality businesses, 
many family-owned. Mam- 
mouth and the rest of the 
hypermarkets you can seek for 
yourselves. 

You should find all the shop- 
keepers 1 have mentioned 
happy to greet you - and for a 
very good reason: “The British 
visitor represents 15 per cent 
of the general turnover of the 
trade in Calais," says Gerrard 
Baron, chairman of the town's 
Chamber of Commerce. 

When I popped in to see him 
last month, a group. of the 
town’s shopkeepers were in a 
basement room busily honing 
their En glish language skills 
in order to provide an even 
better service to visitors. 

So good shopping and bon 
appetit 


Hotels and restaurants 


Choose your restaurant 
carefully. You can eat as badly 
and expensively in northern 
France as you rail in Rn ffTanri 
Most of the following hit the 
high notes consistently. 
Restaurant La Liegeoise 

10 rue Monsigny 
62200 Boulogne 
Teh 21 31 61 15 
La Matelote 

80 boulevard Sainte Beuve 
62200 Boulogne 
Tet 21 30 17 97 
L’Hmtrttre 

11 place de Lorraine 
Boulogne 

Tet 21313527 
L’Epicure 
1 rue de la Gare 
62930 Wimereux. 

Tel: 21 83 21 83 
La Diligence 
7 rue Edmond-Roche 
Calais. 

Tet 21 96 92 89 
George V Restaurant 
Gastronomique 
36 rue Royale 


f>lai« 

Tet 21 97 68 00. 

Le Channel 

3 boulevard de la Resistance 
Palais 

Tet 21 3442 30 
Chateau de Montreuil 
4, chaussee des Carmans 
62170 MonireuU-sur-mer 
Tet 21 81 53 04- 
Le Relais de la Brocante 

2 rue de lAtinghwn 
62126 Wimilie 

Tet 21 83 19 31 
Le Restaurant du Golf 

3 avenue du Golf 

62152 Hardelot 

Tet 21 83 71 04 

Le Pavilion Restaurant da 

Westminster 

Avenue du Verger 

62520 Le Touquet 

Tet 21 05 48 48 

Hotel Restaurant da Grand 

Corf 

34 avenue Ferber 
62250 Marquise 
Tet 21 87 55 05 


Top food and drink shops 
for cross-Channel trekkers 


CaMs bass popofehon of only 120^)00 -but betwoei the . 
beginnbtg of November arid Christmas It wffl be swelled by some 
of the1.5mto 2m Britons who wH ham crossed the channel to 
shop thorn or in the surrounefing area of northern France. In 
Calais the shopping streets are in two groups, arouW rue Royal 

and place d'Anne* and along the botdevards Jaoqumd and La 

Fayette, Although Ills not as attractive as neighbouring Boulogne 
ft stiff offers top quality small shops of lha sort which are afl too 

uncommon In southern Engend. 


Boulogne Is France's biggest ffshfng port More attractive than . 
Cafats, I have always had a soft spot for the walled haute vflla. 
However, I think the best food and drink shopping to to be had 
below the haute rite in the Grande Rue, me FaMherbe and the 
Httte streets that criss-cross them. Hero era some of my 
favourites: 


Calais 

AD BEC RN, . 

32 Bd La Fayette, 

Tet 21 82 03 80. A very good 
c h e es e shop which also seBs 
tine wines. 


Boulogne 
PHILIPPE OLIVIER, 

43 Rue Thiers, 

Tet 21 31 0474, . 

Fax: 21 30 78 67. Simply the 
best cheese shop bi the area. 


LA MAtSON DU FROMAOE. 

1 rue AncM GerscheO 
Tet 21 34 44 72 


FRED, 

120 Bd Jacquard, 

Tet 21 3489 89. Great bakery 
and mouth-watering patisserie. 


DEMARCHES 
47 Rue Faidherbe, 

Trie 2131 38 41, 

Fare 21 30 95 45. An excellent 
bakery. 


LEDUC CHARLES, 

195 Bd La Fayette, 

Tek 21 34.37 71. Very good 
deffcatessefti 


COM1BSSE DU BARRY, 
35 Gtrande Rue, 

Teb 21 87 19 2a Get your 
confft hero. 


L£$ DEUCES DE LAMER, 
160 Bd La Fayette, 

Tek 21 34 64 57, and 


FAUCHON-HED1ARD, . 

7 Rue Porto Neuve, 

Tet 21 31 65 47. Everything ■ 
from foie gnss to gtacO fruits. 


HUTTTOERE CALAlStQINE, 

12 Bd La Fayette, 

Tel 21 36.5097. Twogood fish 
shops. 


POISSONNERIE AUX 
PECHEURS D’ETAPLES, 

31 Grande Rue, 

Tet 21 30 29 28. Excellent fish 
shop with restaurant attached 
(which I haven’t yet tried). 


BOUCHBUE CHAROTTSUE 
DAVELU, 

87 Bd La Fayette, 

Tet 21 34 39 64. The best 
butcher ki town. ■ 


BOURGEOIS JEAN 
1 Grande Rue, 

Tat 21 31 53 67. Excellent 
butcher. I get my Toulouse 
sausages hens: 


MARKETS: Thursday and 
Saturday morning s , place 
Crevocneur. Wednesday 
mornings, place. (fArroeo. 


MARKETS: Wednesday and 
Saturday, momteg. place 

Dritort 


DRINK 


ITto govarmnant has Ud dowit a 90-filre grideBne for. diosa 
bringing drink into the lHCfroro the EC- In fact, there ts no legal, 
limit and you can tofog In what- you want provided ft is for your 
own personal use- Amorig the plethora of guides to the drinks 
.marttet the. best! have come across is Tom Stevenson's The - 
Cross-tZtartnGl Drinks Qtdda (Absolute Prass^B-99, 272 pages}, 
the best croas-ohahnel drinks outlet » the Grape Shop in. 
BoufogrteTharaisooWd branch at the SeaCsat terminal, Gam 
Maritbne r 622D9Boteoffte, (tefe(H0 332l 3016 17 tromtheUK), to 
oddftfottfo ttidabop.af85-®fraa Victor Hogoii the town (OIO 33 
2t 30 16 Marite Brovwv WtKjmrw them, Is English and-. -- 
.maromriy bripfuL: V . ' 


(^tANNELcro^ngs: Check therwwspapers for fore, bargains-* 
most of the ferry-Mn^ap^ reroaricabiy good deals for 

trippers year. And there b always the , 

T\mnrtv.,(seeStoa*t MarehaB, Page Iff}. -.7 

■ 'JftJamtelraNrife^virith'Wqvervpeed torn Dover to palate aid 
.byGsoCatflromFUkastonetoBouiaffte-Rasarvattenei:. . - •*»•* 
0304-240241 * - 


r 


eve; 




WINE MERCHANT OF THE YEAR ' 91-93 N 


Buy 

Teachers or Beefeater 
and Spirit £2-00 
off a Bottle of Wine. 


f X 1 





mi 

ps 



|or| 

am 






i^|| 






hn -Ar Mm Iron l/llffMrittll.ftaM.iMiKiiov^iMire'-'Matuufcilin IHaefcrc 


I m ^ ^ od» No oih*r jje,. Awfatte b» UK mtaaa ^ |B ^ ( 








X WEEKEND FT 



|i MfJ 












T hree factors have 
led me to spend 
another lengthy 
period on the phone 
talking to Britain’s 
most individualistic suppliers 
and retailers. 

The first was hearing from 
many readers how useful this 
guide has been not just in the 
hectic run-up to Christmas but 
during the rest of the year. 
Bulky boxes of food delivered 
to your door can save you time 
and backache. 

In talking to these suppliers I 
also realised how widely last 
year's guide was appreciated. 
One Lancashire supplier 
received a phone call and 
orders from a reader In Canada 


HEAT, POULTRY and GAME. 

Eastbrook Farm Organic 
Meats, Bishopstone, near Swin- 
don, Wiltshire SN6 8PW. Tel: 
0793-790460, 0793-791239. Beef, 
lamb, pork, chickens and 
bacon. 

Fletchers Fine Foods. Reedie- 
hill Deer Farm, Auchter- 
muchty. Fife KY14 7HS. tel: 
0337-828369, fax: 0337-827001. 
Joints of venison, venison pate, 
juniper berries and recipes for 
cooking venison. 

Goodman’s Geese, Walsgrove 
Farm. Great Witley, Worcester 
WR6 6JJ. Tel: 0299-896272, fax 
0299-896889. Free-range, extra 
meaty geese. 


Treading in 
the vintage 


Giles MacDonogh takes off his 
shoes and socks in the Douro valley 


V ila Nova de Gaia is 
the showroom for port 
wine. It lies opposite 
Oporto on the south 
bank of the Douro just before 
the river debouches into the 
Atlantic. 

There the big companies 
have their lodges and visitors 
may go on special tours and 
taste the wines. Port, however, 
comes from miles away up 
river, beyond the high Serra do 
Marao. 

The mountains have the 
advantage of keeping out the 
Atlantic climate which can 
make Oporto such a cussed, 
drizzly place. There it is gener- 
ally hot all summer, resulting 
in what is called Douro bake’; 
hard on humans, but marvel- 
lous for the thick-skinned 
black grapes destined to be 
trodden (well, ideally) for port 
The Douro is one of the 
remotest places in modern 
Europe. In spite of all that has 
happened in the past century; 
in spite of the revolution of 
1974, the region still has a feu- 
dal feeL 



At the centre of the feudal 
structure Is the quinta: a farm 
estate planted with vines and 
occasionally olives. Preten- 
sions to architecture are rare, 
quinta houses are large, solid, 
white-washed b uilding s. Every 
now and then they are distin- 
guished by a baroque chapel or 
a few stone dressings around 
the windows. 

There live the lords of the 
Douro. Some are directors of 
port houses in Vila Nova. In 
the majority of cases, however, 
the owners remain Indepen- 
dent of the port business, pre- 
ferring to sell their grapes for 
the best price. Either way the 
structure remains the same. 

Life in the Douro Valley can 
never have been easy. The soil 
is thin and stony - suitable 
only for vines and olives. Even 
today transport is slow and. 
occasionally, hazardous. Not so 
long ago the only way down to 
Oporto was by river. 

The limited vocation of 
Douro agriculture g*pTaing the 
jubilation which surrounds the 

vintage. The villagers arrive 
with their friends and relations 
and pick the grapes. Once the 
harvest is In the villagers 
gather around the shallow, 
stone lagares; there the 
bunches destined for the very 
best wines are trodden under- 
foot 

Only a few years ago only 
port houses such as Taylors 
continued to tread a percent- 
age of their grapes. Recent 
studies, however, have shown 
that footwork is simply the 
best way to derive the maxi- 
mum colour and extract in the 
shortest period of time. This is 
a vital consideration with port, 
where the still-fermenting juice 
must be run off on to brandy 


after only two or three days in 
the vaL 

Treading the grapes in the 
lagares has another advantage: 
It gives the villagers the 
chance to enjoy the harvest in 
their traditional way. Much of 
the fun takes place in the vat 
itself. 

Arriving at Taylors' Quinta 
de Vargellas on the last day of 
this year’s vintage, we were 
taken down to see the locals at 
work in the lagar. At first 
glance they seemed rather 
gloomy. A lugubrious charac- 
ter had takpn on the role of 
sergeant and was drilling his 
little squad backwards and for- 
wards through a thick mass of 
grapes. 

When we returned after din- 
ner the scene had been trans- 
formed. 

Someone had got hold of a 
synthesiser; a few bottles of 
rough local brandy had been 
cracked; and there was danc- 
ing in the vat 

We jumped in too. It was not 
easy to dance in a cold, sticky 
stew of grapes, pips and husks, 
but the villagers were clearly 
enjoying It nor did they seem 
much Inhibited by the pres- 
ence of the squire and his 
guests. Within moments we 
were clamped in the arms of 
the stout village women. 

The next day the vintage 
was over. The occasion was 
marked by a procession up to 
the quinta bouse beaded by 
one of the prettier of the 
younger women flanked by a 
man with an accordion. 

The woman carried a cross 
with a bunch of grapes at the 
centre surrounded by seven 
red roses. This was presented 
to Alastair Robertson, of Tay- 
lors, to keep as a talisman 
unto the next vintage. It was 
the cue for the Robertsons to 
turn the quinta over to a sort 
of saturnalia- the lords waiting 
on the villagers: providing 
them with food and fetching 
them drink. 

Once the dancing had 
stopped, Robertson took his 
guests on an excursion to the 
other side of the river. 

I should have gauged from 
the look on his face that he 
intended to surprise us when 
we docked beside a bar-cum- 
restaurant called the Cafe Sa 
da Ribeira. A wild-looking 
character wearing a greatcoat 
and the Portuguese flag on his 
head greeted us at the quay, 
then followed us to the cafe 
where a shiny brass plaque 
informed us that John Major, 
the British prime minister, had 
lunched there on August 30 
1993. 

The cafe owner informed us 
that Major had eaten grilled 
chicken with chips and drunk 
a simple white wine. We were 
all so chuffed at our scoop that 
naone remembered to ask who 
had paid the bilL Nor was it 
explained to us whether Major 
was attracted by the remote- 
ness of the Douro Valley or by 
its surviving feudalism. 

What was, however, clear, 
was that he had chosen the 
wrong yean 1993 was a wash- 
out, one of the worst in living 
memory. On the other. hand 
1994 was a peach and came 
1996 Taylors might -well to 
decide to declare a vintage. If 
that happens 1 shall like to 
think that my sore feet played 
a small part in its success. 


FINANCIAL TIMES WEEKEND NOVEMBER 19/NOVEMBER. 20 - 


CHRISTMAS FOOD AND DRINK 


Shopping without tears - is 

Nicholas Lander sorts out the best British postal suppliers for your Christmas pou^ 


foO 




while another, based in Lon- 
don, was soon packing orders 
for Eire and Norway. 

Finally, there is the growing 
conviction among suppliers 
that they have weathered the 
worst - the recession and the 
costly imposition of new health 
regulations - and they can 
now concentrate on producing 
first class ingredients. 


Heal Farm, Kings Nympton, 
Umbeiieigh, Devon EX37 9TB. 
Tel: 07995-74341, fax: 

078957-2839. Top quality meats, 
particularly rare breeds of pig. 
but at top prices. 

Ian Miller's Organic Meat. 
Jamesfield Farm, by New- 
burgh, Fife KY14 6EW. Tel: 
0738-850498, fax: 0738850741. for 
tip-top Scottish beef. 

Meat Matters, 67, Woodland 
Rise, London N10 BUN. Tel: 
081-442 0658. A personal service 
of top quality organic meat 
now available nationwide. 

Rarmoch Smokery. Kinioch 
Rannoch. Pitlochry PH16 5QD, 
Perthshire. Tel: 0882-632344. 
fax: 0882-632441. Smoked veni- 
son for a delicious first course. 

The Game Larder, Rushett 
Fram, Chessington, Surrey 
KT9 2NQ. Tel: 0372-749000. 
Game hung to order as well as 
deer, woodcock and wild boar. 

Hereford Duck Company. 
Trelough House. Wormbridge. 
Herefordshire HR2 9DH. Tel: 
098-121767. fax: 098-121577. A 
new breed of duck, the Tre- 
lough, bred by proprietor 
Barry Clark amongst orchards 
of rare apple trees. 

Derek Kelly Turkeys. Sprin- 
gate Farm. Bicknare Road. 
Danbury, Essex CM3 4EP. Tel: 
0245-223581. fax: 0245-226124. A 


family run farm breeding the 
famous Kelly Bronze turkey. 

The Real Meat Company Ltd, 
East Hill Farm. Heytesbury. 
Warminster. Wiltshire BA12 
0HR. Tel: 0985-840436. fax: 
0985-840243. Turkey, chickens 
and 'non- shrinking bacon.' 

Morris's Gold Medal Black 
Pudding. 120 Market Street. 
Famworth, Bolton. Lancashire 
BL4 9AE. Tel: 0204-71763. For 
me. the top producer of this 
Lancastrian delicacy. 

Musks. 1 The Rookery, New- 
market, Suffolk CBS 8EQ. Tel: 
0638661824. fax: 0638-561874. 
Prime pork sausages and chi- 
polatas made to a secret 1884 
recipe. 

Pipers Farm, Cullompton, 
Devon EX15 1SD. Tel: 
0392-881380, fax: 0392-881600. 
Bronze turkeys, geese and free- 
range chickens. 

Somerset Ducks, Greenway 
Farm. Moon Lane. North New- 
ton. Bridgwater. Tel: 
0278-662656. Farm fresh duscks. 
boned, stuffed and cooked, 
duck sausages and p&fes. 

Swaddles Green Farm. Hare 
Lane, Buckland St Mary. 
Chard, Somerset. Tel: 
0460-234367. fax: 0460-234591. 
The full range of organic meats 
but the American Bronze tur- 
keys and their jambon cm are 


distinctive. 

Richard Vines, Hillhead 
Farm, Chagford, Devonshire 
TQ13 8DY. Tel /fax: 0647-433433. 
Indigenous beef breeds reared 
on the Devon moors. 

Wensleydale Wild Boar 
Breeders. Manor Farm. Thorn- 
ton Steward, Ripon. North 
Yorkshire HG4 4BB. Tel: 
0677-60239. For a more distinc- 
tive dinner party menu. 


PISH, SMOKED FISH and 
SMOKED MEAT PRODUCTS. 

Ashdown Smokers, SkeUerah 
Farm, Coraey, Cumberland 
LA 19 5TW. Tel: 0229-718324, 
fax: 0229-718339. Traditional 
smokers of all cuts of meat, 
fish and cheeses. Particularly 
renowned for their smoked 
Herd wick mutton hams. 

James Baxter & Son, Thorn- 
ton Road, Morecambe, Lancs 
LA4 5PB. Tel: 0524-410910. 
Morecambe Bay potted 
shrimps, one of Britain's great 
delicacies. 

Brown & Forrest, Thorney, 
Longport, Somerset TA10 0DR, 
tel 0458-251520. fax: 0458-253475. 
Smoked salmon, smoked eel, 
hot and cold smoked trout 

Carew Oyster Farm, Tything 
Barn, West Williamston, Kil- 
getty. Pembrokeshire SA6S 
0TN. Tel: 0646-651452, fax: 


0646-651307. Delicious Pacific 
oysters bred in the Carew river' 
and priced for the oyster lover ' 
- the more you order the. 
cheaper they are. 

Colchester Oyster Fishery,' 
Pyefleet Quay, Mersea Island. 
Colchester, Essex C05 SUN. 
Tel: 0206-384141, fax: 

0206-383758. Oysters from the 
other side of the UK: also crah,- 
crawfish and lobsters. 

dunes Wild Scottish 
Salmon, The Smokehouse, Cul- 
loden, Inverness IV1 2PD. TeL 
0463-794333, fax: 0463-791045. 
Smoked salmon and smoked 
scallops. 

Duchy of Cornwall Oyster 
Farm, Fort Navas, Falmouth, 
Cornwall TRll 5RJ. Tel: 
032640210. Native Helford and 
Pacific oysters and mussels. . 

Dunk eld Smoked Salmon, 
Sprmgwells Smokehouse, Brae 
Street, Dunkeld, Perthshire 
PH8 OBA. Tel 0350-727639, finr. 
0350-728760. A most distinctive 
range of smoked salmon, 
fanned and wild, and gravad 
lax. 

H Forman & Son, Queen’s 
Yard, White Post Lane. London 
E9 5EN. Tel 081-985 0378. fax 
081-985 0180. One of the few 
remaining smokers in Lon- 
don's East End. 

Highland Taste, Glenogta 


Farm, Lochearuhead, Perth- 
shire FK19 - 8PT. Tel: 
0567-830378, fax 0567-830380. AH 
things smoked; smoked 
salmon, kippers and smoked , 
wild boar. 

Inverawe Smokehouses, 
Taynulit, Argyll BA35 1 HU, tel , 
08662-446, fee 08662-274. The , 
full range of smoked fish and 
meats pins Lodi Etive Scottish , 
.trout caviar. 

Lodi Fyne Smokehouse, - 
Clacban Farm, Caimdow PA26 . 
SBH, Argyll Tet 0499-600217, 
fax: 0499-600234, . ' Oysters, 
smoked mussels and salmon 7 
and, naturally. Loch Fyne Hp- 
pars. 

Minola Smoked Products,. 
Kenccrt HH1 Farmhouse, FDk- 
ias, Lechlade, Gloucestershire 
GL7 3QY. Tel 0367-860391, fax:. 
0367-860544. A distinctive range 
of meats and fish smoked -.with- ■ - 
out artificial flavours or col- 
ourings. Quafi, venison, gam- 
mon and guinea fowl • even' •• 
smoked foie gras cm request! 

River Exe Shellfish Farms, . 
Lyson, Kenton, Exeter, Devon 
EX6 8EZ. Tel 0626890133, fex 
0626-891789. Oysters, mussels 
and razor clams. 

Simply Salmon, Severals 
Farm, Arimsden, Saffron Wal- 
den, Essex CB11 4EY, teU 
0799-550143, fax: 0799-550039 


Smoked ; salmon*, smoketfc-;, 
djjdsen and duck breasts, wild, j 
boar, and home - made 
serves, ■- 
The Company. 

Road,- West Merseav GoI- 

_■ _ Uhl - » 


• "i -rtf 5 ' 

,>4 






r- > " 


0206883284. 'Native ■ azkM3gas~ 




-, Richard WoodaH, Laos End 
Waberth waite, Millom, Cum- 
bria LA19 5*J_Ta: 0229-711237;: 
fee 0229-717007. MdffOS Cum- 
berland sausages amThams, 
Parma-style air.:dried ham.a&dr 
first class bacon. > o?’- 

Seasalttr Shetiffsiw iMHar- . 
hour, Whitstahle,- Keht CT35 
1AB. Tel: .0227-222003, Cue: 
0227-264829. Pacific- and Native: : 
oysters from England!® most 
famo us oyster beds and Manila 
Mam*. 






•:S .... 




CHDESES.The 1990 Food Safety ; 

Act makes it -impractical for 
the increasing nmnber of qjat - 
fty conscious producers ;of . 
farmhouse ' cheeses to reach 
customers- directly by -..mail- 
order. What follows is .a list of 
some -of the country ! s.- L top ; 
cheese retail^ wlm -w^ sup- 
ply by post V;:„ : 














: • 



F| NAN'ClAL TIMES WEEKEND NOVEMBER 19/NOVEMBER 20 l‘»-4 


WEEKEND FT XI 



CHRISTMAS FOOD AND DRINK 


lover’s armchair guide 

fi i 

s nieats, cheeses and oils, treats and sweetmeats for the Christmas and new year holiday season 

_Contioued from previous page 


-" r "■ 


5 -',l rf 














Farm, Pilsley. Near BakevveU 
DE45 1UF Te|' 
- fa * All 

SSL of Produce from the 

Md D T Whl,rt fanns 
iJ $ local P r0c, ucers. 

La Framagene. 30 Highbury' 
rarlL London N5 2AA Tel /fax- 

fES and ?, ngHsh Deeses 
alongside a wide range of dry 
goods including wonderful cle- 
mentines in chocolate 

JfT* 0l J 0a, ? s ’ 51 Elizabeth 
street, London SWHV 9PP Tel- 
071-823 5623. fax: 071-823 5722. A 
stunning collection of some of 
the world's finest cheeses. 

James & John Graham Ltd. 
Market Square. Penrith. Cum- 
bria CA1I TBS. Tel; 0768-62281. 
fax; 0768-67941. Traditional 
Cumbrian cheeses and haras 
even a Borders Ramblers cake 
with sultanas, walnuts and 
whisky. 

J G Quicke & Partners. 
Woodley. Newton St Cyres, 
Exeter EX5 5BT. Tel: 0392 
851222, fax: 0392-851382. Tip top 
Cheddar. 

Neals Yard Dairy. 17. Short's 
Gardens. London WC2H 9AJ. 
Tel: 071-379 7646. fax: 071-240 
2442. The widest selection of 
British and Irish farmhouse 


cheeses which converts even 
the top French chefs. 

Paxton & Whitfield. 33 Jer- 
myn Street. London SW1 6JE. 
Tel: 071-930 0259. fax: 071-358 
9556. Stilton. Cheddar and 
haras by post 

Pugsons Food and Wine. 
Cliff House. 6 Terrace Road, 
Buxton. Derbyshire SKI7 6DR. 
TeL 0298-77696. fax: 0298-72381. 
An interesting range of wines 
and cheeses. Including small 
truckles of Lancashire. Ched- 
dar and Stilton. 

The Fine Cheese Company. 
Shops at 29. Walcot Street. 
Bath BA1 5BL. Tel: 0225-483407) 
and 5 Regent Street. Chelten- 
ham GL50 1HE. Tel: 
0242-255022. 

Ticklemore Cheese Shop. 1 
Ticklemore Street, Totnes, 
Devon TQ9 5EJ. Tel: 
0803-865926. Devon Blue. Blue 
Vinney. Sharpham and a range 
of Farmhouse Cheddars. 

HERBS, MUSHROOMS and 
HONEY. Carluccio’s. 28A Neal 
Street, London WC2H 9PS. Tel 
071-240 1487. fax: 071-497 1361. 
The wild mushrooms specialist 
but a stunning range of Italian 
delicacies and hampers, too. 

Exeter Bee Supplies, Exeter 
Road Industrial Estate. Exeter 
Road, Okehampton, Devon 


BX20 1QA Tel: 0837-SH»t, fax: 
0837-54085. An indispensible 
catalogue for those keen to 
make their own honey. 

Heaven Scent Herbs, Pound 
Cottage. Pound Lane. Bridfod, 
Exeter. Devon EX6 7 HR. Tel: 
0363-777754. A lovely English 
collection of 21 handmade mus- 
tards. pnt pourri reviver oils 
and herb pillows. 

Herbary Prickwillow, Mile 
End. Prickwillow. Ely. Cam- 
bridgeshire CB7 4SJ. Tel: 
0353-88456. Tax: 0353 88451 for 
herbs, edible flowers and herb 
plants. 

Iden Croft Herbs. Frittenden 
Road. Staplehurst, Kent TN12 
0DH. Tel: 0580-891432. fax: 

0580-892416 for Rosemary Tit- 
terington's delightful range of 
herbs ami alpines. 

Les Fines Hcrbcs. 8 St. 
Mary's Hill, Stamford. Lincoln- 
shire PE9 2DP. Tel/fax: 
0780-57381. Fruit, flower and 
herb vinegars and jellies. 

Mycologue, 47 Spencer Rise, 
London NWS IAR. Tel: 071-485 
7063. fax: 071-2S4 4058. A cata- 
logue of products for the keen 
mushroom collector. 

Taste of the Wild. 65 Over- 
strand Mansions, Prince of 
Wales Drive. London SWll 
4 EX. Tel: 071-720 0688, fax: 
071-498 7344. Wild mushroom 


gifi packs - ceps, girolles or 
pieds de mow on - and truffles. 

COFFEE, TEAS, CAKES ami 

chocolates. Ackermans 
Chocolates. 9 Goldhurst Ter- 
race. London NW6 3HX. TeL 
071-642 2742. A wonderful 
source of all things chocolate, 
especially chocolate zebras, 
lions and teddy bears for stock- 
ing fillers. 

Algerian Coffee Stores Ltd, 
5Z Old Compton Street. Lon- 
don. Tel: 071-437 2480. fax: 
071-437 5-170. Excellent teas and 
coffees and, from Calabria in 
Italy, the most delicious choco- 
late-coated figs. 

Bagatelle, 44. Harrington 
Road. London SW7. Tel: 071-581 
1551 For all Christmas sweet- 
meats, breads and patisserie, d 
la frartcaise. 

Betty's. Pagoda House. Pros- 
pect Road, Harrogate, North 
Yorkshire HG2 7 NX. Tel: 
0423886055, fax: 0123-881083. A 
full range of teas and coffees 
and something for anyone with 
a sweet tooth. 

Melchior. Chittlehampton, 
Devon EX37 9QL. Tel: 0769- 
540643. Truffles, pralines, choc- 
olate liqueurs and Christmas 
chocolate novelties hand made 
by the Swiss Carlo Melchior. 

Monmouth Coffee Company, 


27 Monmouth Street. London 
WC2H 9DD. tel: 071-836 5272. 

fax: 071-379-3801. Arablca cof- 
fees from around the world and 
gift boxes. 

Meg Rivers Cakes, Middle 
Ysoe, Warwickshire CV35 0SE. 
Tel: 0295-6S81QI, fax: 

0295-680799. Christmas fruit 
mince, cakes and puddings 
and. this year, an iced Christ- 
mas cakes, posted worldwide. 
Also a monthly cake club. 

Rococo Chocolates, 321 Kings 
Road, London SW3 5EP. TeL 
071-352 5857. fax: 071-352 7360. 
Traditional English hand 
dipped chocolates in 36 fla- 
vours. 

Sara Jayne, 517 Old York 
Road, Wandsworth, London 
SW18 ITS. Tel: 081-874 8500. 
fax: 081874 8575, for stunning, 
generous truffles. 

Sarah Nelson's Grasmere 
Gingerbread Shop, Grasmere. 
Cumbri3 LA22 9SW. Tel: 
05394 -3542S. Another British 
delicacy made to a secret rec- 
ipe. 

The Chocolate Society. Nor- 
wood Bottom Farm. Norwood 
Bottom. West Yorkshire. LS21 
2RA. Tel: 0943851101. fax: 
0943468199. The finest cooking 
and eating chocolate and many 
other things for the chocoholic. 

The Toffee Shop. 7 Bruns- 


wick Road. Penrith. Cumbria 
CA11 7LU. TeL 07688200S. Fin- 
est British fudge. 

The Village Bakery. Mel- 
merby, Cumbria CA10 IHE. 
Tel: 0768-881515. fax: 

076S-8S1S4S. Christmas cakes, 
puddings, hampers. Cumber- 
land Rum Nicky and, more sur- 
prisingly, delicious Russian 
sourdough bread. Now also 
offering bakery courses that 
would make good gifts. 

OLIVE OILS/ MISCELLANEOUS. 

Berry dales, 5 Lawn Road. Lon- 
don NW3 2XS. TeL 071-722 2866, 
fax: 071-722 7685. Christmas 
recipes, advice and ingredients 
for those on restricted diets. 

Brindisa. Winchester Square, 
Winchester Walk, London SE1 
9AG. Tel: 071403 0282. fax: 
071403 5044, for cheeses from 
Spain, olive oils and spicy 
chorizo sausages. 

Clark Trading Co, 17. South- 
bourne Ro2d. Lee. London, 
SE12 8LH. TeL 081-297 9937. fax: 
0S1-297 9993. Foie gras. truffles, 
camaroli rice for risotto - even 
a truffle slicer. 

Divertimenti. PO Box 323, 
Yateley, Camberley. Surrey 
GD17 7ZA. Tel: 0252861212, fax: 
0252-676770. A stylish catalogue 
of equipment and produce for 
the discerning chef. 




The Oil Merchant. 47 Ash- 
curch Road, London W12 9BU. 
Tel: 081-740 1335. fax: 081-740 
1319. An extensive range of 
olive oils from around the 
world, including California's 
finest. Italian balsamic vine- 
gar. Rizzoli anchovies and 
sardines, pastes and various 
sauces. 

Morel Bros, Cobbett & Son. 
Unit l, 50. Sulivan Road. Lon- 
don SW6 3DX. Tel: 071-384 3345, 
fox: 071-384 3123. Olive oils, 
truffles, relishes. Weiss choco- 
lates and more. 

Randall & Aubin, 16 Brewer 
Street. London WL TeL 071-437 
3507, fax 071-379 3532. A revital- 
ised, old fashioned butcher and 
game dealer which also stocks 
oils, vinegars and dress- 
ings. 

The Scottish Gourmet, This- 
tle Mill Station Road. Biggar 
ML12 6LP. TeL 0899-21001. fax: 
0699-20456. Annual subscription 
£955 for newsletters and the 
best of Scottish produce. 

Taylor and Lake, 44-54, Stew- 
arts Road, Wandsworth. Lon- 


don SW8 4DF. Tel: 071-622 9156, 
fax: 071-622 0696. A tip-top 
range of oils, vinegars and 
pastes as well as sun-dried 
tomatoes, capers and sauces. 

The Wiltshire Tracklement 
Company. High Street. Sher- 
storu Malmesbury. Wiltshire 
SN16 OLQ. TeL 0666-840851. 
fax: 0666-840022. A delicious 
range of different mustards, 
co ndimen ts and jellies for all 
dishes. 

Winecellars, 153-155 Wand- 
sworth High Street. London 
SW1S 4JB. Tel: 0S1-S71 3979, 
fax: 081874 8380. Italian olive 
oils and balsamic vinegar, 
amaretti biscuits, and a range 
of stoneground hours includ- 
ing pasta and chestnut flours. 


Wine 


Books for 
tipplers 


T he La rousse Encyclope- 
dia of Wine, edited by 
Christopher Foulkes 
(Larousse, £30, 608 
pages) invites comparison with 
the near-simultaneously pub- 
lished Oxford Companion to 
Wine by the FT's Janris Robin- 
son, reviewed here in October. 

But, the main value of the 
encyclopedia is as a manual 
and directly instructional 
work, essentially based on the 
wine countries of the world 
rather than an alphabetically 
planned reference work on a 
highly-detailed scale. 

After introductory pages on 
how it is organised, and an 
encouraging article by Michael 
Broadbent on how to enjoy 
wine, a long section starts with 
a brief history of wine and its 
varying production and ends 
with information on how to 
decant and serve wine, along 
with matching wine with fbod- 
Most of the rest of this solid 
volume is devoted to the wine 
countries, their regions, dis- 
tricts and appellations where 
these exist 

France occupies 175 pages, 
the new world nearly 100. 
Short notes are provided on 
the leading, recommended 
growers. The articles are 
nearly all by British wine writ- 
ers, listed at the end. The more 
lengthy contributions deserve 
more individual identification. 
The maps are excellent and the 
volume is competently pro- 
duced: a useful work for the 
aspirant wine amateur and 
also for the more sophisticated 
drinker, looking perhaps for 
unknown wines, particularly 
in the New World. 

In 1971 1 reviewed here - and 
have retained the original edi- 
tion - of Hugh Johnson’s 
World Alias of Wine. So 1 am 
able to see In the new fourth 
edition, (Mitchell Beasley, £30. 
320 pages ) the great difference 
time and tile development of 
wine production throughout 
the world have made in the 
intervening years, during 
which two further editions 
have been produced and a total 
of 7m copies sold. . 

More than any other single 
wine book it has not only 
increased interest in wine but 
also demand. For, 23 years ago. 
supermarkets and off-licences 
that now sell most of wine in 
the UK, were in their infancy. 
(Marks & Spencer started sell- 
ing wine in 1973). 

More pictorialiy orientated 
than the Larousse. it contains 
all the essential information on 
the history and making of wine 
throughout the world, but also 
notes on looking after wine, 
serving and best temperature. 

In the persistent argument 
an the relative importance of 
terrorr versus grape variety, 
largely supported in the New 
World, Hugh Johnson is firmly 
on the side of terroir. for which 
he argues cogently. 

The maps have been ampli- 
fied and more clearly defined. 
France takes up the biggest 
winecountry section, with 89 
pages, and Is described in great 
detail and is well mapped. 

Germany, often undervalued, 
is well covered, but parts of 
Italy might have been alloted 
more space. Baroio - king of 
wines according to Italians - 
and Barbaresco are worth 
more than a page. Also, the 
leading vino da lavola contains 
20 per cent Cabernet-Sauvig- 
non not 10 per cent, and was 


first put on the market in 1971 
not 1878. But these are tiny 
blemishes for a work that will 
certainly run into further edi- 
tions and which can be fairly 
described as indispensable to 
all those seriously interested in 
wine. 

Ch Haut-Brion was probably 
the first of what later became 
the first-growth clarets of Bor- 
deaux. Mentioned initially by 
Samuel Pepys in 1663, it has 
been the only chateau to lack 
an individual account Unlike 
the books on Lafite, Latour 
and Margaux that were written 
by wine-writers. Haut-Brion 
(Faber & Faber, hardback £25. 
258 pages, paperback £9.99) it is 
by an academic author, Asa 
Briggs. 

He appears to have believed 
it necessary to intermingle the 
story of Bordeaux and its wine 
trade with that of the chateau, 
and this pads it out. It is 
planned in a confusing way. 
with early chapters on the 
place, the soil, the growers and 
wine, while leaving until later 
the main history of the fami- 
lies who owned it - from the 
Pontacs and the Fumels to the 

‘A jeroboam of 
a book 
whereas a 
magnum 
would have 
sufficed' 

Dillons. Then, near the end, 
there is an odd chapter, enti- 
tled “Times & Seasons", which 
contains a good deaf of history. 
Nothing is omitted, including 
an account of La Mission-Haut- 
Brion, acquired in 1983. but it 
is perhaps a jeroboam of a 
book whereas a magnum 
would have sufficed. 

The undeniable complexity 
of wine and wine drinking 
makes many introductory- 
books boring as they attempt, 
in a manner often hard to 
absorb, its many facets. 

But, with well-chosen, often 
specially commissioned illus- 
trations and a clear text, 
Joanna Simon’s Discovering 
Wine (Mitchell Beazley. £1489. 
160 pages) succeeds. It begins 
at the right point: on how to 
taste, serve, fit in with various 
foods and when to drink at 
maturity. This section is 
enhanced by attractive pic- 
tures of the author. 

Then follows a section on 
how wine is made, with partic- 
ular attention to different 
grape varieties. After this fol- 
lows an informative tour, well- 
illustrated. of the world’s wine 
regions. 

Published in hardback in the 
mid-1980s, but now available in 
paperback. The Book of Wine 
Antiques by Robin Butler and 
Gillian Walkling (Antique Col- 
lectors' Club. £19.95. 286 pages) 
provides a highly informative 
guide to items such as decant- 
ers, wine funnels, corkscrews, 
tasters and coasters that may 
contribute to the pleasures of 
the table. There are also chap- 
ters on antique drinking 
glasses and bottle holders. 
Some 52 illustrations are in col- 
our and 306 in black and white, 

Edmund 

Penning-RowseU 





XII WEEKEND FT 


FINANCIAL TIMES 


WEEKEND NOVEMBER I9/NOVEMBER 


SPORT 


Rugby 

Backs to the future 

Last line of defence or key man in attack? Derek Wyatt looks at number 15s 


T his afternoon at Murray- 
field, the old fullback 
meets the new. The old is 
Gavin Hastings, who seems 
to have been playing for ever. In the 
past two years he has lost a yard or 
two of pace and has become a defen- 
sive fullback still trying hard to 
play an attacking game. 

Hastings will s umm on ail his 
strength to stop yet another Scot- 
tish defeat. He will try and orches- 
trate moves that centre on him. He 
believes he should lead by example. 
Hastings, when isolated, kicks the 
ball in the air in the forlorn hope 
that something will come of it 
The new is South African full 
back Andr€ Joubert who. by sharp 
contrast is at the top of his form. 
That makes him the best fallback in 
the world. He is a challenging 
player, versatile, arrogant, pacy. 
with a basketball player’s handling 
abilities. He also has that rare 
Instinct for try-scoring. Opponents 
have not yet exploited his left- 
footed kicking or his head-on tack- 
ling. On this tour his confidence has 
developed so much that it is diffi- 
cult to see anyone taking his place. 

In the northern hemisphere, the 
modern fullback dates from 1967. 
That was the year when the Austra- 
lian dispensation law was accepted 
by everyone. That law stopped play- 
ers from kicking directly into touch 
from outside their own 22-metre 
line. Fullbacks had to kick less and 


run more. In the intervening years 
the northern hemisphere has pro- 
duced only a handful of players who 
have mastered all aspetfs of mod- 
em play in the position. 

In 1967, the Australian side of 
Ken Catch pole with Phil Hawthorne 
at halfback and the big burly, run- 
ning fullback, Jim Lenehan, beat 
England conclusively at Twicken- 
ham by 23-11. Lenehan was the first 
modem lull-back 1 had seen play. 
Four years earlier, my father bad 
come home from work to tell me 
that the 1963 AU Blacks would be 
tr ainin g at the Honorary Artillery 
Company's ground a stone's throw 
or two from Liverpool Street sta- 
tion. He suggested I “went ill from 
school" (I was 13 at the time) and 
travel up with him. 

II I had known the word “awe* 
some” then, that is how I would 
have described the day to my peers 
In the under-14 rugby team at West- 
cliff High SchooL I watched Don 
Clarke. I watched him kick goal 
after goal from absolutely every 
position on the park. He appeared 
to do it with any and every size of 
football - most caked in mud. He 
was totally unfazed. 

Clarke was the last of the dino- 
saur fullbacks. He was there purely 
for his ability to kick goals and 
make last-ditch tackles. His style of 
kicking was of the old school. He 
would place the ball upright and 
kick it just below the half-way mark 


of the seam. His run-up was barely 
five paces. 

Many will feel that JPR Williams, 
the Welsh fullback, was his equal in 
the modem game. He was thought 
to be one of the great running full- 
backs. JPR was sensational at col- 
lecting kicks and running them 
back at the opposition (although his 
tprkmg out of hand was lamenta- 
ble). The trouble was that he found 
running into the line to make the 
extra man, to release the mercurial 
Gerald Davies or the quick-silver JJ 
Williams, sometimes difficult to 
fathom. 

JPR was not alone. Many players 
who enjoyed some fame at fullback 
- Dusty Hare, Hugo MacNeill. Paul 
Thorbum, Marcus Rose. Gwyn 
Evans and Peter Dods - never mas- 
tered this art. Three who did were 
Andy Irvine, Serge Blanco and 
someone you have probably not 
heard much about, Jimmy Water- 
man. of Oxford University and 
Bath. 

Irvine had everything: vision, 
pace, athleticism, nerve, majesty, 
grace and tremendous men ta l 
strength. He was the first of the 
complete fullbacks. His rival at 
international level was Serge 
Blanco. Blanco had electrifying 
speed when he burst on to the scene 
in 1962. He also possessed a Corin- 
thian attitude to the game which 
became slightly twisted as he grew 
older and contemplated giving up 


cigarettes or the game or both. His 
demeanour against the English at 
Twickenham was often suspect Yet 
he was brilliant The game misses 
him. 

1 played with or against most of 
these players. Waterman was the 
best at judging when to come into 
the line to make the extra man and 
the best at releasing the ball for the 
wing to gallop over for a try. In the 
west country he is an unsung hero. 
He proved that you do not need 
searing pace, you need timing. 

Of the current crop of British full- 
backs, three stand out: Mike Rayer. 
Anthony Clement and Paul Hull. 
Rayer has Waterman's tuning. 
Clement is a joy to watch, the com- 
plete player; the Welsh are blessed 
with such a choice. Paul Hull is the 
first modem fullback the England 
team has had. He has poise and 
skill. Last weekend, when he played 
for England against Romania, bis 
pace and line of attack were too 
much for the Underwood brothers; 
an indication that England must 
change their wing-threequarters if 
Hull is to blossom. 

But, the best modem fullback will 
not be in action today. Ho is playing 
at Eiland Road tomorrow afternoon 
for the Kangaroos against against 
the Great Britain rugby league 
team. He is Brett Mullins. Mullins 
has JPR's strength. Blanco’s vision, 
Irvine's flair and Joubert's skills. 
He is awesome. 


Kicking against the winds of time: Gavin Hastings wS tty to keep Scotland from (Meat against South Africa 


Golf 

The art of dealing yourself an ace 


A golfer in America scored 
his first hole in one last 
week at the age of 79. It all 
proved too much. He 
accepted the congratulations of his 
playing partners, drove off from the 
next tee, and then collapsed and 
died. This must sound a sad story to 
non-golfers but those readers who 
play the Royal and Ancient sport 
will sigh to themselves and say: 
“What a splendid way to go." 

A hole in one represents a 
momentous occasion in any golfer's 
life. It clearly signifies the comple- 
tion of a perfect shot in a sport 
where perfection is. to an over- 
whelming degree, unattainable. But 
here is the paradox; whereas in 
every other sport the more accom- 
plished a person is the closer to 
perfection they get, in golf it does 
not work that way. 

Harry Vardon, who won the Open 
Championship more times than 
anyone else, hit just a single hole- 


In-one: while recuperating in Nor- 
folk from a long illness. 

Fred Couples has built a reputa- 
tion for playing exciting golf and, 
when he is on form, no-one plays 
more aggressively or hits the ball 
closer to the hole. 

Couples achieved his first hole-in- 
one two weeks ago during the last 
round of the Lincoln Kapalua Inter- 
national in Hawaii. He went on to 
win the tournament by two strokes. 

This ace demonstrated the part 
that luck plays. A 30 mph wind was 
blowing across the course. Couples 
aimed for the left edge of the green 
and then watched the wind blow 
the ball back towards the hole. It 
pitched on the front of the green 


and rolled 20 yards before hitting 
the pin and falling below ground. 

"It was almost as shocking as 
watching George Foreman win the 
previous night," Couples said. 

That weekend Mancil Davis, the 
president of the National Hole-in- 
One Association, was preparing to 
set up shop at the European Golf 
Trade Exhibition in Bir mingham 
This 6ft 2in Texan has never had 
any trouble getting those “lil’ holes- 
in-one". He has had 50 in competi- 
tions alone, although, curiously, 
none since taking over as president 
of the association two years ago. 

Davis once caddied for Tom Weis- 
kopf and admits that is the closest 
he has ever got to top^Jass golf. 


“My regular shots aren’t great and 1 
can hardly manage a putt," he says 
cheerfully. 

Is U all luck? 

“If you're right then Tm an excep- 
tionally lucky guy. All that l can 
tell you is that as soon as I strike a 
ball I know whether it's going to be 
a hole in one. It's always been - 
that way since my first at the age of 
12. 1 call it an ability to run a movie 
in my mind. I have this Red Indian 
ancestry and I don't know whether 
there might be such a thing as 
kinetic power. 

“Scientists have studied me and 
sports psychologists have studied 
me. I've been wired up and I've 
been monitored and these guys 


have discovered that as Pm about to 
bit a hole-in-one, there is a distinc- 
tive change in my brain waves.” 

The Golfer’s Handbook is full of 
weird and wonderful stories about 
holes-in-one at odds that make win- 
ning this evening’s first UK 
National Lottery prize seem 

straightforward. 

After a lifetime of golf. Rev Har- 
old Snider scored his first hole-in- 
one at 75 on the eighth hole of the 
Ironwood course near Phoenix. He 
then scored his second at the 13th 
and his third at the 14th. 

Tom Doty, assistant professional 
at a course near Chicago, once 
played four boles in 10 under par, 
with two holes- In-one sandwiched 


neatly by an eagle and an albatross. 
The inappropriately-named John 
Putt of Frflfoid Heath had six holes- 


achieved the highly unusual feat of 
holing two consecutive shots with a 
mashie (a rough equivalent of a five 
iron), without putting it back into 
his bag. It happened at Letchworth, 
where he holed his approach to the 
long svrtfi; and tltpn his tee shot to 
die short seventh. 

Longhurst recalled: “Taking the 
same club for my second to the 
eighth 1 actually believed that I was 
more likely to hole out than not - 
such was the effect of the shock - 


while another part of . my mind was . 
saying: ‘Later on yon will be 
amazed -that you could have 
thought what yon are thinking 
now.’ Doing five holes in 3,.% 1, 4, 3, 
I was out in 30 and then became so 
iHgb.teiied that I took 39 to come 
home. This did not- stop me cele- 
brating in five different towns. • : , 
Ah yes, the celebrations. These 
normally take the form of buying a 


ered during the US Tour Champion- 
ship at the Olympic Club In San 
Frauds co last month. He holed to 
one at the eighth during the second 
round and bought drinks for every- 
one in the clubhouse. Back came 
the itemised bar tab for S1&413. It 
Included $3 worth of soft drinks. 

Clearly, the Olympic members 
were keen to observe the spelt of 
one of golfs great occasions. 

Derek Lawrenson 


In- one in 1970 and three more the 
following year. round in the bar, which can be 

The golf writer, Henry Longhurst, expensive, as Greg Norman discov- 



Enjoy a Bridge Weekend 
j\t Chewton Glen 

Friday 20 January to Sunday 22 January 1995 


The Financial Times invites its readers to spend 
an exclusive weekend at one of the country’s top 
spa hotels playing bridge in the company of our 
Bridge correspondent, EJP.C. Cotter. 

The Financial Times hosted a similar weekend 
two years ago in Switzerland at a hotel 
overlooking Lake Geneva, as illustrated in the 
picture above. It was a resounding success, 
hence a repeat of the weekend in a new location. 

Chewton Glen offers luxurious accommodation, 
superb cuisine, outstanding recreational 
facilities including a 9-hole par 3 golf course, all 
set in wonderful parkland. 

Bridge will be arranged each day by Clair 
Sexton and his wife Anne, who will also pair 
single readers and those with non-bridge playing 
partners as required. Pat Cotter will be on hand 
to help improve your game. The bridge will be 
of a “house-party” style with a mixture of rubber 
bridge in the evenings, and duplicate during the 
day. 

To receive further details, simply complete the 
coupon opposite. 


For a two night stay at Chewton Glen, the inclusive price, 
with full board and use of the Health Club and sports 
facilities, is just £300 per person. FT readers may tailor 
their arrangements as they wish, by, for example, arriving 
early (or late), or incorporating the bridge weekend into a 
longer stay at the special rates that we have negotiated*. 

Special Bridge Weekend includes: Two nights 
accommodation in a standard room**; full English breakfast; 
lunch and dinner from the Table d'hote menu with coffee; free 
use of indoor pool, gymnasium, spa pool, steam room, outdoor 
tennis court and par 3 9-hole golf course. 

*each additional night costs £137.50 per person For full board. 
** standard rooms can be up-graded for an additional cost per 
night - Suite £125; Croquet Lawn Room £75; Principal Room £40. 

The information you provide will be held by us and may be used by 
other select quality companies for mailing purposes. 

F“™— — ______ m ^ mmm 

I CHEWTON GLEN BRIDGE WEEKEND 

j To: Louise Gordon-FoxweLl, Financial Times, Southwark Bridge, 

I London SEI 9HL. Fax: 071-873 3072 

{ Please send me fartherdetoiis of the FT Invitation to * bridge 

I weekend at Chewton Glen. 

j TITLE-,., INITIAL SURNAME 

! ADDRESS 


i POST TOWN 

V 

j COUNTY 

! POSTCODE— 


Tennis 


The best 
bows out 


..TEL NO 


J ust how good was she? 
That is the question 
everyone has been asking 
me. You know who we are 
talking about; Martina 
Navratilova, the 38-year-old 
Czech-born American who 
retired from singles on Tues- 
day In New York after two 
decades of unprecedented suc- 
cess that earned her more than 
$20m in prize money. 

Let us get the numbers out 
of the way first Starting with 
a win in Orlando in 1974, she 
collected 167 tournament titles 
including 18 at the Grand 
Slams: two in France, three in 
Australia, four in America and 
a record nine at Wimbledon. 
Only Helen Wills Moody (19). 
the great American of the 
1930s, and Australia's Margaret 
Court (24) have won more but 
11 of Court’s wins were in Aus- 
tralia in an era when few play- 
ers travelled down under. Mar- 
tina won 55 Grand Slam titles 
in singles, doubles and mixed, 
just seven short of Court’s 62. 

What do the numbers tell us? 
First that Martina was not 
afraid to win, an affliction that 
assails more promising young 
players than you might imag- 
ine. When Martina first came 
to England in 1973, an athletic 
17-year-old, she was represent- 
ing Czechoslovakia in the BP 
Cup, an under-21 team event I 
organised for eight years dur- 
ing the winter. 

In the final the Czechs play- 
ed Britain, who had beaten 
them 2-1 In the round robin. In 
that tie Martina had lost to 
Glynis Coles. In the second 
rubber of the final Martina 
faced Veronica Burton, four 
years her senior. Burton led 7-6 
4-1 but Navratilova, attacking 
the base liner with a fearless 
disregard tor her accurate 
passing shots, won the next 
five games to win the second 
set and took the decider 64. 
Martina then had her revenge 
against Coles to clinch the tie. 

It was obvious that Martina 
loved competing. She had the 
natural serve-and- valley game 
so few women perfect. She was 
strong and fast Her forehand 
and serve, both beautifully 
timed, were her winning weap- 
ons but her backhand was vul- 
nerable. It was a sliced shot, 
rather like that of another 
Czech left-hander, Jaroslav 
Drohny. Unlike Drobny, Mar- 
tina added a topspin backhand 
to her repertoire with the help 
of Renee Richards who 


coached her from 1981 to 1983- 

Ever the perfectionist, Mar- 
tina realised that she needed 
expert help to eradicate weak 
nesses. One of those was a love 
of rich foods. On that first visit 
to Torquay, Dan Maskell and I 
drove the Czechs round to 
show them the sights. We 
thought they would like to 
visit Mike Sangster’s sports 
shop. All they wanted was to 
sample the local icecream. 

Junk food was a problem for 
Martina following her defec- 
tion to the US in 1975. During 
those first years in America 
Martina indulged herself. Free- 
dom went to her head . . . and 
to her waistline. She became 
engaged in a succession of les- 
bian relationships that did 
nothing to enhance her image. 

To improve her fitness she 
turned to Nancy Ueberman. a 
basketball star, who made Mar- 
tina aware of the sacrifices ath- 
letes must make. Martina was 
prepared to make them. She 
became one of the fittest, best 
trained athletes in the world. 

Her results proved it. For 
five years, between 1982 and 
1986, Martina ruled the game 
losing only 14 matches. The 
match I remember as the peak 
of her career was the final of 
the French Open in 1984. On 
slow European clay, the sur- 
face that least favoured her 
game, and against her old 
friend and rival Chris Evert 
she contrived a 63 61 win that 
wasspellblnding in its effi- 
ciency. 

Aided by a succession of 
coaches. Martina prolonged her 
career with typical tenacity. 
Hard as she tried, a 10th title 
at her beloved Wimbledon 
eluded her this year. As she 
left the court to a standing ova- 
tion she knew that her deci- 
sion to make this her last sea- 
son of singles had been right 

My lasting memory will be of 
that first Wimbledon win in 
1978 when Martina beat Evert 
7-5 in the final set Her parents, 
unable to get a visa, were 
watching on TV at a friend’s 
house near the German border. 
Martina was a lonely figure, 
still not sure of her place in 
the universe. The look of joy 
and relief on her face as she 
shook hands is etched on my 
mind. Martina knew at last 
that she was a true champion. 
Time to answer the question. 
How good was she? The best 

John Barrett 


INTERNATIONAL PROPERTY 


MONTE-CARLO 

PRIVATE VILLA 
DATING FROM 
1896 

On 3 levels. Seven main 
rooms, completely renovated, 
centrally air conditioned, multi 
satellite TV, about 300 SQ.M. 
Living space + balconies, 
roof terrace, garden (RL55) 

>\ AGED! 

7/9 Bd des Moulin MC 98000 Monaco 
Tel 33-92 165 9S9 Fh3J-93501 


AFRICAN WILDERNESS 
Elephants drinking from yoer swimming 
pool? lions eating on yoer lawn? Boy a 
stare of Ibis Private Reserve in Botswana, 
part of a 400,000 acre Conservancy. 
AccemWe & Piofcari onafl j ran Tor owners 
A guests. Price 165 000 Pounds Sterling. 

Contact Andr* Lombard 
Tel +27 1 1326 1010 ■ 

Fta +27 11787 0627 


DIANI BEACH, KENYA 
. We are looking for neighbours 
at Kenya’s most beautiful beach. 
Luxury freehold villas with 
pool and Sac-TV for sale! 
Contact: Kris Tel: (UK) 831 741 8210 
or 0385 223 993 Fta: 081 741 9252 
Bowgala Vfflas, Diani Beach, Kenya 
NO AGENTS PLEAS2 


942 J 


ONLY KEEN GARDENERS NEED APPLY 
EZE-SUR-MER s porSa ct ibw torraced ea- 
mnwy domtnaUng beach. Comprising 2 
togs «*as pool & tennis. EasJy convert*! 
to hotel & restaurant FFr 17 mHon lor 

urgart sata. ROQUEBRUNE ChamirtB old 

3 storey-house with verdant garden, S 
tnmgsiow, <— rtooMt g medeval vBage and 
Monaco. FFr 7 m«an. VAUAURIS Modwn 
Vfla h hah iday above Cannes. Views + 
room to Improve. FFr i.a minion 
AajRAGBICE Ousted Jft (339341 41 77 

Cox 8341 51 00 

GUERNSEY - SHELDS ft COUP ANY LTD 

4 SMh Eapanads. Si Pater Port One of Ota 
Wantfs largest Independent Estate Agents. 
Td: 0481 714445. Fax 0481 713811. 

2 APARTMENTS IN GREECE (ATHENS) 
134 sq. m. Petaponoee 50 sq. m. Please 
contact Christine Atkinson (Private) 
48 Grand Run, 1290 Coppat Switzerland 
Tot 41 22 776 8224 

PANAMA Mapiiflosnt WSPartrant Property. 
2100 acres of land + 125-Acre private 
Island Tax free, $3,800,000, owner 
Fax 331 3968 8187 

FRENCH PROPERTY NEWS Monthly 
rtd. new &rid propertec. legal cofcsm etc. 
As* ta your FREE copy now. Tat 081 947 
1834 

COSTA OQL SQL PROPERTIES MWbeta 
OfOcet. For Informedon & Price Its! ring 
081 803 3781 anyttne. Fax 3558 

INTERNATIONAL 

RENTALS 

AIDER WEV.C HANNEL ISLES Tax 

haven, chem*ig sunny oottege ta let Ltsig 

tawft F»Ay tantah, as auwrtOou. Stoops 4. 
lit ml oft. telephone. Nr shops, library. 
Church. SmaH pretty garden. Terms by 
negotiation. T* ooze 425777. 


AZIR INTERNATIONAL 


CANNES 

ICAUTOKME. Deluxe z 

2 hah, 2 tah*. Pod. 1 


I GOLF. 



FRANCE: LOIRE VALLEY 

New Chononcen Blegaat uxj Impeccable 
tVlh century estate iZSh), with » lanyard 
(Ita 4SOm2 living area m main fan | iff. 7 
bedims, 4 bathrooms. Many oatbmldlnga, 
onuknft bo™*. RomanOc and baaaifidty 
landscaped park with pond. Large outside 
tcroce whh tmflvts ipa. WincTBaldsg txiQty. 
For ask by owner: FF4£nrio. 

Tel/Fax (+33) 1 45 St 97 38. 


TURKS CAICOS ISLANDS 


Bni ta Territory just over ao boor Inn Miaou. 
USS official currency, no cxdutge ccwnrfa, 
oo iorose or capital unu. Contte Gardens 
Iwmeriies from USJItyDO. 

Sedoded (oesdoo to or neat beach. House 
pt»» wtni phasing approval. For then and 
«ber bland properties comet 
CorausPboisrtks Ltd 
FMB 17. Oraod Ttok. Turin A Cxfcts Umb 
TO: 809 946 Ml I F*c 8Q99+6MIZ 


CAP MARTIN NEAR MONTE CARL 
Por sale: 8tpert> 2 ta 6 room apattatentB 
ww development sea views, terrace 
roof gardens, pools. Prices siesht 
SPA the beat RMera horn 

Tel: 071-483 0906 F»c 071-4830438 
INI NATIONAL PROPERTY TRtSUNi 
r*®. 4 magasna. Fteque 
toe 0483 455254 Fbx 0483 454888 




WMBftV. 


LONDON PROPERTY 


PROPERTIES IN KENSINGTON & CHEl.SE; 

ROLAND WAY, SW7 S425JOO 


TOUT, J DC 

ganJen. LEASEHOLD 


A rare opportunity ta purchase 3 bed mews house in mh™, , . . . 
ami possible garage. FREEHOLD pfl™to road with lf2 tea 

071 244 9911 


ISLINGTON, N1 

Newly bail i houses for sale >d secure 
prl vatu courtyard Mews jusi ixr 
Thornhill Square and do« lobe. 2 beds, 
bathroom cn suite, separate shower room, 
Reception, kitchen, gaideu. OSP 
PRICE.- £139 J50 

View Today 

Britton & Co 07t 722 1166 


GOLF 


COVENT GARDEN WC2 Mod Z bed. 2 ban 
M. Wt Bsryphona. EI85.000 BARNARD 
MARCUS 071 636 27W Fax 071 4382849 


WEST SUSSEX • Gatwlck 

PROFITABLE GOLF CLubJb 

“Wte. dubhouw and driving 
“lusted prom in excess of Q 
annum. Contact SAV1LL8 LSS 
“J ?" ** T * 071 489 8844 F; 

3773 

W °fiLO PROPERTY I 


^rftatwnaaonet qo,, ^ 

J*" Ctab Men*«mhfaaL Con 

Far 61 9321 6481. 





financial times 


weekend novemser i 9/november 20 1994 


WEEKEND FT XIU 


TRAVEL 


Conversations 

with a very 
Canadian dog 

Nicholas Woodsworth takes a philosophical canoe 
journey down the Gatineau river 


I t is autumn, perhaps the 
most beautiful time of 
year in Canada, and I am 

enioy the 
lovel> autumn weather 

3Ce j But my temporary 
giude and companion. Jenny 
vs determined to give me a cul- 
tural as well as scenic tour of 
the area. Once she gets an idea 
m her head she does tend to 
rattle on. 

“The Canadian character" 
she is saying, “has over the 
years become a sort of jokey 
cliche even among Canadians 
themselves." I sit back, as 
much as one can sit back in a 
canoe, and wait for the rest. 
On the foibles of human char- 
acter Jenny is outspoken. 

“Our souls are preoccupied 
with an endless search for 
something called ‘the Canadian 
identity 1 . Domestically, we tie 
ourselves into knots with polit- 
ical quibbling of the most lit- 
eral sort; never mind if some- 
thing is going to work or not - 
*is it constitutional?' we want 
to know. And when we want to 
make our mark globally, we 
join some hopeless, doomed 
UN humanitarian effort. We 
are well-intentioned and civic- 
minded. We are pleasant and 
wholesome. We are dulL Do we 
make the most of this country? 
No, we do not” 

Now, 1 cannot be sure that 
Jenny is really saying these 
things, because Jenny is a dog. 
A golden retriever, to be pre- 
cise. However intelligent and 
communicative retrievers are, 
no one could be blamed for 
having doubts about a dog's 
ability to pass judgment on 
national developments. 
Besides, Jenny is 12 years old 
and,! fear, getting a bit beyond 

it - shp has ar thritis in her 

legs, for which she takes an 
aspirin every, day. Goodness 


knows how sound her ideas 
might be. 

But try it yourself, and you 
will see. Sit alone with a dog in 
a canoe on a river in the Cana- 
dian wilderness for a few days, 
surrounded only by sighing 
boughs and whispering bull- 
rushes. After a while you can- 
not be sure what you are really 
hearing and what you are 
merely imagining. 

However fanciful Jenny's 
notions of Canada may be, she 
is certainly more aware of 
what is going on here than l 

Canadians are 
going at each 
other more 
blindly than 
any dogs 
and cats 

Although I am nominally 
Canadian, I have been away so 
many years I have almost for- 
gotten what this vast northern 
country is all about Now, on a 
short visit back to my parent's 
home on the Gatineau River, I 
am trying to pick up the 
traces. 

Jenny, on the other hand, 
knows the country well - she 
spends her summers cavorting 
about the water phasing liurta 
and playing dangerous games 
with porcupines, her winters 
lolloping down snowy trails on 
the river's frozen surface. 

So every morning now I walk 
down to the woodshed where 
Jenny sits watching my father 
stack cords of birch and maple 
for the coming winter, and I 
borrow her. She may be old, 
but those cocked ears, that eye- 
brow semaphore, that twitch- 


Paris match, 
Breton-style 


strikes me as odd that a 
ride should take a pair of 
iissora and cut up her 
ress at her wedding 
ion. Could it be that this 
e essential difference 
m a French and a British 

ig? 

there are other dlstinc- 

0 be considered. I was at 
arriage of a young Pari- 
ouple in Trfigrom, a vil- 
in Brittany’s Cfltes 
tor. Formality was 
ed. They were married 
farmer, the groom dou- 
ip as a car park atten- 
there were no boring 
ies and no wedding cake, 
marlage" Is a non-secu- 
air across France, signed 
ql pd in 10 minu tes at fbe 
hall. In Trfcgrom, the 
is a former so it was his 
rubber- stamp this occa- 

Trfegrom’s chunky grey 
15th' century church did 

1 role to play - if only to 
e a flue photo opportu- 
>r camera-laden guests. 

bride, a literature stu- 
t the Sorbonne, her styl- 
hite halter-neck bodice 
juncy. full-length layered 
still intact, wandered 
the aisle unannounced 
her husband, an engi- 
finished a cigarette out- 

before the blessing the 
signalled to those with 
as to step up to the altar 
t they might get a better 
I looked round the 
r the lOOstrong congre- 
i wore mostly casual 
Some wore colorful 
but there were few hats 
o tails. _ , 

Sreton pipe band, raffed 
<ns of Flouaret - a trio of 
jy pensioners from a 
sr town with ruddy, smxi- 
ces - led the procession 

the church playing- 
next time I saw the 
t he was standing m a 
eId.Wehadbeeopartrf 
voy of cars which had 
d its way fcroj^ ^7 

ry lanes to the reception. 

jping with French tradi- 
ve tooted our horns at 
• - that moved; an 
tractor, nonchalant 
hyperactive sheep 


ly- 


the 


Meanwhile, an apparently 
unperturbed chef was sitting in 
a pit roasting a pig on a spit 
We were in a romantic valley 
at a large converted 15th cen- 
tury mill house, owned by the 
bridegroom's family. The river 
Ldguer flows through forest 
turning a huge, wooden water 
wheel 

Another English guest asked 
me; "Do you think this is going 
to be like one of those French 
films where you find clandes- 
tine couples in every comer?” 

I could find do evidence of 
free love but plenty of free 
champagne. Enough to occupy 
200 guests for two hours. But 
something was definitely going 
on hi the mushroom house. A 
psychedelic orgy? No, it was 
the venue for a sumptuous 
five-course feast 
This vast construction had 
been converted in to an ornate 
dining hall with a dance floor 
and bar at one end. Even the 
concrete floor was decorated - 
hand-painted by the bride- 
groom's youngest sister. 

T he happy couple sat 
with Mends - elder 
fondly members were 
relegated to other 
tables. We ate ham, chicken 
p&td, salad with prawns, rice 
and salmon, the roasted pork, 
camembert and cftivre, choco- 
late g&teaux and redcurrant 
and blackcurrant mousse. It 
was drunk with copious quan- 
tities of Muscadet and Chateau 
Larcharas. 

Whenever anyone felt like it, 
they lumped to their feet and 
burst into song. Most were 
rowdy, old school numbers I 
could not translate. 

After the bridegroom had 
performed a tangled ceremony 
with several guests which 
involved drinking numerous 
glasses of red wine then wiping 
his mouth on their sleeves, the 
bride stood up and declared: 
“Le marie estproprel" This is a 
soul-cleahsing exercise and not 
just an excuse to get inebri- 
ated. The bride turned to me 
adding: Tl boit comma an 
trou!" (he drinks like a 
hole). 

I will not forget the scene at 
5am- The bride was dancing 
freely in her adulterated wed- 
ding dress, cat to above the 
knee. A duster of Inebriated 
men were bobbing around with 
the remains of her skirt draped 
over their heads. 

Chris Bales 


Ing and investigative nose 
reveal Jenny as an acute and 
experienced observer of the 
local scene. What source, 
human or animal, could better 
inform my slow-drifting, pad- 
dle-dripping musing* on what 
it is to be Canadian? 

**! doubt the Parti Quebecois 
could win an independence ref- 
erendum next year”, Jenny 
opines during a quiet moment 
as we sit immobile in the reeds 
one afternoon, watching drag- 
onflies make aircraft-carrier 
landings on a floating log. “But 
frankly”, she adds darkly, “I 
am afraid there are other ways 
of forcing the issue " 

Where does an outdoor dog 
like Jenny, at home in the 
great wilderness spaces, get 
hold of her ideas, you might be 
asking. The extraordinary 
thing about the Gatineau 
River, wild and unspoiled as it 
is. is that it sits just 15 minutes 
drive from Ottawa - capital of 
the country and nerve-centre 
of its national debat e* ami gos- 
sip. 

J enny does not even have to 
wander from the Gatineau hills 
down to the House of Com- 
mons cafeteria to pick up the 
most recent gossip on the 
greatest Canadian debate of all 
- the long-running and now 
fast-growing argument over 
French Canada’s pl pty in the 
nation. Nor is speculation 
about Quebec’s secession from 
ranaiia - a move promised by 
the province’s party in power, 
the Parti Quebecois - for from 
her inq uiring ear. 

For the Gatineau, itself just 
inside the Quebec provincial 
border, is the preferred home 
of senior Ottawa civil servants, 
government speech writers, 
party spin-doctors, parliamen- 
tary journalists and electronic 
media types. Each evening 



The Gatineau riven a wfldemese retreat for Ottawa's poWdans and cM t 


they retreat from the dty to 
well-appointed cottages, cabins 
and country homes scattered 
in the woods along the river 
hanks, not Car from the hur- 
ly-burly but for enough that 
racoons still make a mess of 
the garbage. 

All Jenny has to do is wan- 
der about on a Saturday morn- 
ing back-door-begging from 
deputy ministers 1 wives. Along 
with the tit-bits she receives - 
she likes a nice piece of bacon 
- she is also likely to pick up 
some juicy political fot to chew 
on. 

Jenny, though, has funda- 
mentally different views from 
most of Canada’s politicians. 
“What a pathetic lot they are”, 
she whines as one day we pad- 
dle off the broad Gatineau and 
up Blackburn’s Creek. It is a 
sinuous, swampy, forest-lined 
waterway, home to beavers, ' 
loons, muskrats and other 

flanndian thrngg , and just thft 


sort of place Jenny loves. 

“Take a look around!” die 
launches in. “Here we are, a 
G-7 nation, one of the most 
industrialised and prosperous 
countries in the world, and 
we’re still fortunate enough to 
have all this. Name me one 
country in the world where 
unspoiled nature sits on the 
capital city’s doorstep?” Jenny 
is beginning to get over-ex- 
cited, althougi the sight of a 
flock of merganser ducks feed- 
ing not far away may have 
something to do with it 

“Can fiaTiadian politicians 
possibly have their eyes open?” 
Her big pi nk tongue lolls with 
agitation. “Do they travel? Do 
they read? Do they ever switch 
over from “Hockey Night in 
Canada" to the CBC news? Do 
they have any idea of how dif- 
ficult, dirty, strife-tom, pover- 
ty-ridden. over-crowded, under- 
privileged, race-divided, envi- 
ronmentally-ravaged and gen- 


erally miserable life can be 
elsewhere on tiw» planet? 

Jenny pants, out erf breath. “I 
doubt it” ^te pauses to lean 
over the gunnel and lap a hit of 
creek water, then starts in 
again. 

“If they did, they would be 
out here enjoying what Canada 
has to offer instead nf threaten. 
ing to tear the country apart 
Do you realise you could put 
France, the largest nation in 
western Europe, three times 
into the province of Quebec 
alone? Dogs and cats aside, 
there are just 2&n inhabitants 
in the second-largest country 
in the world! There is more 
clean water, more resources, 
more space than most people 
could imagine. Yet Canadians, 
french and En glish, are going 
at each other more b lindl y 
than any dogs »nd cat*. Behind 
flip mild-mannered hnag p are 
some very spoiled, selfish and 
stubborn people. If Panarifang 


aren’t careful, they are going 
to lose everything." 

Well, alter that tongue-lash- 
ing we both shut up for a while 
and simply drift down the 
river. We feel somewhat 
ashamed, she for her outburst, 
I for our national failings. 

Instead we gaze at the 
weathered, pinky pre-Cam- 
brian granite that fronts the 
water; at brilliant blue king- 
fishers dropping like stones 
after unsuspecting fish; at 
autumn trees along the banks, 
bursts of red, yellow, vermilion 
flump; at the V made by a bea- 
ver as it swims through quiet 

Water at MTinthpr V, hi gh in 

the sky, of geese heading 
south. And after a while, lulled 
and soothed by these things, 
we feel better. 

“You know", sighs Jenny, 
“the Group of Seven - the clos- 
est thing CpTwirin ever had to a 
post-impressionist painting 
school - believed a sense of 


MNdHfH 

national unity could be fos- 
tered by a sense of the land. So 
they pamtwf magnificent land- 
scapes of all the thing s we 
enjoy looking at Very rugged 
and wfld, very Canadian their 
tableaux were. 

“I know what you mean, 
Jenny”, 1 say, only half listen- 
ing. I am thinking about the 
sharp nip I can feel in the air, 
and imagining the fierce Cana- 
dian winter that is not for 
away now. 

"As far as I am concerned, it 
is the climate, not cultural dif- 
ferences, that is the country's 
biggest drawback. 

“She months of snow and six 
months of hard sledding", I 
tease Jenny as I turn the canoe 
around and begin the long pad- 
dle home. 

“There’s nothing to it", she 
growls, settling down for a 
snooze with her nose under her 
talL "Just wear a wa r m coat, 
like I do.” 


HOLIDAYS & TRAVEL 


SOUTH AFRICA 


FLIGHTS 


CARIBBEAN 


A Special Announcement 

The World’s most beautiful Train Journey 
10 days along the Garden Route from£I 195 



BrealhtaldngviBwsto- 
gelher with an agree- 
able dimale cnmbtnr 
to make this journey 
by rail along the spec- 
tacular Carden Route 
of South Afrra from 
the Cape to the 
Outeniqua Pass the 
most scenic railway 

journey in the workL t.Hir train e> The Union LimileJ. the 
express which carried passe ngers from Johannesburgluihe 
fj^occanlfnersat CufK-Tonn. Westoy three night* tnCapc 
Town folkwwU by a four-night journey along the Garden 
itouteihvoafwhicharespentiinlhL-trainhW>xtesler.Ash1nn. 
George. KaaimansliridCe.Oudtihi»m.TulhaghKlo.dftos 
and Paari before returning to Care Town fur the Le4 night. 
Many sectors are steam-hauled 
The train represents an era of South African railways ulu-n 
barn/rawJw»1hehaybJgrtaiMindandha^ofa»flW.fwn 
modified lu be more comfortable. Each carriage omies 
equipped with showrAwand each eurnportn n-nt has utoh- 
basinfacilitkrswxJsleepingbcrthsfoTfTucTTught Irax-l which 
turn into comfortable seals during the day. Original I tCWs 
lounge and restaurant cars are usmL 


Dep artu re 
Dates & Prices 

1995 pw person 
in a twin room 
Ft*:!0-Mar6.20 
April 3, 17’ 
AugZ&Scpt 1 ].25 
Oct 9.23 -Norfi.20 
Dec23^ 
Alldrrurturedalw£l 195.ftfl 
Supplements: Sing)c£l95. '-EasterOJ. -'Xmasflun 
Price indudes: nl urn llighl.v transfer; and transportation. 
1 1 light- in CapeTiAvn jHlrunlruvrl, full hoard Ihmughnil 
■Sot included. Irdv, I in- jraiwi-. m ersea, ifo rurturv tax. tip- 
ping All prices are subject to change. 

How (o Book 

F«rn.-scnulinns telephone U71 Our offices are 

jNiinpcnuwr the weekend for telephone reservations 
troitittiniUi5rni 

VQV AGES jULES VEPNE 

riavel Piomoiions Ud . J I Dorset Square, 
toiidon f JW I cOo 


f | /requent /lyer 

"■V T t * V t L-/C LUI 

•MMM IBM#* NMKMHUB- 



w nmi mm wie ru • nx in 4t* mm 

tirffWIWNTfMMBUMrinri'iani i 



UP TO 60 % M8COTHT 

SCHEDULED FLIGHTS 
WORLDWIDE 

WVRLD-LINK 


AIEA.ATOf,A tATAcmm* 
TEU 0715381173 


SAFARI 


SPECIAL 

IHTEREST 


SKIING 


Christmas in 

THAILAND 

V 

Enjoy Christmas 
In the sun. 

Holidays in 
ChaAm, Phuket, 
HuaHin , Pattaya 
orKoh Samui 

14 ntsfitm £559 

Dep 12 Dec - Ret 27 Dec 
For better death please 

See your bawl agent or 
CALL 081-748 5050 

HRVESorirD 

SSJflRVIS 


ioP 


i** 


*M e ° 


i0* 


* Best Snow Record 

* No Queues 

* Great for an Ages 

* Cheap Lift Passes 

* Great Skiing 

0533 395000 

Open 7 Days 3 ^ 


30 Dec 

9 Days For The Price 
at 7 - Half Board 


"FREE INSURANCE- 
on aotectad Dstas 



WEEKEND SKIING WITH EXPERTS 

More choice for pleasure or business. 

Fly any day for any number of days. 

White Roc Ski 071 792 1188 



Tim Best Travel 

INDIVIDUAL ITINEKAiUES TO 
Botswana, Kenya, Namibia, 
South Africa. Tanzania. Zambia 
and Zimbabwe. 

TVadkionai (cued and lodge safaris 
on foot or by vehicle, rating, 
canoeing, golf m the san, the wine 
route, relaxing at the coas f. 

6ft OUBroapitm Road, SW73LQ ITS 
TeL- 071 591 0900 4S 

Fax: OH 591 0301 laws. 


14 nights to relax on die island's lovely beaches 

The Swaoee Hold: Delightful medium class 52-room hotel 2 
miles from Bentota Village. Swimming pool, bar, restaurant, 
pool bar, sun terrace. Gardens leading down to the beach. 
Rooms are simply furnished with ceiling fan, shower and 
terrace. Air conditioned rooms: £5 per person per night extra. 

ALL INCLUSIVE: Breakfast, hmch, dinner and snacks. 
Local drinks: (cocktails, spirits, beer and soft drinks). House 
wine with meals. Tennis, w inds u r fin g. 

Departures; Price: Single Supp: 

5 Dec £698 NIL 

12,26 Dec £898 £140 

2,16 Jan, 6,20 Feb.13 Mar *95 £849 £140 

3,10 Apr £735 NIL 

The price indndcs; Return flights from Gatwick. Transfers. 14 ots 
accorn AD Inclusive arrangements as described. Prices per person 
sharing twin room. Not mrin d e d : UK Con departure tax (£10 will 
be added to your invoke) . Sri Lanka departure tax. 

■k 3 Night Toon GoJornbo/Kandy/Ntiwara Efiya from £35 extra *■ 

To book, telephone: (open daily incSu/Sun) 

» 0306 744300 

The Travel CoUecbon, 

Decode* Honse, 

DoririagTsurrey RH5 4AZ. 

Fax: 0306 740328 



I r.i\< I 
I nlUvtiusi 


ATOL I32ABTA3S758 


YACHTING 



Asia, 

Africa, 

Sooth & 

Central America 


Hips of 3 to weeks 

85 Cnp Qttsn, Mmtan 
Swart* PM »A 



P P ’ L ’ E ’ B ' Y 


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 6AS • England 
Tel: 44 (0) 590 682625 Fax: 44 (0) 590 683518 


ZIMBABWE 

TANZANIA. BOTSWANA 
ZAMBIA & NAMIBIA 

TAILORMADE SAFARIS 


Luxurious remote lodges. 
Walking, canoeing, riding and 
vehicle safaris witn the vary best 
guides. Superb wildWe. 
Adventure w>tn comtort 
Call us to create your ideal safan. 
Phone John Burdett on 
I) 2B979 


EXCLUSIVE ra 


Hamilton House. 

66 Palmerston Rd 
tormampton. NN1 5EX. 




CONCORDE to BARBADOS 

LUXURY HOLIDAYS AVAILABLE 
DECEMBER '94 TO APRIL '95 

7 NIGHTS FROM £1975 TO £4965 


A»TA 
W7» 14 
AXOL 


0244 

329671 


24 JNTicholas Street. Chester CHI 2ER. 


FIJI 


ADVENTURE 

SAILING 

CHAYBLVTH b off to Mato watt Qm 

and join hkn. Cal 0579 348387. 


GERMANY 


QEHKAHY P*Hy low CBtt U^ts. "tot 071 
83 B 4444 . WsaWceass ASIA 9068 S, ATOL 
2377 IAEA RtfPnWtCvlh 


Turtle Island 

AW 14 couplet mBbtnoermebSOOaor 
fMh m tl fj i m mlaifi t tiilirmri boaicrmfllll 

I IjwMcttwSwanrflBttfcjSaBafeiiriAaS I 

IM ah drlxhandoeindkt mrtudr /im IktM tig. 




firtnaaTaataacr wdSmalxjbra 
mtmtnUcSBf 

Crf tot Soak Mle/AaanhaptrtE 
Travel Portfolio 
acuii|wto«toia atoto ii»iii 
Td: 01284 762255 

Bswasaam 


■wattag ' 







AS 


TROPICAL 

ISLANDS 

FRENCH CARIBBEAN 

CM Hnwn. «w l 
■mwwkw Si Bn. 

MOAN OCEAN 
Huts 


« MKllMiinM uaitf 
AawMMtwfnsfeKi 
nun 


vnHuuunrm, 
n*Mwaaift | 

0242580187! 


vFB 

HOLIDAYS 








XIV WEEKEND FT 



FINANCIAL TIMES WEEKEND NOVEMBER 


BOOKS 


From the dross of 




■J -T 


jingoism to the 


end of innocence 


Why does the 'Great War" haunt us still? Is it, perversely, a form 
of envy for those who played that deadly game? asks Nigel Spivey 


T he survivors are a tiny 
and a quickly dwindling 
hand: even those who lied 
about their age will now 
be tilting a century. Their 
experiences were terrible, but the 
years have not failed to trump one 
horror with others. No popular day 
of remembrance is demanded for 
Hiroshima, nor even for the Holo- 
caust. And although the church ser- 
vices and poppy campaigns extend 
their appeals on the basis of the uni- 
versal soldier, yet there is no doubt 
where the focus of our pieties is 
trained: upon that war which we 
stubbornly designate as "the Great". 

Today marks the 89th anniversary 
of the end of the Battle of the 
Somme, the bloodiest battle in world 
history, with more than a million 
casualties and. In the wake of the 
annual rituals of Armistice obser- 
vance, many - among the young, at 
least - mi gh t ask themselves: why 
does this "Great War" haunt us still? 

A new book and a new museum 
supply the answer. Geoff Dyer's The 
Missing of the Somme is a curious 
book. It wants partly to be an 
extended scholarly essay on the pro- 
cess of remembrance, partly a rather 
rollicking account of a Joint lads* 
outing to the Flanders battlefield 
sites, and partly a critique of Great 
War literature (including modern 
successes such as Sebastian Faulks’ 
Birdsong). The author is not famous 
for his patriotic zeal. In fact, he 
begins with an exercise in debunk- 
ing - pointing out how /Scott’s fatal 
expedition to the South Pole in 
1910-12 was the project of an incom- 
petent and irresponsible amateur, 
and how the British are so ridicu- 
lously clever at celebrating their mil- 
itary disasters (e.g. the Charge of the 
Light Brigade). Elsewhere, he is cen- 
sorious about the nationalistic senti- 
ments recorded by other visitors to 
the Flanders cemeteries, and like 
most modem young men his appe- 
tite for militarism is weak. 

His own connection with the war 
is perhaps average: a grandfather, 
drafted from farm labour in the 
shires to tend horses behind the 
lines - but thankfully, no need to 
join the hunt for names on a head- 
stone. The text is illustrated by some 
not very distinguished monotone 
shots of memorials in both France 
and at home. On the face of it. 
Dyer's little book does not look a 
promising work of enli ghtenments 
And yet The Missing of the Somme 
is a genuinely important means of 
unders tanding our own relationship 
with the Great War. What Dyer has 
done is articulate some very peculiar 
sentiments. Why should those so dis- 
tant from that war feel so touched 
and absorbed by its topography, 
images and literature? Can it possi- 
bly - and perversely - be some sort 
of envy? 

Undoubtedly there was a little 


patch of Europe which became a 
muddied microcosm, and those 
within its limits felt a world apart 
on either side, feeling hardly any 
hatred towards each other, and 
reserving for themselves the special 
bonds of «lang , satire »"d pure solic- 
itude. It seems retrospectively that it 
was a mysticism of suffering that 
happened here, and an emotional 
commonwealth from which one can 
still feel slightly excluded. 

So gazing over a cemetery such as 
Railway Hollow, "the Accrington 
Pals' V alhalla * in the Somme, one 
stops short of describing this as 
futility. And so even beneath the 
crazy six-figure statistics of daily 
rasnaiHaa at the Somme, one's atten- 
tion is arrested by anecdotes: of Cap- 
tain Nevill, who led his platoon over 
the top by booting a football into No 
Man's T-and and challeng in g his men 
to be first to dribble it into a Ger- 
man trench. The ball came back, but 
not Captain NevflL 

Whilst no one would ever want to 
actually join that deadly game, one 
can nevertheless harbour something 
akin to admiration for those old 
blood-brotherhoods - and under- 
stand why, when they had the 
opportunity to sit out the war in 
convalescence, some soldiers (like 
Wilfred Owen) actually chose to 


children greatly". Sir Henry New- 
bolt, writing in 1924. got it badly 
wrong. Wilfred Owen, Isaac Rosen- 
berg and other Great War poets are 
now part of the school curriculum, 
and fixed in the repertoire of English 
classics. That their work created a 
poetics of scepticism about poetry's 
traditional beauty has had an incal- 
culable effect not only on modem 
literary consciousness, but also upon 
the patriotic postures of us all "The 
old lie" that it Is noble to die for 
one’s queen and country may still 
circulate in one or two high (or low) 
places; but we know tbat it is the 
sort of nationalism which, if 
indulged, would lead to the Balkan!- 
sation of all Europe. History is no 
longer on its side. 


THE MISSING OF THE 
SOMME 
by Geoff Dyer 

Hamish Hamilton £15.99, 

157 pages 


return. Dyer understands all this, 
and is accordingly more cheered by 
the cemeteries than dismayed: for in 
the phrase of Camus, feelingly 
quoted by Dyer at Beaumont-Hamel, 
"there are more thing s to admire in 
men than to despise”. 

Edmun d Blunden, marching down 
to the Somme in August 1916, recal- 
led halcyon days, passing “through 
wooded uplands, under arcades of 
elms, past midstreams and red and 
white farms . . . billets in clay-walled 
bams, and ‘Cafe, monsieur’ at any 
moment''. To meet up with shattered 
battalions in a treeless mire of rain 
and rotting corpses was like the end 
of an age of innocence, the fading of 
the pastoral mode; and Geoff Dyer’s 
meditations include, necessarily, the 
register (felt by many) that the 
191448, in a century of change, 
marked the greatest of changes. 

life, at least in Britain, forfeited 
certain provincial, rustic rhythms 
that were irretrievable; and from the 
war seeped an elegaic tincture which 
we would never lose. Both the dross 
of jingoism and the buttress of opti- 
mism vanished: and not even the 
Battle of Britain would restore the 
old imperial confidence. 

“I don’t think these shell-shocked 
war poems will move our grand- 


P roof of that, if it 
needed, comes from a : 
museum: the Historial de 
la Grande Guerre, estab- 
lished at Pennine, in the 
centre of the Somme region, by the 
local Conseil General. It is a much 
overdue enterprise: for although the 
cemeteries of Flanders are kept 
immaculately, almost unnervingiy 
pristine, museums in the area have 
tended to be shabby and ad-hoc: as 
Geoff Dyer says of one of them (Hill 
60, near Ypres), "it is as if Steptoe 
and Son have opened up their own 
branch of the Imperial War 
Museum". 

The Historial at Peronne, by con- 
trast, exudes professional touches at 
every point well-located (near the 
old chateau), landscaped and cus- 
tom-designed by Henri Ciriani, and 
impressively resourced, it describes 
itself as a “musee des mentalities”, 
offering "a historiography of h uman- 
ity at war”. That is. it maintains a 
r unning comparison between the 
front line and conditions at home; 
and not only is it studiously neutral 
in its trilingual presentation of this 
material, but the wider involvement 
of colonial forces is fully reflected 
(thus Canadians, Australians, New 
Zealanders, South Africans, Indians, 
Egyptians and Chinese). 

Though Peronne itself was under 
German occupation for most of the 
war, all around are the visitable bat- 
tlefields: Longue val, Martinpuich, 
Thiepval and others. They have 
become part of an itinerary, like 
vineyards of the Cote d’Or; except 
here graves supplant the well- tended 
vines, and ploughed-up shrapnel fills 
the farmers’ crates. 

In the museum itself, the feeling 
that trench warfare belongs to pre- 
history is heightened here by the 
fact that film footage is constantly 
whirring away, yet none of it is truly 
documentary. Film crews were ban- 
ned from the Front the films that 
survive are all staged actions. By 
contrast to the surreal coverage of 
the Gulf War, or the absurd virtual 
reality of the "invasion” of Haiti - 


There she goes ! Splex»ii>, old' 


Dogfight dodges an EngBsfi aoe downs Ms German adversary hi the searchlights of the night sky. Artists such as Howard Leigh 
attempted to convey the aesthetic grace of aerial combat during the later stages of the fast world war. Taken from Robert WoWs 
"A Passion for Wings: Aviation and the Western Im a g i nation 1906-1918" (Yale University Press), £25, 320 pages 


Marines landing before a barrage of 
lenses - this was, then, not only a 
Great War, but a Real War. And 
however much we might admit to 
heroising those who took part in it, 
the lesson of the Historial is not so 
much that "this must never happen 
again”, but simply: "this will never 


happen again”. As such, the Histo- 
rial securely distances its visitors 
from the war it preserves for them. 
It reinforces Francis Fukuyama’s 
hypothesis that history, understood 
as a chronicle of battles and national 
a ggran disement, no longer happens: 
and, less momentously, the Historial 


teaches Europe that the past disso- 
nance of sovereignty is a wound 
which should assist, not impede, a 
federal continent 
■ The Historial de la Grande 
Guerre is open throughout the year, 
at Place du Chateau, 80200 Perorate. 
TeL 22.83.14.18. 


O ne of Proust's char- 
acters reports that 
he was made to play 
in the Champs Ely- 
sees as a child, and bated it "If 
only I had first read about it in 
a book!” he in effect says, thus 
claiming that to know and 
appreciate Paris best, one has 
to approach it through litera- 
ture and bistory. For Paris is, 
more than any other city, a 
place of Imagination; it comes 
most vividly awake to those 
who know the stories told by 
almost every one of its stones. 

These two books tell such 
stories. They perform similar 
tasks on diffe rent epochs and 
aspects of Parisian history: 
Rupert Christiansen displays 
six tumultuous, crowded and 
disastrous years at the end of 
the Second Empire, 1869 to 
1875, while James Campbell 
portrays 14 recent years of 
expatriate literary life in Paris, 
1946 to I960. It is the same 
Paris in each case, serving not 
merely as a decorative back- 


Paris, the place of imagination 

Proust would have approved: A.C. Grayling describes a city alive with history and literature 


drop to the action, but as the 
theatre where the events 
described were alone made pos- 
sible. In each case the tight 
time-scale and richness of 
detail makes for utterly absorb- 
ing reading. 

Christiansen’s subject Is the 
catastrophic end of Napoleon 
IITs great imperial dream. 
There is something half-touch- 
ing about the liberal-minded 
but vacillating Emperor at last 
beginning to institute long- 
promised reforms, only to 
make the terrible mistake of 
going to war against Prussia 
and suffering swift defeat and 
therefore his throne. Prussia's 
army besieged Paris, forcing 
surrender; the Parisians’ suf- 
ferings helped demolish the 
last traces of civil order, result- 


TALES OF THE NEW 
BABYLON 

by Rupert Christiansen 

Sinciair-Ste reman £20. 416 pages 


PARIS INTERZONE 

by James Campbell 

Seeker and Warburg £20. 305 pages 


ing in the Commune of Paris 
and Us bloody suppression by 
the forces of France's newly- 
born Second Republic. 

Napoleon m’s Paris was a 
site of self-conscious Renais- 
sance. Baron Haossmann flat 
tened large tracts of the old 
city and constructed great bou- 
levards and sumptuous build- 
ings, resulting - depending 


upon your taste - In “mail-or- 
der grandeur" or a boldly 
handsome imperial capital. 
Napoleon m would have liked 
literature and the arts to be 
likewise monumental, but the 
sheer ebullience of Parisian 
Ufe. not to mention its grim- 
ness, would not oblige. This 
was the era of the Goncourt 
brothers, of Flaubert and Zola, 
of the can-can and syphilis. 
Mix in the explosions of war 
and revolution, and tbe 
account Christiansen bril- 
liantly gives Is of Paris as a 
tangle erf exposed nerves thrill- 
ing mercilessly in icy gales of 
change. 

Paris became fashionable as 
a resort for American writers 
as early as the Naughty 
Nineties, but their heyday was 


the 1920s, when Gertrude 
Stein, Ernest Hemingway and 
Henry Miller, among many 
others, lived there. Hemingway 
wrote most of The Sun Also 
Rises in a Montparnasse cafe 
and met F. Scott Fitzgerald for 
the first time in the Dingo bar 
around tbe comer. 

After 1945 aspiring writers 
from America and Britain 
made their way to Paris partly 
as an act of pilgrimage, but 
mainly in emulation of these 
resounding forebears. As 
Campbell shows, it was not 
always a case of lesser mortals 
aping the great; for some, like 
the black writers Richard 
Wright, James Baldwin and 
Chester Himes, it was a way of 
breaking free from racial intol- 
erance at home. For others. 


among them Vla dimir Nabo- 
kov with Lolita and William 
Burroughs with The Naked 
Lunch, it was the only place 
they could get published. And 
for them all, it was the only 
civilised city where their sexu- 
alities, of whatever persuasion, 
could be acknowledged. 

Campbell recounts their 
Paris years marvellously. In 
the aftermath of war they felt 
an urgent need to experiment 
Paris was alive with ideas and 
literature; Jean-Paul Sartre 
held court at the Cafe de Flore, 
and Jean Genet was about to 
explode on the world. Expatri- 
ate writers founded magazines, 
among them Merlin and the 
Paris Review. One of the chief 
triumphs of the former was its 
rescue of Samuel Beckett from 


obscurity; but its editors sur- 
vived chiefly by writing pseud- 
onymous pornography for the 
Olympia Press. 

Americans were not safe 
from McCarthyism even in 
Paris. They were visited by 
inquisitors testing for "loy- 
alty”. Some of those putatively 
writing novels in cafe comers 
were CIA agents; fingers are 
pointed that way concerning 
the mysterious death in i960 of 
Richard Wright, author of the 
controversial novel Native Son. 
He had once been a commu- 
nist, and was permitted to 
leave the US for Paris in 1948 
only through the combined 
efforts of Gertrude Stein and 
Sartre. After bis hasty crema- 
tion rumours flew, adding to 
the already foetid atmosphere 
of expatriate literary life in 
Paris. 

Both books are net contribu- 
tors to our understandin g and 
enjoyment of Paris. Proust’s 
character would hugely 
approve. 


c- '2 ' - 


r,^ . , 

- 



iiLt . 

*- }y, ■ 


.Ws*... — 

- 




Nick Cuirtis : C 
reviews a novelty ' 
han<ffio6kfori 
disaffected youth 


nee we had the- - 


- • • • ; - • 

• •• •• 

■■ 

&£>•••• 


Anarchist’s . , "... 
Handbook now tiffs 
Jokey apathisfs 7.J 
handbook sees the genre of - ! . 
novelty ptfofisbhig hit new . 

levels of dispoeabftity 'Sarah. . 
Dunn’s borik will be given as a 
Christmas present by ! 

^ i il ntflgl unif y m' W andR aitf 

confined to the downstairs . • ■ 
toflet before fctrfring up at the 
charity shop. 7 

Although more care and. 
intelligence has-been lavished 
on tiffs loafer’s guide than js* 1 - 
for & humorous book,tts 
subject matter ensures, a short s 
(bathroom) stoeffttfe. . ; ..- 

as a bandy term for a lifestyle . 
with no fife or style, icondfinfe 
the perennial traits of . : 
disaffected youth into a r 

i 9 90g p hsuranemm. 


THE OFFICIAL 
SLACKER HANDBOOK 
'■ by Sarah Drain ::r 

_.Abaau £6.99; 116 pages 


Intellectual pretension and 
terminal laziness; a belief in . 
conspiracy theories, -- 
unrealised artistie potential _ 
and in sponginff off parents; 
had clothes and bad haircuts. 

These predate idie temporary 
label of “slacking” -I 
remember them all • 
embarrassingly weft - and - * 
will outlive it. - 

Stacking is agfitdrin the .. . 
sociology of youth culture, and 
Dunn’s book slouches onto ft 
bandwagon that began with 

Richard film 

Slacker and is already 
grinding to a halt 
To correspond with its - ,s - 
subject matter, the Hahdboolr . 
(presumably- rendered 1 ■ ,J - cr 

“Official” by an-endorsemai£ 0! 
from Linklftteitis ' 
thematically and graphically 
all ova 1 the place, styled with 
a. deliberate ent-andrpaste ’ 
sloppiness. Dunn is at her best 
when studying tire supposed 
historical basis foe full-fledged 
slacking, co-opting Socrates, 

Hanffet, Buddha and Jesus as 
prototypes in the pantheon erf 
goofing off. 

Second best is slacker 
style, with its tips on 
attaining functionally 
insane hair ("submit to angry 
drunken girlfriends armed * ~ 
with prinking shears”) and 
the history of the goatee 
beard. 

Thereafter, Dunn’s 
occasional flashes of Incisive 
humour are swamped by too 
many multiple-choice quizzes 
and flow charts on slack sex 
and slacker jobs. The chapters 
on intellectual posturing are 
dull, although the conspiracy - ' 
theories are fun. The promised 
chapter an how to make 
haJlucmogenic drugs from 
household chemicals proves to 
be a fib, by the way. 

Dunn has a witty command': 
of contemporary phraseology, 
but her book is unworthy of S' 
it Like "Generation”, and ' r 
“The Blank Generation"^ S 

"Slacking” will soon be 
confined to the scrapheap of - .- 
labels pressed into service to . 
classify the seemingly ’ 

unclassiflable post-1980s, 
late-20s, dissolute youth '■ . 
culture. . 

The strain of The Official 
Slacker Handbook's false 

premise shows. Hie most 
delicious irony, of course, is- •- 
that no serious slacker 
wannabe would ever find the 
time to read it 


il* 





The Fin 
P 

Christmas 

wittunih^SieiidFr 

on SaterdaBMpeceisbe?; : ■- ,/ 4: 

• ■, . 1 

It will contain of dte ? 

best books of the|W%Hidmgfic!ibd; v '" '\p : 



For moit details (Mm^t 
hi thisfea^fe^l 

Robert Hunt MelameftljJeS 4 




0718734418 §§y. 
Vox: 


0718733349 *• 
30^4 . : ; j 


T he 59 bus route 
between Knights- 
b ridge and Hackney 
provides the locations 
for Frances Fyfleld’s latest, 
excellent outing for frazzled 
lawyer Helen West and her on- 
aud-off boyfriend, blasd detec- 
tive Geoffrey Bailey. Despite 
its summer setting, A Clear 
Conscience (Bantam £144®) is a 
murky tale, darkening from 
wife-beating to murder and 
incest 

Helen's shambolic flat is 
transformed by Cathy, an 
assiduous cleaning lady recom- 
mended by the wife erf a legal 
colleague. But Cathy is one of 
life's victims and it seems inev- 
itable that, like her brother, 
she will came to an untimely 
an d violent *nd. 

Told in an elliptical style, 
dipping in and out of the char- 
aider's minds, this bleak narra- 
tive is lightened by flashes of 
humour - in particular Helen's 
acidulous musings - together 
with superb characterisation 


Thrillers 

Wife-beaters and worse 


and pin-sharp detail. Its seedy 
terrain exudes a whiff of Gree* 
neland. Though far from being 
a conventional whodunit, few 
readers will foresee the double 
twist at the finale. 

A wife-beater also takes a 
central role in The Daughters 
of Cain (Macmillan £14£9), the 
latest Inspector Morse mystery 
from Cohn Dexter. This villain 
is a child-abuser and drug- 
dealer into the bargain but as 
far as the author is concerned 
his worst sin appears to be 
misiiKp of the English langua ge 
(“Where the *ell a’ you bin, 
woman?”). It hardly needs 
adding that be ends up being 
dredged from the Thames. 

Snobbish, sniffily didactic 
and pedantic, the Morse books 
are an accurate reflection of 


the more complacent aspects of 
the city where they are set Yet 
despite the Latin tags and 
ostentatious parading of erudi- 
tion, the probings of Morse and 
his long-suffering side-kick 
Lewis provide irresistible page- 
turning entertainment. The 
golden Oxonian backdrop is a 
major advantage, as is, of 
course, the ineradicable image 
of the TV version of the duo. 

Mellowing as retirement 
looms, Britain’s best-loved cop 
once again tackles gory doings 
in the groves of academe. 
There is the customary mild 
flirtation - this time an 
improbable liaison with a pros- 
titute. Dexter handles the ser- 
pentine plot with exemplary 
clarity until the final chapters, 
where he gets bogged down 


with some protracted and tenu- 
ous business concerning a 
knife stolen from the Pitt-Riv- 
ers Museum. 

In Political Death (Heine- 
mann £UL99), Antonia Fraser 
comes up with another souffle 
light serving of her svelte 
sleuth Jemima Shore. A batty 
grande dame entrusts her with 
a scandal-packed diary before 
apparently committing suicide. 
The subsequent investigation 
takes the glamorous gumshoe 
through the not-sojnean 
streets of Westminster and 
Kensington as she tangles with 
a couple of high-powered 
dynasties involved in theatre 
and politics. 

It Ls home turf for the 
author, but the huge cast is 
somewhat confusing: The yam 


hots up following the discovery 
of a second corpse and a literal 
skeleton in the cupboard. 
Though distracted by a spat of 
steamy sex, Jemima sorts 
things out with her customary 
stylish aplomb. 

Dixie City Jam (Orion £1539) 
by James Lee Burke is the sev- 
enth mystery featuring Dave 
Robicheaux, New Orleans 
police detective (not that he 
seems to spend much time at 
work). Goodness knows what 
happened in the previous six 
episodes because this 367-page 
tome contains enough ac tion 
usually of extreme violence 
for a whole library of thrillers* 

Central to this grisly epic are 
the efforts of a neo-Nazi psy. 
chopath to Find the where- 
abouts of a sunken German 


1 


submarine discovered by Robi- 
cheaux years ago. The author 
tops up the pot with hefty 
quantities of drug -dealing, 
police corruption and racial 
tension. Though the nar wLtiwft 
occasionally splutters, the 

Delta dialogue is piq uant as 
pepper sauce. 

Marele Day makes the most 
of a Chinatown location in The 
Case of the Chinese Boxes (Bodr 
der £16.99), a second adventure 
for Sydney-based Claudia Vat 
eutine. Latest in a wave of 
Feisty female ’tecs, she is called 
m by restaurant boss Victoria 
Lhen to recover an ornate 
golden key which will unlock 
an ancient box containing, a 
- a finger - erf the Bud- 
dha. Though the key is nothing 
more than a colourful McGuf- 
fin - it is never found and the 
box is never opened - the yam 
maintains a zippy pace against 
au exotic background erf Triad 

war and oriental mysteries.' ; 

Christopher Hirst 



t;.' ' 









ir-l 

;-T 

ii',f 


fH* ' 




iist'S 


nandbooL^ 
disaffected^ 




O 

... „ ; l . ? /'BhBsh to ^r 




Ss^-ns pB,a *sf 


SSKjsS? 

;. 1 -wJer'i, 

:w 4haa 

staff 1 * 
*=«**»[- 


“l 1 ** »niC2 

* — jSSfci 


'•• ? ' r * riA\Dj> 

*>• *arah Dm 


•"•-> prKfsia e 

— Itflirs. 
-vrc arcamju^ 

:.“ 

'■'•-•:=« adlHig- 
T:v-%- 

i 77 cc rrsMiszly *n! ■; 

7.»vt:3/ ssipnSta 
•-••::*.• c?y c f >5Uc=2 
.i-~. = CwCa» 1^C3Z 
v.r-Vijr-: shakes 
L’sliiSrVi 

rfrwjctdvsi: 
zj~r, e?3t 
■ jr^ ur^r!; reieri 

L..s&:jar I s 
as 

/•.••..fcinvssMnJiS 

w??r- F ^* D^ 32 - 
9 :s^i=s»sf 

*...>• bisai;:--* 

^ < 1 : 

>!V. "i iX-! 
r. 


* . 

r 





^ANdAL-nM^ 


WEEKEND NOVEMBER 19/NOVEMBER 20 1994 


WEEKEND FT XV 


BOOKS 


L Wts^&rz 

SJ25i5Ef phy called 

seeing to h^"*fo ° f whom he 
book can be » J 0 , many 11131 the 

name ^ iro Ppin?jl k M 5“***“ m 
oate that hedges n ^^ haps fortu ‘ 
Qthento h* IJf 5*. dnak alcohol; 

KlwS baVe *«««« A 

same m “>“* *■= 

-^fSS 5 

cSsaa 

^wever, that tife £ 3t«ll3?t 

SSurS PreSS i V * than the 

the evidence of them 
having been much edited 

a i™?? en I e . ld & Nicolson is not 
alone in this, but the firm was the 

gJOfMkMofeoSto 

nasmy written, too lone and 
Insufficiently checked. That led to 


turn to partial serialisation, which 
frequently gives a wholly mislead- 
ing impression of the book. The 
temptation to write them and pub- 
lish them has not diminished with 
time and Weidenfeld has himself 
succumbed. 

It should be an interesting story. 
Weidenfeld was a well-educated ref- 
ugee from Austria who made his 
way up in En gland first through the 
wartime service of the BBC. then 
through publishing. It was an impe- 
rial world he left behind, and at 
least an aristocratic world to which 
he looked forward. Weidenfeld 
writes that his family bad taught 
him that Vienna was the centre of 
the universe, so much so that 


A taste for the aristocracy 

Malcolm Rutherford on a publisher with a penchant for name-dropping 


nobody bothered to teach him 
English. 

In Britain ho saw his «h*jirmgp os 
being how tO turn hiS mndiHnn of 
being “with the English but not of 
the English into an advantage". The 
old background served him well. 
The chapter “English Life: the 
Learning Process'* is devoted almost 
entirely to a study of the English 
upper classes: aristocrats mingling 
with writers and the odd politician. 

In a later chapter, “Manhattan 
Mosaic", there is a similar approach 
to life In New York: so-and-so, the 
younger son of a publishing family 
“was adopted and rumoured to be 
the illegitimate child of a member 
of the British royal family." The 


REMEMBERING MY GOOD 
FRIENDS; AN 
AUTOBIOGRAPHY 
by George Weidenfeld 

HurperCoUfns £20, 483 pages 


taste for the well-born extends even 
to Israel where Weidenfeld dwells 
on the charms of the old Zionist 
aristocracy, fix London he delighted 
in being introduced to what he calls 
the “British haute Juiverie*. 

Israel forms the most serious 
parts of the book. Weidenfeld has 
no qualms (nor should he) about 
the support he has given the Zionist 
cause over the years. And yet there 


must be a question of balance, 
especially in a country that is nei- 
ther Jewish nor Arab and also a 
permanent member of the UN Secu- 
rity Council. Here Weidenfeld 
writes in slogans, dismissing the 
British Foreign Office - which he 
says that otherwise be admires and 
should be given more money for 
entertainment - as having sold out 
to the Arabs from the start, and 
accusing George Brown of becom- 
ing an “Arabist” after helping to 
push through UN Resolution 242 on 
the Middle East 

As even Weidenfeld admits, it was 
that Resolution which led to subse- 
quent dialogue. A little more humil- 
ity towards the Arabs and occa- 


sional criticism of Israeli intransi- 
gence might be in order. 

These matters are subjective, but 

some readers might find errors in 
taste. For example, the wife of an 
English Iff whom Weidenfeld 
hoped to marry, but who went off 
with somebody else, is described 
simply as “an anglicized blonde of 
Austrian-Jewish origin”. Readers 
might not take kindly either to 
sentences like “Shimi Lovat was 
known as the handsomest man in 
Britain”. They might have some 
sympathy with Evelyn Waugh, who 
though ^ tfwi Weidenfeld and his set 
were pretentious and pushy. 

There are also some errors of 
fact The aspiring French diplomat 


and future foreign minister who 
gave Weidenfeld helpful advice 
in Vienna was Jean Sauvagnargues, 
not a “Monsieur Savamargue” as 
Weidenfeld calls him. The name of 
the German central bank before the 
war was the Reichsbank, not the 
Reichbank. The first name of 
Chancellor Brandt was Willy, not 
Willi. 

Those may seem quibbles, though 
one would have thought that a sea- 
soned publisher would have had 
someone check the proofs. They are 
as nothing compared to the story erf 
Hugh Dalton and the economics 
writer, Nicholas Davenport. “Had 
Dalton been made chancellor of the 
exchequer, as he nearly was.” Wei- 
denfeld claims, “Nicholas might 
well have become governor of the 
Bank of England.” That seems 
unlikely, especially when one 
remembers that Dalton actually 
was chancellor of the exchequer 
from 1945-1947, the very years in 
question. 


Live and be 
damned 


A re you dreading the 
future? Do predictions 
of population explo- 
sion and environmen- 
tal apocalypse keep you up at 
night? Do you keep one eye on 
the ozone layer and the other 
on the number of preservatives 
in your dinner? Well, worry no 
more. P. J. O’Rourke is here to 
tell you that everything is 
going to be all right 
In. case you don't know, 
O'Rourke is a libertarian 
humorist who made a name for 
himself in the Rea- 
gan/Thatcher years as that 
most axytnoronic of creatures 
- a right wing party animal 
With books like Republican 
Party Reptile and Give War a 


ALL THE TROUBLE IN 
THE WORLD 
by PJL O’Rourke 

Picador £14.99. 344 pages 



Chance, he dared to suggest 
that conservatism can be fun. 
In All the Trouble in the World. 
he takes on the world's doom- 
mongers and worry-warts, 
maintaining that the dark 
clouds on our planet’s horizon 
are the product of their hot air 
rather than any real crisis. 

His premise is sixnple. “Life 
is sweet But you, could. spewla- 
long.thne reading, going to the 
movies, and watching TV and 
not hear this mentioned,, . we 
ahnnirf be enjoying ourselves, 
and wb are not” 

The reason for the psychic 
sourness is that we have let 
ourselves be conned by envi- 
ronmentalists, UN bureaucrats 
and concerned politicians into 
thinking that the world’s a 
mess, when in fact life Is better 
t han ever. 

To support this proposition, 
O'Rourke visits Bangladesh, 
Somalia, the Amazon, Haiti, 
the former Yugoslavia and 
Vietnam, finding that people 
everywhere are pretty much 
just folks and that, all in all. 
thing s are less horrible than 
they used to be. B anglade s h 
may be overcrowded, but it is 
no more densely populated 
th an yoor basic California sub- 
urb, while life expectancy, dis- 
ease control and the Infrastruc- 


ture are improving all the time 
(in Bangladesh, that is.) 

Similarly, Vie tnam , though 
still no minally Marxist, has 
largely thrown off the shackles 
of central planning to embrace 
a market economy that allows 
it both to grow and to forget 
the horrors of war. And as for 
the precious rainforest, well. 
have you ever had chlggers? 
The author gets them while on 
in Brazil, and. after weeks of 
unrelieved itching, finds the 
prospect of deforestation con- 
siderably less repugnant 

O'Rourke is at his best when 
simply hanging out with peo- 
ple, observing the way they 
live and soaking up the hospi- 
tality which seems to increase 
geometrically the. farther one 
strays from centres of wealth. 
He is particularly enamoured 
of the Haitians, who Invite him 
to witness a voodoo ceremony, 
and the Vietnamese, who pos- 
sess awe-inspiring industrions- 
ness and good cheer. He is also 
a gifted humorist with a deadly 
accurate eye, never sharper 
. than when he points out that 
“starving children are 
cute . . . Steven Spielberg's E.T. 
owes a lot to the Biafran-Bang- 
ladeshi-Ethiopian model of 
adorable suffering." . 

O’Rourke proves less con- 

v rnrip g yhaq fra puts nn his 

thinking cap.' When he rfatma 
the current mess in Yugoslavia 
is an example of “multicullur- 
alism in practice”, he gets it 
exactly wrong - Bosnia is what 
happens when multicultural 
tolerance is not being prac- 
ticed. And when the author 
points to the truly horrific pol- 
lution of Eastern Bloc coun- 
tries as something that Inevita- 
bly happens when, government 
manages the environment, he 
blatantly ignores the state-reg- 
ulated cleanliness of many 
Northern European nations. 
These lapses are a pity - they 
sound a bitter note in an other- 
wise engaging hook. Rhetoric 
is a poor substitute for belly 
laughs. More visits with, resil- 
ient people and less theorising 
about lousy government would 
have gone further to proving 
the author’s point 



A water-carrier by a decorative weH In the Carapo Santi Giovanni e Paolo, Venice, circa 1890. Water-carriers were rarely Venetians women, but came 
Stephen. Amidon I from the mahitand to service wealthy households. Taken from "Venice In OM Photographs, 1841-1920” by Dorothea Ritter, Lawence King, £24£&. 






l “T r m ,£iiS& 


— *r: 


vf- * • 

!V •W."' 

sad • 




r yjfi: 

VV> ■ 


Sisrrf 

“.-i & f;* 


A killer cleaning lady 
from Guatemala, an 
arsonist electrician, 
serial murder, an 
onanist in- a coffin, racism, 
teenage love, middle aged love, 
married lust disillusionment 
and mail-onler Satanism; all in 
the cycle of a Wimbledon year 
- if it is Nigel WflKains’s SWB. 

Scenes from a Prisoner’s Life, 
W illiams 's most recent fic- 
tional foray into this London 
suburb, is a sequence of 12 
tales, each offering a sting in 
the tafl. They provide an amus- 
ing way of getting to know the 
family Farr and its patriarch 
Henry, the fat middle-aged 
solicitor who tried to poison, 
his wife in Williams 8 The 
Wimbledon Poisoner. 

The underlying humour of is 
pointed up by the jokes. Uke 
champagne bubbles, the one- 
liners constantly force their 
way to tbs surfece. Parrs mar- 


Fiction 


Deadly stings in the tale 


riage is described as having 
survived “Uke Kurt Vonnegut 
in Dresden, by bizarre acci- 
dent". while later his wife, con- 
templating adultery, thinks of 
her husband as a man. who 
makes “Monsieur Bovary look 
like Paul Newman . . " Wil- 
liam’s Wimbledon is a unique, 
rich, multi-textured if an occa- 
sion somewhat bizarre society. 

Even peripheral characters 
are deftly painted in: there is 
EUa-I-was-at-RADA Makepiece, 
while another neighbour is 
characterised as “Is the Mitsu- 
bishi Scratched Yet?”. In a few 
words Williams can summon 
up the preoccupations and 
pathos of a life sentence in the 


SCENES FROM A 
POISONERS’S LIFE 
by Nigel Williams 

Faber A Faber £14.99, 217 pages 


SWEETS FROM 
STRANGERS 
by Simon Corrigan 

.Andre Deuisch £13.99, 180 pages 


suburbs. He is hilarious when 
parodying the “hey nonny no” 
pretensions of Doublet and 
Hose, the Wimbledon Early 
Music Group, and disturbing 
when tackling the racism of 
affluent Middle iftn gianH 


If at times things get a little 
uncomfortable, Williams does 
at least temper the grotesque 
with a tender appraisal of the 
misery of the human condition. 
For example, when Farr is 
faced with overwhelming pla- 
tonic love for a girl in the 
newsagent, “AH love did for 
him was to remind him of the 
poverty of his vocabulary." 
Home- as-cas tie feelings are poi- 
gnantly expressed when Farr 
and his daughter return to 
“the double fronted bouse 
where all their feelings and 
opinions could be comfortably 
hidden from the outside 
world." Farr asserts his exis- 
tence: “I'm just an average 


guy. with slightly lower-than- 
average feelings. But I am 
here. And I won’t go away." 

The appeal of uncomplicated 
domesticity is not lost on Dan- 
iel, Cambridge dropout and 
protagonist of Simon Cor- 
rigan’s Sweets firm Strangers. 
He Dees an unsavoury past in 
Paris to live quietly with his 
sister and her family in 
Oxfordshire, until his previous 
life catches up with him. It is 
perhaps unfair to compare two 
such different books, but while 
Scenes From a Poisoner’s Ufe 
seems confident and assured, 
Sweets From Strangers appears 
disjointed and hesitant. The 
latter offers some clever psy- 


chological insights, but it is 
difficult to get a real feeling for 
the characters and their world. 

The balming effect of Dan- 
iel's flight into the cosy banal- 
ity of Ms sister's household 
and a job washing op in a local 
hotel is neatly summed up "as 
akin to the grateful compliance 
of a rehabilitating addict, 
relieved to swap one depen- 
dence for another, even if that 
second consists of no more 
than the tending of the hospi- 
tal garden." 

Corrigan's writing, however, 
livens up when it comes to 
describing Luc, the decadent, 
charismatic homosexual who 
reappears in Daniel’s new life; 
and there is a sense of relief 
when the inevitable happens 
and Daniel returns to France 
and, by implication, a life of 
pampered depravity. 


Nicholas Foulkes 


.1. 

' ■ 

“ r .- ii> 


.V . - r " 

. .:'r - .• C"V 


• m - 

6 

r *" ’ * "{^ 

l4i*. '' 7 ~ ' \ 


* ****:;*.' 

i A 

m *:;• 

iv- 



tL ' 


» «f. r ‘ 

.r 

am - ,4 :. 






* **•-; ;; 

■ V-I “.’.dr, 

■ ■ ' 



***** ^ 


* 

dft * 




A country where the 
president’s children 
are routinely handed 
control of big bust' 
nesses sounds more 
failed African dictatorship 
than one of Asia's free market 
economic successes. , 

Such Is the paradox of Pr^ 
dent Suharto's 

authorities gre corrupt P«>“ 
•^nepotism and have sc^ 
for human 'Tights, yet 

dollars in d ^ 

investment and aid, and 


New order in the archipelago 


ucuf AUTHORS 

w 52uww»*°5* 

a J5!£6CTS CONSIDERED 






uni erva press l 

ISSiB wmrnu-SSZSt 


economy grows consistently at 
more than six per cent a year. 

Indonesia is one of Asia’s 
most important but least 
understood emerging econo- 
mies. With more than 180m 
inhabitants, it is :the fourth 
most populous country in the 
world, and home to more Mos- 
lems than any other nation. 
The archipelago stretching 
from Sumatra to Irian Jaya 
incl udes somewhere between 
13,000 and 17,000 islands; even 
the Indonesians are not sure. 

Schwarz, who reported on 
Indonesia lor the Far Eastern 
Economic Review for four 
years, explains many of the 
baffling complexities of Indone- 
sian politics and commerce 
with clarity, precision and 


same well-chosen examples of 
how nepotism and cronyism 
function in practice. 

Due credit is given to Suhar- 
to’s “New Order” government 
for restoring political stability 
after the overthrow ol Sukarno 
in 1966 and laying foundations 
for economic growth. But few 
businessmen in Jakarta would 
dispute Schwarz's conclusion 
on the economic influence of 
Indonesia’s first family: “In 
recent years." he writes, 
“hardly a single major infra- 
structure contract has been 
awarded without one Suharto 
relative or other having a piece 
of It . . the tendering process is 
just for appearances’ sate. The 
only suspense is over which 
crony will emerge victorious.’* 


A NATION IN WAITING: 
INDONESIA IN THE 
1990s 

by Adam Schwarz 

VCL Press £15.95. 370 pages 


Schwarz also explores the 
shifting balance of power 
between the armed forces and 
civilians in government, the 
role of Chinese businessmen, 
the differ ent strands of Islamic 
thought, and the conflict in the 
Indonesian-occupied territory 
of East Timor. 

He also analyses the rancor- 
ous dispute between the “tech- 
nologists" and the “techno- 
crats": the technologists, led 
by BJ. Habibie, the Research 


and Technology Minister and 
close friend of Suharto, favour 
the immediate establishment 
of high-technology industries; 
the technocrats dismiss this as 
costly and over-ambitious, and 
believe Indonesia should use 
its cheap labour to develop 
export industries step by step. 

Indonesians and foreigners 
agree, however, that the most 
important questions concern 
the succession to Suharto - the 
retired general is 73, has held 
power for 28 years and has no 
obvious successor - and the 
future evolution of the coun- 
try’s authoritarian political 
system. Will it be possible to 
arrange an orderly transfer of 
power to a new president? Has 
authoritarian rule, regarded as 


necessary by many Indones- 
ians following the massacres of 
the mid-1960s, outlived its use- 
fulness? 

Schwarz notes the increased 
militan cy of factory workers, 
the frustration of Indonesia’s 
sophisticated middle class with 
the sterility of intellectual and 
political debate, and the jock- 
eying for power among army 
officers and politicians, but he 
is prevented from predicting 
an outcome to the succession 
debate by the enigmatic Suhar- 
to's refusal to state his Inten- 
tions. 

Given that Suharto’s opin-. 
tens are crucial yet impenetra- 
ble, Schwarz has done an admi- 
rably thorough job of 
e xplaining the most significant 
political and economic dilem- 
mas confronting the Indone- 
sian elite. 


Victor Mallet 




Inside the 
Forbidden 
City’s walls 


Only now is the truth emerging 
about Mao, the Monkey King who 
sowed chaos, writes Derek Davies 


G rub Street hacks pry- 
ing into the affairs 
of the royal family 
pamted a pretty idyl- 
lic picture of their lives nntn 
recent years. That they got 
things so wrong within a 
democracy provides some indi- 
rect excuse for the China 
watchers who for so long failed 
to penetrate the labyrinthine 
secrets of China’s palace poli- 
tics. A foil portrait, warts and 
all, of China's Chairman Mao 
Zedong is only now emerging, 
almost two dppafl<»K after his 
d eath behind the hi gh walls of 
Peking’s Zhongnanhai com- 
pound in the Forbidden City. 

While he was alive, Mao's 
hagiographers dominated the 
field, partly because so many 
wanted him to succeed. Cyni- 
cal observers laboured away, 
piecing together clues to Mao's 
towering failures from nffiriai 
propaganda. Today’s China 
watchers have an easier time 
of it, as evidenced by China 
Wakes, the latest in a series of 
book-memoirs by American 
correspondents who have done 
a stint in Peking. But although 
energetic and questioning, this 
husband-and-wifa team are still 
foreign devil reporters peering 
through cracks in the wall, 
with the grace to admit that 
“China Watching is the only 
profession- that makes meteo- 
rology look accurate and pre- 
cise." 

But we need no longer rely 
on the China watchers. Zhisui 
Li, Mao’s personal physician 
for 22 years, takes us inside the 
walls of Zhongnanh ai and into 
the Chairman’s personal swim- 
ming pool pavilion. There he 
lies on his huge bed, sweating 
after ona of his innumerable 
sessions with a willing female 
attendant (preferably a peasant 
girl) and a run-down with hot 
towels (he refused to bathe - “I 
wash myself in the bodies erf 
my women,” he said), brushing 
aside traditional Chinega reme- 
dies for his latest ailment but 
washing out his green, plaque- 
covered teeth in tea and then 
chewing up the leaves, swal- 
lowing too many sleeping pills 
and then turning to a novel 
about intrigue at the court of 
the Mings. 

But this absorbing book pro- 
vides much more than tit- 
tle-tattle. Dr Li was a confi- 
dant, at Mao’s elbow as the 
Great Helmsman voiced neu- 
rotic suspicions of plots 
against him and twisted Marx- 
ist vocabulary to destroy those 
who hinted that be bore some 
responsibility for disasters. He 
watched as Mao slowly under- 
cut the power of his Imagined 
rivals, manipulated those who 
surrounded Mm by monstrous 
demands on their loyalty, 
blackmail and fear. 

The book’s most convincing 
feature (raising it above 
Harrison Salisbury’s recent 
anti-Mao broadside The New 
Emperors : Mao and Deng. 
which largely depended on 
Dengist sources anxious to dis- 
tance the present strongman 
from his predecessor) Is Dr Li's 
refusal to pretend greater 
access than he had. He scrupu- 
lously differentiates between 


what he saw and heard, what 
he learned later and what he 
surmised. 

“H n'y a point de heros pour 
mon valet de chamb re" may 
have been true in the 18th cen- 
tury but today no man is a 
hero to his doctor (even 
Churchill had his Lord Moran). 
Nevertheless, Dr IA progresses 
very gradually from the young 
would-be surgeon who hero- 
worshipped Mao to the doctor 
who felt nothing but relief 
when he died. He expresses 
disgust at his morals, distaste 
for some of his personal habits 
and shock at his superstition 
and ignorance about science 
but leaves the reader to deduce 
Mao's massive stupidity in 
claiming that “spirit” would 
accomplish his hopelessly 


THE PRIVATE LIFE OF 
CHAIRMAN MAO: THE 
INSIDE STORY OF THE 
MAN WHO MADE 
MODERN CHINA 
by Zhisui Li 

Chatto A Wbulus £20. 682 pages 


CHINA WAKES: THE 
STRUGGLE FOR THE 
SOUL OF A RISING 
POWER 

by Nicholas O. Kristoff 
and Sheryl W. Dunn 

Nicholas Brealey £16.99. 502 pages 


unrealistic economic goals, 
in ordaining the commune 
(and thus a great famine), in 
wasting untold resources in 
millions of useless backyard 
furnaces, in loosing anarchy on 
China and in choosing first a 
traitor and then a nonentity 
(Lin Blao and Hua Guofeng) as 
his successors. 

Mao, like Churchill, was a 
brilliantly charismatic war 
leader but, in the piping time 
of peace, became an isolated 
monomaniac, feeding his para- 
noia with old tales of intrigue, 
scrawling comments on 
endless streams of state 
papers, asking “Any news?" 
from all visitors. Insulated by 
his scheming courtiers from 
the outside world, like the 
most ruthless Emperors he 
emulated. Only action could 
cure his depressions and his 
obsessive need to make 
decisions - any decision - 
lay at the root of his most 
tragic mistakes. Mao was the 
Monkey King who sowed chaos 
(hum) in heaven, the antithesis 
of the neo-Confocianist leader 
which the region's dictators of 
today tell us is the Aslan 
ideal. 

Jtrng Chang's magnificent 
WUd Swans rendered her and 
her parents Into paradigms of 
the betrayal of Chinese ideal- 
ists’ worship of the revolution- 
ary who enabled China to 
“stand up”. Dr Li shows us the 
other side of the walls which 
surrounded the man who 
inspired such hopes only to 
sacrifice them on the altar of 
his own ego. Dr LI, sitting in 
exile in Chicago today, contem- 
plating his dead, heart-broken 
wife and his own wasted life, is 
just another of China’s mil- 
lions of wild swans. 



ANTIQUARIAN 

BOOKSELLERS 

ASSOCIATION 


CHELSEA 

BOOKFAIR 


Che Lea Old Town Hall , 
Kings Road, London SW3 


Fri Nov 25th Z.OOpm-S.OOpm 
Sat Nov 26th 1 1 .00arii-5.00pm 


Over 70 leading dealers will be offering 
fine, rare and unusual old books, prims, 
maps and manuscripts. 



AU item* are guarani* id v 
mier the ntet «f the 
I Ani^wian BooJucHerj 
] Auariation {InccmatfaMl} 
S_ Tell 071 379 30-11 , 


/ 


...jSSv. 










3EKS3TSSE 




XVI 


FINANCIAL TIMES WEEKEND NOVEMBER 19/NOVEMBER 2Q;I9^ - 


ARTS 


C iUa Black has gorra lorra 
Lycra tights, a lorra heart, 
and an awful Iona ratings 
for ITV since 1985 when 
she began presenting the British 
version of Blind Date early on Sat- 
urday evenings. The Question Is will 
the twinkle, the chama, and the 
Liverpool accent - and of course 
the attractiveness of the guys and 
gals on either side of the Blind Date 
partition - be enough to hold the 
line in the ratings battle this even- 
ing when BBCl wheels out what we 
are told is going to be the biggest 
gun ever seen in the war for the 
television audience in Bri tain: The 
National Lottery Lax. 

According to the ratings gurus 
who have studied lottery pro- 
grammes in other countries, we can 
expect as many as 35 mini on, even 


Why Saturday night is not a lottery 

Christopher Dunkley finds himself trapped in a time warp watching television 


30 million people to watch, a figure 
which would immediately take the 
lottery not just to No 1 in the 
weekly ratings, but No 1 in the 
year. It is a rare programme these 
days that attracts more than 20m 
viewers; in 1994 only Torvill and 
Dean's bid for Olympic gold has 
gone higher (23.95m). So if the lot- 
tery really does regularly attract as 
many as 25m, it will completely 
upset the well established pattern of 
viewing at teatime on Saturdays. 

And what a good thing that will 
be. To immerse yourself in the pro- 


grammes which currently dominate 
the screen at this time is to find 
yourself slipping into a time warp. 
Before settling down on the old 
green sofa you may believe that you 
live in a post-communist, post-femi- 
nist age, the era of cyberspace and 
the internet. But alter watching 
Bruce Forsyth's Generation Game 
and Noel's House Party on BBCl, or 
Blind Date and Family Fortunes on 
ITV, you may wonder whether that 
futuristic stuff was all a dream. The 
atmosphere in which Cilia and Bru- 
rie. Noel and Les (Les Dennis, host 


of Family Fortunes ) smother you is 
one in which it would come as no 
surprise to be urged to “Dig For 
Victory!". 

When I turned my attention back 
to these programmes recently, hav- 
ing ignored them for years (on the 
same grounds that FT book critics 
ignore Barbara Cartland's 
immensely popular novels) I was 
baffled by a sense of deep but 
almost forgotten familiarity. Then it 
came to me. The activities and, 
more important, the attitudes in 
these programmes bear a strong 


resemblance to parties organised by 
my parents in the late 1940s and 
early 50s, events which attempted 
to reproduce in the home the sort of 
parties they had experienced at 
church socials in the 1930s. 

There were lots of organised 
activities with mandatory jollity. 
Teams had to p*** an orange from, 
one to another using only their 
knees, or a matchbox using only 
their noses. There woe costumes 
for acting games, just as oh The 
Generation Game. Practical jokes 
were elaborate: one person would 


be required to imitate exactly the 
mntinm of another who would draw 
his finger across the underside of a 
plate and then down, his face,' the 
victim not realising that Us. plate 
had been coated In candle black. 

As witii Saturday teatime telly, 
what mattered was mucking in and 
having a good time, bonhomie and 
laughing vigorously at weak jokes, 
the teller laug hin g hardest of all. 
Above- all you had to be .a good 
sport when made to appear, ridicu- 
lous, just as you do when showered 
with green slime by Noel Edmonds. 


On Blind Dale everifi 
towards class . seen trappedfih’- 
1940s. Last week a 
like was satuphytaBtoi^s , 
sort of toff of wfaom .she>-gs a-wttk, ■ 
ing class lass, ‘pretended' to be fu. 
awe. This was pursued timfughout- 
his time on the progranfinfr even ~ 
though bis supposedly upper 'class 
clothing: was adnally. astoastmas^ ~ ... 
tar’s uniform.- _ . -/ . . 

If the lottery programme bbife : . 
some of this stuff out of fee water it 
will be. -no -bad thing. thou^^- 
have yet, to see what the nevjpro- 
gramme' itself - will be tike/Omi*'- • 
nously it Is to be presented by Tfdei 
Edmonds,. a man 'whO'-^yes'ithJ ‘ 
impression, that .he would' rega&d \ 
the matdrfjbx-on-the-nose iticfc as a ■ . 
bit too sophisticated ^ 
teatbue. 


A lone of the British 
Schools abroad. The 
British School in Rome 
is concerned with study 
far beyond the usual 
range of classical antiquity and 
archaeology. Almost from the start 
scholarships in painting, engraving, 
sculpture and architecture were 
established at the school to match 
those in archaeology. 

But if fine art has always been 
integral to the school it has also 
seemed a thing apart While archae- 
ologists, historians, classicists and 
distinguished visiting academics of 
all kinds came and went the artists 
simply got on with art There was 
no actual harm in that yet here 
was a college that offered limitless 
opportunity for inter-disciplinary 
curiosity. 

Under the present director, Rich- 
ard Hodges, all that has changed. 
His term has coincided with a 
period of financial uncertainty and 
so the number of scholars has been 
reduced and the Sargant Fellow- 
ship (established for a senior artist 
- split three ways this year) and a 
number of smaller awards set up to 
bring maturer artists to the school 
for shorter periods. 

But Dr Hodges' strictures have 
applied not just to fine art, but to 
the whole school. What before 
might have been assumed had now 
to be sought oat, earned paid for. 
The British School has had to come 
out from behind its elegantly defen- 
sive Lutyens facade above the Valle 
Giulia and enter actively into the 
cultural life of Rome itself. 

What is more. Dr Hodges realised 
that while books and libraries and 
excavations are all very well it was 
the visual arts that were, well, visi- 
ble. Some three years ago, a pro- 
gramme of exhibitions and related 
talks was instituted modest enough 
in itself; for the school’s gallery is 
small but of quite disproportionate 
effect. It has brought to a steadily 
increasing and now loyal Roman 
audience the work of nearly a dozen 
British artists so far. All enjoy a 
certain reputation in Britain, but 
not in Rome. Several have since 
been shown by Roman galleries. 

It has to be said that hitherto the 
range of artists has been fairly nar- 
row, with almost all of them a 
sometime winner or on the short- 
list for the Turner Prize. Of this 
year's runners, Willie Doherty is 
showing in the school at the 
moment, (until December 20) and 


i'l 

v.' 

liM ■ 

'v;:. . ... 

■ v - 

!.. j 




Radio 




David Tremtatfs 1994 extraction in the smafl galery at the school The balance has been very much with the sculptural, the minimal and the conceptual 

Expats on a shoestring 

The British School in Rome has had to come out from behind its elegant facade 
and justify itself. William Packer argues the case 


both Antony Gonnley and Shirazeh 
Houshiary have shown there. The 
balance has been very much with 
the sculptural the minimal and the 
conceptual 

That narrowness is at least admit- 
ted and we shall see to what extent 
corrected. The argument is only 
against an apparent exclusivity, for 
a list that has already Included 
Howard Hodgkin, Antony Gonnley, 
Hamish Fulton. Richard Deacon 
and David Tremlett. with Rachel 
Whiteread. Lisa Mfiroy and Bridget 
Riley to come, is strong enough. 

The British Council in Rome has 


seal here an opportunity for Itself; 
and now supports works closely 
with the school seeing it as a use fid 
showcase for what otherwise would 
not have been exhibited. New cir- 
cumstances and mutu al opportuni- 
ties have been exploited. 

The exhibition programme is run 
an a shoestring, witii some £9.000 
put up by the school itself and a 
further £16,000 coming from other 
sources, including the Henry Moore 
Foundation and the British Council 
An annual budget of £25.000 is very 
small in terms of potential sponsor- 
ship. but then so is the funding of 


the British School itself: £80,000 
would secure all the activities of the 
school, from archaeology to art. 
year on year. A capital sum of 
EL5m would set up the School com- 
pletely for 50 years. 

Here is an institution, character- 
istically British in its informality, 
yet of world class in its scholarship, 
its reputation in archaeology sec- 
ond to none, and now ever more 
prominent and active in its engage- 
ment with the visual arts. Vet here 
it is, still insecure in its finances 
and fabric, and undermined at a 
distance by academic prejudice and 


indifference. If that is also very 
British, we should be ashamed of 
ourselves. 

But the outlook is promising, if 
only because the school itself is so 
special and so good in what it does. 
An historian, Wallace Hadrifi, takes 
over as director next year, the first 
non-archaeologist in the appoint- 
ment. He is fortunate in his prede- 
cessor, first for the opportunity that 
Dr Hodges has created and then for 
the impetus he has already gener- 
ated in its exploitation, hi wishing 
him well we are also telling him 
not to stop. 


The fine art 




R ecently visiting Prague, 1 
noted the logo of a black 
bow-tie on postern for the 
fiiaacirai Music radio sta- 
tion. While Radio 3 tries to popular- 
ise classics witii blokey accessibility 
the Czechs' selling-point is glamour 
after dowdy egalitarianism.- Our 
own Classic FM tends to the lattez, 
with its prize “romantic weekends 
in the East Midlands" »t>h genteel 
commercials for Black Magic, 
investment advisers and Palmolive 
- whose products you may sample 
from reception at Classic FM itself. 
How can the BBC compete? I know 
from bitter experience that pass- 
ers-by are refused even a bath-salt 
in toe lobby of Broadcasting House. 

Spoiling tactics are part of market 
practice; fnacsir FM this to a 
fine art Last week it countered 
Radio 3*8 live Rom6o et Juliette from 
Covent Garden with a recording of 
tire same composer’s Faust. This is 
hard on the Corporation whose cur- 
rent opera-drive includes non-musi- 
cal dramatisations. of well-known, 
opera plots. Kneejerk objections at 
the Item’s inanity overlook the feet 
.that most successful operas were 
based on books, or plays anyway. 
Sunday’s Vie de Bohime, by John 
Clifford after Henri Murger, was 
qrate jolly and as well acted and 
rtrwpriwrf as most drama on Radio 4. 
Bracing to be reminded that Pucci- 
ni's romantic garret-dwellers were 
grrunm and trollopes. 

■ North British listeners ran enjoy 
Radio Scotland's The Score. Such 
apparently esoteric ftumms as Xen- 
nakis' trombone concerto- -and 
music-publishing in 18-century 
Edinburgh are presented with unpa- 
tronising friendliness by Elaine 
Navickas who gets it just right Per- 
haps Nick Kenyon of troubled Radio 
3 should lend an ear. Radio Scot- 
land also scooped the week’s oddest 
news story: the MP fin* Manklands 
East battling with the Benedictine 
brothers of Buckfast Abbey over 
their “medicinal wine” which has 
apparently turned North Lanark’s 
youth into a race of drunks. Eighty 


per cent of the monastic output 
finds its way north from Devon 
(those monks know their -inaritet). 
"I should have the healthiest. con- 
stituents under' the Sun,” she eaid 
(apparently not), ' V - 

What would Radio '4’s' rebarbative 
Moral Maze make of it? The cud-: 
onsly composed team- of ethical 
- experts includes the historian David 
Staririe who : sprang to media Same 
in a TV mock-trial of Richard m 
some years ago, when he ffew toto a 
. tantrum. Insulted a' riisfingnighprl 
barrister and hurled schoolboy 
rudeness in all directions. He has. - 
now set up in garrulous pomposity 
on his own account Be is well part- 
nered by Edward Pearce of ThT 
Guardian, notable for -angrily - 
shouting "you fool!” at an elderly 
Jew expressing concern at the rise, 
of Italian neo-fascism. I seek moral 
guidelines elsewhere: ; - - ; ?* 

Not with Pharisaic local; authori- 
ties, however. Saturday ..saw the 
launch of Scapegoats (Radio 4),. 
whose WTMwn p mrnhriTtg tfrie nails 
its amusing colours to the mast 
Hugh Prysor-Jones began with sin- 
gle parents and a reminder of preg- 
nant women 'driven over the parish 
■ boundary even in labonr so -as not 
to be a local financial burden. More 
to come, inchi£ng travelers, and 
bfwnngpnnmiB; and more that sounds 
uncomfortably famfKar . 

On Remembrance Sunday Angela 
Rippon softened her schoolmarm 
persona to talk to a wide range of 
soldiers and civilians on Radio- 3. 
Simple questions prompted pro- 
found responses, as with the nurse 
.whose precise Scots tone&ifaltefed 
when she recalled Belsen- survivors; 
or the Korean war amputee, mili- 
tary antecedents going back to 
Waterloo, wondering when it would 
all aid (there are currently 17 wars 
involving British personnel). The 
absence of rancour, the lack of rage 
compared favourably in the sensi- 
tivity stakes with the average 
Guardian journalist 


Martin Hoyle 



Booking now open 


Figaro’s Wedding 

Mozart 

DecMibur 10113115117 
January 1 11 1-41 18121 126138 
February 218 


ftigoletto 

Verdi 

January 23127 

February 1141 101 13| 15118123 

March i 

This revival is sponsored by 

WOOLWICH 


New Production 

King Priam 

Michael Tippett 
February 31911 1 1 17 


mmm? 


Madam Butterfly 

Giacomo Puccini 
February I6I22I24I28 
March 319111 114116122124(28130 
April 416 


The Cunning 
Little Vixen 

LeosJandcek 
February 25 
March 21418110)13116 
This revival is sponsored by 

FLEMINGS 


English 

National 

Opera 


London Coliseum 
St Martin’s Lane WC2 

Box Office 
071 $32 8300 


New Production 

Don Giovanni 

Mozart 

March 15i 171231251 29131 
April 518111113115120122127129 
May 61 1 1 1 151 18125 
This new production is sponsored by 

GUINNESS PLC 


Perfect 



Anyone with a passion for 
music and hi-fi wiB feel 
instantly at home with ATC. 

In the true tradition of many 
small British companies, we 
have a smgte-minded passion 
for quality. 

Flat out we hand-produce 
hardly more than 100 pairs ol 
loudspeakers a week. 

The result? Nothing short of 
perfection, 

But don't take our word for iL 
listen to Pucdni. 

Pnces from Cl ,000 to £20,000. 
(Call 0285 780561 for more.) 

atc. Loudspeaker Technology Lid. 
Gypsy Lane. Aston Down, Stroud, 
Gtoucwtershie GLfi 8HR. 




L. 

L-n v 


•\t+ "tS ' 

J. 


Vi. r , •“ . . 

■ v ; r. „ 


I : ; - •. 

. • •. • .'• y ^rr 

3 • 

a*.**-. . -.Jian 



•SIPfStTAi 





« 

A 


SOUTH BANK 


SL * SUU4VAM Star sotatos In am «. * 

7 JO*** Jr l Mtodo ' { *° l>doUa f». lotarutia. HJ4A 

^ POrtEwicG & Ttw Yooiomi of tha GhiartL • ^ 

E21^O^ie^Oj:i7^OX15J0JJ1 1.SOjm5OJ30.SO^Raymn«« 

mL Bwdll SuK« NoJ 3 In D mlr* Sdiummn 

gart^kSorMf nnge}; HubintaJn BnmJSS 
^opb. Fant«y ln,FmlnOp^9: Uni PoionalM No.2 in E 
Z. £9. EB — HarriaarVRarrottUd^SBC 




RCT^S S 0^ ny N °' 8 CU " ftn,3h *h- Symptxmy No^i 

gr " 

. SSasS&'SaSaSSar u 



Sr 

RETURNS ONLY run5 “ l Music for SLCsoflia's Day. 

dubutti couim ' 

uiu. OMachm RomMfk. ^ 

hlppest quartet Art Zoyd. " Pertonmed by Euro^tfg 

»Hov Ona of Mu **^ Nahvortc 

-- •- tnm Ms Counca of EnainntlFsBC 


LONDONMo£SpIS 7 5 i 


" — UUtteupojrari 

MOZAirr Symphony in G P16 

ln E Hat for winds 



fh‘ in 


0 




i 

i 


6=“ 

- 

- 

crj" " 




1 ' 




% 


-T, 


fe s ?r *■ 
Eli • • r 
l: , c 

- 

c -7 V- . • 


Sj'c-: ; 


-• M 

— TT* r Jr.— . • ■ 

ST. .. ... 

53r^.:- - '' 

c =- : ■ 
Cl' : . . 

**7^;.? - - . 


Cl 






ft 


f »• ? 





A> cathedral guard* one of Canu'iujijioo finest and final work* □ Its towns boast the most beautiful of Bare 


que. 







►Jbi (jJ. 




Weekend November i 9/november 20 1994 


WEEKEND FT XVII 


^ f.." --^r. 7^ 

»«.-.. HAW ^ 

— ■», i 1 --. ■>'vy 3. "s- 

; ^ ** 
- -v 

: S r . !/ ' V4 4 

<- . ■ __!■■ ■c'Ta^K. 

l- -• -r.^K-. 

•'•■■ &** 

V.:-. - r - c n ^ 

" ■■■■ ^>: 


art of 

actics 


r -'i% 

“•C? 

«!-saj 

•• ir* r» r 
r,: -rUiiaj 

: •“ s:fj “4fiien E 
■ ■-•• ~^s fc* 

• ! •-• 2asgj ;j * 

; -•*■*«* 
ffesi 

- >- ?:asv«- 


• ' Kg* 
■* 

. ” •* 


THE FT CHRISTMAS SHOW GUIDE 


5 * - .• -: ’’ 


' ’ ■*■" • ri 


r - 


■ — - — v 


I'.-v • ■- 


• 1:3 


Martin Ho* 



- - =_ '• — ^ -*■- 
tv» a - a !«** 

5»»« ^ - 

■w •f' 1 ’?’..*.- 

« • ^ - 'XV--* 

• •. • • ?• ' -s*. 


f T ■ • — i,. -;V f.utf* 

in f-»*S;S5, 

iiiin** ---"' 7 . «*. > 


ggWft-'V'- ^ «; ;^. i';j- * =■ 


ptSS i ' 

;!^.- 


-f 

kW^'Ai-rtV 1 w^? 

.— -.-.M niltl 1 ^-'- t!« ■•• 

i _____ — 


iS* • ;V 

-c . 

US? 

»**•►.' :;oo-vv 


The pantomime 
strikes back 

^tony I^orneroft reports on this year’s seasonal fun 

0 °r c * u bious cross-dressing and corny jokes 

timp 3 le * s; ,^ anto Pantoland every year, the Iat- abrasive Dennis Waterman and 
unnn ,.,f aj m05t est craze is incorporated into his equally feisty wife Rule 
jminth once the format to pull In the kids. L en s ka in the Reading Aiad- 
wi» At on e time it was pop stars; dor. Hinge & Bracket sharing 


O h yes >1 & Panto 
me ,s almost 
upon us and once 

®*f. m th ® nation 
011 a diet of cS l . < l^ r ' IndulBe 

t*?£ fffii'Sasa; 
orgy of 

S ? 6 '"•*■ ^ same cos^nSi 
the same stories, the sS 
sweets (provided by pereS 

S s ™ c t a \ dbury >- 'CS£ 

raste are taken out of storage 
thoroughly enjoyed by 
Oie same audiences. For many 
it is the only occasion in the 
y^r they enter a theatre and, 

re . gular sc are stories 
that this is a dying art form. 

X£ £4T Uy eai °™ a 

minding around 30 panto- 
mimes this Christmas, last sea- 
son was a “vintage" year. 
"Every single one of our pan- 
tos made a profit". This year 

will be “spectacular - bookings 

are already 75 per cent of the 
way towards target”. 

Every year Elliott invests in 
a new pantomime which - 
with a little sprucing up - 
travels the nation’ for a ifararfa 
or more. This year it is Jack 
and the Beanstalk, a £400,000 
investment which opens at the 
Birmingham Hippodrome 
has already pulled in £im at 
the box office. It features the 
biggest giant to stalk the 
boards in years, operated by a 
team of four and meas uring 15 
feet from waist to head. There 
is also a “Flight through 
Space" film which should gen- 
exate a few “ooos”. Competing 
with the special effects are the 
likes of Su Pollard, Don. 
MacLean - and Scorpio. 

Now Scorpio is a Gladiator 
and this year Gladiators, tough. 
mm and women from the Sat- 
urday ni ght television mart ial 
arts programme, are ubiqui- 
.tpus. IF little else nfiangpc in 

n#^|.liu» Christmas is a 
vu phenomenon 
. anyway, it is - 1 grndg- 

. V^^ tngly suppose - no sur- 
prise that this ynletide's dance- 
offerings should be the faievi- 
table IVifrcracfcer and Cinder- 
ella. There is an unnecessary 
conflict In tandon this year, 
since both English National 
Ballet and the Birmingham 
Royal Ballet are offering con- ' 
current cracking of nuts. 

ENB plays its traditional 
nutcracker season at the Royal 
Festival HaH The staging is 
the sugary Ben Stevenson ver- 
sion hut the young enjoy it 
«nd there are some interesting 
casts — to which San- 
ta *s promised gift of a pair of 
wild horses may just he able to 


C hristmas concerts 
vary little in sub- 
stance from year to 
year. If they did, they 

would scarcely qualify as 
'C h ristmassy- Cards, Messiah, 
The Nutcracker and a small 
range of cantatas and orches- 
tra bonbons such as Leroy 
Anderson's SUdgh Ride or Pro- 
kofiev’s Troika from Lieuten- 
ant ESjt are mandatory. A 
small amount of variation and 
.innovation is posable, but gen- 
erally a Christmas concert fe 
as steadfast a ritual as a foot- 
ball match. 

Bach of the half dozen mmn 
■London concert halls is rising 

lONDOfTS WG^T CHHBTflwT 
ROOdfROU PARTY! 




jMMOKttmm. 



wo®%ggS£Lff HTI 

BOX0fHf£07! J317-® 

kctwww;®;-” . 


Pantoland every year, the lat- 
est craze is Incorporated into 
the format to pull In the kids. 
At one time it was pop stars; 
then the performers from Aus- 
tralian soaps tested their act- 
ing skills; then sports stare, 
like lan Botham, Tessa Sander- 
sen, and Annabel Croft, aH of 
whom are appearing this 
Christmas, plus Kriss Akabnsi 
making his debut in Dick Whit- 
tington at the Mayflower. 
Southampton. 

This year names like Trojan 
(at Bournemouth); Zodiac (at 
Crawley); Jet (Reading); and 
Cobra (Swansea), Gladiators 
all, pepper the playbills. They 
will be learning the ropes from 
old troupers, who have devoted 
their careers to panto. Jack 
Tripp, for example, is well into 
his seventies, but still regarded 
as the best Dame in the busi- 
ness. This year he teams up 
with another old pro, Roy 
Hudd, in Babes m the Wood, at 
Sadler’s Wells, the only panto 
this Christmas in central Lon- 
don. 

J ohn Inman is another 
actor seldom seen at this 
time of the year without 
his bloomers on: he will 
be bringing his Dame to 
Mother Goose at Stockport A 
younger rival in the field is 
Christopher Biggins who, as 
Widow Twankey, will be giving 
Aladdin a hard ti™ at Nor- 
wich. It will be inteesting to 
compare his technique with 
the Twankey of Danny la Rue 
at Plymouth. 

Other old stagers to look out 
for are Lionel Blair, with Britt 
Kkland, an enthusiastic panto- 
mime fairy. In Jack & the 
Beanstalk at Bath; Ronnie Cor- 
bett fotfll the best Buttons in 
the business) in Cinderella at 
Cardiff Peggy Mount aim in 
Cinderella - at Redhffi; and 
Rolf Harris (with June Whit 
field and Ian Botham) in yet 
another CSndereUa at Wimble- 
don. 

There are the usual eye-brow 
raising permutations - the 


abrasive Dennis Waterman and 
his equally feisty wife Rula 
Lenska in the Reading Alad- 
din; Hinge & Bracket sharing 
Beauty and the Beast at Craw- 
ley; Russ Abbot in the rarely 
mounted Goldilocks at Woking: 
and, if you need to know. Little 
& Large are In Newcastle and 
Cannon 8c Ball in Edinburgh. 
But often in pantos it is the 
rarely recognised l u m pe r s in 
the smaller roles that steal the 
show rather than the big 
names who get by serving up 
their traditional material 

Of course, the popularity and 
success of panto (the box office 
take enables many theatres to 
stay open for the rest of the 
year) upsets fafauWfamig j nud 
there is the usual attempt, 
invariably by the subsidised 
theatres, to clean up the for- 
mat The Contact Theatre in 
Manchester is presenting a 
politically correct Cmderella in 
which the heroine goes off 
with “Buttons" rather than the 
rich Prince. 

There is also a trend to dra- 
matise traditional children's 
stories as alternative seasonal 
treats, like the multi-racial The 
Wiz at the Riverside Studios in 

Hanrnwsmith amrf tales of the 

Brothers Grimm at the Young 
Vic. And in a real spate of 
Peter Pans, which offer all the 
heroand-vfllain excite m ents of 
panto plus some intriguing sex- 
ual and textual under-tones, 
Barrie's Freudian story seems 
so suitable for Christmas that 
Richmond is presenting a 
panto version . starring the 
unlikely duo of Le sli e Gran- 
tham and Tina StubbS. 

Pantomime now appeals 
mainly to very young Children 
rather than parents, or rather 
fathers, who a century ago 
were hired by the legs of the 
fast disappearing Principal 
Boy. It remains the last bastion 

Of family onterfalnmiint and is 

surviving wall Critics of panto 
should ask themselves why the 
packed audiences do not return 
to the th ea t re for other produc- 
tions. 



Roy Hudd aa ‘Onfete WOf In 


i to tf» Wood at ! 


. WHte, the only panto In contral London Un yoor 


Sound of Nut-cracking 

- Clement Crisp on unneccessary conflict in London dance 


drag me. Nutcracker Is at the 
Royal Festival Hall from 
December 21 to January 14 - 
plenty of matinees. 

There follows a week of 
Scoan Lake in END’S sensible 
Bolshoi-taspired version, from 
January 16 to 21; The Birming- 
ham Nutcracker receives its 
-first London showing in a sea- 
son at The Coliseum from 
December 22 until January 7. 
The staging is Peter Wright's 
handsome version, hand- 
somely decorated by John 


Marfa riane, which has much 
to recommend it, mduding a 
couple of performances star- 
ring Irek Mnkhamedov 
(December 22 and the matinee 
on December 24) and three 
guest appearances by Petter 
Jacobsson. There are plenty of 
matinees. BSB also plays Nut- 
cracker In its home Hippo- 
drome Theatre from December 
9 until December 17, with the 
elegant Peter Boal as a guest 
from New York City Ballet at 
a couple of performances. 


At Covent Garden, the Royal 
Ballet shows an Ashton triple 
bill - which should appeal to 
older children - on December 
15, and matinee and evening 
on December 17. Then its visu- 
ally desperate Sleeping Beauty 
staging is exposed on Decem- 
ber 20 (matinee and evening), 
21. 22 JB (m&e) and January 4. 
with Ashton's irresistible Cin- 
derella. to delight ns all on 
December 23 (m&e), 26 (m&e), 
27, 30, 31 (m&e), January 3. 

There is - quelle surprise - a 


A steadfast ritual 


to the seasonal spirit and 
doubtless relishing the pros- 
pect of family sales. The Barbi- 
can Centre - self-styled as 
“Landau's Christmas Venue" - 
has developed a tradition even 
though it is only 12 years old. 

The Barbican Hall will be 
resounding with such festive 
n umb ers as Puccini's Christ- 
mas Eve love duet from La 
Bohime and Leopold Mozart’s 
Toy Symphony, played by the 
London Concert Orchestra 


* ROY HUDD 



lii; :vfi 



m 

H BARRON 

MMfFWMMINHUr 




SADLER’S WELLS 

•Ym 


under David Arnold on Decem- 
ber 10; and Britten's Ceremony 
of Carols, Hugh Wood's Fan- 
fare for Christmas, and Stravin- 
sky's Circus Polka is performed 
there by the Royal Philhar- 
monic Orchestra under John 
Scott an December 16. 

There are two Messiahs - 
one to be given by the National 
Westminster Choir and the 
Rosebery Orchestra under Ian 
Hmnphris, on December 12 and 
an account by the City of Lon- 
don SInfonia orchestra and 
singers conducted by Richard 
Hickox with excellent soloists 
in Nancy Argenta. Michael 
Chance, Martyn Hill and Step- 
hen Roberts the following 
night The night after that, 
Handel lovers who missed 
these renditions can enjoy 
selections from the oratorio 
performed by those Christmas 
veterans, the Choir of King's 
College, Cambridge, with the 
Rn gTigTi Chamb er under Step- 
hen deobuzy (Haydn’s St Nic- 
olas Mass and a Vivaldi con- 
certo for two trumpets also 
included). 

Also in Barbican Han there 
is the USO Christmas Festival 
running on the evenings of 
December 17, 18 and 19, in 
which Richard Hickox con- 
ducts the London Symphony 
Orchestra and Chorus in stan- 
dard seasonal items fadudiag 
cards with audience participa- 
tion. The King’s consort and 
Choir of New College Oxford 
join to perform Christmas 
things by Handel and Corelli 


on December 22. Howard 
Blake’s children's favourite. 
The Snowman, is being given 
by the Wren Orchestra under 
the composer with narrator 
Robert Hardy and treble 
Connor Burrow es on the after- 
noon of December 28. 


T he South Bank Centre 
offers much of the 
same sort of fare. 
David Arnold directs 
the London Concert Orchestra 
cm December 16 in the Festival 
Hall), assisted by Patrick Har- 
rild as soloist in Kleinsinger’s 
Tubby the Tuba, and compare 
Johnny Morris. Kids them- 
selves - in the form of the two 
divisions of thfi National Chil- 
dren's Orchestra - perform on 
Sunday afternoon and evening 
in the Queen Elizabeth Hall 
with quite ambitious pro- 
grammes: the first beginning 
festively with Gordon Jacob's 
A Noyse of Minstrells, and the 
second ending with Stravin- 
sky’s Firebird suite. 

Running in the Queen Eliza- 
beth HaD for a week just after 
Christmas Is Rossini's opera, 
Cinderella. Music Theatre Lon- 
don's irreverent version is said 
to be a fine entertainment 
Soprano-animateur Jane 
Manning and her Minstrels, 
with the aid of the Park Lane 
Group, are mounting a lively- 
looking production of The 
Snow Queen involving children 
alongside professional singers 
and instrumentalists at the 
Queen Elizabeth Hall on 


single Swan Lake on January 
5. Check timings of all perfor- 
mances carefully: there are 
early matinee and evening cur- 
tains, which can mean glum 
faces in the Crash Bar while 
the first act goes its lUHseats- 
untO-the-inter val way. 

North of the border, Scottish 
Ballet offers Peter Darrell's 
Nutcracker at Edinburgh’s Fes- 
tival Theatre from December 
28 to January 7. Again, please 
rhpric rintpg and times. 

In New York, City Ballet 


December 2L Not to be missed 
there on the following evening 
is the Tallis Scholar's pro- 
gramme of seasonal but mas- 
terly music by Palestrina, Las- 
sus, Victoria and others. 
Simultaneous with this a 
Christmas Jazz Gala in the 
Purcell Room featuring vibes 
player Orphy Robinson, pianist 
Jason Rebello and other promi- 
nent figures. 

The Wigmore Hall is muster- 
ing some distingmshefl singers 
and players - among them 
baritone Thomas Alton and 
Young Musician of the Year, 
cellist Natalie Clem - 'for the 
seasonal miscellany of The 
Wigmore Christmas Cracker 
on December 17; while virtu- 
ally every night in December 
at St John’s, Smith Square is 
devoted to festivity, with Mes- 
siahs conducted by John Lub- 
bock on December 15 and 16. 

Most notable is the Magenta 
Music agency’s week long 
International Christmas Festi- 
val, which besides two mare 
Messiahs on December 21 and 
23 offers carols from Copen- 
hagen on December 22. 

Christopher Bowers-Broad- 
bent's recital of organ music 
by Charles Tonrnemlre on 
December 21 and a rich pro- 
gramme, “Gloria in Exclesb”, 
of 15th, 16th and 20th century 
polyphonic vocal music will be 
given by the The Sixteen, con- 
ducted by Harry Christophers, 
also responsible for the second 
of those Messiahs. 

Handel’s setting of the Amen 
alone will account for hours 
and hours of musical time over 
the coining weeks. 


A Dickens 
of a time 


C hristmas, it often 
seems, means Dick- 
ens. Yon can see 
why. There is 
Scrooge, of course, and the 
Spirits of Christmas Past, Pres- 
ent and To Comer there are the 
affe c tin g snow scenes in sev- 
eral other novels. And there is 
the love of 'family end friends 
to which fae so often returns. 

Since Dickens has always 
prompted British character act- 
ors to their most acute perfor- 
mances (there have been at 
least three new British stag- 
ings of Great Expectations 
since early September), it Is no 
wonder that several new Dick- 
ens stag in g s occur *hfc Christ- 

Tft jre in London. 

A Christmas Carol comes to 
the Barbican, in the world 
premiere of a new adaptation 
by John Mortimer, directed by 
lan Judge, with Clive Francis 
as Scrooge, opening on Decem- 
ber 6. (Meanwhile in Manches- 
ter Scrooge runs for two 
months at the Palace Theatre.) 

OUoer, the Lionel Bart musi- 
cal version of Oliver Turist, 
comes to the Palladium in an 
important new production by 
Sam Meades, starring Jona- 
than Pryce as Fagin (also star- 
ring Ruthie Ha ns hall, Sally 
Dexter), opening on December 
& At the Battersea Arts cafe, 
Sketches by Boz, adapted by 
critic Robert Butler, with 
music by Stephen Lade and 
directed by Graham Sinclair, 
opens on November 29. And a 
new version of A Tale af Tun 
Cities by Matthew Francis 
opens at Greenwich Theatre an 
December 19. 

But Christmas can also mean 
novelty; and a surprising num- 
ber of new or modem plays 
mwim to the West F.nd in this 
period. One of the Royal 
Court’s most aerf^med novel- 
ties this year. My Night with 
Reg, by Kevin Elyot and 
directed by Roger MteheQ, is 
opening at the Criterion Thea- 
tre in late November. Pinter’s 
supreme (and very short) one- 
act play Landscape comes to 
the Cottesloe Theatre, in the 
staging (by Pinter himselQ 
which was the highlight of this 
May’s superb Pinter festival at 
tiw Gate Theatre, Dublin, and 
very nearly af all 1994; Pene- 
lope Wilton and ton Hohn star. 

On November 29, Richard 
Nelson's New England has its 
world premiere with the RSC 
at the Pit; Peter Gill directs, 
and tfw» cart includes Angela 
Thome. Described as “humor- 
ous and ironic”, it deals with 
the feelings af English exQes in 
America. The Th&itre de Cant 
plicate opens its latest produc- 
tion, Out of a Bouse walked a 
man..., at the Lyttelton Thea- 
tre on December l; directed by 
Simon McBumey with a cohort 
of Complicite stars (Kathryn 
Hunter, Toby Jones, Marcello 
Magni, Toby Sedgwick). And 
on December 13, SZaos. the lat- 
est play by Tony Kushnsr (he 
of Angels in America) opens at 
the Hampstead Theatre, with 
an illustrious cast including 


will play its usual happy sea- 
son of Balanchine’s lovely Nut- 
cracker from November 30 
until December 3L, and then 
follow with an eight-week sea- 
son of varied rep e rt or y. 

The Paris Opera Ballet, 
installed at the Bastille Opera 
House, performs Rudolf NUrey- 
eVs version of Swan Lake dur- 
ing December with a wonder- 
ful roster of principals (who 
may include Attynai Asyimu- 
ratova for a couple of perfor- 
mances). Check locally for 
details. 

For anyone needing more 
precise information. The Darn- 
ing Times carries a monthly 
calendar of future perfor- 
mances, dates, timings, both 
here and abroad. 


Annette Badland, Ron Cook, 
Itnelda Staunton. Paul Jesson. 
and Aisling O’Sullivan; Mat- 
thew Lloyd directs, The subti- 
tle is Thinking about the Long- 
standing Problems of Virtue 
and Happiness. 

Meanwhile, at the Bush 
Theatre, the excellent Dominic 
Dromgoole directs an “epic" 
production of Raising Fires 
(opening on November 25X a 
prize-winning new play by 
Jenny McLeod: desire, revenge, 
and arson in 16th xentury 
Essex around Tilda, the town’s 
first black woman. And, on 
December l in Scarborough, 
Alan Ayckbourn presents, and 
directs, his third new play this 
yean The Musical Jigsaw Play. 

Christmas also mAa pa chil- 
dren's stories - by Kenneth 
Graham e, Hans Christian 
Andersen, the Brothers 
Grimm, et al - several of 
which reach our stages this 
year. The 1990 Alan Bennett 
version of A Wind m the Wil- 
lows returns to the Olivier 
Theatre on December 15, for 
what is said to be its final 

A surprising 
number of new 
and modem 
plays is 
coming to the 
West End 

revival. At the Young Vic 
(opening on December 7). the 
poet Carol Ann Duffy adapts 
Grimm Tales (eight of them), 
directed by Tim Supple. At the 
Lyric Hammersmith (opening 
December 12), NeO Bartlett 
adapts and directs Andersen’s 
The Little Match Girl , the 
effects, by Forkbeard Fantasy, 
include nine-foot teddy-bears, 
danring Christmas dinners, 
live satellite links to heaven, 
and disreputable angels. 

In BAG Studio One (Batter- 
sea, opening on December 7), 
Tom Smith directs Peter Part, 
an Edwardian Fantasy. And, 
straight after Christmas, the 
unclassifiable Music Theatre 
London brings to the Queen 
Elizabeth Hall its 1992 hit ver- 
sion of Rossini’s Cinderella 
(Cinderella's father is Essex 
man; her step-sisters are 
played by men; Prince Charm- 
ing is played by a woman). 

Christmas, since it involves 
carols, also just means, for 
many people, musicals. New 
British musical productions 
Include Out of the Blue (open- 
ing later this month at the 
Shaftesbury), two versions of 
Calamity Jane (one opening at 
the Leicester Haymarket on 
November 22, one at the BAC, 
Ba t te r sea, on December 9), and 
PfaylUda Lloyd's staging of The 
Threepenny Opera at tire Dan- 
mar Warehouse (opening on 
December 14). 

Alastair Macaulay 


KNOCKOUT COMEDY EXPERIENCE. 
YOU LAUGH AND YOU CRY' 


7 A triumph. ..superb cast.. .captivating' Shakespeare 



ROYAL 
SHAKE 
COMPANY 


•iv.crvvrtdty 

ALLIED 

Domecq 






Paul Driver 


Spi'ci.t! ChrKtm.tv New Yo;<r- lwclidi Nit;lit pt-rt'orin.ino 
22. -.N It'. -7 Dii't'inbiT. 5, (ij.iiui.iry 
7 1 Oi-i I'jnl'i'r, l um.iry l . 

P AMU Y TIcKLI RKDL <. "LIONS AVAILABLE 

Royal ShakfSpc.iiv Tln-afcc. S(r;u|nnl-unon- Avon 

Box ortice 017X9 295623 

/ /if, r)r'n:l::rr:,::i o Is.ii.'iJ /’- >f Nii.-r-o,-;.--. /.i:r:/lv <. NirtfaMc In: 



t,i hulory embraces shipu' recks, <.'ieqt\' y 


tei and w vz/u H Its hotels are luxurious anti welcoming: from o star to o star 


- q 

_t ; »‘. v 





XVUI WEEKEND FT 


FINANCIAL TIMES WEEKEND NOVEMBER I9/NOVEMBER 20 1994 


ARTS 


Upbeat and 
dreamy 

Sarah Hemming on an unashamedly 
escapist ‘A Midsummer Night's Dream 7 


S ix years ago the Georgian 
Film Actors' Studio of Tbilisi 
was the toast of the Edin- 
burgh Festival with its mis- 
chievous Don Juan. The company's 
irreverent version of Moliere's play 
was laced with witty stage business 
and absurd characters, the most 
inspired being an onstage prompt who 
ran the show from a hole in the stage, 
chivvying along her wayward co-per- 
formers. 

The same light touch and impish 
mood characterises the company's A 
Midsummer Night's Dream (showing 
in The Pit as part of the Everybody’s 
Shakespeare Festival), though this 
time the comedy is gentler and more 
benign. Mikhail Tumanishvili. the 
company's charismatic director, 
developed this production during 
1992, when Georgia was gripped by 
civil war. Rather than reflect the dis- 
tress around him, he chose to cheer 
his audiences up, and his production 
is unashamedly escapist and genial, 
turning its back on some of the 
darker notes in the play. 

The production's airy, dreamy mood 
is helped by the set, a simple cream 
space backed by a brightly coloured 
curtain that looks like a Jackson Pol- 
lock off-cut and a row of gauze 
screens also streaked with paint This 
suggests a spirit of creativity, while at 
the same time being reminiscent of a 
nursery, and it makes for one single 
arena which, differently lit. is at ones 
Athenian court, dark wood and fairy 
bower. This emphasises physically 
that the dream world and real world 
are closely intertwined - a notion 
Tumanishvili reinforces by having 
Titania and Oberon played by the 
same couple as Theseus and Hyppol- 
ita. Puck simply substitutes Theseus's 
golden wreath with a crown of fruits 
and flowers, and we are In the fairy 
world. This economy keeps the pro- 
duction moving along gracefully. 


But while the production empha- 
sises how the worlds of the play coex- 
ist. it also, paradoxically, extracts 
plenty of comedy from the fact that 
they are oblivious to one another. 
Theseus and Hyppolita glide around 
in beatific beauty, impervious to the 
muddle around them; the fairies 
scurry about constantly, hiding 
behind the screens to titter at the 
mortals, and the mechanicals keep 
creeping through scenes, cowed and 
whispering, intent on their duty. 

This is most effective, however, 
with the lovers, who are wonderfully, 
idiotically wrapped up la their own 
little world. They are wittily coupled: 
Lysander (Giorgi Pipinashvili) has a 
slightly rakish air that complements 
Nlneli Chankvetadze’s sweet, girlish 
Hermia (who takes a favourite cush- 
ion and a giant alarm clock with her 
to elope), while Gia Abesalashvill’s 
precious, petulant Demetrius Is a nice 
match for Rusudan Bolkvadze's sad, 
old-fashioned Helena. This foursome 
are delightfully young, foolish and 
full of comedy - at one point Helena, 
in her pursuit of Demetrius, rings him 
up on a silver phone, trying to cry 
without smudging her mascara as he 
rebuffs her again. 

The production is full of nice comic 
touches, repeated here and there to 
pull the production together and lend 
It a feeling of harmony. The fairies, 
having got their queen off to sleep, 
drop the fairy-like behaviour and 
whip out a pack of cards; later, after a 
splendid rendition of Pyramus and 
Thisby, the workmen sink on to their 
stage for a well-earned snout 

The staging lacks somewhat in sex- 
ual charge and Is not as dark or mys- 
terious as some. But it is a charming, 
humane production, that brings the 
Everybody’s Shakespeare Festival to 
an upbeat close. 

Finishes today at Hie Pit 


< ; 


^ Jr' 



j ti> pm? 

Ik 





full of tension 


Alastair Macaulay reviews the 
alternating cast or ‘True West' 


T here is surely no act- 
ing in London, today 
more interesting to 
watch than Mark Ryl- 
ance and Rudko swap- 

ping roles in Sam Shepard's 
True West at the Donmar 
Warehouse - . alternating at 
each performance. I reviewed 

Rylance as .Austin, Rudko as 
Lee, at the West Yorkshire 
Playhouse last month; but 
afterwards I said to a friend: T 
can't imagine them the other 
way round.*’ On opening night 
at the Donmar Warehouse, 
when they were playing the 
opposite roles, my friend said: 
“Wen, I can’t imagine It the 
other way round." So authori- 
tative are their performances 
that at no point was Z 
reminded of how the reverse 
casting had felt Each charac- 
ter has changed, and so has die 
play. 

Austin and Lee are brothers 
in southern California. Austin, 
the younger of the two, is the 
writer, domestic, civilised. Lee, 
the elder, Is the lono:, anar- 
chic, desert-loving. The action 
takes place in their mother’s 
apartment, where Austin Is liv- 
ing (and has been tending her 
house plants); Lee’s fondness 
fix- the desert comes from their 
father. 

The play covers a brief 
period when they are in each 
other’s orbits, during which 
they travel, psychologically, in 
opposing arcs, each trying to 
become the other. But the play 
is also an alarming, even terri- 
fying, struggle for power. 

Rylance usually appears to 
be one of our most marvel- 
lously Stanislavskian, natural- 
istic actors; but True West 
shows Rudko (an American 


Eka Kakhianl (toft) and George MargvetaahvB In A Mdsummer Ntgtifs Dream 


actor) as actually the more 
utterly natural of the two. In 
neither role could I spot a 
moment's artifice or contriv- 
ance from him; you are not 
aware of his acting at all. 

Rylance's acting Is superbly 
organic, but it Is also - rela- 
tively speaking - a triumph of 
technique, it is Rylance who 
can maximise the emotional 
highs and lows of a character, 
who can draw out attention 
(by the subtlest of means) to 
the vulnerability or cruelty of 
either role, and whose pacing 
Is full of danger and surprise. 

When Rudko plays Austin, 
he emphasises his weakness; 
Rylance as Lee is a more pro- 
nounced bully; and it is clear 
that the two are brothers who 
are engaging once more in an 
' Old rivalry. When Rylance was 
Austin he revealed his Apollo- 
nian restraint and quiet for- 
bearance and anguish; and 
Rudko, as Lee, was the vul- 
pine, Dionysiac, prowler from 
the void; and it seemed aston- 
ishing, and meriting . that these 
two polar opposites could be 
brothers at all. 

Congratulations to Matthew 
Warchus. the director, for help- 
ing to elicit performances of 
this calibre. True West is a lean 
play, acute in the way it 
touches- on the larger politics 
of sibling rivalry, but not end- 
lessly growing in the mind as 
one watches it To my surprise, 
however, It had just as much 
tension the second time 
around, and seemed less, not 
mote schematic. For two actors 
to alternate Hint this Is daring, 
and marvellous. 

At the Donmar Warehouse. 
WC2. 


T he nation's arts com- 
panies will be blessed 
if they expect little 
when their cheques 
arrive from the Arts Council 
for 1995-1996. Lord Cowrie, 
council chairman, said this 
week that he was not optimis- 
tic about persuading Stephen 
Dorrell, heritage secretary, to 
restore the £3.5m cut in the 
English Arts Council’s grant 
made a year ago. 

He is resigned to standstill 
funding and the possibility 
that some arts companies will 
fold. By the end of this finan- 
cial year the nation's Big Four 
- the Royal Opera, ENO, RSC 
and the National Theatre - 
will have combined deficits of 
more than £5m: even getting 
back the £3.5m will not bring 
financial health to the arts. 
But Gowrie warned against 


The future starts to reveal itself 

Antony Thomcroft takes a close look at arts funding, orchestras and the Baroness's successor 


public whingeing. As a former 
arts minister jj e could confi- 
dently assert that when lead- 
ing figures mounted their cof- 
fee tables and demanded more 
subsidy, the political Establish- 
ment quickly sided with the 
Treasury in keeping arts bind- 
ing on a tight rein. 

David Mellor’s success as an 
arts-loving Treasury secretary 
in getting a substantial lift in 
funding four years ago has 
proved a liability. The Trea- 
sury regarded it as the final 
hand-out. but already reces- 
sion-hit companies are back 
with their begging bowls. 



eT 




But ol course be never will. He cannot forget those friends wtio 
I lew with him, who lougffl with him and who sometimes died m the 
aircraft beside him. This man who cannot forget win never be quite 
the same again, will never be the same as other people Sometimes 
when the screaming and the nightmares get too bad, we lake hnn into 
one of our homes (or treatment and to give his (amity a little respite. 

There are thousands of people from an three Services whose whole 
personalities luve been damaged by wartime stress. We look after 
nearly 4.000 of them, and there are many more who need our help. 
This is an appeal to you for help, lor help to go on doing what we a re 

doing, for help to do even more. Please. A cheque, or 

a legacy should you be able to be that generous. 


.2n»ve»SS> 


They tried to give more than they could. 
Please give as much as you can. 


EX- SERVICES MENTAL WELFARE SOCIETY 

DtpL FTH. Inu ft m IU. ns BneMy. VoftMoa S»1« IRl niutam HI M BJJ3 

I Pew W?«XMdrn»(trt«mtaK£Ettt'tfCS"£ . _ «•» <*•* ta 

of ctupje m/ A-xiru/Vm card Ho . 


- ’ PtaMMnonMlHfta'MibJoauttGf SerraE Ifcrul tfsfars -Sootf / 
■ttwittocxLEnpai — __ 


_ SjWIuI- _ VS 

Oita PtaNOai no. «n» ws-A n"7 >■> ewta.' „„ it-i IT* H 


The next few months are 
cruciaL By April lottery money 
will be feeding into the arts. It 
is meant for capital projects 
but companies such as the 
National Theatre are forced to 
spend large chunks of their 
grant on patching up the build- 
ing. If the lottery sorts this out 
the NT can release money into 
new productions and e limina te 
any 1994-1995 deficit 
* 

The orchestras are at last real- 
ising that they must change 
their ways if they are to main- 
tain a live audience for classi- 
cal music. 

The future starts to reveal 
itself at the Queen Elizabeth 
Hall on the South Bank on 
November 30 when the London 
Mozart Players perform Mozart 
and Haydn enhanced by a 
large screen at the back of the 

hall. 


Blitz Vision is simulta- 
neously videoing the concert, 
and the audience will see close- 
ups on screen of the musicians 
and the conductor Matthias 
Bamert, whose cool exterior 
apparently hides wonderful 
facial expressions until now 
eryoyed only by the players. 
There will also be sub- titles. 

The musicians have been 
told to ham it up a bit, with 
plenty of mutual glances and 
soft smiles for the screen. They 
are also expected to improve 
their behaviour on stage - less 
talking and more cohesion in 
their exits and entrances. 

The South Bank will watch 
the experiment with interest it 

Chess No 1045: 1 Qal Kc8 (Kc4 
2 Qc3 mate) 2 QhS and if Kd7 3 
Qe8, or Kc4 3 Qc3, or Kb7 3 
Qa8. 


! AUCTION N° 107 I 

r] Tuesday 22nd November at 10am 

>. Ryder Street Rooms r n 

” 5-15 Ryder Street, London SW1 k, 

£ Private Viewing: lSth& 21st November 

V 

■f; Catalogue available, £10. 

24-hour credit card catalogue order line Ol 71-389 2820 

.; British hammered and milled gold coins including; . 

Cromwell 50 shillings • Cromwell crown in gold 
* • Cromwell halfcrown in gold • Charles II crown 1662 m \ 

gold • George HI “huxHrupta" pattern crown 1817 in / 

gold • “Godless" Florin I84S in gold • 1861 Proof 
Halfpenny and Farthing in gold and other rare patterns 
and proofs in gold and silver* The famous 1933 penny •) 


SPINK A SON LTD. 5. 6 A 7 KING STREET ST JAMES'S. LONDON SW! V 60S 
TEL: 0171-930 78SS. FAX: OH 1-539 4SS3. TELEX: 916711 




An Exhibition of 
Modern Paintings 
and Drawings 

fti November - 20 December 

Mnndn - Fndn 10 - J tUpm 


FTNARTE SLA. 






uv\ uemr i\ 

or .in.-, .►■Ujjp -mtfuntl. II iJJm, 


will be expected to pay for any 
permanent screen coverage. 
Next spring the SB is p lanning 
to introduce its own audio 
guides to concerts. 

What with the more relaxed 
attitude towards dress pio- 
neered by the RPO, a visit to 
an orchestral concert will soon 
be as invigorating as watching 
Pink Floyd at Earl's Court 
* 

The hunt is on for a successor 
to Baroness O’Catbaln who 
last week took fully paid leave 
of absence as manag in g direc- 


tor of the Barbican. Bernard 
Harty, the City Chamberlain, 
who has stepped into the 
breach, is expected to keep the 
seat warm for her successor. or 
rather succes s ors. 

The Barbican needs two peo- 
ple, a managing type with arty 
laaning ii to run the place, and 
an arts director to look after 
the programming. There 
should be no shortage of appli- 
cants, with the top job com- 
manding a salary of about 
£10(MXX) a year, the highest in 
the arts in the UK, and the 


THE ANIMAL SCULPTURES OF JOSE-MARIA DAVID 


Elton, the Bulldog 

Bronze: H. 41 cm, L. 67 cm. 

Open Monday • Friday 1&30 am - 6.30 pm , Saturday 10-30 am • 1.00 pm 

JOANNA BARNES FINE ARTS 
14 Mmo h’i Yard, Dnfce Street, St Jamea’a, SWlY 6BU 
Teh 071 930 4215 


7-8 \Luons Yard • Duke Suet: M James's lajnduii . SW1Y6BL' 
Tet 071«’£Sy 7 Uj3 


/ A ^ 

CHRISTMAS 

MESSAGE 

. IfojfjfOttr Acurts 
' .-iaJjfottr lutes e*rttJtol 
iiSy t&e 
i Our^yrtute/y 

Shuer Superior 

ST. JOSEPH'S 
HOSPICE 

MARE STREET, HACKSPC, 

N LONDON E84SA 

iOMf|Cd.$ta.:UUII C 


ART GALLERIES 

MARLBOROUGH PINE ART SAbemsto 

st. wt. on- 628 -stei. faula rego - 

Oqg Woman. Ur* 30 December. MovFil 

toAsassio-tzaa 

CAROLINE LEEDS An nMSkmal Recant 
Wo* at THE GALLERY, 74 Sou*! Audey 
St Wl. 21-26 NwHonfM 104, Sal KWL30. 

RUSSIAN PAINTINGS - ROY MILES 
GALLERY 29 Bruton Street Wl. 
T* 071 466 4747 

VA JEHNMCS - ErNWIon of Landscape 
Parang. Reoent On & wasredmes. 12 
Nov. ■ 2 Dee. H.C. DtCKIKS. High St. 
atetfom. mr. Banbury. Oxon, Td. (0395) 
731 948 

SPINK, HOWARD SHAGO. SxrtbSon of 
parang* A waucotoun from me arfisTs 
eme. JMG9M Noeomber. Monftl S*ao. 
Tues 9-730. 5 Hng Street. SW1. 


ONCOWSTMET! 

EDIOPE'S LEAOiRC AIT SHEET 

1 26th ft 27th 
NOVEMBER 1994 
SATURDAY KM 
SUNDAY 11-6 


I rd Anneal Opra Weekend 


£5000 

PORTFOLIOS 

indudia 

PICASSO MATISSE 
HOCKNEY MOORE 
FRINK PIPER 

A well tuLmocd semid of original pttnta 
by blue cfalp and y wnip artwta. Make 
your oum riwace for 
your home or office. 

View oovtune (pi ring fir*; Inc e»« 
b urknds. 5/ID mns by taxi from 
the Qty or the West End. 

For more detail* or ba rleur 
Rlag 071 587 0747/ Rnc 071 793 8817 


Waroun Origbub lid. 

H Wca Spate. London SE11 43P 


deputy g e ttin g around £70,000. 

The head-hunters will be 
looking at a short, select list 
Patrick Deuchar has made a 
success of the Royal Albert 
Hall and must be in the frame, 
along with John Tusa, a suc- 
cessful ex-BBC boss. It would 
be difficult to lure Brian 
McMaster away from the Edin- 
burgh Festival, hut Genista 
Mackintosh, ex-RSC, now 
National Theatre, has the expe- 
rience Ian Harsborough, - who 
runs the G uildhall School, is 
on the spot and Anthony 


Whitworth-Jones might be pre- 
pared to leave GLynde bourne 
now that the new theatre has 
opened. 

For the aits planning job the 
successful applicant must be - 
well versed- in classical musicV 
so Paul Findlay, ex-Covenf 
Garden, now RPO. might 
considered, or lan Ritchie, who. 
has just left Opera North. 

R unning the Barbican is an 
odd sort: of job. The theatre 
programming is handled by the 
RSC and much of the music by 
the LSO, the Barbican's bouse 
band. The managing director 
must be an top of the bars, 
caffs, parking, lavatories and 
general ambience of fhp place, 
hut must also inspire arts festi- 
vals and give the Barbican an 
artistic style and cutting edge. 



AowBUBta.wmjwra, 

Sunset Boulevard 
TtaittiittCim !**««: cunrwmn 

Lady Windermere’s Fan 
Writ i mmSpu M. TNaacoaoKajo 
^JTKli^Un^WOuiUlM. ” 
An Inspector Calls 
fttagwiMCirin WwiPWan 
MO Hnuhtah mOt W euHlE 
Neville's Island 

Te fc r l W d lItr GUCT4.7rtpyt7.3frqS.Sn '• 
M(XmviCR>IUAI7.VaiMlkL'He7t414JaB. 
Starlight Express 
luwvktfcta. McKnua^iom 


SindereLla umjiCfccs 
•BAr.Gwmt Cmlm . Piiam£UUI9<aSea 
couiaiititKMMiJuiuouBim. 

B«slirii NHfcaalCtaancIBS MACtC FLUTE 
AUMMSOMNAXOS 
KROVKNSaCBtNA 
T«bcUfcn»r S | mfc IWem M OW a n e 

cxenoit PataaSL-Uerueum. 

A Passionate Woman 
iwtciVudSrGiaa. rncccaeomm 


afrOK^nbwmKhrat.'IHOTLewaMS. MieSfc— Surnn. MnIMHBN 

dominion. % iMt«niCpaf(Bd.menAi(.(eM. TJutowi r»Tn TTmTi.nr.nrir nr.Lim- 
GreaseN-kootfcefcS^-w Tta^hfcerannfWOKAtmf 

T .fcc' fa OMeMMQ.M. P(fc«^t7JOg730 

5wSSS55i S ta!SS55e5 KKAt3BAK8S»EAa80Dt«ra#.TdBnjOMm 


NEwumxw.Dii^iw.wnnueR. 

Cats 

•ptaKHntaom. PHMaOJMJatflg 

VfC.Wjttrtoo Rd. 

TheSisteca Bosensweig 

TiegWMBdae. riktrnaosnat 

MLAOUMta>bvyAMm.1Me7l4MaMlt. 

LeaMbembles 

me teiensrSe— «» fttcttiCJSatJIUK 

weTUMisns. 

Blood Broth en 

nCCADlUar. Dmoun 51. T>(oru««J7l4. 

Only the Lonelyn- s^OiMnitary 
OOeffcaimyOroa: PitcexOtOIKISOB 
INBU«OUSANMiuMaAM.'AlmJM4«H. 
OnApproval 

nuraanw,adctaem& iMruMm 
CfaxyForYan 

T>*gl«lB»eTSqMiB.Pifc».CllJ043IU» 

nUNCEOTmUBLCmal^SL'MerUMHO. 

Copacibaaa 

Tta « l tand M H>giCT 1 . W e w£IB 3>Oe«l 


JjpWACOUXrt^towS^o* Trie7ine47(S. . 
The Editing Process 
M l g j Mjfcjra i raBB jgN 


TraetVestiMiDv? b««c«acnkmtmasc4 kol 

•atgOwneCfcOm. TwavfMJtKnsjM ■ nteCNflUl 

DUnYlANl.C>taafccStnTl. Td wTnUDm FlcNSWtNGLAND 

Miss Saigo n tewrOW Tsbeflwfct— 

•UteCmmiCiMlm. WngmaeCBJO SADIJgS WBUS. Sd«it m yAwe.TM 07 USJfU. 

i» ai B.a sra ltas.Wsn4>uoii. Lea BaQets Jazz de Montreal nctzvtt 

Don't Orces For Dinner TMreAnm«-rrtofctl«K 22 JB 

•fcfcrGwmtQwdm. WmBMill STMAItTtm.ttan5<m.T(lon49S4«9L 

DmcaomronrsjtMMfc-iu. iwlssmuz. The Moofetnp 
Beautilnl Thing TtOeLakfcMt fl i iiiu^ ivieCTiOJlsmw 

S SSSte . fHWKOtso r aar savoy, stmt. iwenaisiMi. 


SAVOY. Stmt He 

FOB7t*4i,XBMfiSLMenmA2Z>s. She Loves Me 

The Woman In Blach WeOiggsn WmOMigMi 

n*A&vec«dm.rei «m m<aBai snAvresi ary. sh^tnUmACT. 


Mctnaoeeesiue 


SHAFten 0*». StuAobnyAn. tUSTUIMMA. ■ 
Out of the Bine 


OABSKK.OufUwCnum.'iMarLmsen. wucormentoe 

Moscow StatJonrawe—m m— H»ej T*r" Ygrara Co»n Rd. MwittlWJI 

»hgta g a et Mmgogtn sntANO. AldwjcA.'MeTLnajUML 

CtELCUO.StuAotnryAra. Td nn.mjHS. "" ~ 

Hamlet 

IWbenwMNyOww. We M gflW NIMVIUAira MS 7 L 4 HLMS 7 . 

UAWAKXET, H«)-MiVM.Xrie7UjeastaL The Queen and 1 

Arcadia T.W: CSorta); Ccam. rriem: tK Jg-CMas 

■WpeFtaaaayQtcw. NmeilCUl VJCTORJAPAlACe. YtctoN*S»-W071AMJJ] 


KISMA|&STY-S.H l n»w«4t. WB71.4M J4WL IMW lta»tai»|lpli™;«M 

The Phantom or the Opera TitrWmu Mmnue gjr 

T W r Hcm amyCfaCT*. IHWowhJOJB VttWOMAlfS.QuitagCnmlM.'WenaWjTI*. 

THcutAND.iWT^JSUwovijwoJKNe. Three Tiil Women 

Once onThis Island -ftfc>r Uta roBrSeBM«. WmONgii 

•npcHimfcil Wet WggN 

LONDON VAliADI DM. Arj^yflSt w henmaldngicrrdlUard rtiiptxjartooMnv. 

WS7L4M3«a Ollverl . Nodornclorpcatal h oofcingorpcrtoaakallers 

ahggjBahMgnfiMegMe t-!ta^ttrodawi«y 

LYUCStMMwyAn.tHSrLmJOtS. — — 

Hve Guys Named Moe Theatre line 

TofccPl<CT4nfyOit»^ f«9w> <5 0742730 

NAnONALraSAn£t^«ura.-bn7Uisamz CellthcOaMThB e t m l lnem rabeiibelBwIor 


vrxAMO. AUmAiwnmiML 
The Prime of Miss Jean Brodie 

TWw!OftagC.e». WggNttN 

VAUOSVIUe. 9uant wmaiuw. 

The Queen sad 1 

T«teCfci^Crefc.rifcfca»ig4aBm 

VICTOR! A PAlACt Yktnrt- S»- Tfc OTl»axj 7 

Baddy WwnelimWtofMI 
TbtaHosL arawNwi 

•Nrat o grogrfcmro Prf««tSJfr42Si>0 


Phonei» n ibetslallght l yp«Afc*wiBbedM»g»d 
w lrara B n gaqtdltiMdts te ptMiieb u ufcliig. 
NBdragelBr p era ih eehingBrpoMoeelallra 
♦■lU^tetedChaitty 

Theatreline 


OSrfcr SAONODCMON 

THESCACUIX 

Mwomnai 

LpateOinwAmimmutOAiaN. 

PrtBtrCunczzjOD 




taotcinfannaHons n ddeUyseatavailability 
oneaduhoer. Caliaco4t39p per min cheap 
rateortfppermlnatatbertitmintheUK. 
TheetzalinrispiOKntedbytha 
Society of London Theatre 
oil Thralrttineon 089 1: 

SSnOOMimcala S99903Thraka 

S9990L Pirn SS9904OneWDMc. 


tj J ho red are merely three hoard away. E3 Its brochure is yours when you call 0o45 12 to 14. S/fh , /Jaffa 










VM 






^ IV 


fTNANC,A,, T | N , F ^ 


r ^lrj 

l ens io 


WEEKEND NOVEMBER 19/NOVEMBER 20 1994 


WEEKEND FT XIX 


iulav r-.-i. 

.St c‘\ -r' lfe 'VS 

ot ; rue w 


iht 


'-II. -I 
i« ' UL -■ 

■«v 


SUBem «» MS uJS JJJ- **»»■ 

ja-ia Weather. 

die 1 doSlsJJ*’, \Vn. A *“° 11 ” ^ 

Airm-ee- The i -i= ~ S Racm9 ' Fr ° m 

SSTi? 1 * HurairSf 

ThffiiSI??" 8 *- 3JSS Snooker. 

aa»=raMfar 

*■15 News. 

“srrr 8 ^ 5 ^ 

7^0 S^^! yy,,a Go "««*>« Qenw. 

Live. A nation 
«s breath aa me numbeis are 

Sf"**®** 1 * first televised 
™Jna! lottery. 

**° ^^ t ^ wn3 S«'> J gb y match 
ends In tragedy, forcing Mike to 

impromptu first aid. Josh 
, joined by a new partner, end Ash 
r « S*® charBe * Ct ' ar6e ’ s absence. 
^®° ”**» and Sport; Weather. 

■ 10 ™*^«onal Lottery Uira. Gordon 
0 ^ Presents an update. 

a-SB ram; Roxanne. Comedy updating 
the tale of Cyrano De Bergerac. 

glari ng Steve Martin as a sensitive 

nreman who faUs in love with a 

young woman (Daryl Han- 
ratyanfr to find Ws oversized nose 

gatting in the way of romance. With 

Rrck Rossovich, Shrtey Duwafl 
Oemon Wayans and Michael J.' Pol- 
lard. (1987). 

11M> Match of the Day. Higftfigftts of two 
top matches In the FA Prenforatap 
inckiding Newcastle's game agdnst 
Whnbledon. 

12.00 The Danny Baker Show. An 
interview with Paul Gascogne. 

1440 Snooker The UK Champlorortrtp. 
2.10 Weather. 

2.15 Close. 


Mi Open Unbsntty. 1*00 Chanel**. (Enflfch 
■umuu). 10140 Style Byte. 1*80 fMwMt East 
1120 Bo»ywoM or Buod 1130 R» 94 with tony 
Norman. 1220 pm fitec She Done Hkn Wrene. 
126 The Sky is tag* 

148 The PM Stow* Show. 

2.10 Horizon. Teams Of seterttete In Cai- 
tfomte. Cambridge, Italy and Tenerife 
pertorm the practical experi- 
ments aimed at proving me Wo 

bang theory. 

400 Ohm MHtar Amerioal Muefcal 
Hero. A celebration of the US ben- 
deader*s gtttoring career, reiving 
soma of the memorable tunes he left 
as Ms legacy. Including In the Mood 
and Pennsylvania 65000. 

4.00 Top Gear Rafly Report. Stave Lee 
and Tony Mason preview the motor- 
ing event starting tomorrow m Ches- 
ter. 

420 Snooker The UK Championship. 

David Vine introduces further thfrd- 
reund coverage torn the Guild Hall, 
Preston. 

5.15 T0TP2. 

8jOO Late Again. Ughflahts from lest 
weak's editions of The Late Show. 

848 What the Papers Say. Review of 
the week's news as reported In the 
press. 

7.00 News end Sport Weather. 

7.15 Assignme n t- Report on tee bloody 
struggle raging between Algeria's 
military rulers and the country's 
Islamic fundamentalists. vrWch has 
so tar cost the fees of many thou- 
sands ot people. tnchxftg more 
then 60 overseas visitors. 

*LOO Later with Joots HoBand. Joois 
introduces music by Robert Plant 
and Jimmy Page, Las Negresses 
Votes and Bestica. 

54)0 Hava I Got News for You. Come' 
tflan Nick Hancock and former Cov- 
entry goalkeeper-tumed-New Age 
gum David leke Join the Increastofliy 
tired the banter between Paul Mar- 
ton. Ian Hfcrtop end Angus Deoyton. 

0.30 Performance: The Mother. Anne 
Bancroft stars in this new produc- 
tion ot Paddy Chayefaky's moving 
1954 drama about a widow’s strug- 
gle to maintain her dignity. 

1020 Lost Word. Germaine Greer and her 
female guests debate the subject ot 
responstofflty to parents from 
grown-up chOdren. 

11.15 F&n: La SamouraL Co m p e ll in g 
thriller, starring Alan Deion and 
Francois Perler. Part of the Lost aid 
Round season. (1967). (Engfah sub- 
titles). 

1259 Uncut Unedited Video Nation 
highlights. 

1.30 Close. 


TELEVISION 

SATURDAY 


850 GMTV. 52$ What's Up Dad 1149 The Chart 

Shew. 1230 pm Spodinsy- 

1.00 ITN News; We ather. 

1-00 London Today; Weather. 

1.10 Champions 1 League SpecteL Pre- 
views of Gothenburg v Manchester 
United, and AC Milan v Ajax in 
Eraope** premier dub competition. 

1.40 Movies, Games and Video*. 

Reviews of Airheads, staring Bren- 
dan Fraser, and Nick Matte's new 
romantic comedy I Love Trouble. 
Plus, Coot Runntogs and Jurassic 
Park on video. 

2.10 WCW Woridwkte Wrestling. No- 
hotds-barrod grappSng action. 

3.00 Salntte Soocar Skflts. Wycombe 
Wanderers' manager Martin CNaW 
and Tottenham superstar Jurgen 
KXnsmann pass on tricks of tee 
trade. 

3.20 Brand New Life, a TV producer 
persuades the GBsbons famiy to 
appear In a fly-on-the-wall docu- 
mentary. 

4.15 Disaster Chrantefoa. Documentary 
series focusing on di sa s te rs. 

446 fTN News and Results; Weather. 

8.03 London Toreght and Sport; 
Weather. 

8.10 Pa y wa tc h . Mkch Mas to raNndle 
hta romance with Stephanie. 

858 Metton ei Lottery Introduction. Cflla 
Black Introduces a special evening’s 
programmes, faidudng the lottery 
result as It Is announced. 

650 Gtacflator*. Contestants from Leeds, 
Nott i ngham. Kings Lynn and Stoke- 
on-Trent take on the muscle-bound 
warriors. 

7.00 Band Date. Oita Black plays Cupid 
to another group of hopefuls vying 
to win tee heart ot a potential part- 
ner. 

*JX> Diana: Portrait of a Prin c e ss . Inti- 
mate fim profile, using exclusive Nm 
footage and Insider testimony to 
chart the Princess's fife since her 
separation from Prince Charles. 

9.00 fTN News and National Lottery 
Update; Weather. 

5.10 London Weather. 

5.15 FUm: Red Heat Action adventure, 
with Peter Boyle and Lany Fish- 
bume (1983). 

11.10 The Big Fight . Live! Prince 

Nmeem named v Laureano Rami- 
rez. 

1240 Love and War. 

1.10 Get Stuffed; ITN News Hemflnes. 

1.15 The Big E. 

2.10 New Music.; ITN News Haadllniis. 

3.10 European Ntoe-8tal Pool Iteitan. 

445 The Magic Wok. 

4.30 BPM. 


CHESS 


CHANNELS 


am 4*Td On Vtaw. *36 Early Naming. 94a Bfcz. 

Iljn qtmttt FootbsS ftefia. 1230 Sgn Orr Yow 

Views. 1230 pm IT* Greet MarKhs. (Englsh etf*- 

m 

1.00 ram Esey Money. Comedy-drama 
chronidng the tanunes of fow very 
dffmnMbotbefi poob wkmera. 
Starring Jack Warner and Petuda 
CtericC1948). 

2U40 Fthn: The Love Lottery. A British 

flm star becomes fcsr prize in an 
Memahonal lottery. Eafing comedy, 
with David Niven and Peny Cum- 
irtna (1853). 

450 M ■ goo's P roble m Chfid. Rrst in an 
anknated double bUL 

428 Magoote Cnitee. Myopic capers 
whh Mr Magoa 

4J30 No Appteuse, Just Throw Money. 
Footage of street performers in 
action, ranging from musidwn, to 
jugglers and mime artists. 

5515 BrooksMe. 

4LSO Right to Rephr. Roger Bolton pres- 
ents vie w ers' opinions about tsievf 
Non. 

7.00 A Week in Pettka. irreverent 
review of the week's political stories; 
Nun Summary. 

850 A Short Hkn About Winnkig For- 
tunaa. Investigation Into problems 
brought by sudden wealth, focusing 
on tea case of 1960s poofs win net 
Vlv Nkteofson wte fidSled her vow 
to spend, spend, spend only too 
wed. 

820 FWn: How to Marry a Mtoonabra. 
witty comedy, starring Betty Gratae. 
Marfyn Monroe and Lauren Bacafi 
as achemteg gold-riggers deter- 
mined to land themselves wealthy 
husbands (1953). 

10415 Rory B r a mn er . Who Else? Satirical 
comedy end Impersonations. 

1048 ram: Dollar Mamba Premiere. 
Musical parable set In Panama at 
the time of tea US Invasion, about a 
njghtcfeib where various misfits seek 
refuge from the harsh realties of He. 
Roberto Sosa stars (1993). (English 
subtitles). 

12.00 Late Licence. 

12.10 Kerman's Head. 

1245 Butt Naked. 

120 Lot the Blood Run Free. 

IdSO Curious: The Velvet Undargrouid 
in Europe. 

255 Velvet Redwc Live MCMXCOL 

4.00 Cloea 


REGIONS 


RY BMW AS L08TO0W BX C5PI AT 1MB 

poaowwa TBiBSt- 
AMOUAt 

1230 Moriw. Games and tfidsos. 135 Angla 
News. 149 Cartoon Tkn* 145 The Rut of tea 
fm. (19421 345 Knight FSdar. SOS Afl^a News 
■nt) Sport#. TO Angte W — ite . 

1239 uo ri te, Gsraas ami Videos. 135 BaMar 
Newt. 140 Superstars of Wrasfing. 225 Hot 
Wheals. 25B MecOyver. 150 KiVght Hder. SAB 
BoMer News end Weather 838 Border Sports 


1230 America's Top 10. 135 Centmi News 2.10 
SeaQuwt DSV. 335 The FM Gay. AAO WCW 
WMMnk WresOna SA8 Central News &.1D The 
Central March • Dost* Extra. 820 Oayeietrh SlIO 
LOCW WStedMr. 

CHUIMb 

1130 COPa 1200 The Chan Show. 135 Channei 
Diary. 140 Yesterday's Hemes. 219 Blood flbar. 
(1B81) 045 nder. 036 Ctwmoi News. 

OMHMAJfc 

1230 AMU Spots. 13S Orampien Heedfees. 140 
TeteOoe. 210 OontSe Mtxdo. 230 Men of Sher- 
wood Forest. (1954) 435 Stpamwts Of Wmflng. 
MS Grampian l l u at m e a , B.TO O r a tap iau W a w ha r . 

BRAMADAl 

1230 Moriea, Games and Vtdeoe. LOB (Varede 
Nows 140 Superaters ot Wrestling. 238 Hot 
Wheels. 285 MecOyver. 230 Knight Rider. 530 


HTYl 

1230 No Nskad Ramas. 138 HTV News. 140 Best 
ot British Motor Spat 210 Yastord^s Haroea. 
240 Morias. Gamas and Vteaos. 210 The A-ltem. 
*30 Knight flder. 838 HTV News and Sports 
feeds BlIO KTV Weather. 

MBUDIAMi 

1130 COPS. 1200 The Chat Show. 138 Meriden 
Nows. 140 Yesterday's Hamas. 218 Blood fear. 
past) 348 I WgW (Oder. 838 Maridbn News. 

1230 Extra Ifcns. 135 Scotland Todey. 140 Tafa- 
noa. 210 tea a Wonders* World. PBSQ 240 Sons 
rod Daughters. *10 Tate Your Pick. 440 Cartoon 
TUwo &flB Sco tland Today 

1230 Moriaa, Grows and Vldaas. 138 Tyne Taaa 
News. 140 The Moutfrin B*a Show. 210 Musa 
on Whsris. (1963) 248 Kraght Mar. 530 Tyne 
Teas Saturday 
OLSTBB 

1230 CracMn’ Cotai&y. 138 UTV Live Lunchtime 
News 1.10 Saturday Sport. 130 Hor Wheats. 130 
Champions* League Speck*. 220 Marias, Game* 
rod rideos. 280 Csrtoon Tons. 338 Kntfd Mar. 
*00 Suparstes of wmsttng. 830 UTV Live News 
838 Satuday Sport. 210 UTV (iva News 


1230 Merries, Gwnaa and Videos. 13B Westctxxv 
try Nows. 140 Noth to Alaria.{l96Q 340 Cartoon 
Tima. 348 Dtaoaaurs. *18 No Nated Rama* 536 
Wa etct x nrt y N ews 210 W te trmatr y Waatear. 

1280 Merries, Gamas are! videos. 136 Calendar 
Nows. 140 The Mountain Bfcs Show. 210 Mass 
on Wheats. (1983) 345 Krdght Mar. 830 Calendar 
Nawa. 838 Soonlna. 

Iff WMaa aa Chexet 4 .«,»[ <,. 

730 Early Morning. 1230 Mov'iawatch. 030 
Newyddbm. 045 Tocyn Tymor. 740 Bacha H 
OMa. 83S Hrien Yn Y Gwaad. 225 Ltygakl Sgwar. 
950 The Cutter. 


-J - . K J 



SUNDAY 



- ■ 

BBC1 | 

g BBC2 

B LWT 

K CHANNEL4 | 

| REGIONS | 


730 The Mm torn UN CLE, 215 BraMdtet wtti 

Frost 215 Morning Worship. 1030 Sea Heed 

1030 French Experience. 1045 Easy Money. 1130 

The 11th Hotr. 

1200 CounttyHa AgriaAural Issues. 

1235 Weather for the Weak Ahead; 
Nowsl 

1230 On the ReconL Trends in British 
and European politics. 

130 Cartoon. 

. 140 The Yotaig Indiana Jones Chroni- 
cfea New series. A youtefU Indy . 
mates fits first trip to Egypt mid 
encounters an inW g i i rio mystery. 


Theatre Guilt 


r,. # • r-s'*y} 


345 Martin ChuzMawR. A tragedy 

balds tee Chuzzkwrite, and Martin 
decides to sack his fortune fn Amer- 
ica- Shown last Monday on BBC2. 

440 The Bookworm. The endraing 
appeal of the Just WMamtoofcs, 
and an interview with beeteaBng 
novefist Catherine Cookson. 

5.10 The Clothes Sbosc A style guide to 
Dublin, and report on a fashion 
show at Paignton's Festival Theatre 
featuring local aflmmtng ciub mem- 
bers. 

0.35 Just WBHam. 

5435 News. 

5JB5 Songs of Prateo. A ChOdren to 

Need special from the LInacre Rood 
MeteocBst Msston Church in Botal* 

7.00 ChHron in Needs The Final Cowit- 
down. A final behind-the-scenes 
took before tee TV appeal takes oft 
reviewing some of the wacky events 
that have taken piece already. 

7.10 Lovejoy. Dodgy dealer Lovajoy 
embarks on a risky scheme - and 
places his own daughter's welfare at 
risk. 

8.00 Vintage Last of the Sraraner Wtaa. 
Coiftoo expresses an unexpected 
desire to scuba dive - prompting 
the sudden purchase of Sid’s wet- 
suit 

aao Birds of a Feather. 

230 Seoforth- Bob finds a way to make 
easy money, and John Stacey plots 
to take over Winter’s Engineering. 

230 New s and Weather. 

10.05 The FuB Wax. 

1(235 Everyman. Wwwto Pro«e of 
serial kffier Jeffrey Dshmer, investi- 
gating how a seemingly normal per- 
son could become a murderer. 
11.15 Fare Crucifer at good- Ch ariton 
Heaton aa Sherlock Hofmes Imesfi- 
oates a famPy curse. Myster y, co- 
starring Rtabard Johnson, &aanrah 
Harter, Sknon Caflow and Edward 
Fax 11991)- 
1235 Weather- 

1.00 Cfoea. 


730 Trias of tee Torah Fates. 735 Bwnp. 740 
Bflnky BSL 835 Wishing. *18 Pteydays. *38 
Morarin. 930 The Busy World of Richard Scroy. 
238 ton. 240 Store Pmtacum. 10Jt0 VmeBuo- 
tara. 1028 Grange HL 1050 The Boot Stoat 
Band. 1130 Artrageoua. 1145 The O Zone. 1200 
Quntun Leap. 

1246 Top Geer Ra«y Report Live 

coverage on day one from Clumber 
Parte In N o tting ham shire. 

230 Around Weetn*ate i . Roundup of 
parflamentery proceedings. 

250 Sraiday Gr a ndst a nd, Introduced by 
Stave Rider. 235 Rugby Laague: 

Live coverage of &aa£ Britain v 
Australia from Bland Road. 430 
Snooker. The (AC ChamptonsNp 
from Preston. Times may very. 

5.10 Rugby SpecteL HlghfigMs of Scot- 
land v South Africa from MunayfiekJ, 

■ rod Swansea v Neath at St Helens. 
*10 Top Gaar Ra*y Report. Steve Lae 
presents a rounri-up of news from 
day one. 

730 The Money frogrammeu Report on 
the future of British Telecom in the 
tight of recent moves by cable TV 
comprofss to begto supplying 
domestic communication systems. 
730 Video Nation Wtefdy. A Jamaican 
expatriate records her Bfe in London. 
830 From A to B: Tates of Modem 
Motoring. Portraits of die British 
and thetr car* beginning with an 
insight Into the free of seven flret- 
tfene drivers. 

530 String* Bourn and Beflowra. The 

second movement at Alfred 
Schnittke’s Sonata for ceBo and 
piano. 

530 Snooker: The UK Championship. 
Coverage of this evening's crucial 
(hbd-round matches from the GuBd 
Hafl In Preston. 

030 n mw wat oh. Reconstruction of epl- 
sodes from the En^toh CJvfl War, 
showing how famBes up and down 
the country wen dMdad by conIBct’ 
Ing loyalties. 

1040 Snooker. The UK Championship. 
David Vine presents foghUghts from 
torches matches at the GuBd Hafl 
in Preston. 

1130 ram: The fdOtog. Stanley Kubrick's 
drama about an ex-comricfa eiabo- 
rata plot to rob a heavfiy guarded 
racetrack. Sterling Hayden, CoReen 
Qay and Vtoce Edwards star (1956^ 
1230 Ftnr KBeris Kiss. A boxer 

becomes a marked man after saving 
a woman from her gangster lover. 
Stanley Kubrick’s teriBer, starring 
Bank SBvara. Jamie Smith and Irene 
Kane (1955). 

200 Ctoa* 


*00 GMTV. *00 The Disney Club. 1*15 Unk. 

1030 Sunday Matters. 1130 Morning WoraNp. 

1230 Sunday Matters. 1280 pm Crantak London 

Weather. 

130 fTN News; Weather. 

1.10 The War Machbie Debat* Jona- 
than Dimbleby invites arms traders, 
pr oja mme-makara and poBBotene 
to discuss ethical Issues raised by 
the week's programme* 

230 The Mountain Bfe Show. A visit to 
Bushy Park In Sumy. 

230 Saint's Soccer SHH* John 8atata> 
and Jisgen Klinsmann pass on 
tricks of the trad* 

248 The Sunday Match. Middlesbrough 
v Wolverh am pton Wanderers. Live 
coverage ot the clash from Ayre- 
soma Park between two of the out- 
starxAng teams hi the Football 
League. 

8.15 Love and M a rr ing* Roy and Fiona 
tie the knot in a register oftica Mfr- 
iaro p repares to marry Brian and 
Kevin goes to txiy a wedding suit 

845 The London Programme. The truth 
behind Operation Bumblebee, the 
MetropoBten Police’s attempr to 
crack down on crime In London. 

215 London Tonight; Weather. 

530 ITN New* W e a ther. 

840 Schaftokfa Quest. UFO sightings 
over Hdey Moor, an Abba conven- 
tion In Bristol, and attempts to 
establish the truth behind the Robin 
Hood legend. 

730 Heartbeat. Nick investigates a case 
of aggra v ated burglary on the out- 
skkts of AtoensflekJ. 

830 You've Been Framed! Comic com- 
pendium of domestic disaster* 

930 London's Burning. The propane 

cytindar storage depot Maze contin- 
ues, bringing devastating news for 
Georg* 

10.00 Spitting Image. MercUess satire. 

1030 fTN New* Weather. 

1030 London Weather. 

1048 The South Bank Show. Profile of 
harmonica player Larry Arfler as he 
celebrates his 80tti birthday by 
recording on album of Gershwin 
standards helped by Beaties pro- 
ducer George Mar tin. 

«45 You’re Booked! 

1218 Cue the Music. 

1.15 Married - With ChBdren. 

135 Get Stuffed; ITN News HeadAns* 

130 ram: Maid In America. Domestic 
comedy, starring Susan Clark and 
Alex Karra* (TVM 1982). 

535 Get Stuffed; fTN News Headline* 

*40 FHm: Vital Sign* Powerful dram* 
Starring Ed Asner and Gary Cole. 
(TVM 1986). 

538 Get Stuffed. 


RADIO 


830 BKZ. 7.10 Early Morning. 1030 Dennis. 1*15 
Saved by tea Bel. 1048 n awWd* 1145 Utta 
Houae or tea Prate 1240 pm Ryan Glgga Soccer 
Strife. 

1.15 Football ItaS* Coverage of top 
Serie A fixture Foggla v Parma 

330 Last Thaln to Medfofoa Hat Austra- 
lian Joianafist Murray Sayie’s epic 
Journey on the Trans-Canada 
Express; Nawa Summary. 

435 Joe CocIobr Haw a Uttle Faith. 
The Sheffield singer looks beck over 
his roHer-ooaster career and (fo- 
cusses haw ha became one of the 
world's leadtag soul star* 

8.10 Belfast Lesson* Reports from Bel- 
fast's Hazelwood Coiega 

535 FBre 20 ROnon MOoa to Earth. A 
giant reptflian monster from Venus 
nms amok In Italy. SF thrtler, star- 
ring William Hopper and Joan Taylor 
(1957). 

7410 Equinox. Debate on a controversial 
method of stimulating unborn chil- 
dren with rhythmic sound* which 
aliegady increases their nteUlgence 
significrotiy. 

830 Beyond the Cloud* Dr Tang's sur- 
gery is threatened wtth cioarae as 
economic pressures tighten their 
grip. Last ki aerie* (Engfeh subb- 


0.15 FUm Other People's Money. Satiri- 
cal comedy, starring Danny DeVito 
as a ruthless asset-stripper deter- 
mined to force businessman Greg- 
ory Peck to sell his small-town 
factory. With Penelope Ann M5er 
(1991). 

11.10 Tracking Down Maggie. Nick 

Broomfield's offbeat quest to Inter- 
view Margaret Thatcher, as he 
attempts to break through the Iron 
Lady's pubSc Image to reveal the 
private personality underneath. 

1280 FBnv totimo Terror. Premiere. 
Psychological drama directed by 
Waiter Dohner, tracing a middte- 
dass woman's atte mp ts to come to 
terms with the afte r mat h of the Mex- 
ican earthquake (1992). (EngSsh 
subtitles). 

230 Ctos* 


(TV W 5Q I0 C AS LOMDOM PCPT AT TH5 


1230 Westeountry Update. 1235 Westcountry 
New* 230 Hat Wh otes . 280 Air Ambulance. 330 
Scott of the Antarctic. (1948) 530 Wid West Court- 
try. 530 Father Dowing imrasSgatM. 835 Wwt- 
country News 1040 Westcountry Weather. 1148 
Prisoner. CeB Block a 


1226 KckteXML 1280 Calendar New* 230 The 
M ranters Today. 230 Your Match - Uv* 535 
Dinosaur* 530 Anted Country. 630 Calendar and 
Weather 1040 Local Weather. 1145 New VWon* 


SATURDAY 


SUNDAY 


l ' ^ . 
'.vi i !i . ' 






1 , .V- ...* 

- . 1 


r- ••• ^ 


BBC RADIO 2 

*00 Staata BaroL 535 Wan 
Matthew. 1*00 JuJ Spter* 
1230 Hayes on Saturday. 

The N«w Mul £Kv *00 

Martin Kesier ro SatLrfoy.Aflu 

Emtnytou Hsnta. SM M«ti 
Caine snd Friends. *30 
Cameron MacWnto*to1T« 
Producer. 730 The GMan 

n_a of Hadkl. 730 STOOOM 

PrIp. *30 
1030 Sheridan 
Ronrtie HSW. 1ZM Ch* 188 
Hav* 830 Strata BVOt- 


. BBC RADIO 3 

a_30 Open Urivorafty: 

U feg ewr 730 RBCOrd Review. 
930 BifeW * {Agm *' e . ^*,0 

ugndrfsaoftn's Plano Conrierto 

NoihGmlnof.OyBnice 

Montto* . 


aeferflnn of recent i 
1230 Ctos* 



a-aSSr- 

tert«fo n ^ v 2S!l 

*30 Rte 

MM' 



BBC RADIO 4 

830 New* 

*10 Fennlns Today. 

830 Prayer tor the Day. 

730 Today. 

930 New* 

*06 Sport on *. 

930 fteskawey- 
1030 Loose End* 

1130 The Weekh 

WestntostW. 

1130 EraopWte- 
1200 Money Box. 

1225 Pm Sony I Haven't ■ 
du* 

130 News. 

1.10 Any OuealtowT W*h 
Bareness Srentto Dean. 

ajjOAnyArowwYfDTT-fiM 

4444. Usterxxs* o o mm ante. . 
230 Ftsyhous* Peu gte— 
Venfc* Don mmwtee 

comedy. _ . ■ 

430 Soapegoet* Tntemr* 
430 Sdeoca Now- 
SOOFfeenA 
840 Another Waw flora the 

Fish Queue. 

*00 News and sport* 

*26 Week Bating. . 

*50 The Lock* Room. . 

7«0 KfoMosoope take* 
each pointer Plot MoncHan. 
730 OpertnW Tl» f^nj 
Dutchman. Sttering CMsa 
Testa. 

*20 Mustek) Mn 
*50 Ten 10 Ten. 


1030 Nsw* 

10.18 Quota UnquOa. 

1045 Chocolate Nuns end 
Hre U orab * 

1130 Rtehard Baker Compares 
Note* 

1130 Death Comes Staccato. 
1200 New* 

1233 Shipping Forecast 
1243 (LW) Aa Wortd Senric* 
1243 (FM) Cloea. 


BBC RADIO 5 LIVE 

636 DMy Tackle. 

*30 The flraewsat Programme 
038 Weeken d wtth Karahsar 
and WMttdrar. 

1135 Sped* Ass&mmt 
1135 Ortnis Desk 
1230 Mddsy Edteon. 

12.15 Sportocaft. 

138 Sport on Rw. 

830 Sports Report. 
B30SfoO-8bc. 

735 Saturday EdMon. 

036 Asian Pectpectiy* 

*35 The Gossip Column. 

1035 The TteBmsnL 
1130MQM&dra. 

1206 After Nora* 

236 Up A8 NighL 


WORLD SERVICE 

BBC for Europe cm be 
renelrod In we etem EUrope 
on naedkan wave 848 kHZ 
(483R1) at terns tknes BSTi 
*00 Morgenmagszln. 630 
Europe Today. 730 Wortd 
New* 7.15 Waveguide. 739 


Book Choic* 730 People and 
Potoc* *00 Wbrid New* 830 
words of Faith. *18 A Jofly 
Good Show. 930 Wortd News 
and Buinen Report. *18 
WoricbriaC *30 Davaiopment 
04. *45 Sports Roundup. 
1030 Printer's Dave. 1*18 
Letter from America. 1030 
Waveguide. 1040 Book 
Choice. 1046 From the 
WeekBe* 1130 NewBdesk. 
1130 BBC English. 11.45 
MHtaBsmaoazkL 1230 World 
New* 1209 Wonts ot FWDi. 
12.15 Mutlttrack Alternative. 
1245 Sports Roundup. 130 
Newahour. 200 News 
Summery; Spartsworid. 430 
Wortd end Brittah New* 4.15 
BBC English. 430 Houle 
AktuaiL 530 News Summary. 
535 Waveguide. 5.15 SBC 
Engfeh. 830 Newsduk. 630 
Haute AktueL 730 News and 
Uiaei In Gennan. 630 World 
New* *10 Words of Fatih. 
*15 Development 94. *30 
Jazz for the Asking. 930 
Nmshour. 1050 World Nm* 
1*05 Words of Fifth. 10.10 
Book Cholca. 1*15 Meriden. 
1*45 Sparta Rudp. 1130 
Newsdssk. 1130 The Story of 
Western Music. 1200 Wortd 
and Brittah New* 1215 Good 
Book* 1230 Ray of the Weak 
2M Newsdesk. 230 The 
feruggie for Oft. *00 World end 
British New* 3.15 Sports 
RouidupL 230 From Our Own 
Correspondent. 250 Write Oa 
430 Nawsdaak. 430 BBC 
Engfeh 445 News and Pma 
. Review in Osman. 


BBC RADIO 2 

730 Don Maclean 9.05 
Mctuel AspaL 1*30 Hayes on 
Sunday. 1200 Desmond 
Carrington. 200 Benny Green. 
200 David Jacob* 430 A 
Hoyle Tour. 4.30 Sing 
Something Sxnpta 530 Ctwrte 
Chester 730 Retard Baker. 
830 Sunday Half Hour. 930 
Atan Kokh 1*00 Thera! Never 
Be Another. 120S Steve 
Madden. 330 Ala* Lester. 

BBC RAMOS 

bjs6 Weather. 730 Sacred rod 
Profane. Kodely. Chopin. 
Palestrina. Anon. Dvorak. 838 
Choice of Three. Alan Pieter 
previews forthcommg 
pngremmes 930 Bran Key's 
Sunday Morning. 12t5Mctac 
Mattere. The tercentenary ot 
Voltaire's birth 130 Schnittke 
at ca 230 BBC Singers. 
Dvorak. 330 Yoraig Artists' 
Ftewn. Music by Schranarei, 
Saint-Saws rod Mozart 430 

The BBC Oreheetraa. Mataw 

and Henseft. 5.1S Making 
Waves. From me Belfast 
Festival 830 Jero-Yves 
Thteaudat Ravel Llaa. Vank 
err Ltazt 730 The Sraiday tap 
The Trageoy ot Kteg Lear 
Stsimng Sir John Gteigud. 

1*1S Muatefri Our Time. 
8chnMke and Andrew 
Mcfemta 7130 Chok Work* 
Janecek. 1230 Close. 


BBC RADIO 4 

830 New* 


*10 Prelude. 

830 Morning Has Broken. 

730 News. 

7.10 Sunday Paper* 

7.16 The LMng World. 

740 Sunday. 

830 The weera Good Caus* 
*00 New* 

*10 Sunday Paper* 

*15 Letter from America. 

930 Momteg Service. 

1*15 The Arnhem. 

11.16 Medumwaw. 

1148 Four Comer* 

1218 Desert Hand Ota. 

130 The World Thta W eekend. 
200 Gardeners' Question Time. 
230 Ctoetac Serial: Operama - 
La vie de BOhem* 

330 Pk* of the Wee*. 

4.1$ Analysis. 

530 Hack on the CUL 
530 Poefry Plaasel 
830 Six O'clock New* 

*18 Feedoacfc. 

830 CHtdren'a Radte 4. 

730 In Business. The wortd of 
sales. 

730 A Good Read. 

830 (pM) Scapegoat* 

830 (LW) Writer's Weetty. 

830 (FM) Berating Aloud. 

830 (LW) The French 
Experience. Phrase took* 

930 (FM) The Natraal Htatory 
Programme. 

*1$ (LW) Make German Your 

930 (FM) Crotteg the Earth. 
946 (LW) Short Stories in 
Spann*. 


1*00 New* 

1*15 Love rod Death 
1045 Eurekal 
11-15 1088 and Afl That 
Weather. 

1148 Seeds of tah 
1200 Nws. 

1230 Shipping Forecast 
1 243 (LW) Aa Work! Service. 
1248 (FM) Ctos* 


BBC RADIO 5 LIVE 

835 Hot Pusult* 

830 The t fraakt a at Programme, 
aoo Witch* m Sunday. 

1230 Uddey Edtton. 

1216 The Big Byte. 

136 Top Gear. 

135 On the Line. 

235 You Carnal Be Serious! 
238 Sunday Sport. 

635 Jm and the Doc. 

730 News Extra. 

735 The Add TeaL 
830 The Utimate Preview. 
1005 Special Assignment. 
1035 Crtno Desk. 

1130 Ngtit Extra. 

12* WghtcsA 
206 Up AS Night 


WORLD SERVICE 

BBC for Europe cm be 
reca kiBd ki nraaterw Europe 
on nedhim wave 648 WZ 
(463m) at throe tfcnro BST: 
830 News and features In 
German. 830 Jazz For The 
Asking. 730 Wortd New* 7.1S 
Wood. Guts and Bras* 730 


From Ora Own Correspondent. 
7-50 Write On. 830 World 
New* 830 Words of Fatih. 
*15 The Greenfield CoOnaton. 
930 Wortd News and Burtneas 
Review. *15 Short Story. 930 
Folk Routes. *46 Sports 
Roundup. 1*00 News 
Summary; Science ki Action. 
1*30 in Praise at God 1130 
Newadeak. 1130 BBC En^bh. 
1145 News and Press Review 
in German. 1200 News 
Sranmary. Play of the Week: 
Candid* 130 Newshow. 200 
News Summary; Hatp. I'm 
Going To Be A Parer* 230 
Anything Goes. 200 World 
New* 215 Concert HrfL *00 
World and British New* 4.15 
BBC Engfeh. 430 News and 
features in German. W» Wortd 
News and Buabieas Review. 
5.13 BBC English. 8.00 
Newsdssk. 630 News and 
teatraes In German. 830 Wortd 
New* *10 Words Of Fatih. 
*15 Printer's Devil. *30 
Bnpe Today. 930 Nomtow. 
10.00 World News and 
Business Review. 10.15 
Meridian. 1*45 Sports 
Roundiro- 11-90 Newsdssk. 
1130 Help. !■» Going To Be A 
Parot. 1200 WPrtd and Brttttt 
New* 1215 It's Your Brofees* 
1230 hi Praise etf God 130 
News Summary; tap on the 
Una. 145 Wood. Guts and 
Brass. 200 Newedesk. 230 
Composer of the Month 330 
Wortd and Brash New* *15 
Sports RondupL 330 Anything 
Goa* 430 Newsdesk. *30 
BBC English. 4.45 
FnJvnagflzifi. 


Garry Kasparov, who two 
mnnthB ago was humiliated by 
the Pentium Genius computer 
is London, recovered in the 
style of a world champion to 
win the Paris leg of the Intel 
Grand Prix this week and thus 
shared the $50,000 bonus for 
the best overall total 

Kasparov, beaten in Moscow 
and New York and apparently 

out of contention, had a slim 
fftymee because points scored 
In Paris were counted double. 
Then his rivals Anand and 
Ivanchuk lost to unseeded 
opponents while Kasparov 
eliminated Kramnik In the 
sani-finaL The two Ks tied for 
the Grand Prix, with Adams, 
seventh, the best Briton. Rapid 
chess at 25 minutes per player 
for the whole game invites ele- 
mentary mistakes, as when 
Adams blundered a knight In 
13 moves. But Kasparov can 
create deep strategies at speed, 
and here he outflanks Black’s 
central bulwark by an impres- 
sively controlled ptneer attack 
down the b anrf g fftoc (6 Kas- 
parov. White; J Bjartarson, 
Black; Intel Paris 1994}- 

1 d4 Nfi» 2 Nf3 e6 3 g3 b$ A 
risky choice, but the Icelander 
was one down in a two-game 
match. 4 Bg2 Bb7 5 Bg5 c5 
Black's approach is too ambi- 
tious; better is Be7, gaining 
space later with the b5 pawn. 


s c3 Qbfi 7 BxfS gxfB 8 0-0 
Na69e4’b4 10a5Qc7 1lc3 
Bh8 12 Nh4 Bxg2 13 Nxg2 Qc6 
14 Nf4 Nc7 15 Nd2 bxcS 16 
hzca BdS 17 Nh52 Kasparov 
already sees bfUB, and g7 as 
his target squares. 

Be7 18 Qg4 Nd5 19 C4 Ncs 20 
Bfcl Bb2 If Na4 21 d5! exd5 22 
cxdS Qxd5 23 Ne* wins at least 
a piece. 21 Rxc3 Rxd2 22 Bb3 
Qc7 23 Stahl Resigns- Black 
cannot stop the attack on two 
fronts, and White wins by 
Rb8+, Qg7 and NxfB+. 

No 1048 


1 


White mates in three moves at 
latest, against any defence (by 
G Planck). The obvious 1 Qa4 
draws by stalemate, so White 
has to allow the BE an escape 
route. 

Solution Page XVm 

Leonard. Barden 


BRIDGE 


1230 BodMKxfc* 1255 Af&ta Nam. 200 High- 
way to Hoavon. 258 lOcfc-OM 335 The Prteot 
Idler. (TVM 1971) 545 An^« at War. *15 An0a 
News on Sunday 1040 AngUa SVwther. 1146 
Street Legal 

1220 G radena re ' Otary. 1255 Border Now* 200 
Scotepart. *15 Beat ot British Motor Sport. 348 
Sunday Drive. (TVM 1888) 830 Coronation S t re et. 
BL3S Border New* 1148 Prisoner CM Block H. 
CBIVUL 

1230 Central Newsweek. 1235 Central Nws 230 
Xpres* 230 The Central Mtedi - Uv* 438 Gar- 
dening Time. 530 It's Yotr Shout. 535 HR the 
Town. 036 CenM News 1040 Local Wetetar. 
1145 Prisoner Ota Block H. 

IIIIAferiAW 

1130 Sraiday Senric* T145 Stan. 1230 Groferi- 
ere' Dlray. 1235 Grenplan ll ro ife w * 200 Scot- 
Bpori. 210 Yastorday** Heroe* 045 Era Your 
Heart Out 4.15 Movies, Grams and Video* 446 
Cartoon Tim* *00 WBd West County. 630 Mur- 
der. She Wrote. 835 Grampian Heroine* 1*40 
Grampian Wtottwr. 1145 Meaner Cel Block H. 
gumpifc 

1225 Granada on Smd^. 1255 Grenada Nows 
230 The A-Teran. 285 Tto Granada Match - U«m| 
630 Coronation Street *25 Granada News 1145 
Prisoner Cal Block H. 

Hfft 

1235 The Wrap. 1238 HTV New* 230 On the 
Edg* 230 Tto West Mrach - Uv* 525 Htatory on 
Craws* 535 Hams Marts* *25 HTV News 1040 
HTV Weather. 1145 Prisoner Ceil Block H. 

1230 Seven Day* 1280 Meriden New* 200 
Cartoon Urn* 210 Uw Pier. 2S8 The Listing* 
240 The Martdtan Match. 225 Abport *77. (1977) 

835 Dogs wtth Dunbar. 535 The VBog* 835 
Moktiro New* 1146 Tto Pier. 

SCOTTISH: 

1130 Suuty Service. 1145 Skon. 1230 Scutiraxl 
Today. 1235 Skoash. 230 Scotepart. 216 Obty 
Money. (1972) 830 KNght Alar. 536 Mchael BrtL 
*25 Scotland Today 1040 Scottish Weather. 1045 
Scottish Voice* 1145 The South Bank Show. 

1235 N ewa v ree k. 1235 Tyne Tees New* 230 The 
Monsters Today. 290 The Tyne Tees Match - Liv* 

836 Dteosara* 530 Arimai Country. 830 Tyne 
Teee Weekend. 1145 New V&ora. 

ULSTER: 

1230 te an onent * 1245 Tomes An Traote. 1235 
UTV Uve News 200 Gardening Time. 235 Trawl 
Trafl* 235 Folce Six. 205 GXxy Day* (TVM 1968) 
438 Mrarter. Bho Wrote. 530 Gtanra* 830 wa- 
nes* 835 UTV Uve Evening Maws 1*40 UTV Uve 
News 1146 Prisoner. Cei Bkxtit H. 


Today's hand is from rubber 
bridge. It teaches a useful les- 
son. 

N 

4 Q 72 
f 10 8 4 3 

♦ A J3 

4 853 

W E 

AAEJ865 A 10 93 
f ¥765 

♦ 10 8 2 +Q964 

* K J 9 6 A 10 72 

S 

4 4 

¥ AKQJ92 

♦ K75 

♦ AQ4 

With East-West vulnerable 
West dealt and bid one spade. 
North and East passed. South 
reopened with three hearts, 
which North raised to four. 

West led the ace of spades. 
East dropping the three, and 
switched tO the rifamnnd 10. 
Seeing the chance of a free 
finesse, the declarer happily 
played the knave from the 
table. East covered with the 
queen, and the declarer was 
forced to take. If he does not. 


East will make the lethal club 
switch. The trumps are drawn 
in three rounds, declarer 
cashed the ace of diamonds, 
and followed with the two. 
East, a first-class player, won 
and led back the 10 of chibs - 
the two will not do, for it will 
endplay West - and declarer 
failed to make his contract 

Let us replay the hand 
together with a better sense of 
timing , when at trick two West 
leads the rtiatnp nfl 10, we allow 
it to hold. We take the next 
dia mond with the Mag, lead 
the heart nine to dummy's 10, 
ruff the seven of spades, cash 
the ace of hearts, and cross to 
the eight of hearts on the table, 
Now we play dummy's spade 
queen, dinwirdhig the four of 
clubs from hand. West is 
forced to take, and is securely 
endplayed. A club runs into 
our tenace, a spade concedes a 
ruff discard. 

Do not take “free” finesses, 
for which you will pay later. 

E.P.C, Cotter 

■ A weekend with EJP.C Cotter 
- see page XU 


CROSSWORD 

No. 8,615 Set by DINMUTZ 

A prize of a classic Ppllkan Sooveran 800 fountain pen. inscribed with tha 
winner’s name for the first correct solution opened and five runner-up 
prizes of £35 PeUkan vouchers. Solutions by Wednesday November 30, 
marfoed Crossword 8.S15 on cbe envelope, to the Financial Times, I South- 
walk Bridge, L ondon SE1 9HL. Solution on Saturday December 2 



ACROSS 

1 Intractable strain set free (9) 

2 Turner's city article (5) 

9 Feast making: a crop circle? 

10 ^Okies’ enclosure barrier 


m Spain, it is stated 

y <75 

rood opening of the 
ment (4) 

arly (not, presum- 
the Venus oe Milo) 


11 Sweeping Weybrldge, say? 

12 Sorter, perhaps, has run after 
worker (4) 

14 Shellfish from Jack, sin- 
glehanded (7) 

15 Solomon’s visitor no good far 
an affair? C7) 

17 T. More, be turned over a 
statement (7) 

19 Player from Spain, it is stated 
Incorrectly (7) 

20 Strange, proud opening ot the 
oW parliament (4) 

22 Alerted early toot, presum- 
ably, like the Venus de Milo) 

25 Sue suffering beat burns? (9) 

26 W-H-E-A-T?©) 

27 Tfo reverses roles (5) 

28 Building society customer in 
bad riot after cashier fails to 

finish (9) 

Solution 8,614 


□QQaas □□□□□□□□ 

QIII0QOQQ0 

□□□□UCSaGia QBQ0E1 
oaaaiiaBE 
□□□□ HHUHaQHBQEB 

a a □ □ □ o □ 
□QaaQan bqqobb 
□ □ 1,1 Li a Q 

EJ00QH0 BBEQOHG 

b a □ □ □ □ d 
□□□aasmtama qbqd 
naaaanQO 
□naan □hobqqqed 

QQDQ0Q0Q 

□□oimsaon □OQE3BO 


DOWN 

1 Beer brewed and left to for* 
ment (5) 

2 Flight with all amenities? (8) 

3 Scratch on table, a feature of 
Lord’s ao) 

4 Fresh air, due to upper cham- 
ber (7) 

5 Complications of square 


7 Taught we hear, m a gram- 
mar school under pressure (5) 

8 Gaze at brilliant plant (9) 

13 Foot-long skeleton from 
Sumatra, set to be pieced 
together (10) 

14 Star characters kiss tears 
away (9) 

16 Association for evening? (8) 

18 Skulked, having Low Church 
education cut back (7) 

19 Western Region papa* shred- 
ded to provide packing In 
advance (3-4) 

21 Alternative to Island borne (5) 

23 Caution! Dead tree is to be 
knocked down (S) 

24 Vehicle starts to pink and 
knock (4) 

SolOtkm 8,603 


aiiQsna qhohub 

□ HQ □ B n 

pDCKBumia anayBEEDi 

a a o 0 d g u 
iQaatanaanoB ohqeI 
Q □ □ O □ 
□□□0H nnEDOOHC] 
b □ 0 0 m 
laaaaaQos aasBC i 
0 0 □ B 0 

!□□□□ □□□□□□QUEEl 

□ □ b a b □ □ 
!□□□□□□□ qdbbbqq! 

□ qq son 

□□aaen □boobo 


WINNERS 8,603: Richard Btesh, Altrincham, Cheshire; Miss Paulita 
Buckley. Geneva; Andrew J. Wire, Cambridge; H. Lawson, Edinburgh; 
LM. Jamieson, Edinburgh; Mark Spiers, Catford, London. 







FINANCIAL TIMES WEEKEND NOVEMBER 1 9/NOVEMBER 20 1994- 



Peter Aspden 

Confessions of a Bovril fondler 


I believe everything I read 
about supermarkets. The way 
they polish their fruit to make 
it sparkle, the effort they put 
into wafting wholesome smells 
down the aisles to make us feel 
good, the cunning ploy of moving 
their most popular items to keep 
ns guessing (and spending); the 
stories of their wiles are legion, 
and I swallow uncritically every 
single one. 

But unlike most of my fellow 
shoppers, who simmer in outrage 
at the thought of being constantly 
manipulated, I love supermarkets. 
There Is nothing I prefer to spend- 
ing a couple of hours in one of 
these temples of consumer irratio- 
nality, watching the new brands 
come and go, noting the latest 


trends in packaging design and 
watching punters whirl their trol- 
leys around in a haze of clashing 
subliminal signals. 

Occasionally I like to pick up 
and fondle a supermarket design 
classic as a bond of tribute, like 
flashing your lights when you 
come across an Aston Martin DBS; 
there is nothing quite like enjoy- 
ing the sleek sensuality of a bottle 
of Perrier, the brash self-confi- 
dence of a Coca-Cola can, tempered 
by the sinuous curve which repre- 
sents the original bottle design, 
even the beefy splendour of a jar of 
Bovril. It must look pretty weird 
on the store video, but I can get 
lost in any of these innocent plea- 


sures. 

But my favourite game is trying 


to guess the motivation behind 
changes in product packaging 
which seem, to my inexperienced 
eyes, to have no logic at all. For 
instance, some years ago, my 
favourite cereal. Coco Krispies, 
changed its name to Coco Pops. 
Presumably, it was a decision 
taken at a high-Ish level, for care- 
fully-considered reasons; there 
must have been a mountain of 
market research urging Mr Coco 
and his pals that while “Krispies" 
contained a dangerously ambigu- 
ous message, the unique essence of 
the product was rather better con- 
veyed by “Pops'*. 

Well, I, for one. was unhappy. As 
an act of protest. I never gave the 
new product a chance. 1 felt we 
bad grown too far apart The years 


slipped by, I grew up, and turned, 
as one does, to muesli, only to find 
that there was no escape from the 
packaging gurus: now they were 
competing for my attention with 
pictures of mountains. Everywhere 
1 looked, Swiss landscapes beck- 
oned; in fact I am sure the air got 
ever-so-slightly thinner as I 
approached the breakfast counter. 
Nothing would have surprised me 
any more. 

So now I uo longer worry about 
these things. I can confidently 
stride up to a counter of disinfec- 
tants and decide whether I prefer a 
pine toilet duck to a pot pourri 
one, or vice versa. I have leaned 
to enjoy the brain-curdling dizzi- 
ness of the ride, for now I know 
that none of tt really matters. Only 


one thing continues to bug me 
about supermarkets - their mis- 
guided belief that we all crave the 
personal touch. 

I could just about put up with 
assistants wearing name badges, 
but last week I came across a Indy 
horrific development - the person- 
alised sandwich. Stilton and apple 
on walnut bread, it said, with one 
of those manufacturer’s names 
which sound like a character from 
Brideshead Revisited, a list of 
ingredients and a sell-by date - and 
then, underneath all these, the 
dreadful words: “Prepared by 
Frank". 

Now I have got nothing against 
Frank; in fact tt was a lovely 
sandwich. Bnt escaping into a 
supermarket for an hour or two 


every week Is one of ' the great 
soulless joys of late 20th century 
urban life, and the last thing I 
want to know is that there are real 
hwrum beings at the other "aid of 
my consumer transactions. I wait 
my food devised in test tubes, 
prepared by robots, delivered to 
the shelves by 40-ton trucks and 
checked out by electronic 
wizardry. I do not want to talk to 
anyone, and if anyone wishes me a 
nice day (a habit to which the 
British, than k goo dness, seem 
immune) I just growL 
1 do not mind bring hoodwinked, 
bamboozled, defrauded, or ripped 

off, bat give me a break. Frank. If 
I wanted human contact I would go 
to the comer shop- Except that it 
is not there anymore. . 


Private View 


InFidelity of a Cuban exile 


Christian Tyler meets Guillermo 
Cabrera Infante, writer and punster, 
who fled Castro's 'Caribbean Albania' 
for freedom on Gloucester Road 


W e are in a writer's 
room, a hermitage. 
On one side is a 
wall of books on a 
scaffold of heavy 
iron shelving. On the other are cup- 
boards stuffed frith manuscripts 
and 2,000 videocassettes (for this 
writer is also a film critic.) 

A giant monstera plant is splayed 
in tropical profusion across the bay 
window, obscuring a dowdy London 
street of cheap hotels and pizza par- 
lours. 

The writer is short tubby and 
somewhat stiff in the neck. He is 
.smnking a big cigar. His m ann er, 
like his writing, is humorous but 
his jokes are acrid and melancholic. 
He is a ferocious punster with a 
technicolour writing style - it 
reminds one of a muscular Gore 
VidaL 

Guillermo Cabrera infan te is an 
exile, or rather political refugee, 
from Fidel Castro’s Cuba. 

in Mea Cuba, a collection of polit- 
ical essays just published in 
England, he caricatures Castro as 
“Mefistofidel". as "the world's most 
expensive agronomist”, as the man 
who spreads “Castro enteritis". 
Cuba, he writes, is “the Albania of 
the Caribbean", ruled over by a 
tropical Stalin, a "beastly, power- 
hungry egomaniac”. 

“I know him very well,” he told 
me. “He has something you and I 
fortunately don’t have, which is a 
lust for power. He doesn’t care 
about food, he doesn’t care about 
sex, he doesn’t care about comforts. 
He only cares about power." 

Castro, he added, is a great actor 
whose propaganda has been swal- 
lowed by all but a handful of outsid- 
ers. Not until after his death would 
the atrocities committed by the 
regime be known. 

This writer, tt is plain, pulls no 
punches. Perhaps he is lucky that 
his enemies do. Eight years ago, 
while he and his wife were out, the 
door to their flat was prised out its 
frame. Nothing was taken, not even 
money or manuscripts. 

“No, rm not afraid," he said. “But 
I am concerned because I know 
what happened to Georgi Maikov.” 
Markov, an exiled writer who 
attacked the then communist ruling 
family of Bulgaria, was killed with 
a poison- tipped umbrella on Water- 
loo Bridge in London. 

However, Cabrera Infante is a 
novelist and screenwriter rather 
than a polemicist; as such, he has 
been largely ignored in Cuba even 
as his literary reputation in the 
world outside has soared. "Until 
this book appeared in Spanish, they 
were trying to create a void around 
me. killing me by silence. ” 

He was bom into a poor family in 
Oriente province, 25 miles away 
from the birthplace of the former 
dictator Batista and 20 miles from 
that of Fidel Castro. His parents 
were founders of the Cuban com- 
munist party, this, he said, was vac- 


cination. “My father was only con- 
cerned with saving the world, not 
saving his family. Believe me, the 
political education of a man can 
begin very early.” 

Infante first knew Castro in 1948, 
when the future revolutionary wore 
a suit and tie. Later, as editor of 
Limes, the party newspaper’s Liter- 
ary supplement Infante saw Castro 
and Che (“Chaos") Guevara at close 
quarters. 

It was while serving as Cuba’s 
cultural attache in Brussels that he 
flew home for his mother’s funeral 
and decided to leave for ever. He 
wrote: “In an incredible Hegelian 
capriole. Cuba had taken a great 
leap for w ard - but had fallen back- 
ward." 

Despite the head of internal secu- 
rity, and with the help of highly- 
placed friends, he succeeded in leav- 
ing with his wife Miriam GAmez. an 
a c tress, and the two daughters of 
his first short marriage to Marta 
Calvo. 

First they went to Spain, but 
Franco’s police declined to give 
them visas. The writer was invited 
to London to script a film , and there 
he has lived ever since. 

“I know you British are very 
derogatory of London,” he said. 
“But I like It here. 1 work very well 
here. You see where I work. You see 
those windows. When the weather 
is really fold. I see people hurrying 
to and fro with big overcoats, 
umbrellas, cursing the weather. I 
don’t curse, because I am very cosy 
there writing " He pointed to a big 
IBM electric typewriter planted 
across the room. 

And when the sun is shining . . ? 

“That’s a temptation because it 
then resembles Havana. When I 
came in June, 1966 there were girls 
everywhere, almost naked, In 
see-through dresses. London was 
singing - swinging - and I thought 
it was going to last for ever.’’ 

About six years after settling in 
South Kensington, Infante suffered 
what he calls a “massive break- 
down". They gave him electric 
shock treatment until his doctor 
intervened to say the writer’s mem- 
ory could be permanently damaged. 
He takes lithium salts for manic 
depression. 

I asked Mm if his exile was the 
cause. No, he said, because he had 
been happy to leave. “I myself think 
it is an effect without a cause." 

Perhaps you are super-sensitive? 

“I am very sensitive, yes. But I’ve 
been like that all my life and noth- 
ing happened. My wife is more sen- 
sitive than I, and she has never 
been crazy." 

He lit a cigar. I thought of the 
title of his book and said: Tm very 
struck by your use of pons. . 

“You think that’s a sign of mad- 



stopped the night". 

Do you hope to see it like that 
again? 

"Now, this is a vanity of mine. I 
only hope that they take my books 
as a blueprint fora future- Havana. I 
know it won’t happen, but I long- for 
it Some readers say my books have 
made them feer- true Habaneros. 
That for me is compliment enough.' 

Would you go back if..? 

“I wouldn’t go back on the first 
plane if Castro died, m wait for 
them to invite me. It’s not a ques- 
tion of pride or vanity, ft’s that I 
don’t feel there's a place for me 
down there. Tm not a politician, rm 
not an economist, rm not an entre- 
preneur. rm only a writer. What am 
I going to do in Havana? Write pam- 
phlets and paste Hwm on the trail?" 


No, 1 said hastily. Do you use 
them when you’re angry as well as 
amused? 

“I don’t want to sound too pre- 


tentious but I think it's some sort of 
poetic system, the way you use 
rhyme or rhythm. Of course most of 
them are conscious, but some are 
very unconscious. It's a mechanism 
Inside your head. 

“I was probably born with it I 
probably was bom mad. That’s the 
way it is. Some people get very 
angry with me. I say one man’s pun 
is another man’s poison." 

He quoted Goethe’s verdict on a 
follow-writer “’Whenever he made 


a pun, a pain was hidden.’ It’s bet- 
ter in Rn giteH than in German. Any- 
way, English is a better language 
for puns - otherwise you wouldn’t 
have Lewis Carroll or Janies Joyce 
or Flann O’Brien.” 

Cuba, he said, was like Ireland: a 
small country which bad produced 
a disproportionate number of cele- 
brated writers. “They have the gift 
of the gab. Havana is ’Habana’ in 
Spanish, and I coined the pan the 
hablaneros, the talkers." 


Does writing give you the identity 
denied you by exile? 

“I don’t think so, not really. Tm 
not In search of an identity. Tm 
more in search of a given expres- 
sion, which I haven’t attained yet" 

Do you write novels to keep your 
Cuba alive? 

“No. I am trying to rebuild 
Havana with words.” To the peas- 
ant boy he once was, he explained, 
Havana appeared an enchanted 
city. “It was like some miracle that 


C abrera Infan te is a man 
who can put up with 
anything but being 
ignored He ralTa Mm. 
self “an invisible exile", 
a reference to the cold shoulder 
t raa l ment he has had from some 
left-wing intellectuals unable to 
concede that Cuba was a place one 
had to leave. “Who could be an 
ptiIp fr om Paradise?" 

I referred to Castro’s past denun- 
ciations of exiles as “worms” and 
“cockroaches”. If you are told that 
often enough, to you begin to 
believe it? 

“No. You know that ‘worm’ is 
gusano in Spanish. It means also 
■caterpillar’. So I devised a sort of 
metamorphosis. All the worms 
become butterflies. Goebbels used 
to call the Jews ‘vermin.’ It means 
you can kill them because they are 
not human." 

Are you angry that Castro has 
had such a hand in your life? 

“AB my reactions to Castro can 
be explained if you think of a Jew 
thinking of Hitler.” 

You have said exile is a form of 
martyrdom but also a rare privilege. 
What do you mean? 

“That's what the title of the book 
is all about You have escaped from 
a form of life which is for you inhu- 
man. Therefore, to leave your coun- 
try is a liberation. Not many are 
aide to do it I was lucky." 

Talk of exile was clearly depress- 
ing the writer and he sounded tired. 
However acute, however influential 
the penman may be, I thought, the 
swordsman can always slice his feet 
from under him. 

Does exfle become a sort of pro- 
fession? I asked finally. 

“I have just come back from a 
symposium in Spain.” he said. 
“They asked me about writing. I 
said I find writing easy. It is life 
that is difficult and the life of an 
exile is even more difficult than 
life. 

“And you can guess why. You 
have to rebuild a life that is totally 
false. We’re not English. We live in 
London but we don’t live in 
England. 

“Many people ask me where I'm 
from. I say ’Gloucester Road.’ You 
cannot say that unless you are an 
exile. If you are an emigre you talk 
about your country. But if your 
country doesn't exist any more, 
what do you say? My only country 

fiiiL ** 


is tfifa flat/ 


As They Say In Europe 


How to make friends and destroy people 


L ast weekend, said Le Fig- 
aro, “the voters of the 
majority anxiously heard 
the tocsin.” The paper was 
talking about what was supposed 
to be a victory rally in Paris for the 
leader of the major right-wing 
party, Jacques Chirac, who gave up 
the post to announce he was stand- 
ing for president next year. No-one 
expects him to win, even though 
his party crushed the left in legisla- 
tive elections 18 months ago. 

The great difference between 
Europe and the US is that in the 
latter every electoral landslide sig- 
nifies some kind of gigantic once- 
and-for-all change. The mid-term 
elections altered the face of US poli- 
tics for good. Until the next time, 
that is. When the right swept 
France, everyone knew it was just 
because people were fed up with 
the left 

Therefore, it seems, French and 


American circumstances are 
entirely different There will not be 
a left-leaning Congress for genera- 
tions while the Socialists will win a 
crushing victory in France at the 
next legislative election, if not the 
presid en tial. Only Time magazine 
compared the two countries but 
chose the period of cohabitation of 
the 1980s to set alongside the situa- 
tion President Bill Clinton feces. It 
is. however, the present cohabita- 
tion which is peculiarly relevant to 
the looming battle in Washington. 

In Paris an embattled president 
of the left gazes out from Ins palace 
at a legislative body dominated by 
political opponents. President Fran- 
cois Mitterrand, aged, maybe dying, 
and, in the minds of many, entirely 
discredited, looks on as leaders of 
the right-wing RPR (Rally for the 
Republic) and their allies fight it 
out to be his successor. Yet when 
Chirac put himself forward as a 


candidate, he was attacking not 
Mitterrand but the prime minister, 
Edouard Balladur, also of the RPR. 

As a provincial paper noted: “In 
seeking an excessive legitimacy at 
the heart of the RPR, Jacques Chi- 
rac risks breaking in two the move- 
ment inherited from Charles de 
Gaulle.” Hie rivalry between Chi- 
rac and Balladur is only one ele- 
ment in the apparent determina- 
tion of the right to smash itself 
itself to pieces. 

Not all its leaders are men of 
charm and grace: Balladur seems a 
pretty good chap, Chirac is a bit 
rough - as mayor of Paris he can 
scarcely be anything else - Valery 
Giscard d'Estaing a little shop- 
soiled. But by comparison with the 
new majority leaders In Congress, 
they are cuddly toys. Nonetheless 
they have relentlessly followed a 
path that is now known as one of 
“suicidal logic.” 


In Washington, the new leader of 
the Senate will be Robert Dole, a 
man of enormous ambition and a 
gift for in-fighting and poisonous 
ah use that few can rival, Apart, 
that is, from the new House 
speaker, Newt Gingrich, who is in 
turn regarded as the acceptable 
face of American conservative 
republicanism when put alongside 
his senatorial colleague. Phil 
Gramm of Texas. It is likely that 
these gentlemen will all excessively 
insist on their legitimacy, as the 
French say, and seek their party’s 
nomination for the presidency. 

President Clinton should study 
how Mitterrand contributed to the 
destruction of his opponents. (This 
was a purely platonic act for Mit- 
terrand himself has nothing what- 
soever to gain from his success.) He 
will see that the French president 
has personal qualities that in some 
ways match bis own, although Mit- 


terrand admittedly enjoys the 
advantage that his interest in the 
opposite sex has not worked 
against him among his compatri- 
ots. What Clinton lacks is that spe- 
cial crafty, malm quality that char- 
acterises the French leader’s 
approach to politics. 

Id feet all the President has to do 
is to worts closely with one or other 
of the Republican leaders, the less 
probable the better. The White 
House should endorse his ideas and 
back his legislative programme. 
Once this potential candidate has 
gained widespread feme and popu- 
larity, once his ambition has been 
inflamed by presidential favour, 
the President himself will only 
have to step back a little and watch 
his opponents gmngh the movement 
inherited from Abe Lincoln. The 
dramatic idiocies which character- 
ised the rigged acclaim for Chirac 
last weekend could not quite be 


replicated in a US primary, but it 
should not be too difficult to inject 
intra-Republican relationships with 
the lethal venom that ha s almost 
destroyed the RPR. 

It is all too easy to achieve a 
gigantic political sea-change in the 
US. In the mid-term vote, 38 per 
cent of the electorate turned out 
Of those who did only one in eight, 
or 4.6 per cent of the total eligible, 
voted. Republican because they sup- 
ported of the party’s programme. 
The French majority is based on 
support that runs rather higher 
than 4.6 per cent Yet it can be 
wrecked by its own internecine 
hatreds and a wag of the tail of a 
lame duck president 


James Morgan 


■ James Morgan is economics cor- 
respondent of the BBC World 
Service. 






. he hook is a snappy punch.- 
? ' The proper technique Is fo 
get/dose to your opponent, 
pivot quickly from feet and 
hip s, and deliver a sharp' blow. to 
the side .of - the head,- ideally’ the' 
temple.. The- object is to.cafcse mi 
abrupt sideways impact; in ringside, 
parlance, to make your opponent's . 
brain “wobble’*. 

Evan in .the short, distance _o£_an _ 
amateur b aying bout, a wobbled 
brain is dangerous. The opponent is 
momentarily disoriented, and' can- 
not focus on subsequent attacks. 
That is why a well-timed,, well- 
placed, hook is probably the mbst ' 
effective move in any fighter’s rep- . 
extoire. : . •• • - - 

Boxers smd their trainers wSl be 
perfectly candid about this. Many 
p unchag-fiiirt , but the hook' hurts in . 
a particular way. Apart from jolting 
the coordination powers of the veor 
teal nervous system, -a good hook ■ 
will leave -even the' most bovine- 
shouldered boxer with a headache 
for hours, perhaps days. - • - - 
Boxing is quIntcssentiaHy about 
giving and receiving pain, and that 
pain may Include temporary or per- 
manent damage to the brain. So. for 
a group of Royal Navy surgeons to 
"prove", as they have done -in this 
month’s Lancet, that boxing has 
damaged the intelligences of so me 
of the ser v ic em en who participate 
in the sport, is hardly a revelation. 

. In this Lancet report, the inci- 
dence of “cerebral profusion" is 
demonstrated to be significantly 

Wghor among - boxers than among 

comparable fit young, servicemen. 
The brain wobbles have left their 
mark, and that mar k ha« been sci- 
entifically measured. But no boxer 
or trainer is going to be at all sur- 
prised. The amazement would come 
If it were ever proven that taking a 
hookto thetempledidnot affect 
one's subsequent powers of reaction 
and response. 

So what is the upshot of this new 



fr. t feat" 1 






-i ’ " 


* 


“ , - <**&** 1 


- 


4 V ‘. an# 


€ 

; 




V 

■ .*■ 


Boxing is about 
giving and _ 
receiving pain 
and that may 
include damage 
to the brain 


■ an*® 




i tv** 


us 


> ■ 




a 3##* * 


t.sg* 


r. 


v fifths -| 9«r%*«** a 


report? Obviously, the neuro-sur- 
geons at Gosport would like to see 
no more inter-regimental boxing in 
the services. As yet, a ban seems 
unlikely. But if the services do 
decide to dispatch with boxing, it 
wffl not be a victory for good sense. 

It will go down as yet another tri- 
umph of liberal busybodyism. 

Busybodyism is often myopic 
focusing on tiny problematicals, 
when giant monsters loom. Such is 
the busybodyism which gave us . 
rear seat belts, while doing so little 
to prevent the poisoning of our 
atmosphere. And medical busybod- 
yism is often empirically suspect 

Few doctors box: so boxing is a 
soft target for their busybodyism. 
They are much quieter about rugby, 
which is popular In the training 
hospitals. And yet anyone who has 
tried both boxing and rugby will 
vouchsafe that the chances of seri- 
ous and lasting injury are far 
higher In rugby than boxing. 

Which brings us to the most fee- 
ble dement of the ban-boxing log- 
ic .Not long ago, a survey was car- 
ried out on the risk factors of all 
sorts of sports and pastimes. The 
statistics revealed, of course, that 
no one concerned about safety^ 
should ever take up DIY, rock-dim- ■ 
bing or white-water canoeing. Curi- 
ously, fishing emerged as the n>ogt 
danger-ridden sport of alL 

If ever boring shnnld be banned, 
one hopes for consistency from our 
legislators: Let us be rid, then, of not 
only fishing, but motor-racing, 
yachting, and skiing too. To charge 
down an icy slope on two strips of 
plastic is to flirt with paralysis: 
since this is a component of train- 
ing for the Royal Marines, perhaps 
it too shall come under medical 
scrutiny. 

But what is most insidious about 
this busybodyism is its class-based 
bias. Boring is chiefly disapproved 
of by the middle-classes. It has dis- 
appeared from even the heartiest of 
British public schools. It is a sport 
which notoriously offers disadvan- 
taged youths the chance to leave 

their disadvantages behind t h*™ 
Hence its survival — in urban boys’ 
clubs, among the Newmarket sta- 
ble-lads, and the volunteers for the 
Territorial Army. If boxing were 
ever banned, the prediction is flat 
it would go underground, and we 
would be flung back to bare- 
knuckle prize-fighting. 

No one is einiwi^ that boxing is 
a “civilising" sport But it is often 
disciplining, and to aggressive, 
woridng-class youth it is probably 
3 ,_, a .Uterapy. The busybodies 

would like such youth to be sitting - 
down quietly with copies of Tolstoy 
and Voltaire - for this, we are told, 
is how jailed heavyweight cham- 
pion Mike Tyson is spending his 
time. This is to wish not only for a 
quiet world, but also a dull one. The 
French philosopher Michel Foucault 
said; the proximity of danger is an 
essential part of bring alive. 




W TT.-V- V. , .- -..-i 


- ^ . 

tair-x -«**«. 


®*k 


3 » _ 








►*. . r . 





a, " / *- 

•’ . .. . 








Nigel Spivey 



t ; 


\ 


i