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"■ Ir 



Msh questlbn 

How many sides 
have .won ? .. 

P»9»17 



Plague In India 

Panic reopens 
health debate 



End of a dream 

Shopping malls 
““ 7 ;: underfire 

Page 12 



FT Exporter 


New agenda for 
world trade 


Survey, Section M 


-3 


JSS 


FINANCIAL TIMES 


r .:ropo>: B^iress Nrjwspa&er 



Haiti police chief tries to flee: Haitian police 
chief Lt-Col Michel Francois has attempted to flee 
to the neighbouring Dominican Republic In a move 
that US officials say will go a long way towards 
refo rming the country’s dreaded police force. Page 4 

UK Labour heads to centre: Britain’s Labour 
opposition leader Tony Blair pledged to rewrite his 
party’s commitment to public ownership in a shift 
towards the political centre ground. Page 18; Edito- 
. rial Comment, Page 17 

Earnings fall in Japan: Earnings by employees 
in Japan's private sector fell by 0.6 per cent in 1993 
from the previous year, the first fall in average pay 
since records began 44 years ago, according to offi- 
cial figures. Page 18 

Call to Berfusconi on Hninvest: Opposition 
politicians are pressing Italian prime minister Sil- 
vio Berlusconi to publish a report he commissioned 
to resolve the conflict of interest with his owner- 
ship of Fininvest, the country's second largest pri- 
vate business group. Page 2 

Europe nearer to Gatt pact: European foreign 
ministers agreed to send paperwork for the Uru- 
guay Round trade accord to the European parlia- 
ment The move will allow consultation towards 
ratification of the deal, while member states await a 
ruling by the European court of justice on trade 
negotiating authority. Japan resigned to rice liber- 
alisation, Page 8 

Peabody Holding, US coal mining subsidiary of 
UK industrial conglomerate Hanson, is to buy the 
assets of Exxon Coal's Carter Mining for $36Qm. The 
deal doubles Peabody's holdings in Wyoming’s Pow- 
der River Basin, known for its clean-burning low 
sulphur coal. Page 19 

China to revamp state businesses: China 
has unveiled a six-point plan to overhaul its ailing 
state-owned enterprises, by transforming them into 
shareholding companies with m a n ag e ment indepen- 
dent of official controls. Page 6 

Industrial robots Increase: The number of 
industrial robots in the world is forecast to soar by- 
more than a third over the four years to 1997, 
according to a joint report Page 6 

Children die at fireworks factory: Twenty six 
people - mostly small children - were killed and 
another 27 critically injured in an explosion in a 
fireworks factory in Uttar Pradesh in north India. 
'Hie children were working ahead of Diwah, a festi- 
val to celebrate the start of the Hindu new year. 


■ STOCK MARKET HWCSS 


FT-SE 100: 
Yield 


..421 


FT-SE BuDttacfc 100 -.1,31207 

FT-S6-A AH-S18TB 1,497.44 

.19,56461 


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S&P Composite -—.-..<5812 

■ us LUMCHTB 4 E RATES 

Federal Funds: 4V4 

3-mo Tress BSk YH 563* 

Long Bond 35ji 

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■ LOHPOH MONE T 

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■ O dd __ 

New York Comet (te} — S396S (3942) 

London #82.4 [3946) 


■ STERLING 


New York (uncftteiw 


$ 

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DM 

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FR 

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WEDNESDAY OCTOBER 5 1994 


Strong earthquake 
rocks Japan’s 
main north island 

An intense earthquake killed two people and 
injured more than 190 when it erupted under the 
sea off Japan’s northernmost island of Hokkaido 
sending potentially devastating tidal waves rushing 
towards the coast The quake was measured at 8.2 
on the Richter scale by the US Geological Survey 
and at 73 by Japan's main earthquake centre. 
Japan’s national television network NHK reported 
196 people injured on Hokkaido's east coast Many 
isolated areas, particularly small islands close to 
the epicentre, were cut off from communications. 

French telecoms contract awarded: A 

consortium headed by Bouygues. construction and 
communications group, has won the fiercely con- 
tested and potentially lucrative licence to operate 
France’s third mobile telephone network. Page 19 

UK proposes Insider trading measures: The 

London Stock Exchange proposed that trading in 
the shares of companies should be suspended if 
there is evidence that price-sensitive information 
has been leaked. Page 9; Editorial Comment, Page 
17; Lex. Page 18 

Ford UK plants go on short-time: Workers at 
Ford’s Hale wood and Dagenham car plants In the 
UK are to go on short-time for the rest of this 
month, taking a total of 8,000 Escorts and 2,000 Fies- 
tas out of production. Page 9; Lex, Page 18 

Motorshow prototypes French carmaker 
Renault presented the prototype of its Ludo to the 
press at the Paris motor show. The ldday show 
opens to the public on Thursday. Reports, Page 20 


Gooda W alker Names win battle for compensation 

Lloyd’s members stand to gain $796m from court 


By Ralph Atkins and John Mason 

Hard-hit members of Lloyd's of London 
won a significant victory yesterday 
when the High Court held out the pros- 
pect of reconi compensation for losses 
incurred as a result of “culpable" and 
“unjustified" risks taken by toe now-de- 
funct Gooda Walker agency. 

The Gooda Walker action group, repre- 
senting 3,096 Names, individuals whose 
assets have traditionally supported the 
insurance market, claimed compensa- 
tion should total at least £504m ($796m). 


This would be more than double the 
previous largest award by an English 
court. 

But toe figure was swiftly disputed by 
the lawyers of the insurers of the 71 
Lloyd's agencies defending the case - 
out of whose funds any damages will be 
paid. 

The judgment provided encourage- 
ment for other groups of Names taking 


legal action against Lloyd's agencies - 
particularly those involved in s imilar 
“spiral" insurance, by which underwrit- 
ers agree to cover others against exces- 
sive losses from catastrophes. 

In the judgment, Mr Justice Philli ps 
said the spiral was “like a multiple game 
of pass the parcel". Mr Michael Deeny. 
chairman of the action group, which had 
claimed £629m in compensation for its 


Names', said: “The parcel turned out to 
be a time-bomb that exploded in our 
feces." 

Compensation was ordered for losses 
incurred as a result of five catastrophes 
- including the Piper Alpha North Sea 
oil rig disaster in 1988 and the 1989 
Caribbean Hurricane Hugo. 

The verdict also offered some protec- 
tion against losses resulting from the 


catastrophes but not yet reported. 

The scale of the compensation likely 
to be awarded and the prospect of fur- 
ther legal victories by Lloyd’s Names 
will add to the pressure for the insur- 
ance market to make a fresh attempt to 
reach an overall settlement for all out- 
standing claims, which could total in 
excess of £3bn. 

Mr Val Powell, chief executive of the 

Continued on Page 18 
Special report. Page 10 
Lex, Page IS 


Court move against $3.8bn deal 


Britain joins 
airlines to 
fight Air 
France aid 


By Paul Betts, 

Aerospace Correspondent 

The British government and 
seven European airlines mounted 
a concerted challenge yesterday 
to the European Commission's 
decision to allow the French gov- 
ernment to grant FFrtObn 
(S3.78bn) in fresh subsidies to Air 
France. 

In three separate filings at the 
European Court of Justice, the 
UK government, British Midland 
Airways, and another group of 
six European airlines led by Brit- 
ish Airways are seeking to annul 
the EITs approval of the latest 
state aid for the French national 
carrier. 

The moves are expected to 
sharpen the growing controversy 
over government support for 
European state-owned carriers 
while the EU is trying to encour- 
age greater competition in a lib- 
eralised European single aviation 
market 

The UK government said the 
EXTs derision to allow the subsi- 
dies to Air France, one of the 
three largest airlines in Europe, 
would “distort competition” and 
undermine the benefits of the 
European aviation market 

Mr Brian Mawhinney, the UK 
transport secretary, said: “The 
Commission derision ignores the 
need for evenhanded treatment 
It removes the incentive for state- 
owned airlines to become effi- 
cient and to adopt a sound com- 
mercial approach." 

British Midland described the 
Air France aid as “grotesque” 
and “almost equal to the entire 
losses made by all the world's 


airlines in 1993”. 

BA has been joined by KLM 
Royal Dutch Airlines, Scandina- 
vian Airlines System, Air UK, 
Maersk Air of Denmark, and 
TAT. the French regional carrier 
which is 49 per cent owned by 
BA. in its action. 

Sir Colin Marshall BA's chair- 
man, said: “Approving Air 
France’s package of state aid was 
a deplorable derision.” 

Sir Colin argued that there was 
no justification for such a large 
subsidy for Air France. Be said 
the conditions imposed by the EU 
for granting toe aid were “wholly 
inadequate” and it risked serious 
damage to the development of a 
free aviation market in Europe. 

BA and several other European 
carriers, which have been forced 
to rely essentially on their own 
efforts to re stru c tur e their activi- 
ties, now fear that a two-class 
airline industry is emerging in 
Europe: the first involving air- 
lines that have had to solve their 
problems on their own; the sec- 
ond including nirlfops that con- 
tinued to rely on their govern- 
ments for support. 

Since August 1991, Brussels 
has approved state aid to airlines 
totalling $l035bn. with the Com- 
mission approving in July alone 
aid amounting to $7.1bn to three 
airlines: Air France, Olympic Air- 
ways of Greece and TAP Air Por- 
tugal 

The UK government yesterday 
said the Air France aid, spread 
over three years, was the largest 
ever allowed in the European air 
transport industry. 

Observer, Page 17 


fy j.. ’v '' ’ . ■» .i ,* ■ 







Associated Piets 

Russian president Boris Yeltsin committed his government to further reforms yesterday in a speech wiaridng the anniversary of the 'second 
October revolution’. Yeltsfn'said Russia had grown politically and economically since hardliners tried to depose him last year.-Report, Page 18 

EU begins move to expand eastwards 


By David Gardner In Luxembourg 

The European Union decided 
yesterday to draw up detailed 
measures to integrate six east 
and central European countries 
into its single market, in prepara- 
tion for their full membership of 
the Union. 

Foreign ministers of the 12 
asked the European Commission 
to produce a white paper listing 
the measures that Hungary. 
Poland, the Czech Republic, Slo- 
vakia. Bulgaria and Romania 
need to adopt in order to prepare 
their economies and legal frame- 
works for EU accession. 

The strategy consciously repli- 
cates a 1985 white paper which 
led to the creation of the single 
market, and is a demonstration 
of the EU’s commitment to 
enlargement to the east 

Mr Klaus Krnkri. foreign minis- 


ter of Germany, which is using 
its current presidency of the EU 
to advance the Union's eastward 
expansion, said the white paper 
“must be the cornerstone of our 
strategy”. 

The white paper strategy, 
which was agreed in advance by 
France and Germany, meshes 
with the Commission’s own 
approach. It is expected to be 
endorsed at December’s EU sum- 
mit in Essen, while the measures 
themselves should be ready by 


next June’s summit under the 
French EU presidency. 

Mr Alain Juppg. the French for- 
eign minister, strongly denied 
that Paris was lukewarm about 
further EU expansion soon after 
the enlargement scheduled to 
take In Austria, Sweden, Norway 
and Finland in January. 

“I have done everything I can 
to push enlargement forward," he 
said, adding that more overt 
enthusiasts were privately 
expressing misgivings. 


Indeed, senior officials from the 
UK, a strong supporter of east- 
ward expansion, said there “can 
be no finn timetable before 1996" 
setting entry date targets. In 
1996, the EU will review its con- 
stitutional arrangements and 
how far to tighten Union links 
before further growth in member- 
ship which could risk making it 
unwieldy. 

Yesterday's strategic decision 
Continued on Page 18 


Brussels may oppose sale of east 
German steel mill to Cockerill 


By Judy Dempsey in Berlin and 
Michael Undemann in Bonn 

The German economics ministry 
and the Treuhand privatisation 
agency have agreed to sell the 
last of east Germany’s steel mills 
to Cockerill Sambre. the Belgian 
steel producer, in a deal likely to 
meet resistance from the Euro- 
pean Commission. 

The privatisation of Ekostahl, 
one of the few remaining laige 
industrial complexes to be sold, 
will be referred to Brussels after 
the Treuhand board agrees to the 
privatisation contract next Fri- 
day. The Commission has already 
questioned, but not prevented, 
part of the DML3bn (S840m) sub- 
sidies which the Treuhand has 
granted to Ekostahl since 1990. 

Mr Gunther Rexrodt. Ger- 
many’s economics minister, said 
yesterday be expected “bitter 
resistance” from Brussels, partic- 
ularly since Cockerill wants big 
state and federal grants for its 
investment commitment of more 
than DM530m in Ekostahl 


Further investment of DM770m 
will be provided, with the federal 
government and the state of 
Brandenburg, where Ekostahl is 
located, each providing DMi50m 
and the Treuhand DM470m. 
Cockerill will pay DM30m for a 60 
per cent stake, with an option on 
the remaining 40 per cent, which 
will be held by the Treuhand. 

Mr Rexrodt, hoping to win sup- 
port for CockeriH's plans in Brus- 
sels, said he had begun talks with 
Riva, the privately owned Italian 
steel producer, to reduce capacity 
in its plants in eastern Germany. 
Riva had been the front runner 
to buy Ekostahl until it unexpect- 
edly withdrew its offer last May. 

Cockerill said the investments 
would be used to rebuild a blast 
furnace and build a hot rolling 
mill to establish an integrated 
steel mill in the region. But Ger- 
many's Steel Federation said 
there was room only for a cold 
rolling rnfll at Ekostahl, adding 
“there was already an excess of 
hot rolling capacity in the EU". 

Cockerill, which already has a 


CONTENTS 


small steel mill and a steel ser- 
vices division in eastern Ger- 
many, said it was anxious to 
“gain a greater foothold In the 
German market as well as even- 
tually tap the markets in eastern 
Europe". 

The sale of Ekostahl, which 
last year had a turnover of 
DMlbn on annual losses of 
DM150m, follows several 
attempts by the Treuhand to find 
a buyer for the min, located in 
Eisenhflttenstadt, one of the 
more economically depressed 
regions in eastern Germany. 

The Treuhand, backed by 
Bonn, opted, for political and 
social reasons, to keep Ekostahl 
open despite overcapacity in the 
German steel industry. 

The mill which employed more 
than 12,300 people before German 
unification and produced 2 Jim 
tonnes of steel, has since 
reduced the workforce to under 
3,000 and its capacity to under lm 
tonnes. 

Cockerill Is to guarantee 2200 
jobs and invest DM53Qm. 


Etaopean News 
Maradona 
American New 
Worm Trade Hews 
UK No 
People. 

Wea t he r. 

Lex. 



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iftTHi- giMANflAL TIMES LIMITED 1994 No 32.489 Week No 40 


LONDON - PARIS - FRANKFURT - NEW YORK - TOKYO 



ing data lor toe monitoring ot targets, anu did mr me nauuiiiig m jmi naming. |n.,nu 6 n. b 







FINANCIAL TIMES WEDNESDAY OCTOBER ? 1994 




NEWS: EUROPE 


Teaming up has halted the slump in the party’s fortunes, writes Quentin Peel 

SPD rivals form a 
troika to beat Kohl 



GERMAN 

ELECTIONS 

October 16 


It may yet 
prove to have 
been the best 
thing Rudolf 
Scharping did 
in his long, 
hard campaign 
to defeat Hel- 
mut Kohl and 
become the 
next German 
chancellor. At 
the end of the 

s umm er, with 

bis popularity 
slipping, and 
his Social Democratic party 
falling ever farther behind in 
the polls, the SPD leader swal- 
lowed his pride, abandoned 
hope of chall engin g the chan- 
cellor on his own, and sum- 
moned his two arch-rivals in 
the party to help. 

Oskar I -afnn tain e, the impish 
and irrepressible premier or 
the Saarland, on the Franco- 
German frontier, was already 
in the campaign team, but not 
in the front line. Gerhard 
Schrfider, the smooth-talking 
and ambitious premier of 
Lower Saxony, was s ulking in 
his capital of Hanover, making 
little secret of his intention to 
stay there until the election 
was lost 

All three men, known as the 
‘'grandsons” of the late Mr 
Willy Brandt, the SPD Chancel- 
lor, openly competed to inherit 
the mantle of party leadership 
and continued to disagree on 


the best way of unseating Mr 
Kohl and his Christian Demo- 
cratic Union. 

Today the three are operat- 
ing as a team. This has 
breathed new life into a flag- 
ging campaign and with less 
than two weeks to polling day. 
the result is still wide 
open. 

It was a day in mid-August, 
after another gloomy meeting 
of the party’s national execu- 
tive in Bonn, that Mr Scfaarp- 
ing took Mr Schroder to one 
side and made him an offer he 
could not refuse. He would 
give him a super-ministry - 
industry, transport and energy 
all rolled into one - in the 
future federal government, if 
he would come back into the 
fight, Mr Scharping said. And 
it would be three against one - 
Scharping, Schroder and 
Lafontaine against the immov- 
able Kohl, he promised. 

It took Mr Schroder just a 
couple of days to decide, with a 
little help from Mr Lafontaine. 
It was time the three dedicated 
rivals, all career politicians 
since their days as Young 
Socialist leaders in the early 
1970s, buried their differences 
and came to the aid of the 
party, he said. 

wi thin days, the SPD head 
office was rushing out 150.000 
copies of a new election poster 
the grinning threesome shoul- 
der-to-shoulder. with a one- 
word caption. Stark (Strong). It 


is a simple message, but ever 
since then, the slump in the 
SPD’s fortunes seems to have 
stopped. Mr Kohl, whose own 
campaign poster has no words 
on it at all has at last got a 
fight on his hands. 

Last week the SPD troika 
came together on a platform in 
Frankfurt’s Romerberg, out- 
side the medieval town bail to 
demonstrate their new-found 
solidarity. 

They still strike a pretty 
strange contrast side-by-side. 
Tall and austere, the bearded 
Mr Scharping stands with his 
arms sternly folded across his 
chest, a fixed smile on his face. 
He never seems able entirely to 
relax, gearing himself up for 
the next encounter. He lectures 
the crowds like a headmaster, 
full of moral duty, facts and 
figures. 

Mr SchrSder is quite the 
opposite. Deliberately casual in 
smart, double-breasted suits 
and pastel-coloured shirt, he 
sticks his hand s in his pockets, 
and chats easily with the 
crowd. He delights in hecklers 
from the back row, speaks off 
the cuff, and obviously revels 
in the television lights. 

Mr Lafontaine is different 
again. Short and plump, he’s a 
punchy, aggressive orator, the 
best the party has got mixing 
wisecracks with political 
punch-lines. His one weakness 
is that be cannot forget his 
own defeat at the last election. 



Scharping, right, with Lafontaine. centre, and Schrbder: three one-time arcb-rivals come to the aid 
of the party against one apparently immovable Kohl 


when he was the chance Dor- 
candidate, and misread the 
mood of the electorate in 
favour of unification. He still 
spends too much time justify- 
ing his insistence that unifica- 
tion would cost too much - 
and denouncing Mr Kohl for 
pretending that it could be 
paid for without increased tax- 
ation. 

Their messages at least are 
complimentary. Mr Schroder 
hammers home his record as a 
saviour of jobs in Lower Sax- 
ony. where he has openly 
pumped public funds into loss- 
making enterprises, such as 
Deutsche Aerospace's Lem we r- 
der plant to keep the workers 


busy. “It is far better to save 
jobs than pay unemployment 
benefit" he insists. It is what 
he plans to go on doing if he 
gets that super-ministry. 

Then it is Mr Lafontaine’s 
turn to denounce the spend- 
thrift ways of the current coali- 
tion and demonstrate that his 
own tax plans are both fairer 
and more responsible. Eighty 
per cent of taxpayers will pay 
less, be says, and just 20 per- 
cent will pay more, to bear the 
burden of unification which he 
warned about before. 

Both pledge their loyalty to 
the official chancellor-candi- 
date. although few doubt that 
each believes he could have 


done the job better. And then 
it is up to Mr Scharping him- 
self to give the crowd a vision 
of the fairer, more prosperous 
world that the SPD can offer, 
with the promise of more jobs, 
at no more expense. 

He still finds it hard work to 
be exciting, preaching down 
from the pulpit, following a 
text he appears to have learned 
by heart. But he can leave the 
rhetorical flashes to bis erst- 
while rivals, ffis great achieve- 
ment is that he has bound 
them in to his election team. 
That means, if they win, they 
will all share the credit And if 
they lose, they will all share 
the blame. 


Berlusconi urged to release report on Fininvest 


By Robert Graham in Rome 

Opposition politicians are 
pressing Mr Silvio Berlusconi, 
the Italian prime minister, to 
publish a report he commis- 
sioned to resolve the conflict of 
interest with his ownership of 
Fininvest, the country’s second 
largest private business group. 

The report commissioned by 
Mr Berlusconi when he took 
office in May. was handed over 
to the prime minister on 
Thursday. Mr Berlusconi has 


THE FINANCIAL TIMES 
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DENMARK' Financial Times I Sand m- 
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DK-1I6I CopcnhaeenK. Telephone 33 
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so for refused to comment on 
its contents, fuelling sugges- 
tions that he does not accept 
the conclusions. 

Mr Cesare Salvi, head of the 
Progressive grouping of sena- 
tors. the main opposition in 
the upper house, has called for 
urgent distribution of the 
report to parliament. Other 
politicians have urged action 
from President Oscar Luigi 
Scalforo, who encouraged the 
idea of a special commission. 

The conflict of interest issue 
has come increasingly to the 
fore as the right-wing coalition 
extends its control over the 
Rai, the state broadcasting 
organisation, while Mr Berlus- 
coni still retains ownership of 
Fininvest that dominates 80 
per cent of commercial televi- 


sion with its three national 
channels. When Mr Berlusconi 
entered politics in January, he 
merely distanced himself from 
daily management of Fin- 
invest. The company recorded 
a LlL600bn (£4.72bn) turnover 
in 1993. with debts of L3300bn. 
Since becoming prime minis ter 
he had been made fully aware 
of the problems but appears 
reluctant to lose the ownership 
or see Fininvest broken up. 

At first he sought to involve 
President Scalforo as a special 
guarantor to monitor potential 
conflicts of interests. But the 
president ruled this out as 
unconstitutional Mr Berlus- 
coni then opted for a three- 
man commission of legal 
experts with an open brief. 

Having personally selected 


the three members, it will not 
be easy to reject their conclu- 
sions. The commission is com- 
posed of legal experts, includ- 
ing Mr Agostino Gamhino, a 
law professor who has done 
work for Fininvest. 

Those close to the commis- 
sion argue it is almost impossi- 
ble to employ the US model of 
a blind trust to Finin vest. Such 
a trust functions where assets 
have already been sold and 
then invested by trustees with 
the owner being ‘'blind" to the 
nature of the fiduciary invest- 
ments. ' 

Suggestions that Fininvest 
ownership be placed in trust in 
the names of his five children 
have not found favour with Mr 
Berlusconi because of tax prob- 
lems the children might incur. 


Opposition politicians are wary 
of this solution because they 
believe he would not be suffi- 
ciently distanced from his 
empire - which he has every 
intention of returning to once 
his political venture ends. 

The once clear-cut solution - 
a quick disposal of Fininvest 
assets - is virtually impossible. 
This would call into question 
the entire nature of television 
ownership in Italy, raise anti- 
trust issues in publishing and 
open a debate on foreign 
investment in the media. 

But until a solution is found. 
Mr Berlusconi risks constant 
conflicts of interest, the most 
serious being over the govern- 
ment’s control of the Rai Oth- 
ers are more insidious. Last 
week for instance, in announc- 


ing the budget, he encouraged 
people to switch to private pen- 
sion funds - Fininvest’s Medi- 
olanum financial services are 
promoting private pension 
funds. 

Yesterday it emerged his 
authority was used to curb the 
sexual content of American 
television serials shown on 
Fininvest channels. His wife. 
Veronica, had apparently 
urged action after being con- 
tacted by a pro-Vatican 
journalist. 

The Fininvest programmes 
showing what the Italian press 
has dubbed “soap erotica” are 
now being sanitised or shown 
at different hours. 

Is this because he is prime 
minister or owner of Fininvest, 
or both? 


Net tightens 
round French 
Republicans 


Hungary acts to accelerate privatisation 


By Virginia Marsh m Budapest 

Hungary’s new Socialist-led 
government has sacked eight 
of the 10 board members of AV 
Rt. the state holding company, 
and is investigating its general 
manager for alleged corruption 
as part of a wide-ranging 
shake-up of privatisation. 

It has appointed four new 
board members and an acting 
president to oversee the AV Rt 
until a replacement for Mr 
Lajos Csepi as general man- 
ager Is found. It is investiga- 
ting charges that Mr Csepi mis- 


used funds, forged documents 
and abused his position. 

Mr Csepi became head of the 
AV Rt shortly after it was set 
up in 1992 to manage the 160 
companies in which the state 
wished to sen strategic stakes 
but retain majority ownership. 

The government said the 
move was one of several 
designed to speed up privatisa- 
tion and to restore public confi- 
dence in the process in the 
wake of several corruption 
scandals. In future, the state 
would place more emphasis on 
privatising companies via cash 


sales, flotation on the stock 
market and through sales to 
institutional investors, officials 
said. 

Until now trade sales to stra- 
tegic partners, often through 
tender, have been Hungary’s 
preferred privatisation method. 
However, investors have com- 
plained of infiue oce- traffic king 
and long bureaucratic delays 
In privatisation negotiations. 
The government has already 
begun an investigation into 
privatisation under the previ- 
ous administration and. in par- 
ticular. the 320 companies sold 


off between April and June 
just before the change of gov- 
ernment 

• Hungarian police said yes- 
terday they would continue 
their clampdown on illegal 
immigrants despite protests 
from foreign embassies and 
business groups in Budapest 
The police said they would use 
powers granted in a law which 
came into effect this month to 
enter private homes to check 
up on foreigners. The state- 
ment came after a month-long 
series of raids on restaurants, 
hotels and other night spots 


frequented by foreigners. More 
than 100,000 people, including 
15,000 foreigners, had been 
checked since September 9, the 
police said. 

Western businessmen in 
Budapest said the raids were 
counter-productive and would 
hurt the government’s drive to 
attract more foreign invest- 
ment Foreign companies have 
complained about new immi- 
gration rules which require 
expatriates working in Hun- 
gary to apply for three permits 
and to be tested for the HIV 
virus. 


S trand by strand, the web 
of corruption probes 
ensnaring Mr G&rard 
Longuet, the French industry 
minis ter, and his Republican 
party, is growing thicker. 

An announcement by the 
justice ministry on Monday 
night that it was opening a for- 
mal investigation into the 
f unding of the centrist party 
follows existing allegations of 
irregularities concerning pay- 
ments for the minister's holi- 
day villa in Saint Tropez. He is 
already under pressure to 
resign, and the latest probe 
could also drag other party 
members into the judicial fir- 
ing line. 

The implications of Mr Lon- 
guet’s legal problems, however, 
extend beyond his position and 
his party. The affairs are devel- 
oping into a dilemma for Mr 
Edouard Balladur, the prime 
minister, which could under- 
mine his bid for the presidency 
in next spring’s elections. More 
broadly, they are fuelling pres- 
sures for a reform of the rela- 
tionship between French busi- 
ness groups and political 
parties. 

For Mr Balladur, the stakes 
are high. With his eyes set on 
next year's elections, he 
regards Mr Longuet and his 
Republicans as vital allies in 
an undeclared battle with his 
GauHist rival, Mr Jacques Chi- 
rac. The Republican party is 
the largest dement in the UDF, 
junior partner in the centre- 
right RPR-UDF government, 
and could offset Mr Chirac’s 
advantage as head of the Gaull- 
ist RPR. 

The widening scope of the 
corruption investigation also 
threatens to tarnish Mr Baha- 
dur's government In addition 
to Mr Longuet two other min- 
isters from the Republican 
party - Mr Franpols LAotard. 
defence minister, and Mr Alain 
Madelin, minister for enter- 
prises and economic develop- 
ment - were cited in the report 
by an investigating magistrate 
which triggered Monday’s offi- 
cial inquiry. 

The report, issued by Mr 
Raynaud Van Ruymbeke, the 
magistrate leading the probe 
into the financing of Mr Lon- 
guefs villa, questions how the 
Republican party received cash 
payments of about FFr28m 
(£3 .35m) between 1987 and 1991. 
It also questions whether the 
party obtained its Paris head- 
quarters on favourable terms. 

Mr Lyotard and Mr Madelin. 
like Mr Longuet, strongly deny 
any wrongdoing and attack the 
leaking of supposedly confiden- 
tial investigations. “Journalists 
are becoming prosecutors,” 
said Mr Leotard. The problem 
for Mr Balladur, however, is 
that the corruption controver- 
sies could damage the image of 
his government as they did the 
previous Socialist administra- 
tion which was bundled from 
office last year, partly because 
of a public perception of cor- 
ruption. 

Mr Balladur’s government 
has already lost one minister 
in a corruption case. Mr Alain 
Carignon, the communications 
minister, stepped down in July 
after being placed under inves- 


tigation for alleged influence 
peddling in Grenoble, where he 
is mayor. Several leading busi- 
nessmen, including the chair- 
men of Saint Gobain. the glass 
and building materials com- 
pany, and Cogedim, the prop- 
erty developer, have also been 
placed under investigation for 
alleged fraud. 

The combined effect of the 
various corruption investiga- 
tions has been to increase pres- 
sure for a reform of the exist- 
ing party financing laws and 
the close links between busi- 
ness and politics. Mr Philippe 
S6guin, the national assembly 


Corruption 
probes are not 
only ensnaring 
the party but 
could harm the 
premier, writes 
John Ridding 


president, proposes an all-party 
study into reforming legisla- 
tion on the funding of political 
parties, a move which would 
have the backing of 90 per cent 
of the public, according to a 
Louis Harris poll published on 
Monday. 

France has already imple- 
mented several reforms of 
party financing over the past 
six years. Laws passed in 1988 
and 1990 limited the campaign 
spending of parliamentary can- 
didates to FFr500.000 (£60,000) 
and set limits on corporate 
contributions. There is now 
pressure, however, for a com- 
plete ban on corporate funding. 

Two senior government poli- 
ticians, Mr Pierre Mazeaud and 
Mr Charles MlHon. have pro- 
posed a bill to ban completely 
the financing of political cam- 
paigns by business groups. 
Alternatives include a state 
fund for political expenditure 
or the creation of German-style 
foundations to receive corpo- 
rate contributions and so act 
as a filter between politicians 
and companies. ~ 

Mr Balladur, however, has 
been reluctant to embark on 
complex and politically sensi- 
tive reforms. He argues that 
the rise in corruption investi- 
gations in recent months 
reflects a freer hand given to 
judicial authorities rather than 
a rise in corruption and that 
the cases in question date back 
to the end of the 1980s. He says 
he is "convinced that a rigor- 
ous application of the law will 
clean up the situation". 

Mr Balladur may be right 
But politically, it is a risky 
perspective. The prime minis- 
ter has already drawn criticism 
for granting Mr Longuet a one 
month grace period to defend 
himself against Mr Van Ruym- 
beke's allegations of irregulari- 
ties concerning his villa, 
althoug h he has made it dear 
he expects the minister to 
resign if formally charged. 

Said one senior Chirac sup 
porter. “Mr Candidate has got 
the better of Dr Premier." 


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FINANCIAL TIMES WEDNESDAY OCTOBER 5 1994 


NEWS: EUROPE 


EUROPEA N NEWS DIGEST 

Belgrade can 
reopen airport 

Belgrade will reopen its airport to international flights today 

a United report 

S?”* ! Pres, ?. ent Slobodaa MBosovic hascnt 
off aU military aid and supplies to the Bosnian Serbs. The 
report clears the way for international flights and ferry ser- 
vices from Serbia and Montenegro, and For sporting and col- 
tural exchanges. The sanctions will be suspended under a 
l(»day moratorium, and come as a reward to Mr Milosovie for 
cutting links with his former proteges, the Bosnian Serbs, in 
an attempt to force them into accepting the so-called contact 
group's peace plan. 

Jubilant airport officials in Belgrade said the Russian carrier 
Aeroflot would make the first international landing when it 
brings Mr Vitaly Churkin, Russia’s deputy foreign minister, 
from Moscow today. The Yugoslav national carrier, JAT, will 
resume flights tomorrow, and a ferry service will restart from 
Bar m Montenegro to Bari, Italy. Other international carriers 
are expected to follow soon. Other sanctions, such as the ban 
on nearly all foreign trade and the freezing of foreign hanV 
accounts, will remain in force, probably until Mr Milosovic 
accepts recognition of Croatia and Bosnia. 

EU foreign ministers meeting in Luxembourg yesterday reaf- 
firmed the commitment to tightening the exclusion zones, and 
their willingness to use air strikes. They also discussed how to 
inmease the presence of the monitoring force along the bonier 
with the Bosnian Serbs, to make sure nothing more thnn food 
and humanitarian goods is getting through. British intelli- 
gence has reported its satisfaction that the border had been 
sealed for six weeks. Mr Douglas Hurd. UE foreign secretary, 
said it was still important to improve the fragile situation 
around Sarajevo. James Whittington, Belgrade, and Emma 
Tucker, Brussels. 

Norway drafts budget 

Norway’s minority Labour government yesterday unveiled a 
draft 1995 budget which aims to slash the deficit and forecasts 
continuing improvement in the economy. It also shows opti- 
mism about winning the support of a sceptical electorate in a 
referendum on November 28 on jo ining the European Union. 
The draft reduces the deficit to NKr205bn (£1.95bn) from 
NKx32.7bn (£3.05bn>, helped by an increase in petroleum earn- 
ings to be derived from a sharp rise in daily oil output to 2.6m 
barrels and a reduction in the state's direct investment in the 
sector. The deficit reduction would also be helped by an 
increase in a wide range of tariffs and taxes to raise NKr4.6bn. 
However, Norway’s dependence on oil is underlined by the 
non-oil budget deficit of NKr52.6bn, against NKriftZbn in 1994. 
Gross domestic product is expected to grow by 2.75 per. down 
from 4.5 per cent this year. Inflation is forecast to rise to L5 
per cent from 1.25 per cent Local analysts said the govern- 
ment’s prognosis for the non-oil, mainland economy seems to 
assume a Yes vote in the EU referendum to substantiate 
forecast growth of 12 per cent in corporate mainlan d invest- 
ment next year (up from 7 per cent in 1994), amid warnings 
that investment wiD be directed outside Norway if member- 
ship is rejected. Karen Fossli Oslo. 

Swiss ease property curbs 

The Swiss parliament has approved measures to make it easier 
for foreigners to buy and sell property in the country. Right- 
wing opponents have promised to try to force a referendum on 
the issue. They have 90 days to raise the required 50,000 
signatures and their chances are considered good. Changes to 
the so-called !■« Friedrich would enlarge the quota of holiday 
homes that can be sold to foreigners from 1.420 per year to 
4,000 every two years and eliminate curbs on foreign residents 
buying property for their own use. Foreign owned companies 
would be free to buy property for their business but property 
purchases for investment would remain restricted. Distress 
sales, or sales by one foreigner to another, would no longer be 
counted against the quota. The reform could come into effect 
next March if no referendum were required. The government 
would have difficulty fitting a referendum on this issue into 
next year’s already crowded schedule. Ian Rodger. Zurich. 

Bullfight star’s costly gesture 

Official proceedings have been started against one of Spain's 
most successful and glamorous bullfighters - over a bull he 
did not kill. Jesulin de Ubrique could be fined up to PtalOm 
(£50,000) and banned for six months for refusing to deliver the 
death-blow during a corrida last month in the south-eastern 
town of Albacete. That, in the strange world of bullfighting, is 
against the rules. Occasionally a bull that has fought particu- 
larly bravely may be spared, at the discretion of the president 
of the fight But Jesulin de Ubrique broke all the codes by 
fairing the decision himself. It was his 122nd meeting of the 
season, breaking a record set by the flamboyant Manuel Beni- 
tez, El CordobOs. By allowing his first bull of the afternoon - 
ironically named Executioner - to leave the ring alive, he 
wanted to make a gesture to his famous predecessor. The 
president of the event a police official, took the matter seri- 
ously and reported it The case is in the hands of the civil 
governor's office. David White, Madrid. 

ECONOMIC WATCH 


Retail sales rise in Switzerland 

Swiss retail sales turned up in August recording a 23 per cent 
value growth year-on-year after a 2 per cent decline in July. 
Private consumption up to now has been the weakest compo- 
nent in the recovery that has been under way m the Swiss 
economy since the fourth quarter of last year, in spite of 
indications of improving consumer sentiment Sales or food 
and luxury items rose 33 per cent in August while clothing 
and textile sales declined by 3.4 per cent the federal statistics 
office said. On a volume basis. August sales were up by 2 per 
cent. Ian Rodger , Zurich .. . • 

■ Italian prices rose by 0.3 per cent last month^vong an 
annual inflation rate of 3.9 per cent, the national statistics 
office reported. In August prices were up 02 cent 

■ The Dutch trade surplus shrank to FI ibn (£365m) m June 
tom FlX toMay and FI ISbn in June 1993. according to 
the central statistical office. But for the ftatsix months taken 
together, the surplus rose sharply to FI 102bn from FI 83bn a 
year earlier. 


(E FIRST MEXICO INCOME FUND N-V. 

Incorporated In the Netherlands Antilles 

NOTICE OF DIVIDEND 

otters are iritotmed of a dividend at USSdjO 
n holders of record as of September 30. 189* The exttlwdend date 
October 3. 1994. Shareholders hewe the option of 
n iHanrte Pleas a contact your broker for Information. The stock 
5 'JSSSf S cm w, assert value cataiaKd on 

f S. 1994. _ _ 

■wand wJl be paid on October 14. 1994. Payment of Ihe^tfvtteridori 
UTshares willto mad© against surrender of coupon no. 17 detached 

e share certificates which for thiB purpose shaB be lodged ac 


sterdam. 


nos 

} paying Agent on behalf of U» undersigned. 


sepwmber 30, 1994 


MEESPIERSON TRUST (CURACAO) N.V. 


UN maritime agency panel to review safety 

Charles Batchelor reports on action prompted by the Baltic ferry disaster 


I nternational moves to 
strengthen safety controls 
on roll-on roll-off ferries 
gathered pace yesterday with 
the announcement by the 
International Maritime Organi- 
sation of plans to establish a 
panel of safety experts to rec- 
ommend action. 

Hie efforts by the IMO, an 
arm of the United Nations, fol- 
low the sinking in the Baltic 
last Wednesday of the car ferry 
Estonia with the loss of more 
than 900 lives. 

The proposal by IMO’s secre- 
tary general, Mr William 
O’Neil, is unprecedented in the 
organisation's 35-year history 
and is intended to shorten its 
frequently lengthy procedures. 
Even so, a final decision to go 
ahead with the panel will not 
be taken until its safety com- 
mittee meets in two months. 

At the same time, the UK 
department of transport's 
marine safety agency aid it 
would ask its surveyors to 
carry out immediate checks on 
the bow doors of all ro-ro pas- 
senger ferries operating out of 
UK ports. 

Mr Robin Bradley, chief execu- 
tive of the agency, described 
this move as “precautionary” 
but added: “In the light of the 
evidence emerging from the 
Estonia. I believe it is impor- 
tant we should take this addi- 


tional safety measure." 

Checks of vessels' inner and 
outer bow doors will be carried 
out within the next 28 days. 
Inspectors will also examine 
closing procedures, surveil- 
lance equipment and indica- 
tors. 

P&O European Ferries, 
which operates 45 ferries, said 
it hoped these moves would 
put an end to speculation and 
start to establish some facts 
about ferry safety. 

The IMO expert panel will be 
headed by Mr Giuliano Patto- 
fatto, an Italian naval architect 

and rlmirman of the organisa- 
tion's safety committee. It will 


consist of representatives of 
member governments and out- 
side experts. It is expected to 
begin its work after the next 
meeting of the IMO’s safety 
committee between December 
5 and 9 and present its recom- 
mendations to the next meet- 
ing of that committee in May 
1995. 

“The idea is to speed up the 
process of review instead of 
deferring it to a sub-committee 
meeting in three mnnthg time," 
Mr Roger Eolrn, the IMO 
spokesman said. 

“Nothing will be excluded. 
You have got to prove to the 
travelling public that you are 


looking at everything seriously 
and give reassurance," 

Like other IMO committees 
file expert panel will only be 
able to make recommenda- 
tions. But only a small number 
of countries operate ro-ro fer- 
ries and since they will be rep- 
resented on the panel they can 
be expected to carry out its 
suggestions. Mr Kohn said. 
Most ro-ro ferries are in use in 
Europe, Japan and Australasia. 

The IMO has been criticised 
in the past by some of its more 
safety-conscious member gov- 
ernments for the slow pace of 
its deliberations. The UK 
clashed with other members 


over plans for a tightening up 
of ferry regulations in the 
wake of the sinking of the Her- 
ald of Free Enterprise in 1987 
and last year warned that 
countries would take unilateral 
action if the IMO did not move 
more quickly. 

IMO officials point out. how- 
ever. that the 149-member 
organisation has to work by 
achieving consensus. “For 
some of our members the pace 
is unbearably quick, for others 
we are very slow," Mr Fern- 
ando Plaza, a senior safety 
director said recently. 

The IMO has created 30 con- 
ventions. which are mandatory 


Finns order ro-ro bow doors welded shut 


F inlan d's board of navigation said 
yesterday that the bow doors of all 
roH-on, roll-off ferries sailing in “open" 
Baltic seas had to be welded shut as a 
safety precaution while investigations 
into the sinking of the Estonia continued. 
Swedish authorities say they will insist 
on similar measures, writes Christopher 
Brown-Hum es in Stockholm. 

Silja Line, the Baltic's leading ferry 
operator, said it would seal the bow doors 
of five ferries - vessels which either sail 
in open seas or have the same visor-type 
bow construction as the Estonia. 

Three other Baltic ferry operators have 


pro mise d similar measures. 

Accident investigators want to locate 
the Estonia's bow door, after video 
footage established on Monday that it had 
been torn off in heavy seas. Mr Andi 
Meister, Estonian chairman of the 
commission, said: “We now know how it 
happened when water gushed into the 
ship, bnt we still do not know what 
caused the catastrophe." 

Lines of inquiry include technical 
failure, metal fatigue, overloading and 
negligence. 

Meanwhile, the Siena Saga was 
withdrawn from service between 


Fredrikshavn in Denmark and Oslo 
yesterday after Swedish inspectors 
discovered cracks in the vessel's bow 
shield. 

Estline, the operator of the Estonia, 
suffered another misfortune on Monday 
evening when a chartered cargo ferry, the 
Cap Canaille, ran aground in the 
Stockholm archipelago en route to the 
Estonian capital of Tallinn. 

After freeing herself, she returned to 
Stockholm where a leak in a tank was 
discovered. 

She is expected to be out of service for 
several days. 


on member governments, as 
well as more than 700 codes, 
which are advisory, on a wide 
range of maritime safety 
issues. But it depends on gov- 
ernments to ratify and enforce 
its regulations. 

In its early days amend- 
ments to conventions required 
ratification by two-thirds of 
member governments before 
they took effect. 

Many proposals took years to 
implement, so in the early 
1970s this was changed to 
make amendments effective 
unless one-third of members 
rejected them. 

At present member govern- 
ments are given two years or 
more to consider amendments 
but this is shortly to be 
reduced to 18 months. 

The IMO is constrained by 
thc need to balance the inter- 
ests of developing countries, 
where economic development 
often takes precedence over 
safety considerations, and 
those of western nations where 
the public demands higher 
safety standards. 

“We produce the highest 
practicable standards, not the 
highest possible ones," said Mr 
Plaza. 

The transport comnutu-e of 
the European parliament is to 
discuss ferry safety when it 
meets next Monday. 


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4 


FINANCIAL. TIMES WEDNESDAY OCTOBER ? 1994 



Cardoso cruising to 
easy election victory 


By Angus Poster fn S5o Pauto 

First results from Brazil’s 
presidential elections on Mott 
day suggested Mr Fernando 
Henrique Cardoso, the former 
finan ce minister, was set to 
score an easy victory over his 
main rival, the left winger Mr 
Luiz Inficio Lula da Silva. 

By early yesterday after- 
noon, with about 450,000 votes 
counted - less than 1 per cent 
of the total - Mr Cardoso had 
more than 50 per cent of valid 
votes cash 

This compared with about 23 
per cent for Mr da Silva. The 
results, which mainly came 
from the country’s more devel- 
oped south, were in line with 
exit polls released on Monday 
night, which predicted a 
nationwide victory tor Mr Car- 
doso by a wide margin. 

The first results also con- 
firmed opinion poll projections 
that Mr Cardoso would poll 
more votes than all his compet- 
itors, thereby winning the elec- 


tion outright without the need 
for a second-round run off. 

Mr Cardoso was reported to 
be resting in S2o Paulo state 
yesterday, and is waiting for 
more votes to be counted 
before commenting on the 
results or claiming victory. 

Counting is likely to take at 
least 20 days, but Mr Cardoso 
is expected to return to 
Brasilia today or tomorrow and 
give a press conference on his 
plans as future president 

His mandate does not begin 
until January 1 and he is 
expected to use the next 
months to build a cabinet and 
prepare a number of economic 
and tax reforms to underpin 
the Real currency, introduced 
earlier this year. 

The exit polls suggested a 
strong showing for Mr En&as 
Cameiro, the far-right candi- 
date who seemed to have 
appealed to Brazilians seeking 
to cast a protest vote. He 
looked set to receive 6 per cent 
of the votes and finish third. 


ahead of established politicians 
such as Mr Orestes Quercia 
and Mr Leonel Brizola, former 

governors of SSo Paulo and Rio 

de Janeiro respectively. 

In spite of Mr Cardoso’s 
strong showing, some of his 
political allies appeared to be 
in trouble. Mr M&rio Covas. 
until recently dear favourite to 
win the governorship of S&o 
Paulo, Brazil’s most important 
state, appeared to have lost 
support and may face a second 
round run-off. Mr Antonio 
Britto. who was also expected 
to easily win the southern 
state of Rio Grande do Sul, also 
looked to be heading for a sur- 
prise second round run-off. 

Also up for grabs in the elec- 
tions were 27 state governor- 
ships. 54 of 81 Senate seats, all 
513 lower house deputies and 
1,059 state legislators. 

Voting was festive and 
peaceful across the country, 
although a ban on last-minute 
campaigning was widely 
ignored. 


Sao Paulo stock market 
takes results in its stride 


Ely Patrick McCurry 
in Sdo Paulo 

Sao Paulo's main stock market 
index was virtually unchanged 
by lunchtime yesterday, in 
spite of the financial markets' 
optimism at the election suc- 
cess of Mr Fernando Henrique 
Cardoso. 

Analysts say a Cardoso vic- 
tory had already been priced 
into the market, which has 
nearly doubled in dollar terms 
this year, and is up by about 65 
per cent since July 1. 

Many analysts expect a 
period of post-election profit- 
taking, particularly by foreign 
investors, which could mean a 
flat or downwards market In 
the short term. According to 
Mr Roberto Serweczak, head of 
trading at stockbroker Baring 
Securities in S3o Paulo, the 
market will be looking for 
news about how Ear and how 
quickly Mr Cardoso is prepared 
to go in economic reforms and 
privatisation. 

Although some foreign inves- 


tors in equities will be taking 
profits, there is likely to be a 
substantial increase in overall 
foreign portfolio investment 
over the Mining months. 

Mr Marcelo Cabral, an inter- 
national equities vice president 
at Morgan Stanley in New 
York, said: “Global investors 
are significantly underbought 
in Brazil and it will become 
very hard to stay out of the 
country if Cardoso implements 
economic reforms." 

But progress will be gradual, 
says equities analyst Ms Mon- 
aiisa Guar da: “Changes will 
not be as dramatic as in Argen- 
tina. I expect a slower but 
coherent programme, and a 
gradual increase in foreign 
investment." 

However, the government 
could try to restrict overseas 
investment in equities if there 
is an extremely large dollar 
inflow. Since its July 1 la unch 
the new currency, the Real, 
has appreciated by 15 per cent 
against the dollar. The govern- 
ment is worried that a big 


inflow of foreign exchange will 
put more pressure on the 
exchange rate, forcing the cen- 
tral bank to compromise 
money supply targets by buy- 
ing dollars and issuing Reals. 

But most analysts believe 
the government would only 
target overseas investment as 
a last resort, partly because 
the government will need for- 
eign investors for its privatisa- 
tion programme. 

Prices of Brazilian overseas 
debt securities were stable yes- 
terday morning, said traders, 
although prices had moved up 
in the days preceding the elec- 
tion and are up by about a 
quarter since May. 

Analysts say future prices 
will depend on the confidence 
of foreign investors in Mr Car- 
doso’s reforms as well as the 
success of a fund, approved tor 
the government last month, 
which allows Brazilians to 
invest in sovereign debt 

The Real was trading half a 
cent up yesterday morning, at 
$1-18. 


Left academic finds right stuff 


From 'dependency 9 theorist to reluctant neo-liberal. Angus Foster profiles Cardoso 


M r Fernando Henrique 
Cardoso, likely to be 
Brazil's next presi- 
dent. is a former left-wing pro- 
fessor turned politician who 
has moved steadily towards 
the right in the last 10 years. 
Many Brazilians are now ask- 
ing how much further he will 
move to govern a country still 
controlled by conservative 
Elites. 

Mr Cardoso, 63, is a popular 
and respected figure in Brazil- 
ian politics, whose charm and 
a relaxed style with the media 
helped win the election. He 
speaks several foreign lan- 
guages and is reputed to have 
a likin g for French cooking 
and poker. 

His experience of govern- 
ment is limited to brief spells 
at tfia foreign and financa min- 
istries, where he sometimes 
appeared excessively cautious. 
Given the size of the economic 
and social problems he will 
inherit, a tendency to be inde- 
cisive could damage bis presi- 
dency. 

Born into a wealthy military 
family, he is one of the out- 
standing Brazilians of his gen- 
eration. He trained as a sociol- 
ogist later ta ug ht at the 
University of California at 
Berkeley and Cambridge. His 
best known works explored 
“dependency", a theory which 
sought to explain Latin Amer- 
ica’s t ‘ nnripr ripupln pmf-n fr” as & 
consequence of the continent’s 
dependence on capital and 
technology from the US and 
Europe. 

His understanding of Brazil's 
social problems will be impor- 
tant because toe country has 
one of the biggest gaps 
between rich and poor with 
millions living in shanty 
towns, often without health 
and education services. Mr 
Cardoso, whose anthropologist 
wife Ruth has strong views on 
social issues, says the country 
needs to become “more human- 
itarian" and to end its “social 
injustice”. 

His tinka with the left led to 
trouble with Brazil’s military 
rulers in the 1970s and he was 
banned from teaching at the 
University of Sdo Paulo. When 
democracy returned to Brazil 
in 1985, Mr Cardoso switched 
to politics and was elected a 
senator for S5o Paulo in 1986. 

He helped form a new politi- 
cal party, toe Social Democrats 
(PSDB), which has gained a 
reputation for good - and 



One-time sociology professor Cardoso: his charm and relaxed style with the media helped win the 
election, but will his commitment to tackHwg social problems land him in trouble with Brazil’s 
conservative politicians and business groups? r mm 


clean - government in several 
Brazilian states. Mr Cardoso 
joined the government of Presi- 
dent Itamar Franco in 1992 
after the ousting of former 
President Fernando Collor on 
corruption charges. In May last 
year, against his instincts and 
the advice of friends who 
thought the job a poisoned 
chalice, he was persuaded by 
President Franco to become 
Brazil’s fourth finance minister 
in less than a year. 


Once appointed. Mr Cardoso 
often reminded interviewers 
that he was not an economist. 
But his political skills allowed 
him to negotiate through con- 
gress a package of economic 
measures in preparation for 
the launch of a new currency, 
the ReaL It worked, and 
monthly inflation fell from 50 
per cent in June to less than 2 
per cent in September. 

It was this that won Mr Car- 
doso the election, helped by an 


alliance with the right-wing 
Liberal Front (PFL) party that 
delivered him votes in Brazil's 
poor north-east. The alliance 
was unpopular with some of 
Mr Cardoso’s supporters 
because the PFL is controlled 
by the same old-style politi- 
cians Mr Cardoso used to criti- 
cise and blame for Brazil’s 
social problems. 

Advisers say he needed the 
alliance to win the election. 
But critics say it showed Mr 


Cardoso was too ready to com- 
promise his principals for poli- 
tics. They worry that his com- 
mitment to tackling social 
problems, such as promoting 
fairer land ownership, will be 
shelved if reform threatens the 
entrenched interests of conser- 
vative politicians and business 
groups. 

Mr Cardoso says he is a 
social democrat and bridles 
when described as a “neo-lib- 
eral" who expects market 
forces to solve Brazil's prob- 
lems. 

“The mar ket cannot solve 
problems of poverty," he said, 
adding that the state should 
remain an active provider of 
social services. In his election 
manifesto, he said the state 
should remain involved in cer- 
tain undefined “strategic" 
areas of the economy. 

But, in the short term at 
least, it seems he will have to 
follow policies that have been 
described as “neo-liberal" else- 
where in Latin America. To 
balance the government’s bud- 
get it is likely he will have to 
privatise state-owned compa- 
nies faster than he might like. 
He has said the state's monop- 
oly on telecommunications and 
mineral extraction can be 
lifted, but has so far rejected a 
full-scale privatisation of Petro- 
bras, the state-owned oil 
monopoly. 

To guarantee the continued 
success of the Real currency, 
he will also have to overhaul 
the federal government's bud- 
get and its social security sys- 
tem. This will require increas- 
ing the tax take and 
government spending cuts. 
State pensions may be frozen 
and stricter rules introduced to 
stop workers retiring early. 

Economists agree such 
changes are needed as Brazil 
modernises its economy and 
government They say that the 
fact that it is a former left-wing 
sociologist proposing the 
reforms shows there is now a 
consensus in Brazil for a 
smaller, more efficient state in 
a market economy, in-line with 
other countries in the region. 

Mr Antdnio Carlos Magal- 
haes, leader or the PFL and 
one of the old-style politicians 
Mr Cardoso used to rail 
against, said there was another 
possible explanation. “Fern- 
ando Henrique Cardoso was 
always politically further to 
the right of centre than weiiad 
thought," he said. 


Way is now open for reform of dreaded police force, says US 

Haiti police chief tries 


Who next? Reformers fear 
the assassin in Mexico 


Indicators 
in US up 
by 0.6% 
in August 

By Jurak Martin 

Tbe US government index 
pointing to future economic 
activity rose in August by the 
largest amount since March, 
led by strong orders for con- 
sumer goods and materials. 

The index of leading eco- 
nomic indicators went up by 
0.6 per cent in the month, fol- 
lowing no change in July and 
a modest 0.2 per cent advance 
in June. 

In March tbe Index had 
jumped by 0.7 per cent 

The August performance, 
confirming the National Asso- 
ciation of Purchasing Manag- 
ers report, published on Mon- 
day and showing continuing 
strong expansion, was in line 
with market expectations and 
had little early Impact ou 
equity prices. The Dow Jones 
Industrial Average was up 
about 7 points in morning 
trading. 

Nine or the 11 component 
parts of the index rose last 
month. The largest contribu- 
tions were made by manufac- 
turers' new orders, vendor per- 
formance, state unemployment 
benefits claims and stock 
prices. Two elements declined 
- the money supply and unfil- 
led orders by manufacturers. 

The overall increase meant 
the index was 3.8 per cent 
higher than a year ago, 
according to the commerce 
department. 

But market analysts expec- 
ted a smaller increase in Sep- 
tember. 


By Ted Bardacke In 
Port-au-Prince 

Haitian police chief Lt-Col 
Michel Francois has attempted 
to flee to the neighbouring 
Dominican Republic in a move 
that US officials say will go a 
long way towards reforming 
the country’s dreaded police 
force. 

Col Francois was detained by 
Dominican officials who would 
not let him cross the border 
because he lacked toe proper 
Haitian exit papers. But it was 
expected that he would soon be 
able to enter the Dominican 
Republic where he recently 
bought a home and his family 
moved some time ago. 

Haiti's military leaders, 
scheduled to step down by 
October 15, did not immedi- 


By Jurek Martin to Washington 

President Bill Clinton finally 
hit the campaign trail on Mon- 
day night by venturing out 
into the Washington suburbs 
to raise money for Senator 
Chuck Robb of Virginia. 

The president told an enthu- 
siastic rally he and the senator 
had been the subject of unfair 
Republican attacks. “They 
exalt fear over hope, division 
over unity," he said, “and they 
are brilliant at If 

He also took an oblique shot 
at Mr Oliver North, the Repub- 
lican candidate. Never men- 
tioning him by name, Mr Clin- 
ton noted the biblical 
commandment against bearing 


ately appoint a new police 
chief and Mr Stanley Schrager 
of the US embassy suggested 
that the post may remain 
vacant until exiled President 
Jean-Bertra nd Aristide chooses 
someone to fill it 

With Col Francois removed, 
US officials began to imple- 
ment their plan to recruit and 
train Haiti's new police force, 
selecting a site for a temporary 
training academy, where each 
month 375 new recruits will 
take a four-month course until 
reaching the target of 4,000 offi- 
cers. 

Current officers will be 
allowed to join the new force 
but one US official said that 
President Aristide was consid- 
ering setting a limit on the 
amount that could do so. Those 
officers who show co-operation 


false witness, a clear reference 
to Mr North’s conviction - 
later overturned on a legal 
technicality - In the Iran-Con- 
tra scandals. 

Senator Robb is one of the 
few Democratic candidates for 
election who has openly 
embraced Mr Clinton and 
sought his help. Equally a 
large part of the North cam- 
paign is to portray Mr Robb as 
“Bill Clinton’s senator,” thus 
hoping to capitalise on the 
president's unpopularity in the 
country and in Virginia, where 
he was defeated by President 
George Bush in the 1992 presi- 
dential election. 

Political experts believe Mr 
Robb is taking a sizeable gam- 


with US forces in the interim 
will be given first priority, said 
the official. 

Col Francois' flight comes a 
day after the US military, in a 
substantial show of force, 
stormed the headquarters of 
tb<» country's main paramili- 
tary group, the Front for the 
Advancement and Progress of 
Haiti. Though the US detained 
less than 100 of the several 
thousand armed members of 
Fraph, US military patrols in 
the capital increased as toe US 
attempted to increase pressure 
on the military rulers and pre- 
vent more outbreaks of vio- 
lence. 

“It is becoming clear there is 
a new sheriff in town," said Mr 
Schrager, expressing hope that 
the recent crackdown would 
encourage military leader Lt- 


ble in hitching his star to Mr 
Clinton's sagging fortunes. 
However, the Virginia race 
remains tighter than expected 
following the withdrawal last 
month of Mr Doug Wilder, the 
former Democratic governor 
and independent candidate. 

One recent poll gives Mr 
North a slim lead, with the 
third man Mr Marshall Cole- 
man, previously a Republican 
lieutenant governor, tr ailin g 
badly. Mr Wilder's withdrawal, 
it was assumed, would boost 
Mr Robb by unsplittlng the 
Democratic vote but the for- 
mer governor still has not 
endorsed his longtime party 
rivaL 

Mr Robb is also being 


to flee 


Gen Raoul Cedras to Join Col 
Franpois in leaving the coun- 
try. The two men, along with 
chief of staff Brig-Gen Phillipe 
Biamby, toppled President 
Aristide in a bloody coup d’etat 
on September 30, 1991 and have 
violently controlled the Carib- 
bean nation ever since. 

“You are seeing a gradual 
reduction in the ability to wage 
violence," Mr Shrager said. 

“Our forces are establishing 
themselves ashore in many 
ways, including the develop- 
ment of an on-shore logistics 
capability, an expeditionary 
medical facility in Port-au- 
Prince and the opening of Port- 
au-Prince international airport 
to commercial traffic by tomor- 
row morning," General John 
Shalikashvlli. chairman, of the 
US Joint Chiefs of Staff said. 


heavily outspent by Mr North, 
who is well financed by the far 
right-wing and its religious 
supporters. The Republican 
campaign chest is already 
$15m strong, while the Demo- 
cratic incumbent has raised 
only $3m and Mr Coleman less 
than $lm. 

The estimated $500,000 gener- 
ated by Mr Clinton's appear- 
ance at two fundraisers on 
Monday night certainly helps 
Mr Robb, who has bran unable 
to match Mr North's televised 
commercial blitz. 

The senator's aides reckoned 
that the new infusion of funds 
could buy 10 days worth of 
concentrated statewide TV 
advertising. 


I f Mr Ernesto Zedillo, 
Mexico's next president, 
had any doubts about the 
difficulties of reforming 
Mexico’s governing party and 
the country’s corrupt judicial 
and legal system, the assassi- 
nation last week of Mr Jos6 
Francisco Ruiz Massieu, the 
party’s number two official, 
will probably have removed 
them. 

Mr Ruiz Massieu’s killing 
was allegedly ordered by Mr 
Manuel Munoz Rocha, a federal 
deputy of the ruling Institu- 
tional Revolutionary party 
(PRI), and Mr Abraham Rubio 
Canales, a former tourism 
developer with strong links to 
the Gulf drug cartel in the 
state of Tamaulipas. 

The two allegedly hired the 
gunman, and other accom- 
plices, according to testimony 
from one man who has con- 
fessed to his role in the killing. 

This alleged alliance between 
a harrfTinpr hi the governing 
party and a man with links to 
a drug gang has underlined 
concerns that efforts by Mr 
Zedillo to reform his party and 
the country’s criminal justice 
system will be met with fierce 
and violent resistance from 
those who stand to lose from 
these changes. 

According to testimony from 
the alleged accomplices to the 
assassination, the conspirators 
drew up a list of reform- 
minded politicians with plans 
to kill ail of them. 

Since Mr Ruiz Massieu's 
assassination, there has been 
renewed speculation that polit- 
ical reactionaries and drug 
traffickers may have had a 
hand in the killing six months 
ago of Mr Luis Donaldo Colo- 


sio. the ruling party's reform- 
minded presidential candidate, 
even though no evidence has 
emerged to indicate this is the 

case. 

Mr Carlos Foentes, the nov- 
elist, asked yesterday in a 
newspaper article entitled 
“Who is next?" whether 
Mexico, like Colombia, was fac- 
ing a period of sustained politi- 
cal violence orchestrated by 
drug barons. Other columnists 
have Insinuated that more 
groups than currently revealed 
might be involved in Mr Ruiz 
Massieu's murder. 


Damian Fraser 
reports on the 
aftermath of 
the killing 
of another 
PRI leader 

Mr Mufioz Rocha has prom- 
ised to hand himself in if his 
safety is guaranteed, according 
to a statement by Mexico's 
Congress. Two newspapers 
reported yesterday that Mr 
Munoz Rocha has admitted to 
a role in the crime but put the 
responsibility on Mr Rubio 
Canales, who reportedly 
blames Mr Ruiz Massieu for his 
conviction for fraud In 1992, 
and the prison sentence he is 
currently serving. 

Mr Mufioz Rocha said he par- 
ticipated in the assassination 
“because I was angry that I 
had not been supported in my 
political aspirations". 


The ruling party has denied 
that the crime reflects an inter- 
nal battle between ideological 
factions in the PRI. Mr Ignacio 
Pichardo, the president of the 
party, declared on Monday that 
Mr Mufioz Rocha “never had 
intellectual interests, never 
raised issues of political the- 
ory, and was never associated 
with making ideological pro- 
nouncements.” 

Mr Pichardo insisted that tbe 
reform of the PRI would go 
ahead. As if to underline this 
pledge, Ms Maria de los 
Angeles Moreno, the head of 
the PRI group in the Chamber 
of Deputies and a reformist, 
was appointed to replace Mr 
Ruiz Massieu as the party's 
secretary- generaL 

Government officials have 
suggested the Gulf drug cartel 
may have deliberately involved 
Mr Mufioz Rocha in the assas- 
sination to maximise the politi- 
cal impact of the crime. 

Tbe motives of drug traffick- 
ers are uncertain. One view is 
they believed the assassination 
would weaken Mr Ruiz Mas- 
sieu's brother. Mario, who is 
the deputy attorney general in 
charge of drug enforcement 

If this was the motivation, 
the plan may have backfired. 
Mr Ruiz Massieu has taken 
charge of the investigation into 
his brother’s death, and search 
for drug cartel members 
appears to have intensified. . 

Another view is the cartel 
was seeking revenge. Mr Mario 
Ruiz Massieu recently bad 
arrested Raul Valladares, top 
lieutenant in the Gulf Cartel 
and son-in-law of Mr Rubio 
Canales, the maw in the Aca- 
pulco Jail accused of jointly 
plotting the assassination. 


Canada to unveil radical social security reform blueprint 


Clinton takes to campaign trail 


By Bernard Simon in Toronto 

C anada's Liberal government 
will today unveil an ambi- 
tious blueprint for overhaul- 
ing a panoply of generous but costly 
and increasingly ineffective social 
security programmes. 

The proposals are likely to 
unleash a vigorous debate which 
will test the government’s 
resolve against a plethora 
of special interest groups, and its 
commitment to reducing the budget 
deficit 


In an effort to contain the politi- 
cal backlash and to retain room for 
manoeuvre, Mr Lloyd Axworthy. 
human resources minister, will 
present the proposals in toe form of 
a “discussion paper” con taining 
various options. He plans to intro- 
duce detailed legislation next 
spring. 

A senior government official said 
however, that the options will 
reflect a new direction: “Our pri- 
mary objective is to see if we can 
move toe public debate to a differ- 
ent place.” 


The Liberals recognise that they 
will be unable to meet their goal of 
cutting toe federal budget deficit to 
3 per cent of gross domestic product 
without trimming social security 
outlays. 

The programmes In question now 
cost about C$39bn (£18,30bn) a year, 
or a third of total federal spending. 

They include unemployment 
insurance, job training and child 
tax benefits, as well as transfers to 
the 10 provinces to fund welfare 
assistance and post-secondary 
education. Old-age pensions will 


not be included in the review. 

There is widespread agreement on 
toe need to reform the social secu- 
rity net many of whose components 
have been virtually unchanged for 
the past three decades. Concern 
centres on toe growing group of 
able bodied people who have fallen 
into a “welfare trap" as a result of 
generous social security. 

Unemployment insurance and 
social assistance payments now 
equal about 4 per cent of gross 
national product, compared with 
less than l per cent in the mid- 


1960s. At toe same time, the number 
of people living below the poverty 
line has risen steadily. 

Leaks from Ottawa suggest that 
Mr Axworthy win propose targeting 
benefits more narrowly and creat- 
ing new Incentives to encourage 
people either to look for work or 
acquire new skills . 

The discussion paper Is expected 
to suggest a clampdown on workers 
in such seasonal industries as fish- 
ing and construction, who can 
claim generous unemployment ben- 
efits after as little as 12 weeks’ 


work. The government this week 
unveiled a new programme to top 
up the income of people who accept 
menial jobs at minimum wages as a 
way of re-entering the workforce. 

Mr Axworthy hopes to defuse 
inevitable criticism of toe cuts with 
a proposal to divert some of the 
savings from lower unemployment 
insurance and welfare payments to 
support children of underprivileged 
families. The discussion paper is 
also expected to propose reforms in 
the funding of higher education, by 
replacing direct grants touniversi- 


ties with more generous loans to 
students. 

The overhaul will be complicated 
by split responsibilities between the 
federal government and the prov- 
inces. Many programmes, including 
welfare and hi ghpr education, ate 
delivered by the provinces but 
partly financed by federal tax reve- 
nues. 

Quebec's new separatist gov®®" 
ment has indicated that it will 
take part in the process unless n 
considers the reforms to be to 
own advantage. 


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FINANCIAL TIMES WEDN ESDAY OCrOBUR 5 I*** 


NEWS: INTERNATIONAL 


Use of robots 


‘set to grow 
by one third’ 


By Prances Williams In Geneva 

The world's industrial robot 
population is forecast to soar 
by more than a third over the 
four years to 1997, according to 
a report published by the 
United Nations Economic Com- 
mission for Europe and the 
International Federation of 
Robotics yesterday * 

The report, the first in an 
annual series, says sagging 
growth in robot investment 
bottomed out in 1993 and num- 
bers are set to jump from 

610.000 at the end of last year 
to more than 830,000 by the end 
of 1997. Annual sales are pre- 
dicted to rise from about 54,000 
units in 1993 to more than 

103.000 units in 1997. 

Japan accounts for more 
than half the world’s robot 
stock, equivalent to 335 robots 
for every 10,000 manufacturing 
workers. It is followed by Sing- 
apore (109), Sweden (73). Italy 
(70) and Germaity (62). 

Use of robots is most wide- 
spread in the motor vehicle 
industry, which accounts for 
between a third and more than 
one-half of robots in use in 
countries such as France, 
Poland, Singapore. Spain, Swe- 
den, Taiwan and Britain. 

Though Japan now has the 
highest number of robots in 
the electrical and electronic 
industry, it remains the world 


leader by far in the use of 
robots for vehicle manufacture. 

In the transport equipment 
sector, which includes motor 
vehicles. Japan has 1,000 
robots for every 10,000 workers, 
compared with 167 in Sweden, 
1 U) in France and 63 in 

Britain. 

In most countries, especially 
those with big motor vehicle 
industries, robots are used 
most frequently for welding. 

But in some countries mach- 
ining is the most common 
application. In Japan 40 per 
cent of the robot stock is used 
for assembly, reflecting the 
large-scale use of robots in the 
electronic sector. 

The potential for expansion 
of robotics is enormous. Num- 
bers would explode if other 
industrialised countries were 
to reach Japan's robot densi- 
ties and if industry in general 
were to reach only half the 
robot density of the motor 
vehicle sector. 

If all industries in France 
and Britain had half as many 
robots as the motor industry in 
these countries, the robot stock 
would more than double. If it 
reached half the density of the 
Japanese motor vehicle indus- 
try. it would increase more 
than 20-fold. 

■World kUultrUI PoftoU 199*; SutMtica 
1 983-93 ano foracMIs K >997. Sim 
No.OVEMOa-t. UN S4te Mctfon. Pal* s des 
Mirim. CH Iln Geneva 10. SIM 


World stocks of industrial robots 


Total stock at year end f 000) 
1,000 



1988 9Q91 92 83 94 95 96 97 


Source-. UN/ECE and IFR wwotarlate 


Taiwan 

visit 

worries 

Tokyo 

By William Dawkins in Tokyo 

The Japanese government was 
yesterday suffering diplomatic 
discomfiture over the activi- 
ties or a visiting senior Tai- 
wanese official at the Asian 
games in Hiroshima. 

Five members of Japan's rul- 
ing Liberal Democratic party 
plan to meet Mr Hsn Li Teh, 
Taiwan’s depnty premier, in 
Tokyo today in defiance of 
party instructions to shun all 
contact with him. The govern- 
ment wants to avoid offending 
China, a powerful ally, market 
and investment destination. 

The meeting, while deliber- 
ately smaller than the grand 
dinner the pro-Taiwanese LDP 
politicians had originally 
planned, will anger China 
despite the Japanese govern- 
ment's attempts to prevent 
sports and politics from 
becoming entangled. 

Japan cut official ties with 
Taiwan and opened relations 
with Beijing in 1972, implying 
acceptance of China’s belief 
that Taiwan is still a Chinese- 
owned province. But a signifi- 
cant pro-Taiwan movement 
remains in Japanese national 
politics, making it uncomfort- 
able for the government to 
take clear sides between 
Taiwan and China. 

In an attempt to prove to 
China that Japan does not con- 
done official contacts with 
Taiwan, Mr Yobei Kono. LDP 
president and Japanese for- 
eign minister, yesterday can- 
celled a trip to the games next 
weekend. Chinese government 
objections to a planned visit to 
the games by Taiwan’s Presi- 
dent Lee Teng-hui led to his 
last-minute withdrawal and 
replacement by the deputy 
prime minister, who, it was 
hoped, would keep a low pro- 
file. 

Mr Hsu rekindled the dis- 
pute over Japan’s ambivalent 
attitude to Taiwan yesterday 
by claiming in a newspaper 
interview bis visit bad "a 
political meaning”. A Japa- 
nese official accused him of a 
“breach of promise". 


China plans reform of state enterprises 


By Tony Walker in Beijing 

China has unveiled a six-point 
plan to overhaul its ailing 
state-owned enterprises. The 
scheme at transforming 
government businesses into 
shareholding companies with 
management independent of 
official controls. 

The China Securities news- 
paper quoted a representative 
of the State Economic and 
Trade Commission as saying 
that “substantial reforms of 


the state-owned enterprises 
have become vital for further 
economic development". But 
China’s approach to enterprise 
reform has been faltering and 
change is being constrained by 
worries about unemployment 
among state sector workers. 

These concerns have been 
exacerbated by the latest bout 
of inflation. Government 
attempts to bring prices under 
control seem to have deflected 
attention from reforms. 

According to official esti- 


mates, approximately one-third 
of China’s 11.000 large and 
medium state-owned enter- 
prises loses money, another 
third is said to be breaking 
even and the remaining compa- 
nies are profitable. 

Western economists, how- 
ever. doubt this assessment 
and believe the number of loss- 
making businesses is closer to 
one half with many of these 
enterprises virtually bankrupt 

The key element of the new 
reforms is a system to enable 


state assets to be evaluated 
and then sold. State-owned 
investment companies, holding 
companies or asset manage- 
ment companies will become 
shareholders and authorised to 
sell a portion of an enterprise's 
assets. Initially, the govern- 
ment will select pilot enter- 
prises for the reforms. About 
100 enterprises have been ear- 
marked for the programme. 

The measures are also aimed 
at streamlining bankruptcy 
procedures to enable hopeless 


cases to be liquidated or sold 
off. This will be clone under the 
uew bankruptcy law. 

The six-point plans also calls 
for establishment of an “effec- 
tive" social security net to 
cover pensions and unemploy- 
ment insurance- China’s social 
welfare provisions are rudi- 
mentary, or non-existent. 

Eighteen Chinese cities, 
Including Shanghai, Shenyang 
and Tianjin have been 
included in the pilot pro- 
gramme. 


Papua-New Guinea to India to offer 
float kina next week foreign stakes 


By Nikki Tait in Sydney 

Papua New Guinea, the 
resource-rich but economically 
troubled Pacific nation, is to 
float its currency, the kina, 
from next Monday. It will be 
the first time the currency has 
floated since the country 
gained independence in 1975. 

The decision, announced yes- 
terday by Prime Minister Sir 
Julius Chan, follows a 12 per 
cent devaluation in the kina 
less than a month ago. “At 
that time, the government was 
hopeful this devaluation would 
stop speculation and allow the 
kina to settle at a fair market 
rate," the prime minister said. 

“Unfortunately, since Sept 
11. there has been further spec- 
ulation, culminating in recent 
days in a major attack on the 
kina...The government has 
decided it is no longer willing 


to pit the international 
reserves of the country against 
the seemingly unstoppable 
urge of international specula- 
tors to drive the currency 
lower.” 

Papua New Guinea's foreign 
exchange market closed with 
imm ediate effect yesterday and 
will not reopen until Monday. 
Local banks will provide lim- 
ited foreign exchange for emer- 
gency purposes. From October 
10, the kina's value will be set 
by five commercial banks, with 
the Bank of Papua New Guinea 
continuing to play a supervi- 
sory role. 

Sir Julius, describing the 
decision to Qoat the currency 
as the most important since 
independence, acknowledged 
there could be short-term infla- 
tionary implications, causing 
wage pressures to mount in 
the medium term. 


"Shortly after the float takes 
place, the country’s finance 
minister will issue a statement 
setting government wages pol- 
icy for public-sector employ- 
ees.” the prime minister added 

Papua New Guinea's prob- 
lems bad been mounting under 
the previous government, 
headed by Mr Paias Wiugti. 
The government deficit had 
been rising alarmingly. New 
mining and petroleum projects 
at Porgera and Kutubu pro- 
vided extra revenue in the 
early 1990s, but their contribu- 
tions are beginning to ease 
off. 

Earlier this year, Mr Masket 
langalio. the former finance 
minis ter, warned PNG could be 
beaded for bankruptcy if reme- 
dial action were not taken. He 
handed down a "mini-budget” 
last March, in an effort to 
redress the problem. 


in state 


By Shiraz Sidhva in New Delhi 

The Indian government has 
announced partial disinvest- 
ment in seven state undertak- 
ings, including two oil groups 
and a telephone services com- 
pany, as part of its continuing 
disinvestment programme. 
This will allow foreign inves- 
tors to bid for shares in public- 
sector enterprises for the first 
time. 

Private companies, banks, 
financial institutions, mutual 
funds and registered brokers 
have been invited to bid for 
equity ranging from 2 to 20 per 
cent In some of India's leading 
public-sector companies. 

Indian Oil Corporation, 
which owns six petroleum refi- 
neries and has a 3,850km pipe- 
line network to distribute its 
petroleum products, wilt dis- 
invest 5 per cent of its capital 
or 18.4m shares. 

The cash-rich Oil and Natu- 
ral Gas Corporation, which has 
had a monopoly of oil explora- 
tion and drilling in India for 
decades, will disinvest 2 per 
cent of its capital. 

Five per cent or 30m shares 
of Mahanagar Telephone 
Nigam. which controls tele- 
communications services in 
Bombay and Delhi 5 per cent 
or 199.3m shares of the Steel 
Authority of India, which owns 


Cabinet reshuffle for Seoul 


By John Burton in Seoul 

Mr Hong Jae-hyong, South Korean finance 
minister, was promoted yesterday to deputy 
prime minister for economic planning in a 
reshuffle of the country's economic ministries. 
He succeeds Mr Chung Jai-suk, who resigned 
due to Ill-health 10 months after he was named 
to the post 

Mr Park Jae-yoon. senior presidential eco- 
nomic adviser, was named new finance minis- 
ter; Mr Han Lee-hon, the vice-economic plan- 
ning minister, will replace Mr Park. The three 


senior officials have been among the main 
architects of proposals to deregulate South 
Korea's economy and promote financial liberal- 
isation. 

“The cabinet reshuffle has been minimised, to 
maintain current economic policy," an official 
said. Analysts expect little change in economic 
strategy, though the new team may try to speed 
reforms. Mr Hong has held various economic 
posts since 1963, and was formerly head of the 
Export-Import Bank of Korea and the Korea 
Exchange Bank before becoming finance minis- 
ter in February 1993. 


groups 

four integrated steel plants, 10 
per cent or 28^m shares of the 
Shipping Corporation of India, 
20 per cent or 12.9m shares of 
the Container Corporation of 
rndia and 10 per cent or 49.1m 
shares of National Fertilisers 
would also he on offer. 

A government notification 
said sealed tenders for the pur- 
chase of shares for a minimum 
amount of Rs25.000 (£5001 
would be accepted by the 
Department of Public Enter- 
prises in the Industries Minis- 
try between October 5 and 17. 
Earlier rounds of disinvest- 
ment have had limits of Rs20ra 
for minimum bids, deterring 
potential bidders. 

Foreign institutional inves- 
tors permitted by the Securi- 
ties and Exchange Board of 
India to buy and sell shares in 
India will be eligible to bid. 
provided they fulfil conditions 
of purchase and ownership 
stipulated by the Securities 
Board. Non-resident Indians 
and overseas corporate bodies 
are also eligible to apply. 

The government plans to dis- 
invest up to 49 per cent of 
state-owned enterprises, and is 
doing so in phases, hoping to 
raise Rs40bn (£800m) in 1994-95. 
It raised Rs72.4bn in six rounds 
of disinvestment of public-sec- 
tor companies between April 
1991 and March 1994. 



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Indonesian 
army ‘stays 
in politics 5 

By Manuela Saragosa in Jakarta 

Indonesia’s army will continue to play a 
political role In the country for a long 
time yet, senior military officials said in 
Jakarta yesterday. 

At a meeting between foreign media 
and military personnel Lt Gen H.B. 
Mantiri, chief of staff for general affairs, 
said the military’s role in civilian 
affairs will “go on forever and ever”. 

The Indonesian constitution contains 
a legal basis for what is known as the 
military’s "dual function”, its civilian 
and military role. 

“We are like shepherds,” said Gen 
Mantiri. “Sometimes we are in the mid- 
dle of politics, sometimes ahead and 
sometimes behind." 

The military’s emphasis on internal 
political affairs, rather than creating a 
professional army, has hod its costs. 
Gen Mantiri admitted that the army 
was under-equipped when it came to 
defending Indonesia's many islands. 

This was one of the reasons Indonesia 
had bought a fleet of 39 former East 
Cerman warships, a controversial 
acquisition. “But even when these ships 
come, our equipment is still not yet up 
to the minimum standard because we 
have to cover such a big country." 

The acquisition of the former East 
German warships was a hotly-debated 
topic between Mr J.B. Habibie, minister 



for research and technology, and Mr 
Marie Muhammad, minister of finance, 
who argued the purchase was too 
expensive. 

Lively coverage of the argument 
which split the ruling elite prompted 
the forced closures of three popular 
general news magazines In June this 
year. 

Former employees at DeTik, one of 


the magazines banned In June, have 
now joined a weekly newspaper called 
Simponi, which was launched on Mon- 
day this week. Asked If the military 
would allow this magazine to survive. 
Gen Mantiri said; “We hope it will live 
for a long time, but it depends on them. 
If. like the other three magazines, they 
do not heed our warnings, they may 
only last one day or one week". 


Indonesia, which encompasses more 
than 13,000 islands and 187 m people, 
has a long history of military Involve- 
ment in politics. President Suharto, 
who has governed the country since 
1967, was an ex-army general himself. 
The Indonesian military differs from 
other military forces in south-east Asia 
because its role in socio-political affairs 
is enshrined in the law. 


Increase of 54% over year ago 

Manila $675m 
first-half surplus 


By Jose Gaiang in Ma nfla 

The Philippines' overall 
balance-of-payments ended the 
first half of this year with a 
surplus of 1675m, an Increase 
of 54 per cent over a year ago, 
data released by Bangko Sen- 
tral ng Pilipinas, the country's 
central monetary authority, 
shows. 

The favourable balance 
resulted mainly from a big 
Increase in foreign investment 
inflows (up 82 per cent to 
$2.59bn) and a sharp fall in net 
short-term capital outflows 
(down 63 per cent to Si85m). 

This helped offset a rise in 
the merchandise trade deficit 
(up 42 per cent to $4J>3bn) f the 
central bank data said. 

The current account ended 
the six months with a deficit of 
$l.62bn. hig h er by 38 per cent 
from the year before, because 
of the increased trade shortfall. 

Merchandise exports came to 
$6.07bn ($5.18bn the year 
before) while imports reached 
$10.14bn ($8.05bn). Non-mer- 
chandise receipts amounted to 
$5 24m while payments totalled 


$57m. The increased flow of 
foreign investments combined 
with a net inflow of medium- 
and long-term loans of $674m 
to boost the non-roonetary cap- 
ital account to S2.lbn, the cen- 
tral hank said. 

Philippine economic officials 
believe the big growth in 
imports, which has led to the 
record trade deficits, has been 
brought about by acquisitions 
of electric-power equipment 
and manufacturing machinery. 

Finance officials said the gap 
may be expected to narrow 
with the end to the power sup- 
ply shortage in the country 
recently. 

• Communist rebels killed 
eight of their comrades to stop 
them surrendering to the mili- 
tary in the southern Philip- 
pines, the state-run Philippines 
News Agency said yesterday, 
AP reports from Manila. 

New People's Army rebels 
ambushed their comrades In 
Slay, Zamboanga del Sur Prov- 
ince. 490 miles south of Manila 
The government has initiated 
an amnesty, and pledged liveli- 
hood for those surrendering. 


Iran’s leaders try to stay a step ahead of critics 

Inflation and debt overshadow economic reform advances, writes Scheherazade Daneshkhu 


M ost Iranians tend to 
subscribe to one of 
two explanations for 
their economic plight: that 
prices are kept deliberately 
high to keep their minds off 
politics; or that clerics are 
incapable of running an econ- 
omy. 

Such disaffection is a valu- 
able political weapon in the 
hands of opposition groups. 
The latest denunciation of 
Iran’s clerical rulers, headed 
by Ayatollah Alt Khamenei, 
the spiritual leader, came last 
week from a retired army gen- 
eral. 

General Azizollah Amir 
Rahimi. who was made a gen- 
eral after the overthrow of the 
Shah in 1979, last week called 
for an end to censorship, the 
resignation of the government 
and free elections. 

Gen Rahimi, a former com- 
mander of the Tehran military 
police, is one of a dwindling 
band of elderly Tehran-based 
opposition figures reluctantly 
tolerated by the regime - 
although they are arrested 
from time to time - mainly 


because it does not regard 
them as a serious threat. 

Opponents of the regime also 
point to Iran's growing debt 
burden in recent years. The 
country' had an unblemished 
payments record until 2992 
when an import spree resulted 
in delays in payment of letters 
of credit. 

The man widely held respon 

New central bank 
governor has 
done job before 


sibfe for this and for falls in 
the value of the rial Mr H09- 
sein Adeli, stepped down as 
governor of the central bank 
three weeks ago, having seen 
out his five-year term despite 
fierce criticism by sections of 
the majlis (parliament) and 
press. Before leaving office, Mr 
Adeli managed to organise the 
rescheduling of at least S8bn of 
Iran’s total S20bn-S30bn debt. 

Critics of Mr Adeli’s policies 
will not be heartened by his 


replacement - Mr Mohsen Nur- 
bakhsb, economic adviser to 
Mr Rafsanjani and, until 
August last year, minister of 
economics and finance who 
was unseated after losing a 
vote of confidence in the maj- 
lis. He is returning to an old 
job - he was governor of the 
central bank from 1981-86 when 
he established a reputation as 
an able administrator. 

Mr Nurbakhsh stressed that 
there would be no shift in 
direction in the central bank's 
policies and that he would be 
“making the least changes in 
rules and regulations . . , , I 
think that the changing of 
rules is an impeding factor in 
economic growth and develop- 
ment," 

An economics graduate of 
the University of California, he 
said he Intended to establish 
normal hanking ties with other 
countries and to put banking 
services at the centre of the 
financial and business commu- 
nity. so that “there is little 
need for referring to unofficial 
networks and those operating 
outside the banking system". 


Mr Nurbakhsh also said that 
he aimed to create a single 
exchange rate and on Sunday, 
he made a move in this direc- 
tion by declaring transactions 
outside banks or authorised 
exchange houses illegal Yes- 
terday the Tehran daily, Abrar. 
reported dozens of arrests of 
illegal dealers. 

A short-lived attempt at uni- 
fying the three main exchange 
rate bands was abandoned in 
May, after a steep fall in the 
exchange rate towards the end 
of last year. The free market 
value of the Iranian rial has 
fallen to one-fortieth of its 
value against the dollar since 
1979 but the dollar's official 
exchange rate Is 1.750 rials. 

The fall In the rial’s value has 
made exports more expensive 
but at the same time prices for 
oil. on which the state depends 
for more than 80 per cent of its 
foreign exchange, remain rela- 
tively low. • 

High inflation has been a 
persistent problem, exacer- 
hated in the late 1980s by the 
central bank printing money to 


help the government meet its 
budget deficit. Last month. 
Ayatollah Khamenei again 
drew attention to the problem 
of inflation: “High prices have 
created problems for specific 
strata. I do not believe this 
problem is unavoidable. Offi- 
cials should strive to solve the 
problems faced by these 
strata." 

Politicians fear 
the political 
consequences 


Mr Rafsanjani has been trying 
to shift part of the state's 
costly economic burden to the 
private sector. A government 
coupon system entitling every- 
one to basic necessities at low 
prices operates at a high cost 
to the state. However, Mr Raf- 
sanjani'5 attempts to phase it 
out to favour of cash support 
For the needy are opposed by 
the majlis. which is worried 
about the political conse- 
quences. 


Earlier this month, the maj- 
lis voted against cutting subsi- 
dies on food and medicine cost- 
ing the government about 
$1.7bn a year. However, it 
approved in principle a rise in 
petrol and fuel prices, details 
of which will be debated next 
month. 

Mr Gholamreza Aqazadeh, 
the oil minister is seeking a 
fourfold rise in petrol prices 
from 50 rials a litre (about 3 US 
cents at the official exchange 
rate) to 220 rials. The govern- 
ment says that oil subsidies 
cost it $ilbn a year - almost as 
much as it expects to earn in 
oil revenues this year. 

Attempts to attract foreign 
investment have been largely 
unsuccessful because of contin- 
ually changing economic mea- 
sures and shifts in economic 
direction. 

However, late last month 
Nestle, the Swiss food manu- 
facturer. signed a joint venture 
agreement with a private Ira- 
nian company to establish a 
baby formula and infant cereal 
factory at a cost of SFr60m 
(£29.7m). 


NZ hits 
6 . 1 % 
growth 

By Terry Hall In Wellington . 

New Zealand's gross domestic 
product grew by 6.1 per cent to 
the year to June 30. one of the 
highest growth rates ever 
recorded, the prime minister, 
Mr Jim Bolger, said yesterday- 

He said the growth was due 
to sound responsible manage- 
ment, solid export growth and 
Increased investment “It bos 
bien achieved without any 
artificial stimulation to the 
economy." 

However, the GDP figure hp 3 
aroused concerns that the 
economy may be overheating- 

interest rates rose sharply 
after the governor of the 
Reserve Bank, Dr Don Brash, 
told a parliamentary commit- 
tee yesterday that the 
was much higher than expec- 
ted and showed the economy 
was suffering from strong 
inflationary pressures. 

Financial markets belie** 
that Dr Brash, who is to chare* 
of monetary policy, will shorn 
act to raise interest rates. 



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FINANCIAL TIMES 


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WEDNESDAY OCTOBER 


5 1994 




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IMF pledges 
to remain 
tough lender 



By John Gapper and Peter 
Norman m Madrid 

Mr Michel 
Camdessus, 
managing 
director of the 
International 
Monetary 
Fund, yester- 
day emphasised that the IMF 
would not weaken its insis- 
tence on sound economic poli- 
cies in countries to which it 
gives financial assistance. 

Mr Camdessus told the 
annual meeting of the IMF/ 
World Bank that this was “a 
responsibility we owe to our 
members in difficulty”, in 
order for the IMF to preserve 
its role as a catalyst for other 
forms of investment 

The IMF would continue to 
adapt its instruments of finan- 
cial assistance. He cited efforts 
to put together a package to 
help meet the needs of develop- 
ing countries and those in 
transition from co mmunism 

“The fund's endorsement of 
policies is what other creditors 
and donors look for before pro- 
viding their own support The 
fund's seal of approval must 
maintain its credibility, and we 
shall ensure that it will,” he 
said. 

Mr Camdessus said the 
fund’s tasks of promoting 
exchange rate stability faced 
new challenges from the glo- 
balisation of financial markets 
which had sharply increased 
the risk of some countries 

being margfnfllispri 

Strong surveillance of eco- 
nomic policies was essential 
because a global market meant 
a bigger risk of domestic policy 
mistakes in one country spill- 
ing over into others, and 
increasing exchange rate vola- 
tility. 

The fund would have to “fur- 
ther intensify our efforts” to 
promote current account con- 


Visitors’ 
advice 
upsets 
the hosts 


By David White and 
Tom Bums h Madrid 

The Spanish hosts have taken 
offence at some of the robust 
economic advice handed ont 
by IMF experts. 

Members of Spain's moder- 
ate Socialist government, 
doubtless feeling the pressure 
from large-scale street demon- 
strations against the two 
international bodies and their 
impact on developing coun- 
tries and the environment, hit 
out at the “ultra-liberal" IMF 
recipes proposed for Spain's 
own economy. 

Recommendations put for- 
ward by IMF experts at the 
weekend included freedom of 
companies to hire and fire 
workers and cats in pensions 
a nd other social benefits. 

Spain earlier this year intro- 
duced measures to ease the 
notoriously strict rules 
governing redundancies, bat 
is reluctant to incur farther 
wrath from trade anions 
by pushing its reforms farther 
at present 

Mr Jost Antonio Grifl&n, 
labour minister, said it was 
“shameful and wrong” to pres- 
ent as scientific truth some- 
thing that was “no more t han 
political opinion". Junior 
employment minister, Mr Mar- 
cos Pefia, used stronger lan- 
guage, calling the proposals 
“financial fundamental ism”. 

Mr C&ndido Mdndez, leader 
of the UGT trade union, said 
the ideas were Just “stupid". 
Even the conservative opposi- 
tion Popular party said the 
proposals for unrestricted hir- 
ing and firing were “exces- 
sive". Only Mr Jos£ Maria Cue- 
vas, head of the CEOE 
employers’ federation, said 
such measures were “abso- 
lutely necessary". 

Mr Jorge Hay, general man- 
ager at Banco Central Hispano 
and a former World Bank offi- 
cial, said he could not under- 
stand the criticism, saying 
Spain was a successful exam- 
ple of the services provided by 
the two institutions. 

“Spain owes a lot to the 
IMF" he said. “The first mile- 
stone marking the modernisa- 
tion of the country was the 
IMF mission of 1959; we have 
subsequently had two standby 
agreements. 

“The World Bank has given 
Spain a dozen loans that in 
current terms would he worth 
S2bn <£I-2bn) and which have 
helped Spain rebuild it s infr a- 
, structure and develop agrarian 
projects and education.” 


FT 


The World 
Bank intends 
to increase 
sharply the 
financial guar- 
antees it 
makes avail- 
Conferences able to com- 

mercial lenders 

and private investors to 
encourage greater private 
investment in infrastructure. 

Dr Ashoka Mody, principal 
financial economist at the 
bank’s Project Finance Group, 
said yesterday that partial 
credit guarantees would allow 
projects to repay commercial 
loans over a longer period and 
provide insurance against gov- 
ernment agencies failing to 
meet contractual obligations. 

Dr Mody's comments at a 

The Chinese authorities are 
understood to have agreed to 
increase the rates of return 
available to private sector 
investors in infrastructure 
projects in China. Mr John 
Mobsby, head of project 
finance at WS Atkins, the UK 
engineering consultant, told 
the conference that the rate of 
return was likely to be raised 
t o around 15 per cent 

Financial Times conference on 
international infrastructure 
finance in London represent an 
important policy shift by the 
h ank which previously has lent 
mainly to governments and 
their agencies. 

The bank has outstanding 
loans of $104bn (£65Jbn) com- 
pared to financial guarantees 
to private sector lenders cover- 
ing just $lbn of loans. Dr Mody 
said that the bank’s executive 
directors intended to step up 
the use of guarantees for pri- 
vate capital projects, making 
them “a mainstream instru- 
ment of bank operations." 

About $200bn a year was 
spent on infrastructure, of 
which less than $!5bn came 
from private sources. This pro- 
portion was expected to rise 
sharply as governments found 
it increasingly difficult to 
finance large-scale projects out 
of public funds. 

Dr Jacques Rogozinskl presi- 
dent of Banco National de 
Obras y Servicios Publicos 
(Banobras). the Mexican state- 
owned public works bank, 
wanted the World Bank to pro- 
vide direct investment to pri- 
vate infrastructure projects as 
well as financial guarantees. 


NEWS: IMF/WORLD BANK IN MADRID 


vertibility by eliminating 
exchange controls. Sixteen 
more countries had accepted 
their treaty obligations for this 
since last year. 

Mr Camdessus said the role 
of the special drawing right 
(SDR) - the reserve asset that 
can be created by the IMF - 
should be the subject of an 
m-depth study, taking account 
of the development of the 
European currency unit 

Mr C amd es s us thus signalled 
his continued interest in pro- 
moting the SDR in the world 
monetary system. 

Predictably, yesterday’s for- 
mal opening session of the 
IMF-World Bank meeting 
yielded no progress towards 
resolving the dispute between 
the Group of Seven industria- 
lised countries and developing 
nations over an SDR alloca- 
tion. 

In spite of Mr Camdessus’s 
opposition to the GTs plans on 
the SDR, the IMF managing 
director was given ringing 
endorsement by Mr Kenneth 
Clarke, the UK chancellor and 
one of the G7 finance minis- 
ters. 

*T personally like and admire 
Mr Camdessus,” the rfianryllnr 
told a press conference. “I 
enjoy working with him, I like 
his enthusiasm, and he’s a 
man who inspires one with his 
competence and technical 
grasp ” Mr Clarke said. 

In his speech to the mggting 
Mr Lewis Preston, president of 
the World Bank, said that the 
bank had to be more selective 
in its assistance, tailoring it to 
the needs of countries, and 
focusing on issues where it 
would have the most impact 

The bank also had to collab- 
orate mare effectively with its 
partners, including the non- 
governmental organisations 
which took part in half the pro- 
jects supported by the b ank 
last year. 


Incentives 
rise for 
private 
investors 


■ By Andrew Taylor, 
Construction Correspondent 



Lesson in north-south row 

Ties between G7 and the rest have to improve, writes Peter Norman 


Greenpeace protest banners on the ceiling of the IMF /World 
Bank conference yesterday after participants were showered 
with fake dollar bills. The incident, during a speech by Spain’s 
King Joan Carlos, angered officials who had allowed the envi- 
ronmental group unprecedented access to the meeting kmam. 


S ome good may yet 
emerge from this week's 
failure of members of the 
International Monetary Fund 
to agree an increase in world 
monetary reserves. 

The stand-off in the talk * on 
a proposed allocation of the 
IMF’s own reserve asset - 
known as special drawing 
rights - exposed such a gulf 

between the big industrialised 

nations and the developing 
world that policy makers have 
begun considering improving 

methods Of co mmuni cation 

and co-operation between the 
two sides. 

Immediately after the meet- 
ing, Mr Kenneth Clarke, the 
UK chancellor, complained 
that decision-making processes 
of the IMF’s policy-making 
interim committee could be 
improved. 

Since the acrimonious break 
up of tha talks, officials from 
the Group of Seven leading 
industrial countries have been 
pondering how the two sides in 
such a long arranged meeting 
could go into negotiations 
without a proper understand- 
ing of the strength of the other 
side’s position. 

Part of the problem, accord- 
ing to one senior G7 official, is 
that the level of official com- 
munications between the 
industrialised naHcmg and fha 


so-called developing countries 
no longer reflects the growing 
importance of many nations in 
Asia and Latin America. 

G7 monetary officials have 
had 20 years of increasingly 
intensive collaboration among 
themselves. The preparations 
for the annual economic sum- 
mits, the regular meetings of 


rejected the G7 offer of a 
smaller, one-off selected 
increase. 

One problem is working out 
suitable forums for greater 
co-operation. There have been 
suggestions that the deputy 
finance ministers of the coun- 
tries represented on the 
interim committee should con- 


The industrial countries need to 
respond to the growing economic 
importance of developing countries 


G7 finance ministers, as well 
as frequent meetings in com- 
mittees run by the Organisa- 
tion for Economic Cooperation 
and Development (and in the 
case of the European G7 coun- 
tries in the European Union), 
have created a nexus of con- 
tacts. Seniors officials in the 
G7 finance minis tries and cen- 
tral banks talk by telephone 
practically every day. 

There are ties between G7 
and developing nations but 
they are far less intense. Partly 
for this reason, officials 
believe, the developing nations 
were too willing to believe that 
Mr Michel Camdessus, the IMF 
managing director, could 
deliver a general allocation of 
SDRs on Sunday and so 


fer ahead of its meetings to 
help resolve issues. The G7 
deputies meet frequently in 
this way and their co-operation 
is said to be one of the main 
reasons for the relatively 
smooth running of the group. 

However, the interim com- 
mittee is a much bigger group 
with 24 members, prompting 
fears that meetings of interim 
committee deputies would be 
unwieldy and unproductive. 

Such ideas were starting to 
circulate among officials even 
before Sunday's ddbdcle 
showed how the G7 cannot dic- 
tate to the developing world. 

Officials say the industrial 
countries need to respond to 
the growing economic impor- 
tance of the developing coun- 


tries. They are growing rap- 
idly: the IMF has forecast that 
as a group they will expand at 
twice the rate of the industrial 
countries this year and next 

They are becoming increas- 
ingly integrated in the world 
economy. The General Agree- 
ment on Tariffs and Trade pre- 
dicted this week that the devel- 
oping nations would boost 
their trade far more as a result 
of the Uruguay Round liberal- 
isation measures than the 
OECD countries. 

Many developing countries, 
such as China, Mexico and 
Argentina are regional powers. 
Following Sunday's events, 
there are also strong damage- 
control grounds for promoting 
closer links. 

The developing nations have 
shown a remarkable willing- 
ness to apply the lessons of 
market-driven economics over 
the past decade. Many now 
appear to be more enthusiastic 
free-traders than big industria- 
lised nations. The ideological 
differences that used to divide 
north and south have largely 
disappeared. An important rea- 
son for officials from the G7 
and other industrialised 
nations to strengthen their ties 
with developing countries 
would be to head off any 
revival of the north-south divi- 
sions of the 1960s and 1970s. 


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FINANCIAL TIMES WEDNESDAY OCTOBER 5 .914 


NEWS: WORLD TRADE NEWS 


^ nurses 


India to set Japan resigned to rice liberalisation 

Even once-vociferous farmers are 

tin CeilUiar ready to swallow Gatt reforms 

Z~ By MieMyo Nakamoto in Tokyo the Uruguay Round accord will 

^ pass the Diet without incident 

Af|A QT ATIfl rTfle Japanese govern- ‘Things are proceeding as 

III Ilf 11^ W B .m. v IBB I ment is expected soon to scheduled,” confirmed an offlr 

J JLsubmit legislation to cial at the Ministry of Trade 


World Trade Digest 


By MieMyo Nakamoto in Tokyo 


r a de Japanese govern- 
I ment is expected soon to 
JLsubmit legislation to 
Implement the Uruguay Round 
trade treaty to an extraordi- 
nary session of the Diet, pav- 
ing the way for ratification of 
the trade agreements by the 
beginning of next year. 

Having just manoeuvred 
through one round of conten- 
tious trade talks with the US, 
Japanese officials are relieved 
that their tncif of impl ementin g 
the Uruguay Round agree- 
ments has not been as difficult 
as in either the US or the EU. 

Japan made substantial 
offers in the Uruguay Round 
negotiations to reduce tariff's 
by a weighted average of 61 per 
cent on industrial and mining 
goods and, more controver- 
sially, to open up the country's 
long-protected rice market to 
imports from 1995. 

Tariffs on eight sectors from 
pharmaceuticals and construc- 
tion equipment to distilled 
spirits are set to be eliminated, 
while import restrictions will 
be lifted on agricultural prod- 
ucts ranging from silk-worm 
cocoons to dairy products. 

After years of jealously 
guarding its Inefficient rice 
market, the government also 
agreed to allow imports from 
1996. But in spite of the initial 
hullabaloo over opening the 
country's rice market, govern- 
ment officials are confident 
that the revision of domestic 
laws necessary to implement 


By Stefan Wagstyl 
In New Delhi 

Eight telecom groups, each 
with a foreign partner, have 
been awarded licences to oper- 
ate cellular telephones In 
India's main cities from April 
next year. 

After two years of legal and 
bureaucratic argument. Mr 
Sukh Ram, communications 
minister, announced the award 
of licences for Bombay, Delhi, 
Madras and Calcutta. He 
ordered his officials to ensure 
all formalities were completed 
by March 1995, so that services 
could start in April. 

The decision, following the 
announcement of rules for the 
entry of private companies into 
basic telephone services, indi- 
cates that Mr Sukh Ram and 
his civil servants are ready to 
implement market-oriented 
reforms in an industry mono- 
polised by the state. 

In addition to the licences for 
the four cities, the government 
plans to award licences for a 
further 18 regions, roughly cor- 
responding to India's states, in 
the next few months. Fifteen 
private groups have also been 
given permission to operate 
radio paging services in 27 
cities. 

With some reluctance, the 
ministry has admitted that the 
government, with its limited 
resources, cannot provide the 
huge investment needed in 
Indian telecommunications. In 
basic services alone, the gov- 
ernment is seeking up to 
Rs230bn ($7.3bn) investment 
from private companies. In cel- 
lular networks, the total could 
run to Rs50bn. 

The most sought-after cellu- 
lar telephone licences, for Bom- 
bay, have been awarded to 
Hutchison Max Telecom, a 
company backed by Hutchison 
Telecom of Hong Kong, and to 
BPL Systems and Projects, a 
venture supported by France 
Telecom, the French carrier. 

Contract winners In other 
cities, with the names of over- 
seas partners in brackets are: 

Delhi: Bharti Cellular (SFR 


of France) and Sterling Cellu- 
lar (Cellular Communications 
International of the US); 
Calcutta: Usha Martin Telecom 
(Malaysia Telecom, the Malay- 
sian carrier), and Indian Tele- 
com (OTC of Australia); 
Madras: Skycell (Bell South of 
the US) and Mobile Telephone 
(the UK's Vodaphone). 

The big loser is Tata Cellu- 
lar. a venture promoted by 
Tata, India's largest industrial 
grouping, and Bell Canada of 
Canada, which has not suc- 
ceeded in securing any 
licences. Mr Sukh Ram said 
Tata had failed to meet the 
ministry's technical and finan- 
cial conditions. 

The winning bidders expect 
to start placing orders soon. 
“It's been a long and bitter bat- 
tle to get the contracts. Most of 
us expect to begin services in 
April or May,” Mr Sunil Mittal, 
managing director of Bharti 
Telecom, said. 

Businessmen are delighted 
that India finally looks likely 
to get the benefits of cellular 
telephones. A bank executive 
in Delhi yesterday said: “It will 
make life much easier." 

Cellular telephones in devel- 
oping countries are especially 
useful because they can by- 
pass the inefficient basic net- 
work. in Pakistan, for example, 
cellular telephones have virtu- 
ally become a substitute for 
basic services among those 
who can afford them. 

In India, handsets will be 
Imported and will cost about 
RS25.000 ($796) each. 

• India said yesterday its dis- 
pute with US over an Ameri- 
can ban on imports of Indian 
rayon chiffon skirts had been 
resolved, writes Shiraz Sidhva 
in New Delhi. 

The Indian government said 
it had established a testing and 
certification programme to 
ensure that all rayon chiffon 
skirts exported to the US com- 
plied with US flammability 
standards. 

India exported more than 
Rslbn worth of the skirts to 
the US last year. 


the Uruguay Round accord will 
pass the Diet without incident 

Things are proceeding as 
scheduled,” confirmed an offi- 
cial at the Ministry of Trade 
and Industry, which has 
authority over many of the 
industrial sectors which will be 
affected by the new legislation. 

Even Zenchu, the Central 
Union of Agricultural Co-oper- 
atives, which has been vocifer- 
ous in its opposition to opening 
the country's rice market is 
resigned to the prospect of lib- 
eralisation. 

“We are against the contents 
of the Uruguay Round agree- 
ment but we are not planning 
to stand in the way of ratifica- 
tion," says one Zenchu official. 

"Ratification will aggravate 
the critical situation facing 
Japanese farmers but we 
expect the government to keep 


Vallance: struggle to enter 
Japanese telecom market 

expected to be presented to the 
Diet as a package to facilitate 
passage, and nobody, not even 
angry fanners, wants to be 
blamed for preventing Japan 
from living up to its interna- 
tional commitment 
The government agreed to 
liberalise many markets and 


Japan needs to open Its telecommunications market to Interna- 
tional compertftton and remove the barrier between domestic and 
international businesses if it Is to meet the changing telecommu- 
nications needs of users, Sir lain Vallance, chairman of BT, said 
tn Tokyo yesterday, writes Mlchiyo Nakamoto. 

Asa result of tight regulation of Its telecoms market, it was a 
struggle for international telecommunications operators such as 
BT to provide end-to-end services for customers in the region. 

The British telecommunications company has been seeking to 
provide voice telephony to corporate customers In Japan but 
has been hindered by regulations, Sir late said. At the same 
time, NTT, the Japanese domestic telecoms operator, Is not 
a&owed to provide international services, preventing a direct 
link-up with BT. Instead, BT had linked up with an NTT subsid- 
iary to provide global communications services. The high degree 
of regulation was also denying Japanese users the hill benefits 
of new services and competitive pricing. Sir late warned. 

The Japanese government may decide next year whether to 
break up NTT and encourage competition. 


Japanese aversion to discord and 
fear of being out of line is 
helping to rally support for 
Uruguay Round legislation 


to its promise to ensure that 
fanners do not suffer as a 
result of the agreement” 

As in other issues, the Japa- 
nese aversion to discord and 
fear of appearing to be out of 
line is apparently helping rally 
support for passage of Uruguay 
Round legislation. The bills, 
which cover 15 areas, are 


“the agricultural sector alone 
cannot expect to receive spe- 
cial treatment” the Zenchu 
official said. 

Although some diehard poli- 
ticians from farmin g communi- 
ties may still find liberalisation 
of the rice market hard to 
swallow, the standard line 
from the leading political par- 


ties is that this step cannot be 
avoided. 

The opposition includes 
many members of the then rul- 
ing coalition which was 
responsible for endorsing the 
Uruguay Round agreement in 
the first place. 

There is, however, one possi- 
ble hitch. While there is gen- 
eral agreement that liberalisa- 
tion of the rice market is 
inevitable, discord over the 
revision of Japan's Staple Food 
Control Act could become an 
obstacle to smooth passage of 
the entire Uruguay Round leg- 
islature package. 

In order to live up to its Gatt 
promise on rice, Japan will 
have to revise parts of the 
Food Control Act. 

Recent changes in the rice 
market, meanwhile, have trig- 
gered a long-needed move to 
revamp this 1942 law aimed at 
keeping the rice market under 
government control, which has 
created severe anomalies in 
the market 


A full revision of the Food 
Control Act is Ear more contro- 
versial than the limited steps 
that are required to fulfil 
Japan's Gatt obligations. 
Inability to reach agreement 
on the first issue could in turn, 
stymie the government's Uru- 
guay Round effort 

“If that happens,” says an 
official at the Ministry of Agri- 
culture, Forestry and Fish- 
eries, “it might become diffi- 
cult to implement necessary 
legislation before January l. 
That is a major concern tor the 

minis try.” 

So fhr, such dangers are lim- 
ited. An advisory committee to 
the prime minister has already 
pronounced on the need to 
reform the Food Control Act 
The three parties in the ruling 
coalition have been locked in 
lengthy discussions on the 
issue and even went through 
ah all-night session late last 
month to co-ordinate their 
views. 


Gatt panel to rule on US-Venezuela dispute 


By Frances Williams in Geneva 

The governing council of the General 
Agreement on Tariffs and Trade yester- 
day agreed to set up a disputes panel to 
rule on a Venezuelan complaint that US 
rules for reformulated gasoline discrim- 
inate against imports. 

In a meeting dominated by trade 
issues involving the US. Washington 
bowed to a separate panel ruling 
against local-content requirements for 
tobacco used in US-made cigarettes. 
However, it continued to resist pressure 
by other nations for adoption of a con- 
troversial panel judgment against Us 
embargo on imported tuna. 


Venezuela’s complaint relates to rules 
on certification of imported gasoline 
which it claims use a less favourable 
methodology than that used to certify 
domestically refined gasoline. Vene- 
zuela nisn claims that under the rules 
some exporting countries receive prefer- 
ential treatment, breaching Gatfs non- 
discrimination rule. 

Mr Alberto Poletto, Venezuelan trade 
minister, said yesterday that the new 
certification rules, adopted last Decem- 
ber by the US Environmental Protec- 
tion Agency, could reduce the value of 
his country's exports to the US of $478m 
last year by at least JlSOm. The rules 
would also reduce the return on a $ibn- 


plus investment programme Venezuela 
has launched to upgrade its refineries. 

At the same meeting, the Gatt council 
adopted a disputes panel report which 
found against a US law requiring US- 
made cigarettes to contain at least 75 
per cent US-grown tobacco. The US said 
yesterday it would accept the ruling, 
and measures to implement it have 
been attached to the legislation for the 
Uruguay Round trade accords. 

Washington continues to resist adop- 
tion of a panel report which says the US 
is violating Gatt rules by imposing an 
embargo on tuna from countries whose 
tuna fishing nets kill too many dol- 
phins. Yesterday, in spite of over- 


whelming support for adoption among 
trading partners, Mr Booth Gardner, US 
ambassador to Gatt, said only he would 
report their views to Washington. 

Among other Items on yesterday's 
agenda the council: 

• Took note of a working party report 
on the European Union’s Lome Conven- 
tion with African, Caribbean and 
Pacific nations, which foiled to reach 
consensus on its Gatt consistency. The 
US and Canada again called for the EU 
to seek a specific waiver for the Con- 
vention from Gatt rules; 

• Agreed to pursue consultations on a 
US proposal to make most Gatt docu- 
ments public. 


Mitsubishi Motors, the 
Japanese vehicle maker, is 
considering expanding pro- 
duction at a plant it is 
building in the Netherlands 
as a joint venture with 
Volvo or Sweden. 

This follows a decisiun by 
the European Commission 
to allow more Japanese 
vehicle exports to the EU. 

Mitsubishi Motors and 
Volvo will begin production 
of smallcars at Netherlands 
Car next year, to reach an 
ann ual capacity of 200,000 
by 1997, Mitsubishi said. 

In the past year, the com- 
pany has seen a decline of 
about 10 per cent in exports 
to Europe, which it blames ; 
in part on the sluggishness 
of the market and the 
strong yen. It aims eventu- 
ally to make locally up to 
half the cars it sells in 
Europe. Michiyo Nakamoto, 
Tokyo. 

■ Fiat Auto plans to pro- , 
duce a small car similar to 
ihe Uno in Brazil for South 1 
American markets. Fiat will | 
invest Ll,000bn ($642.7m), 
mostly at its Bel Horizonte 
plant, to produce 1,000 units 
a day or 250,000 a year by 
1996. AFX Paris 

■ FLS Industries of Den- 
mark, the leading global : 
supplier of cement mills 
and machinery, said its US 
unit. Fuller, had won an 
order worth about Kr400m 
($67m)to supply a 7,500 
tonne-a-day production line 
to the Indian company 

I Sanghi Industries. AFX. 
Copenhagen 

■ Lucas Industries has won 
a second car contract for its 
EPIC electronic diesel fuel- 
ling system. The contract, 
with French car group, 
PSA, the largest car manu- 
facturer in Europe, follows 

j EPIC’s debut on the Mer- 
cedes C220D last year, ft 
will be fitted to Peugeots 
and Citroens. ExteU London 

■ British group Courtaulds 
Textiles has secured agree- 
ment to set up a $20m knit- 
ted fabric operation In Nanj- 
ine. China. Reuter. London 







FINANCIAL TIMES WFruvnrc^, 



V 



. ' <1 
J*i lbl • 




NEWS: UK 


Move against insider dealing 


By Robert Peston 

The London Stock Exchange propose 
yesterday that trading in 
companies’ shares should be suspende 
Jf the™ J evidence that price-sensttiv 
information concerning those comps 
nies has been leaked. 

The controversial measures are par 
of its campaign to mjnhrhftp the effect 
of insider trading on investors' canf 
dence in the market 

The scheme was the brainchild of th 
exchange ’s ne w chief executive, M 
Michael Lawrence. It was prompted b 
the four-day delay between a surge ii 
the share price of Portals, the maker o 
banknote paper, and the company' 
announcement that it had received ; 
takeover approach last May. 


In that period, 854,000 Portals shares 
worth £5.7m were traded at around 
666p- However, after Portals annminrwt 
the takeover talks, the shares surged to 
805p, so anyone who had sold in the 
preceding days had missed more than 
100p per share of profit 

Yesterday's exchange document sign 
contains a tentative suggestion that it 
should be able to force stockbroking 
films to “reverse" or cancel share trans- 
actions when it believes the transac- 
tions have been “tarried out with the 
benefit of unpublished price-sensitive 
information”. 

The exchange said: “This would serve 
as a strong deterrent as the g ate from 
such illicit transactions would be lost." 

However, Mr Lawrence is concerned 
that he mig ht be accused by the govern- 


ment of attempting to introduce civil 
sanctions against insider trading by the 
back door, after its decision last year to 
persevere with a criminal law system 
tor pursuing insider trading. 

In relation to the new system of sus- 
pending shares after a leak, Mr l£W- 
rence said: “I hope it all can be imple- 
mented." He acknowledged it might 
meet Initial opposition, because it 
appears to reverse the exchange tradi- 
tion that continuous trading to shares 
be maintained at all costs. 

He said he was determined to make 
the market a fairer place, where those 
without access to unpublished price- 
sensitive information are not severely 
disadvantaged. 

Under the proposed arrangements, 
parameters would be set for “normal” 


price fluctuations in the shares of every 
company. If a share price moved out- 
side that band, a warning would be 
flashed to market participants on the 
Seaq trading system. 

At the same time, market makers, the 
wholesalers of shares, would be 
absolved of their obligation to deal at 
the price shown on the Seaq screen. 

Once the alert had been transmitted, 
the exchange would investigate 
whether the movement did indeed 
reflect the leakage of information. 

If the exchange discovered that the 
company was about to raise new capital 
or was in merger talks, it would call a 
halt to trading in its shares for 24 
hours. If no ann ouncement was forth- 
coming, a longer period of suspension 
would follow. 


Dairy farmers angered 
by milk board’s threat 


Mirror chief 
nabs Sun rival 


By Alteon Maitland 

Farmers' leaders yesterday 
attacked the Milk Marketing 
Board for threatening to 
deduct millions of pounds from 
milk producers’ revenue to 
finance deregulation of the 
market in November. 

Hie board said it had not yet 
received written loan agree- 
ments from its banks for the 
£3Gm it needs to wind up its 
Operations and establish Milk 
Marque, the voluntary produc- 
ers' co-operative that will suc- 
ceed it 

In a letter to the 28,000 dairy 
fanners to En gland and Wales, 
it warned: "As a matter of pru- 
dence, in the unlikely event 
that the financing arrange- 
ments do not come to fruition, 
then it will be necessary to 
deduct up to 4p per litre for 
October supplies.” 


The National Farmers’ Union 
said a levy of this size would 
raise £37m, equivalent to about 
£1.000 for an average farmer 
with 70 cows. Sir David Naish, 
NFU president, was seeking 
urgent clarification from the 
board about when the money, 
if deducted, would be repaid. 

“For the past 18 months the 
MMB ban assured us that 
financial arrangements for the 
scheme of reorganisation were 
in place,” be said. “Had we 
known this was not the case, 
we would have insisted that 
this problem be dealt with 
much earlier." 

Many formers were shocked 
at the threat, especially those 
who have chosen to sell direct 
to a dairy company rather than 
through Milk Mar qnp, from 
November. 

Mr Chris Wood, a Cumbrian 
producer, said the board’s levy 


would cost him £1,600. “Why 
should I finance somebody 
else’s business?” he asked. 

Mr Andrew Dare, the hoard's 
chief executive, blamed the 
delay in fteaiising the bank 
loans on uncertainty caused by 
the Dairy Trade Federation’s 
unsuccessful High Court chal- 
lenge to deregulation last 
week. 

But he admitted the loans 
were needed because the flota- 
tion of Dairy Crest, the board's 
processing arm, has been post- 
poned. 

Mr Dare said he hoped the 
loans would be agreed in the 
next fortnight and insisted that 
a levy on formers was “very 
remote.” But he indicated that, 
in the event of a levy, the 
money would not be repaid. 

“It’s a financing of the 
scheme, it’s not a loan,” he 
said. 


By Roderick Oram 

“Gotcha!" The Mirror Group 
nabbed Kelvin MacKenzie yes- 
terday. hauling on board the 
former editor of The Sun who 
revelled for years in being rude 
about his tabloid competitor. 

Mr MacKenzie, with only 
seven months' television expe- 
rience under his belt when be 
quit BSkyB, the satellite broad- 
caster, in August, is joining the 
Mirror Group to head its bud- 
ding television interests. These 
consist of a 20 per cent stake in 
Scottish Television and the 
promised launch of Live TV, a 
new cable channel, in 1995. 

He win report to Mr David 
Montgomery, Mirror Group's 
chief executive and a man over 
whom he has poured volumes 
of vitriol since they parted 
company at the Sun 13 years 
ago. They last worked in close 
proximity at the Wapping 


headquarters of Mr Rupert 

Murdoch’s News International 
group where they edited sister 
newspapers. 

“Kelvin in a major force in 
the British media and with his 
unique background and recent 
broadcasting experience will 
add dynamic leadership to our 
now well-developed framework 
for TV entry," said Mr Mont- 
gomery. 

“This is a terrific challenge 
and I cant wait to get on with 
it," said Mr MacKenzie. 

So why is Mr Mackenzie join- 
ing the Mirror? 

“Kelvin has told me there is 
only one reason for life,” Mr 
Roy Greenslade, a former Daily 
Mirror editor and Sun execu- 
tive, said. “Get Sam Chish- 
olm.” 

Mr MacKenzie blamed his 
departure from BSkyB on a 
personality clash with Mr 
roiichrVFm fts ehiof executive. 


Parts 
suppliers 
warned 
on Japan 

By John Griffiths 

Britain's motor component 
makers were warned yester- 
day that their Japanese rivals 
are improving quality and pro- 
ductivity at more than twice 
the average UK rate. 

They were warned at a semi- 
nar backed by the Department 
of Trade and Industry as part 
of a two-year initiative that 
most British suppliers will 
never catch up with the Japa- 
nese unless they make “funda- 
mental changes” to their busi- 
ness practices. 

The companies have been 
taking part in a DTI “learning 
from Japan” initiative. Under 
the scheme teams of senior 
executives from the compo- 
nents sector have spent weeks 
in Japan studying the work 
practices of suppliers to the 
Japanese assembly lines of 
Nissan, Toyota and Honda. 

As part of the DTI initiative, 
the relative performances of 
the Japanese and British com- 
ponents sectors are being 
benchmarked by consultants 
Andersen Consulting. 

Ms Betty Thayer, the part- 
ner with the Andersen Con- 
sulting who is most closely 
involved with the initiative, 
warned suppliers: “On aver- 
age, world-class Japanese sup- 
pliers are improving their per- 
formance by more than 50 per 
cent a year compared to less 
than 25 per cent on average 
[for the UK industry!." 

Component makers form one 
of the largest elements in the 
UK’s manufacturing economy, 
with turnover estimated at 
£15bn a year and £3bn in 
exports. 


9 


Ford to put 
two plants on 
short-time 


By John Griffiths 

Workers at Ford’s Halewood 
and Dagenham car plants are 
to go on short-time for the rest 
of this month, taking' a total of 

8.000 Escorts and 2,000 Fiestas 
out of production. 

Ford put most of the blame 
on a weaker than expected UK 
market. But Us main rivals 
said they had no plans to take 
similar action and dismissed 
speculation that the move 
might indicate a faltering of 
UK economic recovery. 

Ford is to review its decision 
towards the end of the month, 
when it is expected to extend 
short-time working into 
November, and possibly to the 
end of the year. 

Retail motor trade leaders 
believe that Ford, UK market 
leader, has been particularly 
hard hit by the industry’s opti- 
mistic forecast of the likely 
size of the annu al August sales 
"bulge". 

Most of the UK trade and 
industry had expected the 
August market to reach 500.000 
units, a figure matching the 
record of 1989, but it reached 
only 452,000. Motor traders 
c laim that many of these 
“sales” were pre-registered by 
manufacturers or their dealers 
and. as a result, have yet to 
find final buyers. 

The miscalculation means 
that there are approaching 

100.000 excess new cars in the 
industry's supply pipeline, Mr 
Alan PuLham, head of the 
National Franchised Dealers’ 
Association, said last night 


He described the excess as a 
“blip we have to go through; I 
don't think we have an under- 
lying economic weakness". 

Unlike most of its big rivals. 
Ford has been unable to com- 
pensate for weaker UK sales 
through higher exports to con- 
tinental Europe, where recov- 
ery is gathering pace. 

Ford's Halewood plant will 
bear the brunt of the cuts in 
hours. Its 5,000 employees are 
to work for three days a week 
until the end of the month, los- 
ing output or 600 cars each day. 
Although the Escort is the 
UK's best-selling car, Halewood 
supplies the UK market solely. 
A small proportion of its 
Escort van production is 
exported. 

The Dagenham plant, which 
makes Fiesta cars and vans, 
will lose a total of two days’ 
production this month, 
amounting to a total of 2,000 
cars and vans. It has not been 
so badly hit because it exports 
about a third of its output to 
continental Europe. 

In spite of the August set- 
back. most industry forecasts 
suggest that the total 
market this year will exceed 
1.9m, well up on last year's 
1.78m. 

Vauxhall, second in the UK 
market, said yesterday it has 
no plans to cut production. 
Peugeot Talbot is raising pro- 
duction at its Ryton plant near 
Coventry from 1,600 cars a 
week to an expected 2,000 by 
the end of the year. 


Lex. Page 18 



P unishm ent beatings may 


delay IRA peace 


By Stewart Dolby in Belfast, 
David Gartfeter in Brussels, 
George Graham m Washington 
and David Owen In London 

. • ' 

The continuing use of 
punishment beatings in repub- 
lican areas of Belfast - thought 
to be the work of the provi- 
sional IRA - could delay the 
start of talks between London 
and Sinn F6in, the IRA’s politi- 
cal wing. 

A British official yesterday 
warned: “All military activity 
may have stopped, strictly 
speaking, but the violence in 
republican areas is con tinuing . 
We have to consider whether 
this is terrorism by another 
name.” 

London has promised to 
begin a dialogue on how to 
admit Sinn Fein to political 
talks on Northern Ireland's 
future within three months of 


a end to IRA violence. The 
em ergence of a possible new 
obstacle to the peace process 
coincided yesterday with 
mixed signals on the prospects 
for large-scale flnaweini aid for 
the province to help smoothe 
the path to a settlement 

Mr Dick Spring, the Irish for- 
eign minister, said the Euro- 
pean Union should decide by 
Christmas on whether to make 
new grants of aid. 

The “peace grants” would be 
to addition to EU funds already 
committed to the province, he 
said after briefing EU foreign 
ministers on recent develop- 
ments with Mr Douglas Hurd, 
his UK counterpart 

Specific sums were not men-, 
tioned yesterday but Mr Spring 
said he expected December’s 
Essen summit of EU leaders to 
agree a substantial package. 

In the US, Clinton admhhs- 


talks 

tration officials have been dy- 
ing hard to lower the level of 
expectations. 

“I don’t think any large 
assistance package of direct 
aid is on the cards. We just 
don't have that kind of budget 
flexibility," a senior adminis- 
tration official said. 

The White House is examin- 
ing less direct forms of aid, 
such as enhancing the role of 
the Overseas Private Invest- 
ment Corporation. 

A further three beatings 
came to light this week, taking 
the total since the IRA cease- 
fire on August 31 to 10 in 
republican areas. In the same 
period last year there was only 
one punishment heating. 

The provisional IRA has not 
admitted it is responsible for 
the beatings but the Royal 
Ulster Constabulary is con- 
vinced that it is. 



US nurses Adams’ pride 

The Sinn Fein leader has been given a warmer 
welcome than planned, writes George Graham 


T he Clinton administra- 
tion this weekend 
decided to salve Mr 
Gerry Adgms's pride and sal- 
vage his two-week tour of the 
US with a last-minute upgrade 
to the level of its contacts with 
him. 

Until last Friday, the Sinn 
Fein leader had been scheduled 
to meet the State Department's 
director of the office of North- 
ern European affairs, and to 
“bump into" Ms Nancy Soder- 
berg, the staff director of the 
White House National Security 
Council, at a dinner party 
hosted by the Washington cor- 
respondent of the Irish Times. 

But after Mr Adams balked 
at this relatively low level of 
meeting, his US sponsors, .led 
by Mr Edward Kennedy, raised 
the pressure on the White 
House to give Mr Adams a 

more effusive reception. 

Mr Adams's need tor a sym- 
bolic victory has been 
increased by the moderate suc- 
cess of his US tour so far. 

During his February visit, 
Mr Adams was front-page news 
- be is now relegated to the 
inside pages and the local 
press, and has received much 
tougher questioning from US 
journalists this time. 

While sticking to the letter of 
its promise to the British gov- 
ernment that there would be 
no meeting at the White House 
and no meeting with Mr Bill 
Clinton, the president Mr A1 
Gore, the vice-president, or Mr 
Anthony Lake, national secu- 
rity adviser, the White House 
obliged. „ 

Mr Adams's State Depart- 
ment host was upgraded to 
deputy assistant secretary 
John Komblum; Ms Soderberg 
and Mr Leon Fuerth, the vioe- 
p resident's national security 


adviser, were added to this for- 
mal meeting; and Mr Lake con- 
veyed the decision in a letter 
that annoyed British officials 
with its praise for Mr. Adams 
as a “harbinger of peace”. 

To cap it all, the White 
House decided that Mr Gore 
should personally announce 
the ending of a 25-year US pol- 
icy barring official contacts 
with Sinn Fdin in telephone 
call to the home of Mrs Ethel 
Kennedy, widow of Robert 
Kennedy, where Mr Adams 
was staying. 

-We felt this was a fairly his- 
toric decision, and a decision of 
that level should come from 
the vice-president," a senior 
administration official said. 

Although British officials 
sought publicly to play down 
the impact of these upgrades, 
arguing that Mr Clinton had 
kept his promise not to all ow a 
White House meeting, private 
reactions have been much 
more caustic. 

The upgrades probably say 
less about US policy towards 
Sinn F&n, or even about the 
political clout of Mr Adams’s 
sponsors, than they do about 
the weakness of the Clinton 
administration in general and 
in foreign policy in particular. 

They will do nothing to dis- 
pel the view prevailing among 
the US’s allies - not just the 
UK - that the president 
remains incapable of making 
and sticking to a decision, and 
is likely to cave to to the last 
faction to shout at him. 

Nevertheless, they have 
reinforced suspicions that the 
US is seeking not just to sup- 
port the peace process begun 
by the British and Irish gov- 
ernments, but to play a role m 
steering it- . . _ . 

-This administration needs 


to be careful in its contacts 
with Northern Ireland. One 
must be extremely careful not 
to intrude to a family quarrel" 
warned Dr John Alderdice of 
the centrist Alliance Party, 
whose visit to Washington 
coincided with Mr Adams’s, 
and who was received at a 
higher level - by Mir Peter Tar- 
noff, under secretary of state 
for political affairs and the 
State Department’s number 
three official. 

US officials deny any inten- 
tion of interfering. “We don’t 
have an agenda for how to 
solve the problem. We don't 
have a blueprint," a senior 
administration official, said. 

B ut the White House has 
alarmed some in North- 
ern Ireland and in the 
British government by promis- 
ing in a press release to con-' 
tinue its dialogue with Sinn 
F ain through its consulate gen- 
eral in Belfast and its embassy 
in Dublin - where yet another 
member of the Kennedy clan, 
Mrs Jean Kennedy Smith, is 
US ambassador. 

There is talk of another high 
level Sinn F6in visit next 
month and administration offi- 
cials have even refused to say 
tha t they would continue to 
deny visas to IRA members. 

They say that future visa 
decisions will be decided case 
by case, but that the distinc- 
tion between the IRA and Sinn 
F6in will become increasingly 
irrelevant as the ceasefire con- 
tinues. 

One senior US official said: 
"Our view has always been to 
eschew anyone engaged in vio- 
lence and that remains policy. 
But our hope is there would be 
no need for paramilitary organ- 
isations of any kind." 



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FINANCIAL TIMES WEDN ESDAY OCTOBER 5 1 


NEWS: THE GOODA WALKER JUDGMENT 


Spiral that got out of control finally unwound 


By Richard Lapper 

The end of one of the most 
spectacular boom and bust epi- 
sodes seen at the Lloyd's insur- 
ance market is in sight follow- 
ing yesterday's court victory 
by Goods Walker Names. 

The Names were among 
about 4.000 whose assets sup- 
ported syndicates managed by 
the Gooda Walker agency 
between 1987 and 1990. Many 


were among the least wealthy 
ever sucked into Lloyd's. Yet 
their overall losses amount to 
more than £2 bn, more than 23 
per cent of the losses suffered 
by Lloyd's since 1988- 

Goods Walker's managing 
agency administered a range of 
syndicates, which originally 
specialised in aviation- and 
marine business. 

During the 1980s they expan- 
ded into a specialist area of 


reinsurance - the “spiral". Its 
underwriters covered 
high-level risks underwritten 
by other syndicates mid com- 
panies. Its members’ agency 
earned fees by placing Names 
on Gooda’s own and other syn- 
dicates. 

Goo da's syndicates earned 
respectable profits during the 
mid-1980s when there were rel- 
atively few catastrophe losses. 
In 1986 one of its biggest synd- 


icates ranked seventh out of 
102 non-marine syndicates. 

While syndicates in other 
sectors of the market grew rel- 
atively slowly in an Increas- 
ingly competitive international 
marketplace Gooda expanded 
its reinsurance activities. 
Names, many new to Lloyd’s, 
□coded onto the syndicates 
and Gooda's capacity - its abil- 
ity to accept premiums - 
Increased sharply, from £47.9m 


in 1983 to £270.4m in 1988. 

Names on syndicate 290 
jumped from 713 in 1983 to 
3.163 in 1989. Many newcomers 
came directly from Gooda's 
own members’ agency. 

As other syndicates and com- 
panies were attracted to boom- 
ing “spiral” business, rates 
charged by underwriters felL 
With premium income inade- 
quate, the syndicates were vul- 
nerable to a string of large 


catastrophe losses, triggered 
by 1987's storms. 

Gooda's syndicates were 
overwhelmed by losses from 
the Piper Alpha explosion in 
July 1988, Hurricane Hugo in 
September 1989 and the Euro- 
pean storms of January 1S9Q. 

The businesses limped on 
through 1990 and part of 1991 
but were eventually forced into 
liquidation. All its syndicates 
ceased to trade and the affairs 


of its Names were transferred 
to other agencies. In June 1992 
it emerged that Mr Tony 
Gooda, formerly chairman of 
the members' agency, and him- 
self a Name, had applied to the 
Lloyd’s hardship committee for 
help to meet his losses. 

In late 1992 a Lloyd's internal 
review found that mana geme nt 
deficiencies and poor under- 
writing were at the heart of the 
syndicates' difficulties. 



Michael Deeny 


Award unlikely 
to prompt flood 
of new actions 


By Richard Lapper 
and Ralph Atkins 

Lossmaking Names have won 
an apparently emphatic victory 
against the professional mem- 
bers agencies' who advised 
them and placed them on the 
ill-fated Gooda Walker syndi- 
cates. But the impact on the 
insurance market as a whole is 
likely to be limited. 

The verdict will encourage 
other aggrieved members, par- 
ticularly those whose syndi- 
cates specialised in the kind of 
reinsurance business favoured 
by the Gooda agency. It is 
unlikely to open the floodgates 
for further actions, however. 

Most of the more than two 
dozen cases filed stem from the 
more than £7bn of losses suf- 
fered by Lloyd's between 1988 
and 1991, and with it now 
apparently trading profitably - 
profits of up to £lbn for the 
19 93 underwriting year are 
expected - active Names have 
relatively few grievances. 

Nor does the award provide 
unqualified encouragement for 
every other legal action involv- 
ing past losses by Names. This 
is for a number of reasons. 

• By grabbing a sizeable 
share of the insurance funds 
available for compensation 
payments, the Gooda Names 
may well have left other action 
groups pursuing legal battles 
with the prospect of rapidly 
diminishing returns. 

Most of the money to fund 
the award will come from 
errors and omissions Insurance 
policies which cover agents' 
legal claims for negligence. 


The funds available under 
such policies are thought to be 
limited to between £S20m and 
£1.08bn, compared with overall 
c laims of about £3bn. Beyond 
those limi ts c laims will fall on 
the members' agents them- 
selves. But most of these agen- 
cies are small and many are no 
longer trading. 

• Success for Gooda Walker 
cases does not necessarily 
mean others will succeed. The 
verdict undoubtedly represents 
a fillip for the next case - that 
mounted by Names on the Fel- 
trim syndicates. Mr Justice 
P hillip s' criticism yesterday of 
the sooHed excess-loss spiral 
- in which syndicates and 
companies covered each o th- 
ere' high-level catastrophe 
risks - are a helpful precedent 
Other Names from spiral syn- 
dicates such as Rose Thomson 
Young. Devonshire and Brom- 
ley wUl also be encouraged. 

However a Lloyd's panel, 
chaired by Sir Michael Kerr, 
the former High Court judge, 
examined the relative 
strengths of 31 separate claims 
earlier this year as part of an 
out-of-court settlement offer. 

Although the panel found 
the cases of the Gooda and Pel- 
trim Names were “strong” it 
said that the legal ground for 
many of the smaller actions, 
some of which are linked to US 
asbestosis and pollution losses, 
were “weak" or even “hope- 
less”. Its view on another big 
liability-related loss that suf- 
fered by Names on Merrett 
syndicate 418/417, was mixed, 
with some claims viewed as 
having strong prospects. Mer- 




Jubilant Names 
hail ‘justice 
and salvation’ 


The 1988 Piper Alpha oil platform disaster. It cost the reinsurance market an estimated £120m 


rett Names expect their case to 
come to court early next year. 

• Even for the Gooda 
Walker Action Group members 
yesterday's victory could prove 
Car from clear-cut 

As well as the possibility of 
an appeal the most obvious 
caveat is that damages have 
yet to be agreed - lawyers act- 
ing for the members' agencies 
who lost yesterday described 



Spillage from the tanker Exxon Valdez in 19S9 which went aground off Alaska 


the £504m figure as “specula- 
tive". 

Yet agreement on damages is 
only the first stage. The Gooda 
Walker Action Group will also 
have to fight hard if the errors 
and omissions insurers are to 
fund any settlement fully. The 
errors and omissions cover 
available to the agencies sued 
by the Gooda Walker agencies 
may prove Insufficient. The 
action group admits, . for 
instance, that the cover on the 
discredited Gooda Walker 
members' agency has been 
declared void. 

The group also faces legal 
hurdles in its attempts to sue 
Littlejohn Frazer, the former 
Gooda Walker auditors. It 
hopes to recoup the difference 
between its £629m total com- 
pensation claim and the sum 
eventually agreed with the 
agencies. 

Meanwhile the impact on 
Lloyd's and its broader busi- 
ness is likely to be limited. 
Most of the errors and omis- 
sions policies have been under- 
written by Lloyd's syndicates, 
but it is understood that 
reserves to pay the losses 
incurred as a result of the 
award have already been set 
aside. 

Although the award and its 
attendant publicity could tar- 
nish its image, Lloyd's will 


paint out that the market has 
changed radically since the 
late 1980s when the losses were 
incurred. The management of 
the Lloyd's corporation, which 
administers the market, has 
been overhauled since Mr 
Peter Middleton took over as 
chief executive in 1992. 

The marketplace - one popu- 
lated by hundreds of tiny syn- 
dicates. brokers and agencies - 
has become less fragmented 
and more efficient More than 
half the 401 syndicates which 
traded in 1990 have been forced 
out of business by their losses. 

Above all Lloyd's has suc- 
ceeded - against some expecta- 
tions - in attracting invest- 
ment from institutions and 
bigger agencies. Syndicates 
believe their future depends on 
links with these corporate 
investors. Last year about 
£800m in corporate money was 
attracted. This year investors 
are expected to commit a fur- 
ther £125m to £250m- By tight- 
ening links with corporate 
investors through dedicated 
investment funds, some agenr 
cies are explicitly paving the 
way for their transformation i 
into insurance companies. 

Against this background 
legal action, even if successful, : 
is likely to be an irritant rather l 
than a serious threat to the 
health of the market. 


By Jim Kelly and Ratpti Atkins 


For Mr Michael Deeny, the 
chairman of the Gooda Walker 
Action group, yesterday's High 
Court verdict was a triumph of 
justice that “represents salva- 
tion" for many distressed 
Lloyd's Names. 

For Mr Derek Ritchie, who 
stood to lose “in excess of half 
a million pounds” on Gooda 
Walker syndicates, yesterday's 
judgment was, less grandilo- 
quently, an “enormous relief". 

Mr Ritchie of West Sussex, 
who is semi-retired but still 
works as a chartered surveyor, 
professed himself “absolutely 
delighted". He was introduced 
to the world of the Lloyd's 
Insurance market while 
playing golf in 1973. 

He is aware that many sub- 
stantial points remain to be 
sorted out between plaintiff's 
and defendants before any 
compensation payments are 
made, but the verdict gave tom 
hope that he might be able to 
avoid having to sell his home. 
“There is a light at the end of 
the t unne l” he said. 

. Mr Ritchie said he would 
wait for a detailed appraisal of 
the 146-page judgment before 
making any decisions about 
his future. 

Other Names were similarly 
cautious about assuming that 
the action group would ever 
actually reclaim the £504m to 
which it estimates it is enti- 
tled. Mr Richard Platts, who 
owes Lloyd's a total of £800.000, 
with most of his debts incurred 
on Gooda Walker syndicates, 
said; “It’s an excellent victory 
- but it is the first step in the 
proceedings”. 

Mr Platts, 60, was a univer- 
sity academic teaching eco- 
nomics before taking early 
retirement in 1988. “I taught 
economics but it does not have 
anything to do with insur- 
ance." 

His link with the interna- 
tional insurance market was 
through friends and family - 
his grandfather and two uncles 
were Lloyd’s Names. “AH my 
capital has gone. I am living 
in Chorley Wood, Hertford- 
shire, but l don't own a prop- 
erty. 

“These are not like any other 
hills in life. You can't just pull 
out a cheque book. Imagine 
getting a polite little letter ask- 
ing for £800,000. I just have a 
file for unpaid Lloyd's 
bills . . . You just have to get on 
with life - compartmentalise 
it Z don’t know if I will ever 


The Advertising Standards 
Authority, the advertising 
watchdog, yesterday upheld a 
complaint by Lloyd’s that a 
group of names bad placed 
“inaccurate, grossly mislead- 
ing and offensive” advertise- 
ments in the press. 

The regional press advertise- 
ments, from the Wellington 
Names Association, were head- 
lined “How many more people 
have to die before Lloyd’s is 
brought to account?" A sub- 
heading read; “At least 31 sui- 
cides and premature deaths 
have been attributed to tbe 
losses sustained by Lloyd's 
Names." 

The ASA said it was con- 
cerned with the lack of sub- 
stantiation for all of the 31 
deaths, and asked the advertis- 
ers not to re fer to them again. 

wipe the slate clkn. This is a 
start" 

Mr Basil Payne, a Gooda 
Walker Name, was an insur- 
ance broker at Lloyd's for 40 
years. He said that while the 
judgment was “as good as I 
could have hoped for ... in 
effect my working life will 
have been for nothing." 

Mr Payne, who lives in Tun- 
bridge Wells, said he had 
watched the news at noon on 
the television: “I jumped about 
when I heard," he said. 

He said that in spite of work- 
ing at Lloyd's he felt that the 
institution was “an absolute 
disgrace" and that those who 
were to blame for the situation 
would escape personal loss. 

Mr Paul Powis was a char- 
tered accountant who worked i 
with the insurance market I 
before investigating the risks 
and becoming a Name himself. 
He now owes £40,000 on Gooda 
Walker business and £600,000 
in total to Lloyd's. 

He was having a cup of cof- 
fee at home in rural Kent with 
his wife when he heard the 
news. “I had been given a 
pretty good indication a few 
days earlier but I was elated. I 
am enormously pleased," he 
said. 

• The Gooda Walker court 
case has set new records for 
being both the biggest civil 
action ever brought before an 
English court and for winning 
the largest amount in dam- 
ages. The award, estimated by 
the Names at £504m, is expec- 
ted to far exceed the £l72m 
paid last year by merchant 
bankers Samuel Montagu to 
the liquidators of British & 
Commonwealth Holdings. 


Group 
led by 
cool 

chairman 

By Richard Lapper 


The Gooda Walker agency did 
itself no favours when it 
recruited Mr Michael Deeny, a 
49-year-old Irishman and chair- 
man of the victorious Gooda 
Walker Names Action Group, 
to become a member of its Dag- 
stop syndicate - 290 - in 1985. 

Mr Deeny, a. chartered 
accountant, has proved an able 
and proficient political leader, 
i successfully coordinating the 
biggest campaign for compen- 
sation ever fought by Lloyd's 
Names. 

He is now a music promoter 
organising concerts for the 
likes of U2. Bruce Springsteen 
and Nirvana and Luciano 
Pavarotti, but trained as an 
accountant after graduating in 
history from Magdalene Col- 
lege, Oxford. Recruited to 
Lloyd's by an agent who had 
links with a number of Irish 
QCs. Mr Deeny says he consid- 
ered Lloyd's to be a conserva- 
tive investment “1 thought if 
they think it is OK it will be 
OK. It seemed to be an estab- 
lished institution which had 
been sending Names cheques 
for 300 years," he explained. 

However, unlike many fellow 
Gooda Names, Mr Deeny took 
an active involvement at the 
market, interviewing under- 
writers and checking accounts. 
He has an informed view of 
accounting policies at Lloyd's, 
criticising those of the one 
Gooda Walker syndicate of 
which he was a member, the 
group's flagship syndicate 290, 
as “highly misleading", mainly 
because of the way purchases 
of financial reinsurance - a 
policy which allows syndicates 
to manage their reserves more 
effectively - were treated. 

After losing money Mr 
Deeny became active in the 
group’s campaign and took 
over as chairman following a 
row over a plan to remunerate 
committee members late in 
1992. 

As chairman of tbe action 
group, Mr Deeny has taken a 
cool and calculated approach, 
avoiding the loose allegations 
and emotionalism favoured by 
some of his fellow leaders. The 
group’s action was tightly 
focused and well organised. 

Yesterday Mr Deeny was typ- 
ically phlegmatic. “The photog- 
raphers are hassling me to 
crack open champagne but I 
really don't feel like it." he 
said. “This thing has wrecked 
people's lives. It has been 
pretty horrific." 


Judge deplores underwriters’ failure to assess full extent of risk 


The central issue before the 
High Court in the Gooda 
Walker case was whether the 
underwriters bad been negli- 
gent in leaving their syndi- 
cates so heavily exposed to the 
series of catastrophes such as 
the Piper Alpha disaster that 
occurred in the 1980s. 

At the start of the case the 
Names argued that the Gooda 
Walker underwriters were neg- 
ligent in leaving the syndicates 
so exposed. They said that the 
underwriters had failed to 
manage their businesses ade- 
quately by not properly moni- 
toring their total exposure to 
risk, had failed to arrange suf- 
ficient reinsurance and had 
exercised insufficient care in 
dealings with the excess of loss 
“spiral". 

The Gooda Walker agents 
responded by arguing that the 
sequence of catastrophes was 
unprecedented and unforesee- 
able. They also argued that 
underwriting excess of loss 
cover - known as LMX - was 
an intrinsically high-risk busi- 
ness, that there was no obliga- 
tion to reinsure all risks and 
that Lloyd's regulations did 
not oblige underwriters to cal- 
culate their total exposure, or 
“probable maximum losses”. 

The three Gooda Walker 
underwriters whose actions 
were under scrutiny were Mr 
Derek Walker, Mr Stanley And- 
rews and Mr Anthony Willard. 

Mr Justice Phillips rnied that 
all three had failed to exercise 
the skill and care to be expec- 
ted of competent underwriters. 

"The growth of the LMX. 
market in the 1980s and, in par- 


John Mason reports on a ruling which dismissed the defence that others’ standards were no higher 


ticular, the growth of the spiral 
business, raised special prob- 
lems in relation to the assess- 
ment of risk, exposure and rat- 
ing that called for special 
consideration. Some gave that 
consideration. The Gooda 
Walker underwriters did not." 

The judge continued later 
“The exposure in respect of 


on existing excess of loss cover 
- the “spiral”. 

Competent underwriting 
Mr Justice Phillips ruled that 
there are basic principles of 
insurance underwriting which 
should be adhered to; 

□ An underwriting account 
should be balanced in that all 
the risk should not be exposed 




Tony Gooda 


which ! have held the under- 
writers at fault was culpable 
because It was unintended, 
unplanned and unjustified by 
any proper analysis of risk." 

Their principle negligence 
was in failing to buy sufficient 
reinsurance protection, he 
ruled. 

The issues in the case fell 
into two main areas - the 
nature of competent underwrit- 
ing practice in the Lloyd’s mar- 
ket generally and how respon- 
sible underwriters should have 
approached excess of loss cover 


Derek Walker 

to the same loss. He also 
rejected the agents' argument 
that Names should accept that, 
having agreed to unlimited lia- 
bility, their underwriters could 
then deliberately expose them 
to such a risk. 

“On the contrary, the Name 
will reasonably expect the 
underwriter to exercise due 
skill and care to prevent Urn 
suffering losses,” he said. 

If an underwriter intended to 
expose Names to periodic 
losses he must make sure that 
they were aware of this and 


the scale of the potential 
losses, he said. 

□ Accounts should be planned 
so an underwriter knows what 
he is doing, the judge said. 
This indudes monitoring the 
total liabilities and probable 
maximum losses to which 
accounts are exposed. 

“In my judg m ent, it was a 

The compensation that the 
Gooda Walker Action Group 
eventually succeeds in obtain- 
ing will be pooled and divided 
according to the losses 
incurred by individual mem- 
bers. 

Some Gooda Walker Names 
have lost up to Elm, so they 
could, in theory, receive as 
much as £800,000 - although 
that assumes that the group 
defies expectations and 
secures at least the £500m it 
reckons it is owed, about 80 
per cent of its initial claim of 
£629m. 

fundamental principle of 
excess of loss underwriting 
that the underwriter should 
formulate and follow a plan as 
to the amount of exposure that 
his syndicate would run," he 
said. 

□ Reinsurance policy. The 
judge ruled that an under- 
writer must know the exposure 
he intends to run and ensure 
that this is not exceeded. This 
should be done by having a 
proper reinsurance policy. 

Mr Justice Phillips rejected 
the agents’ argument that 


LMX business was widely 
known to be high-risk. “It is 
quite plain from the evidence 
before me that this was not the 
perception of LMX business 
shared by many of the defen- 
dants at the time. 

“1 have no doubt that there 
are many p laintiffs who would 
understandably have felt otrt- 

Mr Michael Deeny, action 
group chairman, said the 
group rejected the idea that 
payments to individual mem- 
bers should vary according to 
which syndicates their money 
was Invested in - some of 
which have better errors and 
omissions insurance cover out 
of whicb damages will be paid. 

Hie losers are likely to be 
the estimated 900 Gooda 
Walker Names who did not 
join the action group's legal 
challenge and will not be enti- 
tled to the compensation 
awarded by tbe High Court. 

raged had they heard the plea 
being advanced on behalf of 
their members agents that 
Names had no cause for com- 
plaint because the type of busi- 
ness they had chosen to write 
was well-known to be dyna- 
mite." 

The spiral 

Mr Justice Phillips described 
the spiral - the complex 
arrangement under which 
catastrophe excess of loss risks 
were insured and reinsured, 
often many times - as “rather 
like a multiple game of pass 


the parcel". Those left holding 
the liability were those who 
first exhausted their layers of 
LMX reinsurance. The effect 
on individual syndicates was 
to magnify many times the 
impact of a particular loss. 

The judge quoted the views 
on the spiral of Mr Richard 
Outhwaite, the underwriter 


His dismissed the agents’ 
argument that the Gooda 
Walker underwriters should be 
judged according to the stan- 
dards of competence of other 
participants in the spiral. 

“Suppose a profession collec- 
tively adopts extremely lax 
standards in some aspect of its 
work. The court does not 




skill and care, the judge ruled. 
Syndicates 298 

Mr Justice Phillips rifled that 
the performance of Mr Stanley 
Andrews, the underwriter for 
syndicate 298. fell “far short of 
reasonable competence". 

The judge said he could not 
believe Mr Andrews’ evidence 
that he monitored his aggre- 
gate exposures, and his 
approach to buying reinsur- 
ance was unclear. Mr Andrews 
had said he believed the loss of 
Piper Alpha was “unthink- 
able". The judge ruled that his 
failure to properly assess cover 
for such a loss was negligent 
Syndicate 299 

Mr Justice Phillips ruled that 
Mr Anthony Willard, the 
underwriter for syndicate 299, 
did not mean to expose Names 
to big losses. However, be did 
not calculate probable maxi- 
mum losses and so they formed 
no part of his reinsurance pol- 
icy which proved unsound. 


Tom Benyon 

who gave expert evidence for 
the agents, and his reluctance 
to write spiral business 
because of the exposure 
involved. 

‘In my judgment the Gooda 
Walker underwriters should 
have shared the appreciation 
of the spiral enjoyed ... by Mr 
Outhwaite, No reason has been 
suggested by the defendants 
why the Gooda Walker under- 
writers should not have made 
the same appraisal of spiral 
business as Mr Outhwaite, 
and I can think of none." 


Peter Middleton 

regard itself as bound by those 
standards." 

Syndicates 290 and 164 
Mr Justice Phillips ruled that 
Mr Derek Walker, the under- 
writer, deliberately ran expo- 
sures to risk without monitor- 
ing those exposures properly 
or informing Names of this. He 
made no attempt to estimate 
how often his Names might 
lose and failed to appreciate 
the level of catastrophe that 
risked such losses. His conduct 
amounted to a breach of the 
duty to exercise reasonable 


Mr Justice Phillips rejected tbe 
Names' claim that they should 
be compensated for all the 
losses they suffered through 
their involvement with the 
Gooda Walker syndicates. 

Instead, damages should be 
based on the losses sustained 
from the negligent conduct in 
failing to arrange sufficient 
reinsurance, he ruled 

He said: “The plaintiffs are 
entitled to that award of dam- 
ages which trill place them tn 
the same position as if the 
underwriting carried out on 
their behalf by each syndicate 
had been competently P®" 
formed," 


r TJ 

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MICROSOFT 


NOVELL OR WHATEVER 


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SHE WILL MAKE 


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Debbie Warden - Computer Systems Engineer 


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12 


FINANCIAL. TAMES WEDNESDAY OCTOBER 5 1994 


BUSINESS AND THE ENVIRONMENT 


Victoria Griffith reports on the 
growing resistance to America’s 
drive-in shopping centres 


Malls get 
a mauling 


E very morning, millions 
or Americans roll out 
of bed and into their 
cars. They drive to 
work, drive to lunch, drive to a 
mall for some shopping, drive 
to the supermarket and drive 

home a gain. 

It is the American dream: a 
well-paid job, easy access to 
consumer goods and a house in 
the suburbs. To a small but 
increasingly vocal group, how- 
ever, it is the American night- 
mare. Car dependency, they 
say. exacerbates air pollution 
and reduces wilderness areas 
and open space by encouraging 
suburban sprawL 
Large suburban shopping 
complexes have become a tar- 
get for their campaign. Wal- 
Mart. one of the most success- 
ful and aggressive retailers in 
the US, is bearing the brunt of 
the campaign, concentrated in 
New England. In August, St 
Johnsbury became the first 
city in Vermont to accept the 
store, after years of bitter 
opposition across the state. 

Wal-Mart hailed its entry 
into Vermont as a victory, but 
the company made some signif- 
icant compromises. The store 
reduced its planned size from 
about 130.000 sq ft to about 

80,000 sq ft and agreed to locate 
in the downtown area rather 
than on the city fringes. 

Town councils and local ref- 
erendums in Bath in Maine, 


Saugus, Greenfield and West- 
ford in Massachusetts and Leb- 
anon, New Hampshire have 
already rejected Wal-Mart The 
anti- Wal-Mart campaign has 
gained momentum in Plym- 
outh and Sturbridge in Massa- 
chussetts, St Albans and Wil- 
liston in Vermont and North 
Kingston in Rhode Island. 

Other retailers are also 
under fire. Cape Cod is seeking 
to keep out the discount store 
Costco, and anti-marters are 
hoping to prevent Kmart from 
building in Wallingford. Con- 
necticut 

Resistance to shopping malls 
is mounting in urban centres 
too. Plans for a gigantic new 
mall in the city of Providence, 
Rhode Island, have raised the 
ire of environmentalists who 
complain that a 5,000-space 
parking garage will encourage 
shoppers to drive to the mall 
and turn the area into one big 
traffic jam. 

The Providence Place devel- 
opers argue that shuttle buses 
and a two-person per car mini - 
mum for parking will solve the 
problem. 

The retail chains also point 
to the economic stimulus they 
bring to a community. Wal- 
Mart argues that each store it 
builds brings up to 250 new 
jobs. 

“We add jobs, which are of 
paramount importance every- 
where," says Donald Shinkle, 



Mails under Are: shopping centres m the US are being forced on the defensive by environmen ta l campaigners 


spokesman for the group. "By 
selling our products cheaply, 
we also extend the shopping 
budgets of every family in the 
area." 

The chief fear of Wal-Mart 
detractors is that an outlet will 
sap business from town cen- 
tres. Dying downtowns lead to 
sprawl and more traffic as 
large car parks spread, they 
say. 

But Wal-Mart counters that 
in many areas its presence has 
benefited downtown businesses 
by attracting more out-of-town 
shoppers from for away. 

Wal-Mart is now r unning 
television commercials por- 
traying the retailer as an envi- 
ronmentaUy-consctous family 
store. The advertisements fea- 
ture a Wal-Mart built with 
recycled materials, and work- 
ers who host sales of baked 
goods for charity on their days 
off. 

Anti-marters are sceptical. 


They say the economic benefits 
are insubstantiaL 

“Most of the jobs Wal-Mart 
creates are minimum wage," 
says Albert Norman, an anti- 
mart activist in Greenfield. 
“And when you count the 
number of jobs lost as the 
downtown stores go out of 
business, it’s a wash. 

“It also doesn't count the 
added infrastructure the town 
needs to spend money on like 
more traffic lights and road 
repair. The prices may be low 
now but if Wal-Mart eliminates 
the competition. theyTL have 
lots of room to raise prices," he 
adds. 

So for. the anti-mall groups 
have operated only locally, but 
some are linking with other 
campaigners. 

“We are starting to share 
ideas and strategies with other, 
similar groups around the 
country.” says Joan Pucino, 
head of the No-Mart Coalition 


of residents in North Kingston. 
Rhode Island. Lewis Milford, a 
lawyer with The Conservation 
Law Foundation, says his 
organisation is planning to get 
more involved, but adds that 
environmental groups have 
been slow to respond 

Although the environmental 
dangers are seen as serious, 
many involved in urban plan- 
ning development say subur- 
ban retailers are not entirely to 
blame. A number of businesses 
locate on highway develop- 
ments including banks, car 
dealers, fast food restaurants, 
condo minium s arid suburban 
office complexes. 

“The retailers are scape- 
goats." says Alex Krieger, 
director of the urban design 
programme at Harvard Univer- 
sity. "It’s easy to target them 
because they’re very big, they 
tend to replace local shops, and 
they're seen as large-scale 
intruders." 



If the 

rainforests are 
being destroyed at 
rhe rare of thousands 
trees a minute, how can planting 
just a handful of seedlings make a difference? 

A WWF - World Wide Fund For Nature tree 
nursery addresses some of the problems facing people 
that can force them to chop down trees. 

Where hunger or poverty is the underlying cause 
of deforestation, we can provide fruit trees. 

The villagers of Mugunga. Zaire, for example, eat 
papaya and mangoes from WWF trees. And rather than 
having to sell timber to buy other food, they can now- 
sell the surplus fruit their nursery produces. 

Where trees are chopped down tor firewood. 
WWF and the local people can protect them by planting 
fast- growing varieties to form a renewable foel source. 

This is particularly valuable in the Impenetrable 
Forest, Uganda, where indigenous hardwoods take 
two hundred years to mature. The Mtirkhutnio loteu 
trees planted by WWF and local villages can be 
harvested within five or six years of planting. 

Where crocs arc chopped down to be used for 
construction, as in Panama and Pakistan, we supply 
other species that arc fast-growing and easily replaced. 

These tree nurseries are just part of the work we 
do with the people of the tropical forests. 

WWF sponsors scudents from developing countries 
on an a gro forestry course at UPAZ University in 
Costa Rica, where WWF provides technical advice on 
growing vegetable and grain crops. 


Unless 
is given, 
soil is exhausted 
very quickly by “slash 
and burn" farming methods. 
New Tracts of tropical forest would then have 
to be cleared every two or three years. 

This unnecessary destruction can be prevented by 
combining modern techniques with traditional 
practices so that the same plot of land can be used to 
produce crops over and over again. 

In La Planada, Colombia, our experimental farm 
demonstrates how these techniques can be used to 
grow a family's food on a small four hectare plot. 
(Instead of clearing the usual ten hectares of forest.) 

WWF fieldworkers are now involved in over 100 
tropical forest projects in 45 countries around the world. 

The idea behind all of this work is that the use of 
natural resources should be sustainable. 

WWF is calling for the rate of deforestation in the 
tropics to be halved by 1995, and for there to be no 
net deforestation by the end of the century-. 

Write to the Membership Officer at the address 
below to find out how you can help us ensure that 
this generation does not continue to steal nature's 
capital from the next. It could be with a donation, 
or. appropriately enough, a legacy. 


WWF World Wide Fund For Nature 

ifonncf lv World Wildlife Fund) 

International Secretariat, 1196 Gland, Switzerland. 


I n 2015, most cars will still 
be powered by 
conventional petrol or 
diesel engines, with 
battery-powered cars and 
alternative fuels relegated to 
the “politically correct fringe” 
according to a research report 
from The Economist 
Intelligence Unit. 

tt also takes a strongly 
pessimistic view of the 
prospects for 

hydrogen-powered cars, on 
which several leading 
manufacturers are working as 
one of the most promising 
alternatives to battery vehicles 
in the search for 
environmentally “dean" 
private transport 
The 200-page study* appears 
to reinforce the arguments of 
the US "big three” car makers. 
General Motors, Ford and 
Chrysler, that electric vehicle 
technology is not sufficiently 
advanced for viable battery 
care to go on sale in California 
In 1998 in line with state 
environmental legislatio n. 

Under directives drawn up 
by the Californian Air 
Resources Board (Carb). and 
which are being copied by 
some other US states, 2 per 
cent of a car maker's 
Californian sales must be 
zero-emission vehicles (ZEVs) 
in 1998, rising to 10 per cent by 
2007. 

The penalty for 
non-compliance could be 
exclusion from the Californian 
new car market, which with 
well over lm sales a year is 
bigger than that of many 
countries. 

No mainstream car maker 
could contemplate such a 
prospect, so all are developing 
electric cars to meet the 
deadline, despite reservations 
about their cost and whether 
they will have adequate range 
for the sprawling greater Los 
Angeles area, where 
California's air pollution 
problems are concentrated. 


Power 
to the 
petrol 

John Griffiths 

finds battery 
cars cannot 
keep up 

The EIU report concentrates 
on what it describes as the 
“extreme inefficiency" of 
batteries as a means of storing 
energy, maintaining that 150 
conventional lead acid 
batteries, weighing several 
tonnes, would be needed to 
store the equivalent energy of 
a tankful of petrol. 

Even the most advanced 
forms of battery now at the 
research and development 
stage would only improve the 
situation by a factor of three, 
according to the report “But 
each of these batteries also 
suffers from technical 
problems of one kind or 
another, as well as from very 
high cost" 

However, despite many 
months of lobbying by the 
motor industry, Carb and other 
states' clean-air authorities are 
showing little inclination to 
dilute or delay their 
legislation. 

And with no 

hydrogen-fuelled or other 
alternative zero-emissions 
vehicle on the immediate 
horizon, the Carb directive is 
effectively ordering 
manufacturers to produce 
battery-powered care or EVs 
(electric vehicles). 


However, it cannot order 
motorists to buy them at prices 
which - unsubsidised - could 
be double that of a 
conventional family car. So 
most initial production will go 
to concerns such as 
power-generating utilities with 

a vested interest in the 
vehicles’ long-term success. 
Sales to private motorists will 
have to be subsidised by the 
conventional cars their makers 
sell in much larger numbers. 

General Motors is providing 
the most visible evidence that 
electric cars will be available 
from 1998. 

It has just finished building 
a fleet of 30 models based on 
the Impact, a prototype 
unveiled about three years ago. 
The fleet is starting trials, 
under a programme called 
PrEView. in Los Angeles and 
will be evaluated, along with 
prototype systems for 
recharging the vehicles, by 

1,000 drivers of widely varying 
types and needs over the next 
two years. 

Ken Baker, vice-president of 
GM’s research and 
development centre, insists 
that “GM wants electric 
vehicles to be a marketplace 
success. The PrEView drive 
will help us understand the 
potential EV customer and 
help take us one step closer to 
making EVs a reality." 

All other problems such as 
cost apart, the programme 
should go a long W3y towards 
establishing whether the cars' 
estimated average range of 70 
miles using lead acid batteries 
- rather than the more 
advanced, costly and 
commercially not yet available 
nickel cadmium ones of the 
prototype - really is of any 
practical use to most Los 
Angelincs. 

*New Generation Engines. 
Economist Intelligence Unit. 15 
Regent Street, London SWlY 
4LR. £495. 


Slag today, land tomorrow. Laura Tyson reports 

Where there’s muck, 


there’s grass 


K ing Canute would not 
have approved of the 
method, but the land 
reclamation scheme In the 
southern Taiwanese port of 
Kaohsiuug is sure to be 
watched with interest by the 
Netherlands. 

Kaohslnng Is reclaiming 
coastland using non-hazardous 
industrial waste as fill instead 
of sand and gravel. The project 
creates much-needed new fond 
- an expensive and highly 
sought-after commodity in the 
crowded, heavily 

industrialised city. It also 
provides a practical way to 
dispose of materials which 
were previously dumped 
offshore. 

The city government plans 
to reclaim up to 200 ha (494 
acres) of land by the end of the 
century. Begun in 1989, 
reclamation of the first 50ha 
will be completed by the end 
of this year. It will be used to 


build a public sports park and 
recreation area. Uses for land 
still to be reclaimed have yet 
to be decided. 

Kaohsiung’s environmental 
protection bureau conceived 
the South Star project as a 
stop-gap measure to prevent 
fnrtfaer erosion of the 
shoreline south of the city, but 
it has since evolved into a 
more ambitious reclamation 
project 

South Star is using slag 
produced by the state-owned 
China Steel Corp, fly ash 
generated by the state power 
company, Taiwan Power Co, 
and construction rubble. Even 
the sea walls are made with 
recycled material - primarily 
a concrete using slag powder 
and slag aggregate. About 

200,000 old tyres will he used 
to protect them from erosion. 

The project is economical as 
well as environmentally 
friendly, according to the 


environmental protection 
bureau. It says the cost of 
building the sea walls was half 
the price it would have been 
using conventional 
construction methods. 

The project that most closely 
resembles the South Star 
reclamation is the new Kansai 
airport in Osaka, Japan, says 
Lin Chia-nan, deputy 
commissioner of the bureau of 
environmental protection. 

“The concept is similar, hut 
compressed garbage was used 
for fill at Kansai, and now the 
airport is experiencing 
problems with subsidence," 
Liu says. “However, our 
method is quite stable because 
the materials we are using for 
fill are solid." 

Future reclamation projects 
intend to use other waste 
material, including ash 
produced by Kaohsinug's 
several planned garbage 
incinerators. 


DAVID 

T HOMA S 

PRIZE 

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 


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 


FOR THE SAKE OF THE CHILDREN 

WE GAVE THEM A NURSERY. 


Applications to: 

Robin Pauley, Managing Editor 
The Financial Times (L) 
Number One Southwark Bridge 
London SE1 9HL 


i 


FINANCIAL TIMES WEDNESDAY 


13 



1 British Midland 

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OCTOBER 5 1994 


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Telephone check-in is now available to 
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And with a unique kerbside check-in 
which will open this October at Heathrow’s 
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t 


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14 


FINANCIAL TIMES WEDN ESD A Y OCTOBER 5 1 994 


MANAGEMENT 


S uddenly, it is open season 
on reengineering. While 18 
months ago the term was 
known only to a handful of 
cognoscenti, today we are besieged 
by self-proclaimed “experts" who 
busily assure all who will listen 
that re-engineering is too radical, 
insufficiently radical or nothing 
new. Many of these “experts" do not 
know what re-engineering really is 
and have no first-hand experience 
of it 

These critics are merely taking 
advantage of the fact that since the 
media are always hungry for con- 
troversy. a dissenting voice will 
usually attract attention. 

Since re-engineering has been 
phenomenally successful in many 
companies, and since the term has 
entered the general lexicon, assert- 
ing that it is bunk comes under the 
heading of man bites dog and may 
well get someone some notoriety. 

One give-away to the emptiness of 
such claims is that they are rarely 
substantiated by any specifics: no 
review of cases, extensive anecdotal 
experience or statistical data. In 
order to bolster their claims, how- 
ever, some of the critics do slip in 
one bit of data: that re-engineering 
has a very high failure rate, often 
cited as 70 per cent This “fact", the 
critics claim, proves that re-engi- 
neering does not work. 

The use of this datum proves the 
critics' ignorance of re-engineering 
in two ways. First, we find it 
breathtaking when the 70 per cent 
figure is cited as an authoritative 
statement of re-engineering's suc- 
cesses and failures because we hap- 
pen to know its source: one of us 
made it up. 

Obviously, the figure was not 
manu factured from the whale cloth, 
but was based on experience with 
companies attempting re-engineer- 
ing. Nonetheless, it was only 
intended as a qualitative assess- 
ment. Moreover, that statement was 
made In late 1992 and its relevance 
in late 1994 is modest at best. 

Second, the statement was a 
descriptive assertion, not a predic- 
tive one. It merely observed that 
approximately 70 per cent of the 
re-engineering efforts that we had 
seen had not ended successfully. It 
implied nothing about the expected 
rate of success or failure of subse- 
quent re-engineering efforts. To 
believe otherwise would be to 
believe that re-engineering’s suc- 
cess rate is a matter of luck. Noth- 
ing could be further from the truth. 

Success or failure at re-engineer- 
ing is determined by a company's 
understanding of it. the ability to 
execute it and the executives' com- 
mitment to it. Re-engineering has 
no natural failure rate. Those who 
do it right succeed; those who do 
not fail. In 1992, few companies 
knew what they were about and so 
re-engineering had a high mortality 
rate. Today there is little excuse. 


r. 


OOfc EXEkase WILL^SUL-T 

!M STAFF Z&UCVOhlS'— STh&TMt WITH 
WHOEVfefc SUGGESTED IT 



Michael Hammer and Steven Stanton 

parry criticisms of re-engineering 

No need 
for excuses 


What then are the primary causes 
of re-engineering failure? They fall 
into two groups. The first we call 
failures of intellect, where a com- 
pany simply does not know what it 
is doing. Enthusiasm and a desire 
for breakthrough results are not 
sufficient to yield re-engineering 
success. One has to know what one 
is about, and if one does not, one 
can expect problems. 

There are many traps into which 
companies unprepared for re-engi- 
neering and left to their own 
devices are likely to fall. One com- 
mon error is expending too much 
time and energy on an analysis of 
the organisation’s current 
operations. Since re-engineering 
entails discarding current process 
designs and starting again with a 
clean sheet of paper, virtually 
everything learned in such an exer- 
cise is destined for the rubbish 
heap. Those conducting such a 


study inevitably become captives of 
the existing way of doing things. 
After an extensive analysis, the old 
ways start to make sense to the 
analysts; they develop proprietary 
interest in the old processes; and 
their ability to think creatively is 
seriously and perhaps permanently 
impaired. 

In spite of its obvious dangers, it 
is easy to fall victim to the analysis 
temptation. Conducting an analysis 
is comfortable and postpones that 
fateful day when sweeping changes 
will have to be made. 

There are numerous other such 
reengineering pitfalls, easy to fall 
into but also relatively easy to 
avoid: timidity in redesign, stretch- 
ing out a re-engineering programme 
over a lengthy time frame, focusing 
on organisational units rather than 
on value-creating processes, and so 
on. 

Today, we have a substantial 


body of expertise about reengineer- 
ing so that companies that make 
these errors have only themselves 
to blame- Their failure is a commen- 
tary on their lack of preparation 
and experience rather than an 
indictment of re-engineering. 

However, re-engineering expertise 
is by itself not enough to guarantee 
success. Without committed execu- 
tive leadership even the most intel- 
ligently planned re-engineering pro- 
gramme will fail. Re-engineering 
entails sweeping change to an 
organisation. When a company's 
operating procedures are rethought 
from the ground up, virtually every 
other aspect of the company is 
called into question: the content of 
people's jobs, the structure of the 
organisation, the mechanisms for 
reward and compensation, even the 
cultural norms that govern atti- 
tudes and behaviour. These must 
all be consistent with the ways in 
which the organisation’s work is 
being performed, and changes in 
how the work is performed will be 
reflected in all these other arenas. 

Re-engineering therefore entails 
an unprecedented degree of organi- 
sational change. For that reason, we 
eschew the oft-used phrase “busi- 
ness process re-engineering" (BPR), 
because it is too limiting, suggest- 
ing as It does that the process alone 
is the target of reengineering. 

While re-engineering does begin 
with process redesign, it does not 
end there; the ripple effects are felt 
everywhere. Such mult-dimensional 
change can only be effected from 
the top of the organisation. Only 
senior executives have the author- 
ity to institute such changes: to 
reassign personnel, to recalibrate 
measurement and reward systems, 
to institute new organisational 
structures, and to compel the par- 
ticipation of those who might prefer 
to give the whole thing a miss. 

The other main cause of reengi- 
neering failure is the absence of 
such executive leadership. Many 
executives claim they want the dra- 
matic results that re-engineering 
promises but are unwilling to follow 
its consequences or are reluctant to 
pursue the effort with the vigour 
that it requires. 

Failures of intellect and character 
are encountered when an organisa- 
tion has developed a superficial 
attachment to the concept of re- 
engineering but has not invested in 
the training needed to make it work 
and does not have the cadre of 
senior leaders needed to see it 
through. The failure of these com- 
panies is both predictable and 
avoidable, and says nothing about 
reengineering itself. To paraphrase 
Shakespeare, “the fault Is not in 
reengineering, but in ourselves". 

Michael Rammer is a co-founder of 
the re-engineering movement; Steven 
Stanton is a re-engineering consul- 
tant with Hammer & Co 


BOOK REVIEW 


Three ways to be a 
better parent 


T rapped Inside this how-to 
manual for corporate strate- 
gists is a more radical book. 
The question the authors of Corpo- 
rate-level strategy: creating value in 
the multibusmess company raise 
but never quite tackle is: why 
should diversified business compa- 
nies exist? 

Again and again, the book 
emphasises how hard it is for a 
parent company to add value to its 
operating businesses, how easy to 
damage them. The authors, Mich- 
ael Goold, Andrew Campbell and 
Marcus Alexander, members of 
London’s Ashridge Strategic Man- 
agement Centre, say their research 
suggests that “a few multibusiness 
companies have corporate strate- 
gies that create substantial value". 
But “the majority do not; they are 
value destroyers”. 

To avoid this, big-company man- 
agers must strive for “parenting 
advantage”: the businesses must 
be better off than on their own, 
and better off than with any other 
parent The book is about how to 
ensure this. 

The basic tool is something that 
two of the authors, Goold and 
Campbell, introduced in their 
influential 1987 book. Strategies 
and Styles. They argue that there 
are three approaches a parent com- 
pany can take to Its businesses: 
financial control, strategic plan- 
ning, and strategic control. 

The first, best exemplified in the 
UK by Hanson or BTR, gives indi- 
vidual managers freedom to run 
the businesses as they want, as 
long as they meet demanding 
short-term finan cial targets. The 
second, strategic p lanning , yields 
parents "closely involved with 
their businesses in developing 
plans and strategies," wn phasiaiu p 
tong-term goals. IBM is an exam- 
ple, as is Canon, the camera and 
office equipment company. The 
third approach, strategic control. 
falls midway between the others. 

Parent companies must decide 
which style to use, the authors 
say, and apply it consistently 
across their portfolio of companies, 
which itself must comprise busi- 
nesses likely to benefit If there are 
misfits, it is easier to change the 
portfolio than the style. 

This approach forces managers 


By Peter Martin 

T Can successful parents 
continue to add value 
to subsidiaries once 
they have acheived 
the one-off gain of 
teaching their 
managers the 
lessons of 
shareholder 
value?* 


to think clearly about what parent- 
ing involves. The authors have lit- 
tle patience with traditional 
answers. Finance and central ser- 
vices are easily obtained else- 
where, usually on better terms; 
merely offering a second opinion 
“seldom justifies its cost"; to say 
the parent is needed to help sub- 
sidiaries think strategically Is 
“arrogant and wrong". 

Instead, the authors say, manag- 
ers must seek bigger “parenting 
opportunities", through “value cre- 
ation tonights '*, supported by “dis- 
tinctive parenting characteristics" 
and appropriate “mental maps", 
applied to the right "heartland 
businesses". 

Some of the insights cited are 
shrewd, others bathetic. Put crude- 
ly, the one for BTR is that a tough 
parent can force subsidiaries to 
jack up prices faster than they oth- 
erwise would. To be fair, the 
authors say real value comes not 
from the insights but from under- 
pinning them with clear and con- 
sistent corporate habits. 

A weakness at the heart of the 
book lies in the three styles on 
which the authors base their anal- 
ysis. Arguably, the financial con- 
trol style is a distinctively British 
approach; in the US only Kohlberg 
Kravis Roberts springs to mind as 
a fellow member of the dub. The 
authors cite few successful west- 
ern examples of the strategic plan- 
ning style, though they argue that 
it is common in Japan. 

That leaves most western compa- 



nies trapped In variations of the 
strategic control style. For them, 
the liberation offered by the range 
of potential styles is illusory; in 
practice, the issues are tediously 
familiar Should we have a matrix 
structure, or worldwide business 
units, or country units? Which is 
more important, the operating bud- 
get or the strategic plan? Is this 
proposed acquisition in a business 
we understand, or is the apparent 
similarity a trap? Parenting analy- 
sis throws some light on all this, 
but tiie knotty problems remain. 

An unaddressed issue is whether 
successful parents can continue to 
add value to subsidiaries once they 
have achieved the one-off gain of 
teaching their managers the les- 
sons of shareholder value. 

Which is where we came in: such 
transitions apart, what is the eco- 
nomic role of the multibusiness 
company? 

Perhaps such giants survive, 
protected by their inherited con- 
trol of brands and shelf-space, 
partly because big companies find 
it easier to deal with companies of 
similar size. These forces of inertia 
are reinforced by familiar capital 
market imperfections, notably the 
gap between shareholders and 
managers. Together, these forces 
ensure immunity for all but the 
most egregious value-destroyers. 
The authors provide a useful guide 
to avoiding such a fate; but the 
wider questions they raise remain. 
* Published by John Wiley & Sons. 
£24.95 ($3495) 


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PROPOSAL FOR TRUNK RADIO SERVICE. 

Muhammad Rashid 

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PEOPLE 


New style for fashion 
retailer New Look 


New Look, the Dorset-based, 
women's wear retailer which 
has just opened its first Lon- 
don outlet on Oxford Street, is 
preparing itself for flotation by 
bringing on to its board a non- 
executive chairman and two 
non-executive directors. 

Unusually, founder Tom 
Singh has retained for himself 
only the position of deputy 
chairman; John Hanna, the 
managing director, is in 
day-today charge. 

The new chairman. 58-year- 
old Louis Sherwood, right, has 
been picked not for his experi- 
ence in fashion but for his 
knowledge of retailing gener- 
ally. 

A former personal assistant 
to James Gulliver at Fine Fare, 
Sherwood then spent 13 years 
in Sir James Goldsmith's 
empire, initially with Anglo- 
Continental, later in the US at 
Grand Union. 

In 1985 he became president 
of US supermarket chain A&P, 
returning to the UK three 
years later to be chairman and 
chief executive of Gateway 
Foodmarkets. 

Following Isoceles' acquisi- 
tion of Gateway in 1989. he was 
brought in by the bankers as 
non-executive chairman follow- 
ing the ill-fated management 
buy-out of Magnet, the fitted 
kitchens retailer. 

He is now chairman of HTV 
Group, the (TV company for 
the west of England and Wales. 

Also joining the board is 
Howard Perlin, a nonexecutive 
director of Pentos, who until 


March had been director of 
acquisitions and disposals at 
Sears. 

Perlin, 47, says he was 
impressed by New Look: "It 
appears to have eliminated the 
sort of hiccups you so often see 
in the fashion bumness”. Sales 
have grown by an average 



annual compound rate of about 
50 per cent a year for the past 
five years. 

The feminine perspective is 
provided by 38-year-old Sue 
Farr, head of marketing and 
publicity for BBC Network 
Radio. 

A graduate trainee at North- 
ern Foods, she moved around 
the advertising world before 
becoming director of corporate 
communications for Thames 
TV. She joined the BBC last 
year. 


Watkins joins board of 
Senior Engineering 


Alan Watkins, former deputy 
chairman and chief executive 
of London Transport, was yes- 
terday appointed a non-execu- 
tive director of Senior Engi- 
neering, the tubular products, 
ducting and thermal engineer- 
ing company . 

Earlier this year, Watkins 
had been in line to take over as 
LT's new chairman, but the 
appointment was apparently 
blocked by the government 
because of his sharply-worded 
criticisms of cuts in LT’s bud- 
get 

Watkins' appointment at 
Senior is his first since quit- 
ting LT, and something of a 
coup for the Rickmansworth- 
based group. 


He had a long career at 
Lucas Industries before becom- 
ing chief executive of Hawker 
SiddeFey. before its acquisition 
by BTR. He is also a non-execu- 
tive director of Dobson Park 
Industries, the mining equip- 
ment company. 

Don McFarlane, Senior’s 
chairman, said that Watkins, 
at 56, was “just the age we 
were looking for - he has 
plenty of energy and drive, but 
also brings years of experi- 
ence." 

■ Mark Cola, 34, bos been 
appointed md of Hall & Pick- 
les, a subsidiary of Shrews- 
bury-based Hall Engineering 
(Holdings). 


Wheelock NatWest 
chooses chief executive 


David Miller, 46, former head 
of Jartime Fleming’s Japanese 
operations, has become chief 
executive of Wheelock Nat- 
West, the new Asian merchant 
bank being set up by National 
Westminster Bank and Whee- 
lock, the 137-year-old Hong 
Kong hading house. 

Miller joined merchant bank- 
ers Robert Fleming as a gradu- 
ate trainee in 1972, and was 
seconded to the Abu Dhabi 
Investment Authority in the 
late 1970s. After a brief stint as 
a Fleming pension fund man- 
ager, he joined Jardine Flem- 
ing, the Hong Kong merchant 
bank jointly owned with Jar- 
dine Matheson. 

MiUer, who was deputy 
chairman of Fleming Securities 
when he left in 1991, is coy 
about the reasons for his 
departure. 

He says that when he 
returned to head office from 
the Far East it “did not work 


out". He left in 1992 to run the 
UK arm of State Street Bank 
Global Advisors, part of the 
Boston-based fund manage- 
ment group. 

Jardine Fleming has only 
been going for 25 years yet ls 
Hong Kong's oldest, most prof- 
itable merchant bank. Last 
year it made net profits of 
$3i0m and contributed a sub- 
stantial part of the profits of 
the privately-owned Robert 
Fleming group. 

Miller is the second ex-Jar- 
dine Fleming man recruited by 
Wheelock Natwest. Nick Sib- 
ley, 56, one of two joint deputy 
chairmen, ran Jardine Fleming 
in Hong Kong in the early 
1970’s. He too found it bard to 
adjust when recalled to Flem- 
ings’ London HQ. Sibley moved 
to BZW, then Wheelock Mar- 
den, where he has the job of 
setting up the new venture, 
which has an authorised share 
capital of 5200m. 


INSURANCE 

MOVES 

■ David Davies, formerly md 
of London Life, has been 
appointed chief operating offi- 
cer of the PEARL GROUP on 
the retirement of Godfrey 
Bowles; Davies is replaced by 
Jim Divers, general manager, 
sales, marketing and finance. 

■ John Marsh, formerly an 
assistant general manager, has 
been appointed md of SUN 
LIFE Broker Services in suc- 
cession to Brim Avery who is 
taking early retirement 
because of ill health. 

■ Richard Monro is promoted 
to become group financ ial 
director of PRIVATE MEDI- 
CINE INTERMEDIARIES. 

■ Jamie Bralthwaite, Neil 
Nhnmo. David Poulson, Jamie 
Powell, Philip Turner and 
Mark Warren have been 
appointed directors of JOHN- 
SON & HIGGINS. 

■ Hugh Jago has been pro- 
moted to deputy md underwrit- 
ing of UNlONAMERICA 
INSURANCE. 

■ Tara Falk and James Kal- 
bassi have been appointed 
directors of COLEMAN SPER- 
RYN JONES & PARTNERS. 

■ Ian Morrice has been 
appointed retail director at the 
AA to head its chain of high 
street shops. 

■ David Herbert, Ian Roberts, 
formerly a parter of Neville 
Russell. and Nicholas 
Thornhill have been appointed 


corporate capital director, 
finance director and systems 
and information technology 
director, respectively at 
STACE BARR UNDERWRIT- 
ING AGENCIES. 

■ Timothy Broadhnrst, chair- 
man of Heath Reinsurance 
Broking, has been appointed to 
the C.E. HEATH. 

■ John Hamblet, formerly 
director of global benefits for 
Cigna, has been appointed 
director of healthcare at HOGG 
ROBINSON Financial Services. 

■ William Stockdale, formerly 
director of engineering, has 
been appointed md or ENGI- 
NEERING INSURANCE COM- 
PANY. 

■ Bryan Roddick, immediate 

past chairman of The Salvage 
Association, has beeO 
appointed a director of the 
marine division of ALEXAN- 
DER HOWDEN Reinsurance 
Brokers. 

■ Gary Lockett and Keith 
Steed have been appointed to 
the board of RATTNEB MAC- 
KENZIE. 

■ William Mills has been 
appointed a director of Carped- 
ter BOWRING and John Pol- 
lock a director of Bowring 
Worldwide Services. . 

■ Andrew Lund, deputy dJi“ 
executive of Robins (UK), has 
been appointed md of Cunning- 
ham Hart (UK) on the retire- 
ment of current md Christo- 
pher Hardy from Cun n ing h am 
Hart and as a director oi 
HAMBRO Insurance Service. 






financial times 


WEDNESDAY OCTOBER. 5 1994 


ARTS 


)e a 

it 


m 


‘iw?. 




; *: ’sl 


5 

; •: v. 


Television/Antony Thomcroft 


Cash in on misfortune, American style 


Y ou need not spend 
long in an American 
hotel room, wearily 
zapping the control 
button of the televi- 
sion, to discover that, despite a 
score of channels, there are 
basically only two programmes 
on offer. 

Both pander to the American 
love of hunting. One involves 
hapless victims - abandoned 
women, impotent men beaten 
children - who are publicly 
confronted with their pre- 
sumed predators while a bossy 
women presenter, cheered on 
by the audience, tries to 
extract blood. The other shows 
a professional man-hunt: a 
mobile police team travels the 
freeways, preferably in Calif- 
ornia, with a TV crew in the 
back of the car, primed to 
record crime on the hoot 
Now we can receive a cathar- 
tic boost from the misfortunes 
of others without the hassle of 
travel. On Tuesday and Thurs- 
day afternoons, Vanessa, who 
combines chutzpah and chest 
in prodigious quantities, con- 
fronts sad cases and gets th*»™ 


Theatre 


Neville's 

Island 


S urely by now. it Is unfair to 
call Tim Firth an “Ayckbourn 
protege": at 29 he has a televi- 
sion film ( Money For Nothing) 
and two series (All Quiet On The Pres- 
ton Front and Once Upon A Time In 
The North) under his belt, and has 
graduated with honours from the 
nursery of Mr. A’s Stephen Joseph 
Studio in Scarborough. The format of 
his West End debut, directed by Jer- 
emy Sams, is similar to those of his 
erstwhile patron - adroitly crafted 
comedy giving way to a dark, disqui- 
eting underside - but firth has a 
voice of his own. 

He economically, and almost plausi- 
bly, establishes his premise that four 
middle-managers on an outdoor team 
awareness development course can 
become marooned on an islet on Der- 
wentwater for two days. His charac- 
ters constitute a useful assortment of 
types: Neville, the team leader whose 
inability to see the plain truth turns 
out to be a paradoxical blessing; 
Angus, the anal, domesticated nerd 
whose survival pack even indudes a 
dinn er suit and a dunce of chopping 
boards; Roy, vacuously bom again 
after a don’t-mention-the-breakdown 
episode in his past; and Gordon, the 
sarcastic git whose acerbity fuels 
most of the early humour. 

This last character is a gift for Tony 
Slattery, who gives free rein to the 
obnoxious side of his persona; glares 
of brooding incomprehension followed 
by savage yet still funny Molotov coo 


to tell all, while on Monday 
The Nick had cameras dogging 
the footsteps of the Leeds con- 
stabulary. 

Unfortunately, British reti- 
cence and sense of fair play 
make Vanessa a pale chararia 
of the American template. 
There, a typical programme 
would include a woman who 
has exploded into a 20-stone 
monolith surrendering to the 
urges of the braying crowd and 
publicly casting off the quiver- 
ing husband by her side, who 
reacted to her weight gain by 
playing around. “I’m beautiftal; 
I’m beautiful’" she yells 
through her tears, while he 
wonders what has hit him 

In contrast, Vanessa is fudge. 
In her first show the curiosities 
tor public humiliation were a 
couple of virgins. The species 
has apparently disappeared 
from our shores, so examples 
were flown in from the US. 
During the show more virgins 
stood up to be counted, reduc- 
ing night club owner Peter 
Stringfellow, who is not a vir- 
gin, to stunned silence. Just to 
sort out who's who, Stringfel- 


low had his own caption: 
“Peter can't remember how 
many women he's bedded”. 

With the audience contribut- 
ing platitudes, and Vanessa the 
cosy folk wisdom of her Jewish 
grandmother, the programme 
is totally dependent on the 
eccentricity of the participants 
for its beef. Vanessa struck 
gold with Sarah-Jane, a 37 year 
old virgin who has a doctor's 
certificate to prove it Sarah- 
Jane also likes to flounce 
around in sexy undies, which 
ravnf n pfd the audience. 


P rogrammes like 
Vanessa only offer a 
little afternoon 
escapism (it is 
appropriately spon- 
sored by Death by Chocolate) 
when they could be bringing 
light to relevant issues and or 
help to a TV audience which is 
likely to be in need. In most of 
the world virginity before mar- 
riage Is accepted as the norm: 
a debate on why it arouses 
such outrage in the west would 
be worthwhile. 

At least Vanessa is lively. 


and decorative, thanks to a 
make-up policy which ensures 
that everyone on screen comes 
up looking like roses (in the US 
the audience doubles as a 
lynch mob), and loosely demo- 
cratic. It is a step cm from the 
traditional chat show featuring 
oleaginous hosts and stars 
wanting a plug which is fast 
becoming a moribund art form. 

The BBC’s attempt to resus- 
citate it late Saturday with 
Danny Baker, a Vanessa looka- 
Kke, only succeeds in digging 
its grave deeper. Baker’s Jack 
the Lad personality is a fine 
background diversion on early 
mo rning radio, but finds itself 
cruelly stretched around mid- 
night. You need more than 
manic laughter and obsequious 
guying to make entertainment 
out of interviews with Malcolm 
McClaren and Timothy Spall. 
McClaren’s prepared anecdotes 
meandered into silence while 
Spall, with attractive subver- 
sion, said he was bored with 
switching on the television and 
always seeing himself. 

Still, Baker is trying. Clive 
Anderson’s on-screen persona 


in Owe Anderson Talks Back 
is one of scarcely controlled 
panic, which infects the audi- 
ence with contrived hysteria. It 
is like a gaggle of the con- 
demned trying to cheer them- 
selves up on the way to the 
gallows. Consciously or not, 
Anderson subverts the format 
by constantly re mindin g his 
guests, this week John Pres- 
cott and Griff Rhys Jones, of 
the conversations they had last 
time they were on his show. 
This was jolly useful for Jones, 
who seemed to think he could 
earn his fee just by grinning. 
Only Patrick Moore, as loony 
as only a moon-gazer can be, ' 
added a glimmer of spontane- 
ity to a sad 40 minutes. 

You know chat shows are 
dead because those traditional 
artistic vultures, the satirists, 
are feeding off the corpse. In 
Knowing me... knowing you 
Steve Coogan. through his 
alter ego, Alan Partridge, per- 
fectly captures the tetchiness 
that often lies just under the 
smooth veneer of the hosts, 
along with their vanity and the 
phoney madness. His show has 


taken time to gel, but last 
week was spot on with a 
reproof for the bandmaster 
who attempted a little improvi- 
sation; a dire medley duet of 
Abba songs with the visiting 
American “star"; and a well set 
up climax as Partridge, loung- 
ing in the jacuzzi awaiting the 
raunchiest team of dancers in 
Europe, was confronted by five 
male strippers. 

Sometimes Partridge is too 
subtle for the format and there 
is no obvious way for the pro- 
gramme to progress. He could 
follow the lead of the American 
precursor. 27 m Larry Sanders 
Show, where actor Garry 
Shandling has opened the pro- 
gramme out to portray Sand- 
ers, a tub of indecisiveness, 
tussling with his manager his 
feed, and his wife. 

After an excess of crime pro- 
grammes, both factual and fic- 
tional, The Nick finally looks 
like the real thing. Producer 
Paul Berriff may have marked 
his card by talcing his cameras 
to one of the busiest police sta- 
tions in the country. Gipton in 
Leeds, but for once it all rings 




All chest and cftutzpah: Vanessa Feltz 



true - the role of the police as 
social workers, the terrible 
impact of crime on the victims, 
the alienation from society of 
the submerged tenth. 

There is no attempt to build 
up heroes. Indeed, the first pro- 
gramme revealed the un glamo- 
rous working conditions of the 
police and the mundane sordid- 
ity of most crimes. There was 
also no attempt to show the 


Force as particularly success- 
ful - after a hair-raising chase 
the driver of a stolen car got 
clean away. The Nick was 
worth a forest of newsprint 
about crime and the causes of 
crime. The main purpose of the 
police comes across as bandag- 
ing the scars of society, and 
the villains are shown for what 
they are, destroyers of the lives 
of ordinary people. 


Opera in Mezieres /Andrew Clark 

Yevgeny Onegin 









Comedy with a dark underside: Jonathan Coy, Tony Slattery, Michael Siberry and Paul Raffield 



tails lobbed at the defects of his com- 
panions. The second act’s inexorable 
burrowing to the characters’ cores 
shows us what many may have 
wanted to achieve at one time or 
another Slattery in helpless tears of 
humiliation. 

It is apparent almost from the out- 
set that uncomfortable revelations are 
in prospect and that the comedy of 
inanity (at which the script excels) 
will ebb; this is a thirtysomething 
northern Lord Of The Fties, after aH 


Such subversion, of dramatic formulae 
is itself formulaic by now. Firth, how- 
ever, not only attains moments of 
Brian Patten-like lyricism during this 
phase, but goes tor the soul-taring 
with a ferocity bordering on sadism. 
As Angus retreats into fretful catato- 
nia at being a useless middle-class 
cuckold and Roy - the skeleton in his 
psychological closet all a-c latter - 
retreats in his underpants up a tree 
with an 18 -inch knife, repeatedly bel- 
lowing the first line of Oklahoma!, the 


defiantly continuing laughs serve to 
heighten our discomfort rather than 
let us off the hook. 

As Christian- turned- Ancient Mari- 
ner Roy, Michael Siberry at last gets a 
part which does not care about his 
rich, resonant voice and just lets him 
acL Paul Raffield’s Angus is a model 
of frustrated banality; and Jonathan 
Coy is so skilled at underplaying that 
he gives Neville, the undistinguished 
centre of events, few noticeable traits 
at all apart from befuddled amiability. 




AlastaJr Mntr 

Lez Brotherston's remarkable set of 
tangled timber, gravel and part of the 
lake, around which the actors squelch 
with increasing mania, is an apt envi- 
ronment for a play which refuses 
either to subside into easy laughter or 
to plonk sententiously into the realms 
of earnestness, but straddles both reg- 
isters like a grimly cackling bastard. 

Ian Shutdeworth 

Apollo Theatre, W1 (071-494 5070). 


T he Birmingham Stage Com- 
pany has been humouring 
the Hollywood actor Richard 
Dreyfuss, whose ambition 
was to direct Hamlet. This production 
at the Birmingham Old Rep marks his 
directorial debut and makes an even- 
ing of dire embarrassment The text is 
cut to three hours including two 
intervals; it is a Coles Notes of a pro- 
duction - a summary of key points 
and key characters (no Fortinbras), 
with the key speeches all left in. 
Classroom didacticism sets the tone 
for Russell Boulter's “To be or not to 
be". He scrapes on the floor with 
chalk, just as he had earlier chalked 
“Claudius" as if on the tables of his 
memory; and chops up the famous 
speech into ponderable nuggets like a 


‘Hamlet' without the prince 


International 

Arts 

|Guide| 

■ BONN 

Oper A new production of La 
traviata opening on Sun marks the 
debut as stage director of Jurgen 
Rose, the distinguished German 
designer. The conductor is Steven 
Mercuric, and the cast is headed by 
Marisa Vrtali. Michael Rees Davis 
and Thomas Mohr. This month's 
repertory also includes Jenufa, 
Antonio Carlos Gomes' opera n 
guarany and a new dance drama on 
the Dreyfus affair (0228-773667) 

■ BORDEAUX 

Patois des Sports Tonight, 

tomorrow: Alain Lombard conducts 
Orchestra National Bordeaux 
Aquitaine In Mahler's Second 
Symphony, with H6l6ne Ferragum 
and LiHian Watso n (5648 5854) 

■ COLOGNE 

Philharmonic Tonight Emerson 
String Quartet plays quartets by 
Wolfgang ftihm and Beethoven. 
Tomorrow: Murray Perahia piano 
recital- Fri, Sat Hans Vonk conducts 


schoolmaster at a blackboard, using a 
great deal of sign language. 1 half-ex- 
pected him to flourish an eraser at 
“ay, there’s the rub". 

Such a pun would have been in 
keeping wttb the levity of his first 
meeting with Horatio, the joke about 
the funeral meats coldly furnishing 
the marriage tables being delivered 
like a line by Ernie Wise. No mordant 
melancholy, inward searching, and 
philosophical ardour here. This is 
Hamlet as a plain, honest, reasonably 
intelligent young bloke, bounding 
through the play like an excitable 
young h ound , lashing out at lover and 


Cologne Radio Symphony Orchestra I 
in works by Diepen brock, 1 

Mendelssohn and Stravinsky, with 
violin soloist Joshua BeU. Sun 
afternoon: Uthuan National 
Philharmonic plays Schubert 
Beethoven and Sibelius. Sun 
evening: Rafael FrOhbeck de Burgos 
conducts Berlin Radio Orchestra In 
Rossini, Prokofiev and Brahms, with 
violin soloist Elisabeth Glass. Mon: 

Milva (0221-2801) 

Opernhaus Fri: Der ffiegende 
Hollander with Wolfgang SchQne 
and Lisbeth Balslev. Sat Handel's 
Aggriptna. Sun afternoon: Puccini's 
Trittioo (0221-221 8400) 

Halle Kaik Tonight Fri, Sat Sun: 
Shakespeare's King Lear directed by 
GQnter Kramer (continues 
throughout the month). Kramer's 
production of Brecht's The Good 
Person of Sechuan is revived at the 
Schauspielhaus next Wed (0221-221 
8400) 

■ COPENHAGEN 

Royal Theatre A new production of 
Prokofiev’s Love for Three Oranges 
opens on Fri, staged by Flemming 
FKndt and conducted by Jan 
Latham-Koenig (repeated Oct 12, 

15, 18, 22 and 25). Ballet repertory 
Includes Peter Schaufuss’ 
production of La Sylphlde, John 
Cranko's Onegin and Hans Brenaa's 
production of Coppefia (tel 3314 
10 02 fax 3312 3692) 

■ DRESDEN 

Semperoper Tonight Sat: Ingo 
Metzmacher conducts Peter 
Konwitschny's new production of Un 
baDo In maschera, wife cast headed 
by Luana DeVol and Mario 


mother, but enjoying himself the 
while, and perfectly amiable to the 
end. He evinces no psychological need 
for soliloquies, but these at least are 
clearly spoken, not like Claudius's 
soliloquy as given by George Irving, 
an indecipherable mumble. 

It may be that Dreyfuss danger- 
ously intends to link Claudius and the 
Queen through poor articulation 
which betrays weakness of character. 
Certainly Irving's fiat nasal vowels, 
giih bnt stumbling diction, and reli- 
ance on a still Happier sign language 
than Boulter’s Hamlet are consistent 
with a shifty, amoral figure, over-anx- 


ious to persuade. Celia Montague’s 
Gertrude presents a thoroughly super- 
ficial woman, bland-voiced as a bored 
and high-class London secretary. 
“There is a willow grows askant the 
brook” is pure Home Counties. An 
opening tableau is imposed of Clau- 
dius and Queen in lustful embrace; 
and aha goes as far in connivance 
with him - or is it really true love? - 
as to brandish a pocket-knife when he 
is threatened by Laertes. 

But I was more inclined to feel that 
the diction should simply be 
improved, and that oT the gruffly Irish 
Laertes (Paudge Behan) and gabbling 


Horatio fNeal Foster) also. Steven 
Berkoff as the taped voice of the 
Ghost has his diction electronically 
treated, which confirms the resem- 
blance of the actor miming the role to 
a gyrating Cybennan; but these fan- 
tastically distended vowels do provide 
a theatrical frisson. Bernard Kay is a 
nasty rather than a foolish Polonius. 
his prating very much abridged. Dan- 
lele Lydon’s Ophelia has an aptly 
pre-Raphaelite prettiness and fragility 
though a fruity enough voice. The 
clumsiness of the staging is such that 
when Laertes leaps into her grave, 
Hamlet, Horatio and the grave-digger 
(Kay again) are already inside it 
watching for the corpse to descend. 

Paul Driver 


I f there Is an operatic 
event unique to Switzer- 
land, it must be the 
annual late- summer pro- 
duction at Mteiferes, a fanning 
community in the rolling 
countryside north of Vevey. 

The Theatre du Jorat resem- 
bles an extended barn, not 
much altered since it was built 
in 1908. It has primitive facili- 
ties, wooden benches and no 
heating. Acoustics and sight- 
lines are good. The place has a 
knack of inspiring festival 
standards - bnt the atmo- 
sphere front-of-house is infor- 
mal and unpretentious. This is 
popular art at its best 
We have to thank Rente 
Auphan - now in her final sea- 
son as director of the Op£ra 
Lausanne before moving to 
Geneva - for the most 

of Mteiferes these past ten 
years. The small pit limits the 
choice of repertoire, but she 
has proved resourceful. We 
have had Gluck, Monteverdi 
and Mozart This year she 
chose Yevgeny Onegin, in the 
original orchestration for 32 
musicians. The idea was to 
restore some of the artless 
simplicity Tchaikovsky had in 
mind when he handed its 
premiere to students of the 
Moscow Conservatory. And so 
the conductor, Louis Langrte, 
was despatched to Russia to 
find the correct instrumental 
parts. 

In the end, the music 
sounded impoverished: per- 
haps we have become too 
accustomed to big-house 
Tchaikovsky. But Langrte's 
hasty tempi did not help, and 
the strings of the Lausanne 
Chamber Orchestra sounded 
thin and wiry. 

The real rewards were to be 
found on stage, in a produc- 
tion by Patrice Canrier and 
Moshe Leiser which spoke vol- 
umes with modest resources - 
at least in the first two acts. 
The wood-panelled veranda 
and interiors at the Larin 
estate were a natural exten- 
sion of the theatre’s own 
decor. Here was a pastoral 
idyll, a natural frame for inti- 
mate scenes. But the designer, 
Christian Rata, failed to find 


Mahagnini. Tomorrow, Fri: Stephan 
Thoss’ production of Prokofiev's 
ballet Romeo and Juliet Sun 
morning, Mon and Tues evenings: 
John Fiore conducts Dresden 
Staatskapelle in works by 
Stravinsky, Prokofiev and 
Tchaikovsky, with piano soloist Lilya 
Zilberstein. Sun evening: The 
Cunning Little Vixen (0351-484 2323) 

■ FRANKFURT 

Jahrtiunderthalle Hoeehst Tonight 
Libor Pesek conducts Royal 
Liverpool Philharmonic Orchestra in 
works by James MacMillan, Walton 
and Strauss, with viola soloist Tabea 
Zimmermarm. Fri, Sat Leipzig Ballet 
presents a Stravinsky programme. 
Next Mom Christoph Eschenbach 
conducts Bamberg Symphony 
Orchestra in Beethoven’s Fourth and 
Seventh Symphonies (069-360 1240) 

Alte Oper Tomorrow. Tokyo 

Philharmonic Orchestra plays works 
by Vercfi, Rakhmaninov, Falla and 
Ravel. Next Tues: Murray Perahia 
piano recital (069-134 0400) 

Oper Next Tues: opening of the 
1994-5 season with the first of three 
cycles of Wagner's Ring, staged by 
Herbert Wernicke and conducted by 
Sylvaln Cambreling, with a cast 
headed by Jan is Martin, William 
Cochran and Harald Stamm. The 
second cycle begins on Oct 18 and 
the third on Oct 25 (069-236061) 

■ GOTHENBURG 

Operan The gala inauguration of the 
new opera house took place last 
weekend. The next performance is 
Oct 15, when a new production of 
Biomdahi's 1959 opera Aniara win 
be unveiled. The first ballet 


production Is Prokofiev’s Romeo 
and Juliet opening Oct 21 
(031-131300) 


■ HAMBURG 

Staatsoper Fri: Die Zauberfldte. Sat 
Sun, Mon: John Neumeier’s 
production of Prokofiev’s ballet 
Cinderella. Tues: II trovatore with 
Richard Margison, Alexandra 
Agache and Michele Crider. A new 
production of Rigoletto opens on 
Oct 16 (040-351721) 

Mus&hafle Fri: Libor Pesek 
conducts Royal Liverpool 
Philharmonic Orchestra 'm works by 
Brahms and Strauss. Sun morning, 
Mon and Tues evenings: North 
German Radio Symphony Orchestra 

(040-354414) 

Deutsches Schauspielhaus Fri: first 
night of new production of Lessing's 
Nathan toe Wise and Marlowe's The 
Jew of Malta, in a combined five-act 
sequence directed by Anselm Weber 
(040-248713) 


■ HELSINKI 

Finnish National Opera This week's 
performances are given by the Royal 
Opera of Stockholm, featuring 
Verdi's Simon Boccanegra, Ingvar 
Lid holm’s Strindberg opera A Dream 
Play, and Lars Runsten’s chamber 
opera Amorina. Markus Lehtinen 
conducts a Prokofiev concert on 
Sun (0-4030 2211) 


■ LEIPZIG 

Gewandhaus Tomorrow: Yehudi 
Menuhin conducts Phllharmonla 


Hungarica in works by Brahms, 
Schumann and Bartok. Sat Jahja 
Ling conducts Gewandhaus 
Orchestra in Mahler's Sixth 
Symphony. Sun morning, Mon 
evening: Mark Gorenstein conducts 
Middle German Radio Symphony 
Orchestra and Chorus in works by 
Chopin and Cherubini, with piano 
soloist Boris Bloch. Sun evening: 
Peter GQIka conducts Leipzig 
Chamber Orchestra in Krenek, 
Webern, Mahler and Schoenberg, 
with baritone Wolfgang Holzmair 
(0341-713 2280) 


■ LYON 

Optea Tonight Dmitri Hvorostovsky 
Is baritone soloist In a concert with 
the Opera orchestra conducted by 
Kent Nagano. Next Tues In Halle 
Tony Gamier first of six 
performances of Angelin Preljocaj's 
production of Prokofiev’s ballet 
Romeo and Juliet. Oct 16: Nagano 
conducts first night of Louis Erio's 
new production of La Damnation de 
Faust (tel 7200 4545 fax 7200 4546) 


■ MUNICH 

Staatsoper Tomorrow, Sun (also 
Oct 17, 20): Lucia di Lammermoor 
with Etita Gruberova and Dennis 
O’Neill. Fri: Ray Barra’s production 
of MEnkus' ballet Don Quixote. Sat 
(also Oct 12, 18): Tannh&usar unto 
Heikki Slukola, Bemd Weild, Nadine 
Seaside and Marilyn Schmiege. 
Mon and Tues: Giuseppe Sinopdi 
conducts Bavarian State Orchestra 
and Chorus in Mahler’s Third 
Symphony, with mezzo Mariana 
Llpovsek (089-221316) 


Gasteig Tomorrow, Fit: Ivan Fischer 
conducts Bavarian Radio Symphony 
Orchestra in works by Chopin and 
Bartok, with piano soloist Ronald 
Brautigam. Sat Tokyo Philharmonic 
Orchestra plays Verdi, Tchaikovsky, 
Fall and Ravel. Sun: Milva (089-4809 
8614) 

Herkulessaai der Residenz Fri: 
Maurizio Poll'ini plays Beethoven 
piano sonatas. (089-299901) 


■ OSLO 

Ko nso rt l ius Tomorrow, Fri: Horst 
Stein conducts Oslo Philharmonic 
Orchestra in works by Reger, Mozart 
and Brahms (2283 3200) 

■ STRASBOURG 
Theatre Municipal Tonight Ballet 
du Rhin presents a tribute to 
choreographer Kurt Jooss. Next 
Wed: first night of Dieter Dorn's new 
production of Salome (8875 4823) 
Palais de la Muslque Tomorrow, 

Fri; Theodor Guschlbauer conducts 
Strasbourg Philharmonic Orchestra 
in works by Mahler and Strauss 
(8852 1845) 

■ STUTTGART 

• Rolf Riehm's new opera. Das 
Schweigen der Slrenen, receives Its 
world premiere on Sun at the 
Staatsiheater, where repertory also 
includes La boheme and 
Monteverdi's Ullsse (0711-221795) 

• Gabriele Ferro conducts toe 
State Orchestra at toe Liederhalle on 
Sun morning and Mon evening. The 
programme consists of works by 
Stravinsky and Prokofiev 
(0711-221795) 


an appropriate metaphor for 
the St Petersburg act, which 
unfolded on a dark, snow-cov- 
ered driveway. Sub-zero tem- 
peratures are hardly condu- 
cive to ruminating about love. 

The cast was full of young, 
international singers making 
useful careers. Gino Quilico's 
Onegin was irresistible - a 
bearded beau of impeccable 
vocal distinction. His cool van- 
ity worked well at first - this 
was a man for whom swooning 
women were clearly an every- 
day occurence. But his failure 
to register so much as a hint 
of vulnerability robbed the 
finale of poignancy. 

The other men were very 

The production , 
by Patrice 
Courier and 
Moshe Leiser , 
spoke volumes 
with modest 
resources 


much in his shadow. Marcus 
Haddock made a well-schooled 
Lensky, though the voice 
never really bloomed. 
Romuald Tesarowicz was the 
dutiful Gremin. 

The women had more to say. 
Bernadette Antoine's Larina, 
for example, cut an unusually 
chic and gracious figure, not 
unlike the ageing matrons you 
see around Lausanne. Gabriela 
Popescn’s sumptuous mezzo 
was heard to advantage as 
Olga. 

Michal Shamir's Tatyana 
lacked tonal sweetness, bnt 
offered compensation In her 
portrait of repressed passion - 
pale and anorexic at the start, 
a girl with a Mills and Boon 
idea of love. The naive obses- 
sion of the Letter Scene was 
powerfully conveyed, verging 
on hysteria in the exchanges 
with Jocelyne Taillon’s classic 
Filipyevna. This was the dra- 
matic watershed, giving the 
rest of the performance an 
unfair sense of deflation. 


ARTS GUIDE 

Monday: Berlin, New York and 
Paris. 

Tuesday: Austria, Belgium, 
Netherlands, Switzerland, Chi- 
cago. Washington. 
Wednesday: France, Ger- 
many, Scandinavia. 

Thursday: Italy, Spain, Athens, 
London, Prague. 

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 

(Central European Time) 
MONDAY TO FRIDAY 
NSC/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Super Channel: FT 
Reports 1230. 

TUESDAY 

Euronews: FT Reports 0745, 
1315, 1545. 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230, 
2030 

SUNDAY 

NBC/Super Channel: FT 
Reports 2230 

Sky News: FT Reports 0430, 
1730; 



mg data lor I be monitoring ol targets, ana Die lor me nanunng ui waste imumying. 



FINANCIAL TIMES WEDNESDAY OCTOBER ? W. 


T he panic that has 
gripped India since 
the outbreak of plague 
in the city of Surat 
less than two weeks ago has 
had at least one salutary effect 
The country’s elite has been 
forced to consider the shacking 
physical conditions in which 
most of their countrymen 
live. 

Although only SO people 
have so far died hum the dis- 
ease, a tiny number in a popu- 
lation of 900m, plague has 
shaken the complacency of 
middle-class Indians, to India, 
as in other countries, plague 
has spread fear because of its 
fright ening history, its myste- 
riousness, and the speed with 
which it strikes. 

With the disease claiming 
new victims every day, the out- 
break has prompted a political 
debate about India's public 
health and economic and social 
development 

In dian newspaper commenta- 
tors have attacked the govern- 
ment of Mr PV Narasimha 
Rao, the prime minister, say- 
ing the free-market economic 
reforms pursued for the past 
three years are not enough to 
bring genuine prosperity to the 
great mass of Indians. 

As the limes of India, the 
premier English-language daily 
newspaper, said in an editorial: 
"Unless India strengthens its 
social foundations ... it 
can hardly hope to build a 
globalised industrial econ- 
omy.” 

India prides itself on the 
advances in the health of its 
population over the past 40 
years. Since independence in 
1947. average life expectancy 
has almost doubled from 32 
years to 60 years. The Infant 
mortality rate has fallen from 
165 per thousand births in 1960 
to 79. Smallpox has been eradi- 
cated and leprosy brought 
under control. 

But despite these achieve- 
ments, India has falle n behind 
many other developing coun- 
tries. According to the United 
Nations Development Pro- 
gramme's annual report, India 
ranks 134th among 173 coun- 
tries in the average citizen's 
overall quality of life, includ- 
ing health and education stan- 
dards as well as per capita 
income. Since India is placed 
114th by income per head, the 
country's education and 
healthcare are falling to 
match its economic perform- 
ance. 

India spends just over 3 per 
cent of its national income on 
health, about the same as 
other poor countries monitored 
by the UNDP. But expenditure 
has stagnated in recent years, 
because of a squeeze on public 


Stefan Wagstyl on the policy 
implications of plague in India 

A shock to 
the system 



Indian police in a plague-inspired cleanliness drive in Ludhiana 


spending which started in the 
mid-1980s and became more 
severe after Mr Narasimha 
Rao started his reforms in 
1991. 

According to the World 
Bank, the proportion of gross 
domestic product spent by 
India's states on social ser- 
vices. including health and 
education, has fallen from 5.3 
per cent in 1990-91 to 4.8 per 
cent in the year to March 1994. 

Professor D Ba- 

nerji of the cen- t_. 

tre of social UKliaS t 


India’s education 


for the poor, such as affordable 
clini cs, it is private health clin- 
ics that have mushroomed in 
the past decade, even in slums. 
They often offer poor quality 
health services, with some doc- 
tors accused of working in 
league with local pharmacists 
to foist the maximum amount 
of tablets on igno rant patients. 

And, as the plague outbreak 
in Surat has shown, private 
clinics cannot replace public 
services in an 

lucation ZST&Ei 


health and and healthcare are and 


community , 

medicine at taking 1 
Jawaharlal its 6© 
Nehru Univer- npr f n i 
sity in New penuj 
Delhi says: “In 
the past few years we have 
compromised our health ser- 
vices.” 

The impact on public health 
of the modest priority given to 
health spending is com- 
pounded by the way funds are 
used. India has 146 medical col- 
leges. which offer some of the 
best quality training in the 
developing world. The medical 
establishment prides itself on 
producing doctors who carry 
out world-class research and 
perform advanced neurosur- 
gery and heart transplants. 

But too little attention is 
paid to providing basic services 


failing to match 
its economic 
performance 


icare are and nurses 
.match S r LtTSf 

lomic 300.000 people 

nance fled ** 

Better medi- 
cal services are not the only 
requirement, however. India’s 
poor need good water supplies, 
drains and sewers. The coun- 
try has spent heavily on some 
of these basic amenities since 
independence, bringing safe 
water to 75 per cent of the pop- 
ulation. However, other ser- 
vices have been neglected, 
notably the provision of toilets. 
Only 13 per cent of Indians 
have lavatories; the rest use 
public conveniences or squat 
in the open air. 

The impact of this is bad 
enough in the villages; it is 
much worse in the sprawling. 


Quite simply 
the Royal Oak. 


nT 7Wi| 


fast-growing cities. An esti- 
mated 20 per cent of urban 
Indians have no properly built 
home and sleep in the streets 
or in huts made of mud, wood, 
rubbish and plastic sheets. 

Although many have lived in 
the same homes for years, they 
usually have no legal right of 
occupation and the municipal 
authorities cannot provide ser- 
vices. As Mr K K Dutta. direc- 
tor of the government’s 
National Institute of Communi- 
cable Diseases, says: "How can 
you plan for these unauthor- 
ised settlements?" 

Even in middle-class dis- 
tricts, the drains and sewers 
are often blocked and the rub- 
bish is collected Infrequently. 
The municipal authorities have 
limited powers to fulfil their 
responsibilities to provide 
these services - especially 
to raise taxes to pay for 

thftm 

Until the plague erupted, 
India iw mostly thought noth- 
ing of a pile of stinking refuse 
rotting in the street “We lack 
civic sense,” is a common com- 
plaint of middle-class Indians. 
What has been missing, how- 
ever. is an understanding of 
the dangers of living sur- 
rounded by so much tilth. 

The plague has forced people 
to confront these facts. Already 
there are improvements: the 
streets of Delhi and Bombay 
have never been as dean as 
they are today. But sustaining 
this requires investment in 
municipal services and in pub- 
lic health education. 

It will be difficult for the 
government or municipalities 
to find the money needed to 
improve services. But India 
cannot afford to neglect social 
services - poorly housed, badly 
fed. illiterate workers cannot 
participate fuDy in a fast-mov- 
ing modem economy. 

While India has succeeded in 
the past three years in curbing 
the overall amount of public 
spending, it has done little to 
direct it into the areas of great 
est need. State administrations 
spend 41 per cent of their reve- 
nues on interest payments, 
wages and other administra- 
tive costs, up from 31 per cent 
in the 1980s. That leaves 59 per 
cent for development spending 
such as building schools, sew- 
ers and hospitals. 

As part of his economic 
reform plan. Mr Narasimha 
Rao has considered full-scale 
privatisation to raise funds for 
clearing debt, early retirement 
to cut public sector staff levels 
and improvements in tax col- 
lection. With the exception of 
the latter, there has been little 
progress. Perhaps the plague 
will galvanise the authorities 
into action. 




mm 


mm 










M 

iUDEMARS PlGUET 

The nntsicr tnUeh maker. 


1'ii ulli<mi.r.ir<n jihI i .1i.1l 1 niinr fl'-'.ix.' ;v in 
VuIlump. I'lgwi IV- s \ . [j is lv lv.ivji .. ■vuii/vrl.inJ 

tv-i ii :i nii m ,ii hji ii :isi- ii 


. •' • L . p- rt.. 

■ - .-J jV-ity j- 


r “If goods 
1 i — j ' cannot cross 

i-ffL J borders, sol- 

L ....w- diers will." 
/n^7. This familiar 
aSfejSgS thought vividly 
pBSs&j depicts the 
! PE vi2S? L strong influ- 
I r/err OTinp flint trade 

exercises on politics. Protec- 
tionism is a road that leads to 

i pmnnmir natirmaUgm flriri , as 

history proves, economic 
nationalism can easily trans- 
form itself into political nation- 
alism. 

That is why the establish- 
ment, on January 1 1995. of the 
third Brett on Woods Institu- 
tion. the World Trade Organi- 
sation, will be an outstanding 
achievement, not only for the 
world economy but for stabil- 
ity. Every possible effort has to 
be made to achieve tins target 
date. The urgency of complet- 
ing the ratification of the Uru- 
guay Round is of paramount 
importance. 

The top priority for the new 
institution is dear. The World 
Hade Or ganisation has to be 
the rampart for the defence 
and expansion of free trade in 
a system of clear rules. At the 
same time, the WTO should 
become the guarantor of an 
efficient and credible multilat- 
eral trading system in a new 
era of global cooperation. 

But to declare the vital 
importance of free trade wtil 
not be sufficient The new 
institution should develop a 
special taskforce with the aim 
of showing governments and 
public opinion what is at stake 
when making choices between 
free trade protectionism. 
The globalisation of the econ- 
omy and growing interdepen- 
dence of national economies 
will increase the importance of 
the way each government han- 
dles its economic affairs. 

In fact we face an unprece- 
dented prospect of economic 
growth. Between 2bn and 3bn 
people In Asia, Latin America 
and the former communist 
countries are entering the mar- 
ket economy. As both consum- 
ers and producers, they could 
be seen by their trading part- 
ners as an opportunity or as a 
challenge. The World Trade 
Organisation has to convince 
people and nations that only 
free trade represents the right 
answer to this new opportunity 
for growth. 

One of the greatest successes 
of the Uruguay Round has 
been the active participation in 
the negotiations, for the first 
time, of a very large number of 
developing countries. Their 
behaviour has shown that they 
want to act as full partners in 
the multilateral trading system 
and that they are ready to par- 



RmatoRuggiero: the WTO has to be the rampart for the defence and expansion of free trade 

Agenda for trade 


ticipate in the liberalisation 
process by opening their mar- 
kets. The WTO will be respon- 
sible for safeguarding their 
legitimate expectations that 
their efforts will be duly 
matched by access to the mar- 
kets of developed countries. 

We have to take into account 
the fact that the Interna ti onal 
trading system is no longer in 
the ha nds of a small group of 
big players. The success of the 
new institution will depend 
heavily on its ability to repre- 
sent the Interests of all groups. 
Including the least developed 
countries. 

At the same time it is clear 
that, while free trade is the 
engine of growth, it cann ot 
solve all the world's economic 
problems. That is why the new 
task of coordinating the work 
of the WTO with the Interna- 
tional Monetary Fund and the 
World Bank will be so impor- 
tant 

The Uruguay Round has suc- 
cessfully established a unified 
and strong system for the set- 
tlement of disputes. It is impor- 
tant that the new procedure 
should be rapidly implemented 
as a response to the require- 
ments of the trading system. 

The efficient functioning of 
the new dispute settlement 
procedure will be a central fea- 
ture of the system. If it does 
not function efficiently, the 
rules of international trade will 
not he safe from attack. 

This requirement gains 
importance from the end of the 
cold war. Now that political 
considerations no longer have 
to be subordinated to security, 
there is a risk that trade con- 


Renato 
Ruggiero, 
would-be head 
of the WTO, 
on its tasks 

flicts will blow up out of all 
proportion. 

Last but not least, there is 
the growing importance of 
regional economic groupings 
such as the North American 
Free Trade Area and the Euro- 
pean Union. This trend has 
produced remarkable successes 
in tiie process of liberalising 
trade around the world. 

In a global economy, these 
regional groupings facilitate 
the task of trade negotiations 
by decreasing in certain cases 
the number of players needing 
to be involved. They also 
encourage compromise 
between member governments. 


R egional groupings are 
losing some of their 
importance from the 
point of view of trade 
preference, with tariff levels on 
the industrial products of the 
industrialised countries at only 
around 4 per cent. But the 
increasing role of regional 
groupings as negotiating part- 
ners makes it easier for them 
to defend the trade Interests of 
members. They may also seek 
to impose their own rules In 
international negotiations. 

Without an efficient and 
credible multilateral system, 
therefore, there is a risk that 
regionalism will bring the 


world economy back to bilater- 
alism. The danger is no less 
important than the risks of a 
new protectionism. 

The new institution will face 
a formidable agenda. First, the 
implementation of all the 
agreements reached in the 
Uruguay Round. At the same 
time the unfinished business - 
which could not be settled in 
the final stage of Uruguay 
Round negotiations - has to be 
concluded. Liberalisation of 
financial services, shipping ser- 
vices and telecommunications 
are on the list 

The establishment of an 
environment committee with a 
clear mandate should pave the 
way for a solution to the diffi- 
cult question of how to recon- 
cile environmental objectives 
with Gatt rules. The relation- 
stop between competition pol- 
icy and trade, and the treat- 
ment of investment are to be 
high priorities. Some govern- 
ments have also raised aspects 
of the very complex problem of 
labour standards. 

Yet what is at stake now is 
the capacity of the world com- 
munity to engage itself in 
increasing the standards of liv- 
ing of all mankind. This 
long-term effort will require 
more trade, more free trade 
and an efficient multilateral 
system. 

The author has served as Italy's 
ambassador to the EC and sec- 
retary general at the foreign 
ministry. As trade minister 
between 1987 and 1991, he 
implemented the programme for 
liberalising Italian foreign 
bade and capital movements. 


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 


Management is election issue 


From Mr Robin W T 
Buchanan. 

Sir, Fifteen years ago the 
Tories were pmprg in g from an 
irrelevant, backward-facing 
approach to the modem world. 
Labour was in thrall to the 
loony left and the Liberals 
were in cloud cuckoo land. The 
political parties offered three 
different strategies, all funda- 
mentally wrong. 

Today all three parties have 
roughly the same strategy, yet 
the columnists debate policy 
differences as fiercely as ever. 

Surely now the three parties 
have agreed on strategy, we 


should be concentrating on the 
effective management of policy 
implementation. Unfortu- 
nately, this is a skill unknown 
to most politicians and ignored 
by most commentators. 

As independent observers of, 
and advisers to, top manage- 
ment of leading UK businesses, 
we worry most if two ingredi- 
ents are missing - first, power- 
ful strategies and, second, the 
drive to implement them suc- 
cessfully. In public life we are 
now lacking the second. 

If the policies of any of the 
three main political parties 
were implemented effectively 


the country would, in the 
main, be much better off. I seri- 
ously doubt that will happen. 
Apathy, passive resistance, pol- 
iticking. pessimism, creaking 
institutional structures and 
lack of skills will conspire to 
frustrate them alL A serious 
dose of change mauagpnten* is. 
required, but do any of the pol- 
iticians have the skills? Let the 
next election be fought on 
management not manifestos. 
Robin W T Buchanan. 
managing partner, 

Bain & Company, 

16 Connaught Place. 

London W2 2BS 


Decision needed on companies agency 


From Mr Michael WltiboeU. 

Sir, The Department of Trade 
and Industry announced in 
July 1992 that there was to be a 
full review of Companies 
House which could lead to full 
or partial privatisation of the 
Cardiff-based registry. The 
review commenced in earnest 
in October 1992 when consul- 
tants were appointed to exam- 
ine its operation and role. 
Since then, the DTI has consid- 
ered various recommendations, 
decided against full privatisa- 
tion and now, two years on, 
awaits further recommenda- 
tion from the consultants on 
the appropriateness of con- 
tracting out most of the work 
of Companies House (“Compa- 
nies House plans attacked”, 
October 4). It is to the credit of 
the management and staff of 
the agency that they have con- 
tinued to maintain an admira- 


ble quality of service through- 
out an unreasonably long 
period of uncertainty. 

I have been among the crit- 
ics of some of the activities of 
Companies House following its 
creation as one of the “Next 
Steps" agencies in 1988. but 
none of my criticisms has 
related to the quality of ser- 
vice, which has improved 
beyond reasonable expecta- 
tions over the past six years. 
The companies registry is now 
viewed quite rightly as among 
the most efficient in the world 
today and is the envy of many 
jurisdictions. 

It has to be questioned 
whether contracting out most 
of the work of Companies 
House will lead to further 
improvements in efficiency or 
better value for money. The 
management and staff of the 
agency have a wealth of experi- 


ence and the ability continu- 
ously to improve the service 
they provide to the business 
community, both in ensuring 
company law com pliance and 
distributing publicly available 
information. 

The annual report and 
accounts of Companies House, 
which won the Price Water- 
house award for the best 
agency report, highlights what 
has been achieved and gives a 
clear impression of the high 
quality of this organisation. 

I do hope the period of uncer- 
tainty ends soon and the DTI 
makes a decision based on 
what is best for users of Com- 
panies House. My own view is 
fairly clear. 

Michael WhitweU, 
chief executive, 

Jordan & Sons, 

21 St Thomas Street, 

Bristol BSl 6JS 


Identify 

pensions 

payments 

From Mr R V Simons. 

Sir, Observer's comments 
(“Director’s tonic", September 
28) about the size of payments 
to Glaxo's directors miss one 
important point. At least the 
total burden on Glaxo's pres- 
ent and future income is quan- 
tified. The contribution to Sir 
Paul Girolami’s pension 
schemes is stated to have been 
£696.000. 

Contrast this with the typi- 
cal company report. There it 
will be stated that the compa- 
ny's pension contributions for 
directors is whatever the aver- 
age contribution rate Is across 
the company multiplied by the 
directors' salaries, in Sir Paul's 
case, this would presumably be 
less than £200,000. The differ 
ence is between earmarking 
specific funds to pay for an 
individual's pension and 
assuming that it can be paid 
out of a general pot. The bur- 
den is the same; the account- 
ing treatment is different 

Perhaps it is time that com- 
pany reports were obliged to 
show by how much the actuar- 
ial value of directors’ pension 
benefits had increased from 
one year to the next. And In 
the event of insolvency of a 
pension scheme, to relate bene- 
fits directly to contributions 
actually made. That could do 
wonders to ensure schemes' 
solvency. 

R V Simons. 

Robert Simons. 

Perth House, SouRnay Road, 
Leighton Buzzard LU7 7RN 


; [jut" 

Ut’iH 

i r 


iriloM s 


fadpr 


Protection measures would damage former socialist countries 


From Dr Dean Spinanger. 

Sir, Judy Dempsey nicely 
raises the Issue of trade barri- 
ers against imports from for- 
mer socialist countries (“Euro- 
pean neighbours fall out over 
garden gnomes". September 
26). However. Germany’s stead- 
fast EU border defence against 
unla wful intrusions by Polish 
garden gnomes will be dwarfed 
by protection measures which 
EU Mediterranean countries 
are trying to have enacted 
against clothing imports from 
Poland and other former social- 
ist countries (FSCs). 

The measures would be 
embodied in the pending revi- 
sion of an EU regulation, 
which permits EU fabrics to be 


sewn into clothing outside the 
EU (so-called “offshore” pro- 
cessing) and then be re- 
imported under lower tariff 
rates. 

to its most restricted ver- 
sion, the revision would cause 
a virtual drying-up of such 
clothing imports from Euro- 
pean FSCs. And since mainl y 
German companies have 
tapped this offshore potential 
(almost 70 per cent of the £U 
total in 1992), and these coun- 
tries accounted for almost 20 
per cent (roughly $4bn) of Ger- 
many’s total clothing imports 
to 1993, German consumers 
will be the first, but not the 
only ones, to be mangled. 

But why should Italy be 


behind such restrictions or 
even feel that the Germans are 
using their Council of Minis- 
ters presidency to attempt with 
Teutonic finesse to destroy the 
foundation of the “alia moda” 
industry? Is it because Ger- 
many has successfully gone 
“offshore’’ In the FSCs to pro- 
duce high-quality, fashionable 
clothtng, with which they 
could outperform Italy In lead- 
ing EU and other export mar- 
kets? 

If this were the case, why 
should Italy then want to limit 
its own access to an obviously 
advantageous option, from 
which the Italian textile indus- 
try and the (still) hi ghly com- 
petitive Italian textile marhinp 


industry would also definitely 
profit? 

The fact that answers are 
not forthcoming, that tbs other 
industries have not protested 
and that consumers (not jus* 
in Germany) have rcmainPd 
silent, is simply due to the 
of secrecy with which the Ev 
shrouds such decisions. I s 
Brussels listening to just 3 few* 
and giving little thou ght^ 
what happens in the struggling 
FSCs it pretends to help? 

Dean Spinanger, 

The Kiel Institute of Wald 
Economics, 

24100 Kiel Germany 
Laura Piatti, 

Via Calabria 48. 

00187 Rome. Italy 


ad 



FINANCIAL times 


WEDNESDAY OCTOBER 5 1994 


financial times 

T&mi ^ e ; L utiwark Bridge - London SE1 9HL 
Tel. 071-873 3000 Telex: 9221S6 Fax: 071-407 5700 

Wednesday October 5 1994 

Out with 
the old 




Like any new, young, energetic 
manager brought in to rescue a 
failed enterprise, Mr Tony Blair 
bas begun his leadership of the 
Labour party by seeking a fresh 
statement of mission. It is clearly 
bis intention to follow that with a 
thorough modernisation of every 
aspect of Labour’s work. 

He is to be congratulated. Vot- 
ers will not believe that the party 
is absolutely purged of its former 
Marxist leanings while its state- 
ment of objectives contains Clause 
IV, which calls for wholesale 
nationalisation. Labour. Mr Blair 
told the conference in his first 
speech to it as leader yesterday, 
"requires a modern constitution 
that says what we are in terms the 
public cannot misunderstand and 
the Tories cannot misrepresent". 

It was an historic moment. In 
1959 Hugh Gaitskell tried to have 
the clause removed, but he was 
thwarted by the left. He died a 
frustrated man. His successors, 
from the then Mr Harold Wilson to 
the late Mr John Smith, have all 
avoided the reopening of the 
Clause IV debate, arguing that the 
revision of an antiquated few lines 
in an old document was not worth 
the danger of splitting the party. 

Mr Blair has clearly decided 
that the balance of advantage lies 
the other way. He is right The 
direction in which he seeks to lead 
the people's party is away from 
state socialism, trade union domi- 
nance, high taxation, carefree 
expenditure, acquiescence in infla- 
tion. class warfare and some of the 
expensive but anachronistic tradi- 
tions of the 50-year-old welfare 
state. 


It is towards beco ming the party 
that tackles crime, supports the 
family, restores civic society, 
reconstructs the constitution a nd 
pursues social and economic 
objectives that are little different 
from those of one-nation Tories. 

In the 76 days since he became 
leader, Mr Blair Has done much to 
reposition his party. His carefully 
judged speech yesterday took the 
project further forward in leaps 
and bounds. He spoke not to "com- 
rades" but to “friends" and “col- 
leagues". He answered cmTIq for 
ihe repeal of 1980s trade union leg- 
islation with a simple No, and set 
realistic limits to the expectations 
of the unemployed a nd the low 
paid. He insisted, above afl, that , 
the party be truthful with itself. 

That established, he sought to 
sell Labour as the party of all vot- 
ers who reject the Conservatives. 
Hie did not mention the Liberal 
Democrats; his strategies could 
easily steal many of their support- 
ers for Labour. Mr Blair , with his 
over-arching theme of the individ- 
ual and the community as mutu- 
ally supportive ("sodal-ism"). has 
laid down principles which many 
voters may find a ttract i ve. 

Much work is still needed in 
coming months to turn those prin- 
ciples into practical policies, or 
even a detailed electoral strategy. 
There are also plenty of pitfalls 
ahead - from the precise level at 
which Labour sets its proposed 
minimum wage, to the inevitable 
arguments about tax. But in set- 
ting out a broad framework within 
which the process of change must 
con tinue, Mr Blair Han made an 
impressive start 


Cardoso’s prize 


The first-round victory of Mr 
Fernando Henrique Cardoso in 
Brazil’s presidential elections - 
assuming the official count con- 
firms exit poll results - presents 
Latin America's largest economy 
with its best chance in years to 
move on to a path of sustainable 
□on-inflationary growth. 

This is good news not only for 
Brazilians, but for the rest of 
South America. The country has 
In the past five years become an 
open economy, and a growing Bra- 
zil could drive the growth of the 
whole region. 

Mr Cardoso, as finance minister, 
was the architect of the plan 
which has brought down Brazil's 
inflation from 50 per cent a month 
to below 2 per cent. He now has a 
chance to complete the job. 

He bas been right to emphasise 
the end of inflation as a policy 
priority. Inflation has widened 
already extreme disparities 
between rich and poor, corroded 
the country’s social and moral fab- 
ric, and grossly distorted the econ- 
omy toward non-productive activi- 
ties. Defeating inflation is an 
essential objective that will allow 
him to concentrate on alleviating 
Brazil’s social miseries. 

A first-round victory will be 
helpful It gives him a stronger 
mandate, strengthening his hand 
in the inevitable future battles 
with Congress, public servants 
and others who will resist reform. 

It avoids a further six weeks of 
campaigning. This should allow 
him to advance planning on eco- 
nomic strategy, ready for when he 
takes over on January L It will 


also permit Him to spend more 
time building a political cnglttinn. 

This is necessary because much 
essential legislation will require a 
two-thirds Congressional majority 
to change Brazil's leviathan 1988 
constitution. There will he difficul- 
ties. There is no guarantee that 
Mr Cardoso’s pre-electoral pact 
will survive and there is no reason 
to expect that Brazil’s new legisla- 
tors will display any more fore- 
sight than their myopic predeces- 
sors. 

Mr Cardoso will be assailed 
from many quarters. Public and 
private sector pay claims, pressure 
from industry for a competitive 
exchange rate and an inflation- 
hooked financial system in which 
some banks are perilously weak 
could all combine to shake his 
anti-inflation plan. 

Yet his economic priorities are 
dear. The government budget will 
be about balanced this year, but is 
still unstable. The conditions for 
long-term budgetary stability will 
require constitutional changes to 
ensure fundamental fiscal and 
social security reform. Measures 
are needed, too, to end state-sanc- 
tioned monopolies, to accelerate 
privatisation, to enhance the com- 
petitiveness of the economy and to 
reform the financial system - and 
to make the central bank indepen- 
dent 

Brazil has a long way yet to go, 
but the prize is great a country 
focusing on its social problems 
and taking its rightful place as 
one ot the world's 10 largest econ- 
omies as the economic leader of 
South America. 


Insider dealing 


Well-meaning but unworkable. 
That is likely to be the verdict an 
yesterday’s consultation document 
from the London Stock Exchange 
on tackling insider dealing. The 
proposals could also prove more 
damaging to markets than, the 
report appears to acknowledge. 

The exchange's aim is to protect 
investors from the effects of trad- 
ing based on unpublished price- 
sensitive information. Its main 
suggestion is that it will intervene 
whenever a share price breaches 
certain preset criteria based on 
volatility. While investigating 
whether the jump derives from a 
leak of price-sensitive corporate 
information, it may issue an 
“alert" to the market, warning 
that the share is under investiga- 
tion. Alternatively, it could 
declare trading “indicative", 
removing marketmakers 1 obliga- 
tion to quote firm prices and sizes 
at which they will deal. Or it 
could temporarily halt trading in 
a share, possibly leading to sus- 
pension of the listing. 

The proposals arise from the 
exchange's acute and understand- 
able frustration at the low level of 
prosecutions and convictions of 
insider dealers. They have also 
been prompted by improvements 
to its electronic surveillance or 
trading, which allow it more eas- 
ily to monitor price jumps and dis- 
cern traders' identities. 

But the shortcomings of the pro- 
posals are legion. For a start, they 
are unlikely to pick up more cases 
of insider dealing, many of wbicn 
do not cause the share pnce to 
move. Instead, they will “catch a 


much larger group of trades - 
those which are motivated simply 
by unsubstantiated rumours. In 
doing so, the exchange is attempt- 
ing to protect “outside" investors 
from the speculation of market 
professionals, even where those 
professionals are not strictly insid- 
ers. But information and rumour 
will never be distributed evenly 
across a market Given the fre- 
quency of such speculative trades, 
the exchange is setting the scene 
for a farce in which it may find 
itself playing a prominent part. 

The measures are also poten- 
tially damaging to the markets. 
The exchange will itself be insert- 
ing price-sensitive information 
into the market namely, that a 
stock is under investigation. More- 
over. it sacrifices too lightly the 
principle that trading should be 
interrupted only in extreme cir- 
cumstances, a principle which 
does much to protect investors. 

For all the good intentions of 
yesterday's paper, the better way 
to protect the market is to con- 
vince traders and investors that 
insider dealing will be detected 
and punished. That may depend 
on improving the rate of success- 
ful prosecutions. Ministers and 
financial regulators should con- 
sider whether the burden of proof 
required in criminal prosecution is 
too high, and whether insider 
dealing should also be made a 
civil offence, as it is in the US. 
That question deserves serious 
evaluation. The best weapon 
against insider dealing is the care- 
fully targeted pursuit of suspi- 
cious trades. 


As you leave the 
Bogside (or "Free 
Derry") and drive 
towards the centre 
of the city, which 
road signs else- 
where in Northern 
Ireland still call 
Londonderry, a stri- 
king mural confronts you. It shows 
a back view of British soldiers walk- 
ing into the HiRfamw*. past a sign- 
post dearly marked "London”. 

Seventy odd miles away is 
another mural, painted on the side 
of a house facing into the ShanMll 
Road, a long finger of militant Prot- 
estantism thrust defiantly into 
Catholic west Belfast. It is literary 
rather than pictorial: “1969 IRA ran 
away. 1994 IRA surrendered." 

So both sides have won. Or tHink 
they have. Or want you to think 
they have. Or are trying to convince 
themselves that they have. Or per- 
haps a mixture of all of the above. If 
there is one common feature which 
just now seems to unite almost all 
factions in both parts of Ireland, it 
is wishfol thinking . 

Almost but not quite all factions 
- at least not if Dr Conor Cruise 
O'Brien, the former UN envoy and 
Irish cabinet minister, can be con- 
sidered a friction. He greeted the 
IRA ceasefire on August 31 with a 
series of dire predictions in British 
newspapers, ralminHtmg in a chro- 
nology of disasters that incl uded 
half a million refugees and 10.000 
fatal casualties in a civil war ending 
“in stalemate with a smaller but 
entirely Protestant Northern 
Ireland”; a military coup in Dublin; 
and explosions in several British 
cities - all by the end of 1995. 

I could not find anyone in Belfast 
or Dublin last week who would 
admit to believing fn the whole of 
this scenario, but several people 
asked me what I thought of it, as 
though anxious to be reassured. In 
my turn I asked Mr John Bruton, 
leader of the main opposition party 
in Dublin, Fine Gael, what he 
thought The nightmare was possi- 
ble, he replied; but “on average you 
don't have a nightmare every night. 
The likelihood is that it won’t 
occur. The role of people like Dr 
Conor Cruise O'Brien is to prove 
themselves wrong by warning in 
time of the danger.” 

Many of the Northern Irish Prot- 
estants Z met admitted to being 
more optimistic now than when the 
ceasefire was announced. The suspi- 
cion of a secret deal between the 
IRA and the British government 
has largely faded. Indeed, many 
express a degree of confidence in 
the British prime minister seldom 
heard on the mainland. His pledge 
of a referendum on any new 
arrangement for Northern Ireland is 
welcomed by unionists and gener- 
ally believed. Even his rough treat- 
ment of the Reverend Ian Paisley, 
leader of the Democratic Unionist 
party, seems to have paid off: sev- 
eral Protestants expressed embar- 
rassment about Mr Paisley's behav- 
iour, while the only person who 
criticised Mr John Major’s reaction 
was a southern Irish diplomat 
There could, however, be a psy- 
chological explanation for this 
unexpected surge of unionist confi- 
dence in the British government As 
Professor Paul Bew, a political sci- 
entist at Queen's University, 
pointed out “It’s very uncomfort- 
able for unionists to believe in a 
sell-out because if you really did 
believe that you'd lave to prepare 
for a very unpleasant conflict" 

The fact is that IRA violence 
against British and Protestant tar- 
gets has completely ceased since 
August 31, and that that is a great 
relief to the people. Mentally they 
remain on their guard, but emotion- 
ally they cannot help relaxing a hit 
Obviously it is nicer to think this 
relaxation has a good chance of 
becoming pe rmane nt than to pre- 
pare for a reversion to violence and 
insecurity in weeks or months. 

The only thing unionists have 
ever had to hope for, all through the 
long years of violence, is that one 
day the IRA would realise the futil- 
ity of the “armed struggle". Once 
they begin to think that that day 
might have arrived, the attraction 
of the thought becomes irresistible. 

But of course the thought has to 
be rationalised. Evidence of some 


Piech of a 
problem 

■ Ah, the tricky business of coining 
up with a Euro-name that doesn't 
offend somebody, somewhere. 

Ferdinand Piech, chief executive 
of Volkswagen, proudly presented 
at the Paris Motor Show yesterday 
the group's new multi-purpose 
vehicle, designed to do battle with 
Renault’s highly-successful Espace, 
among others. And in Europe it will 
be called Sharan. 

Khanm? That might be dandy in 
Germany, Italy or France, but In 
the UK it sounds mighty similar to 
S haron, a girl's name with 
decidedly down-market overtimes. 

Understandably, Richard Ide, 
manag in g director of VWs UK 
importer/distributor, is less than 
thrilled. He says no decision has yet 
been made on a UK name. 

Could always try Wayne; or 
perhaps Cynthia? Gary has a nice 
ring to it Maybe Ennin trade? Then 
a g ain , what about . . 


Hezza on guard 

■ Imagine what would happen if 
Michael Hesdtine had been taken 
hostage by angry French airport 
baggage handlers. It may be a 
farfetched thought But why else 
did Britain’s president of the board 
of trade apparently put pressure on 
the Department of Transport to 
delay the announcement that it was 


Edward Mortimer 

United in 
wishful thinking 

The Northern Irish seem fairly optimistic 
- but disappointments may lie ahead 


Northern Ireland: the men shaping its future 






- REPUBLIC 
OF IRELAND 

37 




sort has to be found. It is found, 
paradoxically, in the very success 
and publicity which the IRA's 
switch to a “peace strategy” has 
enjoyed. Particularly for the Sinn 
Fgin leaders, this con version is seen 
as having produced such dividends 
in the shape of applause and 
respectability on both sides of the 
Atlantic that it seems hardly con- 
ceivable they would sacrifice it all 
by switching back to violence. 

I found many people disposed to 
take Mr Gerry Adams's statement 
to the Boston Herald last week at 
face value, when he said no one 
could guarantee “two or three years 
op the road that if the causes of 
conflict aren’t resolved another IRA 
leadership won’t come along". In 
other words, people accept that Mr 
Adams and his colleague, Mr Mar- 
tin McGuinness, are now personally 
identified with the new strategy to 
the point where, for them at least, 
there is no going back. 

It was to see Mr McGuinness that 
I went to “Free Derry". Needless to 
say, he does not think the IRA has 
surrendered. Republicans, he said, 
were now “totally and absolutely 
committed to the peace process”, 
but their decision, which had 
“totally transformed the situation 
on t-Hfe island", was “taken from a 
position of considerable strength". 

Was there a danger that the 
“peace process" could fail, I asked. 
Yes. he said. “In Ireland there is 
danger all the ti me- But I am not in 
any way at all looking at this from 
a pessimistic point of view. We have 
a very real opportunity to resolve 
this conflict" 

Permanent? “Nothing in life is 
permanent" said Mr McGuinness. It 


taking the European Commission to 
court over the extravagant 
subsidies for Air France? It went 
out only after he had caught his 
plane back to London?. 

Heseltine, on a trip to promote 
Anglo-French industrial 
collaboration, was in no mood to 
take any chances. Even at dinner 
on Monday night when one of the 
guests, a former Air France board 
member, discussed Air France 
subsidies. Hezza made a point of 
saying he had never brought up the 
subject Chicken. 


Rocking the boat 

■ If you come from the Rock of 
Gibraltar you learn how to take 
life's knocks. Take Joe Bossano, 
chief minis ter of Gibraltar, who has 
been doing the rounds - or at least 
trying to - at the IMF/Worid Bank 
meetings in Madrid this week. 

Bossano, who is about as welcome 
to the Spanish government as a 
banderilla is to a bull, hitched 
himself up at the last minute to the 
British delegation. As a Grown 
colony, Gibraltar is one of the very 
few remaining blobs of pink on the 
global map so he can't be refused. 
However, Her Majesty’s man In 
Madrid knows how to put people 
down and Bossano was not invited 
to Monday night’s bash in honour 
of Kenneth Clarke, Britain's 
chancellor of the exchequer. 
Yesterday Spain’s prime minister 
Felipe Gonz&lez snubbed Bossano 
again by refusing Him an invite to 




the champagne and tapas junket 
marking the formal opening. 

Much more of this and Bossano 
will be declaring independence. 


Ready steady 

■ Surprise, surprise. Navt year’s 
Derby - first run on the Epsom 
downs in 1780 - is to be sponsored 
by Vodafone, the UK mobile phone 
mob which has more money than it 
knows what to do with. Nor, 
surprisingly. Gerry Whent, chief 
executive of Vodafone, and Sir 
Ernest Harrison, chairman, are 
keen on the gee-gees - Sir Ernest’s 
horse Cacoethes came in third in 



was all up to the British govern- 
ment “Since August 31 they have 
removed the broadcasting ban and 
reopened a handful of cross-border 
roads, while keeping the vast major- 
ity closed. Most people regard that 
as a measly response. There is a 
very real danger of the momentum 
being lost" 

1 asked what kind of solution to 
the conflict he envisaged. "No party 
will go on record on its bottom line 
before a negotiation," he replied. 
“Of course our preferred solution is 
a unitary state, a united Ireland. 
Other parties to the negotiations 

*We shall be very 
disappointed if the 
British government 
doesn't speak with 
Sinn Fein very soon' 
- Martin McGuinness 

will have a different view. But the 
key thing is acceptance by the Brit- 
ish government that at some time 
in the future Britain will end its 
jurisdiction, even if that is some 
way down the road. When the Brit- 
ish government accepts that inevi- 
tability, it will be a matter for all 
the Irish parties to work out the 
structures." 

Slightly twisting the words of the 
Downing Street Declaration. Mr 
McG uinn ess claimed that document 
already contained "a clear accep- 
tance by the British government 
that the solution has to be an 
island-of-lreland solution”. Britain, 
he said, had undertaken to “fadli- 


Observer 


tate" such a solution, but the onus 
was on it to go one step further and 
"persuade" the unionists. “Once the 
unionists accept that the British 
government is involved in a process 
of disengagement, it becomes a mat- 
ter for the people of Ireland. Psycho- 
logically, once the British govern- 
ment makes It clear to the 
unionists, you're talking about a 
very fertile field." 

The “worst scenario", he con- 
ceded, “would be that elements of 
unionism would try to rebeL In that 
case the British government should 
have the will to confront people 
who disrupt the process." He 
brushed aside my suggestion that, 
having once agreed to withdraw, 
Britain would be more likely to get 
on and do so. leaving the Irish of all 
persuasions to fight it out 

When I said that in the same dec- 
laration. Mr Albert Reynolds, the 
Irish prime minister, had agreed to 
give the majority In Northern 
Ireland the final say on sovereignty. 
Mr McGuinness replied: “We would 
totally disagree with that.” Why, he 
asked, should 900,000 unionists have 
the right to overrule 600,000 nation- 
alists in Northern Ireland, when 
“on the island there are 3'/*m other 
people with a keen interest", not to 
mention “many millions" in Britain 
itself who, he claimed, “believe the 
British government should disen- 
gage". “It's not f&ir," he concluded, 
“to give the destiny of Ireland solely 
over to those 900,000 people, as 
opposed to the feelings and wishes 
of all the others." 

Nor would he accept that in a 
united Ireland tbe northern Protes- 
tants would form a minority at least 
as disgruntled as the northern Cath- 


the 1989 Derby. At the launch of the 
£3 .5m. three-year sponsorship 
package at the Savoy yesterday Sir 
Ernest denied that the decision to 
back the Derby had originated at 
the top, but had been taken by a 
company committee which had 
recommended it to the board. It was 
unanimously approved. Of course. 


Staggering on 

■ It's official New Statesman 
readers do not have a sense of 
humour. Several months ago the 
left-leaning weekly magazine 
started a competition to find the 
funniest joke about Tony Blair, 
Labour's new leader. The winning 
joke was to have been announced in 
this week's Labour party conference 
issue but the magazine has failed to 
find a funny Tony Blair joke. Or 
maybe Blair just isn’t funny? 

Anyway, Observer is not prepared 
to give in so easily and offers a 
bottle of the finest malt for the best 
- printable - offering. Answers by 
mail or fox to 071 873 3926. 


Red not dead 

■ As and when the British Post 
Office is privatised, will the red 
pillar box be destined for the scrap 
heap? Doomsters fear the Familiar 
piece of street corner furniture may 
go the way of telephone booths, 
which, following the sale of British 
Telecom, metamorphosed from 
sturdy red edifices to distinctly 


olios now are in tbe UK. "Nothing 
could be further from the truth. 
Many political parties in the 26 
counties [ie the south] are not too 
far distant from them: the Progres- 
sive Democrats, Fine Gael, the Dem- 
ocratic left.” Together with these 
allies, he suggested, the unionists 
might well form a government “in a 
totally new Ireland”. He did not 
seem to realise that. iT some union- 
ists do regard the southern parties 
he named as allies, it is because 
those parties accept, more dearly 
and less equivocally than the Irish 
government, that Northern Irish 
Protestants have a distinct culture 
and history, and have the right to 
remain in the UK. 

But what, 1 asked, if Britain and 
the unionists ore not so obliging? 
How long would the IRA tolerate a 
deadlock? “1 can’t speak for them." 
said Mr McGuinness coyly. “But 
Sinn Fein is committed to the peace 
process. We shall be very disap- 
pointed if the British government 
doesn't speak with Sinn Fein very 
soon. The talks need to begin now.” 

On its side, the government's 
position is that “exploratory" talks 
will be held within three months, 
after it has sufficient indications 
that the IRA intends the ceasefire to 
be permanent, and there has been 
"a period of verification". My 
impression is that the period of ver- 
ification has already begun, and 
that the government is waiting less 
for a specific form of words from 
tbe IRA than for n feeling that 
unionist opinion is ready. 


B ritain is certainly both- 
ered. as is Mr Bruton in 
Dublin, by the fact that 
the IRA does not regard 
the “cessation of vio- 
lence" as affecting the methods it 
uses to enforce order within its own 
constituency. The only change is 
that the presumed delinquents' legs 
and arms are now broken with iron 
bars instead of their knee caps 
being shattered by a gunshot 
These “punishment beatings" are 
apparently popular in areas where 
the Royal Ulster Constabulary 
makes few attempts to deal with 
common law crime. But. as Mr Bru- 
ton said, “an organisation that has 
to maintain that sort of intimida- 
tion in its own area cannot be said 
to be fully committed to democratic 
politics”. He professed to hope that 
his own government “will put suffi- 
cient pressure on Sinn F£in to rem- 
edy those situations” - which 
sounds like more wishful thinking 
Another area of uncertainty is the 
future of loyalist violence. Everyone 
tells you, including their quasi-offi- 
clal spokesman. Mr David Ervine. 
that the loyalists are “close" to 
deciding on a ceasefire. But Mr 
Ervine added that they were held 
back by a “lingering fear” that the 
Framework Document for new 
inter-party talks, on which London 
and Dublin are working, would con- 
tain “something fearful for union- 
ists” - meaning something that 
opens the way to Northern Ireland's 
detachment from tbe UK and its 
creeping annexation by Dublin. 

Mainstream unionists seem more 
confident that this will not be the 
case, pointing to the delay in produ- 
cing the document (now expected in 
November) as evidence that London 
is resisting pressure from Dublin. 
The one thing that is certain is that 
no one in Northern Ireland will wel- 
come the Framework Document 
when (or if) it does appear. It is 
bound to attract unionist suspicion, 
while falling short of even moderate 
nationalist hopes. let alone those 
expressed by Mr McGuinness. More- 
over, as a spokesman for Mr John 
Hume's nationalist Social Demo- 
cratic and Labour party candidly 
said, "anybody welcoming it would 
be mad”, since they would thereby 
give the other side a reason to 
reject it 

Such is the nature of Northern 
Irish politics, which the non-violent 
parties and tbe British well under- 
stand. But the IRA and the loyalist 
paramilitaries have their own way 
of registering disappointment when 
something falls short of their expec- 
tations. The Framework Document 
will surely disappoint one of them, 
and probably both. At that point, 
some of Dr Conor Cruise O’Brien's 
nightmares may start coming true. 


flimsier glass arrangements. 

They should take heart, though, 
from Bill Cockburn, the Post 
Office’s chief executive, who claims 
there are no such terrible schemes 
afoot To prove the point, he keeps a 
model of the Victorian post box in 
his office - a veritable beacon to his 
commitment to keep them red for 
e'er and a day. 


The price is right 

■ Kelvin MacKenzie's decision to 
join the Mirror group as executive 
director in charge of TV means at 
least he can again look forward to 
some fireworks. One of his juniors 
will be Janet Street Porter, a 

long-in-the-tooth TV type who is 

leaving the BBC to run Live TV. 
MacKenzie has never enjoyed 
playing second fiddle. But with 
zilch TV experience, he might have 
to - for a while. 


Gore or more? 

■ Mark Melcher, a political analyst 
at Prudential Securities in the US. 
cites a recent poll which asked 
women whether they would rather 
sleep with Bill Clinton or 
vice-president A1 Gore; 70 per cent 
plumped for Gore. 

He had trouble believing that, so 
checked the wording of the 
question. In fact, the women were 
asked whether they would rather 
sleep with A1 Gore or with Bill 
Clinton again. 





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FINANCIAL TIMES 

Wednesday October 5 1994 



Blair signals historic move towards political centre ground 

UK Labour leader plans 
shift on state ownership 


By Philip Stephens, 

PoTitfcaf Etffto 

Mr Tony Blair pledged yesterday 
to rewrite the UK Labour party's 
constitutional commitment to 
public ownership, using his lead- 
ership debut at the party's 
annual conference to underscore 
a historic shift towards the politi- 
cal centre ground. 

His surprise decision to signal 
at the conference an end to the 
party's 75-year attachment to 
Clause 4 of its constitution came 
in a speech which redefined 
Labour's economic and social 
ambitions. 

The move, backed by his more 
traditionalist deputy Mr John 
Prescott represented a calculated 
effort by Mr Blair to persuade the 
voters that his leadership fore- 
shadows an irreversible shift in 
the party's policies. 

Clause 4, committing the party 
to “common ownership of the 
means of production, distribution 
and exchange" has been a symbol 
of Labour’s socialism since it was 
first stamped on membership 
cards in 1918. 


It was last challenged - unsuc- 
cessfully - by the then Labour 
leader Mr Hugh Gaitskell after 
the party’s election defeat in 
1959. But Mr Blair said Labour 
now needed a “clear, up-to-date” 
statement of its objectives. 

In a confident uncompromis- 
ing performance which won 
warm applause from from his 
audience but later drew sniping 
from some on the party’s hard 
left. Mr Blair said that the party 
had no alternative but to change. 

He told the annual conference 
in Blackpool, north-west 
England: “We have changed and 
we were right to change. Parties 
that don’t change die and this 
party is a living movement not 
an historical monument.” 

Directing his speech at a far 
wider audience than the 4,000 del- 
egates and supporters in Black- 
pool’s Empress Ballroom, Mr 
Blair embraced the market econ- 
omy, underlined his support for 
the family and reassured the mid- 
dle classes that Labour had aban- 
doned its high tax and spending 
policies. There would be no 
wholesale repeal of the govern- 


ment’s trades union laws and a 
tough stance on rising crime. 

In spite of earlier disputes at 
the conference over taxation, he 
insisted: “To middle and lower 
income Britain faring the biggest 
tax rise in peacetime history - 
Labour is on your side.” 

Casting Labour as the party of 
the majority rather than the 
‘'privileged few", he launched a 
fierce attack on the Conserva- 
tives for their “incompetence” 
and dogmatic attachment to 
unfettered market farces. 

Labour's ambitions for a part- 
nership between public and pri- 
vate sectors would foster individ- 
ual opportunity: “We are the 
mainstream voice in British poli- 
tics today - Labour back to 
speak up for Britain. Labour back 
as the people's party." 

Mr Blair appeared confident 
after his speech that his plan for 
a new statement of the party’s 
ambitions - which be will pres- 
ent to the National Executive 
before Christmas - would be car- 
ried at next year's conference. 

Editorial Comment, Page 17 


Yeltsin promises to speed up 
pace of economic reforms 


By John Lloyd In Moscow 

Russian president Boris Yeltsin 
yesterday committed his govern- 
ment to a faster pace of economic 
reform and to further measures. 
Including tax changes, aimed at 
attracting foreign investment 

Speaking to the press one year 
after he quelled an armed rebel- 
lion by members of the Supreme 
Soviet, Mr Yeltsin underlined 
that Russia now understood that 
success depended on its own 
resources. Nothing, he said, 
would deflect the government, 
from reform. 

The Russian president: 

• Promised there would be no 
changes in “key” figures in the 
government although he left the 
door open for members of opposi- 
tion parties, including commu- 
nists. to join the cabinet and said 
there could be changes in his cir- 
cle of advisers. 

• Declared himself against a 
postponement in presidential 
elections, although some of his 


closest allies have floated the 
idea in both, parliamentary and 
presidential elections. 

• Claimed the country was sta- 
ble “socially, politically and in 
inter-ethnic relations”, and dis- 
missed a presidential bid from Mr 
Alexander Rutskoi. the former 
vice-president, and now a possi- 
ble candidate of the nationalist/ 
communist opposition. 

• Said the economy had 
improved strongly since spring, 
with inflation down to 4 per cent, 
and savings on the rise. “We will 
bring down inflation further. We 
want to reduce mass unemploy- 
ment. We have decided to 
strengthen reforms, not to 
weaken them.” 

None of the relatively few, pre- 
pared questions drew from the 
president any concern about the 
rising inflation rate or the rapid 
fall of the rouble - which 
dropped a further 35 points yes- 
terday to stand at 2,668 to the 
dollar. 

He stonewalled on a question 


on inter-enterprise debts, which 
r un into many thousands of bil- 
lions of roubles and loom as the 
largest domestic problem, and 
said nothing about Russia's call 
for extra loans from the Interna- 
tional Monetary Fund. 

Included In the 40 draft laws 
Mr Yeltsin said he would put to 
parliament will be proposals to 
make investment easier and to 
lower taxes imposed on investors. 

The president said: “A favoura- 
ble investment climate must be 
created for Russian and foreign 
businessmen. A modem invest- 
ment infrastructure must be cre- 
ated. There is a need for tax 
reform, and tax legislation 
should be drawn up." 

Mr Yeltsin said that Russia 
was a “great power" and that his 
recent trip to the US and the UK 
had established a recognition 
that it was not acting in a “neo- 
imperialist manner” but that it 
had legitimate concerns about 
the civil rights of Russians living 
in the former Soviet states. 


Japanese 
employees 
take drop 
in earnings 

By Gerard Baker in Tokyo 

Earnings by employees in 
Japan’s private sector fell by 0.6 
per cent in 1993 from the previ- 
ous year, the first fall in average 
pay since records began 44 years 
ago. according to figures 
released yesterday by the 
National Tax Administration. 

Average annual salary was 
Y4.52m ($46,288), down by 
Y28.000 compared with 1992. 
Sharp cuts in the sizeable twice 
yearly bonuses paid to employ- 
ees. which can amount to 30 per 
cent of annual salary, were the 
main cause of the decline. Basic 
salaries increased by 0-2 per cent 
on the 1992 figure, but average 
bonus payments dropped by 3.7 
per cent 

The long recession that began 
in 1990 has thus finally taken its 
toll on employee salaries. In the 
boom years of economic growth 
in the 1960s and 1970s, 
double-digit annual percentage 
increases in pay were the norm. 

After a brief deceleration in 
the early 1980s, salaries soared 
during the so-called “bubble 
economy” at the end of the 
decade, when asset prices and 
company profits jumped. In the 
past four years, the fall-out from 
the “bubble" period has led to a 
collapse in corporate profitabil- 
ity, bat until last year companies 
had maintained regular salary 
increases. 

With price inflation at just 
below zero, the decline in nomi- 
nal pay translates into a slightly 
smaller decline in real terms. 
Bnt both figures offer a stark 
illustration of the deflationary 
forces at work in the economy. 
Faced with falling prices, compa- 
nies are being forced to cut pay, 
heightening the danger of a 
downward deflationary spiral. 

While the hard-pressed salary- 
man adjusts to unprecedented 
austerity, Japanese women 
employees last year recorded a 
slight advance. Their average 
salaries rose 0.8 per cent while 
those of men fen by 0.5 per cent 

The gender gap is unlikely to 
be closed soon. The figures 
showed women earned an aver- 
age Y2.7m. 

Total income tax paid repre- 
sented 6.5 per cent of total earn- 
ings, low by international stan- 
dards but dose to a record high 
for the Japanese who have long 
enjoyed a low tax base. 

Rice liberalisation, Page 7 


THE LEX COLUMN 


Lloyd’s wipes the slate 


Yesterday’s judgment in favour of the 
Goods Walker names represents an 
overdue mucking out of a very dirty 
Lloyd’s of Loudon stable. There is con- 
siderable uncertainty about the 
amount of money that Gooda Walker 
names will eventually receive, but the 
ruling should pave the way for settle- 
ment of at least some of the outstand- 
ing litigation against Lloyd's. 

The eventual payout will be borne 
substantially by other Lloyd’s names 
who provided errors and omissions 
cover to those now found negligent. 
This does not necessarily mean fresh 
calls on the Lloyd's market, as most of 
the expected losses have already been 
provided for. The judgment will proba- 
bly accelerate the exodus of individual 
names from the market, but potential 
corporate investors will recognise that 
the ruling relates to the past The new 
Lloyd’s offers rather appealing pros- 
pects for those convinced that the 
market has made a clean break with 
Hs recent history. 

For the 1993 financial year. Lloyd’s 
is expected to make a profit of £800m- 
£lbn. The worst underwriters at 
Lloyd’s have been driven out Those 
that remain are highly selective in 
taking on new risks: the market’s 
capacity will only be about 75 per cent 
utilised this year. Lloyd's biggest prob- 
lem is that it must still set up reinsur- 
ance to cover pre-1986 risks, primarily 
on US asbestos and pollution claims. 
Investors may be un willing to commit 
substantial new capital until the new 
arrangements are in place at the end 
of next year. 

Ford 

That Ford, the UK’s largest car 
maker, has introduced short-time 
working for October and probably for 
the rest of the year, should set alarm 
bells ringing. The question is whether 
they are ringing for Ford, the UK auto- 
motive industry, or the economy in 
general. 

Ford’s UK business is clearly in dif- 
ficulties. The group’s market share 
has slipped from 30 per cent in the 
mid-1980s to just 22 per cent But the 
company's particular problems only 
partly explain yesterday’s announce- 
ment. It was also an admission that 
the UK automotive industry had been 
expanding at an unsustainable rate. 
Car sales during the first seven 
months this year rose an astonishing 
14 per cent, far faster than the econ- 
omy. In August the most important 
month of the UK automotive cal e nde r , 
sales growth slowed to only 2.8 per 


FT-SE Index; 3001.8 {+1S.3J 


News Corporation 

Share price relative to the 

M Ordinaries index 

250 — 


200 — 



1992 33 94 

Source: FT Grapfate 

cent a deceleration likely to be con- 
firmed by September’s figures tomor- 
row. If more discounts are needed to 
inject life into the market margins for 
manufacturers and suppliers will 
remain tight - hence yesterday's fall 
in automotive component manufactur- 
ers’ shares. 

A deceleration in the UK automotive 
market is unwelcome when prospects 
for the retail and housing sectors 
remain so uncertain. However, any 
slowdown need not undermine the 
UK’s economic recovery. Ford, with 
the lowest proportion of overseas sales 
of any significant UK manufacturer, 
has been unable to export itself out of 
trouble. Others should compensate by 
increasing exports to rapidly recover- 
ing continental markets. 

Hambros 

This has turned into a really bad 
week for merchant banks. The tempta- 
tion after Hambros’ profits warning 
yesterday is to conclude that some- 
thing is wrong which no amount of 
strategic fine-tuning can rectify. 
Whereas Warburg suffered as a result 
of its global aspirations which had led 
to an increased emphas is on trading. 
Hambros is diversified with a range of 
niche activities like estate agency and 
insurance loss-adjustment Even in the 
bond, markets its focus is on issues in 
high-yielding antipodean currencies: it 
declines to take the big houses on in 
US dollar Eurobonds. Yet this spread 
of business has not spared it from the 
ravages of the market 

For Hambros, this raises a specific 
worry about dividend cover, which 
now starts to look rather thin. Two 
profit warnings in this sector in as 


many days must focus minds else- 
where too. If the quality of earnings 
from investment banking and the rat- 
ings attached to them are low, then it 
may make less sense for banks like 
Barclays to focus on such activity as 
an engine of growth. Institutions like 
Schrodere may become move reluctant 
to push further into distribution, 
unless they believe they can make a 
decent return without relying on pro- 
prietary trading. 

News Corporation 

News Corporation’s share price has 
dropped 6 per cent since it revealed a 
plan at the weekend to Issue prefer- 
ence shares with restricted voting 
rights. Australian investors are wor- 
ried that it could allow chairman Ur ! 
Rupert Murdoch to splash out on 
acquisitions without seeing any dimi- 
nution of his family’s 33 per cent vot- 
ing strength. The scheme has echoes 
of last year’s super-voting shares pro- 
posal, which was abandoned after 
institutional shareholders rallied 
behind the slogan of “one share one 
vote". 

While some aspects of the original 
scheme were objectionable, there is lit- 
tle wrong with the new plan. Nobody 
is forced to sell ordinary shares or buy 
preference shares. If some investors 
are happy to be disenfranchised, oth- 
ers should not cry fouL Rather, they 
should welcome the issue of prefer- 
ence shares as a way of expanding the 
group without taking debt on to its 
balance sheet - a course which nearly 
led to insolvency in 1990. 

There is, of course, a risk that a 
tie-up with a telecoms group or some 
other multimedia venture would prove 
unwise. But nobody should invest in 
News Corp in the first place if they do 
not back Mr Murdoch's strategic 
vision. 

Insider dealing 

The stock exchange’s proposals for 
limiting insider dealing have at least 
one thing to be said for them. Compa- 
nies will not be happy if trading in 
their shares is suspended as a result of 
unusual price movements. But that is 
partly the point of the proposals. Com- 
panies wanting to avoid an embarrass- 
ing suspension would have every 
incentive to announce price-sensitive 
information they feared might leak 
out And the sooner such information 
was published, the less opportunity 
insider dealers would have to make a 
profit. 


Names win court battle I EU begins expansion move 


Continued from Page 1 

Association of Lloyd's Members, 
said last night that “the decisive 
result achieved by the Gooda 
Walker Action Group should 
make it clear that the defendants 
of this and other spiral cases can 
expect no advantage from resist- 
ing Names' claims further in 
court". 

A spokesman for Lloyd's said it 
“would do anything we can to 


help" a settlement but the initia- 
tive had to come from the defen- 
dants. Last night, however, law- 
yers representing the “errors and 
omissions” insurers, which pro- 
vide Lloyd’s agencies with cover 
against negligence claims, hinted 
they may appeal against yester- 
day’s decision. The result of any 
appeal is unlikely to be reached 
before next summer. The insur- 
ers are certain to dispute the 
level of damages in court. 


Continued from Page 1 

leaves for later debate difficult 
challenges such as how to inte- 
grate eastern agriculture into the 
EU's Common Agricultural Pol- 
icy, and whether the Union 
would offer the six the structural 
aid it now channels towards its 
poorer regions and countries. 
Extension of these policies east- 
wards would by some estimates 
double the current EU budget. 


Ministers also agreed yesterday 
on a “structural dialogue” with 
the six eastern countries, com- 
prised of seven joint ministerial 
councils and one joint summit of 
heads of state each year. 

This replaces the current prac- 
tice of the EU meeting each state 
individually. 

Ministers also discussed how to 
extend the “partnership” 
arrangements the EU has with 
Russia, Ukraine and Moldova. 


I 


FT WEATHER GUIDE 


Europe today 


A cold front with rain will move into Russia. 
Unseasonably low temperatures will extend 
from the White Sea to northern Spain. There will 
be showers and thunder over the countries 
around the Baltic Sea and North Sea. France 
and the British Isles will be mainly dry and 
partly sunny with temperatures between 12C- 
14C. Southern Spain wilt have heavy showers, 
possibly with thunder. Scandinavia will continue 
cold, but southern and central Sweden will be 
sunny. The north will be cloudy with a local 
snow shower likely and afternoon temperatures 
will reach freezing. The Balkans will also be 
cooler with showers moving southward from 
Bosnia to Greece. Turkey wilt remain warm with 
temperatures between 25C-28C. 

Five-day forecast 

A surge of warm air will bring higher 
temperatures and mainly tranquil conditions to 
the British Isles, the Benelux and France. 
Eastern Europe will continue cool with 
widespread outbreaks of rain over the northern 
Balkans. The rain will return to central Europe 
by the weekend. There will be rain and some 
thunder in Spain. 


TODAY'S TEMPERATURES 


ISJ rfVy&r* ./&> 


vnrr 


‘ i’ll i 

14 






T 






*7 


L X 27 - 

>35 




WinnlreH AA. CflUta* A- IWwd s peed k> KPH 

Situation at 12 GMT. Temperatures maximum for day. Forecasts by Me Geo Consult of the Netherlands 



Maximum 

Belling 

fair 

20 

Caracas 

fair 

31 

Faro 


Celsius 

Belfast 

fair 

13 

Cardiff 

fair 

14 

Frankfurt 

Abu DhaW 

sun 

W 

Belgrade 

cloudy 

14 

Casablanca 

fair 

22 

Geneva 

Accra 

shower 

30 

Beilin 

shower 

11 

Chicago 

sun 

13 

Gibraltar 

Alstons 

$UO 

25 

Bermuda 

shower 

25 

Cologne 

fair 

11 

Glasgow 

Amsterdam 

cloudy 

13 

Bogota 

drzzf 

19 

Dakar 

fair 

33 

Ham bug 

Athens 

fair 

30 

Bombay 

cloudy 

33 

Dates 

fair 

32 

Helsinki 

Atlanta 

sun 

27 

Brussels 

far 

13 

Delhi 

oun 

34 

Hong Kong 

B Aires 

fair 

18 

Budapest 

cloudy 

13 

Dubai 

sun 

34 

Honolulu 

8-ham 

fair 

id 

C-hagen 

cloudy 

11 

Dublin 

t»r 

13 

Istanbul 

Bangkok 

cloudy 

34 

Cairo 

sun 

34 

Dubrovnik 

shower 

15 

Jakarta 

Barcelona 

(air 

23 

Cape Town 

sun 

17 

Edinburgh 

tab 

14 

Jersey 


Constant improvement of our service. 
That’s our commitment. 


Lufthansa 


Karachi 

Kuwait 

L Angeles 

Las Palmas 

Lima 

Lisbon 

London 

Uxbourg 

Lyon 

Madeira 


cloudy 

24 

Madrid 

fab- 

21 

Rangoon 

cloudy 

31 

shower 

12 

Majorca 

shower 

S3 

Reykjavik 

doudy 

10 

fair 

12 

Mala 

cloudy 

26 

Wo 

fair 

26 

cloudy 

25 

Manchester 

far 

14 

Rome 

fan- 

22 

fair 

13 

Manila 

cloudy 

32 

S. Freco 

tab- 

23 

fair 

12 

Melbourne 

fair 

15 

Seoul 

sun 

20 

sleet 

9 

Mexico City 

shower 

so 

Singapore 

shower 

30 

fair 

30 

Miami 

thund 

30 

Stockholm 

fak 

9 

shower 

31 

Mian 

fair 

18 

Strasbourg 

fair 

13 

lair 

26 

Montreal 

shower 

7 

Sydney 

sun 

21 

shower 

31 

Moscow 

shower 

9 

Tangier 

fair 

22 

fair 

13 

Munich 

fair 

12 

Tet Avtv 

sun 

33 

sun 

36 

Nairobi 

fair 

26 

Tokyo 

doudy 

25 

sun 

38 

Naples 

fair 

24 

Toronto 

fair 

10 

fair 

23 

Nassau 

thund 

31 

Vancouver 

fair 

19 

fair 

25 

New York 

fair 

14 

Venice 

fat 

17 

cloudy 

22 

Nice 

doudy 

21 

Vienna 

shower 

12 

far 

23 

Nicosia 

sun 

32 

Warsaw 

fair 

12 

fair 

14 

Oslo 

fair 

9 

Washington 

sun 

16 

fair 

13 

Porte 

fair 

14 

Wellngton 

fair 

IS 

cloudy 

12 

Perth 

fair 

16 

Winnipeg 

cloudy 

18 

fair 

24 

Prague 

shower 

10 

Zurich 

doudy 

13 


When it comes to cross-border 
M&A, our record speaks volumes 


Ateliers des Charmilles SA f 

Acgtitstpprt o£ »> CharmiSes by ^ 





. ,.. v .. JBSB&tf,. „ 


Cos trial S.A. ^ 

. Acquisition of a participation in.Costria.1 





ENI 

Sale of Nuovo Pignone to 
General Electric Co. 


88 ** 


v-: ■ 


FS*' 


IS- 


This year, UBS has played a key role in no fewer than 20 significant mergers and 
acquisitions, including 9 European cross-border transactions. UBS has the 
expertise, imagination and presence in Europe to ensure a successful outcome. 



UBS Limned is a nwrbc* *1 ,h c SFA. UBS Llmi.oi. ICQ Ijvcfiwl Street. London F.C2M IRH. 





19 


; '.henry 

J^JBUTCHEP 


International Property 
& Plant Consultants 

071-405 8411 


FINANCIAL TIMES 


COMPANIES & MARKETS 


©THE FINANCIAL TIMES LIMITED 1PW 


Wednesday October 5 1994 


Mercedes 

Rental 


Available from only 
£64 per day at your 
nearest dealer 




IN BRIEF 


GM reshuffles 
management 

General Motors has announced a shake-up of senior 
executives m its core North American operations 

in a move intended in part to recognise the sue- ’ 

cesses of its Saturn small car division. Mr Richard 
“Skip" LeFauve. head of Saturn has been given 
responsibility for all small cars in North America. 
Page 20 

US group may buy Ulster engineer 

F.G Wilson, one of Northern Ireland’s most success- 
ful engineering companies, confirmed yesterday 
that it might be taken over by a “major American 
corporation". The Larne-based company which is 
Europe’s largest producer of diesel sets used for 
generating electricity. Page 20 

Morgan Stanley to advise GPA 

O Morgan Stanley, the US investment bank, has been 

awarded the mandate to advise GPA Group the air- 
craft leasing company, on further refinancing 
options ahead of significa nt debt repayments due in 
1996 and 1998, Page 23 

Amu poised to cut 4,000 jobs 

American Express is setto announce further sweep- 
ing Job losses in its core plastic cards business in an 
attempt to bring itself into line with other, more 
profitable US card companies. The cuts could lead 
to redactions in the workforce of more than 4,000. 
Page 21 

Watts may move on Germany 

Watts Blake Beame & Co, the world's largest pro- 
ducer of specialist clays, is discussing possible take- 
overs in Germany, its largest market The UK-based 
company, which mines ball and china clays for 
ceramic manufacturers, already dominates the Ger- 
man market through its subsidiary Fuchs-Ton. 

Page 25 

Nomura buys stake In Slovakian fund 

Nomura Securities has bought 26 per cent of VUB 
Kupon, a large Investment fund in Slovakia. The 
deal, valued at Kcs2.18bn ($61m), is one of the big- 
gest foreign investments in the country to date. 

Page 21 

Japan to open up on currency risks 

A chan ge in finance ministry rules means Japanese 
companies can no longer bury the bad news with 
regard to unrealised losses or profits from forward 
contracts to buy or sell foreign currency for yen. 
Page 22 

Courtaukis agrees joint venture in China 

Courtaulds Textiles, the clothing and fabrics group, 
has announced a joint venture with China to pro- 
duce knitted fabrics. Under the deal, the company 
will invest $20m over three years in Penn China, a 
new manufacturing company based in Nanjing. 

Page 24 

BAe confirm s VSEL bid talks 

British Aerospace has confirmed it is seeking to 
negotiate a “recommended offer" for VSEL. the sub- 
marine maker. BAe’s announcement of discussions 
follows five days of speculation over the deal. But 
advisers said the company was anxious to ensure 
there was a firm basis to negotiations before they 
were made public. Page 26 

Companies in this Issue 

Alexanders Holtjings 
American Express 
Asarco 

Asda Property 
BAe 

BBAEA 

Baxter International 
Boosey & Hawkes 
Bouyguas 
Bradford Property 
Cannon Street Invs 
Cockerffl Sambre 
Compass 

Control Techniques 
Courtaulds TextHes 
Credit Lyonnais 
Emerson Electric 
Exxon Coal 
F.G. Wilson 
Fiscal Properties 
Ford 

Oerters! Motors 
Grand Central 
Hembree 
Hanson 
Honda Motor 
HuhtamaW 
Ibstock 
Japan Airlines 
Johnston Group 


25 

KNPBT 

21 

21 

Lagardiro Group 

20 

21 

Lament 

26 

26 

Mersey Docks 

26 

26 

Midlands Electricity 

25 

26 

MHIgate 

25 

21 

Motorola 

21 

24 

News Corporation 

18 

19 

Nomura Securities 

21 

25 

Orchid Drinks 

25 

24 

Peabody Holding 

19 

1 

Peugeot CitfBen 

20 

26 

Price Waterhouse 

22 

26 

Prior 

25 

24 

Protean 

25 

21 

Rakie 

28 

20 

Regal Hotel 

25 

19 

S.G. Warburg 

19 

20 

Shephard Neame 

28 

26 

SUentnlght 

24 

IS 

Suez 

20 

20 

Templeton Emer’g Mkt 

19 

26 

Tlphook 

20 

1& 19 

UDO Holdings 

25 

19 

UnIChem 

25 

22 

Upton & Southern 

26 

20 

VCI 

24 

26 

VSEL 

26 

22 

VUB Kupon 

21 

26 

Watts Blake Beame 

26 


Market Statistics 


^Annual reports service 30,31 

Benchmark Gwt tjoratt 23 

Bond fuwrea and options 
Bond prices and yields 
Commodities prices 
DMdflfXJs announced, IK 
EMS currency raws 
Eurobond prices 
Rxed interest buflees 
FT-A World indices Back Page 
FT Gold Mnes Index » 

FT/tSMA tntl bond sve ^ 

FT-SE Actuaries hdtees 29 


Foreign exchange 38 

Gilts prices 23 

Uffe equity optone Back Pafie 
London share service 3021 
London tradl options Beck Page 
Managed funds sendee 32-36 
Money markets 
New Inti bond issues 
Recent issues. UK 
Short-term W rafts 
US Interest rafts 

Wold Stock Markets 


Chief price changes yesterday 


FRANKFURT PM) 


MtMrtB 

IEW 


337.5 * 
338 + 


AEG 1«5 ' 

Uasa 624 - 

AttOPrf 675 - 

MotamMl 885 - 

HKW YORK (3) 


30/i + 
14Vi t 


AnBpratt 

Carer Wrf 

Fane 

MM 

Port 

to 

SntppM 


7SV. - 
MS* - 
S3 - 
12% - 


New York price* at 1230pm. 
LONDON (Pen**) 


BeMwse 
Cnainv 
Comminon 
Entail Bsc 
Hating 8sfcn 
venkxneUD 
Vfartxrg (SO 
vwuwrepxmUOl Ml 

Fans 

AtoiHdMr 
BWDSsCUrtOH 
CanaiSbw 
Omttftwn 


131 

* 

727 

34 

505 

580 


570 - 

80 - 
1514 - 
201 - 


7S 

MUBSCFFrl 

MSB* 

Bond'd" 

t 

ftnc Lyon 

4.9 

H was 

Wartach 

12 

Fells 

19 

BO® B Q 

31 

Gnphytfpe 

i 

TOKYO (Yen) 
Rtae* 

DstoMwa 

h 

pupraM 

1U 

5Mnogt 

PmOm 

to 

CSK 

iw 

UtnuUIK 

Vt 

MnSNNW 

*** 

8 

GOT 

Bates (FratoQ 

6 

Hambros 

13 

LexSanttx 

20 

6 

11 

Lucas ftife 

Mrtvnttbn Wtr 

11 

K*M 

12 

Banco En*W 

11 

4 

Sdvodns 

$u» 

11 

SlwWgnf 

19 

T* R** 


3082 


<23 

640 


655 

360 


780 

880 

895 


+ 171 
+ 27 

* 173 

♦ 33 

- 70 

- 11 


3400 - 130 

743 - 38 

758 - » 


801 

64 

225 

348 

181 

831 

57 

207 

1285 

239 

211 

11B 


12 

4 

26 

12 

11 

16 

8 

27 

50 

12 

8 

a 


Bouygues wins French telephone licence 


By John Ridding in Paris 

The French government 
announced yesterday that a con- 
sortium headed by Bouygues, the 
construction and communica- 
tions group, had won the fiercely 
contested licence to operate the 
country's third mobile telephone 
network. 

Bouygues fought off two other 
French industrial giants, Alcatel 
Alsth o m. the telecoms and engi- 


neering group, and Lyonnaise des 
Eaux, the utilities and construc- 
tion company for the licence. 

Bouygues and its consortium 
partners, which Include Cable & 
Wireless of the UK, US West, 
Veba of Germany and Jean- 
Claude Decaux, a French prop- 
erty company, will have the right 
to exploit a national digital 
mobile telephone network. 

The licence includes a four- 
year exclusive right to use the 


DCS 1800 digital system in five of 
France's biggest cities, including 
Parts and Lyon. 

The new network is expected to 
involve an investment of up to 
FFrlObo (Si.Sbn) during the next 
four years. But industry observ- 
ers said that the growth potential 
of the French market made the 
licence attractive. 

The French mobile telephone 
market has been slow to develop, 
with about 730.000 subscribers at 


the end of August, compared 
with 2.7m in the UK and 1.8m in 
Italy. But the two existing opera- 
tors of mobile telephone net- 
works, France Telecom and Gen- 
erate des Eaux, the utilities 
group, report rapid growth in 
subscribers since the beginning 
of the year. 

The industry ministry sought 
to defuse the anticipated reaction 
from the defeated consortia by 
stating that they would be able to 


consult the recommendations of 
the post and telecommunications 
authority. The sensitivity of the 
award has stemmed from the 
Closed nature of the selection pro- 
cess. The ministry said that it 
had been hard to separate Bouy- 
gues and Alcatel, but that Alcatel 
had been disadvantaged by a few 
considerations, including its posi- 
tion as a supplier to the existing 
operators. 

The operation of the licence is 


conditional on the maintenance 
of a stable shareholding struc- 
ture. Any significant changes 
without agreement from the tele- 
communications ministry, would 
result in its being withdrawn. 

The industry ministry also said 
France Telecom and SFR, the 
telecoms subsidiary of Generate 
des Eaux, would be allowed to 
operate DCS-1SOO mobile net- 
works in Toulouse and Stras- 
bourg respectively. 


Second British merchant bank hurt by downturn in bond market 

Hambros warns 


Hambros: what went up comes down 


of profit slide 


Pre-tax profits 
(&n) 

100 


Share pries relative to the 
FT-SE-A AU-Stere mdax 
150 


By Nicholas Denton in London 

Hambros, the UK merchant hank, 
yesterday followed S.G. Warburg 
in warning of a sharp fall in prof- 
its in the six months to Septem- 
ber 30 because of a deterioration 
in securities markets. 

The bank forecast that its 
interim pre-tax profit would 
halve to £18m-£23m ($28m-S36m) 
from £41. lm in the first half of 
the 1993-94 financial year. 

Although Hambros said it 

WOUld maintain its in terim divi- 
dend at -L5p, its announcement 
further drove down share prices 
in a sector already hit by War- 
burg's profit warning on Monday. 
Hambros itself, which foil lip on 
Warburg's news. lost another 22p 
to close at 226p. 

Hambros blamed the deteriora- 
tion in first-half results in part 
on the downturn in the bond 
market that has already affected 
Warburg and several US invest- 
ment hanks. 

Sir Chips Keswick, joint deputy 


chairman, said he was 
"delighted" that the firm had 
maintained profitability in the 
bond business in the first half. 
He said Hambros had experi- 
enced lower profit margins in pri- 
mary bond issues. It had not been 
able to hedge all its positions in 
the secondary bond market 
against price movements. "No 
hedging is perfect”, he said. 

Sir Chips said Hambros had no 
imm ediate plans to lay oil 
employees or to reconsider its 
involvement in bond markets. ‘1 
am certainly not going to rush off 
and fire people at the wrong end 
of the cycle”, said Sir Chips. "We 
believe that this is a blip and if it 
is not a blip we will assess our 
commitment to bond markets." 

Analysts nevertheless lowered 
their forecasts for the full year, 
predicting profits would fall by 
about a third from the £90 -5m 
reported in 299391 

Of the £20m estimated drop in 
Interim profits, Hambros attri- 
buted about £10m to the bond 



1990-1 91-2 92-3 93-4 94-5 
Source; FTGrapWta7 He rnb ro» 

business and a fan in net interest 
revenue. Hambros had continued 
to lend to corporate clients, but 
marg ins had narrowed. 

Hambros said provisions were 
expected to rise by £l.5m to 
£7. 5m, against the trend for com- 
mercial banks. 

Analysts questioned the mer- 
chant bank’s control of costs. 
Increased overheads because of 
recruitment and investment in 


1993 


1994 


new business areas accounted for 
£2m-£3m of the expected profit 
fan 

Analysts had expected Hambro 
Countrywide, the estate agency 
owned 50 per cent by Hambros, 
to boost results as the housing 
market recovered. But it reported 
a loss of £700.000 lor the six 
months to June against a profit 
of £13 3 m in the first half of 1993. 
Lex, Page 18 


Peabody adds Wyoming coal assets 


By Laurie Morse in Chicago 

Peabody Holding, US coal mining 
subsidiary of the UK industrial 
conglomerate Hanson, is to buy 
the assets of Exxon Coal's Carter 
Mining for $360m in cash. The 
deal doubles Peabody's holdings 
in Wyoming’s Powder River 
Basin, which is known for its 
clean-burning low sulphur coaL 
The acquisition is strategically 
important for Peabody, which in 
recent years has sought to 
increase its ownership of clean 
coal reserves while ensuring cash 
flow by purchasing properties 
long-term coal supply agree- 
ments. Long-term sales of more 
than 255m tons are covered by 


supply agreements that are 
included in the transaction. 

Hanson said 90 per cent of the 
25m tons of coal produced last 
year at Exxon's Wyoming mines 
was sold to electric utilities 
under contracts ranging from 
five to 15 years. 

Peabody is acquiring Exxon’s 
Rawhide and Caballo mines, 
which together have 888m tons of 
economically recoverable 
reserves, and another 400m tons 
of unclassified reserves. 

Peabody, through its Powder 
River Coal subsidiary, already 
owns about lJJbn tons of Wyo- 
ming coal reserves. In addition to 
the reserves and long-term sup- 
ply agreements, Peabody is 


acquiring mmes and equipment 
with a net asset value of $170m. 

None of the mines included in 
the deal is unionised. A pro- 
longed strike by the United Mine- 
workers hit Peabody’s eastern 
coal operations last year. 

The Caballo mine lost Sl.lm in 
the first half of this year, largely 
because of problems with a new 
excavator. Peabody plans to 
abandon the machine and bring 
in less expensive procedures used 
at its own mines in the area. 

Mr Larry Metzroth, senior 
economist with Resource Data 
International, a Colorado-based 
coal consulting firm, said Exxon 
“got a very good price” for the 
mines. 


He said, however, the value of 
low sulphur Powder River Basin 
coal would rise when the second 
phase of the US clean air amend- 
ments took effect in 2000, making 
this an important purchase for 
Peabody. 

Hanson, through Peabody, has 
been gradually expanding its US 
coal holdings. In 1990 and 1992, 
Peabody bought coal properties 
in Kentucky and West Virginia, 
and last year swapped some its 
gold operations for coal reserves 
owned by Santa Fe Pacific. Han- 
son last year also expanded its 
Australian coal holdings. 

After the Wyoming sale, Exxon 
will retain coal mines in Illinois, 
and in Colombia and Australia. 


Templeton sees 
sharp growth in 
Russian markets 


By John Thornhill in Moscow 

The size of Russia's capital 
markets could match those of the 
US within 20 years, one of the 
world’s leading emerging mar- 
kets specialists predicted yester- 
day. 

in an interview with the Finan- 
cial Times, Mr Mark Mobius, 
president of the Templeton 
Emerging Markets Fund, which 
manages $6bn of assets, said: "I 
would rank Russia very highly 
among emerging markets 
because of its size and its poten- 
tial. In the next two decades it is 
quite possible that Russian capi- 
tal markets could be as big as 
(those) in the US.” 

Mr Mobius is the latest in a 
string of western fund managers 
to highlight the attraction of Rus- 
sia’s singing equity markets. 
Many have a clear vested Interest 
in so doing, but Mr Mobius may 
deserve to be taken more seri- 
ously given the performance of 
the Templeton Fund, which has 
produced an annualised rate of 
return on its original capital of 30 
per cent since 1987. 

The Templeton Fund is open- 
ing an office in Moscow and is 
contemplating foundling a Rus- 
sian country fund of about 
$300m. "I have got about $lbn 
sitting in the bank, as 20 per cent 
to 30 per cent of our money is in 
cash at the moment.’' he said. 

Mr Mobius said Russia’s vast 
natural resource base and mass 
privatisation programme had cre- 
ated an exciting investment cli- 
mate. The possible appreciation 
of the rouble provided an addi- 
tional attraction. 

“But the reason I came here 
was. that this was a country 
which produced Tchaikovsky and 
which put people on the moon. 
These are impressive people." he 
said. 

On a ten year basis Russia 
migh t represent as much as 20 



Templeton's Mark Mobius 

per cent of the Templeton Fund's 
weighting while Hong Kong and 
China might represent about 15 
per cent, but he added: "Russia is 
potentially a much more explo- 
sive investment climate." 

Mr Mobius conceded there 
were risks in investing in Russia: 
companies do not produce reli- 
able audited financial statements; 
managers have little concept of 
shareholder accountability; share 
trading is chaotic; and there is a 
danger that a future government 
might renationalise assets. “But 
in emerging markets we must 
seek out risk which has an 
inverse relationship to reward,” 
he said. 

Mr Boris Yeltsin, Russia’s pres- 
ident, yesterday reaffirmed the 
government’s commitment to 
creating a more favourable 
investment climate. “We need to 
create an organised market for 
share trading." he said yesterday. 

But earlier in the week, Mr 
Boris Fyodorov, the former 
finance minister, warned that a 
“catastrophic situation" was 
developing in Russia's share mar- 
kets because of a lack of effective 
regulation and the growing 
threat of organised crime. 


Barry Riley 

A choice between coffee 
and gold bullion 



Securities firms 
are bearing the 
scars of the weak- 
ening bond and 
stock markets - 
with the Goldman 
Sachs chairman 
retiring with 
“tiredness" and 
S.G. Warburg this week shocking 
the London stock market with a 
Monday morning profits warning. 
But the investment banking com- 
munity has come up with a 
timely alternative: commodities. 

Rising commodity prices erode 
manufacturers’ profit margins 
and help generate the inflation 
that eats away at the real returns 
on bonds. It does not take a 
genius to work out that commod- 
ity prices are inversely correlated 
to bond and stock returns, 
although backroom boffins are 
nevertheless on hand to work out 
the precise coefficients. 

The timing is favourable, but 
all the same it is a tricky task to 
promote commodities as a 
respectable asset class that pen- 
sion fund trustees would want to 
talk about In polite company. 
Perhaps that is why firms such 
as Goldman and J-P. Morgan are 
r ecommending only a cautious 
pension fund weighting of 5 per 
cent or so in commodities, 
although the logic of the optimi- 
sation calculations might suggest 
a considerably higher exposure. 

JJ>. Morgan is the newcomer 
here, having Just launched its 
own commodities index - the 
JPMCI - which is designed to act 
as a portfolio benchmark. It 
therefore rivals the already estab- 
lished Goldman Sachs version - 
the GSCI - which is the bench- 
mark for the first index-tracking 
commodities fund, currently 
hping launched by Barclays de 


Zoete Wedd as an o ffsh ore closed- 
end vehicle. 

There is an attempt here to 
shift commodities investment 
away from the traditional empha- 
sis upon short-term price specula- 
tion and fit it within a long-term 
investment framework. A total 
return concept has been devel- 
oped in which three kinds of 
return are generated. 

The price return is derived from 
the familiar risky exposure to the 
volatility of commodity values 
(moderated by diversification). 
The roll return come s from hold- 
ing long positions and repeatedly 

It Is a tricky task to 
promote commodities 
as an asset class that 
pension fond trustees 
would talk about in 
polite company 

rolling them over. Finally there 
is the collateral return , usually 
taken as the yield on an invest- 
ment in US Treasury bills (the 
BZW fond will hold alternative 
short-term debt instruments to 
earn slightly more). 

Commodity markets still have 
some way to go to achieve com- 
plete respectability. Cowboys still 
abound in the shadowy world of 
speculative offshore futures 
funds, where charges sometimes 
run to 2 per cent a month, with a 
share of profits as welL Charges 
on the BZW fund. It should be 
said, are Lffi per cent n year. 

The key feature here is bench- 
marking, which Is familiar to 
Institutional Investors and allows 
a comparison with the returns 
earned on other asset classes. 


However, commodity indices 
remain a potentially dangerous 
area for the unwary. 

Whereas the Economist index 
has risen by more than 30 per 
cent this year, and hit a high on 
September 20, the widely- 
followed Commodities Research 
Bureau index is barely higher 
than on January 1, having 
peaked on June 17. These are 
price returns only. The JPMCI 
shows a total return of 23.5 per 
cent so far this year. 

It all depends on what you put 
into your commodity basket and 
how you construct the index. The 
CRB Index is equally weighted. 
The GSCI, however, is designed 
on the basis of economic weight- 
ings according to the value of 
world production - energy 
accounts for just over 50 per cent, 
“soft" agricultural commodities 
about 40 per cent base metals 6 
per cent and precious metals only 
about 3 per cent 

As for the JPMCI, it is designed 
to have particularly high nega- 
tive correlations with bond and 
stock returns. It has a precious 
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FINANCIAL TIMES WEDNESDAY OCTOBER 5 1994 


INTERNATIONAL COMPANIES AND FINANCE 


Disposals help Suez to 
advance 54% at halfway 


By Andrew Jack 

in Paris 

Suez, the French finan cial 
services and investment group, 
yesterday announced profits of 

FFr795m ($149. 7m) for the 
first half of 1994, up 54 per 
cent on the same period last 
year. 

The result Included an excep- 
tional gain of FFr3 17m, com- 
pared with FFr38 Lm last time, 
which the group said also took 
into account losses realised on 
the disposal of Groupe Vic- 


By Christopher Brown-Himes 
in Stockholm 

Huhtamaki, the Finnish 
consumer products group, has 
lowered its full-year forecast 
after reporting static profits 
and lower earnings per share 
in the first eight months. 

The sales prognosis has been 
cut by FM500m to FM8.5bn 
($l-8bn) and earnings per share 
are expected to be lower than 
last year’s FM13.59, not higher. 
Pre-tax profits will be flat at 
around FM506m. 

The company blamed a 15 
per cent rise in the Finnish 
markka against the DS dollar 


Tiphook family 
trust sells shares 
worth £143,351 

Speculation over the financial 
health of Tiphook founder Mr 
Robert Montague was height- 
ened yesterday, after his fam- 
ily trust sold 434J98 shares in 
the recently-renamed Central 
Transport Rental Group, rais- 
ing £143,351 ($225,061), writes 
Simon Davies in London. 

The shares were sold on 
Monday, the day on which the 
Royal Bank of Scotland had 
planned to serve a bankruptcy 
petition on the CTRG chief 
executive. 

It is understood the petition 
will be served later this week, 
when Mr Montague returns 
from the US. The Royal Bank 
is chasing up a £2.3m loan, but 
Mr Montague has around £30m 
of personal debts. 


tolre, the insurance company 
sold to Commercial Union of 
the UK earlier this year. 

These losses - as well as 
other provisions - were offset 
by various exceptional gains, 
including the sale of its shares 
In Compagnie Fonciere Inter- 
nationale to Unibail earlier 
this year. 

Operating profits more than 
doubled, to FFr478m compared 
with FFrl35m in the first half 
last year, and full-year 1993 
operating losses of FFrlJbn. 

The company said the rise 


for the adjustment, and said a 
strike in North America's 
major league baseball may hit 
collectable card launches 
towards the year-end. 

In the first eight months, 
profits edged up to FM3Q9m 
from FM307m after acquisi- 
tions helped lift sales by 12 per 
cent to FM5.6bn. 

The result was struck after a 
FM-lra increase in operating 
profit, to FM409m, was par- 
tially Offset by higher financial 
costs of FMlOOm, up FM2m. 
Earnings per share fell 12 per 
cent to FM8.46 from FM9.58 
due to a higher number of 
shares in issue. 


By John Ridding in Paris 

Lagardbre Group, the 
diversified French defence and 
electronics group, yesterday 
announced that it planned to 
sell its 26 per cent stake in 
SAT, the telecoms equipment 
and electronics company. 

According to Lagarddre. the 
sale of the stake, which is val- 
ued at about FFrlbn ($i88m), 
will bring a capital gain of 
FFrSQOm. The company said 
the proceeds supported its pre- 
diction of a strong increase in 
profits this year. 

Earlier this year, Lagarddre 
said it would report a double- 
digit percentage increase in net 
profits compared with about 
FFrSOOm in 1993. The compari- 


reflected the solid performance 
of subsidiaries against a tack* 
ground of difficult markets and 
banking conditions a nd heavy 
property provisions. 

It said that after four years 
of disinvestment to deal with 
the property crisis and to 
Improve margins, Suez now 
had the means to develop its 
investments. 

There were no significant 
accounting changes, such as 
those last year which triggered 
an additional FFr27 6m gain for 
the 1993 full-year results. 


Mr Timo Peltoia, chief execu- 
tive, was cautiously optimistic 
about prospects, saying "a 
turnaround in our key markets 
is evtdent at long last”. 

He said the trend in the 
second four months had been 
better than in the first period. 
thanks to an Improved North 
American performance by 
Leaf, the world's 10th largest 
confectionery group, and satis- 
factory results from the 
Lelras pharmaceuticals busi- 
ness. 

Margins in the Polarcap food 
packaging division have been 
squeezed by rapid rises in raw 
material prices. 


son is complicated by the 
changed accounting structure 
following Lagarddre's 
increased holding in its Matra- 
Hachette subsidiary earlier 
this year. 

A spokesman for Lagard&re 
said that the sale of its stake in 
SAT had been agreed with 
Sagem, which controls the 
majority of SAT's shares. It 
said the sale would take place 
soon, depending on stodt mar- 
ket conditions, and that it 
would comprise a public offer 
and an institutional placing, to 
be managed by Banque Nat- 
ionals de Paris. 

Lagardfere described the sale 
as being in line with Ha strat- 
egy of disposing of non-core 
assets. 


Wilson in 
talks over 
sale to 
US buyer 

By Andrew Baxter in London 

A US company may be about 
to buy F.G. Wilson (Engineer- 
ing), the Larne-based company 
which Is Europe's largest pro- 
ducer of diesel sets used for 
generating electricity. 

Privately-held Wilson, one of 
Northern Ireland’s most suc- 
cessful engineering companies, 
confirmed yesterday that Its 
directors were in talks with a 
“major American corporation” 
which had approached it 

F.G. Wilson would not name 
the company and said talks 
were at a preliminary stage. It 
expected to make a further 
statement by today. 

Last night there was strong 
speculation that Emerson Elec- 
tric, the US electrical and elec- 
tronics product group, would 
launch a bid for Wilson. A 
spokesman for Emerson said 
he had no information on any 
bid. 

If Wilson were taken over, it 
would be the second purchase 
this week of an independent 
UK producer of generating 
sets. Cummins Engine, the US 
diesel engine group, is buying 
Sandwich, Kent-based Power 
Group International, which is 
best known for its Petbow, 
Auto Diesel and Agreba 
brands. 

A substantial investment in 
Wilson would be a coop for a 
company wishing to enter the 
East-growing market for diesel 
generating sets. The Larne 
company was founded in 1968, 
and has grown to achieve 
annual sales of more than 
£160m ($252JJ0m) and export 
markets m 120 countries. 

It employs about 1,000 peo- 
ple, most of them at Larne. It 
recently moved into a former 
GEC factory there, consolidat- 
ing manufacturing which took 
place at five separate facilities. 

A link-up with a company 
such as Emerson, one of the 
best-known names in the 
world electrical products 
industry, could give Wilson 
access to a wider distribution 
network. 

Other names mentioned as 
possible bidders included Cat- 
erpillar, the world's largest 
construction equipment com- 
pany, which also has a power 
generation business. 


Huhtamaki lowers forecast 


Lagardere plans to 
sell 26% SAT stake 


GM shakes up senior management 


By Richard Waters 
In Now York 

General Motors has announced 
a shake-up of senior executives 
in its core North American 
operations, in a move Intended 
in part to recognise the suc- 
cesses of its Saturn small car 
division. 

The reshuffle brings two 
executives to the fore: Mr Rich- 
ard "Skip” LeFauve, head of 
Saturn, who has been given 
responsibility for all small cars 
in North America; and Mr Don- 
ald Hackworth, who will run 
the medium-sized and luxury 
car businesses. 

Mr Richard Wagoner, who 


became president of GM's 
North American operations 
this summer, said there were 
“a lot of good ideas in Saturn 
that need to spread across the 
company”, though he added 
that “the flow will not be 
one-way". 

Saturn accounts for some 
300.000 of the 3m cars that GM 
produces in North America 
each year, compared with the 
lm vehicles produced by its 
other small cars division, the 
Lansing Automotive Division. 

The company said its North 
American car operations would 
continue to be run as four sep- 
arate divisions, and that it was 
not making any changes to its 


product lines. Mr Wagoner said 
no specific cost savings were 
projected as result of the 
shake-up. 

The move comes as produc- 
tion at the US’s biggest auto- 
motive group continues to pick 
up after a strike at a parts 
plant in Michigan, which 
brought several production 
lines to a halt last week. 

The strike ended when GM 
agreed to demands from the 
United Auto Workers union to 
hire more staff at the plant to 
reduce the overtime load on 
the existing 11,000 workers. 

Mr Wagoner said yesterday 
that settlement of the dispute 
did not mean GM would give in 


to demands for extra staff at 
other sites. The company 
looked at staffing levels plant 
by plant, and had settled other 
similar issues without adding 
to staff levels, he said. 

Mr Wagoner characterised 
the Latest strike as a symptom 
of expanding demand in the 
US. which had caused "bottle- 
necks” at various points In the 
production and distribution 
chain. 

"Clearly, we are hitting some 
rough spots," he said. The 
question for the GM's manage- 
ment. he added, was: “How do 
you manage the upside, while 
leaving the company prepared 
for any future downturn?" 


Strong sales lift European operations 


General Motors' Opel/Vauxhall 
operations in Europe lifted net 
profits in the first six months 
of 1994 to $603m horn $520m in 
the same period last year. 

The half-year figures have 
already exceeded profits for the 
whole of 1993, when the com- 
pany was burdened by heavy 
restructuring costs, in particu- 
lar in Germany in the second 
half of the year. 

The group also announced 
that Mr Richard Donnelly had 
been appointed president or 
General Motors Europe, as part 
of a reorganisation of the top 
management of GM's automo- 
tive operations. 

He will succeed Mr Louis 
Hughes as head of the Opel/ 
Vauxhall and Saab car and 
light co mme rcial vehicle activi- 
ties. Mr Hughes previously 
combined this role with his 
presidency of all GM's vehicle 


business outside North Amer- 
ica. Mr Donnelly is head of 
GM’s Powertrain (engines and 
transmissions) operations in 
North America and a member 
of the GM North American 
operations strategy board. 

On the results, Mr Hughes 
said Opel/Vauxhall was the 


returned to “solid profitability" 
in the first half after falling 
into loss in 1993, and would 
achieve a substantial turn- 
round in the full year. 

The Opel/Vauxhall brand 
(Opel in continental Europe 
and Vauxhall in the UK) was 
the top-selling single marque 


Kevin Done reports from the 
Paris World Auto Show 


most profitable volume car- 
maker in Europe for the fifth 
year in succession. 

Net profits were halved last 
year, to $596m from $i.i2bn in 
1992, under the impact of a 
steep decline in west European 
new car sales. 

Mr Hughes said Opel, GM’s 
German subsidiary, had 


in Europe in the first nine 
months, with sales of 1.15m 
and a 115 per cent share of the 
west European new car 
market 

Mr Hughes said Opel had 
recently added a third shift for 
the production of its Omega 
executive car at its plant in 
Russelsheim, near Frankfurt. 


The move was spurred by 
strong demand. 

GM Europe is entering a new 
market segment this autumn 
with the launch of a small 
coup£. the Opel/Vauxhall Tigra 
developed from Us Corsa small 
cor, with planned sales of 
50,000 in Europe in 1995. 

Mr Hughes forecast that 
overall new car sales In west 
Europe would Increase this 
year by around 5 per cent to 
11.8m. However, he admitted 
that a large part of the recov- 
ery was stemming from gov- 
ernment actions in France and 
Spain to stimulate sales 
through financial incentives 
for scrapping of old cars. 

Sales next year are forecast 
to recover further to 12.3m. but 
Mr Hughes warned they would 
not return to the record level 
of 13.45m in 1989-1991 until the 
“latter part of this decade". 


Peugeot Citroen in cost-cut drive 


Ford to launch 
its smallest car 

Ford, the US carmaker, is to 
expand its range by entering a 
new segment of the European 
car market with the launch of 
a new car smaller than the 
fiesta, its smallest car. 

Mr Alex Trotman, Ford 
chairman and chief executive, 
said that the new s mall car 
would be launched within the 
next three years in Europe. 

The company said that no 
decision had yet been made on 
a production location, but it is 
understood that the plant at 
Valencia, Spain, is front run- 
ner. Production volumes are 
likely to exceed 100,000 a year. 


Peugeot Citroen, the French 
carmaker, is seeking to cut 
costs substantially in order to 
increase its International com- 
petitiveness, Mr Jacques Cal- 
ve t. chairman, said yesterday. 

The target was to reduce 
purchasing costs by 15 per cent 
and investment costs by 30 per 
cent daring the next three 
years. 

The Peugeot group staged a 
strong recovery in the first half 
this year, with a pre-tax profit 
of FFrl.Q2bn ($192m) compared 
with a loss of FFrL85bn in the 
same period a year ago. 

The group is aiming to 
improve productivity in Its 
plants by more than 12 per 


cent this year, having achieved 
a similar increase in both 1992 
and 1993. 

The target of cutting invest- 
ment costs by 30 per cent in 
the next three years while 
maintaining the same overall 
level of spending would allow 
the group to accelerate Its 
product development pro- 
gramme. 

Mr Calvet said Peugeot was 
also seeking to reduce signifi- 
cantly the time taken to 
develop new vehicles. New pro- 
jects started in the next two 
years would cut development 
times from 44 to 36 months, 
while the costs of producing 
prototype vehicles would be 


cut by 10 per cent a year. 

The carmaker, which is 
largely dependent on the Euro- 
pean market, is also deter- 
mined to increase its presence 
in overseas markets. 

Mr Calvet said the group’s 
target was to generate 25 per 
cent of its sales outside Europe 
by the year 2000. compared 
with only 14 per cent last 
year. 

It sold 75,000 vehicles in 
South America last year, was 
advancing in China and 'had 
good prospects in Malaysia and 
India. 

Mr Calvet ruled out any 
suggestion of a merger with 
Renault 


This announcement appears as a matter of record only. 



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RECOMMENDED 
UNCONDITIONAL CASH OFFERS 
by 

SINGER & FRIEDLANDER LIMITED 

on behalf of 

MENSTON INVESTMENT LIMITED 

to acquire the whole of the ordinary share capital 
and preference share capital of 

AHIPLC 

(formerly Aitken Hume International PLQ 
not already owned or agreed to be acquired by Menston 
Investment limited 

Singer A Friedlander Limited ('Singer & Friediander') announces on 
behalf of Menston Investment Limited ("Menston") that, tay means of a 
formal offer document dated 4lh October, 1994 ("the Offer Document”) 
despatched on 4th October, 1994, Singer & Friedlander is making offers 
("the Offers") on behalf of Menston to acquire ail die existing issued and 
fully paid or credited as fully paid ordinary shares of 25p each in AHI 
PLC ("AHI") ("Ordinary Shares") and any further such shares which are 
unconditionally allotted or issued fully paid (whether on exercise of 
options, conversion of 7 per cent, convertible cumulative redeemable 
preference shares of £1 cadi in AHI ("Preferences Shares") or otherwise) 
on or before 25th October, 1994 (or such later dale as Menston may 
decide) ("ibe Ordinary Offer*) and to acquire all Ihe existing issued and 
fully paid or credited as fully paid Preference Shares and any further such 
shares which are unconditionally allotted or issued felly paid ou or before 
25th October, (994 (or such later dale as Menston may decide) ("ibe 
Preference Offer"). 

A holder of Ordinary Shares who accepts the Ordinary Offer will receive 
55p in cash for every Ordinary Share. The holder of Preference Shares 
who accepts the Preference Offer will receive lOQp in cash for every 
Pre fe rence Share. The Full terms and conditions of the Offers are set out in 
die Offer Document 

The Offers arc not being made, directly or indirectly, in the United Stales 
of America, its territories and possessions, any Slate of the United States 
of America or the District of Columbia ("the United States") or rannria. or 
by use of Ihe mails, or by any means or instrumentality of inter-state or 
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or from the United Stales or Canada and doing so may render Invalid any 
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The Offers, which are made by means of the Offer Document and this 
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This advertisement is published on behalf of Menston and has been 
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Act 1986. 

The Directors of Menston and of Allied industries Infemariona) Limited, 
the holding company of Menston, accept responsibility for the information 
contained in this advertisement and to the best of their knowledge and 
belief (having taken all reasonable care to ensure that such Is the case), the 
information contained in this advertisement is in accordance with die E«ts 
and docs not omii anything likely to affect the Import of such information. 

4th October, 1994 







: :v» 


. ' ' '"a'-. 

drive 




fin ancial times Wednesday October 5 1994 

'international companies and finance 


American Express plans 
to cut another 4,000 jobs 



Harvey Golub; ‘much to do* to bring the company’s costs lower 


By Richard Waters 
in New York 

American Express is poised to 
announce further sweeping job 
losses in its core plastic cards 
business in an attempt to bring 
itself more into line with other, 
more profitable US card com- 
panics. 

The cuts, which could lead to 
reductions in the workforce of 
more than 4.000, will come 
largely in the US, although the 
company is also expected to 
continue the reorganisation 
that has been in progress in its 
European business sin™* ear. 
her this year. Under this, it has 
been centring all activities in 
London, other than those 
which have direct contact with 
customers. 

“We have been for some time 
looking at our operating 
costs.” American Express said 
yesterday, adding “We have 
not completed those analyses 
yet, and have made no deci- 
sions.” 

However, one source with, 
knowledge of the changes 
that they were likely to be 
announced as early as this 
week, adding American 
Express needs “fewer facilities, 
and functions that work across 
the organisation”. 

The changes in part stem 
from the group’s move to 
expand its range of cards. 


adding a series of revolving 
credit products to its basic 
charge card. Rather than 
develop separate processing 
and other systems to handle 
the new products, it has 
decided to redesign its entire 
operating base to handle all 
card products on a single 
system. 

This has created the need 
to push through a broader- 
ranging restructuring of Us US 
operations. 

Under Mr Harvey Golub, 


chairman and chief executive 
since early last year. American 
Express has already been 
through one wave of cost- 
cutting. In an interview earlier 
this year, though. Mr Golub 
said that the company, while 
switching its focus to growing 
its revenues, also “had much 
more to do” to bring its costs 
lower. 

American Express's shares 
rose $114 in New York on 
reports of the cost-cutting, to 
$31%. 


Nomura Securities pays Kcs2bn 
for 26% stake in Slovak fund 


By Vincent Boland 
in Bratislava 

Nomura Securities has taken a 
substantial minority stake in 
VUB Kupon, a large invest- 
ment fund in Slovakia, in one 
of the biggest foreign invest- 
ments in the country to date. 

VUB Invest, a unit of Vseo- 
becma Uberova Hanfra which 
manages the fund, said 
Nomura had bought just over 
2.9m shares in VUB Kupon 
from the bank for Kcs750 each, 
valuing the transaction at 
Kcs2.1£bn ($61m) and giving it 
a 26 per cent stake in the fund. 

Nomura declined to com- 
ment on the deaL 

The Japanese fins bought its 
stake from VUB, Slovakia’s 
biggest commercial bank, after 
the National Bank of Slovakia 


ordered it to reduce its holding 
from 30 per cent Under new 
banking rules, a Slovak bank 
cannot own more than 10 per 
cent of an investment fund. 
After rhp sale the hawk owns 4 
per cent of VUB Kupon. Some 
300,000 private and institu- 
tional Slovak investors own 
the majority of its shares. 

VUB Kupon was set up dur- 
ing the first wave of voucher 
privatisation - which allowed 
Slovaks to invest in companies 
being s ol d off - in the former 
Czechoslovakia and is the big- 
gest fund in independent Slo- 
vakia, with a portfolio valued 
at almost Kcs5bn. 

Its shares are traded on the 
Bratislava stock exchange and 
are "priced at Kcs500. The 
fund’s net asset value is 
Kcfil,460. 


The fund has substantial 
stakes in many of Slovakia’s 
industrial companies which 
were partly privatised through 
the voucher system. Many pri- 
vate investors sold their vouch- 
ers to funds such as VUB 
Kupon, which then used them 
to invest in state assets being 
sold by the government 

Nomura is an adviser to the 
National Rank of Slovakia anri 
arranged a $250m samurai 
braid issue for the bank in July 
in its first foray into interna- 
tional capital markets. Japan’s 
Bond Research has given the 
bank a BBB rating. 

Mr Laths lav Vaskovic, gen- 
eral director of VUB Invest, 
said he expected some changes 
in the-contentof VUB Kupon’s 
‘portfolio as a result of the 
Nomura investment 


Baxter sells diagnostic 
side to Bain Capital 


Asarco joins 
Coeur in silver 
mines venture 

Asarco, the US mines group, 
and Coeur d'Alene Mines, the 
second-largest US silver pro- 
ducer. are forming a new com- 
pany, Silver Resources, Renter 
reports from New York. 

The new venture will consist 
of the fully developed Coeur 
and Galena silver mines near 
Wallace, Idaho, as well as the 
adjoining Caladay, an 
advanced silver exploration 
property. 

Asarco and Coeur will each 
hold a 50 per cent interest in 
Silver Resources. 

The Coeur and Galena mines 
have been on standby and have 
not been operating during the 
past three years because of low 
silver prices. Historically, the 
two mines have produced more 
than 160m total ounces of 
silver. 

Asarco has been managing 
the Galena and Coeur proper- 
ties under a lease agreement 
with Coeur d'Alene. 

In forming the new com- 
pany, both Asarco and Coeur 
will contribute their interests 
in the Galena and the Coeur 
mines, as well as other assets, 
including Coeur's Caladay 
mine anti waive certain cash 
flow entitlements at the 
Galena Mine. 

Asarco is contributing the 
Images it holds in the two mines 
as well as buildings and adja- 
cent properties. 

Coeur d'Alene Mines will 
contribute ownership and lease 
interests in the two mines as 
well as the Caladay and other 
adjacent properties. 


By Richard Waters 

Baxter International, the 
Illinois-based hospital supplies 
group which plunged into 
losses last year after a $925m 
restructuring, has agreed to 
the sale of its diagnostics busi- 
ness for $448m. 

The business had been put 
up for sale in November last 
year as part of a move by Bax- 
ter to reduce borrowings and 
concentrate its Investment in 
biotechnology and renal ther- 
apy, and to develop its non-US 
operations. 

The company said it had 
reached agreement to sell the 
business to Bain Capital, 
a Boston-based buy-out 
firm. 

Some $40m of the consider- 


By Ronald van de Krai 
in Amsterdam 

KNP BT, the Dutch paper, 
packaging and office products 
group, said its US office 
products division had foiled to 
reach agreement on a planned 
merger with Ivan Allen, an 
office products distributor 
based in Atlanta. Georgia. 

The Dutch company declined 
to say why the proposed 
merger, first announced by its 
US division in late August, had 
not gone ahead. 

KNP BT had hoped the link 


ation will be in the form of 
preferred stock, with the 
remainder in cash and 
accounts receivable retained 
by Barter. 

Baxter said the sale would 
further reduce its debt levels, 
and its ratio of debt to total 
capital would be “in the 
low 40 per cent range" by the 
end of this year, compared 
with 50 per cent at the end of 
1993. 

The company’s shares have 
recovered almost $8 from the 
trough they hit a year ago, 
when Baxter was rocked by a 
temporary US government ban 
on accepting bids from the 
company, and an admission 
that it had broken US law by 
co-operating with an Arab boy- 
cott of IsraeL 


would give it wide access to 
customers in the south- 
eastern VS. where Ivan Allen 
is the largest local distri- 
butor. 

A spokesman for KNP BT 
said it would reconsider its 
options in the states of Geor- 
gia, Alabama, Tennessee and 
North and South Ca r oli n a. 

KNP BT, which is keen to 
create a national distribution 
network in the US. has made a 
string of distribution acquisi- 
tions in California, Texas, Ore- 
gon, Florida and Missouri so 
for this year. 


KNP BT’s plan to merge 
with Ivan Allen collapses 


Broader disclosure urged in US 


By Our New York staff 

US companies should give 
their shareholders more 
detailed information abo ut the 
performance of different parts 
of their business, according to 
a committee set up by me 
Ame rican Institute of Certified 
Public Accountants. 

The accountants also want 
companies to include only the 
results of their continuing, 
core operations in their 
reported net profits, and to 
identify exceptional or one-oft 
items separately. 

The recommendations are 
included in a study of financial 
reporting undertaken by the 


AICPA during the past 
three years and published 
recently. 

It calls for financial state 
meats to include more infor- 
mation about a company's 
plans and prospects, as well as 
touching on several specific 
accounting issues. 

The call for more detailed 
segmental information reflects 
concern from investors about 
the quality of information 
available. “Users [of financial 
reports] tell us it is ineffec- 
tual," said Mr Robert Israeloff, 
a member of the committee, 
who is due to take over as 
chairman of the AICPA this 
month. 


In the past, companies have 
always succeeded in fig hting 
off greater segmental disclo- 
sure by arguing that it would 
reveal commercially sensitive 
information and therefore he 
a gains t the interests of their 
shareholders. 

The AICPA has no power to 
ch an g e accounting rules. How- 
ever, Mr Israeloff said the body 
would urge the Financial 
Accounting Standards Board 
and the Securities and 
Exchange Commission to adopt 
the recommendations. 

Improving Business Report- 
ing. Product No 019305, AICPA 
Order Dept. PO Bor 2X8. Jer- 
sey City. NJ 07303-2209. 


Credit Lyonnais share rise prompts probe 


Motorola to 
lift computer 
presence 

By Louise Kehoe 
in San Francisco 

Motorola, the US electronics 
and communications manufac- 
turer, has announced a signifi- 
cant initiative to enter the per- 
sonal computer, computer 
workstation and computer 
server markets. 

Based on the PowerPC 
microprocessor chip, jointly 
developed with IBM and Apple 
C o mp ute r, the new Motorola 
computer products will 
include desktop workstations, 
personal computers and 
servers. 


By Andrew Jack in Paris 

Credit Lyonnais, the troubled 
French banking group, became 
embroiled with regulators yes- 
terday as they examined 
whether new financial infor- 
mation had been released 
exclusively to a small group of 
analysts. 

The probe followed a sharp 
jump in the price of Credit 
Lyonnais’s shares on Monday 
after an analysts' meeting on 
Friday evening, at which the 
bank had appeared to empha- 
sis that the French govern- 
ment would continue to under- 
write past losses. 

The Commission des 
Operations de Bourse (COB). 


the markets regulator)’ bod)’, 
stressed yesterday it had not 
launched a formal investiga- 
tion but confirmed it bad asked 
for clarification of precisely 
what the bank had told the 
meeting. ' 

It is against COB rules to 
provide any information to a 
small group without providing 
a public statement to ensure 
that all investors have equal 
access to it 

Mr Jean Peyrelevade, who 
was appointed chairman of 
Credit Lyonnais by the govern- 
ment last year after its trou- 
bles emerged, told the analysts 
that all bad debts inherited 
from past management would 
have no impact on the bank's 


accounts from the start of next 
year. 

The clear subtext was that 
the French state would under- 
write whatever provisions 
were necessary to keep the 
bank solvent - with estimates 
that up to a further FFrlSbn 
($2. 84 bn) may yet be required 
on top of the FFrlO.lbn 
announced last week. 

However, Credit Lyonnais 
maintained that it had sent the 
same message to all investors 
at a press conference to 
announce its results on Tues- 
day last week, when Mr Peyre- 
Ievade said that current activi- 
ties would be protected against 
potential losses due to bad 
risks in the past. 


Meanwhile, the ministry of 
finance and economy reiter- 
ated last night that there was 
no “blank cheque" for Credit 
Lyonnais and that it could not 
guarantee support until it had 
full knowledge of the exact size 
of provisions necessary. 

Analysts were sticking to 
their position yesterday. 

“Either all analysts are stu- 
pid, or Mr Peyrelevade said he 
had the backing of the state," 
said one yesterday. "The mar- 
ket is still convinced of this 
support, so I think analysts are 

□ot completely stupid.” 

The bank is in the middle of 
a public relations offensive fol- 
lowing publication Inst week of 
half-year losses of FFr4.5bn. 


This anaunmcemcnt is issued try Eastman Kodal^ Company and is addressed only to persons emitted to the Securities listed below 1 (“Sccirntyboidcrs’) and is neither an 
offer to purchase, nor a s olic it a ti on of an offer to sell these Securities The offer is made solely by the Offer to Purchase dated October 4, 1004 (the u Qffer’\ .aid only to, 
and it is capable qfbemg accepted only by, Secwriryholders. The Offer isnotbdngmade la, nor uHl tenders be accepted from or on behalf of, SeL-sirit\-)u?{d».-rs rciidbiy 
in ary jur i s dicti on in which the moling of the Offer or accep tance thereof would not be m compliance u-idi the securities or other laws of such jurisdiction. 

October 1994 


US$4,761,051,000 



Eastman Kodak Company 


Fixed Spread Tender Offer 


Eastman Kodak Company (“Kodak 9 ) has offered to purchase, upon the terms and subject to the conditions of the Offer to Purchase dated October 4, 
1994, any and all of the Securities of each Series listed below. The Purchase Price for each Security shall equal the price resulting, as of the applicable 
Settlement Date, in an effective yield (the “Tender Offer Yield”) to the applicable Maturity /Redemption Date specified below equal to the sum of (i) the 
yield to maturity of the applicable Reference Treasury Security specified below, at the time such Security is tendered, as calculated by the Managers in 
accordance with the terms of the Offer to Purchase based on the bid price for such Reference Treasury Security as published on the applicable 
Bloomberg Government Pricing Monitor page specified below plus (ii) the applicable Fixed Spread specified below. The Managers will determine the 
Purchase Price applicable to each Security properly tendered during the Tender Period by calculating, per US$1,000 principal amount of Securities, the 
present value of (a) the principal amount (US$1,000 in the case of each Security) payable at the applicable Maturity/Redemption Date, plus (b) all 
remaining payments of interest up to and including the relevant Maturity /Redemption Dace, discounted (as of the applicable Settlement Date) in 
accordance with the terms and conditions of the Offer at an interest rate equal to the applicable Tender Offer Yield. 


Ounta&din{ 

Principal 

Amount 


Maturity/ 

Redemption 

Date 


Fixed 

Spread 

Qnn* 

point*) 


Reference 

Treasury 

Security 


Price 

Source 


Dicr yeioo of Secuririea 
and CL&u- Number /L5 IN 

9.20% Notes Due 1/15/1995 
277461 AT6 

8 35% Notes Due 5/1/1997 
277461 AG4 

9 Vs% Notes Due 3/1/1998 
277461 AK5 

7.25% Notes Due 7/1/1999 
277461 AY 5 

9 Vz% Notes Due 4/15/2000 
277461 AMI 

10% Notes Due 6/15/2001 
277461 AN9 

9 3 /s% Notes Due 3/15/2003 
277461 AL3 

9 3 /»% Notes Due 10/1/2004 
277461 AS8 

9 7 /s% Notes Due 11/1/2004 
277461 AQ2 

9Va% Notes Due 6/15/2008 
277461 AW9 

9.95% Debentures Due 7/1/2018 
2 77461 AP4 

9.20% Debentures Due 6/1/2021 
277461 AVI 

10 3 /b% Bonds Due 14 Mar 1995 
GB0043006765 
(Euro-Security) 

In addition, Kodak will pay accrued interest from (and including) the last regular payment of annual or semi-annual interest (as the case may be) up to 

(but not including) the applicable Settlement Date which shall be either: (0 the fifth New York City business day following the date on which the 

relevant Securities are tendered or (ii) if a Securityholder expressly elects at the time of tender, October 26, 1994. 


US$750,000,000 15 Jan. 95 5 

US$200,000,000 1 May 97 15 

US$1,100,000,000 1 Mar. 95 7 

US$275,000,000 1 July 99 15 

US$400,000,000 15 Apr. 95 7 

US$300,000,000 15 June 96 10 

US$400,000,000 15 Mar. 03 15 

US$300,000,000 1 Oct. 04 20 

US$300,000,000 1 Nov. 98 15 

US$300,000,000 15 June 08 30 

US$125,000,000 1 July 18 30 

US$200,000,000 1 June 21 30 


US$111,051,000 14 Mar 95 


8.625% U.S. Treasury PX3 
Notes Due 1/15/1995 
6.875% U.S. Treasury PX5 
Notes Due 4/30/1997 
3.875% U.S. Treasury PX3 
Notes Due 2/28/1995 
6.75% U.S. Treasury PX6 

Notes Due 6/30/1999 
8.375% U.S. Treasury PX3 

Notes Due 4/15/1995 
6% U.S. Treasury PX4 

Notes Due 6/30/1996 
7.25% U.S. Treasury PX7 

Notes Due 8/15/2004 
7.25% U.S. Treasury PX7 

Notes Due 8/15/2004 
4.75% U.S. Treasury PX6 

Notes Due 10/31/1998 
7.25% U.S. Treasury PX7 

Notes Due 8/15/2004 
6.25% U.S. Treasury PX8 

Bonds Due 8/15/2023 
6.25% U.S. Treasury PX8 

Bonds Due 8/15/2023 
3.875% U.S. Treasury PX3 

Notes Due 2/28/1995 


THE OFFER EXPIRES AT 5:00 PJvL, NEW YORK CITY TIME, WEDNESDAY, 
OCTOBER 19, 1994, UNLESS EXTENDED OR EARLIER TERMINATED, 


Securityholders may ascertain the current yield on Reference Treasury Securities and the Purchase Price applicable to a Security by contacting Lehman 
Brothers or CS First Boston Corporation at either of the telephone numbers listed below. In addition, information regarding the Offer will be available 
on MOM “CORPORATEWATCH” Service on Telerate/Pflge 41954. 

Requests for copies of die Offer materials and questions relating to the Offer and this announcement should be directed to Lehman Brothers 
International (Europe) and CS First Boston Limited Recipients of diisannotmcement and the Offer materials tiiff not be customers 
of, or afforded die protections owed to customers hy, Lehman Brothers International (Europe) or CS First Boston Limited. 


Lehman Brothers International (Europe) 
011 - 44 - 71 -' 601-0086 
Attention: Marco Salvalaggio 


CS First Boston Limited 
011 - 44 - 71 - 516-4904 
Attention: James Barratt 





mg data tor Uie monitoring of targets, ana Die lor cne nanaimg ui wabie imi-huging. jmLR.iBing unwne nmuavic, um 




22 


FINANCIAL, TIMES WEDNESDAY OCTOBER 5 1994 


INTERNATIONAL COMPANIES AND FINANCE 


M&A shows revival signs 
in Japan, say brokers 


By Emiko Terazono in Tokyo 

Mergers and acquisitions by 
Japanese companies, which 
have been declining since the 
bursting of the “bubble econ- 
omy" of the late 1980s and 
early 1990s, are showing signs 
of revival 

Reports by two landing Japa- 
nese brokers reveal that Japa- 
nese companies have returned 
to mergers and acquisitions as 
a means of restructuring their 
operations. 

According to Daiwa Securi- 
ties, there were 373 M&A deals 
in the first nine months of this 
year, up 26 per cent on the 
same stage of 1993. 

However, unlik e purchases 
during the economic boom, 
recent transactions reflect 
efforts to counter increasing 
competition and to cut costs. 
In contrast to transactions dur- 
ing the late 1980s, the average 
size of deals has fallen sharply. 


Yamaichi Securities said the 
average transaction size has 
dropped 46 per cent, from 
Y3.51bn in 1991 to Yl.9bn 
(519m) so Ear this year. 

Daiwa said M&A deals were 
particularly prominent in the 
petrochemical and retail indus- 
tries. 

Japan's petrochemical indus- 
try has been hit by low domes- 
tic demand and the apprecia- 
tion of the yen. and companies 
are turning to mergers in order 
to survive. 

The discount boom and the 
rise of private brands in the 
retail industry has prompted 
large supermarkets to cut out 
the wholesaler in order to 
maintain profit marg ins, forc- 
ing consolidation among 
wholesalers. Increasing compe- 
tition among convenience 
stores has also prompted an 
increase in M&A activity. 

Acquisitions of US busi- 
nesses by Japanese companies 


rose 45 per cent to 64 deals 
daring the nine months to Sep- 
tember. Electronics, telecom- 
munications and pharmaceuti- 
cal groups are investing in US 
venture companies to acquire 
advanced expertise. Daiwa also 
noted a rise in purchases 
of plants in order to secure 
manufacturing bases In North 
America. 

Yamaichi said acquisitions of 
Asian companies by Japanese 
businesses doubled from a year 
earlier, to 18 deals, although 
investment in Europe slowed 
slightly from 34 to 23 deals. 

Purchases of Japanese busi- 
nesses by foreign companies 
rose by 9 to 30, Yamaichi said. 
Japanese companies looking to 
restructure their operations 
have turned to overseas corpo- 
rations looking to expand in 
Japan, while the country’s 
deregulation efforts have 
started to attract foreign com- 
panies. 


Honda to make Dominator in Italy 


Honda Motor is to manufacture 
its NX 650 Dominator motor- 
cycle at its Italian plant shift- 
ing production of the model 
from its Japanese operation. 
AP-DJ reports from Tokyo. 

The car and motorcycle man- 
ufacturer said production 
would start before the year end 
at Honda Italia's Atessa 
plant at an initial rate 


of 6,000 units a year. 

Honda is shipping produc- 
tion equipment for the motor- 
cycle from its Japanese plant 
to Atessa, making Investment 
for the output start-up mini - 
mal 

The NX 650 Dominator, sold 
exclusively in Europe, is cur- 
rently exported from Japan. 
Honda will continue to export 


engines from its Japanese 
plant but all other parts will 
eventually be acquired from 
sources in Europe. 

The company said the shift 
of production to Italy would 
help reduce manufacturing and 
marketing costs, which have 
been affected by the strength 
of the yen since last 
year. 


Accountants 
face lawsuit 
over Carrian 

By Jim KeOy 

Price Waterhouse Hong Kong 
Is being sued for HK$2bn 
(US5259m) by liquidators of 
Carrian Investment the con- 
glomerate placed in liquida- 
tion in October 1983 with 
debts of HK$10bn. 

The collapse of Carrian, a 
property and shipping group 
-that under the chairmanship 
of Mr George Tan grew to 
become one of Hong Kong’s 
most prominent companies, 
was the subject of a HKSlOOm 
investigation by the Hong 
Kong government 

A High Court case, brought 
by liquidators Ernst & Young 
Hong Kong, opened in die col- 
ony this week and is expected 
to continue for up to nine 
months. The accountants are 
accused of professional negli- 
gence in failing to expose 
fraud within the group. 

Specifically, they face accu- 
sations that they were negli- 
gent in five assignments for 
Carrian - three times as audi- 
tor and twice as reporting 
accountant between 1980 and 
1982. Price Waterhouse HK 
said it would be mounting a 
“robust and vigorous defence". 

After the 1983 collapse, 
Price Waterhouse accountants 
Mr David Begg and Mr 
Anthony Lo faced charges of 
conspiring to defraud by mak- 
ing false awd misleading state- 
ments. They were acquitted in 
1984. 


All of these shares having been sold, this announcement appears as a matter of record only. 


New Issue 


September 1994 


15,000,000 Shares 

Comcast UK Cable Partners 

Limited 

Class A Common Shares 


4,050,000 Shares 

The above shares were offered outside the United States and Canada by the undersigned. 

Donaldson, Lufkin & Jenrette 

Securities Corporation 

Goldman Sachs International 
Cazenove & Co. 

S.G. Warburg Securities 

Barclays de Zoete Wedd Securities Ltd 


Daiwa Europe Limited 
Credit Lyonnais Securities 
Kleinwort Benson Limited 
NatWest Securities Limited 


Banque Indosuez 

Internationale Nederlanden Investment Bank N.V. 

Lazard Brothers & Co., Limited 
Paribas Capital Markets Sodete Generate 

Toronto-Dominion International Limited 


UBS Limited 


10,950,000 Shares 

The above shares were offered in the United States and Canada by the undersigned. 

Goldman, Sachs & Co. 


Donaldson, Lufkin & Jenrette 

Securities Corporation 


Alex. Brown & Sons 

Inowpo ra ted 

AG. Edwards & Sons, Inc. 


Bear, Steams & Co. Inc. CS First Boston 

BT Securities Corporation Dillon, Read & Co. Inc. 

Lazard Freres & Co. Lehman Brothers Merrill Lynch & Co. 
Morgan Stanley & Co. Oppenheimer & Co., Inc 

Incorporated 


Kidder, Peabody Sc Co. 

Incorporated 

JJP. Morgan Securities Inc. 


PaineWebber Incorporated 
Smith Barney Inc 


Incorporat 

Prudential Securities Incorporated 
UBS Securities Inc 


Wertheim Schroder & Co. Allen & Company 

Incorporated Inc o rpo r ated 

Advest, Inc. Amhold and S. Bleichroeder, Inc 


Salomon Brothers Inc 
S.G.Warburg & Co. Inc 
Gabelli & Company, Inc. 


William Blair & Company J. C Bradford & Co. 


Robert W. Baird Sc Co. 

Incorponlcd 

Cowen & Company Dam Bosworth 

incorporated 

Gruntal & Co., Incorporated Interstate/Johnson Lane Janney Montgomery Scott Inc 

Corporation 

Johnston, Lemon & Co. Ladenburg, Thalmann Sc Co. Inc 

Incorporated 

C ,J. Lawrence/Deutsche Bank Legg Mason Wood Walker « McDonald & Company 

Securities Corporation Incorporated Securities, tae. 

Needham & Company, Inc Neuberger & Berman Principal Financial Securities, Inc. 

Raymond James & Associates, Inc. The Robinson-Humphrey Company, Inc 

Roney & Co. Wheat First Butcher Singer Pryor, McClendon, Counts & Co., Inc 

Baron Capital, Inc Brean Murray, Foster Securities Inc 
Equitable Securities Corporation 
Hanif en, Imhoff Inc Moran & Associates, Inc Pennsylvania Merchant Group Ltd 

Securities Brokerage 


The Buckingham Research Group 

Incaipa rated 

Gerard KLauer Mattison & Co., Inc 


How the Yen has performed V 

Against the Doflar (V per $) Agwwt Staling (V par £} Against the DM {¥ par DM) Against me Swiss Franc (V per SFi) 



150 


200 


230 


300 


270 


I I I I I 


l- t i i i i 


1984 86 88 90 92 94 

Source: FT Graphite 


350 



1984 48 88 90 92 - 04 - 1984 86 88 ' 00 92 94 


1984 88 88 90 92 94 


Tokyo to lift veil on currency risks 

Unrealised losses will have to be revealed, writes William Dawkins 


C orporate Japan will 
over the next month or 
so be obliged to lift the 
veil on a poorly kept yet tanta- 
lising secret 

A whang s in frrianrp minis try 

rules will for the first time 
oblige companies listed on the 
stock exchange or over-the- 
counter ma rket to divulge 
unrealised losses or profits 
from forward contracts to buy 
or sell foreign currency for 
yen. 

The new rules will start to 
have an impact from the of 
this month, when listed compa- 
nies publish interim fmanriai 
statements, their first since the 
rule took effect on April l. 

It is another small step 
towards makin g Japanese 
financial markets easier to 
understand and brings report- 
ing standards mare in line 
with the US and the UK, reck- 
ons Kleinwort Benson, the UK 
merchant b ank. 

Previously, companies which 
had misjudged forward 
currency contracts could bury 
unrealised foreign exchange 
losses as depreciation charges 
or other operating costs in 
their profit and loss accounts. 

It was only once the loss had 
become uncomfortably large, 
or bad to be realised in cash, 


that such companies were 
forced to publish the bad news. 
The new disclosure rule makes 
no difference to reported prof- 
its; it Just tells investors about 
Japanese companies' foreign 
exchange risks. 

A taste of wfaat might be to 
come emerged on Monday, 
when Japan Airlines' share 
price dipped on reports, uncon- 
firmed by the company, that it 
was sitting on an unrealised 
currency Iras of Y45bn (5451m). 
JAL officials did, however, con- 
firm that the company signed a 
contract 10 years ago to buy 
53£bn with yen, in chunks at a 
series of pre-agreed exchange 
rates. 

This means JAL has, on this 
contract, missed the bargain 
presented b; the US currency's 
subsequent fall in value 
against the yen. It will now 
have to pay more yen, at 
expensive old exchange rates, 
to buy dollars than if it bought 
the US currency at today's 
rates. 

Investors were quick to real- 
ise that this made little differ- 
ence to the airline’s fmanriai 
health, since JAL has been 
swallowing large undisclosed 
foreign exchange losses for 
years, and the shares made up 
the lost ground yesterday, ris- 


ing Yll to Y746. Details of the 
unrealised loss will be 
explained in JAL’s interim 
report on October 28. 

All this invites the question 
of how many other corporate 
treasurers have embarrassing 
news to relate. 

The indications are not 
many. Government officials 
estimate that total unrealised 
losses could amount to 
Yl.OOObn, equivalent to about 
one-tenth of listed manufactur- 
ing companies’ Y10,200bn 
combined pre-tax profits last 
year. 

The sectors most likely to 
have to divulge exchange rate 
slip-ups are those that need 
dollars, or other foreign 
currency, to buy assets or 
materials: oil refiners, 
petrochemical groups, general 
trading companies and 
airlines, for example. 

P revious foreign exchange 
shockers are the best 
guide. They include 
Showa Shell, a conservatively 
run oil refiner which 
announced a Y165bn unreal- 
ised foreign exchange loss in 
February last year. Then there 
is Nippon Steel Chemical, a 
petrochemicals group, whose 
head of accounting threw him- 


self under a train last autumn 
after losing nearly Y14bn in 
forward currency contracts, 
and Kashima Oil, another 
refiner, with a Yl52.2bn for- 
ward loss last April. 

“Many will be losses deriving 
from a perfectly legitimate use 
of foreign exchange, even if it 
went spectacularly wrong," 
says Mr Tom Hill, equity strat- 
egist at S.G. Warburg Securi- 
ties in Tokyo. 

JAL, for example, needs to 
calculate in advance the rough 
cost of funding its 5800m 
annual aircraft purchasing 
requirement. Most of its reve- 
nues are in yen. so it needs to 
buy dollars. A forward contract 
allows JAL to choose a fixed 
currency rate over a multi-year 
aircraft buying programme. If 
it misjudges and pays too 
much for dollars, JAL can 
smooth out the loss by writing 
it down over the 15-year depre- 
ciation period used for interna- 
tional aircraft 

For that reason, JAL’s poten- 
tial currency loss is no sur- 
prise to those who follow the 
company closely. 

However, there are likely to 
be red faces in other Japanese 
corporate treasuries when the 
mid-term results season gets 
under way. 



. *« 


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4 TIMES WEDNESDA Y OCTOBER 5 1994 * 

INTERNATIONAL CAPITAL MARKETS 


World Bank launches DM2bn five-year global 


By Martin Brice and 
Graham Bowtey 

The World Bank laungw its 
long-awaited DMabn global 
offering of five-year eurobonds 
yesterday. 

The issue, offered with a 
spread of 15 basis points over 
German government bonds, 
will be priced today, lead man- 
agers Deutsche Bank and Mor- 
gan Stanley said. 

The offering, the World 
Bank's second global D-Mark 
Issue, was generally well 
received, syndicate managers 
said. The deal follows the 
bank's $l.5bn global issue last 
month. Its first D-Mark global 
offering, of 10-year bonds, was 
launched in October 1993. 

The joint lead managers 
reported particularly strong 
demand from the US. Demand 
from German investors was 
reasonably strong, given cur- 
rent volatile market condi- 
tions, they said. 

They estimate that the bonds 
will be sold mainly to institu- 


tional investors, with 60 per 
cent going into Europe, 20 per 
cent into North America, and 

20 per cent into Asia. 

“With the old 10-year global 
bond trading quite actively, 
the five-year maturity nnahips 
the World Bank to establish a 
new benchmark,” said a syndi- 
cate official at Deutsche Bank 
in Frankfurt 


INTERNATIONAL 

BONDS 


In the Australian dollar sec- 
tor. Bank Austria braved the 
volatile 10-year maturity with 
an ASioom offering, guaran- 
teed by the City of Vienna and 
priced to yield 35 haste points 
over the benchmark bond in 
Australian dollars, the Septem- 
ber 2004 Commonwealth bond. 

Lead manager BZW said the 
deal met very good demand 
from institutional investors in 
Europe and the Far East who 
were attracted by the high, 
coupon. 


Two deals were brought in 
the Fr ench franc sector. Horns, 
a Cayman islands special pur- 
pose vehicle which holds bonds 
issued by the OECD, launched 
a FFrlbn 10-year deal guaran- 
teed by Ambac, the US insur- 
ance group. 

Lead manager Society Gener- 
ate said the deal had met 
strong demand from institu- 
tions in Europe, which were 
attracted by the guarantee and 
the spread of 28 bams points 
over comparable French trea- 
sury bonds. SocGen. said the 
spread did not change after the 
bonds were freed to trade. 

Commerzbank Overseas 
France launched a FFr2bn five- 
year deal late in the day, 
which lead manager Credit 
Commercial de France said 
was aimed at the Swiss and 
Benelux retail market. The 
proceeds were swapped into 
floating-rate D-Marks. 

Banque Naifonale de Paris, 
the privatised French bank, 
tapped the two-year sector for 
LiSObn, offering a coupon of 


NEW INTERNATIONAL BOND ISSUES 

BofTownr 

US DOLLARS 

DCMT 1 9472. Cte» A(a1)*i 
DCMT 1 9472. Class B(a^* 

Amount 

m. 

860 

44.737 

Coigion 

% 

(a2) 

6.05 

Price 

10010 

91596 

Metwlty 

rv+wyu 

OCL20O4 

Fees 

% 

0.40 

a 45 

Spread Book runner 
bp 

Dean Wiler Reynolds 
+-70(7%K-Q2) Dean Witter Reynolds 

D-MARKS 

Wbrid Bank 

2 bn 

W 

MR 

OCL199G 

CL25H 

+>150U%-S9) Deutsche/ Morgan Santa y 

FR04CH FRANCS 
Commartwric O'seas Rnanoe 
HorueOS 

2 bn 

Ibn 

7S75 

125 

9B78R 

9818 

Nov. 1899 
May^004 

0K3R 

untSecL 

+22(8V4%-99) CCF 
+2S(7%%-©4) Socbte GAnOtnle 

ITALIAN URE 

Banque NaUonate de Pane 

isobn 

11.126 

101.128 

Nov, 1996 

1.125 

Cmftottauana 

AUSTRALIAN DOLLARS 

Bank Austria 

100 

10.875 

10118 

Nov 7004 

2.125 

Bandays de Zoeto Wedd 

SWISS FRANCS 

Craft Local de Ranee 

OasL Biaxleabehnenjc^ri-t 

ISO 

100 

6uS0 

WJ 

102175 

100.00 

NOV.TW7 

Nov^004 

- 

- Swiss Bank Corp. 

Great Suisee 

LUXatBOURO FRANCS 
Banque Indoeuaz 

2 bn 

9125 

102.15 

Nov-2004 

210 

BCEE 

Ftoal terms and nan>caBebto urtese staled. The yWd spread few rdovnnt government bote) at launch b auppfted By the bed 
manager. *Urt fatodL tfloering rate not* ft (bed ra-artar prior baa are shown at the re-otter toveL a| Discover Card Master Trust, al) 
Expected mtfurtty: 1574/02. Average He: 7 yre. a2) 1-mth Ubor *S5b0, max 14%. a3> Expected maturity: 15ffi/D2. Average lie: 7.6 yrs. 
Momtoy coupons, b) Priced today, c) CUtabla on coupon dates bom Nov.99 » par. cl) 6-mth Ltoor +20bp. 3) Shon 1st cxxgxxu 


U % per cent Mr Niccolo Nuti, 
hand of capital markets at Cre- 
dit© Italian©, the book-runner, 
said investors were attracted 
by the high-quality and 
the coupon, which was higher 


than the LiSObn Bayerische 
Hypobank deal brought last 
week. 

Municipal Finance Author- 
ity of British Columbia 
launched a 10 -year, C$46m deal 


with an 8% per cent coupon. 
Lead manager RBC Dominion 
Securities said Cgl.5bn of 
bonds are due to be redeemed 
this month in the Canadian 
market. 


Investors stay on 


ahead of US jobs 


By Patrick Harverson in New 
York and Conner Middehnarm 
in London 

US Treasury prices were little 
changed across the maturity 
range -yesterday morning as 
many investors stuck to the 
sidelines ahead of Friday's 
all-important jobs data. 

By midday, the benchmark 
30-year government bond was 
down * at 95g, yielding 7.856 
per cent There was a similar 
lack of movement at the short- 
dated mid of the market, where 
the two-year note was down £ 
at 99g, to yield 6.670 per cent 

Trading was described as 
extremely quiet from the open- 
ing. The morning^ only news 
of note - a 0.6 per cant rise in 
leading economic indicators 
during August - met analysts’ 


expectations, and was largely 
ignored. Instead, attention 
remained firmly focused cm the 
September employment report, 
which is due to be released on 
Friday. 

Following recent fresh signs 
of economic strength, the gov- 
ernment bond market is brac- 
ing itself for another interest 
rate increase from the Federal 
Reserve. 

Investors fear that the policy 
ti ghtening could come as soon 
as Friday, if the September 
jobs data are much stronger 
than expected. 

If non-farm payrolls prove to 
have risen by 300,000 or more, 
analysts expect the Fed to 
raise rates immediately. It was 
fear of this scenario that kept 
so many investors out of the 
market yesterday. 


sidelines 

■ European government bond 
markets regained their poise 
after Monday's slippage, but 
sentiment remained fragile and 
dealers said they expected 
trade to stay directionless 
ahead of Friday’s release of US 
employment data. 


GOVERNMENT 

BONDS 


They reported little act i v i ty 
from investors, many of whom 
are seen to be bolding their 
fourth-quarter asset allocation 
meetings. 

While inflation fears con- 
tinue to overhang the bond 
markets, “many investors are 
beginning to attach higher risk 
to the prospect of equity weak- 
ness, which could lead to 


strength in bonds”, said Mr 
Malcolm Roberts, head of 
global bond research at Union 
Bank of Switzerland. 

In recent weeks traders have 
reported increased shifts into 
bonds from equities, especially 
in the UK markets. 

Moreover, observers say that 
many cash-rich investment 
Institutions may be more likely 
to put fresh funds into bonds 
rather than eq uities 

"There is a sense that equi- 
ties in many markets are 
expensive relative to bonds,” 
says Mr Roberts. 

■ UK gilts put on the best per- 
formance of the day, gaining 
nearly half a point after losing 
almost a point on Monday. The 
December long gilt futures con- 
tract rose by 3 to 99ft. 


Among other factors, gilts 
gained support from spread- 
purchases against German 
bonds. After widening to 151 
basis points on Monday, the 
10 -year yield spread over bunds 
narrowed to 135 basis points 
yesterday. 

Also underpinning gilts were 
a more sanguine assessment of 
Monday’s M0 money supply 
data, which were seen as some- 
thing of an aberration, and 
reports of falling house prices 
and short-time work at two 
Ford car plants in the UK. 

■ German bonds made little 
progress, ending barely 
changed after a day of range- 
trading. 

"The World Bank’s DM2bn 
issue of five-year eurobonds 
was the major focus in the 


data 

D-Mark sector; there wasn’t 
much to inspire the bund mar- 
ket,” said one trader. 

Meanwhile, the October 16 
federal elections continue to 
weigh on bunds, and traders 
said they did not expect to see 
significant investor activity in 
tbe bund market before then. 

■ French government bonds 
outperformed their German 
counterparts, causing the 
10-year yield spread over bunds 
to narrow to 55 basis points 
from 65 on Monday. 

Tomorrow’s auction of some 
FFrl8bn-FFr20bn of 10-year 
bonds did not weigh on the 
market, with dealers expecting 
the 7j> per cent coupon on the 
new OAT to attract solid inves- 
tor demand. 


Morgan Stanley to 
advise GPA Group 
on debt refinancing 


By &aham Bowtey 

Morgan Stanley, the US 
investment bank, has been 
awarded the mandate to advise 
GPA Group, the aircraft leas- 
ing company, on further refi- 
nancing options ahead of sig- 
nificant debt repayments due 
in 1996 and 1998. 

Both GPA and Morgan Stan- 
ley were keen to point out that 
no decision had been taken as 

to what form the r efinan cing 

would take. 

“This is part of a long-term 
planning exercise. GPA is now 
in a position to consider well 
in advance Us refinancing pay- 
ments in 1996 and 1998," GPA 
said. 

GPA is due to repay $i-3bn of 
its $5.4bn debt in September 
1996. In August, it launched a 
Slbn securitisation of its air- 


craft lease portfolio, the second 
of its kind by GPA, in a deal 
arranged by Lehman Brothers. 

Lehman Brothers continues 
to manage tbe securitisation 
programme and Schroder, the 
UK bank, will continue in its 
current role as an independent 
adviser to the GPA board. 

Last year, GPA completed a 
restructuring with the sale of a 
number or its aircraft to Gen- 
eral Electric. The company 
also benefited from the emer- 
gence of America West airline 
from Chapter 11 bankruptcy 
protection in the US. 

As a result of these develop- 
ments and the general 
improvement In operating con- 
ditions, Stamford & Poor's last 
month upgraded its rating on 
GPA's secured debt to B and 
on its senior unsecured debt to 
CCC+ from CCC. 


US institutions to buy 
more foreign equities 


By Conner Mlddeimam 

US institutional investors 
expect to increase substan- 
tially their overseas equity 
exposure over the short and 
long term, and are likely to 
focus on emerging markets and 
smaller-capitalisation issues, 
according to a recent report. 

The survey of US banks, 
insurance companies, mutual 
funds and pension funds, con- 
ducted in July and August by 
New-York based Broadgate 
Consultants, found that belief 
in broad-based economic recov- 
ery in Europe, widespread 
global corporate restructuring 
and continuing development of 
emerging markets, especially 
in Latin America, were fuelling 
interest in global investments. 


In the survey, 81 per cent of 
respondents said that they 
expected to increase their 
international equity holdings 
over the next five years, with 
three-quarters expecting to 
allocate "significantly more 
funds” offshore over the next 
IS months. 

"Sophisticated US market 
participants are not limiting 
their global investments to 
larger, high-profile compa- 
nies,” the report said. Almost 
70 per cent of those surveyed 
said small capitalisation issues 
had become an essential part 
of their global programmes. 

Emerging markets continue 
to hold great allure, with 74 
per cent identifying developing 
markets in Latin America and 
Asia as leading opportunities. 



WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Rod Day's Week Month 

Coupon Date Price change Yield ago ago 


Italy 

■ NOTIONAL ITALIAN QOVT. BOND (BTP) FUTURES 
ffJFFET Lira 200m 1000 b of 100% 


FT-ACTUARBBS FIXED INTEREST INDICES 

Plica I ndcas Tue Day's Man Accrued 


UK OKe 


Oct 4 change % Oct 3 Interest 


xd ad), 
ytd 


— Low coupon yield — — Medium 
Oct 4 OttS Yr. ago Oct 4 


coupon yield — — High cowwn yield — 
Oct 3 Yr. ago Oct 4 Oct 3 Yr. ago 


Australia 

8.000 

09704 

92.0200 


1030 

1020 

9.48 

Belgium 

7.250 

04/04 

911000 

-0.100 

818 

816 

887 

Canada* 

6100 

06/04 

84.7000 

+0.150 

819 

910 

816 

Denmarit 

7.000 

12/04 

861500 

+©.100 

816 

813 

818 

Franco BTAN 

8100 

05/88 

1011500 

- 

715 

716 

7,40 

OAT 

5100 

04/04 

821000 

+0.200 

«H 

8.14 

805 

Germany Trau 

7100 

09/04 

9&4600 

-CL 620 

7.72 

712 

711 

Italy 

8100 

08/04 

811000 

-OJ9CO 11!2t 

11-45 

12.16 

Japan No 119 

1800 - 

0609 

loan 50 

-©.100 

3.97 

314 

414 


4, KW 

12/03 

961280 

+0.130 

418 

4.48 

414 

Natheibnds ' 

SJ50 

01/04 

87.7000 

-©.100 

7.65 

714 

7.48 

Spain 

BJOOO 

05/04 

811500 

+0050 

1111 

11.10 

1111 

UK Gib 

MOO 

08AM 

89-12 

+2/32 

6.72 

871 

849 


&760 

11/04 

66-29 

+6/32 

818 

882 

874 


9100 

10/08 

101-10 

+12/32 

813 

888 

874 

US Treasury* 

7^50 

08/04 

97-06 

+1/32 

■ 718 

717 

724 


7100 

11/24 

95-28 

+3/32 

718 

710 

714 

ECU (French Govi) 

6100 

04/04 

87.8000 

+0.180 

8.72 

BIS 

860 


Dec 

Mar 


Open 

98.70 

98.45 


Sett price Change 
9902 4008 

9807 4009 


esao 

96.45 


Low 

S66S 

98/45 


EsL w! Open kit 
39032 85360 

200 1035 


■ ITALIAN OOVT. BOMJ (BTP) FUTURES OPTIONS QlFFq UwZMm IQOtha of 100% 


1 Up to 5 yoare (24) 

2 5-15 yaare (22) 

3 Over 15 yaare (B) 

4 bredeemebtos (8) 

5 AI sucks (60) 


119-27 

-a os 

11912 

118 

838 

6 yrs 

878 

875 

824 

864 

882 

849 

913 

9.01 

868 

13898 

-0.17 

13712 

115 

1029 

15 yra 

871 

871 

7.07 

888 

884 

711 

806 

9.05 

7.43 

15814 


15813 

221 

911 

20 yra 

885 

817 

7.19 

886 

884 

728 

898 

815 

715 

17418 

. 

17417 

319 

883 

IrrerLf 

8.73 

872 

713 







13416 

-aio 

13519 

115 

9.82 

















— 

— Inflation 5% — 

— 

— 

inflation 10 % - 

— 








r Index-Meed 







Oct 4 

Oct 3 

Yr. ago 

Oct 4 

Oct 3 

Yr. ago 

Price 

Deo 

Mar 

Deo 

Mar 

6 Up to G years (2) 

184.63 

+017 

18410 

0-02 

sir 

Up to 5 yrs 

418 

4.10 

213 

217 

398 

1.74 

9900 

* 118 

- 2.61 

118 

324 

7 Over 5 yeamfllj 

17214 

+0.10 

172.47 

0.84 

315 

Over 5 yra 

388 

388 

315 

369 

319 

217 

9960 

1.62 

219 

2.10 

312 

8 AS slocks (13) 

17301 

+019 

17215 

0.78 

414 








10000 

117 

2.19 

215 

382 







— 

— 5 year yield — 

— 15 year yield- 

— 

— 25 year yield 


tot. ML MM. Cato 1130 Pin 44L Frarioua fey* apanhx. Ota 15604 Pitt 22Z79 


Debentures and Loans 


Oct 4 Oct 3 Yr. ogo Oct 4 


9 Debe S Loans (76) 125.41 +034 12448 1.88 

Average groat radernption yMb era rheum abewe. Ooupon Bands: Low: 0*-7«ll: 


089 089 9m 7.78 9JB1 

ModUir 8%-iOhWi; Hgtc H* end user, f Rm yield. yid Year tot 


084 012 9.73 9.77 


t <3roaa Sridudho 
Pricee: US, LIK ki 32nd». 

US INTEREST RATES 


tax to 121 per < 

m' ' 


Spain 

■ NOTIONAL 3PAMSH BOND FUTURES (MOT) 


Unchtbne 



Trauuy BBs and Bond YUd8 

Man rate 

7ft 

a 

Two mood . — 

4B8 ItareyraE 

FKUmto 

ftdJmb at Ucnmakrt- 

Six moth — 
Onajor 

5J9Z KHre 

691 StFyrar 


B.S7 

MO 

TM 

7JBS 

7X5 


Deo 


UK 


Open Sett prica Change 
88.18 8041 +019 


8044 


Low 

8006 


EsL voL Open bit 
22,667 72,668 


GILT EDGED ACTIVITY INDICES 

Oct 3 8ep 30 Sap 23 


Sep 28 Sep 27 


FT FIXED INTEREST INDICES 

Oct 4 Oct 3 Sep 30 Sop 29 Sep 28 Yf ago H&T LoW 

Govt Secs. (UK) 9022 9004 9064 9030 9043 10228 107.04 8914 Q9t Edged bargebie 802 1222 111.7 137.8 1045 

Fixed interest 10093 107.17 10724 10729 10702 123.19 13387 1(1050 5-day average 1112 1152 1142 1104 107.1 

■ (or 1004. Oovwnmart Seewttee Ngh Bfctce oomptoiian: 127.40 (an/3SX low 48.10 (9fl/7S). Acad Moran high mce comptatton: 13387 (21SI/B4) . law GOGS P/1/75) . Beale 10tt Government Securities 15/10/ 
20 end Fixed Harast 1829. 3E aahrky Into* rebseed 1074. 


BOND FUTURES AND OPTIONS 
Franca 

■ NOTIONAL FRENCH BOND FUTURES QiAUF) 


■ NOTIONAL UK <MLT FUTURES (LIFFB* £50,000 32nda of 100% 

Open Sad price Change l-tyt Low EsL vd Open mt 
Dec 98-28 99-09 +©-12 99-17 08-24 55412 97300 

Mar 9821 +©-12 0 0 


FT/ ISM A INTERNATIONAL BOND SERVICE 


Uriad so ttw Mad tatamtatand 


■ IflMQ GET FUTURES OPTIONS (UFFE) £50.000 64tfts 0 < 100% 


bands «gr wbkh thee b an adequtt secondoy naafeeL Lataet [tocoe td 7SOO pm on October 4 
taaued Bid Othr Chg. YUd beuafl BM OBer Chg. YbM 


issued BkJ Offer Chg VMd 



Op«i 

Sod price 

Change 

High 

Low 

Eat voL 

Open ta. 

Strtoe 

Dee 

11814 

11028 

+©20 

11016 

10882 

133248 

128217 

rTIKf 

Mar 

10818 

10852 

+020 

10852 

10836 

363 

7122 

99 

Jun 

10814 

10878 

+020 

10864 

10864 

2 

354 

100 

101 


CALLS 


PUTS 


Dec Mar Dec Ma 

1-55 2-33 1-37 2-55 

1-22 2-05 2-04 3-27 

0-60 1-46 2-42 4-03 

tot veL M. Calm ««4S Pin USB. Pteatore da/a open Ire. Cato 5044 Pm 36434 


US. DOLLAR STRAIGHTS 


Unfed tagdom 7% 97 . 


■ LOMQ TERM fftOICH BOW> OPTIONS (MAT1F) 


Strike 

Price 

110 

111 

112 

113 

114 


NOV 

- CALLS — 
Dec 

Mar 

Nov 

— PUTS 
Deo 

1.10 

on 

029 

an 

117 

113 

018 

019 

1.48 

091 

1.40 

216 

112 

110 

2M 

810 

804 

- 

- 

- 

- 


2.41 


Ecu 

■ ecu BOND FUTURES (MAT1F) 


Eat VOL axat Cato S2AS9 P«* 23.502. PrvAcus cto/3 open tat. Cato 219,181 Ma 303213. 

Germany 


Dec 


US 


Open SeOprica Change 
79.42 79.82 +0.18 


Mgh 

79lB8 


Low 

7030 


ESL voL Open Im. 
842 8.425 


■ US TREASURY BOND WnjRBl<CgT) SI 0q0003aidaoM 00% 





Opan Sattprics Change Hgh 

Low 

EsL vol 

Open M. 

s 


Dec 

Mar 

8335 8834 +012 8848 

87.80 8715 -0.05 87.70 

8809 

87.60 

98870 

90 

154579 

1789 

S 


■ BUND 

FUTURES OPTIONS (UFFQ DM2SOOOO potnte 

Of 100% 

PUTS — 



Dee 

Mar 

Jen 


Open 

98-21 

98-00 


98-24 

98-02 

97-08 


Change 

♦005 

+006 


Ugh 

98-28 

98-04 


Low 

98-18 

97-28 


EM. voL Open W. 
258£93 397,538 

990 28^14 

209 10.773 


Price 


0900 


Nov 

094 

0.67 

0.44 


Dee 

1.34 

1.08 

Oil 


Jan 

1.16 

as2 

0.73 


Mar 

1.48 

t.25 

104 


NOV 

0.60 

OB3 

1.10 


Dec Jan Mar 

IDO 1.50 1.83 

1.22 1.77 2.10 

1.47 2.08 239 


Eat w* tofe. Ctfe 11S00 Puta 12937. Previous «w*a opan Ire. Cfes 21H0B Pun 201383 


UK GILTS PRICES 


atapsn 

■ NOTIONAL LON© TERM JAPANESE QOVT. BOM} FUTURES 

(UFFE) VI 00m IQOtha of 100% 

Open Close Change High Low EaL voi Open bit 
Deo 107.78 107.82 107.73 1357 0 

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1030 

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958 1t«ft 
856 97ft 
958 120,; 
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-ft 125ft 
-ft 105ft 
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-ft 123ft 
-a icft 
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+A 111ft 
-ft'138i 
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-ft 151ft 
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846 

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I02*s 

118ft 

90ft 

91Q 

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352 Iffi,’. +ft 176ft 163ft 

185 161ft +ft 173ft 159ft 

lK?!(B%ti — 118ft 107ft 

354 167ft +* 184)1 165A 

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348 167ft 
358 120ft 
358 137ft 
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93 ft 

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950 9.11 
901 963 

107 
101 
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1071 
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930 

10.18 973 

440 140 

- 451 

- 459 
1259 


116ft 

109 

116 

94ft 

Wft 

107ft 

139% 

128 

36ft 

32 

113 

68ft 

130ft 

»3Bft 


_ 142A 114A 

138ft 1074 

142 115 

+ft 116ft 83ft 
_ n»ft 99ft 
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169B 1^ 

33ft 
28 ft 
112 
66ft 


_ 149ft 


Abbey Ndl7«aaiiy 0ft 03 

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_100 

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Britt Ota 021 

1500 

Cauda 9 96 

Chare? Mxg Hi 6ft 99 

1000 
- 500 


_ 100 





EaatJapreMmveftO* 

ECSCSftSB 

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SB 7ft 96 

-100 
- 250 

SB 9ft 97 

1000 

-200 





Export Dev Corp 9ft 96 150 

Federal Nd Molt 7AD 04 1500 



Rat) Motor Cndt 6ft SB 

Gan Bk Offtri 9ft 96 

1500 

300 

tad Bk Japan Rn 7ft 97 

-200 







Korea Bee Poan-Bft 03 

1360 






3000 

Ostar KonMbanfc Oft 01 

-200 



Quebec Hytlo Oft 99 

ISO 

QuBtocRw998 

. 150 


-200 




1600 




2500 

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Tokyo Bee Preu 6ft 03 

TdqoMetnp*8ft96 

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1000 

-200 

1500 



Wcrid Bards 0ft®' 

1500 

DEUTSCHE MARX SRTMQHTS 


2000 

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1500 

Deufche » Rn 7ft (B 

2000 

2900 


1500 


9000 


6000 

LKB BedavVAiorn 6ft 06 

Ur— y Al| aa __ mi 

2250 

1500 





9i«edH8S7 

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89ft 

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631 

100 

100 ft 


752 

103 

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7.77 

101 ft 

102 

-ft 

713 

83 

83ft 


623 

101 *« 

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720 

10 

10 ft 

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817 

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672 

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89% 

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are 

84ft 

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101 ft 

102 

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728 

106ft 

108ft 

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95ft 

95ft 


722 

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622 

102 

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710 

101 ft 

102*4 

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711 

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734 

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104ft 


717 

103ft 

110 ft 

-ft 

684 

99ft 

100 

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105ft 

106ft 

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723 

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96ft 

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610 

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659 

96 

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7.75 

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KBft 

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715 

102 *« 

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725 

100 ft 

101 

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717 

101 ft 

101 ft 


607 

78ft 

79 


114 

101 ft 

102 ft 

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717 

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104ft 

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609 

84ft 

85% 

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100 ft 

101 ft 


710 

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96ft 

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626 

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7.17 

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828 

102 ft 

103% 

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712 

100 ft 

KBft 

-ft 

714 

84ft 

84% 

-ft 

636 

105ft 

106ft 


727 

103ft 

KBft 


722 

103 

103% 

-ft 

7.45 

105 

KSft 


056 

108 

KBft 

-ft 

720 

96ft 

95ft 


7.71 

102 ft 

102 ft 


7.12 

98ft 

99% 


6 S 

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102 ft 


600 

57ft 

87ft 

-ft 

521 

KBft 

KBft 


7.11 

94ft 

94% 

-ft 

727 

95ft 

99ft 


725 

103ft 

103% 

-ft 

7 m 

103ft 

KM 


7XB 

80 

soft 

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634 

95ft 

95% 

-ft 

604 

97ft 

97ft 

-ft 

726 

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88*2 

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606 

37ft 

97ft 

tft 

J ST 

B6ft 

95ft 

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720 

94ft 

94% 

-ft 

7.49 

89ft 

96ft 

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729 

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39ft 

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726 

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96ft 


614 

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97ft 

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714 

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58 

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616 

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102 ft 


720 


Vcfaaqgei M Rt 7 03 

KtoridBttO IS 

-1000 

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World Bank B\ 00 

SWSS FRANC STRAIGHTS 

— 12S0 










KB 








240 


400 








BOO 

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MODQO 


. 50000 





JtofeCbr 0(599 

100000 

Japan Dev Bk 6% 01 — 

Nppon Td Td 5% 96 

120000 

.50000 


. .Miff 


125000 


150000 



OTHER 5TRMQKTS 

- 1000 

KBOetlhdwtkBftreift. 

nbtf Bank696UY 

ABN Amo 6% 00 R — 

Bar* Nad Ga Keenan 7 03 H . 

_ 3000 
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— 1500 

Bel Breda 10ft 99 CS 

Brddi CoLmfcla 10 96 CS — 

_ 150 
— 500 

Bee d» France 9ft 99 C5 — 
Gm Bsc GapBd 10 SB CS _ 

— 275 

— 309 

report TdTdKrtf 99 cs_ 
Otto803CS 

Ontario Hptat K)% 99 C$ — 
Osar Kxadbar* KJ*« OB CS 

_ TOO 
-.1500 

— 500 

— 150 
—.200 


_12M 

Cored Eu«pa901 Ecu 

-1100 

—.125 


1125 

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hdylOftOOBu 

— 500 

.ion 

UritedritagdomOftOI Eoj _ 

-2750 

Comm Bk Afltrah 13ft 99 AS 

-100 

350 

NSW Trwaury Zero 0 20 AS _ 

- 1000 
— 125 

Sxa Bk NSW 8 02 AS 

— 300 


5500 100ft 100ft 

93ft 


87ft 


20 

87ft 


1230 109ft 109ft 


100 


101 
98ft 
09ft 
95ft 95ft 
105 106ft 

107ft 108 

107 1«J7ft 
U6 

107 107ft 

103 103ft 
S 9ft 100 

B4ft 85ft 
107 107ft 

95ft 96ft 
106ft 107 


105 106*4 

113ft 113ft 
92ft 02ft 
103ft 103*2 

110ft 110ft 
104ft 105 

104 104ft 


-ft 

-ft 

-ft 

-ft 


-ft 

-ft 


113 Manca Idea lift 97 E . 
104 Bribh Land 8ft 23 S — 

751 DovnufcOft S8£ 

171 BB1097C. 


Heifat 10ft 97 £ _ 
10ft S7E. 


850 HSBC HoUnga 1149 02 £ , 

123 lay 10ft 14 £ 

459 J«to)Dto5k700£ — 

550 Lred Sees 9ft 07£ 

&07 Ontario lift 01 £ 

650 PowetgenSft 03 £ . 


+ft 161 Severn Trent 11ft99£ . 


-ft 

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♦ft 

♦ft 

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♦ft 

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♦ft 

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650 Tokyo Bee Po«r 11 01 £ . 
115 Abbey Maund 096 KZS- 

552 TCN2Fh9ft02N2S 

aas Cnancaam FFr 

179 Ebc da France 8ft 22 FFf _ 

105 SNCFBftSTFFr 

540 

571 fUMTMQ RATE MOTES 


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90ft 


677 

. KB 

106*+ 

105ft 

-ft 

697 

-150 

soft 

67% 

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tore 

~ 800 

azft 

90% 

♦ft 

007 

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102 ft 

KB 


are 

- ICO 

KBft 

KBft 

-ft 

677 

-500 

KBft 

103ft 


924 

- 1S3 

100*2 

108% 

♦1 

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-400 

104% 

105ft 

-ft 

921 

-200 

90% 

91 


606 

.200 

96% 

96ft 

♦ft 

1014 

. 100 

106ft 

106% 

-ft 

671 

-250 

94% 

95% 

♦ft 

677 

- 150 

107% 

107% 

-ft 

056 

-150 

106ft 

107 


959 

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84% 

♦ft 

9.1 B 

-75 

96% 

97ft 

♦1ft 

926 

7000 

88 % 

68 ft 

-ft 

624 

3000 

97ft 

S8>+ 

-ft 

697 

4000 

104 

104% 


7/42 


BM Offer Ccpn 


Bdgkrni97CM 


Banco Roma 0 99 . 


BFCE-4X0296 
BriwntaaiOSOE. 
Canada ->4 90. 


CCCEOOSEcu. 


250000 100ft 100ft +>+ 


447 
453 
424 

Ow» Lywwts /* 00 . 

451 
4.71 
409 
471 


FriiodeiSreai097 

FHand087 

kdandOSB 

KdyftSB 


1000 104ft 106ft 


7as Uoyde Bn* Pap S 910 


1030 100*2 101ft 

95ft 
94ft 

500 103ft 104*4 

ISO 105ft 105ft 

500 103*4 103ft 


146 


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NavZfcetand-ft 99 . 

OraatoDSS 

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107 4*4 


747 

753 

756 

973 

7.79 

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Scctoa Genecrie 0 06 - 


StmBk\fcwhQB5 99. 
Sweden 0 38 


^ Saedai-ft 01 


08ft 

500 106ft 106ft 
150 104ft 105ft 

2 Q0 104ft Iffift 
1250 102ft 102ft 


♦ft 

-ft 


LMbd Kkgdom -ft 96 - 
923 
194 
957 
IOC 


tore 

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9643 

.200 

9927 

10002 

.600 

100.13 

10023 

.350 

9073 

9614 

150 

9922 

10002 

2000 

99.14 

9821 

.200 

9028 

99.18 

.300 

97H 

9612 

1000 

9658 

8689 

1000 

9926 

10007 

.420 

9925 

10613 

1000 

9924 

10003 

.300 

9917 

99.79 

2000 

100.13 

10020 

KBO 

9942 

9651 

.600 

8316 

9431 

.660 

9924 

saw 

1000 

99L50 

9668 

2000 

9646 

9952 

.600 

9928 

9957 

.300 

9950 

99.73 

0000 

9923 

9929 

125 

9673 

9693 

1500 

anan 

9920 

2000 

9680 

9669 

4000 

99.77 

9322 


55625 

5.1250 

4.7300 

54125 

46250 

55229 


54938 

5.1000 

53750 

44800 

54000 

44625 

5.4125 

52500 

54453 


GQNVBmBLE BONDS 


Com. 
Inuad Prica 


BM Offer Rem. 


104 104ft 

Drift 104ft 
07ft MB 
102 102ft 
102 iflift 
00ft 101 
13ft 113ft 
94ft 84ft 
7ft 7ft 
84ft 86 
91ft 92ft 
. 150 9lft 91ft 
150 106ft 106ft 



au 

BraMtaQAtibeftOS 

-400 

52ft 

93ft 

96 

♦6221 

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906 

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.250 

86 

101 

102 

+2142 


7/47 

Grid Kdgoorfe 7% 00 

-65 

11564 

113ft 

114ft 

•2426 

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697 

Hsrecn9ft08£ 

.500 

21875 

105*« 

KBft 

♦1656 


721 

HrettAwtaZreoi — 

1000 


73 

74 


-ft 

600 

Horg KonoLmdriOl 

.410 

3115 

90ft 

81% 

-1171 


650 

Land Secs 6% 02 £ 

-64 

672 

96ft 

96 

+600 

-ft 

625 

Las»7%05£ 

-90 

5£4 

81ft 

83ft 



710 

MtMBttSftOS 

.200 

23321 

85 

87 

+1821 


668 

Moul Ite (in 6ft 97 

.100 

M83 

99ft 

100*2 

♦12/46 

-ft 

664 

14b Parer 6% 08 E 

- 250 

433 

Ulft 

112ft 

<662 

-ft 

1021 

OgdenOS 

— 85 

39177 

B5 

88 

+8612 


645 

Pcrnzcf 4% 03 

.500 569097 

88ft 

89ft 

+33S2 

♦ft 

1025 

Srefcmo Bark 3% 04 

.300 

gnnfifl 

78ft 

79*4 

♦1597 


IQS 

Sun Alms 7ft O0£ 

.155 

33 

95 

9S% 

♦1675 


1016 

Texo Csptal 9 05 £ 

.200 

211 

113 

114 

+20.18 

-ft 

.1016 

Teas hstunerbift 02 — 

.300 

Eft 

Eft 

83ft 

+1662 


133 " Ho Uoomam aafctfc • jawfeio d^!r price 
t OnN one irafcat radar tiipphd a peeo 


— 40ft 
_ 136ft 

— 71 _ 

150ft 129ft 

145ft 123ft 

159ft 134% 


94ft 9*ft -ft MB 

3THUQHT 0GHoet Trie stedh»»ytod»eami3tlDncl he trid-ptoe; tie amort bsiad l»h mace* d areneyiMLOcifeOwgnr day. _ 

RjOATMQ own NOTES D auitvW h **" urioee ren w ire tofceteri. Co^on ehean a nrirrimm ^w Ml i gn aba* w-mertn oOeed nfe BthMwii SbMve mean red ftr US *•**■ Cq»«71'a 

f crMHiH r «WMW mnniia«1 b dtoi erfre* oetarafte Me a n Oar. p n a tM to nafe amort d bend pa shoe o*wseed h curaney of she* at cawriai rata toad to bo*. PrenuParcartogs pnmun cri the 
cuiere eberive grtoe el requbtog ehana vie the bond o«r the more recart price cl me ran 

O n* navHTtow Lai, m flamduatoi h rearie or h pat to any tom rex peentod rencut an aiert Ore sntod tn bnnaeomri Bauatee MaM Aracctatian. 






uig Data lor the monitoring 01 targets, ana Die mr tnu nunuiuig 01 wubiu irauitiguig. uixnuie •ikumuk, u>n 






24 


FINANCIAL TIMES WEDNESDAY OCTOBER S 1994 

COMPANY NEWSs UK 


c 


THE FIRST INTERNATIONAL WAR RANT- ATT ACHED ISSUE FROM THAILAND: 


NEW ISSUE 


This announcement appears as a nutter of record only. The Securities have been sold. 


® ..s intnQnsiurmgvncuijHn'is 

^ ' - 


Oct. 


05 


94 


dm 100 ,000,000,000 

4'/.% Subordinated Bonds of 1994/1939 with Warrants 

to subscribe for shares of common stock of 

The Bangkok Bank of Commerce Public Company Limited 

Issue Price: 100% 


BAYERJSCHE VERE INS BANK 
AKT1 ENGESELLSCHAFT 


ABN AMRO BANK 
(DEUTSCHLAND) AG 

ROBERT FLEMING 
(DEUTSCHLAND) GMBH 


CAT CAPITAL MARKET COMPANY 
LIMITED 

SUMITOMO BANK 
(DEUTSCHLAND) GMBH 


NOMURA BANK 
(DEUTSCHLAND) GMBH 

VERE1NS- UND WESTBANK 
AKTI ENGESELLSCHAFT 


BANK JULIUS BAR 

(DEUTSCHLAND) 

AKTIENGESELLSCHAFT 

DAI-ICHI KANGYO BANK 

(DEUTSCHLAND) 

AKTIENGESELLSCHAFT 

NtKKO BANK 
(DEUTSCHLAND) GMBH 

YAMAICHI BANK 
(DEUTSCHLAND) GMBH 


BA YE RISC HE HYPOTHEKEN- 
UND WECHSE L-B ANK 
AKTIENGESELLSCHAFT 

GOLDMAN. SACHS & CO. OHG 


SUNKYONG SECURITIES 
LIMITED 


DAEWOO SECURITIES EUROPE 
LIMITED 


MORGAN STANLEY GMBH 


WAKO BANK 
(SWITZERLAND) LTD 


Vereinsbank 


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INVESTMENT BANKING. FROM A TO 



Silentnight lower after 
downturn in UK beds 


By David EHackwoU 

Tough market competition 
depressed interim profits at Sil- 
entnight Holdings Europe’s 
biggest bed manufacturer. 

Pre-tax profits for the six 
months to end-July fell from 
£5 .22m to £4.1lm. The latest 
figure was struck after reor- 
ganisation costs of SSSZfiOO for 
the closure of the group's Sut- 
ton bed factory announced last 
April 

Mr Bill Davies, executive 
chairman, described the perfor- 
mance of the UK beds business 
as disappointing. There was no 
sign of recovery and price com- 
petition remained intense. 

However, the German bed 
and UK cabinet businesses had 
performed well, and the US 
division returned to profit 

Group sales improved from 
£79.6m to £82J>m. 

The UK beds division, which 
continues to contribute the 
bulk of turnover, reported 
sales of £47m (£47.9m) and 
operating profits, after taking 
the reorganisation charge, 


halved to £L5Im (&27m). 

The group expects the con- 
solidation of bed production on 
its Barnoldswkk site to bring 
annual cost savings of £750,000. 

In contrast the UK cabinets 
division lilted operating profits 
by 24 per cent from £Ll7m to 
£1.45m, on sales up from 
£19.8m to £22. 3m. Mr Davies 
said the improvements had 
been made in spite of the flat 
market for furniture. 

The capital expenditure of 18 
months ago had led to a good 
product range, and Increasing 
volume would drop profits 
straight through to the bottom 
line. 

The German beds division 
made operating profits of 
£635,000 on sales of £8.44m, 
down from £737,000 on sales of 
£&28m. 

In the US, where new man- 
agement was installed last 
year, a previous loss of £14.000 
on sales of £5.lm was turned 
into a profit of £341,000 on 
sales of £6.36m. 

Earnings per share fell from 
7.41p to 5.84p, while the 


interim dividend is maintained 
at 2.75p. 

• COMMENT 

Not before time, the group has 
given a divisional breakdown. 
It makes dear that the biggest 
problem remains the UK bed 
market, where margins are 
under pressure. While this 
division performed worse than 
expected, the cabinets division 
rode to the rescue, and the US 
climbed back into the black. 
Forecasting the profits for the 
bed division is difficult - the 
absence of exceptional and 
the ensuing savings should 
lead to a £1 .5m tumround, but 
Hia continuing effec ts of dis- 
ruption are harder to quantify. 
Prices of raw materials, which 
account for 50 per cent of a 
bed, are also set to rise, with 
an 8 per cent increase expected 
in imported timber. Analysts 
yesterday reduced forecasts to 
about £llm this year and 
between phm™ and £13Bm for 
199586. The upper figure gives 
a prospective multiple of 108 - 
high enough. 


Lower interest charge helps 
Boosey & Hawkes to £1.5m 


By David Blackwell 

A fall in interest payments 
helped Boosey & Hawkes, the 
instrument maker and music 
publisher, to report higher 
interim profits yesterday. 

Pre-tax profits for the six 
months to the end of June 
were ahead at £L5m, against 
£L41m. At the operating level 
however, profits eased from 
£2.41m to £284m. 

Group turnover was 15 per 
cent ahead at £33 Bm (£29.4m). 
Almost £2m of the increase 
was contributed by Karl HOf- 
ner, the German stringed 
instrument maker acquired for 
£390,000 last January. 

Mr Richard Holland, chief 
executive, said the increase in 
total turnover “demonstrates 
that we are starting to recover 
from the effect of recession." 

The flatness of the operating 
profits mainly 'reflected the 
lack of contribution from HOf- 
ner, exchange rates, and the 
effects of a change in royalties 
distribution. 

Group margins were still 
recovering, Mr Holland said. 

The company had been going 
for volume in order to keep 
its factories busy and reduce 
stocks. “Now we will be 



Davor KfamphrtM 

Instrument makers at work; the division showed strung growth 


going for margins," he added. 

The instrument division, 
which accounts for almost 80 
per cent of sales, saw strong 
growth in the US and some 
parts of Europe. But sales to 
Japan - about 20 per cent of 
the group's market - remained 
flat 

The group is not expecting 
profits from HOfber to come an 
stream until next year. 
Stringed instrument making is 
being consolidated from three 
sites to one site in southern 
Germany. 


The publishing division, 
which includes Rakhmaninov, 
Britten and Stravinsky on its 
books, increased its market 
share. Royalties were flat but 
are expected to improve hi the 
second halt 

Net borrowings were reduced 
from £21m to £20. 3m, and 
would have been down a fur- 
ther £L2m but for the HOfner 
acquisition. Interest payable 
fell from £999,000 to £83 9,000. 

Earnings per share rose from 
3.7p to 4.16P. The interim divi- 
dend is raised to L32p (L2p). 


Travel losses push CSI down 


By Simon Davies 

Shares in Cannon Street 
Investments fell from 26V»p to 
close at 15Hp yesterday after 
the mini-conglomerate 
revealed a decline in operating 
profit for the 28 weeks to July 
16 and failed to announce its 
long-awaited debt restructur- 
ing and acquisition package. 

The group said substantial 
losses from its travel business 
had reduced pre-tax profits 
from a restated £4. 83m to 
£217,000. The figure last time, 
however. Included £4. 32m 
profit from disposals. 

Turnover fell to £87m 
(£99. 6m) while trading profit 
from continuing business was 


sharply lower at £1.33m 
(£2. 88m). The company had 
been forecast to make £7m for 
the frill year. 

It had also been expected to 
combine the announcement 
with details of an acquisition, 
which will almost certainly 
require shareholder funding 
.and the restructuring of the 
£25. 7m preference shares held 
by the Bank of Scotland. This 
package is now likely to be 
revealed at the end of October. 

Profits from the core elec- 
tronics business declined from 
£3 .25m to £2. 72m. However, 
Altai which accounted for 
about 60 per cent of the divi- 
sion’s profits, experienced 
strong growth in its European 


markets, where sales volumes 
rose by 85 per cent Any acqui- 
sition is likely to be aimed at 
building on the strength of this 
core business. 

Food and drink distribution 
contributed £553,000 (£323,000), 
but the hotels and leisure 
operations lost £975,000 
(£86,000) after a £800,000 loss 
from Cotsworld Travel The 
division is expected to be prof- 
itable in the second halt 

Losses per share were 1.41p 
(3.01p earnings). 

Outstanding preference divi- 
dends amount to £4.48m, and 
the company c ann ot fond 
acquisitions, or resume divi- 
dends, until the preference 
shares are restructured. 


Courtaulds 
Textiles in 
Chinese 
joint venture 

By Tim Burt 

Courtaulds Textiles, the 
clothing and fabrics group, 
yesterday announced Its first 
move into China with the for- 
mation of a joint venture to 
produce knitted fabrics. 

The move follows 18 months 
of exploratory visits and talks 
with officials in Jiangsu Prov- 
ince, the centre for the coun- 
try’s textile industry. 

Under the joint venture 
agreement, Courtaulds will 
invest $20m (£l2.6m) over 
three years in Penn China - a 
new manufacturing company 
based in Nanjing, the provin- 
cial capital some 150 miles 
from Shanghai. 

Although other UK textile 
companies have embarked on 
similar schemes, Mr Noel Jer- 
vis, chief executive, claimed it 
was the first deal involving 
stretch fabrics. 

“Penn China will knit, dye 
and finish fabric for the linge- 
rie and automotive trim mar- 
kets both In China and for 
export," he said. 

Courtaulds will hold 85 per 
cent of the shares, with the 
remainder retained by Jiangsu 
Provincial Textiles Bureau. 

The venture is expected to 
strengthen the company's foot- 
hold in south-east Asia, where 
it already has operations in 
Thailand and the Philippines. 

If successful Mr Jervis said 
the company would consider 
investing a further $20m in a 
law man ufacturin g plant. 


Lower costs 
help margins 
rise at VCI 

By Richard Wolffo 

VCI, one of the UK’s largest 
Independent publishers of 
videos and pre-recorded music, 
yesterday reported an 18 per 
cent rise in operating profits 
in its first interim results 
since flotation. 

Shares lifted lp to the issue 
price of 150p after the com- 
pany announced operating 
profits of £i.01m (£856,000) an 
turnover of £28.3m (£23. 5m) 
for tiie six months to June 30. 

Mr Ivan Dtnde&vy, finance 
director, said improved mar- 
gins were the result of reduced 
manufacturing costs and 
increased sales of higher- 
priced products. Hie company 
has also concentrated on its 
own video productions, which 
cut royalty payments. 

VCL whose video rights 
include “Thomas the Tank 
Engine" and “Mr Bean”, is 
now marketing a range of CD- 
video titles and budget price 
computer software. 

Its flotation In June raised 
about £28m net to clear 
£25. lm of defat after a manage- 
ment buy-out in 1989. Interim 
net interest costs fell to 
£944,000 (£1.96m) and the com- 
pany is now ungeared. 

Pre-tax profits fell from 
£4. 03m to £67,000, following a 
£5. 15m redemption of deben- 
ture last year. However, a pro 
forma calculation reveals pre- 
tax profits of £938,000 
(£370,000). 

Earnings per share fell to 
0.3p (70.6p), although pro 
forma earnings rose to 2p 
<0.6p). There is no Interim div- 
idend, in line with the compa- 
ny’s listing particulars. 


MEU0EH OF I«£ SECURITIES AND FUTURES AlirHOOIfl AMO IMHO 


A 01 VISION OP B ANGLAIS BANK PIC 


The United Mexican States 
Floa ti ng Kate Bonds Doe 2005 
from the 
New Money Bond 
Subscription Agreement 
Dated as of Febraazy 4, 1390 

For the period front and including 
September 30, 1994. to and ex- 
cluding March 30 .1996, the Rate of 
lntarett is 0.500 9b, the Interest 
Amount (per US. Sl.OOO) la *32.68 

and Uieihienest Payment Date b 

March 30, 1096. 

CrrajANK. .VA. a Aftni But 
OcutwrO, IHM 



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the country'* ecemny, pofitfctf 
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priw Ug A lkni poScy end amm. 

For more Inform otion on 
edttorial content end detaDa of 
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Ferny Scott in Maw Yortc 
Tet (2J2J CBS 6900 fisc (212] 088 8229 

Samantha Borg In London 
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fisc l+u 71] 873 3595 

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FINANCIAL TIMES WEDNESDAY OCTOBER 5 1994 


COMPANY NEWS: UK 


Last year s figures restated to take account of errors at United Clays 

W atts Blake seeks German buys 


By Tim Burt 

Watts Blake Beame & Co 
yesterday outlined details of a 
acquisition strategy designed 
to strengthen its position as 
the world’s largest producer of 
specialist clays. 

The Devon-based company 
which mines ball and china 
clays for ceramic manufactur- 
ers, said it was discussing pos- 
sible takeovers with a number 
of competitors in Germany, its 
largest market 

Although talks are at an 
early stage, the group is keen 
to exploit the dominance of 
Fuchs-Ton, its German subsid- 
iary, which already extracts 
L2m tonnes of clay a year. 

Ur John Pike, managing 
director, said the moves had 
been backed by Sibelco, the 
privately-owned Belgian com- 


pany. which has a 47.6 per cent 
shareholding and last year 
mounted a hostile takeover bid 
for the group. 

“An acquisition would help 
us reduce competition and 
strengthen our market position 
in Germany,” he said. 

Mr Pike declined to reveal 
the total gains at Fuchs-Ton, 
but he admitted that aggres- 
sive price competition had 
sliced £400,000 off the division’s 
half year profits. Trading was 
affected by the strength of the 
D-Mark, 

Nevertheless, rising UK sales 
and exports outside Europe 
helped lift pre-tax profits by 34 
per cent to £5.13m in the six 
months to June 30, against 
£4. 14m. 

The improvement was flat- 
tered by £475,000 of exceptional 
items last time incurred fight- 


ing Sibelco’s now lapsed take- 
over bid and the downward 
restatement of last year's 
results to take account of “seri- 
ous accounting errors” at 
United Clays, the US- subsid- 
iary. 

Last year's interim profits 
were reduced by S118JXX) and 
the full year figures by £235,000 
to £7.71m. The division's chief 
financial officer has been 
replaced. 

The group improvement was 
underpinned by increased prof- 
its at Devon days, the largest 
division, which saw sales rise 
from £i8.1m to £20.8m, 
accounting for half the group 
total of £4L8m (£39 An). 

In the US sales volumes 
improved with higher sales to 
Mexico offsetting lower figures 
to the US and Canada. 

Earnings per share rose from 


123p to ISp and the interim 
dividend is lifted to 3k9p (3J5p). 

• COMMENT 

If Watts is looking for short 
term gains, it had better think 
again about Germany. Some of 
Puchs-Ton's rivals may be will- 
ing to sell, but in a sluggish 
market the rewards will be a 
long time coming. Questions 
also remain over Sibelco' s role 
in such a deal The Belgians 
are close to majority control 
and are unlikely to back a dilu- 
tive acquisition. However, the 
modest 9 per cent gearing gives 
It room for manoeuvre and 
improvements at Devon Clays 
should lift full year profits to 
about £9.7m. The shares, which 
closed up 3p at 545p, look 
pricey on a forward multiple of 
18. although they offer safer 
long-term value. 


Grand Central in black 
with £0.2m midway 


Grand Central Investment 
Holdings, the food group with 
interests in the Asia Pacific 
which recently acquired UK 
chocolate maker Meltis. moved 
from a £745,000 loss to a pre-tax 
profit of £203,000 fix' the six 
months to June 30. 

Turnover was down from 
£3&9m to £25.4m, following a 
group restructuring in which 
Sunshine Allied Investments 
became an associated under- 
taking. 

Alter a tax charge of £20,000 


Johnston 
Group back 
in black 

With pre-tax profits of £2.41m, 
Johnston Group, the construc- 
tion and civil engineering com- 
pany, was back in the black at 
the end of the six months to 
June 30. Last year's losses 
were £393,000 at interim stage, 
£2.6m at the year-end. 

Turnover increased 5 per 
cent to £67.7in (Ofe&n). 

Losses at Johnston Construc- 
tion were much reduced, but it 
had ‘’some way to go" before' 
providing a satisfactory return, 
the company said. Califo rnia- 
based Johnson Sweeper Com- 
pany was taking longer to 
break even than planned. How- 
ever, improved turnover and 
margins led to increased prof- 
its in the construction materi- 
als division. 

Earnings per share were 
l&91p compared with losses of 
4.62p. The recommended 
interim dividend is 3.5p (Ip). 

Orchid expands 

Orchid Drinks has bought Cal- 
lltheke, a producer of Aqua 
Libra and other “adult" soft 
drinks from Grand Metropoli- 
tan for an undisclosed sum. 
The purchase, which includes 
a plant and the Purdey’s, Dex- 
ters and Norfolk Punch brands, 
will make Orchid leader in its 
market segment 

Protean acquisition 

Protean, the laboratory equip- 
ment and water purification, 
specialist, is to acquire Jen- 
way, the bench-top monitoring 
and analysis equipment manu- 
facturer, for £4. 15m. 

Funding will be met with 


(£152,000 credit) and minorities 
of £39,000 (£93,000 credit) there 
was an attributable profit of 
£144,000 (£500,000 loss) to give 
earnings per share of 0.36p 
(L27p loss). 

There was a contribution 
of £273,000 from Network 
Foods, which was listed on the 
Australian stock exchange in 
January. 

NFL announced a ma iden 
interim of 2 cents; there is 
again no dividend from Grand 
Central. 


Midlands Electric buys 
back 10% of its shares 


By David Lascefios, 

Resources Editor 

Midlands Electricity bought 
back 10 per cent of its shares 
for £l53Jfm yesterday, follow- 
ing the weft-established prac- 
tice among electricity utilities. 

The buy-back, carried out by 
Cazenove, the company's 
stockbrokers, was undertaken 
to increase earnings per share, 
Midlands said. Shareholder 
approval was obtained at the 
annual meeting in August 


NEWS DIGEST 


£2£m in cash, £1.2m in loan 
notes and £150,000 in Protean 
ordinary shame 

Essex-based Jenway was 
established in 1973. For the 
year to July 31, pre-tax profits 
were £167,000 after non-recur- 
ring expenses, on turnover of 
£125m 

Millgate warning 

Millgate, the USM-traded sup- 
plier of anti-theft devices for 
cars, has warned that pre-tax 
profits for the second half end- 
ing November 30 are unlikely 
to exceed those of the first 

Pre-tax profits for the first 
half were £303.000, a fall of 33 
per. cent The company said 
that although, the shortage of 
supplies from Italy had now 
been rectified, sales since June 
had been slower to recover 
than anticipated. 

UniChem buys shops 

UnlChem has strengthened 
E Moss, its high street chem- 
ists chain, with the acquisition 
of six retail pharmacies in the 
Norwich area from Reads Phar- 
macy. 

The consideration, up to a 
maximum of £2.48m plus stock 
at valuation, will be satisfied 
in cash. The deal win bring 
E Moss’s total number of out- 
lets to 309. 

The Reads pharmacies pro- 
duced turnover of £3.42m in 
the 12 months to October 1993. 

UDO in £3.4m deal 

LTDO Holdings, the supplier of 
drawing office materials, has 
bought LDO and Geoprint for a 
total of £3-38m cash. 

LDO. another drawing office 
supplies company, reported 
pre-tax profits for the year to 
May 31 1994 of £366.000 and net 
assets at the period end of 
£L2lm. 


Geoprint, a reprographic 
company, had pre-tax profits of 
£106,000 for the year to March 
31 1993 and year end net tangi- 
ble assets of £900,000. 

Bradford Property 

Bradford Property Trust is 
making an offer to acquire 
Harborne Tenants, which will 
value the property investment 
company at £lL4m. 

The offer values each Har- 
bome ordinary share at 230p 
and each preference share at 
60p. BPT currently owns 28.1 
per cent of Harbone’s ordi- 
nary and about 23.7 per cent of 
its p reference shares. 

Harborne owns tenanted res- 
idential properties in the Mid- 
lands. 

Regal bays again 

Regal Hotel Group, which oper- 
ates provincial hotels, has 
made its eighth acquisition 
this year with the the purchase 
of the Parkside Inne, Ponte- 
fract, West Yorkshire for 
£L75m in cash. 

Set in around five acres of 
land, the Parkside tone is a 
recently-converted nineteenth 
century farmhouse which has 
been exten d ed. The hotel has 
28 bedrooms, a restaurant, 
carvery and three conference 
rooms. 

Alexanders purchase 

Alexanders Holdings, the Glas- 
gow-based Ford dealer, has 
bought Metheringham Car 
Sales of Lincoln, a privately- 
owned dealership whose fran- 
chises include Jeep, Mazda and 
Nissan, for £L38m cash. 

Pre-tax profits at Mother- 
ingham for 1993 were £122,000 
on turnover of £U.23m. Net 
assets at that date were 
£L26m. Applying Alexanders' 
accounting policies, pre-tax 


The boy-bads of 21m shares 
was made at an average price 
of 725p. The shares closed up 
Up at 712p as other electricity 
stocks also gained strongly. 

As with a recent buy-back 
by Northern Electric, the deal 
was structured in a way that 
should enable institutional 
investors to treat the proceeds 
as a distribution qualifying for 
a tax credit But Midlands said 
it was up to individual inves- 
tors to negotiate the credits 
with the Inland Revenue. 


profits and net assets would be 
£103.000 and £1.2 lm respec- 
tively. 

Prior buys Rainbow 

Prior, the property group, has, 
with a joint venture partner, 
bought the Rainbow Theatre in 
north London for an undis- 
closed sum. 

Mr James Prior, chairman, 
said he planned to restore the 
theatre, turning it into a con- 
cert venue seating 4,000 people. 
A nightclub with a capacity of 
1,000 will also be built in the 
theatre’s foyer. 

The deal was made through 
Prior Kirschel Properties, a 
joint venture company formed 
last year to acquire leisure and 
entertainment venues. 

Mersey Docks/Vag 

Mersey Docks and Harbour 
Company has won the contract 
to become the southern port of 
entry for Volkswagen and Audi 
cars, through its recently 
acquired port of Sheemess. 

The Vag contract will last 10 
years and should move 65,000 
cars a year from a 50 acre hold- 
ing terminal. This will more 
than make up for the recent 
loss of the Toyota contract, 
which switched to Bristol. 
Toyota moved about 45,000 
cars a year. 

Control Techniques 

Control Techniques, the Wales- 
based controls and drives pro- 
ducer, has won its first signifi- 
cant order in Germany for its 
FNC computer numerical con- 
trol system, which is used on 
machine tools. 

Control Techniques Ger- 
many has received an initial 
order worth DM600,000 
(£246,000) from Behrens, which 
makes laser cutting machines 
for the metals. 


<§> HAIM. 


RESULTS FOR THE YEAR ENDED 30 JUNE 1994 

■ Pre-tax profit increased by 
21,6 per cent to £13. 14m 

■ Earnings per share increased 
by 7.4 per cent to 4.66p 

■ Final dividend 2.0p per share . 
payable 2 December 1994 

-During the year, wc progressed our strategy of developing the Group's 
housebuilding and contracting activities with increased investment in land, 
marketing and product development 

Our objective is to further strengthen dividend cover and our commitment to the 
resumption of a progressive dividend policy remains firm. 

IT*. Group L, equipped, both finondally and managerial^. to take advantage of the 
opportunities and challenges of the improving economic climate ! believe that our 
^ strategies have positioned the Group for medium term growth. 

p W Parkin. Chairman 
4 October 1 994 



Cotreoirm Non eg 

Landes bank 
Rheinland-Pfalz 
-Girozentrale- 
U-S. $500,000,000 
Ffoaring Race Notes 
due 1998 

For the Inrerest Feritd from 
and including 26ch September, 
I9*>4 w but excluding 27rtt 
March, 1995 (182 Jays), the 
Notes will carry a Rate of 
Interest of 5.625 per cenc. per 
.mnum. The Coupon Amount 
per U.S. 51,000 Note will be 
U-S- 528.44, perU.S. $10,000 
Note will be U.S. 4284.58. 
and per U.S. 5100,000 Note 
will be U.S. $2,843.75 payable 
on 27rh Match, 1995. 

LM«Jmnfac Scott EacKarw 


QBaokenTruK 


Com pan y, London Agree B»k 


NOTICE TO HOLDERS OF 
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(EDITS) IN 

NIPPON SHJNPAN A CO, LTD 

NOTKS 1$ HEREBY OWEN tfa/ a cash 
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PurtJremwre, it has baan declared thai 
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etfoalrtxn 5 ep»mbef 57 . 1994 . 

Subiecr to approval of to efindend. a 
firther nodes to pubfstod, after 
receipt of lire dividend (Jy IK# Dflpowrey, 
s&tkig the amount and aemal dale of 
payment d Swell (Mdend together wWi 
tho procedure to to Wttwd lor otBawng 
payment. 

Coupon No. 35 tot to used tor caiactai 
OtmcrMdereL 


CTTIBANK MA, Idriton. 

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mg ciHia xor me mom coring oi uirguu, anu irm iur iuu nanuiuig ui wasiv pjLSrtyms. ihiLnagiiig uauun- atuiutim., u , 







26 


FINANCIAL TIMES WEDNESDAY OCTOBER 5 1994 



COMPANY NEWS: UK 


Recovery in key markets allowed price increases to be passed on 


profit at £4.4m 


Ibstock 

By Christopher Price 

The slow recovery in the UK 
building market helped 
Ibstock. Britain's third biggest 
brick maker, move back into 
the black for the first six 
months of the year, reporting 
pre-tax profits of £4.36m 
against losses of £i7.lm. 

There were also improve- 
ments in the US building mate- 
rial business, with brick 
demand also picking up, and in 
the international pulp market. 

Mr fan Maclellan. managing 
director, said the recovery in 
Ibstock's key markets had 
enabled it to pass on price 
increases successfully. “We 
expect further modest price 
increases in bricks in the 
region of 5 to 6 per cent next 
year, although they have some 
way to go to recover pre-reces- 
sion levels.” he added. 

Mr Cohn Hope, chairman, 
struck a note of caution. He 
said: “We anticipate the steady 


back in 

Improvement in demand to 
continue into 1995, although 
the essential increases in price 
that are required to achieve 
improved margins may be 
slower to materialise." 

Turnover declined 32 per 
cent to £96.9m (£14 1.8m), 
although 1993's interim figure 
was inflated by contributions 
from discontinued businesses 
of £48.5m. On continuing 
operations, turnover advanced 
4 per cent from £93.3m. 

Operating profits from the 
UK brick business more than 
tripled from £1.14m to £3 5m on 
turnover n per cent ahead at 
£33.5m (£3Qm). The US 

operations had profits of 
£826,000 against losses of 
£509,000, having returned to 
the black at the year-end. 

However, tough trading con- 
ditions in the Portuguese 
building market turned profits 
of £424,000 into losses of 
£287,000. Turnover slid 19 per 
cent to £7.11m (£8.83mj. Higher 


Ibstock 

Share price (pence) 



pulp prices helped the forestry 
products business move into 
the black, operating profits of 
£l.07m being reported against 
losses of £2. 9m. Prices 
increased from $400 to $600 a 
tonne in the last year. 

Earnings per share were 
1.13p flosses of 453p). The divi- 
dend is maintained at 0.5p. Net 


debt tell from £35 .6m at the 
year-end to £29. 4m, mainly doe 
to the sale of Ibstock's 20 per 
cent stake in a Portuguese 
pulp company, raising £7J6m. 

• COMMENT 

The higher pulp prices and 
encouraging brick margins 
which enabled Ibstock to move 
back into the black reflect its 
current position in the recov- 
ery cycle. Fun-year profits of 
around £12m would put the 
stock on a hefty premium to 
the market, although this falls 
as the recovery comes through 
Into 1995’s earnings. Profits of 
around £21.5m then would give 
earnings of 5.6p, a p/e of 14, a 
10 per cent premium to the 
market and a slight premium 
to the sector. A justified rating 
In its present position, 
although whether the improve- 
ment in margins: continues will 

depend largely on whether 
recovery in the housing mar- 
ket is sustained. 


Raine price falls as £13. lm 
profit slips below forecast 


By Christopher Price 

Shares in Raine fell 12 per cent 
to 57p yesterday as the house- 
building and construction 
group reported annual profits 
at the bottom of market expec- 
tations. 

It also made cautious com- 
ments over its US housing and 
UK contracting businesses. 

Although pre-tax profits 
advanced 21.6 per cent to 
£13.14m (£10. Sim) for the year 
to June 30. City analysts had 
been forecasting profits 
towards £13.5m. 

Turnover showed little 
growth, coming out only 2 per 
cent ahead at £456.5m 
(£446 .2m). 

UK housebuilding provided 
the main source of profits. 

It increased by 30 per cent to 
£16.4m (£12.6m) at the operat- 
ing level, on turnover 2 per 
cent up at £206.79m (£202_2Sm). 

The number of houses sold 
by the group's Hassall Homes 
division rose by 7 per cent to 
1,985. 

The average selling price 
also rose, from £68,020 in 1993 


to £70,220. The company is 
forecasting an increase to 
£80,000 in 1995, although this 
would in part reflect a move 
towards building more “middle 
market homes". 

Hall & Tawse. which pro- 
vides housing to local authori- 
ties, increased its completions 
rate by 23 per cent to 1,329 
homes. 

Mr Peter Parkin, chairman. 
said the contracting market 
had been squeezed by higher 
supplier prices and industry 
overcapacity. 

This had put intense pres- 
sure on margins. 

“We believe we are at the 
bottom of the cycle and expect 
some recovery to show 
through to the balance sheet in 
1996." he said. 

Operating profits declined 
from £1.18m to £429,000 on 
turnover up 2 per cent to 
£249.7m (£243-9m). 

The company was also tak- 
ing steps to shed its Califor- 
nian housebuilding business. 
Mr Parian said investment in 
the region of $10m-$15m would 
be required over the next two 


or three years in order to make 
it more saleable. He expected it 
to fetch in excess of its net 
assets of $55m. 

Earnings per share rose from 
4.34p to 4.66p. The final divi- 
dend 15 2p (lp). maintaining a 
total dividend of 3p. 

• COMMENT 

Given the continued difficul- 
ties in its UK contracting and 
Californian businesses, Raine 
is looking to its UK house- 
building business to grow prof- 
its. But here, too, a sprightly 
start to the year has been 
marked by a slowdown in 
sales, particularly since the lat- 
est rise in interest rates. The 
market's fearful response to 
this prognosis left the shares 
tr ailing at 57p yesterday. The 
high yield and a net asset 
value of 64p should provide 
some support from here. But 
the upside looks equally lim- 
ited. On a prospective eps of 
6.4p for 1996, the shares are on 
a p/e of nine times, at a dis- 
count to the market but well 
ahead of the likes of Barratt 
and Beazer. 


BB & EA 
on target 
with 9% gain 

British Building & Engineering 
Appliances, which was 
demerged from BM in October 
last year, reported a 9 per cent 
advance in pre-tax profits for 
the year to June 30. 

Mr Robert Paine, chairman , 
said it had been an encourag- 
ing start for the newly inde- 
pendent group and was in line 
with expectations when BM 
placed its 75 per cent holding. 

He added that the group was 
experiencing patchy improve- 
ments in the economy, but it 
had been getting Increased 
orders and work in hand was 
now 40 per cent higher than 
last year. The shares however, 
fell 5p to 195p. 

Turnover advanced to £50.6m 
(£43.4m) of which £I.17m 
(£2.7m> related to discontinued 
activities. Turnover showed an 
underlying improvement of 21 
per cent. Pre-tax profits were 
£2.51m (£2.31m) after higher 
net interest charges of £522,000 
(£440,000). 

Earnings per share came out 
at 16.7p (14.2p) and an 
unchanged final dividend of 
5.5p is proposed for a same- 
again total of 8p. 


TENDER NOTICE 

UK GOVERNMENT 
ECU TREASURY BILLS 

For tender on 11 October 1994 

1 . The Bank of England announces the issue by Her 
Majesty's Treasury of ECU 1,000 million nominal of UK 
Government ECU Treasury Bills, for tender on a 
bid-yield basis on Tuesday, 11 October 1994. An 
addrtionai ECU 50 million nominal of Bills will be allotted 
directly to the Bank of England for the account of the 
Exchange Equalization Account. 

2. The ECU 1,000 million of Bills to be issued by tender 
will be dated 13 October 1994 and will be in the 
following maturities: 

ECU 200 million for maturity on 10 November 1994 
ECU 500 million for maturity on 12 January 1995 
ECU 300 million for maturity on 13 April 1995 

3. All tenders must be made on the printed application 
torms available on request from the Bank of England. 
Completed application forms must be lodged, by hand, 
at the Bank of England, Securities Office, Threadneedle 
Street, London not later than 10.30 a.m„ London time, 
on Tuesday, 11 October 1994. Payment for Bills allotted 
will be due on Thursday, 13 October 1994. 

4. Each tender at each yield for each maturity must be 
made on a separate application form for a minimum of 
ECU 500,000 nominal. Tenders above this minimum 
must be in multiples of ECU 100,000 nominal. 

5. Tenders must be made on a yield basis (calculated 
on the basis of the actual number of days to maturity 
and a year of 360 days) rounded to two decimal places. 
Each application form must state the maturity date of the 
Bills for which application is made, the yield bid and the 
amount tendered for. 

6. Notification will be despatched on the day of the 
tender to applicants whose tenders have been accepted 
in whole or in part. For applicants who have requested 
credit ot Bills in global form to their account with ESO, 
Eurodear or CEOEL. Bills will be credited in the relevant 
systems against payment For applicants who have 
requested definitive Bills, Bills will be available for 
collection at the Securities Office of the Bank of England 
after 1.30 p.m. on Thursday, 13 October 1994 provided 
cleared funds have been credited to the Bank of 
England's ECU Treasury Bills Account No. 59005516 
with Lloyds Bank Pic, International Banking Division, PO 
Box 19. Hays Lane House, 1 Hays Lane, London SE1 
2HA. Definitive Bills will be available in amounts of 
ECU 10,000, ECU 50,000, ECU 100,000, ECU 500,000, 
ECU 1,000,000, ECU 5,000,000 and ECU 10,000,000 
nominal. 

7. Her Majesty's Treasury reserve the right to reject any 
or part of any tender. 

8. The arrangements for the tender are set out in more 
detail in the Information Memorandum on the UK 
Government ECU Treasury Bill programme Issued by 
the Bank of England on behalf of Her Majesty's Treasury 
on 28 March 1989, and in supplements to the 
Information Memorandum. All tenders will be subject to 
the provisions of that information Memorandum (as 
supplemented). 

9. The ECU 50 million of Bills to be allotted directly to 
the Bank of England for the account of the Exchange 
Equalization Account will be lor maturity on 13 April 
1995. These Bills may be made available through sale 
and repurchase transactions to the market makers listed 
in (he Information Memorandum (as supplemented) in 
order to facilitate settlement. 

10. Copies of the Information Memorandum (and 
supplements to it) may be obtained at the Bank of 
England. UK Government ECU Treasury Bills are issued 
under the Treasury Bills Act 1877, the National Loans 
A ct 1968 and the Treasury Bills Regulations 1968 as 
amended. 

Bank of England 
4 October 1994 


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FINANCIAL TIMES- 

Newsletters 


BAe 
confirms 
VSEL 
bid talks 

By Simon Davies 

British Aerospace has finally 
confirmed that it is seeking to 
negotiate a "recommended 
offer"’ for VSEL, the subma- 
rine maker. 

British Aerospace's 
announcement of discussions 
follows five days of specula- 
tion over the deal; but advis- 
ers said the company was anx- 
ious to ensure there was a 
firm basis to negotiations 
before they were made public. 

The company was also under 
considerable p re ss ure from the 
Stock Exchange to make a 
statement. Shares in VSEL 
rose 17p to 1195p on the news 
that negotiations were moving 
forward, and a final announce- 
ment could be made before the 
week-end. 

British Aerospace is aiming 
to become a major defence 
contractor on land, sea and 
air, but thus far its sea activi- 
ties have been restricted to 
weapons systems rather than 
shipbuilding. The company 
clearly reckons that its exper- 
tise in defence contracting and 
systems integration could help 
VSEL win the next Ministry of 
Defence contracts for Trafal- 
gar Class submarines. 

An added attraction is 
VSEL’s cash holding of around 
£320m, which would provide 
welcome support for a group 
which suffered a £115m oper- 
ating rach outflow in the first 
half of 1994. 

The Ministry of Defence, 
which Is a key pa rty to negoti- 
ations as both VSEL’s major 
customer and holder of a 
golden share in its shipbuild- 
ing operations, has been 
briefed on progress. British 
Aerospace is confident a deal 
would be approved. 

The negotiations are being 
handled by Klein wort Benson, 
for British Aerospace, and 
Morgan GrenfelL 

So far there has been no 
approach from an obvious 
alternative buyer, GEC. Ana- 
lysts said GEC was unlikely to 
emerge from the background 
until a price was agreed, or 
imlftss talks collapse. 

Upton considers 
fund raising 

Shares in Upton & Southern 
slipped %p yesterday to 7p 
when the department store 
group announced it was con- 
sidering raising additional 
equity capital 

In February, it bought 
Reject Shop, the furniture and 
household goods chain, for 
£2J>m in an all-paper deaL In 
August, Upton announced that 
the financial and trading posi- 
tion of Reject Shop was mate- 
rially worse than had been 
represented at the time of the 
recommended offer, resulting 
in a £2. 75m cash shortfall. 
About one third of the stock 
Upton expected in Reject Shop 
was found not to be there. 

It said it was considering 
legal action not only against 
some former directors of the 
Reject Shop, but also against 
Its own financial advisers. 


Fabrics side underpins 
39% growth at Lamont 


By Peter Pearse 

A successful performance from 
the fabrics and fabric printing 
division underpinned a 39 per 
cent pre-tax profits increase at 
Lamont Holdings, the North- 
ern Ireland-based textiles 
group, in the first half of 
1994. 

However, that success was a 
sharp counterpoint to the trou- 
bles the group experienced in 
the carpet and carpet yarn 
division, which swung into the 
red at the operating level. Lam- 
ent's shares eased 4p to 333p. 

Group pre-tax profits rose to 
£R62m (£4.05m) on turnover 8 
per cent ahead at £71m 
(£65£m). Within those figures, 
operating profits from the fab- 
rics side grew 52 per cart to 
£6.39m. (£4 9m) on turnover up 
33 per cent at £43~2m (£32. 6m). 
while the carpets side fell into 


losses of £437.000 (.profits 
£561,000) on turnover down 
£2m at £26.9m. 

Mr Dick Millike n, chief exec- 
utive. said that the mainte- 
nance of gross margins at 27.4 
per cent masked an underlying 
pressure on group margins. On 
carpets they were down about 
2 points, and the half under 
review included Cunningham 
Johnson, the fabric printer 
bought in October 1993 and 
now consolidated into Alexan- 
der Drew. 

Since June, Lamont has 
bought for £500,000 a linen 
weaving operation in Estonia. 
Sir Desmond Lorimer, chair- 
man, said it was an exciting 
prospect “if we can make it 
work". 

Sir Desmond the recovery 
was “hesitating, rather than 
progressing”, impacting 
adversely ou the carpets side. 


Although Northern Ireland 
Carpets, the downmarket man- 
ufacturer, remained resilient 
and in profit, Shaw Carpets in 
Barnsley was likely to incur 
greater losses this year than 
1993's £2m. 

Deciding against closure 
because of the previous £4m 
investment on the backing 
p lant , Shaw is to be “brought 
into line with current market 
activity levels”. This, Sir Des- 
mond said, would cost £2m- 
£3m this year aod would 
involve about 150 job losses out 
of the 350 total. 

Borrowings at June 30 were 
about £14m (£9m) and, after 
expected capital expenditure of 
£l7m for the year, would total 
about £2Sm at the year-end. 

Earnings rose to 12.6p 
(I0.62p) per share and the 
interim dividend is lifted to 
3.65p (3.5p). 


Asda Property up to £4.4m 


By Simon London, 

Property Correspondent 

Trading profits from sales of 
residential property helped 
Asda Property Holdings to 
increase pre-tax profits for the 
six months to end-June from 
£2.47m to £4.43HL 
Profit from trading proper- 
ties rose by £l-3m to £2 .5m in 
the period, the bulk of which 
came from sales of residential 
investments. The company’s 
remaining residential portfolio 
amounts to £3m and will be 
sold in the near tern 
Net rental income was J&3m. 
up from £5 .2m, reflecting 
acquisitions made in the sec- 


ond half of last year and let- 
tings of vacant property- 

interest charges rose from 
£2.88m to £U5m, but last 
year’s figure included £300.000 
capitalised interest This year's 
charge reflects the one-off 
£300.000 cost of unwinding 
interest rate swaps. 

Turnover amounted to £15m 
(£lU2m). Earnings per share 
were 3.4p (2J>p) and the interim 
dividend is increased to 0.75p 
(0.7p). 

Asda was a net seller of prop- 
erty in the first half, disposing 
of £10m assets against pur- 
chases totalling £3.5m. Mr 
Tony Roscoe, managing direc- 
tor, said that prices being 


sought in spring and early 
s umme r were unrealistic, but 
that the market had slipped 
back since the summer and 
Asda had again started to 
buy. 

Since the half-year end. the 
company has spent £17m. 
including £8 -5m on a portfolio 
of 28 shops acquired from a 
high street retailer and £3Am 
in a half share of a retail ware- 
house park in Cwmbran, South 
Wales. 

Mr Roscoe said that the 
retail portfolio required active 
management. Some of the 
shops would be refurbished 
and retained, while others 
would be sold. 


Exports boost 
Shepherd Neame 

Shepherd Neame. the Kent 
brewer, reported an 8.6 per 
cent rise in pre-tax profits from 
£4-7lm to £5.llm in the year to 
July 2 as its Bishops finger 
and Spitfire brands gained 
from national distribution and 
strong export sales, writes 
Roderick Oram. 

Turnover advanced 12 per 
cent from £39.1m to £&8m. 
Earnings per share were 60 -2p 
(54.4p) and a final proposed 
dividend of 15p makes a total 
of 19p (17-5p). 

The Kent pubs suffered from 
cross-Channel duty-free 
imports but any decline was 
more than offset by strong 
sales of Bishops Finger in 
Calais stores. Mr Bobby 
Neame, chairman, said. 


Good progress 
at Compass 

Shares in Compass, the 
catering and healthcare group, 
rose 8p to 327p yesterday after 
directors said that the 
integration of Canteen, its 
3450m US catering acquisition, 
was progressing well, writes 
David Blackwell. 

No contracts were lost 
because of the change of 
ownership and trading results 
were above expectations. 


Fiscal buys properties 
in Croydon for £17.5m 


By Simon London, Property 
Correspondent 

Fiscal Properties, the 
investment and development 
company which floated on the 
Stock Exchange in April, yes- 
terday announced a £17.5m 
acquisition of office and retail 
properties in Croydon, south 
London. 

The company also reported a 
£562,000 pre-tax loss for the six 
months to the end of June, 
against a £164.000 profit The 
result includes £990,000 non-re- 
curring costs relating to flota- 
tion. 

Turnover increased from 
£L6m to £4£m and operating 
profit from film to ElRm. The 
interim dividend is 0.624p. 

Fiscal is buying 47.5 per cent 


of Croydon Land and Estates 
from Montagu Private Equity, 
the private equity arm of Mid- 
land Bank. CLE was set up ear- 
lier this year to acquire the 
commercial property portfolio 
of the London Borough of 
Croydon, comprising 156 prop- 
erties generating rental income 
of around £4 Jm. 

Directors of Fiscal already 
have an interest in 4 per cent 
of CLE. Montagu ■ Private 
Equity, one of the founding 
shareholders, still holds a 35 
per cent stake in Fiscal. 

To avoid conflicts erf interest, 
the terms of the transaction 
were negotiated by Fiscal's 
non-executive directors. 

The deal marks Fiscal's first 
move away from buildings 
occupied by government 


DIVIDENDS ANNOUNCED 




Current 

payment 

Date of 
payment 

Corras - 
pondtog 
dividend 

Total 

Tor 

year 

Total 

last 

year 

Asda Property _ 

int 

0.75 

Nov 17 

0.7 

- 

2J2 

Boosey & Hawkes — Int 

1-32 

Nov 11 

lJ2t 

- 

st 

Be & EA 

fln 

SE 

Jan 10 

5JS 

8 

a 

Fiscal Props — 

int 

0.624 

Nov 15 

- 

- 

- 


Int 

Q.S 

Dec 1 

0.5 

- 

i 

Johnston ■ 

int 

3.5 

Dec 15 

1 

- 

2 

Lamont Hldgs — 

int 

3.65 

Dec 1 

3.5 

- 

12JS 

Brine 

fin 

2 

Dec 2 

1 

3 

3 

SBentmght 

int 

2.75 

Jan 3 

2L75 

- 

8 

Watts Blake 

Int 

3.9 

Nov 23 

3.5 

- 

12 


Dividends shown pence per share net except where otherwise stated tOn 
increased capital. §USM stock. ^Adjusted for share subdivision. „ 


NOTICE TO THE 
WARRANT HOLDERS OF 

Uniden CwporatioB 

pte- ern 

"Ujtstmaat ts tta w fe aufritU a print* 
ratafkg b Bear* Vanasb 
(the Thniblto Hkcribs ap to 
Tn 17,ti2A*UMl for Stem of 
Cobbh Stack of As Ccapaw 
(fta "Share”) bared 
lAiotaiGMauro 
1 pm ecsl team tote Botes tea 1 998 

NOTICE IS HEREBY GIVEN 
pursuant to Condition 7 of the 
Warrants chat as 2 resale of the 
Issue of Yen 10,000,000,000 5/8 
per cenL convertible bonds due 
1998 on 30th September, 1994 by 
die Company with the initial con- 
version price per Shareofyen 2^73 
as determined on 14th September, 
1994 being less than die current 
market pice per Share of yea 
3,101.70 as of that date, the Com- 
pany has adjusted the subscription 

price of (be captioned warrants as 

foOows; 

1. Subscription Price before adorn- 
ment: Yen 3,783 per Share 

2. Subscription Price after adjust 
meat: Yen 3.72930 per Share 

3. Effective date of die adjustment: 
1st October, 1994 (Japan Time) ! 

Ualdea Corporation | 
Tokyo, Japan 

5th October. 1994 


PERSONAL 


PUBLIC 

SPEAKING 

Training and speech- 
writing by award 
winning speaker. 

First lesson free. 

Tel: (0727)861133 


PUBLIC NOTICES 


NOTICE PUBLISHED BY THE SECRETARY OF STATE UNDER SUBSECTION 10(7) 
OF THE TELECOMMUNICATIONS ACT 1984 


Licence to run telecommunication systems under section 7 of the Telecommunications Act 1984 
granted to Racal Network Services limited. 

1. The Secretary of State hereby gives notice' 

(a) that be has duly reconsidered the proposals in respect of which he published a notice on 
7 June 1994 under subsections 8© and 10(6) of the Telecommunications Act 1984 ('“the Act") 
regarding his Intention to grant a licence under the Act to Racal Network Services Limited 
(“the Licensee") to run telecommunication systems throughout the United Kingdom; 

(b) that he has granted such a licence (“the Licence") to the Licensee, being a licence which 
includes conditions such that section 8 of the Act applies to it, thereby making the Licensee 
eligible to have the telecommunications code contained in Schedule 2 to the Act applied to it 
under section 10 ol the Act; 

(c) that he has applied the telecommunications code (“the Code") to the Licensee subject to 
certain exceptions and conditions throughout the United Kingdom. The effect of these 
exceptions and conditions is that the Licensee has duties: 

i. to comply with various safety and environmental conditions, in particular (with 
certain exceptions) to install lines underground or only on such above-ground 
apparatus as is already installed for any purpose: 

iL to comply with conditions designed to ensure efficiency and economy on the part of 

the Licensee, in connection with the execution of works on land concerning the 

installation, maintenance, repair or alteration of their apparatus; 

in. to consult certain public bodies before exercising particular powers under the Code. 

including the local planning and highway authorities and English Nature, Scottish 

Natural Heritage, the Countryside Council for Wales, the National Trust and the 

National Trust for Scotland, as well as relevant electricity suppliers; 

iv to keep and make available records ol the location of underground apparatus and 

copies of the exceptions and conditions In the Licence to the powers under the Code; 

and 


v. to ensure that sufficient funds are available to meet certain liabilities arising from the 
execution ol street works. 

2. The Secretary of State has applied the Code to the Licensee: 

(a) because the Licensee will need the statutory powers In the Code to install and maintain 
the telecommunication systems which are to be installed and run under the Licence; 

(b) subject to the exceptions and conditions referred to above because they are considered 
requisite or expedient for the purpose of securing that the physical environment Is protected, 
that there is no greater damage to land than necessary, that the systems are installed as safely 
and economically as possible, and that the Licensee can meet (and relevant persons can 
enforce; liabilities arising from the execution of works. 


. ~ ’ T' ~ a----'- «« ucuiusc iic considers mat u wui neip to sattsiy 

demands to the United Kingdom for the provision of services ot the type authorised, will promote the 
interests of consumers In respect of the quality and variety of such services, and will maintain and 
promote effective competition between those engaged In the provision of telecommunication services 

4 grantwl for a period of 25 years In the first instance and is subject to 

revocation by the Secretary of State on 30 days’ notice in the circumstances specified in the Ucence 

5. Copies of the Ucence may be obtained from the Office of Telecommunications (Library), 

50 Ludgate Hill, London EC4M 7JJ, price SI2.00 postage and packing free. 

Keith Avis 

Department of Trade and Industry 5 Q c[oljer 













'X 


privatisations are today a principal to- 
ot world-wide interest in the capital 
markets, it is sometimes 
claimed that the concept of 
the privatisation was invent- 
ed in the UK during the 
1980s. In fact, Dresdner 
Bank was playing a central 
role in the large-scale, multi-tranche priva- 


tisation Of Volkswagen some thirty years 
earlier. Having continued in that tradition 
ever since, we're now serving as lead 
manager for the Lufthansa privatisation. 

With an unwavering commitment to the 
equity sector, Dresdner Bank has been a 
major player in European investment bank- 
ing since the Bank's founding in 1872. 

As one of Germany’s foremost univer- 


sal banks, our streamlined investment 
banking structure makes possible deci- 
sion-making that takes full account of the 
global perspective. This has earned us in- 
ternational recognition among our peers in 
the global equity market. We are one of the 
few German universal banks with a tightly 
organized team of syndication specialists 
who focus exclusively on structuring and 


executing highly successful equity and 
equity-linked deals. You can rest assured: 
when it comes to the packaging and mar- 
keting of equities issues, we know the 
ropes. So if you're involved in privatisation 
measures, the chances are you'll be hear- 
ing from us. Dresdner Bank Corporate 
Finance Division, Equity Capital Markets. 
Phone: +49/69/263-2221. 


Dresdner Bank's 
unwavering 
commitment to 
equities. 



Dresdner Bank 


O 



mg aata lor mb monitoring a targets, anti Die tor mo nanaiing oi waste jiauuigiiig. ue i«„w c, uu» 









2S 


FINANCIAL TIMES WEDNESDAY OCTOBER ? 1 W4 


COMMODITIES AND AGRICULTURE 


European salmon farmers 
set for a bumper year 


Espy resignation leaves farm interests adrift 

American farmers feel they are losing a valuable friend at court writes Laurie Morse 

are already hard at work estab- 


By James Buxton, 

Scottish Correspondent 

This will be the most profitable 
year for salmon farming in 
northern Europe for some 
time, confounding the predic- 
tions of many industry experts, 
according to a Norwegian 
salmon industry executive. 

Mr Jostein Refsnes, execu- 
tive vice-president of Hydro 
Seafood a large salmon pro- 
ducer in Norway and Scotland, 
attributed the upturn to a yield 
boost at existing farms thanks 
to improved methods and bet- 
ter disease control. 

This was combined with a 
rise in demand in Europe and 
the Far East in response to 
competitive prices and better 
marketing, notably by the 
Scots, he told the annual Scot- 


tish fish fanning conference in 
Aviemore, Scotland. 

The optimistic picture 
painted by Mr Refsnes con- 
trasts with the gloomy one 
drawn earlier this year by 
Scottish salmon farmers. In 
February they urged the Euro- 
pean Union to investigate 
allegedly unfair subsidies 
given to Norwegian fanners, 
which caused over-production 
and drove prices down. 

Since then the Scottish farm- 
ers’ relations with tbe Norweg- 
ians have improved and they 
have benefited from the factors 
listed by Mr Refsnes. Farms 
can now make a profit even 
though prices have not 
increased much in real terms. 

Mr Refsnes said the Far East- 
ern market for Norwegian 
salmon had grown by 68 per 


cent this year, while that in 
Europe was up by 23 per cent. 
Scottish attempts to hinder the 
free flow of Norwegian salmon 
into the ELI had not succeeded. 

The Scottish salmon growers 
association says UK demand 
has risen 26 per cent rise this 
year. Output is expected to 
reach 59.000 tonnes, up from 
45.000 tonnes in 1993. Norway 
is expected to produce 220.000 
tonnes and Mr Refsnes expec- 
ted the gap in output between 
the two countries to widen. 

Mr Refsnes criticised the 
idea, strongly advocated by 
Scottish farmers, of establish- 
ing producer organisations to 
control output and sustain 
prices. That, be said, would 
slow the development of the 
industry into larger units and 
allow the inefficient to survive. 


M ichael Espy's resig- 
nation as US Agri- 
culture Secretary on 
Monday took many US farmers 
by surprise, and (eft farm inter- 
ests adrift just as they faced 
their toughest battle ever to 
preserve their entitlement pro- 
grammes before a congress less 
and less interested in rural 
issues. 

A minor light in Washing- 
ton, the soft spoken, articulate 
Mr Espy had taken on heroic 
proportions in farm country, 
where bis rapid response to 
agricultural disasters, and his 
pro-farm positions on trade 
issues won him wide popular- 
ity. 

The secretary said he would 
quit the Clinton cabinet at the 
end of the year to “clear his 
good nam e" in the face a wid- 
ening array of allegations that 
he accepted favours from the 


agribusinesses he was charged 
with regulating. 

Until the announcement 
most farm interests brushed 
off the Washington talk of eth- 
ics violations as inconsequen- 
tial. “He was a congressman, 
he never really switched gears 

to operate like a secretary, but 
be is doing an excellent job." a 
Midwestern grain dealer stated 
last week. 

In fact. Mr Espy's accom- 
plishments during 18 months 
in office are substantial. Dur- 
ing last summer's disastrous 
floods, when more than 23m 
acres in the Midwest were 
damaged, be not only expe- 
dited payment of more than 
S2bn in farm disaster claims, 
but repeatedly visited catastro- 
phe areas to assure producers 
that government aid was on its 
way. 

He also weathered strong 


criticism oF the US Department 
of Agriculture after tainted 
meat caused deaths in the US 

pacific north-west last year. He 
turned the incident into a cru- 
sade. making food safety a 
major objective of the agency. 

T his past summer, faced 
with the worst forest 
fire season in US his- 
tory, he was again quick to 
support the US forest service, 
which comes under the 
USDA’s purview. 

He also won Bill Clinton 
allies in farm states by backing 
trade sanctions against Cana- 
dian wheat imports even as he 
campaigned for agriculture, 
small and large, to support of 
the administration's major 
trade initiatives, the North 
American Free Trade Agree- 
ment and the Gatt. 

In Washington, Mr Espy was 


forging the first overhaul of 
the USDA since its creation by 
Abraham Lincoln in 1363. His 
push to close 1J20Q of the agen- 
cy’s 14,000 field offices, and to 
cut the Washington bureau- 
cracy marip him enemies in his 
own office, but will trim nearly 
$i69m from the federal budget 
if carried through. 

Most importantly for farm- 
ers, the forme - Mississippi con- 
gressman was knowledgeable 
about the workings of the 
Farm Rill, a massive piece of 
legislation that governs every 
aspect of US Agriculture and 
often dictates profit parame- 
ters for producers of scores of 
commodities. In place for five 
year, the Farm Bill is the 
embodiment of pork barrel and 
politics. 

Current US agricultural leg- 
islation is to expire next year 
and farm groups and the USDA 


lishing the issues to be 
addressed in the 1995 Farm 
Bill. 

Farm interests are now con- 
cerned that any one brought 
on in Mr Espy's place must 
immediately face the ctialieuge 
of getting the Farm Bill 
through congress. 

Declining farm populations 
leave farm states with fewer 
representatives in congress 
just as budget contra inb. are 
making urban politicians 
resentful of massive US farm 
payments. The USDA esti- 
mates that today, 370.000 farms 
earn S5 per cent of US farm 
income and most farm pro- 
gramme payments go to large 
farms with relatively large 
household incomes. It is no 
wonder that farm groups feel 
they need an effective friend at 
tbe helm of the USDA. 


Eastern Germany in turmoil over agricultural counter-revolution 

Conflicting claims are making land privatisation even more difficult than the authorities expected, writes Judy Dempsey 


M r Werner Lorenz, who 
farms 1,300 hectares in the 
small village of Hohe 
Dp mzin in the eastern German state 
or Mecklenburg-Vorpommern, 
believes he is one of the gainers 
from German unification. 

Along with 14 other farmers who 
pooled their resources, he reclaimed 
or rented land from the Treuhand 
privatisation agency, and even man- 
aged to secure a 12-year lease in the 
process. Once the lease has expired, 
and assuming there are no outstand- 
ing property claims, Mr Loranz will 
have an option to buy the land at a 
preferential price. 

“Things are going fine." says the 
39-year-old farmer who until 1990. 
worked on the giant 6.000 hectare 
co-operative farm, parts of which 
were placed under the Treuhand 
after German unification in 1990. 
“We have no debts. We marip a turn- 
over of DMl.5m (£590,000) last year. 
But I must tell you that we are one 
of the lucky ones. Other fanners are 
in great difficulties". 

Officiate from Germany’s agricul- 
tural ministry agree. “The restruct- 
uring and privatisation of land in 
eastern Germany has proven to be 


one of the most difficult processes 
the Treuhand has had to face," says 
Mr Otto Bammell. a senior expert at 
the ministry. “Actually, I do not 
think the turmoil has yet ended." 

The turmoil started when the 
Treuhand, with two aims in mind, 
set about privatising 1.2m hectares 
of east German land in 1990. it first 
wanted to restructure east German 
agriculture, which entailed breaking 
up the Landwirtschaftliche Produk- 
tionsgenossenschaften, or LPGs, the 
large co-operatives, and the Volksei- 
gene Gfier. or VEGs, the state farms, 
and then wanted to sell the land. 

In the early days of unification, 
the agency started selling agricul- 
tural land. But most of the buyers 
were coming from western Germany. 
“The east Germans felt they were 
being colonised. They had no chance 
to buy land because they bad no 
money. There was terrible tension in 
the countryside. We decided we had 
to give the easterners a chance. So 
we introduced the system of leasing 
land at preferential rates to the east- 
erners,” explains Mr Bammell. 

Yet even leasing land posed enor- 
mous problems for the Treuhand 
largely because of property rights. 


Under the terms of the unification 
treaty, former Nazi victims and 
those whose land was confiscated by 
tbe Nazis bave full rights of restitu- 
tion and compensation. These rights 
also apply to former land owners 
whose land was confiscated by the 
communists between 1949 and 1990. 

This meant that when the Treu- 
hand wanted to lease land to east (or 
west) Germans, it had to make sure 
that there were no outstanding 
claims on the property. “In some 
cases, the east Germans complained 
that they received only short-term 
contracts of about three years, com- 
pared to some west Germans who 
managed to obtain 12-year con- 
tracts," says Mr Bammell. “The 
problem facing the agency was that 
It was afraid to extend long con- 
tracts in case former property own- 
ers had already put in a claim. What 
could the Treuhand do with an east 
German long-term leaseholder if a 
former owner wanted to come 
back?" 

It was often difficult to ascertain 
who originally owned the land. Take 
the case of the LPGs. These co-opera- 
tive farms were created from land 
expropriated by the former Soviet 


Union, which ruled East Germany 
between 1945 and 1949. and from 
smal l East German landholders who 
in 1952 were forced to place their 
plots in the LPGs. Often, the original 
land register was closed and a new 
one opened that stipulated that the 
LPG was owned by the state. 

T he Treuhand is now discover- 
ing. however, that former 
owners or their descendants 
have found the original land regis- 
ters and are claiming back their 
land 

“This has inevitably slowed down 
the whole process of leasing land." 
says Mr Bammell “If land has been 
leased by the Treuhand, even for a 
short time, and if the former owner 
could prove legal title to it. the Treu- 
hand can allow the lease to run its 
full term, but once it has expired it 
must reimburse the original owner 
of the rent paid to the agency from 
the leaseholder”. 

This sense of uncertainty about 
who owns land in eastern Germany, 
and the delay in drawing up water- 
tight contracts, has been com- 
pounded by another factor the for- 
mer land owners, usually belonging 


to the Prussian aristocracy, whose 
land was expropriated by the Soviet 
administration between 1945 and 
1949. 

These owners have no right of res- 
titution, but they do have a right to 
buy back their land, rent it, or, fol- 
lowing a law passed last month, 
receive limited compensation, or buy 
a certain amount of property in east- 
ern Germany at preferential rates. 

“After unification, these former 
large landowners hesitated about 
buying back their property and 
instead leased land in eastern Ger- 
many. They were waiting to see 
what kind of compensation law 
would be agreed," explains Mr 
Bammell. But in the process, the 
privatisation - and investment in 
east German agriculture - was 
delayed. 

Eastern German farmers, such as 
Mr Loranz. resent the fact that these 
former landowners can return and 
buy or rent land at preferential 
prices. “But it's not only that which 
upsets me," he stresses. “These own- 
ers have managed to obtain 
long-term contracts unlike many of 
east Germans who had to fight hard 
even to get a short-term lease. And 


in some cases, they do not even 
come back to term the land them- 
selves. It is very unfair” 

Even more unfair, according to 
east German fanners, is the fact that 
those wishing to buy land in eastern 
Germany can circumvent outstand- 
ing property claims held by eastern 
Germans if they can prove to the 
Treuhand that they will invest and 
create jobs. In which case, a former 
landowner can only get back the 
land if he or she can match that 
investment plan. “The east Germans 
simply do not have the money to 
compete with the west Germans,” 
complains Mr Loranz. Ministry offi- 
cials argue, however, that incentives 
for investors were a crucial instru- 
ment for reviving eastern German 
agriculture. 

In spite of the scale of these prob- 
lems. the Treuhand is in the process 
of drawing up 9.000 contracts, which 
involves tearing 90,000 hectares on 
short-term contracts and about 
788,000 on long-term contracts. “East 
German agriculture is slowly stabi- 
lising," says Mr BammelL “But we 
have paid a high price for ending the 
turmoil and creating a propertied 
class." 


MARKET REPORT 

Aluminium and r 
zinc touch highs 

Base metal prices eased in late 
trading at the London Metal 
Exchange but the three 
months delivery ZINC price, 
which earlier renched a 20- 
month high on investment 
fund buying, was still up $27 a 
tonne at the close. 

Meanwhile ALUMINIUM'S 
continuing rally lifted it to a 
fresh 37*-year high of $1,645 a 
tonne for three months deliv- 
ery at one point. Tbe more was 
encouraged by another big fall 
in LME stocks. 

After falling early on COP- 
PER prices ended about $30 a 
tonne up on balance. 

COFFEE futures rose in light 
volume as the Brazilian 
weather continued to give 
cause far concern. 


Compiled from Renters 





UK WAREHOUSE STOCKS 

(As M Monday's dose) 
tonnes 

AlimMtoi 

-21450 

to 2492.750 

AhurinhHTi Jlcy 

*100 

to 25.560 

Cop o* 

-1425 

to 359.375 

Load 

-1.450 

to 370.325 

NKKal 

*528 

10 144.360 

a no 

-650 

to 1.232.900 

Tin 

-35 

to 33.135 


Commodities prices 


BASE METALS 


Precious Metals continued GRAINS AND OIL SEEDS SOFTS 


MEAT AND LIVESTOCK 


LONDON METAL EXCHANGE 

iPnces from Amalgamated Metal Trading) 

■ ALUMINIUM, 9B.7 PURITY (S par tonne) 



Cash 

3 mtha 

Ctose 

1616-7 

1640-1 

Previous 

1602-3 

1627-8 

High/low 


1645/1631 

AW Official 

1608-9 

1632-3 

Kerb ciose 


1639-40 

Open mi. 

249.9W 


Total dayy turnover 

54.769 


■ ALUMINIUM ALLOY (S per tonne) 

Close 

1642-7 

1682-5 

Previous 

1645-55 

1665-70 

HkgMow 


1665 

AM Official 

1645-50 

1665-70 

Kerb dtMO 


1662-6 

Open InL 

3.068 


Toul daily remover 

232 


■ LEAD R par tonne) 



Case 

628-9 

642-2.5 

Previous 

622.5-3.5 

636.5-7 

HiqMow 


643/636.5 

AM Official 

621-2 

637-7.5 

Kerb close 


640-1 

Open irw. 

41.228 


Total dally turnover 

7.316 


■ NICKB. (S per tonne) 


Close 

6300-10 

6405-10 

PWKHI5 

0320-30 

6420-30 

Htrjrvlow 


BJ30.-6390 

am Official 

6305-10 

6410-20 

Kc*?t> ctow 


6390-400 

Open ire. 

69.4S3 


Teem daily turnover 

U.787 


■ 7 IN (S per tonne) 



Close 

5345-55 

5430-5 

Ficwous 

5355-00 

5435-40 


5345/5340 

5440/5410 

AM Officio* 

5340-50 

5420-5 

Kero Base 


5420-5 

Open W. 

1 5.837 


Total cfculv turnover 

3.572 


■ ZINC, apodal Mgh grade |J per tonne) 

Cto/e 

1033.5-4 5 

1057-8 

Previous 

1006.5-7.6 

1O30-1 

rtgMow 


1066n03ti 

AM Official 

1026-6 5 

1050-0.5 

Kero ck»e 


1057-8 

Open inL 

■J9.734 


Total daJy turnover 

24.484 


■ COPPER, grodo A IS per tome) 


Cknc 

2507-8 

2514-5 

Previous 

2471.5-2 5 

2486-7 

Htgn/tow 

2492.-2400 

2522.-24B5 

AM Official 

2492-3 

2499.5-500 

KeTO dose 


2505-6 

Open tot 

234.696 


Total dotty turnover 

81.842 


■ LME AM Official C/S rate-. 1.8803 

LME Closing VS rate: 1.5790 


Spat 1.5759 3 mlTB t S767 6 mDK.1 573) 9 ante 1.5665 

■ HIGH GRADE COPPER (COMEX) 


Bay* 


Open 

date dungs 

IBfih km 

bit VM 

Od 117.30 *0 90 

117.70 1)6 30 

2.818 587 

Nov 115.90 *H0 

1 16 JO IlfiOO 

919 257 

OK 11535 *085 

11595 11470 

38.859 10.694 

Jan 11475 *075 

11500 114 JO 

574 40 

FflD 11325 -035 

114.70 114 70 

438 4 

Mar 11170 *0 55 

114 JO 113.40 

5.910 695 

Total 


65,431 12,455 


PRECIOUS METALS 

■ LONDON BULLION (MARKET 

(Prices supplied by N M RouracWd) 

Odd fire, oz) 

SfVto? 

C OQUJV 

Ctose 

392.20-392.60 


Openling 

395 50-395.30 


Morning fiv 

394 10 

348115 

Atlenw»n fix 

392.45 

248 575 

Day's High 

395 00-395 50 


Day ? Low 

391 50-3SH.90 


Previous dOSO 

394.70-395. 10 



■ BOLD COMEX (100 Troy 02 .; S/troy az.) 



Sett 

Oafs 


• Open 




eftangw 

Men 

low ini 

VOL 

Oct 

"BIG 

-2J2 

393J 

391.8 597 

235 

Hot 

394.0 

-2.4 

- 

• 

- 

Dec 

395.6 

-IS 

m 2 

394.3 1 15,822 30062 

Feb 

399/] 

15 

399.5 

398.0 19809 

211 

Apr 

4028 

-IS 

4016 

4010 7063 

283 

■ton 

4062 

•15 

407.0 

4058 1 0236 

88 

Total 




18*367 34,558 

■ PLATINUM NYMEX (50 TTOy OZ., S/troy os.) 

Oct 

4182 

-06 

4190 

417.0 1,005 

525 

OBfl 

4211 

-05 

4209 

*31-0 18JJ91 

1844 

Apr 

4266 

•05 

4Z75 

4?<L5 1682 

62 

Jol 

430.1 

-05 

- 

- 581 

13 

Oct 

4318 

-05 

- 

- 335 

- 

Total 




21674 

0444 


■ PALLADIUM NYMEX HOP Troy S/troy oz.) 


Dec 

15385 

*040 

15400 1 52.00 

sms 

338 

Iter 

15495 

*040 

15600 15100 

1338 

53 

Jun 

155.75 

*040 


152 

- 

Total 




0515 

300 


■ SILVER COMEX HOP Troy oz^ Centt/tnoy 


Od 

559.2 

-65 

561.5 

5615 2 

- 

Hot 

561.5 

-65 

- 

- 

- 

Dec 

564.0 

-5.5 

5670 

5605 95.427 

23321 

Jan 

566.G 

-S S 


44 

1 

Mar 

5718 

-SS 

5755 

5700 10.903 

613 

llay 

6791 

-65 

5810 

5770 4^44 

26 

Total 




124J361 24,135 

ENERGY 





■ CRUDE 00. 

NYMEX 

: 142,000 US sjBs. S/bamaO 


Ulett 

Daro 


Open 



Rice 

change 

Mgh 

Low lot 

Vd 

Nor 

JBH 

*003 

1029 

18.11 87.222 

39349 

Dee 

18.34 

+005 

18.38 

18.21 78089 

30329 

Jan 

18 38 

*005 

1B40 

1826 49.286 14.669 

Fob 

18.J0 

♦009 

I&44 

1033 23.427 

3.406 

Mar 

1039 

*aoa 

18 39 

1032 21.976 

3333 

Apr 

1038 

*001 

1034 

1032 15.034 

660 

Total 




410881104088 

■ CRUDE OfL IPE (Storrelt 




Latest 

Oafs 


Open 



mtoi 

change 

Ugh 

Low lot 

VM 

Not 

16.94 

-0.02 

17.05 

1090 61362 

19351 

Dm 

17.01 

- 

1713 

1098 48326 

8.131 

Jan 

1702 

•001 

T7.1S 

1099 17639 

2.723 

FeO 

1701 

*001 

17 13 

1095 0248 

1024 

Me 

1699 

■OOI 

17 07 

1699 7.194 

1239 

Apr 

17.01 

-0 01 

17 01 

17 01 1.774 

147 

Total 




153048 

32,782 


■ HEATING OfL WYMEX i-lZOOO US . c15 g*U! 



Latest 

Day's 



Open 



price 

change 

Mgh 

Law 

M 

Yd 

Not 

5025 

*001 

50 50 

5010 

40.364 

14.040 

Dec 

5135 

*0 05 

5140 

51 >5 

43.854 

8.495 

Jan 

5220 


5130 

5105 

31.603 

1.965 

Ft* 

5175 

+0.05 

52.75 

5160 

16.362 

864 

Mar 

5105 

+020 

5170 

5165 

11616 

348 

AW 

51 90 

+010 

5190 

5180 

4.433 

227 

Tata) 




176325 

27.488 

■ CAS OIL IPE iS/tonni 





Sett 

oafs 



Opm 



prts 

tfBTTQH 

HW 

Low 

U 

Yd 

Oct 

153.50 

-too 

154.23 

15335 

27.499 

4.477 

Nev 

156 DO 

-135 

156.75 

155 75 

22.679 

3.748 

Doc 

15840 

-1.00 

159.00 

15000 

22.020 

1.787 

Jan 

16000 

-IM 

ten 75 

isaoo 

15.327 

1,714 

Feti 

161.00 

-1.00 

16135 

160.50 

5427 

ne 

MV 

160 75 

-1.25 

16150 

16050 

5,717 

388 

Trial 




107355 13,120 

■ NATURAL GAS NYUEX (10.900 mrfiu.: Smmfitu.) 



Uteri Oafs 
price dange 

HtgO 

lew 

Open 

M 

Vol 

NW 

1 703 +0.020 

1.714 

1.68S 

29.457 

13.612 

Dec 

1995 *0 015 

2000 

1.980 

20089 

1967 

Jan 

1070 *0014 

2075 

2.0U 

17059 

1.785 

Feb 

2000 *0015 

2005 

1.995 

14.639 

502 

Her 

I.9S0 *0015 

1555 

1950 

11,371 

204 

Apr 

Total 

1.910 *0012 

1.910 

1 505 

8.848 233 

151,451 21,388 


Loco Ldn Moan Ootd Lending Rales (Vs USS) 


■ UNLEADED GASOLINE 
IWMEX <42.000 US gate: cUS iffe ) 


2 monins 

3 months 

J.62 12 months 53? 

..4 72 


Latest 

wtea 


HgB 

Low 

Open 

tot 

Vol 

Saner Bn 

pftrey oz. 

US eta equtr 

Ko* 

4685 

*019 

47.00 

4640 

23652 

11253 

Spot 

354.75 

56050 

Dee 

5510 

.039 

5620 

S4.E0 

14,560 

5,443 

3 montlw 

359 70 

567.75 

Jan 

54.75 

*0 46 

5175 

W 20 

6890 

1298 

0 months 

365.40 

575.50 

Feb 

55.00 

+0.41 

55.00 

54 60 

4J74 

410 

1 year 

279.85 

594.0S 

Iter 

55 84 




1.597 

273 

Gold Coins 
Krugerrand 

Uspie Leal 

New Sovoragn 

S pnee 
396-333 

402 95-405.45 
92-95 

£ eqwv. 
250-253 

58-61 

Apr 

Total 

59 64 




322S 

68,380 

im 

1*878 


■ WHEAT LCE (E pertorme) 



Salt 

Oafs 



op* 



jsto 

cfnaga 

Mgh 

LCW 

tel 

Vd 

MOT 

105.05 

+650 

10600 

104.75 

1174 

37 

Jan 

107.40 

+670 

10765 

10760 

1631 

>1 

Mar 

10130 

+650 

109.40 

10965 

1630 

177 

Hay 

111.75 

+6G3 

11160 

11160 

1690 

60 

Jtd 

11365 

+6.40 

- 

• 

253 

- 

Nor 

3625 

+650 

- 

- 

- 

- 

Total 





7663 

285 

■ WHEAT C8T (5,000 bu min; centa/EOto bushel) 

Dec 

408/6 

+0/2 

409/4 

404/0 48,566 

17295 

MV 

417/2 

-0/2 

418/0 

412/8 20668 

5665 

May 

39W 

- 

397/0 

333/0 

1898 

1695 

Jut 

35885 

- 

3600 

357/4 

5,768 

1603 

SAP 

362/0 

-2ffi 

363/6 

36SO 

125 

6 

Dec 

37W4 

-110 

- 

w 

81 

2 

Tate) 





77628 2S670 


■ MASSE C8T (5,000 Du min; canta/56to bushel) 


■ COCOA LC€ Ctaonrw) 



Sett 

Day. 



Open 



price 1 

change 

Hffib 


kit 

IM 

Dec 

970 

-2 

972 

955 

27,477 

3,104 

■ar 

1002 

-4 

1004 

987 

37670 

1704 

■te» 

1015 

-2 

1018 

1003 

13.106 

335 

Jtd 

1023 

-3 

1030 

1017 

5,903 

63 

Sep 

1041 

-2 

1043 

1031 

9.698 

158 

Dae 

1059 

- 

T057 

1057 

8.089 

200 


Total 105,730 8,564 

■ COCOA CSCE (10 tomes; S/tonnea) 


Dec 

1306 

♦4 

1319 

1285 

38.426 

7.983 

Mar 

1359 

♦3 

1373 

1346 

17212 

1606 

May 

1389 

+3 

1400 

1374 

6.531 

518 

Jol 

1420 

+1 

1422 

1408 

2698 

37 

Sap 

1447 

+1 

1445 

14*5 

1604 

- 

Dec 

1469 

+•1 

1470 

1455 

*663 

2 


Trite 74051 10,158 

■ COCOA (ICCO) (SPRVtonnc) 


■ UVE CATTLE CME HO.OOOtes; cents/lte) 



Sett 

D aft 

Open 



price 

change Mgh law . 

*n 

Vol 

Oct 

87660 

-0675 88625 67600 

18.182 

6.565 

Dee 

B8.700 

-0200 69.100 68650 

23.183 

5140 

Feb 

67.900 

-0675 88.125 87225 14,700 

1695 

Apr 

68675 

-0.150 88650 88.625 

9672 

577 

Jun 

65650 

-0100 65.775 65.425 

1454 

410 

Ai* 

65.125 

-0225 65650 64650 

1,161 

58 

Total 



SM06 14,658 

■ UVE HOGS CME 14000053: COTtsflba) 


Oct 


-1650 38600 35075 

5.415 

1690 

Dec 

*re«wn 

-0400 38.650 35650 

14.470 

1.326 

Feb 

37225 

-0075 37650 36675 

5396 

1,087 

Apr 

36675 

-0325 37*50 36600 

3691 

460 

Jt*i 

*1400 

-0300 41630 41200 

1.438 

122 

Aog 

41675 +0.025 41100 41.950 

209 

35 

Total 



30*84 

5364 

M PORK BBJJES CME (*0,0008®; centsAn) 


Dec 

217M 

- 

217M 

215/4135123 22.146 

Mar 

227/2 

+0/2 

227/4 

22514 

48677 

3673 

May 

235/2 

+0/4 

235/4 

233/4 

1968* 

1.666 

Jid 

240/2 

*0/2 

240/4 

238/6 

19684 

2610 

Sep 

044/2 

+4/2 

244/4 

2*3/4 

1.422 

173 

Dec 

249/4 

+1/0 

249/4 

248/D 

7607 

696 

Trial 




2S2JBO 31/593 


■ BARLEY LCE (E per tonne) 


Not 

103.65 

*020 



448 


Jan 

10560 

*015 



390 

* 

Mar 

107.75 

- 



125 

- 

May 

10965 

- 



46 


Sep 

94.00 




2 

- 

not 

9560 

- 



- 

- 

Trial 





1409 

- 

M SOYABEANS CBT 15600x1 min; cents/Wo bushel) 

Not 

536/0 

-2/2 

5380 

5330 

78.358 29601 

Jan 

546/4 

-2/2 

548/4 

5440 23612 

8,102 

Mar 

556/4 

-20 

5580 

5540 

13,448 

1185 

May 

565/4 

•2/0 

568/8 

563/4 

6664 

755 

Jut 

572/2 

•IO 

573/5 

5700 

1361* 

1670 

Aug 

57SD 

-0/2 

578/4 

5740 

388 

36 

Trial 




138633 40686 

M SOYABEAN 09L CBT (80.000tts: cams/*# 

Oct 

2433 

-038 

24.70 

24.15 

10622 

1861 

Dec 

23.52 

-032 

2360 

2367 38659 

12688 

Jan 

23*2 

•021 

2362 

23-28 

9600 

1.766 

Mar 

2362 

-009 

23*0 

23.18 

9633 

1,192 

May 

2120 

-004 

2325 

23.03 

6676 

977 

Jri 

2305 

-005 

23.15 

2195 

5695 

1,172 

Total 





83617 21400 

M SOYABEAN MEAL CBT (100 tons; S/ton) 


Oct 

161.4 

-06 

1616 

1604 

5*72 

3607 

Dec 

1636 

-ai 

1611 

181 8 

45648 

9862 

Jan 

164.7 

- 

1648 

183.4 

13.651 

3,069 

Iter 

187.8 

• 

167.8 

1866 

11328 

1485 

May 

170.5 

*0.1 

170.7 

1697 

6.906 

1,118 

Jri 

174.0 

-06 

174.0 

1734) 

5620 

668 

Trial 





90,773 18,192 

M POTATOES LCE (DTorew) 




Rov 

I50.D 

. 

. 


. 

. 

Mar 

105.0 

■ 

• 



- 

Apr 

2236 

-18 

22S0 

221.0 

1.185 

97 

May 

238.0 

-05 

- 

. 


- 

Jon 

107.5 

- 

- 



- 

Trial 





1,ia 

97 

a FREIGHT iBIFFEX) LCE (SIQ/lnder point) 


Oct 

1738 

+7 

1750 

1725 

848 

44 

Not 

1723 

+15 

1720 

1704 

3*7 

68 

Oac 

1710 

*32 

1710 

1705 


15 

Jan 

1668 

+23 

16B8 

1640 

885 

73 

Apr 

1653 

+14 

1655 

1645 

484 

19 

Jri 

1483 

+13 

1480 

1460 

109 

10 

Total 

Clesa 

Free 



2603 

239 

BH 

1877 

1889 






Mfcwr Metals 

European tree mate l . item Metal Butietln. 5 
per ib «i wmhouse. unless otherwise stated 
(Iasi week's r Dradseta. where changed). And* 
many: W-S*. S per tonne. 5.730-5.830 15450- 
5.800). Bismuth: mu. tonne lots 3 75- 

4.00. Cadmium: min. 99 5%. 200-223 
1190-210) cents a pou»l Cobalt: MB free 
market. 90.8%. 27.50-28.75 f27.50-28.20j; 
99.3%, 26.50-26.75 (25.SO-25.80l. Mercury: 
min. 99.99%, $ per 78 lb flask, 110-130. 
Molybdenum: drummed molyDdlc ttdde, 3.80- 
3.86 (3.80-3.90). Setentant rrtr gg.sst, 3.35- 
4.65 (3.35-4.55). Tungsten era: standard min. 
65%, S per tonne irtt (10kg) WO,, cH, 45-55 
(43-53). Venadum irw. 08%. of. 1.35-1.50. 
Uranium: Nueww endwnge value, 7.10. 


Del 3 Mm Put. day 

Oaky 1004.42 1C1LB1 


■ COFFEE LCE gftonne) 


NOT 

3924 

*73 

3335 

3860 

10.446 

12® 

Jan 

3877 

+49 

380 0 

38*0 

1*626 

655 

Hr 

3779 

*31 

3792 

3755 

76*2 

T83 

Kar 

3740 

*30 

3752 

3716 

1433 

148 

JU 

3715 

*27 

3710 

3705 

1253 

10 

Sep 

3843 

+10 

- 

- 

23 

- 

Trial 





38623 2482 

M COFFEE ‘C CSCE p7600ftw; carta/lbel 


Dec 

214.15 

*455 

21455 

21070 

20448 

5651 

Mar 

21865 

+445 219 50 

21460 

9.510 

1.633 

May 

220.25 

*450 

220*5 

216.50 

3,757 

ire 

J* 

22100 

+5.75 

22100 

218® 

1251 

220 

Sep 

m.t n 

*600 

222-50 221.50 

583 

B0 

Dec 

22325 

*6JX) 

- 

- 

774 

1*1 

Trial 





384® 7.779 

M COFFEE (ICO) (us cents/ pound) 



Oct 3 



Price 


Prwt. (toy 



. 19085 
.. 203.51 


196-33 

20440 

15 day average — 





■ Nt>7 PREMIUM RAW SUGAR LCE (certa/lbs) 


Jan 

1162 

. 


. 

. 

. 

Mw 

1158 

-0.08 

- 


90 

- 


1178 

- 


- 

- 

- 

Trial 





90 

- 

■ WHITE SUGAR LCE (Srtonoe) 



Dec 

328® 

■260 

33140 

32940 

3.771 

34 

Mar 

32360 

-140 

331.00 328.60 

7668 

ue 

Mot 

32840 

-260 329.80 

329.00 

1.334 

85 

teg 

328.50 

-170 330-10 

330.10 

1.272 

20 

Od 

31260 

•1.40 31240 31140 

391 

10 

Dec 

311.40 

-1.40 

- 


4 

- 

Total 





14600 

587 

M SUGAR nr CSCE (11 2, 00 a tec cemwTbsi 


Mar 

11*2 

-0.10 

12*8 

12*1 101.799 

6,517 

May 

1147 

-0.07 

1148 

1145 

16678 

1487 

M 

1135 

■007 

1139 

1135 

11.138 

249 

Oct 

1110 

-003 

1116 

1109 

9438 

365 

Mar 

11.75 

+042 

11.77 

11.73 

1402 

229 

«ot 

11.75 

*002 

- 

- 

9 

- 

Trial 




1402Z710Z18 

■ COTTON NYCE (50400AK: coitsflbe) 


Oct 

66.17 

*<123 

67.00 

6835 

231 

10 

Dec 

66.47 

■047 

iy.an 

0030 27.489 1320 

Mar 

6125 

•047 

65 SS 

68.11 

10381 

068 

May 

69.45 

-062 

B9.8S 

S*0 

5688 

259 

Jri 

70*5 

-048 

7086 

7041 

3300 

64 

0d 

6860 

-020 

68.70 

6860 

SOI 

39 

Trial 





50669 *6*3 

M ORANGE JUICE NYCE (15.000lb9, oonts/Basj 

Nov 

92.00 

■235 

95.15 

9140 

9600 

856 

Jan 

35.20 

•155 

98.50 

95.00 

6.232 

641 

Mar 

9940 

-140 

10140 

99.00 

4.750 

171 

May 

101S 

-165 

10175 

10130 

1490 

32 

Jri 

10965 

-115 

- 

- 

818 

1 

Sap 

106.05 

-120 

111.25 

11145 

190 


Trite 





23,19 1,703 


VOLUME DATA 

Open Interest and Volume data shown for 
contracts traded on COMEX. NYMEX CBT. 
NYCE CM£ <Md CSCE are one day *1 arrears. 


INDICES 

■ REUTERS (Base: 18/9/31^100) 

Oct 4 Oct 3 month ago year ago 

2083.8 2077.4 2083.2 1577. J 

■ CRB Pimrea (Base 1967-100) 

Oct 3 Sep 30 month ego year ago 

231.04 229.85 - 21R89 


ftb 39275 +0*50 39.450 38575 7.802 1,235 

Iter 38330 >0.450 39.400 38.600 740 131 

Iby 40300 *0.400 40600 39.800 227 15 

Jri 41.200 *0.300 41.400 411600 226 6 

Aug 39950 *0300 39950 39.450 47 2 

Total 8949 1987 


LONDON TRADED OPTIONS 

Strike price $ tonne — Certs — — Put* — 


■ ALUMINIUM 


(99.796) LME 

NOV 

Feb 

Nov 

Feb 

1600 .... - 

53 

96 

22 

51 

1425 .... 

38 

83 

32 

62 

1650 

27 

71 

48 

76 

M COPPER 





(Grade *J LME 

Nov 

Fab 

Nov 

Feb 

2500 

55 

100 

63 

101 

2550 -.... 

34 

79 

82 

128 

2800 

20 

61 

117 

159 

M COFFEE LCE 

Nw 

Jan 

Nov 

Jan 

3600- 

331 

407 

7 

130 

3650 

286 

375 

12 

148 

3700 — 

243 

345 

19 

168 

M COCOA LCE 

Dec 

Mar 

Dec 

Mar 

975 . 

34 

83 

39 

56 

1000 

25 

70 

55 

68 

1050 

12 

51 

92 

99 

M BRENT CRUDE IPE 

Nov 

Dec 

Nov 

Dec 

1650 ... 

65 

ae 

12 

39 

1700 

30 

67 

26 

53 

1750 

12 

47 

SB 

65 


LONDON SPOT MARKETS 


■ CRUDE OIL FOB (per barral/Noirt *or- 


Dltoa 

SI S.81-5JJS! 

-0.030 

Bram Blend (dated) 

Si 6.66-6.68 

-at 75 

Brent Blend (Nov) 

S16.95-6.97) 

•1X115 

W.T.L (1pm eat) 

$18-20-6221 

-aoes 

M OIL PRODUCTS NWEprompi dekvery OF (tonne) 

Premium Qaeolne 

SI 71-174 


Oas on 

$155-157 

- 1.5 

Heavy Fuel Oil 

$78-81 

+ 1.0 

Naphtha 

$1 61 -16?t 

-2.0 

J at Inal 

3181-182 


Dleetf 

5158-159 

-2 0 

fteotam *!»». r«l Lam <D77J JS9 BTK! 


M OTHER 



Gold (per troy oz)A 

5392.40 

-250 

Silver (per troy os)S 

SSQSc 

-5.0 

Platinum (per troy atl 

S418.25 

*2.75 

PaJnckum {per troy at) 

S3525C 

+1.00 

Copper (US prodj 

121 . 0 c 

+2.0 

Lead (US prod.) 

36.75c 


Tin (Kuala Lumpur) 

13.61C 

+048 

Tin (New York) 

2505c 


Cattle (Sve nsghfff 

1 1 5 8Jp 

-0.04- 

Streep (ffire weightJt* 

88.70P 

*0.97- 

Pigs (Sve weight) 

7S.66p 

-0.7V 

Lon. day sugar (raw) 

$309.80 

+2.60 

Lon. day sugar (wie) 

5338.00 

+1.80 

Tare & Lyte export 

£339.00 

+1.00 

Bailey (Eng. feed) 

Unq. 


Maize (US No3 Yellow) 

$136.0 


Wheal (US Dark North) 

SI £0,0 


Rubber tfimjV 

93.00p 


Rubber (DecjY 

92£0p 


Rubber IKLRSSNol Ju5) 

349.0m 

+1.0 

Coconut 08 (Pr«l)| 

S62O0U 

-15.0 

Prim OU (Maiey./S 

S805.0v 

-10.0 

Copra (PhB)| 

uoaou 

-7.0 

Soyabeans (US) 

El 54.0v 


Cotton Oulloolt'A' Inoat 

73.40c 

-0.30 

Wooltops (84s Super) 

4 rap 



jgSSSETsaiwt-pfl 

3 OF dmardarof teteon mama dose. * Hi it 
- ere O puces art tor pre 

ae T- tAmenfflm ta Waotrtfm 3^094 S1B3-184 


CROSSWORD 

No.8,576 Set by ADAMANT 



ACROSS 

I Lower standing of socialite as 
egghead (6) 

4 High pitched voice, loud at 
first with solid content (8) 

9 Gifted but volatile mover (6) 

10 Relative left to get out and 
pick it up? (8) 

12 Stock issue (8) 

13 The CIA's involved in diplo- 
mats' failure (6> 

15 Bear out final on-target earn- 
ings (4) 

16 One who needs a lift along 
the way (lOi 

19 Second attempt to break the 
back with new imbibed poi- 
son (10) 

20 Cuts out the tail piece (4) 

23 Over a short period the coach 
trails a cloud (6) 

25 Food from China contains 
mostly blood red oranges as 
starters (8) 

27 Game that is crystal clear (8) 

28 Makes a lot of dough - send a 
thousand over (6> 

29 Writing speeches for someone 
who is good at giving parties 
(8) 

30 Order tbe child to come back 
on the shuttle? (6> 

DOWN 

1 Missing money could be cited 
if out of circulation (7) 

2 Flat county - trite potential 
<9) 

3 Component for a stationary 
car? (6) 

5 in the fashion of Schoenberg's 

First unfortunately (4) 


6 It makes for a heated atmo- 
sphere to insult the peace- 
makers inside (8) 

7 The volunteers left us a bone 
(5.1 

8 Excel or go al fresco (7) 

11 Ingenuous in Edward to come 
up in challenging mood (7) 

14 Retrenchment of business in 
money difficulties (7) 

17 Gives up cake to get the body 
working (4-5) 

18 He takes up residence for a 
month bringing in a copper 
pot (8> 

19 It could hit a bad snag! (7) 

21 Opposing points in character- 
istic passage (7) 

22 Manage to be around on one 
part of Indonesia (6) 

24 Aggressive world leader 
embraced the child (5) 

26 Principal ocean (4) 

Solution 8,575 



IBT 


□UUUHGB 
0 □ 0 Q U 

□□□S3I2GIE1 E 
□ B □ 0 Q 
aaacia an 


□ a □ a □ 

□□QHmnaaHn bgqq 

a ana 

qhhb 

□ a q q 
amaaciQQa 
o a q a □ 
□□□□Linu a 
s b □ a m 



i * 

i 









FINANCIAL times 


MARKET REPORT 


WEDNESDAY OCTOBER 5 1994 


29 


LONDON STOCK EXCHANGE 


Shares rally but trading volume remains poor 


By Teny Byland, 

UK Stock Market Editor 

An improvement in British 
government bond prices helped the 
UK stock market to struggle above 
riie Footsie 3,000 mark again yester- 
day. but traders described the rally 
as unconvincing. Trading volume 
was poor after stripping out one 
large buy-back operation in the 
regional electricity stocks and the 
market dosed off the top as Wall 
Street made a slow start to the new 
session. 

At the close the FT-SE 100- share 
Index was 18.3 ahead at 3,001.8, 
largely on the back of firm stock 
index future and gilt-edged sectors 
With the Dow Industrial Average a 
shade off in London hours and 
other European bourses mixed, 
there was little spirit in the UK 


equity market in the second half of 
the session. 

One reason for the market's lack 
of enthusiasm came from the mer- 
chant banking sector, when 
Hambros followed S.G. Warburg by 
warning that profits for the first 
half of the year would show a heavy 
fall It was the turn of the smaller 
merchant bank stories to suffer yes- 
terday. Warburg steadied from the 
savage losses of the previous day. 

Also weak were shares in the car 
component manufacturers after 
Ford UK disclosed that its two larg- 
est British factories are to go on 
short-time working as both home 
and export markets disappoint the 
company's hopes. The news out- 
weighed any benefits from more 
favourable comments on trading 
by car manufacturers in 
Europe, including Volkswagen and 


Opel. General Motor’s German oper- 
ation. 

There was a setback across the 
privatised water stocks in the wake 
of warnings from the annu al confer- 
ence of Britain's opposition Labour 
party that if returned to power it 
would take a tough, rigorous" line 
an public control. 

The market received a tonic early 
in the session with a 2L.6m-share 
buy-back from Midlands Electricity. 
The proceeds of around £154m were 
believed to have been put back, via 
the broking houses, to the other 
regional electricity stocks, lifting 
the sector and providing a boost to 
the market's confidence as well as 
to its liquidity. 

Without the boost from the Mid- 
lands deals, trading volume would 
have been nearly 6 per cent down - 
toe day's total Seaq figure of 528.7m 


shares compared with 52l.lm in the 
previous session. Monday's retail 
business was worth £1.14bn, stQl a 
profitable level tor the larger securi- 
ties firms but well below bull mar- 
ket levels. 

However, non-Footsie business 
remained low yesterday at about 55 
per cent of the day's total. The 
dearth of activity in the smaller 
stocks restricted the performance to 
a 5.7 gain at 3,455.3 in the FT-SE 
Mid 250 Index, which covers a wide 
range of Footsie and non-Footsie 
shares. Dwindling turnover, espe- 
cially in the srnallp-r -reipt tali wrin n 

stocks, which are often f&voured by 
private investors, has begun to hurt 
some stockbrokingr firms. 

Analysts continued to see the UK 
stock market as being in a nervous 
mood as it waits for further evi- 
dence of the upward pressures on 


FT-SE-A All-Share index 


1.650 


global interest rates. 

The disclosure of a 0.6 per cent 
rise in US leading economic indica- 
tors for August appeared to show 
that the US economy is continuing 
to recover fairly strongly, and 
turned attention again on to the 
prospects that the Federal Reserve 
may tighten policy soon. 

Such tensions will increase later 
this week as the London market 
waits for the Latest payroll and 
unemployment statistics from the 
US, and braces itself for next week's 
list of important data on the domes- 
tic economy. 

There was little sign yesterday of 
the genuine recovery of confidence 
and trading volume needed if the 
UK market is to stage the advance 
in the final quarter of the year 
which has been predicted by many 
equity analysts. 



Son FT G npha 


1894 


■ Key Indicators 
Indices and ratios 

FT-SE 100 3001.8 

FT-SE Mid 250 3455.3 

FT-SE-A 350 1507.9 

FT-SE-A AD-Share 1 497.44 
FT-SE-A Afl-Sftare yield 4.02 

Best performing sectors 

1 Electricity 

Z Insurance 

3 Life Assurance 

4 Diversified Inds 

5 Pharmaceuticals 


+18.3 

+5.7 

+7.7 

+6.61 

(4.03) 


+ 2.2 

+ 1.8 

+1.4 

+1.3 

+ 1.1 


Equity Shares Traded 

Turnover by volume (mBUon). Exdudng: 

Intro- market business and overseas turnover 

1.000 



FT Ortflnaiy Index 2325.8 +5.5 

FT-SE-A Non Fins p/6 18.43 (18.35) 

FT-SE 1 00 Fut Dec 3019.0 +26-0 

10 yr Gilt yield fl.96 (8.89) 

Long gDt/equIty ytd rata: 2.23 (2J23) 

Worvt performing sectors 

1 Engineering. Vehicles -3-7 

2 Merchant Banka -2.1 

3 Media -1.1 

4 Water -1.1 

5 Household Goods -0-7 


MV 






Buy-back 

lifts 


Cazenove, the stockbroker, 
moved swiftly to implement 
Midlands Electricity's buy- 
back programme, purchasing 
212m shares at 725p apiece in 
a deal identical to that carried 
out some weeks ago by North- 
ern Electricity. Cazenove had 
to move sharply to buy the 
shares ahead of Midlands' 
“closed" period which com- 
mences tomorrow. Turnover in 


Midlands reached 46m shares. 

Midlands' buy-back involved 
its broker buying in stock from 
institutions and selling other 
recs back to them in a deal 
involving a tax credit for the 
stock sold. 

Midlands shares moved 
ahead 13 to 7l4p as its buy- 
back was completed, while 
other recs raced higher as 
Cazenove bought in Midlands 
stock and sold back other recs 
shares. 

The institutions chased three 
stocks which have permission 
to buy in shares but have not 
yet done so ahead of their 
respective closed periods. 
These included East Midlands , 
which forged ahead 25 to 713p. 


EQUITY FUTURES AND OPTIONS TRADING 


Stock index futures recovered 
strongly after the previous 
session's steep setback, but 
activity was low and the 
uptrend lacked conviction. 


writes Jeffrey Brown. 

Traders said the market was 
in drift mode, uncertain of 
direction. Dealing volume was 
flat, slipping to Just 10,383 

■ FT-SE 100 INDEX RJTURES [UFFQ £25 per Ml Index print (APT) 

□pen Sett price Change hflgh Low Esl uoi Open tat. 
Dec 2997.0 3019.0 +26.0 30230 2997.0 11132 52840 

Mar 303&5 30430 +2B0 30316 30360 40 2169 

FT-SE MP 280 MDEX FUTURES (UFFqElQ per tuBhdO* point 

Dec 3479.0 +11.0 0 4043 


and is entitled to buy in 2L9m 
shares ahead of its closed 
period due to start in the mid- 
dle of this month; and Eastern, 
which can buy up to 38.4m 
shares until October 12 . East- 
ern advanced 20 to 727p. York- 
shire, 19 Vi stronger at 7l0p, 
and Southern, 27 higher at 
721p, were other recs entitled 
to buy in stock but yet to do 
so. Yorkshire can buy up to 
20m shares and Southern’s 
limit is 272m. 

Media hit 

Newspaper groups came 
under pressure as this year’s 
advertising spending forecasts 
were revised downwards. 


contracts, against 15,099 on 
Monday. 

In the event, the FT-SE 100 
December contract dosed 26 
points stronger at 3019.0 after 
touching a high of 3023.0 at 


■ FT-SE MID 250 INDEX FUTURES (QMUQ CTO pw til Index point 
Dec 3479.0 

ab open manat igm we for prmfaut day. f Boa mtan. mini 


■ FT-SE 100 INDEX OPTION (UFHE) (3001) CIO par full index potet 

2850 2900 2950 3000 3060 3100 5150 3200 

CPCPCPCPCPCPCPCP 
Oct IBBlj 9 T24i 2 H 8412 25 52 44^ ZVe 70>2 14 107 6 150>z 2h 108 

Nw 191b 25 153 36 T15V 49*2 85 70*2 BO 85*2 40 128 26^16312 16 205 

DflC 203*2 38*2 188*2 53 WhTOh 114 S2h 83 117 82 145*2 44 178% 30 21512 

Jan 238*2 54 195 67 193*2 85 134 105 10B> 2 128 88 157% 634 Wh ® 223*j 

JUlf 2B0* 2 105 20012 143 152 195 108>2254l£ 

DA 4771 Pub 3.13 4 

■ EURO STYLE FT-SE 100 MDEX OPTION QJFFQ CIO par IUI Index point 

2S2S 2875 2825 20m 3025 3076 3128 3175 

OCt 188*2 7 1«3 114 100 18>2 B4lj 32*j 3S*a 56*2 20*2 88*2 1B*z1Z7*2 4 171*2 

NW 20812 19 IBB 29 132*2*2*2 100*2 60*2 73*2 B2*2 51 109*233*2 141*2 20*2 178** 
Dec 225 34*2188*2 46 154*2 61^ 123*2 80 98 102 7312128*2 54 158*2 36*2 190*2 
Mar 279*2 57*2 202 88*2 144*2126*2 98 177*2 

Jurt 312*2 81 MB 112*2 191 151 141 197 

Celt 1,545 Ma 165 ' Undertftj Max vatgc Premium damn m baaad on rab tenra a KlOL 
t Lug dttd ratery aantira. 

■ EURO STYLE FT-SE HD 250 INDEX OPTION (ObfiJQ £10 per (Ul Max point 


3450 3600 3660 3600 3050 

Od 1 «I'iB 3*2 115 108*2 82*2 133 
tab 0 Putt 0 Saffiecian prices and votaraa are Mi H 430m 


3700 


3750 


At these levels the premium 
to the cash market was 17.2 
points, with the fair value 
premium standing at 14^4 
points. 

Turnover was very thin, with 
only a number of modest runs 
by locals - Independent 
traders - to occasionally 
enliven the proceedings. 

Traders said that many 
houses were keeping their 
books very tight following 
Monday's shock profits 
warning from S.G. Warburg. 

News of bad derivatives 
experience at the top 
securities house weighed 
heavily on sentiment and was 
cited as a major reason for the 
day’s low activity. 

Turnover in traded options 
also fell, declining to 23.427 
tots from 35,586 in the 
previous session. FT-SE and 
Euro FT-SE volume accounted 
for 9,628 contracts. 

HSBC was the most actively 
traded individual stock option 
with 2,194 lots dealt 


[ FT - SE Actuaries 

Share Indices 



The UK Series 



Day's 

Yew 

Dhr. 

Earn. 

n 6 Xd ad]. 

Total 


OCt 4 

chgeM Oct 3 Sep 30 8ep 29 

ago 

yWd% 

yWd% 

ratio ytd 

Ftetum 

FT-SE 100 

3001.8 

+0.6 2963^ 3028.3 2992J 

30662 

421 

72* 

1030 106.74 

113708 

FT-SE Md 250 

3455.3 

+02 344SX 3494,8 35044) 

3457.7 

301 

524 

2027 103.70 

128026 

FT-SE Md 290 ex km Trusts 

3448.1 

+0.1 344ia 34892 3501A 

3466.1 

3.78 

8.44 

18.84 10738 128204 

FT-SE-A 350 

1507a 

+0.6 1500J2 1521/ 15002 

15406 

4.07 

084 

1707 5103 

1168.16 

FT-SE SmaflCap 

179ES8 

-0.4 180235 181420 1819.13 1778.17 

329 

427 

25.79 45.68 

1394.17 

FT-SE SmaBCap as Inv Trusts 

17BS34 

-0^ 1774JJ7 178644 1791.11 170940 

049 

5/1 

2055 4707 

137S.17 

FT-SE-A ALL-SHARE 

1497.44 

+0.4 149083 151097 150009 152043 

4.02 

6.79 

1700 5007 

1179.90 

■ FT-SE Actuaries All-Share 









Day’s 

Year 

Div. 

Earn 

P/E Xd a 4 

Total 


Oct 4 

chce% Oct 3 Sep 30 Sep 29 

■00 

yteknt 

ytoidK 

ratio ytd 

Ftetum 


10 MWERAL EXTRA0T1ONP8} 
12 Extractive Industrie**) 

15 CM. Integrated^} 

16 CM ExptoraBon A ProdOD 


286827 

+10 284200 205047 282108 234100 

3.45 

5.13 

2406 

81/2 

107300 

394428 

+07 3915.78 385605 368060 312020 

326 

320 

2301 

9824 

108829 

2807.87 

*1.1 2578.71 258104 254061 230150 

302 

5.77 

2109 

85.60 

107203 

190404 

+03 188043 191100 1904.78 191070 

2.18 

t 

* 

38.03 

110102 


M GEN MANUFACTURERS©#?) 

21 Butdlng & ConstructionCB) 

22 EUkOng Maris 6 MercteQ2) 

23 Chemfcala(23) 

24 Diversified 1ndustrtete(16| 

25 Bectrantc 6 Bed Equlp(34) 

26 Enfltneeringpi) 

27 Engineering. Veh*cJes(12) 

28 Printing, Paper & PckgpB) 

29 Textiles & ApparBK2QL 


186008 

1B5B08 188078 187466 1922-00 

40B 

5.18 

2306 

6309 

949.49 

1024.06 

-04 1027.70 103822 104605 1164/0 

304 

5.32 

2482 

3202 

60407 

1B1820 

+0.3 181202 1826.92 182400 187500 

408 

508 

2401 

61.83 

B5806 

2312/2 

-00 231907 2341.69 2345.02 2199.70 

401 

443 

2802 

7925 

102801 

178102 

+10 1768.78 17B5.90 1772.79 198000 

5.14 

522 

2300 

82.48 

91 629 

1879.06 

+0.1 187608 1901.08 1899L04 221070 

401 

071 

17.75 

5700 

91808 

178222 

-07 1783.93 1816.14 181219 168000 

3.19 

499 

2308 

4805 

101907 

219098 

-3.7 228301 230505 228088 187400 

405 

2.79 

4808 

7309 

106048 

2792.80 

+Ol 279079 2816.14 2787.19 2452-00 

307 

506 

21 .BO 

7324 

110005 

158008 

+02 157708 1687.71 158701 1884.70 

425 

701 

17.47 

46.49 

693.72 


30 CONSUMER GOODS(97) 2690.67 

31 Breweriesfl 7) 

32 Spirits. Wines & Ctdoa(10) 2780.74 

33 Food Monufactuer9(23) 2274.31 

34 Household Goods(l3j 228R ® 

36 Health Garetfl) 

37 PhaimaceuticofaflS] 298056 

38 TobaccoUl 358936 


+0.7 2672*4 
+03 2137.42 
+07 276022 
+062261.32 
-0.7 2304-67 

1583.34 

+1.1294647 

+04355097 


270029 2673.17 274420 
215643 215649 206410 
279005 276242 2716.70 
227745 2271.64 2289-40 
2322.86 2309.66 2802-60 
1698.45 161208 1715.40 
2975-43 293206 3067.40 
3661.84 3S38-00 3908-20 


4.42 746 

441 7.99 

401 608 

426 7.73 

307 709 

3.18 307 

442 7.18 

006 9.83 


1500 10506 
1521 61.10 
1047 10006 
1507 7518 
1498 6701 
41.74 4547 
1012 12518 
11.16 217.07 


92907 
96014 
33507 
956.70 
817.63 
021.46 
955 66 
81424 


40 8ERVtCES(220} 

41 DtetributoreGO) 

42 Insure 6 Hc*eiaC25) 

43 MediaJ39) 

44 Retailers. Food(i6) 

45 Rotators. GwwruJWS) 

48 Support SanricesMl) 

49 Tr a n sp orfi16) 

51 Other Services & Bustnessg). 


167544 

247591 

204007 

276515 

1722.47 

160505 

148705 

218500 

1251.89 


+01 1873.14 189075 
-00247591 251101 
+06 2034.71204585 
-1.1 2797.89 280900 
+0.6 1709.15 172583 
+02 159509 161303 
+06 145597 147578 
+03 2175622224.19 
-0-2 1254.07 1267 03 


187536 189700 
252143268570 
204800183460 
278074 253490 
189707 175030 
160561 166140 
148516 1641.70 
2176492284.70 
128568 1245-30 


300 

6/9 

1807 

4822 

92100 

3.78 

7/0 

1509 

RR93 

356/7 

3.42 

406 

2422 

53.89 

1009.70 

201 

5/3 

21/3 

6800 

962.98 

3.76 

924 

1307 

5108 

103128 

328 

6.74 

1808 

3801 

8S5/3 

207 

60S 

17.92 

32.01 

89209 

305 

500 

2000 

5928 

858.05 

3.74 

204 

7507 

2502 

1075.47 


60 UTOITtESPta 
62 EtectridtyflT) 

64 Gas DteWjuUonP) 

66 Tefeconvr*»nieBtior»t4) 

88 wmer(l31 


229504 +0.7 22851 1 2341.17 2325-66 239040 

237513 +20 232587 242444 240531 206800 

195563 -O 2 1962.70 197748 192548 217900 
190706 +00 190556 1929.94 1927.97 218590 
176006 -1-1 178496 185476 186101 1875K1_ 


458 

8.17 

1409 73/2 

88520 

305 

1034 

1104 83/6 

98909 

Oil 

t 

* 6079 

8B506 

433 

825 

1478 6022 

81304 

600 

13/0 

ai4 0905 

68Z04 


69 NON-F«ANGtALSff3a) 

70 FtNANCIALSflWJ 

71 BanksflO) 

73 Insurance! 171 

?4 Ufa Asswaneeffl 
75 Merchant Banks© 

77 Other FlnandaJtM) 

79 ProoertV(41I 


«> MvgsnytfWT TRUSTShs^ 

89 FT-SE-A ALL-SHAREfBSfl} 


162100 +0-4 1B1447 183438 162200 1634.71 598 561 1843_65M_1147 ; 3I 

2087.71 +0.6 207513 211562 2103.93 228300 

273542 +05 271521 275589 273544 280000 
118559 +1.B 1162.10 120100 1 18523 1507.70 

2271.71 +1,4 223904 229245 225567 275630 

256502 -2.1 261 707 281703 284521 310600 

178200 +0.3 177559 180530 1B1527 180100 

144605 +0-2 144544 1467QS 147 0-94 162700 

273573 +0.4 2727.12 275009 274569 26O30Q„ 


1497.44 +0.4 1 48003 151597 150509 152543 


403 

9.45 

1227 86.88 

82902 

4/1 

1048 

1092 11404 

821/0 

5.72 

1000 

11.43 5420 

81105 

503 

043 

1437 12702 

879.18 

405 

1209 

903 87.78 

77303 

406 

8.80 

1305 63.16 

9S50O 

418 

434 

29.13 4203 

82703 

225 

107 

5126 53.41 

92038 

402 

6.79 

1700 5007 

117900 


■ Hourly movements 

Open 500 


1500 


11J0 1200 1300 1400 1580 18J0 **BhMay ttasWay 

UDflfl BAA# wtaam w 

r— J — 089M 2895.0 29855 2997.6 3001 A 30054 2889-6 

^ 30004 ^ao "JJJ 34^-1 3452.8 34550 3457.1 34450 

S 44 *? icncfi «052 15053 15050 1507.3 15058 15058 


1Tpt.SE 100 » nigh lao&rni Ds/* lo»c 830am. FT-SE IN* +904 Hgh! 352031 VZ 1 lar- aT56 ©4#|. 

■ FT-SE Actuaries 350 Industry baskets 

^ Openft" ,M0 1tM 13J ° 1M ° 14J ° 


ofiflQ 958.9 9588 9698 9603 

960.0 9654 oQ+i it vsdAR 2947.3 


1500 

960.7 


1510 Ctow Pmtaua Change 


1^6 SSS SS! 37648 27588 27803 27654 27678 Z7673 27523 +*4.4 


9612 

9612 

9600 

+03 

2952.1 

29547 

29210 

+33/ 

17840 

17820 

1781.7 

-18.1 

27670 

27670 

27520 

+144 


Bldg & Crown 
PlMimaoeunclB 
Wator 

Banks — _ 

Urttai On. swn FWSTAT, I 


SSSsssasas: 


pound nice. 


The industry's umbrella 
organisation, the Advertising 
Association, now believes that 
spending for publicity in 
national newspapers will rise 
only 8 per cent in 1994 against 
a previous forecast of 10 per 
cent It said regional newspa- 
per ad-spend would increase by 
7.5 per cent compared with a 
previous forecast of 9.5 per 
cent 

S.G. Warburg pointed out the 
figures to clients, and Tele- 
graph shares fell 7 to 323p 
while Express parent United 
Newspapers shed 4 to 488p. 
News International slipped 13 
to 233p and Pearson, which 
owns the Financial Times and 
the Westminster Press regional 


TRADING VOLUME 


■ Major Stocks Yesterday 

VoL Ctating Day*. 
Otto uric da no. 


ASDAGnurf 
Abtay Naknft 
Mart FWwr 
AM Dccmeqt 


SSL 

Anea Brtt Ptn» 

aoAt 

bat mait 
BET 

mcc 

BOCt 


BTRt 

Bank at Scottandf 

Sit 


Boost . 

Bounnit 
Brtt Aarasmt 
BrMhAlnwyrt 
&»sha«t 

BrtWi Land 

BrtMtiSteerf 

BtroJ 

Bunnati r—nitf 
Btrton 

ceaskwiraf 
Cadbuy Stfmppart 
Cndorrt 
Carton Comm, t 
CooVyea 
Comm. Unlont 
Cooteson 

CoTOUdsf 

stru 

Dbtoni 

Ewwm&c».t 
ten Mfete nd Bset 

□«3TDCOO 

Eng CHn. Clays 

Enarpra. 0»t 

BraunmlUms 

RQ 



HanSon. CaafWd 
KUomi 

Incheapat 


874 321 ♦*; 

2.100 a 

S.700 388 «3 

2JXE 46 

423 606 +4 

1.100 518 -8 

134 315 -1 

2.000 271 +1 

1,400 267 +1 

178 607 -2 

482 2£2 S 

1.500 473 +4 

3.000 425*2 +1*2 

X*00 102*2 *2 

2XOD 3S4 48 

151 BOO *3 

8400 404*2 «6 

1A0D 307 46 

A800 363*2 40*2 

6^00 306*2 48 

1,400 208 

1^00 583 44 

984 618 46 

2/00 286 48 

487 413 +4 

1.100 618 -1 

731 486 42 

1/00 439 -3 

1.100 356*2 43 

3400 288 -*e 

178 383 

12400 1B4*z -3*2 

5400 160 -2 

208 850 48 

158 68% 

8.700 388 

780 448 

1.800 287 

291 835 

979 203 

2JIOO 484 

ISO 238 

1.800 436 

30 434 

353 827 

386 179 

1300 727 

1,200 713 

174 440 

733 347 

2.100 392 

172 287 

98 1S«*2 

885 111 

1.800 138*2 +1% 

22D0 228 4* 

230 538 47 

2J00 285*2 

5200 5B3 

395 322*1 

1/00 508 

1,500 40S 

1.700 572 

1.800 181 

1J00 SOI 

1J00 467*2 

2X0 862 

96 315 

8200 232 

581 163 

1200 281 

1/00 174 

2.700 288 

Z800 813 

1000 416 

218 538 


+k 

-2 

49 

43 

-2 

4* 

+13 

42 

+1 

»1 

47 

420 

426 

+8 

-1 

48 
♦7 


1# 

-2 

♦3 

48 

48 

-12 

44*2 


48** 

43 

♦1 

♦1 

-3 

-T 


Land SwiaUMt 


UgriAGmalt 

tss:® 


ko*c t 
MR 


Marie 3, Soancart 


i(MtO 

NFC 

NaiweaiBarftt 


Norihsm Foodsf 


P&Ot 
PWn»on 

RMCf 

S3 

Ranfecnt 

Raddtt&Cdnnnt 

h4<andt 
Head Incut 
RaraeUt 
RauMsf 
FWaF 
MBk 
Royal I. 

tSSA 

Sootaan a Naw.t 
Smc Hydro-Saa. 


183 548 

1500 134 

617 612 

107 084 

447 440 

216 330 

U00 647 

1.700 180 

1,200 680 
1.300 132*2 

5.100 181 

1W0 «5 

£60 130 

237 771 

2JOO 400 
48.000 714 

82 129 

2JBOO 178 
2/00 477 

2JOO 463 
424 242 

1J300 G2S 
1.NK 746 
1/00 201 
6n 766 

un boo 
1J00 608 

2X200 186 

523 523 

298 

. 288 920 

2.100 878 


-1 


43 

+7 

+29 

+ 1*2 

-11 

48 

+11 

+ 1*2 

413 

-3 

48*| 

-1 

-a 

417 

4« 

48 

♦1 


-16 


Saerf 

S+dgWe* 


SnemTranct 


SJoViEsa 
Sman (Wii) 

Sown a Nephwit 
StM D aa thu t . 
aeo D aae i en mat 


SouDwn B«a.t 
Saudi WdMBact 
Souh WaaMMator 
SauhWWLBacL 

Southern w*ar . 

fimMChatd.t 
8torahovso . 

sai A — wet 

tin 

n&jMit 

TEST 


He»& U+> 

TntarWooAow 

TSmt 

Themes WNw+ 

■mom set 

Tomlonst 

TiaMgvHouaa 

UMOMU 
LwSwirt 
Unhod BacUtst 
UM.I 



884 532 

WOO 483 

828 755 

505 217 

2A00 452 

2J00 178 

1X00 403 

1JOO 284 

1JOO 407>j 

213 1288 

985 481 

2JXJ0 371 

ZSCO 338 

2400 102*2 

9^00 143 

1/00 3W 

1.700 521 

4,800 704 

B44 624 

338 227 

104 434 

388 140*2 

2J00 429 

reo 381*2 

1800 417 

1,400 721 

442 770 

982 611 

721 734 

872 538 

2/00 264 

1.200 1 97 

1/00 316 

3400 208 

410 347 

1.1 DO 217 

713 125 

1300 440 

2300 117 

1300 236 

3.100 485 

710 980 

1.700 221 

041 02 

<13 333 

T/00 1125 

42S 308 

400 <8B 

4S00 192 

2+300 680 

719 663 

317 829 

304 STB 

564 SZ7*i 

560 338 

1.100 149 

209 134 

816 766 -0 

680 710 +1S*a 

385 <84 -6 

1.200 6l0 +2 


♦IS 


+*2 

43 

43 


417 

+U 

-13 

44 

46 

+4 

-14 


-3 

42 

<6 

-i 

•13 

+3 

-4 

-2 

+11 

+8 

-6 

-8 

-8*2 

43 
43 


WNtnoJt 
VAtana Hdga.t 
WBs Careen 
Wlmpor^ 
waMrt 

YtariahmBKL 
VwUdraVMter 
Zncut 

Baaad an mdhg vakm tar a aalaedon trf iraior 
aaeuriHaa daMT Onwtfi thu SEAO aytom 
ynanHy una Tndas of ona mBon or 

mom am muaiad down, t Mcatos an FT-SE 

100 hdaa eonataLUnt 


newspaper group, saw an early 
12 gain eroded, leaving the 
stock only a penny firmer on 
the day at 600 p. 

The latest grim news from a 
hard tot merchant bank sector 
spilled over to Reuters Hold- 
ings. The international news 
and financial information 
group is the biggest supplier of 
dealing screens and even Mr 
Brian Newman, the long-term 
enthusiast from agency broker 
Henderson Crosthwaite, was 
discussing the impact to the 
company of losses suffered by 
its key clients. 

Dealers added that a sell 
order is the morning had been 
clumsily handled. The combi- 
nation of technical and funda- 
mental factors saw the shares 
slide 15 to 452p In spite of 
news that the company has 
announced UK price rises of up 
to 5 per cent effective from 
January 1. 

News of short-time working 
at Ford Motor put the motor 
component suppliers into a 
spin and even managed to c a s t 
a shadow over British Steel, 
one of the stock market’s more 
easily Identified defensive 
shares. 

Turner & Newell was singled 
out for most of the day's pun- 
ishment, tumbling 17 to 206p 
following Ford's decision to cut 
production at its two biggest 
plants through October. GKN 
fell 12 to GQlp on L8m traded. 

The depression spread right 
across the sector. BBA lost 5 at 
178p, Avon Rubber shed 11 to 
570p and Lucas Industries 
receded 11 to 181p, although 
with the last-mentioned the 
impending interim results - 


NEW HIGHS AND 
LOWS FOR 1994 

NEW MOHS (Ilk 
BREWERIES fl) WKrwraooon kJPj. 
DISTRIBUTORS (1> FSa PTW. EXTRACTIVE 
IM» p| INVESTMENT TRUSTS (1J LEISURE 6 
HOTELS (1) NDTBWrv. SUPPORT SERVS (1) 
Manpower. TEXTILES A APPAREL (1) MMttun. 
TRANSPORT f1> GRT But. AMB9CANS ID 
Uwi 

NEW LOWS (1581. 

GILTS ff BtXLDMO A CNSTRM (B) BS 5 EA. 
Bant. Bttmry. Boo CHL Omp Metal Stae Prf . 
EEC. McAJpns (A). Ran. Taytot VVoocPrw. 
BUM MATES t MCHT8 (71 Antfan. Coco. 

OungonL Rumroa. Ttan. Wfctes. 
CHOSCAL3 m CNtanota. do wns. LtCOrtA 
Manner*. (XSTROMITORS W Comb. Mr. 
LM Smwoa Wfc DIVERS TIED INDUS {4} 
Corner Stoat tnv*. PacAc Dunlcfv. Sutar, SuHr 
Wit*. EL ECT R ICI IY (1) Scott Pomm. 
ELECTRNC 6 ELECT BQUP (8 Bounnopo. 

~ jui mm. n uni ■ 1 inim up tmn 

Htnttta AMs Btom (A, Bn. Amo. 7 75p Pri. 
DM9 Down. GtynwM tail. HunOOft. MoagBi 
OucMo 7 Hpa Pit. Raxa|*ir. Sana. Smata 
Inas, Vnan IntL MetaSc, Wlumn ENCL 
VB8CLES CQ BSD WL. Molar WortcL 
BCTRACnVE INDS (I) Montol, FOOD MAMJF 
0) Bata Nuns HEALTH CARE (3| AAK 
OiMnucr*. Seta*. HOUSEHOLD 00008 (1| 
RkMSA Cotmm. INSURANCE 0) Aicfw, CLW, 
Fkwbwy Unaswnting. Htum (CQ. JOL London 


tandfcm Cap- INVESTMBir TRUSTS (15) 
INKESIMBIT COM>AMES (3) LBSURE S 
HOTELS a M-Tm. KuMek Prf- UM, MEDIA 
(6 Lcpn. Na*> Ccap.. Poattmeurfi & 

StnOMtand 1CRCHANT BAMC8 » OH. 
EXPLORATION 6 PROD (1} Command. OIHBt 
RNANOAL (0) AbwOMn RuM. BWD, Eaca, 

Kkig A STmsoa Oonrm. Secus Truit Sawn 
Nmr Cnm. Dp On. PtL. Untm QTKCR 8BWS 
6 BUSKS (2) OM PNBflnun, PKTNO, PAPER 
6 PACKS n API, Braves*. BrtL Thomttn. 
CMR, Feaguscn tno- Parta M . ML Plytu. 
SUM. PRO P ERTY (18) RETAILERS. FOOD (I) 
Mwctaa RWML RETAILERS, GENERAL (7) 
Aipos RnsAn Dn. Rytng Wura. rwringhsm. 
Pemas. 11. Rrak. Upton & Sotatam. SUPPORT 
serys nAirarraad sec., bsm, DudR 

Mkt Lteye, TH.ECOMMUM CATIONS (2) 

CDalWMau, Do 7pc Cnv. 2008, TEXTILES 
• APPAREL M Alaaravta WoriMMr. Aftfew, RL 
HaNra. Lraiant. ReaSaa. AMMCANS R. 

due on Monday and expected 
to contain restructuring provi- 
sions of up to £50m - helped to 
hptghton the tension. 

The consensus among ana- 
lysts was that the downswing 


was an over reaction, with 
Ford's move seen largely as 
stock adjustment ahead of 
what is essentially a low sell- 
ing final quarter. 

With the exception of British 
Steel - down 3V^ at 164 l ,-ip after 
12m turnover - trading volume 
was mostly light. 

The gloom surrounding 
financial stocks associated 
with bond and equity trading 
teams deepened as Hambros, 
the merchant bank, followed 
S.G. Warburg in warning of a 
steep decline in interim profits. 
Hambros said its bond busi- 
ness bad suffered a major dete- 
rioration. 

Bank analysts immediately 
hacked their current year prof- 
its estimates, which were 
reduced by around £35m. 
Hambros shares finished 26 
cheaper at 225p. 

BT made good progress, the 
shares closing 3 Vi firmer at 
3 63 Vi p as NatWest Securities 
described the stock as a “sound 
selection in a nervous stock 
market” and moved its recom- 
mendation from “hold” to 
-add”. 

NatWest pointed out BT's 
consistent underperformance 
over the last four quarters and 
said technical pressure associ- 
ated with the final instalment 
had been removed. “The inter- 
ims on November 11 should 
produce encouraging call vol- 
ume statistics and we are fore- 
casting a 6.3 per cent increase 
in the dividend to 7.07P," said 
NatWest 

British Aerospace confirmed 
that it is in discussions regard- 
ing a possible recommended 
offer for VSEL, which gained 


18 at 1135p. Bae dipped 3 to 
439p on the announcement. 

An upbeat trading statement 
from contract catering com- 
pany Compass Group helped 
the shares rise 8 to 327p. The 
company begins a round of 
analysts meetings today and 
researchers said they would 
wait to see the company before 
upgrading profits expectations. 

V cm dome closed ll ahead at 
505p. with UBS said to have 
issued a buy recommendation 
on the stock. 

Anglo-Dutch group Unilever 
appreciated 13 to 1125p as the 
company held a series of 
one-to-one meetings with ana- 
lysts for an update on current 
trading. 

Third-quarter trading was 
said to have shown good prog- 
ress. with the hot s umme r hav- 
ing boosted sales of soft drinks 
and icecream in the UK. The 
company is Europe's biggest 
ice cream manufacturer. Ana- 
lysts also suggested that the 
economic recovery in the rest 
of Europe should boost earn- 
ings next year. 

Kleinwort Benson urged 
investors to buy the stock, as 
did Strauss Turnbull, which 
said: “There is scope for a rer- 
ating to move the stock on to a 
market p/e.” 

US buying lifted selected 
pharmaceuticals stocks. Glaxo 
improved 10% to 583p and 
Wellcome 9 to 663p. 

MARKET REPORTERS: 

Steve Thompson, 

Peter John, Joel IGbazo, 
Jeffrey Brown. 

■ Other statistics. Page 23 


LONDON EQUITIES 


LIFFE EQUITY OPTIONS 


RISES AND FALLS YESTERDAY 


Option 


CMS PUS 

Od Jsn Apr Oa J*i Apr 


Opted 


JMDram 540 OTi - - 3» - - 

PBS7 | 589 B - - 2654 - - 

ffVfl 280 IB 23tt 30W 4 1ZH 17 

(*270 ) 280 BISHaOH 14 23 28 

ASQA 60 5 I IH 1H 4 5 

(■83 ) 70 1 W I IK ID 11 

Brit Ainrays 330 31» 48 46% ZJt 10 14* 

(-3S7 ) 380 11 22H 32 12 Z4 26 

SM Beta A 420 16)5 30V4 39V4 8 1«M 27 

T428 ) 460 2 13 22M 35 44HS0W 

Boob 500 2414 36 48 4* 16 23+ 

f517 > 550 Zh T3H 26 3SM 45M 51 

BP 390 21 31 40 4 1214 18 

[•404 ) 420 5 151* 25 20 26*1 34 

WWlSM 160 8K14M1BU Si SH 11 
P164 ) 190 IH 6 11 17 20 22 

B» 500 25 3B4ZH 6 22 27H 

1*516 ) 550 4 13 19M 39 54H 59H 

UD&Wta 390 14 2BH 40 12 23H29H 

(T90 ) 420 4 1BH Z7H 54 42H 47H 

Cttitstos 420 28H I8 46H 4 16 20M 

T438 J 460 8 17 aZTK 40 43 

Comm total 454 4S 57 62 IH 6H 15 

[-493 ) 493 2H 11H 17H 52H 54* 67 

C B00 29H 55 70 11W27H45H 

(■815 ) BSD 7 » 45H 40H 55H 72H 
Kta^Mbw 460 « 47G8H 5 14 2ZR 

(-463 1 500 9 23 3SH 23 33 41 

Land Son 600 21 33 47 6» 17 22 
{■612 ) 650 2 12H 24 40 4Sti SIM 

Maria & S 360 1BH 26H 38 4J4 13 17 
(*400 ) 420 3V, 12 2IH22W29M 33 

NtiWBti 460 24 41 50 50 15H 27H 

(■478 ) 500 SH 20H 38 27H 56H SO 

Stator 390 24 35H 47H 4H 16W 1BH 

p407 | 420 7 19H X 19 31H 30H 

SMI Trend. 700 16 SSH 47 10 22 S3M 
(*704 ) 750 2 14 23H 48H 53 54H 

Smtoara 1O0 20 24H 37H IK 4 8 

(*197 ) 200 6 11H 1SH 7 13 17H 

Trafalgar BO S 8H 12 3 6 7 

(*82 ) 90 IH 4H 7 105i 12 13 

■Maw 1100 36H 61 82 OH 30H 46 
(*1124) 1150 12H 35 65 34 56 71)4 

Zaira BOO 25 50H B3H 1ZH 27H 44H 
(*809) 850 S2BH38H 45 56H 72H 

Opdon NM FA May Nov Feb May 


— Ctfs — Pula 

llw Fab Hay Nov Fab May 


(•232 ) 

Lm® 

no) 

Lucas ki 
HB2 ) 

P & 0 

f«B 1 


220 18 21 34 3H 8 10V) 
240 SH 11 14H TZH 18H 20H 
134 20 - - 3 - - 

154 7H - - 11)4 - - 

180 8* 1454 1854 12 14 17H 
200 3 7H 1154 26 28 3054 

600 29H 47 SB 17 27 4214 
650 9 22 34% 49 56K 71 

180 13H 1BK 22 5 9V4 12H 

200 4 7H 13 17)4 22 24 

280 24 3ZH 34H 4H BH 1454 
300 11 21 ZSW 13 17 25 
850 49 7DH 80H T4I4 2EH 43H 
900 21)4 4354 54 38’+ 51 68 
460 2854 42 5BH 11 18 32*4 
500 954 23 31 34K 40H SB 
280 17 27 3214 11H 17b 23H 
S00 854 1754 24 24 28*34* 
220 22 2B33H 3M B 11» 

340 BH 16 21 H 12 IBH 2054 

183 16 2054 - 5H 9 - 

200 754 13 1754 13)4 18 20H 

325 21H - - 5H - - 

354 8 — - 2154 


n«) 

Piudandal 
(■296 ) 
HI2 
r877) 


("482 ) 
Royal Inacs 
C283 ) 
Teas 
(•238 ) 


C192 ) 


P37) 

Opdon 


Od alAa Apr Oct JAn Apr 


«0 (-405 ) 


390 29 3BH 43H 7H 18)4 21H 
420 11H 2S 2854 2254 35 3754 
140 1954 2B 27H 2M SH 8H 
160 7 1354 17 11H 14H 1BK 

300 1554 2454 2854 11 14H 23H 
330 B 12H 15H 32H 34 43 
Dae Mar Jui Dee Mar Jin 


HS4) 

UaJ 

(*308 ) 
OuOUl 


ftas 110 8 12 14 8 10W 12H 

(HO ) 120 4 7H BH 14H 16W 18H 

Option Mot fat May Mo. Feb Mw 

BlK Aero 420 34 51 SB 14 21 30W 
(*«38 ) 460 14 31 38 35 43 52 

BAT M3 420 22 35H 42 12H19W30H 
1*425 ) 460 BH 17H 23H 40 44H 55H 

BTR 300 1654 2S 31 flh 13 IBM 

rSOB) 330 4H 12 17 27)4 3054 37 

MTOatan 380 1CH 22 2B BH 18K 21 
f363 ) 380 5BH16H 30 38H40H 

Cxtury Stfl 420 SSH 41 51 454 954 1654 
1*448 ) 480 11 23 28H 22 27H 37 

EHton BK 700 49H S7 B2H 17 30 41 
(728 1 750 23H41K96K 42 55 64H 

Mraaa 420 47H S7 63 3H 7 13H 
T45S ) 460 17H 30 37 1SH 22 30 

EEC 280 16H 20 2SH BH 12 14H 

C2B5 ) 300 8 11 18W IBH 23 2EH 


BAA 450 29H 38 48 3 10 14 

(-471 ) 475 10 21 30H 12 21W 25H 

DHMI HIT 460 31 H 39 495? 4W 15 IBH 

r4B5 ) 500 7 19 29 22 37 39)4 

Option Dac Mar Jun Dae Mar Jim 

AOtey NX 360 40 49 62 6 14H 18W 

C388 | 390 21 30 34V. 17 29 33W 

Amskari 25 3 4 5 2H 3J4 3W 

(-26 ) 30 1H 2 36H77H 

Bardavt 550 3BH « 57 17 29H 36 

(-562 ) 600 13 25 34 46W 58 64 

BtuaOrde 2B0 21 27H34H11K 15 25 
r28S ) 300 10 18 ZSW 23 28W 36 

Brtuti Gas 280 21 27 32 8 13 18W 

(*295 ) 300 11 17H 22 17 2214 29 

Dion 160 2BH 29 SSH 4 0 11 

(*179 ) 180 13H 17 22H 12 16W 20H 

HUtdOMn 160 18 23 2554 4 754 11 

(773 ) 180 SH T2 15 14 16 22 

Lormo 130 11 14 1754 BH 1054 12 

(*132 ) 140 B 9 13 11 16 I7W 

Had Power 420 4354 5344 82 8*4 1554 22 

(-452 ) 460 19 31 4054 2854 33 41 

Seal Para 330 2754 34 4154 14H 2154 24H 

(*336 ) 380 14 21 W 2854 32 38 41W 

Saras 100 8 1054 12 5 654 9 

H02 ) 110 4 8 754 12 13 1SH 

Forte 220 14H 21 27 SH 14 IBH 
(-227 ) 240 6 12 18 22H 2SW 30W 

Tranrac 120 14 20H 23 8H 9 12W 

PS I 130 BH 15 IB 10 IS IB 

Then M 950 84 76K 98 18W 32W 40H 

(381 ) 1000 34H 80 69H 41 57H 64H 

TS8 200 25 28 31 4 8H 11H 

(217 ) 220 1254 16 1954 12 IB 21H 

TftrtB « 220 18 21 28H 11 15H 18 

(22D ) 240 BH 12 IB 24 3754 30+ 

Wefeane 650 48 69 BOH 28 41H S3H 

r6B0 ) 700 25H4SH57H 57 SOW 80 

Option Od Jra Apr Od Jan Apr 

asm 550 4154 80H 7254 5 18 28 

(-583 ) BOO 10 32 46H 27W 40H 58W 

«3C75p#» 690 43 B8H 80 7H25H«3H 

(882 ] 700 14H 41 54 31 49 7DW 

Reutera 450 14 - - 11 - - 

(452 ) 462 9 - - 18 - - 

Option Ho* Feb May to* Feb May 


flok-flayce 
f*177 ) 


160 22H 27 30 
180 9H IS IBH 


2 5H 8h 

913H17H 


- Unaerita’B aecuiqr price. Pnmtuna enawn an 
trad on cfc+mg uiiar pncaa. 

Octttor 4, Tstari cntaacta 23.391 Crfc 14/SO 
Pun; Bf41 


FT GOLD MINES INDEX 



Oct 

3 

KOBQ 
on day 

Sap Sap Tev 

30 29 ago 

teas dh 
yWd % 

52 raacfc 

Mgta Lora 

Gold Bterattedaz (34) 

228100 

-10 

232426 2332/9 157303 

107 

2387/0 167303 

■ toghnl tadta 






Attadfi 

355300 

-00 

3S6082 358220 2295.88 

304 

•vmm wkm 

mm mu p) 

292103 

-02 

292629 288625 192478 

106 

301309 1924.78 

North America pi) 

1B27J1 

-21 

186703 188284 1459.45 

0.73 

2039.85 1459.45 


Craqright. Hie Rnradri Times Limed 1894. 

Rem M taadra ram* nraflber of oonoanto. Bra US Oaten. Bra. VNura; lOCOUQ 31712*2. 

Predraracr Odd Mhra in**: Od 2808 : ifayH manga: +aa petoar Yera ogw 182 .S t ParaaL 




33 




13 

73 

337 

97 

293 



82 

206 

48 

143 

21 

130 

77 

63 















Others 

20 

22 

Totals 

459 

801 

1326 


Oras braed on mow cranpraW >aMd on m. London Sham Santa. 


TRAmTIONAL OPTIONS 


FhW DoaJngs 
Last DeaSngs 


September 2B 
October 7 


Eapky 

Sefflemem 


December 29 
January 13 


Cals: Ataxon Cnv, Alliance Rom. Cone MurcMeon, MtcrovOac, Tuflour OB. VIvaL 


LONDON RECENT ISSUES: EQUITIES 


Issue Ami MkL 


Close 


price peid 

P up 

cap 

(Em) 

1994 

rtgh Low Strata 

price 

P 

+/. 

Nat 

C&v. 

DH. 

COV. 

Gra 

VM 

P/E 

net 

§125 

F-P. 

17.7 

130 

116 Compel 

118 

-3 

WTSW.O 

01 

40 

11.2 


F0. 

100 

1* 

1 Com! Foooa Wrts 



- 

- 

- 

- 

- 

Ffi. 

260 

88 

81 Emerging MUs C 

65 


- 

- 

- 

- 

63 

FJ>. 

12/ 

68 

65 Ennemlx 

68 


RN0.71 

50 

10 

65 

112 

F0. 

21/ 

120 

118 independent Prats 

120 


LN4J) 

2.1 

40 

14.5 

ISO 

F.P. 

170 

165 

180 Madde tell 

186 

iS 

RNfi-0 

20 

40 

75 

80 

F.P. 

24.1 

85 

76 Ryiand 

85 


IMS 

1.7 

5.1 

14J) 

- 

F.P. 

302 

44 

27 Sutar Wrts 90/04 

31 

-1 

- 

- 

- 

- 

- 

F.P. 

1118 

379 

368 Templeton E New 

368 

-1+ 

- 

- 

- 

- 

- 

F.P. 

12.1 

212 

192 DO. VMS. 2004 

195 

-h 

- 

- 

- 

- 


FP. 

198.6 

380 

340 Wrexham Water 

340 

-10 

- 

- 

- 

- 

- 

FJ>. 

330 

330 

325 Do. NV 

325 

-5 

- 

- 

- 

- 


RIGHTS OFFERS 

Issue Amount Latest 
price paid Renun. 1994 

p I*) bate High Low 


Stock 


Closing +or- 
price 
P 


160 

Ml 

17/10 

tWn 

2pm 

Jermyn tev, 


2pm 


500 

NB 

18/10 

S2pn 

24pm 

RecMtt & Coirran 


26 pm 

-3 

245 

Na 

9/11 

24pm 

12 pm 

LJnichom 


12 pm 


75 

NS 

14/11 

5pm 

4pm 

World of Learner 


4pm 


FINANCIAL 

TIMES EQUITY INDICES 






OCt 4 

Ocr 3 

Sep 30 Sra* 29 Sep 28 

Yr ago 

■High 

tow 

Onfinary Share 

232S8 

23200 

2350.1 

rmsi 23560 

2345.8 

27130 

2240.6 

Ord. t*v. yteid 

4/2 

4.43 

4.38 

4/3 408 

3.96 

446 

3.43 

Earn. ytd. % ftil 

6.39 

6.40 

603 

609 609 

4.60 

6/0 

182 

P/E rik> not 

17/9 

17.46 

17.67 

17.49 1705 

27.30 

3143 

1604 

P/E ratio nl 

17.53 

17J50 

17.70 

17.52 17.81 

25.19 

3000 

17.09 


Ten 1994. Ordnary Stare inoe* ranee compi a non; high 7T13A znXW: tax +9/ 29*9140 
FT CMdray Share hoax base date U7/3S. 

Onfinary Share hourly changes 

Open 9X0 1000 11J» 12J0 13J» 14JOO IS. 00 IBjOO Hi» tow 
23253 2332 £ 2329.4 23272 2325.4 Z3S3J3 23245 2324.1 2323.8 2333.1 2322-7 
Oct 4 Oct 3 Sep 30 Sep 29 Sep 26 Yr ago 

SEAQ bargrans 22479 23^01 23,904 23238 24.463 31/29 

Equity turnover Emit - 113a9 11234 1442.8 158S.4 1333.7 

Equity baqpknt • 25.438 28.768 27.001 27.872 35.092 

Shares traded {rW)T - 4B&2 4804 629.4 496.6 628.5 

T&sbdlng W ra- marh at busiraes and ov a rao aa hanowr. 


APPOINTMENTS ADVERTISING 

* appears in the UK edition every Wednesday & Thursday 
and in the International edition every Friday For further 
. information please calk 

Gareth Jones on +44718733779 
Asdrew Skarxynsld on 44471873 4854 


V 


r?r 


ing data for the monitoring at targets, ana we lor me muiaiing oi waste iKKitagiiig. iml-mbhih unume nrauauie, u.*+ *u.i 

































































FINANCIAL TIMES WEDNESDAY OCTOBER 5 1994 


31 


LONDON SHARE .SERVICE 


nr ups* mu 

PricCviiiSm- 


1894 vu 

k» a? 

*£ » - 

88 47 

£M £79 28 

163 125*2 u 

89 4115 _ 

2 d ~ 

9 s • 

® ® 29 

■278 2 K fij 

140 78 

1 M 16 ft 1.1 

^'•ft 

18 * 153 12 

m m la, 

ra tD4>2 m 

38 30 

13 

89 

108 

38 2 ,tt f 

in tie AA 

77 31 - 

izr Jizu 1u 

150 111 

40 29 - 

83 144 5.1 

13 10 S 102 

BO - 


4 

MU 

kw 

GB©n 

306 

777J 

15 

IBS 

133 

1389 

206 

1104 

fl? 

7141 

232 

7X0 

ft 

21J 

"JOB 

M3 

6 

157 

81 

1872 

Ml 

R7K 

te? 

0X3 

1> 

TXO 

20ft 

MM 

169 

3X6 

43 

724 

<75 

1*41) 

SE 

83 

UL2 

<0 

1W 

176 

TfiJI 

106 

ZU 

4? *7 

57.1 

114* 

359 

8Q 

35.1 

200 

MSI 

70 

4.13 

un 

823 

7ft 

57U 

2<* 

722 

1ft 

3X3 

34 

ZM 

02*8 

754 


Set* Yak* 4 HC 111 

ScuttrUtin □ im 

S7 

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106 

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43 

1X2 

4.0 

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22 

3X5 

80 


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16J 

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299 

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48 *1 

1.4 

519 

12 


13 

S3 8 

29 

2X3 

83 


44 

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19 

14.fi 

2.7 

118 

53 

19 

»S 

17 

153 


139*1 

68 

« 

1005 ZT. 

■Si = 

97 

48 

351 Jj 
408 -1 

108 

41 

181 


Bui 1U 
81 14 J 
07 72 
29 208 
05 73 

ID 

4.0 09 

42 114 
689 4.1 176 

1303 11 107 

217 1.2 - 

12 X 8 5.1 15.7 

1U 99 1U 

16 48.8 
74 08 

18 17 J 
3.8 10.5 
4.4 $ 

4.7 > 4.1 
- 03 


.JUtD ta +1*2 2S7 


Ift-w 


m 




BANKS 


XE 


« or 1994 

at* |M 

ft T 7 

* 205 ? 208 

-26 <73 Z 21 

-7 191 101 

443 400 

-7 693 <24 

-1 79 53 

-SO 1674 1050 

-97 MSB >043 

-9 114 77 

+11 1012 509 

-a 390 27S 


RATION & PROOUCTIO 


. .»lr- I'-lJ'M 


♦ nr 

Pita 

1ft -1 
87 2 

3*»j *11* 


aum -1 
ft* — 

74 

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1904 Ukt YU 
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99*i Si 1 * 1087 - 213 

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240 187 8X2 43 97 

ft 1 V 213 

84 56 433 - 407 

77 « - - - 

*S1 33 1902 1.1 

35 221) 408 - - 

lfc GU 284 - - 

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2ft IS 1X5 - - 

91 *» 37l» 49.1 18 

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12>2 11 W - 

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489 379 1538 M 

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73 53 390 179 

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1279 

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32 


FINANCIAL TIMES WEDNESDAY OCTOBER 5 1994 


FT MANAGED FUNDS SERVICE 










































































ing data lor toe monitoring ol targets, ana me lor me lumamig 01 waste pain aging. pucMgmg uli-ujub uvaiMuic, um. mat wau uivuncu. 












































































































FINANCIAL TIMES WEDNESDAY OCTOBER 5 1994 































































































fliirmuniStMl 1IHUU11U1 lUHUVaWA Ul JldUIUltf' umuluiliuiiw .HIU u 6»<"& ™ m<. i«~k u ‘•e-n - 

big data for the monitoring of targets, and ble for the handling of waste packaging. packaging become available, but that costs involved. 









































































CURRENCIES AND MONEY 


FINANCIAL TIMES W EDNESDAY OCTOBER :> 

money market funds 


MARKETS REPORT 


D-Mark bounces back 


POUND SPOT FORWARD AGA'MSTTHE PG’jm 


Day’* MM 


The D-Mark was generally 
firmer on foreign exchanges 
yesterday despite continued 
anxiety ahead of German 
national elections later this 
month, writes Philip Gaxeith. 

A measure of support for the 
German currency was also pro- 
vided by Mr Hans Tietmeyer, 
the Bundesbank president, 
who told the IMF annual meet- 
ing in Madrid that it would be 
a mistake to follow a policy of 
"forced monetary easing.” 

Activity in the markets was 
generally very subdued, with 
the key concern being what 
news Friday's US employment 
report will offer on inflation 
and the outlook for US interest 
rates. The market had little in 
the way of figures, policy 
developments or statements to 
focus on. 

There was little fol- 
low-through buying of the dol- 
lar following the weekend 
trade agreement between the 
DS and Japan. Analysts are 
sceptical about what effect the 
agreement will have on the 
trade surplus. The US currency 
traded in a narrow range, clos- 
ing in London at DM1.5519 
from DM1.5573. and Y99.69 
horn Y99.S2. 

Sterling lost some ground, 
with the trade weighted index 
closing at 80 from 80.2. Given 
the pound's recent strength, 
some analysts said this was a 
temporary correction which 
should be seen as a buying 
opportunity. 

■ The dollar’s inability to 
profit from the trade agree- 
ment has been taken by the 
market as confirmation that its 
fortunes remain shackled to 
those of the US bond market 
Following the strong purchas- 
ing managers index released 
on Monday, there is renewed 
concern about inflation in the 
US economy, with bonds and 
the dollar unlikely to prosper 
against this backdrop. 

Traders are again worried 
about whether the employment 
report, and inflation figures 
due next week, will prompt the 
Fed to raise interest rates for a 
sixth time this year. But the 
minutes released last week of 
the August Fed meeting, which 
was a prelude to a 50 basis 
point rise in interest rates, sug- 
gest this Tear may he ground- 
less. 


Sterling 

Trads-w^gMecMndax, 7985=100 
80.5 - — 



79.0 \ 


September 1994 Oct 
Shuck Dattauwn 

■ Pound In Now York 


Oct 4 

— Latest- — 

- Pm. dote — 

Espot 

1X783 

1X700 

i m«i 

1X777 

1X783 

3 001, 

1X768 

1X774 

iyr 

1X623 

1X628 


Mr Steve Hannah, head of 
research at IBJ International 
in London, said the minutes 
gave the impression the Fed 
felt it had done enough for no 
further tightening to be 
required for a number of 
months. "Unless the FOMC 
changed its mind at its last 
meeting, the next tightening 
may be some way off.” said Mr 
Hannah 

Yesterday evening the dollar 
received support from the 
influential investor, Mr George 
Soros. He told Renters in an 
interview that he saw scope for 
the yen correcting to around 
Y115-120 per dollar. He said 
both Japan and the US had an 
interest in this taking place. 

Mr Soros’s comments fol- 
lowed recent reports that he, 
and fellow hedge fund man- 
ager, Mr Paul Tudor Jones, had 
built up large dollar positions 
at around Y96.5, in anticipation 
of a trade agreement support- 
ing die dollar. 

Mr Avinash Persaud. cur- 
rency strategist at JP Morgan 
In London, commented: The 
dollar's failure to make a sus- 
tained breach through $1.56 
and Y99.75, despite the falling 
risk environment (with the 
trade agreement, and risks sur- 
rounding the German election) 
was an important signal that 
the dollar did not the support 
to move higher.” 

■ Opinion remains split about 
the extent to which sterling 
has decoupled from the dollar. 


Mr Persaud said there was 
“ample evidence that the mar- 
ket is viewing UK assets more 
favourably after the rate rise." 

But although the pound 
responded positively to the 
monetary tightening, Mr Han- 
nah said it would probably be 
caught in the cross-fire should 
the dollar weaken further on 
inflation fears. 

He said, however, that if 
sterling broke through DM2.45, 
it had the potential to 
significant headway. “But 
nobody seems wining to back 
that bet with significant 
flows." said Mr Hannah. 

■ The Swedish crown per- 
formed well after local export- 
ers bought the currency. It 
closed in London at SKr4.765 
from SKr4.836. Analysts said 
that while the market had 
greeted the new government 
warmly, there was a longer 
term risk of conflict between 
the reconstituted board of the 
Riksbank, and the governor. 

■ In the UK money markets 
the Rank of En gland provided 
£61 9m assistance, compared to 
a £600m shortage. Overnight 
money traded between 2 and 
6% per cent 

Activity in the fixtures mar- 
kets was subdued, though 
short sterling contracts picked 
up a few ticks across the 
board. The December contract 
closed at 93.20 from 93.19. 

Mr Richard Phillips, analyst 
at brokers GNI, said the mar- 
kets were trend! ess and diffi- 
cult, leaving investors nervous. 
He said recent economic news, 
such as reports of falling house 
prices and car manufacturer 
Ford moving to shorter work- 
ing hours, hardly justified the 
pessimism at the short end of 
the yield curve. The December 
contract is discounting short 
term rates 100 basis points 
higher than where they are 
presently. 

But despite the value offered, 
“the problem is that people 
just don’t have the confidence 
to buy the market” 


Oct 4 

Closing 

rrtp-poW 

Change 
on day 

BdMter 

spread 

Ewopg 





Austrta 

(Ben) 

17X343 

-00598 

276 -410 

Belgium 

(Bftl 

603783 

-0.1513 

604 - 821 

Denmark 

(DKf) 

9X883 

-00367 

852 - 914 

Hftond 

(FM) 

7X820 

-0.0627 

736 - 9© 

France 

FFr) 

8X837 

-0.0186 

618- 6S6 

Getmteiy 

(Eafl 

2.4435 

-00079 

467 - 603 

Greece 

(W 

373.148 

-1.448 

008 - 284 

Ireland 

ra 

1X114 

-0X004 

109-118 

iwy 

W 

2469.49 

-0X7 

B30 - 067 

Luxembourg 

(LB) 

503763 

-0.1513 

604 -921 

HMwteta 

(TV 

2.7433 

-0X08 

424 - 441 

Norway 

[NKrt 

10X719 

-0.0573 666 - 752 

Portugal 

(&) 

249X53 

-0718 

435 - 671 

Spain 

(P*») 

202X39 

-0424 

736 - 942 

Sweden 

(SK«) 

11X786 

-01383 

700 - 871 

SwttzortaxJ 

(SB) 

2X364 

-0X076 

343 -365 

UK 

fl 

- 

- 

- 

Ecu 


1X902 

-0X035 

797 - 806 

sum 

- 

0X26844 

- 

- 

America* 

Argenttna 

(P«“) 

1X756 

-0002 

752 - 759 

Brazil 

W 

1X401 

-00059 

383 - 419 

Canada 

(CS) 

2.1219 

-0X013 

211 - 226 

Mradco (New Peso) 

5X770 

+00189 

722 - 81 B 

USA 

(S) 

1X785 

40.0005 

782 - 787 

PaofflcfMddta EaBt/ Africa 
Austrafta (AS) 2.1361 

+0.0065 

353 - 368 

Hbng Kong 

dfW) 

12.1976 

+0X04 

952 - 999 

India 

(Re) 

405180 

+00161 

081 - 27B 

Japan 

(Y) 

157X66 

-0.16 

283 - 428 

Malaysia 

(MS 

4.0481 

-0.0014 470 - 492 

New Zoriand 

(NZS) 

2.9170 

-0.0008 

156 - 185 

PMppkto 

(Peso! 

40.4H73 

-0383 

019 - 726 

Baud Arabia 

(SR) 

5X217 

+00014 

203 - 230 

Singapom 

<SS) 

2X370 

-0004 

362 - 377 

S Africa (Com.) 

(R) 

5.637B 

-00078 

366 - 399 

S Africa (Ba) 

P) 

6X611 

-0077 

442-779 

South Korea 

(Won) 

1263X3 

+3X8 

335 - 391 

Taiwan 

(TO 

41X081 

-00466 

938 - 225 

Thalold 

p) 

304329 

-0X044 

708 - 148 


Om mondi Three months On* year 


1.28 0.1 1X801 0.0 1X74 O.S 


156X96 

3X 

155X01 

3.7 

150X16 

4X 

187X 

2X209 

-IX 

2.6287 

-1.8 

2.6509 

-IX 

" 

- 

- 

- 

- 

- 

- 

- 


tSOfi no* lor Oct 3. Bktfoflor spread* « Om Pound Spot nfcta ahow crty the Ini three oecfcnH pteces. Peered im ae not Meaty quowd » Oie t 
bte are fenpftad by curenc rami idea. Staten Jndsi cakukted by me Bank el Ground Bbm nmm 1989 - IQOJkt Offer red Md-rateB m both * 
On Polar Spot MM (MMd tan THE WM/HBLJTB® CLOSMQ SPOT RATS. Some vriutt m iterated by Ota F.T. 


DOLLAR SPOT FORWARD AGAINST THF. DOLLAR 


N OTHEH CU mWIICWf 

Oct 4 £ 

Hmpuy <71X61 - 171X73 It 

ten 773100 - Z758JB 1! 

Kuk* 04 8W - 0.4m l 

POM 366300 - 38681.1 23 

Anria 423040 . 4254X5 2E 
UAE. 5.7884 - 5X010 ! 


1(9770- 108870 
174800 - (75000 
02973 - 02001 
232100 - TP*5ll 

mmiw . jjffjnQ 
30715-10733 


Oct 4 

Closing 

mid-pokit 

Europe 

Austria 

(Sc ft) 

10X165 

Belgium 

(BFi) 

31X150 

Danmark 

(DKi) 

6X745 

Finland 

(FM) 

4X035 

France 

(FFr) 

5X967 

Germany 

W 

7.5519 

Greece 

(DO 

nun 

Ireland 

TO 

1X006 

Italy 

(U 

1584X0 

Luxembourg 

(L ft) 

31.9150 

Netherlands 

P) 

1.7380 

Norway 

(NKi) 

6.7610 

Portugal 

(Es) 

158.100 

Spain 

(Pte) 

128X05 

Sweden 

(SKi) 

7X888 

Switzerland 

(8Fr) 

1X895 

UK 


1X785 

Ecu 


1X331 

SDRf 

- 

1.45978 

Americas 

Argentina 

(Peso} 

0X982 

Brad 

(TO 

0X490 

Caiada 

PS) 

1X443 

Mexico (New Peso) 

3.4066 

USA 

<$) 

_ 

PwriftcADddle Eaet/AMca 

AuatraBa 

(AS) 

1X533 

Hang Kang 

(HTO 

7.7278 

Mte 

(R8) 

31X713 

Japan 

M 

99X900 

Matayate 

(MS) 

2X646 

New Zetaond 

(NTS) 

1X560 

PMppinea 

(Potof 

25X50 0 

Saucfi Arabia 

(SR) 

3.7516 

Stegapora 

(SS) 

1.4806 

S Africa (Com) £F0 

3X71B 

S Africa pnj 

(R) 

4X200 

South Kona 

(Won) 

B0OX50 

Taiwan 

(TO 

26.1700 

Thailand 

(Bfl 

25X200 


Da/e mid 


-0041 160 
-0105 100 
-0.025 735 
-0.0411 988 
-00134 982 
-00054 518 
-0985 350 - 
■*0.0012 603 
-1 400 
-0.105 100 
-00055 377 
-00386 600 
-0.5 050 • 
-0305 460 
-00897 945 • 
-0.0062 880 ■ 
■*0.0005 782- 
+00038 328 - 


210 10X320 
200 31X500 
756 6X933 

081 4X480 

692 5X060 

521 1X553 

450 236.690 : 
812 1X859 

500 1565.00 
200 31.9500; 
362 1.7396 

620 6.7964 

ISO 158X50 
560 128.740 ■ 

030 7.4927 

900 1X930 

787 1.5822 

333 1X343 


OX 10X183 
0.0 31.925 

-OX 6.0905 
0-0 4J5025 

-OA 5X001 
-0.1 1X506 

-IX 237X75 
OX 1XS93 
-3X 1577 

OX 31X25 
OX 1.7366 
-a9 6.7865 

-4X 159X7 

-2.6 129X8 

-2X 7.4468 

IX 1X652 
OX 1X768 
U7 1X317 


OX 10X435 0.7 

-Q.1 31X85 -OX 

-1.1 & 1557 -1.3 

0.1 4X36 -4X7 

-0.1 5.3019 -4X1 

ox 1X436 ae 

-IX 239.775 -1.4 
0.4 1.5406 IX 

-3X 16105 -3X 

-0.1 31.965 -OX 

OX 1.7297 0.6 

-IX 8X55 -1.4 
-4.7 164.7 — 4X 

-2.4 131X55 -2.6 
-ZX 7.6288 -3.1 
IX 1X703 IS 
0L4 1X62 TX 

0.4 1X261 06 


-0.0016 981 - 982 0X983 0X981 - - - - 

-0004 480 - 500 0X520 0X480 - - - - - 

-0.0012 440 - 445 1X446 1.3427 1X444 OX 1X438 0.1 1X498 -0.4 

+0X11 040 - 090 3.4090 3.4030 3.4075 -0.4 3. 4033 -OX 3X187 -0.3 


18OT rata lor Oct 3. Btafoora apreadi 
but ae ki^Ad by enier* rearait rata 


+0.0037 530 - 535 1X589 1X490 

♦00003 273 - 278 7.7278 7.7272 

+00025 700 - 725 31.3725 31X675 
-0.13 600 - 200 99.7400 99.1700 
-0.0016 643 • 649 2X665 2X640 

-0.001 573 - 586 1.6800 1X656 

-0X5 0 00 - 000 25.7500 25.6000 
-0X002 513 - 518 3.7518 3.7513 

-0X029 803 - 808 1.4826 1X803 

-0X06 710 - 725 3X778 3X625 

-005 100 - 300 4X450 4.1860 

+1.65 500 - 600 600X00 790600 
-0037 660 - 750 26X005 26.1650 
-0X1 100 - 300 2S.0300 25.0100 
hi Om Dcdor Spat MOtoaiow an* me tw on 
. UK. belaid 6 ECU ae quoted m us creaiey- 


1X536 -02 1X543 -03 1X616 -06 

7.7273 OX 7.7282 OX 7.7431 -OX 

31.4563 -3.3 31X013 -SX 

89.44 3X 98X7 03 98X35 3X 

2X554 4X 2X441 22 2. 61 78 -2.1 

1X59 -0.7 1.6608 -07 1.8661 -OX 

3.7529 -04 3.767 -0.6 3.7756 -06 

1 .4792 1.1 1.4773 OX 1 4706 07 

3X873 -SX 3X158 -IX 3.6823 -3.4 

4X637 -9.6 4X125 -8X - 

803X6 -4.5 807.05 -3X 825.65 -3.1 

26.19 -0.9 28X3 -OX 

25.0925 -3X 25X2 -02 25.7 -2.7 

• deomri pMsee. ftme d me oe notdraedy quoted ta *i 
JJ>. Morgan ncrdred W ca Oct 2 Bbm avaege 1800=100 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


EMS EUROPEAN CURRENCY UNIT RATES 


Oct* 

8ft 

DKr 

Fft 

DM 

t£ 

L 

H 

NKr 

Ea 

Pta 

SKr 

Sft 

£ 

CS 

S 

Y 

Ecu 

Belgium 

(BftJ 

100 

18-04 

16.60 

4.062 

2X07 

4902 

5A46 

21.16 

495X 

4026 

23.17 

4X40 

1X85 

4X11 

2135 

3123 

2541 

Denmark 

(OKr) 

52X3 

10 

8.722 

2X54 

1X54 

2575 

2X61 

11.13 

2602 

21 IX 

1217 

2122 

1X43 

2212 

1X47 

164.1 

1X35 

France 

(FFt) 

60X3 

11.48 

10 

2X26 

1X09 

2952 

3X80 

1276 

298X 

2425 

13X5 

2433 

1.196 

2536 

1X88 

188.1 

1X31 

Germany 

(DM) 

20X7 

3X15 

3.415 

1 

0.413 

1008 

1.120 

4.357 

1019 

8281 

4.765 

0831 

0406 

0.866 

0.645 

54X3 

0533 

Ireland 

TO 

49X2 

9.484 

6X72 

2-422 

1 

2442 

2X13 

1055 

246X 

2006 

11X4 

2013 

0909 

2.098 

1.502 

156X 

1X86 

Italy 

<U 

2.040 

0X88 

0X39 

0.099 

0041 

100. 

0111 

0432 

1011 

8X1* 

0473 

0082 

0041 

0.006 

0X64 

6X71 

0052 

Nothertanda 

IP) 

16X6 

3.485 

3.046 

0.893 

0X69 

900.1 

1 

3X90 

9096 

73X3 

4X54 

0742 

0X66 

0773 

0X76 

57X6 

0467 

Unnuau 

iwwiy 

(NKf) 

47X1 

8X86 

7.838 

2X95 

0948 

2314 

2X71 

10 

233X 

1901 

10X4 

1X07 

0.937 

1.968 

1.400 

147.4 

1X00 

Portugal 

(Efl) 

20.19 

3.643 

3.352 

0.962 

0.4OS 

989.6 

1.069 

4X77 

100 

81X8 

4.677 

0816 

0.401 

0.050 

0633 

6205 

0X13 

Spate 

(Pta) 

24X4 

4.726 

4.124 

1X08 

0.499 

1217 

1X53 

5X61 

123X 

too. 

5.754 

1.003 

0493 

1.046 

0.779 

77X6 

0631 

Sweden 

(SKr) 

43.18 

6X16 

7.166 

2X99 

0606 

2116 

2X50 

9.143 

21 3X 

173X 

10 

1.744 

0857 

1X17 

1X53 

134.8 

1X97 

Swttzeriand 

(SFO 

24-75 

4.712 

4.110 

1X03 

0497 

1213 

1.348 

5X43 

1226 

99X6 

5.73S 

1 

0491 

1X42 

0776 

77X0 

0629 

UK 

ro 

5037 

9.668 

8.363 

2-440 

1X11 

2408 

2-743 

1067 

249-5 

2028 

11.67 

2035 

1 

2121 

1X79 

167X 

1X80 

Canada 

(CS) 

23.75 

4X21 

3X43 

1.155 

0.477 

11B4 

1X93 

5.031 

117.6 

95X2 

5X02 

0X59 

0471 

1 

07*4 

74.18 

0803 

US 

« 

3190 

6.072 

5X96 

1X51 

06*0 

1564 

1.737 

6.757 

158.0 

128.4 

7X91 

1X89 

0X33 

1.343 

1 

99.62 

0311 

Japan 

m 

32X2 

6.035 

5X17 

1X57 

0043 

1570 

1.744 

6.783 

158.8 

128.9 

7.419 

‘1X64 

0636 

1X48 

1X04 

100 

0814 

Ecu 


3935 

7.491 

6X34 

1X13 

0-790 

1929 

2143 

6X36 

164X 

1504 

9.117 

1.590 

0751 

1X57 

1X34 

1229 

T 


OanWi Kroner, Franeti Franc, Manratfan Krona, aid Kronor pa 10s I 

■ D-MARK FUTUR8S (MM) DM 125X00 per DM 


, Yaw Escudo, Lin i 


I TEN FUTURES PMMJYen 12X per Yen 100 



Open 

Latest 

Change 

High 

Low 

Eat voi 

Open Int 


Open 

1 ami 

Change 

H** 

Low 

Ebl voi 

Open tet 

Dec 

08433 

0.6*51 

♦00015 

0.6456 

06433 

31.176 

72416 

D« 

1.0102 

1X102 

-0.0003 

1X134 

1X100 

31.178 

48X09 

Mar 

06463 

0.6462 

+00018 

06463 

06462 

306 

3X62 

Mar 

1.0185 

1.0185 

- 

1.0197 

1X185 

162 

2.752 

Jun 

- 

06455 

> 

- 

- 

41 

583 

Jun 


1.0286 

- 

- 

- 

5 

447 


NON ERM MEMBERS 

Greece 264X13 292X17 -0X11 10.70 -6X6 

Italy 1733.19 1935X3 +3X1 7X5 -449 

UK 0786749 0784438 +0X02374 -029 3.41 

Ecu eernK raas Mtby die Eraopoen Oonvnisman. Curaneasoe hi dwceetaig rauhra stnngVL 
Percentage changes ae lor 6cis a potato donga done* a weak cuiency. Ovaiganoe stows die 
rate Dawson iwo ftprmcta <» parcanage tfdnvice bowoan die acturi maws and Een central rose 
ter a arnan oy. and tea ra*nm parw i— d pocan te ge dataten at tee cwnney'a mntat non (ram its 

(177902) Sta (tag OM BOtoi Ua mpandod bom EflM. Adtusbitert c te c Ute a d by the RnancM Timas. 
■ PHnJhPBWflAM 8^ QPTIOWSE31X50 (cants per pound) 


■ wmaa FRANC WJTUHM HMMI SFr 125.000 per SEr 


'WORLD. INTEREST RATES 


IWmBraSQMfcQ £82X00 per £ 


33.779 

Dec 

1X770 

1.5772 +0X004 

1X004 1X758 

8X09 

33X86 

697 

Mar 

- 

1X760 

1X750 

3 

272 

63 

Jim 

- 

1X700 

1X700 

1 

8 


SWJa 

Price 

Oct 

- CALLS - 
Nov 

Dec 

Oct 

— PUTS — 
Nov 

Dec 

1X00 

7.68 

7.65 

7.78 

. 

0.03 

0X4 

1X2S 

5X4 

5X4 

5.71 

- 

013 

0X6 

1XS0 

2X3 

227 

3X7 

0X4 

0X5 

1X3 

1X75 

0X4 

1.71 

245 

058 

1.42 

2X2 

1X00 

0.13 

IS 

1X1 

228 

267 

3X1 

1X2S 

- 

0.74 

4X7 

4X6 

5X1 


Pievuus day's voL Cate N/h F\i» N/A. Praw. day's open Int. Cate tUA Pula WA 


INTEREST 


MONEY RATES 


■ THRU MONTH KUROMARK PUTURBS (UFFW DMIm pobda of 10096 


October 4 

Over 

nighi 

One 

month 

Three 

mths 

Six 

mtha 

One 

year 

lamb. 

inter. 

Dts. 

rate 

Repo 

rate 

Belgium 

4% 

5 

Si 

5»e 

64 

7.40 

4.50 

m 

week ago 

4'.i 

5 

5% 

6% 

64 

7.40 

4.50 

- 

France 

64 

5j 

5« 

5» 

6» 

5.00 

- 

276 

week ago 

S'i 

s« 

5% 

an 

64 

5.00 

- 

6.75 

Oermany 

4.95 

4.95 

5.18 

5X3 

5.63 

200 

-ixa 

4X5 

week ago 

4.38 

4.95 

SX3 

5.23 

5.63 

200 

4X0 

4.85 

Ireland 

4% 

5 » 

6* 

64 

7% 

_ 

- 

6X5 

week ago 

4H 

5*5 

64 

64 

7H 

- 

_ 

625 

Italy 

8« 

61* 

81) 

9tt 

,0i 

- 

7.S0 

6X0 

week ago 

8ft 

8tt 

81* 

Si 

101 

- 

7X0 

225 

Natfiertends 

4.84 

5.Q2 

5X4 

5.39 

5X3 

- 

5X5 

- 

week ago 

4.84 

5.02 

5.12 

5X3 

5.72 

- 

SXS 

- 

Switzerland 

3!+ 

4 

4U 

4% 

W 

2625 

3X0 

- 

week ago 

3"i 

4 

4 

44 

40 

2625 

3.50 

- 

US 

4% 

9 

Si 

S3 

6Vi 

— 

4.00 

- 

week ago 

4:. 

6 

Si 

5H 

614 

_ 

4X0 

- 

Japan 
week ago 

2'b 

2W 

2% 

2% 

2ii 

2 » 

2# 

24 

2% 

2% 

- 

1.75 

1.75 

- 

■ S LIBOR FT London 








Interbank Ftxtng 

- 

sv» 

5% 

5% 

8% 

- 

- 

- 

week ago 

- 

5Vt 

5U 

so 

64 

- 

- 

- 

US Dollar CDs 

_ 

4X8 

5X7 

5X6 

6.11 

- 

- 

- 

week ago 

- 

4.88 

5-03 

5.36 

5.83 

- 

- 

_ 

SDR Linked Da 

- 

3H 

34 

3% 

4 

- 

- 

- 

week ago 

- 

2% 

3* 

3% 

4 

- 

- 

- 



Open 

Sett price 

Change 

High 

Low 

Est voi 

Open int 

Dec 

94X3 

94.63 

•0.01 

94.65 

94X2 

23978 

10J476 

Mar 

94X2 

94X1 

-0X2 

94X3 

94.19 

26147 

189785 

Jun 

9377 

9279 

• 

9280 

9274 

13681 

106340 

Sep 

93.41 

9242 

“ 

9244 

9237 

13417 

72005 


I MOUTH EUWOUBA MT-HATE HITMIH (UFFE) LlOOOm porta of 100% 



Open 

Soft price 

Change 


Low 

Est voi 

Open int 

Dec 

90.64 

9059 

-0.10 

9066 

90X0 

6755 

33261 

Mar 

89.67 

89X0 

-006 

89X4 

B9X5 

2417 

16064 

Jun 

89X4 

8237 

-0.05 

8242 

89X0 

1293 

15517 

Sep 

8290 

6299 

-004 

89.02 

86X0 

269 

15162 


iWOWTOKUBO WWW m*l«CI»urUM»<UFgSFrfm ports Of 7Q(Wt 



Opo, 

Se*t price 

Change 

Htf! 

LOW 

Est voi 

Open int 

Dec 

95.62 

9SX2 

- 

95X3 

95X8 

2799 

23454 

Mar 

65X3 

95X3 

-aoi 

95X3 

95X0 

875 

12077 

JlOl 

94.88 

94X7 

•OX! 

94X9 

94.85 

216 

6979 

Sep 


94X8 

+0.01 



0 

896 


I MONTH ECU FUTURES (LUTE) Ecu 1m points of 10096 



Open 

Sett price 

Change 

Wgh 

LOW 

Est voi 

Open kit 

Dec 

9289 

9260 

-002 

9262 

93X6 

686 

7885 

Mar 

9203 

93X1 

-0X3 

9205 

92X8 

1135 

5561 

Jun 

92.50 

92X0 

-0.02 

92X1 

92.47 

482 

2898 

Sep 

92X9 

82.10 

-0.01 

92.10 

92X6 

85 

1052 


LONDON MONEY RATES 

Oct 4 Over- 7 days One Three $bc One 

night notice month months months year 

W«l** Swing 61* -2 5k - 5h 5*8 - 5ft 6& - ft 6*4-612 7ft - n, 

StedtegCOs - - 6,i-53| 5* - 68 6ft - 6ft 7* • 7ft 

Treasury BBs - - 6h - 5L 5|J ■ 5{4 

authority Paps. 4ft - 4}| 6ft - 5* S - 5ft 5« ' 6JJ 8-S 7ft - 7ft 

Discount Market daps OH - 3< z 6\ - 5<» 

UK d e a t n q bank base kndbig rate 5k per cent ton September 12. 1994 

Up Bo 1 1-3 3-6 5-9 9-12 

. ivttMtUt morth mantle mu rffn months 

Carts of Tax dep. (£100X00) 4 3\ 3% 3»a 

Cota of Tor dap. unda Cl 00X00 is 1 tjpe. Oopoarts wfthtbewn ter cash kpc. 

Ato Hnda rate at dscowd S471Qpa BCOO tod rata 9dg. Boon Hnaoca. Make up dm Sep 30 
1994. toaad rate ta period Os 28, 1994 to Nov 23. 1994, Schemas tan 7-OSpc. Ratoenoa rate ter 
prated 1. 1994 to 8ap 30. 1994. Schema N ft. V S.T3SPO. Fteonce House Bon Rato «pc bum Oct 


a THREE MONTH STBHUHO WIW> (UFFE) £500,000 points Of 100% 


ECU LMrad Oa odd retea 1 mte: 6Mi: 3 mte* BV 6 mtea 91k 1 year 6*4. S U80R M 
raws oa oflaad rates ter Sion quoted to teemahte by teur la Ta aic e bartte Ml 11am i 
day. Tha banks era: Baton That, Bank or Tc*yo. Bodays rad Ndionsl w ea riu iu te. 
Hd rasa are shown (or tea dom as B c Mangy Rates. US 9 COa and SOT unwed ttepnt 

EURO CURRENCY INTEREST RATES 

Oct 4 Short 7 days One Three Sb 


! teases aadad on APT 


■ TMMM MONTH BUROPOUJUI (Rff^ Sim pointe of 100% 



«*>en 

Sen price 

Change 

«9h 

Law 

Ebl vot 

Open mt 

Dec 

9214 

63X0 

+0X4 

93X1 

9212 

23038 

165566 

Mar 

92X2 

92X8 

+0X4 


92.18 

18016 

83085 

Jun 

91.61 

91.64 

+0.02 

91.65 

61X6 

6855 

51048 

Sep 

91.15 

91X0 

+0X1 

91X2 

91.14 

3497 

52350 





Open 

Latest 

Change 

rtgti 

Low 

Est vd 

Open Int 



Dec 

93X6 

9236 

+0.02 

93X9 

9295 

135,921 

437,081 

Sbc 

One 

Mar 

9258 

93,81 

*0X1 

9262 

93X8 

134X24 

410,169 

monttts 

year 

Jun 

93.15 

93X0 

*0.02 

GSXZ 

63.16 

57X28 

298X33 


Tradad an APT. AS Open snares flgs. era ter pmioua d ay. 


• 8TKHUNO OPTIUHS (UFFE) £500X00 points of 100% 


Belgian Franc *»J2 

Dansh Krona 5^ 

D-Mark 5u 

Dutch GuMer Si!a 

French Franc 5^8 

Portuguese Esc. 9,1 
Spanish Posaca 7>z 


Swiss franc 4ij 

Can. Defter 4,‘j 

US Dotar 413 

Italian Urn fl - 

Van JA 

Asian SSmg 
Slier, term ram ore cat 


- 413 413 - 4» 

-5 H 57, . 5*2 
-413 S - 4% 
■4ll S,\ - 4J3 

- S»4 5& - 5,». 

- 9i*a 9l» - 9 

- 7 A 7h - 7A 

-5% 5,’, - 54 

- 3* 41, - 3% 

*53 - 4k 

■ 4« 43 - *13 
7ij sk - e 

- 2»b 2* * 2A 

■ l 2 25, - 2lj 
fa mo US Deter md 


5- *7 S 

6ft - 5% 

5-4* 

SiV - 4« 

5,’. - Oft 

9ii-9Si 
7ft - 7ft 
Sh-5i 
31J - 311 
4J3 - 4 3 
Sft - *\l 
ak - fl 1 * 
2k ■ 2\ 
V. ■ 3ft 
Yen, rtw 


5ia - 5ft 5|2 - 5fi 
6k - 6l, 7k - 7t» 
5k - 5*a 5^ - 5k 

6,1 -SA 5A-5A 

sti ■ 5ft 5% . Sk 
10ft - 10** toSfc - 10*1 
s - 77, aft - 8ft 

e-513 6fJ - 6i 

4ft - 4ft 43, - 4» 4 

Sft - 5ft SJJ - 5“ 

ft 5k - 5*, 

sli - aft 9k - 9 
211 2ft 2k-2.i 

3ft - 3ft 4 - 3k 
M days' note*. 


8ft - 6A 
7k-7S 
5H-5ft 
-5k 
«.i - 

107, - 10*2 
9k -9 

h\ - 7ft 

4k - 1H 

6ft - 6ft 
eft - eft 
ioft • 9il 
2k - Sft 
4ft - 4ft 


WTWBMWmBKLIVniBtt^tlmpjIMK 


Strike 

Price 

Dec 

- CALLS “ 
Mar 

Jun 

Dec 

— PUTS - 
Mar 

JOT 

9300 

0.38 

212 

0.16 

ais 

0X4 

1.52 

8325 

0X3 

0X7 

211 

ass 

1.04 

1.72 

9350 

an 

204 

0X8 

0.41 

1.28 

1X4 


94.55 

94.10 +0.01 

93.76 


84X6 84X4 

94.16 94.14 

93.76 83.74 


, Cdb 7888 Puts 4373. Previous days open rt_ Gate 291045 to, tgi9H 


All Open htaest flgfc ae fer pnyhgsni day 
■ CUHOMAKK OPTIONS (1X=FQ DMIm points at 100% 


BASE LENDING RATES 


POTS — 
Dm 


■ THREE MONTH PtEOR FUTURES (MATIF) Ports Interbank offered rale 


price uct nov Dec Mar Oct Nw Dm yat 

9460 ai5 0.17 021 013 002 0X4 0.08 042 

0473 0.02 OXS 009 006 014 0.17 0X0 060 

9500 0 0.07 0.02 003 0X7 03S 038 082 

Eat UOL DHL cast «8H> Pint BSOS. Pravteua da/B open t 1 . Cto 189929 Pute 183298 
■ EOTO SWISS FHAHC OPTOHS (UFFq SR- Ini potos of 100% 



Open 

Sett price 

Change 

High 

Low 

Est voi 

Open Int 

Dec 

94.05 

S4.0S 

-0X1 

94.06 

94X2 

10.624 

47.704 

Mar 

93X6 

9157 

-acc 

93.58 

93.54 

9X21 

34.451 

JU1 

9117 

9217 

-0.02 

9218 

93.14 

2704 

2SX35 

Sep 

92X4 

82.84 

-QQ2 

32.06 

92.00 

792 

19X97 


StrSa 

Price 

Dec 

- CALLS - 
Mar 

Jot 

Dec 

— PUIS 
Mar 

9550 

0.18 

0.13 

0X8 

0X6 

040 

9575 

0X5 

0X6 

204 

0.18 

0.86 

9600 

0X2 

0.04 

202 

040 

0X1 


■ THREE MONTH EURODOLLAR flJFFE}" Sim points af 100% 


Est. vel tetai, Cate 0 Rite O. nevtaua dayk open W. Crts 1870 PUB BIS 



Open 

Sett price 

Change 

Hgh 

Low 

Est vd 

Open int 

Dec 

93.97 

9297 

-0.02 

9297 

9297 

3D 

2123 

Mar 

9257 

9259 

-0.Q2 

9257 

93X7 

23 

1435 

Jun 

93.17 

9216 

-0X2 

9217 

83.17 

28 

274 

Sep 


92X8 

-a 02 



0 

52 


Mam&ConpBny — S.7S 

ARedTruatBank -525 

ABtoA— - 5JS 

m lam yAn^erfiar 5.75 
Berts of BarcCa 5.75 

Banco acao Vizcaya- S7S 

Ba* of Cyprus 3.75 

Bar* Of toml 3.75 

BardtsfMa 5.7S 

Benkof ScoSand 5.75 

Bodaye Barit - 5.75 

BrtfikofHdEast...- 525 
•ftowiSHplByr&Co Lkl £.75 
CLBartcNedstend... 075 

CWtotNA — --SJ5 

OydesdaRBank. — 635 

The Cdopatow Bate S.7B 

CadbSCP -5.75 

CmSLyavab.. 075 

Cyprus Fbptis- Bar* -X. 78 


% 

Duncan Lame — 5.75 

BgenrDankiMteO- 079 
Rnanda) & Qen Bank _ 6£ 
•Robert Ratwig & Co _ S.75 

Orat»K - 5.75 

•GtAmanMtian 5.75 

Hat* Bar* aq Zurich. 3.75 

M te i teos Bwc 375 

HofBt* & Gen to Be. SsTS 

MSPiutf 573 

(XHoataACa -575 

Hcngkong & Shanghai. 525 
JiAan Hodge Bank — G.75 
•LecpddJaeoph SSm 075 

Lloyds Bank 575 

MetftoBai*Ud 5.75 

Wcfcnd Bark 5.75 

Banking 6 

MKWesWnstEr — 5.73 

575 


“RoduitoQuafanee 
Corporation Lknitsd Is no 
kngniuihGiMn 
a ba«ng nsauwn 8 

R^riBkafScaand- 6.75 

•Sm*i & W&npi Seen . 5.75 

TSB 5.75 

•Un»sdBkofKuw«_ 5.75 

UWyTrusBankPta— S.75 

VVestamTnal — 373 

Wtrts«»ayL8B«rr-._ 3.75 
YortahkeBar* -676 

• Members of London 
Investment Banking 
Aiw a ci stoi 

* InaMntatoon 


Money Market 
Trust Funds 

ten 

ta m CM mct 

ssffiwssssasi - , «™- 

SSSK'Sfc iS : W S 

OwteOwbitaii L12 -» LaH-tab 


te. U tU BO 

Bfl-THHW 

teetaC*re , 4»totoitor £***•»*« 

, 5LKaB «s*rar.u»a>irov'iw . pwrawii 

naceswoeetewte-.l 447? -■ 

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C, ? fl5+0W»- -- 7» 


Tba COF OtartOM Depottt Account 
jAnStoLunMECTSeQ .4 

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071-588 »8« 
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Cest Bd. of Rn. d Ctftjn* of EogUwtt 
aftraaraB.UradteesrrsM 071-S8B ISIS 

Dana I u» - I Lwl*-** 1 


Money Market 
Bank Accounts 

to M CM WO 

MBed Trust Bank Ltd 

3 Do+nt* to. uxm..EM TAf 071 -KM 0879 

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439 ut to 
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SOD 407 

4JU 300 * 071 am 

ear Bis esrlnarty 

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f5JCO-^ .809.99 3,75 7^1 1*7 to 

naOC«W3a«B3B_ 400 UO *07 to 

czsooo-CMOBeflB— *js sis 433 to 
eso.notu . . . 4.75 oa 4« to 

toMn Zftniri 

» CBtotL tawtoi £C1V 24V. 071-0388070 




MiSi=:lsS oSSi iSl S 


fSl-* 

tw« sm. urto sm 

(M-rflOO .. . IM 0 75 .« (nr 

r mo-T4*B . . - 4 il* 3« «l< tfc 

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aQUBOD.toralteMfto.tentoii 

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ciojmo 10 C34iaH - 11s jw J”l "[ 

£5.000 19 C9 W# <-50 W8 I A30» Or 

aw L (jw - 5S I 48*1 re 

CS.DCOI 9 ra. 9 n.. 4 79 494 re 

- 4js no I +a:l re 

era 770000 

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071-MS 2333 

hooriWteaalCteiekto 

euoi-cmDoo 475 iwsknn re 

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rereMreSViMWiiMBi 071-20: uw 

HICAK7500-I I 4J78 5.2* I 449) 0O|i 

USAS S2S£!S5iSftore- MU* 

rj|liaealtoMeitoeilM2II an-BlUB 
41CARSOH lots ml 4.401 

Lloyds Bank -bnrastmnrt Account 


One roortVi Three monthe One yw XP Morgen 


Bank at Inland Mali Mores! Cbequa Dec 
39-40 rap a. snap £-5 ia. ocusieia 

najno+ 4.000 xooo *ogoI re 

E73Jao-€S_999— _ 1 11» 12S0 1 X034I OB ttttawe, Acc OOOO- 175 241 175 «Mf 

nonce- 4 90 3 37 450 itea, 

Rrek <d Sentfaml num.- ... 500 ITS fiao 1W| 

071-401 0446 «*«»+ m 4,2 5^ w, 

WOrttaSHWI. ISO 242 ISO to 1*SS* s=s n>m 

S^^ErlJS Ml ssl 5 

RradtoMer. SSSSSSESSS BHteto 

wtaf/a. a rate oa a Bji ry ciwtoT 0800400,00 HT ‘ in ijS 18 S 

BMbnjm 479 348 475 ton no MD^VgoeZJ" < JO 3 23 437 » 

£10000-04398 sa 3»4 525 Itor 480 1 80 4 99 5 

rajOMJMM | M MO teto UO 398 14, 5 

£S0JB0-E9B,9*3. ISO *20 SCO 7«a*» 

2100000+ I 5.75 4JI 175 vaoiy POTnaa BMoSoc Prestoe CtefDB Accoaot 

rei-254^ S la Is 

MM= 8 s 35 3 I I 

nO,000-£24990 I m -44 I ~i yi Or E2.WO-C9J89 ~SO UM '■•ill 

<2S7 X»- Ixts 341 1 UO re ^ BroUw» IMM. Bankets 

. „ , _ tonettsyr*. total, ECT4SXS 07, -823, IB 

Brawn Shipley 6 Co Ltd hgktore-owftxto. srs un I US I Kr 

FotoOC cowl. LOOMuy. ItoOB EC2 071-0099633 I 1 ~[ 358 4451 to 

MCA 42 318 432 OB Og9D.BaaAlB4B|(4k. 1 4 75 3-58 I 4Ul • 


mSnwraflSL Uteto ear an atrsoan 

£100400 m aOBM _ I 375 431 535 tote 

120 000+ I *- J0 iCa iw T*Wy 

520 300 520 VMtfy 

£70400- I 500 375 500 My 


Midland Bankplc 

POBte ZSMBMt 


Bandars Seiact 
Btaftl toto i 

£2400-0499 

£10000-£244a9__ 

E25400-E49499 

£30400-09499 

£100400- 


0989400100 
475 Ttartr 
325 tony 
350 Yosfr 

568 Yterty 
375 Yterty 


Brawn Shipley & Co Ltd 

FmmOBH Court. Loooin, UM EC2 071-8099633 

MCA 42 318 432 0* 

HI- 1*29 316 I 432 1 Ob 

Caledonian Bank Pic 

■aAMm*S4BBn.BatoviBezPP misseisss 

MCA I 525 39375 I -I Yterty 

Cater AIM Ud 

20 eBetoiae. lotto Bov sot an-ezaiOTO 

MCA |X75 242 382 1 to 

H«w1 £5*000- 511 - 525 J to 

Owootaa £50400- — I 389 -I 39*1 HO 

Chartutooine Bank Urattsd 

inanarerto.ECiHTDH. 071-2484000 

£2200-08.969 175 2*1 3*1 1401 

DO.OOQ-t48.9BO 400 300 409 to 

ESO.OOMB9kB9B 425 18 431 MBl 

riorum. 450 431 457 to 

55400-849489 340 235 344 to 

3S4400-FK496 348 251 348 to 

57 00.000-41 6049B — X75 251 182 HA 

(200400- ■ — 400 340 4 07 HOI 


Oct* 

Ecu con. 
rotas 

Rate 

against Ecu 

Change 
on day 

% +/- from 
can. rate 

% spread 
v woafceet 

Ov. 

ted. 

Netherlands 

2.19672 

2.15093 

-0X016 

-2X8 

6X0 

. 

Ireland 

0.808628 

0.793078 

+0X01372 

-1X2 

5.13 

13 

Botgfun, 

402123 

39.4998 

-0X228 

-1.77 

4.97 

13 

Germany 

1X4684 

1X2062 

-0X0151 

-1.49 

4.66 

• 

ftanca 

6X3863 

6X5644 

-0X0187 

027 

2X3 

-2 

Danmark 

7.43679 

7X1607 

-0X1674 

1X7 

2X2 

-7 

Portugal 

192X54 

196.777 

♦0X14 

1X2 

1X7 

-10 

Spate 

154X50 

159X39 

+0.02S 

210 

0X0 

-22 


CMusdato BMk Heribh SMotiea Act 
SOSlVtorlPlM QteQoeCI 3ft. 04,-2487070 

fl 0400-00499. f 370 2.78 375 » 

££O40O-C2<9jn -llBO 285) 3861 OB 

£250400 to Brer I 440 338 I *4*1 00 

Tto Cb-operatfva Bank 

P0B»3tW. SMnwaM.LBtt . £045252000 

TIS8A — 1 173 -I -I many 

. 

ABBtocn 1 450 3a I 541 1 to 

hMtotel 80 - ta 0« apto faitefti 

tsaooo* 1 $48 417 544 6-081 

£25400-t«8Bt {451 35,1 437 B-to 

n 0400-124590 ) 441 323 438 8-to 

BWMMB- 1X31 248 1 X3*l0-to 


Royal Bank of Scotland pic Prandun Acc 

47»Aa*w5a.61s0inliBC2YE. OD I -523 830: 

00400- 325 319 4J2 re 

£2S4Q0 - £49,999 . 400 300 409 Or 

£10400- £24499 125 144 329 Dir 

£3400 -£0599 260 , 59 252 Ob 

£2400- £4999 200 140 207 dr 

Sara & PrtHRfRMMrt Homing 

18-22 Mam HL Runtera RMI JIB MM 20210, 

CMACBUit (413 109 ( *2,1 Mr 

TESSA Rad > YBw. tJI - 0501 la, 

nsSAMoii 1*69 -I uni to 

MMOaOHlMarita 3790 24, J 3403 00 

DonetaHMAEIOOM- 3075 7.909 3432 Ok 

netAESMOO- 40M 3000 4 080 Dir 

HNA £100000- 4.125 349* 4180 Ok 

lynoa TESSA 4575 - 48GS OB 

IMtod OomWore Tnat Ltd 

PO Bob 02. Hsre, BMODV 0*1-447 2430 

^ m otpi fiffiwii 

£1403*- 1325 354 ) 545 1 » 

BaRsd Tint BaM LM (hnaorte UtQ 

1 Graft CaWMaM n, LIMBI WtH jA. 071-2580004 
£10j00O-M any ODBte . I 725 144 ( 7 45 5-4» 

naooo-wcrereote. xao ere | uf we 

£25400- 1 rrar — I 825 4.19 1 -llterty 

i,'SS£5StS« 0 '“ 

SBadMACC. (3 125 234 ( 318 Ml 

»1 0400 to tote 1x375 253 I 3«tf to 


TOBtar-featadAi 

£50400- 

£10l000-£494ft9- 
C340D-C84M — 


£48 I 334 1 0-401 


150 £03 333 B-to 
100 £25 I X02 s-to 


Western TKirt Mgb tManst Cbeqn Ace 

IlwIMMyoanm. Phonon PL, 1SE 07522414, 

£15400. - - ; - 1 826 384 J 525 On 

ES40O-C14899 1 5.M 175 ( 54i| OB 

CIJOOO-CABM — 1 4.75 358 I 4841 OB 


200 150 1 £01 


£250400. (427 328 1 442 6-to 

I50400-C48499 1 321 £48 I 15* S-to 

£io.ooo-e«49e ore 220 10a b-»» 

ooo-Esjeee 1 zs> 137 I £M c-m 

39-90 tote** enftMfc M 03« 2U213 




MOTES- ten CaWKBO to tf IBM teYto a* 
toto eom o»«e rekcdoB at bate ota mm re. 
UU a HM pqaw dta dtateig lor itaMto i d 
Bam no tanr tarfito CAM Oea ate AwaHnil te 
HH 9B9UB rt Onnnta 9t toraB pM oft* m 
m a yor. Tdaenuttil Aiwuft Ron M re Fteoutocy 
a ldftdi tenratl In a wOnd to Be area*. 


©yon 


piuenmarK:^ 

oa Thufs«tey ,NovejnberL7.| 

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nney M. I h m. Bmkn. sMKtH Mtytta. 

gw uMg i iadBOtsauiTHfti 

ocaoo • mow . ten m 

I Ss SBS 

21 tea Stem LIKD-W 

UrnbrnSCmiK 11 11 


Smk3E0»n3l7B 

0thena3m-M-mii*exdv& 

ftE071-Z4MM71 

nuadlStolirtilllliMdWjiHH^ I 

SC0BlJHte,8mB8B9rfllSMSRA. 1 I 




FINANCIAL TIMES WEDNESDAY OCTOBER S 1994 


■ S , - 


■ ' *'*.*• ■* , 




"V. 




'"3. 






- - " ’ ■' •■JUr- 


is-. 




- . • .iv: , 


ml Times 

n Survey on 







•-;i g 



37 


WORLD STOCK MARKETS 


EUROPE 

AUSTRIA (Oct 4 / Sctl) 


Art! 
BWU * 
CradPT 
EAGcn 
EVN 



BBSHMAiHEIffiOURG {OCt 4/ FlS.) 


- 15 <^80 3.706 1.7 
-8X90 7.510 32 
+65 6JOO 4,000 _ 

♦104X60 3880 AS 
-1D1B.WJIMM 2J 
— ISJBO 23748 2.7 
-5W cars 35,100 bj 
-TO 2650 2,105 TJ 
— 22S 2UOO 20350 IX 
+75 13X7511 JMO 10 
-45£>00£180 3J5 
-20 BJOO £260 4.4 

— 215 154 ax 

-to Bfioa a, t« 17 

+21X601.2=0 22 
—40 1820 3JSH 7£ 
-163,781 2670 46 
-15 2J.70 1480 _ 
+45 4X80 3X00 4X 
+55 4.470 3X00 B.l 
+2 1X80 1X20 2.7 

-1809.180 7X90 iS 
-9010X00 8X00 IX 
-30 5X50 4,1 BO 2.7 
-.3X862X80 5.1 
-30 8X00 8,060 10 
-40 7.050 8,100 IX 

— 1400 1000 4 A 

— 1X30 1.400 8J 
+15019.400 IffOOU _ 

-8011775 9JB6 2B 
+35 9X60 2080 10 
+8 588 420 16 

+50 1200 4^415 4.7 

— 1880 4X20 4X 
+BO 2.638 2X25 5.4 
-70 £536 £105 SJ 

— 1170013,100 AS 

— 1X75 1.482 15 
+200 17.350 11750 4.7 
+13011.8® 9X20 4X 
-100 28.1 to 2UH £4 

♦ 16 £530 £440 14 



QvM 4X10 
M £000 
Khbtk 1100 
KbnkAF 8X10 


“S 370 BA 

S52 +23 709 BOO 15 
827 -15 302 001 71 

«B -iflOWIJO 377 13 
,127 ♦5157X010830 _ 

2X83 +3 1,385 i nm 1 n 

*■8“ +TM 7X50 1469 18 
350 +538150 21050 

2+* +7 JO 274 307.10 1.0 
+11385087X0 SX 
,607 +20 1,348 588 17 

1Z ^SS +i’ la RjS 115 8J 

1M -6 MO 164 _ 
gj _*5 5SS1160 16 
*» M5 320 7X 

+■« 234 ISAM 15 
29WM +5X0 371 28150 7£ 
+S 038 732 13 
£0 +2 7X05 7BS — 

976 +1 1.160 BOO IX 

519 -1 KM 352.10 _ 

21* +ixo mm Z 
ig +3X0 U7 4011180 3X 
«g -13 762 542 1,4 
_E= ♦»■ *** 681 ZO 

*■£3 +« 3X90 2X80 IX 

— KTT 628 +* 734 578 33 

_. Sjt *17 1.789 1X70 33 

— STS $5 +24030337.10 £5 

- 600 *72 £4 

- IE5? 22 mZJS S BID 373.10 73 

|£“ ,4g +8 700 382 73 

- ISw *£0 1X90 _ 

■"*«n 535 +y 792 523 4J 

— SoniuA £100 -90 9 ffft Q 1 no 7 i 

- gpWl “»X0+iS^ Mi - 
~ P'S? o,, 230 +2X0 377*128 4X 

&nW 217X0 -.102373018150 2X 
“ Km 2X50 +100 £lS £261 1J 
U6S0 -JO 274 73210 S.I 
“ +84030156 23110 3,3 

Z 13^80 +180 23450 728.10 14 

IIFULOC 355 -4 454 333 4 X 

- ££1 «^3S -- 60 ^ 428.10 5X 

— JJJTD-l&JO 800 403 7X 
V*CO 273.10 -4.10 307 221 IS 

— VaUrc 30220 -xo 335 wo 11 

” «""«« 233 -6X0 355 227.10 4X 

(Oct 4 / Dm.) 


h» mw w 


+/- 


AES 




1,420 
PHu 18360 
Piano 0.730 
Pwnfln £Bio 
Read 480 
4X00 
4X20 

£135 

SGhAFV £105 
Sown 11125 
Setae 1315 
Sohay 14 Am 
Trctnf 1570 
UC8 34.050 
UnMn £700 


143X0 


“ Afcn - £245 

Altana R34 

“ AM» 775 

— W1 675 


(QcM/Ki) 


AafP A 630 

BBomn IBS 

CartA MO 

Eorfon *i wwn 

O/512A1OBJJO0 
Qntseo 189 

DanIMc 320 

EAdBt 1B1 

HXB 420 

GMond 570 

BSB 166 

JyttaR 376 

LrtznB 1x00 

MKT A/S 290 

BMhdB 564 

WaaflMBgJM 
SOCWA 515 

SomtoB 514 

Strafe 414 

TeUlen 328 

TopOm 570 

UtMlA 220 


— 790 865 £4 
-2 281 185 £7 

-2 333 251 IX 
-100 7X00 5X00 OX 
mum m n fi 


+1 

— 427 
+1203X5 
-5 BIS 

-IO 543 
-4 270 
_ 425 
-60 1,550 
+5 385 
~®7B3JH 
-128 737 
-10 615 
+2 673 
-1 495 

-1X2350X3 

— 1X72 


117150 __ _ 
307 S.7 „ 

150 5.6 _ 

3B5 £8 _ 
445 2.1 _ 

183 IX _. 
330 £1 „ 

050 0^1 _ 

252 3.4 
408 0.7 _ 
440 1.1 _ 

505 OX „ 
425 (L5 _ 
321 £4 _ 

300 _ 

610 IX 


-a 207307X8 4.4 _ 


FWLAHD (Oct 4 / Mha) 


MWA 

Ctator 

ETQnA 

Ensoli 

1LM I 

TOP 

M 

KanaB 

Kynsnn 

MntraA 


MotaSB 

rMdaP 

OftmoA 


SUsnB 

TirpaO 


100 

140 

84 

45J7S 

144 

10 

5150 

510 

134 

144 

144 

240 

233 

564 

101 

87 

66 

63X0 

104 

227 

1100 

13X0 

87 


-1 1641DZJ0 IX 
_ 176 121 IX 
-fl 106 80 — 

-.104150 35X0 IX 


-2 

733 

141 

£6 


1740 

901 




4S 

1 0 


70S 

510 

£0 

-1 

ISO 

100 

£7 

-a 

247 

144 

IX 

-4 

SBO 

144 

IX 


2S8 

TOO 

OX 

♦7 

700 

190 

ox 

-3 

578 

787 

ox 


107 

BS 

. 

+3 

104 

SB 

IX 

+? 

102 54.10 

IX 


i7A0 

41 


+3 

T20 84XD 

IX 

-3 

744 

176 

2.6 

-JO 

31 

16 



-DJW 

12 


+4 

129 

00 




A&« 522X0 -XO 635 517 £3 
1,080 -361^46 1JB0 IX 

-5 2JM 1 2X20 OX 
-12005X0 575 £0 
-851.181 775 _ 

-as 1X25 076 1.1 

g *” 5 . 2W-5D -5.50 343X1 278 £7 

S""* <e7 .-5? +1 -50 S10 *35 IX 

g*0»a 356 -1X0 465 3*0 £5 

Bapar 344.70 +400 40460 331X0 3X 

girwv *0150 -4X0 675 400 3X 
Bfedor 078X0 +8X0 1.105 815 IX 
gjW 286 -3X0 34160 238 IX 
BHFBk 375 -3 528 STB 36 

6«B0 843 -12 951 750 IX 

Coajin 1X40 -101X30 1.140 OX 

&*KxP 845 -3 1X30 820 IX 

PnmzMi 307X0 +2X0 39029£S0 3X 
gimt m -1 299 226 1.7 
DLW 397 -10 800 397 OX 

Drtnflr 738 -1 904 eaa 1.1 

Doom 4ffi -11 500 443 IX 
MB* 227 -9 288.60 21050 __ 

DatfO! 671 -4887X065950 2X 

waltm 136X0 -6X0 158 132 £9 
Doufltt 4p —5 007 478 2X 
»W«k 306 -15 337 260 IX 

OraOBk 3SSX0 -2X0 460.53 34H 3L5 
GB« 526 +8 018 465 IX 

Snrfim 2GG -6 307 263 2-0 

GWuch 725 „ 730 590 IX 

W"* g 210 -3 245 ISO 3.1 

Hokffim 1X50 -21 1J80 1.141 IX 

H"MP 5*B +3X0 681 562 IX 
Hmtz 335 _ 4*0 328 3X 

HocMI 034 -40 ime 857 1.4 

Hjent 324 -7X03toa42t) £2 
Httnwa 685 -31 1X99 830 IX 

Honan 2i£5o +xo 253 200 zm 
kb 274 +1 313 aa an 3X 

387X0 +7X0 433 330 £4 
KaO&S 142 -3 168 131 _ 

KraMI GSQ -4 049 515 £2 

KW *90 -3X0 658 491 £8 
KHD 121X0 +X0 161X011110 _ 
KtoeWW 134 -3 17010270 £7 

Winifr 656 +1 BOO 630 IX 

Laant too -id bso mm 1.7 
LkVh) 860 -10 SCO 330 IX 

UnoH 3£S —13 410 339 £5 

UBDbi 
I xftPf 


— W30 +30 4X10 2JT75 _ 

— SPBOto 9X45 -185 1UW BJKB 4X 

— ISL, 1w » -2Mii»oaxoi 4X 

— SUP £190 +100730 1X82 £3 

_ Tetoon 4X80 +50 B.195 3X83 IX 

— ToroAs 25X00 +10036X002(401 IX 

— 7*^ J7.700 —3007406217X90 3.1 

ISWeam loxoo -soiwmkwih ij 


- HEtHERLANDS (Oct 4 / Fb.) 


AnWmr 56X0 -XO 73.70 56 5.1 

ABBOT 96X0 -1X011050 3020 3X 
AMO 48 —.10 53X0 42X0 _ 
ACTS £02.10 -1X0 22918700 3J 
***** 33J0 -£0 47X0 33.10 SJ 

BogSfl 38X0 +X0 5234X0 £0 

85X0 +1X0 77X06260 - 
DSM 143X0 -.10 15650 10500 IX 
Draft 186X0 +.70 20B173.7D £5 
tow 186X0 +.10 13378 143 IX 
HWJpH 15 _ 2S 1£E0 SX 

MnwOH 08X0 -.10 58.40 08.10 4 7 
tom B2L50 +X0 1065089.10 4X 
BBrOg R 43.60 +X0 55X0 43 3X 

torayr i36.ro -xoigtbo 123 _ 

HoWffl 235X0 _ 25020650 

-433650 284 3X 
-XO 83 48X0 SX 
-£0 93X0 68X0 25 
3£7D -1X0 45J70 34.70 £0 
N600R 75 +£0 04 JO 73. ID OX 

WMua 92X0 +X0 88X074.70 £4 
46LO -XO 57X040^0 £2 
ra*»BT SO -1X0 52X0 4£10 0.0 
KPN 52X0 _ 55.10 47X0 „ 

XPTOpN 44X0 +.40 57X0 43X0 £4 
NedyO 58J0 + JO 85X0 55 5X 

MTmC 81X0 -X0 10020 72 2X 

WWDH 06X0 +.10 BO 65.75 _ 
0 OMU 7420 +£0 «o m 6SXO £0 
top 8^80 +XD59X0 40 OX 

to& 7£J® -X0BA5O 71 IX 
tebeco 113X0 -JO 131 112 3.1 
_ 65 50X0 6.1 

116X0 -XO 13540 1 14JM £8 
82X0 _ 3KLM 81.50 £J 

sto* ieaxo +xo2tx«ia4xo 4X 

StottN 41X0 -£0 50X0 40X0 IX 
Unop 198.10 +1X11 238 17640 3JJ 
VMJ 164X0 +X0 203 164X0 £0 
MnOOBfl 45-40 +.10 66X0 45 2X 

WMDpR 122.40 +1X0 1315010120 IX 



+4 0B3 858 IX — KBWSa 
+3 456 30B £4 _ PBB& 
+2 871 782 IX - K4leT 
-2 18014HS 1J 
_ 991 7M IX 
-30 1,830 1,400 £4 


438 


to IWIM M 


r /- men Law YU WE 


mam 

Heton 


toWo lliee +1814371X83 £1 — Orta 
tori* 131X0+1X0 175 123 — — - KMSl 

K 


1 4X — uaou 
_ Kutfle 


_ KB.Br 1X56 


niHno 




743 

Ifi 


1X10 



-6 1.736 1. 

+S5 6X*0 3.' . 

162 +4 ZE3 18S 62 

, - unM _ 1X401X01 _ 

RtftiBr 11X76 -ITS 110*0 11.13 04 — Ketfea 
_ Hetpto 5,725 +05 7X70 5.160 OX 

-62X001 
-01X56 

-1 227 148 IX _ KufB&o 

+10 BBS 566 _ _ Kumra 

+1 870 642 _ _ Kunta 

+201X501.400 2X ._ KuttB 

+7 1,100 846 £0 _ mam 

+4 ESI 352 43 

I 170X0 +1X0 2SS 176 4X 

+22 816 564 __ 

437 770 516 — 

-10 886 735 — 

+21 1X03 1XE5 £7 
-S 832 868 £7 

+7 1X15 1,145 \7 


-6 451 303 _. 
-10 720 601 — 
+2 BIS 516 — 
_ +1 970 HI « OX 

1J00 +681X361X63 OX 

— 877 804 

— 1J80 1,130 ... 
-6 335 250 _ 

950 737 _ 


-t- Won l—. fata 


■ /- W«ft b» 


_ 5‘afcfl 

UiBWf 1.181 

zSSSP i.S 


£3 

0 IX _ KmGuflW 


IT 805(1 

— KIOTO 
_ Kpv«H 
_ KlSPW 

— UonCo 
L£T mC f 


= PAC1HC 

” JAPAN (Oct 4 / Yap) 


743 

410 

1.710 


NOW 


1.320 

832 

1X80 

1X80 

1£50 

1X60 


_ 1X20 1X00 — 
-fl 737 486 _ 
—101X10 081 OX 
-20 1X60 876 _ 
♦20 1.770 801 


WdaF 
Vmiira\ 

Maui 

mI 

MATO 1X78 
Maaus ixro 
Uabfo 2,700 

■MM 820 
63* 
726 
637 
803 


ArdoCn 622 


Roanco sixo 
floiinc 
Rom 


AoH 

Awama 

Arena 

AuttBk 


~ 'Hf® -s - MMC 1i430 

- QJ 

470 


1/430 
483 

3J40 

4X30 +405X404,070 OX 


+10 744 563 IX 

_ 1.700 840 _ 

-6 SS4 402 1.7 _. _____ __ 

-30 0X00 £220 _ _ SS^ . 2*60 


fmm & 


- horwat (Od 4 / Krmo 


AtlNvf 

Bnyuffi 


1.120 


1JS0 1.020 



+10 1J50 1.000 — 



-1 

811 580 1 J 


1J10 

-20 1X001X40 


52D 

+* 

6=9 410 OX 



+1 

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— - 

602 

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879 550 


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+4 

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885 

-7 

801 41G .... 



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QbBK 


HbBUI 

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rmnra 

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73 +3X0 112 68X0 *X 
146 +1X0 ITS 130 0.7 

11.70 ->10X011X0 ._ 

178 _ 188 129 1.1 

74 +3 11* 

118 +4 148 

286 +1X0 308 

02 +5 HAS) 

253 +3X0 £60 
108 +X0 208 
166 +2 KX.1BU0 £1 

135 _ 1BC50 130 3.7 

73X0 +.50 01 73 £7 

79 +8X0 91 72 £5 

80 -1 97 72 U 

104 +4 122 85X0 1.4 

121 -1 151 114 £1 

27X0 _ 64.50 26.10 _ 

62 — 89 55 SX 


3.400 -130 3X40 £*10 
022 +20 1J20 543 4X 


MBTlfi 


-23 741 438 _ _ MMttaa 1X*0 


1.760 _ 1X20 1X30 


MbChMa 


71 _ 
100 ax 
275 IX 
64 U 
205 14 
140 OX 


- SPAIN (Oct 4 1 Pts.) 



548 

027 

850 

334 


UUoli 


BIB 

410 

1.1*0 

02D 

1,310 

022 

1.100 

£100 


- Kotoa 


178X0 -£80218X0157X0 — 
151 IX 


FRANCE (Oct 4 / fix.) 


358 20650 _ 
786 680 3X 
655 £3 
472 4.7 
217145 
570 4X 
227 IX 

6iio ao 

+171 3.750 £787 3X 
+10 707 881 £8 
+414801X33 4X 
1,155 704 4X 
1B85D SX 
2HJD1S850 — 
£200 1J11 3.0 
-40 20513250 4X 
+29 1X70 1X04 32 
+1.10 485 340 £0 
+1SO03O 201 £0 
+131X65 734 7.1 
-a 856 370 ax 
+340 496 351 JO _ 
+£00 737 370132 
5.710 +140 5.160 5X00 £7 



177 -2 200 .. ... 

303 -1 470 378 IX 

309 +£50 367 206 £3 — 

«X0 -34MXOM2X0 IX — 

ManntlV 660 -15 tS2 580 __ _ 

MMia 138 -2X0 286 101 SX _ 

MmIWo £WO _ 3X17 £670 04 _ 

PWA 223 -6 282 210 - — 

ntom 505 _ 530 *03 XO „ 

Pouch 630 -9X0 950 830 04 — 

pnaag 43* -BJOfitnxq 416 £3 — 
HWE 44IXO -1(L» £2050 399 £7 _ 

RWEP1 351 -10X0 424 329 £4 _ 

maME 1X60 -26 1X20 1,230 DX _ 

" 280 -5X0 372 280 £5 — 

218 -2 267 204 3J — 

+1X0 313 348 £4 _ 

-6X0 LttSI 086 IX — 
-1 438 350 1J _ 

-SXO 70950 626.10 £1 — 

_ +0 885 610 IX _ 

SUOCtal 530 -10 560 450 1.1 „ 

Horn 275 -7 325236X0 £2 — 

Vara 306X0 -XO 380 288 3X _ 

Veto 511X0 -3558.50 458 2X — 

VEW 338 +6 400 317 £2 _ 

VnWW 315 +2 415 818 £B — 

Wag 470 +3 528 438 IX _ 

_, WW 428X0 +2X0 66* 418 0.5 __ 

" WWPI 343 +3 443 337 OX — 

WWNP 1X02 -23 1X73 780 IX — 1 

Znffeag. 212 -6 270 £10 IX — I 


+70 BJ8Q 5.150 IX 
+30 6.700 4X20 *X 
-15 £535 £780 £4 
+6 3400 £415 72 

-6447S3X7S 4.1 
+120 17.700 1*000 SJ 
—IB EL321 4,400 £0 
+10 1.148 500 25.7 

+5 3XB0 £410 £2 
-5 5.110 3.400 2X 
-4011X90 8X10 24 
+5 £715 1X00 4X 
__ 1,7731.210 £D 
-1&3JBO£3O0 34 
+10 0.100 5.160 £7 
+51.100 723 54 
-11 834 41B14J 
+6 5,140 3X10 3X 
+2 1 J10 805 7X 
_ 7400 4X00 £0 
+76 7X30 4X00 £7 
+100 6490 4J00 £3 
+30 1£5O0 9.50Q IX 
+55 £170 1.600 — 
+26 4X00 3X05 £0 
-6 356 102 04 
+25 80S 351 161 
+4 815 010 6.1 
-154480 2X05 3.5 
+20 £1561X05 3X 
+5 1435 050 IX 
-3 739 551 8.1 
+50 2400 950174 
+191.7101.150 6J 
+30 £120 £060 £3 
-115 3X80 £250 1.1 


Canon 

to“>S 3X10 -50 3X90 2X96 __ 3£5 MBBMt 

1J70 +201410 1X20 IX _ Mttul 

466 — 811 315 — _ MKEnS 

371 -E 402 337 IX __ MGftJd 

S7B +10 907 841 _ _ NUMar 

040 -2 093 490 _ _ HOInS 

1X50 -20 14*0 1X40 OX _ MBCfcft 

-a 788 571 1.1 _ MIPai 

£970 £510 _ _ ME* 

-101X30 1X50 „ — UfT« 

+10 £7BD £430 _> 

_1.B801.210 _ 

+7 984 780 IX 

-1 BBS 781 _ 

-4 025 410 — 

-1 SB M7 

1X90 —1X7014=0 — — MmagM 568 

1410 -20 1490 1X50 OX — MortS £820 

1.780 -30 2X00 1.700 — — UuMan 3X40 

1X10 +10 1X10 1400 — WC 1.160 

937 -3 1X7D 060 — — HOC h 1.020 

DaBta 097 +2 1J2D BOD — — NBKSb 1x00 

D-iraru 766 +9 BIO 651 — — NHKSn 566 

DWn* 311 -5 570 415 — — NKK MU 

DBWh 1.000 -10 1.270 993 — — NOR 

DaMPr 1X00 -ID 2X20 1X60 — — HSK 

OMpTor 416 -4 527 34S — — OTN 

DtonP 700 +27 1X80 749 — — Ndfu 

DTokru 735 +3 065 897 IX — Ng-Jd y 

DahmB 1x10 —1,120 051 _ _ Naoan 

C*mK 1X80 -101J101X80 — 63X No&H 

DnMoS 1400 -20 1X701J30 OX — HatHU 

DannJp 3.710 +10 *.660 3.670 OX — McM 

Dmb«* 073 +10 705 645 IX 

DouraMl 550 -5 630 468 — 

1700 -201X101.230 — 

1JB0 -101X801X60 — 

1X90 +301.180 D93 — 

4X30 -10 4iW(J3XOO — . 

590 -10 708 521 OX — Mm 

£120 —£4501X20 — — Kfand 

-12 603 445 — - AICIHe 

— jf> ? mi „ 

+M 738 SK IX 

-r sra 275 — 

+1 565 380 


564 

623 


1,150 
324 

737 _ _ 

£060 +10 £480 1,700 — _ 

£630 — £780 £150 __ _ 

618 — 887 733 _ — 

715 -4 749 BOS _ _ 

901 +11 063 846 .. ... 

C2S -6 797 551 — — 

610 -fi 573 425 IX — 

440 -8 623 318 — — 

1,170 -.1X50 1X10 — — 

540 *3 MS 408 ... — 

£610 +20 3X00 £220 — - 

7X40 — 7X20 5X80 _ ... 

429 -1 555 375 1J 

796 +6 968 745 — 

0*5 -71X50 905 ... — 

£620 —10 £880 £480 — — 
673 +1 702 036 - - 

1.110 -101X30 758 — 

1.110 _1XS0 988 OX _ 

92* +8 938 612 — 

1X30 +10 £220 1X80 — — 

552 -2 560*28-.-. 

-30 900 743 £0 _ 
-2 463 921 _ - 

... . -10 £0101.420 IX — 

1X60 +302X201X00 - 

-30 1.920 1X00 — __ 

1 JOT 990 1.1 — 

+103X402X00 _ 

-6 980 711 — — 

♦2 848 337 ... 

+1 B82 655 - — 

-0 732 657 _ 

— 792 582 0.7 — 

+10 lx*® 1.406 aa - 

—2 063 490 _ _ 
+0 BS3 308 — — 
-251X30 700 OX — 
-10 3X10 £300 — — 
-10 1,2711 1X20 — — 
—12 734 520 — — 

-10 1X00 906 _. _ 

-3 550 335 — — 

-B 833 603 — — 

-6 534 394 — — 

+2 1,010 798 — — 

—20 1X30 8*2 — — 
+ 15 792 467 — 

— 560 407 — — 

-4 484 316 — — 

+2 085 385 — ... 

-30 1X80 1.140 ._ — 

—30 1X10 1,450 .... _ 
-2 588 42S — — 

-8 680 455 — 

— 88S 872 _. _ 

-6 400 301 — 

1,130 -10 1.420 1,100 OX — 

754 -3 890 7*3 OX — 

400 -7 468 378 

397 -3 4S3 337 — — 

BBS +7 930 57B — — 

+0 940 770 0.7 — 

-4 440 310 7BX 

1,400 8*5 — — 

-01.110 700 

-23 2X30 1X70 0.4 __ 
+0 702 605 — — 

— 1X10 858 — — 

— £500 1,683 OX .... 

— 024 405 OX ... 

— £700 2X00 ... 

+10 4X80 1472 — — 

-20 1X10 859 — __ 

— 1,170 905 — _ 

-30 1.4£0 1X20 — 


SACMl 

SttWe 


EMmtz 
ShfctCh 
Sit 


1X00 
1.150 
381 
7J30 
1.740 
£480 
990 

2X30 

BOS 
1.180 
1,130 
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ShwNu 502 
Srmosn 347 
Sl*OW 560 
Shofinn 508 
ShwShS 1X30 
SKitei 2,i00 
SonBiM 7B3 
tor 5X00 
stne roi 

Sumsrn 725 
Sumtoh 1X70 
Sunon 6SS 
sumqi 380 
SunOs 1.48O 
SUitty 413 
Sutum 430 
SwnUar 884 
SUBMO 338 
SWNtM SS7 
SwQaa 631 
Sunni 843 
SUIA&I 670 
Staatsft 1,450 
S U IW W M 741 
SUMd 1XS0 
4,410 
0S2 
1X90 
564 
777 
1J50 
l.lhl 
001 
550 
748 


-301.160 866 — 

— 1.490 1,140 IX 
-5 512 361 IX 

-208X50 7X30 
-201X101.5=0 _. 

+20 £080 £430 „ 
-.1.110 77S _ 
-.£3201,810 — 
+33 1X*Q 640 — 
-10 1J0O 1.130 
... 1JC0 1,120 — 
-6 638 440 1.1 

-10 610 411 .... 
-10 305 36 — 
-6 TOO 300 ... 
— S23 481 — 
_ 1X80 1.110 - 
-30 £620 2X90 - 
-1 Bza roo ox 

— 6,460 5.490 — 
-17 652 616 - 

+4 747 425 .. 
-20 2X801X20 — 
-6 587 *04 .. 

— 1.100 837 
+16 1X80 1X80 — 

-2 475 3M _ 

— 486 288 „ 


BoaCw 

HAS 

-.18 1£10 

£10 *J 


swrp 

ZX0 

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£90 

£65 — 

mmm . 

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zxs 

-X5 

£70 

£80 6.4 20.4 

TVT 

£40 


£74 

1X1 — 



THOM 

4 JO 


4X0 

£28 4X 



tom* 

60S 

-.15 

8.98 

£10 4X 


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7.75X1 

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0X0 

£20 IX 


ii. m ■ ■ 

WJDnC 

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+.17 

£3= 

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■ 

tom 

£24 

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4.10 

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5X9 

4.10 IX 


Muon 

4X3 

-J7 

5J2 

£70 IX 

... 

Wlwtn 

£00 

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3X2 

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— 


- HONG MMG (Oct 4 / HXS) 


651 ox 
252 ... 
864 - 
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811 ix 

SIS _. 


701 

1X00 

509 

770 

5*3 

928 

1.000 


430 

540 

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+12 1X18 
-1 573 
-7 734 
1.120 
-30 1.820 1X80 - 

-24 815 074 _ 

+10 1XZD 1X50 — 
- 5,050 3,780 _ 
-I 749 610 — 
-30 2X101X30 1.1 
-10 722 570 — 
+4 S62 679 OX 
+101X501X70 — 
-16 1X40 1X90 — 
-6 1X40 854 _ 

-1 BOS 400 — 
+8 828 
-21.100 
-7 651 
+8 55S 
-A 720 


tour? 

ChOKflO 

ChLMl 

ChM&r 

QnEat 

QncP 

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DFarm 

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+1 

-6 907 


bib ox 
JOS ox 
966 0.7 
387 1.7 
602 — 
670 ... 


Toho 18.700 +200 21X00172 
IONS’ £570 -10 £230 2.1 


-5 630 39fi — — 





I (Oct 4 /Krona) 



SSfS 

601 

490 

Honfee 

020 

HtSed 

BSO 

Hezasna 

460 

heMC 

813 

HTOM 

867 

tflroae 

£050 

HsamBk 

604 


971 


848 

racrad 

MKaM 

HtMM 

i|g 

HIM 

'•JS 


-8 1.040 719 — — 

+10 1J70 990 — — 

1X00 +40 £500 1X50 — — 

—1.180 841 — — 

-1 788 514 — — 

— 933 TBS — — 

— 1.048 888 — — 

-10 TOO 420 IX — 

-61X50 B38-- 

— 039 440 — — 

— 734 602 T.1 — 

-3 8*0 577 — — 

+4 525 438 — — 

-17 7B0 61* — — 

+1 1,130 795 — — 

+8 650 397 IX — 

+4 050 079 — — 
*121X« 828 — — 

- 

+71.120 812 — — 

+8 948 712 — — NpYMn 

:M: = ES 

+10 £380 1.610 — — N&hCn 
+101J30 830 _ _ HUM 

+13 

+6 990 487 

im = z m 


230 231 __ 

879 +2 826 565 — — 

759 +1* 791 528 1.1 — 

718 -1 774 493 — ._ 

303 -1 404 31& — .. 

64S -17 910 611 — — 

950 -10 1X40 781 OX — 

319 -5 588 500 — — 

1X20 -20 2X80 1X00 

1.420 -ID 1.650 1X70 __ — 
-6 615 600 — 

-6 810 628 — — 
—7 558 400 0.7 — 

— SSI 578 - - 
+9 520 412 — __ 
-201.4401X60 OX — 
. 4 +3 1.140 655 — ... 

£420 -350 7X00 5.420 — — 
660 -15 6X50 002 ... 

387 -1 482 310 ... — 

2.000 +10 £130 1X10 — — 

£050 -TO£3001X» — — 

1.040 -101.110 937 — 

716 -4 802 702 IX — 

510 +8 020 450 — — 

1.700 +10 £100 1X50 OJ — 

TBS -1 850 626 — — 
738 -18 796 478 — — 

1X50 +10 1X80 1.410 IX — 

4 7M BE! 

-10 760 SOB _. — 

— 772 484 — — 

-1O1J0O1X4O IX _. 

-1 617 450 — — 

— 1X00 1X50 0.7 — 

+1 815 441 — — 

.. -651.110 7B0 — — 

1X30 -101X481.410 — — 

1,170 — IXIB 1.160 — — 

-7 530 335 — — 

-4 'JO? 302 - — 

+1 634 345 — — 

+40027JDO 11X00 (L5 — 


1.190 
488 
529 
1.160 
570 
1X20 
1X70 
1.B90 
2X30 
£120 
442 
580 
£830 

l-Mg 

607 

674 

ha£nO 552 

Tonm 1x10 

B ’I 

TanhEC 1X30 
T«NlUa 740 
T«tu 801 
Taaen 390 
Tola 1x20 
TovoCn 520 
Tima. £020 
Toynln 890 
Tamil 820 
Toresii £110 
TyotaM 2X60 
ToynTR *48 
ToyoTB 1,110 
Toyooa 425 
TuCrmn 578 

sr ^ 

Wto 1^ 
Warn I 1.140 
VmataaC 1.120 
Ymonau 915 
vamsec 78* 
1X20 
1X20 
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1X30 
1X00 
1.150 
506 
752 

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1X10 


— AffloyPr SXS 
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37.10 

30.ro 
68X0 
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38.70 
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Hhbn 670 

— HeaLaO *a*»n 

“ HKCnG 144001 
_ HBnm 11X5 
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HOand 1920 

HWWA 79X0 
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— Hyam 21. asm 
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JMam 04.75 
_. JSlral 3090 

._ uibaisjoai 

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— NnuWU 20.70 
... BlDsA 3£B0 
_ ShK Pr 5675 

5hawBr 12-00 

— Share 4X8 
._ 9meO 11J5 

— S cnMP 4X7 

_ SHK Co 4 JO 

— SMtaA 60.25 

— tonB 9. 85 

— T«uBr 35X0d 

— Wharf 31JOUI 

— Whtodt 1695 

— WhgOn 11X5 

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-101.4801.110 — 
— 536 3» 

+ 12 587 415 — 
-10 1X90 1.120 0.7 
+3 602 421 — 
+10 1.72D 1 ASO 
-20 2X20 1X10 — 
-10 £200 1X70 — 
+10 3.0*0 2X00 — 
-30 3.400 £740 — 
-6 570 441 — 
+ 1 705 520 — 

-1 0 £760 £200 


+0 

-6 828 857 -. 

+2 730 540 ... 

+30 1,550 1.480 _ 

-101X001.190 — 

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-7 754 433 — r _ 

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^ 2.090 1.6W = = TSSS ?SJS 

-I 566 421 1.0 — TBna 0a 13X0 

-10 £000 1^30 — sax 


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+X5 1* 515 - — 

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— 19.101530 3X ISO 

— 16X0 10 OX — 

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+.10 45 29.30 1.4 _. 

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— 815011X0 4X41.1 

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+ .151080 AMI 4.6 — 
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— 77 41J0 30 67B 

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_ 6.15 £75 33 139 

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.... 7 60 3X0 73 ... 
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— 37.80 23 22 — 

+.10 41 25 Bn £1 __ 

— 23.50 14.75 £1 _ 

_ 1660 10.40 20 _ 

+ 0517X01020 7S - 


- MALAYSIA (Oct 4 / MYR) 


toum 

— Guana 

— HQwS 

— MtfBr* 

— Mdun, 

— MuPm 


408 

2200 

1670 

17.10 

4.1B 

478 


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_ 19.101260 OX 

— 19X0 1£30 1.1 
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— BBS £98 OJ 

— 0.05 £58 1.1 
-.10 6*0 590 £7 
+20 24.10 1660 £7 
-JO 20.60 1280 ... 


Ymncru 

VmtHon 

YamXog 

YmTran 

YnnSan 


raane 


-10 2W0 

Z 733 584 — 
+10 3.480 2880 — 
+10 £250 UGO — 

+3 527 330 — 

— 1JS0 965 — 
-12 505 330 — 

+3 080 432 — 
+12 630 345 _ 

*3 432 285 

-4 418 272 _ 

— 1.600 835 — 
+10 1X301.120 U 
-10 1.430 930 — 

+2 B09 820 

-0 1.010 502 IX 
+10 £230 1X40 ... 
+201X101X50 

1X50 BOO 

-30 1X50 1.110 — 
-20 2290 1X50 0.6 

— 1X501,120 

+1 564 350 1.1 


Z SINGAPORE (Od 4 /SS) 


— OSS 

Fr&Hv 

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— mchco 

Z 

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S>aT 
— toe 
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_ UOB 


11 

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£54 

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440 

11 


-10 1270 1050 IX 
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+.11 £40 23* £3 

— £50 £45 3.4 
-.10 6.55 4X2 5.4 
•50 (£70 fl IX 
+.40 18.70 11 14 
— -05 7X0 £75 DX 
+.40 15.10 10.40 lj 

— 17.1013.10 IX 
-02 3X0 114 DX 
-.00 *28 £16 3X 
+X2 £30 £68 IX 
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YKmffll 880 

YocnLnd 900 

Ymhpn 97« 

ruaaa 596 

2 am 681 


*e ijiso 
-20 1.120 
-20 988 
+3 745 
+291,100 
+0 1.180 
-17 783 
+1 745 


w = NORTH AMERICA 

CAXA2M 

780 — 

935 — 

528 — 

860 _ 

921 — 

442 — 

498 — 


Z TORONTO (Oct 4/ Can S) 
— 4 pm close 


AUSTRALIA {Oct 4 /AintS) 


121X00 

882X00 


Ahtoyi 3X8 

Amcor 8X0 

Ainaft £78 

Anna £45 

AtflMi £10 

AWBK £88 

AuaSu 4X5 

AM 1X3 


... ITALY {(to 4 / Ura) 


B Comm 
BMaAg 
BRnna' 


723 

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685 32 

71D 

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030 

810 

353 

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470 

344 1.7 

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077 

780 £8 

477 JO +1U0 

748*5220 3X 

052 

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740 

500 £3 

379J0 +440 

43S 

384 5.1 

327 

+2 

392 

305 SX 


G'phya 


238 JO +6J0 282 191 161 
771 +61X88 732 — 

855 -70 805 055 BX 

751 -1 830 B3S 1.7 

3X60 — 3X87 £750 ZX 

1X37 -17 2569 1255 3X 

832 +2 734 384 2® 

7X0 +.15 1£70 £25 £7 
HO +3 182 102 8X 
820 *27 E339 581 £6 

£120 -90 6.020 4J40 IX 

438 -JO S78 3*35 2X 
£240 -10 £754 1X70 OJ 

341 -2 883 23BS) IX 

300 -11 845 357 JO £3 

423 +17X0 403® 388 2X 
560 -10 080 496 £B 

445 -1 718 422 5X 

735 

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Rat 

RUPr 

HdA 

FanSDB 

Qeatna 

BanAaa 

GMM 

!RPr 

IHL 

M 

n 

aaon 

SSS/ 

uectme 

MOIIIMJ 

Qflnt 

PM 


+5 1,078 852 £2 
_ 119 52 £7 


SM 

5T6T 

SanaA 


14BX0 

20.400 

8X80 

1X80 

1J10 

1X44 

1.140 

£010 

10J75 

ixro 

8,495 

£850 

5X40 

n.ioo 

1.422 

38X00 

J49 

26X00 

£775 

10X65 

£325 

n.iao 

£230 

1X770 

11530 

1327 

2X10 

m 

8X75 

BJDO 

BBC 

4,730 

4X50 


INDICES 


oct 

4 


oct to 

30 30 


-10 £862 3X80 £4 
-120 3X85 £541 — 
-402X801X23 IX 

— 211 76 _ 

-3503185020,150 IX 
+130 12.48) £110 — 

-16 MOO 1X0* £6 
-20 2X1=1 JD2 _ 
-65 £396 1,288 42 
+10 2X10 1X72 — 
-60 £020 1X&0 62 
-12511274 8X56 — 
-32X041,268 — 
+5 7X30 4X71 IX 
-15 4X20 £118 £8 

— 7X90 3X79 £8 

— 17X60 10.420 SX 
+Z 1X6S 1X30 £1 

-5044J2333033 OX 
-185 4X80 2X75 — 

-«nao|M|iw» IX 

+40ST4^ft^O — 

+10 2*30 2X00 

-288 18X46 0X52 OX 
•5 8X40 4X71 £1 
+120MWSBI2JDD 2.1 
-1851870011170 IX 
-31X40 070 — 
+10 £140 1X13 — 
-25 £100 £810 IX 
-503X851X70 — 

— jtBHizfjon ix 
-70 12,180 8X88 U 

-140 10.154 7 J50 2X 
*1 1X88 490 — 
_ 8X50 4X85 £1 
-100 7X00 4.145 — 


-1994 


224 

22TL50 

172 

172X0 

343 

133 

131 

118X0 

119 

127 

1=8X0 

109X0 

100X0 

45X0 

127X0 

144X0 

427 

432 

88 

96 

88 

89X0 

138 

13B 


-1X0 09 38X0 £7 

-1 sn 

+xo 312 
+XO 550 
+X0 218 

— 372 

— 155 

+1 155 

— IBS 

— 158 
+1 184 

-XO 168 

— 14388X0 £1 

-XO 142 8X0 £1 

+.70 73 39.80 — 

+11988087X0 IX 
-1X0 233 129 £2 
+3 479 - 

+3 400 
+1 144 

— no _ 

_ 122 82X0 £4 

_ 126 78 £5 

+J0 158 108 6.7 
+X0 175 105 £7 




._ BTHPljr 


-JB7 5X5 £80 IL8 .... 
-.14 11.12 £B8£9 3£B 
-.14 £10 £88 IX — 
-.0511X0 7.66 18 32J 
-.08 3X2 2X0 £8 
-XB £72 £75 £2 — 
— 4.79 180 4X — 
-X3 £55 1X3 £9 4X 
-XO 20X6 18 1 J 30X 

-07 3X8 £48 42 £7 


— 2SB880 AWUb 

— 95439 AenEag 
313197 AaCdn 

23140 AMaE 
8057 AIOWG 
831049 AlaiAl 
1231 BIO AmBur 
1300 AKOO 
470100 Amur 


17B00 BCSuoA 
160314 BCToT 
447088 BCE 
04420 BCE KB 
4035 BGRA 
250 BmawK 
830727 tottM 


1W. -*105 iflj 
19 -A« SIS 1B% 
Tl a ->+3714 7 >a 
tO -S|CUi 2D 
15>2 £15>j 15£a 

35*a -l>a MG 1 * 35 
34 >+ -% D*lj 34>« 


18 ->* 1151a 1. 

11 niiiim 

23% J=5% 23*7 

-X3 SS £16 St — ■ TOKYO - MOST ACTIVE STOCKS: Tuesday. October 4, 1994 


1210250 BUMS* 
10073 3caufc> 
210577 DOM'D 
147400 BracnA 
3583 Bmcu 
234400 CAE 
104700 CmpoRs 
6000 CoraOp 
1DOO DtfOA 
33835 Cmetar 
297233 CameShi 
28150 Camera 
735417 Csnknp* 
500548 CanOcc 
420078 CaoPaci 
100 CanTlr 
46271 CxiTrA 
30057 CarUtA 
74 CJrtlB 
7671 Quito 
174 Coning 
1ES Canton 
25350 Wmi 
52 cracap 
+1485 cmeoa 
598821 Cameo 
050 

132265 

100 Coscan 
125890 Con 
237237 CmrnX 

8800 toftan 
224358 Dotxo 
133430 DonwiT 
148022 Domor 
=1187 ttJpnlA* 
078= DunaSA 

1100 Emptra 
103500 CchaB 
7300 tmno 
17300 EuNe* 
3150 PPI 
7300 R11+1 
35900 FVMA 
2800 Fort* 
12988 FfNav 
900 Fannv 
sse&ar Feurv* 
235800 ASeasn 
42700 (tome 
13900 GmgM 
500 GIWLIf 
6500 Cwc C 
14732 SUKA 
18027 Gonna 
3300 

156441 GUTC 
500 ttcSlA 
MOO Hawvsa 
17B42 HaesKi 
31061 HmMoC 
7760 rtto 
707 Mt nr 0« 

18350 Homan 
20057 HxBar* 
53090 Hfe En 
39431 Inusra 
2D7793 mvO* 
33H60 mco 
1DU0 IntMir 

1000 Mem 

500 lUhttKp 
6338 IIMIS + 
0900 taDOA 
600 Jnnock 
JOO Kerr Ad 
100 Ltarge 
5000 LBUW* 
*0017 liman jl 
7500 Lum+A 
304175 LdMwB 
8550 LOOftM 
*0007 Modai: 

1100 MUtfl, 

3G00 MOSB 
23500 MsCCiCh 
373=8= MocmBI 
12=075 UnpnoA* 
14275 KBUFe 
23412 MuTol 
200929 Metafl 
13502 MUWal 
155000 MIM 
15178 MOMA 
77370 Moore 
2 

47730 


pntwrf 
NmisM 
*8546 NorenE 
2=1368 Whlei 
=259330 Non 
280 NOWKO 

1500 KumacE 
=000 Onex * 
9450 Comma 
6167 PW!lH 
92 6 =2 PocoP 

73=071 PWA 
49700 PagmA 
5150 PuiDW 
22400 Pnana 
141609 PolCan 
34460 PldEn 
791—OS PiDoma 
151470 PowrCp 
1000 Powffti 
2700 RayfKY 
100 Reams 
23800 Romm 
1446300 RnoOl 
IDO RewtS» 
B3G70 Ren En 
518102 Rapap 
49870 Mgal 
353500 HoAIg 
407000 Rog&B 
867107 RoyGAC 


SO 26 


228 225 

22 -%fcrHii* 
19'+ — 1« 

=4 •+ 3=4 >7 24>| 

8% 57 6% 

77 -3 BO 75 
370 37S 370 

71, S=>i 71, 
S21 MS 
13>, -% 514 ia< 
27 -’+ E7lj =0£ 
30~ 0 -%Blig304t 

305 . Ml 30 Jj 
= i'c -% trH =i ? i 
13% lull 131; 
Ti mis 10', 


23 1 .- 

34 

% 

29>: 

a li 

420 


*2 17 1* 

425 415 

34 -ur* 1 , =r, 

Bl; SSh 01} 
27% -IKriST^ 
113 110 ll(l 

ie"j -% nr* IB 1 , 
85 

365 -10 370 355 

22% -%SZ3'i2% 


9% SB% B<+ 
81, — >4 S5% Big 
19 -5 sim, ini, 

IWa +>,S1Mi ltr»j 

14 S14 14 

18 -5 Hfl 1 * 17^ 
9% SB 4 OH 
405 -b SAP, 


33488 RoyOoh 
2801 ScoOP 
200 SMC 
5500 Sonora 
1*50 5R lOl 
3TW SLwtA 
74747 SceMR 
COM SceoH 
791607 Songmi 
20753 SeonC 
299050 SIMA 
507905 ShCrfli 
3050= 5JA Sy 
58438 sounen 
101W Sea Ac 
436703 awco 
35500 IrstiB 
1035UG TotoE 
+3139 TaO 8 
.... H5200 TUgb 

180 180 =53001 Ttfia 

S29'c 28>j 336 Tana 

— 72471 Thomgn 

1233140 TorDom 
1B3333 TiaaiP * 
13G1B5 Tmdl 
10150 Trtmac 
18734 TfWC 
06 DAP A 
100 UCcrp 
80277 UtpOeni 
3052 Vtani 

1800 mca 

36448 Weetca 
mas wesme 


-1+ S24 23'j 
+>= S3* M 

-H *te>: iav, 


c k n 

13*+ +'* T¥i 13% 
2D CM 20 
15 15 15 

1+ Aa +H«S I2H 
1= S12 12 

11% Slk 11 

6 58 7% 

40% -Ik W1I+ 40 
5% -%S8% 6% 
*5 +£de>>*4li 
14% -% Cl*l 14% 
7% ->,«?% 7% 
18 — % 5101, 016 

Sl'a -%fliH 11 

8% -1+ 58 5% 

2i% -H t=*>; 24% 

=9 -IjrEW. M 
34% -H2M24H 
17'e -HBJ'jBTH 

,8 |? ^ Si'* 

15% J1SH IS 
20 -% CS’l 18 1 

17% -%n:tir% 

14% -% JUh 14% 
15% si:S 15% 
10% -%J1IP,' 19% 
14 Sit 14 
31 «!'■ 31 

35% sa^ rS 

0>2 -% 53>; 8% 
lb ->+HC% 18 
=1% -%SS%21% 
38% -% 38% 


MONTREAL (Od 4/CanS) 
Jpmdoflo 


165710 BmDflS 
67600 EU0Q1P 


22 


B900 JCoutu 
80=1 Mma 
51149 NOBKCx 
5104 QODSA 
5644 lum 


7% +%ST% 

=1% Sub 21 *> 25200 Cw to 

l?i! ~ h wJ? iii* 1 ,45t3S c * e,l “ 

+1 2?? *00 CnKBTC 

to -pf* g* to *00 GTC 8 

G% +% »% 6% 

IS -% 515% 14 i 
12 — % 617% 11H 
310 -$ 320 310 
=0% •%S»%20% 

13% ->, S14 13% 

15% S1S>: 15 

’a -' : si' 5 a AFRICA 

’“‘j SOUTH AHUCA lOd 4 / Rand) 

13% SI? 13% 
is -%siy* iS 
13% — % Jl5C 13% 4BSA 

16% 616% 1« AEQ 

"? SP 5D AmraW 

28% -% Cfi ro*i AiioNn 

1 37 % 

4* AripvlPJ 




rt»2 -% s=i m% 
8% +%sa% a 
16% Site 15% 
8% 58% 3% 

7% — % 57% 7% 
11% 111% 11% 
B>, -%»% U 
17% SI/% 17% 
11% -1% 513% UU 


37b -HS36 

44 54 . 

»% -1% 540 38% Bum 
6% 58% 8*3 Brabx 

5>; 55>/ SC bStb) 

14% »%SI4i- 14% CNMU 

St 4S(3 sr 

=7% S77>: 27% EudG 

15 SI 6 15 Emm 
21% -SITlS ='% nS»k 
10% -% Site 10% Fr~»r 
10% -UBO 1 , 10% 

22% -% STTI' a 

87, -% C-7% 87. 

B SO 8% 

13% -% S14 13% HMMS 
30 -4 31% 30 ffiCJjB 

16> -"t 518+ 18% Kp£ 

«6-i% s*te *« Sa 

js% 

1 -'■£!« 


Gencor 

GF5A 

Huniaiv 


iSU+Oite 
1 raj =* 

1*12+12% 

1 S8S 8% 

*80 475 

M% -% 121 20% phqom 
2*% — % KS% =*% f?S5G4J 
105 -25 105 105 RSSm 
9% 18% 9% HinltrGo 

42% -1 S«% *2i SSS 
4=5 -30 450 04=6 Aonn 
1= -%Si;% 1= -ires™ 

25% -1 SJ6% 25'* S 

18 Site 17% SAMS' 
4S% -1% *47% *5jj SAMMm 
14% -% £14(1 14% sue 

'2? . 5?i* 'S' S”™ 1 

♦ii 1 YlgOtt] 

13% SU% 13% inr+ed 

19 -i=Sirf 19 iS 3 S 

33-1 33 3i « Area 

-i 58 ^ ^8 'SB 

reo 465 450 
43 -%IU% 43 

=1% -% SZ1% 21% 

" 3 "IV 11% 


475 Nertcar 


«/- Mg* tu* VM PIE 

ID . 10X9 870 4 3 . 

=7 50 * 50 =817X0 21 _ 

1=1 1=3 fl£50 20 „ 

=45 ... 255 115 2 0 

=38 -2 38* W 181 W 1.7 _ 

46fl -14 500 3*4 £9 

124 50 ... 140 102 1 0 

31 +1 57 =0.50 _ .. 

29J5 -1 JS 31 20.75 £8 ... 

00 GO 4= 5.1 ... 

30= +0= 4X0 £55 IX — 

102 -SO 121 25 97 £4 . 

8 +10 10=3 6 60 =X 

07 50 - 21 7350 46 £0 

13 ....14 25 7 25 18 . 

34 50 . 35 22X0 2fl ... 

35 50 -I 4= 30 4X _ 

IS 75 . 23 50 19 75 3 7 

73.25 - 50 RO 53 75 53 ... 

14 50 -15 1 4X5 7.94 1 0 

1M -2 130S7X0 17 .. 

42 -4 47 =325 .. _ 

=* -75 28.75 1£7S £7 _ 

33 _ 34 18 IX ... 

4.85 +11 405 2.15 1J ... 

101=5 - =5 104 55 I 4 

105m -1 122 78 1.9 

70 -2 84 50 03.50 SB . 

71 -J5 75 41 2.5 . 

89 75 ~J5 100 75 1.6 _ 

15 75 - JS 22 1550 . 

30 .... 35 =0 IX ... 

71X0 +X0 81 58X0 7X _ 

£50 * 10 7.75 4.75 8 9 ... 

53 -1.50 58X0 37.60 5 3 

24.25 + 75 30.75 =3.50 1.5 .. 

17 +J5 20 50 16X0 IX .. 

116 -2 1=6 72 1.4 _.. 

10 -J5 13XO 8 70 _ _ 

15X0 -XO M 1525 £2 ... 

64 -5010450 79 1 8 

53 +2 66 =£50 1J _. 

■PM +25 37 27 2.4 _ 

130 —4 164 102 £1 

40X0 -. 58 40 IX ... 

41.50 +X0 45 25 23JS £0 _. 

472 -8 466 3» £9 ... 

73X0 -.75 74X0 33 42 _ 

2=0 -222150 151 £5 _. 

62 — 80 44X0 32 


% £114 


Pncm uUU ft* ToMm 



NOTES - Pika, do nm gag, n n 4MM aa 
MMU KtwflMei n wdi lu um 
A n McNAom on to 1991, mgt TmA £ 
itoaraaiuMM 1 Dmonfli rnmndM. m b 
ifiHHna m & mp uae gongn. uEi A. 

FT FREE ANNUAL REPORTS SERVICE 

Tia ta, (eun a, cuncmaAlnm noon d m> 
d«u —ana wa f Fua gM na me, 

FOIK. Nng oai 710 0/70 Mu 21 MM MAAng 
•AM, D> to 081 778 2122 8 mtog ton UA M 
l£ M +U 81 770 0710 er In +44 SI m 8822 
B T~ ■ * -» ■— — — — — ■ — «+— g — y -+f— — 


ax _ Mtoto 


- MnznuwxocM/Frs.) 


AdUr 
MOST 
AluLRg 
BN fa 
Brflvflr 
BrBWm 
CSBr 


CmaRg 

BehSr 

Bwta 

FtaftB 

FitaBr 


203 

S70 

971 

2X00 

1.068 

206 

817 

730 

728 

.342 

£450 

1X06 

£4» 


+1 29= 191 — 
+1 7=1 JB8 IX 
+1 718 567 IX 

-40 £086 £173 1 A 
+3 1,349 1,015 U 
+1 250 180 1J 

+7 747 501 £5 
+0 970 705 2-1 

+10 842 886 £1 
-2 422 SSI _ 
-2X3X10 1X00 12 
S 17001X80 £7 
-10 2X32 2X00 SX 


— — OKuma 810 -4 95B 

.. ... — Otaim&n 840 -11 1,110 

-6 910 770 IX — Dtymp 1,060 — 1*“ 

-20 6.150 6X40 _ _ Oman 1.710 -1 

+6 744 420 .. OnoPh 4>00 +10 5 


1J70 

665 


0 4X10 OX — 


— 1X00 1X50 1 A 


630 


£960 +40 4J20 2X00 £4 62X 
422 -6 536 421 


+MZX701.7JO 

— 984 E2B — 

+10 V7D 1/490 OX — 

448 284 — 

+11 77B 605 07 — tote d 606 -3 779 604 IX 

-6 SOT 308 — — PKrn* £560 -10 £2*0 £410 — 

086 479 — — mft I 460 +7 582 390 1.1 

Renown 485 — 

903 
4J50 
1X50 
615 
1X80 
613 


1X10 
Knonta 1X40 
Kaneoo 3Si 
Kanaka 785 
Ximnu 540 
KuB £470 
Ktaffn 503 
toe 1.150 
KawHvy 463 


1X50 -20 £120 1X1 

330 -6 400 28o — 

800 _ 846 5tt> — 

015 — 715 431 — 

1X00 —1X40 822 OX 

£140 -» £600 £050 OX 

10.700 —iSmoitSo _ 

1230 -20 n.470 12W 0.7 

980 -181X50 325 — 

+101X601X90 — 

— £4821X00 — 

♦1 420 338 — 

-16 B09 516 OX 
-ID E70 430 — 

-10 2X70 £470 — 

-IS 602 426 _ _ 

-20 1X101.140 — — SefeuT 



-6 mo 440 IX 
-11 1.020 705 
-60 4X50 £230 .. 

— 1.770 1X0 0 — 
-2 058 447 — 

— 1X401X30 — 

+7 704 515 — 

-10 £080 £110 04 
-30 £150 1X10 — 
+302X701X50 — 
-171X00 866 — 

-1 SOB 415 — 

-61X00 era _ 

-10 7X00 £350 OX 
-430 9X40 5X30 — 

— 4,050 3X70 — 

1X80 +10 1X00 1J80 £6 


+1 600 338 — — BalyoF 1,260 -1X801X80 ... 

-X 412 271 SUyu 1X80 -101X101X80 — — 


US INDICES 


New«p axarn 
9 NM 4X8 
■MM 2X2 
UHPMI £75 
PMOui 4.0= 
Pmcon 172 
£ 0 ! 
£33 
4.13 
Flume 6.10 A 
Pt^M 3X2 
OBEh 5X3 

QCTto 1X9 
Rnansa sxa 
Remmn £15 
Samoa £85 
SmBlHw £15d 


-XI 1X6 0X4 — — 
-X6 15.06 12X0 4 4 34J 
— xz 1.18 ox* aa _ 

— £03 £25 4X 16.4 
-.04 5.46 4,40 £8 * “ 
-XO £0X0 16X0 £8 
-.10 3X0 2X6 3X 
— X2 £40 2X0 £7 
- .16 12X0 7X0 £2 
-.13 £7Q £32 5X 
-.15 6X0 4JO 1.1 
-X4 BX8 6X0 £1 
-.13 1X2 07V OX 

— 0X8 0X5 5.6 
-.03 8X3 4X0 £9 20.4 

— 1X2 1 JO £1 — 
-.09 1.40 £88 .... IX 
+X3 £45 £44 £8 — 
— X5 £05 2X0 — 

-0= 1.47 OJK 6X _ 
-.03 £80 £1fl 7.4 10X 

+ £60 £20 7 J — 
-JB 1.76 1.10 £4 £4 
-X3 1.7B 1X4 £6 .. 
-.10 2X5 2 BX BX 

+ 2X2 1.12 £8 __ 
-.02 £62 1X5 — — 
-.1411X0 B.75 25 41X 
-X5 4X0 2X3 6.0 — 
— JB 1£B4 1570 4.7 322 
+JH £40 243 £1 
+X5 3X9 2X6 IX 67.0 
+X6 10.0* 7X7 4X 21.4 
-.08 4J1 2X2 4X — 
-.1213X6 8X7 4X12X 
+X= 7X0 £25 IX — 
-X0.1O.0O 6X4 04 7.6 
— X4 6X8 3X4 £4 „ 

-.10 279 1X0 24 — 

-.13 4.15 3JK SJ 25X 
-06 5X2 3X7 £6 — 
-XI 215 1X0 — — 

- ZA3 1X3 — — 

— 348 280 4X 13X 
-XS 4J6 249 5X — 
-.10 8X5 £80 1.0 — 
-.13 4X0 £83 20 — 
— X7 £96 4X0 * * — 

1.74 1.15 0X — 
-JB £25 4X8 OX — 
+JJS 5J0 4X2 — — 
-.10 4X2 SXa 7X BX 
-.04 7.10 5X6 AS — 



Stocks 

Ciosina 

Change 


Stocks 

Closing 

Change 


Traded 

Prices 

on day 


Traded 

Prices 

on day 

Nppon Steel 

6-5m 

384 

-4 

Toshiba — . - 

2.8m 

735 

-10 

Kawasaki Steel 

3.3m 

439 

-6 

Hitachi Zosen 

2Jm 

541 

+8 

NKK _ 

35m 

283 


Nomura Secs ______ 

2.4m 

1980 

-50 

Okl Electric . _ 

3.0m 

780 

-1 

Hitachi ; 

2^m 

971 

+7 

Sumitomo Md bid 

2.8m 

338 

-7 

Nippon Shinp&n ___ 

2.0m 

758 

-55 


Hgh 


Low 


Od 

4 


Od 

30 




(2802/77) 


M 20507X9 20534X4 2547040 16/2 T775BX0 20(4 ROM 187T9 


w Ontoriasn/iAOl 
fit iMnoiiTi/sq 


0»« AManponaBA) 
Traded kxtotZ/WI) 


BEL20 (1/1/91) 


Bneapa (29/12IB3) 


19880 20309 2D2£7 2348X0 312 

10563 1071.fi 10746 1136.10 3/2 

HKlfln 396X2 309X4 480X6 2/2 

1051X4 105198 107113 122ZJB 1/Z 

1367J7 136334 137111 ISttB 9/Z 

H K) 54840X 55110X0 13/9 


1957X8 27* 
98160 » 


CBS 1WtaGar£ri B3 
CSS Al Sr (End 83) 


M 25B6JW 2746.11 ZBBL17 K 


427 2 4Z7X eat 
268X 2Ba2 2B9X 


3V1 
28160 31/1 


Meets 

QmsiH (1975 
nntafioS(4h/8^ 
CMa 

PGA to 01/12/80 


Copenha(ptSEO/i«3) 

Hntand 

HEX GanmK28/t 2/90) 


SBF 250 (31/12/90} 
CAC 40(31/12/87) 


(U) 4141X0 4121X5 43059 1»9 

M 434470 4354X0 4608X0 230 

W 2065X5 2069X8 2162X9 1/2 

gg 5181 X 5068.7 5161X0 3/10 

346.42 347X3 348X1 415.70 712 

1901X 18925 1888X 1B7£00 4/2 

1382X3 1251X2 1227X9 1B86X0 2/2 
1876.12 1852X3 1B783S 2355X3 2/2 

754X0 (0 784X2 IB2/ 1BC 

2150X0 id 21 77 JO 246650 35 
199195 (fl 2011.75 227t.11 IB/5 

861X5 66115 851X6 118158 18/1 

950412 9482.49 9521X4 122SL09 4/1 

436£14 4338A6 4J81JJ0 45971X9 27/8 

'ZZTamXVW 500.72 487X0 487X7 01288 50 

1*1632 1B34L3S 1WR3I ™ 

Mnrn Mnn M ft 073 B57X6 667J4 67177 817.17 105 

MB Gened (4n/9fl 10BSJJ 1081X H01X 131800 105 

£w 225(1 SW9! 

Nhhal 300 (T/10/8S3 =87^ .** Im 

T-Lyncn 1572J9 ISTaflO 157889 171ZJ3 13ffi 


i 4/10 
1011X3 M3 


1383X1 3/10 
3000X0 3/1 


SV4 

24/6 

28fi 


3901X0 4/4 

34642 4/10 

1801.10 3/1 

12S1X2 3/10 
3/10 


Cl£ 40(177786) 

Bra* 

Mo SB*c«2ni83) 


2057X0 2077X3 2C66X 
104674 1040X5 104486 


209X4 3 a 
tZTLIO Wl 

Mania Cungi P/1/B5) 29S3X1 2915X 2906X4 330637 4rt 

IB/2 

641X1 4/1 


BTA(I977) 


2905X =881 J) 2882X 3228X0 


SS A*-S-po%2(V75) 581.76 57663 57ZOB 


JSE S*I E8W78} 

jse m. caiam 

Sw* Kern 


U57J3 2QM 

40630 21/8 
257X0 216 

1846X1 11/7 

980X1 216 

2307.33 8/3 

2812X0 206 

5Z3X9 4/4 


Dow Jam 

Od 

3 

Sup 

30 

8* 

28 

1994 

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256.46 

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► PULSE 


Hutchison 

Telecom 


YMm markets, fancy a free trial- 


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Name 
Job Title 


Company 


Nature of business 


Address 


Postcode 


Telephone 


Country 


No. of employees Cl under 50 
□ 50 to 100 □ over 100 
I already use online CD Yes D No 



PART OF THE FINANCIAL TIMES CROUP 


nurmunibfcu Jltuiuiiai uauiuasun ui jiULnciy LJ «| ’Ji nnu io £iim& IV i*. iviyui+H v 0 n. 0 — — , .... . 

ing data for the monitoring of targets, and ble for the handling of waste packaging. packaging become available, but that costs involved. 



FINANCIAL TIMES WEDNESDAY OCTOBER- 5 1994 


4pmcfasa0a&er4 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


19 9 * 

O0R UaflKk 

17% 12%AAH 
17*4 12% ALLtasA 
7®% 57% AUP 
72% 50% AMR 
5 3 %«K 
56% 36% ASA 
31% 25% UHL 
15% 11%/uuaPr 
23% 17% ABM M 
15% 11% Acptnctan 
31 £% ACE Lid* 
«% ‘ 

10 % 

10 % 

12 
11 % 

9% 

15% 


YU. H Si One 

Wt % £ 100. Le* (to* 

0-48 33 21 S3 13 12% 12% 
0.18 1.1 38 294 17% 10% 16% 


1J8 £2 28 2849 

88 6806 51 

13 e a 

2X0 3.9 34 762 51 
076 15 18 7375 031 

050 34 II 143 
052 £5 68 20% 

28 294«15% 
0.44 1.8 £351 25 

292 9% 


8% AUG* Ilk 1X911.4 
7ACMM»1 QXQ 11-2 

§ «CMBR5p< 098130 
4Q4WS** 109 120 
B% ACM Mm n 108129 
8 ACM feud t 072 87 

S 6% AonoOr 
B% Aeon Bad 
23Acarab 
13% S%Acoa 
Wj 11% ACUSOD 

18% 16% Adana Etac 0.48 20 0 43 

64 48% Ad Ucra 300 5fi 1575 
31% 16% AAMc 

6% SMistSp 

20 lSAdnhcr 
»% 49%AcganADH 

65% 44% AamL 


73% 75% 
050*2 30% 
3% 3% 
51% 31*, 

. X- 

16 14% 14% 
31% 20% 
15% 15% 
34% 34% 
<S% 0% 
7 % 
d 7 % 

B% 


25 

Omm 

•% 

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4, 

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38 7 % 

49* 7% 

488 8% 

137 8% <B% 

71 8% 8% 

0.44 X4 16 109 13% 13% 13% 
B 1(D 9% 9% 9% 
am 12 13 IS 
036 30 2 188 
128 1727 


a 

8 % 

a 


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17% 17% 17% 
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56% 56% 


27 

5 % 

zt 


36% 25% Abe 
22% 16% Abanin 
4 i%ABeernc 
50% 38% AtrPtC k 
39% 24 Aetna Fit 
3% 19% Atfgashc 
17 14% AHUM* 

3% 2i% Aaren 
18% 13% ABAJ to 
21% 16% Albany kll 
17% 13% Atom 
25% 19%AtoM 
22% 17% AKMw A 
30% 25% Atom 
27% 19* AtolM 
65% 46% AtaS 
30% 23% AJofirewn 
22 % 14 4 lsiAI 

24% 17 Align Lud 

26% 19% ABagP 
22% 13% Atai Con * 

28 ZOAOaron 
4% liATIw 
27% 17% AMS Cap 
10% 6 ABnceOx 

27% 21% AM IHl 
40% 33%Nd9g 
29% 24 AM Op 

7 4%AftKH* 

35 21% AUmn 

87% 64% Atoa 
30% 20% Aba Cp A 
11 % 

8 % 

8% 8% AmaxGd 
25% 20 AmczAMI 
52% 44 ArortzHs 

9% 8% Am AdJ R r 
31 20% Am B*m» 

37% 3% Am6md 
25% 18% ArafiftPid 060 37 13 

8 8% Am Cap he 0.65 80 
20% 15% An Cap Bd 
23% 19% Am Cap CV 
99% 42% Ameyan 
37% Z7% AmBPw 
33% 25% AmEznr x 
30% 24% AnCanl 


3.00 11.9 1026*58 
0.16 3.1 8 57 
OIO 0.8115 15 

1-47 20 12 69 _____ _ 

2.76 60 7 1253 46% 4B% 46% 
0.46 1.4 14 1341 33% 33 33% 

0 88 4 A 14 3118 20% 20 20% 

1 35 2% 2% 2% 

0.98 22 25 1795 46% 45% 45% 

0.30 1.3 14 1532 24% 023 23% 

47 195 27% 27 27% 

1.84 11.7 12 84 15% 15% 15% 

7866 28% 28 2B 

0X0 1 3 23 705 16*2 15% 15% 

0X5 2.0 29 553 17% 17 17% 

0X0 1.4 1526 14% 14% l<% 

028 IX 15 118 22% 21% 21% 
028 TO 15 2 21% 20% a% 

044 15 a 4798 29% 28% 28% 
030 1.1 70 3451 27 26 26% 

UXl 1 C 42 508 61% 60% 60% 
070 17 4 102 28% 26% 26% 
010 05J14 11S8 20 19% 19% 

048 13 19 2033 21% 21 21% 

164 S3 10 598 30d19% 19% 

016 08 17 2556 21% 20% 20% 
044 1.7 16 1056 26% 25% 25% 
1 23 % % % 

1.64 8.0 21 a 21 20% 20% 
OIB 1.9 126 9% 9% 9% 

OKI 40 13 7 22% 22% 22% 

067 10 7 3903 34 % 33% 33% 
088 14 IB 1954 2B?a 25% 28 

24 806 6% 6% 

11 1255 31% 30% 

1.60 1.9132 3353 85% 84% 84% 


LM 

ft 


36 9913 20% d!9*z 


7% cC* 7 
7% 7% 7% 

ft ft 

47 46% 46% 
8% B6% 8* 

25% 25% 25% 



7% Am&NtKk 096 13.7 329 

6% Am PrK& 025 14 a 9 

008 1.1 13 588 

052 13 15 88 

0.60 1.3 47 1363 

024 17 139 

0.10 04 3410199 _ _ 

100 5.6 10 2738 36% 35% 35% 
20 21% 21% 21% 
150 7% 7% 7% 
1.54 8.9 JO 69 17% 17% 17% 
108 55 0 57 19% 819% 19% 

185 13 57 2588 u99% 99% 93% 
240 7.7 16 2634 31% 30% 31 

090 331 1327253 31% JO 30% 
1.16 4X 23 3320 27% 26?, 27 

9% 5% Am Govt to i 077 118 188 8% 6 

27% 22 Am Win 130108 7 707 22% d21% 

20% 16% Am Hotipe i OE6 17 11 63 18% 17% 

66% 55% Araftxne 132 4.0 12 5119 80% 58% 

2% 2% Am HotaS 075 30.0 8 15 2% 

96% 81% AmMl 0.46 05 IS 3925 88% 

11% 7 Am Opp IK 11.00 116 268 7% 

30 2S%AmPiem* 088 14 293 28% 3% ffil 

34 T9AaPnwa 040 1.6 9 1007 24% 24% 

8% 7% An Real & 044 5X 5 206 8 7% 8 

27% 21 AmSurx 048 10 7 1845 a 24% 24% 

22% IBAmWairm 125 8.7 z20 18% 18% 18% 

32% 26 Am Wtf 108 4.1 11 205 26% 28% 28% 

1.92 4J 13 4512 40 38% 38% 

128 4.0 5 194 33% (Q2 32% 

024 1.4175 517 17% 17% 17% 

220 IB 15 6089 59% 58% 58% 

O10 1.3 6 120 7% 7% 7% 

0.12 19103 280 4% 4% 4% 

140 4.5 10 2220 31% 30% 30% 

10 433 3 th 2% 

030 07 65 2188 45% 44% 45% 

30 2433 33% 31% 31% 

094 14 H 87 27% 27% Z7% 

1.60 12 S 2322 51 50% 50% 

21 514 32% 31% 31% 

a i4% Anmanyli 044 16 17 £ 17 17 17 

XAonCfl 128 IS 7 682 32% 32% 32% 

29% 22% Apache Op x 028 1.1 a 1765 25% 24% 24% 

10% 8%AptoMxiF On 01 143 9% 9 9 

24 14% AM 37 1254 22% 22 22 

7% lAppMUag 1 156 4% 4% 4% 

24% 16% Appl Pa A 012 05 37 65 23% 23 23 

26% 21% Artfifti 010 04 18 6733 26 a% 25% 

51 *3% Area Chart 150 5 1 21 46 49% 48% *8% 

51% 45% Anaco 4 5P 4.50 9 8 3 48% 46 48 

6% 4% Anew 2 123 6% 5% 5% 

“ 23ATKOZ.1P 2.10 931 4 23% 3% 23% 


<3% J6% Anxtoik 
43% 32% Ameren Me 
17% 11% Arnett 
61% 50% Amoco 
9% 6%AmpnfU 
4% 3%AmraMcx 
34% 29% AmouOi 
4% 2% Anacomp 
58% 42% AreUlD 
33% 23% Antaog 
29% 24% Angetai 
55% 47% ATOM 
34 19% AnDMn 
18% 14% Antnony M 
XAonCfl 


1X8 31 31 3790 42% 041% 41% 

14 788 37% 36% 36% 

1 267 4*2 04% 4% 

078 11 13 B60 24 % 24% 24% 

040 1.2101 1756 33% 32% 32% 

040 IX 12 307 31 30% 30% 

1 00 19 12 1277 35% 34% 34% 

__ 027 1 5 236 ifl% 1B4 18% 

3% 1% Asset h«rx QXBIlX 6 242 2% 2% 2% 
37 23% Acs Kt Gas x 012 04 a 134 31% 30% 30% 

57%49%AT8Tk 1X2 15 16147 53% 52% 52% 

2S3%22a%AUM*2 180 12 3 2*2 2*1 % 2*1% 

~ — 108 69 13 82 30% 30% 30% 

02B 4.3 7 5 6% 6% 6% 

1.54 9 4 0 609 18% 16% 18% 

550 55170 3263100% 98% 99% 
0 237 5 4% 5 

20% 16%MraaEngr 086 5.1 6 118 17% 17 17% 

12% 8% AHwdsACfl 034 17 10 189 9% 9% 9% 

016 08 24 939 21% 2D% 20% 

010 1.1 273 9 08% B% 

060 1.1 a 1951 58% 55% 55% 

044 1 7 12 10 16% 16% 16% 

004 0 4 4 101 10% 10% 

060 1.7 IB 2446 35% 34% 

200 13 17 1204 80% 59% 59% 

9 31 10% 10% 10*4 

24 557 7 6% 6% 


57 % 42 % Artisoft 
45 % 33 % Anew Bee 
7 % 4 % Area Op 
33 % 23 % Anita tad 
34 % 21 %Awrcn 
31 % 22 % AsladCU 
44 % 33 % AMI 
S% 16 % AriaPacF 


a* 30% AWaGas 
9% 5% Aden Sot 
21% 16%A»lcEgy 
115% 52*2 ABM 
10 4% Albs 


24% 17% AuQta 

12% BVAuBrtaFd 

56% «7%MfclB 
20% 13% Atemco * 
19 7% AvtX 
45 30% Amm 
62% «%AwnPr 
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48% 45BiB05lnP 3 04 07 7 45% 45% 45% 

33% aBo*NT 1.10 17 5 7929 29% 29 29% 

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84% 63%BnkTd> 360 56 5 3221 66% 64% 64% 

38% 30 Map 103 3.0105 9 35% J5% 35% 

30% 72% Bare 1C re 060 24 20 977 25% 24% 24% 

— " 17 53 7 37% 37% 37% 

19 10 5238 43% 41% 41% 

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1.4 a 506 29% 29% 29*; 

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7% 5BMFT 
59% 498BUII 
20% 14%M *1 
63% G3BdShx 
55 43% Bet A 
25% 20% 8ft** 

69 S6BW14JP 
44 34% Bm® 

38% 26% Benetton A 
7% % Brand B 

19% 13% BH^ 
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10% B Berry Pe* 
39% 19 Bed Buy 

28% 26% BeOi 51 2. 
55% 51 % Betrtm PT 
24% 18% Bema 
53% 42% BeCL 
16% 11% BevCffl 
21% 11%BtenR 
32% 23% B*m*nyn S 
23% 16%BD«* 

22% laBtattHU 

10% BBtokreWU* 
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8% &% Bke Cxp 
14% 9% BMC tod 
50% 42%Boelns 
30% >9 BrtscCx 

21% IOB0BB6N 
25% 9% BmttiOm 
18% 11 Border 

22 ia% BOSH 0e« 

29% 20% Bmolr 
38% 18% Start PM 
34% a% BREPmp 
90% 66% MoSt 
33% 19% BMnterM 
59% 50% BridySqx 
74% 54% Br Air 
54% joreae® 
787j 55% BP 
27 19%8PPlutoM 
27% IBBSied 
71% 53% BT 
28% 22%BM|nti 
38% 32% BnmGp 
8 5% Bren® 
30% 28%Bn#nfl 

3 24%Brfierr 
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17% Bmsdi 
16% 13% Brad We* 
41 35% Bucktiye Pt 
28% 12%BU1GBa 
66% 47% Bum 
40% 37% Burto Rob; 
19% 15% Budtan Pc 


35% 25% (B 
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82% 56% CNAFn 
54*2 44% CPC* 

18% UCHCDrp 
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FINANCIAL TIMES WEDN ESDAY OCTOBER 5 1994 ★ 

NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


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Gain the edge over your competitor hy having the Financial times delivered o your home or office evegi woddng day. 
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Please call (08) 791 23 4d for more information. 

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AceWmE 2120532 17% 16% 16% 

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AdapWCfl 17 5131 18% 17% 17% 

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AHxGcU 108 17 426 1% IJi 1% 
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Am Maras 22 1737 24 23% 23% 

Am MB 12 158 B% B% 8% 
AmSaftwa 132 9 B45 4% 4% 4% 
AraFrtwys 4Q 2is 24% 29% 24 

Am&tA 056 166759 28% 28% 28% 

ArtWP 21120 1ft lft 1% 

AmNtt) L20 7 38 48% 47% 48 

AmFwCm 3610642 20 18% 18% ■ 

AmTrav 13 2340 17ft 16% 16% 

Amgen Inc 1914085 53% 50% 50% ■ 

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Amvfli 4 153 0% 9% 

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Anrtyrts 052 15 37 18% 17% 18% 

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Amfenrtti 271389 40% 47 47%- 

AntawAn 6 38 16% IB 16% 

Apogee En 0J0 33 124 16% 16% I6I2 

APPBW 62476 5% 5% 5% 

AppMUat 2828648 46 42% 43- 

AppleC 148 3014459 34 33 33% 

AppWWn 00*441281 18% 17% 17% 

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Aigownt 1.18 8 77 30 29% 29% 

Annor A! 004 22 64u23% 22% 22% 
Arnold In 040 17 448 19% 1B% 19% 
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ASNCOonm 315 2 25% 25% 25% 

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MS GEAlr 132 17 504 23% 23% 23% 
AuaWh 148 23 5845 64% 83% 63% 
Autrtrtb 9 36 2% d2% 2% 

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Babbages 10 379 12 

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Baker J OOB 121855 20 
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Banclac IB 1444 ft 
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Caere Cp 468 2768 0% 9% 
C&gena L25 5 1 472 9% 8% 
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Crafts 3 120 1% 1% 

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Canada 3 22 5% 5% 

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DracoEngy 

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Dray CD 

DrugEmpo 

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068 14 51 13% 12% 
9 5 903 933 

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3*4 3 

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48% 47% 
19*4 18% 
S% 5 
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2ft 2% 
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54% 53% 
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12% 12% 
20% 18% 
8% 7% 
21% 20% 
19% 18% 
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e*»w 

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fifty Ofl 

FtggtoA 

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first An 

FdBcOtdo 

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Fa Wesm 

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Ftxsdrer 

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Frth Fto 

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- F- 

10 107 4% 4% 

124 36 44 7 8% 

004 B2 996 40% 39 

18 7790 29% 28% 
104 15 1377 52% 51% 
13 754 4% 4% 

124 0 230 9% 8% 
32 386 23% 22% 
104 81561 33 31% 

100 12 216 28% 26% 
060 19 T49 22% 21ft 
104 10 3491 29 27% 

148 102941 45% 44ft 
038 7 236 9ft 9% 
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X 57 u6% 8% 
26 740 21% 20% 
17 62 6% 6% 
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108 10 134 32% 32 

11 107 12% 11% 

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104 12 103 30% 29% 
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158 19 1346 30% 29% 
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- G - 

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6&KSHV 007 X 243 15% 
Gams 0 256 3% 

Grand)* 9 ZlOO 3% 
Gem Ob 116140 94 5% 
fieri Bkxl 140 21 25 70 

Serif* IB 180 4% 
GenstsPh 32422 0 

Cortex Cp 400 372053 23% 
SeouBlnc IX 721 5% 
Gerayme B22400 34% 
OwonGt 040 202170 16 

GkkSngsL 112 12 2329 17% 
Start A 180 15 17 14 

SsbBtom 11 497 5% 
Good Guys 15 555 12% 
GoidftPmp *fiJ» 78 ZS8 22% 
GradcoSys 312 168 3% 

ttarir 120 70 649 71% 
GrewAP 024 11 27 18% 

OTMChRi 0 444 ft 
Grossmans 1 1403 2% 
GmdVWr 825 77 13% 
GO Carp 11 390 16% 
GhWSvg 5 839 9% 


3% 3% 

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14 14 
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72% 12% 

15 15 -% 
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HerdtogA 

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Harper E* 

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Hortthcv 

Heatthcra 

Hraohdyn 

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HoraebRes 

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HuicbTedi 

HycvBto 


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US 28 1219 
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- H - 

19 7% 7% 
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2755 8% 7% 
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313 17 16% 

791 17% 16% 
524 6% 6% 
296 16% 15% 
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73 2S% 25% 
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2882 18% 18 
299 3% 3% 
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BSHd 3 230 4 3 % 4 -ft 

kmniccr X 272 u7% B% 6% -% 

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kdormb 3127026 27% 25% 26ft -til 

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knafpDw 2224650 20% 18% 18% -1% 
kdpsys X IX 15 14% 15 

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Hanoi: 273X8 1S% 15 15ft -ft 

HDakyQA 13 450 17% 16% 16% -% 

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knacarex 006 19 ffl 20% 28% 2B% -% 

kxnngaCp 2 392 3% 3% 3% J4 

toomnfix 17 273 19% 18% 18% -% 

Uftkaoo 109 X 8?10%2l0l2210% -3 


5% Jg 
16% +% 
a +J* 
20% -% 


JU Stack 

Jason Inc 
JUS kid 
JohnonW 
Jonas kx 
Jams Mad 

josttiqi 

JSBFta 
Jurat ug 
Justax 


- J - 

14 X 12% 
126 13 116 9% 
110 X 18 36% 
63 28 K% 
ID E87 IS 
110 12 381 8 

120 12 69 27% 
000 16 908 25% 
12S 18 360 18% 
118 101455 13% 


12% 12% Jg 
0% 9 

X X •> 
25% 25% 

14% 14% •% 
7% 7% +% 
28% 27 +% 

25% 25% Jg 


KSrasx 008 12 175 

KaroanCpxD44 5 413 

uoeyoa 31537 
KcQrSr 172223888 
Kens*** Hi 10 109 
Brotraa 184 13 3 

Kxsetner 22 34 


23% 

9% -% 
5% *% 
?7 +% 
0% 

X% -% 
10>2 +ft 


-K- 

175 23% 23% 
413 0% 9% 
1X7 6% 6 

3888 27% 26% 
109 6% 6% 
3 23% 23% 
34 10% 10% 
ara 48% 45% 
615 3% 3% 
504 ii ft 
4834 27 25% 

ax 15% 15% 


Luwne 132 72 ZlOO 18 18 18 
Iraki Fim DT2 35 513 6% 8 6 

Lam Rich 4210072 38% 37 37% 

Lancaster 148 15 286 35% 34% 35 
Lance Xx 096 18 413 15% >7% is% 
LrtmkGph 2248111 17%(J16% 17% 
LarapDa 12 167 9 6% 9 

Uancpe 28 1127 4% 4% 4% 
Unites 14 2710 18% 16% 16% 
LamonPrxl46 18 18 25% 2*% 35% 
LDOS 303 5264 22% 2i% 21% 

LOCO H6 1 179 5% 5 5 

Ladders 22 9895U1B% 16*4 17% • 
Layer# Cp IS 7l7 2S% 25% 25 1 4 
Life Teen 020 16 14 18% 16 18% 

UfeGne X 14 4% 4% 4% 

LttytadA 028 13 1054 14% 13% 14% 
iLbiBr TK116331X%1X% 137 

< LhoAi T ISC 15 241 16% ISlf 16 
Lndsayie 13 14 30% 29% 29% 
UneaiTac D24 32 B931 42% 40 40 

UqnSnx 040 17 7 34% X% 34% 

loanen Cp 106 X 928 24 23% 23ji 

Lone Star 9 486 6% ^4 6% 

IIWinD 2011237 36% 34% 34.90 - 

LTXCp 3 3541 u4% 4% 4% 

LVMH 176 4 27 31% 31% 31% 


- M - 

MCI Cm 005 2146119 25% 24% 24ft 
US Car's 19 380 22% 22% 22% 

Mac Mil 000 43 240 14% 14 14 - 

BtetfconGE IX 14 X X% X 33% 

Magma Pwr 1513037 34 % 34 34% 

Magna bp 176 13 307 20% 20% 20% 

Mai Bor 14 287 9% 8% 9 

Marram Cp 21 115 9% 9% 9% 

Urate Dr 12 IX 4% 4% 4% 

Martel Op 9 22 40% 40% 40% 

Itnpjest 2 2 1% 1% 1% 

Manteca 19 2 8% 8% 9 

UbRftSmkA 0-44 12 B 11% 11% 11% 

Unhid 180 11 2066 20% ^4 20% 

MKtEC 9 IX 7ft 7% 7% 

Maxm M 44 1794 X 57% 57% 

MttteCp 0 B97 5 4% 5 

McGrath R 144 12 11 15% 15% 15% 
McConnlc x 148 153X1 19ft 19% 19% 
Mate hex 016 17 614 13% 13ft 13% 
IfettMS 148 14 Ml 24% 23% 24 

IWsmkW 124 73 88 Ull 10% 11 

Motor Cp 116 X 611 17% 16% 16% 
MertrG 124 25 2288 11% 11% 11% 
MercanLB 000 121280 22% 21% 21ft 
Mercury G 170 7 474 28% X X 
Meridian IX 11 Ml X% 28% 28% 
Merita D 1054 10 9% 0% 

Methods A 112 201l96i£0% 19% 19% 
WSbn 372116 36% 35% X% 
Michael F 020 18 462 11% 11 11% 

MU) MB 200338 1500 78% 74% 74% 
MkraH&h 8 282 3% d2% 3% 
Ufcraage 101392 13ft 12ft 12ft 
IMcracom 61106 7ft 7% 7% 
Mcrgra&i 9 388 5% 5% 5ft 
McrpoPs 21024 8% 6% 6% 
Mfcsil 162E551 56% 54% 55 

tKAOU 34 267 28% 27% 77% 
MdhrVc 152 1010029 27% 2fift 26ft 
WdwQrtln ISO 22 21 28 Z7 27 

WkrH 052 171039 24ft 24 24 

Mfem 1190 22% 22% 22% 

Mbaitedi OT 525 15ft 15% 15% 
MaMeTd 51 2305 20ft 20% 20% 
Modem Co 120 10 2 7% 7% 7% 

ModkwMf 152 19 913 27% 26ft 27% 
IUqix 004 713 Xft 38% X% 

Mdextncx 1M 31 B68 42ft 41% 41% 
Moscom 1M 14 178 7% 7% 7% 
HwkweP 0X22 143 31% »% 30% 
MlSSyx 058 9 X 24% 23ft X% 
MUmeri 131376 30% 29ft 29ft 
Myragan 4 993 10% 10% 10% 


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ttn Sui 

NMgaur* 

lECx 

Nelcor 

Netwk Gen 

NetrtS 

Neingen 

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New Image 

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172 11 62 
136114 18 

120 21 445 
600 9 X 
143102 X 
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180 20 40 
M 2458 
23 279 
004 TO 35 
222401 
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140 22 6444 
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3 X 
OX 12 2497 
191026 
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- N - 

341 25% 75 

62 17 16% 

18 14% 13ft 
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B2 I5%tf14ft 
X 60 59% 
21® X 28% 
628 19% 18% 
1009 7 6% 

09 7 8% 

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13% 12ft 
21 20 
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13% 12% 
30% 30% 
31ft Xft 
32% 31% 
35ft 36% 
26ft dZ5% 
9% 9% 
23ft 23% 
44% 42% 
16ft 16 
10 9ft 
10 Oft 
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14ft 14% 
11 % 10 % 
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12% -ft 
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IX 16 07 75 24 

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3911983 34% 33% 

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13 520 5*4 5 

120 27 11 24% 24% 
132 14 2148 u15% 14ft 
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X 167 12 11% 

27 420 5% 6% 
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42 315 17 16% 
164 X 207 47 46 

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112 9 330 10% 17 
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153 2127 43 41% 

2313702 16% 15% 
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32 4MU20% 18% 

024 22 56 26% 25 

112 9 666 16% 18 

6 696 8% 8% 


44% -ft 
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25 +% 
74% -2% 
33% -1 

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27 266 20ft 
141560 16% 
22 408 3ft 
1 388 2ft 
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140 17 5267 57% 
112 13 37 6% 
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152 21 247 19 

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3ft 3ft 
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42% 43% 
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54% 54% 
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16% 10% 
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Safeco* 106 7 4530 52 50% 50% - 

Sandunonxiao 14 44 19% 19 is 

5d*tapA OX 19 236 27% 26% 26% 
SdMedL 11 9379 45 41% 41% • 

SCI Strum T616I3 21% 20 ft Xft 
SdIX) 7 460 6% 6ft 6% 

SdlnCe 052 101796 22% 21% 21% 
Score Bid 6 025 4% 4% 4ft 

Sameid 100 *3 73 3T% 35% 35% 

S-gato 1015313 24% 22% 22 ft - 

SB Co 116 27 621 22% 21 21% 

SetebB OX 5 147 2% 2% 2% 

SrtKtra 1.12 1511® X 75 25 

Setters 79 1979 17% 16ft left 

Sequoia X 311 4ft 4ft 4ft 

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Servfracl 17 2 <13 4^ 4^ 

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sranmod X 1431 21 19% 19!2 

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Sierra On IS 145 Xft 20ft :Hft 

Sierra! uc 4 9 3% 3% 3% 

SfemAI 133 IS 1651 35% 34% 34% 

StgmaDas 21 1603 8% 7% 6% 
SHerilBc a® 56 293 12% lift Tift 
SttcnVGp 43 6820 ul5 14% 14% 
Snp3»i 140 16 172 13ft 13 13ft 
SrritHId M 2388 25% 24 24% 

SnopphBv 3214630 1X12% 12ft 

SaftmmP 1 XI 4% 4% 4% 

Sanat OS81B1214 23ft 22% 227g 
Soutwa 168 102373 30 10ft 19ft 

SpfeMIA 120 35 2088 17% 16ft 16% 
BtJudeUd 140 146149 35ft 33ft 34ft 
StPradBc ax 9 1220 20ft 70 20% 
SteyW 1 373 2% ltS US 

Stories 49 7589 X X X% 

StofeStrx 160 151110 38% 35ft 35ft 
Sul Micro 132601 X 16ft 18ft 
Ski fieri* 168 12 31® 19%dl8ft 18ft 
Start Tec 106 101077 18% 17 17% 
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SUM 149 45 2lft 20ft 21 

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Sybase Inc 5215841 48ft 44ft 44ft 
Symantec 41 7152 15ft 15ft 15ft 
Synafcy (MO IS X 19 16 IB 


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Sun Sport 13 B 5gA 5ft ftti 

Sumac 1512928 39 27% 27,1 

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Sytasolnc 5215841 48ft 44ft 44ft 

Symamac 41 71X 15ft 15ft 15ft 

Synafey (M0 18 X 19 18 18 

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Synragen 1 1458 5ft 4ft 4ft 
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Synoptics 127059 14% 14 14 

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Systam&s SB 974 17ft 17% 17% 
Sysfemed 401019 Bft 8ft 8% 


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TJOMPrx 052 191487 Xft 30ft 30ft 
TBCCp 13 758 10% 10 10% 

TCA Cate » 144 79 225 24% 24 24ft 

TachDetii 12 406 19% 18>2 18ft 
Tecumsrti 000 1 2 SO 47ft 46% 47 
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TefcoSys 9 3164 14 13% 13ft 

TeCInA 16523310 22ftd21% 21% 
Telablt 6 1236 5ft Eft 5*4 

TefabS X6843l)45ft 44% 44% 

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Tokyo Mar 134 34 334 S8ft 57% 57ft 
Tom Broun 71 IX 13ft 13% 13% 

ToppaCo 1263® 2040 6*4 6ft B& 

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TronsWiid 92 12 II 11% 

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ing data for the monitoring of targets, anti ble for the handling of waste packaging. packaging become available, but that costs involved. 


FINANCIAL 



AMERICA 

Dow easier ahead of jobs data 


Wall Street 


US share prices were notably 
lower across the board yester- 
day morning as investors ner- 
vously awaited news of Fri- 
day's key employment data, 
writes Patrick Haroersem in 
New York. 

By 1 pm. the Dow Jones 
Industrial Average was down 
20.52 at 332&3T, having spent 
most of the morning session no 
more than a few points either 
side of its overnight close. 
Other indices moved in similar 
fashion, holding steady for 
most of the morning before 
dropping quickly after midday. 
At l pm, the more broadly 
based Standard & Poor's 500 
was down 4.17 at 457.57, while 
the American Stock Exchange 
composite was off L59 at 456.87 
and the Nasdaq composite lost 
6.25 at 754.63. Trading volume 
on the NYSE was 178m shares. 

At the opening, the equity 
market followed the pattern of 


trading on the bond market, 
with stocks rising modestly at 
the bell in the wake of an 
upbeat start by Treasury 
prices. On Monday, bonds fell 
sharply following signs of ris- 
ing inflation in the National 
Association of Purchasing 
Management's monthly report, 
but yesterday they stabilised, 
thanks in part to news of a 0.6 
per cent rise in August leading 
economic indicators which was 
in line with expectations. 

Inflation concerns, however, 
were never far from the sur- 
face, and prices in both the 
bond and stock markets soon 
fell back from their early 
highs. On Friday, the govern- 
ment is due to release the Sep- 
tember employment report, 
which will give the markets 
their first look at how the 
economy fared last month. If 
the report is stronger than 
expected, analysts expect the 
Federal Reserve to sanction 
another increase in interest 
rates. 


With a possible rate rise in 
the horizon, investors remain 
reluctant to commit funds to 
the debt or equity markets. 

Among individual stocks, the 
big three vehicle manufactur- 
ers were all lower. General 
Motors, which announced a 
shake-up of senior manage- 
ment in its North American 
division yesterday, eased 9% to 
$45%, Ford fen $% to $26% and 
Chrysler dropped $% to $44%. 

American Express rose $1 to 
$30% following reports that the 
company planned to cut as 
many as 4£0Q jobs and more 
than $500m in operating costs 
in a restructuring of its travel 
services business. 

Carter-W allace , the drug and 
toiletry products group, 
climbed $% to $14% after the 
company announced it would 
take a $49m pre-tax charge in 
the second quarter to cover the 
cost of redundancies, plant clo- 
sures and a restructuring of its 
laboratories unit. 

Computer chip manufactur- 


ers suffered in the wake of neg- 
ative comments about earnings 
from Advanced Micro Devices 
on Monday. 

AMD fell another $1% to 
$25%, Texas Instruments 
dropped $1% to $64% and Intel, 
quoted on the Nasdaq market, 
slipped $1% to $59. 

Canada 


Toronto was under pressure 
from falling gold issues at mid- 
day, while base metal shares 
also helped to push the market 
lower. 

The TSE 300 composite index 
fell 1L60 to 4^8001 at noon in 
volume of 26.5m shares. 

Only three of the market's 14 
sub-indices were higher at mid- 
session. 

Precious metals registered 
the biggest fall, losing 1.8 per 
cent, while financial services 
picked up 0.6 per cent and oil 
and gas was 0.4 per cent higher 
on the improving outlook for 
ail prices. 


ASIA PACIFIC 

Nikkei lower on new issue worries 


Tokyo 

Increasing worries over the fall 
in Japan Telecom and pessi- 
mism over the subscription for 
Japan Tobacco shares took the 
Nikkei 225 average into a mod- 
erate loss on small-lot selling, 
writes Emiko Terazono in 
Tokyo. 

The index finished 81.42 off 
at 19,568.61 after trading within 
a narrow range between 
19,651.83 and 19,525.71. Volume 
totalled 161m shares, against 
Monday’s 158m. Most investors 
were inactive, including corp- 
orate investors and public 
funds. 

The Topix index of all first 
section stocks relinquished 6.21 
at 1.572.79 and the Nikkei 300 
shed 1.45 to 287.50. Declines 
outnumbered rises by 526 to 
388, with 223 Issues unchanged, 
and in London the ISE/Nikkei 
50 index softened 0.14 to 
1,288.09. 

The Finance Ministry 
announced the winners of the 
lottery for the 436,666 Japan 
Tobacco shares on public offer. 
Investors that won have until 
next Tuesday to purchase the 
shares, but most market partic- 
ipants expect a shortage of 
subscribers due to current 
market conditions and recent 
weakness of Japan Telecom. 


The latter, listed on the sec- 
ond section and a recent 
benchmark for market senti- 
ment, lost Y70.000 at Y3.8m 
after sinking to a new intra- 
market low of Y3.78m. DDI. 
another second section telecom 
company, dipped Y2.000 to 
Y864.000 and Nippon Telegraph 
and Telephone declined Y9.000 
to Y862JKJ0. 

Brokerage shares were weak 
on the low trading volume. 
Nomura Securities receded Y50 
to Y1.980 and Nikko Securities 
Y20 to Y1.090. 

Nippon Shinpan, a consumer 
credit company, dropped Y55 
to Y758 on rumours of finan- 
cial problems at its flnanrfni 
affiliates, due to mounting bad 
loans. 

Steels were actively traded. 
Nippon Steel, the most active 
issue of the day, slipped Y4 to 
Y384 and Kawasaki Steel 
declined Y6 to Y439. 

High-priced stocks were sold, 
with Nintendo, the video game 
maker, Y31fl lower at Y5.460. 
The company announced that 
Its first-half pre-tax profits fell 
16 per cent, down from its ini- 
tial forecast due to the higher 
yen and sluggish domestic 
sales. 

Nintendo's weakness 
dragged down Sega Enter- 
prises, another video equip- 
ment maker, which retreated 


Y430 to Y5.650 on earnings 
worries. 

In Osaka, the OSE average 
declined 33.30 to 21,962.98 in 
volume of &3m shares. 


Roundup 


A mixture of influences drove 
the Pacific Rim markets. 

SYDNEY ended below key 
support at a 2%-month low 
amid mounting concern over 
rising local interest rates, but 
overall volumes were thin. The 
All Ordinaries index closed 32J9 
or 1.6 per cent down at 1.998.0. 

News Corp fell 41 cents or 4J3 
per cent to a 14-month low of 
ASS-06 as investors took a 
scathing view of the group’s 
preference share issue aimed 
at financing acquisitions with- 
out diluting Mr Rupert Mur- 
doch's control. 

WELLINGTON declined 
almo st l per cent as an already 
weak market was unsettled 
farther when Mr Don Brash, 
the Reserve Bank governor, 
told a parliamentary select 
committee that inflationary 
pressures were greater than 
forecast just a month ago. 

He said that he was comfort- 
able with the sharp rise in 
interest rates in the interim 
and did not see any need for 
further tightening. 

The NZSE-40 capital index 


ended 19.73 down at 2,057.50. 
Telecom and Fletcher Chal- 
lenge, the two stocks which 
had shown greatest strength 
recently, led the falls, each los- 
ing 6 cents at NZ$5.29 and 
N2$L24 respectively. 

SEOUL pressed ahead to a 
new rinsing hi g h, the compos- 
ite index rising 10.41 to 
1,064.64, with the announce- 
ment of a partial cabinet 
reshuffle involving the coun- 
try's top economic ministers 
helping to boost sentiment 

A 1.8 per cent foil in the 
h anking sub-index contrasted 
with the day’s gains. The 
newly listed Citizens National 
Bank went the day’s limit up 
of WonSOO to Wonl7,400 but 
other banking issues were 
lacklustre. 

TAIPEI edged back as profits 
were taken in financial stocks 
after their recent strong run. 
The weighted index was finally 
3.83 off at 7,179,92 after an 
opening high of 7,22&33. Turn- 
over was a modest T$57.6bn. 

Among losing financials, 
ICBC shed 50 cents to TS104JS. 
Closed-end funds, however, 
rose on newspaper reports that 
some would pay good divi- 
dends by the year-end. Kwang 
Hua Fortune Fond put on 5 
cents at T813.25 and Yuan Ta 
Duo Yuan 20 cents at T$152. 

MANILA saw a broad-based 
advance which lifted the com- 
posite index 32J27 to 2353-SL 

HONG KONG made small 
gains during a session that was 
featureless except for some 
speculative interest in second 
line issues. The Hang Seng 
index was up 11.63 at 9,504.12, 
Off a high of 9,547.78. 

BOMBAY was firmer, led by 
polyester fibre and yam mak- 
ers, which announced that 
they were raising prices of 
their products. The BSE 30- 
share index gained 26.68 at 
■L366.I4. 

SINGAPORE was led ahead 
by firm foreign demand for 
banks, properties and other 
blue chips, but Malaysian 
shares traded over the counter 
faced selling pressure. 

The Straits Times Industrial 
index moved up 22.04 to 
2.370.56. Malaysia’s Yeo Hiap 
Seng climbed 85 cents to S$8A5 
on persistent rumours that a 
takeover was in the making. 

KARACHI jumped the 2,300- 
point barrier for the first time , 
since August 11 in brisk trad- 
ing, boosted by overseas inter- 
est in cement and polyester 
stocks ahead of year-end 
results. The KSE 100-share 
index rose 16.07 to 2^310.54. 

COLOMBO was lower for a 
fifth straight day an reduced 
foreign support, the all-share 
index dipping 10.90 to 1,124.68. 


FT-ACTUARIES WORLD INDICES QUARTERLY VALUATION 


The market capitalisation of the national and regional marlcats of the FT-Actterios Weald Meet 83 at SEPTEMBER 30. 1B94 ant 
expressed Mow in mlllora of US doflara and as a percentage of the World Index. Similar figures am provided lor the preoadng 
quarter. The percentage change tar each US dollar Index value since the end of the calender year b also provided. 

NATIONAL AND REGIONAL MARKETS Martial cap. as at % of World Marian cap. se at W of World % chga In S index 
(number of Bnes of stock) 30/09/94 (USSm) Index 30/06/94 (USSm) Index since 31/12/93 

Australia (68) 

143034.8 

1.52 

138029.9 

1.49 

2.19 

Austria (16) — 

.. ™ 13166.6 

0.14 

13346.0 

014 

-026 

Belgium (37) __ 

62 M 4.8 

0.66 

624703 

068 

124 

Canada (103) 

168283.9 

1-68 

140043.1 

121 

120 

Denmark (33) 

338705 

0.30 

351805 

028 

128 

Finland G4) — — .... 

27048.5 

0.29 

20911.9 

n» 

4525 


309873.7 

3.20 

2362234 

320 

-620 

Germany (58) 

324846.9 

3.44 

317682.7 

3.43 

-123 

Hong Kong (56) , — 

198228.7 

2.10 

179909.1 

1.94 

-10.85 

Wand (14) _ . 

14337.0 

0.15 

12S0O2 

014 

1050 

Italy (59) - _ 

143652.1 

1.52 

130Q29.9 

1.41 

pg-pq 

Japan (469) __ 

2791063.4 

29.58 

29634784 

3203 

22.63 

Malaysia (97) 

.. __ 117561.9 

125 

98003.7 

1.06 

-5.40 

Mexico (16) 

82578.7 

0.88 

69966.B 

0.76 

-524 

Motherland (27) _ 

_ 1847983 

1.90 

1730092 

1.87 

523 

Now Zealand (74) _ — 

18645.3 

0.20 

17006.7 

018 

624 

Norway (23) 

9882.5 

0.10 

95507 

010 

823 

Singapore (44) ..._ 

57522.8 

0.61 

505282 

025 

Z84 

South Africa (59) — — — 

120284.5 

127 

102S14J 

T.n 

18.65 

Spain (42) ...._ - 

91359.6 

0.97 

90263.6 

0.98 

-038 

Sweden pa — 

81832.7 

0.87 

761052 

0.81 

1224 

Swttaertand (47) — 

219740/1 

2.33 

2180452 

226 

094 

Unfed Kingdom (COS) - — 

9001003 

9-54 

B50824JB 

920 

-523 

USA (516) 

3329944.3 

3530 

31688872 

34.45 

-021 

EUROPE (717) 

2417233.6 

25.02 

2305158.4 

2422 

-080 

Nordic (116) 

1526301 

1.62 

1407542 

122 

1428 

Pacific Basin (748) — 

3326056.7 

3825 

3448955.9 

3726 

1071 

Euro-PadJtc (1465) — — 

67432903 

60.88 

57521142 

62.17 

8.77 

North America (B19) 

3488228.8 

38.97 

3327031X9 

3526 

-041 

Europe Ex. UK (513) 

1517127.3 

16.06 

14543332 

15.72 

2.15 

Pacific Ex. Japan (279) 

634993.3 

5.67 

483477.6 

523 

-016 

World Ex. US (1&45) . 

610441 5 S 

84.70 

6064638.4 

6625 

048 

World Ex. UK (1957) 

.... 8534253.0 

9046 

8400801.4 

90.80 

621 

World Ex So. AS. (2102) 

931 4095.7 

98.73 

9149111.9 

9089 

4.90 

World Ex Japan (1693 

6643296.8 

7042 

82881482 

07.97 

-028 

The World Index (2161) 

94343601! 

100.00 

92516262 

ioooo 

529 


O TNi financial Tlnw Unwed. Goldman. Sacha & Co. and Nemfaot SecuUsa Unfed. 1SB7 


FT -ACTUARIES WORLD INDICES 


Jaunty compiled By The Financial Tlmea Ud.. Goldman, Sacha & Co. and Natwast Securities Lid. In conjunction with the Institute of Actuaries and the Faculty e> Actuaries 


NATIONAL AND 

REOKMAL MARKETS MONDAY OCTOBER 3 ISM FRIDAY SEPTEMBER 30 1904 DOLLAR INDEX 


Figures in parentheses 

US 

Day’s 

Pound 



Local 

Local 

Gross 

US 

Pound 



Local 



VMM 

show number ot lines 

Dollar 

Change 

Staring 

Yon 

DM 

Currency 

*6 Chfl 

Dhr. 

Dofar 

Surfing 

Yon 

CM Currency 52 week 52 week 


Of Stock 

Index 

% 

Index 

Index 

Index 

indax 

on day 

Yield 

Index 

Indax 

Index 

Index 

Index 


Lew 

(approoti 

Australia (68] 

17122 

0.4 

16027 

TOO 04 

136.63 

15329 

03 

321 

170.53 

18032 

10849 

T37J56 

153-28 

189.16 

144.06 

1444)6 

Austria (i« 

182.08 

-12 

171.06 

11429 

147.41 

147.35 

-0.8 

1.09 

18432 

17328 

115J31 

14067 

148.60 

19089 

187.46 

16068 

Belgium (37) . „ .. 

163.18 

-09 

15321 

10226 

132.12 

12826 

-0.6 

428 

164 JUS 

15420 

103.01 

132-01 

129.02 

177.04 

147 AS 

14005 

Canada (103) 

137.80 

-0.4 

129.46 

8625 

11127 

13X26 

-0.1 

2-50 

138.31 

130-03 

86.53 

111.60 

13435 

145J1 

12054 

121.46 

Denmark (33) 

249.00 

-07 

233.94 

157.11 

20120 

20068 

-04 

1.44 

25062 

233.61 

15079 

202.15 

207.45 

275.79 

229.76 

229.78 

Finland (24) 

18021 

06 

169.40 

113.77 

14528 

18322 

02 

077 

17931 

168.67 

112.18 

14433 

183.00 

181.70 

11004 

11004 

France (101) 

16229 

-1.6 

152.55 

102.65 

131.72 

13526 

-U 

320 

16541 

155.51 

10346 

133.42 

137-37 

16037 

15034 

16014 

Germany (58).... — - - 

137.45 

-04 

129.14 

86.73 

11128 

11126 

0.0 

1.8S 

13726 

129.70 

88.31 

11138 

111.28 

16040 

12723 

12723 

Hong Kong (56) _ 

___.280.95 

-0.3 

387.30 

24828 

316.53 

38725 

-0.3 

3.13 

392.18 

368.70 

245^5 

31034 

389.07 

50066 

305.03 

WfW 

Ireland (14) 

__.__ 2 tc.oe 

—1.4 

169.84 

12720 

163.60 

18226 

-1.4 

320 

204.64 

192-58 

126.15 

106.23 

185-25 

21060 

16031 

16821 

Italy 159) — 

8123 

-2.8 

7620 

61.44 

66.01 

9522 

-22 

1.62 

83JS8 

7825 

52.47 

67.66 

07.72 

07.78 

5728 

7000 

Japan (46SI — 

158.61 

-08 

149.01 

100.08 

128.41 

100.08 

02 

077 

159 .SB 

150.03 

0004 

128.72 

89-84 

170.10 

12454 

15322 

Malaysia (97) _ 

257.72 

-02 

523.99 

351.91 

45125 

55121 

-02 

1.52 

558.57 

526.08 

35007 

451^8 

552.61 

621.63 

41019 

419.99 

Mexico (18). 

226420 

1.0 

8140.41 

144122 

1849.65 

8431 20 

02 

121 

226050 

212098 

1415.42 

182484 

8411.81 

2647.06 

166406 

167120 

Nethsriand (191- 

207.92 

-02 

19525 

13120 

16034 

165.48 

-04 

3.49 

209.51 

19626 

131 J07 

169.00 

16017 

21019 

135.76 

185.76 

New Zealand (14J 

7 

09 

68.44 

45.97 

5828 

64.17 

02 

3.79 

7221 

6729 

45.18 

5026 

63.68 

77 £3 

5922 

59.72 

Norway £3) 

19429 

-02 

183.10 

12227 

157.78 

17927 

-0.1 

1.84 

19530 

183.79 

12230 

157.69 

16012 

211.74 

165.52 

18920 

Singapore (44).. 

-381.40 

09 

358.34 

240.66 

308.80 

260.74 

1.0 

1.82 

377.97 

355.34 

236.46 

30488 

25BJ2 

381 AO 

294.68 

29063 

South Africa (59) 

311.64 

01 

292.97 

196.76 

252.47 

291.03 

0.1 

220 

311.63 

292-96 

19498 

2S1.36 

290.84 

314.24 

202.72 

20453 

Spain (38)...- — 

137.13 

-12 

12824 

88.53 

111.03 

133.82 

-1.0 

4.19 

136.81 

13050 

6834 

111.97 

13021 

15079 

12628 


Sweden (36) — 

Mil* 

-07 

206.83 

138.91 

17824 

24425 

-06 

1.64 

221.76 

20050 

138.75 

17089 

24058 

231.35 

17523 

190.06 

Switzerland (47) 

158.91 

-1.7 

14030 

10027 

13066 

12725 

-12 

120 

161.66 

151^7 

101.13 

13039 

129.06 

17056 

14017 

140.17 

United Kingdom (204)—. 

191.57 

-12 

179.96 

120.68 

165.10 

179.96 

-1.4 

422 

19411 

182.48 

121.44 

15058 

182.48 

21496 

181.11 

18017 

USA (514) , .. 

18820 

-02 

177.10 

118.94 

15222 

18820 

-02 

229 

188.93 

vn&\ 

118.19 

152JB 

18093 

19004 

17085 

16057 

EUROPE (70S) 

168.13 

-12 

156.09 

10422 

134.50 

14723 

-1.1 

3.15 

16622 

158.14 

16541 

135JS9 

14081 

17056 

15479 


Nordic (116) 

MS15.68 

-05 

202.64 

13829 

174.52 

204.06 

-04 

1.45 

21066 

203.70 

13536 

17478 

20482 

222.18 

173.19 

17053 

Pacific Basin (747) 

168.45 

-02 

15826 

10029 

13628 

111.01 

02 

l.OS 

169.30 

159.17 

10532 

138.58 

11078 

17086 

134.79 

15007 

Euro- Pacific (1456) 

167.34 

-0.8 

1S722 

10529 

136.48 

12527 

-03 

1.96 

168.72 

158.62 

10535 

13009 

126-06 

176.14 

14088 

167.43 

North America (BIT) 

18525 

-02 

174.14 

11625 

15026 

164.74 

-02 

227 

185.78 

17465 

116-22 

149JS 

185.15 

192.73 

17527 

18442 

Evope Ex UK (505) — 

14822 

-12 

139.82 

9320 

120.49 

12729 

-09 

2 22 

15064 

141.62 

9424 

121^1 

128.82 

15012 

13554 

13722 

Pad lie Ex. Japan (279).. 

-..--263.48 

01 

24725 

16025 

Si 323 

234.47 

ao 

2.77 

263.36 

24739 

18478 

212.43 

234.40 

29021 

20725 

20725 

World Ex. US (1636) .. — 

-159.40 

-0.8 

159.16 

106.69 

137.15 

129.54 

-03 

126 

170.71 

160.48 

10080 

137.69 

129.92 

176.65 

14526 

157.64 

World Ex UK (1946) 

17A07 

-02 

16220 

109.21 

140.13 

14441 

-02 

Z09 

173.84 

16352 

10082 

14030 

14464 

17059 

16526 

165.10 

WOriO Ex. So. Af. (2091) 


-0.8 

16323 

109.69 

140.75 

148.66 

-03 

229 

17406 

1B4J9 

10939 

141.04 

147.06 

18003 

16054 

16622 

World Ex. Japan (1682) . 

18521 

-as 

174,10 

11622 

150.03 

17529 

-05 

Z93 

186.35 

175.10 

11058 

15031 

176-45 

19020 

17629 

17029 

The World Index (2150)., 

174.72 

-OB 

184.15 

11024 

141.48 

147.71 

-02 

o jq 

175.73 

IBS JOT 

10994 

141.74 

14012 

1«X80 

15085 

16628 


Comridht. The Fheidal TVnaa Unfed. Oettmm Serfu end Co. and NsMUtt Securities Unfed 1987 

AnwAMMMs to Mees 3/icww mated to Nea Zealand. unset Brieaa wen unwafctta tar the astiM. aermen maw enad snow. 


Brazil 

overcomes 

weakness 

Sao Paulo shares overcame 
early weakness to trade mar 
ginally higher in lacklustre 
midday trade. Investors 
mostly stayed on the sidelines 
after exit polls indicated that 
Mr Fernando Henri que Car- 
doso had, as was widely expec- 
ted, won Monday's presiden- 
tial elections. 

The Bovespa index of the 55 
most active shares was up 68 
at 54*908 at 1300 local time in 
volume of K$194£m (5230m). 

“Investors are optimistic 
about Mr Cardoso’s election," 
one broker said. 

“But it seems that they 
decided to stay out of the mar- 
ket in order to prepare their 
investment strategies for the 
near future.'’ 

The state-run Telebras pre- 
ferred declined 0.4 per cent to 
RS53, while Vale do Rio Doce 
preferred advanced 1.4 per 
cent to RSI 80 .50. 

S Africa 
turns back 
from highs 

A bullish start was made to 
Johannesburg trading as the 
market assessed the ratings 
assigned to the country’s for- 
eign currency long term debt. 
But the early promise was not 
fulfilled as a firmer finawriai 
rand and softer gold price 
dragged shares off highs to 
end mostly down on the day. 

Dealers said investors were 
generally encouraged by the 
investment grade BAA3 rating 
assigned by Moody’s but they 
had reservations about the 
speculative BB rating assigned 
by Standard & Poor’s. 

Key industrials attracted 
steady interest amid a limited 
supply of scrip before suc- 
cumbing to financial rand 
strength. 

The overall index lost a net 
18 at 5,654, industrials 4 at 
6,301 and golds 24 at 2,400. 

Anglos fell R2 to R238, JCI 
was off R1 at R105 and Vaal 
Reefs declined R5 to R472. 

SAB reversed an earlier gain 
to dose 50 cents softer at R84 
hut Barlows remained in 
demand, adding 65 cents at 
B31, and Sappi rose R2 to B58. 


EUROPE # 

Feelings stay mixed as 
Paris, Zurich rebound 


Sentiment was mixed following 
last week's fears, and Mon- 
day's lack of enthusiasm, 
writes Our Markets Staff. 

PARIS saw some bottom- 
fishing as the market 
rebounded from Monday's new 
low. The CAC-40 index rose 
23J29 or L3 per cent to L876J2 
in turnover of FFr3. lbn; but a 
number of blue chips advanced 
3 or 4 per cent 

Analysts remarked upon the 
gains for G£n£rale des Eaox 
and Lyonnaise des Eaux, up 
FPrl9.20 to FFr477.20 and 
FFr20 JO to FFr489 respectively 
in quite significant volume. 
The two water companies have 
been depressed in recent 
months by allegations of irreg- 
ularities in political party 
funding and similar matters; 
French utilities were down by 
10.7 per cent in the third 
quarter against a l per cent 
decline in the market and it 
may be, said professionals, 
that some investors were 
beginning to look at their earn- 
ings potential. 

Elsewhere, buyers were still 
risk averse, Credit Lyonnais 
falling back again, by FFr9 to 
FFr421, as the bank denied talk 
of unconditional state backing. 
LVMH lost a further FFr15 at 
FFr827 following moves to sim- 
plify the luxury product 
group's structu re. 

FRANKFURT came back 
from the Unity Day holiday, 
and caught up with Monday’s 
fatig elsewhere, the rb»y inrtwr 
shedding 16.80 to 1,994.95 on 
the session and easing to 
1,988.67 in the post bourse. 

US selling seemed to have 
eased, and turnover fell from 
DM7. 6bn to DM6bn; but it was 
no day to be in some second 
liners, with traders news sensi- 
tive and a lack of buyers to 
soak up small s elling . 

A DB Research earnin gs 
downgrade for Asko, the 
retailer, took the shares 
another DM85 lower to DM775, 
down from DM1,000 on August 
30 and a January high of 
DM1,275. 

In construction, Holzmann's 
rights issue at DM650 left the 
shares DM31 lower at DM885; 
in the same sector, Hochtief 
dropped DM40 to DM934; and 
in engineering, Deutsche Bab- 
cock lost DM22L90 - another 
case of brokss' forecasts being 



;tuaries Share Indices 




Oct 4 

Hauty drawn 

Open 

1120 

11.30 1220 

THE EUROPEAN SERES 
1100 1400 15.06 Oom 

FT-SE Brctrw* IDO 
FT-SE Banttedt 200 

131048 

1360.09 

1312.40 

136032 

131228 131124 
136024 135927 

1311.46 

135048 

131223 

13S9J28 

131327 131727 
138025 136021 



Oct 3 

Sop 30 Sep 29 

Sep 26 

Sep 27 


FT-SE Eunttadc 100 


1309J32 


131SJ93 


133053 


1340.01 


134034 


a little too optimistic, said Ms 
Barbara Altmann at B Metzler 
in Frankfurt. 

ZURICH rebounded after the 
sharp losses of the previous 
two sessions and the SMI index 
picked up 23.0 to 2J522J5. 

The recovery extended to 
UBS bearers, up SFr21 to 
SFrl491. and the registered, 
SFr4 ahead at SFx287 - both 
had been heavily sold since 
last Friday's news of the 
bank's capital restructuring. 
BK Vision, Mr Martin Ebneris 
investment vehicle which is 
h parting for a showdown over 
control of UBS. rose SFr35 to 
SFrl.335. 

Chemicals and pharmaceuti- 
cals returned to favour, with. 
Roche certificates recouping 
SFr95 to SFr5,725 and Ciba 
bearers up SFr8 to SFr730. 

Insurers were under pressure 
on worries of competition from 
Germany’s Allianz following 
its purchase of El via. Swiss Re 
was an exception, putting on a 
further SFr27 at SFr671 in con- 
tinued response to Friday's 
news that it planned to sell off 
its direct insurance holdings 
and concentrate on its reinsur- 
ance business. 

AMSTERDAM edged lower 
in quiet, bond-driven trading, 
the AEX index easing 0.29 to 
398.49. ABN Amro fell 60 cents 
to FI 56^0 on fears of interest 
rate rises. 

KNP BT extended Monday's 
losses, falling FI 120 to FI 50 
following news of collapsed 
merger talks with Ivan Allen, 
of the US. 

Wolters Kluwer picked up 
FI 1.40 to FI 122.40 on news that 
it had bought the Swiss train- 
ing institute Krauthammer 

Intamatinnal- 

MuMhouse, a software com- 
pany, rose 40 cents or 16.6 per 
cent to n 2.80 in heavy vol- 
ume on takeover rumours after 
a year in which the loss-mak- 
ing company has been hover- 


ing just above FI 2.00 per share. 

MILAN finished easier but 
off the lows seen after com- 
ments by President Oscar 
Luigi Scalfaro, that he had not 
been given time to study the 
1995 budget, suggested a rift 
between the cabinet and the 
presidency. 

The Comit index finished 
9.76 or 1.5 per cent lower at 
657.98. while the real-time Mib- 
tel index picked up from a 
day's low of 10,464 to close 34 
easier at 10,551. 

Fiat hit an early high of 
L6.525 after the Fiat Auto man- 
aging director, Mr Paolo Can- 
tanella, said that market condi- 
tions were improving, but 
added that Fiat Auto had made 
a loss in the first half. Subse- 
quently the shares dropped 
back to L6.477. 

The banking sector contin- 
ued its recent decline. Banco dl 
Napoli losing another L14 to 
Ll.484 on speculation that it 
might be about to launch a 
capital increase. Credito Itali- 
ano fell L50 to L2.010. 

Benetton remained under 
pressure, giving up L350 to 
L20.400 for a foil of 7.9 per cent 
since last Friday's disappoint- 
ing first-half results. 

VIENNA traders said that 
buyers were reluctant to go 
bargain hunting ahead of gen- 
eral elections in both Austria 
and Germany, sentiment was 
hit early by weakness in the 
German bund future, and the 
early closing ATX index fell 
8.42 to 1,051.54. 

Economos, the seal and 
washer maker endangered by 
the possible non-payment of a 
SchlOOm debt from a US sib- 
ling, said it could service its 
own debts even though one 
hank had called in credit lines. 
However, the shares weakened 
Sch77 to Sch693. 


Written and edited by William 
Cochrane and Michael Morgan 



Th« amouxxarw* Jppwn as a raatair at recx*d <v#y 
August 1984 

£1,762,316,639 

The Lords Commissioners of 
Her Majesty’s Treasury 

H.M. Treasury has realised the above 
proceeds from the sale of debt 
of privatised companies 

Advisor to H.M. Treasury 


m 


ft 


TlwomnwioaiTwitKipanuoi mast, rtracoid only: 


Now Issue/ July 139a 

U.S. $490,213,555 

Bell Cablemedia pic 


11.95% Senior Discount Notes due 2004 



Lead manager 


•r 

.4fi 

•3 

A 


TIM MWHiemMI appeflrn jg e near of nun! urty 
New Issue /Jity 1994 

£198,500,000 

Kilroot Electric Limited 

9.5% Secured Debenture Stock due 2006-2010 

Unconditionally and Irrevocably guaranteed by 

Kilroot Power Limited 


Joint lead manager 


Tl-ta announ m n m ffi OOpaorj i irnSB ol recwo orft. 

July 1994 

Concurrent Vtorichntfe Oflnrtng 

13,100,000 American Depositary Shares 

Representing 
65,500,000 Ordinary Shares 

Bell Cablemedia pic 


Lead manager 

n»M MCurttH lava not toon ragusnd v«r lha SmvMm Act OM933 wtd nar not b* 
aitarM a> sou n (a LMtod 3am atom m^rfen or an afeuctt anOn 
bom lagtsmaon under to Seeurttn 4a of SB. M«ig fete M4A 
bmund«.Tl*i armourcamsrt apoamj as 8 matt* cfnaxa v* 

New Issue I February 1994 

U.S. $150,000,000 

Thames Water Finance B.V. 

6%% Notes due 2004 
Payment of principal and mtarestuneonditionally guaranteed by 

Thames Water Pic 


Lead manager 




Th* announoMiMrt actnam <a a 


New Issue /May 1994 

£858,293,416 


Eurotunnel P.LC 



U.S. lead placement agent 



Eurotunnel SA 


A CONTINUING COMMITMENT TO OUR UK CLIENTS. 


Salomon Brothers 








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