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FINANCIAL TIMES 




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Metallgesellschaft 
reduces net debt 
by two-thirds 

German metals and engineering group Metallgesell- 
schaft has reduced Its net debt by two thirds to 
DML2bn, ($770m) chairman Kajo Neukirchen said. 
The assets sale instituted when he took control last 
December had generated DML2bn, and 90 subsid- 
iaries had been disposed of or deconsolidated. 

Page 11 

Footsie follows positive Wall Street 

Firm bond prices helped 



FT-SE too Index UK equities to move 

' higher yesterday as WaD 

Hourly movaments Street opened positively 

3,040 : in the wake of data show- 

Q. .... _ ing the US unemploy- 

• 1 ment rate at 5.9 per cent, 

3 000 -\ -j^D rj its towest rate for four 

Mrl f years. The FT-SE 100 
2,880 - -U- UJ Share Index closed 1L3 

V 1 ahead at 2,998.7. down 
2.960 •• just under 1 per cent 

• . over a week which has 

2,340 a orfqd 7 seen the market unset- 

fteirfflr 11011 by fearS 0:131 ^ US 

Sww ‘ ^ Federal Reserve may 

soon raise its key interest rates again. US indica- 
tors keep everyone guessing. Page 4; Bankers pre- 
pare to scrap the grouse shoot. Page 6; Good news 
is bad news for shares. Page 9; London stocks. 

Page 15; World stocks, Page 21; Lex, Page 24; Mar- 
kets, Weekend U 

Police raid Ffnlnvest offices: Police raided the 
Milan offices of Fininvest, business empire of Ital- 
ian prime minister Silvio Berlusconi, damping 
hopes that his right-wing coalition’s confrontation 
with the judiciary might be contained. Page 24; 

Man in the news. Page 8 

Euro Disney to promote French films: 

French-based theme park operator Euro Disney is 
to set up a subsidiary of Miramax, owned by Walt 
Disney, to promote French filnjg in the US. Page 11 

Japan backs outsider as trade chief: Japan 
said it would back South Korean trade minister 
Kim Chul-su to head the new World Trade Organi- 
sation against front-runners Carlos Salinas, former 
president of Mexico, and Rena to Ruggiero, a former 
Italian trade minister. Page 24 

Cult victims ‘probably murdered*: Police 
investigating cult-linked deaths said the bodies of a 
Swiss man, a British-born woman and a baby found 
in a burnt out house in Quebec were probably mur- 
dered. In Switzerland, warrants were issued for cult 1 
leader Luc Jouret and an associate. I 

Japan’s trade surplus falls: Japan reported a 
15.7 per cent fall in its current account surplus in 
the year to August Page 3 

Rover workers get 10% pay deal: Rover 
Group signalled an upward turn in British pay 
deals with a two-year award of about 10 per cent for 
most of the carmaker’s 33,000 employees. Page 24 

Spain may press for Iberia fkmdfaig: Spain is 
likely to seek approval from the European Commis- 
sion to provide further subsidies to Iberia, its finan- 
cially crippled airline, which is expected to lose 
Pta44bn ($344m) this year. Page 2 

China defends nuclear test: China ignored 
appeals for a moratorium on nuclear testing and 
d efe n d ed its second underground test in four 
months. Page 3 

HoHInger to raise Telegraph stake: Shares in 
The Telegraph jumped 20p to 330p in Loudon after 
Hnitinger, the C anadian publishing company con- 
trolled by Conrad Black, said it wanted to increase 
its 57 per cent stake in the UK newspaper group. 

Page 11 

Interest rate rise hits house sales; The UK 

bousing market has been bit by last month's half 
percentage point rise in interest rates, according to 
a survey of more than 200 estate agents. Page 5 


The FT influence 

The Financial Times has been named as the world’s 
most Influential publication in an international survey 
of central bankers, finance ministry officials and 
financial executives. Out of 300 financial poficymakers 
surveyed In 30 countries by the magazine The 
International Economy, 60 per cent of those who 
replied cited ttie FT. 

The survey also named Sir Samuel Brittan, tile FTs 
chief economic commentator, as the world's most 
Influential economic Joumafist, with 32 per cent o* 
respondents citing him. Martin Wolf, Peter Norman 
End David Marsh, all of the FT, were respectively joint 
second, third and joint fifth most Influential. 


Companies In this Issue 


Andrews Sykes 

Argyll 

BSKyB 

BZW Commodities Tst 
Bluebird Toys 

Cdhma 

Chepstow Racecourse 

Ciga 

Cohen (A.) 

Crddit Lyonnais 
Dakota Group 
Dartmoor Investment 
Dawson Internationa! 
EuroDteney 
Reinvest 
General Electric 
Henderson Highland 
Hofflnger 


10 Huaton 

10 nr 
10 Iberia 

iq Kidder Peabody 

1 q L&G Ventures 
1D London Electricity 
1rt Lucas Industries 
Merck 


MWe 

2 Prudential 
13 Rover 
10 SGS-Thomson 

10 Simons & Co. 

11 Sttngsby (HQ 

24 SmtttWtae Beecham 
9 Sphere investment 

10 T&S Stores 

11 The Telegraph 


For customer service and 
other general enquiries call: 

Frankfurt 
(69) 15685150 


End of the road for the man from the Pru 

rr*- - Direct debits to replace cash on the doorstep §3S“S“ 


By Ralph Atkins 


The "man from the Pru”, 
foot-slogging the pavements of 
Britain’s industrial heartlands 
collecting monthly cash pay- 
ments, has yet to bang up his hat 
for good. But be will not be tak- 
ing new business from next year.. 

Prudential, the UK's largest life 
insurer, closed a chapter in com- 
mercial history yesterday by 
announcing that from January 1 
it will stop selling the cash col- 
lection life insurance and savings 
products with which it is almost 
synonymous. 

Mr Jim Sutcliffe, director of the 
group's home service division, 
said existing holders of such 
"industrial branch" policies - so 


called because they were 
designed for the expanding indus- 
trial classes of the nineteenth 
century - would still get their 
monthly visits. 

But for others, direct-debit 
hank mandate and annual or 
half-yearly financial health 
checks will replace the smart 
chap from the Pru, who was 
always polite and unlike slicker 
financial advisers from the City. 
"It is an emotional moment when 
you close the book,” said Mr Sut- 
cliffe. 

The Prudential said its decision 
not only made commercial sense 


- in the first half of 1994 indus- 
trial branch business accounted 
for less than 2 per cent of the 
Pro's total UK sales - but was 
good for its clients. Collecting in 
person amounts that averaged 
just £8 every four weeks was 
expensive, eating into the return 
that investors eventually receive. 

More than 90 per cent of its 
cash collection customers have a 
bank account, the Prudential 
estimates. 

Research suggests that contact 
every six months is sufficient to 
maintain customer satisfaction. 
The Prudential said there would 


be no redundancies among its 
8,000-strong sales and collection 
force, which will concentrate on 
selling other financial products. 

Under 1920s' legislation, agents 
selling industrial branch policies 
must visit at least every two 
months and initial in a premium 
book the amount paid - though 
these rules are under review by 
the government. 

From next year life insurance 
companies will have to give more 
information on costs and 
charges, a move expected to 
make customers more price sen- 
sitive. But other companies offer- 


ing cash collection argued yester- 
day that industrial branch busi- 
ness still made economic sense. 

Mr Martin Fox. marketing 
manager of Pearl Assurance, said 
his company believed in "regular 
contact, regularly looking after 
people and we are opposed to the 
idea of sell mi people something 
and then walking away from 
them.” 

Liverpool Victoria friendly 
society, which last year received 
58 per cent of jts premium 
income from industrial branch 
business, said it was "committed 
to providing the type of business 
the ordinary working men and 
women want". 

Editorial Comment. Page 8 


Tw Heme Service tnfjjrar.ee — 

ASK THE HAN FROM 

THE PRUDENTIAL ffi 


Satisfied customers: how the Pru 
used to advertise on posters 


T or y right urges tax cuts 
to counter Blair’s appeal 


Clinton warning 
to Iraq as troops 
move near Kuwait 


By Kevin Brown and David Owen 

Mr John Major was last night 
fa ring a strong warning on taxes 
from the Tory right, as Labour's 
successful Blackpool conference 
dosed with an endorsement of 
Mr Tony Blair's leadership from 
Mr John Prescott, his traditional- 
ist deputy. 

With many Tories rattled by 
the confidence of Mr Blair's per- 
formance, the Thatcherite Con- 
servative Way Forward pressure 
group was expected to urge the 
prime minister to make tax cuts 
an urgent priority. 

The group was also expected to 
use tomorrow’s issue of its For- 
ward magazine to urge Mr Major 
to stress in his speech to his par- 
ty's conference in Bournemouth 
on Friday that a Conservative 
government would never join a 
European single currency. 

Right-wingers see these steps 
as vital if the party is to establish, 
“dear blue water” between itself 
and Labour. They will also call 
for a renewed offensive on law 
and order, an Issue on which 
they feel Labour has successfully 
eroded the Tories’ advantage. 

In Blackpool, Mr Prescott tried 
to bridge divisions over the 
future of Labour’s commitment 
to widespread nationalisation. 

In a forceful speech designed to 
undermine Conservative efforts 
to ridicule him, he told delegates 
that Mr Blair was “a leader with 
the courage to lead”. 

As the conference closed with 


Surge in 
UK exports 
helps trim 
trade deficit 


By GiBian Tett, 

Economics Staff 

The UK's trade position with the 
rest of the world is improving 
significantly as exports surge to 
meet strong world deman d and 
imports of consumer goods fell, 
official figures showed yesterday. 

The trend suggests that the 
nature of the UK recovery is 
changing, as export-led growth 
begins to play a bigger role than 
consumer spending. 

Meanwhile, a continued fall in 
the trade deficit last month has 
damped fears that the upturn 
might trigger a new balance of 
payments crisis by sucking in 
imports to meet growing demand. 


FT-SE 100: 2.996.7 

YWd *-22 

FT-SE Bntrack 100. 1.287.9 
FT-SE-A All-Share .. 1,404.19 

Nikkal 19,744.75 

Mow Yoric lunchtime 
Dow Janes ind Ave 3,78858 
S & P Compost — 45304 


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UK Neap ... — 5-7 

Wetfher 34 

l# 34 

Features 

Leader Pay — - B 



Labour leader Tony Blair (left) applauds depnty John Prescott for his end-of-conference speech Fwgusww* 


jazz bands and jiving, as well as a 
chorus of Red Flag. Mr Prescott 
said Labour had "learned its les- 
sons”, and promised to consult 
“every region of the land” to 
build a consensus on moderni- 
sing the party’s aims. 

Senior officials said the 
regional tour would help ease the 
pain of transition from the 76- 
year-old Clause Four commit- 


Trade trends improve 


ment to public ownership to the 
more limited support for public 
services favoured by Mr Blair. 

But Mr Blair, who heralded the 
Mid of the nationalisation com- 
mitment on Tuesday, issued a 
blunt warning to left-wingers not 
to exploit the leadership's narrow 
defeat on the issue in a debate 
two days later. 

He said two freshly elected 


left-wing members of the party's 
ruling national executive com- 
mittee would be “very foolish” if 
they interpreted their election as 
a signal of a swing to the left. 
Mr Blair's determination to 

Continued an Page 24 
Conference reports. Page 7 
Blair sets Tory agenda. Page 8 
Lex, Page 24 


By Mark Nicholson in Cairo and 
George Graham in Washington 

President Bill Clinton warned 
Iraq yesterday not to be “misled 
into repeating the mistakes of the 
past” after Baghdad moved 
troops towards its border witb 
Kuwait, from which Iraqi troops 
were expelled by a US-led force 
after it invaded in 1990. 

Tbe US was “taking the neces- 
sary steps”, in response to the 
Iraqi action, Mr Clinton said. 

One mechanised division and 
one armoured division, possibly 
including Iraq’s Republican 
Guards, were said by diplomats 
in Kuwait to be heading towards 
the border. Iraqi divisions are 
smaller than in many Western 
armies, where they often com- 
prise about 12.000 troops, the dip- 
lomats said. 

Mr William Perry, the US 
defence secretary, said the troop 
movements were “not routine 
and they're not typical of what 
we’ve seen in the past, and there- 
fore they do cause us some con- 
cern". 

Diplomats said that Iraq had 
made numerous movements of 
forces since the Gulf war and 
that these had been correctly 
interpreted at the time as politi- 
cal posturing. However, Kuwait 
yesterday called an emergency 
cabinet meeting and colled up 
some army reservists "in 
response to the call of duty”. 

British and US jets are based at 
Dhahran, Saudi Arabia, from 


where they routinely fly recon- 
naissance missions to enforce a 
“Iio-Hy" zone in southern Iraq. 
Britain said yesterday it was 
sending a naval frigate to the 
waters off Kuwait in response to 
the troop movements. 

Evidence of the troop move- 
ments emerged as Iraq sharpened 
its rhetoric against the UN 
embargo on Iraqi oil exports, 
imposed after its Invasion of 
Kuwait, warning that it would 
take unspecified “measures" 
against its “enemies” unless the 
Security Council “immediately" 
eased the ton. 

The Security Council is next 
week to consider a report from 
Mr Rolf Ekeus. the UN special 
envoy, on the readiness of 
systems for the long-term moni- 
toring of Iraq’s weapons pro- 
grammes - a critical condition 
for an eventual easing of sanc- 
tions. 

Mr Ekeus is expected to declare 
the monitoring systems virtually 
in place. France, Russia and 
China have said they believe Iraq 
should next be given a “proba- 
tionary period" of six months for 
monitoring, after which the Secu- 
rity Council should discuss lift- 
ing sanctions. However. Britain 
and the US oppose any such time- 
table. 

Thawra. the newspaper of 
Iraq's ruling Baath Party, yester- 
day warned in a front page edito- 
rial that food supplies were run- 
ning out. Food rations were 
recently cut by up to 50 per cent. 


Vtefcte trade deficit (£bn) 
-0-4 


„'j_4 ul i* i i I i 
Apr 98 
.sowwicao 




Volume of trade” (-1990*100) 

120 j 

I Trend | 


A 

no — -fe oS $l&/ 




The Central Statistical Office 
said yesterday the UK trade defi- 
cit with the rest of the world fell 
to a seasonally adjusted £704m in 
July from £729m in June. 

Measured on a three-monthly 
basis, seen as a more accurate 
guide to the underlying trend, 
the deficit narrowed to £2.45bn in 
the three months to July. This is 
the smallest deficit since 1987, 
barring a temporary low point 
three years ago. It compares with 
a deficit of £3.48bn in the same 
period a year ago. 


y imports 

, , 

S3 1994 Jul 

‘excluding c4 and erratic Hems' 

The CSO said both exports and 
imports had risen to record levels 
in July, although the underlying 
trend indicated that exports had 
shown the fastest growth. 

On a three monthly basis, 
export volumes were 1.5 per cent 
higher in the three months to 
July compared with the previous 
three months, and 10 per cent 
higher than in the same period a 
year ago. Export values grew 
slightly more, indicating that 

Continued on Page 24 


FOR A TASTE OF HOW THE 
MOST SUBSTANTIAL PRIVATE 
INVESTORS ARE TREATED 

PUT £10,000 IN THE 
MERCURY INTERNATIONAL 
PORTFOLIO 


MARKET INDICES 


■ IS lunotrtfma RATES 

.■ STERLING 

Federal Funds: 

_.4*% 

| Now York lunchtime: 

3-m Tress BBS Ytd . 

~SM% 

Is 

156675 

Long Band 

— 94% 

1 London: { 

YWd 

7.944% 

S 

15905 (1.588) 

■ NORTH SEA OB- {Argus) 

DM 

2L4511 (2.4526) 

Brent 15-day (Nov)„ 

.. $17-21 

06-96) FFr 

ELS787 (8-3823) 



SFr 

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■ Gofcf 


Y 

159.480 (158.403) 

New York Cornea pec)..£39&8 

(395.1) £ Index B0.3 (80-2) j 

I London 

_ 5392.7 

(3915)1 

1 


CONTENTS 


Lattea.-, — - 

£» 

FT Actuate 21 

Men In the Nevra 

8 

Fmgn Exchanges - 

13 

CcmpMdM 


Gcta Mahals 

12 

UK 

10 

EquSy Qptere — 

21 

HL ConipflfllM 

11 

London SE — 

15 

Mortals 


LSE Desfeigs 

14 

FT-SE Actuals* 

15 

Moiagad Funds — 

—16-19 


■ DOLLAR 

New York lunchtime: 
DM 1.54675 
FFir SL2B 
SFr 1.2815 

Y 100465 

London: 

DM 1.5411 (1.5444) 
FFr 54660 (5.2785) 
SFr 1.2775 (15806) 

Y 100225 {99.75} 
S Index 62.2 (same) 
Tokyo dose V 100.02 


Money Mahals IS 

Recent Issks 21 

Share hfamaion — 2223 
Worfd Canmodfee 12 


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*** Tiro, ^ Tirtoy UOPQBj U*S DttiaiW USA Si JO 

^ ^ at TIMES L IM ITED 1994 No 32.432 Week No 40 LONDON - PARIS - FRAHKFUBT^HEW YORK • TOKYO 


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• -t-.' ■. 


FINANCIAL TIMES WEEKEND OCTOBE R S/OCTOBER » 199* 


NEWS: EUROPE 


Madrid may 
inject cash 
into Iberia 


Kohl to ‘stay on at least 4’ more years 


By Tom Bums In Madrid 

In the wake of the European 
Commission's controversial 
decision allowing the French 
government to provide fresh 
subsidies to Air France, the 
Spanish government is expec- 
ted to request s imil ar authoris- 
ation before the end of the year 
for Iberia, its financially crip- 
pled airline. 

Iberia is expected to lose 
Pta44bn fS343.7m) this year, up 
on earlier estimates of Pta3Qbn, 
and its accumulated losses by 
December will have effectively 
wiped out a PtalSObn capital 
injection authorised by Brus- 
sels in 1992 on condition that 
□o more public money be made 
available until 1996. 

The request to allow immedi- 
ate additional funds for the 
state-owned carrier, likely to 
total at least another Ptal20bn, 
will be accompanied by a dras- 
tic cost-cutting programme. 
Iberia plans to lower salaries 
by an average 15 per cent over 
two years and to shed 2,120 
jobs from its 24,456 labour 
force. 

The cuts, which form the 
basis of talks with the airline's 
unions over the next two 
weeks, are viewed as a test 
case for the government's 
declared policy of substantially 
reducing losses in the public 


sector. Yesterday the unions 
said they would not begin to 
negotiate the proposed cuts 
unless there was a shake up of 
Iberia '5 senior management 

The heavy losses are likely 
to prompt the removal of Mr 
Juan Saenz who was appointed 
Iberia's managing director in 
September last year. A plan 
drawn up by Mr Saenz to seg- 
ment Iberia's business by hiv- 
ing off its maintenance, han- 
dling and systems units to 
other companies, was shelved 
in May after union opposition. 

Responsibility for Iberia's 
critical balance sheet could 
extend right up to Mr Javier 
Salas, the chairman of both 
INI, the public sector holding 
company which is the airline's 
sole shareholder, and. since 
September 1993. also of Iberia. 
The government is seriously 
worried that the airline is 
draining the resources of prof- 
itable INI companies such as 
Endesa, the partially privatised 
electricity utility. 

Iberia could show a small 
operating profit this year, but 
its balance sheet is heavily 
burdened by its fleet renewal 
and its expansion in Latin 
America where it owns 85 per 
cent of Aerolineas Argentinas. 
and has substantial sharehold- 
ings in Chile’s Ladeco and in 
Venezuela's Visa. 


SELL-OFF GUIDE HAILED 


The Spanish cabinet yesterday sent to parliament a set of 
legislative initiatives governing future privatisations and 
deregulating the telecommunications sector, that were hailed as 
‘'revolutionary" by Prime Minister Felipe Gonzdlez, writes Tom 
Burns. 

The new legal framework for upcoming privatisations 
establishes a principle similar to that of the "golden share” that 
allows the government an effective veto over decisions 
considered to be of strategic interest, that might in future be 
taken by formerly state-owned institutions. The framework sets 
the stage for large-scale global offerings next year by the energy 
group Repsol and by the Argentaria banking corporation, wbich 
are both government-controlled. 

The telecommunications initiative establishes guidelines for 
the total deregulation of the sector in Spain by 1998 and it 
includes a new law that will soon go before parliament setting 
tbe terms for the introduction of cable TV. Mr Gonzdlez said the 
legislative package represented a “cultural change" for Spain 
and a strategic leap forward in its competitiveness. 


Ely Quentin Peel in Bonn 

Chancellor Helmut Kohl yesterday 
spread confusion over his plans for 
eventual retirement, saying he intends 
to stay in office for the next four years - 
if he wins the election - but leaving a 
question-mark over what will happen 
then. 

In a masterly piece of electoral mysti- 
fication. Mr Kohl rejected any sugges- 


Treuhand 
to seek 
more cuts 
in steel 
output 

By Judy Dempsey In Berlin 

Germany’s Treuhand 
privatisation agency is likely 
to push for further cuts in steel 
capacity in eastern Germany in 
a bid to persuade the European 
Commission to accept the sale 
of Eko S tahl, the last of the 
East German steel mills, to 
Cockerill-Sambre, the Belgian 
steel producers. 

Mr Hans Schwarz, head of 
the workers’ council at the 
Hennigsdorf steel mill in the 
eastern state of Brandenburg, 
said the agency might buy 
back a part of the mill in order 
to close down one of the hot- 
rolling complexes which is 
under-utilised. 

Hennlgsdorf, which is owned 
by Riva, the Italian privately- 
owned steel group, produces 
about 700,000 tonnes of steel a 
year, but its capacity could 
increase to lm tonnes when its 
hot-rolling operation is com- 
plete. 

The agency's policy could 
have the affect of keeping over- 
all capacity levels in eastern 
Germany down if Coekeriil 
buys Eko Stahl, but could also 
mean further job losses In the 
industry. 

Under the terms of the Euro- 
pean Union steel levels agree- 
ment. Eko Stahl must not pro- 
duce more than 900,000 tonnes 
until 1999, when production 
can then rise. Mr Scharwz said 
the 850-strong work force at 
Hennigsdorf would be reduced 
by nearly a sixth if the plans 
went ahead. 


tion that he might quit sooner, but 
declared that he would be satisfied with 
a period in office until 1998. 

"If I am given the opportunity and 
the health to be chancellor for another 
four years, this wifi be a big enough 
achievement," he said. 

Suggestions in a recent television 
interview that he would still be chan- 
cellor after the year 2000. when he will 
be 70. he described as "weird". But he 


still gave nothing away. 

Appearing at the last major press 
conference of his election campaign 
before the poll on October 16. he 
stressed his determination to see his 
two great projects accomplished - Ger- 
man unification and European unifica- 
tion. The latter meant that the forth- 
coming inter-governmental conference 
of EU member states, in 1996, must 
make further big strides towards inte- 


gration, including a significant boost in 
the role of the European parliament. 

"This conference must bring us an 
important step further.’’ he said. As for 
the enlargement of the EU. he called for 
a firm timetable to be set for the admis- 
sion of the new democracies of central 
and eastern Europe. He repeated his 
determination that "the eastern border 
of Germany cannot be allowed to 
remain the eastern border of the EU." 







I ' ' % ■;} '}■! . ; stfr ; .v ! ’ f"''" : f- 

m 

m & s 

, . ... • 

* ' ' J " 


Chancellor Helmut Kohl greets supporters after arriving at Leipzig to garner support ahead of the elections on October 16 

Kohl and Scharping look east 


Quentin Peel in Leipzig 

Five years ago 
tomorrow, 
f \ some 70,000 

* . /x J people of 

^ ^ Leipzig took to 

their grimy 
city's streets 
in open defi- 
ance of a mas- 

y’ ment of riot 

police, army 
and militia. 

GERMAN t0 demand 

"We are the people!" was 
their cry, in a confrontation 
with the authorities which 
they feared would become 
another Tienamnen Square. 
Against all the odds, it ended 
without bloodshed. It was an 
heroic anti-climax which 
opened the door for East Ger- 


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many's peaceful revolution. 

This week, they have been 
finding out just what they 
were prepared to lay down 
their lives for the full force of 
parliamentary elections, west 
German-style. And the people 
of Leipzig are clearly a little 
baffled by the experience. 

First came Chancellor Hel- 
mut Kohl, the man who seized 
the opportunity for German 
unification after those extraor- 
dinary events of 1989. He called 
for their thanks, their loyalty 
and their votes for his Chris- 
tian Democratic Union (CDU) 
on a cold, rain-soaked evening 
in what used to be Karl Marx 
Square. 

And then in strode Mr Rud- 
olf Scharping. his arch-rival 
from the Social Democratic 
Party (SPD), to preach a differ- 
ent gospel on the old Market 
Square in front of Leipzig's 
restored medieval town hall: 
that the "unity chancellor” had 
got it wrong, that he was to 
blame for their job losses, their 
bitter unemployment and soar- 
ing rents. They should vote, 
instead, for a change, he said. 

The crowds are a sharp con- 
trast to the massive rallies 
which marked the peaceful 
revolution. Back in 1990, Mr 
Kohl pulled in an estimated 
300.000 on the renamed Augus- 
tus square, in front of the city 
opera. Last week, the figure 
could not have been much 
more than 3,000, including a 
raucous knot of jobless demon- 
strators, who braved a squally 
night to hear his speech. 

The city of Leipzig is already 
a dramatically different place 
to the one which saw those 
Monday demonstrations in 
October and November. 1989. 
spilling out from the prayer 
sessions in the Nikolai church, 
under the shadow of Karl Marx 
University. 


Western stores, sleek shoe 
shops and bustling supermar- 
kets dominate the cleaned up 
streets of the city centre, 
cranes swing on all sides over 
the skyline, and fast food from 
Mdvenpick and McDonalds has 
replaced the soggy fare from 
half-empty state restaurants. 

There is still a slightly scuf- 
fed and hang-dog look to the 
passing pedestrians, still sport- 
ing cheap, colourless clothes 
left over from tbe old regime. 
But no one is too scared to 
shout their protests at the dis- 
appointments of unification, or 
even sling a solitary egg at a 
poster of the chancellor. 

They carried crosses for each 
local factory which has been 
forced to close in the harsh pri- 
vatisation process which fol- 
lowed economic and monetary 
union between the two halves 
of Germany, and countered the 
loyalists' chant of “Helmut! 
Helmut!" with a barrage of 
whistles and cries of “Kohl 
must go!". 

The chancellor was 
unmoved. He looms over the 
microphone under a massive 
party slogan - “Vote CDU to 
make sure it goes on getting 
better" - and bellows his mes- 
sage through loudspeakers - "I 
am the man who brought you 
unification. Vote me." 

Most of his speech is pure 
history: recounting those 
heady days when he thrashed 
out the deal with President 
Mikhail Gorbache which set 
the seal on German unity. This 
Is Kohl the statesman, the man 
of history, the man they owe. 

He rounds on the demonstra- 
tors with a fury which sug- 
gests that he cannot under- 
stand their ingratitude: they 
are the Communists who, with 
the Nazis, brought down the 
democracy of the Weimar 
republic, he declares. They are 


the ones who would do it 
again. And he castigates the 
Social Democrats for any hint 
that they might be prepared to 
use communist support to 
defeat his coalition govern- 
ment in Bonn. 

Mr Scharping is another ani- 
mal. He is full of facts and fig- 
ures, of jobs lost and policies 
mishandled. His rival promised 
that unification would be all 
but painless, and he lied, he 
says. 

He reels off all the tax rises, 
the soaring rents and prices, 
the unemployment and the 
squeeze on social spending. He 
promises more social justice, 
and more cash payments for 
children, as well as a fairer dis- 
tribution of the tax burden. 

It is all a bit lost on his audi- 
ence. until he comes to ques- 
tions of housing, rents and 
property. That is what they 
understand: the uncertainty of 
living in homes which might 
suddenly be sold, and the 
shock of paying western rents 
on eastern wages. 

Mr Scharping says he will 
freeze the rents, and ensure 
that former property owners 
get compensation, not restitu- 
tion. 

“I like what he is saying," 
says a severe-looking middle- 
aged lady in a yellow overcoat 
"But I'm not sure he can 
deliver it" 

A grim-faced worker is quite 
sure where his vote does not 
lie: “That Kohl is shameless," 
he insists. Tm 59 and unem- 
ployed. He cost me my job." 

But the electors of Leipzig 
are learning fast. “That’s all 
electioneering," says a leather- 
jacketed motor mechanic, 
highly suspicious at being 
questioned for his views. 
“You've got to take it with a 
pinch of salt I'm just happy 
that I’ve got a job." 


Yeltsin gets a taste for 
the spirit of politics 


FINANCIAL TIMES 


By John Uoyd in Moscow 

The official Russian news 
agency, Itar Tass, yesterday 
published excerpts Grom a let- 
ter from President Boris Yelt- 
sin to Mr Albert Reynolds, the 
Irish prime minister, which 
express the president's “sin- 
cere regret" for the “annoying 
misunderstanding" which kept 
him inside his jet at S hann on 
airport on his way back from 
the US a week ago. instead of 
attending a scheduled meeting 
with the prime Minister. 

Mr Reynolds, with great 
good humour, accepted the 
explanation given to him by 
Mr Oleg Soskovets, first deputy 
prime minister, that Mr Yeltsin 
was “unwell" and "fatigued". 

Mr Patrick McCabe, Irish 
ambassador to Moscow, said 
yesterday the letter, sent on 
Tuesday, was “warm and gra- 
cious”: it repeats an already-is- 
sued invitation to Mr Reynolds 
to visit Moscow next year, and 
looks forward to a meeting at 
the Conference on Security and 
Co-operation In Europe in 
Budapest in December. 

It could not have escaped the 
attention of the Irish, however, 
that Mr Yeltsin said he was not 
unwell when he returned to 
Moscow, proffering instead the 
explanation that his security 
people had not allowed him to 
be woken and that he was 
annoyed about it an explana- 
tion the letter seems to implic- 
itly endorse. 

Tbe Irish snub completed a 
troika of such events. Last 
month, Mr Yeltsin seized a 



Yeltsin: stayed on plane as 
Irish PM waited on tarmac 

baton from a band leader, sung 
loudly and stumbled at a recep- 
tion at the Berlin ceremony 
marking withdrawal of Rus- 
sian troops. In Washington last 
week he gave a boisterous 
press conference after talks 
with President Bill Clinton. 

These have embedded them- 
selves in the Russian political 
landscape, and, as the political 
season opens once more, the 
president's behaviour and hab- 
its will not be off-limits. 

They have not so far, how- 
ever, come under the sustained 
attack which a Western head 
of state would certainly have 
had to suffer. Mr Victor Ilyu- 
khin. Communist deputy who 
referred on Wednesday to Mr 
Yeltsin’s escapades as "our 
shame" and claimed he was a 
long-term sufferer from alco- 
holism, was a rare exception to 
official silence, or indifference. 

The incidents, and Mr Yelt- 
sin’s general behaviour come 
up in ordinary conversation. 


but are shrugged off, as if to 
say: "What would you expect?" 

The official Communist 
party disapprobation of drunk- 
enness, which reached a peak 
when Mr Mikhail Gorbachev 
come to power in 1985 and ban- 
ned drinking, has wholly gone. 

It had anyway been, in the 
latter part of the Soviet period, 
largely hypocritical: Mr Wil- 
liam Pokhlebkin, whose “His- 
tory of Vodka" appeared three 
years ago. says that, in the 
1970s, “it was no longer possi- 
ble to evoke a popular con- 
tempt for drunkenness, to cre- 
ate an attitude of disdain for 
drunkards, since heavy drink- 
ing had lost its stamp as a 
gTave offence incompatible 
with the Soviet system". 

Now. alcohol Is indispens- 
ably compatible with the good 
life, or efforts to simulate it. 
Most of the street kiosks sell 
alcohol of varying sorts. It is 
available in large quantities at 
official, as well as private, 
receptions. 

Mr Genady Zyuganov, the 
increasingly militant leader of 
the Communist party, said yes- 
terday that the opposition 
would be out in force next 
week to debate parliament's 
relations with the president 
The Communists have shown 
that they have no inhibitions 
about attacking Mr Yeltsin for 
his alleged drinking habits: the 
issue will come up again, and, 
if the allegations have a basis, 
then Mr Yeltsin, his health 
uncertain, is in poorer and 
poorer shape to withstand the 
attacks. 


Swedish 
premier 
calls in 
executives 


By Hugh Camogy 
In Stockholm 

Mr Ingvar Carlsson. Sweden 1 * 
new Social Democratic prime 
minister, yesterday called In a 
group of the country's top 
business leaders lo advise, him 
on industrial polio', including 
three executives who launched 
a thinly-veiled attack on Social 
Democratic policies daring the 
general election campaign. 

Mr Carlsson. who officially 
assumed office yesterday, out- 
lined in his opening speech to 
the Riksdag (parliament) his 
government's policy platform 
and said that he was appoint- 
ing a special industry advisory 
committee to support him in 
his efforts to reduce unemploy- 
ment, running at around Z4 
per cent of the workforce. 

The committee is to inefnde 
Mr Percy Barnevik. chief exec- 
utive of the Swiss -Swedish 
engineering group Asea Brown 
Boveri, Mr Lars Ramqrist, 
chief executive of the telecom- 
munications group Ericsson, 
Mr Bo Berggren. chairman of 
the forestry group Store, Mr 
Leif Johansson, chief executive 
of Electrolux, and Mr Bert-O- 
lof Svanholm. head of the 
Swedish division of ABB and 
chairman of Volvo. 

All five, who will be joined 
by other senior Swedish busi- 
ness leaders, are key figures in 
the Wallenberg family indus- 
trial empire. Mr RnmqvisL Mr 
Berggren and Mr Svanholm 
were co-signatories of a news- 
paper article shortly before 
last month's general election 
which warned of the threat to 
investment in Sweden tf the 
new government introduced 
policies harmful to industry. 
They most strongly opposed 
income tax Increases which 
Social Democrats are commit- 
ted to. 

Mr Carlsson, saying his top 
priority was to tackle the bad- 
get deficit and reduce unem- 
ployment. said new jobs must 
come from industry. “Sweden 
needs more companies and 
more company owners.” he 
said. “This requires closer 
co-operation between the gov- 
ernment and industry. I will 
personally be strongly 
engaged in this work." 

The Social Democrats plan 
to increase investment Incen- 
tives and may try to cut corpo- 
rate tax. But the new prime 
minister gave no indication 
that be would back down on 
his election programme of 
raising marginal income taxes, 
wealth and capital taxes and 
taxes on dividends. 

Mr Carlsson said the elec- 
tion plan, which also included 
spending cats, and measures 
already approved by parlia- 
ment this year would over tbe 
next four years strengthen the 
budget by SKrSObn. 

Apart from the public 
finances and unemployment 
his four other priorities were 
to protect and develop tbe wel- 
fare state, increase Sweden's 
international engagement, 
deepen co-operation in Europe 
and harmonise the environ- 
ment and industry. 


Discord on 
rouble’s fall 


Russian ministers yesterday 
gave sharply different accounts i 
of the rouble’s rapid fall, j 

reflecting fear in government 
circles over Russia's reform 
course, writes John Lloyd. Mr 
Sergei Dubinin, acting finance 
minister, said the fall was 
“profiteering, pure and simple" 
by commercial banks, and that 
the rouble would rise again 
soon. But Mr Anatoly Chubais, 
deputy prime minister in 
charge of privatisation, told 
regional presidential represen- 
tatives the fall was a "result of 
half measures and deviation 
from the financial policy". 

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• FINANCIAL TIMES W EEKEND OCTOBER 8/OCTOBER 9 1994 


NEWS: INTERNATIONAL 


INTERNATIONAL NEWS DIGEST 

Italy seeks new 
budget formula 

The Berlusconi government is urgently studying ways to 
reformulate its 19® budget after its rejection by the senate. 
Tne search for a new formula followed a surprise vote in on 
Thursday rejecting plans to raise U.OOObn (£2bn> from an 
amnesty on buildings constructed without proper permits. The 
rands would be raised through charging registration fees for 
regularising property development and construction carried 
out without permits since 1985. 

Along with a further Lio.ooobn due from a pardon on dis* 
puted tax assessments, the two items were the main source of 
new revenues in the 1995 budget. Overall the budget, which 
began Its path through parliament this week, is due to find 
L50,000bn In fresh revenues and spending cuts to reduce the 
public sector deficit to below 8.5 per cent of GDP. 

The illegal construction amnesty has been hotly contested 
by the opposition, especially the Greens. Also at least five 
regional administrations have filed suits with the constitu- 
tional court seeking to block the measure which is seen as 
condoning uncontrolled speculative budding. In the senate, 
where the right wing coalition lacks a majority, the govern- 
ment was handicapped by several absences. The vote was lost 
by 113 to 115. The government has pledged to devise a means 
of re-introducing the legislation; but finding the necessary 
consensus in the senate may prove difficult. Mr Laraberto 
Dim, the treasury minister, warned this week that in the event 
of revenue shortfalls, the government would have to resort to 
extra taxes. Robert Graham, Rome. 

UN troops expel Moslems 

United Nations troops yesterday drove Moslem forces from the 
Sarajevo demilitarised zone at gunpoint after Bosnian Serbs 
threatened revenge for a commando raid in which 20 Serb 
soldiers and women nurses were killed. Peacekeepers said 
they had evicted at least 550 men of the Moslem-led Bosnian 
government army from the Mount Igman area of the zone and 
destroyed their bunkers and trenches. 

UN co m ma n ders feared the Moslem attack, launched from 
the DMZ against a Bosnian Serb army command post, would 
wreck their efforts to lift a Serb blockade of aid for civilians. 
Angry Serb leaders had warned they might order UN peace- 
keepers off their territory, but the first UN aid flight to the 
city for 15 days touched down safely yesterday morning. The 
operation to flush the Moslems out of the DMZ, begun on 
Thursday and continued overnight, was to pre-empt any 
attempt by the Serbs to do the job themselves. UN envoy 
Yasushi Akashi made clear to the Moslems he would order 
Nato air strikes against them if they refused to obey. Reuter, 
Sarajevo. 

Polish TV licensing row 

Differences over licensing policy inside Poland's TV and Radio 
Council, a regulatory body, are delaying plans by Canal Plus, 
the French pay television channel, to go on the air. The 
French company, which has invested $4m in Poland and plans 
to invest another J36m, called on the council's new chairman 
Mr Janusz Zaorski to grant the licence promised last summer. 
The delay in signing the licence has given rise to fears that Mr 
Zaorski plans to grant the frequencies to another operator 
such as the Italian-owned Polonia network which failed to win 
a licence in the original contest but is held in higher regard by 
President Lech Walesa, who appointed Mr Zaorski. 

Canal Plus is also under pressure from Multichoice, owned 
by Mr Rupert Murdoch's News Data Corporation, which is 
marketing a pay TV service subtitled in Polish. Multichoice is 
also offering coded satellite channels like Fffmnet and Discov- 
ery but has not gone through the expensive and time-consum- 
ing licensing procedures completed by Canal Plus. The French 
company yesterday called on the Radio and TV Council, to 
examine the legality of Multiehoice’s operations which 
threaten its profitability. Christopher Bobmski, Warsaw. 

Danish economy grows at 5.7% 

Denmark’s gross domestic product increased by 5.7 per cent in 
the second quarter against the same period last year, taking 
the growth rate for the first half year to 5.4 per cent (in 
constant prices), according to the official Statistical Office. 
The first half recovery was led by consumer demand, which 
soared by 8.1 per emit compared with last year. Exports grew 
by 6.8 per cent, with second-quarter exports up by 9.6 per cent. 
Grass fixed investment increased by 3.2 per cent 
The rapid increase in demand generated strong import 
growth, with imports up by 13.6 per cent in the first half and 
by 17 per cent in the second. The Danish recovery is supported 
by strong demand for exports, but it was also stimulated by a 
major boost to domestic demand from government fiscal pol- 
icy last year. Widespread conversion of mortgage loans from 
hi gh coupon to low coupon bonds last autumn and in the 
spring also made a significant contribution to consumer 
spending by reducing the cost of servicing mortgages. Hilary 
Barnes , Copenhagen. 

Commuter anger explodes 

Stranded Indian commuters went on a rampage yesterday, 
burning railway carriages, looting shops and attacking buses 
after a derailed train halted peak-hour traffic into Bombay. 
Irate commuters attacked railway property at about 11 subur- 
ban railway stations, beating up railway staff, burning furni- 
ture and stealing cash from ticket offices. At least 34 people 
were taken to hospital, including 20 railway staff Police 
opened fire at Bhayandar to quell angry mobs, and used 
batons elsewhere to try to maintain, order. Police said at least 
70 buses were damaged, while 10 carriages of a train were set 
ablaze. Passengers pulled out the seats from another train and 
made them into a bonfire. 

More than 500 suburban trains were cancelled because of the 
day-long violence. Hundreds of commuters squatted on the 
tracks blocking trains into the evening. Railway staff said 
train services would be disrupted for at least 48 hours because 
of the violence and damage. It was the fourth time since July 
that violent commuters had attacked railway property follow- 
ing the disruption of services. Bombay's suburban railways 
carry more than three million commuters a day into the 
banking and commercial centre. Reuter, Bombay 

China urges patents crackdown 

China, under strong pressure from the US to protect copy- 
rights and patents, ordered its courts yesterday to wage war 
on violators of intellectual property rights. The Supreme Peo- 
ple's Court of China issued a circular to all civilian, military 
and special courts to “conscientiously study and research.- 
laws governing protection of Intellectual property riffots", the 
official People's Daily said yesterday. 

Foreign businessmen in China have expressed concerns over 
the abilities of courts to deal with the often highly technical 
nature of copyright issues. According to the circular, courts 
have been advised to select people with foreign language 
abilities and background in science and engineering to take 
part in copyright violation trials. Hie courts were also told to 
resist protectionism in local governments and other govern- 
ment agencies. Reuter, Beijing. 

Earthquake insurance bill rises 

Estimates of insurance losses from the Los AnplM earth- 
Quake last January have been raised from $7.2bn to $9bn after 
a surprising number of new claims, the American Insurance 
Services Group said. More than 100 new claims a day are being 
reported by insurance companies, the group said. About 
350000 claims have now been received by insurers. Home- 
owners’ losses represent 76 per cent of claims, with commei- 
rial losses accounting for an additional 13 per cent The heavy 
lossesreflect the thrust-fault motion of the earthquake which 
exerted enormous forces on structures. The earthquake hit the 
heavily populated area of north-west Los Angeles on January 
14. causing extensive damage over a wide area. Louise Kehoe, 
San Francisco. 


Market crisis spurs probe into Hualon links 


By E-aura Tyson in Taipei 

Taiwan's monetary authorities 
yesterday launched an investi- 
gation into the extent of finan- 
cial institutions' exposure to 
the Hualon group, a textile 
conglomerate, in the wake of 
the country's worst stock mar- 
ket crisis in two years. 

Four of the group’s execu- 
tives were detained on Thurs- 
day as they tried to leave the 
country after payments 
defaults triggered when under- 
ground financiers called in 
loans. Another was detained 
later. 

They are befog held under 
suspicion of violating article 
155 of the Securities and 
Exchange Act, which prohibits 
direct or indirect manipulation 
of share prices. The mavim um 
sentence is seven years in 
prison or a TS750.000 fine. 


Relative calm returned to the 
market, which, fell by more 
than 4 per cent on Thursday. 
Mr Oung Ta-ming, a Taiwanese 
legislator and Hualon's behind- 
the-scenes head, conceded he 
was not entirely blameless but 
said he could do nothing to 
resolve the matter uadi Ms LL 
Hsiu-fen, his top aide and man- 
ager of his share trading activi- 
ties and one of the executives 
who bas been detained, was 
released from detention to help 
clarify matters. 

Mr Oung enjoys virtual 
immunity from prosecution as 
a lawmaker. He launched his 
political career with his elec- 
tion to Taiwan's Legislative 
Yuan shortly after a similar 
share payments crisis in 1992 
to which he was also linked. 

The Securities and Exchange 
Commission said yesterday 
defaults had been staunched at 


T87.6bn. Mr Day Linin, SEC 
chairman, said the incident, 
which sparked a share index 
dive of more than 7 per cent in 
two sessions, had been con- 
tained and would not precipi- 
tate instability. 

According to figures from 
the Central Bank of China, out- 
standing loans to Hualon’s five 
listed companies alone 
amounted to at least TS2Sbn at 
the end of August newspapers 
reported. 

Loans from banks, bills 
finance companies and other 
formal financial entities to 
Hualon-Teijran were reported 
to total more than T$i0bn. 
Central bank officials could 
not be reached for comment 

Brokers said it was impossi- 
ble to estimate the group's bor- 
rowings from underground 
financiers. Market sources esti- 
mated Mr Oung has T$4bn in 


Taiwan 

Weighted index 



cash on hand. 

Taiwan banks generally lend 
on the basis of full security, 
mostly in the form of real 
estate or equipment, but some- 
times they hold securities as 
collateral. 


Market sources said some 
hanks refused to lend to enti- 
ties affiliated to the Hualon 
group following .1 similar sliarc 
payments default crisis in 
autumn 1991 That resulted In 
default totalling TS93bn. 

As well ns being one of 
Taiwan's wealthiest men, Mr 
Oung is a powerful politician. 
He controls the parliament's 
finance- committee and is said 

to have his own faction of a 
dozen or more legislators in 
the 161-scat legislature. 

He is an enigmatic character 
who sports a straggly beard, 
dresses sloppily and is 
renowned for his retinue of 
attractive young women. 
"Oung Ta-ming is very myste- 
rious; you ain't try to under- 
stand him using normal logic," 
said a Taiwanese investment 
banking source. 

The analyst suggested that 


with Taiwan's closely -kn«-_ 
business and politics, there 
was likely w be more to the 
situation than met the eye. 
"Anything related to politics 
here is not so simple - \ou 
can't just add uite and one and 
come up with two." he Mid. 

Hit by a global slump m the 
textile industry. HunLm-T’.- 
Uran Corp posted net lu-Wv.-. of 
TOM-Imn <US$l L2nm» in 
the fourth const-cut iu« year sn 
the red. 

The com pan v forecasts .1 
profit of TSSKttnn iUS$35.*'iiun) 
m 199-1. One of Taiwan's big- 
gest textile companies. Hualon- 
Tehran's total assets stood at 

USSl.Thn at the etui of 199.1. 
Total group assets are esti- 
mated at US$2.5bu 

Mr Liu Clion kuo. the finance 
minister, said tlm-e responsi- 
ble for the defaults crisis 
would ho brought to justice 


China defiant 
after second 
nuclear test 


By Tony Walker in Bailing 

China yesterday ignored 
appeals for a moratorium on 
nuclear testing and strongly 
defended its second under- 
ground test in four months. 

The Chinese insist that they 
lag well behind other nuclear 
powers in testing. "Among all 
the nuclear states, China has 
conducted the least nuclear 
tests,” the foreign ministry 
said. C hina is believed to have 
conducted 41 tests compared 
with 1,000 by the US. 

Beijing said it remained com- 
mitted to a comprehensive 
nuclear test ban treaty by 1996 
and repeated its proposals for 
treaties on the “non-first-use" 
of nuclear weapons and tbe 
removal of threats of nuclear 
attack against non-nuclear 
weapon states. 

But western governments 
lodged protests over the test at 
the Lop Nor site in far-western 
Xinjiang province. Britain 
"regretted” tbe test and Aus- 
tralia instructed its embassy in 
Beijing to “convey its con- 
cerns’’. Russia expressed regret 
and concern and advised Bei- 
jing to rethink its policy. Mr 
Miguel MarforBosch, chairman 
of the conference on disarma- 
ment committee on a nuclear 
test ban said in Geneva the 
latest blast was “not condu- 
cive" to advancing tbe 39-na- 
tion negotiations. 

The foreign ministry in Bei- 
jing said China would end its 


nuclear tests once a compre- 
hensive test ban treaty came 
into effect “China is actively 
participating in tbe negotia- 
tions on a comprehensive 
nuclear test ban treaty beld in 
Geneva and hopes to see the 
conclusion or the treaty at the 
earliest possible date or no 
later than 1996,” it said. 

Australia's seismological 
centre in Canberra detected 
the test early yesterday and 
said the detonation was con- 
sistent with a medium-to-large- 
explosion. Yield was estimated 
at the equivalent of 40-150 kilo- 
tonnes of TNT. 

China conducted its last test 
in June in spite of demands by 
the US and Japan to refrain. 
Beijing bas steadfastly refused 
to join a US-sponsored two- 
year moratorium. 

The foreign ministry official 
said China possessed a small 
quantity of nuclear weapons 
“solely for the purpose of self 
defence.” He urged nuclear 
weapons states to agree to the 
destruction of all nuclear 
weapons soon. 

In Canberra. Mr Gordon Bil- 
ney, Australia's acting foreign 
minister, said. China's contin- 
ued testing was “out of step 
with the positive atmosphere" 
of negotiations on a compre- 
hensive test ban. 

“China must come to terms 
with the imminent fact of a 
ban on nuclear testing for all 
time and in all environments,” 
Mr Bllney said. 


Japan’s 

trade 

surplus 

falls 

By waiiam Dawkins in Tokyo 

Japan yesterday reported a 15.7 
per cent decline in the current 
account surplus in the year to 
August, the first drop in three 
months. 

The improvement, hot on the 
heels of last weekend's settle- 
ment of the latest US-Japan 
trade row, reinforces the 
finance ministry's contention 
that the surplus is passing its 
peak. 

The drop, to $6.16bn from 
¥73 1 bn in the same month last 
year, comes partly as a result 
of a surge in energy imports 
caused by an unusually hot 
summer, plus an underlying 
pick-up in consumer demand. 
It is becoming clearer that 
Japan is heading for economic 
recovery, Mr Yasushi Mieno, 
governor of the Bank of Japan, 
said yesterday. 

Within the overall current 
account gap. the manufactur- 
ing trade surplus fell by 4 per 
cent to $8.65bru while trade In 
services showed a $1.57bn defi- 
cit, 39 per cent more than the 
services deficit in August last 
year. Exports of goods rose by 
L2L2 per cent to ¥3039bn, while 
imports grew rather faster, by 
203 per cent to $2l.74bo. 

A recent sharp rise in the 
outflow of long term capital 
continued in August, at 
S15J7bn, well over twice the 
$S.8bn capital outflow in the 
same month of last year. This 
is mainly due to an increase in 
Euro-yen bonds issued over- 
seas by Japanese companies, in 
search of cheaper capital in 
less regulated foreign markets. 
Sales by foreign investors of 
Japanese shares and bonds 
held in Tokyo played a smaller 
part in August's capital out- 
flow than was the case in July. 

Yesterday's foil in the sur- 
plus helped to ease pressure an 
the yen, so that the dollar rose 
Y0.47 to close at YlOO.02 in 
Tokyo yesterday, the highest 
since September L 


Airport to 
expand as 
protestors 
relent 

By Gerard Baker in Tokyo 


Tbe Japanese government is 
expected to announce plans 
next week to increase capacity 
at Tokyo's overcrowded Narlta 
international airport, follow- 
ing a deal with anti-airport 
pressure groups who have 
blocked expansion for almost 
30 years. 

Mr Shiznka Kamei, the 
transport minister, said Ms 
ministry had accepted a pro- 
posal from mediators that 
would settle its dispute with 
farmers and other groups hos- 
tile to the airport. He declined 
to comment on tbe details of 
the plan but it is understood 
to provide for the construction 
of one additional runway at 
the airport, 40 miles 
north-east of Tokyo. 

Farmers and environmental- 
ists successfully held up the 
original construction of the 
airport for more than a decade 
and have vehemently opposed 
any expansion, but they are 
understood to have agreed to 
the mediators’ proposal. It 
calls upon the government to 
suspend plans for a third run- 
way and not to press ahead 
with the construction of the 
second before completing 
extensive consultations with 
formers and residents affected. 

The transport ministry bad 
originally proposed tbe con- 
struction of two more nmways 
at the site to meet the rapidly 
growing demand for landing 
slots. An estimated 38m pas- 
sengers are expected to use the 
airport in 2006, compared with 
22m now. Airlines from 43 
countries are awaiting permis- 
sion for landing rights at Nar- 
ita. 

The compromise is expected 
to be formally approved at a 
final round of negotiations 
next Tuesday. However, the 
consultation process is expec- 
ted to take several years to 
complete before construction 
of the runway can begin. 


Beijing to set up HK shadow body 


By Tony Walker 

Chinn is to set up a special 
committee in Hong Kong in the 
run-up to the 1997 takeover to 
review legislation and recom- 
mend appointments to the judi- 
ciary. 

Beijing’s announcement of a 
“civil legislative committee” in 
direct competition with Hong 
Kong's Legislative Council 
denis another blow to Si no- 
British co-operation. 

The official China Daily 
reported that the new commit- 
tee would "oversee areas cur- 


rently being supervised by the 
Legislative Council - '. 

China was compelled to take 
this step alter the' British Hong 
Kong government closed the 
door to co-operation with 
China, the newspaper said. 

China's declaration came 48 
hours after Hong Kong Gover- 
nor Chris Patten made the con- 
ciliatory offer of allowing offi- 
cials of his administration 
informal contacts with Bei- 
jing's preliminary working 
committee - the body set up to 
prepare for Chinese rale. 

Previously, Mr Patten had 


banned any contact between 
Hong Kong officials ami the 
PVVC whose establishment lost 
year was widely regarded as an 
attempt to undermine British 
authority. 

Mr Patten made his offer in 
his third policy speech ;is gov- 
ernor. but China's response 
was dismissive. This reflects 
the parlous state of Sinn-Brlt- 
ish relations. 

British officials said that 
while the formation of a new 
committee to review legislation 
would be “unhelpful" the body 
would not come into being 


until it was approved next year 
by the National People's Con- 
gress - china's parliament. 

They also noted that until 
1997 the com m it tee would 
serve nu practical function 
since it would have an author- 
ity to amend ur lvjevt legisla- 
tion. or make appointments. Its 
recommendations would not 
take effect until sovereignty 
passed to China. 

But tht*se officials said that 
Beijing's negative reaction to 
Mr Patten's attempts at concili- 
ation this week hardly augured 
well for increased co-operation. 


Australia acts to deregulate utilities 


By Peter Montagnon 

AUSTRALIA plans new rales 
on competition next year 
which will allow for deregu- 
lation of utilities and pave the 
way for the eventual creation 
of a national power grid, its 
treasurer, Mr Ralph Willis 
said in London yesterday. 

The changes, first proposed 
in the Hilmer report on 
national competition policy, 
involve the application of com- 
petition rules to previously 
exempted sectors, including 
businesses controlled 
by the governments of 


Individual states. 

Mr Willis said the proposals, 
which would also introduce 
competition rules to the pro- 
fessions and statutory bodies 
for marketing commodities, 
were “the most significant ele- 
ment” of the government's 
programme for structural 
reform. 

The new rules would give 
the federal government legal 
powers to restructure the 
power industry so that sepa- 
rate entities conld be 
responsible for power 
generation, transmission and 
distribution as is now the 


case in Britain. 

This would remove state 
governments’ effective monop- 
oly on local electricity supply 
by forcing open the distribu- 
tion network to all generators, 
a particular breakthrough 
given Australia's federal con- 
stitution which hinders 
national de-regulation of utili- 
ties. 

“We think it appropriate 
that we have a national grid 
so that we can remove excess 
capacity and generate competi- 
tive presures on pricing,” Mr 
Willis said. 

The new rales might also 


pave the way for privatisation 
of state electric utilities, but 
“the principal thing is to have 
competition," he said. 

Mr Willis said the federal 
government planned to final- 
ise the necessary legislative 
package by February next year 
and set in train the necessary 
institutional arrangements by 
mid-1995. 

Eventually a similar 
approach could be applied to 
gas supply. National efforts 
were also under way to 
improve rail communications, 
Mr Willis said. 



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Bumper stickers cannot fix unruly, dirty and unlovely Bogota 


City elections are focusing on social problems 
underlying the physical decay, says Sarita Kendall 


B ogota is an unruly, dirty 
and unlovely city. It has 
outgrown its transport, 
sewerage and water systems, 
and there are 14 murders a 
day. As Mr An tanas Mockus, 
the candidate in mayoral elec- 
tions on October 30 who leads 
the opinion polls by a large 
margin, told a hall full of stu- 
dents: “You can’t fix Bogota by 
putting 'I love Bogota' stickers 
on your car. Instead, say 'I 
hate it. but I'll do something to 
improve it’." 

Sick of empty electoral prom- 
ises. Bogotanos have warmed 
to Mr Moctus's candid pre- 
scriptions. He is making no 
political pacts and his popular- 
ity scared the Liberals and 
Conservatives into discussing 
an alliance for the local gov- 
ernment elections. When this 
fell through. Mr Enrique Pena- 
losa of the Liberal party was 
left as the other contender. 

Fuelled by migrants from all 
over the country, the popula- 
tion of Bogota has grown at 
more than 4.5 per cent a year 
during the last decade to 6.3m. 
With about 16 per cent of Col- 
ombia's inhabitants and a 
third of its industry, the capi- 
tal sprawls out from a ridge of 
mountains across a high plain, 
eating up rich farmland. The 
winter rains bring landslides to 
poor hills ide barrios and floods 
to lower-lying ones. 

Although many businesses 
have moved north from the 
original centre, public sector 


offices are still largely concen- 
trated in the town centre. A 
few streets of pretty colonial 
and early republican buildings 
survive in the Candelaria area 
in the city centre, but only 
three blocks from the presiden- 
tial palace there are street 
walkers, drug dealers and any 
number of thieves carrying 
knives up their sleeves. 

From time to time plans to 
remove the army of street sell- 
ers from the main avenues and 
to revamp parts of the centre 
are announced: but such enor- 
mous social problems underlie 
the physical decay that no 
mayor has had the courage to 
tackle them. 

Mr Mockus, a mathematician 
and philosophy professor, took 
on one of the more difficult 
jobs in the country when he 
became rector of the anarchic 
National University. He 
resigned after television news 
programmes showed him 
, mooning’(making a crude ges- 
ture of defiance) at a noisy uni- 
versity audience which would 
not let him speak, but students 
think well of him . “He's an 
intellectual in a million, a very 
good teacher. The university 
reforms be implemented have 
been successful - he’s too far 
ahead on some thin g*;, though; 
people haven't his vision.’* said 
a graduate student. 

The key to changing Bogota, 
according to Mr Mockus, is 
civic culture. All problems, 
including pollution, transport. 


security and tax collection 
could be resolved more cheaply 
if people’s attitudes changed. 
This message, which forms the 
core Of his progr amm e, has 
been well received in a city 
where corruption Is rife and 
cries for help rarely answered. 
A recent study by the mayor’s 
office found the lack of civic 
solidarity to be people's fore- 
most complaint, followed by 
transport, violence and admin- 
istrative incompetence. 

The next mayor will have lit- 
tle to spend unless he can cut 
back on operating expenses. 
The capital has 60,000 people, 
i ncluding teachers and public 
employees, on the payroll. 

“Bogota's financial situation 
has been deteriorating since 
the 1970s," said Ms Maria 
Eugenia Avendaflo. in charge 
of UN projects at city hall . 
“Service tariffs hardly changed 
and the money went to pay off 
multilateral loans. Now there’s 
been a big increase in the 
industry and trade tax and 
more people are paying the 
property tax. Debts of the pub- 
lic service companies have 
been refinanced, so there'll be 
something over for invest- 
ment" Catching up on service 
provision is one of the priori- 
ties - only 60 per cent of 
households are linked to the 
main sewerage system and 
more than 200.000 water con- 
nections are illegal Every year 
unauthorised barrios sprout on 
vacant lots; sometimes these 




Mockus: candid prescription 




Asleep on the streets of Bogota: the city cannot cope with the sharp rise in population and growing poverty 


Tunoan Rosa 


takeovers are sponsored by 
unscrupulous politicians in 
search of votes. People living 
in areas such as Ciudad Boli- 
var. a vast conglomeration of 
low income barrios, resort to 
strikes to get the city to solve 
their most glaring problems. 

One of these is transport. 


Bogota has bad no long-term 
transport or planning strategy 
and roads have been widened 
and fly-overs thrown up in a 
haphazard way. The number of 
vehicles has risen to over 
600.000, boosted by the liberal- 
isation of imports. There are 50 
bus companies and nearly 90 


per cent of all trips are made 
on public transport, so it is not 
surprising a rapid transit sys- 
tem is regularly debated. 

The British company Hal- 
crow Fox analysed a series of 
proposals for transport strate- 
gies. “The evaluation process 
was very useful," said Mr 


Mauriclo Cuellar, a transport 
specialist working with the 
local administration. “It 
allowed us to arrive at a 
long-term project which 
attacks the main zones of con- 
gestion and central area access 
problems." 

This would include a north- 


south metro line, combined, 
with east-west bus highways. 

The metro is an expensive 
solution and would need a sub- 
stantial contribution from, the 
central government, which has 
promised special help for 
Bogota. It is one of the items 
on a list prepared by the 
Bogota 2000 planning team, 
along with the decontamina- 
tion of the River Bogota, the 
establishment of free trade 
zones and a host of projects. 

As an attempt to involve 
Bogotanos in the discussion of 
their future and the choice 
between investment alterna- 
tives. the Bogota 2000 exercise 
is gathering steam. Mr Mockus 
thinks it is a good idea and 
wants to build on it But his 
battle is not only to beat the 
powerful Liberal party machin- 
ery: if he wins, the unorthodox 
professor will have to govern 
the capital with virtually no 
city councillors to back him. 


Brazil’s left-wing presidential 
candidate brushes off defeat 


By Angus Foster in Sao Paulo 


Mr Luiz Inacio Lula da Silva, 
defeated in Brazil's presiden- 
tial elections on Monday, yes- 
terday said his left-wing Work- 
ers Party (PT) had been 
strengthened by the election 
and would continue its push 
for greater social reforms. 

"We may have lost the elec- 
tion, but we have not lost our 
task." he said. 

Mr da Silva appears to have 
been easily defeated in the 
presidential race by Mr Fern- 
ando Hpnriqup Cnrdricn a fnr- 


mer finance minister and 
social democrat politician. 
With more than half the votes 
counted. Mr Cardoso has 54 per 
cent compared to Mr da Silva's 
26 per cent. Mr Cardoso 
claimed victory on Thursday 
but Mr da Silva said he would 
not formally admit defeat until 
all the votes are counted, not 
likely before next week. 

Mr da Silva, a former metal- 
worker who has helped turn 
the PT into Latin America’s 
biggest left-wing political 
party, said he had not yet 

dpeidpd a hunt his nwn fnhira 


This is his second defeat in 
presidential elections and, 
although only 47. it is unclear 
whether he wants to compete 
again. 

Despite Mr da Silva's defeat, 
the PT has done well in sepa- 
rate elections for governors 
and Congress. The party is 
likely to elect its first state 
governor in the state of 
Espirito Santo and the party's 
number of senators could 
increase from 1 to at least 4. 

Some politicians have called 
for a broad alliance of parties 

*n guppnrf Mr Canine and 


tackle Brazil's economic and 
social problems. But Mr da 
Silva said he thought “person- 
ally it is very difficult” for the 
PT to cooperate since Mr Car- 
doso was already allied with 
right-wing forces opposed to 
the PT. 

The PT also called for a 
reform of the media, which 
strongly backed Mr Cardoso. 
Mr da SILva said groups tike Mr 
Roberto Marmho's Globo, 
which controls Brazil s biggest 
TV broadcaster as well as 
newspapers and radio stations, 

wpt-p Inn pnwprful 


US unemployment figures 
at lowest level in 4 years 


By George Graham In 
Washington 


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The US unemployment rate 
dropped to 5.9 per cent last 
month, its lowest rate for four 
years, but other statistics pub- 
lished yesterday showed the 
pace of job creation slowing. 

The department of labour 
said the number of jobs outside 
the farm sector rose by 239,000 
in September to 114.1m, after 
seasonal adjustment, with pri- 
vate sector employment rising 
by 174,000 to 95m. 

Most economists said this 
growth was more modest than 
expected, even though it was 
offset by an upwards revision 
to non-farm jobs in August 

Financial markets bad hoped 


the employment report, the 
first significant indication of 
September's economic condi- 
tions, would give a clear pic- 
ture of whether the Federal 
Reserve would need to raise 
interest rates again to slow the 
economic expansion to a less 
inflationary pace. 

But the data offered mixed 
signals. After an initial fall, the 
US treasury 30 year bond 
climbed again and by noon had 
risen 5 to 94S, with a yield of 
7.94 per cent Stocks followed 
bonds upwards, and by noon 
the Dow Jones Industrial Aver- 
age had risen 14.8 to 3.790.36. 

In all, the number of jobs in 
the US has risen by 3m so far 
this year, but the pace of job 
creation has slowed from an 


average of 396,000 a month in 
the first quarter to an average 
of 258.000 a month over the 
July to September quarter. 

These figures are based on a 
labour department survey of 
businesses, and are generally 
regarded as more accurate 
than the survey of households, 
which is used to produce the 
overall unemployment rate. 

That rate has fallen from 6.7 
per cent in January to 55 per 
cent in September, but inter- 
pretation has been complicated 
by a change at the beginning 
of this year in data collection 
methods. 

Nevertheless, the current 
rate is lower than most econo- 
mists’ estimates of the “natu- 
ral rate of unemployment”. 


below which workers start to 
bid wages up. 

Average hourly earnings in 
the private sector rose by 03 
per cent last month to S 11 . 1 & 
and stand 2.6 per cent higher 
than they did a year ago. But 
with an increase in overtime, 
weekly earnings averaged 
S386.14, up 0.6 per cent on last 
month and 3.2 per cent over 
the last year. 

While many Wall Street 
economists argue that interest 
rates will have to rise again to 
quell inflationary pressures, 
businesses have been worried 
that the Fed. which raised its 
short term interest rates for 
the fifth time this year on 
August 16. might choke the 
economy into a recession. 


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Indicators keep everyone 
guessing on interest rates 


By George Graham In 
Wso#iington 


I f the Federal Reserve's pol- 
icy makers wanted a nice, 
clear indication of the pace 
of the US economy’s expansion 
from last month’s employment 
statistics, they will have been 
disappointed. 

That means that Fed-watch- 
ers, too, will have to wait a 
while longer before they see 
whether the US central bank 
will move short-term interest 
rates still higher in an effort to 
slow the economy's momen- 
tum before inflationary pres- 
sures build up. 

Yesterday's announcement 
offered a battery of contradic- 
tions. A drop in the unemploy- 
ment rate to 5.9 per cent, from 
6.1 per cent in August, was bal- 
anced by a relatively modest 
increase of 239,000 in Septem- 
ber in the number of non-farm 
jobs; that in turn was offset by 
a sharp revision upwards in 
the number of jobs created in 
August to 246,000, rather than 
the weak 179,000 originally 
reported a month ago. 

These conflicting signals 
confused the financial markets 
yesterday, and did little to 
change the opinions of private 
sector economists who have, 
for the most part, already 
placed their bets on the likeli- 


hood that the Fed will decide 
to raise interest rates another 
notch before the next meeting 
of its policy -setting Federal 
Open Markets Committee on 
November 15. 

And they appear unlikely to 
have changed many minds at 
the Fed, whose last FOMC 
meeting 10 days ago decided to 
leave rates unchanged, leaving 
more time to see whether its 
increase of half a percentage 
point on August 16 will have 
its intended effect of slowing 
the economy's momentum. 

The delay will irritate many 
in the financial marke ts, which 
have shown increasing impa- 
tience at what they see as irre- 
futable signs that the economy 
is still growing at an unsus- 
tainably fast pace in the third 
quarter, and have made clear 
their view tbat the Fed is 
“behind the curve" by pushing 
long term interest rates above 
8 per cent. 

But they may be underesti- 
mating the degree to which 
Fed officials believe they have 
acted in advance of inflation- 
ary pressures this year. 

Fed officials warn that mone- 
tary policy is an uncertain 
business, with long and vari- 
able lags between a change in 
interest rates and its effect on 
the economy, and point out 
that they have already raised 


the federal funds rate, which 
banks charge each other on 
overnight balances, by BS per- 
centage points this year. 

Senior members of the 
FOMC, in recent speeches 
around the country, have 
appeared more worried about 
justifying to business leaders 
the fact that they have raised 
interest rates so far and so fast 
than about justifying to Wall 
Street their failure to move 
even further and faster. 

Mr Robert Forrestal, presi- 
dent of the Atlanta Fed, told a 
meeting in Alabama this week 
that he expects growth to slow 
to around 3Vi per cent for the 
whole of this year and to 
around 3 per cent in 1995. 

And Mr Robert Parry, presi- 
dent or the San Francisco Fed. 
told the Los Angeles Bond 
Club on Wednesday that the 
FOMC had been “a tittle bold 
to move this early." The effects 
of the most recent increase, he 
added, had “yet to be felt". 

“Such forward-looking mone- 
tary policy helps avoid the go- 
stop economic environment of 
the late 70s and early '80s. and 
it’s much more likely to pro- 
duce a lasting economic expan- 
sion," Mr Parry said. 

Nevertheless, two of the indi- 
cators to which the Fed is gen- 
erally believed to pay particu 
lar attention 


the 


unemployment rate and the 
industrial capacity utilisation 
rate - are now signalling that 
the economy is running at or 
beyond a pace which it can 
sustain without succumbing to 
inflation. 

Calculations of the natural 
rate of unemployment, below 
which wage pressures start to 
build, vary. Few estimates, 
however, are much lower than 
September’s rate of 5.9 per 
cent, and most Fed estimates 
are above 6 per cent 

Similarly, the Fed reported 
last month that the rate of 
capacity utilisation rose to 84.7 
per cent in August nearly one 
percentage point higher than 
reported in July and dose to 
the level of 85 per cent at 
which industry is convention- 
ally believed to start feeing 
production bottlenecks and 
raising prices. 

In feet, some Fed economists 
calculate that inflationary 
pressures begin even earlier, at 
around 81.8 per cent utilisa- 
tion. 

September's capacity utilisa- 
tion rate is due to be reported 
next Friday. But the financial 
markets may have to wait a 
little longer to see whether the 
Fed Feels that it needs to raise 
interest rates further to take 
some more steam out of the 
economy. 


Haiti pullout before February 1996 


US officials assured Congress 
yesterday they expected Amer- 
ican forces to leave Haiti by 
February 1996 at the latest, but 
the White House said it was 
relieved Capitol Hill had not 
set a definite pullout date, Reu- 
ter reports from Washington. 

"We fully expect that the 
entire operation in all of its 
phases will be over by Febru- 
ary 1996, which, is the date 
specified in the relevant UN 
resolution," defence under- 
secretary Walter Slocombe told 
a hearing of the House of Rep- 
resentatives armed services 
committee. 

“We are very conscious of 


the risk of getting sucked into 
things that seem like good 
ideas at the time that get us 
deeper and deeper in," Mr Slo- 
combe said. 

“And we are going to resist 
that temptation." 

The White House said Presi- 
dent Clinton wanted to with- 
draw US troops as soon as pos- 
sible, but was pleased Congress 
had not demanded it by a cer- 
tain date in a resolution passed 
on Thursday calling for a 
quick pullout. 

“I think the president is 
obviously gratified that they 
did not include a certain date" 
for removing the troops. White 


House press secretary Dee Dee 
Myers said. 

“And the president certainly 
agrees with the notion that the 
troops ought to be withdrawn 
as soon as possible,” she said. 

The Senate and House voted 
Thursday to approve a non- 
binding resolution urging a 
prompt, orderly pullout of US 
forces, but didn’t set a date. 
The Senate resolution also 
chided the president for refus- 
mg to seek congressional 
authorisation for the Septem- 
ber 19 military intervention in 
Haiti. 

Ms Myers said it was "no 
secret that many lawmakers 


had wanted Mr Clinton to ask 
for congressional approva 
prior to the intervention, 
that he had a “longstanding 
disagreement" with Capitol 
HIU on the subject 
“I think he (Clinton) has out- 
lined what the conditions for 
withdrawn! are - a secure envi- 
ronment that allows us to turn 
the situation over to the 
Ms Myers said, 

Mr Slocombe said 
the US military operation ^ 
touted to restoring President 
Jean Bertrand Aristide, assur- 
ing parliamentary election® 
this year and presidential 
tions by the end of next yean 





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NEWS: UK 




MacGregor 




By Philip Stephens and 
Charles Batchelor 

A move by Mr John MacGregor, 
former transport secretary, to rejoin 
merchant bank Hill Samuel sparked 
a political row last night as Labour 
attacked the system which gives 
former ministers freedom to take 
City directorships. 

Mr Brian Wilson, the opposition 
transport spokesman, said he would 
raise the appointment in the 
Commons when MPs return to 


Westminster in 10 days' time. 

Hill Samuel, a Subsidiary of TSB 
Bank, is advising the Department of 
Transport on the Channel Tunnel 
Bail link. It was selected to advise 
on the rail fink in August last year 
after a competition among a number 
of banks. 

Mr MacGregor asked to take no 
part in the selection process because 
of his former links with the hank 
Under government rules there are 
no restrictions on ministers taking 
Jobs in the private sector which have 


connections with their previous min- 
isterial posts. 

But Mr Wilson said Hill Samuel’s 
involvement in the Channel tunnel 
link meant that Mr MacGregor's 
appointment as non-executive dep- 
uty chairman was "completely unac- 
ceptable’*. Be said: “Hill Samuel are 
the direct beneficiaries of Mr 
MacGregor's policies, particularly in 
relation to the Channel Tunnel 
link." 

Accusing the Conservatives of 
“sleazy and scandalous” behaviour, 


Mr Wilson said: "It is completely 
unacceptable that the secretary of 
state at the time of Hill Sam uel's 
appointment should immediately 
move over from government to 
boardroom". He added that "com- 
mon decency dictated that Mr Mac- 
Gregor should have steered dear of 
companies which were direct benefi- 
ciaries of his own policies”. Downing 
Street indicated that it saw no con- 
flict of interest. 

The row follows a series of attacks 
at the Labour conference in Black- 


pool on the jobs taken by former 
ministers. The opposition's opinion 
polling shows that the charge has a 
resonance with the electorate. 

Rules issued by the cabinet office 
say there are no formal restrictions 
on former ministers taking up pri- 
vate-sector posts other than chose 
which apply to all backbench MPs, 
The rules add that former ministers 
should avoid any actions which 
reflect adversely on their or the gov- 
ernment's reputation. 

Mr MacGregor worked at Hill 


Samuel for 11 years before his 
15-year ministerial career. He 
remains MP for South Norfolk. 

Before he became transport secre- 
tary in 1992 he served as chief secre- 
tary' to the Treasury, minister of 
agriculture, education secretary. 
Lord President of the Council and 
leader of the Commons. 

Mr Hugh Freedberg. Hili Samuel’s 
chief executive, said Mr MacGregor’s 
experience would be valuable m con- 
tinuing to develop the business in 
the UK and internationally. 


Commercial Interest rate rise scares house buyers 


radio set for 
, London battle 


It 

4 


tlgurt 

years 


By Alice Rawsthom 

A battle is brewing in the 
London radio market following 
the news that four new com- 
mercial stations will come on 
air in the capital next year, 
including a women's talk sta- 
tion, a Christian radio service 
and two rock music stations. 

The Radio Authority yester- 
day announced that it was also 
renewing the two licences for 
the AM and FM popular music 
stations run by Capital Radio, 
which may face fierce competi- 
tion for its audience and adver- 
tising revenue from the new 
rock stations run by the Virgin 
and Chrysalis entertainment 
groups. 

Mr Richard Eyre, Capital’s 
managing director, said: "Life 
is certainly going to become 
more competitive. But we’re 
looking forward to the fight " 

All four music stations have 
slightly different formats. Capi- 
tal will continue its youth- 
oriented AM service and 
"golden oldie" 'Capital Gold sta- 
tion. Chrysalis aims to attract 
a female audience for Crystal 
FM with “soft rock" music 
from Phil Collins and Elton 
John. Virgin will target a 
young, male audience by 
adding London talk shows to 
the "hard rock” music already 
played on its Virgin 1215 
station. 

Mr Richard Huntingford, 
chief executive of Chrysalis 
Radio, said be was confident 
Crystal FM could carve out its 
own niche and that the new 
stations would bring new 
advertising revenue into 
London radio. 

Observers in the advertising 


industry were sceptical, how- 
ever, that the expanded Lon- 
don radio business could be 
financed entirely by new 
revenue. 

Mr Adam Crazier, executive 
media director of Saatchi & 
Saatchi, the biggest UK adver- 
tising agency, said: “There’s 
certainly scope to attract new 
money. There may well be 
some redistribution of old 
money. It’D be up to each sta- 
tion to compete on the quality 
of their output and market- 
ing." 

Some radio executives pri- 
vately criticised the Radio 
Authority which, they said, 
had not fulfilled its statutory 
obligation to encourage diver- 
sity. “There’s been a clear 
change of policy,” said one. “I 
don’t think anyone expected 
there to be four music stations 
in Greater London when they 
did their business plans." 

Lord Chalfont, pharrman of 
the Radio Authority, said the 
decision to award the new 
frequencies was taken against 
the backdrop of inpre as e s in 
London radio listening and 
advertising revenue. 

The decision also reflects the 
growing maturity of the radio 
industry, which is increasingly 
concentrated among large 
groups including Capital, 
Virgin and Chrysalis. 

Radio Viva, the new wom- 
en’s talk station, is backed by 
Golden Rose, another estab- 
lished group that already owns 
the JFM jazz station. 

London Christian Radio 
envisages raising some money 
from advertising but also 
hopes to sell subscriptions to 
the faithful. 


By Andrew Taylor, 
Construction Correspondent 

The housing market has been 
“knocked sideways" by last 
month’s half percentage point 
rise in interest rates, according 
to a survey of more than 200 
estate agents. 

Same 60 per cent of agents 
said market activity, in terms 
of the number of people inter- 
ested in buying, had declined 
since the interest rate rise. 


The survey published by the 
National Association of Estate 
Agents said the rise had 
dented the confidence of poten- 
tial buyers causing a “signifi- 
cant downturn in business". 

Mrs Eva Lomas, the associa- 
tion's president, said the base 
rate increase, although small , 
had prompted a disproportion- 
ate fall in confidence. 

She said: “Although interest 
rates are still at historically 
low levels, the improvement in 


the economy is not being trans- 
lated into confidence among 
the public and talk about 
further rate rises can only 
make the situation worse.” 

The association’s market 
trends survey for September 
showed a significant fall in the 
level of Inquiries, viewings, 
offers and completions com- 
pared with August. Only 23 
per cent of agents expected the 
market to strengthen until 
the end of the year compared 


with 60 per cent in August. 

Nearly half of all agents said 
that business generally had 
fared worse last month than in 
September 1993. 

A separate survey by the 
Nationwide Building Society 
showed that average house 
prices in the third quarter of 
this year were higher com- 
pared with the corresponding 
period a year ago in 10 out of 
13 regions. 

The average UK house price 









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Eight descendants of engineer Sir Joseph Bazalgette, who designed London's sewerage system in the mid-19th century, went underground yesterday to admire his 
handywork in the Wick Lane sewer at Bow. Most of Bazalgette's sewers are stiff in place. London bas a total of 1,500km of trunk sewers, much of it built by Bazalgette 

Howard aims to win over Pension reform 
critics with past record levy attacked 


By Rafoh Atidns 

Direct insurers, selling via the 
telephone and advertisements, 
are proving increasingly adept 
at persuading homeowners to 
switch house content and 
structure policies, according to 
a survey by the NOP market 
research group. 

in the first six months of this 
year, more than half of those 
who took out a combined 
structure and contents policy 
for the first time did so 
through a building society, the 
survey shows. 

But direct insurers, in spite 
of acquiring only 4 per cent of 
ail first-time customers, 
attracted 21 per cent of those 
changing their policies from 
one bumness to another. 

"Consumers’ experience with 
motor insurance has taught 
them to shop around for the 


best price. They are now using 
this experience in other mar- 
kets - including household 
insurance,” said Ms Heather 
McAdam, director of NOP’s 
financial division. 

She added that the bmiaing 
insurance market was proving 
“increasingly dynamic. 
Although building societies are 
stiff acquiring the majority of 
first-time customers, they are 
finding it more and more diffi- 
cult to retain this business.” 
The survey was based on inter- 
views with 60,000 adults. 

NOP suggests that if the cur- 
rent timid continues, societies 
could begin to lose market 
share rapidly. It also finds that 
combined insurance policies 
are becoming Increasingly pop- 
ular - evidence that companies 
are putting more emphasis on 
cross-selling and promoting 
combined insurance products. 


By David Owen 

Mr Michael Howard wall next 
week try to draw a line under 
what has been an immensely 
difficult year by portraying 
himself to Tory activists as the 
home secretary who has 
delivered. 

With his competence increas- 
ingly under question after a 
string of mishaps Mr Howard's 
speech at next week's Conser- 
vative conference in Bourne- 
mouth is expected to draw 
heavily cm the traditional Tory 
home secretary's pledges to 
crack down on crime and 
promote law and order. 

But it will also focus on his 
record in the past 12 months, 
pointing out that he has 
already implemented the vast 
majority of the 27 law and 
order initiatives he unveiled at 
last year's conference. 


In response to Tory grass- 
roots concern about the nature 
of sentences handed out to 
some offenders, the speech is 
likely to contain a passage on 
the importance of p unishm ent, 
arguing that prison conditions 
should be “decent but austere" 
and that prisoners’ privileges 
must be earned. 

This theme was highlighted 
yesterday in a speech on com- 
munity sentencing by Lady 
Blatch, the home office minis- 
ter, in Scarborough. She 
emphasised that sentences in 
the community should be an 
effective form of punishment 
and not a reward for offending. 

Mr Howard's difficulties this 
year included the savaging in 
the House of Lords of two 
major pieces of Home Office 
legislation and the discovery of 
Semtex at Whltemoor prison. 

Conference managers have 


done their best to shield him 
from excessive media expo- 
sure, scheduling his speech for 
Thursday afternoon during 
what looks set to be confer- 
ence’s most packed day. 

But such is the opprobrium 
heaped on his recent perfor- 
mance, both from Tory ranks 
and outside, that it appears 
unlikely that competition from 
cabinet colleagues will keep Mr 
Howard off the front pages. 

There is a growing feeling 
among some observers that Mr 
Howard could be in danger of 
the same fete as Mr John Pat- 
ten. the former education sec- 
retary, who was in effect left to 
soldier on as a lame-duck min- 
ister before betng ousted in the 
ministerial reshuffle last July. 

Anything less than an enthu- 
siastic reception from dele- 
gates would be seen as another 
step down this slippery slope. 


By Nicholas Denton 

The pensions industry said 
yesterday that government 
proposals for funding new pen- 
sions regulation would discour- 
age occupational schemes. 

The National Association of 
Pension Funds criticised 
Department of Social Security 
proposals to make employers 
pay for the setting up and 
maintenance of the proposed 
pensions regulator. 

The NAPF is staking its posi- 
tion in advance of legislation 
due to come before parliament 
this autumn. 

The government has put for- 
ward plans for a levy on the 
Industry to finance the esti- 
mated £10m cost of the new 
office and has estimated the 
total burden of the reforms will 
be between £60m and £l40m. 
The pension funds argue the 


expense could be 10 times that 
and may inhibit occupational 
pensions. 

“Our members support 
the . . . recommendation that 
the cost of regulation should 
faff on the state," said Mr Ron 
Amy, the NAPF chairman. “It 
should not be borne by employ- 
ers who choose to provide pen- 
sions for their employees." 

The NAPF statement backs 
the position of the Goode com- 
mittee on pensions law reform. 
The committee, set up after Mr 
Robert Maxwell had raided his 
companies' pension funds, 
called for an independent state- 
financed regulator to ensure 
there was no repetition of the 
Maxwell affair. 

The government took many 
of the ideas on board in its 
white paper but watered down 
the power and independence of 
the regulator. 


‘It was rather like a long job interview’ 

Lisa Wood on the politically sensitive subject of young people working for nothing 


Disease link with 
meat ‘inconclusive’ 


Colin, a 23-year-old graduate in 
acoustic engineering, spent 
two months this year working 
for nothing, except expenses. 

at a well-established London- 

based film production com- 
pany. 

The result was a reference 
which secured him a job as a 
studio manager in a media 
company- 

"It was rather like a long job 
j interview," said Colin, who 
1 1 was surprised at the amount of 
| responsibility he was given. 
“About half the people in the 
company where I was working 
started the same way, includ- 
ing the general manager." 

An increasing number of 
young people lie Colin are 
offering to take short-term. 
- unpaid employment to gain a 
foothold in their chosen profes- 
sion. . 

It is a sensitive area - there 
is a fine line between gaining 
genuine work experience and 
simply working for nothing. 

Genuine work experience is 
part of much school and col- 
lege-based training- for exam- 
ple, Pathfinders Personnel, the 


London-based media subsid- 
iary of Angela Mortimer, the 
secretarial consultancy, 
arranges work experience of up 
to four weeks with a range of 
employers on behalf of secre- 
tarial colleges. In the past two 
years it has made about 1,000 
such, placements. 

Ms Amanda Fane, a director 
of the consultancy, said that in 
a competitive labour market 
more and more companies 
were pleased to take students 
for a short time. "Work experi- 
ence is not replacing the inter 
view, but rather becoming part 
of it, with many employers 
recruiting young people they 
have met on work experience." 
she said. 

The consultancy checked 
that companies were treating 
individuals properly. "We ask 
students to contact us if at any 
stage they feel exploited. But, 
at the same time, we have to 
be realistic." she said. “Some- 
times students are asked to (to 
bits of photocopying - but that 
is different from doing it eight 
hours a day.” 

Nevertheless misuse of work 


experience does occur and 
there is anecdotal evidence 
that the practice has increased 
during the recession, particu- 
larly in Don-unionised compa- 
nies. 

Work substitution of this 
kind may be particularly com- 
mon in areas young people per- 
ceive as glamorous, such as the 
media, where the fragmenta- 
tion of the industry and 
growth of freelance work has 
diluted the power of trade 
unions to stop longer-term 
placements where they may 
believe unpaid workers are 
doing the jobs of full-time 
workers. 

Bectu. the broadcasting 
trade union, where member- 
ship has fallen from 60,000 to 
35,000 in the past four years, 
said: "We try to make it as 
difficult as we can for manage- 
ments to abuse work experi- 
ence.” 

It pointed to what it consid- 
ered to be an associated prob- 
lem in the film industry, where 
crews are paid less than £2 an 
hour with the prospect of more 
money only after the film has 


repaid its Investors. 

One problem for those on 
unpaid work experience is 
whether to continue to claim 
unemployment benefits. The 
lack of clear roles discourages 
individuals from declaring 
what they are doing. 

It is not generally difficult 
for the person to satisfy the 
Employment Service that they 
are available for work. But the 
income support regulations 
operated by the Benefits 
Agency are more difficult to 
navigate. 

If a claimant tells the BA 
about doing unpaid work, an 
independent adjudication offi- 
cer will decide whether it is 
reasonable to do that work on 
a voluntary basis. 

If the decision is that it is 
reasonable, all expenses relat- 
ing to travel and meals are dis- 
regarded. The agency said the 
difficult part was assessing 
whether the job was truly vol- 
untary, and the labour was 
extra to that provided by paid 
workers. “Obviously any chari- 
table status of the employer or 
task would have a bearing on 


the decision," it said. 

Sometimes individuals are 
able to incorporate unpaid 
work experience into govern- 
ment training schemes. Flor- 
ence. aged 27, was offered 
unpaid work experience by the 
Open University. “The OU 
offered me experience but said 
they could not pay me for it." 
she said. 

Her local Jobcentre arranged 
for her training at the OU to be 
under the state training pro- 
gramme for the unemployed, 
then called Employment Train- 
ing. 

Florence said: “Once they 
trusted me 1 got a lot of respon- 
sibility." she got up at 6am 
every day to travel from 
Leicester to the OU at Milton 
Keynes. "But they did not take 
me on to avoid taking some- 
body else on foil-time. At no 
point did I feel exploited.” 

Florence was offered a job at 
the OU. She did not take it as 
she was also offered one at the 
BBC, which had been 
impressed by her CV. But “it 
was wonderful to be given the 
chance to perform at the OU." 


By Cltve Cookson, 

Science Editor 

A government-funded study 
released yesterday shows an 
apparent link between eating 
meat and Creutzfeld-Jakob Dis- 
ease, the human equivalent of 
BSE or “mad cow disease”. 

But the researchers said the 
statistical association was 
almost certainly a result of the 
way the study had been done 
rather than evidence that meat 
consumption could cause CJD. 

The annual report of the CJD 
surveillance unit in Edinburgh 
said the number of CJD cases 
in the UK fell from 55 in 1992 
to 40 last year after rising for 
the three previous years. 

Statistical analysis of the 
cases showed no occupational 
link. People working with ani- 
mals were no more likely than 
others to develop CJD. 

CJD victims were more 
likely than matched control 
subjects to have been regular 
eaters of meat, particularly 
veal. Dr Robert Will, the unit’s 
director, attributed this finding 


to “recall bias". He said the 
only way of learning about 
CJD victims' diet was to ask 
their relatives, who inadver- 
tently exaggerated the amount 
of meat eaten because there 
had been publicity about a pos- 
sible link between BSE and 
CJD through beef or veal con- 
sumption. 

To support the “recall bias" 
theory Dr Will said there was a 
similar excess of veal eaters 
among people who were sus- 
pected of having CJD when 
their relatives were asked 
about their diet but who actu- 
ally turned out to have died 
from Alzheimer’s Disease and 
other forms of dementia. 

The study concludes: "There 
is no conclusive evidence of 
any chance in CJD that can be 
attributable to BSE." 

It says the apparent increase 
in CJD since the 1970s has 
been caused mainly by the fact 
that the disease is being recog- 
nised in people over 75 who 
would previously have been 
diagnosed as having senile 
dementia. 


Brokers 
ordered 
to cease 
business 


in the third quarter, according 
to Nationwide, was £66,012, up 
1.1 per cent on the second 
quarter and 2.9 per cent higher 
than a year ago. 

The biggest annual increases 
to the third quarter were 9.1 
per cent in the east Midlands 
and 7.9 per cent in Northern 
Ireland. However, prices fell by 
1A per cent in the north-west; 
2.S per cent in the west 
Midlands and by 6.2 per cent in 
the northern region. 


Clifton Stockbrokers, a 
long-established private client 
broker based In Torquay, has 
been ordered to cease carrying 
on investment business by the 
Securities & Futures Author- 
ity. David Wighton writes. 

The regulator said the firm 
was “not fit and proper to 
carry out Investment business 
and has committed serious 
acts of misconduct”. 

These related to its failure to 
meet Us financial resources 
requirement laid down by the 
SFA and to “organise and con- 
trol its internal affairs in a 
responsible manner”. In par- 
ticular the SFA said the firm 
bad failed to register all Its 
directors. 

Rules on foreign 
exchange revised 

The Inland Revenue yesterday 
published a legislative pack- 
age for the modernisation of 
the tax rules governing for- 
eign exchange gains and losses 
and financial instruments. 

The package is the result of 
three years of consultation 
with businesses, many of 
which were concerned at the 
diversity of present practice. 

Copies from Public Inquiry 
Room. Room Gl. West Wing. 
Somerset House. Strand, Lon- 
don B ’C2R ILB. 

Loan manager 
gets five years 

Mr Roy Wharton, the former 
chairman of Castlegate Securi- 
ties, a Reading-based loan 
management company, was 
yesterday sentenced to five 
years' imprisonment for fraud- 
ulently mishandling £35m of 
investors' funds. 

He was convicted last month 
at Oxford Crown Court of two 
charges of fraudulent trading. 
Having given assurances 
about the security of invest- 
ments. Mr Wharton pursued a 
speculative strategy which 
meant investors bore most of 
the risk while be reaped the 
financial benefits. 

Disqualification 
of auditor sought 

Mr Andrew Magill, the district 
auditor who in January provi- 
sionally recommended that 
councillors and officers of 
Westminster City Council 
should repay £2l.5m after 
“gerrymandering” the coun- 
cil’s housing policy, yesterday 
heard legal representations 
that he should disqualify him- 
self from the case. 

Mr Anthony Scrivener, the 
barrister representing Lady 
Shirley Porter, who was leader 
of the council when the 
alleged offences occurred, said 
Mr Magill had already made 
bjs views public, although he 
bad not heard submissions 
from the respondent. 

Tram project wins 
£100m loan 

The European Investment 
Bank is to provide an Ecu 1 27m 
(£100m) loan towards con- 
struction of the £26 Om Super- 
tram system in Sheffield. 

The first phase of the 19- 
mile long tram line opened in 
March and the project is due 
to be completed in early 1996. 

Sixth London bus 
company sold 

London Transport yesterday 
announced the sale of Metro- 
line Travel, a bus company 
operating In central and 
north-west London, to its man- 
agement for £20m. 

This brings the number of 
London bus companies to be 
privatised to six and the total 
raised from the sales to £1-1 0m. 
Four companies remain to be 
sold and deals are expected to 
be completed before the end of 
December. 

More gas jobs go 

A further 325 British Gas jobs 
are to disappear from northern 
England as part of the compa- 
ny’s reorganisation. A total of 
225 administration workers in 
British Gas’s service group, 
based at Sunderland, Carlisle 
and Thomaby in Cleveland are 
being offered the chance to 
transfer to offices at Uddings- 
ton, near Glasgow, and 100 
store workers at a British Gas 
centre in Newcastle upon Tyne 
have been asked to consider 
moving to Leicestershire. 

Scheme dumped 

Flans for one of Europe’s big- 
gest rubbish dumps at east 
Aberthaw, South Glamorgan, 
were thrown out yesterday 
after fears that flocks of gulls 
would cause a “bird strike” 
accident near Cardiff airport. 



FINANCIAL TIMES WEEKEND OCTOBER S/QC 1 QBF.R 


NEWS: UK 


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Bankers prepare to scrap the grouse shoot 


Shares in UK investment banks slid this week after warnings from 
S.G. Warburg and Hambros Bank that first-half profits would be 
sharply lower. Wall Street is braced for US banks’ third-quarter 
results to show sharp earnings falls. Bronwen Maddox and David 
Wighton ask whether Warburg’s strategy is to blame for its situation, 
or whether it reflects a downturn in investment banking fortunes 


Warburg's rivals did their best 
this week to be discreet about 
taking pleasure In its discom- 
fort. One leading London 
banker said! “I don’t want to 
be seen to criticise them, 
because it could be us next" 

That question - whether the 
UK's biggest investment bank 
is simply the first of the pack 
to acknowledge the impact of 
difficult conditions - is at the 
forefront of bankers' minds. 

This week's announcements 
startled the markets because 
they came just months after 
City and Wall Street houses 
doled out glittering bonuses. 
After years of belt-tightening 
h anke rs as well as proprietors 
of wine bars, estate agents for 
the most fashionable parts of 
London and Manhattan, and 
even the sporting agents for 
grouse shooting in Scotland 
had started to believe the good 
times were back. 

They are not the only ones 
concerned about the prospect 
of another lean period. 

Banking regulators have 
been casting an increasingly 
sharp eye on banks' exposure 
to risky activities. A new direc- 
tive on capital adequacy - the 
amount of capital banks are 
required to have in proportion 
to their level of activity - has 
emerged from Brussels. In the 
US the Federal Reserve is con- 
sidering if h anks ' exposure to 
some of the riskiest financial 
instruments should be more 
tightly monitored. 

In Warburg's case it is clear 
that some of the disappoint- 
ment stems from its own cir- 
cumstances. To a much greater 
degree than its UK rivals, it 
has modelled itself for the past 
seven years on the US inte- 
grated investment banks, offer- 
ing a range of trading services 
as well as fee-based advice to 
its clients. Its ambitious expan- 
sion. particularly into the US, 
has pushed up costs, but reve- 
nues in some regions have fol- 
lowed more slowly. 

While it has established a 
strong reputation for research 
and equity sales on Wall 
Street, particularly for selling 
non-US stocks to US invest- 


ment houses. It has found it 
much harder to peel prized cor- 
porate clients away from the 
blue-chip US houses. One Wall 
Street observer from a rival 
house attributed this to War- 
burg’s “British, gentlemanly" 
approach, although Mr Nick 
Verey, chairman of Warburg 
Securities, retorted that the US 
operations are staffed mainly 
by Americans. 

He said rising costs played 
only a small part in the half- 
year downturn, and instead 
blamed most of the foil on the 
turbulence in world bond mar- 
kets since the Federal Reserve 
began to raise US interest rates 
on February 4. 

Some observers believe War- 
burg may have suffered from 


‘You do not 
tear up the 
script after a 
few diffi cult 
months’ 


its relative inexperience in 
large scale trading. Mr Martin 
Hughes, banking analyst at 
Credit Lyonnais Laing. said: “I 
t hink we will see that the 
banks that are losing money 
are those that are less familiar 
with risk control methods.” 

That is an argument which 
Mr Verey rejected. “It is not 
the case that we have lost 
large sums on trades, just that 
we have not been making 
enough profit" He added that 
he was satisfied with the risk- 
management systems on which 
the bank spent milli ons of 
pounds a year. 

His argument that Warburg’s 
troubles reflect a wider phe- 
nomenon is borne out by 
Hambros’ report of a deteriora- 
tion in profits in bond trading 
during the first half. Analysts 
expect that other UK invest- 
ment banks which have traded 
on a smaller scale than War- 
burg. such as Klein wort Ben- 


son. will have suffered corre- 
spondingly less. 

The pattern Is repeated in 
the US, where the biggest trad- 
ers have suffered most Gold- 
man Sachs’ profits are believed 
to have fallen from $1.2bn 
(£750m) to $446m in the six 
months to May 27 because of a 
foil in bond trading income. 
First-half net profits fell 44 per 
cent at Morgan Stanley. 28 per 
cent at Bankers Trust and 19 
per cant at J P Morgan. Salo- 
mon Brothers recorded a first- 
half loss of $138m. 

At first glance many of these 
banks appear to have suffered 
less than Warburg, even 
though they are larger traders. 
Nor do they enjoy as healthy 
an injection of profits from 
asset management as Warburg 
does. Timing is partly to 
blame, however. Most US 
banks have so far reported 
only on profits up to June, 
whereas Warburg's warning 
covered July, August and Sep- 
tember, when trading volumes 
shrivelled. 

Analysts fear that third- 
quarter results from US hanks, 
just starting to trickle out, will 
show a further plunge. This 
week Salomon annnimrert that 
its third quarter would show 
an after-tax loss of SlOGm. and 
last month Lehman Brothers, 
which announced that it was 
cutting free lunches for its 
staff, saw third-quarter profits 
plunge 80 per cent to just $22m. 

As many bankers stressed 
this week, trading is risky. Mr 
Verey said: “There is no per- 
fect hedge against the risk - 
you have to take a risk to earn 
a return." In spite of this col- 
lective suffering, however, 
there are no signs that leading 
integrated investment banks 
intend to rethink their strategy 
and reduce their exposure to 
trading. 

They still hold to the princi- 
ple that they need a strong 
trading presence in order to 
compete for higher-margin 
business of underwriting, plac- 
ing blocks of securities, and 
giving corporate advice. 

But competition for big inter- 
national corporate clients is 


i n^rpg<ring , as demonstrated by 
the current scramble for a 
share of the partial-privatisa- 
tion of Deutsche Telekom, the 
telecommunications giant The 
result, one leading London 
banker said this week, was 
that investment b anking would 
become an ever more volatile 
business, in which b anks 
would be forced into increas- 
ingly risky activities, such as 
trading In derivatives. 

That trend could deal a pow- 
erful advantage to the Largest 
hanks , which are better able to 
withstand the markets' volatil- 
ity. Analysts warn that it could 
also put severe pressure on the 
smaller ones, such as Warburg. 
Mr David Poutney, banking 
analyst at brokers Collins 
Stewart said: “They [War- 
burg's] are just going to get 
killed in the US every time." 

Although Mr Simon Leathes, 
Warburg group finance direc- 
tor, amid that the hank was TI O t 
constrained by lack of capital, 
it is clearly dwarfed by its US 
rivals. As the biggest of the UK 
merchant banka it has share- 
holders’ funds of £lbn and 
total capital resources of 
£l-5bn. However Morgan Stan- 
ley, Salomon and Bankers 
Trust are about three times the 
size while J P Morgan’s share- 
holders' funds are six times 
bigger. 

Analysts predict that ques- 
tions of capitalisation may 
eventually force some banks to 
merge and others to withdraw 
from the most competitive sec- 
tors. But for the moment radi- 
cal strategic changes are 
unlikely. Mr Leathes said: 
“You do not tear up the script 
after a few difficult months." 

Some smaller tweaks to 
strategy can be expected. War- 
burg itself will look harder at 
whether some advisory work 
should be subcontracted to law 
firms, and at whether compet- 
ing for small company busi- 
ness is worthwhile. 

For Goldman’s part, its 
senior partner elect, Mr Jon 
Corzine, said recently: “There 
are lessons to be learned. You 
get overly optimistic in the 
bountiful environment of bull 



ItWOr HunpMM 

The City of London's watering holes still seemed to be doing good business at lunchtime yesterday 


markets. It was very easy in 
1993 to think you ought to 
have a presence in every capi- 
tal market in every major 
country in the world.” 

Some bankers are also recon- 
ciled to the prospect of job 
cuts. Mr Verey, who has 
announced a hiring freeze at 
Warburg, said: “We will look to 


see whether people need to be 
replaced when they leave." 

But in spite of these adjust- 
ments the message from both 
sides of the Atlantic at the end 
of a sobering week was that 
the markets should not have 
been surprised by the news. 
When markets are tough, 
banks will suffer. In the course 


of economic cycles their profits 
will fluctuate. 

The markets may have for- 
gotten those facts in the heady 
atmosphere of last year, but 
this week's news was a 
reminder that the path trodden 
by the world’s sleek-suited 
cohorts of investment bankers 
can be a rough one. 


Street, particularly for selling on a smaller scale than War- But competition for big inter- get overly optimistic in the announced a hiring freeze at When markets are tough, cohorts of investment bai 
non-US stocks to US invest- burg, such as Klein wort Ben- national corporate clients is bountiful environment of bull Warburg, said: “We will look to banks will suffer. In the course can be a rough one. 

‘Everybody is expecting less in bonus this year’ 

Pay and job cuts loom in the City Cuts will not be across-the-board. off 10 employees in London, as well ier. A hopeful trader at a Japai 

after a week in which one US invest- The manager of one US investment S.G. Warburg has maintained Its investment bank won the renewed as 70 in New York. Lehman Brothers bank said: “They are still hiring 

mml hank Hprimatpri staff and tvn hank*« T/uidnn /krivaHvM nneratinn Invacfitionf raffncr in snifa nf mariinir avan offar this waak's Is nmild of tmitin? redundancies at Die in derivatives." 


Pay and job cuts loom in the City 
after a week in which one US invest- 
ment bank decimated staff and two 
UK houses issued profit warnings. 

S.G. Warburg and Hambros said 
they were reviewing labour costs 
after warning that bond markets 
would depress first-half profits. War- 
burg is under particular pressure to 
economise - staff costs rose 40 per 
cent last year to give the average 
employee £105.000 a year, the highest 
of any UK house. 

Bonuses, which can make half of 
an employee's compensation in a 
good year, are heading down. A 
fixed-income securities trader with 
five years experience could typically 
have made £100,000 last year, half in 
salary and half in bonus. A City 
headhunter said: “Everyone is 
expecting considerably less in bonus 
this year." 


Cuts will not be across-the-board. 
The manager of one US investment 
bank's London derivatives operation 
said: “Good people will get higher 
bonuses. There will be more dispar- 
ity." 

One crude forecast puts bonuses at 
US Investment banks in London 
down between 30 per cent and 50 per 
cent from last year's lucrative year. 
The guaranteed bonus, a feature of 
recruitment negotiations in 1993, is 
now rare. 

Lowering pay may not reduce 
overheads enough and lay-offs are 
on the agenda. Both Warburg and 
Hambros have denied any Intention 
of immediate job cuts. Sir Chips Kes- 
wick, deputy chairman of Hambros, 
said: “I am certainly not going to 
rush off and fire people at the wrong 
end of the cycle." 

Salomon Brothers of the US. 


S.G. Warburg has maintained Its 
investment rating in spite of 
issuing a profit warning earlier 
this week. Standard & Poors, the 
US rating agency, has assigned its 
A+ rating to SGW Finance's 
8250m guaranteed floating- 
rate notes due in 1998. The UK 


Investment bank won the renewed 
grading even after this week’s 
profits announcement. 

SAP’s judgment allows Warburg 
to maintain its claim to be the 
only UK house with a rating to 
match those of the most strongly 
capitalised US investment banks. 


which has suffered the heaviest 
reported losses in securities mar- 
kets, has resisted lay-offs. But US 
investment banks such as Kidder 
Peabody, Lehman Brothers, Merrill 
Lynch and CS First Boston have 
announced lay-offs. 

Goldman Sachs will not comment 
officially but insiders at the firm, 
until recently one of the most 
aggressive recruiters, speak of 
impending dismissals. An executive 
with a rival firm said:. "Goldman 


would hire three people with the 
view that they would keep one, pos- 
sibly hold on to another and sack 
the third." 

The shake-out at US investment 
banks bodes ill for employment in 
the City. Mr Patrick Alexander, part- 
ner at Korn Ferry, the executive 
search company, said: “It is like 
night following day that if people are 
being cut in New York there will be 
people eventually cut in London.” 

Already CS First Boston has laid 


off 10 employees in London, as well 
as 70 in New York. Lehman Brothers 
is proud of limiting re dundan cies at 
its 1,650- strong London office to “sin- 
gle figures". Several City firms said 
there had been a burst of CVs arriv- 
ing from nervous Goldman Sachs 
employees. 

Banks portray lay-offs as a reflec- 
tion of the performance of the 
employee, rather than the fortunes 
of the hank. Most investment banks 
rate their employees and a decima- 
tion would involve sacking the 
weakest 10 per cent A senior British 
investment banker said: “There are 
ways of doing it by aggressive qual- 
ity controL" 

While employment in trading and 
sales of bonds is under pressure, 
other areas of investment banking 
such as derivatives and advice on 
mergers and acquisitions are health- 


ier. A hopeful trader at a Japanese 
bank said: “They are still hiring peo- 
ple in derivatives.’ 

US investment bankers set great 
store on training to enable staff to 
switch from one speciality to 
another as different markets rise 
and fall. But some feel there are 
limits to such flexibility. One 
derivatives salesman said brutally: 
“People in derivatives are clever. 
People in fixed-income are generally 
not” 

This year’s tough conditions may, 
as in the late 1980s, push some peo- 
ple not just from their current job, 
but out of the industry entirely. The 
head of one US firm’s UK operations 
said: “It is painful but it Is just some- 
thing that happens to our industry 
every two or three years.” 

Nicholas Denton 


Sorrows 
drown 
in £50 
bubbly 

Profits may be down andtte 
markets bearish, but the bub- 
bly was still nowing in the 
wine bars of London’s finan- 
cial centre this week. 

•-There is champagne wing 
drunk, and people are still 
here past eight on a weekday 
evening." said a Lloyd’s rein- 
surance broker, who was cer- 
tainly accurate about Corney 
and Barrow’s wine bar in the 
City's Leadenhall market. “I 
think it is bard to look at two 
isolated incidents of Warburg 
and Hambros doing badly and 
suddenly say the entire City is 
nervous about its jobs." 

He shrugged and poured a 
generous glass of champagne 
for his companion. “But I'm in 
insurance so I couldn’t say 
how it is over in the big 
banks.” 

At Broadgate Circle, the 
heart of the City's banking dis- 
trict the mood in the watering 
holes was no less cheerful. 

A trader at a Japanese bank 
quipped as he sank a been “If 
you think this is hopping, you 
should see the places where 
everyone has moved on to." 

He said the profit warnings 
issued last week by S.G. War- 
burg, the investment bank, 
and Hambros, the merchant 
bank, appeared dismal only 
when compared with the pre- 
vious year's performance. 
-Last year was not normal,” 
he said. “The average person 
does not generate $10m reve- 
nue a year, but now that he is 
only making $2m, suddenly 
everyone says it’s a tragedy." 

If anything, the misfortunes 
of Warburg mid Hambros elic- 
ited smirks rather than signs 
of anxiety. “They made their 
money too easy last year," 
said a trader in the structured 
finance department of Bank of 
Scotland, who was relaxing 
with colleagues at The Arbi- 
trager on Throgmorton Street 
“They made their money for 
turning up at work.” 

Under the influence of office 
sobriety, financiers admitted 
that the profit warnings could 
signal tighter times. A deriva- 
tives risk manager at JJ’.Mor- 
gan said: “Last year it was 
easy to hire a mediocre risk 
manager because it was such 
an easy market to trade. What 
you will see after bonuses are 
paid is that a two-tier system 
will develop.” 

He said banks would con- 
tinue to hire and pay “quality” 
people well but, he added: 
“What 1 am hearing around is 
that people are getting rid of 
the bottom 10 per cent of per- 
formers as they are rated 
internally.” 

So is it curtains for ski holi- 
days, Christmas bonuses and 
magnums of champagne? 

The revellers at Corney and 
Barrow in Broadgate scoffed 
as they ordered more cham- 
pagne. A trader at a UK bank 
said: “At the end of the day 
people who work in this indus- 
try make a lot more money 
than people in any other busi- 
ness. So if they have a bad day 
and do not make a million, it’s 
not as if buying another bottle 
of Mott for £50 is going to be a 
problem.” 

Motoko Rich 




* 


3 i 

w ; 


Toyota 
considers 
expansion 
at Derby 

Toyota, the Japanese car- 
maker. is considering the 
assembly of additional deriva- 
tives of the Carina E family car 
range at its Bumaston plant 
near Derby, Kevin Done 
writes. 


"3 

The company is expected to 

■>4 

announce later this year that it 

Cn 

will assemble diesel versions of 

g 

the Carina range using engines 

5 

Imported from Japan. 

s 

It is also considering the 


expansion of the UK-built 

B 

X 

range of saloon and hatchback 

O 

cars with the addition of an 


estate car. 

03 

Toyota is expected to add a 

M 

OO 

second car range to its UK pro- 

s 

duction operations in the sec- 

a 

ond half of the 1990s, increas- 


ing capacity to 200.000 cars a 
year. Output is expected to be 
nearly 90,000 cars this year and 
to rise to about 100,000 next 
year. 

Toyota expects to soli about 
110,000 Carina E cars in all ver- 
sions in Europe this year, of 
which about 80 per cent will be 
built in the UK. 

The Japanese carmaker is 
facing difficult conditions in 
the west European car market 
this year with its sales foiling 
by 4.1 per cent in the first eight 
months in an overall market 
that increased by 6 per cent 


Underground achieves 75% 
service in spite of strike 


By Richard Donkin, 

Labour Staff 

London Underground ran 
three-quarters of its train 
services yesterday during the 
24-hour strike by members of 
the RMT union. 

The union said last night 
that it was unable to estimate 
how many of its 7,500 members 
at London Underground had 
responded to the strike cafl. 

London Underground was 
able to staff most of Its ser- 
vices. Only one of London’s 270 


Tube stations had to be closed 
and that reopened at lunch- 
time. 

The worst effect may have 
been In low passenger volumes 
and lost revenue because many 
people who normally travel by 
Tube made alternative 
arrangements. Underground 
managers were unable to give 
passenger figures. On an aver- 
age day there are about 2.5m 
passenger journeys on the 
Tube system. 

The greatest disruption 
occurred during rush hours. In 


off-peak hours, the Under- 
ground said, it managed to run 
nine out of 10 trains. 

The union executive is to 
meet on Monday to decide on 
further action. It has asked for 
more talks at the Acas concili- 
ation service, but London 
Underground refuses to 
increase its offer of a 2^ per 
cent rise. 

The union has asked for a 4 
per cent rise. Five other unions 
representing Tube workers 
have accepted the 2.5 per cent 
deal. 


Rail company switches to buses 


By Charles Batchelor, 
Transport Correspondent 

One of the newly created train 
operating companies is to use 
buses for some services on one 
of its branch lines because of a 
shortage of guards. 

North London Railways said 
the shortage was not the result 
of the break-up of British Rail 
But its move has strengthened 
fears that small privatised rail- 
way companies will face oper- 
ating difficulties because they 
are unable to call on resources 
from other parts of the railway 
network. 

The train company initially 
announced plans to replace all 


services on its Bedford to 
Bletchley branch tine with 
buses so that it could 
assign staff to the main 
Northampton-London Euston 
services. 

But yesterday it said it had 
reached an agreement for some 
guards to work 12-hour shifts 
instead of the more normal 
eight hours, maintaining a 
train service on the line for 
most of the day. 

North London was caught 
out when 25 of the 97 guards at 
its Bletchley depot were suc- 
cessful in their applications to 
move to other depots. 

Guards sometimes wait 
years for the depot of their 


choice to come up. If a guard is 
successful in his application he 
is allowed to move with- 
in eight weeks, although 
it can take 13 weeks to 
train a new guard from 
scratch. 

The shortage of guards has 
led to an increase in the num- 
ber of train cancellations. 
North London said it had 
decided to concentrate guards 
on its main line, carrying 
30.000 passengers a day, and to 
reduce its service on the 
branch line, which carries only 
800 passengers. 

North London said that even 
under BR it would have taken 
time to retrain guards from 


other routes. But Mr Alan 
Francis, transport spokesman 
for the Green party, blamed 
the reduced service on privati- 
sation, saying BR managers 
could pool staff in times of 
shortage. 

BR said service reductions 
because of staff shortages were 
unusual . and the last time this 
happened was six or seven 
years ago. 

North London said its tempo- 
rary timetable involving buses 
would last until November 21, 
when it would resume a full 
train service. 

It said 43 new guards had 
been recruited or were being 
trained. 


Rover counts up the benefits of surging productivity 

David Goodhart assesses the pay deal which may set a motor industry benchmark 


Since 1992 when Rover Group 
agreed its “new deal” - giving 
workers job security and single 
status in return for much 
greater flexibility - it has been 
hailed as a model for Britain’s 
new co-operative industrial 
relations. 

Following yesterday’s gener- 
ous two-year deal - giving up 
to a 10-7 per cent pay rise over 
two years - it may also become 
known as the benchmark for 
motor industry pay bargainers, 
at least for trade union negoti- 
ators. 

That role used to be played 
by Ford - most famously with 
its 13.4 per cent rise at the end 
of 1990. But Rover, with its 


surging output and exports, is 
now chall enging hard. 

Part of the pay rise is a 
direct consequence of the 1992 
deaL The introduction of single 
status - the ending of all sta- 
tus distinctions between blue 
and white-collar staff - was 
started oaly in 1992. This pay 
deal takes it a lot further. 

Instead of 11 grades - six for 
white-collar staff and five for 
manual workers - there will be 
just three for all staff. The A 
grade will cover lower skilled 
manual and clerical workers, 
with average basic pay of 


£28150 per week. The B grade 
will cover skilled craftsmen 
and more qualified white-collar 
staff such as accounts clerks, 
with average basic .pay of 
£311.85. The C grade covers 
team leaders and design engi- 
neers, with an average salary 
Of £17,957. 

Different groups receive dif- 
ferent sums for agreeing to 
these changes and some 
receive nothing at ati. But the 
extra payments for this regrad- 
ing accounts for the different 
interpretations of the deal. The 
company stresses that the 3-7 


per cent pay rise in 1995 and 4 
per cent (or inflation) In 1996 
while the unions Insist that for 
many people the deal is worth 
10.7 per cent 

Many managers in the car 
industry are sceptical about 
the benefits Rover has gained 
from its new deaL Many more 
of them - especially in the 
west Midlands - will be curs- 
ing the Rover Group for setting 
a high pay benchmark. The 
current Jaguar negotiations, 
for example, seem likely to be 
affected. 

But whatever the scepticism. 


Rover can point to some 
remarkable productivity 
improvements. At Cowley, 
Oxford, for example, productiv- 
ity has increased 30 per cent 
over the past two years. Over- 
all productivity is up only 14 
per cent in that period, but 
that is partly because of the 
difficulty in improving produc- 
tivity at labour-intensive Land 
Rover. 

The Rover management can 
also point to the fact that they 
are paying wages according to 
the performance textbook. 
When the company was in 


trouble In 1992 it had a six- 
month pay freeze. Now that it 
is doing well it is allowing a 
pay catch-up. 

In other words it is pay, 
rather than jobs, that is taking 
most of tire strain of market 
fluctuations. Since 1992 the 
company has stuck to its com- 
mitment not to make anyone 
compulsorily redundant. Not- 
withstanding that commitment 
the company has still had 
some flexibility, with a reduc- 
tion of nearly 10 per cent in 
employee numbers between 
1991 and 1993. 


Since then job numbers have 
been rising and. unlike many 
other carmakers, Rover 
has been taking people on 
open-ended contracts 
rather than temporary 
contracts. ’ , 

One economist with a l® 3 * 
ing employers’ organisation 
said- “When productivity is ri* 
ing as fast os it seems to have 
been at Rover, then both wont - 
ers and customers can bene®- 
In the past in the motor Indus- 
try productivity deals 
either been bogus or most ® 
the benefit has simPfj 
returned to the workers wim 
little or nothing going to c us* 
tomers in lower prices." 


} _ 
t'i.' 


r 


- FTNan CIAL times WEEKEND OCTOBER 8/OCTOBER 9 1994 




* 

NEWS: THE LABOUR PARTY IN BLACKPOOL 


Modernisers cap the party with a jazzy end 


By James Blitz 

Few believed a Labour party 
conference would ever end like this. 

Delegates stared in disbelief as a 
team of colourfully clad musicians 
burst through a side entrance of the 
Winter Gardens, sauntered up to the 
platform and proceeded to pump out 
New Orleans jazz. 

Before they prepared to sing the 
Red Flag, Mr Tony Blair’s party 
dapped along to the Dixieland 
numbers. And to cap it all Mr John 
Prescott, the deputy leader, executed 
a neat jive with his wife on the con- 
ference platform, receiving some of 
the loudest applause of the week. 

As a historic conference drew to a 
close many delegates were delighted 
to see Mr Blair's “New Labour- 
party openly enjoying itself, match- 


ing the Top' reputation for joie de 
vivre, looking to viewers at home 
like a member-friendly party. 

But for many leftwingers the 
images at this conference - the 
greenish backdrop, the questioning 
of Labour’s basic beliefs, the leader's 
smart -suited aides clutching porta- 
ble telephones - have left a sense of 
unease. 

With Dixieland music still rin g in g 
in his ears, Mr Leigh Richman, a 
26-year old delegate from Peekham, 
asked a question that has been on 
many lips this week; “Where on 
earth is the labour party going?" 

As they hurried to leave Blackpool 
yesterday it was the so-called 
“modernisers" - the men and 
women who back Mr Blair’s cam- 
paign to unhinge Clause 4 and the 
commitment to common ownership 


- who had the clearest answer. 

Yes, the delegates' decision to 
reassert the cherished commitment 
to nationalisation had been a set- 
back for Mr Blair. The conference 
had defied his call for a revision of 
the constitution and had brought his 
post-election honeymoon to a close. 

But this did not reduce their 
delight that Mr Blair is now taking 
on the dinosaurs of the left. 

Mr Mike Gapes. MP for Ilford 

North, sai± “I left last year's confer- 
ence with pessimism. I felt then that 
we weren't progressing anywhere. 
Now I believe we are moving for- 
ward and changing the party for the 
better.” 

Mrs Anne Inelgrove from Brack- 
nell concurred. The conference deci- 
sion to back Clause 4 could be 
ignored. “Without that row, people 


would have said the conference was 
stage-managed,” she said. “But the 
truth is that most of the party is 
now reconciled to change." 

Above all, Mr Blair's supporters 
relished the quality of his keynote 
speech. One delegate said: “When 
Neil Kinnock addressed conference, 
you could often fall asleep, wake up 
again and find he was on the same 
theme. This week we got John F. 
Kennedy.” 

For the activists on the left of the 
party it was very different. As they 
prepared to go home the anger over 
Clause 4 had not been allayed. 

Mr John MacIntyre, president of 
the Manufacturing and Science Fed- 
eration said: “Tony Blair made a tac- 
tical mistake by raising the issue. 
There was simply no need for him to 
make that reference in Lhe speech." 


Indeed, criticism was not hard to 
find. “A disastrous week." was the 
verdict of Mr Bill Stevens from 
Plymouth and Sutton. Mr Tom Fam- 
hill . a 20-vear -old delegate from East 
Devon, said: “He couldn't have cho- 
sen a worse time to raise this issue.” 
Another delegate said: “In the next 
few months this could seriously split 
the party.” 

As he sets about revising the con- 
stitution Mr Blair knows that he has 

the upper hand because the hard left 

of the party is losing ground. One 
leftwing MP said there were many 
like hims elf who believed that their 
best hope now was to take up the 
challenge Mr Blair had set them, 
redefining “common ownership” in a 
modem context. 

He said: “Our slogan has to be: 
'New Britain. New Labour. New- 


Left'.” Like some delegates, he 
believed Mr Peter Hain. the MP for 
Neath, could play a prominent part 
m developing the theme. 

But even some of the leader's 
closest supporters expressed concern 
that change was being driven too 
fast. 

One rightwing MP privately admit- 
ted that Mr Peter Mandelson. the 
party's former campaign director 
and a close aide to Mr Blair, had 

abused the unions too much at the 

conference and could sow divisions. 

As they left Blackpool many dele- 
gates believed that next year's con- 
ference would bring this week's divi- 
sions - over Clause 4. the minimum 
wage and full employment - to a 
bead. But they also knew that Mr 
Blair and Labour have set a formida- 
ble challenge. 


Blair’s control 
of executive 
is reaffirmed 


By Ivor Owen, 

Parliamentary Correspondent 


Mr Tony Blair’s authority over 
the party was underlined when 
the conference decisively 
jejected an attempt to reassert 
its own dominance over the 
national executive. 

The growing isolation of his 
critics was emphasised when a 
card vote resulted in a resolu- 
tion reaffirming the confer- 
ence’s “unique position” being 
defeated by 72.7 per cent to 27.3 
per cent 

In the most controversial 
debate of the final session con- 
stituency activists loudly 
cheered complaints by some 
delegates that the views of the 
conference on the retention of 
Clause 4 in the party’s consti- 
tution were being ignored. 

Ms Christine Bowden, from 
Hove, protested that a motion 
passed by the conference on 
Monday had been “overturned" 
by Mr Blair when he called for 
a review of the constitution 
in his speech the following 
day. 

She said: “Conference is our 
voice - listen to it Tony Blair. 


We don't come here to bask in 
reflected glory." 

Ms Bowden deplored the 
"setback for Blair" headlines 
earlier in the week when the 
conference narrowly voted in 
favour of retaining Clause 4. 
"Company directors don’t 
describe shareholders' deci- 
sions a 'setback' ."she said. 

To further applause. Ms 
Bowden said that it was the 
constituency activists who did 
the “door stepping" and lived 
in the same world as the elec- 
torate with which the party 
had lost touch in recent 
years. 

Ms Agnes Davies from Cum- 
nock. Garrick and Doan Valley 
said: “I have no intention of 
coining to a conference when 
the decisions abont what is 
going to happen have already 
been made." 

In a clear response to the 
anxieties of some delegates, Mr 
Larry Whitty, in his final 
speech as the party’s general 
secretary, urged the leadership 
to remember “yon have to take 
the people with yon”. 

He highlighted the impor- 
tance of the party's links with 
the trade unions. 



AsMey Atfiwaod 

Deputy leader John Prescott said that the policy statement to be submitted to the national executive committee by him and Tony Blair would “ignite the public 
with enthusiasm for our beliefs”. He added: “We will set out afresh our values and explain them in a language that everyone can understand” 


Firmer 
line on 
media 
urged 

By Roland Rudd 

The Labour leadership came 
under pressure from delegates 
to make a firmer commitment 
to break up media monopolies 
and introduce regulation guar- 
anteeing the freedom of a 
pluralistic press. 

Ms Mo Mowlam, shadow her- 
itage secretary! said while 
cross-media ownership was a 
fact of life, a future Labour 
government would "regulate 
both nationally and regionally 
to prevent media monopolies 
and protect the future of 
public service broadcasting". 

A succession of speakers in 
the debate urged the leader- 
ship to gu further and draw up 
a “clearer policy on media 
ownership”. 

Ms Maggie Lee, from North 
Norfolk, said: “If democracy 
means anything to Labour it 
must mean an informed 
democracy.. We need to spell 
out wherc the party stands on 
this issue. Wc need proper 
newspaper regulation in an 
attempt tn break up the 
monopolies." 

The concentration of media 
ownership In Italy was cited 
by some delegates as an exam- 
ple of what could happen in 
the UK if the present situation 
was left unchanged. There 
were also calls to prevent 
“media barons" such as Mr 
Rupert Murdoch using profits 
from television interests to 
help cut the price of newspa- 
pers “to put others out of busi- 
ness". 

Bectu, the broadcasting 
union, said there was a need to 
preserve and promote Euro- 
pean public-service broadcast- 
ing in the face of competition 
from weakly-regulated private- 
sector satellite television chan- 
nels. 

Ms Mowlam said the parlia- 
mentary Labour party would 
continue to campaign against 
moves to further deregulate 
the media industry. 

Delegates overwhelmingly 
backed a call to reconfirm the 
party's commitment to public- 
service broadcasting and to 
prevent any future moves to 
deregulate the industry. 


A 

■* 





t, 









Leaders lay plans for parliament 


By Kevin Brown, 

Political Correspondent 

The Labour leadership left the 
Blackpool conference yester- 
day planning a radical over- 
haul of the party's parliamen- 
tary activities to sustain the 
momentum of Mr Tony Blair's 
modernisation drive 

Mr Blair, who believes that 
the conference has changed the 
nature of the Labour party, has 
told friends that he will refuse 
to “follow the government 
agenda" when MPs return to 
Westminster this month after 
the summer break. 

He believes Mr John Major's 
government can be unsettled 
by more imaginative use of 
Labour's parliamentary rights, 
and better attendance by 
Labour MPs. 

The campaign will start with 


a shake-up in the frontbench 
team, including the shadow 
cabinet, to give talented 
younger MPs more opportunity 
to shine. 

But the focus will be on Mr 
Blair's performance at prime 
minister's question time, the 
twice-weekly ritual intended to 
allow MPs to hold Mr Major to 
account. 

Mr Blair believes he can 
rattle Mr Major by avoiding 
the formulaic approach of most 
recent opposition leaders in 
favour of a more unpredictable 
strategy. 

Allies say he intends to illu- 
minate Labour's political 
approach rather than merely 
seek to exploit government 
embarrassment on topical 
issues. 

Mr Blair may also decide to 
ask a single question occasion- 


ally. rather than the often 
repetitive ration of three to 
which custom entitles him. 

The change of parliamentary 
tactics is part of a series of 
measures intended to put fresh 
life into Labour’s image, which 
party strategists believe has 
put off voters. 

The revised approach was 
signalled as the conference 
drew to a close and Mr John 
Prescott, the deputy leader, 
promised that the leadership 
would “p<zt a smile on the face 
of our politics". 

As delegates prepared for the 
ritual singing of The Red Flag 
- assisted this year by printed 
songsheets to avoid embarrass- 
ing stumbling over the words - 
Mr Prescott called for an end 
to “dreary meetings" attended 
by half a dozen members. 

Launching a recruitment 


drive intended to raise mem- 
bership from 290,000 to 500.000 
in two years he told delegates: 
"There is more to Labour than 
composites and committees.” 

In a witty speech largely 
delivered from notes - unlike 
his barnstorming end of confer- 
ence speech on one-mem ber- 
one-vote last year - be told 
delegates to “stop speaking the 
language of the past and start 
practising the politics of the 
future". 

Mr Prescott warned against 
complacency, but said the 
Conservatives were "running 
scared” of a Labour party 
which had learned its lessons 
and was again hungry for 
power. 

“Tony Blair is leading a 
party which is reaching out to 
people and inspiring them with 
a new politics," he said. 


I f > SE Actuaries Share Indices ~ Quarterly. Valuation 



Market cap. as 
at 3tV9Aj4 (Em) 

96 of AD- 
Shsre Index 

Mark* cap. as 
at 3CVBS4 (Em) 

% Of A»- 
Share Index 

Marlcat cap. as 
at 31712/93 (Cm) 

H of Al- 
Share Index 

FT-SE 100t 

FT-SE MW 5SOt 

FT-SE MW 250 ex- brv. Trurtot 
FT-SE A350t 

FT-SE ScnaNCapt 

FT-SE SmaHCap ex Inv. Trusts! 
FT-SE-A ALL-SHARE 

498.500.00 
149,10000 

132.700.00 

647.600.00 

51.400.00 

43.400.00 
B998438S 

7181 

2183 

1888 

9284 

786 

681 

100.0 

478.200.00 
144,30080 
12380080 

622.500.00 

49.200.00 

41 .600.00 
87189780 

7180 

21.47 

19.13 

92.67 

783 

6.1S 

1008 

563.204.® 

15781088 

141,007.03 

710,79587 

48844.70 

38891.74 

75784087 

7388 

2081 

18.63 

93.69 

6.11 

583 

100.00 

10 MINERAL EXTRACTION (18) 

12 Extractive Inciietrtes (4) 

15 OH, integrated (3} 

16 OU Exploration 6 Prod (11) 

62.185.63 
10.732.92 

46.776.63 
4.675.BB 

8.90 

134 

<3.60 

087 

80,098.16 

10.066.60 

45.53005 

480280 

B86 

180 

0.78 

0.67 

5983980 * 
10.26&19 
45879.15 
489186 

782 

136 

589 

OS7 

20 GEN MANUFACTURERS (26(8 

21 Butting 6 Construction (33) 

22 BuBdIng Mads & Merchs (32) 

23 Chemicals (23) 

24 Diversified Industrials (16) 

25 Electronic 4 Elect Equip (34) 

26 Engineering (70) 

27 Engineering, Vehicles (12) 

2B Printing. Paper 6 Pcfcg CM) 

29 Tout) las 6 Apparel (20) 

140.95480 

B.088-Q2 

20,468.93 

1684680 

34,261.84 

1686883 

25.73657 

6,7524)1 

1 1 £97.08 
4.13224 

20.16 

087 

283 

2.41 

480 

2.18 

3.68 

097 

1.83 

0.59 

140,70581 

8,40080 

20,27683 

1688184 

3885887 

15.121.78 

gg'iywiw 

0,270.46 

1081283 

4,226-46 

20.95 

085 

3.02 

2.44 

587 

285 

3.73 

083 

1.53 

0.63 

14680087 
BJS82M . 
23.19081 
15,92181 
3784289 
18,600.06 
25858.16 
583386 
10,19883 
489086 

1981 

087 

3.06 

2.10 

5.00 

999 

385 

0.74 

185 

0.62 

30 CONSUMER GOODS (97) 

31 Breweries (17) 

3Z Spirits, Wines & Ciders (10) 

33 Food Manufacturers p3) 

3d Household Goods (13) 

36 Hearth Care (2D 

37 PnanmaceuUeals (12) 

128.477.13 

1287047 

24.B06.99 

25.043.75 
3.086.75 
4.800.49 

44.106.75 
13.452. B3 

1038 

1.06 

388 

044 

0.69 

681 

182 

121,006.75 

1284480 

24802.76 

23806.96 

3,18488 

4.459.43 

40814.42 

1282480 

1881 

186 

380 

346 

0.4B 

0.66 

5.09 

1.84 

14087686 

13,72781 

26.73788 

27807.08 

389984 

4,76983 

47.798.19 

17836.73 

18.56 

1.81 

3.53 

057 

040 

0.63 

6.31 

2.2S 

40 SERVICES (221) 

41 Dtetnbutore (31) 

42 Leisure S Hotels (25) 

43 Madia (39) 

44 Rataflera, Food (1$ 

45 Retailers, General (45) 

48 Support Sarvteaa (41) 

43 Transport (1© 

51 Other Services & BualnoaO (8) 

138.565.32 

6,967.78 

18.182.58 

26.112.46 

20,549.50 

38,50055 

0279.07 

17,779-29 

1.118.11 

19.62 

1.00 

2.60 

3.73 

284 

582 

183 

284 

0.16 

135,219.32 

7586.11 

17.60582 

2487183 

19,15686 

38,73088 

9.140.12 

17.S2fl.18 

1.10589 

20.13 

1.09 

2.63 

3.60 
285 
S77 
188 

2.61 

0.18 

148,426.99 

7.66382 

18872.18 

26882.79 

2033980 

44,78057 

10845.12 

2021181 

1,71584 

1081 

1.01 

284 

063 

289 

581 

183 

2.67 

nt»a 

eoununes psi 

62 Boctnctty (17) 

64 Gas OteMjutJon (2) 
MTeiecomnvfcaUons (*) 

95.01 6.10 
30,76094 
13,407.84 
3880081 
1283881 

1388 

4.40 

UK 

6.46 

1.81 

8787286 

27852.08 

12.09085 

3780034 

11.02881 

13.10 

4.10 

180 

586 

1.64 

108,57284 

3180084 

15811-37 

4789485 

14,178.48 

1484 

4,10 

2.02 

686 

1.97 


565.188.48 

60.55 

545.002.41 

81.14 

603.82180 

79.76 

70 FINANCIALS (104) 

71 Barnes (1(9 

73 insurance fi7) 

74 Ufa Assurance (8) 

75 Mordant Banka (6) 

77 Other Financed (24) 

1Q7.71687 

59,41830 

14,366101 

9.756.72 

4,647.77 

5,659.65 

13.847.02 

15.41 

8.50 

2.06 

180 

0.66 

081 

188 

103.40183 

56841.91 

13,450.48 

9865.17 

486085 

5.42487 

14.040.87 

15.41 

&4S 

280 

1.40 

085 

0.81 

2.09 

120834.41 

7385684 

17,68781 

11,54986 

5.60080 

5,761^46 

14879.64 

17.02 

9.73 

284 

183 

074 

0.76 

182 


26,13930 

3.74 

23803.06 

3.45 

24885.10 

382 

SB FT-SE-A ALL-SHARE (88® 

899343.65 

100.00 

671,097.40 

10080 

757,04057 

UO.OO 

t Bgums rouncMO due is faght meows**-**- 







Delegates 
urged to 
remember 
history 

Mr Larry Whitty, party 
secretary, urged delegates to 
“remember your history". 

He said in his last speech to 
a party conference as general 
secretary: “Remember the his- 
tory of the broader Labour 
movement and the trade union 
movement. Remember those 
people who through the bad 
years have voted for you 
through bad times and through 
good. 

“And remember that in prog- 
ress in life and in politics you 
have to take the people with 
you. And in that context let us 
always remember that the 
trade union base of this party 
is its greatest strength and not 
its weakness." 

People did not join the party 
because of what was said at 
conference or because of a slo- 
gan or a logo, said Mr Whitty. 
“They join because they are 
angry. They join because they 
want change. And we can 
redraft our aims and constitu- 
tions as much as we like - and 
I believe we should. But the 
essence of this party is that it 
stands for radical, redistribu- 
tive change within our soci- 
ety." 

He warned that the party 
and the uninn« had to move 
together “otherwise we fail 
together". 


m/zs 


fa;*;'- it 


s -.TVr'iE?;- : .V ~ ■/:" -tv.xj . . 

-J»' /. - - - - 



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FINANCIAL TIMES WEEKEND 


OCTOBER SOCTOBHS91W* 


• i l 

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FINANCIAL TIMES 


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


Saturday October 8 1994 


Prudence 

redefined 


The uncomfortable condition 
known to economists as structural 
adjustment is, it seems, to be vis- 
ited on the hapless man from the 
Pru. From next January, the giant 
of the British life assurance busi- 
ness will cease to sell new 'indus- 
trial branch' policies - the techni- 
cal description for door-to-door 
home sales of life assurance. Since 
industrial life policies are an 
expensive and largely anachronis- 
tic form of saving in the world of 
fax, phone and direct debit, the 
change is overdue. But it is a piece 
or social history for all that The 
step also raises the question of 
why savings habits have 
responded so slowly to a changing 
economic environment 

Industrial life assurance has 
always been open to the criticism 
that the man from the Pru and his 
ilk took a disproportionate bite 
out of the individual's savings 
before any money was actually 
invested, hi the days of Victorian 
paternalism, this financial penalty 
arising from the need to remuner- 
ate the sales force was perceived 
as an antidote to working class 
fecklessness. Money ill-spent on a 
poor form of insurance was at 
least better spent than money in 
the pub. The man from the Pru 
was. in effect selling the financial 
equivalent of cocoa. 

The fact that this technically 
inefficient - and latterly tax ineffi- 
cient - practice survived into the 
prosperous 1990s must owe a great 
deal to the lack of transparency in 
the life assurance business itself. 
In the absence of adequate disclo- 
sure about the costs of a given 
policy - a deficiency now being 
addressed under the new finan cial 
services regime -less sophisti- 
cated savers had no reason to 
believe that they were substan- 
tially worse off than if they had 
invested elsewhere. Inflation, 
meantime, made the returns 
sound, generous in relation, to the 
money outlays aver a lifetime of 
saving. In fairness to the insurers, 
It should also be said that the high 
level of investment returns in the 
postwar period helped mitigate 
the pain arising foam the insur- 
ance companies’ costs. 


building societies. Since these are 
the most heavily-taxed forms of 
wealth, it is the state rather than 
the insurance companies that now 
fills the role of predator. 

This is just one indication of 
how strangely the taxation of 
savings fits with wider priorities. 
Another Is the way that the 
savings of the better off have been 
biased by fiscal incentives towards 
illiquid, longer-term forms of 
investment such as home owner- 
ship and pensions. Despite grow- 
ing labour market insecurity and 
disinflation in the housing mar- 
ket, the retreat from liquidity in 
savings remains pronounced. 


Financial penalties 
Industrial branch business is 
now so small that if the whole of 
the insurance industry were to 
abandon it tomorrow, it would 
make little difference to the aggre- 
gate savings behaviour of the 
nation. But that does not mean 
that the less well off in the late 
20th century are not subject to 
comparable financial penalties. As 
a recent paper on the distribution 
of wealth from the Institute for 
Fiscal Studies confirmed, less 
well-off households have invested 
disproportionately in interest- 
bearing accounts with banks and 


Savings behaviour 

Do such apparent imbalances 
matter? Perhaps not as much as 
they used to. In a macroeconomic 
context, since surpluses and short- 
falls of savings can now be readily 
made good in a world of global 
capital flows. Yet governments 
inevitably worry about the Impact 
on their finances of underpro vi- 
sion by individuals for retirement 
and misfortune. And there are 
political arguments in favour of 
increasing people's stake in the 
productive assets of the economy. 
For private individuals, the bal- 
ance between the precautionary 
motive for saving and the need to 
smooth out income to meet differ- 
ent consumption requirements 
over the course of a lifetime 
clearly does matter considerably. 
The case for tax neutrality 
between spending today and 
spe nding tomorrow is thus very 
powerful. 

Yet economic shocks are quite 
as important as fiscal sticks and 
carrots in changing savings 
behaviour. It was the great infla- 
tion of the post-war period that 
drove the British into one of the 
highest levels of home ownership , 
in the developed world and into 
taking on what is now the highest 
level of mortgage debt to housing 
equity in living memory. And 
while fiscal incentives contributed 
greatly to the growth of the life 
assurance industry, it is the regu- 
latory shock of disclosure that 
now seems likely to put an end to 
the industrial life assurance busi- 
ness. while causing an important ! 
if less dramatic upheaval in the 
forms of other of savings on which 
insurers rely for their revenues. 

The Prudential salesmen will 
not, admittedly, hang up their 
hats quite yet There is an existing 
portfolio of policyholders to be ser- 
viced. And there are other jobs for 
these salesmen to do within the 
Pru itself. To that extent the blow 
of structural adjustment Is cush- 
ioned. But what of pride7 As of 
yesterday the man from the Pro 
has been reduced to the status of 
an inefficient delivery system. ! 
That’s the 20th century for you. 


Y ou could sense from as 
far away as Blackpool the 
ministerial hand-wring- 
ing in Whitehall. Mr 
Tony Blair achieved 
something rare this week. For the 
first time since 1979, a Labour 
leader set the terms for the Tory 
conference. 

As Mr John Major contemplates 
his week in Bournemouth, he 
knows his performance will be 
judged against the powerful debut 
Of his Labour opponent Mr Blair 
reached out beyond his party's 
activists to the disaffected Tory vot- 
ers who will decide the next general 
election. Mr Major must begin to 
explain why they should return to 
the Conservative fold. 

This should not be a crisis confer- 
ence for the prime minister. Unusu- 
ally since the sterling debacle on 
Black Wednesday, there is no imme- 
diate threat to Ids leadership. The 
economic recovery is real and well- 
balanced. For the moment, he bas 
papered over the cracks in his party 
over Europe. 

So, fingers crossed, next week 
will be, as was always planned, a 
sedate affair: a mid-term stock-tak- 
ing exercise with no grand pro- 
nouncements, no great visions. Fac- 
ing an audience still badly bruised 
by recession and angered by rising 
crime rates, the message has gone 
out to ministers to avoid any hint of 
triumphalism. 

After his performance in Black- 
pool, there will be no real attempt 
to demolish Mr Blair. The voters are 
fed up with the politics of knocking; 
more seriously, ministers have yet 
to discover a credible line of attack 
on the Labour leader. 

The message Mr Major wants to 
repaint on his government's peeling 
shop front is one of quiet, gritty 
competence. Don't worry, it says to 
those disillusioned Conservatives, 
we will arrive before the election. 

The prime minister's image-mak- 
ers are taking a similar tack in 
rebuilding his reputation with the 
voters. No, he is not a towering 
political figure in the mould of his 
predecessor. But look at how he 
gets things done. 

He has taken hard decisions on 
the economy; and they are paying 
off with low inflation and steady 
growth. He has taken risks in 
Northern Ireland; and there is the 
best hope of peace for 25 years. He 
has stood up for Britain against the 
hated bureaucrats of Brussels; and 
he will do again at the 1996 inter- 
governmental conference. 

The safety-first approach is 
understandable. Conservative Cen- 
tral Office has spent the past month 
quizzing disaffected supporters. The 
voters are unconvinced by the real- 


M r Mike Bawden, a 
long-serving conserva- 
tive councillor in 
Swindon, is not a 
melodramatic mam But as he sur- 
veys middle England this autumn, 
his verdict is that something 
strange is afoot 

“The government has a big prob- 
lem,” he admits. “All the yard- 
sticks by which we used to measure 
the economy have changed, and 
people just don’t feel wealthy or 
good any more.” 

The failure of the feelgood factor 
to return with economic growth is 
troubling the Conservative party as 
it assembles for its conference next 
week. An internal inquiry has been 
launched into the government* s 
low popularity, led by Mr John 
Maples, one of the party's deputy 
chairmen. He insists the despon- 
dency will lessen tn time. 

But two years into the recovery, 
the message from Swindon is not 


Tony Blair has ensured that John Major 
cannot win the next general election 
by default, says Philip Stephens 


An instinct for 


the centre 


icy of economic recovery. This is an 
upturn In which their disposable 
income is failing, not rising. So are 
house prices. And there are more 
tax increases to come. 

The electorate shares traditional 
Tory values on law and order and 
education. But it judges the govern- 
ment is not delivering safety on the 
streets or high standards and disci- 
pline In the classroom. 

Nor are the voters keen on the 
idea that the new breed of 
highly-paid bureaucrats in the 
national health service spend more 
time furnishing their executive 
suites than improving patient care. 
It is no accident that Mr Michael 
Howard, the home secretary, and 
Mrs Virginia Bottomley, the health 
secretary, are among the nation's 
least papular politicians. 

All of this is perfectly clear to 
anyone who strays occasionally into 
the world of real people. But politi- 
cians only believe the obvious after 
they have paid huge s ums to dis- 
cover it from the opinion pollsters. 

Mr Major's theme - assuming 
that he has not ripped up his speech 
entirely in the wake of Mr Blair's 
appearance in Blackpool - will be 
security. 

The voters of middle England are 
troubled by a changing, harsh and 
competitive world. The middle-class 
life plan, the bedrock of Tory sup- 
port in southern England, is threat- 
ened by the pace of technological 
change, by a cash-strapped welfare 
state and. above all, by an insecure 
employment market 

The government's answer is the 
promise of a steady, sustainable 
recovery instead a return to boom 
and bust; a deregulated economy 
that allows Britain to keep up with 
world competition; and. when Mr 
Kenneth Clarke judges they can be 
afforded, all-important tax cuts. 

It is an approach that most in the 
cabinet have signed up For. Mr 
Clarke, still hankers for another 










burst of radicalism, but the consoli- 
dators have the ear of No 10 Down- 
ing Street The one controversial 
announcement scheduled for next 
week - privatisation of the Royal 
Mail - has now been delayed until 
the Tory faithful return home. 

There is nothing much now that 
the Conservatives can do to rewrite 
the script for Bournemouth, though 


Middle England’s malaise 

Gillian Tett on the despondency undermining Tory support 


simply that the feelgood factor is 
elusive but that there is little likeli- 
hood of a rapid change in mood. 

On paper, Swindon is a manufac- 
turing success story. In the late 
1980s, the local economy grew fast 
as companies such as Honda, the 
Japanese car maker, opened facto- 
ries locally. Growth faltered with 
the recession in the early 1990s, but 
its economy is expanding again. 

Unemployment, which rose from 
4 per cent in the late 1980’s to 9 per 
cent In 1992, has fallen back to 6 
per cent. The town's retailers 
detect modest sales growth. And 
10,000 homes are being built in 
what win be Europe's largest pri- 
vate sector housing development 


But says Mr Geoff Teather, edi- 
tor of the Swindon Evening Adver- 
tiser, “nobody is really thanking 
the government”. 

Tax increases such as the imposi- 
tion of Value Added Tax on domes- 
tic power have been introduced 
gradually, adding to consumer 
uncertainty. But says Mr Bawden, 
the housing market Is the real cul- 
prit for Middle England’s malaise. 
Flat house prices have not only left 
the town with myriad tales of nega- 
tive equity bat forced many middle 
class residents to re-evaluate finan- 
cial strategies. 

David, a 36-year-old project plan- 
ner, for example, bought a house 
five years ago for £140,000. He 


Man IN THE NEWS: Francesco Saverio Borrelli 


Milan’s smooth 
Machiavelli 


T he battle between Mr Silvio 
Berlusconi, the Italian 
media magnate turned 
prime minister, and the 
Milan judiciary has reached a point 
of no return. Both sides are on a 
collision course. 

The script could not have been 
dreamt up better in Hollywood: a 
prime minister whose business 
empire is under investigation for 
corrupt practices seeks to incrimi- 
nate the very judicial authorities 
who are investigating him. 

The Rubicon was crossed this 
week when Mr Francesco Saverio 
Borrelli, the Milan public prosecu- 
tor and the figure behind the anti- 
corruption investigations of the 
past two and half years, decided to 
discard his normal caution. In an 
explosive newspaper interview on 
Wednesday, he warned Mr Berlus- 
coni that the Investigative net was 
tightening around him and his Fin- 
invest empire. 

if this was not enough, he insinu- 
ated Mr Alfredo Biondi, minister of 
justice, had behaved unprofession- 
ally while defending a client in the 
collapse of the late Mr Roberto Cal- 
vi's Banco Ambrosiano. 

In response, the five month-old 
rightwing coalition government 
endorsed a tough response, albeit 
with private reservations among 
some ministers. A formal complaint 
was lodged on Thursday with Presi- 
dent Oscar Luigi Scalfaro, asking 
him as head of the higher magis- 
trates' council, the Italian judicia- 
ry’s governing body, to examine the 
case for disciplinary proceedings 
and prosecution against Mr Borrelli. 

Mr Borrelli coolly joked about the 
prospect of prison: Tm ready with 
my toothbrush and pyjamas.” The 
64-year-old public prosecutor could 
face a minimum jail sentence of 10 
years for undermining constitu- 


tional authority. 

But he clearly intends to hang on 
to the post he has held since 1987. “I 
don't even give it [resignation] a 
thought! Why should I leave the 
magistrature?" he asked. He has 
even postponed plans to apply for a 
promotion to head the appeal court 
in Florence, where this Neapolitan- 
born member of the judiciary has 
spent much of his career. 

Mr Borrelli has played a back- 
stage role throughout the two and 
half years that Milan magistrates 
have made the headlines with their 
anti-corruption investigations. How- 
ever, he is credited as the strategist 
behind the investigations - known 
as "Tagentopoli” (bribe cities) - 
that have unearthed a pervasive 
system of bribes and illicit binding 
Involving the nation's leading busi- 
nessmen and politicians. 

His discreet presence contrasts 
with that of public idol Mr Antonio 
Di Pietro, the investigative magis- 
trate in MQan who in February 1992 
broke the first “Tagentopoli" cor- 
ruption scandal. Mr Di Pietro is 
blunt-speaking, flaunts his peasant 
origins and cares little about his 
clothes. Mr Borrelli is soft-spoken 
with fluent sophisticated language. 
Sartorially, his spare, stooping 
frame is always immaculately clad. 
While Mr Di Pietro Is a computer 
buff and likes the occasional shoot- 
ing foray with friends, for Mr Bor- 
relli it is classical music, philosophy 
and horse-riding. 

However, the partnership 
between this smooth intellectual 
with the grasp of Machiavelli and 
the industrious policeman with his 
gift for computer technology has 
been central to the Milan magistra- 
ture’s success in exposing the accu- 
mulated vices of Italy's postwar 
political system. 

Mr Borrelli has been content to 






let his junior absorb the limelight, 
realising the magistrate had the 
kind of honest aura that could catch 
the public imagination. Thus it was 
Mr Di Pietro who, in the name of 
the Milan magistrates, went on tele- 
vision to announce their collective 
resignation in July In protest at 
plans by the Berlusconi government 
to introduce legislation to curb the 
judiciary's power of preventive 
detention. The government 
retreated. 

Again, it was Mr Di Pietro who 
was delegated to attend the annual 
gathering of top businessmen at 
Cernobbio in early September at 
which he suggested the outlines of 
legislation to come to terms with 
the problems created by the corrup- 
tion scandals. 

But it was Mr Borrelli - in con- 
sultation with jurists and academics 
- who orchestrated the legislation 
to deal with the huge backlog of 
corruption cases and the prospect of 
indefinite corruption investigations. 
The sum was to encourage those 


who had paid bribes to come for- 
ward with generous plea-bargaining 
opportunities, and corresponding 
penalties for those who failed to 
confess within a specified time. 

The move was squashed because 
the politicians objected to the Milan 
magistrature trying to usurp the 
lawmaking role of parliament In 
retrospect, it was the refusal of the 
politicians to take up this olive 
branch that has accelerated the cur- 
rent conflict 

Mr Borrelli and his fellow magis- 
trates knew their continued inqui- 
ries would affect many institutions 
- Including the Guardia di Finanza, 
the financial police. They also knew 
the government could be damaged 
by the investigations into Fininvest, 
which risked leading to Mr Berlus- 
coni and at least one other minister. 

As the pace of investigation has 
quickened after the s umme r break, 
Mr Berlusconi and his ministers 
have sought to challenge the behav- 
iour of the judiciary. It is this that 
led to. Mr Borrelli’s now famous 
interview on Wednesday. 

Three possible reasons have been 
advanced by political analysts for 
his decision to go public with his 
warning to Mr Berlusconi The first 
is that It was the angry reaction of 
the Milan magistrature against a 
prime minister whose government 
has Med to find a mutually satis- 
factory politico-judicial solution to 
end “Tagentopoli". 

The second is that it was a move 
to unseat Mr Berlusconi and break 
up his Forza Italia movement to , 
favour the ascendancy of the neo- 
fascist MSI/National Alliance, 
which has been courting Mr Borrelli 
and Mr DI Pietro. 

But it is the third that seems the 
most plausible: it was a desperate 
attempt to head off government 
moves to stifle their inquiries. For 
Mr Berlusconi is now threatened 
with being ousted from office by 
those who opened the way for him 
to become prime minister In the 
first place by discrediting the old 
political parties. 


though in the it tended to 
at its head). Conference 
ttds week “ "“se IV pub- 
Hcomerstitp deieras 

ministers roueh-needed ammunition 

^B^MrBbir knows where he Is 
going: into the political centre 
ground. Labour is to represent tte 
Spirant classes. For all the ° r 
modernism, what he is doing is 
reconnecting it to its traditional 

roots as the party of J 
The voters who elected Mr Clement 
Attlee in 1945 and Mr Harold Wilson 
in 1964 were won over not by 
dewy-eyed socialism but oy the 
promise of a brighter future. 

The prime minister s view ^that 
the anxieties of middle England will 
be the most potent force atthenext 
general election is shared by the 
Labour leader. The difference is 
that Mr Blair judges that the etec- 
torate's instincts have shifted back 
towards the centre. The individual- 
ism of the l9SGs has become the 
insecurity of the 1990s. 


, .(• . -• 
; l • ' ' 


WMyWMOd 

New Labour Tony Blair has reached out to disaffected Tory voters 


plenty of ministers will spend the 
weekend sharpening up their 
speeches to dispel any hint of com- 
placency. But a strategy tailored to 
the pressures of the party confer- 
ence will not be enough to counter 
the threat from Mr Blair. The oppo- 
sition now has a leader 
with the authority and the 
intellect to take on the Con- 


I t was no accident that in 
Tuesday's speech Mr Major 
was not mentioned by name; 
nor for that matter were Mr 
Clarke or Mr Douglas Hurd. 
Mr Blair's targets were the embat- 
tled Mr Howard and Mr Michael 
Portillo, the standard-bearer of the 
Tory right. Forget Labour’s 
left-wing past, the Tories are the 
extremists now. he was saying. 

There are flaws, it was easy to 
detect in the speech the tensions 
between his embrace for the market 
and. the romanticism or Old Labour, 
easier still in the speeches of 
shadow cabinet colleagues. He will 
face serious internal battles over 
tax before the next general election. 

To watch Mr Blair up close 
though is to understand how deter- 
mined he is that New Labour will 
win. He has already in his back 
pocket a draft of the new statement 
of aims and values that will replace 
Clause IV. He is thinking ahead in a 
way that Mr Neil Kinnock was 
never allowed to and Mr John 
With never felt inclined to. 

Mr Major is not lost. The govern- 
ment might yet recreate itself as the 
guardian of security in a changing 
world. Put another dash for integra- 
tion by Britain's European partners 
alongside Labour’s plans for devolu- 
tion in Scotland and Wales and you 
can see the possibility of a cam- 
paign built around defence of the 
(British) Union. 

But one thing is clean 1992 was 
the last election the Conservatives 
will win by default. 


tried, and failed, to sell It for about 
£120,000 last year. “In the 1980’s, 
people like me thought if we had 
spare cash we had to get on the 
housing ladder and keep borrowing 
and moving up. Bnt now that's 
ended. We have had to look at our 
salary again and think a lot harder 
about saving.” 

Few people expect an early end to 
this malaise. Mr Russell Cleveiiey, 
of developers Hannick, says that, 
although the market picked op at 
the start of the year, it has stalled 
again. He blames the end of fixed 
rate mortgages, a crucial market- 
ing tool In a time of low economic 
confidence. “I was thinking of buy- 
ing a place for my children, but I 


won’t now they have withdrawn 
the fixed rate.” 

There is no shortage of jobs 
locally. Indeed Mr Andy Cable, of 
the Response Management mail 
ruder group, says he has recruit- 
ment problems as he prepares for 
Christmas demand. But the 
part-time, flexible jobs he is offer- 
ing have only limited appeal. “You 
can get temporary jobs, but there is 
really not ranch proper stuff 
around,” says Mss Ann Whitfield, 
who recently found a job as a 
receptionist 

Tew people in Swindon are yet 
predicting the three Conservative 
MPs in the area wifi be ousted at 
the next election. But as Mr 
Teather of the Swindon Evening 
Advertiser observes: “Labour is re- 
emerging just as these economic 
changes are happening. Mr Tony 
Blair must be hoping that people in 
Swindon could turn out to be his 
children of tomorrow.” 


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FINANCIAL TIMES WEEKEND OCTOBER 8/OCTOBER 9 1994 


>i 



Richard Waters on moves to 
improve profitability at US 
investment bank Kidder Peabody 

Parachutists 

on a mission 


W ho would buy an 
investment bank 
with a tattered 
reputation, bloat- 
ed costs, an over-inflated bal- 
ance sheet and a trunk-load of 
esoteric securities that few 
people understand? 

That Is the question posed 
by other banks in response to 
General Electric's thinly 
veiled desire to jettison Kidder 
Peabody, its troubled New 
York investment bank. 

On Thursday, the US indus- 
trial gronp took action to 
make Kidder a bit more sale- 
able. Sts months after it was 
rocked by an alleged multi- 
million dollar fraud (Kidder 
claimed its head government 
bond trader, Joseph Jett, had 
created fictitious profits of 
$350m), the hanic is undergo- 
ing an overhaul. The result 
will be a smaller and - GE 
hopes - more profitable bank 
The overheal is being con- 
ducted by two GE executives 
parachuted into Kidder in 
June to salvage its reputation: 
Mr Dennis 
Dammerman, 

GE’s own chief 
financial offi- 
cer, and Mr 
Denis Naydeu, 
a leading exec- 
utive from GE 
Capital, its 
financial ser- 
vices arm. 

For Jack 
Welch, GE's 
chairman and 
chief executive, 
the changes at 
Kidder come 
not a moment 
too soon. Hav- 
ing paid $6 00m 
for an Initial 80 
per cent stake Jack Welch: 
of Kidder in has been 
1986 and 
pumped in another $800m in 
extra capital since then, 
Welch's judgment has met 
with increasing criticism. 

Kidder’s new bosses are 
attacking the problems at the 
bank on four fronts. 

First, they plan to shrink 
the bank's balance sheet 
Under Mr Michael Carpenter, 
the chairman posted in June 
as a result of the Jett scandal, 
Kidder had expanded its hold- 
ings of securities, pushing Its 
total assets to S106bn (£67bn) 
at the end of March. The bank 
had only about $7 50m of capt 
tal to support these assets (the 
capital acts as a cushion to 
absorb any losses). 

While bond prices were ris- 
ing around the world to the 
early 1990s, Kidder's vast 
securities holdings generated 
profits. The hank could under- 
write an issue of new bonds, 
and hold the securities on its 
balance sheet for several 
weeks or even months as it 
slowly sold them on to inves- 
tors. The downturn in bond 
prices since last October, 
though, put an end to the easy 
money days for Kidder, as for 
the rest of Wall Street. 

Piling assets on a small capi- 
tal base produced high lever- 
age, or gearing, which 
increased market fears in 
recent months about the 
bank’s financial stability. 
Other big Wall Street firms 
have about Slbn of capital for 
every $30bn-$35bn of assets 
they hold, says Mr Michael 
Flanagan, a securities industry 
anal yst at Upper Analytical, 
the financial research firm. 

Since March, Kidder bas 
shrunk its assets to SSObn. 
This week it said it aimed to 
bring the level down to $50bu- 
$60bn by the end of this year. 

More seems likely to follow. 
Mr Dammerman has said that 
he wants to bring Kidder’s bal- 
ance sheet leverage into line 



with other Wall Street houses. 
To achieve this means shed- 
ding assets unless be can per- 
suade GE to pump in more 
capita] (which is unlikely, as 
GE has already injected S200m 
this year). 

The new Kidder bosses' sec- 
ond line of attack is to trans- 
fer $&7fcn of esoteric securi- 
ties, known as Collateralised 
Mortgage Obligations (CMOs), 
to an affiliate of GE Capital 
Mortgage-backed bonds, and 
the derivative-type CMOs that 
can be created from them, 
have been the source of a Large 
part of Kidder's profits in 
recent years. However, the rise 
to US interest rates this year - 
and the corresponding fall to 
bond prices - has hit the CMO 
business particularly bard: 
buyers for the highly-struc- 
tured securities have van- 
ished, making many of them 
hard to sell or to value. 

Kidder has already sold off 
about SlObn of CMOs since 
March. Shuffling the rest to 
GE Capita] should remove a 
big question 
mark over the 
bank and 
relieve pressure 
ou its balance 
sheet 

The third 
move by Dam- 
merman and 
Nayden is to 
take an axe to 
Kidder’s costs 
in an attempt 
to bring it baric 
into profit - 
the bank is 
thought to have 
lost $85m in the 
three months to 
the end of Sep- 
tember. Among 
his judgment other things, 
criticised the disappear- 

ance of $350m 
of profits after the Jett fiasco 
revealed that Kidder’s real 
profits were lower during Wall 
Street’s good years than had 
appeared at the time. 

The immediate target is to 
shed 10 per cent of Kidder’s 
5,500 staff and reduce costs by 
8100m a year. Hie bank has 
said it will narrow the scope of 
its investment banking activi- 
ties to a handful of industries. 

It is also expected to retreat 
from a number of business 
areas, such as some parts of its 
derivatives trading and for- 
eign exchange activities. 

Fourth, the new manage- 
ment has indicated that It 
could sell those parts of Kid- 
der far which buyers can eas- 
ily be found. The bank's 1,250- 
strong force of retail brokers, 
for instance, Is considered an 
attractive catch by several 
rival broking houses. With 
average annual commissions 
said by the bank to be 
8425,000, Kidder’s brokers are 
more productive than those at 
houses such as PaineWebber, 
which is contemplating an 
acquisition. Kidder's fund 
management business is also 
considered a candidate for 
early disposal. 

Dammerman, meanwhile, 
has remained vague about 
whether what remains of Kid- 
der would eventually be sold. 
Announcing the staff cuts tins 
week, GE’s chief financial offi- 
cer acknowledged that outsid- 
ers would interpret such mea- 
sures as an attempt to spruce 
up the bank for sale. That was 
not tbe immediate purpose, he 
added: rather, it was to put the 
bank into order. 

What is undoubtedly true is 
that it will be a lot easier to 
sell what remains of Kidder 
once it has been slimmed 
down and refocused. GE will 
soon have the option of getting 
out of its disastrous excursion 
into Wall Street. 


Good news is bad for shares 


F or the average investor in UK 
shares, the last couple of 
weeks have been one long 
bungee jump. 

Tbe FT-SE 100 Index has been 
bouncing up and down, recording a 
rise or fall of more than 25 points on 
six out of the last eight trading days. 
Over the course of the year, the trend 
has been more down than up: the 
Footsie is now about 15 per cent down 
from its peak in February. 

By the standards of the last 30 
years, it is still arguable whether this 
is a fully-fledged bear market, or 
merely a correction within a longer 
bull run. Since 1965, there have been 
nine occasions when tbe FT-SE Actu- 
aries Ail-Share forfpv has fallen t peak 
to trough, by more than 20 per cent, 
with the long drawn-out decline of 
1972-74 being the worst example. This 
year’s tall has yet to reach such pro- 
portions. But there is a danger that it 
might 

What may puzzle the small investor 
is the background to the current gyra- 
tions. The UK economy is looking 
remarkably healthy; growth is set to 
top 3 per cent this year, underlying 
inflation is low at 2J3 per cent, unem- 
ployment is tailing and the trade defi- 
cit is narrowing. In such conditions, 
investors might reason, share mar- 
kets should be rejoicing, not lament- 
ing. 

Furthermore, the most common 
explanation for the declines in world 
bond and equity markets this year is 
the Federal Reserve's decision to raise 
interest rates to slow the US econ- 
omy. But if the US is the problem, 
how come Wall Street is just 4 or 5 
per cent off its all-time high, when the 
Footsie is around 15 per cent off its 
peak? 

The answer to these riddles lies 
partly in events in 1993 and partly in 
what markets fear for 1995 and 
beyond. 

Last year was an annus mirabUis 
for financial markets. In the UK, 
medium-term gills returned around 23 
per cent and equities 27 per cent 
Market buoyancy resulted from a 
tall to interest rates round the world 
that persuaded investors to switch 
from cash Into bonds and equities. US 


Philip Coggan explains why London stocks are less than buoyant 

FT-SE- A All-Share index; the bear years 


Bear market defined as a market drop of 20% or more 


- 100 % 


]H0i 

Hah 

High 

[High 

; High 

| 111 JO 

18097 

153.03 

‘228.18 

Jl72jJ4 

j Low 

low 

Low 


■ Low 

-60% J 88 - 18 

129.68 

11407 

^6132 

jiie» 



FT-SE 1KI 
3.600 


3.300 


-oo% 


-40% 


-20% _ 


Source FT QrafAM 

investors, in particular, were putting 
money overseas, with many using 
money borrowed at historically low 
interest rates. 

The bubble burst to February 1994 
when the Federal Reserve made its 
first upward move to interest rates. 
Although the change was small - 
from 3 per cent to 3.25 per cent - it 
caused a much larger shift in investor 
sentiment worldwide. 

If the Fed was tightening monetary 
policy, investors reasoned, maybe 
inflation was going to be a problem in 
the US. Furthermore, signs of grow- 
ing economic recovery in Europe 
made investors worry about inflation 
and less confident about further 
declines to European Interest rates. 
The rise in commodity prices added to 
the worldwide surge in inflation 
expectations. 

Those US investors who were specu- 
lating with borrowed money quickly 
tried to cash in their bond holdings to 
cut their losses. Bond prices fell 
sharply and stock markets suffered 
from the knock-on effect 

The UK suffered more than most 


_1_ 3.000 


2. TOO 


from the switch. According to Yam- 
aichi International (Europe). 10-year 
UK gilts yielded 0.47 of a percentage 
point more than US Treasuries at the 
start of tbe year and 0.74 of a percent- 
age point more than German bunds. 
Those spreads have since widened to 
Lll percentage points and 1.27 per- 
centage points respectively. 

I f inflation is set to return 
around the globe, investors fear 
that its level will be higher in 
the UK, because of the country's 
past record. “People have been deeply 
ingrained with the view that it is 
always right to be pessimistic about 
the UK," says Mr Bob Semple, head of 
economics and strategy at NatWest 
Markets. 

February's cut of a quarter of a 
percentage point in UK base rates, 
which came just four days after the 
Fed increased US rates, may have 
reinforced the impression that the UK 
was soft on inflation, and raised 
doubts about the strength of the UK's 
monetary regime. "It is clear that the 
Bank of England had its arm 


twisted to agree to a rate cut 
in February," says Mr Semple. 

Since that February cut in rates, 
the pace of UK economic growth has 
picked up. prompting the chancellor 
to agree to a rise of half a percentage 
point in base rates in September, to 
head off inflationary pressures. 

But the markets have yet to be con- 
vinced that the UK authorities are m 
control and remain pessimistic about 
the outlook for base rates. Futures 
markets indicate that traders expect 
base rates to reach around 6.7 per 
cent by year end. and nearly 9 per 
cent by the end of 1995. 

So although economic growth, by 
boosting corporate earnings, ought to 
be good for the equity market, its 
benefits have been overshadowed by 
the rise in inflationary expectations, 
which have led to higher bond yields. 

For tbe international investor, the 
news has been even worse. Sterling's 
decline this year means that, in US 
dollar terms, the UK market has 
underperformed every major Euro- 
pean stock market except France. 

Is the poor performance of the UK 


equity market set to continue? This 
year’s declines have removed some of 
the signs that shares were overval- 
ued. The historic price-earnings ratio 
on the All-Share - the measure used 
by analysts to compare share prices to 
corporate profits - has dropped from 
a heady 25.8 in February to around 
17.5 today. 

The dividend yield on the All-Share 
is a fraction over 4 per cent, below its 
long-term average, but well above the 
2.8 per cent reached at the height of 
the bull market in 1987. 

Furthermore, dividends offer a posi- 
tive real return (they arc higher than 
inflation) - a situation th3t has 
existed only rarely in the last 20 
years. 

The yield ratio, a measure that 
relates the income return from 
long-term gilts to that from equities, 
is around 2.2], close to its average 
since 1976. According to Mr Ian Har- 
nett, chief economist of Societe Gener- 
ali- Strauss Turnbull Securities, this 
can give investors some comfort since 
the last three severe market down- 
turns have occurred when the yield 
ratio was over 2. 5. 

However, for the UK market to 
recover, it needs to circumvent three 
obstacles. The first is the danger that 
inflation may accelerate, and the 
trade position may deteriorate, just as 
it has in so many previous UK eco- 
nomic cycles. The result will be 
sharply higher base rates and bond 
yields - more bad news for share 
prices. 

The second danger is that the gov- 
ernment had already acted too hastily 
in raising interest rales, especially in 
view of the tax increases to come. The 
consequence is that economic growth, 
and corporate earnings, will slow in 
1995. 

The final risk lies across the Atlan- 
tic. The UK stock market has fallen 
further than the US. but many feel it 
is Wall Street and not London which 
is the anomaly. If further Fed tighten- 
ing and a change of sentiment among 
US private investors causes a sharp 
fall in the Dow Jones Industrial Aver- 
age this autumn. UK investors 
could be due for another bungee 
ride. 


The ultimate privatisation 


! ; v i \ P Quick switch to the attack 


From Sir Peter Wakefield. 

Sir. We are all entitled to 
change our opinions, but your 
art critic, William Packer, 
seems to have been persuaded 
to change his extraordinarily 
quickly. 

In his account of the Jer- 
wood Painting Prize (“Damned 
by lack of controversy", Sep- 
tember 24} be attacks most 
vehemently the decision of the 
judges to award the prize to 
Craigie Aitchison. Yet only two 
weeks earlier he welcomed the 
purpose of the prize (“Excel- 
lence is the only criterion", 
September 10), saying it was 
long overdue and “what a 


relief it is to confront a short- 
list that is entirely acceptable. 
There is no token presence and 
each artist has a chance 
of winning - well worth a 
punt". 

William Packer is also inac- 
curate in saying that one of the 
judges. Judith Collins, is 
deeply distressed. The choice 
was accepted by all the judges 
except Hilton Kramer, who has 
made his views known. 

Peter Wakefield, 
chairman of the judges, 

Jenvood Painting Prize, 
Jentood Foundation, 

22 Fitzroy Square, 

London WlP SEJ 


Uncertainty over a semitone 


From Mr Michael Varcoe-Cocks. 

Sir, In his review of Opera 
North's new U Trovaton ("Out- 
break of symbolism in Leeds 
Trovatore’ ", October 4), Rich- 
ard Fairman writes disparag- 
ingly of the tenor’s high notes 
in the famous cabaletta being 
"high Bs rather than Cs, if I 
am not mistaken". 

On the one hand your critic 
is admitting that he does not 
have perfect pitch (a rare gift 


anyway), but on the other he is 
implying that he is clever 
enough to tell that the caba- 
letta was sung a semitone 
lower than written. 

Surely, if he felt it necessary 
to make this point. Fairman 
could have swallowed his igno- 
rance and actually asked some- 
one at Opera North! 

M D Varcoe-Cocks, 

5 Brackenbury Road. 

London W6 QBE 


T he British Labour 
party conference was 
not the only place 
where people were 
arguing furiously this week 
about private versus public 
ownership. The international 
meeting on human genes in 
Washington DC was equally 
divided by debate over whether 
genetic information should be 
freely available in the public 
domain, or the private prop- 
erty of the researchers who 
patent it first 

Each side claims that its 
favoured system will accelerate 
the application of genetic dis- 
coveries to human health, in 
the form of treatments and 
diagnostic tests for diseases 
from cancer to mental illness. 

Arguments over gene owner- 
ship have bedevilled biotech- 
nology and medical research 
for several years. They are now 
reaching a new intensity, as 
scientists realise how much 
tbe private sector is coming to 
dominate the race to discover 
the 100,000 genes which control 
human development a n d sus- 
ceptibility to disease. 

The biomedical research 
leaders who launched the gran- 
diose Human Genome Project 
in the late 1980s as a £2bn 
international effort to decode 
all DNA (the chemical store of 
genetic information) expected 
it to take about 15 years and to 
be funded largely by govern- 
ments. In fact biotechnology 
companies, in partnership with 
the established pharmaceutical 
industry, are spending more on 
genetics research than the tra- 
ditional public bodies such as 
the US National Institutes of 
Health and tbe UK Medical 
Research Council - and, by 
takin g scientific short cuts, 
they are producing results 
more quickly. 

However, the debate is not 
simply between academic and 


Clive Cookson on who should 
own human genes 


industrial researchers. Within 
each group, opinions are 
divided on the merits of patent- 
ing genes, as two of the world's 
largest drugs companies, 
Merck and SmithKline Bee- 
cham, showed this week when 
they announced diametrically 
opposed policies on the issue. 

Merck said it would establish 
a comprehensive database or 
genetic information to which 
everyone, including commer- 
cial competitors, will have 
open access. The company will 
provide several million dollars 
for Washington University in 
St Louis, one of the top US 
genetics labs, to create new 
data for the so-called Merck 
Gene index. 

“This will 
facilitate prog- 
ress in biomed- 
ical research 
by reducing 
duplication of 
effort, speeding 
tbe identifica- 
tion of disease- 
related genes and enhancing 
the probability of break- 
through drug discoveries,’' 
says- Dr Edward Scolnick, 
Merck’s head of research. 

Although the company's 
announcement was couched to 
terms of self-congratulatory 
altruism, some competitors 
saw it as more of a spoiling 
move to make up for the tact 
that Merck had been slow to 
appreciate that genetic discov- 
eries could transform pharma- 
ceutical research. 

On the other hand Smith- 
Kline Beecham, until recently 
one of the sleepier pharmaceu- 
tical giants, has moved aston- 
ishingly quickly to feed genetic 
information into its main- 


Patent protection 
is needed at some 
stage to provide 
companies with a 
financial incentive 


stream research since linking 
up with H uman Genome Sci- 
ences, the leading biotech com- 
pany specialising in. gene dis- 
covery. in May 1993. SB is 
paying HGS $125m over 10 
years for an equity stake and 
exclusive access to its private 
database, which already con- 
tains partial or complete DNA 
sequences of about one-third of 
all human genes. 

The key to HGS's success is 
a scientific short-cut called 
cDNA sequencing. This fishes 
out from particular body tis- 
sues, such as the brain, pieces 
of DNA corresponding to genes 
that are active there. It gives a 
library of gene fragments writ- 

ten in the four 

letters of the 
genetic code - 
C A T G - 
rather like an 
index of first 
lines in a 
poetry book. 
Most sequences 
are distinctive 
enough for scientists to under- 
stand their meaning. 

In Washington this week SB 
and HGS made clear that they 
had no intention of allowing 
others unrestricted access to 
the database, which they 
believe gives them a huge com- 
petitive advantage for future 
product development. At the 
same time they revealed the 
terms under which academic 
researchers would be allowed 
to use the database. The main 
condition is that HGS will have 
first rights to exploit any pat- 
entable discovery they make. 

“The conditions that govern 
access to these data should 
preserve the incentive for the 
private sector to invest the 


funds necessary’ to bring new 
drugs and diagnostic products 
to tiie market," says Dr Wil- 
liam Haseltme, HGS chief exec- 
utive. “Unalloyed dumping of 
genetic information into the 
public sector is not in the best 
interests of the public." 

Dr Michael Morgan of the 
London-based Wellcome Trust, 
the world's largest medical 
research charity, brought 
together all interested parties 
in a fringe meeting at this 
week's Washington conference, 
to try to work out a consensus 
for future action. 

“The HGS/SB proposal may 
well be acceptable to academia, 
though we shall have to study 
the terms carefully," Dr Mor- 
gan says. “But they are not 
giving access to the pharma- 
ceutical industry, so there is 
enormous support from the 
other drug companies for a 
public domain database." 

Dr Morgan says his meeting 
agreed that Merck's proposal 
should form the basis of an 
open international effort to 
identify as many individual 
genes as possible and “map" 
the position of each gene on 
one of the 23 chromosomes 
that carry all human DNA. The 
mapping stage is essential for 
understanding fully how the 
genes work. 

Glaxo, the largest UK drug 
company, would be happy to 
join in too, says Dr Barry Ross, 
research director, “if this can 
be developed into a full part- 
nership between industry and 
academia, rather than some- 
thing run by Merck with the 
Merck name on it". 

Everyone involved in genet- 
ics research agrees that patent 
protection is needed at some 
stage to provide the financial 
incentive for companies to 
turn the science into products. 
The contentious question 
really’ Is: at wbat point in the 



R&D process should patents 
take effect to end the sharing 
of public information and stim- 
ulate product development? 

SB, HGS and other biotech- 
nology companies whose com- 
petitive advantage is in creat- 
ing genetic information want 
patents to take effect as early 
as possible. Merck, Glaxo and 
other large drug companies 
believe that patents should not 
operate “until you have a gene- 
based product to protect”, as 
Dr Ross puts it. 

Academics' views depend 
mostly on whether they are 
involved with biotech compa- 
nies seeking to exploit genetic 
Information. Last month's deci- 
sion by the University of Utah 
and Myriad Genetics, a US bio- 
tech company, to patent their 
discovery of a gene causing 
breast cancer provoked a hos- 


tile reaction from researchers 
who said it would destroy 
future collaboration in the 
search for cancer genes. 

Overshadowing the debate is 
confusion about the way 
patent law applies to genetic 
discoveries. Rulings by the US 
Patent Office and its European 
counterparts have been contra- 
dictory and not yet tested in 
court. It will not be known for 
many years what level of 
genetic information can be pro- 
tected. Will it be a fragment of 
a gene, the full human gene, or 
the gene incorporated into a 
potential product? 

Wherever the line is eventu- 
ally drawn, it is already clear 
that Lhe old academic ideal of 
open scientific collaboration 
unmotivated by commercial 
gain is as out of date as the 
Labour party's Clause 4. 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London SE1 9HL 

Fax 071 873 5938. Letters transmitted should be dearly typed and nor hand wrirten. Please set tax for finest resolution 

Merger of accountancy bodies inevitable 


From MrR N Gasman. 

Sir, Your article, “An institu- 
tional fracture in need of 
repair" (Accountancy Column* 
October 6), on the rationalisa- 
tion of the accounting profes- 
sion misses the point. 

ft would be obvious to a Mar- 
tian that the six bickering rep- 
resentative organisations 
ought to be merged into a sto- 
gie influential professional 
body. However, the main 
obstacle to this Is the widely 
held belief that the members of 
the three chartered institutes 


will not vote for a merger - 
even when watered down as to 
the proposals recommended by 
the working party, chaired by 
David Bishop of KPMG Peat 
Marwick And the reason they 
will not vote to merge is the 
general perception that the 
title “chartered accountant” 
carries more status and earn- 
ing power than the titles from 
the other bodies. There is a 
desire for some to be seen as 
more equal than others. 

Faced with such intransi- 
gence it would be folly for the 


other bodies to formulate plans 
for the improvement of the 
profession based upon the 
highly improbable premise of a 
merger. The other bodies can- 
not address this obstacle in the 
short term and the only practi- 
cal approach is to plan round it 
and to make alternative pro- 
posals such as those formu- 
lated by Anthea Rose and the 
Chartered Association of Certi- 
fied Accountants. 

Common sense will eventu- 
ally triumph - you are either a 
qualified accountant or you are 


not - so merger is inevitable, 
whether by intervention or 
consensus. But I am not sure I 
will see it in my professional 
lifetime. While it remains 
impossible to achieve it at one 
step, the only option is to 
embark an the first of a series 
of small steps - and on that 
basis I support the proposal for 
a General Accounting Council 
R N Chisman. 
financial director, 

Stakis, 

3 Atlantic Quay. 

York Street. Glasgow G2 SJH 


A new millennium - and not a traffic cone to be seen 


From Mrs A Lister. 

Sir. With regard to celebrat- 
ing the millennium (“Wanted - 
wonder of the age”. October 1), 
I think the government should 
pledge to remove every stogie 
traffic cone from every road to 
the kingdom by 4.30pm on 
December 31 1999. 


In order to placate all those 
who believe that celebrations 
should only take place in 
December 2000. 1 suggest that, 
during the intervening year, 
all the cones gathered should 
be given to a number of sculp- 
tors, who can each create a fit- 
ting memorial to the “last” 


century. These sculptures 
should be placed at various 
points around tbe country, to 
be seen from our motorways, 
rather as Stonehenge is viewed 
from the A303. 

This pledge, incidentally, 
should be put on the statute 
books so that any other incom- 


ing government must abide by 
it too. Thus, future generations 
will gain from finished roads, 
no more road works, and the 
disbanding (and financial sav- 
ing ) of the cones Hotline. 

A Lister, 

54a The Avenue, 

Hatch End, Middx HA5 4HA 


The price of share dealing 


From Mr Richard Uzupris. 

Sir, I was interested to read 
the latest proposals by the 
Stock Exchange to inhibit 
insider dealing as reported by 
Robert Peston (“Tighter checks 
on insider dealing proposed". 
October 5). 1 would like to 
make the following two obser- 
vations: 

1) Suspension of dealings in 
shares after "normal" price 
fluctuation parameters have 
been exceeded would probably 
be too late, as the professional 
insiders would have already 
dealt 

2) In the specific case of Portals 


it is doubtful that any stock- 
broker asked by a client 
whether or not to sell the 
shares during the four-day 
period to question would have 
failed to point out the bid spec- 
ulation - the shareholders who 
missed out would more than 
likely have been those using 
execution-only, cut-price share 
dealing facilities. Investing is 
the same as any other business 
- you only get what you pay 
for. 

Richard Uzupris, 

6 Britannia Gardens, 
Westdijfe-on-Sea. 

Essex SS0 SBN 


Markets are not always right 


From Mr Stephen Beer. 

Sir, I imagine Stephen Butler 
(Letters, October 3) has little 
practical experience of finan- 
cial markets, judging by his 
faith in them over central 
bankers. Even casual observa- 
tion - as opposed to simple 
economic theory - leads to the 
conclusion that most market 
participants can be wrong for 
some of tbe time. 

Eventually they realise their 
mistake and the market cor- 


rects - often dramatically. 

Who I wonder, on average. Is 
the most “trustworthy" when 
predicting inflation? Large 
numbers of traders with little 
option but to follow the pre- 
vailing “market view", or cen- 
tral bankers appointed by poli- 
ticians but with reputations to 
develop? Difficult one, that. 
Stephen Beer, 

30 Cawkmll Close, 

Chetmer Village. 

Chelmsford CM2 6SG 


per cent WDAs will be raised in the near flows involved. 


10 


FINANCIAL TIMES WEEKEND OCTOBER S/OCTOBER 9 1994 


COMPANY NEWSs UK 


5 


Argyll to withdraw 
from discount retailing 


By NeB Buckley 

Argyll, the UK’s third-largest 
grocery retailer, is selling the 
rest of its Lo-Cost discount 
chain, ending its 13-year own- 
ership of the trading name. 

The group has agreed to sell 
101 of its remaining Lo-Cost 
stores, together with the trad- 
ing name, and a freehold distri- 
bution depot at Queensferry, 
North Wales, to Co-operative 
Retail Services, for up to £73m. 
It p lans to sell the remaining 
50 stores and related assets “in 
due course". 

The deal follows the sale of 
123 Lo-Cost and 28 of Argyll's 
smaller Presto supermarkets to 
a consortium of Spar compa- 
nies for £19.7m in August. 

CRS plans to continue oper- 
ating the stores as discount 
outlets under the Lo-Cost 
name, a n d is taking almost all 
of their 3,800 staff. About 60 


redundancies will result from 
closure of Lo-Cost's head office. 

As well as buying the 
Queensferry depot, CRS is leas- 
ing Lo-Cosfs other two distri- 
bution depots at Salford and 
Shrewsbury. 

Mr Colin Smith. Argyll chief 
executive, said the decision to 
withdraw from discount retail- 
ing was a result of the strate- 
gic review being conducted 
into the group's business. 

Lo-Cost made operating prof- 
its of only £6.3m on sales of 
£47lm in the year to April 2. 
and Argyll had decided to 
focus on its Safeway super- 
stores and Presto supermar- 
kets. 

The group was hindered in 
its efforts to make Lo-Cost a 
successful discounter by the 
wide variation in store sizes in 

Hip nhain 

CRS is paying £59m for the 
stores, plus up to £l4m more. 


based on the average sales of 
the stores in the eight weeks 
until completion on November 
12 . 

Argyll expects to make a 
total of between £86m and 
£l00m from the two sales 
agreed plus the sale of the 
remaining stores, compared 
with a net asset value of about 
£93m. 

Closure and other associated 
costs will he about £3m. The 
overall effect on earnings per 
share is expected to be broadly 
neutral 

Argyll admitted the sale was 
not being made “without a 
backward glance". 

Lo-Cost was originally the 
retail operation of Oriel Foods, 
acquired by Argyll in 1981 from 
the RCA Corporation. 

The original Argyll manage- 
ment team ran Oriel Foods 
at RCA between 1974 and 
1977. 


Dartmoor Investment Tst 
launches bid for Sphere 


By Bcthan Hutton 

Dartmoor Investment Trust 
yesterday launched a bid for 
Sphere, a split capital invest- 
ment trust due to be wound op 
in a year’s time. 

Sphere is treating the bid as 
hostile and has recommended 
that shareholders take no 
action as yet However, Dart- 
moor appears to have a major- 
ity in favour of its offer, which 
values the shares and warrants 
in question at £52. 45m. It owns 
7.01 per cent of the income and 
residual capital shares; other 
funds run by the gamp man- 
ager, Exeter Asset Manage- 
ment, own a further 2151 per 
cent, and have indicated accep- 
tance of the offer. 

Indications of acceptance 


have also been received from 
Ah trust Fund Managers, which 
owns 22.94 per cent of the 
shares. This would give Dart- 
moor 52.46 per cent of the 
shares, but the acceptances are 
not yet irrevocable. 

The bid is only for one class 
of share — income and resid ual 
capital - and the warrants. It 
offers eight new Dartmoor 
ordinary shares for every 20 
Sphere shares, and one new 
Dartmoor warrant for every 
four Sphere warrants, which at 
October 6 prices values the 
Sphere shares at 417p and the 
warrants at 5-5p. The October 6 
mid-market prices were 415p 
and 5.5p respectively. 

Sphere shares are trading at 
about asset value, and yield 
about 10 per cent, while Dart- 


moor shares are trading at a 
premium of about 25 per cent, 
and yield about 11 per cent 
The offer would give Sphere 
shareholders a continuing, 
increased income stream but 
possibly a lower capital value. 

Dartmoor is not bidding for 
Sphere’s zero dividend and 
cumulative preference shares, 
which account for about £100m 
of the £I50m fund. 

The board of Sphere 
announced several months ago 
that it was looking at options 
to extend the life of the trust 
but It has not yet made any 
proposals. The bid will put 
pressure on it to do so. 

The deal would allow 
Sphere's managers. Marathon 
Asset Manag ement, to retain 
the contract until the wind-up. 


T&S Stores 
chooses chief 
executive 

By Richard Wottfo 

Mr Jim McCarthy has been 
appointed chief executive of 
T&S Stores, the newsagent and 
convenience store retailer. Mr 
McCarthy was previously joint 
managing director with Mr 
Stephen Boddice, 42, who 
retires from business life on 
December 31. 

Mr McCarthy joined the T&S 
board as group retail director 
from DUlons newsagents, 
where he had been managing 
director since 1985. T&S 
acquired the Dillons and 
Alfred Preedy chains of confec- 
tionery, tobacco and newspa- 
per stores from Next for 
£53.9m In 1989. 

Mr Boddice leaves T&S after 
17 years at the Walsall-based 
company, which has grown 
from owning three kiosks to 
more than 700 stores in less 
than 20 years. 

Mr David Crellin has been 
appointed group Financial 
director, after working as 
operating financial director. 
He joined T&S in 1990 after 
directorships at Evode and 
Scot cade. 


Bluebird founder 
pockets £2. 5m 


By David Biackwefl 

Polly Pocket and Mighty Max 
are pocket sized and mighty 
small - but they mean Big 
Money. Yesterday. Mr Torquil 
Norman, founder and chair- 
man of Bluebird Toys, cashed 
in on their success with the 
world's children and halved his 
stake in the group. 

He sold 1.08m ordinary 
shares at 207p each, while his 
wife sold 120,000 shares, net- 
ting the couple almost £2£m. 

The Bluebird shares, which 
closed yesterday unchanged at 
213p, were placed with institu- 
tions through S.G. Warburg. 

Mr Norman, whose lifelong 
hobby is flying classic aircraft, 
retains 1.03m shares, or 2JZ per 
cent of the shares in Issue. He 
last sold shares in June, plac- 
ing 275,000 through Smith New 
Court Securities, the group's 
broker at the time. 

He is not proposing any fur- 
ther sales for a year. 

Earlier this year Mr Norman, 
who founded Bluebird Toys in 
1980, stood down as the compa- 
ny's chief executive. He said he 
would re tain the chair manshi p 


and concentrate on new prod- 
uct development 

Mr Christopher Bnrgin, who 
spent 18 years with Hasbro, the 
US toys and games group, was 
appointed chief executive with 
a brief to concentrate on mar- 
keting the group's toys. 

Last week Mr Burgin pur- 
chased 15,000 shares at 237p. 
taking his holding to 25,000 
shares. 

The biggest shareholder in 
Bluebird remains Fransad 
Investissements & Gestion, 
ultimately owned by UBS. 

Fransad’s shareholding has 
been reduced from 29.6 per 
cent two years ago to 189 per 
cent 

Last month the group 
announced interim pre-tax 
profits more than trebled from 
£l.99m to £7.19m and declared 
its first interim dividend. Turn- 
over increased from £23.7m to 
£40. 7m. with overseas safes 84 
per cent up at £28.7m and UK 
sales ahead 49 per cent at 
glgm 

• City analysts are expecting 
full-year profits for Bluebird of 
about £i9m, and earnings per 
share of 26p. 


Analysts 
warn of 
provisions 
at Lucas 


By Paul Cheeseright, 

Midlands Correspondent 

Lucas Industries, the 
automotive and aerospace 
component maker, could make 
provisions of up to £100 m, 
pushing it into a headline loss 
when it announces its annual 
figures on Monday. 

The speculation among City 
analysts is that provisions 
could be at least £i7m to take 
into account costs involved in 
warding off litigation in the 
US over lapses of quality con- 
trol on aerospace component 
contracts with the Defense 
Department 

Bnt the provisions could 
reach as high as £100m, in the 
opinion of Credit Lyonnais 
Tiling, if Mr George Simpson, 
the new chief executive, 
embarks on a major restruct- 
uring of the group to cut costs. 
This may involve job losses 
and a continuation of the 
series of plant closures which 
go back to 1991-92. 

Lucas’s difficulties in the US 
are well known, but any provi- 
sions for restructuring remain 
guesswork until Mr Simpson, 
on Monday, outlines his strate- 
gic plans for the group. 

If the provisions go as far as 
the highest guess, then they 
would posh Lucas into a pre- 
tax loss. Without provisions, 
Lucas is expected to make pre- 
tax profits of more than £65m, 
perhaps as much as £80m, for 
the year to July, compared 
with £50.3m in 1992-93. The 
dividend is forecast to stay at 
7p. 

Mr Simpson, since his 
arrival from Rover last April, 
has reviewed Lucas’s activities 
and concluded that the group 
should concentrate on aero- 
space and automotive. The 
first priority, he has made 
clear. Is to improve the 
group’s financial performance. 

The plans, foreshadowed last 
week when Lucas put a soft- 
ware company up for sale and 
said it was considering the 
sale of a manufacturing 
systems consultancy, will 
also involve a new round of 
disposals. These are expected 
largely to be companies in 
what was the group's applied 
technology division. 


Float puts miracle in new orbit 

Alice Rawsthorn considers BSkyB’s plans for reducing its debt 


T here can be few people 
involved with business 
start-ups who do not 
dream of the day when their 
company will go public. But 
for British Sky Broadcasting’s 
management the prospect 
must at times have seemed lit- 
tle short of miraculous. 

The short, but turbulent 
story of BSkyB has been one of 
the most exciting media sagas 
of the early 1990s. 

The company has . under the 
aegis of Mr Sam Chisholm, its 
abrasive chief executive, 
staged a stunning recovery 
since the traumas of its launch 
in 1990 following a shotgun 
marriage between the strug- 
gling Sky satellite television 
venture, and its ailing rival, 
BSB. 

This week's announcement 
that BSkyB was considering 
plans to Boat on the London 
and New York stock markets 
before Christmas, set the seal 
on its resurgence. The flotation 
should also yield significant 
financial and structural bene- 
fits to the company and its 
investors. 

“BSkyB is very different 
today than it was a few years 
ago," said Mr Richard Brooke, 
its finance director. “But some 
aspects of our financial struc- 
ture and ownership are more 
applicable to the old BSkyB 
than the successful company 
we’ve become. The flotation 
will change that." 

One of the main incentives 
in going public is financial it 
hopes to raise up to £lbn by 
ggifing new shares, represent- 
ing 20 per cent of the enlarged 



Tony M>*i 

Sam Chisholm: stunning recovery for company under his control 


equity, from the flotation, to be 
sponsored by Gol dman Sachs 
and Lazard Brothers. All the 
money will then be used to 
reduce its £1.7bn debt 

None of BSkyB’s four share- 
holders, Mr Rupert Murdoch’s 
News Corporation, Granada, 
the UK leisure group. Char- 
ge urs, the French textile com- 
pany. and Pearson, the UK 
media concern that owns tire 
Financial Times, will sell 
shares. Indeed Chargeors 
intends to buy more to prevent 
the dilution of its stake. 

All four will benefit from the 
debt reduction as the proceeds 
will be used to repay most of 
the £L2bn tranche of debt that 
they provided or guaranteed. 

Ibis strategy makes sense 
fix the company in that the 
shareholder debt, which was 
taken on during its early cri- 
ses. is more expensive to ser- 
vice than the £500m external 


loans. The interest bill for 
shareholder debt came to £S4m 
in the last financial year to 
June, so BSkyB should save as 
much as £70m in annual inter- 
est payments. 

News Corporation, as the 
biggest investor with 50 per 
cent, is responsible for the 
largest chunk of the share- 
holder debt. It should be repaid 
£500m of the £550m loans it 
advanced to BSkyB after the 
flotation. Analysts suspect Mr 
Murdoch will channel the cash 
into Star, his Aslan television 
network. 

C hargeurs, Granada and 
Pearson will also be 
repaid a large propor- 
tion of the combined £250m 
they lent and be absolved of 
most of the £350m debt they 
guaranteed. The three compa- 
nies provided equal shares of 
the debt and guarantees. 


BSkvB will then decide how 
to deal with the remaining 
£200m of shareholder debt and 
obligations. Its advisers say 
that the loans will either 
remain intact or be transferred 
into external debt. 

The reduction in the compa- 
ny's interest bill should have a 
dramatic effect on its financial 
performance. Ms Rebecca Win- 
nington-Ingrom, media analyst 
at Morgan Stanley Securities, 
calculated that BSkyB could 
make pre-tax profits of £210m 
in the year to June, against her 
previous forecast of £l58m. She 
has pencilled in profits or 
£350m for the next financial 
year. 

Meanwhile the publicly- 
quoted BSkyB will have the 
flexibility to tap tbe market for 
more capital if it requires addi- 
tional funding to launch ambi- 
tious ventures such os a pay- 
per-view digital satellite televi- 
sion service. Funds may also 
be needed to meet tougher 
competition for programming 
from the increasingly consoli- 
dated rrv companies and its 
emerging rivals in cable televi- 
sion. 

The flotation also offers an 
opportunity for the company to 
streamline the complex owner- 
ship structure whereby its four 
shareholders have unusually 
strong controls over various 
aspects of the company, nota- 
bly investment. 

As for the issue itself, 
observers seem confident that 
it will be a success. “It’s a 
great corporate story." said Ms 
Winnington- Ingram. “And this 
is the perfect time to tell it" 


Calluna seeks USM float via placing 


By James Buxton, Scottish 
Corre sp ondent 

Calluna, a Scottish company 
which designs and manufactur- 
ers miniature hard disk drives, 
is seeking a flotation through 
a placing on the Unlisted Secu- 
rities Market later this month. 

It hopes to raise between 
£10m and £i2m mainly to boost 
working capital and step np 
production. The placing is 
sponsored by Albert E Sharp. 

Gaiinna makes high capacity 
1.8" disk drives - the size of a 
credit card - which can be 


inserted into slots conforming 
to the PCMCIA industry stan- 
dard in the latest generation of 
personal computers. The drives 
enable computer users to 
expand their storage capacity, 
transport data and remove 
large amounts of data from 
PCs for security reasons. 

The company was founded in 
Glenrothes. Fife, in 1991 by six 
former employees of Rodime, a 
Glenrothes-based company 
which produced the world’s 
first 3.5” hard drive in 1983 
but later gave up manufactur- 
ing. 


Dawson restructures home 
fashions subsidiary 


Dawson Home Fashions, the 
shower curtain and bathroom 
accessories subsidiary of Daw- 
son International, the textile 
group, is reorganising its man- 
ufacturing and distribution. 

The move forms part of 
DHF’s plans, announced In 
June, to return to profitability. 
In the year March 26 1994 it 
made pre-tax losses of £L9m on 
turnover of £57 An. compared 


with profits of £4. 6m on turn- 
over of 259.5m. 

DHF's Vienna. Ohio plant 
will be phased out and consoli- 
dated into the Sardis, Missis- 
sippi facility, with the loss of 
250 jobs. There was a £12m pro- 
vision for restructuring in 
Dawson International’s 
accounts for the year which 
the company continues to 
believe wUl be adequate. 


BZW Commodities placing 


By Bethan Hutton 

BZW has raised almost £70m 
from the placing of shares in 
the BZW Commodities Trust, a 
Jersey-incorporated. London- 
listed investment company. 

The trust aims to match the 
performance of the Goldman 
Sachs commodity index by 


nging derivative instruments. 

A public offer for the trust 
doses on October 20, and deal- 
ings in shares and warrants 
are due to start on October 27. 
• Hambros has raised $42xo 
(£26.5m) with a placing of 
shares in its Hambros Smaller 
Asian Companies trust. Deal- 
ings started yesterday. 


Facing the reality of price pressures 

The squeeze is on for the UK’s specialist chemicals companies, reports Tim Burt 


W hen it comes to set- 
ting prices, some of 
Britain's leading spe- 
ciality chemicals companies 
pay scant regard to the govern- 
ment’s inflation target range of 
1 to 4 per cent 
The companies, which rely 
on bulk petrochemicals to 
manufacture products ranging 
from latex and foam to paint, 
are under mounting pressure 
to pass on sharp increases In 
raw materials prices, which for 
some commodities have more 
than doubled. 

Their freedom to charge 
more has been restricted, how- 
ever, because many industrial 
customers are reluctant to pay 
higher prices in a competitive 
low-inflation environment. 

“Demand has been relatively 
slack, so many companies will 
have to absorb the higher raw 
material prices through inter- 
nal cost savings," warns Mr 
Keith Wey, senior economist at 
the Chemical Industries Asso- 
ciation. 

That prospect has prompted 
a series of cautious trading 
statements in recent weeks 
from speciality chemicals com- 
panies, including British Vita, 
Hickson International, Holli- 
day Chemicals and, most 
recently, Yule Catto. 

Reporting a 42 per cent 
increase in half-year profits 
last week, the Harlow-based 
chemicals and building prod- 
ucts group warned that rising 


raw materials prices could 
hamper future growth. 

Although it has reduced 
costs to offset the Impact of 
price rises, Mr Alex Walker, 
chief executive, said margins 
could be squeezed in the sec- 
ond half. 

Many of these companies cut 
costs aggressively during the 
recession and now have little 
room for manoeuvre, especially 
those relying on commodities 
such as ethylene, styrene, 
orthoxylene and methanol. 

European spot prices for eth- 
ylene, the building block for 
many chemical products, have 
risen by 120 per cent from $250 
(£158) per tonne in April to 
$550 last month; methanol, by 
comparison, rose 125 per cent 
from $187 per tonne to $422. 

Contract prices have also 
risen steadily although they 
still remain below the 1989 
peak, when ethylene sold at 
$700 per tonne against $400 per 
tonne this month. 

While warning that the 
increases would hit margins. 
City analysts said the special- 
ity chemicals companies had 
enjoyed substantial gains 
while commodity prices lan- 
guished at historic lows in the 
past two years. 

"The bulk chemicals produc- 
ers such as IC1 are exacting 
revenge for the price cuts they 
suffered during the recession,” 
says Mr Martin Evans at Hoare 
G ovett. “It will take several 



Rod Sellers: flat demand 
hitting operating profits 

months for the intermediates 
to push up selling prices. If we 
had runaway inflation they 
could recoup costs, but that’s 
not happening." 

For their part, the bulk sup- 
pliers claim prices have 
increased because there are 
insufficient stocks available to 
meet new orders coming 
through from the speciality 
companies. 

“Any price increases to our 
customers are being driven by 
supply and demand rather 
than raw material costs, and 
are taking place after a period 


of unsustainable low levels 
during the recession,” says Mr 
Peter Comers, business man- 
ager at ICI Olefines. 

Prices for ethylene, for exam- 
ple. rose sharply following 
shortages in the US where sup- 
plies were hit after an explo- 
sion in August at Exxon Chem- 
ical's Baton Rouge plant in 
Louisiana, where production 
was interrupted for several 
weeks. 

S tocks normally available 
to UK intermediates have 
also been diverted to east 
Asia following the closure of 
some chemicals plants in 
Japan, where a prolonged 
drought led to water restric- 
tions for industrial users. 

But warnings of widespread 
shortages are viewed with 
some scepticism at British 
Vita, the foam and fibre group. 

“I’m not sure how many 
shortages there really are. I 
think the bulk suppliers are 
playing that card a bit too 
strongly." said Mr Rod Sellers, 
chief executive. 

He blamed pricing pressures 
and flat demand among cus- 
tomers for sluggish half year 
operating profits, adding that 
the group's main markets were 
static or improving only 
slowly. 

British Vita has reduced its 
workforce by 5 per cent to 
12.800 and tried to cut costs, 
but Mr Sellers warned: “Either 


we have to pass on price 
Increases or we will have to 
mak e fundamental changes in 
product specifications.” 

Raw material price increases 
have also hit those companies 
which have enjoyed increased 
demand. Supplies bought at 
contract prices are proving 
insufficient, and extra orders 
are set at much higher spot 
prices. 

“In some cases we can pass 
It on, but it’s proved difficult 
because stocks were run down 
last year," says Mr Jim Rat- 
cliffe, managing director of 
Ins pec, the speciality chemi- 
cals company which came to 
the market earlier this year. 

City analysts are sympa- 
thetic, but remind the manu- 
facturers that they’ve never 
had it so good. 

“It will be hard to pass on 
meaningful increases, but 
they’ve had a very comfortable 
tim e during the past two 
years,” says Mr Philip Monish 
of Smith New Court. 

The worst affected compa- 
nies are now enduring a time 
lag before cost increases can be 
recovered, and although the 
industry has been through sim- 
ilar cycles in the past, this 
time the prospects are grimmer 
for passing on higher prices. 

“Last time this happened the 
economy was growing faster," 
says Martin Evans at Hoare 
Govett “But now it’s a differ- 
ent story - the squeeze is on.” 


Calluna developed the 
world's first 1.8" hard disk 
drive capable of storing more 
than 80 megabytes of data. It 
makes 130MB and 170MB 
drives and will soon launch a 
260MB product, all under the 
Callunacard name. It has 
arrangements with distribution 
companies in Europe and the 
US. 

Calluna raised £5m in 
December 1992 from 3i and 
other institutions and in March 
this year Albert E Sharp 
attracted investors who put in 
about £2m. In the year to 


NEWS DIGEST 


A Cohen 
recovers to 
£764,000 

A Cohen, maker of non-ferrous 
metal ingots, reported a sub- 
stantial recovery in pre-tax 
profits from £36,006 to £764,000 
for the first half of 1994. Turn- 
over, however, fell by £8m to 
£35.5m because of a policy of 
concentrating on lower vol- 
ume, Hi gher marg in business 
in some sectors. 

Earnings per share were 27p 
(896p losses), but owing to a 
decision to rebuild cash 
resources there is again no 
interim dividend - the last 
payment was a 3.4p final for 
1992. 

Cohen said its principal mar- 
kets were now all recovering 
and that demand, particularly 
aluminium, was strong. The 
directors were "cautiously opti- 
mistic" for the full year. 

Henderson Highland 

The net asset value per share 
of Henderson Highland Trust 
stood at 125.4p at August 31, 
down from 138.2p at the Febru- 
ary 28 year-end but up slightly 
on its level of 125ip at the 
interim stage last year. 

Net revenue for the six 
months amounted to £742,000 
(£810.000). A second Interim 
dividend of i.4p making 2.8p 
for the half-year has already 
been declared. 

Earnings per share came out 
at 2.84p (3.1p) and the directors 
said they expect earnings for 
the full year would more than 
cover the annual dividend rate 
of 5.6p. 

L&G Ventures 

Legal & General Ventures has 
completed its takeover of 
Group Development Capital 
investment trust, which it 
plans to turn into a vehicle for 
investing primarily in compa- 
nies recently floated by man- 
agement buy-out and buy-in 
teams. 

Legal & General's cash offer 
of 54.12p (97.5 per cent of asset 
value) per ordinary share has 
become unconditional. It val- 
ues the trust at about £13-25m. 

An issue of new ordinary 
shares in the trust raised more 
than £i8m, of which £9m was 


from Legal & General Assur- 
ance, which has a 49.01 per 
cent stake. Warrants were 
issued to new and existing 
shareholders in a ratio of three 
warrants for every 20 ordinary 
shares. 

An extraordinary general 
meeting this week approved 
the trust’s change in invest- 
ment policy and the transfer of 
the management contract to 
Legal & General Ventures. 

Dealings in the new shares 
and warrants are due to start 
on October 17. 

Chepstow falls 

Chepstow Racecourse reported 
a fell in pre-tax profits from 
£140,522 to £96,598 for the six 
months to June 30. Turnover 
was down from £929,240 to 
£809.719. 

The directors blamed the 
downturn on adverse weather 
conditions during the period 
which led to the abandonment 
of four race days. 

It was unlikely that the loss 
of these days would be made 
up over the remainder of the 
year, the directors added. 

Earnings per share emerged 
at 19p (24p). 

London Electricity 

London Electricity has joined 
the distribution companies 
which have bought their own 
shares. Yesterday it spent 
£103.2m for a 7 per cent hold- 
ing at 672p a share. 

The company said there was 
no particular reason buying 
the shares yesterday, permis- 
sion for which was granted at 
the August annual meeting. 
However it had to move before 
its close season in a week's 
time. 

It is able to buy a further 3 
per cent but further purchases 
are unlikely in the short 
term. 

The shares closed 2p lower at 
6S3p. 

Slingsby dips 33% 

HC Slingsby, the trucks and 
ladders company, reported a 33 
per cent drop in pre-tax profits 
from £302,169 to £203.633 for 
the six months to June 30. 
Turnover edged ahead 11 per 
cent from £5.9m to £6.55m. 

The company said trading 
conditions continued to be 
variable. 

Earnings per share fell to 


DIVIDEND ANNOUNCED 


Co ires - Total Total 

Current Date of ponding for last 

payment payment dividend year year 


SBngsby (HCJ 


Jnt 


Jan 4 


12 


Dividends shown penes per share net except where otherwise tOn 

■"creased capital. §USM stock. ^ 


March 31 1994 Calluna lost 
£2.lm on sales of £300.000. 

The Scottish company, 
which employs 40 people, is the 
only producer of miniature 
disk drives in Europe, but 
faces competition from three 
rivals in the US, the estab- 
lished disk drive maker Maxtor 
and two recent startups. 

It believes the market for 
miniature disk drives is poised 
for growth and quotes an esti- 
mate by an industry analyst 
that world ivide shipments will 
rise from 50,000 in 1993 to more 
than 3m units in 1997. 


I4.lp (20 _9p). An interim divi- 
dend of 3p is maintained. 

Andrews Sykes 

The independent directors of 
Andrews Sykes are delaying 
giving a recommendation on 
the increased offer from Mr 
Jacques Murray, valuing the 
industrial services company at 
£10.7m, until they have 
received advice. 

In a statement yesterday 
they said they would be writ- 
ing to shareholders in due 
course. 

Mr Murray. Andrews’ chair- 
man, increased the offer he is 
making through European Fire 
Protection Holdings, his pri- 
vate Netherlands-based com- 
pany, on Wednesday. 

The independent directors 
gave split advice on the first 
offer, which valued Andrews at 
£8.24m. They said that risk- 
averse shareholders should 
consider selling in the market 
while those who had confi- 
dence in Andrews’ potential 
should reject the offer. 

Bid for Dakota 

Three executive directors of 
Dakota Group are taking tbe 
USM -quoted printing and pack- 
aging concern private through 
a recommended offer from 
CBW. 

The 23p per share offer, 
which has received commit' 
ments to accept in respect of 
17.2m Dakota shares (63.7 per 
cent), values the company at 
I£&21m (£6. 14m). 

CBW, is controlled by Dako- 
ta's chief executive. Mr Colum 
Kelleher, Mr William Carlile 
and Mr Brendan Mowles. who 
together hold about" 17.5 per 
cent of Dakota. 

Tbe buy-out is being funded 
by Bank of Scotland and First 
Irish Mezzanine Fund. 

Simons & Co 

Simons & Co, a subsidiary of 
Geest Industries, the food 
group, has not traded in the 
half year to July 2. Interest o* 
£12,005 was received on inter- 
group indebtedness, from 
which a dividend was paid to 
preference shareholders for the 
six months to June 30. Last 
year's interest received 
amounted to £12,041. 

No dividend is payable to 
ordinary shareholders. 

Mitie purchase 

Mitie Group, the building 
maintenance company, has 
acquired the 42 per cent minor- 
ity interest in Trident Mainte- 
nance Services, the Scottish 
commercial painting and deco 
rating business, for 746.649 W* | 


FINANCIAL TIMES WEEKEND OCTOBER S/OCTOBER 9 1994 


11 




* 




via placin 


\ r ..|‘ . '“•vi,.* 


INTERNATIONAL COMPANIES AND FINANCE 


Hollinger to raise Telegraph stake 


By Christopher Price 

Shares in The Telegraph 
jumped 20p to 330p in London 
yesterday after Hollinger. the 
Canadian publishing company 
controlled by Mr Conrad Black 
said it would seek to increase 
its 57 per cent stake in the UK 
newspaper group. 

Hollinger said it would begin 
purchasing any available stock 
“at or around current market 
prices” from the start of trad- 
ing on Monday. 

Hollinger said it “is prepared 
initially to buy up to 6.8m ordi- 
nary shares," which would 
account for about 5 per cent of 
The Telegraph's shares. 

At yesterday's close, the 
exercise would cost Hollinger 


more than ra*™ (S34L78m). 

The move is likely to excite 
further controversy over Mr 
Black's dealings with The Tele- 
graph. In May, Hollinger 
reduced its stake in The Tele- 
graph to 57 per cent from 66.2 
per cent, raising CS152m 
(US$1 13.4m), only weeks before 
the The Daily Telegraph cut its 
cover price as a price war 
erupted in Britain's newspaper 
industry. The share price con- 
sequently slumped to 332p 
from 540p. A London Stock 
Exchange inquiry cleared Mr 
Black of any wrongdoing, 
although Cazenove, the compa- 
ny's broker, later resigned. 

Yesterday, Mr Jack Boultbee, 
Hollinger vice-president, said: 
"Conrad Black stated before 


that if the price was right he 
would buy Telegraph shares; 
that’s just what he's done. 

“We think The Telegraph 
represents one of the better 
long-term investments around 
at the moment. We are com- 
mitted investors and will not 
turn around and re-sell this 
when the shares move up to. 
say, £5.” 

On the controversy sur- 
rounding the group's last deal- 
ings in The Telegraph, he said: 
“Buying these shares isn't 
going to improve our image in 
the City of London. Only time 
will do that. But we're doing 
this because it’s a dam good 
investment.” But he added 
Hollinger would have begun 
buying several weeks ago had 


there not been a conflict. 

Analysts speculated that the 
Hollinger statement could sig- 
nal an end to the newspaper 
price war. “The feeling is that 
The Times will increase its 
price in the next few months, 
which would allow everyone 
else to move theirs upwards 
too,” said one broker. The 
Times, owned by News Corpo- 
ration, is the cheapest quality 
broadsheet paper. 

However, Mr Stephen Gra- 
bena, managing director of The 
Telegraph, denied the 
Hollinger move would be fol- 
lowed by an increase in The 
Daily Telegraph's price. “We 
have no plans to nhang p the 
cover price in the foreseeable 
ftiture." 


Credit Lyonnais reduces first-half charge 


. .% ' 


By Andrew Jack 

Credit Lyonnais, the 
financially-troubled French 
banking group, reduced the 
level of provisions it was plan- 
ning to make for the first half 
of the year by more than 
FFrlbn ($180m) after last -nan - 
ute discussions with regula- 
tors. 

This reduced the overall 
level of provisions to 
FFrlO.lbn. Many analysts 
believe this is only about half 
the level that will be required 
to cope with the legacy of non- 
performing loans inherited 
from the bank's activities over 
the past few years. 


Ba nki ng sources suggested 
yesterday that planned provi- 
sions in the six months to June 
30 on its exposure to activities 
in other countries were 
reduced by up to FFr2bn after 
discussions between Credit 
Lyonnais officers, its new audi- 
tors and the French banking 
commission and state auditing 
commission. 

The reduction partly reflects 
the tensions between Mr Jean 
Peyrelevade, the chairman of 
the bank appointed by the gov- 
ernment last year, and the eco- 
nomics and finance ministry, 
which has been resisting the 
bank's demands for additional 
state support against outstand- 


ing potential liabilities. 

Government sources 
suggested this month that Mr 
Peyrelevade had originally told 
Mr Edmond Alphand&ry, the 
economics minister, that 
Credit Lyonnais would require 
provisions of up to FFr25bn. 

Officials have demanded for 
more detailed and justified 
quantification of potential pro- 
visions before providing public 
assurance that they would 
underwrite the losses this may 
cause. 

The bank has been under 
pressure to sell off core activi- 
ties as well as industrial 
investments, although it 
remains committed to main - 


taining its European network, 
which includes about 1,000 
branches outside France and 
2^00 within the country. 

It emerged yesterday that 
Crfedit Lyonnais was poised to 
appoint a new member to its 
executive committee with spe- 
cial responsibilities for internal 
management support in the 
restructuring operations. 

Mr Pascal Lamy. previously 
director of Mr Jacques Delors 1 
cabinet in Brussels, is review- 
ing operations within the 
bank, and is expected shortly 
to become the fourth member 
of the committee alongside Mr 
Peyrelevade. Mr Michel Ren- 
ault and Mr Dominique Bazy. 


ITT expected to 
take majority 
stake in Ciga 

ITT, the US conglomerate 
which owns the Sheraton hotel 
chain, is expected to announce 
early next week it has a major- 
ity stake in Ciga. the Italian 
luxury hotels group, following 
an agreed bid, writes Andrew 

Hill in Milan 

Sources said yesterday the 
US group could end up with as 
much as 55 per cent of Ciga, 
ending a year-long struggle fin- 
full control of the troubled 
hotels group. The ITT offer 
closed on Friday night and 
details of the outcome should 
be disclosed after the weekend. 

ITT already owns 35215 per 
cent of Ciga. 


Sun Hung Kai profits rise 32% 


By Louise Lucas bi Hong Kong 

Sun Hung Kai Properties, one 
of Hong Kong’s leading prop- 
erty developers and controlled 
by the Kwok fondly, yesterday 
posted a 32 per cent increase in 
net profits to HK$8.8bn 
(US$1. lbn) for the year to June 
30. 

This is in line with market 
expectations and compares 
with HK$6.7bn for the previous 
year. 

Earnings were struck on the 
back of HK$15.2bn in sales, 48 
per cent up on the previous 
year's HKJlOJbn. 

Following Henderson Land, 
the developer which reported 
on Wednesday, Sun Hung Kai 


Properties is awarding a 
special cash bonus to mark 
the "very satisfactory" 
results. 

Shareholders are to receive a 
bonus of 38 cents a share on 
top of the final dividend of 
HKS1.01 a share. This gives a 
total annual payout of HK$1.92 
a share, 25 per cent up on the 
previous year (adjusted for a 
capitalisation issue). 

Earnings a share rose 24 per 
cent to HK33.91 from HK$3. 16- 

Sun Hung Kai Properties is 
the last of the colony's big 
developers to report, and its 
figures confirm the sector’s 
ability to weather the storms 
of 1994, which have included 
government measures to cool 


property prices and rising 
Interest rates. 

Mr Walter Kwok, chairman 
and chief executive, said that 
while residential property 
prices had tumbled between 15 
per cent and 20 per cent from 
the highs in the first quarter of 
the year, end-users were 
gradually returning to the mar- 
ket and prices were stabil- 
ising: 

"Strong demand for housing 
is expected to continue as a 
result of sustainable growth in 
household income. The funda- 
mental factors underpinning 
the residential market remain 
unchanged, though interest 
rate movements need to be 
monitored," he said. 


Growth 
continues at 
European 
chip maker 

By John Ridding in Paris 

The strong improvement in 
results at SGS-Thomson, the 
Franc o-Italiau semiconductor 
manufacturer, continued in 

the second quarter with prof- 
its increasing 47 per cent to 
$86 .5m. 

The second-quarter rise took 
first-balf net profits to 
$1 66.1m, slightly above the fig- 
ure for the whole of 1993. The 
first half of the group’s finan- 
cial year ended at the begin- 
ning of July. 

The company, formed in 
1987 through the merger of 
Thomson Semiconductor of 
France and Italy’s SGS Micro- 
electronics, said the improve- 
ment in results reflected the 
buoyancy of the international 
semiconductor market, the 
introduction of products and 
increased productivity. 

The strong demand for semi- 
conductors and related prod- 
ucts was reflected in sales of 
$1.27bn, a rise of 32 per cent 
over the comparable period in 
1993. In the second quarter, 
revenues amounted to $672m. 

SGS-Thomson said all of its 
principal product groups 
increased sales in the second 
quarter, while bookings dur- 
ing the period were described 
as strong. 

The company's principal 
markets include semiconduc- 
tors for applications in tele- 
coms, computers and control 
systems. 

Its principal geographical 
markets in Europe, the Ameri- 
cas and Asia Pacific, reported 
increased turnover. 

Industry analysts in Paris 
said they expected the strong 
sales growth of the past few 
years to slow towards the end 
of this year. 

“Demand will remain 
healthy for the foreseeable 
future, but there will be a 
cooling off as more capacity 
comes on stream and as the 
cycle peaks,” said an electron- 
ics analyst 

SGS-Thomson said it had 
continued to invest heavily in 
new equipment and facilities, 
particularly in France, Italy 
and the US. However, the debt- 
to-equity ratio was maintained 
at about 25 per cent according 
to the group. 


Disney to promote 
French cinema in US 


By Andrew Jack 
in Paris 

Mickey Mouse may soon be 
blushing in embarrassment, 
thanks to an attempt by his 
masters to bring the gems of 
the French cinema to Ameri- 
can audiences in readily digest- 
ible form. 

EuroDisney, the French- 
based theme park, announced 
yesterday that Mr Philippe 
Bourguignon, chairman, had 
decided to set up a new subsid- 
iary of Miramax, owned by 
Walt Disney, which would 
promote French films in the 
US. 

Mr Bourguignon, who had 
the idea but will not be 
directly involved in managing 
the company, said the aim was 
to release at least three French 
films a year in the US. 

Asked whether some of the 
more sensuous French films 
would be on offer uncut to 
American mass market tastes 
- often considered more 
prudish - EuroDisney said no 
decisions had been taken on 


the types of film to be sup- 
ported. 

It said the new company 
aimed to dub four existing 
French films Into English by 
1996, in an attempt to broaden 
the audience of European cin- 
ema away from a minority 
“elite type of viewer" prepared 
to read sub-titles. 

EuroDisney said 
that the new 
company aimed to 
dub four existing 
French films into 
English by 1996 

The subsidiary may also 
threaten the dominance of a 
few leading French actors, 
such as Gerard Depardieu, by 
taking an active part in casting 
French actors in Miramax film 
productions. 

EuroDisney - which has 
been criticised for being too 
American in outlook for its 


European customers - lost no 
opportunity to emphasise the 
french image of the initiative. 

It said the company would be 
based in Paris and would be 
headed by a French citizen, Ms 
Agnes Matre, vice-president of 
Miramax. 

The company admitted tha t 
EuroDisney wanted to build its 
own, international Identity, 
but stressed the reason behind 
the move was purely “a busi- 
ness decision” and that “we 
should focus on and retain our 
Disney roots”. 

The new company intends to 
work on about five European 
productions a year and set up 
co-productions with French 
producers. 

it will find French locations 
for English language films, and 
plans to acquire at least two 
French films for shooting by 
the end of 1996. 

It wants to expand the mar- 
ket for French classic films, 
and has bought the rights for 
US release of two: Bunuel’s 
Belle du Jour and Clement’s 
Plein Soldi 


Metallgesellschaft cuts debt 
by two-thirds to DM1 .2bn 


By Christopher Parkes 
In Frankfurt 

Metallgesellschaft has reduced 
its net debt by two-thirds, and 
made a "precision landin g” on 
targets set earlier this year 
when creditor banks agreed a 
DM3.4bn ($2_2bn) rescue pack- 
age. according to Mr Kajo Neu- 

Virnhen, rhairrnaw. 

Debts of DM3.6bn at the end 
of the 1992-93 financial year 
had been cut to DM12Zbn by 
the end of September, be said 
yesterday. Bank liabilities had 
been reduced to DM4.1bn from 
DM7.6bn. 

The assets sale instituted 
when he took control last 
December had generated 
DM4 .2 bn, and 90 subsidiaries 
had been disposed of or decon- 
solidated. 

Cost savings of DM500m this 
year would be followed by a 
further DMlbn by the end of 
the current financial year, 
when the company expects to 



Kajo Neokirchen: focusing on 
the group’s core interests 

show an operating profit of 

more than DMiOOm. 

In a scornful assessment of 
the synergies attributed to the 
old Metallgesellschaft, Mr Neu- 
lorchen said they should not 
be over-estimated. 


“A company which simulta- 
neously distributes aircraft gal- 
leys, holds stakes in bakeries 
and trades in developing coun- 
tries' debt can only be 
improved by targeted disin- 
vestment," he added. 

Mr Neukirchen appeared to 
be responding to criticisms 
that the group has been 
reduced to a mere shadow of 
its former self by his radical 
onslaught on the alleged 
investment excesses wrought 
by his sacked predecessor, Mr 
Heinz Schimmelbusch. 

The company would concen- 
trate on its core interests in 
trading, plant construction, 
chemicals and financial ser- 
vices. he said. 

Lead and zinc operations 
would be rationalised further, 
and the environmental divi- 
sions would be tightened. In 
the medium term the company 
would withdraw from loss- 
making recycling and environ- 
mental cl eaning operations. 


HSBC GLOBAL INVESTMENT FUNDS 

Swtftfd'l n t HtiBtn mit I apHil variable 
Sooth Pacific Equity 

Begat erad Office: 7 rue du MarcM-sax-Heiixs. L-1728 Luxembourg 
B.C. Luxembourg B-25087 

Convening notice 

The strareboUkis of HSBC Global Investment Funds - South Pacific Equity ( "South 
Pacific Equity *> me hereby convened to attend on 

EXTRAORDINARY CLASS MEETING OF THE 
SHAREHOLDERS OF SOUTH PACIFIC EQUITY 

10 be held on October 27th 1994 at 3 pm at 7 rue da Maidtf-aux-Herbes, L-1728 
Luxembourg, with the fottawtng agenda: 

1. Decision to amalgamate the South Pacific Equity with HSBC Global Investment 
Funds - Asian Equity ('Asian Equity') by c u u u ft nu ton of all the net nets of South 
Pacific Equity to Asian Equity, against aiuflnufon » the shareholders of South 
Pacific Equity of an appropriate number of shares of Ash: Equity, in propenioa to 
their r-barchaUmg in the South Pacific Equity at an exchange ratio calculated on the 
basis of the respective net a»cl values pet share of the twoaub-fimds ou the day of 
the contribution. 

Z Derision to close South Pacific Equity. 

3. Detennhutioa of the efleaive date of the contribution. 

Rero hi irons on the above agenda do out require a quorum and dedsioo* am taken by a 
simple majority of the shares present or represented at the meeting. 

Each entire share is entitled to one vote. 

tn order to participate In the meeting, the holders of bearer than* must deposit their 
shares at the office of HSBC Investment Funds Luxembourg SA, 7 me du MatcU-aux- 
Hebts. L-l 728 Luxembourg by no later than 5pm on October 24th 1994. Proxies will 
be seal to registered shareholders by nniL la order to be valid, pioxks must be want ed 
to the office of HSBC Investment Fundi Luxembourg SA. atm. Morodine Jans. fax. 
(352) 47 55 rW, by do later than 5pm on CWobcr 26th 1994. 

A notice confirming the outcome of the meeting will be pbfished in the Luxembourg 
Memorial in the Luxembourg Won. in the Financial Times and in the Sooth China 
Morning Post* 

The cost of the amataamarkm will be borne by the Investment Manage. 

The attention of the shareholders of Sooth Pacific Equity is specifically drawn to the 
fallowing: 

Whereas South Pacific Equity seek* to achieve long term capital growth through 
investment in the equity markers principally of Australia and New Zealand, t he aim of 
Asian Equity is to achieve the same investment objective from sn actively managed 
portfolio of quoted securities «i the regulated stock exch a n ges of the economies in 
Asia, -ygtmiinp Japan. The major proportion of this snb-fumfs investments wfllbe ta 
the marten: of Hong KonB.S«g*f« e * Malaysia and Tbaflsnd However, the other siorit 
™^rfn-r. of the region, indwfiog Korea. Shanghai and Sheraton. China, Taiwan, the 
Philippines. Indonesia and Bombay. India, may be held from time fa time. 

The currency of denrumnariou of Aram Equity is US dollar as is the esse far South 
Pacific Equity . 

The investment taivtscr to Asian Equity Is HSBC Asset Man ag e m ent Americas Inc. who 

are also the investment adviser to South Pacific Equity. 

The distribution policy of Asian Equity Is identical to the one applied to South Pacific 
Equity. 

The Directors accept re^sonsibffityfortiw neonaityef lfcec«ll»eM»tJ^ll»ldoc^aB*BL 

rae Board of Directors 


FINANCIAL TIMKS 

FINANCE 
EAST EUROPE 


(Finance East Europe reports twice-monthly 

on investment, finance and banking in the 
emerging market economies of Central and 
Eastern Europe and the European republics of 
the former Soviet Union. 

To receive n FREE sample copy contact: 

| Simi Battul. Financial Times Newsletter!. Mar^fig Departmenr. 
Thin! FI.Ktf. Number One Swihwark Bridge. Londmi SE1 9HL England. 
Tel: t+44 7 1 ) £>73 3795 Fax: (+44 71 ) 873 39 j5 


rrSANCTAt TIMES 

JCwJiMNM 




Ba** 


HSBC GLOBAL INVESTMENT FUNDS 

Sodftd d'lnvesdssenunt I capital variable 
United Kingdom Equity 

Registered Office: 7 nr* do Marchf-onx-Hcrbcs. L-1728 Luxembourg 
R.C. Lnxembonrg B-25887 

Convening notice 

The shareholders of HSBC Global investment Funds - United Kingdom Equity 
("United Kingdom Equity*) am hereby convened to attend an 

EXTRAORDINARY CLASS MEETING OF THE 
SHAREHOLDERS OF UNITED KINGDOM EQUITY 

to be held on October 27th 1994 at 3 pm at 7 rue du March*- aux-Bcrbes, L-172S 
Luxembourg, with the follow mg agenda: 

1. DectaJou to amalgamate the United Kingdom Equity with HSBC Global Investment 
FOads - Pan-European Equity ("Pan-European Equity - ) by contrftxnioa of oil the act 
assets of United Kingdom Equity to Pan-E uropea n Equity, sgoiasi attribution to I be 
sbarcboideB of United Kingdom Equity of an appropriate number of shares of Pan- 
Eu top eaa Equity, in proponjtw to their Ctarehoidlng in the United Kington Equity 
at an rrrfangr ratio cstcnlued on the basis of the respective net asset varies per 
sbart of the two sub-funds on the day of the contribution. 

2_ Decision to dose United Kingdom Equity, 

3. Determination of the effective dale of the ctaaributioii. 

Resoturioos an the above agenda do not require a quorum and derisions are taken by a 
simple majority of the shares present or represented St the meeting. 

Each entire shut is entitled to ooe vote. 

In order to participate in the meeting, ibe holders of bearer shares must deposit their 
shares at the office of HSBC Investment Foods Luxembourg 5A, 7 rue dn MarcW-aux- 
Hertws. L-l 728 Luxembourg by no later than Spot On October 2tith 1994. Proxies wOl 
be sent to registered shareholders by mafl. In order to be valid, proxies must be returned 
to the office of HSBC Investment Funds Luxembourg SA, atm. Marccline Jins, fix. 
{352) 47 55 69, by no later than Spot on October 26th 1994. 

A notice con finning the outcome of the meeting wiD be pnblisbed in the Luxembourg 
Memorial, in the Luxembourg Won. In the Financial Tunes and in the South China 
Mooring Pbo. 

The cost of Ibe mtnlgematioa will be bon* by the Investment Manager. 

The attention of the shareholders of United Kingdom Equity is specifically drawn to the 
fodowiag: 

Whereas United Kingdom Equity invests in shares issued mainly by well established 
United Kingdom Companies Ibe investment policy of the Pan-European Equity aims to 
invest in a wide range of company shares quoted or traded on any of the Eligible 
Markets fa both the United Kingdom and m other Continental European countries. 
Generally, the portfolio of securities will be those hi large established companies with 
proven track records. The portfolio win also include ancnritics in appropriate smaller or 
more specialised companies. 

The currency of denomination of Pan- European Equity is US dollar as is the case for 
United Kingdom Equity. 

The investment adviser to Pan- E uro pe a n Equity is HSBC Asset Management Americas 
lac, who ate also the investment adviser to United Kingdom Equity. 

The distribution policy of Pan- European Equity is identical to ibe one applied to United 
Kingdom Equity. 

The Directors accept reapomabiliiy for the accuracy of Ibe contents of this documra. 

The Board ef Directors 


MBE RNANCE N.V. 

US S30.000.000 

GUARANTEED DUAL BASIS BONDS DUE 2004 
In accordance with foe provisions of the above mentioned Notes, 
notice is hereby given as follows: 

• Interest period: October 7, 1994 to April 7, 1995 (182 days) 

• Interest payment date: April 7, 1995 

• Interest rate: 6.325% per annum 

• Coupon amount payable 

per Note of US SI ,000,000: USS 31 ,976-39 

Agent Baric. 

MNQUE 


BUSINESSES FOR SALE 


Appear in the Financial Times 
on Tuesdays, Fridays and Saturdays. 

For further information or to advertise 
in this section please contact 

Karl Loynton on +44 71 873 4780 or 
Lesley Sumner on +44 71 873 3308 


BINANC3ALTIMES 

EilUWFS lUSIMKSi HeWSMttX 


] 


HSBC GLOBAL INVESTMENT FUNDS 

Sod&cd'IavieslrisHnaM 1 capital variable 
European Equity 

Roistered Office: 7 rue dn MareW-aux-Herbes, L-1728 Luxembourg 
R.C. Luxembourg B-25087 

Convening notice 

The shareholders of HSBC Global investment Funds - European Equity ("European 
Equity*! are hereby convened 10 attend an 

EXTRAORDINARY CLASS MEETING OF THE 
SHAREHOLDERS OF EUROPEAN EQUITY 

to be held on October 27th 1994 at 3 pm at 7 rue da Marehf-aux-Herbes, L-1728 
Luxembourg, with ibe following agenda: 

1. Derision to amalgamate the European Equity with HSBC Global investment Funds 
■ Pan-European Equity ("Pan-European Equity*) by contribu ti on of all rite net assets 
of European Equity to Pan-European Equity, against attribution tn the shareholders 
of European Equity of m ap pr op ria te number of shares of Pun-European Equity, in 
proportion to their shareholding in the European Equity at an exchange ratio 
calcul a ted on the basis of Ibe respective net asset values per share of the two sub- 
funds on Ibe day of the contribution. 

2. Derisfon to dose E uro pe a n Equity. 

3. Deieturi nation of the effective date of the coniribn lion. 

Resolutions on the above agenda do not require a quorum and decisions arc taken by a 
simple majority of the shares present or represented at the otec ring. 

Each entire share as entitled to one vote. 

ta aider to panidpak- in the meeting, the hoUcra of bearer shares must deposit their 
shares at the office of HSBC Investment Poods Luxembourg SA. 7 rue du Marcfaf-aux- 
Hetbes, L-1728 Luxembourg by do filer than 5pcu on October 26th 1994. Proxies will 
be seal fa registered shareholders by mail In order to be valid, proxies must be returned 
to the office of HSBC Investment Funds Luxembourg SA, inn. Marcefine Jans, fax. 
(352) 47 55 69, by no later than 5pm on October 26th 1994. 

A notice coo finning the outcome of the meeting will be published hi Ibe Luxembourg 
Memorial, in the Luxembourg Wort, fa the Finaorial Tunes and in the South China 
Afanring Post. 

The cost of ibe amalgamation will be borne by the Investment Manager. 

The attention or the shareholders of European Equity is specifically drawn to rite 
following: 

Whereas European Equity invests in shares of large Continental European Companies 
the inv es t me n t policy of the Pan -European Equity aims eo Invest in a wide range of 
company shares quoted or traded ou any of the EUg&k Markets in both the United 
Kingdom and in other Con linen la I European countries. Generally, the portfolio of 
securities will be those in bogs established companies with proven track records. The 
portfolio will also Include securities in appropriate smaller or more specialised 
companies. 

The currency of denomination of Pan- European Equity is US dollar as is the esse for 
European Equity. 

The investment adviser to Pin- European Equity is HSBC Asset Management Americas 
Inc. who are also the Investment adviser to European Equity. 

The distribution policy of Pan-European Equity Is identical to ibe ooe applied to 
European Equity. 

The Dbeaoa accept responsibility for the accuracy of the cements of this docusneoL 

The Board of Directors 


Notice of Even! of Defau It 

Banca CrenB', S.A. 

3% Rotes Bbb 1995 

Rnsoart to the provisions of Con- 
ditions 9 and 11 of me Touts and Con- 
ditions of the 9% Notes due 1995 (the 
"Notes") awed by Banca Cremi SA 
(the Issuer"), notice Is hereby given of 
the occurrence, an about September b, 
19M. of at “Event orDriauH'desaaed 
fat subparagraph (ri) of Condition 9 of 
sudxTennssrtd Conditions. According 
ban announcement made by ibe Mh>- 
istry of Finance and Pubbe Credit of 
Mod cd on September 6, 1W, the Min- 
is by has instituted a managerial inter- 
twthoa by the Njtwoal Banking Cocn- 
m iseion ( "NBCI of Mexico of a u of the 


nouncement, a 'managenil mtervtn- 
tmn'InvcJvesdtesubsfitobonofedst- 
jncntanagawntoftheerititiesbybroad- 
fa empowered appointees of the NBC 
Such action appears ta cesWihd* « 
assumption by Urego v e mi nent of Met- 
ico or an auflionty thereof of the buti- 
ne» and operations of die Bank within 
the meaning of subparagraph (vi) of 
Condfitan 9 of the Terms and Confi- 

bors of the rioter- Puryuaftt to dwhir- 

therptwtisionwf (^Mdhaon9, the Hold- 
eoofNotesofatleBStUl/JSinaggK- 

tottSrig'mity, by written notice to the 

bsuenmd the undersigned Fhca) Agent, 

dedara tite principal of all dw Notes to 

be due and payable. 

Tin Bank at Hew York 

es final Agent 
Dated: October 6, 1994 


No tier of Event of Default 

Banca frerai, S.A. 
<L375% Hotes Due 1995 

Pursuant to the provisions of Cot- 
ditkmsVand lj of rfte Terms and Con- 
ditions of the 8375% Notes due 1995 
(Ihe "Notes") issued by Banca Crenu. 
SA. f the “Issue"), notice ts hereby glv- 


ber 6, 1994, of on "Event of 

described in subparagraph (vi) of Con- 

dition 9 of such Terms and Conditions. 
According to an announcement made 

by the Ministry of Finance and Public 

Credit of Mexico an September 6, 1994, 

the Ministry has instituted a msrugeri- 
il intervention by the National Banting 

Commission ("NBC") of Mexico of aS 

of the outlies fanning j part of the 

Croat i-UniMi financial Group, mdud- 

ui£ the issuer According to (he Mims- 

n/s announcement, a 'managenal in- 

tovention' involves thesabsututioaof 
existing management of the entities by 


adkxn appears to constitute 
an assumption 


ippeors 

the government of 
Mexico of an authority thereof of the 
business and operations of the Bank 
within the meaning of subparagraph 
(vQ of Condition 9 of die Terms uni 
Conditions of die Notes. Pursuant to 

the farther provisiore of Condition 9, 

theHoiders of Notes of at least 33 1/3% 

in aggregate principal amount of the 

outstanding may, by wn Hen no- 
tice to die Issuer and the undersigned 
. rinripaiofaJl 
foe Notes to be due and jxiyable. 

Tin Bask of Nov Tort 

as Fuad Agent 
Dated- October b. 1994 


HSBC GLOBAL INVESTMENT FUNDS 

Socifti d"lnv eslSssemmt a capital variable 
Canadian Equity 

Registered Office: 7 roc du Marcif-aux-Hcrhes, L-1728 Lroxsubanrg 
R.C Luxembourg B-250S7 

Conyening notice 

The shareholders or HSBC Global Investment Funds - Canadian Equity ("Canadian 
Equity") are hereby convened to attend an 

EXTRAORDINARY CLASS MEETING OF THE 
SHAREHOLDERS OF CANADIAN EQUITY 

to be held on October 27th 1994 at 3 pm at 7 roc du Maichc-aux-Herbcs. L-I72S 
Luxembourg, with the following agenda: 

1. Derision to amalgamate the Canadian Equity with HSBC Global Investment 
Funds - North American Equity r ’’North American Equity") by contribution of all 
the net assets of Ca n a dian Equity to North American Equity, against attribution lo 
ibe sbarcholdcni of Ca nadian Equity of an appropriate number of shares of North 
American Equity, in proportion fa their shareholding fa the Canadian Equity at an 
exchange ratio calculated on the basis of the respective net asset values per share 
of the twosrivftnxlson the day of the contritatioa. 

2. Decision to dose Canadian Equity. 

3. Determination of the effective dale of the contribution. 

Resolutions on the above agenda do not require a quorum and decisions are taken by 
a simple majority of the shares present or represented ar tire meeting. 

Each entire share L> entitled to one vote. 

In order to participate fa the meeting, the holders of bearer shares must deposit tbeir 
shares at the office of HSBC Investment Funds Luxembourg SA, 7 roe du Marchf- 
aux-Hcrbcs. L-1728 Luxembourg by no inter than 5pm on October 26th 1994. 
Proxies wflj be sent to registered shareholders by msfi. In order tc> be valid, proxies 
must be returned to the office of HSBC Investment Funds Luxembourg SA, attn, 
Marcelfae Jans. fox. (352) 47 55 69, by no Inter than 5pm on October 26th 1994. 

A notice confirming ibe outcome of the meeting will be published in the 
Luxembourg Memorial, fa the Luxembourg Wort, in the Financial Times and in the 
South China Morning Post- 

Tbc cost of the amalgamation will be bona: by Ibe Investment Manager. 

Hk attention of the shareholders of Ouuulinn Equity is specifically drawn lo rite 
following: 

The investment policy of North American Equity is to provide maximum capital 
growth through ■ portfofc'o of carefully selected shares traded on the stock exchanges 
of the United States of America. Canada and Mexico, whereas the investment policy 
of Canadian Equity is to achieve the same objective by investing only in companies 
whose activities ore principally based in Canada or which are quoted or traded on an 
Eligible Market in Canada. 

The currency of denomination of North American Equity is US dollar os is the case 
for Canadian Equity. 

The investment adviser to North American Equity is HSBC Asset Man a gement 
Americas Inc, who are obo the investment adviser to Ca n adian Equity. 

The investment advisory fees and the distribution policy of North American Equity 
are Identical to those applied to Canadian Equity. 

The Dhcctots accept respousibOhy for the accuracy of the am tents of this document. 

The Board of Directors 


1]hef2n^ci^ Times 


ptai& on 


mWeifin^sday, November 9. 


With over ten yaan of economic end political reform to tta 
credit and the recent Inauguration of Its third successive 
democratic government, Bolivia b an Increasing strength hi Latin 
America. The survey will report on the country's economy, 
poUtteei econo, financial markets, privatisation policy mat more. 

For more Information on editorial content and details of 
advertising opportunities availabfo in this survey, please contact 

Paony Scott fa Nov York: 

Tel: (212) 688 6900 Fac (212) 688 8229 
Samantha Bug In Londna 
Tat (+44 71) 873 4816 Fac 1+44 71) 873 3595 


FT Surveys 







8/68-B80 (,ZO) .™d iS9i-Bza-(iza>:ioi i J“8| wS S I™. ,UM JM 


12 


FINANCIAL TIMES WEEKEND OCTOBER S/OCTOBE R 


9 19*34 


COMMODITIES AND AGRICULTURE 


WEEK (N THE MARKETS 

Brazil rain 
hits coffee 
futures 

Coffee prices tumbled at the 
London Commodity Exchange 
yesterday as reports of rain in 
Brazilian growing areas 
"spooked" speculators holding 
long positions. 

The market had been set up 
for a big fall by an overnight 
plunge in New York prices. 
That had been factored into 
London values by the midday 
close, when the January posi- 
tion was quoted at $3,675 a 
tonne, down $168, traders told 
the Reuters news agency. But 
the sellers were not yet done. 
As New York prices fell still 
further in early business LCE 
futures followed suit, and with 
more rain reported in Brazil 
the close the January price 
was down at the close to $3,523 
a tonne, having lost $320 on 
the day and $332 on the week. 
At one stage it dipped to a six- 
week low of $3,499 a tonne. 

“There has been a lot of ner- 
vousness and people do tend to 
panic a little when they have 
seen the rain,” one trader 
explained. “If we see more rain 
over the weekend, we will 
come in Monday and be under 
pressure a gain. ” 

At the London Metal 
Exchange copper and zinc val- 
ues lost ground yesterday. But 
the relatively modest declines, 
which dealers attributed 
chiefly to profit-taking, left 
them both with net rises on 
the week. 

Copper prices began on Tues- 
day to claw back the heavy 
falls suffered late last week 
after an earlier strong advance 
boiled over. At yesterday's 
close the three months deliv- 
ery position stood at $2,535 a 
tonne a tonne, up S4-L50 overall 
but $43 short of last week's 3%- 
year high. Scarcity of supplies 
available for immediate deliv- 
ery kept the cash quotation at 
a premium to three months. 

The three months price had 
peaked at $2,542 a tonne early 
in the day after the announce- 
ment of a big fall in LME ware- 
house stocks. But that had 

WEEKLY PRICE CHANGES 


been widely expected and the 
price slipped back to $2,524 
before buyers were tempted 
back into the market in any 
numbers. The sellers regained 
the upper hand, however, once 
the afternoon ring was over. In 
after hours trading the price 
was hovering only a few dol- 
lars above £2,500 a tonne. 

“The market is still nervous 
after last week’s sell-off and it 
still fears a further wave of 
investor liquidation,'' a trader 
told Reuters. 

The zinc market has been 
lagging the other LME metals 
for most of this year as con- 
tinuing overproduction and. 


LME W4HHOUR STOCKS 

(As at Thursday's doss) 
tonnes 

Akuntivuin 

-2*350 

to 2JK7.800 

AJumWum nor 

unctlpd 

at 25,560 

Copper 

-12JJ00 

to 3+7.375 

Lead 

-1875 

» 388,760 

Wckat 

+1.392 

10 14X352 

Zinc 

+48M 

to 1^37^50 

Tta 

+60 

to 32,185 


therefore, rising stocks have 
weighed down sentiment But 
this week the investment funds 
that have been so influential in 
the recent strength of the cop- 
per and al umini um markets 
appeared to decide that It was 
time for this metal to benefit 
from their ministrations. A 
sharp price jump in mid-week 
was trimmed back slightly yes- 
terday following another rise, 
though a relatively modest 
one, in LME stocks, but at the 
close the three months quota- 
tion was still showing a $40.25 
rise on the week at $1,069.75 a 
tonne. 

Dealers suggested that the 
market was poised for further 
gains to push it past the 
20 -month high reached on 
Thursday. 

Aluminium prices mean- 
while headed back towards 
their recent highs, encouraged 
by European merchant 
demand. The three months 
afternoon ring close of $1,651.25 
a tonne yesterday, near the 
day's high, was up $3.75 on the 
day and $33.75 on the week. 
But the price edged back below 
$1,650 in after hours trading. 

Fears of US interest rate 
rises put the gold price under 
pressure early yesterday. But 
supported at $392 a troy ounce 
held once again. 

Richard Mooney 



Latest 

prices 

Change 
on week 

Year 

ago 

— — - 1994 — 

High Law 

Gold per troy oz. 

£392.70 

-1.10 

S35725 

S39650 

S369.50 

Slvor per troy oz 

358. OOp 

+0.40 

286. 6Qp 

384 50p 

33l_50p 

Aluminium 99.7% (ceafi) 

£1634-5 

+42.0 

S1095.5 

SI 6345 

31107.60 

Copper Grade A (cash) 

S2542.D 

+65.0 

SI 674.0 

32542.00 

SI 73150 

Lead (cash) 

5633 J5 

+1X0 

S371.0 

58215 

£438.0 

Mcfcol (cash) 

38665 

+300 

S4512J 

36665 

35210.0 

23nc SHG (cash) 

Si 049^ 

+43.0 

$689.5 

Si 053 

$9005 

Tn (cash) 

S5385 

*70 

S468Q 

55650.0 

£4 7300 

Cocoa Futures Mar 

£869 

-49 

£915 

£1124 

£859 

Coffee Futures Jen 

S3623 

-332 

51173 

$4091 

S1175 

Sugar (LDP flaw) 

S308-50 

-MO 

S266.5 

5318.4 

S252.9 

Barley Futures Jan 

£104.80 

-0.95 

£10X75 

£105.50 

£92.65 

Wheal Futures Jan 

£106.50 

4150 

£101.35 

£11750 

£97.80 

Cotton Outlook A Index 

713.0OC 

-020 

SSSSOc 

87.10c 

62.45c 

Woo) (649 Super) 

438p 

-16 

323p 

485p 

342p 

OD (Brent Blend) 

817514 

-4156 

S17.18 

318.61 

$1X18 


BASE METALS 

LONDON METAL EXCHANGE 

(Rices from Amalgam state Meta Tradfiw) 


■ ALUMINIUM, 88.7 PURITY (S per tonne) 


Cash 

3 rathe 

Ckxse 

1634-5 

1651-1.5 

Previous. 

1628.5-&.5 

1647-6 

Highflow 


1654/1639 

AM Official 

1629-30 

1645-55 

Kerb nose 


16*5-6 

Open Int 

255,008 


Total daily turnover 

55,646 


■ ALUMINIUM ALLOT (3 per fans) 


Close 

1677-62 

1692-5 

Previous 

1660-70 

1683-5 

High/low 

I860 

1700/1660 

AM Official 

1655-60 

1675-80 

Kerb dose 


1675-65 

Open Int 

3,005 


Total deity turnover 

173 


■ LEAD [S per tome) 



Close 

633-4 

647-8 

Previous 

6275-6.6 

642-3 

High/tow 


648/643 

AM Official 

B315-2 

645JW» 

Kero dose 


646-7 

Open int. 

42,193 


Total dally turnover 

4.286 


■ NICKEL (S per tonne) 


Ctase 

6660- 70 

6765-70 

Previous 

6580-80 

6880-90 

High/low 


6800/6700 

AM Official 

6685-95 

6795-800 

Kerb dose 


6750-60 

Open Int 

71,417 


Total dally turnover 

18.429 


■ TIN (S per tome) 



Close 

6380-90 

5460-70 

Prevkxxa 

5380-5 

5460-5 

High/low 


5525/5445 

AM OfSdar 

53S5-S0 

5465-70 

Keib dose 


5+60-5 

Open Int. 

15597 


Total dally turnover 

2,852 


■ ZINC, apodal high grade (S per tonne) 

Close 

1049-50 

1069 £-70 

Previous 

1062.5-35 

1074-5 

HfgMow 


1072/1062 

AM Official 

1045-8 

1065,5-6 

Kerb dose 


1067-8 

Open tnt 

101^83 


Total dally turnover 

25562 


■ COPPER, grade A (3 per tonne) 


Close 

2541 .5-2.5 

2534.5-55 

Previous 

2540-1 

2537-8 

High/low 

2542 

2546/2519 

AM Official 

26405-1 

2532-3 


Kerb close 2520-2 

Open Int. - 224.066 

Total daiy turnover 63,895 

■ LME AM Official C/S rats: 1.5820 

LME Owing at ratK IjSBQO 

Spot 1.5870 3 0*1115060 6 0101X1.5628 9mttis1X78Z 

■ HIGH GRADE COPPER (COM EX) 




But 


Open 



Ctoss change W0 

tow 

tat 

Vol 

oa 

11X70 

-130 11X25 

11X50 

2336 

527 

Now 

11X25 

-1.70 117.10 

11X80 

1338 

a 

DOC 

114.65 

-1.70 11X70 114.10 38.767 

5.059 

Jan 

114.15 

-130 11X75 

11X15 

733 

134 

Feb 

11165 

-1.60 

- 

438 

12 

Her 

11X25 

-130 11X00 

11290 

8.121 

488 

Total 




55,709 

1/30 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prices stifled by N M Rothschild) 


Odd (Troy OZ.) 

S price 

£ oqiflv. 

Close 

392.50-382.00 


Opening 

392.70-39110 


Morning fix 

392.86 

247.060 

Afternoon fix 

392-00 

24X309 

Day's High 

39450-394.00 


Day’s Low 

388.60-390DO 


Previous dose 

391.80-392.00 



Loco Ldn Mean 

1 month 

2 months _ — - 


Gold Landtag Rotes (Vs USS) 
-.430 6 months ,_..-LSe 


ftr conns inlets cchenriN stated, p Pm eo/hg. c Cana Jb. n No* 


3 months 

SVver FU 
Spot 

3 months 
6 months 
1 year 
Gold Cotas 
Krugerrand 
Maple Leal 
New Sovereign 


,-m4.67 
465 


12 months 


-529 


p/trojr oz. 
35520 
38020 
385.95 
380.10 
S price 
394-397 
403.45-408.00 
92-95 


US Cts oquiv. 
56520 
573.10 
58095 
59090 
£«*Jv. 
248-251 

58-61 


Precious Metals continued 

■ BOLD COMBUtOO Troy o&;Mreyoz4 

StB Days Open 

price (brags M* tow tat W. 

3909 -12 392.5 3922 159 28 

3922 -13 

ma -13 8072 3920113,165 17375 

3972 12 4006 395-5 20070 276 

4007 1.3 403.1 4012 7.177 24 

4042 -U 4062 403L5 10254 442 


Oct 

Nov 

Dec 

Fed 

Apr 


GRAINS AND OIL SEEDS 

■ WHEAT LCE C per tonne) 


Nov 

Jn 

Un- 

to* 

Jet 

*P 

Total 


SOFTS 

■ COCOA LCE (E/Wnne) 


San 


(fen 



5att 

Day's 


Op*J 

price 

ctenge Ngti tew 

tat 

IM 


price dange 

X* 

Low tat M 

104.40 

-065 104J5 1DLH 

3,118 

15* 

OK 

834 

-10 

040 

930 24,820 &S\ 

10X50 

■065 10X75 10X40 

13W 

37 

Iter 

888 

-11 

980 

967 3X020 SLS41 

10X45 

445 10X00 10X40 

1^35 

154 

May 

883 

-if 

3X1 

AID 12,987 336 

11X50 

-090 11X85 11X45 

1.440 

158 

Jd 

885 

-ii 

1007 

984 XB87 207 

11255 

■090 

263 

. 

Sap 

1008 

-11 

im 

1007 9,898 603 

3700 

-asa 

35 

7^12 

580 

Dae 

TOW 

use 

■13 

1040 

1025 X282 194 
10X102 XM8 


MEAT AND LIVESTOCK 

■ ■ M cattu- CME { 40.(»qg *f«g*gL 

|5* cKi N'S" “ 

67275 -a*25 67900 JJJSO. 

0627S -also ©050 J»jg 
67.750 +MC5 ®075 6«.bM jjg 
68.000 -0 »7S 68.25 6. 950 10.75- 


Oct 

Use 

ftfi 

Aw 

Jon 

AU9 

TOM 


64475 -0200 64.925 64 650 

SS «•*» JS H* 


IM 

5.329 

5,468 

1.908 

1.320 

281 

183 


■ PL 

oa 

ITINUM N 

41X5 

VMEX 

-0-3 

eoTrt 

421 J] 

V ol: 5/hoy oD 

41X0 2S2 64 

m wh 

Dec 

EAT CUT 

412/2 

+46 

bu mfn; 

413/2 

CSfffl/WHb buehel) 

409/0 47X88 7A35 

■ coc 

Dae 

OA CSCE 

1233 

(iota 

-21 

rmoo; Si 

1281 

tonnes) 

1246 35,029 8,151 

oa 

34150 -0375 3+900 34.100 3,+« 

B.575 -OTW 30300 10.035 

37.3M -0.525 38 07S 372T5 WJ 

37350 -0200 r.900 XJOO 3.182 

4X050 -0.025 43^50 V.W LM7 

1,731 

3J20 

Jaa 

42X5 

-U 

4263 

4212 1X391 1,391 

Mar 

420.2 

+5/2 

421/0 

416/8 21,757 2,340 

1 tar 

1309 

-14 

1334 

1304 31.683 3,443 

Dec 

1.392 

Are 

427.3 

-1.1 

429^ 

427 J) 2.914 396 

toy 

39+M 

*W 

394/4 

388/2 30*0 57S 

*■ 1 

1338 

-14 

1357 

1338 6JM8 295 

FM 

630 

Jd 

43X8 

-1.1 

- 

- 512 

M 

257/2 

+06 

358/0 

354/0 X702 1,123 

M 

1369 

-14 

1387 

1309 3,531 5 

a re 

=8+ 

oa 

43X5 


- 

- 335 2 

Sep 

3B5/S 

+are 

381/0 

35S/4 173 10 

Sen 

1388 

■15 

1406 

1300 IjSS 5 

Jan 

20 

JM 

Total 

438^ 



2 2 
23^*46 1J«8 

Dm 

Total 

369/* 

+2/4 

370/0 

368/0 110 36 

7X287 11,535 

nae 

Total 

1430 

-5 

1435 

1435 4,985 2 

7X390 XBBB 

Aeg 

Total 

4X47S +0.1 4» 31JKIB 7.428 

■ PALLADIUM NYMEX (100 Troy ttxj S/troy ox) 

■ MAI7F CBT (6,000 bu min; ooma/sab bushel) 

■ COCOA fCCO) (SOFTs/tonno) 

■ PORK BELLIES CME ; 


Dec 

15435 

■+X95 

15X30 

154X0 

4^51 

391 

liar 

I55.2S 

-X05 15X50 1K75 

1.410 

63 

An 

15X35 

-095 

- 

- 

152 

- 

Tube 





X513 

454 

■ SILVER COME* (100 Troy ot; Cema/trey ot) 

Od 

660.1 

-1.8 

. 

. 

B 

13 

Nov 

58X2 

-1J 

- 

- 


- 

Dec 

564.7 

-IX 

57X0 

55TO 96.5*1 

9,354 

Jan 

5S7X 

-1J> 

5700 

5700 

44 

- 

Mar 

57X4 

-1J 

5605 

5HL0 

10960 

360 

tear 

57X9 

-16 

S85JJ 

575.0 

4534 

50 


125209 10287 


ENERGY 

■ CRUDE OIL NYMEX (42,000 US galls. S/barret) 


Latest Day’s 
price chains fflgb 
1054 +029 1064 

13.64 +037 7075 
1065 +023 1073 

18.64 +021 
1084 +020 
1&60 +016 


Fab 
Mir 
Apr 
Trial 

■ CRUDE OIL IPE (S/berraq 


1070 

1064 

18.GS 


Open 
Lett tit 
1022 78245 
7824 83279 
1040 50780 
1040 24231 
1049 21222 
18.48 16.193 


Yrf 

30726 

24,106 

10982 

3352 

3.124 


42O028 86,187 


Open 

tat 


Uteri Beys 
price change Hgb tn M VH 
Bov 17.18 +021 17.32 1734 99,481 19.B56 

Dec 17-Z3 +019 1747 17.12 55.466 11804 

Jn 1723 +0.15 17-37 17.14 21,735 2.421 

Feb 1721 +0.17 1741 17.12 10.026 132* 

Ma- 17.17 +0.14 1728 1708 7X00 330 

Apr 17.16 +0.18 1729 17.07 3.756 671 

Tot* 189,793 3MOO 

■ HEATING OIL NYMEX (42,000 US gals; c/US gafoj 


Dec 


Feb 


Apr 

Trial 


Utost Days 
price change Mtyi 
5025 +071 5120 

5130 +OG5 52.10 
52.70 +055 5240 
5345 +065 53.40 
52.95 +0.45 5340 
5 230 +0.45 5230 


OtNm 
in tat 

5041 35470 
5145 42,506 
5245 31.482 
5100 10,134 
5240 12488 
5220 4,716 


Vol 

7422 

4.12B 

1,377 

886 

758 

398 


170428 15488 


■ GAS OIL FE (Sttm) 


Srit OafS open 

price change High Low bn 
158.75 +445 15945 15545 24,782 
+3J5 16140 15740 25,017 
+325 18345 16040 21709 
+340 16440 16140 15,405 
+308 18440 18240 6,046 
+2.73 18445 1802$ 5,997 


Oct 

Mv 

Doe 

Jan 

Fab 

Ha- 

Trial 


180.75 

16245 

16340 

16445 

164.00 


Vol 

9487 

9,405 

3488 

1499 

677 

598 


10M38 25482 
NATURAL GAS NVMEX (10400 naBhi; SAanBtu) 


Latest Day's 
prica donga 

1425 >0422 
>430 -0429 
2450 -0403 
1490 -0005 
1450 

1415 *0005 


Hot 
Dec 
Jan 
Fab 
Mv 
Apr 
Trial 

■ UNLEADED GASOLINE 
NYMEX {42000 l)S pa»L PUS pafaj 


Mob 

1.650 

1455 

2457 

2000 

1455 

1420 


0 p« 
Law tat 
1.616 28408 
1425 29419 
2045 16415 
1485 14447 
1440 11.562 
1410 74 84 


Vol 
8.625 
2159 
1490 
775 
491 
147 

151419 1*488 


Latest Dayta Open 

prica change Hfp Lon Iri Vei 

MOV 4820 +12* 4355 47.00 25383 1X684 

Dec 5645 +071 5640 5640 15479 6468 

Jan 56.15 +040 5620 5570 10493 21*0 

Fab 5625 +040 5625 5545 4452 613 

Mar 6645 +0.15 5645 5645 1436 300 

Apr 6020 +0.16 6020 5940 3490 538 

Trial 69496 24,159 


Qcc 214/2 

Mar 2244) 

May 23V2 

4ri 23612 

Sop 241/0 

0» 3466 

Trial 

■ BARLEY LCE (S pat tonne) 


-IM 216/Z 214/0132449 27.083 
-1/0 22574 223/8 *9408 6,413 

-1/0 233/0 231/0 20499 3719 

-1/2 237/5 236/0 23269 57BG 

-1/2 2436 341/0 1,743 245 

-1/4 248/2 246/4 8487 14+0 

237,083 48/224 


Hot 

10X90 

-030 

103.00 

102-75 

448 

31 

Jan 

ioam 

-080 

105 JU 

104.75 

382 

ID 

Iter 

106.65 

070 

107 JX) 

107.00 

125 

4 

May 

10X90 

■075 


- 

46 

. 

Sap 

95J30 

+1.00 

- 

• 

2 

. 

HOT 

37 JM 

+130 

- 

- 

- 

. 

Total 





ijni 

45 

■ SOYABEANS CBT (XOOCbi mac cantseota bushaq 

Nov 

527/2 

-"08 

533 16 

527/0 745*1 

23J81 

Jan 

537/4 

-4/0 

543® 

537/2 26,189 

4,891 

Mar 

547/6 

•3/E 

553/4 

547/4 

16J00 

4^79 

Kay 

55&B 

-3/6 

562/0 

556/2 

7312 

1JB9 

Jd 

563/B 


568/4 

583/4 

14JJ91 

SJB3 

Aug 

sem 

■W 

671/4 

586/4 

418 

33 


Trial 89,913 145,319 

■ SOYABEAN OH_ C8T (60.0000s; cenb/tb) 


Od 

2477 

+0LJB 

2484 

2456 

8,823 

XB31 

DM 

2X55 

-ojn 

2X63 

2X50 39.171 

1X504 

Jan 

2X30 

-4108 

2X55 

2X28 

102B1 

2240 

tear 

2X11 

-008 

2X32 

2X05 

1X380 

4.9S8 

Mar 

9908 

-008 

WJQ 

2245 

8.118 

IMS 

Jd 

Total 

2X86 

-OJB 

2108 

2X85 

5884 1.140 
80JM9 28/099 


■ SOYABEAN MEAL CBT (100 tons: S/ton} 


oa 

1592 

-02 

1608 

159.8 

1899 

1,739 

Dec 

1602 

-as 

161.7 

1804 4X810 

7,641 

Jan 

16X0 

•ar 

16X3 

16 13 14228 

1«63 

Mar 

16X0 

0.9 

1662 

1648 1X718 

1201 

May 

187.7 

-09 

169.0 

167.6 

7.106 

780 

Jd 

171.1 

■12 

17X8 

1709 

sms 

1.002 

Total 





92/024 14,999 

■ POTATOES LCE (Storing 




MOV 

150.0 


. 

. 

. 

- 

Mar 

105.0 

- 

- 

- 


- 

Apr 

21X5 

-22 

225.0 

217.0 

1203 

251 

stay 

2384) 

- 

- 

- 

- 

- 

Jn 

107 JS 

• 

- 

- 

- 

- 

Total 





1203 

2S1 

■ FREIGHT (BIFFSQ LCE (SIO/bKtaK point] 


Oct 

1830 

+25 

1925 

1810 

598 

52 

Nov 

1817 

+39 

IBIS 

1795 

362 

68 

Dae 

1795 

+22 

1300 

1775 

90 

88 

jan 

1750 

+50 

1780 

1715 

1.010 

203 

Are 

1735 

+45 

1735 

1699 

595 

137 

JU 

1505 

+12 

1510 

IS 00 

112 

20 

Total 

Dan 

Pm 



X790 

566 

BR 

1747 

1723 






Spleen 

Prices of black aid white pepper reached 
record highs this week, although the market 
activity was lass active, reports Man Produc- 
ten. Most buyers who had no im t netf a ta naad 
to reptanbn stocks adopted a *writ-and-sea* 
attitude. That was quite logical after the breath- 
taking prica rise of soma 30 to 35 per cent 
during September tar most grades of btadi 
pepper. The price of black AST A reached 
US3.100 a tonne w the US market, while In the 
European market the faq" grade reached 
S2.600. White pepper prices in Indonesia were 
firmer, manly because of the expected nega- 
tive hfluenee of very dry weather there. Spot 
Muntak white was at S3300 a tome. A period 
of consotidettan or even correction may now 
be on the cants, after which we expect prices 
to continue the uptrend. 


a COFFEE LCE (Stoms) 


. 9765* 


Pm. day 

97065 


no* 

3549 

-320 

3820 

3530 

am 1535 

Jen 

im 

-320 

3790 

3499 14,998 4539 

Star 

3464 

■+&9 

3710 

3435 

7J12 1.905 

May 

3453 

■277 

3880 

3425 

1529 290 

Jd 

3445 

-265 

3400 

3470 

1X76 BID 

Sap 

341 6 

-274 

3815 

3407 

123 809 

TON 





3L31411.888 

■ COFFEE ‘C CSCE (37.500B ja; centsflbN 

Dec 

19X90 

1X85 

199X5 

1B9J0 19X70 9,709 

tear 

197.00 

13X0 20X50 

19400 10,145 11*9 

■ay 

209.90 

-ODD 209.90 209.90 

4,001 ISO 

Jd 

21095 

-8.00 21095 

21095 

1X42 44 

Sap 

211 JO 

-64» 

- 

> 

818 89 

Dec 

211,90 

-OOO 

211.90 211.90 

B41 88 

Total 





39X1511,171 

■ COfTlX (ICO) (U5 canta/pomcp 


oa a 



Prion 


Pm. day 

Comp, tialy 


. 19533 


20000 

15 tei atorage — 


.20X37 


203.47 


■ No7 PREMUM RAW SUGAR LCE (cents**) 


Jan 

11JSZ 

. 

. 

. 

. 

. 

Mar 

1238 

- 

- 

- 

90 

- 

MW 

1X78 

- 

- 

- 

- 

- 

Totri 





90 

- 

■ WHITE. SUGAR LCE (S/tonne) 



DSC 

331 JO 

+190 331.50 329JS0 

OfOti 

168 

Mr 

30090 

+130 33130 32X70 

7,565 

218 

Stay 

33080 

+1M 33090 

32930 

1,482 

TO 

Mg 

33030 

+1J0 33040 328.70 

1.631 

140 

Od 

314X0 

+090 

- 

- 

401 

> 

Dec 

31330 

+090 

. 

- 

4 

- 

Total 





1M0® 

914 

■ SUGAR 11' CSCE (lIXOQOftw oant8/Da) 


Mar 

1X47 

+008 

1X49 

1X35 9X808 1199 

ttay 

12,49 

+005 

1X50 

1X39 17,099 

872 

Jd 

1X40 

+008 

1X41 

1X29 

11.449 

754 

Od 

1115 

+006 

1X18 

1X06 

9JJ97 

259 

Mar 

1178 

+006 

11. £0 

11.78 

1/435 

115 

May 

1178 

+006 

. 

- 

9 

- 

TON 




134700 4999 

■ COTTON NYCE [SOOOOtre; cental 


oa 

8X55 

■073 

6025 

67.00 

IBS 

33 

ttoc 

87.45 

+007 

68.40 

6720 27.800 3#46 

Mar 

59.12 

+007 

fioeo 

68.95 11.615 

930 

May 

70 JO 

+005 

7085 

7030 

8,529 

266 

Jd 

71.15 

+005 

71 .BO 

71.15 

3363 

122 

oa 

68.70 

-025 

69.17 

68.70 

544 

25 

ToW 





51449 M65 

■ ORANGE JUU5C NYCE (15.000RM; cante/ltja) 

Hov 

91 JB 

-005 

9X90 

9090 

9396 

900 

Jao 

9440 

■005 

0030 

94,30 

0253 

075 

Mar 

9790 

+010 

99X5 

97.80 

4880 

208 

May 

101 JO 

- 

103-00 

10X00 

1,161 

20 

Jd 

105.00 

+020 106JQ0 

108.00 

618 

13 

Sap 

T 06,00 

+0 40 10X75 

108.75 

218 

10 

Tdal 





21688 2JJ24 


VOLUME DATA 

Open interest and Volume date shown tar 
contracts traded on COMEX, NYMEX, CUT, 
NYCE. CME end CSCE are one day In arrears. 


INDICES 

■ REUTERS (Bestc 1B/9/3TM0Q) 


Oct 7 Oct 6 month ago year ago 
20705 2094.3 2092.5 15733 

CRB Futures (Base: 1967=100) 


Oct B 

230.26 


Oct 5 
229-86 


month ago 
232.69 


year ago 

21747 


Feb 

Mar 

May 

Jri 

tog 

ToW 


40.425 -0-200 41 ODD 39.900 
41.400 -0.150 42.050 *1.0/5 
4+1 SO -04M 42.800 41^00 
41.300 • ' i,:n 


asa 

2+7 

340 

55 


133 

4+ 

30 

13 

2923 


LONDON TRADED OPTIONS 

— -Pula — 


Strike price S tome 

■ ALUMINIUM 
(39.7%) LME 

162S 

16S0 — 

1675 — - 

■ COPPER 
(Grade A) LME 

2500 

2550 

2000 — - - 

■ COFFEE LCE 

3600 

3650 

3700 


Cane — 


■ COCOA LCE 

925 — 

950 

9750 


■ BRENT CRUDE IPE 

1650 

1700 

1750 


Nov 

Feb 

Nov 

Feb 

39 

81 

29 

62 

27 

69 

42 

75 

18 

58 

58 

88 

Nov 

FoO 

Nov 

Feb 

64 

105 

42 

94 

40 

83 

68 

120 

23 

64 

101 

1S1 

Nov 

Jon 

Nov 

Jan 

74 

220 

125 

29? 

57 

203 

158 

330 

43 

187 

194 

384 

Dec 

Mar 

0«c 

Mar 

35 

89 

26 

45 

24 

76 

40 

57 

IS 

64 

56 

70 

Nov 

Dec 

Nov 

Doc 

79 

82 

7 

28 

39 

78 

IS 

46 

14 

53 

37 

TS 


LONDON SPOT MARKETS 


■ CRUDE OIL FOB (par Oanetfltovt 

•w- 

Dubai 

S15.07-6.l5l 

•0.215 

Brent Blend (dated) 

S16.95-6.97 

+0.290 

Brent Blend (NOW 

31 7.20-7.221 

+0250 

W.TJ. (Ipffi es« 

SI 8.57-8.591 

+0.315 

■ CHL PRODUCTS NWE prompi deawry OF (tomal 

Premium Geaofine 

$173-176 

+2.0 

Gas OU 

S163-164 

+4.5 

Heavy Fuel OD 

S91-94 

-8.5 

Naphtha 

Si 67- 168 

+30 

J« fuel 

$185-187 

+00 

Oieaei 

Si 67-168 

+5.5 


AwdIkwi Alps. TaL London 107 II 359 879? 

■ OTHER 

Gold (per troy ozft 
Saver (per troy ozft 
Platinum (per troy oz.) 

PaUadum (per troy oi) 

Copprr (US prod) 

Lead |US prod) 

Tin (Kuala Lumpur) 

Tta (New York) 

Cattle dive weightft 
Shoep fllve wolght)t+ 

Piga (Ive weight) 

Lon. day sugar frew) 

Lon. day auger fata) 

Tate & Lyle export 
Bailey (Eng. feed) 

Maize (US No3 Yrrttow) 

Wheel (US Dark North) 

Rubber (Novflf 
Rubber (Dec)V 
Rubber (KLRSSNoiJte) 

Coconut 0* (PhȤ 

Prim Ofl (Matey.)! 

Copra {FhB)§ 

Soyabeana (US) 

Ooltan Outiook-A 1 Index 
Wooltops (64s Super] 

£ per tonne unieoe MheiwMe rated. p penea/kg. c canta/b. 
r itaggS/tal m Metayrien centaAg. y Jdy/Sap- z tog, v 
Nov/Dac. u OoUHbn. 1 Nc*. V London PhyweaL 9 OF 
Bouetaam. f Mtan mortal does. ♦ Swap flJvo wrigM 
prioea). ' Change cxr wmk O nteee are brperiu stay. 


5392.70 

+090 

564.5c 

+2.S 

$420.10 

-1.15 

5153.50 

-0.1Q 

123.0c 

+1.0 

3025c 


1X89c 

+010 

252.5C 


117.55P 

+0.16* 

94.43p 

+S.60- 

75.81 P 

-1.06- 

£308.50 

-0.90 

S378.00 

-0.90 

£306.00 

-1J30 

Unq. 


SI 36.0 


Unq. 


84.7Sp 

+0.75 

9425p 

. +0.76 

352.5m 

+1.5 

561 2. 5u 

+12S 

£687 .St 

+1X5 

5393-Oj 

+6.0 

E154.0V 


73.60c 

+0.10 

438p 







WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Rad Day's 

Crayon Date 


Price 


Week Month 
change Yield ago ago 


Auardla 

9.000 

09/04 

B2.600Q 

-0.590 

10.20 

1030 

9.47 

Belgium 

7^50 

04/04 

91.5500 

+0.090 

057 

053 

069 

Canada* 

8-SOO 

08/04 

83.7000 

+0.060 

9.07 

086 

9.05 

Denmark 

7.000 

12/04 

88.7700 

+0.500 

9.04 

9.02 

9.25 

France BTAN 

BJXX) 

05JB8 

101.1250 

+0.120 

7^9 

7.48 

733 

OAT 

5J00 

04/04 

8X4800 

+0.450 

022 

012 

8.09 

Germany Treu 

7.500 

00/04 

98-4700 

+0230 

7.72 

7.63 

7^9 

Ktey 

8500 

08/04 

60X000 

-0.690 

11J»t 

11.45 

12^9 

Japan No 11B 

4.800 

06/99 

102.7400 

-0290 

4.11 

3.88 

3.91 

4.100 

12/03 

95.7770 

-0.490 

4.76 

454 

4.49 

Nethertanda 

5.750 

01/04 

87.6300 

+0190 

7.66 

756 

7.42 

Spain 

8.000 

05/04 

81.3500 

+0.090 

11J25 

11.18 

11JJ2 

UK Gits 

6-000 

08/99 

89-28 

-1/32 

9.58 

083 

047 


6.750 

11/04 

86-26 

-7/32 

8.73 

081 

082 


9.000 

10/08 

102-10 

-7/32 

071 

077 

078 

US Treasury ■ 

7J50 

06/04 

98-19 

-21/32 

7.75 

7.62 

7.42 


7^00 

11/24 

94-28 

-32/32 

7.95 

7.83 

7.60 

ECU (French Govt) 

OOOO 

04/04 

8X8300 

+0.160 

075 

8.97 

061 


London dosing, ri+aw York mw-dey 
T Gross Orckjdkig wtthnctottig m» at 12S per 
Prices: US, UK in 3Snde, otaera in decknal 


cent payable 


YWd* Local market standard, 
by non, o e dema) 

Soacar UMS Intrmabonal 


ECONOMIC DIARY - FORWARD EVENTS 


TOMORROW: Austrian general 
elections. Belgium holds local 
elections. 

MONDAY: Credit business 
(August). Producer price index 
numbers (September). Confer- 
ence on Security and Co-opera- 
tion in Europe (CSCE) review 
conference in Budapest to pre- 
pare documents for approval 
by CSCE summit on December 
5 and 6 . European Onion eco- 
nomic and financial council 
meets in Luxembourg to dis- 
cuss recommendations for 
meeting Maastricht criteria. 
Israel and Jordan resume 
peace talks at the Dead Sea. 
World conference on tobacco 
and and health in Paris (until 
October 14). Columbus Day 
holiday in the United States - 
some markets closed. Prelimi- 
nary figures to be announced 
by L ucas Industries. 
TUESDAY: Conservative Party 
holds annual conference in 
Bournemouth (until October 
14 ). General strike expected in 
Pakistan. Announcement of 
Nobel Prize for economics. 
WEDNESDAY: Retail prices 
index (September). Labour 
market statistics: unemploy- 
ment and unfilled vacancies 


(September-provisional); aver- 
age earnings indices (August- 
provisional); employment, 
hours, productivity and unit 
wage costs; industrial disputes. 
Labour force survey (key 
results) (June-August). Index 
of production and construction 
for Wales (second quarter). 
European and east Asian eco- 
nomic summit in Singapore. 
THURSDAY: New earnings 
survey 1994 Part B: analyses by 
agreement. Machine tools 
(August). Capital issues and 
redemptions (September). US 
producer price index (Septem- 
ber). Bundesbank council 
meets in Frankfurt 
FRIDAY: Usable steel produc- 
tion (September). Overseas 
transactions of UK consultancy 
firms (1993). US consumer price 
index (September); industrial 
production and capacity utilis- 
ation (September) and real 
earnings (September). Japan 
wholesale price index (Septem- 
ber); bank data (September). 
Italian trade unions hold gen- 
eral strike In protest against 
1995 budget. Vietnam's 
National Assembly starts new 
session. Announcement of 1994 
Nobel Peace Prize. 


CHARTS - DATA - ANALYSIS - MONITORING 

13000 + SECURITIES UK. CURRENCIES, INDICES - 26 + INDICATORS 
P&F, Averages, Bar Charts. Ob os, Missels etc. Pick tram a wide range. 
Contact CHART WATCH Tel: 0272-682439 Fax: 0272 - 682439 
CHART WATCH 1 Rockleaze, Snayd Park, Bristol BS9 1ND 


DO YOU WANT TO KNOW A SECRET? 

TlH I.DB. Gam Seminar vA Show yw how tra RWkBte REALLY woriL Iba anadng 
irxing techniques d iha legendary W.D. Gann can hcraase you; profits and wnCtn your 
tosses. How? That* mw mens. Btag o$i «74 0080 id bodk your FnfiE place. 


US INTEREST RATES 


■ LONG GILT FUTURES OPTIONS (UFFE) £50000 64tfta of 10046 


US 


LuncMme 


Prims rate 

iMwtoan ra . 

FaLfwfc. 


FnLtwh 4 Hsnmtau. 


One morffi 
7L Two m aria — 
Ttaw montfL. 
Sfc until _ - 
Ora ynr — 


Treasury Bib and Bond YMdo 

*85 TVm year. 


% 


*69 Tint tear.. 
5.13 Rre yur — 
564 10-yur 
6.10 30-ysr 


674 

7JB 

7.45 

7.79 

797 


Strike 

Price 

100 

101 

102 


Dec 

1-62 

1-29 

1-02 


CALLS 


PUTS 


Mar 

2-45 

2-17 

1-65 


Dec 

1- 34 

2 - 01 
2-36 


Mar 

2- 57 

3- 29 

4- 03 


US TREASURY BONO FUTURES (CBT) SIOOnOQ 32nda Ol 100% 


BOND FUTURES AND OPTIONS 
France 

■ NOTIONAL FRENCH BOND FUTURES (MATV] 


Eat. voL load. Cte» 2575 tots 271£ Previous day's opon inL. Cab 82025 Puts 88093 


Ecu 

■ ECU BOND FUTURES (MATF) 


Dec 

Mar 

Jim 


Open 

B7-21 

98-19 

flfrOO 


Latest 

97- 20 

98- 30 
96-04 


-04)3 

-0-03 


H/gfi 

98-01 

97-11 

96-15 


Low 

97-00 

96-15 

96-00 


Eat vo I. Open InL 
19X290 396320 
1.539 25386 

205 10301 


Japan 

■ NOTIONAL LONG TERM JAPANESE QOVT. BONO FUTURES 
(UFFE) YIQOtn iQQtha Of 100% 


■ LONG TERM FRO+CH BOND OPTIONS (MAT1F) 


Strfce 

Price 

NOV 

- CALLS - 
Dec 

Mar 

Nov 

— PUTS 
Dec 

110 

004 

1.42 

1.90 

086 

1.35 

111 

046 

0J91 

- 

1.41 

1J7 

112 

020 

0-56 

0.96 

- 

X49 

113 

a .08 

030 

- 

- 

3X1 

114 

- 

0.19 

054 

- 

4.03 


Mar 

2J>2 


EaL vd. total. Crib +6.1+7 Puts 31,513 . Pnnikan da/a upan WL Cte» 237.6+0 Pu» 32203E. 


Germany 

■ NOTIONAL GERMAN BUND FUTURES (UFFE)' DM250,000 lOOthS of 100% 



Open 

Sett price 

Change 

High 

LOW 

Eat vol 

Open InL 

Dec 

8010 

88-40 

+020 

08-19 

B7.ee 

161019 

162S45 

Mar 

87.09 

87.67 

+020 

87.17 

B7jOS 

240 

2511 

■ BUND FUTURES OPTIONS (UFFE) DM250,000 points of 10096 




Strike 

Price 

Nov 

Dec 

GALLS — 
Jan 

Mar 

Nov 

Dec 

PUTS 

Jan 

Mar 

8800 

0.94 

1.34 

1.16 

1.50 

D-S4 

0£4 

1.49 

1.83 

8850 

0.86 

1.06 

033 

1.20 

076 

1.18 

1.76 

2.09 

8900 

0.45 

082 

073 

1.05 

1.05 

1^42 

X08 

X38 


EaL voU meat. Cdto 33473 Puts 10511. ftautaua dsyre Open W, Cate 2+8333 ton 212890 


Italy 

■ NOTIONAL ITALIAN QOVT. BONO [OTP) FUTURES 
flJFFg- Lire 2Q0r» iflOths of 10094 

Open Sell price Change Ugh Low EsL vol Open fnt 
D«C 97.30 97.36 -0.47 97.48 96.62 48380 62383 

Mar 98.75 S&04 -0-52 PS. 73 8650 650 13 88 


■ ITALIAN GOVT. BOND (BTP) HJTURES OPTIONS (UFFE) LiraSOOrn lOOtite of 10096 
CALLS — PUTS — — 


Strtka 


Prica 

Dec 

Mar 

Dec 

Mar 

9700 

XlO 

2.87 

1.72 

3-23 

B750 

1.82 

2.85 

74M 

3.51 

9800 

1.57 

X43 

2.19 

X7B 


EaL voL utaL Cate 2582 Put* 3004. toavlaua day's span InL, Ctte 17997 Puts 23011 


Spain 

■ NOTIONAL SPANISH BOND FUTURES (MEHF) 


Dee 


UK 


OptKl 

85.87 


Sdti prica Change 
B&29 +0.14 


FBgh 

a&37 


Low 

85.75 


Eat toL Open InL 

39^12 76,724 


■ NOTIONAL UK CULT FUTURES (UFFE)’ £50,000 32nds of 10096, 



Open 

Salt prica 

Change 

rtgh 

Low 

Dec 

89-07 

100-14 

+0-26 

100-18 

89-04 

Mar 

98-23 

98-26 

+0-26 

38-23 

98-23 


EsL vol Open krt. 
80913 07150 

3 13 


FT-ACTU ARIES FIXED INTEREST INDICES 

Accrued 


UK GBtt Prica Mem 


Fri 

Oct 7 


ttey^ 
ctonga % 


Tttw 
Oct 6 


«l *9 
yWd 


bxi«x4takad 


Fri 

Oa 7 


Ds/a 
change % 


Thu- 
Oct 6 


Accrued 

Interest 


xO ltd 

7«d 


Ytatata 


007 


• Low eot+pon ytoki - 
Oa 6 Yr ago High 


M e ctum coupon 


oa 7 oa e Yrsgo 


iC 


oa 7 oa s 


High coupon ytaM ■ 
Yropo High 


Law 


5 yra 
15 yra 
2° yra 
irred-t 

tadax-Snkad 


8.63 

8.70 

621 

885 (20 

9) 5.57 

061 

068 

6.98 

8.89 (2Q 

9) 6.30 

057 

8.64 

7.11 

8.81 po/ 

4 641 

369 

8.70 

737 

ase go/ 

9) 652 


6S3 6.65 9.16 

9.06 7.34 955 

8.93 7.36 9.09 , 


Inftation rate Mt 


Up ta 5 yra 4.06 

over G yra 3.88 

Dotafttaana 


Irritation ralo 10% 


4.10 

3.89 


2J52 4.11 

X14 3^9 

5 years - 


2.13 (4/1) 2B3 3 1.74 3.00 (5/10) 1.19 (18/2) 

2^8 C20T1) 3.71 3.71 2.97 3.79 p1«) 2.70 feo/T) 

— IS years 


25 years . 


9.77 9.84 7.74 1107(209) 7.19 (1W1) 9.73 9.78 a 05 9.98 (209) 7J9 (MkH) 0.68 9T2 8J9 9.90 GSV9) 7.49 (1t>n) 

Average gmm redemption yteWs are shown above. Coupon Bands: Low. 0%-7^,%; MetSurrc 8%-103a%; High: 11% and over, t Rat yield, ytd Yaw to date. 

FT FIXED INTEREST INDICES GILT EDGED ACTIVITY INDICES 

Oct 7 Octa Oct a Oct A Oct 3 Yr ago ngr Low* 006 Oct 6 Oct 4 


Govt Sees. (UK) 90-78 90.63 90.16 9022 90.04 102.68 107.04 89-54 
Fixed Interoat 107.23 107X12 106.96 106m 107.17 12421 133.87 loaeo 


Oct 3 Sap 30 


G« Edged hnr ga taa 7ft9 TSS e 6.0 302 12Z2 

S-dey terecaga 86.1 91.7 1CH2 iiiJ3 ns.8 

T*?**'? 1W 40 Bn,3SL l0 " <aia Ftad lm9M “ ^ *"* ccr ^‘ aaorc Pl/MW . tow 53 S3 prt/75) . BeM 103 aavwrerent SwutM IflrtW 


UK GILTS PRICES 


_.YWti_ 

W Rad MtaE+or- 


— 1B9* — 

HWi taw 


— Had — „ 196+ _ 

Ini Bad Mtte+ar- H» tew 


ifotss 


HI GJfWaE +or- 


.- 180*- 
W UW 


Start* 1 OJM sp to Rn van) 

Treat 9pc 19B«| " 

12pc1905 — 

Eadi 3pc Gn 19 
10>*pCl«5- 
TretiULpc 19 
I40C18O8 — 

15t«Cl96e«- 


6Un3Vpcl90fttt — 
Conaaram lOpc 1986 — 
7taa»Cw7)K 1987^}: — 
Tlws 13t>DC 1007# — 

Bail ltPspc 1997 

TUmH+PcIMT**— 
Eati ISpc 1997 — 
Slipe 1998 

TlBB 71^00 l9S8tt 

Th«6\Bc1B95-Wtt_ 

14t* 1998-1 

n w *15 1 2flCWF 

BtfalSpc 1988 

TIM PtfC 19088: 


RwtoRtawTMR 

&dil21*clMS — 

TlM8pC19»tt — 
Cannretu KR+pc i« 
7)aafR«M8lBS9- 
Core 9pc ZOOOtt — 


X87 

043 

IDA 

"3 

l , 1030 

100J. 

11.78 

X73 

I01B 


- 107A 

1010 

105 

5.76 SSUte 



. Mi 

97V 

ur 

068 

10® 

+* 107JJ 

102H 

INi 

107K 

1U4 

708 

10® 

-i 1 13*e 

1X87 

73E 

1070 

—t 

Ii H7 A 

1X70 

73Sl11Ate 


- 121U 

111A 

1X24 

785 

ww 


k 117B 

109* 

Bna 

7M 

irai 

+i 

!■ 11ZA 

MBA 

7.17 

7.99 

97* 


1 10D5, 

\ 1210 

IlS 

1TJB7 

7.65 

now 

+i 

MB 

X1Q 

10&A 

*3 

. «*£, 
<1 no.'. 

104 Ij 

064 

X27 

1011* 


100ft 

1X78 

X43117J|«1 

+i 

\ 131B 

11HS 

841 

7B1 

847 

0*6 


+1j 

+1 

i 1I4« 
l 108* 

1020 

tPi 

7.11 

045 

MUte 

+i 

\ IIS 

B30 

1X08 

070 

”8i 

+3 

i 131* 

1150 

JZ3B 

054 

123d 

+ 1 

1 i«A 

132ft 

1079 

069 

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110.10 

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0 


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109.80 

10036 

+038 

109.10 

108.76 

495 

7397 









* UFFE cvnoa traded on APT. AM Open knaeet Bga. are lor preukxa day. 



Jun 

IDS. 04 

106.60 

+036 

10&04 

108.02 

343 

354 













1 Up to 6 years (24) 

2 5-15 years 03) 

11089 

+028 

11035 

113 

839 

6 Up to 5 yeeratZ) 

7 Over 5 years fit) 

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18434 

♦0.12 

184.63 

0.09 

537 


13028 

*039 

137.46 

172 

1029 

17X47 

♦039 

17X30 

0.92 

336 


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15*56 

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763.42 

238 

931 

17238 

♦030 

172.71 

033 

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178.06 

♦031 

17631 

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13832 

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13533 

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9.62 

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12014 

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>f|f 








FINANCIAL TIMES weekend OCTOBER 8/OCTOBER 9 1994 


13 


CURRENCIES AND MONEY 


MONEY MARKET FUNDS 


markets report 


Dollar puzzle 


Dollar 

OM per $ 
1.56 


Ambiguous economic data in 
the US yesterday prevented 
foreign exchange markets from 
getting a dear idea of the out- 
look for the dollar, writes 
Philip Gawith. 

The employment report, 
which the market had anx- 
iously anticipated all week, 
was such a curate's egg as to 
leave unresolved the question 
of whether monetary policy 
should be further tightened. 

Renewed concerns about ten- 
sion in Iraq, however, sup- 
ported the dollar against the 
yen. The US currency closed in 
London at Y100.225, from 
Y99.75. It was the first time in 
five weeks that the dollar had 
closed above YlOG. The AnWar 
finished against the D-Mark at 
DM1.5411 from DMl-5444. 

Elsewhere, the focus stayed 
on the Italian lira and the 
Finnish markka. The Italian 
currency weakened after police 
29 raided the offices of prime min- 
ister Silvio Berlusconi’s Pin- 
invest company. After touch- 


ing a low of Ll,Q20 against the 
D-Mark, it closed at LI .018, 
from L1.014. 

The Finnish currency main- 
tained its recent run to reach 
FM3.075 against the D-Mark, 
from FM3.09.aiid other Nordic 
currencies rose in its wake. 

Sterling had an uneventful 
day. finishing at DM2.4511, 
from DM2.4526. Against the 
dollar it closed at $1.5905 from 
DML5888. 


■ Pound to Mto York 


YenporS 

— - *" IDO *" 


rrl\“/ l" 99 i 




Sterling 

$per£ 

1.59 — 


1-57 



DM per C 
ZAS 

2*5 ■— 


2 M -I— r — 


- £40 -I 



Ora 7 

—lama 

-Prw. ctote — 

£*xx 

14)800 

15807 

1 mm 

liffiB 

1-5903 

3nh 

1J851 

15896 

If 

1.5732 

15775 


■ For most analysts, it is a 
question of when, rather than 
it the Fed next tightens. It is 
now expected to wait for nart 
week’s inflation, retail sales 
and industrial production data 
before making any move. 

The outlook for the dollar 
against the yen is slightly dif- 


6 7 : 

Sept 1984 Oct 

Sourcec. FT Graph*# 

ferent. Some observers attri- 
bute the dollars close above 
Y100 to the Iraq effect Ten- 
sions in the region pushed oil 
prices to an eight-week hi g h, 
and the yen has traditionally 
suffered from high oO prices. 

Mr Mike Gallagher, of the 
financial consultancy IDEA, 
said a re-rating of the yen was 
clearly underway. Having been 
firmly bullish of the currency, 
the market was now more neu- 
tral, following last weekend’s 
US-Japan tr ade agreement 
This view was borne out by 
movement in the yen yester- 


day. Despite firmer money 
market rates, apparently toler- 
ated by the Bank of Japan, and 
hence encouraging speculation 
that the BOJ might wish to 
raise official rates, the yen 
maintain <>d its weaker tone. 

Mr Brian Marber, a technical 
analyst, said that by dosing 
above Y 100 , the dollar had bro- 
ken the downtrend. The inter- 
mediate trend against the yen, 
he said, was now up. 

Against the D-Mark, how- 
ever. Mr Marber was less san- 
guine. He said he remained of 
die view that the dollar would 


still break downwards. He said 
it had already done so against 
the Swiss franc, and this often 
tended to lead the dollar cm the 
downside. 

He predicted that if the dol- 
lar closed below DM1.5350, 
breaking a pattern of five’ 
weeks, “it goes down a lot fur- 
ther”. Mr Marber said it was 
not unprecedented for a cur- 
rency to be rising against some 
currencies, while weakening 
a gains t others. 

■ The Bank of England pro- 
vided UK money markets with 


French franc 

FFrparOM 

lAiO 


3.415 1 - 


3.420 


3.425 -/ 


1994 Oct 


£480m assistance, compared to 
a forecast shortage of £600m- 
Three month sterling LIBOR 
was unchanged at 6 per cent 
The firmer performance of gilts 
helped the short sterling mar- 
ket. with the December con- 
tract finishing at 93.37 from 
93^0. 


Money Market 
Trust Funds 


■ma m CM Ufr 

CAF Nanay Ma na ge men t Co Ltd 

<8 tauuy rant). TnnEn)B0 TW 2JD 0733 770114 

Crta*iOww*Fiw_] s ii -I 5JI la-nth 

DmnOwciMb, sji - | Mi ll-m 

DeMofD Oter C2 fflMon I 531 - I 5411J-MX 

Ilia COIF Ctaarittas Deaostt Account 

3 Fm SBttL L4MM EC2V54Q 071-5W1BIS 

Demo 1 5.15 -i HSlj-Un 

Cant. Bd. of Rn. of Chun* ot 
SFflnSmaLUMSnECrSW 07I-S88 1815 

Itoart l *08 - I S.ltlxm 


c» to CM UC 

Ceutts&Co 

44aMi a »»w c3 iag oti-twiodo 

CoeBi Connate Iccato lor ctott one 

uuotodSBm.UBnnR»aw sn-uiom 

to nmtoffe up la-. I *-#T5 -> -I 

Dae Nam Bank (Laadafl) PLC Pmrier Aee 

10«**C&iLUndan£C31»V 071-era >616 

I 430 4.13 SSI to 

cioaoi-rai.ooo. 1 u.' 4.43 os 

C3300-£1000a 1440 100 4.06 a 

SampAnua. lira ill in a* 

Dneaham T«t Hc-Oawrttam 300 Are 

SSUBMS.ManOKMrMKOU OflUKBO+B* 

7 JO US :w WA 

naooo+ivm aoci mb sou ran 

(Mn-RraRtetatwl MS 41873 i 704 

Hddtty Money Market Account 
Hd*y frtftnoa UncM lm. Dogwood Rw, 


Oct 7 £ S 

Hnm 171.259 - 171315 107.710 - 107310 

Inn 275100 • 275100 174830 - 1750410 

Kunl 0.4724 ■ 0-4739 02971 -02979 

Patand 387111 - 388114 230900 - 231400 

naan 465220 • 406015 292S4I0 - 293000 

UAL 54051 - 54470 38715 - 15735 


POUND SPOT FORWARD AGAIN ST THE POUND 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Oct 7 

Ctoefng 

mid-poM 

Europe 

Austria 

(Sc h) 

17J2509 

Betghan 

(BFr) 

50.4173 

Denmark 

(DKr) 

85809 

FWand 

(FM) 

75325 

France 

FFr) 

857B7 

Germany 

PM) 

2.4511 

Greece 

(Dr) 

374.154 

Ireland 

m 

1.0114 

Italy 

« 

249450 

Luxembourg 

((Jr) 

50.4173 

Netherlands 

(FI) 

2.7438 

Norway 

(NKr) 

156532 

Portugal 

(&) 

250210 

Spain 

(Pte) 

202581 

Sweden 

(SKr) 

115367 

Switzerland 

(SFr) 

2.0318 

UK 

B 


Ecu 

ra 

15823 

SORf 

_ 

0.923056 

Americas 

Argentina 

(Paso) 

1.5868 

Brazil 

m 

1.3400 

Canada 

(CS> 

2.1432 

Mexico (New Peso) 

54354 

USA 

m 

15905 

PacWc/Mfcfafto Eaat/Africe 

Aunnfla 

(AS) 

2.1544 

Hong Kong 

(HKS) 

125909 

frxfla 

(Rs) 

495905 

Japan 

M 

159j403 

Malaysia 

(MS) 

4.0788 

New Zealand 

(NZS) 

2.6291 

PhAppteM 

(Pwp) 

40.7156 

Saudi Arabia 

(SR) 

55706 

Slngapora 

(SS) 

25555 

S Africa (Com.] 

1 (H) 

5.8779 

S Africa (Ro) 

(R) 

85402 

South Korea 

(Won) 

127053 

Taiwan 

(TS) 

41.6062 

Thailand 

(Bt) 

395056 


One month Throe months Ora ynr Bank of 
Rate 90PA Hate HPA Rate NBA Eng. index 


Ctastog Change BkVoffer 
mkJ-potot on day spread 


Day's mid 
high tow 


One month Three months One year JJ» Morgan 
Rate %PA Rata %PA Rota MPA index 


Money Market 
Bank Accounts 

IfeMi M CM WO 

ABad That Bank Ud 

S3DDogmHi.LM«ai.EC4n»T 071-4EB08/8 

Fo*«Aff 2 jxn-i ui iff in reply 

veauazooi*)... sjis is us v«ai» 

TOWAC1Q0M 564 123 184 Vor* 

MMA r£2jD01 ,| U3 IBS 5 33 Vast 

4XQ mo ur n 

HBCAEZOOItt 4 oo 340 147 140 

Primal TESSA 887 5.15 8J7 VMO* 


TtEvr H .rtl 


0.79 ijn usi 

tea 340 mb 

2JI 982 MB 

300 407 Uttl 

116 1441 

1H Ui Hi 


Artwthnot Latham A Co LhJ 

30 Coy ttara Loroo* EC1T 2AY. 071-4080070 

toepi MoM -In pnl n — earn 

C2UOO-C4U69 475 ise «| 4 86 1 INI 

ISQAOOa ran 600 1.76 1 M2 1 M8I 

— HlwAM-toiwaWMa batoadtoto , 
upwtsrae us 24375 I im 

£1 03)00- £24,098 4.00 UO 407 HOl 

CS4WI-C4M« 4J0 1375 438 tor 

fSOradorraen 475 38825 I U01 MB 

Moot hmi sraawo - nw nra«n 

of Mand Man Interest Cheque Acc 
MP a, SfcuolSLI la 0753510516 

0- 4000 10CO I 4060 OB 

-CO 880 —I 3.00 1290 I 3X4*1 OB 


Smr.KROSB 
tOO 0.73 

1.00 1 

OB 

4« 

100 

4 06 

thr 


13» 


m 

5JM 

9.79 

lm) 

Otr 

LTD 

rUmm 

no 

uol 

QB 



-0.0099 420 
-04X121 051 
-0.011 666 
-0.0452 224 
-0.0056 72S 
-0.0015 497 
-0.067 650 
-00014 106 
4088 328 
-0.0621 951 
-0.002 426 
-00277 485 
40.004 059 
-0363 684 
-0.0382 2S4 
-00018 304 


175465 

03 

175347 

0.4 

- 

. 

115.0 

Austria 

(Sch) 

105465 

-0523 

440 - 480 

10.8890 10.7920 

105465 

05 

105463 

60 

10.7715 

67 

1045 

S0A373 

-05 

505523 

05 

50.0223 

05 

1167 

Bafghen 

(BFr) 

31.7000 

-0.068 

350 - 050 

31.7700 31.6130 

31.7 

05 

31.71 

-61 

31.77 

-05 

1067 

95866 

05 

9503 

-05 

9.6197 

-05 

1167 

Denmark 

(DKd 

60303 

-05162 

293 • 313 

60486 

65022 

60345 

-05 

60436 

-05 

61003 

-15 

105.1 

- 

- 

- 

- 

- 

- 

861 

Finland 

(FM) 

4.7381 

-05357 

311 -411 

4.7800 

4.7090 

4.7381 

60 

4.7366 

-05 

4.7528 

-63 

825 

85764 

at 

65725 

05 

85126 

05 

1105 

Franca 

(FFf) 

55669 

-05116 

667 ■ 680 

55783 

55416 

KJAAC 

-64 

55674 

60 

55607 

-61 

1065 

2A499 

OB 

24468 

0.7 

24158 

1.4 

1261 

Germany 

IP) 

15411 

-0.0033 

407 - 415 

15480 

15330 

15408 

62 

15393 

05 

15317 

66 

1067 

- 

- 

- 

- 

- 

- 

— 

Greece 

(Dr) 

235550 

-0.405 

000-500 

236620 234500 

23555 

-15 

236125 

-15 

236625 

-1.4 

685 

15113 

0.1 

15116 

-0.1 

15138 

-05 

105.6 

Ireland 

TO 

15727 

-+05047 

719 • 734 

15808 

15678 

1572S 

0.1 

1.5724 

0.1 

1.5572 

1.0 

_ 

26015 

-35 

251355 

-35 

2565 

-25 

74.7 

Italy 

(U 

156666 

+3.1 B 

810 - 923 

1572.00 1564.63 

1673.43 

-35 

156156 

-35 

182618 

-3.7 

75.4 

50.4373 

-05 

505523 

05 

505223 

05 

1167 

Luxembourg 

(LFr) 

31.7000 

-0.088 

950 - 050 

31.7700 31.6130 

31.7 

60 

31.71 

-61 

31.77 

-62 

1067 

2.7428 

OA 

2.7381 

0.7 

2706 

1.4 

1268 

Netherlands 

(F? 

1.7252 

-05039 

249 - 2S4 

1.7290 

1.7172 

1.726 

61 

1.7232 

65 

1.7154 

66 

1066 

10.BS26 

ai 

10.6663 

-ai 

10.6572 

60 

863 

Nonway 

(NIO) 

66862 

-05278 

972 - 992 

67500 

68533 

67042 

-1.1 

67217 

-1+4 

67B32 

-15 

963 

251 54 

-85 

255.12 

-75 

- 

- 

— 

Portugal 

(Ea) 

167520 

-054 

270-370 

157510 156580 

15602S 

-64 

15952 

-45 

163.57 

-4.0 

95.0 

203581 

-ZA 

204.061 

-5.1 

206.616 

-15 

861 

Spain 

(Pte) 

127.825 

-£L425 

600 - 6S0 

126030 127.410 

127.91 

-2.7 

12638 

-2.4 

136975 

-2.6 

869 

115557 

-25 

11.7032 

-53 

115167 

-24 

763 

Sweden 

(SKri 

75188 

-05354 

116 - 216 

75712 

75020 

75328 

-2.7 

75841 

-25 

75396 

-3.0 

815 

2.0288 

15 

20231 

1.7 

15626 

ZA 

1261 

Switzerland 

(SFr) 

15775 

-05031 

770 - 780 

15802 

15700 

1576 

15 

15729 

15 

15568 

15 

1066 

- 

- 

.- 

- 

- 

- 

80.3 

UK 

(E) 

15905 

+60025 

900 - 909 

15965 

15887 

15901 

05 

15995 

62 

15772 

68 

867 

15819 

0 A 

15817 

05 

157B5 

05 

- 

Ecu 

- 

15403 

+60028 

399 - 407 

15444 

15376 

15396 

67 

1539 

64 

15338 

05 

- 


SORT 

Americas 

Argentina 


(Paso) 04078 
(FB> CLB4SS 


-00003 977-078 
-00025 420-430 


09978 09877 
08430 03420 


63 

2.1413 

0+4 

2.1358 

64 

87.7 

Canada 

fCS) 

15478 

-60007 

473 - 478 

15495 

15465 

15477 

0.0 

15471 

61 

15539 

-04 

845 

- 

a 

- 

- 

- 

_ 

Mexico (New Peso) 

3/1176 

+0.002 

150 - 200 

3.4200 

64160 

64185 

-OA 

3.4203 

-05 

3.4277 

-63 


05 

15895 

05 

15772 

05 

825 

USA 


- 

- 

- 

. 

- 

- 

. 

_ 

- 

. 

- 

95.7 







Pecmc/Mdcto EeaVAMca 












ao 

2.1557 

-62 

2.1739 

-6B 

- 

Australa 

(AS) 

1.3548 

+60029 

541 - 550 

1.3559 

15530 

15649 

-62 

15550 

-63 

15820 

-66 

86.B 

0.4 

125859 

05 

12593 

60 


Hong Kong 

(HKS) 

7.7279 

+60005 

274 - 284 

7.7284 

7.7274 

7.7277 

0.0 

7.7284 

60 

7.7434 

-62 

- 

. 

. 

- 

- 

. 

- 

Inda 

(Rs) 

315888 

-60025 

650 - 725 

315725 315850 

31.4538 

-35 

315988 

-25 

. 

. 

- 

35 

157.973 

35 

152588 

45 

1869. 

Japan 

(V) 

100525 

+0.475 

200 - 250 

100500 99.7800 

90-B55 

35 

99585 

3 A 

98.73 

35 

148.3 

a 

- 

- 

- 

- 


Malaysia 

(MS) 

25S45 

+60028 

640-650 


25590 

2.5653 

43 

2544 

35 

24173 

-2.1 

- 

-15 

25408 

-15 

25831 

-15 

- 

New Zealand 

(NZS) 

15530 

-60009 

523 - 537 

14545 

14523 

1.6539 

-67 

1.8558 

-67 

1.6611 

-65 

- 


tSDR iBtaa for Oct 6. BUArtto spmada h ihs Pouvi Spot tobfa Mew only ns lae Kuna ttecbnaf ptoces. Forwent rsM am no. dtocDy cpjcitscl to Bv marfcot 
bu «e topM by OBiam knaoiiim. 8wia Mw cMMHd ty 9« Bank of Baton Bom amp* 19*5 ■ laUH. OWr amt MkMei ki boat tfth m 
the Ooitar Spot HUn dMvod Bon Tre WMfREUTERS CLOSNO SPOT RATES. Some wluaa ara rounded In Oh F.T. 


CROSS RATES AND DERIVATIVES 


PhBppties (Paso) 25.6000 
Saudi Arabia (SR) 3.7540 
Stogapore (SS) 1A810 
S Africa {Com.) (R) 3.5700 

S Africa (Fn.) (R) 4.1750 

South Korea (Won) 790850 
Taiwan (TS) 26.1600 

Thaim (Btl 25.0285 

TSOR ran tor Od 8. Btoodar ovaedii 
turn knpeed by curanl lamnide. 


-075 500-500 
- 535 - 545 
400008 605-816 
-00033 685-715 
-OOI 650 -850 
-026 800 - 900 
-0021 660 - 840 
400085 270-300 
n tfa Doter spar mbto 1 
. UK iratond & ECU m q 


253600 253500 
3.7545 3.7535 3.7553 
1A850 1j4787 1.4797 

33785 33670 33855 

4£900 4.1650 L20S7 

789000 798300 80136 
280010 26.1560 26.18 

25.0300 25.0160 25.101 

No* only tta ka man dactrW pi 
toad In US cumy. OP. Morgan 


HJ.4 3.7594 -03 3.778 -03 

1.1 1.477B 03 1.471 0.7 

-50 3. 6138 -4.9 3.6905 -34 

-9.7 40675 -83 

-43 80535 -33 82335 -3.1 

-03 2802 -03 

-33 250285 -30 25.7085 -2-7 

ptocoa. Forward nan oe not cftacdy quoad 10 » 
tn normal Hdfca Oct ft. Bsm mango 1B0O-1 DO 


38-40 m* SI, StagiSLl 1 a 0763518516 

mum- 1 4600 xcao *xko 00 

ajoo-ceaae laoo uso I ijxmI od 

Bank of Scotland 

38 TNmmada Si, EC3 1 2EH 071-6016446 

laQn4a:t2306-CaXH I X 50 IK U4| MB 

noooo-£74«e I *00 100 4or I lam 

e25,000-CCL08* 4X8 3.18 433 MB 

OSOJOO. I SJU 4.1* I U4l HR 

Batdan Seiact 

ID Bn 120. WoBMMBBPB. Camay 0800400100 

£3JDOO-C8L35e 4.73 XS6 ( 4.78 lm 

n(U»MC44fl8 US 304 us YbmN 

E&fiOD-emm MO 413 MO Ymtr 

ESOAXMSOXOO 5X0 uo 5 60 W 

EinWUO- 5.73 411 1 5 7S hartj 

Barclays Prfae Accmnt HJXJL 

Mme Btoaad. Umpcd 051-2S4B238 

njOO^ZMO 1 150 IS to « 

CLSOo-CBjra _|zjb ana 2.78 qb 

E1W100-C24JM US 244 U2» Dtr 

E2WXXK I US £91 MO to 

Brawn SUptn & Co Ltd 

Fcudobei Cato. Loeeuy, Loedoo EC2 .07I-80B8B33 

MCA 425 3.18 422 Mr 

MtooMk».IUS 3.1# I 4331 DB 

Catodonlae Bank Pie 

ISAiOa SquBiB. MMBMI BO 2PP 031 5566235 
MCA I US 32079 I -I Tandy 

Cater Alin Ud 

»Btduntn*a.lDetonra3V8D4 071-6232070 

MCA — ( 3.78 UB ) 322 Ml 

FtaXlEt^DQO. I 620 -I S12l Mn 

Oones* ESttflOO- — I 400 -I 4071 Mh 

ChartHtmaa Bank UmRad 

1 PMBTOBttrRan. ECOITDH 071-2484000 

Z2J00-C18289 275 2.61 3J0 MU 

i?nrwu >io nqq 440 3_00 406 H 81 

estuno^Mjn us 3.18 431 tan 

n 00200+ 450 491 457 MB 

SStfiO-BWJSB 320 » 1W H 

(scupoo-oeejae aso us is n» 

110B500-fl5s59B... 8.79 221 12Z Mn 


OvdenlalB Bank Rudbla Sahtfoo Acc 
agavhartPMa ngompBI 34 041-2487070 

Cl 0200^40209 13.70 278 I 373 1 0* 

fsom-sznjua [320 22 s ^ o» 

X250200mdowa 1420 326 I 4Bal CSr 


lUitn Bto Soc Aaeat Raaana CBaqua Acc 

Tnrto Mao, riana wi 3"6 042335133 

00200 BMaUNi. SIS 438 S28 OD 

B&OOOto»B.M9_ 550 413 SSI Or 

nojxn a 134269 SIS 388 *» Otr 

raxraiPOJn 4H 3J0 4H Mr 

tea to M- rnr m d imwi ih 

Ouniniaw., 52S 304 usi Cnr 

C252CiaaC*92K)-- 4 75 320 424 OB 

£itUXM»C4^M 450 3 38 4 58 On 

C$,oao«,C92» UJ 318 4Xl OS 

JnUanKgtfsflBarikUd 

lowMatPwacedncn sax taasseoo 

emnaaitoitoaMtol tw 4sa I sx< I 

naMahau ms 429 040 

IHMtoDeawlUt 488 I 843 1 

HMmclyda Rnaocs Eraop 
5BMarW#r.HD04BBMgaM 0*56 760000 

C5AWO- 1 STB 431 I sal 0* 

Leopold Joseph 8 Son* Lhnftnd 

*6 Liman SDTCfc Lanttl ECV TEA 071-888 *3*3 

itonwy WM btoM Mmm Aeeoot 

CSOOI-tlOOOOO... I 4 79 39629 14231* OB 

C10020I PAD I 500 17800 I SOW I OD 

KlekiwartBeRsiia Ud 

158 kwnm Iimri na untx ntvs tst 07i-»7is» 
HJ CJk 62900+1 I 4379 1*8 I 4 46 1 M) 

Ualnnmrl Benson Private Bank 
a dWto if we an ali enag e W a g — m 

158 ROHM ToMiMnA UMn M9 281 071-.'® ISM 

MICA. IH5O0+) 14179 328 I *48 1 

Lloyds Bank - Investment Accoud 
71 Lontara Sb Lanaon ECT 3HS 027*43337* 

C100.000 and aBoa - I S75 431 I S Niton* 

£50.000- 440 405 540 Tam 

£35.000+ . 530 380 I 5*0 VW, 

n0200+ I 500 3791 3001 Toafly 


P08»*. SBam+ii 0717050430 

EnmaaunAccC5000+. 37S 781 STS iboI) 

510200+ 490 U7 4X0 Vane 

E3S20O- 300 3.75 3X0 vanr 

eS0,00D+ 550 4 1 * 550 V nifty 

T&A — SJS - US Vara 

NaBonwkle Btdy Soc - B uetn at il nvcstor 
h^ntoaaOenkan 

nNn1Ba.VMaLSW m oeu32S5es 

C2200-C42M UO 348 394 Ob 

£5 OCO-t&Wl 320 *25 365 Otr 

00X00-04288 430 3—3 437 Qci 

C25X0l>-£40200 420 3100 429 Or 

£50200+ - 370 328 9A1 Os 

Partrasa Bldg Soc Presttoe Cheque Accaura 

Rcamon! MO, MOTgMMDi BK2 B& 0000883883 

CS0200+ 520 413 390 Yonfy 

£30.ax>-E4a2B0 500 17S 500 Vanitr 

E2tUMO-C*a500 450 U8 490 Y«ra 

C1O2OO-C18290 350 *.63 390 Yarty 

£2JOO-£9lB89 250 128 *20 Vara 

Rea Brother* Limited, Bankere 
Atoomwri PA. Lox »1 tew 3XH 071-823 1I55 

NoorouiBM s*s ml sjs urn 

hdeHtotrntBMaod 4 75 350 429 MB 

OUBrlHHlBMltoXt- 1 47S 358 1 4831 Mr 

Hoyai Bank at Scotland pic Premiuni Acc 
47 a Antow Ea EdWwrtfl BO*1E. 031-52192112 

(30206+. 429 318 422 1 OB 

e*32oo-«92ag - 4oo 320 4/n qb 

£10200 -E24J099. 325 2A4 329 Mr 

E6200-E92M. £50 128 222 Ok 

E*200— £4289 - *20 150 22*1 Mr 

Sara ft PnKpBr/RdbHt Heating 

16-22 nruMn no. naratonl Rlfl 3UL 0800 28*101 

Own ACCOM I 4.13 MO 1 431 1 MN 

TESSA Rad I Yam UO - 339 MU 

TESSA lartdW I *29 - I 300 1 MB 


EXCHANGE CROSS RATES 


ERAS EUROPEAN CURRENCY UNIT RATES 


Oct 7 

BFr 

DKr 

FFr 

DM 

£ 

L 

R . 

l«r 

Ea 

Pta 

SKr 

SFr 

£ 

CS 

S 

Y 

Ecu 

Belgkim 

(BFr) 

100 

19.02 

1642 

4.862 

2.006 

4847 

5^41 

21.13 

4965 

4024 

23.07 

4429 

1.964 

4551 

3.154 

3165 

2443 

Denmark 

(DKr) 

5257 

10 

6.734 

2556 

1.054 

2801 

2.860 

11.11 

2869 

211.5 

12.13 

2.118 

1443 

2535 

1.658 

1685 

1537 

Ranee 

(FFr) 

6618 

11.45 

10 

2.926 

1507 

2978 

3575 

12.71 

2967 

2425 

1688 

2.425 

1.194 

2459 

1.B98 

1905 

1431 

Germany 

(DM) 

2057 

3413 

3417 

1 

0.412 

1018 

1.119 

4545 

102.1 

82.7B 

4-74S 

0829 

6408 

6874 

0449 

85.03 

0523 

Ireland 

TO 

4946 

9.486 

6585 

2-424 

1 

2467 

2.713 

1653 

2474 

2067 

1140 

2-009 

6989 

2.120 

1473 

157.7 

1568 

Italy 

« 

2421 

0585 

0538 

0088 

0.041 

106 

6110 

6427 

1603 

6136 

6466 

0461 

0440 

6088 

6064 

6591 

0451 

Netherlands 

(B) 

1838 

3.496 

3454 

0494 

0.369 

9095 

1 

3583 

9151 

7347 

4540 

0.740 

0385 

0781 

0480 

5611 

CL487 

Norway 

(NKr) 

47.33 

9.005 

7465 

2501 

0549 

2342 

2.576 

10 

2344 

1904 

1042 

1.907 

0439 

2412 

1.493 

149.7 

1504 

Portugal 

(Es) 

2015 

3. 833 

3548 

6980 

0.404 

998.8 

1.096 

4557 

100. 

81.10 

4.648 

6812 

0400 

0457 

6835 

63.71 

0412 

Spain 

Pm) 

24.84 

4.726 

4.128 

1508 

6498 

1229 

1552 

5548 

1235 

106 

5.732 

1401 

6493 

1458 

0784 

7848 

0832 

Sweden 

(SKr) 

43.34 

8546 

7502 

2.107 

6889 

2144 

2559 

6157 

215.1 

1744 

10 

1.748 

0480 

1443 

1587 

137.1 

1.102 

Switzerland 

(SFr) 

24.82 

4.722 

4.124 

1507 

0498 

1228 

1551 

5544 

1235 

9840 

5-726 

1 

6482 

1.055 

6783 

78.46 

0431 

UK 

B 

5641 

9.590 

8576 

2.451 

1411 

2484 

2.743 

1065 

2562 

202.9 

1143 

2431 

1 

Z. 143 

1490 

159.4 

1582 

Canada 

(CS) 

2352 

4475 

3.909 

1.144 

6472 

1184 

1580 

4470 

116.8 

94.68 

5^427 

6948 

0467 

1 

0.742 

7458 

0598 

US 

ffi 

31.70 

8.031 

5568 

1.642 

0-636 

1669 

1.725 

8.698 

157.4 

1274 

7514 

1577 

0429 

1548 

1 

1005 

0806 

Japan 


31.62 

6418 

5555 

1538 

0634 

1685 

1.721 

6481 

1574 

1275 

7596 

1574 

0427 

1544 

6997 

106 

OB04 

Ecu 


3952 

7.480 

6434 

1.912 

0789 

1945 

2.140 

8507 

1955 

1585 

9472 

1484 

6780 

1472 

1540 

1245 

1 


Oct 7 

Ecu oen. 
rates 

Rate 

against Ecu 

Change 
on day 

%*Mrom 
can. rate 

% spread 
v weakest 

Dtv. 

bid. 

HiHi n ria a i Ii i 

iwtneranas 

2.19672 

2.14835 

-600066 

-250 

5.43 

. 

Ireland 

0608628 

6791438 

-0.000975 

-2.13 

555 

14 

Belgium 

462123 

39A719 

-6016 

-144 

5.04 

13 

Germany 

1.94964 

141878 

-040038 

-148 

4.77 

• 

France 

6.53863 

645790 

-0.00106 

059 

241 

-2 

Denmarit 

7.43670 

740203 

-601354 

048 

251 

-8 

Portugal 

102554 

195.840 

+6084 

145 

1.54 

-10 

Spain 

164560 

159448 

-0.138 

an 

600 

-22 

NON ERM MEMBERS 






Greece 

284413 

292457 

+6037 

10.76 

-640 

- 

forty 

1793-19 

195443 

+941 

9.00 

-5.40 

- 

UK 

6796740 

6782783 

-0.000932 

-040 

343 

- 


Tha CiT-openliw Bank 

po Bn 300. 9aBnarsan|4 Lana 

TESSA— I 5.75 

MNM - fna ta el e mai l 

MBNnea 1490 

Mn4R- Ml Dra 8BBa to 

£50200+ 558 

C25JMJ0-E48288 481 

C1Q200-C24288 431 

ES20D-C92ee 331 

Tip TM- total Arran, UMa 

E50206+ |3J0 

£10200-848980 320 

25200-42288 1 ZOO 

■Won Donat - ton Aeaaa 

£250X00+ LT 437 

E50200-C249288 351 

EiaO0O-MB298 326 

n em .8 M 1 222 

30-80 on raw watte 


I 0345252000 

- I -Ivanra 

“Sal Mil MB 

<L17 I 524 la-SMl 
Mi ( 427(o-*an 
323 438 6-MS 

248 I 3L34 la-MB 

223 | 353lfr-ftBh 
229 102 6-MB1 

150 I 221 la-MB 

328 I 442 1 6-801 
248 354 0-1401 

ZJO 308)8-1101 
127 1 26418-4211 
HON 2I3BJ 


28-39 MnaVoorla 64 MaW 0272744720 

MM£2000+4NMrlM I 3.750 2813 32031 OB 

□omaieMUA £10000+ 357B 2808 XB32 On 

M1IAISOOOO+. -) 4200 3.000 4200 OD 

VflM* £100000+ 1 41*5 3584 4108 / Mr 

Tm*a TESSA I 4879 - 48851 OD 

United Dominions Trmt Lid 

PO Ba 82 Beta. EH4 Otrr 081-447 2438 

CeUtoongiMM 

H200+. LL.1 526 354 I BJSSl Ob 

United Trust Bank Ud (formerly UU3 

1 Sou ConMbnl PI, LdMwW 1H7M. On -350 0(134 
£10200-60 tor noBca ■ I 725 544 745 3-MB 

ntuno-noitoinraB- 1 u» aoo a.iele-HBi 
£25200-1 Var I 225 MB 1 -I Ywrl} 

J. Hionr Schrader Wagil & Co Ud 

120 CtetpBOa. Lonow (C7VWK 071-3826000 

SPOWACC. .13500 223 I 354 1 Mn 

n 0200 *nd owe I 3J60 2B1 1 3201 HOI 

Western That tCgh tatanst Chaqns Aec 

The M uu nr tg aBn. Pnimbab Pll 18E 075004141 

£15200+ 525 324 ) 555 QB 

£S.OOO-ei4288. 920 375 528 QB 

n200-C4998 479 352 I 42*1 Ob 


■on*- Groan: Cm in Omn i raw tf Him MM4 ml 
»«10 KSH1 or ton Mtnbi of bafc n* taa Ml 
B nt: Raw of Heroa p«*W MW UMffe hr UtoBNa i M 
pole rn Watt to Baa CAN Cron an MBiiWaa to 
BM azad of ia*A n«8 of Huron paU Mtnr flan 
m« B var. XanwuBhP AlBUl ter. M C r. fiwq 
M Wacrr MBraM b aiMM to na mom. 


■ D-MARK FUTURES (IMM) DM 735.000 per DM 


I (IMM) Yen 12^ per Yen in 



Open 

Latest 

Change 

ms* 

Low 

Est vol 

Open tot. 


Open 

Latest 

Change 

Hpi 

Low 

EsL vol 

Open tot 

Dec 

0.8480 

66488 

+04015 

0.6530 

66480 

17558 

77587 

Dec 

14077 

1.0031 

-0.0045 

1.0087 

1.0006 

13,802 

50.629 

Mar 

0.05T7 

68506 

+00013 

a 8530 

6B484 

56 

3435 

Mar 

14148 

14113 

60042 

14148 

1.0092 

202 

3.003 

Jun 


68506 

- 

- 

■ 

3 

593 

Jun 

- 

14257 

-0.0036 

- 

' 

132 

514 


Ecu enraM own na by da Baepnai C p nw Vton. CWiaidse ere to dn aa iMio wbBta oBaigh. 
P wroarongn crmy» ara tor Ecu: n ponBue tfanoo oorolai i max currency- pwerganoa Mp*a (he 
mbo b mi naa n two iptBedM dw paontegB J f la ai ^n bar m en aw petrat iratat aid Ecu cntaiM lean 
torecurancy. snd tta imimum pa r rawd p me anrar n da to ign ql ttw cumocy'* PMtlat rata Bom to 
Ecu ccrtrM rMS. 

C17/B/BZ) Soring and btoi Urm upendsd Bom BN. Aduaenenl catoXaiad to *>• £* —= M Time. 
■ PMJUDGLPMA 5K */$ OPTKMiS £31,250 (cents per pound) 


■ 87W88 FRAftC FUTURES (IMM) SFr 1ZSJW0 per SFr 


l FUTURES (BrlM) eS2^00 per C 


Dec 

67833 

67850 

+0.0017 

67699 

67825 

9566 

34507 

Dec 

14890 

14912 

+04028 

14980 

1.5880 

11,149 

40,144 

Mar 

0.7900 

0.7876 

+60017 

67925 

0.7870 

10 

808 

Mar 

14960 

14900 

+60094 

14800 

14880 

44 

378 

Jun 

67955 

0.7910 

+60014 

67955 

67910 

3 

63 

Jun 

“ 

1.5840 

- 

14900 

1.5820 

1 

0 


Strike 

Price 

Ocf 

- CALLS - 
Nov 

Dec 

Oct 

— PUTS — 
Nov 

Dec 

1400 

959 

9.17 

953 

- 

0.01 

613 

I486 

678 

679 

7.08 

- 

046 

046 

1450 

440 

445 

548 

- 

059 

044 

1476 

241 

248 

347 

613 

688 

142 

1400 

0.44 

143 

611 

1.05 

159 

273 

1425 

041 

044 

152 

3.07 

3.64 

441 


WORLD INTEREST RATES 


MONEY RATES 


Belgium 

4a 

week ago 

4* 

Franco 

5ft 

week ago 

5ft 

Germany 

4.35 

week ago 

<15 

Ireland 

4tt 

week ago 

4M 

Italy 

6ft 

week ago 

8ft 

Netherlands 

4.84 

week ago 

4.84 

Switzerland 

315 

week ego 

3% 

US 

4* 

week ago 

4V 

Japan 

Zte 

week ago 

2Y, 

N S UBOfl FT London 

Interbank Fbtng 

- 

week ago 

- 

US Drrttar COa 

- 

week ago 

- 

3DR Linked Da 

- 

week ago 

- 


Ow Ora Three Six Ora Lomb. Ote. 

night month mttw mtfw year Inter. rata 

4» 5 5% 5% 64 7.40 <50 

4% 5 6% 5fl 6ft 7.40 «-30 

54 54 SV, 6 8V4 5J» 

54 54 SW 5» 64 5.00 


N THREE 

MONTH 1 

KUnOflAARK 

: FUTURES (UFFET DMIm points af 100% 



Open 

Sett price 

Change 

High 

Low 

EaL vol 

Open toL 

Dec 

9440 

9444 

+0.01 

94.85 

94.58 

21617 

184879 

Mar 

94.20 

9456 

+602 

945T 

94.19 

21884 

176094 

Jun 

93.77 

93.83 

♦602 

93.84 

93.T7 

19953 

106010 

Sep 

93.40 

93-45 

+0.02 

83.46 

8347 

10792 

74021 


Pravtora dw^ vol. Ctoa A746 Piw 3204 . Prw. dran opoi int. CMt 885283 Pua 3*1278 


II UK INTEREST RATES 


LONDON MONEY RATES 

Oct 7 Over- 7 days Ora Three Six Ora 

night notice month months monhs year 


interbank Start** 8 - f 5Jj - 6 5^ - 5^ 8-5^ ftft - BA h\ - 7& 


I (LIFFQ Li 000m points c<1D0% 


baerbank Starting 
Sterttog CDs 
Traesury B*a 
Bank BEs 


BH-sA s8- 6,».-^b 7A-7A 

5A-5A 5H-5H - 

5A-5A B^-5A» «s-8^ 


5v. 64 

55b 64 

84 as 

64 *i 


64 7H 
64 7tt 
94 104 

9 »fi 


104 - 7£0 

BB - 7.50 

i.84 - S^S 

i.73 SJ5 

41* 6.625 3-50 

4U 6.626 350 

84 AM 

64 - 4.n 

2H - 1.75 

2K - 1.76 



Open 

Sett price 

Change 

Mtfi 

Low 

Est vol 

Open tot 

Dee 

90.38 

9044 

-046 

9638 

9618 

5164 

32900 

Mar 

8664 

8943 

-0.07 

69.66 

6649 

2145 

18917 

Jun 

69.06 

8945 

-609 

8947 

8896 

1017 

15339 

Sep 

88.66 

8847 

-609 

88.07 

8848 

304 

15316 

■ hr 

IS MONTH RURO SWISS FRANC FUTURES (UFFE) SFrim points of 10096 


Open 

Sett price 

Change 

Hgh 

Low 

Est vol 

Open toL 

Dee 

95.81 

9545 

+603 

9545 

ox Rn 

4491 

2Z7B1 

Mar 

9551 

9555 

+601 

9558 

9551 

2721 

12858 

Jun 

94.85 

9447 

- 

94.89 

9445 

97 

7350 

Sep 

94.62 

9446 

-0.02 

94.62 

9448 

21 

1056 


Local authority dept. 5A-4S 5A-5A 5A-5A Ml;5fi 6% - 6% 7A - 7* 
Dlecount Market daps 6*4 - 4M 5*4-6 


UK deertng bank I 


i landing rata par cent from Sapember 12, 1994 
Up to 1 1-3 3^ 6-9 


Carts of Tapi dap. £100.000) 

Cans of Tax dap. radar Ci 00,000 H i*aj 
Biro, tender raw WdoatoUasOpc. E 


4 3% 

aentBxwri tor cw* Vpo. 


... rate 8 Dq. Expen hnance. Mato to day S4p 30. 

1884. Acraad raw ter pariod Oat 28. IBM to Not 25, 1894, SMa BAB 728pa iV ltli r an cB roe tor 
palod top 1. IBM to Sap 30, 1884, Sehanw nr 8 V S.735pc. Branca Hotoa Basa iota Ope Bom On 
1. 1984 

■ three worm sramto futures (lifts esoq,ooo poina ofitxm 


! MOUTH ECU I 


I BJFFR Bculm potota of 100 % 


5.06 340 370 327 
5 05 5.22 3 36 305 


Op*n 

sett price 

Change 

High 

Low 

Est vol 

93.54 

9340 

+0.02 

9341 

9343 

682 

8246 


+603 

93.02 

9244 

497 

92-43 

92.48 

- 

92.48 

92.43 

403 

9243 

9246 

-601 

9246 

32.03 

55 


Open 

Sett price 

Change 

High 

LOW 

Est wef 

Open lm. 

9358 

9347 

+607 

aa.qa 

9357 

32088 

182S31 

9248 

92.48 

+609 

92.49 

9248 

19882 

60826 

91.71 

9140 

+606 

9140 

91.71 

5708 

53932 

9156 

9143 

+046 

91.34 

9156 

3902 

51730 


Trotted on APT. Al Open Wm flgL ara tor pmnoua day. 

■ SHORT 8TWUW ORTKRIB (Ufflg £500,000 pflhltt flf 100% 


aMWcaw-w-is agrassiti 

m rana ore an«m tor im domaatto Mgnra Rda*. U8 $ COa and 8I« LWtod Depora* (□«. 


(IMM) $im potoa ot TOOK 


EURO CURRENCY INTEREST RATES 

Oct 7 Short 7 days CXie *** 

term noto month manths months 

Baltfan Franc 4fi - 4» 4» - <» % ■ 43 « - « ^ - «• 

ST. I- 

BT 1:1 M B H H 

rl B B l:a B 

van 2A ■ 2k lA - 2u 2A - Z 5 * 2*a - 2A 2h - 2il 

SinSSteg zt-rt 3A-3A « - U 4-3% 

m tm pee 88QETH P1BOR H/IllHWR (MATIR Parte ktte rtiBnk off ored rate 

Open Sen price OW m ^ w 

„ dTo q. m -0.02 04.02 33.96 13«T1 

SS S* S »a « 

*** MAB - M-09 BU* MW 

£ £” KJ8 -0-02 «2.ra 82.70 4.943 

■ Ti «EEElMinHglllWD0U*It (O^ ffm »^ rt ^ 

Cft^BO High Low &LWI 

w «« -» : SS SS V 

Mar 33.62 83 s * 0 

Jun ?3.” o 



Open 

1 waM 

Change 

High 

Low 

Esl vol 

Open toL 

Dec 

3343 

9341 

•602 

9196 

33.87 

92^30 

471523 

Mar 

93.54 

9341 

-603 

93.55 

93.49 

88422 

394579 

Jun 

93.11 

03.07 

-604 

93.13 

83.05 

494« 

299540 


Strike 

Price 

Dec 

- CALLS - 
Mtr 

Axi 

Dec 

— PUTS - 
Ms 

Jun 

B32S 

nan 

610 

0.12 

618 

047 

147 

9360 

0.16 

605 

0.08 

059 

147 

1.78 

9375 

046 

042 

0.05 

644 

159 

240 


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IN FUTURES 


lb cbaiayof bee Cade whoa joa ftmte lBoa faM Aa r an lute 
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bagbdeiHcMI CiBBaM r Crt B » .l4iiioniyitellllD. 


FuIierMoney - the Global Strategy Newsletter 

Covering bend;., siccks. currencies ft commodities, including where to 
invest, +uf/«*r.'/9rt<jyis wriffen by Dqvid Fuller for intemclicnai investors • 14 
pc^et, monthly. Single issue SI £ cr US$22, annuel £154 in UK 3. tuiope, 
elsewhere- £180 or USS+80, send cheque or cicdit cc rd dc!c;ls. 

Co ! Jane Fcrquhcrson a) Chert Analysis Lid, 7 Sv.' allow Street, London, V/1R 
7HD.UK To!: Lcrden 171 -HO 4941(0171 in UK) ci Fax; .17 1-439 4966 

»,-iL:incfl by >r +v-,r-!5,inwMrmi?n' Au’.lSR’v 


Era vc*. toot, CMS 10629 Puts 3831. FVa*aa Qay -1 apai an., era* 30*408 Pun 18*089 


6ft - 6ft 

5«-6iJ 
ft-A 
ak-th 
10*8 ■ H«« 
9l»-B 
7ft - 7ft 

44* -4^ 
7 - 6* 
6*2 -6* 
10ft - ioft 
2l* * 2fi 
4ft -4ft 


Opart bn. 
46526 
35,438 
25,647 
20,099 


Open bn. 
2206 
1508 
300 
52 


■ U» TRRASURY BRJ- FUTURES (IMM) Slid par TOOK 


Dec 

94.50 

94.61 

-0.02 

94.53 

94.40 

1490 

21.190 

Mar 

9448 

9448 

-0.02 

94.10 

9446 

939 

9554 

Jun 

9347 

8348 

-602 

93.70 

93.68 

237 

2.125 


M Open Innrera tigs, aa lor prartous dty 
■ EURQWAHK OPTloRS gjFFg DMIm poW8 Of 100W 


BASE LENDING RATES 


Strike 




CALLS — 


_____ 


PUTS 




Price 

Oct 

New 

Dec 

Mar 

Oct 

Nov 

Dog 

M er 

Actem ft Company- 

— 5.75 

9450 

0.15 

618 

051 

614 

0.01 

0.04 

047 


ABed That Ban... 

..—5.75 

9475 

041 

605 

048 

a07 

0.12 

aio 

619 

058 ] 

AS Bank 

675 

9600 

0 

0.01 

043 

043 

635 

037 

059 

677 

•HanyAnabachor.. 

STS 


«. vaL total. Cate 7841 Pub 7348. Prmrfcua days open kiL. Cras 1 K 1 M Pus 170613 
■ EURO «WS»FR*l*COF l tlOMS(UFFg SFr Impohite of 10096 


Era v«l no, eras 0 Pub a natora azfi com K, eras iBTO Pun SiB 


Bank of Barodo 5.75 

Boro SSmo Vtaaya- 5.7S 

BankofCypraB..- 5.75 

Bartieftrteand 5.75 

Barkoftoda 5.76 

Bank of Scotland -5.75 

Bvdto* Bank 5.75 

BltBkorMdEBa..- 575 
•Brann a^tey ft C9 Lk> &7S 
CLBankNwleftafld... 5,75 

GUbankNA _.A75 

CfydeedateBarti 6.73 

lha Craepoiahn Bank. &7S 

COXteftCO 5 l75 

CrecELvorneta 5.75 

^pnn Pcpraer Bk* -S75 


DuteanLarato — 5.76 

Exeter Bank Limtod- £76 
Rnanoial ft Gar Bar* ._ 06 
•Ftobait Ftoraig ft Co +. 4.7S 

Qbobar* 5.75 

•Qtemen Mahon. 5.75 

Hitsto Bn* AG ZLrtJi . 5.75 

W te mboaBank - 6,75 

Hntabte lCenbwBk.S.7S 

•WSanusL — 5.75 

CH 08 IB&C 0 -5.75 

HongkMig&ShBngnaL 5.75 
Jiftan Kodga Bsrk — 575 
•Lsgpcfrf Joseph & Sons 5.75 

LtoydsBartt -575 

Me0ia|Bai*Ud 575 

MdBrdBx* 573 

*MotnBar*toB 8 

NafWaemMsr - 5.75 

•RaaBrathan 575 


* Rodugn Guaranteo 
Ceranteten Lkrtad k no 
longar auhoriEod bb 
■ banftteg boteittan. 8 
Royal Bk of Scotend- 575 
•Smith ft Wteran Secs . 575 

TSB 575 

RUrtAadSkOf KiM8k_ 575 
Urto Trust BerfcPto _ 575 

Western Tnaf -573 

VkhkamayLakinr 575 

YdrtattaBank..- 573 

• Members of London 
Inva sim ant Banking 
A atr d WIn n 


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14 


FINANCIAL TIMES 


WEEKEND OCTOBER S/OCTOBER ** 1 ■ 4 


LONDON STOCK EXCHANGES Dealings 


Detafc of business done shown below have been taken with consent 
from last Thursday's Stock Exchange Official List and should not be 
reproduced without permission. 

Detafls relate to those securities not included In the FT Share Information 
Services. 

Unless otherwise Indicated prices are in pence. The prices are those at 
which the business was done in the 24 hours up to 5 pm on Thursday and 
settled through the Stock Exchange TaSsman system, they ere not In order of 
execution but in ascending aider which denotes the day's highest and lowest 

dealings. 

For those securities In which no business was recorded In Thursday's 
Official Ust the latest recorded business in the four previous days is given 
with the relevant date. 

Rule 4.3(a) stocks are not regulated by the International Stock Exchange 
of the United Kingdom and the Republic of Ireland Ltd. 

£ Bargains at special prices. $ Bargains dona the previous day. 


British Funds, etc 


n22»j 


Treasury 13ti% Stk 2000/03 
00S«94) 

Encteouw I0*z« Sik 2005 - El TOfi (SOeW) 


Corporation and County 
Stocks 


UK Public Boards 


Metropolitan Water Metropolitan water 3% A 
Slk 63/2003 • C051. 0Oc94) 

Metropolitan water Maw RfrerOo 3*> Deb 
Stk - CM (30C3JJ 

Metropolitan Water Soutmrak & VauxftaP 
Water Co J* Mb Sat - £661* (3Qc34) 


Foreign Stocks, Bonds, etc- 
(coupons payable in London) 


Greeca. (Kingdom d) 5% Ln 1914tAsad with 
Acceptance Cert) - £20 (40cS4) 
Greooe.pangcjoni of| 8% PuMc Wonts sag 
Ln of 1928tA3sd) - E30 (4QcJ4) 
A.MF.6J.K.) PIC 11*i% Beta 2001 [Br 

n 000. iccoas 100000) - £100.05 (40c94| 

Abbey Manorial stoning Capita) PLC8k% 
Subtrt Otd Bds 20tWBtfV*s) - £9S(i 
Abbey National Treasury Serve PLC 6% GUI 
NtH I999(BrCl0ro. IOOOO. 100000) - £37 >4 
pOeSJ) 

Abbey National Treasury Sarvs PLC 6';% 
GW Bda 2003 (Br & Vo) - S89k (4Qc94) 
Abbey National Treasury Senra PLC 7taK 
GW NB 1990 (Br E Van ■ E96ti rXKk/M) 
Abbey National Treasny Servs PLC 8% GW 
Bets 2003 Or C Van - £80*1 -38 
Acer Incorporated 4% Bds 2001 IB/51 000(9 - 
£220 223 224 22S>z 2E7 228 230 231 
231*2 

Ailed Domecq PLC 10*3% Bds 

7B89(Br£SOOOaiOOtWO) - £103*2 (40c»4) 
Aada Finance Ld 10**% Cnv Cap 
Bds£OOfi(Br C5000&1 00000) - £106 (40094) 
BOC Group PLC 0k % Bds 2004(BrC Vara) - 
£61 II OOSe94) 

BP America Inc 9*4% GW Nts 1999 (Br 
SA1000&10000) - SAM 98*4 <30e94) 
Bank of Montreal I0*s% Daposti Nts 
1096(BrSC1OOaS1OOOO) - SC 103 k |40cW) 
Barclays Bonk PLC 996 Perm Ini Bearing 
Capita) Bds(Br£ Var) - £83)2 (40c34) 
Barclay* Bank PLC 9.87596 Undated Subord 
NB - £938 (30Se94) 

Barclay* Bonk PLC 10k* Son Sub Bds 
1987(8r£l 0008 10000) - Cl 02 k |4Qc94) 
Blue code Indusines PLC 10k% Bds 2013 
(BrtSOOQSlOOOOO) - CIOS (40c94) 

Bradford 8 Birv^sy BuUdng SockiyCoIared 
FBg B» Nts 2003 (Br £ Vatf - C92\ 

150CS4) 

Bristol 8 West BuUcSng Soday 10%% 

Subord Bds200Q(BfC10000&10000q - 
C10T (SOc94l 

British Airways PLC 1D%M Bds 
"008(BrCl ami 0000) ■ £105*4 C30c94] 
British Gas kill finance BV 8%% GWNts 
1999(BrSlOOaiOOOOaiOOOOO - $102*4 
102*2 (50c94) 

British Gas PLC Nts 1997 (Br C Var) - 
C97kk% 

British Gas PLC 7V» Bds 2000 (Br E Vai) - 
£93% 

British Gas PLC 10%% Bds £001 (Br 
£1000,100008100000) - £105.55 (4Ck34) 
British Gas PLC 8%% Bds 2003 (Br £ Var) - 
C924> 

British Gas PLC 7%K Bds 
2044(Bi£l 000,1 0000,1 000000) - E75.1S 
(30Se94) 

British Talecommunicattcns PLC Zara Cpn 
Bds 20Q0(Br£iaXU.l(n00) - £61 % 

(30Sa94) 

Brtttah TelaconvniinicaUans PLC 7 'b% Bds 
2003 (Br £ Var) - £86/. (40c34) 

British Te*ecommunlcatiora PLC 1 2*496 Bds 
2006 - C120,*. 

Bumuft Cnstrd CaotKri(JorwY) Ld 9*2% Cnv 
Cap Bda 2005 (Reg £1000) - £144 5 
Daily Man & General Trust PLC 8k% Exch 
Bds ZOOS (Br£1 00085000) - E147 
QenmarictKlngdom of) 8k% Nts 1996 (Br £ 
VoO - £92% 

Dapta finance N.V. 7%% Gtd Bds 2003 (Br C 
Var) - £84.9 i) 

81 EriWrprtsa Flrmce PLC 8k% Gtd 6»eh 
Bds 2006 (Reg £5000) - £97 (SOC34) 

Far Eastern Department Stares Ld 396 Bds 
SOOKHeg integral mirt $1000) - £97*2 
Mk 98k 

Far Eastern Town* Ld 4% Bds 
2006(asi0000) - *108 108*4 108*2 109*2 
finland<Rep*A)flc ol) I0*a% Bds 

‘ ' * 1 (30C&4) 


1997(Br£1000MOOOC» - £10295 (300 
FWana^spubac of) 10%% Bds 1938 - 


Forte PLC 9%% Bds 2003 (Br £ Vor) - £83fe 
Gunness Finance 8V 9% Gtd Mt3 
1996(8*10008100001 - $102k (30c94) 
HSBC Holdings PLC Subord Bds 2018 
(Br£War)-C»?OOc94) 

Hakta. Bolding Soctatv 6*;% Bds 2004 
(BrCI 000.1 0000,1 000001 . £81,1 (3Cc94) 
Hakta* Bunding Soctaiy 7k% Nte 1998 (Br £ 
Var) ■ £95 *a (30c94) 

HaKfcu Buikding Society 8%% Nts 
1»99(Br£Vsas) - E96.45 
Hawaii Bukdtng toewty jo*i*v Nra 
1997(Br£l000810000l - £102% 3% (50c94) 
Hsllax BuUmg Sodoty 1 1% Suoord Bds 
201 4(Br£i COCOS 100000) - £108 BOCM) 
Hanson PLC 9*i% Cnv Subord 2006 @r 
CVat) . cioak 

Hanson PLC 10%9i Bda 1997 iBr CVor) - 
£103*4 (30Se94) 

Hanson Trust PLC «0% Bds 2008 iBriSOOOl 
- £08 % (50c94) 

Hickson Capital Ld 79* Cm Cap Bds 2004 

(Hotf - 131 (30C94) 

international Bank tor Flee A Dev 8**% Bds 

2007 (BrCSOOO) - £100.15 !50c9Jl 
Intamalicra] Bank for Hec 8 Dev 10%K Mia 
1999 (BrCSOOO) - £10088 ■»,*, ISOC9J) 
RofyfBeDuUic of) 10*:% Bds 2014 
(Br£l0000850000) - £105.573 (30S«94) 
Konsai Beartc Power Co Inc 7*aS Nts 1998 
(Bf C Vort - CSV. *2 ISOcSJ) 

LivkI Securities PLC 9*2% Bda 
2007(BrC1 0008 10000) - £96% *a (5Cc94| 
Land Securitas PLC 9%96 Cm Bds 2004 
(BfCSOOOiSQOOO) - ClOflk 
Leeds Permanent BuKSnq Sodoiy 10*2% 
Subord Bds 1996 (BrCSOOO) - £103% 
poSesMj 

Leeds P er m an en t BuUkw Society Coriared 
RtgRioNis 2O03(Hog MJHElOOO) - £02 


Llcyda Bank PLC 7%% Subord Bds 
ZDOJIBrCVorieu!) - £84.02 JI5 I40c94) 
uovts Bank PLC 9%*6 Subord Bds 2023 (Br 
C Vai) - C95k (30c94) 

Marks & Spencer finance PLC 7%w Gtd Nts 
1998 (Br £ VSr) - £954) 

National 8 PrataKU* BMg Sockrty 10k% 
Subord Bds £006/1 1 -£10lk % 2 (40c9«) 
National IVBstm rarer Bonk PLC 1 1 Und- 
SubNts CIOOOfGnv to PrfHeg ■ £101*4 
l4Qc94) 

National Westminster Sank PLC 11*2% Una- 
SubNte ClOOOtCnv ta PiDBr - CltXJ'j* 
Nattonvride Bmk&ng Society 11*4% Nn 1997 
(Br £5000 8 1000001 - £103.03 (30C94) 
Naflonwkte Bidding Society 13.596 SUxnd 
Nts 2000 (Br £10000) - £1 U } i (SOc94) 
Northumbrian Water Group PLC 8*4% Bda 
200? (Br E Va) - £97% 

Norwny IMngdom Of) 7% Nts 1956 (Br 
S50QO&1000QO) - SlOO.4 (305*941 
Poctflc SecBic Wko&CaWe Co Ld 3k% Bda 
200 UBfSI GOOD) - 8118 (50cfl4) 

Pai*n Sidritag Two PLC Wf6 GW Bds 
COOkBrC Varsl - £98% 

PouwrGon PLC 8%% Bda 2003 (Br 

£1000081000001 - £95,'. (50cM) 

BTZ Canada Inc 7k% Gw Bda 
!998(Br£SaXJ4 100000) - C93,\ poSe94) 
Rooen Bemoifl M Finance Ld 9*4% Perp 
Subord Gtd NtofBr £ Var) - £81 7 d (4CXS4) 


FtathscHIda Contmuattan Ftn[C.I)LdB% Perp 
Subord GW Nts (BiCVarioual * C79k 
(30Se94) 

Royal Bank at Scatund PLC 6%% Bds 
20tM(BrfVara) ■ £81% ROSe&t) 

Royal Bank of Scotland PLC 105% Subord 
Bds 2013 (Br £ Var) - £102 <40c94) 

Royal insurance HkJgs PLC 9%% Subord 
Bds 2003 (B- £ War) - £96 (30c94) 
Sawabtsy MtChanrta islands) Ld 


London County 2*2% Cons Stk i92Cfcjr altar) 

- £26*2 (3CSeS4) 

Dudley MebopoUan Borough CouncH7% Ln 
Stk 21119 (RegHF/P) ■ £77(1 (] (40c9d) 
Leicester Cny CouKd 7% Ln Stk 

301SiReri)fF.'P) - £77(1 il (40c34) 

Saittxd (CHy of) 7% Ln Stk 20mB*gMF/P) - 
£7714 |40c9J) 


a*;MCnvCapBds 2005 (» £30008100000) ■ 
£127*4 1 


(50C94) 

Snoere NjvrjaBon CarporsBon 3.75% Bda 
Z003 (Br SI 00008100000) - S99 100% 
SmthVlfo* Beecham Capital PLC 8**% GW 
Nts 1998 IBr £ Van - £96* (30cS4) 

Scuta West Water PLC 10%M Bds 2012 far 
£100008100000] - £107(1 OQSd&i) 
SwadenflOngOom of) 6k% Bda 
19Q6(Br$600q - £100% BOC94) 
Sweden(K]ngclam of) 11**% Boa 1995(Br 
£5000 - £101 *r (30C94) 

Tarmac Finance (Jersey) Ld 9*2% Cnv Cap 
Bds 2008 (Beg £1000) -£3S 
Tarmac Finance (Jereefl Ld 9**% Cnv Cap 
Bds 20061 Br £6000850000) • £34 (50cS4) 
TareALyie tatfin PLC/TateALyle PLC 5k% 
TSLXFnGa&tn 200101} VWWLsTftLPLC - 
£33*4 

Tosco PLC 10%% Bds 2002 (Br CVar) - 
£102% (40c94) 

resco Capital Ld 9% Cnv Cop Btia 20Q5(Reg 
£1) - £114 % 

Thames Water PLC 9>z% CnvSubordBds 
2006(B«£6aOOa50000) - £125 
Thames Water UtMUtt finance PLC 10<z% 
Gtd Bds 2001 - £104% (30Sv94) 

31 Group PLC 11*4% GW Bds 1996 (Br 
C1000&1000Q) - £104.65 
Tokvo Sectrtc Power Co fnc 7%% Nts 1388 
(Br C Var) - £94,*. (30c34] 

Tokyo Sectnc Power Co fnc 9%% Nts 1896 
fflrEC! 0008 10000) - ECia?*2 (fiOo94) 
Treasury Corporation of Victoria Sk% GW 
Bds 2003 ©r £ Var) - £94% (40c94) 

Tung Ho Steel Enrapnse Carp 4% Bds 
2001 (BiSI 0000) - £109 110% 

U-Mlng Marine Transport Corporabont %% 
Bds 20Q1IReg In MlJI SI 000) - S88*z 89*2 
90*2 

Uniever PLC 7%K Nts 1996 (Br £ Var) ■ 

£35 k 

United fungdom 5:25% Treasury Nts SUV 
97(8 r ECU var) - EC94% 94k 
Victorian Pblc Advs fin Agency 9%% did 
Bds 1999fBi£Vard - £100% OOc94) 
wouvrun Bunding Society 7% Nts 1996 (Br 
C Van • £98.05 <50cS4) 

Woolwich Bidding Sodety 11%% Subord 
Nts 2001 - £108,3 >2 (40c94) 

CS first Boston fnc 5200m Subord Colared 
FRN October 2005 - 584.64 
European Bank lor Rec 8 Dev SI 00m Rtg 
Ftta Nts Apnl MOO - S86 (S0e9^ 

Hsfiftu Bidding SocUxy $15Cm 8.75 H Na 
25/7/97 - S38.74 (30Se94) 

Halifax Bunding Soctaty £150m 7%M Nts 14/ 
4/2000 - £93% 93k (30c94) 
Landesfcimktbank BadenHflfumnmttag 
SC2Sm 8.625% Nts 22/1 2/97 - SCI 01*4 
101% 

Mend Lynch 8 Co Inc Y40000m 3JS% Nts 
28/7/97 ■ mei (30c94) 

Province or British Columbia YSOOOOm 4% 
Debt Ins *009 ■ Y98k (30c94) 
SwedantWrudom of) CSOCm 7%% Nts 37127 
97 ■ £96*2 % 

Sweden (Kingdom of) £3S0m 7%% Bds26fi7 
2000 - £92% pOc94) 

Toyota Motor Credit Corporation YSOOOOm 
3£0% Nts 22/9/97 - YS8J (30c94) 


Sterling Issues by Overseas 
Borrowers 


AusttafafCommanwaaithof) 134% Ln Sik 
2010 -£129 

Bank of Greece 10k% Ln SUc 2010(Retf - 
£95*2 (40c94) 

DenmarkJKinQdoni ert) 13% Ln Stk 2005 - 
£12315 (40c94) 

Ereopeen tnvas&nent Bank 9% in Stk 2001 
(Beg) - £99% (30c{M) 

Euopeen investment Bank Ln Sik 
2009 -£102k 3*2 

European Investment Bank 11% Ln Sik 
2002(Reg) - Ct09=i 

Inlemadona Bank tor Rec 8 Dev 9*2% Ln 
Stk ZOIOfHeg) - £102*2 (60c94) 

intwnaiwnal Bonk tor Rec 8 Dev 11496 Ln 
Sik 2003 . £113.1975 .1875 

Nova SoottaiPrcvInce of) 11%« Ln Stk 2019 
- EJ17k (30c94) 

fiwatan MmJcanos T4*j« Ln Stk 2006 - 
Cl 19*2 *2«40c84) 

PortufwHRep of) 9% Ln Stk 2018<ReQ) - 

£99ii 

SwadanSOngdom of)9k% Ui Stk 2D14(fieg) 

-eioik 

Trinidad 8 TobagofftapuWie of) 12>a% Ln Stk 
2009fReg) - £106% 


Listed Companies(excluding 
Investment Trusts) 


AAH PLC 4JJ% Cum Prf £1 - 57 

ABF Investments PLC 5*2% Uns Ln Stk 87/ 

2002 50p - 35 (50c94) 

AIB Onshore Fund Ld Ptg Red Prf *041 - 
E2JB(30Se94) 

APV PLC 545% Cum Prf £1 - 65 
ASH Capital RrroncefJerseylLd 9*2% Cnv 
Cop Bds 2006 (Reg Ijmts lOOg) - £72 
Aberdeen rrust PLC Wts eo sub tor Ord - 40 
(40C94) 

Aberdeen Trust PLC A Wa w Sub fw Otd - 

43 (40CS41 

Aetna Malaysian Growth Fund(Cjyman)Ld 
Ont »4l - *13% 1345 fSOc94f 
Ale»on Giotto PLC 6J5p (Nel) Cnv Cum Red 
Prf lOp - 57 

AWed Domecq PLC ADR (hi) • S842 
Ailed Dcmooq PLC 5*z% Cum Prf £1 - 67 
(30Se94) 

AUed Domecq PLC 7*j% Cum Prf Cl - 81 
AHed Domecq PLC 6k% Uns Ln Stk ■ £63 
AUed Domecq PLC 7*2% Uns Ln Stk - £74 

(SOc94) 

Allied Domecq PLC 7k% Uns Ln Stk 93AW . 
E94 *2 (5«3c94) 

AUed 4.yons financial Services PLC6k% 
GWCnvSubonlBds2006 RegMritICIOOO - 
Cl06(4Oc94) 

ABed-Lyora Unoncol Sendees PLC6k% GM 
Cnv Subord Bda 2006(Br £ Vat) - £1(0% 
103k (30c94) 

AMs PLC 54% Cnv Clan Non-Vtg Red Prf 
Cl - 58 60 1 3 

American Brands Inc Shs of Com Sik *3.125 
- *35.145$ 

Anonews Sykes Group PLC Cnv Prf Sdp - 40 

1*1(40C94| 

Anglwn Water PLC S*i% taden-Unlced LnStk 
2008(64578%) - £131 
Angto-Efl3lem Plantariona PLC Warrants ro 
sub tor Ord - 24 (SOc94) 

Anglo -Eastern PlantaQdra PLC 12*{H Uns 
In Stk «/99 - Ci00*2 
Angkwaal La N CM RO-DOOl - Ciaas 
OOS094) 

Asda Properly Hkjgs PLC 10 5716% 1st Mtg 
Deb Stk 2011 - £99k (?Oc94) 

AttwoodS PLC ADR (5.11 - 58.12469 (40c94f 
Attwoods (finance) NV B*2p Gtd Red Cnv Prf 
Sp - 83 

Automated Securnypadgs) PLC 5% Cnv Cum 
Red Prf Ei - sapOc94f 
Automated SeaatMUdgu) PLC B% Cnv Cun 
Red Prt Cl - 47*rt 51 2 
Avdel PLC 10*2% Uns Ln Stk 96/98 - £100 
(4OC04) 

HAT tadnswee PLC ADR (2i1) - *13.4 A 
BET PLC ADR (4:1) - S0-3747W& .457410+ 
BM Group PLC 4.6p (NM) Cnv Cum Red Prt 
20p- 66 

BOC Oreup PLC ADR (t:1) ■ SlOk (50c94) 
BOC GriAto PLC 445% Cum Prf £1 - 67 
fJ0S*94} 

BTP PLC 74(XNet) Cnv Cun Red Prf lOp - 
18041 1 (4Qcfl4) 

BTR PlX ADR H:l) - S19.7 
Sank of iretandICommor 8 Co <ri) Unas NCP 
Stk SrsA Ir£l8lr£9 LlquidaBon - IM0.6 
(50C94) 

Banner HamM Grotto PLC Ord top - 125 32 
(40cS4j 

Barclays PLC AQfl (4:1) - S35k 
Barclays Bank PLC 12% Uns Cap Ln Stk 
2010 « Elia* 


FT-SE ACTUARIES INDICES 


The FT-SE 100, FT-SE MU 25Q and FT-SE Achiariea 350 incfices and the 
FT-SE Actuaries Industry Baskets are calculated hy The international 
Stock Exchange of the United Kingdom and Republic of Ireland Limited. 
e The International Stock Exchange of the United Kingdom and Republic 
of Ireland Limited 1394 . Ail rights reserved. 

The FT-SE Actuaries W-Shara Index is calculated by The Financial 
Times Limited in conjunction with the institute of Actuaries and die 
Faculty of Actuaries. & The Financial Times Limited 1994. All rights 
reserved. 

The FT-SE 100, FT-SE MW 250 and FT-SE Actuaries 350 indices, the 
FT-SE Actuaries Industry Baskets and the FT-SE Actuaries Att-Share 
Index are members of the FT-SE Actuaries Share Irrfces series which 
are calculated in accordance with a standard set of ground rules 
estabtehed by The Fmandal Times Limited and London Stock Exchange 
in conjunction with the Institute of Actuaries and the Facility of Actuaries. 

■FT-SE" and Tootsie" are joint trade marts and service marks of die 
London Stock Exchange and The Fmandal Times Limited. 


Borcbya Bark PLC 16% Uns Cap Ln Stk 
£002/07 - £131 *| (50C&I) 

Barings PLC B% Cum 1 b Prf £1 -9* 

POCS4) 

Battga PtC MS Cun 2nd Prf £1 - 96*4 
(30c94) 

Barings PLC 6k% NorvCum Prf £1 - 111*2 

(SOcfrn 

Barruta Exptoraton Ld Old ROOl - *2.1 n 
123 

Boss PLC ADR (2:1) - *ISJ h 
BOW PLC 1(Fb% Dob Sik £016 - £109k }] 
IQ 

Boss PLC 4*2% Uns Ln ax 92/87- £87*2 
(50094) 

Bow PLC 7k% Urn Ln Sik 92/97 - £96*2 
Bass Inanimanta PLC 7>gK Una Ln Stk 92/ 
97 - ES3 (40aJ4) 

Bodays PLC 10% Cum Prf £1 - <00 (30cS4) 
Bargaaan d-v AS "B" Non Vlg Sha M<24 ■ 
NK14544 

Birmingham MdstrMS Bidding Soo 9*8% 
Perm Ini Bearing Shs £1000 - £84 k 6 k 
Blackwood Hodge PLC 9% Cum Red Prt £1 
-41 2 

Blira Orate Industries PLC ADR (1:1} ■ S444 
Blua Orala Industries PLC Sk% 2nd Deb Stk 
1964/2009 - £69*2 (SOc94) 

Bus OVcte Industries PLC 6*4% Uns Ln 
Stk(1975 or on) - £61 (SOcSd) 
BiiXKtell-Pmnoglaza rtdgs PLC 7k% Una 
Ln Stk 60/95 - £93 
Boots Co PLC ADR (2:1) - SI 0-02 
Boscombe Property Co Ld 5% Cum 1st Prf 
£1 - 604 


Bradford S Bingtey Bidding 3octety11k% 
' ) £10000 - £106*2 9 


Perm int Booring Stn I 
Bradford 8 Bingtey Bidding Society 1 3% 

Perm kit Soaring Shs £10000 - £120 *z 
Brent International PLC 9% Cum Rad Prf £1 
-SS*2 

Brant Walkv Group PLC Wts w Sub for Ord 
- 1 (40c94) 

Brent Walker Group PLC Var RW 2nd Cnv 
Rad Prf 2000/2007 £1-8*2 (30Ss94) 

Brent Wafcer Group PLC 9J% 3rd Non-Cum 
Cnv Red 2007/10 £1 - 2k (SOc94) 

Bnstal Water PLC Bk% Cun trrd Prf £1 - 
104*2 

Bristol Water Hdgs PLC Ord £1 - 980 
Bristol Water HkJas PLC 6.75% Cun Cnv 
Red Prt 19 68 Shs £1 - 1B2 
Bnstal 8 West Buldtag Society 13k% FW 
tm Bcamg Shs £1000 - £120k 1 ** *2 
Britannia Brddng Society 13% P«m Ini 
Sesring Sha Cl 000 - £1 16k 7k 
Britton Airways PLC ADR (ifti) - S57.3 
37309 

Bntwh-Amencan Tobecco Co Ld GM 2nd 
Cun Prf Sik Cl ■ 5fl*2 60 OQ3e94) 

British Petroleum Co PLC 8% Cun la Prf £1 
-79(50c94) 

British Petroleum Co PLC 9% Cum 2nd Prf 
Cl -B8(30Se94) 

British Seed PLC ADR (10:1) - $26M .05 32 
Bnttsh Steel PLC 11*2% Dab Stk 2016 - 
£1 15|J (SKWMJ 

British Sus PLC 10k% Red Dob Stk 2013 
-£111,5(40094) 

Britton Estate PLC 0JS0% 1« Mtg Deb Stk 
2026 - £38 (3OC04) 

8 Co PLC Ord Shs 5p - 63 
BufotalHP4Hdg3 PLC 8k % 2nd Cum Prf 
£1 - 104 

BuknerO-LPjHIdgs PLC 9*2% Cun Prf £1 • 

110 

Buna PLC 7% Cnv Uns Ln Stk 95/97 - £164 
Bumah Castro/ PLC S3* Cum 2nd Prf ft - 
60(30c94) 

Bumah Castrai PLC 7k % Cun Rod Prt £1 - 
57(50c94) 

Bwton Group PLC 6% Cnv Un» Ln Stk 1996/ 
2001 - £82*2 3k 

Butomraod Brewery PLC 7% Cum Prt £1 - 
73(303034) 

Butte Mining PLC 10% (Not) Cnv Cum Red 
Prf 1994 lOp - 2k 

Canadksi Overs Pack Industr Ld Cam Npv - 
FZA53 (36Se94) 

Carlton Commuilcatkms PIC ADR (2:1) - 

ttfik 

Carlton CammuUcattons PLC 7*j% Cnv 
Subord Bda 2007(Rag £5000) - £1304 
(4Qc94) 

Cater Alton Htdgs PLC 5% Cum Prt Cl - 48 9 
CaterpHar Inc Shs of Com Sik *1 - 
352.910234 

Cathay international Hlags PLC 10*z% Cum 
Prf £1 - 100 (50c34j 

Centex CorparaUan Sha of Com Stk S02S - 
S22k 

ChettBriham 8 Gloucester Btdd Sac tlk% 


Penn ire Beer too Shs £60000 - fill* 
r-£7k 


Chepstow Racecourse PLC Otd 25p ■ 

(SOc*4) 

CKy Stu Estates PLC 5^5% Cnv Cun Red 
Prf £! - 65 pOc94) 

C«y Site Estates PLC 7% Cnv Uns Ln Stk 
2005/06 - £52(303041 

Ctaytsthe PLC 9.5% Subord Cnv Um Ln Stk 

2000/01 -£934 

Coastal Corporation Shs Of Com Sik SQ.33 1/ 
3 - S27*e (50c»4) 

Coats Patous PLC dk% Uta Ln SK 2002/07 
- £76(50094} 

Coals Vtytrfa PLC 4J)% Cun Prf £1 - 82 
(40c94) 

CohenW 8 Co PLC Non.v ’A' Ort 20n - 
610 

CommercW Unwrt PLC 8%% Cum tod Prf 
£1 -86k 

Commercial Union PLC 6k% Cum Ind Prt 
£1-103*2 4 

Co-Operative Bank PLC 935% Non-Cum tod 
Prf £1-108*2(50094) 

Cookson Group PLC 4.9% PfdOrd 50p -34 
(BOC94) 

Cooper (fiederfeto FU 06p (NeO CtwRed 
Cum Ptg Prf Itto - 77 

Coutaiids PLC 5*2% Uns LnStk Mm - 
£94+ 

Courtadda PLC 7\K Una IxtSOc 200005- 

£88 

Coventry adding Society I2*s% Perm toter- 
ew Bearing Shs £1000 - £109k 10k Ik 

Dally Mdl 8 General Trust PLC Old SOp - 
£13*2(30094) 

Dalgety PLC 4.85% Cun Prf Cl -68 

Debanhams PLC 7k% 2nd Deb Sik 91/96 • 
£95*2 (40c94) 

Dobenhams PLC 7k% Uns Ln Sik 2002/07 - 


E85(40c94J 
PLC lOk 


« Deb Stk 9S«9 - Cl 01 


DdtaPLC 

(30So94) 

Donoua PLC &25% Cun Ciw Red Prf Cl - 
10655 9 10 (50c94) 

DorrtiVon Energy PLC Ord 5p - 1Q*a 
Duriop nantattons Ld 6% Cun Prf £1 -62 
(50694) 

Ecctosasacol toeuranca Office PLCiOH Rod 
2nd Cun Prf £1 - 106k 
Ecflpsa Binds PLC Od Sp - 8 9 
Egos Consoadoted Mtoee Ld Old She No Per 
Kdue - 3? poSe&J) 

Election House PLC 75% Cnv Cum Red Prf 
Cl - 103 (3QSe34) 

Emeu PLC 8J25p(Net) Cnv Cun Rod Prf 5p 

English Ciena Ctaya PLC ADR (3:1) ■ *17 
(40C94) 

Ericawxi(l_M4(Tela1onaMtobotaB«f)Ser 
B(Re^SKlO - SK390 *2 *2 32 1 1 4W *a k 
22 k4 

Euro Disney 5.CA Shs FR5 (Depodtuy 
Receipts) - 87 93 5 

Euro Dhmev SLCA Sn» FR5 (Br) - *1 4324 
FR7*2 56S 58 58 

Eurotunnel PLC/EuMunnel SA Units (1 EPLC 
Old 40p 8 i ESA FRIO) |Br) - FR22J8 
(40C941 

Eurotunrmi PLOEurotunnei SA Unas 
ISteavarn I ns cribed) • FR2155 .8 
E/i-L»ds PLC WenriB to sub tor Shs - 21 
(40c94) 

Friar Ctncago Cop Com Sik SS - S43*j 
BOc94) 

fiiaf Natfcmaf BuMhg Socwty irkH Parm 
Ire Bearing She Cl 0000 - tsflk (30e94) 
firsi Natfond Finance Corp PLC 7% Cnv 
Cum Red Prf £1 - 130 
Ftaorts PLC ADR (4:t) - C45a* 

Owns PLC 5*5% Uns Lri Stk 2004/09 - £70 
OOc94) 

Ffewflton PLC 6*2% Com ftf IflCI - l£0*z 
Five Arrows ini Reswvea Ld Ptg Rod Prf 
50.01 (USS Muiaeed Sh*)- *57^1 pOc94) 
Fleecher Chafienoa Ld Ord SN050 - 
SN4J&H 

Ftkkes Group PLC Ord 5p - 43 4 (40e94) 
Fomnnster PLC 11% Cum Pit £1 - 113 
(30c94) 

Porte PLC 9.1% Uns Ln Sik 95/2000 - £06 
Fartnum 8 Mason PLC Ord Stk £1 ■ £47 

(30c*M( 

OKN PLC ADR (1:1) - S9*z O0Se04) 

GN Great Nome Ld Sns Dftiw - DKS79.18 
81.45 (30Se94) 

aaiHldgsiPLC 10*1% 2nd Cum Prf £1 -ea 
pOc94) 

ar. Gn*e Growth Fuid Ld Ord *OOl - S32<1 
32.709083 32.790938 32k 33 33k 33k 
pOc94) 

General Accident PLC 7^K Cum tod Prf £1 
-90‘z 

Qenerd Acddem PLC 8^% Cun tod Prf Cl 

- 104*2 k 

Gastetner tedgs PLC Ord Cap 25p - 130 

(40C94) 

Gibba 8 Dandy PLC Old lOp - 95 
Gtao Group Ld 8k% Uns Ln Srk 85/95 SOp 
-49f40c9fl 

Gtymrad htamatfona) PLC 7k % Cum Prf El 

- 72 (40cS4) 

Qynwed Internadanal PLC 10k% Uns Ln Stk 
94/99 ■ £99 100k 

Goodo Durrant FLC 35% Cum Prf SOP - 23 
(MSe*4) 

Grand Metropolitan PLC 8% Cum W £1 -53 
(40=94) 

Grand Metropolian PLC «k% Cum PrfCI - 
63 4 (4Oc04) 

Great Portend Estates PLC 95% IK Mtg 
Deb Stk 2010 - E39*i (40c94) 

Great Ikwersai Stares PLC 5k% Red Uns 
Ln SK • £a£ 4*2 

Greeruls Group PLC 8% Cun Prf £l -99 

(SOCOM 

Gi eweils Group FkC 8% tod Uns Ln Stk - 
£82*z(30cS4I 

Greenata Group PtjC 9%% tod Una Ui Sik - 
EB2 0OC94) 

CraereAs Group PLC 7% Cnv Subord Bda 
2003 (Reg) - £101*2 

Quimwsa PLC ADR (5:1) - *38.14 *; (50c&4) 
HSBC HWgs PLC Ord SH10 (Hong Kong 
Roal - SH83.47 4*2 56.64695 j®S3t 
JWf885 543003 5979 5^96245 561 
55785 % 

HSBC rtdgs PLC 11.60% Suboid Bds 2002 
(Red -£100 4 6*2 7 


HSBC Hkjga PLC 1159% Subord Bde 2002 
(S» CVar) - £107 k POc9^ 

Haltax Btddne Society 8k% Parm Int Bav- 
big Shs £50000- £831 
Haiitax BUkfing Society 12% PermW 8 m- 
tog sra Cl (Reg £50000] • £113 U 
HaBdn Holdings PLC Ord 5p- 81 POcaq 
Hal Engne ert ngfUdg^PLC 6.55% Cun Prf 
Cl • 65 SQc94) 

Hambroa Euroborid&Money MHhai Fd LtWfl 
Rad Prt IpfSVg Eurobond Fund) **Jt>‘*9 

Hanimarsen PLC Ord 25p - 320 2 3 
Hardya 8 Hansons PLC Ord 5p - 265 
Hasbro toe Shs at Cam Sik 5050 - £29.024 
Mastomere Estates PLC I0k« « Oeb 
Stk 98/2003 - £101 fJOc&4) 

HoraUea Inc 5hs of Com Sik of NPV - 
*100.74 

Hckson Intemadtinai PLC 6*2% Una Ln 96< 
89/94 « £98 (30c94) 

HH Samuel Sterling fixed Int Fid Pig RM Prf 
ip- 122.3$ 

Holmes Protection Group Inc She of Com Stk 
*025 - 21 

Housing finance Corporation Ld 11*2% Dak 
Stk 2016 - £T1(tk (30Sa94) 

IB! Qooai Funds Ld Ptg Red Prf saoi(Man- 
aged She) - £3053 0OC94 
IBl Gtabol fijnds Ld Ptg Red Prf 30.01 (High 
Inc Gift Shs} • £2659 OOcJ4) 

I Ml PLC 5*2% Una Ln Stk 2001/09 - C6B 
(30Se64) 

IS Htontayen Fund NV Onl FL0JJ1 - *17 17k 
17k 17*2 (50C94) 

Iceland Group fi/C Cnv Cum Hed Prf 20p - 
123 

Wnsworth Moms iStftam* Ld 7% Non-Cum 
Prf SOp -17 (40cfl4) 

hoh Kenneth Ka|ang Rubber PLC lOp - £16 
IndustruS Control Sendees Grp RCOrd 1(to - 
137 fl 7 (50594} 

Inn Stock Exchange of UKARep <rf IrLd 7k% 
Mtg Dob Stk 90/95 - £99k (30S«94) 
tosh Ufa PLC Ord K0.10 - I£i5 152 p 178 
Jaroflne Motheson FOdgs Ld Old S02S (Hong 
Kong Register) - SH61568 2527783 
Jonsm Strategic HJdga Ld Old 5055 (Hong 
Kong Rogistsr) - SH29.7104214 
jersey Becfocfty Co Ld "A" Old £l - £26 
P3c94) 

Johnson 8 Firth Brown PLC 11.05% Cum Prf 
El -33MOC94) 

JohrnwLMatthsy PLC 8% Cnv Cum Prf £1 - 
945ROc94) 

Jones 8 Shipman PLC 45% Cum Prf 25p - 
16*jQOc94) 

Kaysar Bondar Ld 6% Hed Cum Prt SU Cl - 
81 (50c94) 

Kenreng Motor Group PLC 45% (Frrly 7%) 
Cum PrfCI - ffi(40c34) 

Kinglbher PLC ADR (2:1) . S15k 
kmgstey 6 Forester Group PLC 3JBS% Cum 
Prf £1 - 42 (30c94) 

Koraa-Europe Fund Ld ShsdDR to Br) SO. 10 
(Cjpn 7} - 34500 

Kvaemer /VS. Free A Shs NX 1250 - 
AW23354 

Ladbrako Group PLC ADR (1:1) - *2.48 2.47 
(40c94) 

Land Secunttos PLC 9% 1st Dob Sik 96/ 
2001 - £101 

Lathamf James) PLC BH Cum Prf £1 - 70 
Leeds 8 Hdbeck BuDdtog Soctory I3k% 
no Sha CIO 


Perm tot Bearing ! 


1000- £119*2 20*2 


Leeds P e i ma rwni Buftfing Society I3k% 
0 - El 27 k 


Perm Int Bearing £50000 
Lew*3/John) PLC 6% 1st Cum Prt Sk £1 - 56 
(SOcMl 

LewtetJohntPartnerahto PLC 5% Cun Prf Stk 
Cl • W 0 (SOc94) 

LawlsfJohriJPanrwrahlp PLC 7>]% Cum Prf 
Stk Cl -70 6 00094) 

Utorty PLC 95% Cum Prf £1 - 109 
Lister 8 Co PLC 5% PrftCunJCI ' SI 4 
(30c34) 

Lombard North Central PLC 5% Cun 2nd Prf 
£1 -S0(4Qc&4) 

London Securities PLC Cfid Ip - 2*2 
Lonrfn PLC ADR (i:f) - $2.08 .11 .14 .15 
Lookos PLC 8% Cnv Cum Red Prf £1 - 111 
M£PC PLC 355% Cun Prf 3lfc El - 50 
0OS*>4) 

MEPC PLC 9k% 1st Mtg Dab Stk 97/2002 - 
ElOOfSOcM 

MEPC PLC 10k% 1st Mtg Deb Sik 2024 - 
£11 155 k 5 2k kPOSeWi 
MEPC PLC 8% Uns Ln Stk 2000/05 - £91k 

I50c94) 

McCarthy 8 Stone PLC 8.75% Cum Red Prf 
2003 Cl -85 

McCarthy 8 Stone PLC 7% Cnv Uns Ui Stk 
99/04 - £87 

Mandarin Oriental Mamavenal Ld Ord 5055 
(Hong Kong Reg) - £0544) 

Marks 8 Spencer PLC ADR (6:1) - S375S 
(50C94) 

Mushab PLC 10% Cun Prf Ci - 100 
(30SaB4) 

Medeva PLC ADR (fcl) - *10 
Merchant Retal Ooup PLC 8k% Cnv Uns 
Ln Stk 99AM - £52 *z 

Mersey Docks 8 Harbour Co 6 V% Red Deb 
Stk 96/99 - £89*2 (50c94J 
Mhangura CoppurAAws Ld Ord Sik5Z1 - 3 
(40094) 

Idd-Souiliam Water PLC 10% Red Dab Stk 
95/98 - £101k (50c94) 

Mtnatergate PLC 10% Cum Prf Cl -98 

(50e94) 

Mitel Corpor ator ! Cam Shs of NPV - £2.1 
fiXJSsfW) 

Mare OTerral PLC 10% 2nd Cum Prf £1 - 
115 (SOSefM) 

Morgan Startey Japanese Warrant Fd Shs of 
CfaM A Com Stk m - *2k 2% (50c9fl 
Morfand 8 Co PLC 5% Cum Prf El - 00 
MuckfcnrfAA JJGroup PLC 7% Cum Prf £1 • 
68 

NFC PLC 7k% Cnv Bds 2007 BRag) - £80*] 
(50c94) 

Nattonei Medtoal Entopnsee toe She at Com 
Stk 9055 - 516.105(61^ k<f> k# 4* 7$ 
**♦ 

Ntotonal Power PLC ADR (10:1) ■ *7452 
National Westminster Bank PLC 9% Non- 


Cum SUg Prf Sera "A- £1 - 102 *a *2 

* 112*]% 


Manorial Wetornkwar Benk PLC I2k% 

Subord Uns Ln Sot 2004 - £1 15k («OcM) 

New Central WRwetorarand Areas Ld R0L9O - 
E9k(4Oc04) 

Newarthd PLC B.775% Cun Prf £1 - 73 
POc94) 

Newcastta BuWtog Sodaty 12\« Fam 
interest Bearing Shs £1000 - £114 (40c94) 
North Housing Aasodantm Ld 8k% Gtd Ln 
Stk 2037- C93k 

North MUsnd Construction PLC Old 1 0p - 
24*2 >2 5 (SOcS4) 

Northcnort tovestmants Ld H 0.10 - 00*a 

(40C94 

Northern Fooos PLC 6k% Cnv Subend Bda 
2008 (Reg) ■ E85k *] 

Northam Foods PLC 6k% Cnv Subord Bds 
2008 |Br £ Var) - £835<i 
Northern Rock aiming Society i2*g% Pom 
tot Bearing Shs £1000 - Cl 14k k 
OrMs PLC Ord lOp - 23 5 


PA O fiupertyMoMtoga Ld 7*]« Tat Mtg 
Deb Stk 97/2002 - £94 ( 


ipOCM) 

P 8 O Property Hakftigs Ld 8% Uns Ln Stk 
97/99 - £90 (30c94) 

PbOOc G« 8 Secflfc Co She of Com Stk $5 
-S2lk 

Panther Secumtoa PLC Wts » 3ub lor Old - 
12(50c94) 

Pamtaid Group PLC Ord 26p - 1 7S O0So64) 
Paterson Zochonto PLC 10% Cun Prf £1 - 
IIS 00(54) 

Peel Hk%js PLC 535% (NeO Cnv Cum Mon- 
Wg PrfCI -96*2 (60c94) 

PronsUar 8 Oriental Steam Nev Co 6% Cun 
Pld Sik - £48 (40cS4) 

Fforkra ftaods PLC 8p(N«) Cun Cnv Red firf 
10p-89 (50c94) 

Petroltoa SA Ord She NPV (Br to Denom 1 5 
8 10) ■ BP9S00 627 

PMtads PLC flk% Cum Prf d - 87 (4Qc94] 
Ptantalkto 5 General tovs PLC 9% Cnv Una 
Ln Sik 1999 - £84 

Potgtoteranist Ptatfreims Ld Ord R0523 - 
ssknocsto 

Powell Duftyn PLC 4k% Cum Prf SOp - 24 
PaweiGen PLC ADR (10:1) - $83k 
Premier Heakh Group PLC Ord Ip - Ik % 

2k 

R£AJ*Jgs PLC 12% Cnv Une LnStk 2000 

- £88 0OSe94] 

RPH Ld 4k% Uns Ln Stk 2004/09 . £38 
0Oc94) 

RPH Ld 9% Uns Ln 8lk 99/2004 - £9S*z# 
RT2 Corporation PLC 3525% ‘A* Cun fil 
Cl -49 

FTT2 CcrporaUon PLC 35% 'B* Cum Prf 
El(Rea) - 42 4 (50C94) 

Ratal Bedrentos PLC ADR (2:1) - £4.7299 
|30c94} 

Rare, Orgartnaiton PLC ADR (2:1) - *ia*z 55 

k tSOcM) 

Reatficut Intamatenal PLC 6k% 2nd Cun 
MCI -SS*z(50efl4} 

RackH 8 Col man PLC 5% Cum Prf £1 - 64 
Read International PLC 355% (Firry 5k%) 
Cum Ftod PrfCI -57 (50c94) 

Rfefianft PLC 4% Cum PM £1 - 35 (50c94) 
Fkipner PLC 11*2% Cun fif £1 • 117 
(30c94) 

Royal Bank of Soottand Grow PLC 8*a% 
Cun PrfCI -65(40094) 

Royal Bank of Scotland Group PLC 11H 
dim Prf £1 - 111 (40C84) 

Rugby Group PLC 6% Uts Ln Sdt 83/ss - 
£88*a 

RussaBLBtewndar) PLC 6.75% Cum Cnv Hed 
Prf - 97 CKJdM) 

SCecorp Shs o( Com Sik trt NPV - 

*1323824^ k<J> 

Saaicrt & Saatcrt Co PLC AOfi 0:1) - 

S7^84S994f 

Saatehl 8 Sanudif Co PLC 8K Cnv Una Ln 
Stk 2015- £74 (40e&4) 

SabntxsyfJ) PLC ADR (1:1) - 565 
Sift* PLC Bifc% Cun Red Prf 2001/Dsei - 
95*2 (90Se94) 

SeheB PLC5k% Crtv Cum Rad Prf 2008/1 1 
£1 -83 

Scottish 8 Newcastle PLC 7% Qw Cun Prf 
Cl -215 

Sears PLC 45% (prMy 7%) 'A' Cum PrfCI - 
67(30034) 

Secutoor Group PIC 4£6% cum pu Prf £1 

- CIDOfi 

8evem fivarCroestog PLC6% Mex-umaxi 
Deb stk 2012(5544%) -£115*2 008004) 
StMl Transpart&TrxftigCo PLC On) She (Br) 
3Sp(Cpn ia9-607k (50C94) 

Shea TtonswvarraangCo PLC 9>z% 1st 

PrffCunJSri - GO (QOC34) 

SMeid Group PLC CM Sp - B 7 
Shtad Group PLC 954% (N«) Cnv. Cum Red 
PrfCI -8(50c94) 


Shoprtte finance (UK) PLC 7 £75p(Net) Cum 
Red Prf Sns 2009 - 30 
SHpUn Biddtog Sooet/ 12 ? *% Penn bit 
8 eonog She £1000 • n r5 li 8 
Srnm New Court PLC 17% Suboro Uns Ln 
S6t 2001 -C103 

SmWi (WJt) Group PLC s*e% Red Uns Ln 
Stk -ESI 

SnuthKUne Beecham PlC ADR (5:11 - S3Sk 
SmdhKu™ Beecham PLG/SmuhKfine ADR 
(5:1) - 530.123998 k .15 2 315 k k 
565 373968% 

Smiths industries PLC nk% Deb Stk 85/ 
2000 -£10i ttOScM) 

Stag Furniture HMgs PLC 11% Cum Prf £1 - 
97 

Standard Chartered PLC 17%H SuOOrO Uns 
Ln Sik 2002*7 - £11 Ik I50e94) 

SymonCs Engineering PLC Ord 5p - 33*2 
TSB Grotto PLC I0k% Subord Ln SIH 2008 
-£i05k 

TT Group PLC 10575% Cnv Cum'Red Prf 
StoCI 1997 - 263 

Tate 8 Lyle PLC AOH (4:1| - *2855 (50cS4) 
Tate 8 Lyto PLC E*j%(4S5% pka Cot ood- 
igCum Prt £1 - 66 (SOc&R 
Taylor WoOdrow PLC 9*2% 1 St Mag Deb Si 
2014 - C97k (3004) 

Tosco PLC ADR (1:1) - 835 
Tosco PLC 4% Uns Deep Disc Ln Sik 2006- 
£82 (30SO94) 

Texaco Inte rn atio na l Financial Corp9% Sea'S 
Cm Gld Ln Stk 01/99 - £1S0 
ThatanO Inumottonoi Fund Ld Ptg Shs 5051 
(TOFTs to Br) - 533500 34000 (4004) 
Tootai Group PLC 4k% Perp Dab Sik • £47 
(40c94) 

Tops Estates PLC Wts to sub for On - 22k 

5>i (30Se94) 

Tnrtdgsr Nous* PLC 9*2% Uru Ln Stk 20007 
05 - £90 3 (30SO94) 

Trafalgar House PLC 10k% Une Ln S3c 
2001/06 -C95 

TVansattanuc Hokfings PLC p, Cm ft/SOp - 
£358{30c94) 

Transatlantic Hredtogs PLC B 6% Cnv M £1 
- 90 (5Qcfl4) 

Transport Deveiopment Group PLC 6k% 

Ura Ln Stk 93/9B - £96*z (30Sa94) 
Transport Devetopmenr Group PLC 12*2% 
Uns Ln S» 2008 - £1 IS 
UMgate PLC ADR (1:1) - SS.14 527 5k 
UrfgaM PLC 6*2% Uns Ln Stk 91/90 - £94 6 
(40c94) 

Unlever PlC ADR (4:t) - 5/0.4 fSOeM) 

Union tntefTtaucna) Co F’LC 6% Cum Prf S9v 
£1 - S3 (40c94) 

Unisys Carp Cam Sik 50J31 - $11.43 
Unity Cable PLC Warrants to sub for Old - 
IB 

Vteix Groijp PLC 10.75% Dab Stk 2019 • 

r)J!*zOOSe«) 

Vkkera PLC 5% Cum/Tax Free To 3Cp)Pri 
Stk £1 -62{50e94) 

Vodafone Group PLC ADRflftl) . S29k 30 
k 5739 h .4889 

Wrffeerfrhcmrt) PLC Ord Sp - 29 (4Qc94) 
Wartxjrg (S.G.) Group PlC 7k% Cum Prf Cl 


Xerox Coro Cam Sik Si -£BSJHS104k 
York Woterworica PlC OdlOp- 329(5034) 
Yorkshtre-Tyne Tees TV Moge PLC Wts to 
sub tor Ord - 216 

Zomttu conaoUdated Copper Mine* UTB' 
Ord KtO - S3k4> 


Mtotarw A Scoffleh Reeouroea PIC CW Kto - 
2 * 2 ( 30094 ) 

Renn Group PLC Old K0C5 - K028 

POc9 * ) 

Totto Systems PLC Old 6p - 38 (30c94) 

UrUMd Energy PlC wts to sub *w CW • . 


Investment Trusts 


Buie 4.2(a) 


Baito G«tw Japen Thiol PLC Wb to SOb 
CW Shs - 85 083 7 TOO t (KJeW) 

Bone GJforrj stun Nippon PLC Ord lOp - 

16060 *2 J»l>2 

Baffle Gifford SHn Nippon PLC Warroms to 

sub tor Ord - 120 

BriteA Assets Dust PLC Equates tadm ULS 
2003 lOp - 14**2 31 OOcO«) 

Brtttsi Empire See A General Toot 10k% 
Deb 3th 201 1 - Cl 05*2 (40094) 

Cental Gearing Trust PLC Ord 2Sp - 400 
(SOcsto 

aemena Korea Emmtog Growth Futasw 
S10 iFfog Ljuou - $iak 
Dunedin taootna Growth In* Tat PLC 3*a% 
Cum Prf SB* -£S5 

Finsbury Smaller Co's Trust PLC Zero Div Prf 
25p ■ 179*2(30090 
Hairing Far Eastern Inv Trust PLC 4>2% 
CumfWEl -4SPOSe90 
fiemng Mercantla Inv Trust PlC 3J5% Cun 
Prf Sth £t - 51 

Foreign 8 Col invest Trust PLC 4k % Perp 
Dab Stk - £41 (50494) 

CJrtnwre Bnssh toe 8 Grth Tst PLCZero Dhrt- 
daad Prf lOp - WO 

Gannura Shared Equity Trust PLC Geared 
Ord Inc IQp - lOSf 

HTTt Japanese Smaller Co's Trust PLGOid 
2SP - 103 *z 4*2 *2 S 
towutore Capital Trust PLC 7k* Dob Stk 
XJ97 - £34 (40c94] 

JF Fte dgeang Japan Ld Warrants to sub lor 
Old -48 9 50 

Used Setaa Investment Trust Ld Pig Red 
Prf O.tp UX. Active Fund - Cl 3-79 13.79 
1354<30S094) 


At*m Carr PLC Ord 5p - GOM^O^O 


Lizard Select Investment Trust Ld PIS Red 
Prf Hip UJC UquU Assets Fund -tie 


ICXji 


Warburg (S.O) Group PLC Cnv Dfd 25p - 
322 (4Qe94) 

WetmoughsO^dga) PLC 8k% Cum Rod Prt 
2008 Cl - ICO (40C94) 

WeOsomo PLC AOH (1:1) - SlOk 

Wens Fargo & Company Shs of Com Sri» SS - 
Sl42*& (SOcS4) 

Wembley PLC 8p(Xei)CRv Cum Red Prf 1999 
£1 -60(30Se94) 

Wetadhave Property Corp PLC 95% 1st Mtg 
Deb Sat 2015 - £95*2 

Whitbread PLC 6% 3rd Cum Prt Stk £1 - 62 
(40c94) 

Whitbread PLC 7% 3rd Cum Prf Stk El - 77 
(30SeSM) 

Whribread PLC 4*2% Red Deb Sik 99/20C4 - 
£74kfSOc94) 

VWnbraod PlC 5kK Ind Uns Ln SK - £58 
(4Qc94) 

Whitbread PLC 7k% Uns Ln Stk 9503 ■ 
£09*2 90k 

WlUbreod PLC 7k% Lira Ln Stk MONO - 
£S3(30c34) 

Whrtecroh PLC 5.1% Cum Prf £1 - 57 
COcSfl 

WUs Corrocn Group PLC ADR (5:i) - 
£11.4990$ 

Wtotrust PLC 10*2% Cum Prf £1 - 105 
(4Cc34) 

Witwalmrand Nigel Ld CrC R3i5 - -la B 

WngM (JohnX/teovuig) Ld 4* 2 % Cunt Prf £i 
- 34 i30Se94) 


London 8 St Lawrence inves tme nt PUXW 
Sp - 151 60c34) 

Monks tovoatment Trust PLC 11* Dob Sik 
2012 - £112*2 (50C94) 
MorganGrentelLaUnAinerCo's Tat PLCWts to 
Sub tor Ord - 59 9 60 (50c®4) 

New Throgm or ton rmst(i963) PLC Zero Cpn 
Deb Stk 1990 - £70 OOc8«) 

Northern indust improv Trust PLC Ord £1 - 
SOOOOC94) 

Paribas French Investment Trust PLCSers *A‘ 
Warrants to sub for Old - 25 
Paribas French Investment Trust PLCSers 
-a- Warrants to sub for Od - >9 20*2 
I30c94] 

Rights ami Issues Inv Trust PLC 5*2% Cum 
Prt £1 - 82 (30Se94) 

Scottish Eastern Inv Trust PLC 4«2% Cum 
Prf SBC - £46 0Oc94) 

Scottish Eastern inv Trust PLC 9*4% Oeb S0t 
2010 - £103 

Scotnsn investment Trust PLC 35% Cum 
Ptd Stk - £49 P0S«94) 

Scottsh Mortg a ge 8 Trust PLC 6-12% 
Stepped tot Deb Stk 2026 - £123\ 5 
(30c94) 

Scottish Mortgage 8 Trust PlC 8%-14% 
Stepped interest Deb Stk 2020 - Cl 42 *4 
(30SM4) 

Shires H^jh-YkMng State Co s TstWta to 
Sub for Ord - 72*z pOSe94) 

Sphere inve s t m e n t Tnat PLC Revised War- 
rants to sub (or Old - 4*z 
TR City of London That PLC PM Old 
Stk(20% Non-CumJEl - 195 pOc34) 
Throgmorton Trust PLC 12 5/16% Deb SUc 
2010- £118*4 (50c94) 

Tnat of Property Shares PLC Warrants to 
sub to CW- £0.17 

Wicpnara Property Vmesimont Tst PIGWta to 
Sub for Ord -30 

VYiton toveatment Co PLC 8% Deb Stk W99 
-£30(4Oc94) 

Wdai investment Co PLC8*z% Deb Sik 

2016 - £924 


USM Appendix 


Qakau Group PLC CM K05S - 1£026 
Bdos PLC Ord (Op - 330 4s 90 
FBO Holdings PLC CM K050 • £1.8 
(40CS4) 

Gibbs Mew PlC CM 2Sp - 4S5 60 8 73 


Advanced Medta System* PLC I 

m am iMUncga 
African Gold PLC CM Ip - £0535 (40CS4) 
Ann Street Brewery Co Ld Od £1- £4 4 
(SOc 04} 

Am Street Brewery Co Ld Cm Rad 2nd Prf 
£1 - E9 (38Se94) 

Aoenal Football Qub PLC Ord £l • £475 
Ascot Htdgs PLC Var Rote Cnv Cum Rea Prf 
lOp - £0.04 (30e94) 

Azure Group PLC Ord lOp - CO-26 029 

pocse 

Bodays Investment PundfCl) Starting Bd Fd 
• £0. 4054 (40c94) 

Bel Court Fund M ana gement PLC Ord lOp - 
£1.7 

Bison industrial Croup PLC Ord ip - C0.D9 
Brakspear(W.H)8 Sons PLC Ord 2Sp - ES.4 
(30c94| 

Broncon Heidnga PLC Old Bp - £0.40 
(40cB4) 

Calhaven PLC Ord 5p - £0.00 0.1 <40c*>i 
Covenhom PLC Ord Ip- CO.T 
CeBIc FooiboS 8 AWebc Co Ld Ord £1 - £65 
63 (50C94) 

Chonnd Islands Coma (TV) Ld Old Sp - £0.54 
(SQc94) 

Courts ConsUUng Group PLC BptNeO Cum 
Cnv Red Prf - 8LS3S5 058 0-56 (30c34) 
CTOMhatAflin Edward) *Mgs 5*z% Cun Prf 
£1 - £0.65 

DASlManasement PLC Oni Kip - £2-054 
Dwaon Hdgs PLC Ord lOp - £4® HOc94) 
De OVucrfy (AttrataimJ Ca Ltd QnJ 20p - 
£1^2(305004) 

Eastboune Water Co 8.875% 1st Cum Red 
Prf - £1 tm B0So94) 

BBot [BO PLC 7.5% (NeD Cm Cum Red Prf 
£1 - Cl .23 (40c94) 

Enterprise Computer HUgs PLC 10% this Ln 
Stk 62790 - £20*2 006*94) 

Exchem PLC Ord SOp - £2 (4Cc94) 

Faacast Broadcast Crvporation fiX Od 5p - 
eOS2(BOc94) 

Fitoong Homes Group PLC Od top - Cij» 
Gander Hakflngi PLC Ord tp - 0X0675 
Gokten Rose Communlcatkins PLC Orel ip - 
eiJ3(40c94) 

Graduate Appointments PLC Ord ip - £0.10 
0.17 (3Qc94) 

Guernsey Gas Light Co Ld Ord lOp -SuKK* 
Guernsey Press Co Ld CrtJ lOp - El-95 
Gutton Group Ld Ord lOp - £1.4 1.4 |50cS4) 
Hamp s hire Company PLC Old I5p - C022 
TIS Group PLC Ord £1 - £0.401254 
Jersey New Wtoereioria Ca Ld 2% Cum 4th 
Prf £5-00.8 

Just Group PLC Ord ip - £0X14 (SOc94) 
Klalnwort BmsonOnt) Fund M on Emerging 
Mokate Fund - £16.464 18-B84> 19 824* 
Ktehmort Benson(ln1) Fund Man mt Inc Untts 
Bond Fd - £6521 (40c94) 

Hetawort B erefonffrit) Fund Man KB CMt Fond 
- £132964929 (4004) 

Kletawort Bortsan^nO Fund Man int Equity 
Gwth Inc - £2.695 (30c94) 

Labyrinth Group PLC Ord lOp - £0.43 
Lawrence PLC Ord 10p - Ci-8S$ (40c94) 
Lowrio Group PLC CM £1 - £27 
La Rfohe's Stores Ld CM £1 • £2.9 <50e9J) 
Leteuedma Irina PLC Ord Sp - £0.07 
London Fiduciary Treat PLC Ord Ip - £0.02 
London Fo< PLC Ord lOp - Cat (303*94) 
Manchester C#y FoatbaJ Club PLC CM £1 - 
CIS 000)4} 

Manna 8 MeroanUe SocuntUa PLC Old 
HO20 - Cf.7 POcm; 

Mercury Fund MartQsto at Man) Mercury ini 
Bold Fund - CO. 5304 pOcgu) 

Moons PLC 42% Cun Prf £1 - EO03 
(308004) 

Mattik bdunattanal Group PLC CM ip - CA2 
0Oc94) 

N.W.F. Ld CM £1 - £7k 0Oc94) 

Nadanol FforWng Carp Ld Ord lOp - £6^ 
North Surrey water N.V.Ord lOp • £1*i t-8 

(40c94) 

North Surrey water 10* Prf 10 - £0015 

nOdM) 

OakhiA Enterpristn Ld Ord £) -£0015 0 
P0S*94) 


OmriMMta HLC Ord 5p - CU Si 0 s*» 

^ PLC fiW Cum Prt Cl • »-•*' ■' 

Bsssasi»“r 

PerooiWBJrrievI Olfomro Bmeguin 3 - 
S70088 

p^aunKjertey) Ornhore w t™*" 

Fd - W.3W pJOSnSJI . 

ParoetuaVJtewy) OfWwre Uh growth ■ 

PLC CM . » 

^^Mustrita PLC iw ora 7*;p ISP W) 

- £0^25 (40tf)4) . 

Sovijfri Vcrioy RutwarfMui^nv- Ora £ 1 • 
£0.73(305*94) 

Sncpnod NoJBn* Ld ‘A- Ord kl - £0 * 

gj^oJen HWgs PLC Ord fp • 
goutoem Nrenfinpnra PLC ora C1 E 15 
Southern VeuUs PLC Ora lOp ■ £UU 

S^^Britafci Ld On Royally Stk Ifona ip 

C0.7I4OC94) 

Surrey Free inns Ord £1 - w 
Sutton Horeour Wdris Ld CM 25 m - fU 
rhwaKHlOnnfoW Co PLC era 25f • C- fts 
0OC34) 

ntagnur PLC Ord 5p -runs 

Tracturi Neworit PLC Old £1 • W‘ 10k 

UrSrtftlsineM Croup PLC t>d £t • « 02 
VDC PLC ora £1 - £4.05 (4004) 
utsa Emenawmcnw plc ora sp - ro 01 
l30c94) 

Wadwertn 8 Co Ord Cf ■ Caos ptWeM 
wadwortn 8 Ca Ora £l ■ £8 05 0OS*94) 

Wadworth 8 Co 9k% Cum Prf £1 - £* d* 
(30Sd9« 

Warburg Asset Management Jersey Mrewav 
hiU Goki 8 General Fd - £1.99 
Wodonbum SecunUes PLC Wts to sU> lor 
Old - £0 05 (30041 
Woenunx Ld ’A" NonV Ord 2bn - £18 
Wentworth InMmatfonai Oroup PLC Ord Ip - 
£8Dl 

Whitchurch Group PLC Ort IdP TO S3 
Mndiestor London Trust PLC t>d bp - C0.8 
poaa94) 

Winchester Mute MedU PLC Ora bp - £0.66 

(SO/W) 

Veaus Group PLC Ord lOp ■ £3*2 


RULE 2.1 (a)(v) 

Bargains marked In securHIas (nol 
faffing within Rule 2-1 } where 

the prtoipat market tot outside the 
UK and Republic of Ireland . 


Baitaror GotdfloWs AS0252|3.101 
Bantaoa Gold Mmae ASa 03024(5.101 
Bank East Ask HS32 2273250 10) 

Bare Knwan 15/«<tt9l 
Boorcoi ExpUratiara 1 15*303) 

Brush Wei nun Si 60. 101 
Buktt Sembawang £12(0.10) 

Centaur Mining 8 Evp ASO .6270 150.101 
Cnv Dev SSa2b2624|6 10) 

Comm Psychiatric Owns $l3rjM2 7 s(0.lO) 
Dtarifopon 3cr«rt Man Y749.7tar7p.IO) 
DuOfor E-p 837 $0.10) 

Energy Res Aust a oni ASiJ85l6(4.iDt 
Forest Lata $43.8750. 101 
General Soca kw SSI 9St22«&10l 
Gakton Vsitoy Mines 2(0.10) 

Hoorra Nth Writ 12(4.10) 

L e v er ag ed Cap Hides NOWJ?t{Lilll 
Murray & Roberts FZSaklS.lO) 

Nat Fuoi Gas Co S29 7 sp.1G 
N«i RkKMfS Mfoos AJ9. 007(8. 10) 

OS Starch 44(5.10) 

Pretoria PortLmd Cem £12*2(6.10) 

Quaker Stale Carp S14kt30.HI 

Regal Hotel led & MSZOiQZ (Xto4j0. io) 

UW Overseas Land SK.7888(4 10) 


0y fWni/wfoo at the Stock Fxchmg* Council 



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FINANCIAL TIMES 

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clos 


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41 4. 


’■Orr 




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4 


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'"■Per 








FINANCIAL TIMES weekend OCTOBER S/OCTOBER 9 1994 


LONDON STOCK EXCHANGE 


MARKET REPORT 


Firm close for equities as bonds advance again 

Ru Tovru Pi ri~*vi~» ri 


FT-SE-A All-Share index 


1,650 


By Terry By land, 

UK Stock Market Editor 

A firm performance from bond 
prices again helped UK equities 
move higher to challenge the FT-SE 
3.000 mark, brushing off a scare 
about reported developments on the 
Kuwait border as Wall Street 
opened positively in the wake of the 
keenly-awaited US employment 
data. The FT-SE 10Q Share Index 
closed 113 ahead at 2W.7 and long 
dated gilt-edged stocks were around 
% of a point higher. 

Equity trading volume remained 
modest but the market looked more 
confident as the US employment 
statistics failed to dislod ge an early 
gain which took the Footsie to 
within five points of the 3,000 mark. 
Confidence was challenged in the 
second half of the session when 


TRADING VOLUME 


■ Major Stocks Yesterday 

Vtt C rang Day's 

00Q» PUCO CtlmiB 


reports flashed across the trading 
screens suggesting Iraqi troop 
movements on the Kuwait bonier. 

Oil shares, and also sterling, 
flicked higher on the news agency 
reports from the Middle East, and 
the Footsie gain was trimmed from. 
11 to 4 points very quickly as inves- 
tors pondered the implications of a 
renewed threat to oil prices and 
bond yields as well as currencies. 

But the news agency reports 
could not be fully sustained In UK 
market hours. Markets soon settled 
down again, and the Footsie rallied 
behind a Dow Industrial Average 
which added 12 points in UK trad- 
ing hours. 

At last night's closing reading, 
the Footsie Index was down just 
under 1 per cent over a week which 
has seen the market unsettled by 
fears that the US Federal Reserve 


may soon raise its key interest rates 
again. Worry over upward pres- 
sures on global rates are focused 
Sharply on the possibility that UK 
base rates could be forced higher 
again before the end of the year. 

But the gilt-edged market, where 
a recovery is seen as the necessary 
requisite for a return to health in 
equities, has been in better form 
this week. Short-dated gilts, those 
most closely linked to base rate per- 
ceptions, edged forward yesterday 
and longer dates, more keenly 
aligned to views on inflation, 
extended their early g ains in the 
second half of the session. Past 
weeks have seen investment cash 
moved from equities into gilts. 

Nevertheless, sentiment remained 
unsettled and an erratic equity mar , 
ket dipped sharply in early trading 
when futures selling fell on an 


unwilling equity market Next week 
brings a heavy list of economic data 
from both sides of the Atlantic. 

On the home front, investors will 
focus on the Retail Price Index for 
September which is due, together 
with average earnings and wage 
cost statistics, in the middle of the 
week. Later, markets will face the 
producer price index from the US. 
with retail sales and consumer price 
figures to follow. 

Most oF the action lay in the Foot- 
sie stocks yesterday, and the FT-SE 
Mid 250 Index was left to edge 
ahead by 2 points to 3,447.5. Busi- 
ness In non-Footsie stocks made up 
only just over half of yesterday's 
Seaq volume total of 512.4m shares 
which was nearly 12 per cent down 
on the previous session. While 
retail business, life-blood of the big 
securities firms, has remained satis- 


factory, it has become more nar- 
rowly focused, threatening the 
financial health of the less promi- 
nent names in the market 
On Thursday, retail, or customer 
business, was worth £12bn. main - 
taining the flow of profitable trad- 
ing sessions for the London-based 
securities Industry. 

hi spite of the weakness of the 
stock market many market strate- 
gists have repeated relatively bull- 
ish forecasts for prospects for the 
F-SE 100 Index over the final three 
months before the end of the year. 
Economic recovery, in the form of 
corporate earnings and dividends is 
Still seen the near-term prop for the 
stock market although two leading 
firms warned yesterday that con- 
sumer spending might continue to 
face restraints both this year and 
next 



Equity Shares Traded 

Turnover by voiutw (mfflon). Excluding: 
mtra-maihei business and overseas turnover 
1,000 


■ Key Indicators 
Indices and ratios 

FT-SE Mid 250 3447.5 +2.0 

FT-SE-A 350 1505.9 +5.7 

FT-SE-A All-Share 1494.19 +5.10 

FT-SE-A All-Share yield 4.03 (4.04) 

FT Ordinary index 2310.4 +2.3 

FT-SE-A Non Fins pte 18.38 (18.32) 

FT-SE 100 Fut Dec 3017.0 +21.0 

10 yr Gilt yield 8.32 (8.91) 

Long giR/equily yld ratio: 2.20 (2.21) 



FT-SE 100 Index 

Closing Index (or Oct 7 2998.7 

Change over week .... -27.6 

Oct 6 


OctS.. 
Oct 4 .. 
Oct 3 .. 

High- 

Low* 


2984.4 

2953.3 

3001.8 

2933.5 

...........3025.2 

2930.2 


’bnra-diy high and low lor week 


EQUITY FUTURES AND OPTIONS TRADING 


st 

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Attboy Nattontft 
Abort FWwr 
MM Domecqt 

AngOan Warar 
M0O8 

Aryyf Qnxvf 
Ai|oWloi]»wt 
Anoc. EH. Fbotfef 
Asaoc. Bra. Pom 
MAT 
BAT Mat 

BET 

BtCC 

BOOT 

EOT 

BPQ tod*. 

EL 

BTRT 

Bank of ScoUandt 
BmAyst 
Besot 
BkMCMvt 


bSSLt 

EM. AenMpaefft 
Brftnh Alrwnyat 
BrttWiGmt 
Bttsli Land 
Brush Sutttt 
Butt) 

Bramah CasDctf 
Bum 

cable » Wtarf 
Carfcuy aaiwsupoat 
Caradont 
Carflon Comma, t 
Coots VSyota 
Conan. Urtant 
Cookaon 
Coral jukat 
Mgrty 
Or La feet 

Domna 

Eastern Bactt 
East MKUnd BacL 


Eng Chau Ctoya 
Enterprise Otf 
Eurotunnel Units 
FM 
fieons 

Foreran t CoL IT. 
Fortr»f 

Gan. Acdderat 

General Boctf 
Gtaxot 
Qtynwed 
Gnmodnt 
Grand Matt 

GUSt 

S3 

GrSmmt 

HSBC I75p Urajt 
H am mer son 
Hanaceif 

Harrisons CrofioM 
Hcys 


1.000 

4.700 
1.900 
3.400 
1.300 

216 

178 

2-200 

1.100 

238 

672 

841 

4500 

720 

670 

398 

20000 

537 

14.000 
6.100 

10X00 

MOO 

1.700 

3.700 
134 

2A00 

1400 

342 

lire 

7400 

106 

3.700 

7400 

185 

2400 

7.100 
1400 

362 

1400 

1400 

2400 

428 

760 

a 

140 

302 

4400 

1.100 
440 
823 

15400 

248 

(39 

1400 

458 

1400 

290 

2.000 


3102 

01 

392 

45 


307 

205 

2B3 

501 

268 

474 

420 

103 

358 

ess 

4102 

304 

380 

304 
184 
542 

5202 

274 

413 

499 

481 

454 

3802 

201 <2 

305 
IBS 
1S5 


442 

276 

814 

200 * 

519 

234 

454 

431 

926 

182 

781 

719 

4B2 

359 

386 

248 

IBS 

109 

138 

226 

545 

286 


VoL 

oooa 


CkxMg Day's 


+2 

-til 

*7 


48 

■a 

*fa 

-3 

41 

-6 

-2 

-2 

-5 

-6 


A 


-6 

+11 


43 

419 

43 

«S 

47 

-7 

-6 

41 

41 

43 

45 

-a 


Lonrho 

Lucas 

MEPCf 

MH 

Marweb 

Marks ASpencart 
MUMslftKt. 
Metrison {mm] 
NFC . 

NatWaat Bankf 
Notarial Powarf 
Mesa 

Norti Want Watarf 


Northern Foodat 


PXCrt 


PDrotaont 

PmdamMT 

HTZt 

Haori 

Rank Orp.t 
Redan S Cofamnt 
Radsixft 
Reed ML t 
nanrohlt 
Rautanr 
feOsRoycvf 
Ryi Bk Scmkmdt 
RawU kauancef 


Som&Mi & Noanf 
Scot Hycko-Qact 
Scmtah Pomrt 

Sadgwfc* 

SetfaOM 
Swam Herat 
SSe* Transporrf 

SUmt 

Stough Em 
Snath (WK) 

Snath 3 Naphewf 

onwi i wijrnnmT 

SmW D as ch om Uts.t 

Snwha Indm. 

Sowhem BscLt 
South WMea Boot 
South West Water 
South Weal Boot 
Southern lAAnar 
SttndOid Cberatt 
Sbrahgun 
Sun ABancat 


4,00a 140fa 44 

4500 177 -5 

1 500 425 -3 

944 127 -1 

17 TBS 43 

1.200 404 42 

1.300 710 -6 

301 130 

1X00 172 -4 

IJOOO 482 44 

1.300 474 46 

444 238 —1 

418 533 47 

358 753 -4 

1JB0Q 216 46 

4IG 758 48 

1500 598 48 

558 698 -6 

2X100 184 

1,400 539 48 

684 298 U 

62 010 »1 

1300 871 >2 
310 245 

1.200 384 

977 334 

2.100 478 

1,400 77S 

828 219 

2500 446*2 

1.700 175 

1.700 397 

3500 285 46 

776 387 

9 1313 43 

063 48* 42 

2.200 327 412 

1500 344 411 

2^00 101>2 -fa 

328 143 -1 

1.800 400 -4 

151 530 43 

3/400 701 47 

111 SO + 

204 224 -1 

302 432 -2 

809 141fa +Sfa 

1400 418 -4 

881 378 -7 

177 412 -3 

1200 724 48 

1500 763 -6 

70 SZ7 +6 

389 730 -10 

137 573 42 

1.900 258 46 

1/000 203 -2 

2500 310fa 


Stock index futures moved 
ahead strongly for the second 
day running with turnover ones 
again at a good level. 

The FT-SE 100 December 
contract dosed 21 points 
higher at 3,01 7.0 for a two-day 
advance of 43 points. Trading 
volume was 13,892, against 
13,092 on Thursday. 


At the official dose the 
premium to the cash market 
was 18.3 points and the fair 
value premium around 15.5 
points. Traded option volume 
was 27,669 lots, down from 
39,117 

Buyers moved In quickly 
once Wall Street came into the 
reckoning. 


FT-Se 100 INDEX FUTURES (UFFE) £25 per tui Indax poW 


Open Sen price Change High low EsL vol Open im. 
Dec 2980.0 3017.0 +21.0 30200 2975.0 15461 55885 

Mar 304 IX) +21.0 0 2176 

■ FT-SE MID 250 BUDEX FUTURES (UFFE) Cl 0 per MMndtt. poM 


■Ufa 

45 

43 

-1 

-3 

»14 

42 

A 


Dec 


34500 34800 +100 3470.0 3450.0 


330 


4018 


e FT-SE MP250 BH3EX FUTURES fOMLX) CIO per (til auHw point 
Dec - 3455.0 

M opan int er es t egira am tar previous day. t Exact volume ahown. 


■ FT-SE 100 MDEX OPTION (UFFE) (*2997) CIO per fill hdex pokri 

2800 2850 2800 2850 3000 3050 3100 3150 

CPCPCPCPCPCPCPCP 
Oct 20Bfa 5fa 1B2fa 7fa IWfa 12 80fa 2Zfa 47fa 42 24 TOfa 11 IWfa 4 153 

NW 232fa 17fa 1» 25fa 150 37 113fa 50 83fa TOfa S8fa 98 38 126fa 24 164fa 

Dec 246 29fa 207 53 171faS4fa 137 Tlfa lOBfa 93 83 117fa BTfa T47fa 44 161 

2B5fa 3Sfa 228 53 192fa 68 161 85 132 105fa 105 129 83fa 158 83 189 

Janf 32Sfa 74 258fa 105 19Bfa144fa 150 195fa 

eras 4.796 pros 12£40 

■ HJBO STYLE FT-SE 100 MDEX OPTIOW (UFFQ CIO per full Index point 

2826 2875 2B2S 2975 3Q2S 3075 3125 3175 

Oct 1802 6 1B2fa 10fa 98 16fa 59fa 29fa 31fa 54 17 86fa 7 127 3 172fa 

Nor 20Bfa18fa 166 28 130 41 fa 99 59fa 71 fa 82 49 109fa32fa142fa 19 179 

Dec 222fa32fa 185 44fa ISOfa 59fa llflfa 78 93fa101fa 70 1Z7 51 157fa 38 191 

Mar zmfasjfa 203*2 sofa 147 131 fa 100fa182fa 

Junf 3102 0 2402 112 199 151fa 139 197fa 

Can 780 Pin IJil * UndoMng hd« ukm. PrtmkiH timwi me tassd on oeUtneni print, 
t Long mad rapky nnMta. 

■ EURO STYLE FT-SE MR) 250 MDEX OPTION fOMLX) £10 per fid Index point 


Bit 


-t.ODO 

575 


T&N 

1.400 

209fa 

-afa 

75 

325 

-8 

T1 Groupt 

1r«XJ 

343 

-4 

1.+00 

481 

♦fa 

TSBt 

2.100 

214 

-3 

2^00 

403 


Tarmac 

Utn 

122 


089 

671 

+2 

Tala A Lyfcr 

043 

410 


017 

182fa 


TMorWaottw 

48 

118 

+1 

B70 

508 

-2 

Tenoat 

4.200 

237 


780 

440 

-1 

Itamra WWorf 

823 

500 

+7 

-1.000 

883 

+7 

RiOalEMrt 

084 

887 

+12 

13 

327 

+7 


1J00 

203 

-1 

4,700 

227 

-Ifa 

TrBtafaar Houaa 

2.000 

79 

-1 

001 

163 

-a 

UntaniB 

470 

32S 

-4 

*88 

278 

-1 

Urirrat 

350 

1093 

-0 

801 

174 

+2 

Unkad Oaoutat 

012 

303 

+1 

194 

297 

-a 

utd. Naajpapn-j 

820 

489 

-1 

1.700 

804 

+10 

Vodnfonet 

1300 

106 


1.700 

420 

+11 

WartrurgBOM' 

279 

387 

+0 

20 

333 


WMconaf 

408 

5ES 

-a 

i/wa 

483 

-6 

Wehh Water 

11 

034 

♦a 

■429 

641 

as 

Wmaax Water 

20S 

600 

-s 

1J00 

iMfa 

+1fa 

tfJMtKteVJt 

487 

52* 

-2 

1JOO 

804 

-4 

WHams HkHpLt 

204 

330 

+1 

T36 

683 

+1 

WHa Cancan 

340 

132 

+6 

864 

440 

+3 


as 

138 

43 

435 

327 


VW&oteyt 

1*0 

721 

-14 

i/xn 

538 

-1 

YartartkaBaa. 

1.100 

882 

-12 

3,100 

151 

44 

YartanOa WOter 

58 

SIB 

46 

33.000 

583 

-2 

Ztnaeat 

UOC 

BIS 

4fl 


3400 3400 3500 3550 3800 

flti 1S2fa 60g 1304 80* 107fa 109 
CUM 0 PUB 0 SMSernat prices aid sotames ora takaa at 4J8pm. 


3850 


3700 


3750 


FT-SE-A INDICES - LEADERS & LAGGARDS 


Parcermge donpn since December 31 1993 based on Friday October 7 1994 


Johnson Monhay 
KngWHit 
Kwtfc Save 
Ladbrakat 
land 9ocwiMet 
Lapona 

Logoi 6 Generaff 
UoydsAfiboy 
UoydsBankT 
LA3MO 
London Baa 

Barntf on tndng vobna V i mkOoi d «W worBm « 
d ana avltan or sue ire nxMeri floai Hn«aMeiFT-( 


•• Bnugh Best*) qm* mm odi «36poi Tom 
■ 10D « 


UtoManAPn* +7^2 

mnUng, Piper & Pttg +€69 

bdncBro kxti ■ - +560 

Mnoral EdrarJtaa +4J8 

08.MW1M 44J3 

EncfcOBt la ft. voMdn . — . +2.75 
FT GeUMmlndv +OJB 

rtMirrt, ^xB7 

BtghMrtoo -1.12 

nram. Food -i M 

iBlPxw A HnTwtx -yjB 

BatMctji . .. -3XM 

FT-SE amCap s» rT -407 

FT-SE smecap -s.15 

tt owoil u ■ . ■■ -624 

HMa -6X3 

On itanutmam -635 


FT-SE MU 250 « IT. 
Food ISaxitectanss _ 

FT-SE IU 250 

HHHFtancWx 




. -US 
-050 
. -am 
.-923 
. -&£8 

Sorts, W»s & Ddn -ia«6 

b v muiua trmjs -10/0 

Seoriw* -1070 

aodreric S Bee EijS ___ -1Q62 

Krato cm -1037 

FT-SE-A nsm -11.17 

Dmumar &nb — -1127 
FT-SE-A 350 _ 


— -11-5? 
-1217 

— -1228 

Smart Santa -1254 

UBta -1259 


TodtaS ApparU . 
FT-SE 100 


wuer -1261 

Drvirs&H toaustiab ~ n , r : -1249 

0« DttftUDaa -14J4 

DaHun — -1560 

Ule tesmnea -1273 

WUSm. tanl -1684 

Transport -1687 

TdecamudcaBOM -1226 

BaRSog Material* -1632 

pnpeny -1190 

MxbcUO Goods -20.17 

nrmftta -1028 

unrnee — — -2061 

Barks -2135 

Bunting 8 CtmUtCMn — -2211 

Tobacco -2148 

UBOantBam -2X86 


I FT - SE Actuaries Share Indices 


The UK Series 1 


IBM 


CUT cbgsw On 6 Od 5 Oct 4 ago jld« JH% n*r ytd Mian 

M01 tow 

Ktfi low 


FT-SE 100 

FT-SE Wri 230 

FT-SE Md 250 n lor Traoti 

FT-SE-A 350 

FT-SE SanOCap 

FT-SE SMK« « to IMS 

FT-SE-A ML-SBARE 


29987 *06 29614 
34475 *01 34415 
3441.4 _ 34401 

1SCL9 +04 15002 
177134 -02 177501 
174356 -02 1746.74 
1494.19 +03 148209 


70*411 

34292 

34220 

1487.7 

177051 

175029 

147782 


30018 

34552 

3448.1 

15072 

179589 

T7S584 

1487.44 


3ms 

34772 

34868 

15S12 

170238 

177582 

153827 


422 725 
382 526 
329 6.45 
426 695 
324 487 
324 521 

423 681 


1629 10174 
3020 103.70 
1679 10788 
1725 5123 
2527 4528 
2327 4727 
1786 5007 


113522 

1785.35 

128027 

116685 

137696 

135722 

117724 


35202 

41522 

41607 

17713 

209488 

206072 

176111 


FT-SE Actuaries All-Share 

Day* 

Oct 7 cbge% Oct 6 


Oct 5 Oct 4 


Year 


Mr. Earn. HE Xd adt Tod 
Ajjfcjljjtujjg yM Return 


2/2 

28768 

2418 

MZM 

2^94 

BB6JJ 

23(7/84 

3/2 

33814 

27/6 

41528 

3084 

13714 

21/1/86 

19H 

3362.4 

27/6 

41 807 

19/1/94 

ram 

21/1/86 

m 

M51J 

248 

177*3 

2ffl84 

66*5 

14/1/86 


177U94 

7/10 

209*96 

4fiffl4 

1383.79 

31/12/SB 

in 

174586 

7/10 

ZD0OL72 

4/2/94 

138X79 

31/1332 

3/2 

144X85 

24* 

T7B*n 

20/94 

6132 

13/12/74 

-IBB* 







HWi 


Low 




Low 


10 MOSUL GCnUBimm 

12 EidractH Mudrie*{4] 

15 01. KegraledSI 

16 01 EnpkxsBkin & Pradpi) 


268521 +12 265228 2041.16 268027 238020 3.43 5.10 

393128 +04 391725 388825 384428 318820 326 522 

2633.68 +12 259427 2582.12 260727 231520 359 5.71 

189024 +01 168826 18S427 100424 191010 220 * 


2421 81 >8 108088 280221 
2329 9824 108473 419755 
2121 8550 108321 27B22B 
t 3623 109421 


519 
2*2 

5/5 234926 
27« 178040 


31/3 280221 S«4 B8O20 19086 

12/7 41 0725 2/2/64 100000 31/12/85 

30/3 276226 5/BS4 98220 20/2/80 

31/3 3844.10 8/&90 60030 28/7/88 


20 CEM MANUFACIWEBSPST) 

21 Building 8 CDnaBucUodp3) 

22 BrdMng MaUa & MenAsCJa 

Z3 OwrtcateCT 

24 Dbere&ed UduaBtateflB} 

25 Bednmic 8 Beet Equ«34) 

26 EngtaeortnoplJ 

27 Engtoering. Vertdea(l21 

28 PiWmo Paper & 

29 Tcdlea & flwanSCt) 


1842.70 

-XI 

1 B45.I* 

183X51 

180088 

1B3O50 

*13 

524 

2X13 6X89 

040-82 

223238 

2/2 

1B3XS1 

5/10 


2094 

888.10 

14/1/86 

101X55 


101X43 101734 

102*06 

116X50 

337 

X44 

2433 

3X32 

79X74 

1569.10 

an 

101734 

5/10 

212530 

16/7/87 

53X30 

M32 

178X72 

-OX 1787X1 

100X48 

161X20 

186X20 

*14 

521 

2X44 

6133 

84237 


24/1 

178X72 

7/10 

239122 

24/1/9* 

96*80 

8«92 

230524 

+09 228X26 226X12 231X42 221X70 

*02 

*45 

2X23 7X25 102283 

258X42 

an 

226X12 

5/10 

256X42 

amt 

97950 

14/1/96 

175X39 

-0.7 

176*11 

174X86 

178132 200X20 

523 

5.31 

2232 

8X48 

901.11 

223137 

2/2 

174236 

5/10 

223137 

2OT94 

964LB0 

21/1/86 

187X14 


187X02 

186X49 

187106 

221X80 

431 

X71 

17.74 

57.50 

0TX53 

wffLia 

4/2 

183X48 

6/7 

226338 

4/2/94 

99X80 

294MS 

177X48 


177X37 

1783-04 

178X22 

169X50 

331 

532 

2X55 

4X95 

101X81 

2011.17 

2/2 

173636 

24/8 

2011.17 

2/2194 

98230 10/11/07 

2186/07 

-0.9 

220537 

220132 Z1BX88 

166330 

458 

X81 

4863 

7X39 

106022 

351636 

8/8 

2085/34 

28/5 

251635 

8/8/94 

99530 

14/1/88 

276X1B 

+03 275434 275*75 Z79Z80 248X80 

X10 

X42 

21/57 

7X24 

108839 

304X81 

18/3 

2821.19 

4/1 

304X31 

18/3/94 

07X30 

14/1 /aa 

1585X4 

+X6 

1565.76 

157737 

156086 

193X70 

*22 

XB4 

1733 

4X49 

001.79 

292*96 

4/2 

157737 

5/10 


2/10/87 

98030 

24/9/90 


30 CtMSUMBt GOOOS(97] 2889.19 287007 2845J3 2B9057 277290 4^6 752 15571057S 

31 Brewerias/171 215176 -02 215670 213250 2143JS 205050 4.40 758 1577 B1.1D 

32 spiitts, Maes & Qden(1QI 275454 +0.1 275253 2731.19 279074 268220 405 7JS5 103210055 

33 Food MaautKtunraCa 224075 -05 22S1.11 224223 227431 281650 453 754 1454 78.18 

34 HotEEhaid GoodaHS) 228551 -03 229251 227556 228855 260950 356 757 15-01 5751 

36 Hearn CanX21] 157452 +02 1571.53 158048 158359 1711.70 350 3.42 4157 46^7 

37 ftoJnSaWZ 2M3J5 -02 294958 2914M SMUB 31*050 *M 727 lUttU 

38 TaOaccoO) 359852 +15 355278 349655 356856 395210 083 055 115421757 


92155 3048.76 
9B3-73 246452 
927.15 3235.93 
94258 280064 
B1B56 289414 
91650 190013 
94158 -325S51 
471856 


24/1 249454 
19/1 207157 
24/1 2836X6 
19/1 209956 
18/2 227556 
18/1 156048 
26/3 2641 JO 
7/1 312074 


308080 
2W 246452 
24/6 346780 
24/8 280064 
5/10 299414 
5/10 204740 
1/6 415090 
24/6 473083 


22/12/92 

191/94 

11/5/92 

19/1/94 

18/2/94 

28/3/87 

14/1/92 

29/12/93 


99750 

96250 

96750 

9401D 

827.10 

97250 

95X70 

aea.nn 


14/1/89 

14/1/88 

14/1/86 

14/1/88 

2VU86 

21/1/86 

13/1/86 

9HA6 


40 SSVKES(220) 186256 +02 180003 184011 187044 190350 

41 DHnmnm 2*9856 +15 248036 245056 247551 269070 

42 LehWB 0 HoWst25) 202482 +05 201259 201059 204007 182950 

43 2755.72 +06 273958 Z7D9.07 2768.15 2S1350 

44 natters. FtadflB 1BW.19 -03 1699.15 169756 17ZE47 177070 

« tetart^S) 1594.9 -02 159658 1576.12 W 1^70 

49 Suxurl SeratceU41| 148754 +05 14K54 1455.18 1467.25 163000 

« Kr 217058 -01 217X25 21SS54 218550 2306.10 

51 OteSmteS & BuSnec*(B) 1241.48 -03 1245.43 12*054 12S159 12303) 


352 654 1042 4B» 91457 2207.77 19/1 1846.11 5/10 2207.77 19/1194 

174 753 16.14 6653 06454 331933 2 12 246036 5/10 331033 2J2m 

3.45 491 2197 5359 B9951 236052 17/2 198410 6/7 238052 17/2/94 

252 5.47 21-25 6090 95066 3349.11 T7/2 2875.11 27/B 3349.11 17/2/94 

162 9.40 1115 6158 101453 191420 19/1 161154 25/4 223020 29/1*3 

350 650 18.24 3051 85070 191067 4/1 157112 5/10 193424 29/12/B3 

257 059 1753 32.01 89253 108643 V2 1455.18 5/10 186143 2/2/94 

357 063 19.87 6958 85259 280550 3ff 215X54 S/TO 290558 3»B4 

3.77 256 7474 2502 106051 13BB58 10/2 113052 21/4 246850 107137 


97140 

97020 

017.40 

87010 

33900 

96000 

98X10 


23/1/96 

21/1/36 

21 / 1/88 

9/1/88 

21/1/86 

9/12/88 

1/2/91 

14/1/86 

14/1/90 


60 imunspB) 

62 BeancartiT) 

64 CM DtsMMtanp) 

68 TddcoranwitoBDnM*) 
68 Wat*r031 


234355 +15 231*54 227X83 229&JM 242060 4.49 002 

243X03 +09 239758 236096 2379.13 210090 179 1016 

192060 +05 1820.00 1911.03 195953 220X60 021 t 

1965.40 +12 1920*5 189721 190726 220110 420 B.00 

11ao.11 +oa ioosxi 17s6.11 i76ooe iwmo 55*1x00 


15.18 7X42 90252 Z7BZ53 2/2 210092 

11.74 8046 1006.40 2764J4 3fV8 304.12 

* 80.79 6812* 238077 7/1 168420 

1X21 5022 838.12 2450.42 M 189*68 

859 6955 90088 212079 3/2 158071 


24/E 278253 2/2/94 

24/B 276474 30/8/94 
24/B 237950 10/12/33 

V6 248150 29fl2i93 
27/B 212079 3/2/94 


80250 

99550 

99450 

«/wm 

82470 


3/1 MM 
7/1 All 
9/12/86 

3/10/38 

1/5/90 


09 UOtt-RHAHdALSffSg) 


1618-32 +05 161176 159044 162150 1648.47 359 653 16.38 50B6 114X28 187056 2/2 156259 ZW 167050 2P9* 0X40 13/12/74 


70 FmANCUL£t104) 

71 BauksOO) 

73 insaraneenh 

74 Lite AssracefS 

75 MertiBrit Banka® 
77 Other FtancfalGMJ 
79 ftOOdrtyUl) 


208159 

271104 

1204.99 

2293-75 


1769-61 

1437.77 


+0.4 207S51 
+05 2702.16 
+15 119056 
+05 2275.77 
+0.1 2596.18 
-05 177250 
-0.1 143038 


206411 

260153 

1163.17 

2255JB 

258453 

177757 

143755 


2DB7.71 

273X42 

118259 

2271.71 

256252 

178230 

144625 


229750 

2814J0 

1407.40 

277550 

312X10 

1821.70 

1668.70 


45S 9.46 
4.451057 
551 BJ7 
558 854 
4501271 
4.10 B5G 
421 439 


1226 6658 
105311404 
11.70 5420 
145112752 
9.16 87.78 
1146 6116 
Wftfl 4203 


#28.19 2737.13 
61458 360158 
82723 150351 
887.71 292157 
78451 376129 
64758 2Z7B55 
822.EA 188058 


itl 203*74 
4/2 261177 
24/1 115X82 
19/1 218051 
2/2 258202 
4/2 175243 
4/2 143756 


24/6 2737.13 
8/7 360155 
24/6 182*20 
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ShO 213240 


4/2/94 

4/2/94 

29/12/88 

13/1/94 

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4/2/94 

5/9/89 


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■ FT-SE Actuaries 350 Industry baskets 

Open R00 1X30 

1130 

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Previous 

Change 


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Pharmaceutids 
Water 
Banks 


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^?LAS«nS»liSlt SKion £flge»aoring rriftrae to (W swn (*’L 


in 


busy oil 


(APT) 


Oil stocks, one of the quietest 
areas of the market in recent 
months as investors have 
focused on interest rate sensi- 
tive areas, suddenly moved 
centre stage, providing some of 
the biggest individual trades 
yesterday and also responding 
to developments in the Middle 
East 

Reports of big Iraqi troop 
manoeuvres close to the 
Kuwaiti border helped crude 
oil prices move up, stimulating 
all sorts of activity in oil 
shares which were already 
responding to strong overnight 
buying from the US. 

The biggest move in the mar- 
ket involved one institution 
switching its entire holding of 
Enterprise Oil into BP. The 
switch was said to have been 
carried out by NatWest Securi- 
ties and involved 7.4m Enter- 
prise shares, some 1.5 per cent 
of the group, and 7.1m BP 
shares. Speculation as to the 
seller of the block of Enterprise 
centred on the Prudential, 
Scottish Widows and Legal & 
General insurance companies . 

Enterprise shares have per- 
formed badly this year retreat- 
ing from a 1994 high of 457p, 
reached around two weeks 
before its ultimately unsuc- 
cessful bid move against fellow 
oil exploration group Lasmo. 

BP shares, on the other 
hand, have gone from strength 
to strength hitting a record 
430p last month, as the market 
responded to the company's 
strong earnings recovery and a 
string of exploration successes. 

BP were additionally helped 
by talk of a buy recommenda- 
tion from Cazenove and on 
hints of further exploration 
success west of the Shetlands. 

At the close BP were 9 
higher at 415’Ap on turnover of 
20m shares while Enterprise 
settled 7 off at 386p with 15m 
traded. 


Rees alert 

Shares in the regional elec- 
tricity companies fell sharply 
during early trading as Hoare 
Govett, the stockbroker, high- 
lighted the possibility of a one- 


NEW HIGHS AND 
LOWS FOR 1994 

HEW MOHS pfl- 

ENOINESUNG (3 Ketaoy Ms. Sn Hundred. 
EXTRACTIVE INDS (1) Coal lnva., LEISURE 4 
HOTELS tn d»VUM. OTHER FINANCIAL Cl) 
EMM. PROPERTY (1) Eral TRANSPORT (3) 
Go-Ahead, P & O bltpc PrUL 
NEW LOWS (183). 

GILTS CD BANKS (1) BREWERES PI 
Pronoun. BUtLDMQ A CMSTRN (8) Betray. 
Bryan. Croat MdtaL Penmmon. Ward Hklga.. 

Vtenhuy. BLDG MATES 4 MCHIX (S) 

Haywood MMama. Do Cnv. fe_ Mariey. Moya 
tad. Rugby. 9oring Run. CHEMCALB « 
Peisnp. WMBngem, CKSTRIBUTOfiS (4 Charles 
Sidney, Looker* Bpc PL Mlflm. Proon n . 
OTVHrSIHE D ffMLS W BTR. Haneon 3Kpc 
Cnr.Bd.SuHr, Wttwy. ELBCTRNC 4 ELECT 
EQUP CD Johnson Beoric.. ENflJNEEHMQ (B] 

ENG, VBECLES p) Boram. EXTRACTIVE 
IND8 fO Mtaorao. Praon a n. POOO MANUP 12) 
Ernest, uragose. GAS DtSTRUSUTlON p) Color. 
HEALTH CARE 66 InnraHa. kAL Lahra. 
HOUSEHOLD GOODS (3) C c ra roProer A. 
CreHFnon NatunOy, lionhaart. INSURANCE (S) 
Aon Corp. Bredsrack. Mar* & McLennan SI. 
MVESIMENT TRUSTS P0| MVESTMENT 
COMPAMSS (4) LEISURE A HOTELS (3) Brent 
WUkar. hft-Tec. Kuack SWp PH. LIFE 
ASSURANCE pi Ltaooin Nal, MEDIA |5) 
Bartma- tartot Hottttr Hearano. Lope*. News 
Corp.. Ptwmmk. MERCHANT BANKS (T) 
IMntltdl. OIL EXPLORATION 6 PROD (3) 
OTHER RHANCUL (B) PHARMACEUTICALS 
fO PRINO, RAPER 6 PACKQ (2) AG. SAEaur. 
PROPBTTY PS RETAILHIS, OSKRAL pO) 
Argos. Mprey. Benchmart, Boors. Fine Art 
DexApo™ Fra*L Lloyds Owntea roo Pit. MR, 
Menrias (JL NoUnghonv SUPPORT servs (5) 

Duchy JenMns, Gresham Tetacnmpusig. MR 
Data M —g a m anL Mturgen, Sw-Ptad 
TEXTBE8 E APPAREL P) UK SM«y. 
TRANSPORT (31 AMBUGANB PT). 


off tax on the National Grid 
disposal, but they subse- 
quently rallied strongly after 
London Electricity bought in 
seven per cent of its shares. 

Helping fuel the bullish run 
by the stocks in the afternoon 
was news that Eastern Elec- 
tricity had called an analysts 
meeting for Monday afternoon. 
The move was seen by dealers 
as indicating a possible share 
buy-back on Monday morning, 
a potential series of big cost 
cutting measures or even a 
takeover move against one of 
the other recs. 

Eastern is the only Rec to 
have received shareholder per- 
mission to buy in up to 14J) per 
cent of its shares, in this case, 
some 38m shares. Eastern 
shares jumped 19 to 761p as the 
news filtered into the market 

London's broker, SG War- 
burg Securities bought the 
15.3m London shares at 672p a 
share, in a move similar to 
that carried out for Northern 
Electricity and Midlands Elec- 
tricity recently. London shares 
closed 2 off at 683p with turn- 
over expanding rapidly to 33m 
following the share purchases 
by Warburg. 

Newspaper group Telegraph 
jumped sharply after parent 


group Hollinger said it 
intended to increase its share- 
holding. The Canadian media 
group said it was confident of 
the prospects of the Telegraph 
and intended to buy up to 6.8m 
shares, taking its stake to 62 
per cent from 57 per cent. The 
news offset a warning from the 
Telegraph that operating prof- 
its in the third quarter would 
be hit by the newspaper price 
wars. The shares leapt 45 
before closing 20 better at 330p. 

Hard on the heels of Thurs- 
day's James Capel downgrade 
story Barclays Bank shares fell 
further, losing 8 more to 542p, 
after 539p, on stories that UBS 
is preparing a sell note on the 
stock and also on rumours cir- 
culating in the market that the 
bank has suffered from sub- 
stantial losses in proprietary 
trading. 

Bank of Scotland managed a 
minor gain at 194p after Smith 
New Court executed a bought 
deal involving 4m shares 
bought for 187p each and 
placed at 188p. 

Vague rights issue talk also 
resurfaced at T&N, leaving the 
shares 2'A lower 209Vip as the 
market speculated on the out- 
come of the company's plan for 
an enhanced scrip issue divi- 
dend. 

Terms for the scrip are due 
to be announced towards the 
end of this month with the 
$47m savings to T&N underpin- 
ning its purchase of control of 
a controlling stake in German 
motor components group Kol- 
benschmidL 

Lucas Industries lost ground 
ahead of Monday's full-year 
results, retreating 5 to 177p as 
rights Issue rumours swirled 
around the shares which stood 
at 196p a week ago. 

Turnover was relatively light 
at 3m trades and the consensus 
among analysts was that 
although sizeable restructuring 
provisions could well emerge 
on Monday, talk of an immi- 
nent financing move by the 
company was misplaced. 

P&O stood out among lack- 
lustre transport shares, falling 
6 to 596p in negligible trading 
volume. The shares have 
underperformed the market by 
3 per cent over the past mouth 
and one top securities is 
known to be teeing up a buy 
recommendation. 

Eurotunnel shed a further 5 
to 248p as traders digested the 
implications or a substantial 
stock overhang in the shape of 


■ CHIEF PRICE CHANGES 
YESTERDAY 

London (Pence) 

Rises 

Chrysalis 213 + 7 

Coal Invs 143+5 

Eidos 395 + 60 

RadanKC 45+4 

Rodtme 14+3 

Sat eland 27+5 

Telegraph 330 + 20 

Verson Inti 13J.-+ ni 

Wolsteoholme Rink 768 + 20 


Falls 

Benson Group 
Brockhampton 
Frost Group 
Govett & Co 
Kode Inti 
Leigh Interests 
Lucas Inds 
OEM 
Persona 


9!t * 2’i 

378 - 17 
205 - 25 
353-16 
53-7 
195-7 
177-5 
22-5 
142 - 9 


Wetherspoon (JD) 393 - 13 
Zetters 138-6 

the 29m shares held by Bom- 
bardier of Canada. 

News that food retailer 
Argyll Group was to sell 101 
Lo-Cost discount stores helped 
the shares shrug off worries 
over the pricing war currently 
being fought out by competi- 
tors in the sector. The shares 
retreated to a low of 259p. 
before recovering on news of 
the deal and the improved mar- 
ket trend to close unchanged 
at 26&p, in volume of 

7.2m 

Nervous trading in Body 
Shop ahead of next week’s 
interim figures left the shares 
trailing 6 at 247p. It was also 
caution ahead of figures later 
this month in Highland Distill- 
eries that left the shares 8 
weaker at 423p. 

Cadbury Schweppes closed 6 
lower at 442p on talk that it 
wrs planning a launch a bid 
for US group Dr Pepper/Seven 
Up in which it has a 26 per 
cent stake. 

In the new issue market. 
ED &F Man traded at a sub- 
stantial discount to the issue 
price of 18Qp. closing at 172p. 

A profits downgrading by 
Smith New Court in Leigh 
Interests, the environmental 
services group, saw the shares 
fall 7 to 195p. 

Biotech company Celltech 
was firm at 207p as Lehman 
Brothers recommended the 
stock ahead of a presentation 
on October 25. 

London International, the 
condom manufacturer, eased 3 
to 84p ahead of suspected 
downgrades next week. 


o*f 



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N Bid 




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FINANCIAL TIMES WEEKEND OCTOBER S/OCTOBER 


o iw 


WORLD STOCK MARKETS 


... Motl taw 


+ /- «Wt iw ru P/E 


NORTH AMERICA 


UHITEO STATES (Oct 7 /USS| 
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33% 3.1 17.1 
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28b 50 670 
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- AUSTRALIA (Oct 7 /AuStS) 


507 -4 660 250 £0 ... 

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— ITALY (Oct 7 /Lira 


3 Carom £550 
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PflsaBr 1,425 
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‘J? i * L '£&3to&8f 


US INDICES 


ram* i£iom 
JWW* f»0g 
HcfeGn £620 
SSSBr 1085 
SMHBr 71* 
SMHAg IBB® 


1994 

MflA 1® 


♦5 1.700 
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+4 4® 
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♦ T 190 

-10 991 
♦SO 1,920 
+101037 
♦® 175 

-25 1.738 
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♦ l 263 
+20 1.540 
♦a ilo« 


Argentina 

Cawol C91 £771 

Austrdb 

Ad O0mns*m«Jl 
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Austria 

lnnjodUntei’101! 


(U) <957£63 1974051 2547XM 102 


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377158 3767X4 3801.13 397X36 3583X5 


10675 19iX3 19798 23+0® 3* 
10414 1044.4 1044 1 113X10 3/2! 


1957® 27* 
904® 56 


39055 3S021 3X78 46DJB8 2/2 
10*9.73 104X95 104815 1222J5 1/2 


39X21 8 no 
1011® OT 


CSS TTHnGoxtn) 83) 
CBS Al Sr (End 831 
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4103 45400 31/1 
2614 294® 31/1 


4DK30 2VB 
287® 216 


188805 199816 203501 2*3X64 3/2 


Boehm 
BEL0 [1/191) 


o&SEwe/Ksa 


1031X3 104107 104048 1211.10 28/2 


133639 133603 1338 33 1542JE5 9Q 


0 im (4/fl (31/1/94) 

Horae Bomb 98.17 9602 9X73 10X61 9X17 10X77 

0/1) (5/10) (160090 

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♦10 615 

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568 1.9 
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705 £1 
896 £1 
331 ... 
1060 1.7 
1060 £8 
£400 30 

a® 10 

302 30 
782 10 
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1.400 £1 
1063 £1 
123 _ 
1/400 4 8 
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1.001 _. 
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1.850 £« 
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722 +17 

1 . 1 ® _ 

513 +9 

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545 +8 685 3BS 


ktlTcfl 1070 —20 1.860 1,140 
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— MDCMfll 554 +4 568 425 _ 


6*2 -1 BSO 

837 -3 B85 

335 _ 400 301 

1.120 -20 1.420 1.100 i 

759 *7 890 7*3 1 

410 +2 4B9 37B 

391 -2 453 337 

895 —3 830 b/fl 

815 -1 MO 770 I 

405 +2 448 310 

1.160 +30 1,400 845 

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513 -7 782 60S 

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Mnramu ... — 

MoriS £090 -30 £700 £000 

MUMjn 3060 +00 4.490 X472 


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329X06 2V4 
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82610V 62700 6271.0 8757® 15/6 


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SOUTH AHBCA (Oct 7 /Rantfl 


■ <% +i» w 

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965 +91.0*0 781 i 

520 +2 588 SOO 

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741 +4 810 S2S 

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729 +1 861 579 

454 +1 520 413 

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Topu (®1*8J 
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211X30 5/10 
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Mnaofin (10371 137530 1381.10 1384® 1803® 31/1 
Sritadand 

SwtoEkM (31/12/59 117*01 117206 1171® 142X34 31/1 


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Tptom 

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1157® 18/7 
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Dow Jones Ind. Div. Yield 


662X36 665X32 60+459 7101.13 8/10 


3 X P kid. Ov, yMd 
34 P ind. P/E rano 


Year ago 
2-85 

Yea ago 
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27.52 


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3T8+® 5276 £5 S38J? 12201® 4/1 


Banglo* SET I30/+/79 1+5978 1+81® 149209 175173 4/1 

Itakay 


■ STANDARD AIS) POORS BOO HUX FUTURKS S500 ttms Indax 


taartu Cmpt/an 1986) 


44K56 437X49 4350 05 4S97L99 27/9 


51505 5U.46 50154 81299 5.1 


173909 179932 160X45 283X16 20% 


5290 6+80? 6+104 817.17 IQS 
10310 104X0 104X0 1318® 10® 


588® ion 
044® IDO 


197+4 75 1965523 19751 55 2155201 13/6 
28S.11 233® 239® 311.71 19ft 
157X05 157X27 1582.CS 171223 136 
221974 223186 22*328 3542® 67 


1736X7+ -VI 
28X22 4/1 
144507 4/1 
187X31 +/1 


2722681 2752X3 287830 28883® 13/1 

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JCapoOnpa (31/IZffiQ (U) 331® 33209 30X19 5/1 

Bamga Emag.(7/l/33 183.77 18501 18828 191.79 2M 

■ CAC -40 STOCK INDEX FUTURES (MAUFI 

Open SeitPnce Cftange HJgh Low 
Oct 10450 1867.0 +15.0 1871.0 1834.0 

Nov 18510 19750 +J5L0 J875.D 1S4S.0 

Dee 1862. S 1884.0 +14.5 1838.0 1853.0 


Open Latest Change 
Dec 45300 45500 +1-10 

Mar 45X70 458.15 +0.95 

Jun 46205 +61.80 

Onm Mnrasi Sgrass n lor prwtous dey- 


Low EstvoL Open Tit 
452-30 68008 217,438 

45600 578 6,255 

46X00 49 2070 



-12H50ISZM 17 
*9 508 344 £8 
-.50 1*0 102 1JD 

57 2X60 — 
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-SiO 60 «Z 6.7 
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♦ £S 1035 >L80 £6 
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- 40 14£5 733 *2 
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-SO 4 2 30 4-3 

-25 Z3S0 1X76 £7 
+2 00 53.75 £3 

+.15 14.05 7M 1.1 
+® 130 87.50 1.7 

+1.76 47 2X25 . . 

+.75 SX7S 1X75 X7 
+1 34 18 16 

-.05 4® £15 1J 
_ 104 55 1-4 

+1® 122 78 19 

-1 MSB 6X50 18 
+.50 75 *1 £8 

-50 100 75 19 

_. 22 16® ._ 


957 *33 1.140 855 

£400 +30 7.500 X220 

627 -8 0.650 602 

393 -2 482 318 

£010 *10 2,130 7M10 


SimS? 10.20 

& 4*7% 

HKOrfi 14 20 
MCShK 11.10 
HK Air 33 40 
I* Be 23 80 

« as 

HKTW 15io 
TOOiW 3X70 


Mbea £130 *40 £300 i £30 

FJOLror 1.040 -20 1.110 937 


F#m 2OG0B) 


70S +3 802 S93 

621 +1 820 450 

1.720 -30 £190 1,650 

7S2 +2 850 STB 

722 -10 705 <78 

1.450 +10 1.660 MID 

690 -1 794 853 

6M *Z 7W 308 
750 +11 772 484 

1.030 -10 1.290 IflZO 

609 *2 617 450 

1.080 *10 1^00 1.050 

509 -1 615 441 

805 *16 1.110 760 

1,420 *10 10+0 1-400 

1.1W +10 1,510 1,160 

511 +6 530 335 

37S -2 367 302 

400 +5 634 346 


KM Big 14.851 
to MM O l 1U2H 

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f&r 

SSI .ft 


SOiASP 4 70 
SHKCo X871 


SWHbA 5823 



JT9TO 

TetoBr 35 


— »»*)* 10.40 


*20 16 60 X3S 42 83 

— 50 2R.80 Z2 2£1 

-201X70 10 40 3J - 
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87 37 XI 38.5 

81 69 £8 654 

14 8.T5 .... — 
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-.15 1X10 18.30 3 JB 1X9 
-£6 1X20 10 0 5 _ 

+ 07 8® 4.10 £9 — 
-1-30 45 29-3C 1.0 ^ 

♦ JO 131 BO £0 _ 

- « 21 JO 11 JO 4.7 40.1 
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..13® . 10 XB £8 
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+05Z42S 13 2JZX9 

-an 1X80 1X90 1 J) 12 
-1 10 54 3320 XO 130 

+ 20 3550 2020 XB — 
♦i» 31.75 17.80 0.5 - 
-20 3025 18 90 17 212 
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♦.IS 1X80 X90 £0 
+ 10 4X50 27X0 1.9 ... 
+ 35 33 25 19.25 4.4 — 

-.10 1X10 7 60 0.6 — 
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-25 25 12.60 2£5 214 

— 1Z&0 H20 05 • 

+.10 4£50 3020 i< 

-20 39 30 3.0 6X7 

*.75 77 41 30 3.1 68.1 

-.10 I6J0 If 3-0 *5.0 
-03 6.15 3.75 3 3 UB 
-.10 1X40 9X6 0.4 3X3 

5.45 £90 £4 

— 7 00 3 56 8J _. 

-25 71 60 SO 1X0 

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- 06 17.40 1020 7.7 _ 


t: ::: »*auygia (oci ? / 


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128X48 5/10 
113X49 s no 
S028 71/3 
141® 21/4 


■ NEW YORK ACTIVE STOCKS ■ TRADING ACTIVITY 


OB97 Cfcnp 

price isi day 


Est- vol. Open Int 
33,527 29,568 

35 871 

749 26,35* 


Open Merest Bgma fra prevtoM day- 


KL££ Compt-l'*®) 112233 11 + 3+3 1(3372 I 3 l 4 ® 91 


Santa Fd 

Can Uodts 

Motorola 

IMon Par 

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Hoarwoff 

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HeNMnat 

W4-Sto1 

TNatani 


10524®0 

3428,4® 

32S4.700 

2906X00 

nomnrw 

2,638,000 

2430400 

£516300 

2.440,500 

2,433,600 


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oa 6 oa 5 oa 4 
Km York S£ K9®2 358.537 325517 
Amo 17403 18470 16.799 


FlmDrBp 24 . 

Rmbton IX' 
Rustn 114.' 
SKRan 0-76 
Srmncs 1530 
SD&ew 8X50 
SAMnAm 64.50 
SUN 32X0 
SBM !J3 

TlgOal 41 JO 
Tno+uA 41.75 
Vfteefj 498 
WAfto 7X50 
WDsg 223 
Wlntoi 60 


-. 7.75 4.75 8.7 
+25 35X0 37«J 5.4 
+ 29 36.76 2X50 IX 
.... 3X50 16 60 1.6 
126 72 1.4 

-23 I3XO 6.70 .... 
♦20 2D 18 22 
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+1® 66 7X50 1.2 

... 37 27 £4 

_ 18 * 1 at xi 
- 56 40 1.7 

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+6 498 359 XO 
+25 74® 33 42 

+82350 J6) £5 
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584 +20 819 385 

1.140 +20 1270 1.050 


1.100 
811 +1 
479 +10 

IW wo 1 , 1 ® *10 1 

HSWIw 535 

BOO -1 1 


HYSE 

Issues Traded 

Uses 

Fens 

Undangsd 
RswH^N 
New Lond 


PACIFIC 


575 -3 SM 340 

817 *8 KM 727 

1.350 —50 1X70 1240 

1 . 1 m ixao loro 

791 
32S 
815 
401 

BOO -1 1 ,040 795 
£500 .30 3200 £460 

1. 470 -10 1J1Q 765 

300 *4 372 784 

1.840 +#0 1,660 1,230 

^ ^HS 1 ® 

K :i m ® 

1.020 +20 1,100 887 

790 +2 833 533 


Bbusm 1 J 6 

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Tonga 13® 


-XH BM 3® £0 
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-08 BOS 3X2 1 1 
-xs 940 caa z o 
-.70 24.10 IB. BO 0.7 
-.10 2X90 12.00 ... 


- - SSHAPOKE (Oct 7 / S$) 


aoran 916 +U 95e 5/S 
Bumflm 848 *8 1,110 833 


japan [Oct 7/ Yen j 


gtvKlp 1.080 +10 12*0 999 
(toron 1,770 +10 1®o 1.460 


gw P H 4®o . . 5-510 4 (Bio 

OWrtto 1270 -10 1,500 1250 

(Man 648 -7 744 830 


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£510 -30 1240 £410 

450 *5 882 390 

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OT5 +24 1,020 70S 
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FINANCIAL times WEEKEND OCTOBER S/OCTOBER 9 1994 



AMERICA 


Oils climb as 
crude reacts 
to Iraq 


EUROPE 


Apprehension ahead of US data turns to relief 


Wall Street 


US stocks moved higher yester- 
day morning, with investors 
consoled that a crucial mea- 
sure of economic strength 
came in below expectations 
writes Frank McCurtu m A r eu> 
York. 

By l pm, the Dow Jones 
Industrial Average was 12.45 
better at 3,783.01, and the more 
broadly based Standard & 
Poor’s 500 was up 1.62 at 454.02. 
The American SE composite 
added 0.94 at 4M^4 while the 

^ NYSE volume 

Daily (mffloo) 

400 - 



26 2? 28 20 30 3 

Sep 1994 


Nasdaq composite outper- 
formed the lot with a gain of 
3.77 to 747.96. 

On the NYSE, advancing 
issues were slightly ahead of 
declines by early afternoon on 
moderate volume of 162m 
shares. 

Amid a week of fretting in 
the financial markets, the 
Labor Department disclosed 
that fewer workers were hired 
in September than most econo- 
mists had forecast. Non-farm 
payrolls grew by 239,000, 
against a consensus estimate 
of about 260,000. 

Even though the August 
increase in payrolls was 
. revised sharply higher, the 
^tame headline figure allowed 
bond prices to stablise. The 
yield on the benchmark 30-year 
Treasury issue receded after 
touching the worrisome 8.00 
per cent level just before the 
release of the jobs data. 

But the relief was qualified, 
at best. The news seemed 
likely to avert an immediate 
move by the Federal Reserve 


move 


to put up interest rates, but a 
tightening did not appear to be 
too far in future. 

Stocks opened with decent 
gains, but second guessing 
among investors quickly pulled 
the leading indices into nega- 
tive territory. Towards midday, 
share prices headed higher for 
a second time, powered by 
across-the-board gains in oil-re- 
lated stocks. 

The sector’s improvement 
had nothing to do with the 
economy or monetary policy. 
With reports of Iraqi troop 
movements near the Kuwait 
border and a subsequent 
upturn in crude prices. Texaco 
gained $1% to 861%, Chevron 
$1V< to $42% and Rmrnn 81% to 
$58 1 /.. 

IBM was also contributed the 
Dow's advance. The stock 
added $1% to 870% on reports 
that the computer maker had 
sold out its new Aptiva line 
through the end of the year. 

But that gain was offset by 
International Paper, which 
shed a further $1'/, to 875%. 
The issue was down from $79% 
at the beginning of the week 
amid concern over the impact 
of another Fed move. 

Shares in Unisys continued 
to recede after jumping about 
10 per cent earlier in the week 
on reports that it was inter- 
ested in finding a buyer for its 
defence business. The stock 
was off $% at $11%. 

On the Nasdaq, Broderbund 
Software surged $5% to $57%. 
Oppenheimer lifted its rating 
on the issue after the company 
posted a 51 per cent increase in 
earnings for its fiscal fourth 
quarter. 

Canada 

Toronto overcame early weak- 
ness to trade mixed at midday, 
as some dealers expressed sur- 
prise at the strength in New 
York equities. The TSE 300 
composite index was 4.61 lower 
at 4271.71 by noon in volume 
of 27.9m shares. 

Of the 14 sub indices, eight 
were stronger but a l.l per 
cent foil in the industrial prod- 
ucts group overpowered the 
rising transportation and mer- 
chandising groups. 

Potash Corp of Saskatch- 
ewan fell C$3V. to C$48 7 /,. 


The story of the week and of 
this year, apprehension ahead 
of US economic data, turned to 
relief yesterday, unites Our 
Markets Staff. 

US payrolls growth ramp in, 
below expectations. Reports 
that Iraqi troops were moving 
towards Kuwait put an dampe- 
ner on bourse proceedings 
early in the afternoon but, 
later, lifted erode prices, and 
some of the oil majors in 
Europe. 

FRANKFURT ended slightly 
lower on the session, register- 
ing a new 1994 official dosing 
low for the third day in a row. 
The Dax index fell 0.44 to 
1,960.59, 2.5 per cent down on 
the week in turnover up from 
DM6-4bn to DM6.6bn. 

After hours the picture 
improved, the Ibis-indicated 
Dax moving 12.26 higher to 
1,977.67 over 24 hours. Stars of 
the day included shares 
recently depressed, like the 
inter-related Deutsche Bank 
and Metallgesellschaft, which 
recovered DM21.30 to 
DM69&20. and DM11 to DM139 
respectively. 

Analysts attributed the Deut- 
sche Bank gain to restructur- 
ing measures, aimed at helping 
the bank gain a better market 
position. Metallgesellschaft 
said yesterday that its h ank 
debts shrank to DM4.1bn by 

ASIA PACIFIC 


FT-SE Actuaries Snare Indices 


European equities versus US interest rates 


Oet 7 

Houly Canges 


Open n.oo 1133 12J» 13.00 


THE EUROPEAN SERIES 
14.00 15.00 aoae 


Indices rebased 

130 


FT-SE Euratack 100 
FT-SE EurtacA ZOO 


Fed funds (%) 
5.5 


120527 

134084 


1284.78 

1341.42 


1283.92 

1340.43 


128248 

1338.11 


175263 

134081 


128548 128883 
134681 1348.38 


128789 

134482 


OCt 6 


0e(5 


Oct 4 


Oct 3 


Sep 30 


FT-SE Bmtrack 100 129084 

FT-SE Einback 200 134542 

bm* law cenmft wmr n» - ifflojft 200 ■ 


1298.48 131287 T 30982 131093 

133586 136081 135786 135989 

13*18 IMBr 100 - 129183 200 - 133787 1 MU 


the end of 1993-1994 from 
DM7.6bn a year earlier. 

Sobering, moved recently by 
prospects for its BetaSeron 
multiple sclerosis drug, fell 
DM25 to DM895, wiaintflining 
its weakness throughout the 
day. Analysts said that the 
shares reacted to news that 
Biogen, the US biotechnology 
company, would be producing 
data on its own ms drug in San 
Francisco on Monday. 

PARIS was looking at yet 
another new 1994 low at one 
stage in the day as the CAC 40 
index fell to 1.825.36. but it 
posted a technical rebound to 
dose 13.00 higher at 1.856.38, 
L2 per cent lower on the week, 
in turnover of FFr2J33bn. 

Oils moved with the Kuwait 
news and crude prices. Elf 
Aquitaine rising FFr7.50 to 
FFr373.30, and Total by FFr790 
to FFr314. The water compa- 
nies, Gdnerale des Eaux and 
Lyonnalse des Eaux, pat on 


FFri3.9Q at FFr481.90 and 
FFr9.90 to FFr488.40 as the 
political bears ended hostilities 
for the time being. 

However, the scandal-tainted 
stocks did not all bave a good 
day. Schneider, which has been 
at odds with the Belgian 
authorities, fell FFr8.10 to 
FFr37190 on apparently good 
half year figures, after rising 
FFr6.60 in advance of them on 
Thursday. 

MILAN resumed its slide, 
losing 29 per cent, as the con- 
flict between the government 
and the judiciary deepened. 
The real time Mibtel index fell 
222 to 10994 with news of a 
search by fiscal police on the 
offices of Mr Silvio Berlus- 
coni’s Fininvest group provid- 
ing the day’s installm ent of 
drama. The index lost 69 per 
cent over the week. 

One Milan dealer commented 
that the market was trading in 
conditions of “huge political 



Mar 

FT Graphite 


1994 


OCt 


confusion”. He added that 
mutual funds data earlier in 
the week indicated that equity 
funds already had near-record 
portfolios and were unwilling 
to commit fresh cash while all 
but the most speculative of for- 
eign investors were keeping a 
low profile. 

Ferruzn fell L64 or 4.4 per 
cent to L1380, after a low of 
L1.350, and Montedison was 
L34 or 2.7 per cent down at 


L1913, after a low of LI, 138. 
The declines followed rumours, 
denied by the companies, of 
fo rthco ming capital increases. 

ZURICH finished higher in 
the wake of the US data, and 
the SMI index rose 12.1 to 
2.496.9, but was down 19 per 
cent on the week. 

Investors turned the spot- 
light on insurers on the percep- 
tion that after developments at 
Swiss Re. more of the smaller 


companies could become take- 
over targets. Swiss Re added 
SFrll to SFr899. Baloise rose 
SFr50 to SFr2,645 and Berner, 
in which Germany’s Allianz 
has a 30 per cent stake, rose 
SFrloO or 129 per cent to 
SFrl.380. 

AMSTERDAM recovered 
from early weakness ahead of 
US employment data, helped 
by the bond market's subse- 
quent recovery and Wall 
Street's firmer opening. The 
AEX index dosed up 2.09 at 
392.87, but still 2.3 per cent 
lower on the week. 

Royal Dutch Petroleum was 
FI 2.30 at FI 187 JO as oil prices 
rose on the Kuwait reports. 

Some cyclical issues moved 
higher in a technical correc- 
tion after recent falls, but 
chemicals were weak. 

Hoogovens rose FI 1.80 to 
FI 74.10 but Akzo Nobel dosed 
down 70 cents at FI 196.10 and 
DSM was 60 cents lower at 
FI 137.10. 

HELSINKI, closing early, 
was hit by sharp falls in the 
telecoms-based conglomerate. 
Nokia, and in forestry’ shares, 
the Hex index closing 33.7, or 
2.1 per cent lower at 1931.8, 3 
per cent down on the week. 
Nokia dropped FM14 to FM525. 

Written and edited by William 
Cochrane and Michael Morgan 


Deng health reports put Shanghai on switchback ride 


Tokyo 


Brazil down on strong real 


S3o Paulo stocks dropped 69 
per cent in a heavy morning 
sell-off, on analysts' concern 
that a steady rise of Brazil's 
new currency, the real, against 
the dollar could force the Cen- 
tral Bank to adopt restrictive 
measures against the influx of 
foreign funds into the country. 

A local news agency report 
quoted an unnamed source 
dose to Brazil’s economic team 
as saying the government had 
no alternative to contain the 
real’s rise except to restrict the 


inflow of foreign fluids. 

However, the Bovespa index 
had recovered half of Its early 
fall by 1300 local time to stand 
1,567, or 3.1 per cent lower at 
48,227. Brokers said that 
rumours that some banks and 
brokerage houses were facing 
financial diffirnTties bad also 
weighed on prices and that 
heavy speculation ahead of the 
futures and options markets 
settlements on October 13 and 
17 had also contributed to the 
day’s weakness. 


S Africa golds recover 


South African gold shares 
snapped a four-day losiug 
streak as bullion showed early 
signs of recovery, bnt a late 
dip in the metal pulled them 
off their highs. 

The gold index finished 29 
points better at 2,356 after 
an earlier rise to 2,877. Indus- 
trials shed 9 to 6,261, dealers 
saying that investors had 
avoided the market in spite of 
an early rise on Wall Street; 
the overall index was 3 better 
at 5.597. 


Traders said gold shares had 
bounced in reaction to recent 
losses, but had also foond 
renewed support from specula- 
tors looking for a commercial 
rand decline if the financial 
rand is abolished. 

De Beers ended 50 cents bet- 
ter at R101 after an initial rise 
to R102. Anglos shed Rl to 
R233 and JCI added Rl.50 to 
R106. Gencor rose 15 cents to 
R14.75. Pick'll Pay continued 
under pressure, losing 10 cents 
to R990. 


Share prices gained ground 
thanks to small lot buying by 
overseas investors and 
improved confidence on the 
fall in the yen against the dol- 
lar, unites Errdko Terazono in 
Tokyo. 

The Nikkei 225 index rose 
8992 to 19.744.75, up 0.9 per 
cent on the week. The index 
opened at the day's low of 
19.68994 and rose to a high of 
19,753.65 in the afternoon ses- 
sion. 

The dollar’s recovery to a 
one-month high triggered buy- 
ing of export oriented stocks, 
which led other shares. 

Volume totaled 226m shares 
against 202m. Most investors 
were absent from trading 
ahead of the three day week- 
end. 

The Topix index of all first 
section stocks added 1.78 to 
1,578.05 and the Nikkei 300 
advanced 091 to 289.11. Gain- 
ers outnumbered declines 496 
to 428. with 232 issues remain- 
ing unchanged. 

In London, the ISE/Nikkei 50 
index closed 3.32 down at 
190696. 

Traders said that sentiment 
was supported by a rush of 
subscribers to Matsushita Elec- 
tric Industrial’s Y200bn con- 
vertible bond issue. Many mar- 
ket participants had initially 
feared that the huge lot offer- 
ing would take funds out of the 
equity market but favourable 
terms, including the coupon 
and low conversion price, 
helped attract investors. 

Reports that the Ministry of 
Finance will not release Japan 
Tobacco which have not been 
subscribed for, in conjunction 
with the stock listing on Octo- 
ber 27, also cheered investors. 
Although the ministry denied 
that a formal decision had 
been made, the news helped 
dissipate some pessimism over 
the flotation. 

However Japan Telecom, 
which is closely followed by 
investors looking to buy Japan 
Tobacco shares, declined 
Y90.000 to Y3.92m. DDI, 
another telecom operator fol- 
lowed suit, losing Y13.000 to 
Y865.000. Nippon Telegraph 
and Telephone shed Y6.000 to 
Y865,000 and East Japan Rail- 


Shanghai 

A Shares Index 
950 



Sep 

Source; FT Graphite 

way lost Y2.000 to Y475.000. 

High-technology stocks, on 
the other hand, were higher on 
the weaker yen. Hitachi, the 
most active issue of the day, 
rose Y17 to Y990 and Mitsubi- 
shi Electric added Y17 to Y722. 

Steel companies fell on profit 
taking. Nippon Steel fell Y2 to 
Y379 and NKK declined Y6 to 
Y28L 

In Osaka, the OSE average 
rose 18.02 to 22,008.11 in vol- 
ume of 11.7m shares. Nintendo, 
the video game maker, rose 
Y50 to Y5.400 on the easier yen. 

Roundup 

Rnmours concerning the 
health of China's leader and 
unconfirmed reports of Iraqi 
troop movements made for a 
volatile day's trading in parts 
of the Pacific Rim. 

SHANGHATs A share index 
took a switchback ride, plung- 
ing almost 18.0 per cent in the 
early afternoon on rumours 
that China’s leader, Deng Xiao- 
ping. was ill, before picking up 
to close 12.4 per cent higher as 
the rumours subsided. 

The index finished up 8392 
to 73596, off an intra-day low 
of 544.00 and a high of 781-27 
minutes before the close. 
Rumours about Deng's health 
were one of the the main fac- 
tors behind a 28.5 per cent foil 
over the the previous four trad- 
ing days. 

The volatility of the day’s 
trade prompted allegations of 
institutional manipulation of 
the market while the late surge 
was said to have been assisted 
by unconfirmed stones that 
China would allow pension 


funds to enter the A market 
HONG KONG reversed steep 
morning losses at the finish, 
inspired by the Shanghai 
bourse's sharp rebound. 

The Hang Seng index closed 
8.63 higher at 998498. having 
picked up from a day's low of 
9,194.40- The market was 2.5 
per cent down over the 
week. 

Investors continued to await 
US September jobs data and 
the response to sales of 
Cheung Kong’s Bayshore Tow- 
ers flats, which were priced 
below expectations. 

KUALA LUMPUR was 19 per 
cent lower after an Iraqi oppo- 
sition group said in London 
that Iraq was mobilising elite 
troops towards Kuwait 
An Iraqi embassy official in 
Brussels subsequently denied 
the allegations, but by then. 


the damage has been done. 

The composite index fell 
21.10 to 1.12293, erasing the 18 
point advance of the previous 
two sessions and leaving the 
index 0.6 per cent per cent 
higher over the week. 

SINGAPORE was also lower 
in choppy rifling s in a late 
reaction to the reports about 
Iraqi troops movements. 

The Straits Times Industrials 
index lost 392 to 2930.09, little 
changed on the week, with 
profit-taking ahead of the US 
jobs data also contributing to 
the siidB- 

TAIPEI ended a volatile day 
slightly lower, but brokers said 
the effects of the share pay- 
ment default that had dragged 
the market down by 7 per cent 
over the previous two days had 
almost come to an end 

The weighted index finished 


32.96 lower at 6,620.36, 6.6 per 
cent down on the week, in 
active turnover of T$70.8bn. 

Huai on-related stocks 
remained weak. Hualon Corp 
and Chia Hsin Live both fell by 
the daily 7 per cent limit to 
T$219 and TS22.7 respectively. 

BANGKOK closed lower but 
off the day’s low on late buying 
of bank issues, the SET index 
ending 21.72 lower at 1,459.78, 
down 1.7 per cent on the week 
in turnover of Bt896bn. 

SYDNEY eased further on 
interest rate fears, the All 
Ordinaries index losing 89 at 
19679, off 3 per cent on the 
week. 

WELLINGTON registered its 
fifth loss in five days, Fletcher 
Challenge leading the way 
down as the NZSE-40 index fell 
10.11 to 1.988.05, 3.8 per cent 
lower on the week, in turnover 


of NZ$82. 6m. 

SEOUL swung to a lower 
dose on late afternoon institu- 
tional selling, the composite 
index finishing 4.09 down at 
1.06594, L5 per cent up on the 
week, after a morning high of 
1,081-14. 

BOMBAY, spurred by active 
speculative buying in moderate 
volume trade at the be ginning 
of the new account, saw the 
BSE index close 70.21 points 
higher at 4.449.70, 39 per cent 
better over the week. 

MANILA enjoyed lower Sep- 
tember inflation, a new wave 
of IPOs and strong foreign par- 
ticipation, and the composite 
index rose 19.67 to 2.997.16, up 
3.1 per cent on the week. 

JAKARTA gained 3.4 per 
cent on the week as the official 
index closed another upbeat 
day, 399 higher at 515.06 


LONDON EQUITIES 


UFFE EQUITY OPTIONS 


RISES AND FALLS 


FT- ACT U ARIES WORLD INDICES 


jointly compuod by The Flnanctol Times Ltd.. Goldman. Sachs & Co. and NrdWeat Secuttes Ltd. In conjunction with the Institute of Actuaries and the Facility of Actuaries 

REGIONAL MARKETS THURSDAY OCTOBER 0 1984 WEDNESDAY OCTOBER 6 1994 DOLLAR INDEX- 

US nay-a Pound Local Local Gross US Pound Local Year 

Dolor Change Swriha Yen DM Currency % Chg Dhr. Do«ar Stating Yen DM Currency 52 week 32 week ago 
lnde» % Index Index Irate. indret on day Yield Udex Index Index Index Index Hgt Low fcppro*) 

n,— 10640 OO 155.35 104X2 13161 14058 loi 071 166.42 156.44 104X4 13047 149.86 189.15 1<*034 149,34 

ZSfupBI 160.34 -0.2 16a37 11171 144.80 144.75 -0.1 1.11 180.05 18073 113X9 144.88 144.B1 196X9 187.46 17431 

SSZnffih" 16166 -0.4 150.9? 10193 129.80 126-73 -OX 4X5 162X? 151.61 102X6 130.18 127X7 17704 14803 15004 

SSSTllSi 135.75 09 126.73 85.59 108.99 132.53 O.B 233 13450 125.63 «X? 107X7 13129 145.31 12054 123.87 

243 4g 0.1 227.31 153X3 196.50 20024 0.1 1.48 24327 22721 15322 186.17 2C0.13 275.79 23027 233-78 

ZSZZo , T ‘ 179 96 -09 18001 113.47 144.49 18022 -14 0.78 181X7 16059 114.16 146 61 182.71 18038 11091 115.91 

“lews 03 151.66 102.43 13044 13431 04 322 16004 151X5 101.88 129X5 134.00 18537 159.34 172.17 

134 99 -0.4 128.03 65-12 106.39 10639 -03 1.90 13559 12664 8525 10674 10674 15040 12637 13240 

* 38122 -OS 365.80 2403? 30609 37621 -OS 622 38602 357.75 240X3 307.18 380X0 506X6 317X8 317X1 

ZELTmj# “ "«»81 -0.1 187.48 12682 16124 18047 0.0 655 201.12 18765 12646 161-30 18054 21660 171.40 173.99 

“ "" 7959 66 74.30 50.18 6691 9305 05 156 79.12 7350 49.75 63-46 92.60 07.78 S758 74-06 

"lififil -06 14608 100-01 12755 100X1 -03 077 15680 14608 10635 12600 100X5 17010 124X4 155.71 

557X0 0.7 529 53 357.64 455.43 55660 0.6 1X0 56633 52617 35421 451-79 55639 821-83 42728 42736 

*192.20 -1 1 204668 1382.31 176022 819678 -1.0 1X5 2217.41 2071.11 1394X2 177631 8268.41 2647.08 1674X1 167687 

* - -01 192X5 129X4 165X4 182X1 0.0 3X5 20611 192X1 129X9 165X0 182X3 218-19 187.01 189X7 

M42 -»8 65.74 44.40 5654 81.84 -IX 393 71X8 6686 4601 57.41 6300 77X9 »22 61X0 

**'*“£* M14 ’ 01 183.56 123.97 157.87 179X0 0.1 1X4 198X0 163.53 123X5 157.69 179.41 211.74 16652 178.79 

3S43 35690 242-40 30667 26221 -IX 1.61 393.12 367.18 247.18 31628 26SX9 333.12 294X6 31029 

0 3 291 SH 197.17 2S1.08 28604 -06 2X4 311X0 291X3 19611 25014 287X9 314X4 20272 205.68 

South «oca 5591 J - 127D0 ^77 109.22 131.98 OX 4X0 135.83 126X7 85.40 1D8X3 131.68 155.79 128X8 13933 

02 205.70 13697 17696 239X7 -OX 1.67 21988 205X8 136X6 17635 240 A8 231X5 175X3 194.43 

12,1b -01 14653 100.99 12660 127.18 0.1 1X1 180X6 149X9 10076 128X2 127X2 176X6 14290 143.42 

19280 09 18000 121X7 164.81 18000 OX 4X2 191.02 17642 120.11 1S320 17842 214X6 181.11 19230 

i£t4 -OX 17347 110.49 14&33 184. 74 -OX 294 185X6 17304 11848 148X7 185X8 19604 178X5 188X8 

mKK-iPCiTnoi 1657^ 03 154.70 104.49 13305 145.78 OX 210 165.18 154X8 10384 132.45 14527 178X8 154.79 181X2 

ntlun QO 200X4 135.44 172.47 20019 -04 1.48 214.86 20087 135.09 172X0 20093 22218 173.19 184.44 

n.6 15692 105.99 134.98 11070 -OX 1.09 16606 157.91 108X0 135X8 111X8 17336 134.79 161.18 

P«JfteBMn(74^ TKUW 13406 12455 ^.1 lg7 107.28 156X5 105.18 134.16 125X1 17614 143X8 161.13 

sTm -02 169.63 114X6 145.88 161.12 -OX 2X2 18210 170JB 114X0 14604 181X2 19273 175.6? 184X0 

147X7 0 0 137.66 83.1 1 118X6 125.69 OX ZX8 147.89 137X5 92X6 118.45 125.85 15012 135.94 141X7 

_0 3 24270 163X2 208.73 231X5 -OX 2X1 280X2 24382 164X0 209.18 23201 296X1 214.74 214.74 

Pa«^ Ex. «bpan P 7^ 157 67 1W 40 ,35.00 12 8J® -0.1 1.98 169.18 15002 10037 135X8 12075 1768S 145X8 181X0 

SENSES' ”!!f5 -03 159X6 107X7 137.49 142X1 -02 2.11 171.80 16046 10002 137.78 142X5 178X9 155X6 187X8 

-02 16081 10061 138X0 145.01 -0.1 2X2 172X2 161X3 10654 130« 146.19 180.03 1SO&4 168.12 

Worid Ea So Al. BOW) nn 17fl78 11S W ,46.88 17282 OX 297 18299 17082 115.06 14075 172X9 195X0 178X4 17042 

World ct Jxan P653J ■■ ■ 7 7 

^ Z02 16164 109.17 139X2 14006 -0.1 2X 1 173X1 162.06 10009 139.15 146X4 180.80 15085 169X6 

The World hxwa 1 f ■ «— ■ ■ ^ ~ ~ 

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MTdtcem 360 Z7 31* 38 4 11 I4te 

f380 ) 390 9 18 23 16)1 26 30 

BdtuySdl 420 30 41 4SH 5ft 11 19 


(*441 ) 

EMM Bee 
1*781 1 

Srinacn 
(*448 1 
GEC 

r2B6) 


460 8 19H 25* 26B 30» 


750 40* 80 77 
800 19 3711 53% 
420 38% 48% 55 
460 12 24 31 
280 14% 20 20 
300 0 11 18% 


24 40 49 
53 67% 77 
4% 0 18 

21 26% 35 
6 11% 14% 
18 23 25 




__ 

Cats — 


■Puta 

Option 


KM 

Feb 

“*r 

Nov 

Fflfi 

May 

Kansan 

220 

14 

17% 

21 

4% 

9% 

12% 

<*2Z7) 

240 

4 

8 

12% 

16 

21 

23% 

Lastno 

134 

20% 

— 

- 

2% 


_ 

nsi ) 

154 

8 

— 

- 

10 

_ 

_ 

Lucas tnds 

160 

20 

22% 

26 

B 

7 

ID 

(*1771 

180 

7 

12 

18 

16 

17% 

21 

P & 0 

550 

58% 

72 

81% 

4 

12 

24 

(-597 ) 

600 

23% 

41 

51% 

21% 

30 

48% 


180 

11% 

18 

20% 

5% 

10% 

13 

(*184 ) 

200 

3% 

7 

11% 

19 

23% 

25% 

PTUMlfef 

280 

25% 

34 

38 

3% 

7% 

13% 

(*298 ) 

300 

12 

22% 

24% 

11% 

16 

23% 

RTZ 

850 

43 

64% 

78 

16 

29 

48 

(U71 ) 

900 

17% 

38% 

SI 

43% 

55% 

72 

BetttU 

460 

22 

39 

45% 

13% 

21% 

35 

T475 ) 

500 

7 

19 

27% 

38 

44 

60% 

Royal Usee 

2B0 

16% 

28% 

32% 

11 

17% 

23% 

r283 ) 

300 

a 

17 

23% 

23% 

28 

34% 

leant 

220 

22% 

28 

33% 

3% 

B% 

11 

(-238 ) 

240 

8% 

16 

21% 

11% 

16 

20% 

Voddbne 

183 

18% 

23 

- 

4 

8 

- 

1*196 ) 

200 

8% 

14% 

20 

11% 

18 

18 

Mb me 

325 

15 

- 

- 

B 

- 

- 

C329 J 

354 

4 

- 

- 

27% 

- 

- 

Option 


Oct 

Jan 

Apr 

OCt 

Jst 

Apr 

BAA 

450 

29% 

38 

48% 

2% 

9% 

13% 

r473 ) 

475 

10 

21 

31 

11 

21 

25 

ItanaWr 

500 

15 

28 

39 

8 

25 : 

29% 

rsos) 

550 

2 

10 

18 

48 

59. 

81% 

Option 


Dec 

Iter 

JOB 

Ok 

Mar 

Jtn 

Abbey NaO 

390 

22 

31 : 

35% 

15%: 

27% 

32 

C391 ) 

420 

9' 

18% 

23 

35%' 

46% ! 

50% 

Amend 

25 

3% 

4 

5% 

ZM 

3% 

4 

rtB ) 

30 

1% 

2% 

3% 

6 

7 

7% 

Barclays 

500 

56 1 

38%: 

71% 

7 

17 

22 

(-5*1 > 

5S0 

24% 35%' 

*3% 

a 

38%. 

«S% 

Bto Ode 

280 

25% 

32 

38 

7% 

11 

19% 

(-274 ) 

280 

13% 

21 : 

77% 

16 : 

29% 

30 

Bmai Gee 

280 

17%: 

14%: 

29% 

10 

IS 

20 

(*291 ) 

300 

8% 

15 ' 

19%: 

22%: 

25%: 

31% 

Ours 

>80 

14% 

18% 

24 

11 

15% 

18% 

noi ) 

200 

6% ' 

10%' 

15% : 

23% 

28 

31 

tasks® 

1GQ 

18 22% 25% 

3% 

7 

11 

(-173 > 

180 

7 

12 

15 

13% 

16 

22 

Lonrtw 

140 

10% ■ 

13% 

17 

8 ' 

11%' 

13% 

0401 

160 

3% 

8 

9 

22 

25 

28 

MaS Rarer 

460 

31 43% 53% 

18 23% : 

n% 

C473) 

500 

13 

25 

35 : 

38% *4% 

53 

Scot Power 

330 

32 36% 46% 

11% ' 

17% 21% 

C344 ) 

360 

17 24% 

32 

333% 

37 

Sen 

100 

7 

9 : 

11% 

4% 

7 

9% 

n<H j 

110 

3% 

5% 

8% 

12 13% 

18 

Forte 

220 ' 

14% 

21 25% 

9 ' 

13%: 

IB% 

C225 1 

240 

6 

« 18% 

22 25% 30% 

lamac 

120 

!1» 

17 19% 

7% 

11 

14 

(*122 ) 

130 

7 

12 

15 

14 

16 19% 

Thom EM 

650 1 

38% 79% 

101 ■ 

17% 33% 40% 

(-986) 

1000 

38 52% 

73 38% 56% 64% 

TS8 

200 

22 25% 

29 

5 

9% 1 

12% 

r=i4 » 

220 

18% 

14 

IB ' 

13% 20% 23% 

Tonkas 

200 ' 

18% 

24 29% 

7 10% 

13 

<TC8) 

220 

a 

14 19% ' 

16% 21% 

24 

Wetone 

B0 48HTJH 

M 

25 38% 

51 

P6S7 ) 

700 2S%47%68% 

53 

55 

77 

Option 


Oct . 

ten 

A* 

Oct . 

Jaa 

APT 

On 

550 33% 

84 

07 

5% 19% 

34 

("574 ) 

600 

7 

28 

43 31% 

46 

60 

HSBC73PSB 

ISO 

43 

69 

81 

6 

23 

43 

(-883 ) 

700 

13 41% 94% 28% 47% 69% 

Recurs 

438 17% 


- 

8% 

_ 

- 

r«7 ) 

450 10% 

- 

- 

13 

- 

- 

OpUoa 


Rea 1 

Fab Kay 1 

*7V 1 

Feb Mar 

Ra&-ftyce 

ICO 

20 

25 

28 

2% 

6 

9 

nn) 

180 

8 13% 

17 10% 14% 18% 



Rises 

On Friday 
Fata 

Sam 

Or 

Rises 

die week 
Fads 

Sams 

BrtOrfi Funds 

61 

4 

a 

156 

144 

51 

Other Fixed Interest 

1 

0 

13 

8 

0 

66 

Mineral Extraction 

32 

77 

87 

163 

400 

417 

General Manufacturers 

104 

154 

380 

418 

1X52 

1.728 

Consumer Goods 

28 

51 

108 

155 

282 

498 

Sendees 

71 

112 

312 

298 

783 

1.402 

unities 

23 

12 

10 

78 

102 

45 

Financials 

BS 

118 

179 

268 

740 

821 

Investment Trusts 

62 

105 

288 

238 

792 

1X95 

Others 

32 

41 

34 

110 

275 

125 

Totals 

482 

674 

1,427 

1.892 

4,570 

6,448 


Data bawd on thoes convente Sued an the London Shwe Semco. 


TRADITIONAL OPTIONS 

FVsi Dealings September 26 Expiry 

Last Dealings October 7 Settlement 


December 29 
January 13 


Calls: Blackwood Hodge, Brit Tbonrton, COP Leisure, Conrad, Rodme, SoMand. 
Puts 8 Celts: Olaxo, HSBC, Rocfima. Tuttow Oft. 


LONDON RECENT ISSUES: EQUITIES 


tearre Amt 
price paid 

P 14* 

MW. 

cap 

(Em.) 

1894 

Low Stack 

Close 

price 

P 


Nor 

efiv. 

Drv. 

COW. 

Ora 

yw 

PTE 

net 

§125 

FJ. 

17X 

130 

113 Compd 

113 

-3 

WN4X 

2.1 

4.4 

10.9 

- 

FJ». 

130 

14 

1 Con n Foods Wrts 

1*4 


- 

- 

- 

- 

180 

FJ 3 . 

442X 

181 

170 B> & F Man 

172 


RN8X 

IX 

83 

95 

- 

FJ>. 

24X 

68 

61 Emerging Mkts C 

62 

-1 

- 

- 

- 

- 

S3 

F.P. 

122 

68 

65 Enoambc 

67 


RNQ.71 

S3 

13 

8 A 

115 

FJ>. 

37.8 

121 

115 Games Workshop 

121 

+ 3 

RN4.fi 

22 

4.8 

11.4 

- 

F.P. 

30X 

60 

GO Hamfcros Sm Aslan 

60 


- 

- 

- 

— 

- 

FJ*. 

2X0 

29 

28 Do Warrants 

29 


- 

- 

- 

- 

112 

FJ*. 

21.4 

120 

118 tndapenrtent Parts 

120 


LN4.Q 

2.1 

43 

143 

180 

F.P. 

17.4 

195 

180 Mack* M 

181 


RN6X 

Z2 

4.1 

7.4 

80 

FJ*. 

233 

85 

76 Rytand 

82 


LN3X 

1.7 

S3 

135 

- 

FJ*. 

112X 

379 

362 Templeton E New 

362 

-1 

- 

- 

— 

- 

- 

FJ*. 

11X 

212 

190 Da Wrts. 2004 

191 


- 

- 

- 

- 

- 

FJ*. 

283 

980 

340 Wiwrtram Water 

340 


- 

- 

- 

- 

- 

FJ*. 

481 

330 

325 Da NV 

325 


- 

- 

- 

- 


RIGHTS OFFERS 

issue Amount Latest 
price paid Rerun. 

P up 


1094 

High Low 


Closing +or- 
price 

P 


160 

nn 

17/10 

9pm 

2pm 

Jermyn Inv. 


2pm 


EDO 

Hi 

1B/10 

52pm 

24pm 

FtecUO & Coknan 


25pm 

-1 

245 

ta 

B/11 

24pm 

10pm 

Unlchem 


11pm 


75 

NS 

14/11 

5pm 

3pm 

Worid Of Leather 


3pm 


FINANCIAL 

TIMES EQUITY INDICES 






Oct 7 

Oct 6 

Oct 5 

Oct A Oct 3 

Yr ago 

■High 

"Low 

Ordmery Share 

2310.4 

2308.1 

2286.9 

23255 23203 

2359.1 

27133 

2240.6 

Ord. tfiv. yield 

4.45 

4.46 

4.51 

4.42 443 

195 

4X1 

3.43 

Earn. yld. 96 iu3 

6.43 

645 

651 

639 640 

4.64 

651 

182 

P/E ratio nsi 

17.63 

17X9 

17.18 

17.49 17.46 

27X1 

33X3 

16.34 

P/E ratio n# 

17.43 

1736 

1731 

17.53 17.50 

2538 

3050 

17.09 


-Far 1094. OnSiay Snare wo ance conpUtorc Ngn 2713.6 2/02/94; nw 40A 2&G«0 
FT Ordtuy Stars Max base dale 1/7/36. 


Ordinary Share hourly changes 
Open 0X6 16X6 11X0 12X0 


13X0 14X0 15X0 IftOG High Lew 


* UNfcifcino security pries. Pntnsans shmm are 
used on doctng attar pricse 
Oaocer 7. Toot c o m m as: 27.074 Cab: 10X87 
Pm* 17X87 


2299.0 2294.1 2298X 2299X 2297.3 2299.5 2305.1 2304X 2307.7 2310.6 2293.5 
Oa 7 Oct 6 Oct 5 Ott 4 Oa 3 Yrjgo 

SEAO bargains 20,374 20,425 21,055 22.079 23X01 29X11 

Equity tunxwer (Emit - 1202X 1406.1 10662 1138X 1030.7 

Equity baigainst • 23X37 24X18 25.427 25.438 34,018 

Shams traded (mlJT - 595X 913X 414.4 485X 415X 

Wre-martot tMateaa and memaas fesnpuer. 


FT GOLD MINES INDEX 



Oet 

B 

Kcbg 
od riay 

Oet Oct Tear 

6 4 age 

Gross Ar 
yMd % 

szamk 

Ugh Lore 

Steditare Index (34) 

224750 

*07 

mem 2233.14 177026 

1X1 

2387X0 1782X7 

■ fegtaalhfcn 






«neaci6) 

340025 

-05 

351036 3553.49 2S4X7 

331 

382120 2304.45 

AwHasfaP) 

2600.18 

-05 

282136 288938 2010.22 

1.73 

301303 201922 

Noth America (it) 

1797.72 

♦1.7 

1707.10 17B584 1560X9 

07b 

203955 1468.11 


Copyrip*. The Frmdai Umai United 1894. 

Fttvaa In teadmta Meat nunber si c a reprel re . Baeia US DeOaa. Baaa Vttne; 1500X0 31 Si 2/92. 
nsdscesrer QoU Unre tndaac Oa 7t 2B1X : dart Ounga: *03 posts; Year age- 203.7 y Parial. 
tew prisaa mre inp aA ftts te mb ednon. 


APPOINTMENTS ADVERTISING 

appears in die. UK edifioa every Wednesday & Thursday 
and in the International edition every Friday Far timber 
inforraaikffl please call: 

Gareth Jones on +44 71 873 3770 
Andrew SfearagMU oa +44 71 873 4854 


i 





9 / 66 - 820 - (LZO) :xbj |«H- 828-(U0) :|0] I L C!0aeU _^ JO J OAa[ 0, » SU J*1 “JKb&K oTam^BUl UtffcnM J!m» ' l u .“ Jad 


■ 


FINANCIAL TIMES WEEKEND OCTOBER S/OCTO bEK *" 


LONDON SHARE SERVICE 


hsbcpspSbi 

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SOOKBTBT □ «1T 

SmtoroTMYJn Ml 


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mi so Jos 

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17.242 09 - 

12JX31 DJ3 « 

W 27 U 
077 2.7 4 

XS 70 22.7 
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6722 to 87 
118 50 - 

303 18 245 

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698 3-B 

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3.12 - - 

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187 17 415 

4SJ BO 253 

■01 40 4 

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47.1 17 117 

o m _ _ 

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18 - 
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60 0.1 

US 


.Tisa 

89 55 

62 48 

968 TOTz 
401 299 

12*2 
177 78 

141 Jj 63 
1C 72 
78 41 

1BB4i 118 

99 68 

« 48 

■a ta 

•836 6385 
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323 2S5 

248 188 

302 224 

47*j 225 

nao sriosi 

220 152 

23 Ill's 
3865 240 

710 *095 

38 Z 7 *j 


2795 185 

706 549 

164 1185 
196 137 

267 197 

220 167 

79 43 

44 27 

*402 330 

283 20* 

203 151 

•124 74*» 

W65 106 

■948 745 

•124 M6*J 
147 B3 
13*j 95 

•4M5 322 

ITS 12S*a 


led - Ugh km 

15 *1 496 1725 

19 +3 787 537 

81 +19 868 568 

83 753 534 

68 +3 871 635 

10 -S W 547 

74 +6 520 4045 

53 -4 858 5B9 

81 -2 «l 323 

58 *5 880 387 

30 +8 602 449 

27 +12 477 306 

44+11 486 325 

06 -4 •« 299 

03 -5 540 891 

30 -10 624 551 

21 +0 BZ7 KB 

82 -12 79G 532 


wiasmui t tK 

H on M oMn o +40 




I — . SB2 451 209.7 

S W 661 2252 

S27 451 »®Ji 

134 141 ms 

+1 *3545 2 W 2 SIM 

I 305 376 46.1 

! ^ *S 20 888 

-1 848 399 019 

I *284 90 29 l 4 

VEHICLES 


1984 

% tow I 

233 

140 10B 

120 100 
■838 474 

■238 173 

!■ 121 


115 

BBS -2 

IBM 

1265 +1* 
Gt*i - — 
*h* -2ia 
298 -4 

am *iov 

3Z7 — 
333S! — 

mm -a 

80 — 

364 -1 

177 -6 


78 

276 


9 % 

306 160 

3 m£o 7 <!vi 

337 275 

346 298 

*660 3105 
*184 73 

444 341 

236 158 

86 25 

*84 53 

124 66 

378 275 

ID *a 6 

ITS 143 
261 203 




♦ or 1994 Hit 

- Mgti taw Ca£m 

_ IBS 119 200 

138 705 2142 

220 157 1211 

H*a 14 &84 

120 69 3X7 

~h 73 27>a 159 

103 78 183 

-*2 100 75 202 

-2 176 166 417 

*963 400 910 

+i t9JJ EB5 4643 

81 24*2 483 

-405 25*2 237.9 

17B 138 819 

81 64 1063 

J* 138 105 435 

*96 23 7.71 

36 105 401 

9 6 126 

226 124 101 

10 35 887 

-5 ASA E10U 

+1 320 262 

75 43 

20 15 

m iso 

+2 584 390 

138 101 

+1 1725 121*1 

125 B6*i 

— 185 0*1 

-1 188 135 

-4 78 55 

22 14 

293 248 

♦ I 155 110 

— 230 155 

— 380 272 

_ *298*1 187 

H8 403 

283 187 

-4 310 240 

— 121 80 

361 271 

— 296 196 

-a 173 95 

-1 07 70 

-1 272 200 

— *442 364 

— 46 20 

75 *•£ 295 

118 60 

BIZ IK** 

HO 2S 

-1 *148 109 

45 35 

— *25 95 

-1 « 44 

— 88 77 

04 91 

-2 404 321 

— 43 n 

14*1 10 

15 B1 
122 BO 

— 320 147 

-1 258 204 

73 17 

no 80 

40 28 

— *1«4*i 138 

-I O 39 

«1 27 

103 78 

— *280 165 

*h 1« S3 

-6 378 286 

85 70 

61 37 

628 488 

— 32 25 

+3 305 230 

-25 216*2 152 

229 205 

20 18 

20*1 IS 

-i m 4i 

67 49 

-4 170 129 

-3 538 *26 

120 78 

120 101 

133 99 

580 541 

488 319 

Jj 171 IS 

+1 217 178 

51 34 

12S 70 


27 17 

-1 388 277 

-4 341 218 

— 235 165 

218 193 

215 155 

106 60 

71 13 

— 895 53 

86 70 

+3 308 268 

T85 126 

73 53 

10*5 625 

+** vm i 8 i 

195 157 

27 225 

190 137 

1505 111 

270 245 

-4 *030 500 

130*2 73 

-55 381 2735 

+1 74 35 

ewe Cl 05 

-3 8275 «12 

— 443 337 

-1 267 197 

42 25 

-4 455 343 

01 38 

— 38 25 

-2 10S *5 

183 130 

16 7 

*71 38 

Mb 12 

-2 126 980 

+1*3 21 >2 12 1U 

-2 *204 1® 55X7 

3Z7 34 S 1862 

— *10 05 1U 


i-a 

48 

47 

166 BS 

117 89 

*7015 481 

1 M » 

1950 1663 

194 142 

114 SB 

247 151 

797 529 

196 80 

457 238 

2«>1 187*2 

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Rover workers get 10% 
pay rise over two years 


By David Goodfrart, 

Labour Editor 

The Rover Group has signalled 
an upward turn in British pay 
deals vrith a two-year award of 
about 10 per cent for most of its 
33.000 employees. 

Average settlements in the 
engineering industry are still 
running at about the rate of infla- 
tion. currently 2.4 per cent. But 
the Rover deal could exacerbate 
pay pressures as inflation is 
expected to increase gently over 
the coming year and unemploy- 
ment continues to falL 

Mr Alistair Hatchett, of the 
independent pay analyst Incomes 
Data Services, said; “This could 
be a weather-vane settlement for 
the private sector and will be 
taken as a benchmark in the 
West Midlands." 

The pay agreement - the first 
since the company was taken 
over by the German car group 
BMW earlier this year - is a 


reflection of Rover’s recent suc- 
cess and follows a pay freeze in 
the first six months of 1993. But 
the deal will not make it popular 
with other car companies, such 
as Jaguar, which begin negotia- 
tions this weekend. 

The exact size of the rise is 
disputed. The company says that 
everyone will receive a 3.7 per 
cent rise from next month and a 
further 4 per cent, or the rate of 
inflation if it is higher, from 
November 1995. 

It also says that some workers 
will get extra payments for 
accepting a grading change. Fol- 
lowing Rover’s '‘new deal" agreed 
with the unions in 1992, the com- 
pany has been phasing out 
demarcation lines and distinc- 
tions between blue and white- 
collar workers. 

The latest move involves merg- 
ing five manual grades and six 
staff grades into three joint 
grades. The unions say that most 
employees will get an extra pay- 


ment of about £5 a week in the 
first year and another £1.86 a 
week in the second for accepting 
the change. 

Mr Tony Woodley, the national 
motor industry secretary of the 
TGWU genera] union, said; “That 
means that almost all workers 
will be getting between 9.2 
and 11.1 per cent over the two 
years, with most getting 10.7 per 
cent” 

Mr Woodley said he would rec- 
ommend the deal for acceptance 
in a ballot of union members. 

He also said that he would be 
informing Ms German union col- 
leagues. I G Metall, the motor 
industry union, puts in its claim 
for this year's engineering indus- 
try pay round next week. 

But I G Metall in Frankfurt 
said last night: “Rover may now 
be a German company but cir- 
cumstances are still very differ- 
eat in the two countries." 


Rover counts the benefits. Page 6 


Japan supports South Korean 
minister as world trade chief 


By WBIiam Dawkins in Tokyo 

The diplomatic contest for top 
job at the new World Trade 
Organisation Intensified yester- 
day, after Japan decided to back 
Mr Kim Chul-su, South Korea’s 
tirade minister. 

Japan’s initiative will compli- 
cate the search for consensus 
between the 123 members of the 
General Agreement on Tariffs 
and Trade, which is due to be 
replaced by the more powerful 
new body in January. 

Until yesterday, Mr Kim was 
an outsider, backed by Australia 
and some Asian countries. The 
endorsement by the world’s sec- 
ond-largest economy now gives 
him the clout to rival the two 
front-runners. They are Mr 
Carlos Salinas, former president 
of Mexico, who is expected to 
receive US support; and Mr Ren- 
ato Ruggiero, a former Italian 


trade minister backed by the 
European Union. 

Japan's move means the choice 
of a WTO head, crucial to the 
organisation's success, now rests 
on negotiations between the 
world's three main economic 
blocs, the US, Europe and Asia. 
Governments aim to make a deci- 
sion by late autumn. 

Tokyo's public endorsement of 
Mr Kim, announced late on 
Thursday by Mr Tomiichi Muray- 
ama, the prime minister, is the 
latest sign of how Japan’s previ- 
ously passive foreign policy is 
becoming less dependent on the 
US. in favour of its increasing 
trade and financial ties with 
Asian neighbours. 

“We prefer a candidate from 
our region.” said a Japanese for- 
eign ministry official. “Japan 
attaches great importance to 
Asia, especially in terms of trade, 
and we believe this is a good way 


to encourage neighbouring coun- 
tries to be active in the WTO. It 
may lead to more trade liberalisa- 
tion in those countries," he said. 

This appears to be a blow to 
the BITs hopes that Mr Ruggiero 
would win the support of Mr 
Kim’s backers, as a non-partisan 
candidate, free from EU interests. 
Brussels would continue to pro- 
mote Mr Ruggiero, said an EU 
official yesterday. 

Asian nations have reserva- 
tions over the candidacy of Mr 
Salinas because they fear he 
might be coloured by Mexico's 
close trade links with the US. 

Another example of Japan's 
desire for an Asian flavour to the 
WTO is its support for Singapore 
as the site for the first meeting of 
WTO ministers. This is in con- 
flict with US insistence that the 
first meeting should be at the 
WTO’s headquarters, which will 
probably be in Europe. 


Tax cut call 


Continued from Page 1 

force through the changes he 
wants was reinforced by the over- 
whelming defeat of a resolution 
asserting the dominance of con- 
ference delegates over the NEC, 
which solidly supports the Ieader- 
sMp. 

However, the continuing 
strains at the top of the party 
were underlined by Mr Larry 
Whitty, the outgoing general-sec- 
retary, who warned Mr Blair not 
to ride roughshod over the par- 
ty's traditions. 

“In life and in politics you have 
to take the people with you. And 
in that context let us always 
remember that the trade union 
base of this party is its greatest 
strength and not its weakness,” 
he said. 


Decline in UK trade deficit 


Continued from Page 1 

exporters have slightly raised 
their prices. Import volumes, by 
contrast, fell 2 per cent in the 
three months to July compared 
with the previous three months. 

The fall was greeted with sur- 
prise in the City, in light of ear- 
lier fears that rising demand this 
year would suck in more imports. 
But the CSO said the key reason 
for the fall had been a 9 per cent 
quarter-on-quarter drop in the 
volume of imported consumer 
goods. This may reflect slower 
consumer spending as a result of 
recent tax rises. Imports of com- 
ponents. by contrast, grew by 4 
per cent in the period, reflecting 
the pick-up in UK manufacturing. 

The exports trend was flattered 
by a strong performance from the 


North Sea sector, which recorded 
a £1.26bn surplus on oil trade in 
the three months to July, 

Exports also grew in most 
industrial sectors. Finished 
goods, which account for about 
half of UK exports, rose by nearly 
£0.5bn in the three months to 
July, compared with the previous 
three months. Nearly hal f of this 
was due to increased car exports 
to European Union countries, 
now running 30 per cent higher 
than a year ago. 

Mr Richard Needham, UK trade 
minister, welcomed the data as 
evidence that British business 
was becoming increasingly com- 
petitive. Mr Bryan Nicholson, 
president of the Confederation of 
British Industry, suggested they 
indicated that the UK was exper- 
iencing an export-driven upturn. 


Lira falls 
again after 
police raid 
Berlusconi 
business 

By Robert Graham in Rome 

Police early yesterday raided the 
Milan offices of FininvesL the 
business empire of Prime Minis- 
ter Silvio Berlusconi, immedi- 
ately damping hopes that his 
right-wing coalition's confronta- 
tion with the judiciary might be 
contained. 

The raid, in which computer- 
ised information was seized, con- 
tributed to a fresh fall in the 
lira, with the Italian currency 
trading at L1020 to the D-mark, 
and a slide of nearly 3 per cent 
on the Milan bourse. The finan- 
cial markets were also nervous 
about a senate vote that blocked 
measures to raise 1995 budget 
revenues through an amnesty on 
illegal buildings. 

The move by the police, acting 
on magistrates' orders, followed 
the decision by the government 
coalition to seed a formal com- 
plaint on Thursday to President 
Oscar Lnigi Scalfaro about the 
behaviour of Mr Francesco Sav- 
erio Borrelli, the Milan public 
prosecutor. Mr Borrelli had said 
in a newspaper interview that 
judicial inquiries into corruption 
at Fininvest were coming dose 
to implicating Mr Berlusconi. 

The cabinet asked President 
Scalfaro to dedde whether disci- 
plinary proceedings should be 
brought against the prosecutor 
or a criminal prosecution for 
attacking constitutional author- 
ity. 

The timing of the police sei- 
zure suggests it was linked to 
the complaint filed against Mr 
Borrelli. This appeared to be con- 
firmed by information from the 
Milan magistrates, who indi- 
cated the police were seeking 
floppy discs connected to the 
activities or Telepiu, the cable 
television channel in which Mr 
Berlusconi has a 10 per cent 
stake. 

The magistrates are investiga- 
ting whether Mr Berlusconi 
retained secret control of Telepiu 
through friendly shareholders 
after he divested 90 per cent of 
his stake in 60 days under anti- 
trust laws in 1990. Mr Berlusconi 
this week denied there had been 
any impropriety in the transac- 
tion. 

President Scalfaro has consid- 
erable freedom to decide what to 
do with the complaint against 
Mr Borrelli. He can play for time 
by doing nothing. Bat if he fails 
to support Mr Berlnsconi, he 
risks undermining the prime 
minister’s already weak position. 

In a poll due to be published at 
the weekend, only 21 per cent of 
those asked said they would buy 
a used car from Mr Berlusconi. 
In contrast, almost 35 per cent 
said they would boy such a car 
from Mr Gianfranco Fini, the 
leader of the neo-fascist 
MSI/National Alliance and the 
man who stands to gain most 
from the prime minister’s politi- 
cal embarrassment 


New budget formula, Page 3 


FT WEATHER GUIDE 


Europe today 

High pressure from Moscow to the 
North Sea will bring sunny spells to the 
Low Countries, the Baltics and parts of 
Russia. France will be sunny with light 
easterly winds. A few afternoon 
showers will develop over southern 
Spain and Morocco, while Hungary, 
east Austria the Czech Republic, 
Slovakia Slovenia and Romania will 
have patchy rain. The eastern 
Mediterranean, Turkey and the Black 
Sea will have another sunny day with 
summery temperatures. Cloud and light 
rain will cover the coasts of Norway, 
Danmark, southern Sweden and 
southern Finland, but there will be 
sunny spells further north. 

Five-day forecast 

High pressure over Russia is expected 
to expand and build over Scandinavia, 
ending northern Europe's unsettled 
sped. Much of continental Europe will 
be calm with sunny periods, although 
there will be a little rain over Poland 
and the southern Baltics. 


TODAY’S TEMPMATURBS 



Situation at 12 GMT. Temperatures maximum for day. Forecasts by Meteo Consult of the Nethertands 



Majumum 

Beijing 

fair 

22 

Caracas 

shower 

31 


Celsius 

Belfast 

cloudy 

14 

Cardiff 

fair 

15 

Atw Dftatn 

sun 

36 

Belgrade 

cloudy 

12 

Casablanca 

shower 

23 

Accra 

shower 

30 

Berlin 

fair 

11 

Chicago 

rain 

19 

Algiers 

fair 

27 

Bermuda 

shower 

28 

Cologne 

fair 

14 

Amsterdam 

tslr 

U 

Bogota 

fair 

20 

Dakar 

doudy 

30 

Athena 

shower 

2? 

BomWy 

fair 

31 

Dallas 

far 

23 

Atlanta 

fair 

23 

Brussels 

sun 

14 

Delhi 

sun 

34 

B.AITB9 

fas’ 

2-1 

Budapest 

cloudy 

9 

Duba 

sun 

36 

BJum 

far 

16 

C.hagen 

doudy 

12 

Dual in 

fa* 

15 

Bangkok 

fair 

33 

Cafro 

sun 

32 

Dubrovnik 

fa* 

18 

Barcelona 

lair 

21 

Cape Town 

fair 

26 

Ednburgh 

doudy 

14 


Constant improvement of our service. 
That's our commitment. 


0 Lufthansa 


Faro 

shower 

23 

Madrid 

tafr 

23 

Rangoon 

fair 

34 

Frankfurt 

fa* 

14 

Majorca 

SIX! 

24 

Reykjavik 

doudy 

6 

Geneva 

sun 

14 

Malta 

fa* 

25 

RiO 

fa* 

25 

Gibraltar 

shower 

21 

Manchester 

fgir 

14 

Roto 

doudy 

20 

Glasgow 

drzzf 

14 

Manila 

fa* 

31 

S. Frsoo 

sun 

24 

Hamburg 

doudy 

12 

Melbourne 

fa* 

12 

Seoul 

sun 

2i 

HetefnW 

dial 

11 

Mexico City 

rain 

22 

Singapore 

doudy 

32 

Hong Kong 

fair 

30 

Miami 

fair 

30 

Stockholm 

drzsl 

13 

Honolulu 

fa* 

31 

Mfen 

doudy 

18 

Strasbourg 

sun 

14 

Istanbul 

fa* 

Z5 

Montreal 

shower 

17 

Sydney 

shower 

18 

Jakarta 

tor 

33 

Moscow 

sun 

18 

Tangier 

found 

24 

Jersey 

sen 

15 

Munich 

drzzi 

8 

Tel Aviv 

sun 

35 

Karachi 

fa* 

35 

Nairobi 

cloudy 

28 

Tokyo 

cloudy 

24 

Kuwait 

sun 

38 

Naples 

tar 

18 

Toronto 

cloudy 

18 

L Angeles 

sun 

26 

Nassau 

shower 

30 

Vancouver 

rain 

16 

Las Palmas 

fair 

27 

New York 

sun 

22 

Venice 

shower 

14 

L*na 

doudy 

22 

Nice 

fa* 

19 

Vienna 

drzzl 

6 

Liston 

fa* 

25 

Nicosia 

sun 

36 

Warsaw 

cloudy 

11 

London 

sun 

17 

Oslo 

doudy 

12 

Washington 

Sun 

22 

Uctbourg 

sun 

13 

Paris 

sun 

17 

Wellington 

fa* 

15 

Lyon 

sun 

16 

Perth 

doudy 

20 

Winning 

fa* 

9 

Madefca 

shower 

24 

Prague 

doudy 

7 

Zurich 

sun 

12 


THE LEX COLUMN 


Having spent most of the week 
convulsed with jitters, financial mar- 
kets took yesterday's US employment 
data with remarkable calm. Septem- 
ber's rise in non-farm payrolls may 
have been slightly below market 
expectations but there is no mistaking 
the strong underlying economic trend. 
Headline unemployment is below 6 per 
cent which brings it close to the level 
at which inflation threatens by almost 
any definition. The size of the work- 
force in July and August was also 
revised upwards, which will doubtless 
be reflected in capacity use figures 
when they are published on Friday. In 
short, there is still every reason to 
expect a further interest rate rise 
soon. 

Perhaps the markets' calm yester- 
day simply reflected the fact that they 
were oversold before the announce- 
ment. But the truth remains that 
there can be no lasting recovery, at 
least in the bond markets until inves- 
tors are convinced the Federal Reserve 
has done enough to cool the economy 
and keep inflation under control. It 
would help if the next rate rise was 
aggressive, but the upward revision to 
the third-quarter payrolls suggests 
several more rate rises may be needed 
after that 

Amid the confusion engendered by 
the renewed tension in Kuwait, it is 
difficult what to make of the slight 
recovery of the dollar against the yen. 
It is just possible, though, that the 
dollar's rise above YlOO reflects the 
beginning of capital outflows out of 
Japan. Traditionally yield conscious 
Japanese investors must find US bond 
yields of 6 per cent attractive. If so. 
the market may be able to cope with 
rising short term rates more easily 
than hitherto. 

Labour’s policy 

Labour’s debate this week about its 
commitment to public ownership was 
irrelevant for British industry. Nation- 
alising privatised companies would 
not be a priority for a Labour govern- 
ment. There are other means of con- 
trolling such groups. The conference 
rhetoric of Labour luminaries was pri- 
marily aimed at the utilities. In prac- 
tice. the gas and water groups, bur- 
dened by infrastructure programmes 
and negative cash flow, are less at 
risk, but the regional electricity com- 
panies, weighed down with cash, 
swelling profits and bulging chair- 
men’s wage packets, are in the firing- 
line. A windfall tax is a distinct possi- 
bility. The Rees’ managements can see 


b] 

for tl 

tie 

[ FT-SE Index: 2998.7 {+14.3J j 


Fed 


UK conglomerates 

Diversified Industrials relative to the AB-Share 
(FT-SE-A Indices) 



SO 1 1 * — * — 1 — 

Mar 1994 

Source: FT GrapbCa 


Oct 




the risk of a populist administration 
raiding their balance sheets. Hie argu- 
ment that they should do nothing, 
leaving shareholders to gauge the 
political risk, is inadequate. They 
would be better to use their cash to 
enhance shareholder value now. either 
through dividends or buying back 
shares more aggressively. A one-off 
special dividend has tax advantages, 
but involves political dangers. Buying 
back additional shares is a measure 
which politicians and tabloid headline 
writers have difficulty lambasting. 

If Labour is looking for unpopular 
companies to target for windfall taxes, 
it could well turn to the clearing 
banks, criticised last year for not fully 
passing on interest rate cuts. A wind- 
fall tax would scarcely damage their 
ability to do business. Such a measure 
could even be imposed before 1997. 
After all. the last government to 
impose such a tax on banks was led by 
Lady Thatcher. 

Investment banking 

The job cuts and hiring freezes 
announced this week in the City and 
on Wall Street will provide some relief 
to investment banks in a difficult 
year, but they are not the complete 
answer to the industry's problems. 
Action is also needed to link pay more 
closely to performance and to reduce 
the capital devoted to the industry. 
The snag is that neither will be easy. 

Most banks pay lip service to the 
idea that pay should consist of a small 
fixed element and a potentially large 
but variable bonus, hi that way. costs 
would fluctuate in line with revenue 
and profits would be less volatile. But 
banks are scared that, if they forcibly 


introduce such flexibility, they wiQ 
lose their best employees. Rivals hare 
shown themselves ready to offer star 
brokers and traders fixed-term con- 
tracts and guaranteed bonuses. 

A reduction in the capital employed 
in the industry' would be an even bet- 
ter way of boosting profits. Bankers 
complain that margins in formerly 
lucrative markets such as derivatives 
have been squeezed as competition 
has hotted up. Prospects would 
improve if weaker groups such as Kid- 
der Peabody were driven from the 
industry. The problem is that, for 
every Kidder, there is a deep-pocketed 
commercial bank keen to expand its 
investment banking presence. Banks 
therefore seem left with the option of 
crossing their fingers and hoping for 
markets to recover. But if the struc- 
tural problems are not dealt with now, 
they will return to haunt them in the 
next downturn. 

Conglomerates 

Conglomerates have become 
extremely unfashionable. The diversi- 
fied industrial sector - dominated by 
Hanson and BTR - has underper- 
formed sharply in the latest market 
downturn. 

The worst under-performance fol- 
lowed the margin squeeze displayed in 
BTR's half-year figures last month, 
but there is general perception that 
the sector has gone irredeemably ex- 
growth. BTR and Hanson are too big 
to do deals substantial enough to gen- 
erate the superior earnings growth of 
the past. The Accounting Standard 
Board has stamped out opportunities 
for boosting post-acquisition profits 
through fair value adjustments and 
other ruses. Conglomerates are suffer- 
ing in today's low-inflation environ- 
ment, unable to force up prices when 
the cost of raw materials is rising. 

It is unfair to tar all companies with 
the same brush. Hanson's problems 
are not identical to those of BTR; Its 
exposure to coal, timber and chemi- 
cals makes it more dependent on com- 
modities prices. Tomkins and Williams 
Holdings have redefined what it 
means to be a conglomerate; Williams' W 
new focus has earned it a premium 9 
rating stripped from Tomkins after its 
opportunistic acquisition of Ranks 
Hovis McDougall. Wassail’s high rat- 
ing demonstrates that acquisitive con- 
glomerates can still win City favour, if 
they can find eamings-enhancing 
acquisitionsL But Hanson and BTR 
must rely for their chief attraction on 
above average yields. 


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SECTION II 


Weekend October 8/October 9 1994 


Plastic heart of 
a new age man 
of many parts 


M y childhood sci- 
ence books used 
to portray the 
human body as a 
complicated 
machine. This idea made me won- 
der why old people could not go to 
hospital to have worn bits or their 
body replaced, in the same way as 
broken-down cars were fixed in a 
garage. By the time I studied sci- 
ence at university in the 1970s. it 
was fashionable to look at the body 
as a whole biological system rather 
than as a machine with separate 
parts. 

Now. with the proportion of bro- 
ken-down old people in the popula- 
tion increasing rapidly, the machine 
analogy is making more sense 
again. One reason is that modern 
medicine can indeed provide a wide 
range of spare parts. Primitive 
implants are becoming available to 
replace many human organs: ears, 
eyes and nose; bones and joints; 
skin and ligaments; hearts and kid- 
neys. 

These implants are made from an 
astonishingly diverse range of mate- 
rials; hard metals and ceramics; soft 
plastics and foams; biological 
implants made by “tissue engineer- 
ing" from living cells; even elec- 
tronic circuits designed to replace 
failed nerves. 

Anyone fitted with all the differ- 
ent spare parts available today 
would indeed be a bionic man or 
£• woman, but with a creaking perfor- 
mance far removed from a sci-fi 
superhero. For no implant works as 
well as the original human version. 

Although the vast majority of 
implants have improved the lives of 
their recipients, there are also fail- 
ures - some of which leave patients 
with even more pain and disability 
than they had before. Indeed suing 
manufacturers on behalf of “vic- 
- tims " is a lucrative sideline for the 
American legal profession. 

“The problem is that all current 
devices for all parts of the body 
have a limited lifetime." says Pro- 
fessor William Bonfield, head of the 
■ Interdisciplinary Research Centre 
in Biomedical Materials at Queen 
Mary and Westfield College, Lon- 
don. However, as scientists begin to 
understand which chemical and 
physical properties of materials 
make them compatible with the 
h uman body, the outlook for more 
permanent implants is becoming 
brighter. 


“There has been a change of phi- 
losophy recently." says Professor 
Chris Wilkinson, a bio-engineering 
pioneer at Glasgow University. 
“You used to try to make your 
material as inert as possible - and 
you assumed your engineering 
skills were better than the body's. 
Now we accept that the- body is 
more clever than us." 

Research today aims to produce 
implants that knit together with the 
body's own tissues. The key factor 
here, according to Professor Colin 
Humphreys, a biomaterials special- 
ist at Cambridge University, is not 
so much the chemical nature of the 
implant as its micro-structure. The 
material must have a shape and tex- 


We have the 
technology , we can 
rebuild the human 
body. CHve Cookson 
examines the latest 
advances in 
medical science 


ture that is compatible with living 
tissues on the scale of a few nano- 
metres - millionths of a millimetre. 
“If it does not have the right nano- 
structure, it will not work," he says. 

A good example of the new focus 
on micro-structure is Bonfield's 
project at Queen Mary and West- 
field College “to design from 
scratch an artificial bone that will 
fit as well as possible with the real 
thing.” His team has come up with 
a composite material containing 
hydroxy-apatite, the main mineral 
in bone, blended with plastic. 

Although hydroxy-apatite has 
been used before. Bonfield believes 
his material is the first with the 
same nanocrystalline structure as 
natural bone. The result, when it is 
put next to osteoblasts (bone-produ- 
cing cells), is that tiny whiskers of 
bone grow cleanly into the implant. 
Clinical tests of the material are 
showing that it can successfully 
repair the cheekbones of people 
whose faces have been disfigured by 
disease or accident Thirty patients 
have already received the implants 
and 400 more are due to take part in 
an extended clinical trial. 


As with most researchers develop- 
ing bio-materials, Bonfield's goal is 
to move into hip joints - the biggest 
sector of the implant market. 
According to Frost & Sullivan, a 
Californian market research com- 
pany, US sales of hip implants will 
be worth S810m this year. 

Artificial hips, introduced in the 
early 1960s. give new mobility to 
500,000 people a year worldwide 
whose own joints have been ruined 
by arthritis and other diseases. The 
natural hip Is a ball-and-socket 
joint Its replacement involves cut- 
ting off the round head of the 
patient's thigh bone and hammer- 
ing in a metal spike to which a new 
ball is attached: at the same time, 
the natural socket in the pelvis is 
cut out and replaced with an artifi- 
cial cup made from metal lined with 
plastic. Both components of the 
artificial joint are conventionally 
cemented In place with a glue called 
polymethyi methacrylate. 

Total hip replacements have 
given good results in elderly 
patients, working well for 10 to 15 
years. But they last less well in 
people under 70, who are more 
active and put more strain on their 
hips. Their new joints can fail 
within five years - usually because 
the bone shrinks away from the 
implant, which then works loose. 

“The result Is that a steadily 
increasing proportion of our 
patients are undergoing Te vision' 
operations to replace artificial hips 
that have already failed. Altogether 
about one-third of hip replacements 
are now revisions," says Richard 
Coombs, an orthopaedic surgeon at 
the Royal Postgraduate Medical 
School London. “Our aim is the 
30-year prosthesis, yet today our 
youngest patients have a five to 
seven year revision rate." 

Repeated surgery to replace failed 
artificial joints is not only distress- 
ing and risky for the patients but 
also expensive. The National Health 
Service would save an estimated 
ESOm a year if it did not have to 
carry out second and subsequent 
hip replacements. 

Much research into orthopaedic 
implants is aimed at giving the 
metal components a porous surface 
coating - of hydroxy-apatite, for 
example - which will encourage the 
patient's hip and thigh bones to 
bind naturally with the implant To 
stimulate the osteoblasts, the 
implant may also be impregnated 



with natural chemicals called 
growth factors. This should give a 
stronger bond than any synthetic 
glue. 

Patience and dogged persistence 
are essential requirements for any- 
one developing implant materials. 
Proving their safety and efficacy 
inevitably takes many years. For 
example Bioglass, a ceramic bone 


substitute just beginning to come 
into use in the US, was invented by 
Professor Larry Hench at the Uni- 
versity of Florida in 1989. 

Professor Per-Lngvar Branemark 
of Gothenburg University, Sweden, 
also shows the persistence required 
in bio-materials research. As a 
young medical scientist working on 
laboratory animals in the 1950s, he 


discovered that titanium, a light 
metal much favoured by the aero- 
space industry, could secure 
implants firmly in living bone. 

Branemark first used the system 
in 1965, to fix the most humble of 
implants - false teeth - with a tita- 
nium screw into a man's jaw bone. 
Twenty -nine years later, that 
patient's dentures are still firmly in 


place, and 300,000 other people have 
had dental implants secured with 
the same system. 

The weight of clinical evidence 
did not convince the world's den- 
tists that the Branemark system 
was safe and effective until the 
1980s. And only in the mid 1990s are 
orthopaedic and plastic surgeons 
beginning to take titanium screws 
seriously, as a way to fix artificial 
joints and other body parts perma- 
nently to patients. 

"No one knows how and why the 
system works so well." Branemark 
says, "but empirical findings like 
this 3re important in mpdicine." 
Apparently, the titanium surface is 
covered by a thin oxide layer whose 
crystalline structure happens to be 
completely compatible with bone: at 
the same time it contains no chemi- 
cals capable of triggering an 
adverse reaction from tbe body's 
immune system. 

Implant development is not only 
slow but may also be legally and 
financially hazardous. The most 
spectacular demonstration of the 
dangers is the S4bn fund proposed 
by Dow Coming and other US man- 
ufacturers of silicone breast 
implants, to settle litigation by 
thousands of women who were 
allegedly harmed by the devices. 
Although the companies maintain 
that there is no scientific evidence 
to link their products to the plain- 
tiffs' auto-immune diseases and 
other medical problems, some 
implant recipients have undoubt- 
edly suffered great pain - and their 
lawyers have successfully portrayed 
them as innocent victims of corpo- 
rate greed and negligence. 

The silicone saga has frightened 
several companies off the whole 
implants business. “We have pulled 
out of making materials for medical 
implants altogether, and a number 
of other companies have stopped 
developing medical implants in the 
US because, with the potential 
[legal] liability, it is not worth the 
risk." says Dr Ralph Cook, Dow 
Coming medical director. 

Another corporate victim of the 
implants business is Vitek, a Texan 
company founded by Dr Charles 
Homsy to make implants out of a 
material called Prop last which he 
has been developing for more than 
20 years. Vitek went bankrupt in 
1990, crushed by the weight of law- 
suits by patients who suffered 
adverse reactions - including 
severe and intractable pain - after 
receiving Proplast jaw implants. 

Homsy believes that the fault did 
not lie with the material itself but 
with the way It was used- He has 
shown his faith in it by setting up a 
new company in Switzerland, Prom- 
otus, to continue developing and 
marketing Proplast (a porous 
matrix of Teflon plastic with 
hydroxy-apatite). Surgeons in the 
Netherlands are carrying out a 
long-term trial of hip implants 
coated with Proplast 

So much for passive implants to 
replace failed bones and joints. 
Research into active implants, 
which substitute for nerves and 
muscles, is less advanced but 


continned on Page XI 


CONTENTS 

Family finance : Is this the time to 

look at the commodities sector? Ill 

Food & Drink : First catch your 
lobster XUI 

Fashion : Go casual in the classic 
men’s greatcoat XIV 

Books : Alan Clark reviews Julian 
Critchtey’s autobiography XIV 

Sport s On the road with the 
indefatigable Ian Botham XXII 

Interview: Eric Hobsbawm looks 
back at the defeats of a century XXIV 



Enjoying the Florentine Renaissance 
24 hours a day Page XII 


Arts 

Books 

Bridge. Chose. Crossword 

Cotecwg 

Fawtan 

Finance S iho Fnmhr 

Food & Drink 

Gardening 

How To Spend n 

Markets 

James Morgan 

Motoring 

Private Vtow 

Property 

Small Business 

Sport 

Travel 
TV A Radio 


XIX- XX 
XXI 

XXIII 
XV1U 

wv 

W-X 

XHi 

XVII 

XV 

It 

XXIV 
XXX 
XXIV 

xvi-xvn 

XI 
XXH 

XII 

xxra 


The Long View / Barry Riley 

Shadow of a smile 



There was something 
strange about Dr Mor- 
timer Duhm when he 
passed through town 
this week. He was smil- 
ing. Mori Duhm is intol- 
erable during a bull 
market, but in bearish 
conditions he comes 
into his own. And you 
ve to admit that this year he has 
m absolutely right. “The US Trea- 
rv long bond yield has backed up 
m 6.2 per cent to 8 per cent since 
auary." he pointed out “It’s propor- 
nately almost as big a shift as before 
» 1987 stock market crash when the 
e was from 7.3 to 10.2 per cent 
tween January and October." 
t is true. I said, that Fortune maga- 
e has calculated this year’s paper 
ises at $600bn on US bonds and 
500bn on bonds world-wide. On aver- 
3, everybody in the world has lost 
10. But surely the leveraged hedge 
ids which caused a lot of the instabil- 
were out fairly early on. Why are we 
lering a second stage in the collapse 
s autumn? 

■They weren’t the biggest players, 
in though they got most of the pub- 
ity." said Duhm. “There were also 
i proprietary trading desks of the big 
rurities firms and banks. The bad 
dvs is still only trickling out, as with 

> profit warning from Hambros bank 
London this week and the staff 
lundancy warning at Goldman Sachs. 
Then there were the US commercial 
nks, which were offered a free ride 
mg the yield curve in 1992 and 1993 
the US Federal Reserve. Few of them 
ve yet owned up to their true losses, 
ey are what are called capitulation 
lers. They hold on and hold on, hop- 
l for a rally, hut finally give up. They 
iy be forced into a clean break before 
» calendar year-end.” 

Phe obvious weak point about the 
3 bond bull market, l said, was that 

> bonds were not going into firm, 
ig-term hands. UK gilts were hardly 
ng bought by British pension funds, 
ich took just £2.7bn worth, but very 
gely by unspecified foreigners who 


vacuumed up gilts worth £16.6bn. 

"And the OECD countries are trying 
to dump another S400bn-pius of bonds 
into these devastated markets this 
year," added Duhm. “It's crazy. Now, 
Italian government debt is yielding 12 
per cent and there are scuffles in the 
streets in Rome outside the prime min- 
ister’s office." 

But. 1 pointed out, at least the US 
equity marker had been holding up, 
almost against the odds. As recently as 
September 15, the Dow Jones Industrial 
Average was only 25 points short of its 
all-time high, and it was still only 5 per 
cent off that peak. 

“But haven’t you noticed how artifi- 
cial that performance is?" replied 
Duhm. “The market leaders are being 
propped up by take-over speculation 
and maybe by actual manipulation. 
Elsewhere, the transports and the utili- 
ties are off more than 20 per cent since 
last winter. American investors have 
been selling some of the overseas stock 
markets like Hong Kong, which is down 
a quarter this year, and the European 
markets, many of which are down by 
between 15 and 20 per cent from the 
peak in local currencies. The US market 
is being shielded, but it can’t last long." 

T here had been strong echoes 
of 1987 in all this, 1 said. That 
year's similar bond market 
collapse reflected the way 
investors became scared about rapid 
economic growth and rising inflation. 
Global economic growth was around 4 
per cent, a level to which we are only 
now getting back. 

In 1987, however, the distortions were 
rather more extreme: the ratio of the 
US Treasury long bond yield to the US 
equity market dividend yield rocketed 
from under 3 to over 4, whereas it is 
now about 3-3. Although that is still 
much higher than at any time since 
1987 it does not indicate another 
full-blooded crash so much as a more 
modest correction. 

“You’re an optimist," Duhm declared. 
“Remember that the scale of the 
required equity market adjustment 
seven years ago was moderated by a 


simultaneous bond market recovery. 
But conditions in the global bond mar- 
ket today are uglier. If the US long bond 
yield goes to over 8 per cent then the 
required correction in equities on Wall 
Street could still be 25 per cent 

“Some of the other pieces of the 1987 
jigsaw might also fall into place. The 
Federal Reserve could be just about to 
raise the discount rate again, as it did 
in September 1987, All we would then 
need would be an unexpected German 
tightening. 

“And finally," grunted Duhm, “we 
have the derivatives factor. Portfolio 
insurance was another of the sub- 
causes of the 1987 disaster. In seven 
years, the rocket scientists have had 
plenty of time to plant some much big- 
ger ticking bombs. We don't for sure 
know what they are, but we shall be 
lucky if none of them goes off. For 
instance, look at the billions in untrade- 
able instruments In the mortgage- 
backed securities market, where Kidder 
Peabody is being bailed out by its 
wealthy parent, General Electric." 

But a lot of this was just scare talk. I 
protested. There were many cases of 
foolish corporate treasurers caught by 
derivative positions that went the 
wrong way, but this was not the same 
as systemic collapse. Moreover, for 
every widely-reported loss, somebody 
somewhere was quietly malting a profit. 

Mortimer Duhm snorted. “The system 
can only learn from its mistakes," he 
snapped. “The derivatives markets are 
only as strong as their weakest links. 
They are going to be tested- So are 
governments, as they are pulled two 
ways. They know they have to stop 
burying the world in bonds and forcing 
real interest rates ever higher. On the 
other hand, they perceive their 
response in 1987, in cutting short-term 
interest rates and boosting liquidity, as 
a mistake which generated an inflation- 
ary boom and bust The markets will 
have to decide for them." 

He added: "But when a big invest 
ment bank folds, or the first western 
country re-schedules its debt, that could 
be a major buying signal." I swear that 
Dr Duhm almost smiled again. 



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II WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER S/OCTOBER 9 1994 


MARKETS 


London 

Profit warning 
hits dealers 
where it hurts 

Andrew Bolger 


Merchant banks falter 

Merchant Banks relative to the All-Share (FT- SE- Actuaries indices) 



eople in the City of 
London are much 
like those anywhere 
else: bad news 
seems worse the 
nearer to home it strikes. This 
was apparent in the reaction to 
developments which brought 
the recent weakness of the 
bond and equity markets all 
too close to their trading 
screens. 

The FT-SE 100 fell 42.8 points 
on Monday after S.G. Warburg, 
the UK's largest investment 
bank, warned that its interim 
profits would be more than 
halved because of a plunge in 
profits from trading in bonds, 
equities and derivatives. The 
next day another rival mer- 
chant bank, Hambros, said it 
had also suffered losses on the 
bond market and would make 
only about half of last year’s 
interim profits. 

Traders were suddenly faced 
with the worrying thought that 
highly paid jobs might be at 
risk in the Square Mile, which 
last year enjoyed a bonanza 
from the surging equity mar- 
ket There appears to be little 


immediate prospect of wide- 
spread lay-offs, but bonuses 
seem certain to be a pale 
shadow of the previous year's 
bounty. 

One merchant banker com- 
mented: “After the party of ’93, 
comes the hangover”. And 
indeed the chart shows that 
the merchant banks sector has 
outperformed the market in 
the past two years, even after 
this week's downward correc- 
tion. However, it is easier to 
take such a philosophical 
stance if - like the banker in 
question - one is not too 
directly exposed to the bond 
and equity markets. 

Warburg has followed the 
example of the big US invest- 
ment banks, which offer cli- 
ents trading services as well as 
fee-based advice. These US 
banks have also recently suf- 
fered big losses on the trading 
side, and greater volatility in 
profits seems an inevitable 
consequence of adopting such 
a strategy. 

There remains plenty of cor- 
porate activity around - not 
least new issues. KPMG Peat 


Marwick forecast this year was 
still set to break records for 
flotations, in spite of issues 
being pulled and a disturbing 
level of profit warnings from 
recent candidates. So far this 
year. KPMG estimates that a 
total of £7.8bn has been raised 
from 182 new issues, and it 
expects that a pick-up in activ- 
ity before the November bud- 
get will put the final tally com- 
fortably ahead of the 1986 
record of £9bn. 

KPMG said investors who 
had had their fingers burnt 
would be particularly wary and 
some companies would face an 
uphill struggle to convince 
investors that they were of a 
suitable size and quality to join 
the main stock market. 

One company that will easily 
overcome the scale barrier is 
British Sky Broadcasting, the 
satellite television company 
which confirmed that it plans 
to stage a share issue on the 


London and New York mar- 
kets. The issue, provisionally 
programmed to take place 
before Christmas, is expected 
to involve the sale of up to 
£lbn or new BSkyB shares, or 
20 per cent of its enlarged 
equity, valuing the company at 
just under £5bn. 

Meanwhile, the equity mar- 
ket’s movements continued to 
be dominated by bonds. As 
well as the Warburg announce- 
ment. Monday’s plunge was 
attributable to weakness In 
gilts after wonyingly high UK 
money supply figures and the 
increased concern over infla- 
tionary pressures in the US. 

An unconvincing 18-point 
rally in thin trading on Tues- 
day was followed by a 45.5- 
point downward lurch on 
Wednesday, when strong 
growth in US factory orders 
heightened fears that US inter- 
est rates would have to rise 
soon. The FT-SE did regain 28 
points on Thursday, mainly 
because a dip in UK manufac- 
turing output in August 
suggested there was less pres- 
sure to raise to raise UK inter- 
est rates again. Yet traders are 
fixated on Wall Street. Only 
when yesterday’s US payroll 
and unemployment data were 
received without the feared 
rise in the Federal Reserve’s 
interest rate did the market 
relax, to close 14 points higher 
- down 27.6 on the week. 

The uncertain outlook is best 
illustrated by the huge range 
of year-end forecasts for the 
FT-SE. James Capel the UK’s 
biggest broker, downgraded its 
target to 2,840, but some brave 
souls are still sticking by 3.600. 
Robin Aspinall, Panmure Gor- 
don's bearish analyst started 
the week boasting that his 
year-end forecast of 2.800 was 
the only one in the City not to 


need changing this year, but 
after Wednesday's rout was 
reminding institutions of his 
“ultimate target” of 2,200. 

Aspinall points to the UK car 
sales: “While consumers have 
stopped buying cars (personal 
purchases were 4.5 per cent 
lower in September than a year 
earlier), companies are still 
buying enough for their fleets 
to boost total sales by 6.5 per 
cent. Companies' finances are 
in better shape than consum- 
ers’, but that cannot last for 
long without the consumers’ 
help. We are heading for a con- 
sumer-led recession.” 

J. Sainsbmy, the UK’s larg- 
est grocery retailer, would not 
subscribe to such a gloomy 
conclusion but nevertheless 
continued its diversification 
away from the UK food retail- 
ing market by taking a £205m 
stake in Giant Food, a Wash- 
ington DC-based supermarket 
nbam The deal is Salisbury's 
second move into the US. after 
taking control of the Shaw’s 
supermarket chain in the 
north-eastern US in 1987. It 
gives the UK retailer a strong 
position on the eastern sea- 
board. 

A City crash would also be 
bad news for Vendome, the 
luxury goods group, which this 
week paid an undisclosed sum 
for James Purdey & Sons, 
Britain's most famous sporting 
gurmiaker. in spite of prices 
which range up to £40,000. 
there is an 13-month waiting 
list for the shotguns, which 
Purdey has been making for 
200 years at its premises in 
London's Picaddilly. 

Or perhaps not? Given the 
febrile state of the financial 
markets, perhaps even unem- 
ployed stockbrokers would pre- 
fer to blow some of their pay- 
off on blasting birds . . . 


HIGHLIGHTS OF THE WEEK 



Prioe 

y*day 

Change 
on week 

1984 

High 

1994 

Low 


FT-SE 100 Index 

2998.7 

-27.6 

35203 

2876.6 

Fears of US rate rise 

FT-SE MM 250 Index 

3447.5 

-47.3 

4152.8 

3363.4 

Absence of buyers 

Asfttead 

441 

+11 

454 

333 

Confident agm 

BT 

380 

+16 

486 

35356 

Upgrades/figures due Nov 10 

Bank of Scotland 

194 

-13* 

247 

172% 

Interim efividend disappoints 

Cannon St Invs 

13% 

-14 

39 

11% 

Profits sOde 

Commercial Union 

519 

+16 

70154 

481 

Rights issue success 

Etam 

279 

-31 

326 

217 

Current trading below expectations 

GKN 

596 

-20% 

660 

510% 

Ford production cuts 

Hambros 

233 

-29 

473 

221 

Profits warning 

Lucas Inds 

177 

-19 

239 

158 

Rights issue worries 

Reuters 

44654 

-29 

539% 

424 

Knock-on from banks weakness 

Smith New Court 

324 

-50 

496 

324 

Vtdatte, but thin, markets 

Storehouse 

203 

+14 

252 

189 

Favourable trading statement 

Warburg (SO) 

587 

-83 

1012 

5® 

Profits warning 



Serious Money 

A little knowledge 
is a sensible thing 

Gillian O'Connor, personal finance editor 


O ptions trader, quan- 
titative analyst, 
property economist, 
pensions manager, 
swaps trader, foreign exchange 
dealer, investment manager, 
head of high yield and dis- 
tressed debt: this list is not 
some yuppie equivalent of “tin- 
ker, tailor, soldier, sailor”; it 
reflects the new student intake 
at London Business School’s 
investment management 
course. 

Tuesday evening this week 
found all these high-powered, 
highly-paid students solemnly 
tossing a pair of dice 10 times 
to simulate probable portfolio 
returns. More prosaic moments 
dinned home such useful mes- 
sages as: 

□ Risk-tolerant and long-term 
investors prefer more equity. 

□ Investors with real liabilities 
prefer short gilts to long (or 
index-linked). 

□ Investors with no minal lia- 
bilities prefer to match. 

□ High-tax investors prefer 
short gilts to long gilts. 

Most serious private inves- 
tors would have found the sem- 
inar illuminating, but one 
residual query is obvious: to 
what extent can even a rich 
individual make use of invest- 
ment theory intended for pro- 
fessionals manag in g multi- mill - 
ion pound portfolios? 

You might well run yonr 
own investment portfolio very 
differently from that of a pen- 
sion fund or unit trust. But the 
more you understand about 
the characteristics of different 
types of security and the way 
professional investors use 
them, the better. Knowledge 
might not help you to make 
money - but It should help you 
to avoid losing it And steering 
clear of pitfalls plays a large 
part in successful investment. 

Take risk, for example. Most 
sensible investors take some 
risks, but they do not take 
risks which are at odds with 
their objectives or unlikely to 
offer a commensurately greater 
reward. 

It would be stupid to buy a 
share that you expected at best 


to provide the same return as a 
gilt held to maturity. Since the 
return on the share is uncer- 
tain, it becomes a sensible 
choice only if you expect it to 
produce a higher return than 
the safer alternative. Diversifi- 
cation helps reduce risk. 

Such basic cautions are as 
useful to the Individual inves- 
tor as they are to the profes- 
sional. They may seem blind- 
ingly obvious, but too many 
people still regard buying 
shares as the financial equiva- 
lent of a white-knuckle ride 
without a safety net: a test of 
machismo. Unsurprisingly, 
such investors tend to end up 
losing money. 

□ □ □ 

Emerging stock markets are 
one type of investment where 
risk/retum calculations are 
particularly relevant After a 
hectic rise in 1993. the markets 
- which include those in the 
fast developing countries of 
Asia, Latin America and cen- 
tral and eastern Europe - have 
first fallen sharply and then 
recovered so far this year. 

There Is at present a heated 
debate among professional 
investors as to whether emerg- 
ing markets represent good 
value at their present levels. 
What is slightly chastening 
about this debate is that such 
intelligent people can use the 
same evidence to come to oppo- 
site conclusions. 

Two recent papers sum it up. 
“Has the gravy train been and 
gone?" asks David Shaw at 
Legal & General 

His answer is that although 
there continues to be “a 
strong, compelling secular case 
for emerging markets, the 
purely cyclical justification is 
near the end of its shelf life”. 
In other words, they are still 
attractive in the long term, but 
investors should be ready to 
take profits in the short term. 

Shaw’s immediate worry is 
that US interest rates will rise 
enough next year to pull 
mutual fund money back 
home. If the Fed funds' rate 


tops 6 per cent (against the 
present 4% per cent), that will 
trigger “the US private inves- 
tors’ liquidity preference". So, 
the little old lady from Pasa- 
dena will call her wandering 
dollars home from Rio and Bei- 
jing. And the long feared 
global capital shortage will 
become reality. 

Over at Independent Strat- 
egy, David Roche has an 
answer to this fear. “The 
global capital market is like a 
bath that is being tipped 
towards the deep end of high 
returns in the restructuring 
economies." he says. 

Capital will be sucked out cf 
the rich countries and fed into 
more productive Investments 
in infrastructure and technol- 
ogy in the emerging econo- 
mies. And “the existence of 
hedge funds and derivatives 
guarantees that, when the bath 
tips, the water will slosh 
towards the productive end 
fast, though perhaps with con- 
siderable volatility”. 

Since the rewards look good 
enough, investors will accept 
the risk. But mind your eye. 

This is one of those pleasing 
occasions where private inves- 
tors are actually placed better 
than professionals. The two 
Davids both agree about the 
long term attractions of emerg- 
ing markets, and any sensible 
private investor would put 
money in emerging markets 
only on a long term basis. 

Hoping to hit the jackpot b; 
trading in and out of this kind 
of market is a mug’s game. But 
owning shares in an emerging 
markets trust is a the mark of 
a canny long-term investor. 

□ □ n 

Are personal equity plans a tax 
break used only by the rich? 
Autif is keen to point out that 
50 per cent of unit trust Pep- 
holders are basic-rate taxpay- 
ers. Yes, but . . . 

One of the worries about 
Peps is that they are often sold 
to people who are unlikely to 
benefit from them - such as 
basic-rate taxpayers. 


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AT A GLANCE 


Finance and the Family Index 

Commodities: is this the time to buy Ill 

The week ahead. New issues, Directors' transactions IV 

Lloyd’s Names and the High Court. Electricity shares VI 

Venture capital trusts VII 

Fixed and discounted mortgages, annuity rates .. VIII 

Warning on wins, New-launch tables DC 

Tax treatment of dividends. Q&A briefcase. Highest rates X 


First time buyers All-Share Index 

AH houses. 1 983=100 FT-SE-Aetuaries Index 



Source: HaWax Source: FT Graphite 

House prices rise, 
house prices fall 

The two largest building societies disagreed on the direction of 
house prices last month with Halifax, the biggest, reporting a 
modest rise of only 0.1 per cent in September compared with the 
previous month. But Nationwide recorded a fall of Z9 per cent - 
the greatest monthly drop for almost four years. Prices paid by 
first-time buyers rose in September by 0.3 per cent, according to 
Halifax. 

Mortgages, Page VIII 

Bears scared by 
US bogeyman 

The UK stockmarket suffered another queasy week, as 
disappointing results showed up in its own back yard: the upset 
at Warburgs prompted a flurry of rumours about other securities 
firms' probable results. Bears then started looking across the 
Atlantic for new sources of wony - and US interest rates 
became the new bogeyman. 

Info’ fund put on hold 

The launch of the Infostructure investment trust by BZW and 
Society G6n£rale Strauss Turnbull is being postponed until the 
new year because of the continuing poor market for new Issues. 
The trust plans to specialise in emerging markets’ companies 
involved in advertising, telecommunications, software, 
broadcasting, and other elements of the “information 
infrastructure". David Cohen, of SGST, said that although the 
trust might have achieved its stated minimum target of £40m this 
autumn, he thought investors would be more confident In 1995. 
New Trust Launches, Page IX 

Smaller companies suffer 

Smaller company shares continued to suffer this week. The 
Hoare Govett Smaller Companies Index (capital gains version) fell 
2.3 per cent to 1637.33 over the week to October 6. 

Next week’s Family Finance 

There are huge numbers of offshore-listed unit and investment 
trusts available to investors In the UK, some of which offer 
exciting opportunities you cannot find on-shore. But where can 
_you find i nformation about them, and how safe Is your money? 


Wall Street 


Endless growth, full employment, utter gloom 


Dow Jones Industrial Average 



T hese can be confusing 
times for anyone who 
follows Wall Street 
Consider this: the US 
economy is in its fourth year 
of growth and about to enter a 
fifth, corporate profits are 
healthy, consumer spending is 
strong, inflation is low, and 
the expansion in the labour 
market has pushed the 
national unemployment rate 
down to a level low enough for 
some analysts to claim that 
the economy is close to full 
employment 

Yet, instead of celebrating 
their good fortune, investors 
in the US stock and bond mar- 
kets are unhappy. Yesterday's 
seemingly good news from the 
September employment report 
- non-farm payrolls rose by 
239,000 and the national job- 
less rate dropped from 6.1 per 
cent to 5.9 per cent its lowest 
level in four years - was 
greeted with a marked absence 
of enthusiasm on Wall Street 
After an initial rally, bond 
prices and stock prices fell 
back yesterday, and were 
either flat or below their open- 
ing values by midday. Stocks 
took a beating this week 
because of fears that the econ- 
omy is growing too strongly. 


and bonds are trading close to 
levels where the yield on the 
30-year issne flirts danger- 
ously with 8 per cent a mark 
many analysts label “psycho- 
logically important”. (This 
means that investors will have 
a nervous breakdown and sell 
everything in a wild panic the 
moment the yield rises above 8 
per cent) 

At least the bond market’s 
discontent makes sense. Rising 
economic growth almost 
invariably translates into 
higher inflation, and inflation 
undermines the value of fixed- 
income assets such as govern- 
ment securities. The fact that 
inflation is low today is not 
reassuring - it is the prospect 
of higher inflation tomorrow, 
and next year, that has the 
bond market rattled. 

The explanation for the 
stock market’s behaviour is 
less straightforward. Although 
a strong economy and rising 
employment means higher cor- 
porate profits, equity investors 
- like their counterparts in 
the bond market - are looking 
forward six or 12 months. 
What they see ahead is a wor- 
rying reversal in both eco- 
nomic and company earnings 
growth, a reversal engineered 


Aug 

Source: FT Graphite 

by the Federal Reserve, which 
has raised interest rates five 
times this year in an attempt 
to slow the economy and 
restrain inflation. 

The immediate fear in both 
markets is that the Fed will 
raise rates a sixth time, possi- 
bly as early as next week 
when the government releases 
the September inflation fig- 
ures. In fact, for much of this 
week, investors were con- 


1894 

cerned that the Fed would 
tighten monetary policy yes- 
terday. after the jobs data 
were released. 

Although the employment 
report failed to trigger a rate 
rise, it proved to be a mixed 
blessing for markets. The 
239,000 rise in non-form pay- 
rolls was smaller than fore- 
cast. but for anyone worried 
about jobs growth this news 
was offset by upward revisions 


in the previous estimates of 
July and August payrolls. The 
revisions meant that 106,000 
jobs were created tills summer 
of which the markets had been 
unware. 

When combined with the 
unexpected drop in the 
national unemployment rate 
to 5.9 per cent, the September 
report was unsettling news. 
Analysts said yesterday that if 
the figures were not bad 
enough on their own to 
prompt an Immediate Fed rate 
increase, they certainly 
increased the pressure on the 
central bank to raise rates. If 
next week's inflation numbers 
come in above the forecasts, 
analysts are convinced that 
the Fed will tighten policy. 

A sixth interest rate 
increase in eight months 
would spell trouble for stocks, 
which after a solid third quar- 
ter (the Dow Jones Industrial 
Average rose 6 per cent 
between July and September) 
are looking vulnerable to a 
sharp sell-off. 

If the Fed does act, a rate 
rise will spoil what should be 
another encouraging quarterly 
reporting season. Since the 
Fed first put up rates in Febru- 
ary. the one factor sustaining 


share prices has been corpo- 
rate profits, which have grown 
steadily. 

Soon that crutch may be 
removed. At some stage, 
higher interest rates will effect 
the economy and earnings. So 
for, only two sectors have felt 
the sting: the Wall Street 
investment banks and broker- 
age firms, which have seen 
their profits from securities 
trading, underwriting and 
broking plunge, (on Thursday 
Salomon said it would report a 
loss of about 8100m iu the 
third quarter because it had 
lost money trading its own 
capital in the markets), and 
the money-centre banks, 
which have been hurt by lower 
securities trading profits. 

Eventually, other industries 
will start to suffer. Analysts 
warn that this could happen as 
early as the first quarter of 
next year. It is these warnings 
of trouble tomorrow that are 
depressing prices today. 

Patrick Harverson 

Monday 3846.89+ 03.70 

Tuesday 3801.13 - 45.78 

Wednesday 3787.34 - 13.79 

Thursday 3775.58 - 11.78 

Friday 


L ast Saturday, the co- 
chairman and chief 
financial officer of 
Reed Elsevier took a 
break from meetings with US 
investors and spent the day 
playing the tourist at deserted 
gold mines in Colorado, 
unaware they were about to 
clinch a SlJSbn-deal. 

Ian Irvine and Nigel Staple- 
ton discussed the Angio-Dutch 
publisher’s imminent launch 
On the New York Stock 
Exchange. But they barely 
mentioned the group’s 
long-term ambition to become 
a leading provider of electronic 
information. 

Within 48 hours, however, 
they had doubled the size of 
Reed Elsevier’s electronic pub- 
lishing operations by agreeing 
to buy Mead Data Central - 
the US distributor of on-line 
legal and business information. 

The rapid turn of events was 
dictated by Mead Corporation, 
the paper and forestry group, 
which decided quite suddenly 
to offer its MDC subsidiary to 
Reed Elsevier after months of 
tentative negotiations. 

A contract was drawn up in 
New York. Stapleton signed it 
and Qew back to London on 


Bottom Line 

Elsevier digs for electronic gold 


Concorde. On the flight, he pol- 
ished a presentation designed 
to convince City analysts and 
institutions that the group had 
pulled off an unexpected coup 
- winning control of the Ohio- 
based business in spite of rival 
offers from Times Mirror, the 
US media group, and Thomson 
Corporation of Canada. 

After hearing Reed Elsevier's 
financial and strategic argu- 
ments, most analysts have wel- 
comed the deal which is to be 
financed from cash reserves 
and $lbn of borrowings. 

“They have won access to a 
fast-growing electronic distri- 
bution network - that's the 
way forward for the group's 
professional and scientific pub- 
lishing businesses.” says Chris 
Munro of Hoare Govett 

Her view is echoed by Louise 
Barton, media analyst at Hen- 
derson Crosthwaite. She says 
concerns at MDC's price have 
been soothed by forecasts 


Before and after the deal 


£bn 


3.0 



prallt cashflow 

Sown; Corsjny rapoRs 


Percent 



Operating 

margin 


showing interest cover will 
remain above six times despite 
the near doubling of net debt 
to £1 Jbn. 

“This is a sound strategic fit 
and the funding is well within 
the constraints imposed by the 
balance sheet" she adds. 

Nevertheless, shares in Reed 


International and Elsevier, 
which merged last year, fell 
after Moody’s put its long-term 
debt ratings on review for pos- 
sible downgrade. 

While admitting that gearing 
of 90 per cent looks steep. 
Nigel Stapleton points out that 
the group's strong cash flow - 


£2i7m at the half year stage - 
should enable it to pay down a 
large part of the debt within 
three years. 

The shares have since stabi- 
lised and should bounce back if 
MDC delivers the growth 
expected by its new owners. 

The electronic publisher is 
likely to contribute about $75m 
of profits and 8612m of sales 
next year - pushing North 
American turnover close to 50 
per cent of the group total. 

By amortising a $l_27bn slug 
of goodwill. Reed Elsevier will 
enjoy tax relief on those profits 
and ensure the deal is earnings 
enhancing. 

“There are clear financial 
advantages.” says Frans van 
Schaik, of Barclays de Zoete 
Wedd Nederland. “It should 
add about 3 per cent to earn- 
ings per share next year.” 

On his forecasts, full year 
eps would rise from 4I.9p to 
about 43.2p. Other analysts 


predict an even larger jump to 
49 -5p by the end of 1995. 

Strategically, the prospects 
are also alluring. MDC’s two 
main businesses - Lexis and 
Nexis - look set to grow rap- 
idly. Demand for Lexis, the 
on-line legal service used by 20 
per cent of US lawyers, is 
expected to increase almost 10 
per cent next year. Nexis. the 
business information arm, tas 
access to more than 4,500 data- 
bases and Is sold worldwide. 

More importantly, (hey offer 
an electronic highway for Beed 
Elsevier’s high-margin scien- 
tific and professional publica- 
tions, which could be trans- 
ferred from hard copy by the 
end of the decade. 

That strategic shift looked 
some way off last weekend 
But the MDC deal has enabled 
the Angio-Dutch group to fulffl 
its ambitions earlier than 
expected. 

“Reed Elsevier will be able to 
better realise MDC's tremen- 
dous growth potential,” says 
Steven Mason, Mead's chair- 
man, “The acquisition puts it 
in a unique position in a rap- 
idly developing industry." 

Tim Burt 





d FINANCIAL TIMES WEEKEND OCTOBER 8/OCTOBER 9 1994 


WEEKEND FT HI 


'?' V H 

lhi> 


iter iiio: 


FINANCE AND THE FAMILY 


Commodities - a st 

If you re bored with equities , why not invest in natural products? 
Scheherazade Daneshkhu and Beihan Hutton examine the prospects 

F orget stocks and high with coffee beans or tank* considerable, with some con- is over 90 per cent invested i 
snares, the latest era full of oiL That apart, the centra ting on a single commod- oil stocks) also is hopeful abou 
investment theme two funds will take very differ* ity such as oil or gold while prospects despite the feet tbs 
is real products rat approaches to the sector, others have a broad spread, off is cheaper today, in rea 

that VOn can eat. RTWc st-rafpour is K*saJ 


a stake in the real world 


F orget stocks and 
shares: the latest 
investment theme 
is real products 
that you can eat, 
burn, or make things with. 
Fund managers are saying that 
the world economic recovery 
will increase the demand for 
commodities - raining and 
agricultural products as 
diverse as zinc, oil, gas, rubber, 
soya beans, sugar and pork bel- 
lies - and drive prices higher. 

The other big idea is that 
because the prices of commodi- 
ties are correlated Inversely 
with equity and bond prices - 
so that commodity prices rise 
when equity and bond prices 
are falling, and vice-versa - 
the overall volatility of a port- 
folio should be reduced 
A commodity element in a 
portfolio is supposed to act as a 
hedge ag ains t inflation, too. 
This is not just because prices 
of real assets like commodities 
tend to rise in line with infla- 
tion; in fact, rising commodity 
prices are a factor in generat- 
ing infla tion 

The worry about investing in 
commodities now is that the 
prices of several major com- 
modities - particularly coffee 
and copper - have had spectac- 
ular increases already this 
year. Cynical investors might 
wonder it once again, they are 
being invited to board the 
bandwagon near the top of the 
hill just in time to start head- 
ing down. 

But Ronald Gould, of BZW 
Investment Management, 
argues that while a few Indi- 
vidual commodity prices may 
have raced ahead, commodities 
as a whole are up only S per 
cent so far this year. Indeed, If 
you take a 12-month view, they 
are actually down slightly. 

■ Investment trusts 
Until now, there have been few 
investment trusts offering the 
private investor exposure to 
commodities. The nearest is 
Julian Baring's Mercury World 
Mining trust, launched about a 
year ago. But two London 
investment managers are hop- 
ing to catch the growing inter- 
est in commodities by launch- 
ing new Investment vehicles. 

Fleming is in the early 
stages of preparing a natural 
resources investment trust, 
while BZW is a little further 
ahead with its commodities 
trust (while this actually is a 
Jersey incorporated invest- 
ment company, it will be listed 
on the London stock exchange 
and behave just like a normal 
investment trust). Institutional 
investors have committed 
themselves to buy shares 
worth just under £70m in this 
fund; the offer for private 
investors closes later this 
month. 

Neither Fleming nor BZW 
will Invest in physical com- 
modities - no warehouses piled 

Commodities 

Commodity Research Bureau Index 
160 « 


high with coffee beans or tank* 
ere full of oiL That apart, the 
two funds will take very differ- 
ent approaches to the sector. 
BZW’s strategy is based on 
using derivative products to 
gain exposure and it aims to 
beat the Goldman Sachs com- 
modity index. While some risk- 
averse investors may be 
alarmed by the very word 
“derivatives", Gould stresses 
that BZW will not use these to 
gear up the fund. 

Instead, the managers will 
buy mainly loan notes, where 
the return is linked directly to 
the price of an individual com- 
modity or index; or commodi- 
ty-linked swaps, which are 
more speculative except that 
BZW will back them, with cash 
in short-term money market 
instruments. 

The fund's model portfolio 
will have just over half its 
assets linked to oil and gas. 
with smaller amounts in live- 
stock, agricultural commodi- 
ties, industrial and precious 
metals. The asset allocation is 
similar to, but not identical 
with, Goldman Sachs' propor- 
tions. 

Fleming, on the other hand, 
is planning to get exposure to 
commodities by buying shares 
in companies around the world 
which are involved in the 
extraction, cultivation and pro- 
cessing of natural resources. 


T he managers will 
have an Industrial 
bias, concentrating 
on oil gas and non- 
precious metals 
rather than the more glamor- 
ous gold and platinum. The 
idea is to ride the commodities 
cycle, so the fund will have a 
limited life of between three 
and seven years. This allows 
the managers to sen up at the 
most opportune moment 
BZWs minimum investment 
level has been set at £5,000 in 
order to exclude small-scale or 
novice investors. The fund is 
aimed at institutions or sophis- 
ticated private investors 
looking for diversification 
opportunities. The prospectus 
states quite clearly that the 
trust “should be seen as com- 
plementary to existing invest- 
ments In a wide spread of 
other financial, assets, and 
should not form a major part 
of an investment portfolio". < 
The Fleming trust is more 
open to smaller investors. Its 
minimum investment has not 
yet been set but is likely to be 
around £2,500. The same risk 
warnings apply, however con- 
sider this fund only if you have 
a broad spread of equity invest- 
ments. 

■ Unit trusts 

Private investors have always 
had a far wider choice of com- 
modity and energy unit trusts 
than investment trusts. The 
composition of the funds varies 



1B74 7578777870808182838463838788800091029394 

Indices rebased 


FT-SE AB- Share {$ letms) 
Morgan Stanley Capital 
International index 


1974 78 76 77 78 7980 81 82 83 84 85 88 87 88.89 90 91 82 9394 


Sotew Oataatream 


How commodity unit trusts have performed 


Abbey Commod & En 
Allied Dunbar Mils 
BG Energy 
Gartmone Gold 
Hffl Samuel Natri Resc 
Mercury Gold & Genii - 

M&G Commod & Genri 
M&G Gold & Genri 
NM Gold 

Prov Capitol Gold Tst 
S&P Commodity Share 
S&P Energy Industries 
S&P Gold & Exptoratn 
TSB Natural Resources 
Waved ey Aust Gold 
Average 
FT Gold Mines 
FT-A Worid Indx (O 
FTSE-A AU Share 

•n» tnbt* iiwa «w pereenwi mcreMao" 


Size Cm 

1 yr % 

3 yrs % 

10.5 

37J0 

59 a 

9.8 

11.5 

28.6 

2.1 

-132 

26.1 

11.6 

35.0 

89.9 

5.3 

28.3 

55.4 

392.1 

73.0 

300.0 

33.3 

31.6 

69.5 

47.4 

37.0 

126.7 

2.1 

22-2 

100.6 

28.0 

28.3 

116.3 

56.7 

31.2 

68.0 

17.7 

-1.4 

53.9 

17.3 

51.8 

137.4 

22.9 

34.8 

171.6 

5-9 

75.2 

231.9 


32-2 

109.0 


57.8 

87.5 


1.9 

41.6 


3.4 

31.8 


5 yrs % 


considerable, with some con- 
centrating on a single commod- 
ity such as off or gold while 
others have a broad spread. 
The table lists the funds and 
their performance to October 1. 

The best performer has been 
Mercury Gold & General, man- 
aged by Julian Baring. This 
outperformance. combined 
with the recent fashion for 
commodities, has seen it grow 
from £26m at the be ginning of 

last year to just under £40Qm - 
Ear larger thnn the sum of all 
the other trusts in the sector. 

Is this a good time to invest 
tn commodities? David Hutch- 
ins. manager of M&G’s two 
funds dealing in them, believes 
the recent interest indicates 
that the sector is nearer its tap 
than the bottom. He adds: “A 
lot of money has already been 
made. For example, base met- 
als have moved up by 40 to 60 
per cent since last September. 
However, in previous cycles, 
metal prices have increased by 
as much as 300 per cent, which 
suggests that there is still 
more to go, particularly since 
the cycle usually lasts two to 
three years, not just one." 

Mark Lawson-Statham of 
Fleming, who manages SAP's 
Energy Industries fund (which 


is over 90 per cent invested in 
oil stocks) also is hopeful about 
prospects despite the feet that 
oil is cheaper today, in real 
terms, than in 1986 when there 
was a price crash. He says: 
“When capacity ihlisation [pro- 
duction divided by the capacity 
to produce] goes above 90 per 
cent, you get a price explosion. 
It is now over 90 per cent and 
will remain high, probably at 
over 95 per cent, to the end of 
the decade. Oil demand has 
grown every year since 1986 
despite the recession." 

The driving force is demand 
from the Far East (plus the 
cheapness of oil). And since 
the amount of oil consumed 
per capita in Asia is only one- 
tenth of that consumed in the 
west, it is likely this demand 
will continue to increase. “We 
have a cyclical commodity pat- 
tern backed by a stong struc- 
tural picture.” adds Lawson- 
Statham. 

The chart shows that, histor- 
ically, shares have outper- 
formed commodities (measured 
by the Commodity Research 
Bureau's futures index). Thus, 
while good returns may be bad 
periodically from commodities, 
private Investors should take 

only a small punt 













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IV WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER S/OCTOBER 9 1994 


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ITS* 


wimowng 

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PERFORMANCE (lamdi 5179) 


PERFORMANCE (launch 30J82J 

ffcqut Star ■ rife: m Herat nmnri hi on 


RECOVERY ^ Tag% 11Z2% If 

MICflOPAL (UK Growth)* JL3%J3B.1% 

ASSET ALLOCATION saw T" 

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France) 1B% !» /•' '. 1 


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performance - * 

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performance 

1,2.5 ytsv 


General Manol 58% .- 


FUND SIZE 
GROSS YHD (4109(1 
DISTRIBUTIONS 


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FUND SIZE 

gross nao (Him 

DISTRIBUTIONS 


MTIUU.EHM6E 

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You already know Guinness Flight for bond and currency funds. But did you 
know that we have a strong equity management team who manage 26 separate 
equity funds covering both genera! and specialist sectors (8 of which are PEP 
unit trusts, with 4 being highlighted above)? 

To find out more about our unit trusts fill in the coupon or call 
our Investor Services Department 
on 0171-522 2111 or contact your 
financial adviser. 




PERSONAL EQUITY PLANS 


sm tom ****** wr t t Km# 


Invertor Services Department. Guinness Flight Fund Managers Limited. 5 Gdnsford Street. Tower Bridge. 

London SE1 2NE. Tel: 0171-522 2111. Fax: 0171-522 3001, Please send me details of the Guinness Flight PEP Hey . 


? Some Sari* TrtepipiV *I». Ths WM| <MMl rtaran hi *0 ifffed 3% m frtf jur, 21 ■> atari yw mi 1% la fcrd yen femto he rf (Nv 

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lad Bn Irani hMm hiHiriiinn«MbS« ana i miiwmiI aka -I ■‘“'rr-TT"—— -^-T*-Y*‘IT|piflir‘'lTH 

l»wd Uf Grow Bgrt GUul AuM L»a»d. A rawd* lUHQ ind Lrara. 



FINANCE AND THE FAMILY 


D ominating the mar* 
kets this week was 
the announcement 
on Thursday of 
plans by satellite broadcaster 
BSkyB to go public. The issue, 
scheduled tentatively to take 
place before Christmas, is 
likely to involve the sale of up 
to £lbn of new BSkyB shares, 
or 20 per cent of its enlarged 
equity, valuing the company at 
just under £5bn- 
After years of losses, the 
company has become increas- 
ingly profitable, posting 
£176-Sm at the operating level 
in the year to June against 
£54. Lm the previous year. 

The proceeds of the issue, to 
be sponsored by Goldman 
Sachs and Lazard Brothers, 
will be used to reduce the 
group’s £L7tm debt. 

The company's four share- 
holders - Rupert Murdoch's 
News Corporation; Pearson, 
publisher of the Financial 
Times: Chargeurs. a French 


New issues 


BSkyB heads 
to market 


textile company; and UK media 
and catering group Granada - 
will benefit from the repay- 
ment of the £L2bn portion of 
debt they have given or guar- 
anteed. News, which provided 
roughly half the shareholder 
debt, should receive around 
£5Q0m after the issue. 

None of the shareholders 
intends to sell any shares in 
the flotation. Indeed, Char- 
geurs plans to buy more shares 
to prevent dilution of its stake. 
□ Biocompatibles Interna- 
tional, a research company 


DIRECTORS’ SHARE TRANSACTIONS IN THEIR 
OWN COMPANIES (LISTED & USM) 


Company 

SALES 

Chiltem Radio — 
Drayton Far East 


Sector Shares 


No of 
directors 



_ RatG 



Text 





Stanley Leisure 

LfiHI 

Wilshaw 

Dist 

PURCHASES 




BOC 

Chem 

Beazer Homes — ... 

BCon 

Courts Consulting 

SSer 


... LSHI 

Hawtin — 

Drvl 

Hawtin 

Drvt 

L&Ht 



Marks & Spencer 

RatG 

Nth Ireland Bee 

Bee 


.. RetG 


_ LSJ-fl 

Storm Group 

Mdia 

T1 Group 

Eng 

Value & Income Tst — 

InvT 


L&J-B 

Wessex water ._ 

Wtr 


50.000 

550.000 

6.666 

2.725,647 

30.000 

32.000 

17.000 

25.000 

100.000 

50.000 


117.500 

742.500 
17.198 

1.907,953 

22200 

37.120 

22,100 

83.250 

56,000 

215.000 


15.000 

3.500 
12,587 
23202 

20.000 

50.000 
1,809,250 

75.000 

25.000 

15.000 
100,000 

5.000 
6.510 

20.000 
20.000 

175.000 

3.000 

185.000 
20,000 
30.000 

4.500 


18.750 
24.195 
16,197 
55.192 
10,000 

120,000 

343,757 

16.500 

12.000 

63.750 
120.000 
20,050 
24,998 
21,100 
16,800 

24.500 
10,440 
29,600 
23,200 
34,800 
27,225 


Value expressed an £0003- This Sat contains ail transactions. Including ttie wenj M of 
options D if 100% sutseauenUy sold, with a vAm over £10^00. tfPnteva Hdgs. f 
pension fund. I nf or ma tion released by the Stock Exchange September 26-30 1994. 
Source: Directus Ltd. The Inside Track. Edntwrgn 


Directors’ transactions 


The largest sale of the week 
took place at Irish property 
company Ewart where Frank 
Tughan sold more than 2.7m 
shares at 70p and then 
resigned. The stock was 
bought by Fortress H5U, a com- 
pany owned by Brian 
O'Connor, chairman and chief 
executive of Allied Group. 

□ Keith Edwards, previously 
managing director of the 
wholesale division of ISA 
International, is ano ther direc- 
tor to have resigned from his 
job and to sell the majority of 
his holding at the same time. 


Q Shares at Wilshaw. the 
diversified engineering and 
building products firm, have 
been performing well over the 
past year, recording a relative 
ootperformance of 68 per cent 
The sale by Trevor Brentnall, 
a non-executive director, at 
55. 5p leaves him with 340,000. 

O Lookers. Last week, we 
noted that directors had been 
exercising options and selling 
the resulting holdings. In fact 
directors have been net buyers 
of the stock. 

Vivien MacDonald 
The Inside Track 


RESULTS DUE 


□Mdend (pj‘ 









Uoyda Chemists . — . — 

.BeGn 

Lucaa Indistrias 
Manpanoia Branca Htdgs 

EngV 

Eng 




OtSv 




Thorntons 

Throgmorton Dual Tst 

HeFti 

InTr 

INIU0M DIVIOEHDS 


AbdanJaan Steak Houses 

LeH 


Abtrast Prel IncanM 

Alexandra Workwoar 

InTr 

Text 

Btaok (A&C) 

...—..Mod 

Bridgend Group 

Brooks Services Group 

Di$t 

Sp5v 

BUgfei A Co . 

ES££ 

David Brown Group 

Dctyn droop 

Eng 

PPSP 

EUns 

FR Group 

Hne Dscor 

n/a 

Eng 

HsoQ 


Gorfenore British Inc & Grw . 

QotdMniMn Croup 

Hamtays 

Ipaco HokUngx Pie 

Martin Ml Hhfgt 

NB Smaffar Cos Tst 

QAdlAa 

runU73 , 

REA Holdings 

ScottWi Tatovbton 

TR City at London Tat 

Ho Rack 

Time Products - 

Turinr _ 

United Energy 

VafaM 8 Income Tst 


due 

bit 

Final 

brt. 

Tuesday 

1J 

238 

12 

Tlwsday 

- 

- 

- 

Thmdsy 

- 

- 

- 

Tuesday 

- 

- 

- 

Monday 

- 

84) 

- 

Tuesday 

- 

05 

- 

Wednesday 

za ■ 

526 

27 

Monday 

z\ 

42 

21 

Monday 

05 

2.0 

15 

TTxmday 

24 

286 

245 

Monday 

- 

- 

- 

Tuesday 

1.7 

52 

1.7 

Tuesday 


44) 

1.9 

Monday 

12 

4.85 

125 

Tuesday 

12S 

24 

1.45 

Tuesday 

- 

- 

. 

Tuesday 

' 

" 

" 

Thursday 

12 

20 


Friday 

- 

• 


Friday 

- 

- 


Friday 

- 

- 


Monday 

1281 

2906 


Thursday 

2.1 

15 


Wednesday 

1.6 

23 


Tuesday 

42 S 

925 


Ttusday 

0.75 

125 


Thusday 

0.1 

OI 


Friday 

05 

15 


Tuesday 

225 

5.75 


Tuesday 

- 

025 


Wednesday 

06 

15 


Thusday 

2.1 

42 


Thtasday 

05 

1.17 


Friday 

- 



Tuesday 

2.46 

5.1 


Wednesday 

1JJ 

17 


Monday 

- 

152 


Monday 

- 

12 


Monday 

- 



Wednesday 

13 

22 


Thursday 

04 

08 


Tuesday 

0*1 

263 


Tuesday 

- 



Wednesday 

- 



Monday 

2.166 

102S 


Wednesday 

123 

- 


Friday 

- 

1.75 


Wednesday 

32 

55 


Thursday 

- 

025 


Thnday 

- 

- 


Friday 

20 

20 


and are adtustad tor any Intonioning scrip blue. 

bWe untS about 6 weeks after me boat] meeting to 
ly. f 2nd quarterly. * 3rd Quarterly 


TAKE-OVER BIDS AND MERGERS 


v** ci Pitoa vajua 

1*1 pw Mattat bem at IM 

“ p-iwr M Dm" 


Pnom m ponce unen aihaotM nacstM 


AHfeen Hume 

55" 

51 

51 

29 m 

AJBed Oroup 

Andrews Syfcas 

85- 

87 

67 

1070 

Eure Fire ProL 

Attwoodt 

109 

IIS 

109 

364.00 

Brawretag-Ferrie 

Data Electric 

7014* 

72 

60 

1000 

tT Group 

Dwriak 

1814 

18U 

12 

37.70 

Forguskm Inf) 

UBput 

ieo* 

160 

92 

3720 

Stanhoms 

Low twin) T 

360* 

364 

189 

24720 

Tosco 

Ptantsbreok 

175’ 

173 

165 

193.00 

SCI 

Senate* f 

250* 

251 

193 

96.10 

S-S- ^ 

1 Uii wn 

Train t 

275* 

268 

243 

422 

London Ctty 

Trims World | 

181 

179 

173 

7080 

EMAP 

•*1 0*1 tilt. Ifor cqVbl ns *mt/ htti. | UnceNttMI. 

-a— 

MO B«" new mow. m 


moving Into medical equip- 
ment manufacturing, issued its 
pathfinder prospectus on 
Wednesday. It is expected to 
have a market value of about 
£S0m and is seeking up to £40m 
through the issue of new 
shares. 

The pathfinder, which shows 
that the company had accumu- 
lated losses of £9.77m at the 
end of June, warns that invest- 
ment in the company involves 
a higher than normal degree of 
risk. 

Sponsor to the issue is Rob- 


ert Fleming and the broker is 
Smith New Court 
G The pathfinder was also 
published for Churchill China, 
which intends to be the third 
Staffordshire-based china com- 
pany to float this year. Hoaru 
Govott is sponsor and broker. 

□ Despite investor nervous- 
ness about new issues. Serri- 
sair. the Independent aircraft 
and passenger handling com- 
pany, announced its flotation 
was Fully underwritten at its 
target price, valuing the com- 
pany at £54 Jm. 

□ Calluna, a manufacturer of 
computer hard disks, 
announced plans yesterday to 
float on the Unlisted Securities 
Market through a £lOm to 
£i 2 m placing. 

O Dealing began in Games 
Workshop on Thursday, the 
shares opening at H5p and 
dosing at a 3p premium. Com- 
modity trader ED&F Man 
begun trading yesterday, the 
shares dosing down 8p at 172p. 


The week ahead 


MONDAY: George Simpson 
presents his first results at 
Lucas Industries, the automo- 
tive and aerospace component 
supplier, since his arrival from 
Rover to take over os chief 
executive. The revival of auto- 
motive business suggests 
1993-94 pre-tax profits of 
around £65m against £50.3m. 
with total dividends main- 
tained at 7p. But Simpson is 
taking Lucas into another 
round of re-structuring, attack- 
ing costs and reducing the 
product range. This could 
mean that the group will make 
provisions which cut into the 
earnings and dividend pros- 
pects. 

MONDAY: Scottish Televi- 
sion's pre-tax profits are expec- 
ted to have risen from £3.13m 
to £3.Sm in the first half, but 
advertising revenues could be 
weak. Analysts will look for a 
response to this week's disclo- 
sure that Mirror Group News- 
papers has increased its stake 
from 15 to 20 per cent 
TUESDAY: St Ives, the UK's 
largest independent printer, is 
forecast to announce a rise in 
annual pre-tax profits (torn 
£22. lm to roughly £25m. Maga- 
zine and book printing should 
show some recovery, but there 
are concerns that large cus- 
tomers may try to lower print- 
ing costs to counter higher 
paper prices. 

WEDNESDAY: Lloyds Chem- 
ists, which runs the UK's sec- 
ond-largest chain after Boots, 
is expected to announce 
annual pre-tax profits of 
around £56m. The City is also 


Lucas Industries 


Share pries rotative to the 
FT-SE-A Ail-Share Index 
140 


120 it 


1993 

Sara: FT Graphite 


looking forward to a sharp 
increase in the total dividend, 
possibly to more than 9.5p. 
WEDNESDAY: Gardner Mer- 
chant, the largest contract 
caterer in Europe, announces 
its interim results. But plans to 
float the group appear unlikely 
to go ahead until next spring. 
Last year the group, bought by 
the management from Forte 
for £4Q2m at the end or 1992, 
made annual profits of £46. 9m 
on £lba turnover. 

THURSDAY: Body Shop Inter- 
national, the UK-based natural 
cosmetics retailer, will attempt 
to forget a summer of criticism 
over its ethical credentials and 
focus attention on its trading 
prospects as it announces 
interim results. Analysts are 
looking for a healthy increase 
in pre-tax profits from £10m to 
about EllJSm. Total sales are 
forecast to have increased 15 
per cent, with those in the US 
about 30 per cent ahead. 


PRELIMINARY RESULTS 


Earnings' OMdontJs- 
par share per ilm 


Company 

Sector 

to 

(Etna) 


W 

1 

tf 

Hum uLdMn&U« 

DreTj mniirewr 

Eng 

JUi 

5,10a 

( 7 . 100 ) 

75 

( 11 . 0 ) 

6.7 

M 

Bsacctn 

HUFF 

Jan 

203 

(SIS 

03 

( 02 ^ 

- 

H 

Bridoh BuMng 

B&C 

Jun 

2510 

CL 3 HS 

18.7 

( 142 ) 

ao 

( 82 ) 

Chesterton 

Pep 

Jun 

5200 

aeooi 

7.1 

( 59 ! 

- 

H 

Ex -Lands 

LeH 

Jin 

1270 

( 914 ) 

038 

0 - 06 ) 

342 

( 025 ) 

FineHst Group 

Oat 

Jun 

2450 

(1210 

82 

(301 

15 

H 

Fortnum & Mason 

FteGn 

Jte 

2210 

C 2 llfl 

368 

3 T 1 1103 (TOOfl 

GaMotri 

BSC 

Jun 

5280 L 

H 12 ) 


033 ) 

1.0 

H 

Groupo Chez G«nad 

LeH 

Jun 

1270 

( 959 ) 

728 

(4 At) 

- 

H 

Manchester Urtted 

LeH 

Jd 

10.780 

( 4200 ) 

61.1 

04 - 3 ) 

21-0 

( 135 ) 

Now Group 

SpSw 

Mar 

1290 

( 1 -BTQJ 

1.74 

P 22 ) 

02 

( 12 ) 

Power Cotp 

FVop 

Mart 

13,400 L 

( 104280 L) 

- 

H 

- 

H 

rTnnnlisilf 1 i 
riDUUfivn 

E 8 EE 

Aug 

1250 L 

0970 L) 

- 

H 

05 

H 

Ratos 

BSC 

Jun 

13.140 

( 10210 ) 

424 

( 4 . 66 ) 

20 

(US 

nenlehsw 

Eng 

Jun 

8200 

( 7 . 140 ) 

120 

[1021 

4 A 

(fin 

QIR^MOU IWMIIU 

Brow 

Jwi 

5.110 

( 4 . 710 ) 

602 

<54 Jt) 

192 

( 175 ) 

Waterman Partners 

SpSv 

Jui 

200 

( 124 ) 

02 

90 . 1 ) 

12 

(121 

Wetherspoon | 5 D) 

Bm* 

JU 

81480 

RITtf 

182 

( 14 . 1 ) 

30 

( 34 ) 


INTERIM STATEMENTS 


Compare 
Arcadbn M 
Asda Property 
Ash & Lacy 
Albs Converting 
Austin Head 
Badgerfne Group 
Bank of Scotfcnl 

rfiiamlTn * — 

Doraon ruags 

Betterwaro 

BiRon 

pufling 

Bo o a ay & Hawfoes 
Cl Group 
CarneKa Group 
Cannon St Irtva 
Ctkndanci Gmp 
Darby Grnq> 
DansBran HI 
Doofiax 

Dolphin Radcaging 
Bam 

Fiscal Properties 
Gate (Frank G) 
Gkaqtei Mdga 
Helene 

Herring Baker Harris 
HeuKton-auart 
H-Tec Sports 
Hutftes (TJ) 


Pre-tax profit 


JoUutun Group 
Lanont HUga 
London A Assoc in* 
Nwan Resources 
Plant A Gen 
Porta Group 
OS Hokfings ' 
Radamec 
Sherwood Group 
S tantn igf it Hldga 
Singapore Para Rub 
TralGcRtastar 
va 

•wrer weenowM 
Watts Bfoto Baame 


Sector 

to 

83000) 


per share H 

BSC 

Jui 

116 

(471 U 

- 

H 

Ftap 

Jun 

4.430 

P.4701 

0.75 

(07) 

Eng 

Jui 

2,020 

(127C0 

25 

M 

Eng 

Jun 

1260 

(1^80) 

7.0 

(72) 

FteGn 

Aug* 

1240 

(930) 

22 

PA 

Tran 

Jin 

5290 

fl560) 

15 

H 

Bank 

Jun 

713200 

(117200 

2.13 

(157) 

OtSv 

Jm 

204 

P4fl 

■ 

H 

FteGn 

2 J 

3200 

(7.B0C) 

025 

(085) 

Prop 

Jiff 

9260 

18290 

229 

(254) 

Ext) 

Jiff 

193 

(102) 

- 

H 

LeH 

Jtei 

1200 

(1.410 

152 

fIJ) 

Eng 

Jli 

337 

POO 

02 

9X4) 

OtFh 

Jun 

6250 

(6.490 

142 

(13fl 

Dvto 

JU* 

217 

(4230 

- 

H 

Ptiim 

Aug 

1750 L 

H230 L) 

- 

0 

rVa 

Aug 

565 

(379) 

02 

(09 

FAFF 

Jin 

36S 

P51) 

05 

P9 

Chem 

Jtei 

950 

(725) 

15 

Pfl 

PP8P 

Jun 

1,150 

(1.130 

1.7 

(iJ) 

FteGn 

Aug 

4,740 

(2.410) 

125 

(1.79 

Prop 

Jui 

56? L 

(164) 

0.624 

H 

Dist 

Jin 

1260 

ti.isq) 

- 

H 

Phrm 

ii 

aran 

Pfl50 

1.7 

(1.7) 

Tat 

Jun 

1^80 

PTO 

0.65 

(069 

Frinp 

Jui 

306 L 

(1280 

- 

p9 

BSC 

JU 

16200 

(9.100) 

nies 

p.79 

LeH 

Jut 

7.100 L 

(776) 

15 

psa 

ola 

JU 

333 

(115) 

08 

(079 

BdMa 

Jun 

4260 

(17.109 U 

05 

P3 

BdMa 

Jin 

2.410 

(3M0 

35 

(tfl 

T«t 

Jun 

5220 

(4.050) 

366 

(39 

InTr 

Jui 

885 

(713) 

005 

(029 

Exit 

Junt 

549 

P87) 

- 

H 

OtSv 

Jun 

871 

(808) 

12 

(079 

OtSv 

JUI 

2280 

(1290) 

- 

H 

FteGn 

JU 

2220 

(1.880 

156 

(159 

FAFF 

Jun 

421 

(339 

07 

(09 

Taw 

JU 

5260 

(7.760) 

1.15 

(19 

HseG 

JU 

4,110 

6220) 

2.75 

(2.79 

OtSv 

Jui 

146 

m 

- 

0 

Trai 

Jin 

541 L 

H68U 

- 

0 

LeH 

Jun 

67 

(4230) 

- 

H 

HseG 

JU 

4 . 14 a 

0350) 

U 

(Ifl 

Exit 

Jun 

5.130 

0140) 

32 

09 


(Flaxes in parentheses s« tor the corresponding penodj 

"DMdends are Shown net pence per stare, except where athovtae indicated. L s loss, t IW s* 8- 
value per stare, t Irish purta aid pence. 3 month ILjuea $ US dotora jkJ centa §§ Notes'® 
value. ♦ 10 month Cgma. * Zfi week RguretL ft Ccm-cdon. Bated os a private Dteanfl n w 
weda Issue. 


RIGHTS ISSUES 


Johnston rtess is planning a 3-1 sraptew. 

Union Stpiare is to rates £9.6m via o 1-1 r^MsiaaueOSp per share. 


OUTERS FOR SALE, PLACtNGS & INTRODUCTIONS 


tats Hokfings is to ratal C1.72m via a pbdng and 94 open QDor ol am licvre a 2 Sp. 

BtaoompaMjtos M is ooreng to DM natal vnaBatflkm. 

Orurchfl l China is to raae Cl 5tn «j o piachg. 

rattorec Comtek Pic ft scoring to the mate? v« aptaang of CStl 

Stadafl is to raise £2.«m va a ptaong and open oftar of 4 . 4 m stans O 60a 


fOU 


4 5 


*■9$ 1 









* FINANCIAL TIMES WEEKEND OCTOBER S/OCTOBER 9 1994 


WEEKEND FT V 



YOUR TAX-FREE ROUTE 
TO THE TOP CAN 
START ANYWHERE IN 

THE WORLD. 


The 94/9 5 Perpetual PEP now offers a Global Option. 


Now Perpetual offers you an 
exciting new way to enjoy the 
tax-free returns of a PER while taking 
advantage of our award-winning 
international investment expertise. 

The Global Option allows you 
to construct your own portfolio 


Europe, America and the Far East.* 
So you can have the ideal combi- 
nation of wide investment choice* 
and a record of excellent performance, 
all within the tax haven of a PEP. 

As the charts 
show, Perpetual’s 


from a range of fourteen unit 
trusts spanning the UK, 


Perpetual 

A Member ofIMRO 


investment strength is truly 
international. In fact, whichever of 
our fourteen funds you select you can 
be confident in your choice, because 
every single one is in the top 25% of 
its sector for performance since launch. 


Consistent results 
like this have led to 
Perpetual being 
named by the Sunday 
Times as International 
Unit Trust Manager 
of the Year in four out 
of the last five years. 

For further 


information on how 


you can take 
advantage of top 
quality international 
investment and tax- 
free returns, call the 
Perpetual Investor 
Support Unit 


UK GROWTH FUND 

9NO LAUNCH (tU.iT) 

Perpetual 


Sector 

Average 


+ 52 % 


+88% 


EUROPEAN GROWTH FUND 

SINCE LAUNCH (11.1 JA) 


Sector 

Average 


+ 163 % 


Perpetual 


AMERICAN GROWTH FUND 

SINCE LAUNCH (219 JO) 

Perpetual 


Sector 

Average 


FAR EASTERN GROWTH FUND 

SINCE LAUNCH fiSJS) 

Perpetual 


on 0491 417280 or contact your 
Independent Financial Adviser. 

Alternatively, ’phone our 24-hour 
Literature Request Line on 0491 
417417, or complete the coupon below. 


To: Perpetual Portfolio Management Limited, PO Box 131, 
48 Hart Street, Henley-on-Thames, Oxon RG9 2AZ. 
Please send me further details on your award-winning 
Perpetual PEP. Important: Please print clearly, 


Print Name — 
(Mr/Mrs/Ms) 


Address 


Postcode 


FT 08/10/94 


. Inland Revenue limitations. Please refer to Perpetual’s PEP brochure tor more details. All statistics are to 1st September 1994 and are on an ofier-to-bid basis with gross income reinvested 

.ubject o Over the last five years the percentage rise of the Funds featured in the charts is as follows: UK Growth Fund 79%, European Growth Fund 49%, American Growth Fund 109%, 

(source: r i 123%, and 9 out of 10 Perpetual Funds are in the cop 25% of their respective sectors. Current tax levels and reliefs are liable to change and their value will depend on 

• r individual circumstances. The value of an investment and the income from it can go down as well as up (this may partly be due to exchange rate fluctuations) and you may not get back the 
amount invested. Past performance is nor necessarily a guide to future performance. 







VI WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER MPCTPBfaR 0 W 


I 


8 

3 

g 


S’ 1 


R: 

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3 f 
§ ; 


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as 


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Capture 

the performance 
of the 

world's commodities 
markets 

BZW Commodities Trust Limited 

Placing and Offer for Subscription 
OFFER CLOSES 20TH OCTOBER 1994 

• exposure through commodities 
to rising industrial production 

• portfolio diversification 

• a hedge against inflation 


To reserve a mini-prospectus and application 
form, please call freephone 24 hours a day 
0500 202021. 

Minimum investment £5,000. 


BZW Commodities 
Trust Limited 

Managed exposure to a wide range of commodities 


W 


This advertisement tin been prepared and Issued by de Znetr & Sevan Limited, 
a member of The Se au it i a and Futures Authority, for the purposes of Section 57 
at the Ftiunaii Services Act App Haitian fin- Ordinary Shanes and Wamnta 

In BZW Commodities Trust Limited must be made only on the bass of the Listing 
Particulars relating to the company which ore oipected'lo be Boned on 6th October 
1044. Past performance Is not necessarily a guide to future performance. The value 
of mvestmisits may gp down as mil os up and the investor may not get bade the 
amount anfjmBy invested. 


FINANCE AND THE FAMILY 


Lloyd’s: who wins what? 

Ralph Atkins analyses this week’s High Court 'victory ’ for Names 


T be anger of hard-hit Lloyd's 
Names was vented a little this 
week. Tbe High Court's ruling 
that Goods Walker Names - 
among the worst-affected members of 
the London insurance market - bad 
been victims of negligent underwriting 
during the late 1980s reinforced many 
Names’ arguments that some profes- 
sionals who handed their money were 
incompetent and culpable. 

Beyond the sense of vindication, 
however, tbe benefits that aggrieved 
Names can reap following Tuesday's 
ruling are not clear. Although Mr Jus- 
tice Phillips, the judge, was colourful 
in criticising the Gooda Walker under- 
writers, other cases in the legislative 
pipeline may not prove as strong. 

Phillips described the insurance “spi- 
ral” in the Gooda Walker case, by 
which the underwriters agreed to cover 
others against excessive losses from 
catastrophes, as “like a multiple game 
of pass the parcel”. His criticisms may 
encourage other “spiral” cases, particu- 


larly Names on the Feltrim syndicates 
whose case begins later this month. 
But they do not set a precedent 

The next hatch of cases, for instance, 
concern a different set of losses - those 
arising from so-called long-tall liabili- 
ties: claims related to US asbestosis 
and pollution awards in the United 
States. These affect policies underwrit- 
ten by syndicates as far back as the 
1940s. 

Moreover, when Lloyd’s last year 
appraised the strength of 31 legal cases 
pending In its attempts to forge a set- 
tlement between all sides embroiled in 
legal challenges. Sir Michael Kerr, a 
former Sigh Court judge, found some 
were “weak” or even “hopeless". 

Even when Names have a strong 
case, the justice system is unable to 
offer quick recompense. Gooda Walker 
is a good illustration: although the 
action group was quick to organise and 
bad a relatively swift passage through 
court, it will still be months before the 
level of compensation is agreed. An 


appeal could delay any deal until next 
summer. By then, legal action would 
have taken more than two years to 
reach a conclusion. Other action 
groups do not even have a date for 
their cases to begin; many may have to 
wait until the end of the century. 

Another reason for caution in inter- 
preting the Gooda Walker verdict is 
that damages awarded may fall well 
short of losses incurred by Names. 
Phillips said damages for the Gooda 
Walker Names should be based on 
losses sustained by the negligent con- 
duct, rather than total losses. The 
action group estimates that will be 
worth £5 04m (compared with its claim 
of £629m), but lawyers for the defence 
describe that as speculative. 

One little-noticed feature of the 
Gooda Walker case, however, was the 
High Court's ruling that the Names 
involved should have some protection 
against losses resulting from catastro- 
phes but which have not yet been 
reported. 


Power but no glory 


Electrifying facts 


D id the electricity 
regulator get it 
right after all? Pro- 
fessor Stephen 
Littlechild drew strong criti- 
cism two months ago when he 
announced a set of price con- 
trols on regional electricity 
companies that sent share 
prices soaring to record levels. 
The view among politicians 
was that be had been too soft 
and even the City acknowl- 
edged he was less tough than 
he could have been. 

In the past six weeks or so, 
however, the shares have 
under-performed. In some 
cases, they have sunk to levels 
below where they were imme- 
diately before Littlechild's 
announcement. So. after three 


years of largely uninterrupted 
growth, has the bubble burst? 

The question will have par- 
ticular concern for sharehold- 
ers in Scottish Power and Scot- 
tish Hydro-Electric- When 
price controls were imposed on 
them last week, shares fell 
immediately as the market 
judged they had been given a 
tough time by the regulator. 

National Power and Power- 
Gen, and Northern Ireland 
Electricity, have been feeling 
the breeze, too. Although not 
subjected to regulatory reviews 
recently, they have been hit by 
falls in the sector and the mar- 
ket. 

So what then, are the pros- 
pects for electricity companies? 
In general they remain at least 



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reasonably good but there are 
some clouds around. The 
Labour party is perhaps the 
biggest threat. Although it 
seems to have ruled out re-na- 
tionalising the companies, it 
could impose a windfall tax on 
the profits of privatised utili- 
ties - a possibility confirmed 
this week by Gordon Brown, 
the shadow chancellor. 

Although change is much 
less likely under the Tories, it 
cannot be ruled out The gov- 
ernment appears increasingly 
sensitive to criticism that the 
utilities, particularly electric- 
ity, are not policed tightly 
enough, and a cabinet commit- 
tee is examining regulation. 

Politics apart there is plenty 
of potential to keep sharehold- 
ers smiling in the medium to 
long term, so reinforcing the 
arguments of Littlechild's crit- 
ics. Some of the uncertainty 
surrounding most of the com- 
panies recently will lift in the 
next few months, particularly 
in the case of the regional elec- 
tricity companies (RECsl in 
England and Wales. 

The main doubts for REC 
shareholders have centred on 
the National Grid, the trans- 
mission company which the 
companies plan to float next 
summer- The REC-s are putting 
considerable effort into minim- 
ising the capital gains tax they 
will have to pay. 

T he outcome of talks 
with the inland Reve- 
nue could make a dif- 
ference of up to £lbn 
in their bill, although most 
analysts believe the market 
has made allowance already 
for the worst scenario and that 
share values will grow when 
the details of flotation have 
been decided. 

Sorting out the National 
Grid will allow the companies 
to press ahead with other ways 
of improving share earnings. 
Most have started share buy- 
backs but completion win, in 
most cases, have to wait until 
after the results season, which 
starts next month and ends in 
mid-December. 

Analysts expect the results, 
from the first half of the year, 
to produce pleasant surprises. 
With Littlechild’s review over, 
dividend growth is more likely 
to exceed expectations than 
disappoint them. Indeed, the 
City is expecting at least 6 to 8 
per cent real growth a year 
from an RECs for the rest of 
the decade. 

For all of these reasons, ana- 
lysts view the shares as good 



Pre-tax prodts 

Market 

Dividend 




value 

yield 

Year end 

Cm 

Em 

% 

East Midland Seetridty 

aw 

S1J2 

1.562.3 

X96 

Eastern Group 

3*94 

176.8 

1.912.7 

187 

London Bectncity 

394 

166.5 

1493.7 

4.11 

Manweb 

3/94 

126.3 

904.5 

3-99 

Midlands Electricity 

3/94 

195.4 

1,514,0 

4.05 

National Power 

3/94 

677.0 

5.995.1 

3.34 

Northern Electricity 

3/94 

128.7 

931.6 

4.10 

Norweb 

3/94 

178.3 

1.300.6 

3.82 

Northern Ireland Bectridty 

3/94 

74.9 

597.5 

3.92 

Powergen 

4*94 

476.0 

4.173.7 

2.98 

Scottish Hydro-0 ectricfty 

3/94 

1644 

1 .207.9 

5.02 

Scottish Power 

3/94 

351.1 

2.717.3 

4.65 

Seaboard 

3/94 

131.7 

1,013.2 

3.64 

South Wales Electricity 

3/94 

104.0 

780.3 

4.17 

South Western Electricity 

3/94 

1 16.8 

910.7 

3.97 

Southern Electricity 

3/94 

222-0 

1,937.7 

3.07 

Yorkshire Bectridty 

3/94 

149.0 

1,447.8 

4.23 


Electricity Relative to All-Share (FT-SE-A Indices) 
180 - 



1991 

Source: Daiaatmam 


1992 


value. But there is less enthu- 
siasm Tor the Scottish compa- 
nies. Privatised later than the 
RECs. they have always been 
squeezed by tougher controls. 
Hopes that tbe regulator might 
ease these significantly in his 
review were dashed 

The Scots have no National 
Grid to sell and no immediate 
plans to buy back shares. Most 
analysts think they have less 
scope to increase dividends, 
even if real growth is likely to 
be 5 per cent minimum a year. 

Even so, some analysts feel 
the Scottish shares have fallen 
too much since the review; 
they point out that both com- 
panies have potential to 
increase their unregulated 
earnings by exporting power to 
the rest of the UK 

Nonetheless, the companies 
- Hydro, in particular - are 
struggling to overcome the 
feeling that their prospects are 
less exciting than those of the 
RECs. 

National Power and Power- 
Gen are considered to have bet- 
ter basics although their 
shares have been unsettled 
recently. One reason was the 
uncertainty created by the gov- 
ernment’s sale next February 
of its remaining 40 per cent 
stakes in the companies. 

Another is the revival in the 


1904 


dash for gas by rivals: the 
more independent gas-fired sta- 
tions that come on stream, the 
less room there is in the mar- 
ket for the two companies’ 
older, coal-fired stations. 

A further problem is that 
they have agreed a deal with 
the electricity regulator under 
which they will try to sell off 
6.000mw of capacity by the raid 
of next year. Failure to do so 
could cause them to be 
referred to the Monopolies 
Commission, although that 
seems unlikely. 

But the two companies do 
have strong balance sheets and 
above-average dividend growth 
is expected of both: indeed, 
some analysts believe they can 
increase dividends by more 
than 15 per cent a year. 

Northern Ireland Electrici- 
ty's image as sector star has 
been dented following the 
reviews involving the main- 
land companies. While these 
were under way. some inves- 
tors bought N1E as a hedge 
against tough price controls in 
England, Scotland and Wales. 

Still, NIE continues to be 
regarded highly and, as it was 
privatised only last year, many 
of the rewards of cost-cutting 
lie ahead. 


Michael Smith 


PERSONAL POLICY GUIDE and COMMERCIAL 
POLICY GUIDE provide subscribers with clear, 
comparative summaries of the different types of cover available in 
all of ihe important personal non-life and commercial markets, 
analysed by class of business. 

Key Features include: 

■ a summary of the variations between policies in each sector 

■ a “side by side” comparison of covers so that differences can be identified at a glance 

■ information on special underwriting criteria or preferences 

■ news of marketing strategies and new products. 

The Guides will provide essential assistance in identifying the must appropriate cover as well as 
giving a valuable background of information for negotiations wiih insurers. 


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» FINANCIAL TIMES 

FT. Burinon Bmoptu® Ud. Kcpiticrcd OlTicr Number One a . n . 

^ wujri rw,J «- St I UHL * te*taiaso«->« 




Yet, even if the Names win legal 
backing for compensation, they may 
not get their money back. This is 
because the Lloyd's agencies they are 
suing may not have sufficient “errors 
and omissions" cover from which 
claims for negligence are paid. Tbe best 
estimates In the Gooda Walker case 
suggest about £250m-E300m might be 
available - much of it underwritten by 
other Lloyd's Names. In total. E&Q 
cover for agencies being sued probably 
totals about £lbn - compared with 
total claims of about £3bn. 

In practice, that could mean some 
groups of Names receiving little more 
than they would have under Lloyd's 
£900m settlement offer which was 
rejected earlier this year. 

Josceline Grove, secretary of the 
Secretan Names Association - which is 
claiming £S0m on behalf or 962 Individ- 
uals in a case still some way down the 
legal queue - admits “It is a race into 
court and the first groups could scoop 
the pool, leaving nothing for the rest”. 



v . ' '» 


i 







FINANCIAL TIMES WEEKEND OCTOBER S/OCTOBER 9 1994 


WEEKEND FT Vn 



at 0 





FINANCE AND THE FAMILY 

A capital way to make money 

But those who venture can risk losing out in a volatile market, says Bethan Hutton 

T his year’s highly-pub- 
licised flotation of 3i. 
the venture capital 
investment trust 


T his year’s highly-pub- 
licised flotation of 3i. 
the venture capital 
investment trust, 
attracted many private inves- 
tors to venture capital for the 
first time. But 3i is only the 
latest - and largest - addition 
to a long-established invest- 
ment trust sector. 

Micropal Lists 25 funds in the 
venture and development capi- 
tal sector which invest in sma ll 
businesses in their start-up 
phase, or provide extra capital 
to more established (but gener- 
ally still unquoted) companies 
which need money to expand 
or to fund a management 
buy-out or buy-in. 

Many funds are tiny - to 
have less than £i5m under 
management Until 3i came to 
market, Electra was the largest 
venture capital investment 
trust, with assets of £574m, 
compared with Si's £1.9bn. 

The characters of the funds 
differ as much as their sizes. 
There are geographic special- 
ists like Abtrust Scotland 
which, as its name suggests, 
invests mainly north of the 
border; and the East German 
investment trust which buys 
privatised East German enter- 
prises. 

Several of the general funds 
- Electra, Ivory & Sime Enter- 
prise, Foreign & Colonial 
Enterprise - have substantial 
holdings in the US as well as 
the UK. Pantheon Interna- 
tional Participations is unique 
in the sector as it prefers to 
invest through other venture 
capital funds. 

Risk levels also vary widely. 
A fund with a concentrated 
portfolio of a few dozen invest- 
ments will be more risky than 
one like Pantheon, which has 
indirect stakes in several hun- 
dred companies, or 3i, with 
more than 3,400. Funds special- 
ising in start-up capital are 
riskier than those providing 
development capital to more 
established businesses. 

Likewise, performances can 
be poles apart Micropal's 10- 
year performance figures for 
£100 invested in venture capi- 
tal trusts range from £430 to 
£61. 

So, the choice is broad. But it 
can be difficult for private 
investors to know what they 
are buying, not only for what 
each trust aims to do but also 
in terms of value for money. 

The usual measure of 
whether an investment trust Is 
cheap or expensive is whether 
its share price is at a discount 
or premium to net asset value. 
The problem is that the accu- 
racy of the discount/premium 
rating depends on how accu- 
rate the calculation of asset 
value is. 



Asset values of investment 
trusts with portfolios of quoted 
shares can easily be recalcu- 
lated every day, but unquoted 
investments are another mat- 
ter - their market value is dif- 
ficult to determine and highly 
subjective. 

Venture capital investment 
trusts tend to value their 
unquoted assets two or four 
times a year. 

In between valuations, it is 
impossible to tell if the asset 
value is rising or falling - com- 
panies in the portfolio may 
have been awarded lucrative 
contracts or be experiencing 
financial difficulties, but this 
will not be reflected in the 
fund's quoted asset value. 


P eriodic re-ratings can 
be quite dramatic, par- 
ticularly in trusts 
nearing their wind- 
ing-up dates which are selling 
off stakes and realising large 
profits. 

3i. for example, values its 
portfolio twice a year. The last 
valuation was at the end of 
March; the valuation from the 
end of September is due to be 
released next month. 

So, although 3i shares were, 
until recently, trading at a pre- 


mium to what analysts esti- 
mated was asset value, no one 
knew for sure whether that 
was the case. 

Recently. 31's presumed pre- 
mium rating has been eroded, 
as investors have taken profits 
- up to 20 per cent for those 
selling at the 336p peak. 
Indeed, some brokers have 
been recommending that cli- 
ents sell 3i and buy other ven- 
ture capital trusts. 

Peter Walls, investment trust 
analyst at Credit Lyonnais 
Laing, says: “My belief is that, 
in asset value terms, one : 
would see better growth and 
better performance from the 
likes of Murray Ventures or 
Electra for the next two or 
three years than one will from 
3i - they are trading on rela- 
tively generous discounts." 

But fain Scouller, investment 
trust analyst at S.G. Warburg, 
points out “Some people have 
been talking about switching 
out of 3i into Electra but, 
looking at the underlying 
assets of those trusts, they are 
very different" 3i’s portfolio is 
much more diverse, and more 
UK-orientated, than Electra or 
the other large, general ven- 
ture capital trusts. 

Still, if 3I’s profile is what 


Canterbury tales 


U niversity life is 
marked by borrow- 
ing and scrambling 
to make ends meet 
Most students are familiar 
with the ritual of requesting 
an overdraft or wrangling a 
loan from parents or tbe gov- 
ernment. Now, students at 
Canterbury University in the 
sonth of England are being 
offered an alternative to the 
traditional forms of finance. 

The Canterbury Local 
Exchange and Trading System 
(LETS), a community barter- 
ing scheme in which members 
trade goods and services such 
as bouse cleaning, gardening 
and bicycle repair for trade 
credits, Is inviting students to 


offer their skills in exchange 
for an opportunity to stretch 
their budgets. 

Students will pay £2 to join 
and will be assigned an 
account denominated in the 
local trading unit - which in 
Canterbury, appropriately, is 
called the “tale". 

They will be given a cheque 
book and a directory of ser- 
vices provided already by the 
200 members in tbe Canter- 
bury pool. Once they add their 
talents - be it baby-sitting, 
compnter s lrills or aromather- 
apy - to the list, they can start 
trading. A central record- 
keeper debits or credits each 
member's account after each 
transaction. 


LETS have become increas- 
ingly popular in Britain, 
where there are more than 200 
schemes. The first was set up 
in Canada in the 1970s; since 
then they have spread to the 
US, Australia and continental 
Europe. 

Joan Culloty. of the Canter- 
bury LETS, says; “It will 
stretch students’ horizons and 
make it easier for them to sur- 
vive.” While believing they 
will not abuse the system, she 
admits: "Some of them may 
find it difficult to earn their 
payments. But we trust them 
to earn and spend in a reason- 
able fashion." 

Motoko Rich 


HOW WELL ARE YOUR INVESTMENTS 
HOLDING UP SO FAR THIS YEAR? 

TRY THE CANTRADE 
CALCULATOR BENCHMARK TEST 


In the qir.iner lO 10th i-cplvinK-r .ind nv*rr tin- lint nine months uf IPv4 as a whole, the results of the CitniniJc 
C.iIcuI.ikv perhsTmunce u« l'*n prK.iu- client were its Mlmw 

Quarter to Nine months to 

30th September 30th September 

The risk live return .re.iil.ihlc hv bimpJv 

(roving ntiwwv «n -hmt t«m dcptMi was: + 1 -3* +3.7* 

Tlit mil- .4 retail pntfc intliinon rh +®.0% +2.1% 

Thi-Ciiiintvk' Calculator Ben*, hmark indication uf 
i hi- -<>n *»t mvcMiiitfiM return- ,i representative private 

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CANTRADE 

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MANAGEMENT 

limited 

A NAME TO KNOW. 


125 HIGH HOLBORN, LONDON WCIV8PT. 
(A Member ef die Union Bonk 
of Switzerland Group) 

A Member of (MRO. 


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you want over the long term, 
you should stick with it; you 
will not get the same from 
another trust. But if you want 
to put new money into venture 
capital, or are prepared to go 
for a riskier fund, you will 
probably find better value else- 
where. 

Venture capital is not for 


everyone. It is a highly volatile 
and potentially very profitable 
area - but it can lose inves- 
tors’ money all too easily. Most 
advisers recommend treating 
venture capital funds with cau- 
tion, and only investing if you 
have a broad portfolio of more 
mainstream investments 
already. 


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Foreign & Colonial 
savers keep smiling 
through. — \ 


\ \ 
V 


& .V 


D IN FOR® 611 


lt0 *N 1 949 IS 


Despite uncertain markets and worries about interest rates. 

Foreign & Colonial savers have plenty to smile about. 

Just look at the growth shown above. Today the saver would be over 
£800.000 better off. The same sum invested 10 years ago has now grown to 
£5,777". By comparison, £1,000 invested in 1945 in a higher rate Building 
Society account would today be worth £16,404"". 

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FINANCE AND THE FAMILY 


Hurry for a quick fix 


F ixed-rate mortgages 
have been rising this 
year as the cost of 
borrowing on the 
wholesale money markets has 
risen. But while a good num- 
ber of fixed rates remain avail- 
able, Ian Darby, of mortgage- 
broker John CbarooL believes 
they will disappear quickly. 

“There is stm a lot of old 
money in the markets, but new 
money priced on the post-base 
rate rise is more expensive.” he 
says. "I don’t think the old 
money' will be around for more 
than another week.” 

Five-year fixed rates of 6.99 
per cent, available at the begin- 
ning of the year, have given 
way to very resistable new 
offers. The latest, launched 
this week, includes a three- 
year fixed rate of 9.5 per cent 
from Cheltenham & 
Gloucester, a four-year fix from 
Woolwich of 9 .43 per cent; and 
a 4‘A-year fix (to February 28 
1999) from Barclays bank at 
9.75 per cent 

The table shows some of the 
better rates available, includ- 
ing five-year fixes of 8.15 per 
cent from the Brit annia and 
Lambeth building societies. 
But you need deposits of 40 or 
25 per cent respectively. 

As long-term money becomes 
expensive, the choice for bor- 
rowers is likely to be between 
a shorter-term fixed rate or a 
discounted variable rate. 

Since interest levels are now 
on the way up, taking a 
short-term fix means you can 
be relatively sure you will not 
be undercut by lower mortgage 
rates. The standard variable 
rate is now just over 8 per cent 
so the two-year, 4.95 per cent 
fix from Char col looks attrac- 
tive. 

Always check that the fees 
on a fixed rate are not too high 
and try to avoid mortgages tied 
to compulsory insurance - you 
could well find cheaper insur- 
ance elsewhere. 

Check, too, that the mort- 
gage still applies if you move 
house within the fixed rate 
period, since you do not want 
to have to pay the early 
redemption penalties which 
are always attached to fixed- 
rate mortgages. 

Lenders have been trying to 
wean borrowers off fixes and 
on to their variable rates by 
offering discounts and cash- 
back offers. Discounts tend to 
represent better value - the 


Best Mortgage Buys: Fixed and Discount 


Fixed Bates 
Lander 


Rate%(APR) 


Fix until 


Fee/RP Comp b/c7 


Northern Rock 
John Chared 
National Counties 
Britannia 
Lambeth 


5.49 (5.6) 
4.95 (5.1) 
7.25 (7.7) 
8.15 (9.0) 
8.15 (9.4) 


1/5/96 

1/7/96 

1/10/97 

1/9/99 

1/9/99 


£250/4fnts 
£295/3 rots 
£275/3mts 
£275/6mts 
£25G/onlte 


Discount Rates 


Rate%(APR) Max adv 


Discount until Comp tVC7 


Northern Rock 
Northern Rock 
Bank oT Ireland 
Principality 
Alliance & Leicester 


8.14 (8.4) 
8.14 (8.4) 
8.05 (3.4) 
8.14 (8.5) 
B.10 (8.5) 


2 % to 1 / 1/93 =6.14% 
5.25W to 1/1/96=3.89% 
5.196 to 1/11/95=2.95% 
5.14% to 1 / 11 / 95 = 3.046 
1.6% for 3 ¥19=6.5% 


First Time Buyers; Fixed and Pfecount Rates 


National & Provincial 
Yorkshire 
Northern Rock 
Greenwich 
Alliance & Leicester 


1.75 (1.8) 
1.90 (2.1) 
&14 (8,3) 
8.10 (8.7) 
8.10 (8.5) 


90 % Fixed to 1 / 8/95 No 

95 % Fixed to 1 / 8/95 Yes 

90% 5.25% to 1/1/96=2.89% Yes 

95 % 4 . 7 % for 1 yr= 3 . 4 % Nona 

95 % 1 . 6 % for 3 yre=6-5 No 

Soon.-* Joan Qureei 


lender reduces its variable rate 
for a specified period by a set 
proportion. 

The table shows that North- 
ern Rock is offering a 5-25 per- 
centage point reduction until 


the beginning or 1996. Since its 
variable rate is 6.15 per cent, 
borrowers will have to pay a 
mortgage rate oE only 2.89 per 
cent until then (or 5.25 points 
lower than the society's van- 


Top annuity rates 


An annuity provides guaranteed Income for We m return tor a tump sum twosimert 
PURCHASED UFE ANNUITIES are bought by people wanting extra regular means. 
Hares are attractive far older people. The annuity income Is not tuBy taxable. The table 
shows rates net of 2S per cent income tax. Ostein raws mduck> "caprtol protection - 
flowing the capital invested - less Instalments paid io you - to be returned to your 
estate when you dto. 


Without capital protection 
Male age 70 ArmUty 

RNPFN Cl 2.309.36 

Standard Ufa £12.054.30 

Canada Life £12,053.52 

With capital protection 
Male age 70 Annuity 

RNPFN El 0,987.56 

Equitable Life £10.901.64 

Standard Ufa £10.775.76 

Without capital protection 
Male age 75 Annuity 

RNPFN £14,750.52 

Standard Lite £14,496.12 

Canada Life £14.291.16 


Without capital protection 
Female age 70 Annuity 

Canada Life £10,603.44 

RNPFN £10,473.1 2 

Standard Life £ 10 . 353.84 

With capital protection 
Female age 70 Annuity 

Canada Life £9.789.60 

Sun Life £9,770.42 

RNPFN £9,746.16 

Without capital protection 
Female age 75 Annuity 

Canada Life £12,524.52 

RNPFN £12.426.84 

Standard Life £12.284.16 


JOINT LIFE- 100% SPOUSE'S BENEFIT 


Without capital protection 
Mate age 68 

Female age 65 Annuity 
Canada Life £8,508.60 

Sun Life £8,440.09 

Royal Life £6.325.76 


Without capital protection 
Male age 70 

Female age 68 Annuity 

Canada Life £8.994.48 

Sun Ufa £8.872.23 

Standard Life £8,820.36 


Payments are monthly In arrears, without a guarantee period and wrthout wcafcntan. 
Rates are at 4 October 1994. Rgures assume an annuity purchase price at €100,000 and 
me shown net after tax. A tax rate o( 25% has been applied. RNPFN annuities are 
avaJtobte only to nines and oiled workers. Source: Annuity Bureau: 0?i 620 4090. 


able rate if it changes). 

“Lenders are waging a dis- 
count war." says Darby. "If 
you want a variable rate, then 
a discount Is very good value. 
Bat if you are on a five-point 
discount for a year, and base 
rates increase again, you could 
find yourself moving from 3 
per cent to 9 per cent in the 
space of a month." 

If you want to avoid that 
kind of shock but still want a 
discounted rate, Alliance & 
Leicester is offering a smaller 
discount of 1.6 percentage 
point spread over three years. 

An alternative is to accept a 
cashback offer Instead of a dis- 
count Royal Bank of Scotland 
has just launched an extremely 
competitive variant on the 
standard cashback offer of 
“take out a mortgage with us 
and we will give you £££ cash 
up-front". 

Borrowers will receive from 
the bank the equivalent of 
their first regular monthly pay- 
ment (to a maximum of £1,000) 
every year during the life of 
the mortgage. The mortgage is 
available on repayments as 
well as interest-only mortgages 
backed by an endowment, per- 
sonal equity plan or pension. 
The early redemption penalty 
is one month’s interest in the 
first three years. 

Remember, however, that 
the cashback could be taxable. 


Scheherazade 

Daneshkfui 


ADVERTISEMENT 


<B<UIL<DIHG SOCI'ETJ IHVLSTM'EHT T'E'RftfS 


mm rt SnittT 

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US 

630 

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300 

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630Ami9»650 


Tore 

MS 

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mtn 

545 

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43* 

624 

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100 CUKfijN C25KS35 £5« hriiat ma 


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451 

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137 

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525 

535 

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439 

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(0(45] 720721 

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6.75 

605 

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116 

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505 

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336 

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635 

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AMettad 

635 


4.91 


■Mr 

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Cater (Edhfcnb) (Ol 556 17U) 

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730 

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1625 

1625 

terty 

100 

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Onlreaj 

5.66 

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1719 

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PnHfPn 6 B«cmo 

Tbe Loreto Actant 

503 

175 

431 

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2000 

Utel ana pretri depadt icmart 

(BOH 717565) 

Bed 90 (Oread hue) 

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144 

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101000 

Breed bate. E25k + 730%, QJIi +630% 

atr&Hcbtfbltin 

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640 

430 


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VHateabJlaalrOOrtQirertke. UK tore £500. 

MtBf 

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700 

535 


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terehreJta 


675 

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630 

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■rente Hia 


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665 


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10,00a 

retnand|taareHP(re*arixMat)(eB CL,cWnrtkrefericd 


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Lrerii A Hribedi (B532 459511) 

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706 

700 

133 

533 

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650 


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505 

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loan Grid 

7J0 

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53S 

125 

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Boot Grid 

611 

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111 

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SOS 

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333 

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Solid Grid 

630 

680 

430 

430 

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sun 

latel acecre. n poaOji ■ te it CUMH. Oteata 90 dait 


Sold Grid 

104 

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430 

4JB 

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56000 

■dice an 90 dm lare H Merest Henri Merest rates (rare OH 

Karate (0232 692821) 

Barite 61 

615 

685 

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504 

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60 dqv attic* 


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6.75 

675 

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Mretkrea Beck [191 215 7191) 

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705 

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High Stmt 

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AH YOU* snlw nenfa In «ac partfaDn. INSTANT ACCESS, « DAY, HICA, MONTHLY INCOME, TERM, TESSA. Ata«t | S .« IK. — • fCe, 

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< 







FINANCE AND THE FAMILY 




mm- 


Don’t delay that will 


NEW INVESTMENT TRUST LAUNCHES 


Scheherazade 

Daneshkhu 

explains the 
benefits of 
making proper 
provision 


O nly one-third of 
UK adults have 
made a wilL To 
spur the rest, 
Make a Will 
week, an ann ua) promotion 
organised by the Law Society, 
starts on Monday. October 17. 

Married people tend to 
assume everything will pass to 
their spouse when they die - 
but this is not always so, as 
the chart shows. 

In broad terms, if you die 
without a will and leave an. 
estate worth more than 
£125,000 (in England and 
Wales), it will be divided 
between your spouse and chil- 
dren (sometimes parents if 
there are no children). 

This can be a problem if 
much of the estate's value is 
concentrated in the family 
home - the spouse might have 
to sen it to satisfy other claim- 
ants. 

People who stand to lose 
most are unmarried partners 
who survive the person with 
whom they lived. They have no 
rights under the intestacy laws 
although, if they are a depen- 
dant, they may be able to claim 
through th e courts. 

There are three distinct ele- 
ments in tnalring a will: 

■ Appointing executors to 
handle your affairs. Usually, 
these will be trusted relatives 
or friends. If you die intestate, 
your next of kin will have to 
do the job - even if they are 
reluctant at such an upsetting 
time. 

Try to avoid appointing a 
professional, such as a solicitor 
or bank. They are likely to be 
expensive and the family could 
find it difficult to control them 
if it is unhappy with their ser- 
vice. A non-professional execu- 
tor can always appoint a solici- 
tor to help, anyway. 

■ Prescribing powers for 
trustees. If you have children 
under 18, you must have trust- 
ees to handle their affairs - 
although -the- executors can ful- 
fil this role. How much power 
the trustees should have is for 
you to decide. 

■ Distributing the property. 
This should be quite straight- 
forward so long as you have 
calculated the size of your 
estate and know where you 
want your possessions to go. 
But remember to revise the 
will if your financial or per- 
sonal circumstances change 
significantly, or a beneficiary 
dies. 

Where should you have the 
win drawn up? The options are 
wide, ranging from a trip to 
the stationer for a do-it-your- 
self pack to a solicitor's office. 
But research by the Consum- 
ers’ Association - published 
this week in its magazine. 
Which? - found that one in five 
wills was of poor quality, with 
sloppy drafting. 

The association suggests 
shopping around for quota- 
tions, working out figures 
beforehand, and getting the 
person drafting the will to 
explain any Jargon they might 
use. Always check the will 
after it has been drafted. 

□ Solicitors came out best in 
the survey. Of the 31 wills 
drawn up by them, six were 
deemed good and 20 reason- 
able, but five were poor. Qual- 
ity of service can vary consid- 
erably and is not always 


Wharf happens If you don’t make a will? 


-- Twgm — 



9a 

YKM 

PB> 

iMip 

On 

% 

Dual? 

Scheme 

100 

n/a 

NO 

NO 


-- ornate made Ftp — 

Issue Minimum Wnmum Aimvd lluniD Annual 
nice Nmi tnnt Change mm Change 


Art you married? 


Spouse gets 
everything. 


Is your estate 
worth more 
than £125.000? 


Do you have 
children? 


Spouse gets 
£125,000 and a 
life Interest (n 
haif the namatader. 
ChBdren gat rest. 


Spouse gets first 
£200.000 plus 
half the balance. 
Rest shared 
between parents. 


Spouse gets first 
£200,000 plus 
half the balance. 
Rest shared 
between brothers 
and staters. 


Everything goes. I. 
to spouse. f 


tf relatives who w«#J .have Wjertted fww» cfed lajving-ctiBdreri, 
the.dWnrt wN iwneSy trtwrftthalr stare. Spouse noqnaSjr . 

get aft personal possession®- as waB as above. ... 

KB TNstrfSa ban ouflrw at iha rules for England prd Watss.', - 
Source Consigners’ Association '■ ■* - " 


Do you. have 
children? 


Do you haw 
parents? 


Do you have 
brothers and 
sisters? 


Do you have 
parents? 


Do you have 
brothers and 
sisters? 


Do you have 

grandparents? 


. “ Do you have 
.. uncles and 
: aunts? 


related to how much you pay - 
anything between £23.50 and 
£117.50, according to the associ- 
ation. 

Solicitors also can guide you 
on inheritance tax but the 
costs for this will push up the 
bill; ask for an estimate first 
The best are likely to be found 
through personal recommenda- 
tion. If you are unhappy, you 
can turn to the Solicitors Com- 
plaints Bureau*. 

□ Ranks and building societ- 
ies. The main problem here is 
that most banks insist on 
being named executor and. 
since their fee tends to be a 
fixed percentage of the estate, 
they can be very expensive. 

The survey found that of the 
10 wills given to banks and 
building societies, three were 
good, five reasonable and two 
poor. It also found incompe- 
tence and lengthy delays in 
executing wills. 

□ Will-writing services. Of the 
six firms surveyed by the asso- 
ciation, four produced poor 
wills while those from two oth- 
ers were no more than reason- 
able. But these often are fran- 
chise operations and 
qualifications are not needed 
to provide such a service. 
Moreover, they are unregu- 
lated - there Is no point of i 
redress for unhappy clients. 

□ Life insurance companies. 
Some of these, or independent 
financial advisers, may offer 
“free" will-writing services, but 
be wary - this could he a mar- 
keting ploy to sell you some- 
thing else. 

The survey tried out only 
three life companies, however. 
Two drafted reasonable wills. 
The third did not draft one 
after the client refused to buy 
any life products. 

□ Do-it-yourself packs. These 
may seem an easy option but 
you can miss out on good 
advice, which could cause 
unnecessary complications 
after your death. 

* Solicitors Complaints Bureau. 
Victoria Court, 8 Dormer Place. 
Leamington Spa, Warwickshire, 
CV32 5AE Tel: 092&820 0S2. 
Other complaints: Banking 
Ombudsman. 70 Gray’s Inn 
Road, London WClX 8NB 
(071-404 9944); Building Societ- 
ies' Ombudsman 35-37 Gros- 
venor Gardens, London SWlX 
7AW (071-931 0044). 



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A straightforward and economical way of 
exchanging shares tor Portfolio units. 

To: Portfolio Fund Management Limited, 
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Telephone 071-638 0808 Fax 071-638 0050 

Please send me full details as marked above. 


□ 

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Address: 


! RemunbBt «af rho value al tinX ««*«»« ‘ 

l_ I — 


Shared equally 

between there 


Shared equally 
between them 


Shared equa#y 
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Shared equaBy 
between them 


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between them 


Everything goes 
to the crown 
(go v ernment) 


Manger (Telephone) Broker Seder Wamnb On % Dual? Schema P P f % 

■ BZW CafflOMdRtes Treat 
8ZW (5500 202OZ1) 

de Zoete & Sevan Camwfites VS 100 life No No lOOp 96.50 ££.00G 1.25 

A Jersey-based, London-listed fund, aimed mainly at institutions but which may appeal to larger pnvate investors 

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lazam investors (071 614 3065) 

Grog MttSefan UK General 15 50ra 3% Yw A Is TOOp 96p El .000 1% 

Specialising In re$onal brewers, pub companies and others involved in the production or sale ol drinks 

■ Murray Emerging Economies 

Uuny Johnstone (0345 222 229) 

De Zoete & Bevan Emerging Mkts 15 2flm+ iVa No Yes lOOp 95.5 E1.000 1.257. 

Investing in real emerging markets - Incfia, China, Brazfl, Hungary etc - not "gateways' like Hong Kong or Vienna 

■ Prolific In c ome 
Pro»c (0800 998855) 

Janes Cape! UK tnc Growth 15 40+ 4%+ Yes Ves lOOp 05. lp 2.000 0.8% 

Similar Investment strategy to existing Prolific High Income unit trust, tanked 30th of 94 funds over five years 


fflO/94-20/10/94 


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CIoses 22/10/94 


9/11/94-29/11/94 


22/9/94-13/10/94 


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Targe! FuB Samga - Cnages outage P? - Mm mum - Charges marie PEP - Mntntni Special alter 

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Manager (Telephone) Sector % are Aval. 

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Tiney (051 471 4131) UK Smaller Cos 1.7 Yes Yes 5XO 1.25 No 500 5 00 125 No 500 Vest 5/10/94-25/10-94 

The first unit trust launched by this stockbroker fund management group. THney manages a high-performing smaller companies pension fund 
I eproiffiae po+tf rfacouv an amp m and But » month! at aanmg* ptm. 

■ HL Investment ‘Trust Portfolio Trust 

Hargreaves Lansdmn (0272 767 767} investment trust units 2 Yes res 5.75 1.5 No 2,500 5.75 1.75 No 2.500 Yes' 7/ 10/94-27/ 10m 

Unit trust Investing In a wide range of UK and overseas investment trusts, with a 5 per cent annual withdrawal facility. 

• I parcanegw point dbccunt on over CSjOOOt IS am P.OOO, 3 ewo BMW am J Mrr csaooo ______ 

M Managed Qrowth Fund 

U&fi (D71 626 4588) Fund of Funds 1 Yes Yes 5 1.5 No £500 0 1.5 Yes'* £1,000 - 8/10/94-26/10/94 

MftG's second fund of funds, this one concentrates an long-term growth. It is also the second M&G no- initial -charge Pep 
- nlttnl iW c htrpm on s sMdng Hi ton U ptr cent m (ha Orst jw down to 0 afar (ha and ol mo Um year 


- Charges msrie PEP - 
Witt Anmd Other 

s h % 


Mnkntm — 

husL Dbcooti 

r h 


7/ 111/94-27/ 10/94 


8/10/94-28/10/94 


Balancing safety and performance in institutional find 
management calls for considerable discipline. 


To succeed 
in delivering both 
stability and a 
substantial return , 
a private banker 
must bring together 
first-class specialists 
including asset 
managers , economists . 
financial analysts 
and tax experts. 

He devotes 
bis time exclusively 
to management 
of the fund. 

A client's confidence 
bos to be earned. 

At this level of 
responsibility 
there is only roam 
for specialists. 




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The Grapnufe Bujbkq Priws Grow b not regained n He tote! figgdoa aaldtcs no) cmkid «o mtsna tuna ii ibe WM (jng&iiTkpKSawiiJbnHtoiins^ 

it knesoo Corjeheoc Sctecr wuU net he »»]abic.niB utantaonai bs bra ipprewd by L/mtort Orbs Pm* Asa M/ragancs Liend sd Pina Asa Mougoim UK Lina tai manlm dTIMRlT 



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X WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBtift S/OCTOBER ^ 1*>94 . 

FINANCE AND THE FAMILY 



Partridge Muir & Warren 


Now you can guarantee yourself a monthly 
income until the year 1999 with The Gold Chip® 
Constant High Income Plan from Partridge Muir 
& Warren. 


When ‘top rate’ means 45% 


David Cohen reveals how changes to the treatment of dividends are driving up tax hills 



In i miiiwm ««*> 


A sk the Inland Reve- 
nue and U will ten 
you that the top 
rate of income tax is 
40 per cent. The truth, how- 
ever, is that some taxpayers 
now face a marginal rate of 45 
per cent because of last year’s 
changes to the tax treatment of 
dividends. 

Every dividend cheque is 
accompanied by a voucher giv- 
ing a tax credit. On April 6 
1993, the value of this credit 
was cut from 25 to 20 per cent 
of the gross payment So, some- 
one receiving an £80 dividend 
now gets a £20 credit which is 
20 per cent of £100 (the divi- 
dend and credit combined). 


NORWICH 

UNION 





v • • . v^v -v/ . • 


This brillianrJy simple plan uses an annuiiy from 
Norwich Union to pay a very healthy monthly 
income of 9.0% p.a. net of basic rate tax (25%). 
These annuity payments are part interest and 
pan capital 

Meanwhile shares in Investment Trusts, selected 
by PMW, aim not only to return your capiral 
bur offer rite prospect of increasing ir to produce 
a surplus. However, the value of stock marker 
investments can go down as well as up and you 
may not gee back the full amount invested. 


Post the coupon or telephone Michael Ward at 
Partridge Muir 8c TRfarren on 081 339 9900 


N.6. Levels and bases of tax could change. The return quoted is correct 
at the time of going to press and assumes a full return of capital 


Please send me full details of how the GOLD CHIP* CONSTANT HIGH INCOME PLAN 
can benefit me. nu *> u «* 

Kl VIIVM 


FULL NAME. 


I have noted your periodic 
advice about establishing 
losses on shares of negligible 
value; however, 1 assume this 
applies only to quoted shares. 
What Is the position, please, 
concerning unquoted shares? 

■ There is no difference in 
principle between quoted 
shares for shares which bad 
been quoted before the price 
collapsed) and shares which 
have never had a quotation. 

The difference in practice is 
merely that It is usually easier 
for a shareholder to establish 
the facts for a public company, 
without having to submit docu- 
mentary evidence of the share- 
holding’s negligible value. 


DATE OF BIRTH l PAY BASIC / HIGHER RATE TAX 

Tck Mkfud WaitL PirrnJg: Muir & Warren inL, Tohvonh Tower North. Ewell Road. Tolwonb. Surrey KT6 7FJ. 
Regulated by The Securities and Investments Board 


THE PEOPLE WITH CAPITAL IDEAS 


The day, 
not the date 


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INSURANCE FROM 


FINANCIAL TIMES 


MANAGEMENT It F. PORTS 


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REPORTS 


Accountancy - Antotnotlrr 
- Banking at Finance • Eocna 

• enbiBBCal • Insurance - Media 

• THccanouaications and Travel 


Hill House Hammond 


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+44 <;0>71 814 9770 

l>H KAN 

+44 (O) 71 81.4 9778 


r ■-». r ; / K.i' -r. o;* 


5 1 N V 


R U 


U N 



film 




lfV!v'W .. • . • ... 


Sir John A ini 1833- 19 J 1 
Knf>inw - The . Is wan & Assvui Dams 


K.H. Uruman I8-H-IQ0I 
PiiKlmvr - TTy Japanese Li^bUKiiists 



r The Scots ^ 
knew where to 
build for the 
v future. A 



Sir Murdoch MacDonald lSdd-1957 
Engineer - Irrigation of Jordan l 'alky 


Thomas Td/brU 1757-1834 
Engineer- The Gotha Canal 


• Gotha Canal 




T«v«K'- ;■* ■ £ ■ 


We still do. 


KNOW WHEN 


■ EMERGING? 
ECON'OMTM'T 
TRTJSi'.REG^.-' 


Emerging market* 1 perform;! nee is shown lxrlow 
The figure* speak for ihedlMrlw*. 


Snxk Hariict Performance ftw the 4 year Period 

Coded 51 kpi 1994 Kcenon* 1-hrKco 

f\ {oG-OYT. liwoolk- 

ro fwnrjm mwi. I \jJ Ojjip<tc IntJnl 


USA 

■ SSPCmqvtwi 


A* i he fronriers nf the developed world were 
pu.slied outward a century ago, Scottish engineers and 
entrepreneurs were at the forefront. They not only 
knew ftnw. fiut also where and when. 

And now [he Scot, at Murray Johnstone have decided 
that the condition-; .ire riglu for Murray Emerging 
Economies Trust PLC ( MEET). 


UK 

ifT-Nt kiiUM 
All Surel 


KNOW HOW 


Six of our experienced fund managers currently 
manage over *300 million in emerging markets. 
•Murray Smaller Markets Trust FI.C, one of the tniMs 
m ana get I hy Murray Johnstone, had a third of its 
assets invested in emerging markets at it.-, last year 
end and was the best performing trust in the A1TC 
International Capital Growth sector over 1,5 and 10 
years lo 31 •■‘8/94.* 

KNOW WHERE 

MEET will principally invest from Asia to Latin 
America in the 25 countries which are contained in 
the International Finance Corporation fIFC) indices. 


So far tin's year, emerging markets’ performance 
hasn't reflected the continued underlying economic 
growth, and many emerging markets currently offer 
good value. It is also expected dial there will he 
continued strong corporate earnings per share 
growth in emerging market countries. 

So, for further information and to register for this 
opportunity, contact your financial adviser or call the 
number hcluw. U is proposed that the offer runs 
from pth to 2?lh November. 


** */?••*•* - •* n/V V' - *'• ' •: .A 


i, 

[l 

t JO 


M lj Z RAY 
J 0 H N i T 0 N i 


Hiis aauvnlMfixul Ids Hlxh pn.-pan.tl and taint] hy Murray Juhnslmc Lid fa member of IMKOl for die punwi »f sniion 57 <rf the Kuuik'LiI Sctovo Act IVflj. 
Past peiYnmuivc is mx nw«in!> a gunk: !•■ fnluie peifi-nreuxcT, an,l the price of ihin and the Income from them IRjv (all OS well as nse. limaAuo may nix 
0.1 luck lK- anMim limy originally utvednl. Warrant involve a Iduh degree of iMrtno ,0 dul j icLiinrdv 


: KUI luck |K- jnwum they oPgliuliy mveanl. Warrams involve a liiuh ilm w of Kvartno i o dul a icLnnrdv mull movement in the price of shares may result in a 
- •Jkiptrip. irr ro rtiftHy large movement, uru'avuuralik.- at well a* favouiahli:. in the price of wxnnb, No offer nr ipvfeaiion in ..njulre soeu/llk^ of Mums Hmerahig • - 
Kfiirkiiih-s Tmu l-LC u I wing iikide nm. Any Midi offer or invitation will Ire mode m a piupyius In lie puhltshecl in due niltw ar»J on* Nidi joi'JMltm 
• ahuuld Ire made -mtciy on tlw basts of Intomumm obnumoJ in nich piwp'.-cnis. Them a no guarantee Uial uie inarkei pike uf stuio In invoUiKm ituku will 
“ ' fully refkxt rhelr underlyma net .is«et eAw Imeana shuuhf be aware iltat the mrrtfco m wlikh the trust will Inna* smi he 1 uglily w Anile, imriciuhility nf 
■ <f mini Ounas MOV lx- Liraisd. ar«l siwnjaa. In ulc uf esdisiix nuv cnrac die value of uin»1i>Knu> to IKiOune *N« AM Value luCll return It no dnntknJb n.-invesi>.-d s- 


Table 1 

£3.000 salary © 20% 

£SOO 

£13,000 salary ® 25% 

£3.250 

£7.700 (bal basic rata band) 

dividend © 20% 

£1,540 

£4-300 drv © 40% 

£1.720 

Total 

£7.110 


Basic-rate taxpayers have 
been protected against the 
impact of this change. They 
are now taxable at only 20 per 
cent on their dividend income, 
so the 20 per cent credit still 
takes full care of their liability. 
But 40 per cent taxpayers have 
lost out. They are stuck with 
the reduced credit - without 
the benefit of a lower tax band. 

The 45 per cent crunch 


comes for those individuals in 
the higher-rate bracket who 
have a mix of dividends and 
other sources of income. The 
dividends will be treated as the 
top slice when calculating 
overall liability. Hence, the 
benefit of the special 20 per 
cent dividend rate will be 
available only to the extent 
that the basic-rate band has 
not been absorbed by the indi- 
vidual’s non-dividend income. 

Any Increase in such income 
will, therefore, catapult an 
equivalent amount of dividend 
income from 20 per cent 
straight up to 40 per cent. 

Take Ezra, whose income 
comprises a £16,000 salary and 


Table 2 

£3,000 salary d 2096 E 600 

£18,000 salary d 25% £-1,500 

£2.700 (bad basic rate band) 

dividend i» 20% £540 

pq.aOO dlv e 40% £3,720 

Total £9350- 


£12,000 dividends. Ignoring per- 
sonal allowances, his tax liabil- 
ities will be as set out in Table 
l. Table 2 shows the impact of 
a £5.000 salary increase. Addi- 
tional tax of £3.250 is 45 per 
cent of the extra income. 

Having identified this trap, 
what can taxpayers do to avoid 
it? Many will have little or no 
influence over their income 
level and an employee offered 


a pay rise Is hardly likely to 
turn "it down because it will be 
taxable at 45 per cent. 

Nevertheless, those with 

more flexible arrangements 
often will be able to take avoid- 
ing action. Owner-managers of 
private companies, for 
Instance, can keep the 45 por 
cent threat at bay by paying 
themselves extra dividends in 
lieu of salary Increases. 

Equally, husbands and wives 
can swap ownership of income- 
producing assets if one is a 
potential 45 per cent payor and 
the other is not. 

■ David Cohen is a partner in 
Oie City lair firm of Paisner & 
Co. 


Quote . . . unquote 


1993-94 and 1994-95 together) 
either statutorily, if you make 
a statutory claim under section 
24(2) of the Taxation of Charge- 
able Gains Act 1992. or extra- 
statutorily, if you make a 
claim under extra-statutory 
concession D28 (Asset of negli- 
gible value) as revised on May 
31 this year. 

Ask your tax office for a 
copy of D28, which should help 
to clarify the position. 


No pay slips 
from employer 


I understand that shares in 
Rosehaugb pic were suspended 
about 18 months ago but my 
inspector seems unable to 
agree a date on which they 
become negligible value. For 
indexation of capital gains 
loss, it is important that they 
be so declared before Novem- 
ber 1993. Have you any infor- 
mation? 

■ Your letter is based upon a 
misapprehension: it is irrele- 
vant, for indexation loss pur- 
poses, whether “they be so 
declared before November [30} 
1993". It is the day on which 
your negligible-value claim is 
made that is important. 

If it is made after November 
29 1993 but before April 6 1995. 
indexation-loss relief will be 
due (up to the £10,000 limit for 


Making money 
from options 


Back 
with a 
bang 

N ow that the take-ovei 
of Confederation UE 
Holdings pic by Sun 


N ow that the take-over 
of Confederation UK 
Holdings pic by Sun 
Life of Canada has received 
regulatory approval Confeder- 
ation Bank makes a return to 
the Highest Rates table with 
its market-leading Tessa (tax- 
exempt special savings 
account) of 9 per cent, fixed 
for five years. 

Building societies are slowly 
filtering Increases through to 
their savers. Cheltenham & 
Gloucester is the largest soci- 
ety to announce new rates so 
far, with increases of up to 0.4 
per cent 

Northern Rock has re- 
opened its Go Direct account. 
Although the account must be 
opened by post, cheques may 
be deposited and withdrawn 
from branches after that 
Fixed rates continue to be in 
favour. Leeds and Newcastle 
have both launched new fixed 
products. Norwich and Peter- 
borough has increased rates 
on all its fixed products: it 
now pays np to 8£5 per cent 
on a three-year bond. The mar- 
ket leader for three years 
remains Coventry at 9.10 per 
cent 

For those requiring gross 
interest, rates offshore are 
also slowly increasing on ordi- 
nary accounts. The majority of 
banks have increased rates but 
the only building society sub- 
sidiary to increase has been 
C&G Channel Islands Ltd. 
Confederation Bank (Jersey) 
Ltd returns with its Flexible 
Investment account 
Gnaranteed income bonds 
also contxnne a gradual rise. 
Eurolife went up to 7.75 per 
cent on a five-year bond to 
lead this week, only to be leap- 
frogged by Lauren tian Life 
paying 7.85 per cent and then 
by Liberty Life, with rates np 
to 8-25 per cent (10.31 per cent 
to a basic-rate taxpayer) at 
£50.000. 

Christine Bayllss, 
Moneyfacis 



No fc&tf iwpoosMy can ba accepted tv 
Pruned term tor ttm arrows #1 Hum 
coutto. Ai hgtam «• be mnvwl tv pod aa 
toon as possah. 


I have been in my first job for 
2 Vt years and I am paid weekly 
by cheque with no supporting 
documentation. 

I have recently become 
aware that my employer 
should provide pay slips show- 
ing gross pay, deductions and 
net pay. 

My employer says I am not 
on pay-as-you-earn, so no 
deductions have been made for 
income tax or National Insur- 
ance and I have, unwittingly, 
become liable for arrears. 
What steps should I take to 
regularise my position? 

■ It could be that your pay is 
below the National Insurance 
and Paye thresholds, in which 
case you have nothing to 
worry about But we suggest 
you talk things over with, say, 
someone at a Citizens Advice 
Bureau. 


I am considering dipping a toe 
in the traded options market 
with a view to increasing the 
returns from my equity invest- 
ments. 


1. What is the tax position in 
relation to the selling of “puts 
and covered calls”? 

2. Is the profit from buying 
puts and calls classed as capi- 
tal gains? 

3. Can the losses sustained 
be set against capital gains for 
tak? 

■ We take it you are talking 
about LIFFE equity options 
only. (If we are wrong In this 
assumption, please come back 
to us with details of the precise 
traded options in which you 
are interested, because the tax 
rules for some traded options 
are different from those out- 
lined below). 

The answer to both ques- 
tions 2 and question 3 is yes. 

As for question l: 

(a) Selling an option which 
expires unassigned. The net 
premium received is treated as 
a capital gain which arose on 
the day the option was sold. 
(There is no indexation relief). 

(b) Selling an option and 
making a closing purchase. 
The net profit or loss is treated 
as a capital gain or an allow- 
able loss which arose on the 
day on which the option was 
sold. (There is no indexation 
relief). 

(c) Selling a pat option 
which is assigned. Hie net pre- 


mium received is treated as 
reducing the cost of the shares 
put. (Indexation relief on the 
eventual sale of the shares put 
is calculated on this reduced 
cost; the shares put are treated 
as having been bought on the 
day on which you are given 
notice of assignment). 

(d) Selling a call option 
which is assigned. The net pre- 
mium received Is treated as 
part of the proceeds of sale of 
the shares called. (Any indexa- 
tion relief on the cost of the 
shares called is calculated up 
to the day on which the notice 
of assignment is given, and the 
consequent capital gain is 
treated as arising on that day. 

If there is an allowable loss, 
there is no indexation relief, of 
course, but transitional relief 
(up to the £10,000 limit for 
1993-94 and 1994-95 together) 
would be available for notices 
of assignment given before 
April 6 1995). 

Ask your broker, or LIFFE’s 
publications department, for 
the free Private Investor’s 
Guide to the Taxation of LIFFE 
Equity Options, fit was written 
after publication of the 
Finance Bill last January, but 
before the CGT rules were 
amended at the report stage in 
April). 


Gloucester building society 
telling me that, as my share 
account was not open by 
December 31 1992, I shall not 
qualify legally tar payment In 
the distribution of the £1.8bn 
cash bid from Lloyds Bank. On 
the other hand, depositors 
qualify if their accounts were 
opened by March 31 1994. This 
appears to me to be a random 
and arbitrary decision. 

■ The letter from the C&G 
resulted from a High Court 
action interpreting the legisla- 
tion regarding take-overs of 
building societies. 

The decision to restrict pay- 
ments to those who have been 
with the society for a mini- 
mum of two years is not with- 
out precedent and is certainly 
not random and arbitrary. 

You might wish to know that 
the C&G has opened a tele- 
phone help-line which can be 
contacted on 0345-889 900 from 
Sam to 5pm Mondays to Fri- 
days, and 9-1 on Saturdays. 
(Reply by Barry StiUerman of 
Stay HaywardX 


CGT need 
not be paid 


Random and 
arbitrary? 


As an investing member of 
several building societies, I 
was unaware that if my share 
account had not been open for 
two years, I would lose oat on 
rewards or advantages that 
depositors (rather than share- 
holders) would get 
I have received a letter from 
the Cheltenham and 


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FINANCIAL TIMES WEEKEND OCTOBER S/OCTOBER 9 1994 


WEEKEND FT XI 


PERSPECTIVES 



News from the Gulf: Vaughan Smith during the Gulf War 


Minding Your Own Business 

Shooting in the heat of battle 


V aughan Smith was 
the only television 
cameraman to get 
frontline film of the 
allied advance in the Gulf War. 
He posed as an officer taking 
pictures for the British army. 
„ sat undetected while officers 
J were warned about an unau- 
thorised intruder, then left to 
hitch a lift with US troops, 
claiming they had crashed into 
his Land Rover. 

Smith is a former captain in 
the Grenadier Guards. His Gulf 
War earnings enabled him to 
finance the development of 
Frontline News TV. which 
started out as a cameramen’s 
cooperative and has provided 
much of the world’s TV cover- 
age of Bosnia. Somalia and 
Liberia. 

Its scoops include Rory 
Peck’s Gulf War pictures of a 
missile-hit air-raid shelter in 
Baghdad, and the story of UN 
soldiers in Sarajevo trading on 
the black market and buying 
people's few belongings. 

Eighteen months before the 
Gulf war. Smith, who used to 
fly microti ght aircraft, went to 
Pakistan to represent a com- 
pany that made the aircraft 
and joined a camera crew 
accompanying the BBC's John 
Simpson over the mountains to 
Kabul. The other members of 
the crew were Peck and Peter 
Jouvenal, a former soldier, on 
the trip they discussed setting 
up a company. The following 
year, after the Romanian revo- 
lution. they set up the Hard 
News group, later renamed 
Frontline News TV. with Nick 
della Casa and Tim Weaver. 

Freelance cameramen may 
take exciting pictures but they 
struggle to sell them. For indi- 
viduals the problem is making 
themselves known to TV com- 
panies. 

“It’s hard to do enough for 


Continued from Page I 


potentially more far-reaching 
in its implications. Already, 
electronic devices are begin- 
ning to give some hearing to 
the deaf and movement to the 
severely disabled. 

Doctors have most experi- 
ence with the "cochlear 
implant”, fitted surgically into 
the bone behind the ear. It con- 
verts digitised sounds, trans- 
mitted from a small external 
microphone, into electrical sig- 
nals which stimulate the audi- 
tory nerves inside the ear. 
These send impulses to the 
brain, which interprets them 
as crude sounds. 

Lord Ashley, the UK’s best- 
known campaigner for the 
deaf, brought the technology to 
public attention in Britain last 
year when he received a coch- 
lear implant. He spoke mov- 
ingly of being able to hear his 
family again after 25 years of 
silence. “I ran best describe 
what I hear as being like lis- 
tening to a croaking Dalek 
with laryngitis.’' Ashley said. 
“but compared wtth^ total deaf- 
ness it is a miracle." 

Devices to restore some hand 
movement to quadriplegic 
patients with broken backs or 


them to remember you.” says 
Smith. 

Freelances rarely figure in 
the credits at the end of TV 
programmes. Companies nor- 
mally try to disguise the fact 
that they are using non-staff 
pictures. The idea of Frontline 
was to establish a name which 
companies would remember. 

Smith ran the group from his 
London home and cycled 
round TV offices delivering 
material. The first year was 
difficult. The group had a 
£50.000 turnover but did not 
make money. 

Smith's Gulf earnings 
enabled him to buy computers, 


David Spark talks 
to a cameraman 
who specialises in 
frontline film 

set up a data base of clients 
and sales, and improve the pre- 
sentation of material to TV 
executives. He also spent 
£50,000 on an editing suite, 
which saved money and time. 
Annual turnover rose to 
£180.000. 

Towards the end of 1991. 
Anna Roberts, a journalist and 
producer, joined the group to 
market the cameraman's mate- 
rial and built the number of 
TV clients to 70. Roberts 
became a camerawoman and 
producer and. in early 1993, 
Frontline hired first Susannah 
Nicoll and then Jane Birch to 
organise sales, seek contracts 
and run the office. Annual 
turnover has reached £400,000, 
partly because the cameramen 
became better at choosing 
what to do and doing it, partly 
because of work in Bosnia. 

The Frontline group was 


necks are being developed at 
Case Western Reserve Univer- 
sity in Ohio. The system relies 
on' the fact that most quadri- 
plegics can shrug their shoul- 
ders slightly. The movement 
controls a joy-stick which 
transmits signals to an elec- 
tronic unit under the wheel- 
chair. This activates a stimula- 
tor about the size of a heart 
pacemaker, implanted in the 
shoulder, which sends electri- 
cal impulses down the arm to 
the paralysed hand muscles. 

The experimental hand grasp 
system does not restore full 
finger movements but it has 
enabled a dozen patients in the 
US to write, brush their hair 
and teeth, hold a telephone, 
sew and paint. Now surgeons 
at Salisbury District Hospital 
are preparing to test the sys- 
tem in the UK, 

The only vital organ for 
which medical technology can- 
not yet offer any assistance is 
the brain. Even that is only a 
matter of time. Humphreys 
predicts that within 50 years it 
will be possible to implant 
memory chips to boost our fail- 
ing intellectual faculties. 

“If we can design an inter- 
face between silicon chips and 
brain cells, the first step will 


among the first users of Hi8 
home video cameras for TV 
Instead of the heavy and 
expensive Betacam. “People 
picked up Hi8s and went to 
war zones and came back with 
footage that sold," says Smith. 
Hi 8s have become standard on 
BBC World Service TV. 

After the Gulf War. della 
Casa was murdered by his 
guide in Kurdistan. Weaver left 
the group to work on his own. 
Peck also left to set up an 
office in Moscow. He was killed 
in the battle at the TV station 
when the Russian parliament 
challenged Boris Yeltsin. 

Last May, Smith and Jou- 
venal changed Frontline News 
into a limited company, with 
five share or share-option hold- 
ers. all camera-people who 
work almost exclusively for 
Frontline. The aim is to keep 
ownership in the hands of the 
people who do the work. 

Camera-people working with 
Frontline take responsibility 
for themselves and their equip- 
ment and pay Frontline a com- 
mission. They may offer fea- 
tures lasting six to 12 minutes 
to TV companies; or they may 
go overseas as camera crew for 
the networks. Smith says: “We 
have a reputation for war cov- 
erage and getting to places 
that are difficult to get to." 

To attract networks, a freel- 
ance group has to be cheaper 
than a staff crew and yet also 
meet its running costs from 
within its fee. “That means 
being highly competitive and 
motivated. The very fact we 
have survived shows flexibility 
and motivation.” 

A BBC cameraman in Bosnia 
goes to war in an armoured 
car. Frontline cannot afford 
that Its people probably stay 
with a family in Sarajevo for 
$20 (£12.60) a night, instead of 
paying $80 at the Holiday Inn. 


be a pre-programmed chip 
which the brain could read,” 
Humphreys says. “Ultimately 
we would like the brain not to 
notice the implant and to treat 
it as another piece of brain tis- 
sue. Then we could get the 
brain to record information on 
the silicon chip and read it 
when necessary." 

Although Humphreys is 
more w illing than his cautious 
colleagues to speculate pub- 
licly about the future of bio- 
medical technology, many sci- 
entists would regard his vision 
as a reasonable extrapolation 
of current research. Most 
would see brain-boosting 
implants - whether to extend 
human intelligence or to treat 
diseases such as Alzheimer's - 
as a welcome development, not 
a sci-fi nightmare. 

There is an interesting para- 
dox here. As medical scientists 
add increasingly sophisticated 
implants to people, so robotics 
researchers will be giving 
machines the mental and even 
anatomical features of 
humans. During the coming 
Bionic Age, the distinction 
between human beings with 
implants and humanised 
robots will become increas- 
ingly blurred. 


Smith stresses, however, 
that freelances play an impor- 
tant role because of their free- 
dom from head (Ace. “We can 
do what most broadcasters 
sometimes don't do, because 
we aren’t controlled." 

For example, he could get 
frontline pictures of the Gulf 
because he was outside the 
deal between editors and the 
British Army. Other journal- 
ists could have broken the 


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FT Ski Expedition 

The little resort 
on Alloway Street 

Arnie Wilson visits Mount Dobson in New Zealand 


Facts and Figures 

September statistics 

Miles sided: 283 (Total since January 1: 2.572) 

Vertical feet 320985 (Total; 2.900.190} 

Vertical miles: 61 (Total: 552) 

Miles driven: 2J208 (Total: 25,662) 

MHes flown: 1,692 (Total: 60,823 

MBeage (aB means of transport): 3,957 (Total: 90,913) 

Resorts visited so fan 198. (US: 50; Canada: 13; Austria: 32; 
France: 24; Switzerland: 23; Italy: 11; Germany: 1; ChBe: 10; 
Argentina: 6; Australia: 12; New Zealand: 11; Japan: 4; India: 1) 


Resorts skied in September: 17 

Australia: Mount Hotham; Falls Creek; Thredbo: Perisher Vafley; 
Smfggln Holes; Charlotte Pass; Blue Cow; Guthega. 

New Zealand: Mount Hutt; Treble Cone; Cardrona; The Remark- 
abtes; Wanaka (Harris Mountains Hell-Skiing): Coronet Peak; 
Awakino: Ohau; Mount Cook (Tasman Glacier). 


Expedition sponsors 

Ski the Summit. Colorado: Hewlett-Packard; Avis: American Airlines; Air 
New Zealand; Snow + Rock; Fogg Travel Insurance; Luhta; Dagre 7; 
Champagne Marcter Cterins. 


Arnie Wilson and Lucy Dicker 
are trying to ski every day of 
1994 on a round-the-world expe- 
dition. 

t 5.30 in the morn- 
ing, No 30 Altoway 
Street, Fairlie, can 
be resemble Night- 
mare on Ebn Street. Facsimile 
machines suddenly whir auto- 
matically, sending messages to 
all corners of New Z ealan d's 
South Island. Telephones ring. 
Answering machines are trig- 
gered all over the house. 

At 6 am. a cuckoo clock cuc- 
koos maniacally. The answer 
machine message echoes down 
the corridor ‘'Conditions above 
the valley cloud are clear and 
calm. All facilities are operat- 
ing. There are 2 cm of Dew 
snow on a 2^-metre base. The 
main runs are groomed, and 
there's excellent skiing on 
packed powder. Chains are 
required today.” 

It is the start of another day 
in the life of Mount Dobson ski 
resort, south-west of Christ- 
church in the Southern Alps. 

Peter and Shirley Foote pre- 
fer to start their hectic day 
from base camp rather than at 
5300 ft. Shirley records two 
messages every morning in her 
nightie and triggers the fax 
machine on its helter-skelter 
visit to various radio and tele- 
vision stations, sports shops, 
hotels and lodges. 

Peter organises staff on the 
mountains via a short-wave 
radio and then readies Himsalf 
for the 15-mile journey there. 
(While he is doing this, the 
cuckoo clock - a present from 
a German coach driver who 
escorted them on a whis- 
tle-stop tour of Europe recently 
- cuckoos seven times). 

Few people run ski resorts 
from their front room, and 
even fewer simply go out and 
build their own resort on a vir- 
ginal mountain. The Footes did 
it the hard way 15 years ago. 
becoming involved in a bitter 
battle with bureaucracy. 

“It took us three years just 


to build the road.” says Foote. 
“They wanted us to build more 
and more culverts. We ended 
up building 70. Every time we 
acquiesced over something, 
they came back with more red 
tape. We had to take it It was 
either just walk away, leaving 
the resort half-built, or keep on 
battling. 

“Luckily, there were a lot of 
people who wanted us to suc- 
ceed as much as the local 
authorities wanted us to fafi. 
Our solicitors, bank manager 
and the contractors all said 
they would wait for their 
money." 

The result is one of the best 
privately-owned ski fields in 
New Zealand. It is on good 
powder days that it really 
comes into its own. After some 
unsettled weather, we were 
due for a good day. We got it at 
Mt Dobson, our 200th ski area 
of the expedition. 

Higher than many of New 
Zealand's ski fields, the 
ungroomed terrain can stay 


light for days. Lucy and 1 
trudged to the very top of the 
mountain from the highest lift 
and were greeted with aston- 
ishing scenery. 

Spread all around us. in a 
gigantic arc. was the cream of 
the Southern Alps - reputedly 
more wide-ranging than those 
in Europe - and with Mt Cook 
dominating the skyline. 

At the end of a magnificent 
day we skied down the front 
face of Mt Dobson, which gave 
us 3300 vertical feet of non- 
stop powder. It was the kind of 
run you dream about: turn 
after effortless turn, with no 
end in sight and no need to 
change direction. Just straight 
down forever. 

We felt guilty about those 70 
conduits, all built by hand by 
tiie Footes. Red tape or not, 
without them we would have 
missed one of the most exhila- 
rating descents of our nine 
months on skis. For each con- 
duit, we had the satisfaction of 
at least 110 exquisite turns. 



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BUSINESSES FOR SALE 






LEVY GEE 


CORPORATE 
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LONDON • /.mfJCHESTER 
WORTHING • CROYDON 


BUSINESSES FOR SALE 

Hightons Organisations Limited 
and Peter Hightons Holding Limited 

The Joint Administrative Receivers offer tor sale, the business and 
assets of the above long established companies with three 
sub-divisions: 


Sub-divisions 
Retail Display Equipment 
Injection Moulders 
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Turnover 

£1 million (prestigious customer) 
£600,000 
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Wettem House 
56 Dingwall Road 
Croydon 
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Tel: 0688 489444 
FtoB 0582 488333 


AD Advertisement bookings are 
accepted subject to our current 
Terms and Conditions, copies of 
which are available by writing to 
The Advertisement 
Production Director, 

The Financial Tunes, One 
Southwark Bridge, 
London SE1 9HL 
TeL 444 71 8733000 
Fax: 444 71 873 3064 


r.trarfVi." — . 


Appear in die Financial Times 
on Tuesdays, Fridays and 
Saturdays. 

For further information 
or to advertise in this section 
please eorrtgct 

Karl Loynton on 071 873 4780 
or Melanie Miles 071 873 3308 


FW a HClALT nc m 






XII WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER ^-OCTOBER » .»» 


TRAVEL 


Renaissance 
flowers 
again in 
Florence 

Derek Wilson enjoys 20th century 
comfort in 16th century surroundings 

F or years, visitors to landowning Roti Michelozzi famfl, 
Florence have opted to who much later ceded it to Frar 
inspect the Renaissance chetti's romantic grandmother. 
by day and to give it a “She was a German from Mimic! 
miss by night, prefer- called Marlon Homstein. She tool 




- - * - ' 

: ~v . . ■' ; ■ : ,v : vv;o v- 


•' V/. "-N*,, 5 ;. i : •’ 

**» • « i" -• • - 

^4 


F or years, visitors to 
Florence have opted to 
inspect the Renaissance 
by day and to give it a 
miss by night, prefer- 
ring to sleep in comfort rather than 
rough it in some derelict 16th cen- 
tury poltuzo without hot water. 

Change is afoot. You can now 
sleep the Renaissance as well as see 
it - and in comfort 
A small group of hoteliers has 
pioneered the restoration of Renais- 
sance properties to make them suit- 
able for the most choosy tourist In 
so doing, they have resisted the 
cheap - and easy - path of whole- 
sale conversion of buildings which 
has been followed by all but a hand- 
ful of the 359 hotels in Florence. 

Four have chosen the bard way. 
In each case, family pride has been 
a principal reason. Encouragement, 
too. came from the Florence town 
council, which has a new policy 
aimed at making greater use of his- 
toric buildings. 

All the emphasis in these four 
instances has been on recreating 
the physical setting of the Renais- 
sance. with less regard for other 
matters such as food. Only one, in 
fact, has a restaurant, although all 
four provide lavish breakfasts. 

The most spectacular is Torre di 
Bellosguardo, a big, sturdy 16th cen- 
tury villa on a hill beyond the Arno. 
"1 simply wanted to save the place," 
says Amerigo Franchetti, the 
owner. He says that 180 day-school 
pupils used to arrive at 8am and 
wreak destruction. “I had to get rid 
of them. In another five years they 
would have wrecked the lot” 

The core of the hotel is a stumpy 
tower built perhaps as a hunting 
lodge before 1300 by Guido Caval- 
canti. poet of courtly love, and a 
friend of Dante. Later confiscated 
from the Medici, it passed to the 


land-owning Roti Michelozzi fa m i l y 
who much later ceded it to Fran- 
chetti’s romantic grandmother. 

“She was a German from Munich 
called Marlon Homstein. She took 
one look at this place and decided it 
was the abode of her dreams and all 
that rot,” says the owner. “She mar- 
ried an Italian. Then my father told 
her one day in 1613; If yon like this 
place so much, here's the money'. 
He’d married into the Rothschilds, 
Paris branch. When she died in 
1948, the famil y let it to finishing 
schools, then to that terrible day- 
school.” 

The restorers took 10 years. 
Already the high facade is peeling, 
but inside the building wallows in 
space: a mirror of spartan Tuscan 
luxury. Reception is a table in a 
great ball-room frescoed by one Ber- 
nardino Poccetti, a prolific 16th cen- 
tury hack. The music-room boasts a 
fine sculpted chimney-piece and is 
bare; a stone ramp does for stairs; 
canopied beds, sticks of medieval 
furniture and coats-of-arms in huge 
rooms complete the feeling, as do 
aged carpets. 

Fri go-bars and TV sets have been 
banned and superb bathrooms are 
ingeniously riiseimiiifltflri Conceal- 
ing the swimming-pool in gardens 
ablaze with flowers proved a 
tougher proposition. 

A friend of Franchetti's, Rodolfo 
Budini Gattai, runs what was a 
guest-house for clerics built in 1518. 
Discreetly tucked away under the 
arches of the very central Piazza 
della Santissima Annunziata, this is 
the Loggiato dei ServitL It faces 
Brunelleschi’s Spedale degli Inno- 
cent!, the foundlings’ hospital, and 
was included in the matching por- 
tico designed by Antonio da San- 
gallo. 

The fathers kept their lodgings 
for visiting prelates. They were 


b m m 



1 i L Y ; 


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fp. : >} ; - * v* l- “v ~v. 

Wji • Vr 
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Statue of David. Rorence: the city can now add restored hotels, dating back to the Renaissance, to Its fat at artistic treasures 


clearly well-heeled since the rooms 
are commodious chambers: you 
wake up to Tuscan coffered ceilings 
and lofty ribbed vaulting. 

“My family bought the Loggiato 
in 1870 after the confiscation of 
church property", says GattaL "At 
first it was rented out as flats, but 
in 1924 my grandmother's coach- 
man was allowed to open a 
boarding-house here. Well, he mar- 
ried an Irish lady, one Katherine 
Doyle, and in the 1930s their pen- 
sione was popular with the English 
and Irish. I and my brothers took 
over in 1984. We wanted to resur- 


rect the original " 

The most stylish of the four is the 
Manna Lisa in nearby Borgo Pinti - 
a superbly preserved 15th century 
patrician dwelling set around a 
small courtyard with a garden in 
the back. The do minant artist on 
display is Giovanni Dupre, a 19th 
century Sienese sculptor whose des- 
cendants own the place. Oslavia 
Ciardi Dupre bought out the Marzi- 
chi-Lenzi family, its owners for gen- 
erations. in 1956. 

At the Monna Lisa, Florentine 
good taste comes with a touch of 
clutter there is Dupre family trea- 


sure scattered about, including five 
centuries' of furniture and a plaster 
model by Giambologna for his Rape 
of the Sabines in Piazza della Signo- 
ria. There is a tasteful restaurant 
amid pillars and pictures. 

Cheaper is the oddly-named 
Aprile. near the station. It is as 
Renaissance as they come, a pug- 
nacious three-storey clan fortress 
with huge eaves and no nonsense. 
Once known as the Palazzo dei Med- 
ici. and then as Palazzo del Borgo, 
this is a warren of a place with a 
lived-in feel to ft. The old structure 
survives intact, bumps, wasted 


space, crannies and all, each one 
deftly exploited. 

“My family has been there since 
1815," says Marcella Ascoli-BollaffL 
“We were textile merchants. I was 
bom there and my mother stayed 
on until the ’50s." Why Aprile? “Oh. 
I was young and silly and when we 
let it to the Cantini Zucconi family 
40 years ago, I let them call it after 
the month they moved in. I've 
regretted it ever since." 

Torre di Bellosguardo: Via Roti 
Michelozzi 2. 50124 Firenze. Tel: 
(055)2298145; fax: (055)-229008; 15 
rooms: single: L230.000-L2 50,000; 


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The Old Strap is rvcognihcd as 'one 1 
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Prior. £??.0<J per person per night I 
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Telephone: 0993 774441 


GERMANY 


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Splendid local scenery, golf and boracridiflg. Tonring and 
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£67 £G per person per night during October and November 1994. 

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accommodation, full English breakfast, morning paper and VAT. 
This offer is subject to availability 

For reservations contact os on 
Teh 0451 820243 or Fas 0451 820696 
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Gloucestershire, GL54 2JD 


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~ FTiVANCIAL TIMES - 

Whilst care is token to 
establish that our 
advertisers are bona fide. 

readers are strongly 
recommended to take their 
own precautions before 
entering into any 
agreement. 


SPECIAL INTEREST 


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Moules and 
masterpieces 

Susan Moore worships at the 
altars of art and food in Bruges 

A larger than life Jan beneath them, thanks to jud 
Van Eyck, brush ciously placed mirrors, the 
and palette in one original narrow tomb: 
hand and beloved gauchely painted red and blac 


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The FT's annual guide to skiing will be published 
on Saturday 15th October this year. 

Filled with reviews of the worlds best resorts by 
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results of the F.T. readers' ski survey. Pink Snow 
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Don't forget to pick np your copy, free with 
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A larger than life Jan 
Van Eyck, brush 
and palette in one 
hand and beloved 
bagpipe by his side, presides 
over the small square by our 
hoteL 

We breakfast on strawberries 
piled in blue and white bowls 
lifted ont of a 17th century still 
life, marvel at Michelangelo, 
take deep draughts of Mending 
and blond beer tasting like nec- 
tar, and dine robustly in the 
house of the Renaissance 
painter Pieter Pourbus. 

From day one it is dear that 
Bruges is a place to worship at 
the twin altars of high art and 
the soon-to-expand stomach. 

For this is a city where 
moules comes by the four-litre 
pan, extra frites are offered as 
a matter of course, and every 
cup of coffee comes accompan- 
ied by a chocolate. And Bruges 
at table is so like Bruges in the 
street. 

Streetscapes of canals and 
crow-stepped gables have 
earned ft the reputation of the 
Venice of the North, but there 
is none of the Serenissima’s 
faded splendour or aristocratic 
hauteur. Bruges is unasham- 
edly bourgeois: prosperous, 
spic and span and polite. In 
this heavily restored Venice, 
there are no surly waiters or 
good food only if you know 
where to find it Here gerani- 
ums in window boxes adorn 
even the inside of canal walls. 

Bruges is as pretty as any 
picture and, oddly enough, 
comparably two- dimensi onal. 
Like its alter ego. it is awash 
with tourists to season but, 
unlike it, there seems no 
escape from the crowds or the 
luce shops. Strolling along cob- 
bled streets past ornate, once- 
medieval public buildings and 
soft domestic red brick, it 
seems a city of facades but few 
interiors. It almost would not 
surprise me to discover that 
the whole place was an Inge- 
niously constructed film-set 
There are, however, at least 
three glorious places of refuge. 
The spartan interior of the 
Ouze Ueve Vrouwekerk - more 
familiarly Notre Dame, but 
here Flemish, even English, is 
preferred to French - boasts the 
sumptuous gilt-bronze Renais- 
sance mausoleums of Charles 
the Bold and his daughter 
Mary of Burgundy; visible 



RoaaBfty. VWOWCk M*S* 

double: L300.000-L330.000: suite: 
L53Q.000. 

Hotel Loggiato dei Serviti. Piazza 
SS annunziata 3. 50122 Firenze. Tel: 
(055)-2S9592; fax: (055)-289595: 29 
rooms: stogie: LUO, 000-140, 000: dou- 
ble: U70,000-L210,00a 
Hotel Monna Lisa. Borgo Pinti 27. 
50121 Firenze. Tel: (0551-247951; fax: 
(055)-24797550; 34 rooms: single: 
L150.000-L200.000: double: L230.000- 
L300.000. 

Hotel Aprile. Via della Scala 6. 
50123 Firenze. Tel: (055W16237: fax: 
(0551-280947; 29 rooms: .single: 
LU0.QQQ: double U50.000. 


beneath them, thanks to judi- 
ciously placed mirrors, their 
original narrow tombs, 
gauchely painted red and black 
like early wood cuts. 

Here, too. is the Michelan- 
gelo. a pensive marble 
Madonna seated on a rock, the 
standing Christ-child, eyes cast 
down, nestling between her 
legs and clasping his mother's 
left hand. Her mournful sad- 
ness is heart-rending. 

The sculpture was made for 
Siena Cathedral but sold 
instead to the Mouse ron family 
of Bruges. We were not sup- 
posed to view it bead on, as 
currently aligned - the evi- 
dence is the cut of the marble. 
Stand way to the left to see it 
at Its best 

St James's Church was the 
original location for the Moreel 
altarpiece by the far from 
“Primitive” Hans Mending, a 
triptych which not only 
includes portraits of the donor 
Willem Moreel and his wife but 
their five sons and ll- daugh- 
ters. 

Memling is the city’s great- 
est adoptive son who left his 
native Rhineland to pursue a 
lucrative career in cosmopoli- 
tan Bruges in 1465. St John's 
Hospital, now the MemlinE 
Museum, still lays claim to 
handful of his masterpieces. 

The Groeningemuseum 

(which is host io a major 
Memling exhibition, until 
November 15) also boasts J&° 
Van Eyck’s wondrous "Virgin 
and Child with Canon ran der 
Paele”. But then, one of th® 
great advantages of visiting 
Bruges is that Ghent is only 20 
minutes away by train. Theft 
in St Baafs Cathedral locked 
in bullet, earthquake a°“ 
everything-proof glass is J™ 
and Hubert Van Eyck's “Add" 
ration of the Mystic Lamh » 
the most sublime evocation “ 
heavenly paradise evtf 
painted. That was our amh 1 * 
sial lunch, and there 
plenty of time to get batf 
before dinner. ^ ^ 

N The author travelled foj® 
Ramsgate to Ostend by SaDj 
Lines Jetfoil (reservation* 
0843-595522) and stayed at tw 
18th century ReUus Oud-buis 
Amsterdam in Bruges (| e *‘ 
050-34 18 10). The cross!** 
takes lhr 40 mins. The j 
direct from the port of OstaJfl , 
to Bruges takes 12 minutes. 









FINANCIAL TIMES WEEKEND OCTOBER 8/OCTOBER 9 1994 


WEEKEND FT XIII 


FOOD AND DRINK 


I n my experience, the more 
wine expertise someone 
claims, the less they gener- 
ally have. Only a beginner 
would claim to know a lot 
about wine; those of us who have 
spent a couple of decades immersed 
In the subject are only too painfully 
aware of how much more there is 
to learn. 

People with a little wine know- 
ledge tend to wear it heavily. My 
heart always sinks, for instance, 
when someone begins a conversa- 
tion with "In my cellar . . It is 
difficult enough to make a discus- 
sion about the wine in your glass 
Interesting, let alone one about 
someone else's firmly corked bot- 
tles. 

I sympathise, therefore, with 
anyone required to entertain those 
who claim to know something 
about wine. Will the choice of bot- 
tles reveal one as an irredeemable 
cheapskate or vinous lowbrow? 

As so often, the solution is not 
necessarily to throw money at the 
problem. Very, very few wine mer- 
chants’ most expensive bottles are 
anything like ready to drink 
(exceptions include: Reid Whies, of 
% Hallatrow, near Bristol; La Vigne- 
ronne of London W7; and Butlers 
Wine Cellar, of Brighton, Sussex). 

The answer is to show flair, 
wineupmausbip, and spend less, by 


Entertaining at home 

Wineupmanship: beating the bores 

Jancis Robinson on safe bottles for the pickiest of dinner guests 


choosing some hot. new (or 
revived) wine typ es . 

The Insider’s whistle-whetting 
aperitif, for example, is top quality 
Riesling, preferably a Mosel Kabi- 

nett from a quality-couscio us pro- 
ducer (which is unlikely to cost 
much more than £7). 

The VDP symbol on the label or 
capsule is a shorthand way of iden- 
tifying Germany’s goodies, a very 
high proportion of which belong to 
the VDP group of superior estates. 

Merchants who take German 
wine seriously include: Oddbins, 0 
W Loeb of London SE1; Philip 
Eyres, of Amersham, Bucks; Har- 
conrt Fine Wines, of London Wl; 
Adnams, of South wold, Suffolk; 
Smnmerlee Wines, of Baris Barton, 
Northamptonshire (0604-810488); 
Lay & Wheeler, of Colchester, 
Essex; and The Wine Society, of 
Stevenage, Herts. 

Acceptable alternatives include 
one of the host of Australian Ries- 


lings now being shipped, finite de 
Chardonnay, to the UK or a dry 
Riesling from Alsace. Lea & Sande- 
man, of London SW10, has the 
superb wines of Marcel Deiss, and 
Wine Radi stores have made a par- 
ticularly diligent selection. 

One clever dry, fuller-bodied 
white and one red should be 
enough for most meals - although 
you could always demonstrate your 
savorr boire by serving a sweet wine 
with the cheese such as a Moelleux 
version of Juranpon or Pacberenc 
de Vic Bilh, an Italian Moscato 
with an alcohol of at least 12 per 
cent, or even (tris chic) an Austrian 
Beerenauslese (try Noel Young of 
Trumpington, Cambridgeshire, for 
the fabulous wines of Krucber). 

Chardonnay-based wines domi- 
nate dinner tables the world over. 
Much more distinguished at the 
moment are toll, dry whites based 
on Rhone Valley varieties. Viognier 
is so sought after it is almost passd. 



Rostaing’s 1992 version at £9.99 
from Bottoms Up and Wine Rack is 
much meatier than most, and few 
wines are more outre than Gaffens’ 
Anfoche ‘Fruits Defeating* oddity 
which is not allowed to call itself 
Viognier but fetches £8.13 at Lay- 
tons of London NWl (and try Andre 
Simon shops). 

A more gifted choice would be a 


well-made wine based on one or 
both of the white Hermitage grapes 
Marsanne or Ronssanna. 

Ch de Beaucastel of Chfiteauneuf- 
du-Pape has produced an exciting 
old-vine Ronssanne for years now. 
A more inspired choice might be 
the intriguingly packaged Sophiste, 
from Bonny Boon, of California. 
This blend of Marsanne and Rous- 
sanne has the elegance that so 
much white Hermitage lacks and 
the 1993 vintage is expected soon 
by Morris & Verdin at their new 
address in London SEl (071-357 
8886). It will be about £17.50 a 
bottle - not cbeap but a real 
thrill. 

Another impressive Rhdne 
Ranger white, as the Californians 
call them, is Jade Mountain's Mar- 
sanne/Viognier 1993, £9.90 from 
Morris & Verdin. 

Rather less expensive but with 
an interesting tang is a white 
Minervois based on old Marsanne 


vines, Ch de Violet 1993 which 
Thresher Wine Shops/Wipe Rack/ 
Bottoms Up have been selling for 
£4.99- Australia can also provide 
some Marsanne, which should usu- 
ally be drunk as young as possible. 
Pioneer exporters of Victorian Mar- 
sanne were Ch Tahbilk and Mitch- 
elton (chez Salisbury's), the latter 
now part of Petaluma’s expanding 
empire. 

Wine Rack also bas an interest- 
ingly smoky, substantial, oak-aged 
Catalonian Malvoisle, probably the 
same grape variety as Sardinia's 
Torbato, at £6.49 a bottle. 

The red wine possibilities for 
stunning a wine bore are much 
wider. TOe Rhone can again pro- 
vide. particularly In the form of (he 
less famous appellations. Crozes- 
flermitage can now be a serious 
wine, from the cellars of the likes 
of Grafllot and Belle (see Lay & 
Wheeler and Oddbins) or, another 
Rhone from Syrah grapes, yon 


could even bny the earthy red Bre- 
zeme from Yapp Bros, of Mere, 
Wiltshire and confound with obscu- 
rity. 

But I would be inclined to head 
out or France altogether and pick 
an Italian plum from Winecellars 
of Wandsworth, London SWlS or 
Valvona & Crolla, of Edinburgh. 
The nice thing about Italian fanat- 
ics is that they advise while prose- 
lytising. 

A fine Ribeira del Duero, such as 
Pesquera (from John Armit Wines, 
of Umdon Wn) would also impress 
with its demonstration of insider 
knowledge. 

Both these wine styles need rea- 
sonably chewy, assertive food, how- 
ever. If yon are planning a subtler 
main course, a West Coast Pi not 
Noir from the particularly fine 
selection of The Wine Treasury of 
Fulham Road, London SW6 is guar- 
anteed to delight 

They have such gorgeous Calif- 
ornia Pinot Noirs as Williams & 
Selyem (a tiny allocation). Olivet 
Lane and Kistler. and the 
extremely convincing Cbristom. 
regular and Reserve, from Oregon. 

The Chilean Cono Sur regular 
Pinot Noir bottling at £4.49 from 
Oddbins and Safeway is less seri- 
ous, but its quality should fascinate 
anyone with half an Interest in 
wine. 


Eating out 


First, catch 
your (Maine) 
lobster . 



L obsters. 1 decided sitting 
back one evening and 
surveying my shell- 
strewn. butter-spattered 
table at the Dolphin. 
Marina Restaurant, are hard work. 

I should have guessed as much 
when they began handing oat foul- 
weather gear. Disposable plastic 
bibs are de rigueur for lobster-eaters 
in even the more sophisticated sea- 
food establishments In America - in 
some places motherly waitresses 
will tie them on for you. 

Then came the specialised equip- 
ment - the pincers for cracking 
daws, the long skewers for probing 
recessed corners, the bowls for rins- 
ing. It was all new to me. 1 felt like 
a trainee dentist 
And what about the vast exper- 
tise required? How much experi- 
ence, how many botched jobs does 
it take before the seasoned lobsterer 
can artfully dismember this com- 
plex little crustacean? 1 watched 
one man at the table beside me 
deftly remove the meat from his 
lobster’s tail with one clean pulL 
There was hardly a drop of juice 
splattered on his bib. My own chest 
looked like a Jackson Pollock paint- 
ing. You could have made Thermi- 
dor with what lay in my lap. 

And is it, in the end, worth it? 
After the first bite I could only say 
yes. it most certainly is. But lob- 
sters, sadly, do not come cheap. 
Here, on the Maine coast, home of 
what are said to be the best cold-wa- 
ter lobsters in the world, the pound- 
and-a-half beast 1 had just con- 
sumed cost $20. Try eating the same 
creature in some up-scale restau- 
rant in a western European capital, 
though, and you might have to pay 
for it by instalments. All in all, I 
decided, the lobster-lover's lot Is a 
bard one. 

"Just about as tough eating a lob- 
ster as it is catching one,” I 
remarked to the young waitress 
who, as I mopped melted butter 
from my eyebrows, had begun, 
cleaning up the battlefield in front 
of me. It was only the happy prattle 


that comes after a good dinner, of 
course, but she seemed to take it 
literally. 

She looked at me, looked out the 
window at a wind-whipped sea and 
boats tossing at their moorings, 
then back at me again. 

“Get real win yar she said. 

a a d 

I decided, the very next day, to get 
real. My waitress bad been right - 
much as I liked lobster. I hadn't the 
faintest idea-of bow easy dr difficult 
it was to catch one. An I knew was 


Nicholas 
Woodsworth’s 
worthwhile struggle 
with steaming 
crustaceans 


that they were lured into large 
crate-like traps. But no one visiting 
Casco Bay, east of Portland, could 
avoid knowing that; most people 
here make their living from lobster- 
ing and traps sit in every backyard 
and on every wharf in sight. It 
should not be too difficult, 1 
thought to get as dose to a snap- 
ping live lobster as a steaming red 
one. 

On Cook’s wharf. 20 minutes 
drive from the Dolphin Restaurant 
on Orris Island, I came across hun- 
dreds of lobsters scuttling about the 
bottom of a large holding tank. 
More importantly, I came across 
Ernest Hillman, the man who 
caught them, and the Franny EUen, 
the 36-ft lobster-boat he caught 
them from. 

Hillma n was refuelling at the 
wharfs diesel pumps before head- 
ing out to pull up 400 traps he bad 
laid in 80 separate strings two days 
before. I explained my interest in 
lobsters - not the ones already 
swimming in butter but those still 


crawling about an the bottom of 
Harpswell Sound, the broad Casco 
Bay channel that stretched away in 
front of us. Could I come along, 1 
asked? Why not, replied Hillman, he 
had something to tell me. 

We shoved off with Hillman at 
the wheel and his two deckhands, 
Joe and Chris, sorting out cases of 
baitfish in the stem. A purpose- 
built lobster-boat, the Franny Men 
carries a large tank of pump-circu- 
lated sea-water and a platform for 
traps on her aft deck; there is not 
much working space left over. 

“Better ride with me in the wheel- 
house", Hillman warned as we 
headed into the sound. "Once the 
ropes start paying out it gets ktnri 
of hairy bade there - you get your 
foot caught in a coil of rope and all 
of a sudden you’ll find yourself 
being dragged 80ft down on a string 
of traps.. We lose one or two men 
that way every year." I rode, very 
happily, in the wheelbouse. 

For a layman like me it was a 
perfect day, the wind of the previ- 
ous evening had dropped and we 
cruised out into a sunny, calm, scin- 
tilla tingly clear autumn morning. 
In this weather the thousands of 
coloured lobster buoys that clut- 
tered the SOUnd - rack rmp ynprking 
the beginning or end of a string of 
traps - stood out brightly against 
the deep blue water. 

For a lobsterman like Hillman, 
though, the day was less than per- 
fect. It was fall moan, he explained, 
a phase that created huge tides ris- 
ing and failing more than 15 feet in 
Casco Bay. With strong currents 
like that running, he said, lobsters 
tend not to wander round in search 
of food but to stay put in holes and 
depressions on the floor. 

We came to a floating buoy mark- 
ing one of Hillman' s strings. His 
buoys are black and orange, the 
other 30 or so lobstermen he Ashes 
Harpswell Sound with having their 
own colour combinations. Nonethe- 
less, with some 124)00 traps out hi 
the sound, locating one’s own dis- 
persed strings in this multi-coloured 


Tpapfl - and not tangling them up 
with a neighbour’s - requires a pro- 
digious memory and skUL 

The first string, as Hillman pre- 
dicted, was disappointing. Winding 
the rope attached to his bouy 
around a hydraulic winch, he began 
ha uling in his string of five traps. 
Each held three or four antenna- 
weaving. tail-flapping, greeny- 
brown camouflaged lobsters; all but 
one, however, had to be thrown 
back. 

“Too small **, Hillman explained, 
measuring each carefully with a 


brass lobster gauge. Take anything 
measuring less than 3 V« in from eye 
to end of body carapace and you 
loose your licence for three years. 
Take a female with eggs and you 
are in real trouble. For every 100 
lobsters I catch I keep only about 
20 ." 

As Hillman hauled traps, Joe 
rebaited them, sewing in two or 
three bait-fish carefully trussed in 
nylon mesh. While the quaint lob- 
ster pots of the past - knotted cord 
mounted on light frames of steamed 
wood - have long been replaced by 


metal traps, the principle remains 
the same: lured by a decomposing 
fish, the victim makes his way 
through a progressively smaller 
aperture until, once inside, he can- 
not find his way out. 

I began to understand Hillman's 
warning after Chris had all five 
rebaited traps lined up on the 
Franny Ellen's stem. As he threw 
the first one overboard Hillman hit 
the gas and 600 feet of rope and 75lb 
traps began paying out at high 
speed. When you have to haul any- 
thing up to 750 traps a day you do 


not waste time. 

As he worked. Hillman talked. He 
is the quintessential Yankee Down- 
easter - tough, resilient, enterpris- 
ing and hard-working. He grew up 
on Casco Bay and begun lobster- 
fishing when he was 12 years old. in 
the 1970s a hurricane sank his boat 
and he had to fight hard to get back 
into what is an expensive business 
- a lobster-boat these days costs 
upward of $60,000. a single trap $75. 
But Hi llman loves boats and fish- 
ing; they are only thing he knows. 

He surprised me, then, by asking 
if 1 wouldn't like to become the 
owner of the Franny Ellen and all 
the gear that goes with her. I would 
not even have to buy her. All I 
would have to do was win her. 

Why? I asked. Six months ago, it 
turned out, a pile of lobster traps 
fell on Hillman , damaging his spine 
and injuring an arm. He is fast 
reaching the end of his trap-hauling 
days. When he put the Franny EUen 
up for sale he received a number of 
offers from young fishermen, deck- 
hands wanting to start up on their 
own. But lobster-fishing is a risky 
business: while some skippers are 
in the six-figure income bracket, 
many more go bankrupt None of 
Hillman' s prospective buyers could 
come up with the hank loans they 
needed. 

Hillman' s solution? He has set up 
an essay competition. If he can 
attract 2,000 contestants each pay- 
ing an entrance fee of $50. he says, 
he can recoup the value of his busi- 
ness. He walks away with the entry 
money, and the writer of the best 
essay, to be independently judged, 
walks away with his boat, 750 traps 
and 14 miles of rope. The essay 
topic? Fishing, of course - 250 
words of finely -honed prose on 
Ernest Hillman's favourite subject 

The morning wore on and slowly 
the tank on the Franny Ellen's deck 
filled with lobsters. In the end it 
turned out to be not too bad a 
catch: at Cook’s wharf we off-loaded 
about 300 of the little brutes, each 
with their claws carefully strapped 
tight with a pair of bright yellow 
elastic bands. 

Later, flying borne, I day-dreamed 
about those lobsters. 1 had no diffi- 
culty imag ining them flying off, like 
me, to distant destinations. In my 
mind’s eye I could see them roam- 
ing about restaurant display tanks 
in New York, diving into boiling 
vats of water in Rome, swimming 
through Newburg sauce on dinner 
plates in Paris. And. if I closed my 
eyes and thought very hard indeed, 
l could see them in a trap an the 
deck of my very own lobster boat in 
Maine. 

■ Readers interested in Ernest 
Hillman's essay contest may con- 
tact him on tel (207) 833 6010 or fax 
(207) 833 5956. Deadline for essay 
entries must be postmarked on or 
before October 15. 


I confess I am a nosey 
parker. Sights and smells 
gleaned to other people's 
kitchens inspire me. In 
markets, supermarkets and 
specialist shops I find it hard 
to resist staring into other peo- 
ple's shopping baskets and 
mentally trying out recipes 
using the ingredients they are 
taking home. 

In Spain, on the plain of La 
Mancha to the pumpkin sea- 
son. I was led by the nose to 
explore the kitchen and larder 
of a saffron grower whose front 
door was ajar. She was toast- 
ing freshly plucked saffron on 
a hair sieve placed over a 
wood-burning stove. An unmis- 
takable smelL An irresistible 
lure. She welcomed me to. 

A rabbit caught in the gar- 
den that morning hung from a 
hook, its muzzle neatly ban- 
daged with gauze to staunch 
the blood Bunches of grapes 
and tomatoes on the yine hung 
from other hooks, drying to the 
autumn sun, concentrating 
their sweetness for winter eat- 
ing. There were shelves of pre- 
serves and a row of pumpkins 
and squash in the process of 


ed me an aromatic, 
sd slice Of pumpkin. 
iual crescent moon 
light find elsewhere 
p slice or lid of a 
[be had brushed it 
e told me, sprinkled 
es and baked it cut 
h a sheet of foil lajd 


Cookery /Philippa Davenport 

Is there anyone for squash? 



over the top to protect against 
burning. It smelled delicious 
and looked wonderful. 

She had cut it like this for 
practical reasons - in order to 
fit the narrow drawer-like oven 
at the bottom of her wood- 
burning stove. But the shallow 
cup shape and the ribs of the 
pumpkin gave the impression 
of a prettily fluted flan minus 
the pastry, a decorative idea I 
determined to copy. 

Back in Wiltshire I bought a 
variety of colourful squashes 
with which to indulge in 
kitchen experiments. 1 apolo- 
gised to the shopper behind me 
for holding up the queue with 
so many purchases. As good 
fortune would have it she was 
intrigued by my selection and 
asked the name of one sort, 
pointing, so she told me apolo- 
getically, with fingers stained 
from picking mulberries most 
of the previous two days. 

I pounced on her greedily, 
for mulberries are a magical 
fruit and impossible to buy on 
the open market, too easily 
crushed to be commercial. Yet 
they crop so heavily that any- 
one who has a mulberry tree 
te nds to have more fruit than 
they can cope with. 


I was planning a figgy des- 
sert, I explained, and 1 thought 
that vinous-rich mulberrri.es 
might provide the perfect fin- 
ishing touch. Any chance, I 
begged, that she could let me 
have some. Kindly she agreed. 
Hence today’s second recipe. 

GOLDEN NUGGET WITH 
GOATS CHEESE, 
TOMATOES & THYME 
(serves SR) 

Choose a flat rather than a 
ball-shaped squash if possible 
so that when cut in hadf each 
half looks a little like a deep 


fftrted (Ian tin. Hie quiche-like 
filling is deliberately highly 
flavoured to foil the dense 
chestnut quality of the flesh. 
Cut the halved squash into 
wedges (like a pastry-less flan) 
for a first course for six to 
eight. Or allow one half squash 
per person for a handsomely 
rustic supper (in this case the 
squash is best eaten with a 
spoon). 

Serve with good bread and a 
salad on the side. 

1 golden nugget squash mea- 
suring about 5%-6 to to diame- 


ter; 2 oz Mendlp or chfevre log 
goafs cheese; scant % oz but- 
ter; 1 egg; 2K fl oz single 
cream; 2% fl oz double cream; 
1-2 sun-dried tomatoes, 
drained of ofl or rinsed and 
dried if packed to salt; thyme 
and oregano or marjoram. 

Cut the squash horizontally 
in half. Scoop out coarse fibres 
and seeds. Use the tip of a 
knife to slash the hollows shal- 
lowly with criss-cross cuts. 
Rub the hollows and the fleshy 
rims with butter. 

Sit the squash, cut side up, 
to a baking dish or in individ- 
ual oeuf sur le pint dishes, 
propping them with wedges of 
bread as necessary to keep 
them level and steady. 

Cover loosely with a dome of 
foil and bake at 400°F (200°C) 
gas mark 6 for 30 minutes, 
blushing the rims with melted 
butter once or twice as they 
cook. 

Beat the egg lightly and mix 
it with the creams. Snip the 
tomato(es) into small pieces, 
add them to the creamy mix- 
ture and leave to soften while 
the squash bakes. Then stir in 
the diced cheese, plenty of 
thyme, some oregano and sea 
salt and black pepper to taste. 


Carefully spoon the highly 
flavoured custard mixture into 
the hollows of the squash and 
bake for 20-30 minutes more 
until the squash is perfectly 
tender and the filling is softly 
set like a quiche-type custard. 
Serve warm, rather than pip- 
ing hot from the oven. 

MEDIEVAL FRUIT FLAN 

(serves 8) 

The ancient combination of 
saffron and honey, multi- 
seeded ripe black figs, wine 
dark mulberries and handfuls 
of nuts make this a memorable 
dessert - and it is simplicity 
itself to prepare if you cheat 
and buy a ready-made sponge 
flan case. If you cannot lay 
hands on either mulberries or 



\-Ctud taZjZ&PUSlS 
Vins de Bourgogne 
For stockists, 
teh 071-409 7276 


blackberries, use one extra fig 
instead. 

1 x 10% inch sponge flan 
case; l x 200 ml tub of erfeme 
fraiche; % teaspoon or so of 
orange flower water; 4 level 
tablespoons runny honey; a 
good pinch of saffron; 4 very 
large ripe black figs; 4 oz ripe 
mnlberries or blackberries 
(optional); 1 oz pistacchio ker- 
nels (2 oz in the shell); % oz 
slivered almonds; oz pine- 
nuts 

Stand the jar of honey in a pan 
of hot water for at least 20 min- 
utes so the contents become 
very liquid. Meanwhile pound 
the saffron to a powder with 
mortar and pestle, pour on 2-3 
teaspoons boiling water and 
leave to infuse. 


CLARETS AND 
VINTAGE PORTS 


WANTED 

We will pay auction hammer prices. 
Poyflsaa jmrnwiwir 
Please telephone 

Patrick Wilkinson 071-267 1945 
or Fax: 071 284 2785 


Wilkinson vintners Umtthj 

fine Wine Merchants 

Consontina Rd London NW3 ZLN 


Shell the pistacchio nuts, 
and toast the almonds and 
pinenuts in a fatless frying pan 
over low heat. 

Beat the orange flower water 
into the crime fraiche. When 
smoothly blended spread the 
creamy mixture over the flan 
base. Slice the figs and lay 
them, just overlapping, over 
the cream. Scatter with berries 
and sprinkle with nuts. 

Measure the honey carefully 
into a small bowl that has been 
warmed by rinsing it out with 
hot water. (If you do not have a 
standard tablespoon (15 ml) 
measuring spoon, use a table- 
ware dessertspoon - as the 
capacity of tableware spoons 
tends to be much greater than 
that of measuring spoons, and 
too much honey will make the 
flan oversweeU Stir the saf- 
fron Into the honey and drizzle 
the mixture over the fruit and 
nut filled flan. 

Leave until cold before serv- 
ing with a bowl of soured 
cream or crime fraiche. 


FOR SALE 

VINTAGE PORT 
CRU CLASSE CLARET 
BURGUNDY 
AND RHONE ETC. 
AT TRADE PRICES 

SECKFORD WINES 

Tel: 0473 626072 Fax: 0473626004 
Please phone for price list 









XIV WEEKEND FT 


FINANCIAL TIMES 


A( , rA n i;R s.'tx -milER *» IW 

WEEKEND OC TO BLK v 


FASHION 



Charcoal ringte-breasted unfitted coal, £169.99, by Matiitiquo at House of Fraser stores nationwide. 

Checked grandad shirt, £40, from French Connection branches nationwide. 

Herringbone-weave, denim, single-breasted jacket, £290, by Hamnett Denim, 20 Stoane Street, London SW1 and Princes Square, Glasgow. 
CameV charcoal checked trousers, £90, by Dedgnwoffcs, 19 Avery Row, London W1. Teh 071-355 4654, 

Brown leather lace-up boots, by Paraboct, £155. 

PHOTOGRAPHS: James Martin STYUNGdieatti Brown 


ALFRED DUNHILL 


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The Millennium. 

. / com&tft*ittOrt of classic iSr/tisA t/esip/t unJ tm/m/ii/Mc*/ > fro/s* crg/t-witi/if/up. Jjuartz jnottt/neaf. 

* hififi/itrX' gr/tt-v*. ‘Mater -rrsistuat. Unterrtu/wfUtl fiftttme 'guarantee. 

- tiHhAiMral.. ff/i rtf 'A/rt£i$ *t< vrt , ifiarn*£<. • LvwAw'fw</ f .35Ir .‘ndiuitit/m ffrunp cm / 

'Sotty/it after -u/ice /&)3. — — — — — 


Versatility is the key 

to winter coats 

Heath Brown chooses some hard-working classics 



■;4n 


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.1 


Long herringbone double-breasted coat, £450 by Paul Smith, 41- 43 
Floral Street, London WCSL 

Wine cord shirt by Browns Own Label, £65 from Browns, South M often 
Street, London W1. 

Charcoal single-breasted jacket, buttoning to neck, £198, by R. Newbold, 
7-8 Langley Court; London WC2L 

Camel moleskin trousers, £36^9 from next branches nationwide. 

Brown leather boots with wraparound lacing, £59-99 from Shelley, 
265*270 Regent Street, London W1. Teh 081-450-0068. 


W hen a busi- 
n e s s m a n 
buys an over- 
coat its suit- 
ability for 
work is a priority - which usu- 
ally rnpans a degree of sobri- 
ety; doth that is dark, lines 
that are tailored in classic 
style. Once acquired this is 
often the only serious coat he 
owns - for weekends and off- 
duty hours pseudo-mountain- 
eering styles and faux country 
looks take over and he usually 
dons an anorak or, possibly, a 
waxed jacket 

But the formal weekday 
mantle need not be banished to 
the closet on Friday nights. 
Classically traditional over- 
coats can be made to work a 
seven-day week if you choose 
carefully. 

Today’s eclectic fashion 
mood means a well-chosen 
greatcoat can be sharp and 
effective when arriving at a 
high-powered meeting, yet styl- 
ish and relaxed if teamed with 
a heavy fisherman's sweater 
and a pair of corduroy jeans. 

It would work equally well 
with layers of unstructured 
shirts and tops. 

David Mullane. the buyer for 
the high fashion emporium. 
Warehouse, in Glasgow, says; 
“The more classic the coat, the 
more suitable it is to be worn 
casually as well." 

Indeed, the better fashion 
designers have realised this 
and are producing more classic 
coats that can happily cross 
the divide between office and 
home, from city to country, 
and become one of the most 
versatile garments in a man's 
wardrobe. 

Traditional city looks have 



Biacfc dotfjte-breested full-length wool barathea coat with htif back-bait, 
£334, by Joseph Homme, 25 Seana street, London SW1, 

Zip-oock mock tiHtleneck sweater in beige melange, £70, by John 
Sitwifley at Hsrrods and Harvey Nichols, London SW1. 

Biscuit suede biker's jacket from selection at Katharine Hamnett, Stoane 
Street, London SW1 - to order. 

Black leather Irwwor*, £79.99 from Bnplre Stores Catalogue. Tel: 
0345-200400. 

BMC* leather lace-up boots by Paraboot, £155, from Office Stores 
nationwide. 



7; 2k 

No«y gaberdine unstructured tingle-breasted three-quarter-length coat, 
£310 by R. NewboRi, 7-8 Langley Court London WC2. 

Cream dub s9k knit cardigan with satin-bound raver cotar, £183, by 
Design* orits, 10 Avery Row, London W1. Tel: 071-355 46S4. 

Fine check cotton shirt, £135, by Dries Van Noton at Browns, 23 South 
Motion Street, London W1. Tel: 071-491 7833. 

Claret velvet trousers, £98, by Designworfcs as above. 

Brown leather lace-up boots by Parabool. £155, at Office Stores 
nationwide. 


been plagiarised and adapted 
to mix and mismatch in looks 
from designers such as 
Katharine Hamnett, Giorgio 
Armani and Paul Smith. 

They have brought tradi- 
tional coat styles, such as the 
velvet-collared Chesterfield 
and the double-breasted pad- 
dock coat, up on to the 
catwalk. British and Italian 
designers are pilfering the tra- 
ditional city wardrobe and 
creating new classics from old. 

Dolce e Gabbana, the Italian 
design duo, are leaders in this 
post-modernist design ethic, 
gleaning trends from the 
well-groomed commuter and 
marrying oversize Crombies 
and double-breasted woollen 
car coats with sporty leggings 
and corduroy. 

The real appeal of these 
coats is that they offer high 
quality and high style and 
long-term value. 

A beautifUUy-made garment 
in an avant-garde style may be 
a thrilling fashion statement 
but it is far too frivolous for 
many to contemplate. Money 
spent on a long-lasting classic, 
that can be worn in many dif- 
ferent ways, makes a lot of 
sense. 

Today’s male customer is 
much more interested in fash- 
ion and design than his father. 
He wants fabulous clothes that 
are well-made, recognised and 
admired by others, and yet are 
not too showy or aggressively 1 
fashion-conscious. 

Adrian Clark, fashion editor 
of Fashion Weekly, welcomes a i 
return to traditional tailoring 
and classic coats. But he | 
reminds us that too casual a 
look does not look right in the i 
city. 


“The ridiculous trend for 
wearing waxed jackets over 
pinstripe suits on the city com- 
muter circuit should be put 
away once and for all. By ail 
means wear your city coat to 
the country pub but never be 
tempted to add rural charm to 
your nine-to-five two-piece. 
Versatility works in only one 
direction - from smart to 
relaxed," he says. 

To create the relaxed look 
with the overcoat, soft layers 
and chunky knits loosen the 
rigidity of the tailoring. Be 
careful or you may end up 
looking like a first-year arts 
student 

Match your clothes to the 
quality of your coat (which 
ought to be the best you can 
afford). Heavy boots and tex- 
tured trousers, such as cord or 
moleskin, can complement 
weightier woollen coats and 
contribute to an overall image 
that is robust, modem and 
manly. 

When choosing this most 
important of garments these 
basic points must be consid- 
ered. Make sure that there is 
enough room for your suit 
underneath to allow you to 
move freely. Always wear your 
suit when choosing and buying 
and do not be embarrassed to 





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wave yrur arms about to make 
.sure it i: roomy enough. 

Go foi the best quality wools 
and natural fibres or. if possi- 
ble, cashmere or microfibres 
for a less heavy, easier wear- 
ability. 

If you are short, opt for knee- 
length, single-breasted styles. 
If you are taller, choose longer, 
calf-length styles that are per- 
haps double-breasted or belted. 
Choose plain, dark colours or 
fine, woven feint-banded 
browns. 

Finding the perfect winter 
coat may take hours. Depart- 
ment stores can be disappoint- 
ingly mediocre when it comes 
to outerwear. Exceptions are 
Harrods. Simpsons, Burberry's 
and most larger branches of 
Austin Reed where good 
names, such as Chester Barrie, 
Croznbie and Daks, can be 
found. 

Fashion stores, too, offer 
some great ranges - and not 
necessarily at more expensive 
prices. The new Jigsaw for 
Men range has a selection from 
£165. Harvey Nichols has a 
slightly higher-priced range 
but offers top quality. This sea- 
son's best buys are at Joseph 
with its own Joseph Homme 
range outshining the designer 
labels. 


Ji \\ 


71 ft* 





/ * ? * 

^ i V 





FINANCIAL TIMES 



* 



3 


WEEKEND OCTOBER 8/OCTOBER 9 1994 


HOW TO SPEND IT 


T o all those who thinir of 
the crafts as a periph- 
eral phenomenon, it 
might come as some- 
thing or a surprise to 
learn that in 1993 some 13m people 
visited a craft shop or gallery. 

The Crafts Council has just pro- 
duced what it calls an independent 
socio-economic study of crafts- 
people which says that there are 
about 25,000 working in England 
Scotland and Wales. 

These are interesting figures and 
evidence that the pleasure people 
get from making things by hand is 
almost matched by the pleasure 
others getting from owning objects 
that are not mass-produced. The fig- 
ure, though, that would really inter- 
est me is what kind of a wage craft 
workers make. 

The difficulty, as always, lies with 
the fact that few retailers have 
woken up to a shift in people's 
tastes. It still remains true that 
those who long for things that are 
individual, one-off, hand-made a nd 
desirable have few places to go 
where they can regularly be sure of 
seeing them. Peripatetic craft mar- 


Crafty gift ideas with cachet 

Lucia van der Post considers the pleasures of owning hand-made goods 


kets and market stalls are still the 
most common way for craftspeople 
to sell their wares. 

However, many enlightened 
retailers discovered some years ago 
that just a few quirky, idiosyncratic 
artefacts in their shop could bring a 
lot of life and fun to the business of 
selling life’s necessities. 

Joseph, always a touchstone for 
retailers, has been selling furniture 
by designers such as Andrfe 
Dubreuil, Tom Dixon and Mark Bra- 
zier -Jones, and chandeliers, cande- 
labra, glass and ceramics by other 
makers.Sales may be limited but 
Joseph understands that they lend 
a bit of dash and pizzas to the 
atmosphere of the shop as well as 
providing a much needed platform 
for designers. 

Egg, one of the sensational retail- 


ing successes of the year - Maureen 
Doherty, its owner and buyer, had 
to shut her shop during August as 
she had nothing left to sell - is 
loved by its customers because it is 


Nicole Farhi, in her airy new shop 
in New Bond Street, London, has 
gone to the trouble of scouring Italy 
for hand-made pieces; wooden 
stools, glass vases, quirky plates. 


through standard retailing outlets 
have to absorb a huge mark-up (100 
per cent plus VAT) and this puts 
the goods beyond the reach of 

many 


With its carefully sifted works, Chelsea Crafts Fair has become 
one of the biggest forums for arts and crafts in the UK. Last 
year some 28,000 visitors trooped through its doors 


not like any other emporium. 

Besides die ranges of Indian cot- 
ton khadi trousers and jackets - 
and beautiful Bilks by Asha Sarab- 
hai - there is always a selection of 
exquisite hand-made pots and hand 
tie-dyed silks and smo ckin g , goods 
made with love and care. 


bowls and wrooght-iron candle- 
sticks. (Although one wonders why 
it has to be Italy when there is so 
much that is splendid in the UK.) 

Admirable though these retailers 
are, there is still the big problem 
that there are not enough who 
think as they do and that crafts sold 


All of which brings me to Chelsea 
Crafts Fair, which opens on Tues- 
day and runs until October 23. 

Many Weekend FT readers have 
become regular fans, going back 
year after year to look for special 
anniversary or Christmas presents, 
to find a craft worker who will 


make a one-off piece of furniture, a 
made-to-measure chest of drawers, 
candlesticks of specific dimensions 
or jewellery for a special occasion. 

Last year some 28.000 visitors 
trooped through the doors of Chel- 
sea old town hall in Kings Road, 
London and the fair has become one 
of the biggest, best-known for ums 
for arts and crafts. 

The work has been sifted care- 
fully - far more people apply than 
can be accommodated - but the 
result is a big and varied exhibition 
where almost every craft is repre- 
sented. Fashion, textiles, ceramics, 
glassware, jewellery, toys, papier 
mache and bookbinding - there 
ought to be something for everyone. 

Do not, however, expect every- 
thing to be cheap. 

Many people who ought to know 


better persist in feeling that hand- 
made goods should cost less than 
machine-made articles but, 
although crafts often do represent 
wonderful value, they cannot be 
cheap if fine materials (solid wood, 
gold, precious stones, silver, enam- 
els) and intricate workmanship 
have been used. 

I urge London readers not to miss 
the Chelsea Crafts Fair. There will 
be a completely different set of 
exhibitors each week so it may well 
be worth going twice. The fair 
opens from 10 am to S pm, Tuesdays 
to Saturdays, and 10 am to 6 pm on 
Sundays. Entrance fee is £7 for one 
visit each week, £5 for a single 
visit. 

Finally, if you have time today, 
hurry along to the last day of the 
Goldsmiths' Fair, at Goldsmiths 
Hail, Foster Lane, London EC2V 
6BN. Jewellers and silversmiths 
will be showing and selling a vast 
range of jewellery, cutlery, salt and 
pepper pots, claret jugs, vases, gob- 
lets etc - again a marvellous place 
to pick up special presents. It is 
open from ll am to 7 pm. The £1 
entrance fee Includes a catalogue. 



TOP LEFT: a black Mandala brooch LEFT BELOW: hum's head brooch CENTRE: Octopus chair of stained TOP RIGHT: Solid silver enamelled 


in oxidised silver with a precious 
metal decoration and coloured 
diamonds by Alan Craxford, £1,950. 


in 18-carat yellow gold set with 
blue tourmaline accent stones. The 
lion’s head is formed from a finely 
carved citrine. By Stephen Webster, 
£8,000 both from the Goldsmiths’ 
Fair at the Goldsmiths 1 Hall, Foster 
Lane, London EC2V 6 BN which is 
open from 11 am until 5 pm today. 


Southern yellow ptne by Fiona 
Lynne Clark, £350, on show the 
first week at the Chelsea Crafts 
Fair. 


napkin rings (£114 each) and paper 
knives (£136), 1*7 Claire 
Underwood. First week at Chelsea 
Crafts Fair. 


BELOW the napkin rings, LEFT, 
Captain's chair in ashwood by 
David Colwell and Roy Tam who 
together make up Trannon 
furniture. £370, first week at 
Chelsea. 


BELOW the napkin rings, TOP 
RIGHT, a ribbed pot made from 
grass by Jules Tattersall, 24 eras in 
diameter. £95, Chelsea’s first week. 


BOTTOM RIGHT, one of Jools 
Elphick’s Idiosyncratic knitted hats 
which range in price from £78 to 
£153. First week at Chelsea. 



Cuddly appliances 
for a dream kitchen 

Lucia van der Post tests designs for the caring ’90s 


H ave you heard 
about the sweet, 
caring 1990s? In 
case you had not 
noticed we have left the bad, 
greedy, tough 1980s behind and 
now we all are all supposed to 
be as soft as pussycats, full of 
peace and goodwill. This, at 
any rate, is the message the 
fashion pundits have been try- 
ing to press upon us. Now it 




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has reached the kitchen. 

Alessi, a hugely innovative 
and enterprising Italian com- 
pany most renowned for its 
fine cookware and its collabo- 
ration with French designer 
Philippe Starck, has joined 
forces with Philips, the Dutch 
company most renowned for 
Its efficient but visually unex- 
citing domestic appliances, to 
produce a small Philips- Alessi 
line of kitchen aids. 

They have clearly taken the 
new 1990s to their hearts. Soft 
pastel colours, cosy rounded 
shapes, cute little cuddles 
between the two parts of the 
coffee maker (“the two parts 
snuggle up to each other like 
cuddly pets,” say the makers) - 
all this says Philips- Alessi, is 
part of a partnership designed 
to “rehumanise" the kitchen. 

Alessi has a fine record for 
managing to combine innova- 
tive design with genuinely 
improved function. I still think 
the range of cookware it 
devised with some of the 
world’s top chefs way back in 
*87 is one of the best and, what- 


ever you think of kettles with 
sweet little singing birds, 
Alessi has injected a lot of wit 
and fun into what could other- 
wise be sombre utilitarian 
objects. 

Certainly it was a desire to 
inject some warmth into the 
kitchen that inspired the col- 
laboration. Stefano Marzano, 
Director for Philips Corporate 
Design, perceived among 1990s 
people a desire to recreate the 
Elizabeth David ideal of the 
kitchen as “the heart and soul 
of home life.” Or as Alberto 
Alessi puts it “Philips tended 
to see design as a way of sati- 
sying needs, whereas we were 
inclined to see it as a way of 
fulfilling dreams. By combin- 
ing these two approaches... 
we believe we've created the 
best of both worlds.” 

The toy-town-meets-Dfsney 
aesthetics seem to be part of 
an attempt to humanise the 
objects and the companies' 
statements are spattered with 
anthropomorphic phrases. The 
products, they say, “clearly 
form a family." And: “Clever, 



Citrus press, £79£5 


'h uman ' touches in the design 
provide the products with 
extra personality which . , . will 
encourage users to fed more 
involved in the rituals of food 
and drink preparation." All 
very nice, too. 

But do they work? Alessi and 



Cuddly coffee maker, £139.95 


Philips between them do seem 
to have gone to immense trou- 
ble over function. 

The citrus press, for 
instance, works silently and 
quickly, the glass simply sits 
beneath the spout which after 
the juicing is over can be 



Grass green and red kettle, £8955 


pushed back so that there are 
no drips. 

The toaster has a sensor sys- 
tem which means every piece 
of bread is toasted to the same 
colour and the slot is able to 
cope with large, thick slices of 
bread. The kettle is cordless, 
boils one litre of water in just 
over three minutes and has a 
scale filter. All are made from 
combinations of polypropylene 
and stainless steel 

Like most artefacts with 
strong personalities, these will 
not be to everybody's taste but 
those who love them will love 
them dearly. 

■ Three of the products (the 
citrus press and toaster) go on 
sale today in Harrods of 
Knightsbridge, London SWl, 
Selfridges. John Lewis and 
many other stores throughout 
the country, including House 
of Fraser Stores outside Lon- 
don. The coffee maker will be 
on sale in January. 



Cool, creamy toaster ESA55 



Enjoy Some 
Winter Warmth 

In The Heart Of 
Ayrshire. 

Set amidst 600 acres ol magnificent Ayrshire 
countryside, Tumbeny is the perfect place tu enjuy a 
short break this winter. 

For the energetic, there arc two all weather tennis 
courts, putting greens, riding, shooting anil fishing, not 
forgetting the 'Artsa‘ and the 'Arran’, our 2 
championship golf courses. 

Whilst inside there’s a 20 metre swimming pool, 
gymnasium and sauna. Indeed our i Icalth Spa is considered 
to lx* one of the best equipped in the country. 

However, if complete relaxation is your aim, spoil yourself 
with our beauty treatments, from hydrotherapy, to 
aromatherapy, it's all at your fingertips. 

And with superb restaurants ami convivial bars in which 
you can enjoy the bust in Scottish hospitality, you're sure 
to shake off the chill this winter. 

To request your copy of our ’Great Times' brochure featuring 
all our special breaks simply call 91655 31000. 

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per cent WDAs will bo raised in the near nows Involved. 


XVI WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER S/OP Q»™ » 6 


PROPERTY 


Rosalind Russell investigates the steadily-growing market for period houses that are designed and built carefully to appear what thi} ai tn t 

men who can »lo d without ;ut 
extraordinary fiiiaiifiai premium. 
They can’t build the quality like 
thev used to when people worked 


T here are people who would 
sooner confess they beat 
their dogs than admit to 
living in a house built 
after the second world war. Geor- 
gian. Queen Anne or Victorian - 
even Edwardian is acceptable - tro- 
phy homes are as desirable as a 
Land Rover Classic fas a second 
carl, or the best school for the chil- 
dren. 

Among the aspirant classes how- 
ever. ore many who baulk at paying 
the period home premium because 
they are wary of inheriting old 
house crankiness. Increasingly, the 
solution is to commission a new 
house which is designed and built 
to look old - a bind of off-the-peg 
heritage. 

In East Anglia. Stephen Mattick 
builds homes with traditional, ver- 
nacular pargetting that blend seam- 
lessly into the neighbourhood. In 
Surrey, Paul Sweeney's new houses 
look so convincingly old that a local 
planning officer insisted they must 
be conversions. 

In Wiltshire, Andrew Pown all- 
Gray, financial planning consultant 
with Allied Dunbar, chose Peter 
Borchert to design and build a 
"new" Georgian home. He and his 
wife. Judy, even sold a real Geor- 
gian house to do iL 
“She was dubious because she 
has always lived in period proper- 
ties." says Pownall-Gray. “But when 
she saw what Peter had done, she 
became an instant convert. 

“It is not always easy to find the 
house you want in the £300,000 to 
£400.000 range. We wanted some- 
thing which was cheap to heat had 
well-proportioned rooms and didn’t 
have too many skeletons in the cup- 
board." 

Borchert. an aeronautical engi- 
neer and pilot - he owns part of a 
Tiger Moth and is helping to reno- 
vate a Walrus, a second world war 
seaplane - before turning to house 
design, employed brickwork, win- 
dows and roof slates as they would 
have been used in the late-Georgian 
period. 

“There are few examples of large 
period country houses that haven't 
been got at," he says. “Where there 
is affluence over a period of time, 
people have had the money to 
change the house by ripping out 
many of the old features. To create 
a new one is an alternative.” 

Another attractive inducement, 
he points out, is that value added 
tax does not apply to new building 
although VAT must be paid on 
materials used in restoring an old 






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You might think if s Lutyens... but you’d be wrong. Orchard House, near Henley-on-Thames, Berkshire, Is a mere two years oid although buBt in “traditional Lutyens’ style' 1 . Offers of around £1-2m am being sought 


house. This certainly was a consid- 
eration for the Pownall-Gray s. 

The final bill for their five-bed- 
room house was £130.000, in addi- 
tion to land costs of £140,000. When 
they sold it recently, they got 
£285,000 - which must be consid- 
ered a modest success, considering 
the limp condition of the housing 
market 

“The advantage of having the 
house built was that we had a full 
bespoke service." says Pownall- 
Gray, who is now renting while he 
looks for a site where Borchert can 
build him a large country house. 


With two children in situ, plus 
nanny, and twins due in November, 
more space has become a priority. 

Borchert’s previous experience 
includes a courtyard of new, tradi- 
tionally-designed buildings includ- 
ing a swimming pool, pavilion, 
orangery and cottage in the 
grounds of The Grange, a restored 
manor house near Salisbury. At 
present, he is working on five new 
cottages - including thatched, tim- 
ber-framed, flint and brick, and ren- 
dered cobb - In the Dorset conser- 
vation village of Winterbourne 
Dauntsey. 


Borchert admits locals were 
apprehensive at first about his plan- 
ning application, but adds that they 
have subsequently been reassured 
as to his honourable intentions. 
“There is a place for modem archi- 
tecture but not in housing,” says 
Borchert, whose views on the sub- 
ject have much in common with 
those of Prince Charles. 

“We can suffer it in a car park, or 
a civic building. The worst exam- 
ples are in concrete and glass and 
there's a coldness about them. They 
have no living qualities." 

It is an attitude that provokes 


fury in the modernist camp, a lead- 
ing exponent of which is Czech-born 
Jan Kaplicky. He says repro houses 
are on a par with film sets. 

Future Systems, the company he 
runs with Amanda Levete, has 
recently designed a four-level house 
in Islington, north London, with 
two solid walls and roof and two 
glass walls. Sitting between two 
protected buildings in an area 
where even the trees are on the 
protection register, it has attracted 
six pages of breathless excitement 
in Vogue magazine. 

If Kaplicky had tried to build it in 


Edinburgh New Town or Stow-on- 
the-Wold, locals would have burned 
his effigy in the street, his 
"thoughtful, dreamy lyricism" 
(according to Vogue) notwithstand- 
ing. But Kaplicky Is defiant. “Every 
other country in Europe builds 
thousands of modem houses," he 
says. And he insists that the fact he 
was bom in Prague, home to some 
of the most beautiful baroque archi- 
tecture is “irrelevant". 

“Only in [Britain] is there a men- 
tal block. I fully respect houses 
from any period, but you can’t build 
copies. You don’t have the crafts- 


COUNTRY PROPERTY 


LONDON PROPERTY 


Humberts 


DORSET 

Salisbury 157, mfles 
Bfamdfard7 , A miles 


Derbyshire 

.\ihbournf 10 miles, Derby 12 miles, Utunetcr II miles. Surfoid 25 miles 


507 acres 



One of central England's finest residential estates 

The classic. Grade II* principal bouse dating from the IHili Century, act In open parkland and 
having 5 reception rooms, 8 principal bedroom* and extensive additional accommodation 

• Exceptional formal gardens and ground.- 

• A superbly converted, listed courtyard comprising -1 houses and flats 

• lodge, cottage and additional properties 

• Lt-t farm, stud, gallops. Pasture and woodland 

• Horn. 1 1 income exceeding £45,000pj 

For sale by private treaty as a whole or in low oi. xi 79 . xji. 


Ad attawtfrr Grade II listed 
farmhouse with a courtyard of 
outbnQdiogs in a rural but 
accessible location. 

Had, 3 reception nns, doafcim, 
kit/Breakfast no, Playnn, 

7 beds, 3 baths, stabling, tennis 
coon, gardens, paddocks. 

Just under 5 acres. 

Region £500.000 
SaSjbnry Office, 41 Mfifond Street, 
Tab 0722 329741 


HAMPSHIRE 



SUPERB new: 

APARTMENTS 


-•:-5.&Lba 


From £95,000 - £2803)00 
River - View Apartments from £132^00 
An exceptional selection of new apartments 
many with spectacular river views 

in the heart of Battersea. . 


SHOW APARTMENT 
OPEN DAILY Y 






071-585 0041 1 


Bishops Waltham 
Nr. Winchester 

6 bed Georgian style country bse. 3 iwp, 
3 baths, extensive garaging. 6 acres, 
stabling, menage, paddocks, swimming 
pool complex, saunas, landscaped 
grounds. Planning for large lodge bse, 
elevated position. 

Offers in excess of £*50,000 

TeL IAN JUDD Sc PARTNERS 
iReftTJG) 
01489896422 






0171-629 0909 



GLUTTONS 



HAMPSHIRE - NEAR LISS 

Liss 2 miles. A3 2 miles. Haslemerv 7 miles. 
PaeriJicM 6 miles. Alton 8 miles. London SO miles. 




You won’t believe you’re 
so dose to the City. 


RELOCATION OR 
INVESTMENT PROPERTY 
Funds to invest? Returning to die UK? 
As relocation specinlbu we locale and 
purchase properties lo our client's 
spcciOeatton. in Balh. Bristol. Cirencester. 
Cbclleniiain, Gloucester, Rending and 
5windon for private occupation or 
investment 


SOMERSET 

Langport 


GRADE LUSTED 
MEDIEVAL CHURCH 


Expressions of interest 
and offers invited. 


A fufl let bog and management service of 
invest mem p roper l y is available. 


BATH OFFICE: 
(0225) 469511 


48 C High St MarsnDAt CNppenitan. WSB 
TeL and Fax 01225 881 885 


A compact Residential and Sporting Estate 
in a woodland setting 

Main house with entrance hall, drawing room, dining room, study, 
kitchen, storeroom, cloakroom, conservatory. 5 bedrooms. 2 bathrooms. 

5 attic rooms, studio, cellar, terrace and gardens. Coach house with 
2 flats, siabks, garaging and stores. Former kitchen garden, lake, 
pond and wooded hcalhlands. 

IN ALL ABOUT 121 ACRES 
For Sale as a Whole or in 3 Lobs 
LONDON OFFICE: 071 408 1010 


S. DEVON, TORBAV. Distinguished 
House of chaim In nearly 3 acres with 
paddock and stream. Needing 
modernisation. Hoc. Hail, 3 Roc. Rooms. 
6 Beds, 2 Baths. Garages A Verandahs. 
Tb auction Si . 1094 Waycoes. B Row St 
Torquay. (0603) 21 S3 1. Fasc 296890. 


DO 
PROPERTY 


Wouldn't it be con- 
venient to have a luxurious 
home adjacent to the city 
so that travelling to and 
from your office becomes 
no problem? 

Yet also have an oasis of 
tranquillity to relax in after 
a tough day. 

You’ll find this and 
more at Hermitage Court. 


ACTING ONLY FOR BUYERS A one stop 
point of contact to manage ihe purchase of 
residential or commercial property lor 
private use or buraament purposes. Offices 
tflfcugtwui me UK. The Compass Group. 

Tel: 0636 815850 FSC0B36 01 6686 


BUYING FOR DIVESTMENT? W0 Identify 
Dm beat ODpottmUos lor you throughout 
central London and provide a compMe 
packa g e sarvtce; Acquisition. Finance, 
Furnishing. Lotting and Management. 
Tat Mateftn wetai tm o tnononal on 433 
4291 or FSuc 071 4834319 



USE 


SiaNoGnTKTHfllll r 4 ViTjre}S 


Spaced around 
a quiet landscaped 
courtyard, a selec- 
tion of 2 and 3 bed- 
room apartments 
are available for sale. 
Outstanding quality 
apartments close to 
the City - and an 
investment that looks 
very good indeed. 

Hie re are video 
entry phones, port* 
erage and secure 
underground parking, and 
at prices from £193)000, 
you can see why they’re 
already proving so popular, 
with now over 70*6 sold, 
"hv not come along 



ments off Wupping High 
Street, El or call 0959 
541016 (2 * hours) or fax 
0959 571179 for details. 


COUNTRY 

RENTALS 


RECENTLY REFURBISHED 4 Bedroom 
Farmhouse In rural location on privato 
country estate rew Westgrtum. 10 mins 
Iran M23 (J6). AvaUMa wwnetfaWy to rera 
in the region of E12.000-C1 5,000 per 
aiwtumAppty toiiflK Moteaon 0E7347S41 1 


PRINCES RlS BO ROUGH 
A delightful 17th Century converted ham 
situated in picturesque countryside on ihr 
edge of the diiltcms with unusual 4Bft 
sitting room. Superb suulJj fcxws rear 
garden. Available furnished or 
unfurnished £1800 (including jpudeniast 
for further details telephone 
FINDERS KEEPERS 0865 200012 


Wherever you are looking to retire, our English Courtyard developments 
are lo be found across southern England from Kent lo Devon and from 
Buckinghamshire to die edge of d*e Cotswolds. From Ibc quiet of the 
countryside or (he bustle of the market town - the choice is yours. But 
however much you may enjoy the tranquillity of tural England, you need 
to have easy access to public transport or (he motorway. 

English Courtyard sites are chosen with this In mind. 

Prices from £95,000 to £335,000. To find out more about our properties 
in Middx. Somerset, Wits, Bucks and Oxon, 
please ring us for a brochure. 

English Courtyard Association 
8 Holland Street, Loudon W8 4LT 
FREEFONE 0800 220858 


I ant; see the show apsirt- 

.■-'Sifer ra CC^'rAcr AMjw.rvi «at comecf *f ome Of GChng mess Afoue s*u* office ros etnas 


^Bovis Homes 


CWCA 17S3 CLOSE CITY - Spfertskb, E.1. 
Unnwd a mteod. Early Georgian houses. 
Unity period features. From £839.000 
Freahoid. 071-247 3051 Fax; 071 8474134 


BLACKFRiarb SE 1. 1 Bed duplex In mod 
Oft) Mock, nt porta- Unoorgrourid parting. 
Excellent condition, D 55.000 Barnard 
Marcus Tel: 07 1 638 2738 Fax; 071 438 
2649 


BANKING COUPLE MOVING TO U.S 

Must sell Meaner restored properly A COMPLETE ENVE3TMENT PACKAGE ■ 


LONDON RENTALS 


KEWBW GTOWCfiNTIlAL LONDON Lagesl 
selection of quality properties. £180- 
£1500pw- From 3 wks to 3 yra. Chard 
AMU».i*WB 071 7920792. lO-7pm 


BARBICAN Three beq two bffih penthouse 
on BBV7Vi dra vrith root terrace £210,000. 
Frank Hams & Co 07i 0007000 

MVER YEW* Mi fcwr two bed Bat criooWng 
■fwitiM. Resident porter, communal rao» 
twraco JM7SJXJ0. Frank Hards & Co 071 
BOO 7000. 


M beds, sgo Bv rm. 

attract Mtch. Irga HoooIH oardon. good 
aecurtlv afarm. E137^0Q. Tet on 34 1 4422 

baaro °™ 

'"“*«**. Sft S nuapOons. tnvnaxiate 
wtor^New carpets dgg.ooa HOSKINS 
071 371 6721 AgL 

CHELSEA HOHESEARCH & CO We 
repre seni Ihe buyer > 0 sava time gnd 
money; 071 837 2281. Fa* 071 8372202. 


Idontlfying boot buys, nnane*- 
rafurbbhmenL tering & monogOinerf^ ^ 
INTERNATIONAL Tel 081 445 3846 F» 
081 445 3888 


UAHBICAN . Smart Towor ttodi 1-1 
floor. 3 beds. 2 baths. rocep*m. 

£158.000. Barnard M3JCU3- To* 0^ 
2736. Fk 071 4362648 



Instant heritage: the new homes that look old 


fn 

[' 


k, ^ 

L w 


they used to when people worKcn 

for pennies- .. 

Kaplicky cites Poundhury. the 
model village being built uiDoreet 
with the support of Prince Charles, 
as proof of his theory. He describes 
it as “awful, from what I’ve swn on 
television. It's b:isic»illy Holly- 
wood". . . , . .. 

He adds: “I don t think it Is the 
case that you should match existing 
houses in a village when you are 
building a new one. Time goes on. 
You can't toll the inhabitants they 
must drive only old cars or horses 
and carriages. It's nonsense." 

Yet. nostalgia is getting younger. 
Sir Edwin Lutyens iwho died in 
1944) is being copied, too. Orchard 
House, a two-year-old. five-bedroom, 
red brick house near Henley-on- 
Thames. Berkshire, is designed in 
what estate agent Knight Frank and 
Rutley describes as “traditional Lut- 
yens style". 

To assist its assumed identity, it 
was planted in a mature plot which 
Includes river frontage to the 
Thames, large trees, and a lake fed 
by an ancient moat. Less tradition- 
ally, there is a garden lighting sys- 
tem with a programmable water fell 
into the lake. The three-bay garage 
block, flanked by stone balustrades, 
is designed to match the house and 
offers of around £1.2m are being 
sought for the whole property. 

Savilis. which is selling a genuine 
Lutyens bouse for £450.000 in rural 
Northamptonshire - admittedly, 
not as desirable as Berkshire - say s 
the proof of the pudding is in the 
ingredients. Even a repro will com- 
mand a good price if the materials 
used are of high quality and it is a 
top of the market house. This is 
especially so for overseas buyers 
who want to walk into a house 
without having to deal with expen- 
sive maintenance bills. 

John D. Wood is also selling a 
genuine Lutyens: the Dutch House, 
near Dorking, Surrey, for £400,000. 
That sounds like a snip - until you 
realise it stands on the busy A24 
dual carriageway. 

Who would pay more than a mil- 
lion for a copy? “A true Lutyens’ 
fen would pay a premium for the 
real thing,” admitted Knight Frank 
and Rutley’s Andrew Rome, when 
pressed. But he added: “The beauty 
of a new house is its modem fecili- 
ties. Placed in a very old setting, as 
is Orchard House, it is a perfect 
combination." 


v V I 












FINANCIAL TIMES WEEK-END OCTOBER S/OCTOBER 9 1994 


WEEKEND FT XVTI 


PROPERTY AND GARDENING 


* 




Cadogan’s Place 


Cheer in the 
UK rental 
market 


T he UK market for 
baying and selling 
homes may be 
patchy, but the 
London rental market is 
thriving. 

Third-quarter statistics from 
Gluttons London Residential, 
show an average increase of 
4.5 per cent in the quarter and 
of 10.6 per cent year-on-year. 
But the steep quarterly 
increase is unlikely to remain 
strong since it merely reflects 
the peak months when people 
relocate before school starts. 
This year, as economic 
recovery continues, more 
corporate staff are on the 
move than a year ago. 

The prime areas of 
Belgravia, Knightsbridge, 
Kensington and Chelsea have 
led the recent charge with 
quarterly increases of more 
than 5 per cent But, on an 
annnnl view, F nlham takes the 
prize with a rise of 20.9 per 
cent. 

Aylesford reports that the 
average rent for its lettings 
has increased from £480 a 
week a year ago to £515. Host 
properties are in the £400- £600 
range. 

These increases will improve 
yields, which were 10 per cent 
in 1992 and 19% but had 
fallen as property prices rose. 
For the prime areas, 8 to 8J5 
per cent is now feasible. 

Investor-landlords seeking a 
still higher yield shonld tom 
to Battersea, Claphara or 
Fulham - which are not the 
parts of London on top of 
American corporate tenant 
lists. 

American tenants in the UK 
are usually on company 
lettings. These are always 
strong in central London, 
forming 36 per cent of 
Aylesford’s tenants in 1993-94 
as against 23 per cent from the 
UK. 

For 1991-93 the US 
proportion was higher at 43 
percent and the UK 19 per 
cent UK tenants mostly take 


assured sborthold tenancies, 
which give the landlord 
security of repossession under 
the Housing Act 1988. 
(Company lettings come under 
commercial law.) 

Unfurnished lettings are on 
the increase. Americans often 
prefer empty premises and the 
chance to strip over their own 
furniture and household items. 

Letting property abounds 
with quirks of law and 
practice, including coping 
with the Inland Revenue if one 
is a non-resident landlord. To 
guide landlords through the 
maze, Clnttons London 
Residential has published The 
Lettings Handbook, which aims 
to cover all the problems in a 
practical way. Call 071-824 
8822 for a free copy. 

□ □ □ 

Property insurance is equally 
rich in difficulties, especially 
for listed bull dings. The 
hugely expensive fires at 
Uppark and Windsor Castle, 
have put older properties in 
the spotlight 

Owners who worry about 
what perils to cover, and how 
much cover they need, will 
find A Guide to the Insurance 
of Listed Buildings and their 
Contents helpful. 

This is produced by 
Jackson-Stops with brokers 
Gauntlet Heritage and Lycetts, 
Phillips, the auction house. 
Thames Valley Fire Protection 
and Sell Wade Postins, historic 
building architects. 

There is advice on saving 
money on flood, subsidence 
and contents insurance, types 
of fire alarms and what is 
involved in reinstating 
buildings after damage (since 
rebuilding costs vary sharply 
for older properties). 

The report costs £5 from 
Jackson-Stops & Staff, 22 Hans 
Place, London SW1X OEP. 

Gerald Cadogan 



Cypress Leyfancfik the greatest garden monster ever tot fnto Britain Qyn Oew 


Monsters on 
the loose 

Robin Lane Fox wants his cypresses cut to size 


I n this kind aut umn- my 
garden has its successes 
at last: a second season 
on the yellow- flowered 
clematises of which the Bill 
Mackenzie variety is much the 
best; yet more flowers on a 
new deep blue salvia called 
Indigo Skies which looks much 
too good to survive a hard 
frost; better Asters, of which 
more soon, and a stupendous 
crop of berries, already set on 
Sorbus vilinorinii, that superb 
small tree. 

Successes are heartening, 
but they are overshadowed by 
progress in another depart- 
ment. The greatest garden 
monster ever let into Britain 
has put on another growth 
spurt and, in the next few 
days, the survivors will cost 
me several hundred pounds in 
order to reduce them to size. 

Why ever (fid we let Leylan- 
dii cypress trees on to general 
release? Uninformed gardeners 
buy them for good reasons: pri- 
vacy, boundaries and fear of 
the neighbours and their ideas 
of bearable architecture. The 
little trees grow wildly at first 
but we now know to what 
heights this wildness goes. No- 
one knows it better than I, who 
bought a garden with more 
than 200 Leylandii, planted in 
the early 1970s. 

In open country, the first 
principle of Leyland manage- 
ment is much the same as the 
one now applied at UK motor 
plants: engage gear and charge 
the assets head-on with a hired 
JOB digger, its front bucket 
will thm elimina te the roots. 

Tree surgeons will quote you 
prices as high as a Leylandii 
for felling it scientifically, but 
the tree snaps easily when 
charged with a digger. The 
roots come out easily with a 
little bucketing because they 
do not go far and wide. They 
tend to point downwards like 
the sides of a modern cork- 
screw. The JCB method is 
much the cheapest, but It 
would not be popular in a 
heavily built up area. 

As my Leylandii approach 


their 25th birthday, the}' are ffl 
ft high and increasing omi- 
nously in girth. Old age accel- 
erates their progress: the upper 
20 feet have been put on in tbe 
last six years. 1 have tried to 
view them artistically, like 
those great cones of greenery 
in the background of the high- 
ly-prized paintings by David 
Inshaw in the 1970s. The 
attempt has failed because the 
texture, colour and scale of 
these trees are all awful. So 2 
have applied Leyland manage- 
ment principle number two. 

In tiie early years of their 
arrival, the books used to say 
that an old Leylandii would 
never recover if it was severely 
cut back. This advice is now 
known as the Lord Stokes prin- 
ciple. In fact, these sprawling 
monsters are almost forgive- 
able if they are severely 
reduced in height and slimmed 
in size. IT you cut back into old 
wood, it will soon be covered 
by a renewed curtain of grey- 
green feather. 

T his week 1 am having 
to fork out for a 
severe Leylandii 
reduction, knocking 
30 ft off the top with the only 
consolation that the huge clip- 
pings can be recycled through 
the shredder as next year's 
mulch. If a Leylandii essential 
to your garden plan is over- 
powering you, ignore the 
experts and cut it neatly: it 
will soon recover from the 
wound. 

After reduction, the trees 
can be brightened up using an 
idea which occurred to me 
three years ago. Use the 
remaining hedge as a support 
for vigorous climbing roses. I 
have started a race between 
some of the best-known white- 
flowered ramblers. The winner 
is the spectacular Rambling 
Rector, followed by tbe lesser- 
known - and much scarcer - 
Long John Silver. 

Varieties with heavy tangles 
of growth are less satisfactory 
because they refuse to lie flat 
against the cypresses' soft cur- 


tain of feather. Bobbie James is 
always a sound bet. but the 
weight of growth is a problem. 

White-flowered roses show 
up very well, but this year, 1 
have found their equal in a 
pale buff-yellow variety which 
is ignored in garden centres. 

Among roses, the one equal 
to the monstrous cypress is the 
stupendous white rose called 
Kiftsgate. The original plant, 
in Kiftsgate gardens. Glou- 
cestershire. is still powering 
away up tall beech trees and 
along a thicket which is now 
hundreds of yards wide. 

Few people know that this 
terrifying rose once fathered a 
child: somewhere, it leapt on a 
defenceless Hybrid Tea variety 
and the result is known as 
Treasure Trove, sold by Peter 
Beales in Norfolk. 

Its young growth and leaves 
are plum-red and it races up 
Leylandii with some of the vig- 
our of its wayward parent: the 
small flowers appear freely in 
clusters during late June and 
turn to a shade which reminds 
me of pink grapefruit. I may 
have introduced an equal mon- 
ster, but so far I think that 
Treasure Trove is a find for 
anyone who has been landed 
with these frightful hedges. 

At ground level, there Is one 
seasonal compensation. A few 
feet away from the roots of 
your reduced Leylandii, you 
should plant Dowers, the hardy 
Neapolitan cyclamen, in 
shades of pink and white, is 
perfect lor this time of year. 

On the sunny side of the 
hedge, you can add the large- 
flowered Colchicums which 
look like huge crocusses in 
autumn: they must have sun if 
they are to flower properly, 
whereas the cyclamen will 
prosper in shade. Leave them 
to seed gradually, assisted by 
passing ants and your own 
careful distribution of any visi- 
ble seedlings. This ant-like 
activity in the shadow of a 
“hedge” is one small compen- 
sation for the dreary, loose cur- 
tain of feathery green above. 


COUNTRY PROPERTY 




On the Instructions of 
The Nobility and the Gentry: 
Titles for sale 

by Auction, October 26, 2.30pm 
Stationer's Hall, London 

Baronies in Ireland 
Lordships of the Manor in 

Bcrfcslim'. Cantwell, Derbyshire, Devon. 
Dorset, Essex, Glamorgan, Gower, Hertfordshire, 
Kent, Lincolnshire. Norfolk, Shropshire, 
Suffolk, Yorkshire, Co Cork, Co Dublin, 

Co Meath, Co Roscommon. 


Manorial Auctioneers, 
104 Kennnington Road, 
London SE11 6 RE. 



COUNTRY RENTALS 


ACORN PROPERTY 
MANAGEMENT SERVICES 

En. 1974. Member* of ARLA. 

Berber* irk. I ban. A ctanmns co!a B c 
overlooking dock pond. 3 bedroom*, 

2 reception roams, baihiooei. ihowci. 
CoarcrvMor). Plrny garteo.£l.MS ncg. 

Hnnlrv Wtanes- A large family bom* on (he 
edge of the Village In a niml position. n 
bedrooms. 4 reception rooms. 3 baihroom*. 
Teaut. coon. 2 hobs. £LSOn nc*. 

Defalt'.; Hartlrj W intaej 0253 84279S 


£15 (530 US) fora fuD catalogue 
Tel: 071-582rl58S 
Fit 071-562-7022 


INTERNATIONAL 

PROPERTY 



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[S OTZBUW 

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Unique luxury ocean-view condo appt. 

3600 *4 k >*-Uh I 20 fl ft- terrace, 

3 eremite BR. lunul DR. LR. EIIC. 
•vine cave, pool, many extras. Boot 
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Fax (4071 391 3336 or write to: 
PO Box 186], Boca Raton, 

FL 33429 USA tor details. 


Locating to Australia? 

Melbourne based executive is 
moving 10 London for 12 months 
beginning Jan *95 and seeks to swap 
fully furnished inner -city family home 
of 10,000 sq. ft. in vicinity of 
Melbourne Royal Botanical Gordons, 
f recently fully renovated, 4 bedroom. 

3 bathroom), for spacious central 
London ftai/house, psrfaaWy famished. 

Enquiries to: 

071 724 1528 (B) 


NEW YORK CONDOMINIUM 
LINCOLN CENTER 6 CENTRAL PARK 


Opportunity to purchase brand 
new condo with fabulous NYC 
vlowa. Technologically advanced 
construction & design. On-site health 
chib. Root plans & pncee avaflabie 
upon request- 

Jean Klein, Vice President 

Tel: 212-326-0338 fine 212-888-S424 
GREENTHAL RESIDENTIAL 


5A RATON/PALM BEACH FLORIDA. 
Herbert & Goll Courao Horn*. Buyers 
presentation. Ha lee. Contact Ftratyn 
raw, Rector. F» your TeB.ncrtyou 
r details. Fox. USA 407 241 8028 
it USA 407 347 2623. 
iNCE, PARIS 1st - Vendeme^oncmte 
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Spain Ring 01004-1 -Sri-MM. 


AZL R INTERNATION AL 


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For details, please contact 
Amy [Catcher: (212) 526-4333 
Brian J. Manning: (212) 3250310 
GREENTHAL RESIDENTIAL 


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FREEFONE: 0800 908900 



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ilt rvivrrv (he right to cltcr tptriiiiutitin* end prices without prior notin', 


RIVERSIDF. DEVELOPMENT 


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WESTMINSTER 
SMITH SQUARE 
Large Georgian comer house 
overlooking Sl John's Church 

DRAWING ROOM, DINING 
ROOM. FOUR BEDROOMS, 
LIBRARY, FOUR BATHROOMS. 

LARGE STAFF ROOM. 
KITCHEN BREAKFAST ROOM, 
central beating, lift. 

FOR SALE FREEHOLD 

T. HOSKINS 071 371 6721 Agtnl 




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XV111 WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER *PCTOBhR « W 



RICHARD GREEN 


COLLECTING 


Sir Airred Munniogs 1 1878- 1959). 

Barrawby Hill Poini-io-PoinL 
Signed. Canvas: 20 x 24 in / 50.8 x 6 1 cm. 

Annual Exhibition of Sporting Paintings 

Opens on Wednesday, 1 2th October 1994 
at 44 Dover Street, London WIX 4JQ 
Fuiiy illustrated catalogue available £15 including postage. 
Telephone: 0171-493 3939 Fax: 0171-629 2609 
New York: 518 583 2060 




V ..y- 

-• ■ — ' jifcrC 


Great 

Wheel 

Skeleton 

Clock 


Dimensions 

Height 

37cms (l^Msins) 

Depth 

15c ms (bins) 

Width 

27cm (lO^ins) 


Makers of the World's Finest Clocks 

Sinclair H tinting & Company Lit! 

Lonsdown Place Lour. Cheltenham. England. Tel: Cheltenham 1 0242) 525*170 


11 ormanjgTtiams # 

8- 10 Hans Road. Knigtusbridgc. London SW3 (opp. WeM Side Harnxtsi 
Tel: 07 1 -589 5266 Fax: 07 1 -5S9 1968. 

A fine set of FOURTEEN early George III mahogany dining chairs. 

Circa 1770 igll— ■ 



JMI 



■ i ^ 

w * . % \ Ill ■ 



iil 





FROST AND REED 

16 OW Bond Street London WIX 3DB 
Td: 871*629 2457 Rue 071-199 0299 



MARCEL DYF 

Exhibition, October 26 - November 15 

Catalogue available now. 


(Fine Aru} Ltd. 

1-9 Bruton Place, London WIX 7AD 
Tel; 071 629 5600 Fax? 071 629 2642 

We offer the opportunity to view the recently 
restored Kingwood longcase clock by Samuel] 
Knibb, circa 1665, hitherto unseen in this country 
since 1929. This extremely rare dock may be seen at 
1-9 Bruton Place, Monday to Friday. 10am - 4 pm, 
prior to its entry into a private collection. 


Illustrated in 

‘The Knibb Family * Qlockmitkers' 
by Ronald A Lee, p-13 plate 3. 



Art to warm a winter evening 

Autumn in Manhattan brings the chill and the International fair writes Paul Jeromack 

. _ 


B y mid-October, 
Manhattan has set- 
tled in for the long 
winter. The air 
usually has a brac- 
ing snap and Manhattan soci- 
ety is looking forward to wel- 
coming the winter season in 
the way it knows best - by 
buying something. 

The stage is set for the sixth 
annual International Fine Art 
and Antiques Fair, which holds 
its gala opening in the Park 
Avenue Armory, in Manhattan, 
on Thursday. October 13. The 
show runs until Thursday, 
October 20. 

The International Is organ- 
ised by Brian and Anna 
Haughton, London ceramic- 
specialists turned entrepre- 
neurs. It made its debut at a 
time when its biggest rival, the 
long-established Winter 
Antiques Show, was going 
through an acrimonious time, 
involving accusations of mis- 
management by its former 
chairman Mario Buatta, wide- 
spread defections of estab- 
lished dealers and, most impor- 
tant, revelations that several 
items featured by its leading 
exhibitors had been, in the 
words of one discreet col- 
league. “creatively refinished 
and embellished". 

The Winter Antiques Show 
was shaken by the Internation- 
al’s strict vetting policies. 
These determined authenticity 
and the amount of restoration 
of every item proposed. The 
International became a venue 
where the prospective buyer 
could relax and buy with confi- 
dence. 

“We won’t have imitations 
in." said Anna Haughton. “For 
instance, there are perfectly 
good 19th century ceramics 
that are exact copies of popular 
18th century models. Even 
though many of these were 
legitimately produced, and the 
dealer may represent them as 
19th century, they would not 
be permitted at the Interna- 
tional show because they are 
straight copies. There is no 
problem with ‘revivalist' pieces 
of a later century: they are 
clearly of their time." 

Still the vetting procedure is 
not without its problems. At 
the Haughton's first Fine Art 
Fair in New York last spring. 
several exhibitors complained 
that the vetting committee 
(made up mostly of other 
exhibitors) occasionally placed 
personal rivalry above aes- 
thetic considerations, expelling 
items that should have been 
included, and vice-versa. 

It can be difficult to get 
objective vettors. as several 
curators and restorers from the 




<&&**&&& • - as* 


‘Cavaliers and ladies' by Anthoine Patemedesz, 1634* wfll be shown at the International Fine Arts and Antique Dealers show. In New York 


\kii 

Mi 

;om. 




Metropolitan Museum were 
forbidden to participate. Never- 
theless, Anna Haughton said: 
“Each year, we have more and 
more outside vettors. This year 
we have 90, and 30 of them are 
museum curators." 

When asked who they were, 
she demurred, saying: “there 
are always some people who 
don’t want to be listed." 
Although a list was promised. 
Haughton backtracked a few 
hours later, telling me: “We 
have decided not to publish a 
list of vettors this year." 

The most important painting 
ever featured at the Interna- 
tional Show was Bernardo Bel- 
lotto's “Fortress of Konig- 
stein." featured in Bruno 
Meissner’s booth in 1992. Its 
exhibition there was instru- 
mental in its subsequent sale 
(for approximately £6m) to the 
National Gallery of Art. 

While there are still a good 


n umb er of picture and drawing 
dealers exhibiting (Richard 
Green returns with his Impres- 
sionists and Old Masters, feat- 
uring works by Canaletto and 
Camille Pissarro, and first- 
timer Jill Newbouse with Old 
Master and nineteenth century 
drawings including an early 
Turner Watercolour of Flor- 
ence and Degas' study of Julia 
Belelli). the International has 
developed into more of an 
“object" fair. 

Unlike European collectors. 
Americans have not yet 
warmed to the idea of buying 
Old Masters at fairs, and it 
remains to be seen whether the 
Haughton's spring Fine Art 
fair can convince them Other- 
wise- 

While the International has 
no stated yearly theme, this 
year a several exhibitors fea- 
ture Oriental sculpture and 
Orientalist-inspired European 


and Amer ican works of art In 
the former category, veteran 
Newn York dealer Bob Ell- 
sworth has a rare Chinese 
bronze chariot group consist- 
ing of two horses, a chariot 
driver from the Han dynasty. 
Michael Goedhuis. of London, 
will show a similarly large 
number of monumental Chi- 
nese works in bronze and iron, 
in cluding a large 13th-century 
Iron Head of Lohan and a 17th- 
century bronze Buddhist Lion, 
originally a guard for a private 
shrine, one of a handful of 
pieces signed by the caster 
ShtmseL 

In addition to many works of 
modem and ancient European 
art, the Belgian dealer Axel 
Vervoordt also features Orien- 
tal sculpture, including a large 
Chinese Song dynasty Seated 
Lohan of lacquered wood. 
Doris Wiener offers Indian and 
Cambodian sculpture; she is 


Fiac optimism prevails 


M ade homeless by 
the closure of 
Paris’s Grand 
Palais. this 
year’s 2 1st Fiac contemporary 
art fair is housed, until Octo- 
ber 16. in accommodation sup- 
plied by culture minister Jac- 
ques Toubon - some 14,000 sq 
m of white tent on the Quai 
Branly, near the Eiffel Tower. 

Slightly fewer galleries, 160 
as compared to 168 last year, 
are taking part and the foreign 


contingent has shrunk from 79 
to 67 dealers, including seven 
British galleries, but only eight 
Americans as against 14 last 
year. 

Even if the Fiac now comes 
second to the Basle Fair in 
June as Europe’s top contem- 
porary arts show, the tone this 
year is still optimistic. 

Declared trading at last 
year’s fair rose to FFrl50m 
(£18m) following an all-time 
low of FFrIOOm in 1992 and 


ROBERT BROWN neac PETER KELLY rba 
13th - 29th October 1994 



LLEWELLYN ALEXANDER 

J24 - 126 The Cut. Waterloo, London SEl 8LN 
(Opposite the Old Vic Theatre) Tel: 071-620 1322 Fax: 071-92S 9469 
Illustrated Catalogue available. Open Mon to Sat 10 am to 7.30 pm. 


organisers hope that 150,000 
visitors will pay FFr50 each to 
crowd under the canvas over 
the coming week. 

The recession has radically 
affected prices - as much as 50 
per cent lower than during the 
boom years of the 1980s - and 
the art on show. Many dealers 
have abandoned the staid, big- 
name works, once reckoned a 
good bet in bard times, to 
invest in younger, low-priced 
artists and thus in genuine 
contemporary art. 

To encourage this trend, this 
week's Fiac. instead of spot- 
lighting galleries from a guest 
country as in previous years, is 
inaugurating a special section 
wiiiwi “nouvelles tendencies'’, 
housing 35 galleries showing 
works by young artists. 

Paintings by Paul Pagk, the 
British artist, are being shown 
by the Toalouse gallery of Eric 
Dupont, who is also exhibiting 
Hyun Soo Choi, the Korean, 
and the young Frenchman 
Musee Khombol. The Marc 
Jancou Gallery from London’s 
Foley Street, a Fiac newcomer, 
is exhibiting pieces by British 
artists Jane Simpson, Martin 
Creed and Jasper Lester. 

Several major galleries, such 
as Paris's Durand-Dessert and 
Alain Btondel are making do 
with a selection of works by 
their stable of artists but 
almost 70 other stands are 
staging shows by Just one or a 
handf ul of people: Paris's Gal- 
erie Lahumiere, for example, is 
exhibiting 10 works by 


Auguste Herbin, covering the 
artist’s very varied career from 
1917-1959, at prices from 
FfrS0G.000 to FFrlAn (£60.000- 
£ 220 , 000 ). 

Fellow Parisians Artcurial 
are devoting their display to 
the work of five women artists, 
Sonia Delaunay, Natalia D umi - 
tresco, Germaine Wchier, Mar 
garetha Earner and the Danish 
Soqja Ferlov. 

Nicholas Powell 


ri>n- An tiij ucs 6 
\ 1 bvk< of An 
For Sai.f 

The 

LAPADA 

SHOW 


showing a life-size 11th century 
Khmer sandstone figure of 
Shiva, a notable 10th century 
Ganesha and Elephant-beaded 
Deity known as a ‘Remover of 
Obstacles and Bestower of 
Worldly Success’ from Java. 
The Chinese Porcelain Com- 
pany has a l9in high Khmer 
bust of a 10-armed Goddess 
Durga from c. 960965. Earle D. 
Vandekar of Knightsbridge 
will show a decorative pair of 
18th-century Chinese bronze 
Lion-dogs. 

Partridge Fine arts offers ori- 
entalist furniture including a 
red-lacquered Chinoiserie 
bureau-cabinet (c 1720) attri- 
buted to Master Martin Schnell 
who worked in the service of 
Emperor Augustus the Strong 
at Dresden. Frederick P Victo- 
ria features two elaborate Ghi- 
noiserie painted over-doors, 
probably made for the Villa La 
Favorita, and a Chinoiserie 
folly created by the King of 
Naples after he took up resi- 
dence in Sicily at the end of 
the 18th century. 

Orientalism of a different 
sort is featured by Margot 
Johnson, who specialises in the 
American Aesthetic-movement 


specialist. She has a delicate 
Japanesque Inlaid table by 
LeJambre of Philadelphia c 
1880, (in addition to several 
fine pieces of furniture by 
Herter Brothers). David Pickup 
(one of the most popular exhib- 
itors). offers a British Aesth- 
etic-movement brass canopy 
bed from around 1872 complete 
with its original pink-and-oat- 
meal embroidered cover and 
drapes. 

Most of the dealers are 
enthusiastic about their pros- 
pects. Says Michael Goedhuis: 
“People are looking forward to 
it - it is the first item on the 
social agenda this autumn. 
They have not been spending 
very freely in the post three or 
four years, but there is a lot of 
anticipation this year. 

“It is hard to get a handle on 
what’s going on in the art mar- 
ket today, though. You cannot 
pan out the same old boring 
rubbish about people being 
’only interested in the top line' 
But this show is very good. 
Only Biennale in Paris makes 
more money for its dealers, 
although the rest of Europe is 
fairly dead. The big market 
remains in America." 




WILLIAM GARFIT 







The Chinese Porcelain Company 


Ancient Khmer Sculpture 

Opening Exhibition at the New Galleries. 

475 Park Avenue at 58th Sued 

12th October - 12 November 

catalogue available $ 50 . p.p. 

Proceeds from the ale of the exhibition catalogue 
to benefit the World Monuments Fuad 








Fanulle Verte Porcelain of the Kangxi Period 

Exhibition at The International Fine An and Antique Dealers Show 
The Seventh Regiment Armory. 

Park Avenue at 67th Street 

13 October - 20 October 

catalogue available S40 p. p. 

475 Park Avenue at 58th Street, New York, NY 10022 
Phone 212.S38.7744 Fax 212.838.4922 


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A rare bird in the world of opera 

E very wort of art contains He spent much of the 1980s earning colleague. “There are no counter-pro- find new ways of interpreting old Wernicke's eyes, Bizet's masterpie 

an enipna, and if there is a reputation for contemporary set- dnctive ideas. That stems from the pieces, of making them believable Is a tragic entertainment in tl 

no enigma, it is kitsch, tings of baroque and romantic fact that he began as a designer. He and relevant to society today. That opdra-comique tradition, with spoki 

These words trip off Her- operas. The Brussels Ring was his has a clear idea of how he wants each doesn't mean a singer should never dialogue and a reduced orchestra, 

bert Wernicke’s toneme as International breakthrough, oneninc work to look - and that ncnaiiv ct-md eHn tn dnir an aria Onan ic a fmaini k* muc ic lutf a nnntii 


Wernicke: 1 Bke singers to Jain me on a voyage of cSscovery' 


E very work of art contains 
an enigma, and if there is 
no enigma, it is kitsch. 
These words trip off Her- 
bert Wernicke’s tongue as 
if they were the stuff of everyday 
conversation. Wernicke must be one 
of the most matter-of-fact personali- 
ties on the continental opera scene 
today - but when he gets to work, he 
is also one of the most imaginative. 
Few directors are better able to bal- 
ance the world of Ideas with the 
demands of practical theatre. 

Wernicke’s production of Wagner’s 
Ring opens at the Frankfurt Opera 
next Tuesday. First staged at Brus- 
sels in 1991, it was widely admired 
for its clarity, immediacy and magi- 
cal effects. Using a single set and 
carefully -selected visual leitmotifs, it 
has the unity of style which charac- 
terises all Wernicke's work. With the 
same conductor, Syivata Cambreling, 
and much the same cast, Frankfurt is 
lucky to have inherited it 
Wernicke, 48, is a rare bird among 
German opera producers: he can read 
music and he designs all his own 
productions. The son of a painter and 
picture-restorer, he began his career 
as a stage designer in the early 1970s. 
After directing a handful of plays, he 
produced his first opera in 1978, and 
has never looked back. 


He spent much of the 1980s earning 
a reputation for contemporary set- 
tings of baroque and romantic 
operas. The Brussels Ring was his 
international breakthrough, opening 
the way for Boris Godunov at this 
year's Easter and summer festivals at 
Salzburg. He has also shown a lighter 
side in his uproarious operetta pro- 
ductions. 

Forthcoming projects include the 
world premiere or Theo Loevendie’s 
new opera about the Dutch wartime 
resistance (at the 1995 Holland Festi- 
val), Der RosenkavaUer for Salzburg 
next summer, Schoenberg’s Moses 
und Aron for the Ch&telet In Parts 
and Les vepres siciliennes at the 
Vienna State Opera. He woold love to 
direct in Britain, but has never been 
invited. 

With his narrow-rimmed specta- 
cles, casual dress and dry humour, 
Wernicke is the liberal German intel- 
lectual par excellence - bnt where 
theatre is concerned, he is never less 
than practical. The walls of his ate- 
lier in Basle are plastered with archi- 
tectural plans giving the exact stage 
measurements of theatres he will be 
working in, and his design-models 
have a draughtsman’s precision. 
“He’s not the kind of director who 
chooses a concept and tries to malte 
the opera fit”, says a long-s tanding 


colleague. “There are no counter-pro- 
ductive ideas. That stems from the 
fact that he began as a designer. He 
has a clear idea of how he wants each 
work to look - and that usually 
means simple and powerful.” 

EQs controversial Munich produc- 
tion of Der fliegende Hollander, for 

Andrew Clark talks 
to Herbert Wernicke , 
a German producer 
who reads music and 
designs all his own 
productions 

e xamp l e, was set entirely within the 
walls of a bourgeois living room, like 
a nightmare in familiar surround- 
ings. His Basle Cost fan tutte resem- 
bled a Club Mediterranean holiday 
island, where young love was superfi- 
cial, blind and promiscuous. His Salz- 
burg Boris, in modern dress, used a 
stark, abstract framework to make a 
bleak statement about the exercise of 
power. 

All Wernicke’s work has a political 
viewpoint - or, in his own words, “a 
socially critical message. You have to 


find new ways of interpreting old 
pieces, of making them believable 
and relevant to society today. That 
doesn't mean a singer should never 
stand still to sing an aria. Opera is a 
law unto itself - it exists in a differ- 
ent time. Yon have to have the cour- 
age to say: you, the singer, must sit 
and think about your situation. That 
is your reality. As long as you're say- 
ing something about people and not 
about stage conventions, it has its 
own legitimacy." 

Stage conventions are Wernicke’s 
bite noir. Social conventions, on the 
other hand, are the lifeblood of opera, 
giving Wernicke the key to works as 
diverse as Die Fledemums. Der Rosen- 
kavalier and Carmen, “Yon have to 
show these conventions intelligently. 
I'm not a Brechtian - I don't believe 
in pointing the finger. But you must 
make clear why you’re doing the 
piece. It’s a permanent conflict: you 
want to leave room for entertain- 
ment, bnt at the same time yon have 
to make people think." 

So he has no intention of resorting 
to Spanish cliches when he stages 
Carmen in Basle next month. There 
will be no flamenco costumes, no 
matadors (except for Escamiilo) - 
none of the fictional, folkloric Seville 
most people have been taught to 
expect by big-house productions. In 


Wernicke's eyes, Bizet's masterpiece 
is a tragic entertainment in the 
opdra-comique tradition, with spoken 
dialogue and a reduced orchestra. 

Carmen, he says, is not a pouting 
sex-bomb, bnt “an Ideal which can 
never be reached In bourgeois society 

- the representation of absolute free- 
dom. That's what fascinates Don 
Jos6. She stands ontside society, she 
is a threat to petit-bourgeois values. 
She has to be flushed out of the sys- 
tem, because she has something no- 
one else has. As in Don Giovanni, 
society learns nothing - it breathes a 
sigh of relief when the ’evil’ non-con- 
fonnist has been put away." 

Wernicke’s ideal interpreter is 

someone who has never sung the role 

- or at least has no preconceptions. 
U 1 like singers to be curious. It 
doesn’t matter if they are good or bad 
actors - as long as they arc willing to 
join me on a voyage of discovery. I 
want to stretch them to their limits, 
so that they make it as believable as 
they can. I don't demand the impossi- 
ble, bnt if a singer senses he or she 
can do something which was previ- 
ously beyond their capabilities, I've 
achieved something. With some it 
comes very quickly, with others over 
a period of weeks, and with a few - 
never. A beautiful voice on its own is 
never enough for the theatre.” 


Manchester’s 
Modernist 
comes to light 

William Packer reviews Karl Hagedorn, 
Derek Jarman and Cindy Sherman 

T he Whitworth Art Gallery of change ... It is an intriguing anc 
Manchester University has a charming revival 
reputation for imaginative The late Derek Jarman’s last works 
temporary exhibitions that Evil Queen, are hardlv charmrne. bul 






T he Whitworth Art Gallery of 
Manchester University has a 
reputation for imaginative 
temporary exhibitions that 
take risks, or look again at forgotten 
artists. Two such are running at the 
moment. 

Karl Hagedorn was bom in Freiberg 
in Germany in 1889. but his anteced- 
ents remain a mystery, albeit a 
romantic mystery. He was supposedly 
an Illegitimate son of Kaiser Wilhelm 
II - hagedorn means blackthorn, a 
name often taken to indicate the royal- 
bend sinister in Germany. Certainly 
the several self-portraits in this exhi- 
bition, in youth and old-age, in their 
particular likeness to Kaiser Bill, do 
nothing to confound such speculation. 

He came to England in the mid- 
1900s. settling in Manchester where 
he studied under Adolphe Valette, 
who was also Lowry's teacher. He was 
naturalised in 1 914, was called up in 
1916 and served out the war in Flan- 
ders with the Middlesex Regiment He 
left Manchester In the 1920s for Lon- 
don, where he was active in the circle 
of the Royal Society of British Artists, 
which included Minton and .Caret 
Weight. He also taught ftp-many 
years at Epsom School of Art, so he 
was not exactly unknown to the Lon- 
don art world. 

Only after his death in 1969, how- 
ever, did the early work come to light, 
on which this exhibition's claim Cor 
bis being “Manchester's first modern- 
ist” rests. For the tragedy of his mid- 
dle years was the death, in 1928, of 
Anne, his only child. In his grief he 
abandoned his modernist ways and 
asked Nellie, his wife, to destroy all 
his old work. Instead she hid it. 

So it is we discover once more the 
lively work of a committed young art- 
ist, already well-travelled in the years 
before 1914, and familiar with such as 
Derain. Matisse - whom he visited - 
and Picasso. He was also knew the 
Vortidsts, Lewis, Bomberg and their 
friends, and the Bloomsbury avant 
garde of Fry and Grant and BelL 
If what he did does not now exactly 
shatter our perception of modernism 
in its great days, it was quite enough 
to stir up a little local controversy 
when he showed with the Manchester 
Society of Modern Painters in the 
autumn of 1913. “Mr Hagedom's 
rhythmical expressions", said the 
Manchester Evening News, “include 
one which happens to be a sea-green 
man - Robespierre was pink to him - 
another seems like a kitchen dresser 
after an earthquake..." Plus go 

r PALAIS VIEIL ORIENT >1 

MLSTttOO I 
!« T4LWSJ711030 I 


change ... It is an intriguing and 
charming revival 

The late Derek Jarman’s last works. 
Boil Queen, are hardly charming, but 
they are intriguing, and given the cir- 
cumstances in which they were made, 
even moving. Through his last 
decline, unable to paint himself , Jar- 
man directed an assistant in achiev- 
ing these manic, expressionist swirls 
and vortices of pigment and colour. 
They are truly desperate things, for 
the palpable hurt and anger they 
express, powerful enough even with- 
out the final fierce inscriptions, 
scoured out of the paint, that were 
Jarman's only direct contribution to 
the work. Ouch; Dead Sexy: Dizzy 
Bitch; Scream; Do Lalley; Ataxia 
(Aids is Fun) - the cries grow weaker, 
the surfaces thinner, as Jarman him- 
self fades away. 


T his is not great art Jarman 
began and always claimed to 
be a painter, but the truth is 
that he made his greater 
contribution through his films. His 
painting, rather, was ever impulsive, 
opportunistic, unsustained, and it is 
only the special pleading of his partic- 
ular condition that would make it 
more. That is not to say, however, 
that this sad exhibition is not a most 
poignant testament to our times. 

Finally, a brief mention of Cindy 
Sherman, who is herself the subject of 
her remarkable photographic works. 
Yet it is never self-conscious or self- 
celebratory, for she takes on the 
impersonality of the true actor. She 
has shown frequently in London, but 
never before in the country at large. 
The show at the Manchester City Art 
Galleries offers a concise summary of 
her career, from the Untitled Film 
Stills of the late 1970s, through the 
ever-larger colour images of the '80s 
to the disturbingly gynaecological sex 
images, with their dismembered dolls 
and disembodied masks, of the '90s. 
She is a satirist and a surrealist of 
real power. 

Manchester's First Modernist - Karl 
Hagedorn: Whitworth Art Gallery, 
Manchester University, Oxford Road, 
Manchester, until November 26, then 
to Chris Beetles, London. EvU Queen 
- Derek Jarman's Last Paintings; in 
association with Richard Salmon, 
Boddingtons and Granada Television. 
Possession - Cindy Sherman: Man- 
chester City Art Galleries, Princess 
Street, Manchester, until November 
6; in association with Boddingtons. 



SeK-Portrait with Pipe, 1915, by Karl Hagedorn - who was supposedly the Wagit iroatB son of Kaiser VHtielm U 


EXHIBITION. SALK 

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Drama decidedly off the mark 


T he story is told of a 
little girl watching 
the state opening of 
parliament who 
pointed out the Lord Chamber- 
lain in all his finery and loudly 
enquired, “daddy, what's that 
man /or?" Its a useful question 
to pose of plays every so often, 
and the Stray Dog company’s 
production of David Ashton's 
The Mark founders upon it 
Ashton (author of Bush 
Theatre Productions A Bright 
Hght shining and The Chinese 
WoU) chooses to dignify his 
three-acter by allotting a sepa- 
rate title to each 30 minute act 
and nailing the result a trilogy, 
but the puffery of such a move 
is implausible. The scenes tell 
in reverse chronology of a sim- 
ple-minded lad, violently sensi- 
tive about his facial birthmark 
which gives the play its title, 
who murders his brother for 
not being the golden boy he 


envisaged: first we see the 
increasingly cracked Johnny 
by his brother's graveside on 
his release from prison, then 
the parents keeping funereal 
vigil by the body several years 
earlier, and finally the real 
relationship of the teenage 
brothers. 

Of the three scenes, only the 
last contains any inherent ele- 
ment of stage drama; the oth- 
ers, burdened as they are 
almost entirely with story tell- 
ing and recollections rather 
than any direct inter-action 
between characters, suggest 
that the play may have started 
its life as one of Ashton's 
numerous radio works. 

Rather than attempting to 
transcend these limitations by 
playing to the emotions and 
suggested complexities which 
the script does contain, Daniel 
Slater's lumpen direction tries 
to create drama where there is 


none: Neil McKinven’s Johnny, 
with his brother’s grave In 
front of him, addresses alter- 
nate sections of the audience 
as his dead sibling, for no 
apparent reason; and Anny 
Tobin, as the grieving mother, 
Theresa, is pushed into realms 
of archetype which the charac- 
ter cannot sustain. Only Jake 
D’Arcy has the courage 
entirely to refuse such reduc- 
tive direction and play There- 
sa’s husband, WiUie_, in the 
more natural register in which 
he is written; D’Arcy’s perfor- 
mance is at odds with those 
around him, but an admirable 
relief in itself. 

Only in the last half hour are 
McXinven and Shamus Gub- 
bins as idolised brother 
Tommy allowed to attain what 
should be the general tone of 
the play - an awkward inti- 
macy in which their empathy 
is undermined by moments of 


misnnris rs tanding and outright 
cruelty. However, both In 
terms of writing and perfor- 
mance it is too little, too late. 

This brotherly relationship is 
the foundation for a story, but 
remains a long way from expli- 
cating all that we have seen 
before; the actors’ perfor- 
mances elicit only frustration 


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at having sat through such 
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At The Cockpit until October 
29 (071 402 5081) 


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Saleroom/Susan Moore 

Furniture shines 


up its image 


N ot so very long ago. 

antique furniture - 
most especially the 
brown English vari- 
ety - occupied a genteel back- 
water of the international mar- 
ket. Suddenly it is centre stage. 
Now it Is not paintings but top- 
drawer furniture - and those 
decorative items the dealers 
and auction houses offer with 
it - that is being gift-wrapped 
with splendid catalogues, 
world tours and black-tie even- 
ing sales, and it is fiuniture 
that is riding a roller-coaster of 
spectacularly successful sales 
and record prices. 

In 1990 the J. Paul Getty 
Museum paid a record £8.6m 
for the so-called Badminton 
Cabinet; last year -a piece of 
English furniture, the “Angle- 
sey Desk”, made over £lm. In 
December, the collection of fur- 
niture. silver and other objects 
belonging to the couturier 
Hubert de Givenchy, again sold 
through Christie's, this time in 
Monaco, realised £17.67m. 

Its handsome catalogue 
included a separate volume, 
with a marathon 25-page cata- 
logue entry, for the great silver 
“Hanover Chandelier" made 
for George n to the designs of 
William Kent. The catalogue 
for the forthcoming sale of 
treasures from Houghton at 
Christie's in December prom- 
ises to be even grander. 

It seems that furniture and 
what used to be called the dec- 
orative arts are no longer the 
poor relations to painting and 
sculpture. The best have been 
accorded the dignity and status 
of works of "art", not “craft". 
Every aspect of design and 
manufacture is a subject of 
study, every detail of prove- 
nance recorded. Like the Rok- 
eby Venus or the Portland 
Vase, these masterpieces also 
take their name from the great 
houses or collectors who once 
claimed them. 

The changing status of furni- 
ture is due in large part to the 
coming of age of furniture his- 
tory. Enormous inroads have 
been made into the - still 
shadowy - world of cabinet- 
m along since the Furniture 
History Society was founded in 
1964. Now that it is possible to 
devote 25 pages to the descrip- 
tion, history, provenance, etc 
of a Kent chandelier or six 
pages to an ormolu Matthew 
Boulton mantel clock - the 
sort of treatment once only 
meted out to a great Picasso or 
a famous Old Master - who 
can flail to be impressed? 

It is not only the auction 
houses that have benefitted 
from the collecting public’s 
apparent susceptibility to 
glossy, authoritative cata- 
logues. John Hobbs, a former 
partner in the London furni- 
ture dealers Carlton Hobbs, 
believes the business really 
took off after the publication of 
its first exquisite, scholarly 
catalogue of stylishly pres- f 
ented furniture. The firm 
played a large part in estab- 


Moncy front antiquity 10 tbc present 
t(nk tmemaiteHttl show 
sponsored by the Royal Mint mJ 
British Numismatic Trade Association 
Thursday (3 October 15.00-19.00 
Friday 14 October UUXM8.00 
Saturday 15 October 10.00-1700 
LONDON MARRIOTT HOTEL 
Duke Street, Grusvenor Square,W I 

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lishing a taste for flamboyant 
Regency furniture, and for lev- 
elling out the difference in 
prices between exceptional 
pieces, be they French, Italian. 
Russian or English. 

Revealingiy. in John Hobbs' 
ambitious new venture in part- 
nership with Paris-based dealer 
Ariane Dandois - eight gallery 
spaces of impressive furniture, 
sculpture and works of art in 
the old Design & Decoration 
B uilding at 107 Pimlico Road - 
there are no less than three 
full-time researchers. 


G iven that English 
rather than Conti- 
nental furniture is 
rarely signed and 
poorly documented, the auc- 
tion houses have astutely 
focused on provenance. Recent 
auction successes have 
revealed that 20th-century 
provenances can be made as 
enticing as those of the 18th. In 
1991 Christie’s sold the Sam 
Messer collection for £7.7m, 
doubling the pre-sale estimate 
and establishing a record for a 
collection of English furniture. 
Its catalogue essay outlined 
the important role of the furni- 
ture historian and connoisseur 
F.W. Symonds on post-war col- 
lecting. Now it seems that any 
piece from a Symonds collector 
or collection is charmed and 
destined for great heights. 

The Messer sale was a turn- 
ing point It re-established a 
taste for rich and restrained 
carved Chippendale furniture 
that seemed particularly appro- 
priate to the new decade. The 
trade was alarmed by the 
gung-ho estimates. Messer's 
splendid George in commode 
attributed to Chippendale bore 
an estimate of £250,000-350,000; 
the hammer came down at 

£850,000. 

At the Geoffrey Blackwell 
sale in 1992 - another Symonds 
collector - estimates were Car 
from conservative. Even so, a 
George II walnut mirror esti- 
mated at £20,000-30,000 was 
knocked down at £85,000, a 
George II burr walnut kneehole 
dressing table (estimate 
£40,000-50,000) at £125,000. In 
July, a George n walnut card 
table that had belonged to Per- 
rival Griffiths. Blackwell and 
Sir James Caird, fetched 
£120,000 hammer, four times 
the lower estimate. 

These extravagant prices beg 
the question that if the auction 
room is the best place to sell a 
great piece of furniture, can it 
be the best place to buy? The 
furniture market may be in 
danger of over-heating. No one 
would benefit from collectors 
and dealers left with a glut of 
over-expensive, unsaleable fur- 
niture on their hands. But 
unlike the overblown Impres- 
sionist market of the late lSSOs. 
it is still not possible to buy a 
piece of furniture in January 
and sell it at a profit in July. 


'ST. JOSEPH’S^ 
HOSPICE 

UAAEST. HACKNEY, LONDON ES4SA 
CUrU.Ni.niE]) 

So many arrive as 
strangers, weary of pain 
and fearful of the unknown. 
They gladly stay as 
friends, seam in the 
embracing warmth, fortified 
and cherished to the end 
with the help of your 
graceful gifts. 

I thank you kindly 
on their behalf. 


Sister Superior. 





XX WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER S/OClOBER ^ g 


BOOKS/ARTS 


Private 
passions, 
public lives 

Clement Crisp abhors the 
muck-raking in recent biography 


“1 don't care what people do, so 
long as they don't do It in the 
street and frighten the horses''. 


T he comment was 
made at the time of 
Oscar Wilde's trial, 
and what an admi- 
rable rule it could 
still prove today, when the 
publisher’s office is mistaken 
for the confessional, and rub- 
bing the reader's nose in the 
dirt is the justification for a 
good advance on royalties. 

Once upon a time there was 
something called private life. It 
was no-one's business what 
people got up to unless they 
left the bedroom and the 
horses (and the moralists) 
reared up in alarm. No longer 
so. if stage or screen or sport - 
or, heaven help us. politics - is 
your stamping ground. The 
new style biography is a lubri- 
cious bore. “Prurience pays" is 
tbe rule, and dirty linen 
(chiefly bed sheets) is washed 
and bung out for all too see. A 
recent cartoon in The New 
Yorker put it succinctly: it 
showed a hack at his type- 
writer with the muse at his 
elbow urging "More sleaze". 

In these dark days for life- 
stories, the real vice anglais is 
not an addiction to the whip 
but to the keyhole. The kiss- 
and-tell brigade is everywhere, 
though bang-and-boast is a bet- 
ter name. Even without the lat- 
est royal romance - whose 
author should perhaps have 
called herself Doris Pasternak 
- there has lately been a vul- 
gar recounting of Pamela Har- 
riman's life in barely-readable 
Time-speak, and the tasteless 
garrulities of Sarah Miles are 
now available in The Times. 
Muck-raking is replacing aero- 
bics as fashionable exercise; 
readers are forced to be voy- 
eurs. We live in the age of 
zoom-lens biography. 

Now come the stories of two 
celebrated male dancers, Rud- 
olf Nureyev and Irek Muk- 
hamedov. with authors eager 
to tell all. I am increasingly in 
favour of biographies that may 
he said to tell nothing, and 
keep the skeletons in the 
closet (Is it not high time a lot 
of things were forced hack into 
the closet from which they 
have emerged?). The discretion 
that marked Margot Fonteyn's 
autobiography, with no men- 
tion of intimacies, did not pre- 
vent its being a wonderful 
record of her life, and one 
which later, grubbier revela- 


tions do not diminish. It is the 
secrets of her artistry, not her 
amours, which are of public 
worth. Her friends knew of her 
loves and maintained a silence 
about her personal life, which 
says much for them, and for 
her own grace as a woman. Yet 
in Peter Watson's Nureyev, we 
are told of her pregnancy by 
Nureyev, and of an allegation 
that she "took out a contract" 
to kill the man who had shot 
her philandering husband, 
Roberto Arias. The value - and 
the credibility - of this stuff 
escapes me. 

With serious creative talents, 
sexual nature must bear 
strongly upon the products of 
that talent. But to be force-fed 
the storms and traumas of 
Mukhamedov’s first marriage 
in Jeffery Taylor's biography, 
or to learn from Peter Watson 
of Nureyev's bath-house part- 
ners, seems to me both crass 
and unnecessary. Sexual gossip 
may have some passing inter- 
est as social comment, but for 
the most part it trivialises 

more than it enlightens Does 
it make any difference to our 
understanding of Mukhamedov 
as a superlative dancer to 
learn that a "minder” tried to 
climb into bed with him in 
Northampton, and was beaten 
off? Do we learn more about 
Nureyev by knowing that in 
Hollywood's gay community he 
W 2 S called Tbe Great Vaselino? 

Peter Watson's Nureyev 
(Hodder & Stoughton £20. 470 
pages) is by turns fascinating 
and exasperating. It combines 
admirable research about 
Nureyev's Russian years - 
some gleaned from KGB files - 
with material of the flimsiest 
interest about such individuals 
as Andy Warhol, at which 
moment it becomes a narrative 
auditioning for the front page 
of the cheapest tabloid. 
Nureyev was a promiscuous 
homosexual, haunting bars 
and bath-houses. His later 
years, fighting against disease 
and the decline of his physical 
powers, are tragically set 
against the Aids plague. 

His sexual identity was sig- 
nificant. but it was only one 
aspect of a driven personality 
that lived most truly on stage. 
Performance and applause 
were his drugs, and everything 
came second to them, even the 
wild round of his passing con- 
quests. Apart from the classic 
dance, his greatest love was 
that balletic Apollo, Erik 
Bruhn, and their vexed rela- 



Artists and their artistry, not their amours, are of enduring significance: Margot Fonteyn with Rudolf Nureyev 


tionship - Nureyev as both 
lover and as challeng in g and 
destructive rival - is well told. 
Yet there is an element of 
lubricity in the narrative, of 
gossip for discreditable gossip's 
sake, that I find unnecessary - 
not least in sections dealing 
with Fonteyn’s life. 


A serious problem, 
too, is that Wat- 
son gives little 
evidence of 
understanding 
the ballet world in which his 
subject was so central. The 
book should have been edited 
by someone competent in 
dance matters to remove the 
abu n d an t errors in name and 
fact. 1 must also note that Wat- 
son’s account of Nureyev's last 
appearance on the stage of the 
Paris Op&ra, after the first 
night of his Bayadere, minim- 
ises the dignity of his behav- 
iour, which I saw. He was 


indeed supported by two of the 
dancers, but his final salute 
showed him princely still in 
gesture, and undefeated. 

His last months are best 
understood through the beauti- 
fully written and piercingly 
observed account by Rudi van 
Dantzig, the Dutch choreogra- 
pher, who visited Nureyev in 
the Quai Voltaire flat where he 
died. It was printed in the pro- 
gramme book for a London 
gala in Nureyev’s memory in 
March this year. The dignity 
and precision of its writing 
make this book seem meretri- 
cious, and the use of chatty 
captions for the photographs - 
“Douce F!rancols, who once 
dressed as a man to get into 
Rudolfs good books” - is not 
without significance. I suppose 
it is the sort of hectic memoir 
Nureyev’s life off-stage mer- 
ited. The grander story of his 
art on stage has yet to be told. 

Whether Irek Mukhamedov 


should have countenanced Jef- 
fery Taylor's “authorised” 
biography (Fourth Estate 
£1&99, 237 pages) Is also a mat- 
ter where art and gossip con- 
flict His life, like Nureyev's. 
brings insights into the secre- 
tive world of Soviet ballet and 
into the shaping of a superla- 
tive talent But Mukhamedov 
is still in his prime, a dance- 
actor of astonishing power and 
sensitivity. His ability to move 
from the Bolshoi Ballet's soar- 
ing heroes (Spartacus and their 
ilk) to the soul-searching chal- 
lenges of MacMillan's Arch- 
duke Rudolph or the Foreman 
in Judas Tree is testimony to 
his rare gifts. These will 
demand proper analysis - but 
not yet, and Taylor does not 
essay it Instead we are offered 
a seething account of Muk- 
hamedoVs first marriage. It is 
of quite staggering lack of 
interest 

We are at the keyhole again. 


N early everything 
about Hal Prince's 
production of Show 
Boat, which opened 
on Broadway last Sunday, is 
huge: the budget SS.5m; the 
cast over 70 performers and 
30 musicians; the venue, the 
cavernous Gershwin Theatre; 
the ticket prices, topping at 
$75, a new Broadway high; the 
hype, a blitz of TV, radio and 
print advertisements; and the 
expectations. With only one 


Show Boat steams into Broadway 


other major opening this 
autumn (Lloyd Webber’s Sun- 
set Boulevard). New York is 
hungry for a hit 
So why is Show Boat’s emo- 
tional impact so small? The 
problems are not musical. 
With a company of marvellous 
voices. Prince's production is a 
celebration of Hammerstein 


ROYAL FESTIVAL HALL 

Mon BBC SYMPHONY ORCH Andrew Davis (cond) Jonn Alor (tan) 
10 Oct Phllhnrmonla Chorus, Now London Children's Choir. Berlioz Ov. 
7 JO Los francs Jugns; To Deurn: Kalla Sooriaho Du Crtstal (isl pert.} 

Sponsor, Long Rover. CIO (unraaanwd) <CS cones) BSC Radio 3 FM 

Tuo ACADEMY OF STJMARTIN IN THE FIELDS Sir Neville Msrrinor. 
n Oct Christian TotrioH. Doutscho Romandk. Sally Beamish Walking Back 
7 JO f 1 si psrfJ:Mendol3*ohnVTn Cone; Schumann Sym No.*. 

Spons. N ud ear Elacfflc pic C9 ASM lOrch) Lrd 

Wed PHILHARMONIA ORCHESTRA Leonard Slstldn (coed) Kathleen 

12 Oct Bonla. Mozart Exsuliaio JubSois; Ov. Ou Entfdhnmg aua dam Serail; 
7 JO Previn Honey and Run; Mahler Sym no.i. 6pm: John Amts talk. adm. 

Iroo with cone ticket. £28. C2 2. Cl 7. £10 . 05 -Phil Ltd 

TtW ROYAL PHILHARMONIC ORCHESTRA 

13 Oct Sir Charles Mackerras (cond) Jeffrey Bryant (hom) 

7 JO Mozart Symphony No. 39; Strauss Horn Concerto No.2. Symphonia 

Domaalca- E27.eg1.El6.E10.es -RPOUd 

Frl ' PHILHARMONIA ORCH Loonard Slatkfn, Katla « Marielle 

14 Oci Lohfrquo. Schuller 7 Studies on Thames of Paul Klee; Poulenc Cone 
7 JO lor 2 poos; Sstnt-SaSns Sym No.3 (Organ) 6pm: John Aims talk: edm 

tree by cone ackoL C58. £22, £17. CIO. ES *PhU Ltd 

HHBMBMH QUEEN EUZA6LTH HALL 

Sat EYNSFOHD CONCERT BAND wtth Cash* Point Bras* Band. 

B Oct Inc *»ks By Walton. JaggortRichards. LennorUMcCartnay, Grogaon. 
7.45 John williams. Cscavas. Rossini. Walton. 

ca, CT. C6 ‘ECB 

Mon BARCLAYS MUSIC THEATRE AWARDS 

10 Oct Britain's most promising young actors, singers & dancers m a lesttval crl 
au Day musicals, shows, ravuos and music thoous. 1 pm Juniors. 

5. t S pm Seniors. CP. 50. CS each ctaas. Westland Aasocs Ltd 

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7.45 SchOenborg Throe Places. Op.li: Sin Uroe Pieces. Op.t 

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jrf CUARTTTO PATKfA Cuba's most celebrated original son quartet. 

14 Oct Their acoustic mLr of guitars. Bass A percussion Mi at the root of Salsa 
7.45 UK debut. Unmissable lor anyone with an interest m Loan American 

music. CIS. CIO. £7.50 Como Not 


and Emm’s classic score which 
includes such favourites as 
“Can’t Help Lovin' Dat Man”, 
“Make Believe”, “You Are 
Love”, “Bill”, and “OF Man 
River”. Tins last as sung by 
rich-voiced Michel Bell, brings 
down tbe house. Bnt the pro- 
duction fails to disguise the 
musical’s dramatic faults, 
which remain as evident on 
Broadway as they did at the 
production’s opening in 
Toronto a year ago. 

Show Boat written in 1927, 
follows 20 years in the lives of 
an extended show-business 
family on the Mississippi pad- 
dle-steamer, Cotton Blossom: 
the bickering father and 
mother. Cap’ll Andy and Par- 
thy Ann; their innocent daugh- 
ter, Magnolia, who is swept 
away and eventually done 
wrong by tbe charming but 
raffish gambler, Gaylord 'Rav- 
enal; and the boat's leading 
lady, Julie, who is driven off 


the ship when she is revealed 
to be of mixed race. 

This introduction of serious 
social issues - racism, gender 
politics, family conflict - into 
musical comedy was to revolu- 
tionise musical theatre. Nearly 
70 years later, however, the 

Karen Fricker 
reviews Hal 
Prince's 
production 

innovation that it triggered 
has left Show Boat way 
behind. There are levels of 
realistic human behaviour and 
dramatic resolution we bave 
come to expect from our musi- 
cals and Show Boat simply 
does not deliver. Characters 
serve as representations of 
ideas rather than complex. 


LONDON INTERNATIONAL ORCHESTRAL SEASON 

TOKYO PHILHARMONIC 

KAZUSHI ONO: Conductor 

© RAPHAEL OLEG: Violin 

Strauss Don Juan 
Prokofiev Violin Concerto No.2 
Matsuo Phonosphere I 
Ravel Daphnis & Chfoe, Suite No.2 

ROW FESTIVAL HALL SUNDAY 23 OCTOBER 730pm 

Tickets E6 - £25 Box Office/CC 07 1 -928 8800 
Presented by Van Waisum Management 6 The South Bank Centre 


believable people; and motiva- 
tions and emotions are left 
tronbtingly unexplained — as 
with tbe show’s ending, in 
which Magnolia takes Ravenal 
back, 25 years after he walked 
out on her, with not so much 
as a raised eyebrow. 

Prince has skilfully updated 
the show’s treatment of race 
by removing references that 
contemporary audiences might 
find blatantly offensive (the 
first word of the show is no 
longer “niggers” but “colored 
folk”), while not covering up 
the racial inequality that was 
a fact in America during the 
time the show is set But 
attempts to beef up tbe show's 
flimsy characterisation are too 
few. We could use many more 
touches' like the moment 
added by Prince in which 
Julie, who disappears without 
expl ana tion from the original 
musical, appears briefly late in 
the second act washed-out and 
dissolute. 

Far from advancing plot and 
character, the show's few 
scenes of dialogue wander and 
drag, particularly those 
between John McMartin and 
Elaine Stritch as Cap'n Andy 
and Parthy Ann, who tarn in 
tbe show's least convincing 
performances. McMartin over- 

Chess No 1042: 1 . . . Bg3+! 2 
Ke4 gxf5+ 3 Kxf5 Bb8 4 Ke4 h4 
5 Kf3 h3 tf K£2 Bh2f keeps out 
the WK and wins. 


Cabaret set 
for revival 

L ondon swings! Oh no the Green Boom 

It doesn’t Of all the there havo been intnKUH 
major cities of the bookings: songwriter Juun 
“rid is Webb far erara* M well 


reluctant witnesses to other 
people's quarrels. In the real 
world there is little so off-put- 
ting and tasteless; on the page 
it is massively tiresome. Bad 
behaviour is a bore, and 
hugely as I admire Muk- 
hamedov tbe dancer. 1 cannot 
believe that these marital 
storms are significant when 
considering his artistry. 

What Taylor has done is to 
inflate a Sunday supplement 
article about a great Soviet 
dancer adjusting to the West 
into a narrative bloated with 
passion and recriminations. 
The book’s value lies in its 
first-hand account of Muk- 
hamedov growing up, with less 
than encouraging detail of life 
and political in-fighting at tbe 
Bolshoi. But it is premature as 
biography, and uninteresting 
save in placing Mukhamedov 
In his artistic setting. It serves . 
this great dancer less well that 
his talent deserves. 


plays the Cap’n as an addled, 
fey, pathetic showman (as did 
Robert Morse, whom he 
replaced during the show’s 
Toronto ran), and Stritch’s 
anmistakeably contemporary 
persona makes her presence 
on the Cotton Blossom a com- 
plete anachronism. The 
remaining central performers 
- Rebecca Luker, Mark 
Jacoby, Dorothy Stanley. Joel 
Blum, and Michel Bell - are 
attractive and in excellent 
voice; buttery-voiced Lonette 
McKee particularly stands out 
as Julie. 

This is Prince’s first produc- 
tion of an existing musical - 
he made his name with his 
roles in the creation of such 
new musicals as Sweeney 
Todd. Company, Phantom of 
(he Opera and Kiss of the Spi- 
der Woman - and it is perhaps 
his distance from tbe material 
which has contributed to the 
Show Boat’s stately pace and 
reverent tone. The few typi- 
cally Princean directorial 
touches add welcome life: set 
changes are executed in frill 
view of the audience; supernu- 
meraries move constantly on 
the periphery or the action; 
costume and dance montages, 
joyfiilly choreographed by the 
ingenious Susan Stroman 
(Crazy for You) provide the 
show’s most effective and 

entertaining moments. 

For those for whom price is 
no object, a ride on this float 
mg musical theatre museum 
would surely not be a waste. 
The rest, be advised: the cast 
album, on Livent Records, 
costs only $11.95. 


L ondon swings! Ob no 
it doesn’t Of all the 
major cities of the 
world London is 
among the most dreary and 
unimaginative when it comes 
to night life. Anyone who 
fancies a well-rounded 
celebration - a good meal, an 
exciting cabaret and then a 
lively, or romantic, dance, had 
better get real. 

It is not so bad if you are 
under 30. In fact these days it 
is quite lively. There are the 
proliferating comedy dubs for 
a start, and if you are young 
and smart you can spend your 
evenings queuing up outside 
dance clubs, waiting to be 
rejected by the all mighty 
doormen. 

But anyone falling at this 
hurdle, and committing the 
even greater sin of maturity, 
faces an impoverished choice. 
Where are the gay night dubs 
of the 1920s and '30s, even of 
the ’40s and ’50s. All long gone. 
If you like jazz, Ronnie Scott’s 
is as reliable as ever, certainly 
the jokes are unchanging. At 
Pizza on the Park, you get to 
hear some half forgotten 
names in comfort (Julie Wilson 
is currently there). But 
traditional cabaret ha unts are 
almost as extinct as white ties 
and tails. 

In recent months there has 
been another attempt to lure 
the middle aged, middle 
classes, out at night. Hotels 
like the Dorchester and the 
Lanesborough have joined the 
Savoy in adding a torch singer 
to the traditional background 
pianist, at least at weekends. 
And the Cafe Royal has gone 
all the way. creating the 
Green Room, a cabaret spot 
where you can also dine and 
dance. 

The Green Room has been 
going for a year now. and 
recently had its first sell out 
season with the Three Degrees. 
Much encouraged, it is booking 
acts well into next year. The 
choice is worryingly eclectic, 
throwbacks to British 
television of the 1960s. like the 
Bachelors, jostling alongside 
such greats as Bobby Short, 
the American cabaret 
performer who keeps alive tbe 
tradition, of Coward and Hutch; 
and Freddie Cole, brother of 
the more famous Nat 
In a way this sums up the 
Green Room: while Barbra 
Streisand was selling out 
Wembley at £250 a ticket her 
sister Roslyn Kind was playing 


the Green Room at But 
there havo been intriguing 
bookings: songwriter Jimmy 
Webb for example, as well as 
sightings of such long lost 
stars as Frankie Vaughan and 
Sasha Distal. 

What can you expect from a 
visit to the Green Room? Well 
the cost is fixed - £4S for meal 
and cabaret, £20 for the show 
alone. But no one goes to the 
Green Room for the food. The 
action starts around 9.15pm; 
the lights go down, blotting 
out the fact that by day the 
Room hosts conferences of 
brand managers; and a star 
appears. 

Until October 15 it is Tony 
Martin. Yes, that Tony Martin, 
the romantic Hollywood lead of 
the 1940s who crooned to such 
leading ladies as Judy Garland, 
Shirley Temple and Lana 
Turner, and who ended up 
marrying one of them. Cyd 

In search of night 
life . Antony 
Thorncroft finds 
Tony Martin at 
the Green Room 


Charisse. The Tony Martin 
who introduced Begin the 
Beguine and for whom Jerome 
Kem wrote “All the things you 
are". 

He is in amazing shape and 
the finest vocal fettle. The face 
and the hair might be works of 
science rather than nature but 
his vocal range and breath 
control are staggering. For 
Tony Martin is galloping 
towards his 82nd birthday, 
and needs absolutely no 
critical favours. Unlike a 
younger rival, Sinatra, he 
remembers the lyrics; he has 
also learned new songs, like 
“The wind beneath my wings'*. 

That Is the attraction of 
cabaret. It might be a dying art 
form, but watching Martin 
with his anecdotes about 
Irving Berlin, and his obvious 
pleasure in still hitting and 
holding the notes (“'All the 
things you are’ is an octave 
plus five”, he points-out), gives 
you a last, lingering, look at 
one of the 20th century's 
greatest artistic heritages. 

Tony Martin is at the Green 
Room. Caffi Royal nntil 
October 15. (071 437 9090) 


The Official London Theatre Guide 

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‘BRIAN KAY’S SUNDAY MORNING.’ MUSIC AND REQUESTS. 9:00AM 







^FINANCIAL TIMES WEEKEND OCTOBER 8/OCTOBER 9 1994 


WEEKEND FT XXI 


BOOKS 


J nHan Critchley was in Par- 
liament for a very lone 
time. He watched the Tory 
Party change (the euphe- 
mism is “adapt'’) and did 
not much like what he saw. So for 
historians he Is a valuable source 
We enjoy the boons of his literary 
style and his powers of observa- 
tion: there (in 1962) is the prime 
minister “who would attend upon 
the ’22 (Committee) with difficulty 
nervonsly fingering his Brigade 
tie". But 30 years later it was “pull 
up our socks" and “we’ve got work 
to do.” 

As a diarist, an Impressionist 
really, the author has this delight- 
ful light touch which, tike a water- 
colour by Cezanne, is so delicate in 
Its use of colour as to please the 
connoisseur but leave (perhaps) the 
philistine puzzled or impatient. 
(This was also true of much of the 
way Critchley commented and con- 
ducted himself in Parliament, I 


may say.) Take this introduction to 
a visit to Harold Macmillan: 
u . • . Birch Grove, a modern country 
house the back of which abuts on 
the Bluebell Line, a preserved 
steam railway often to be glimpsed 
on television." 

Future students will be able to 
write a whole doctoral thesis on 
Critchley’s economy of language, 
and the gentle tone of mockery 
which pervades his treatment of 
even the most sententious topics. 

Here be is on one of the “safest” 
bits of his own constituency: 
“Fleet, a curiously doll early 20th- 
century planned town where 
retired Colonels and their ladies 


bang like an army of bats in- the 
month of some Goanese cave." 

At one point the author falls fool 
of Lord Grimston, a nonentity who 
chaired the Carlton Club (foolishly 
and youthfully Critchley had enter- 
tained Jo Grimond to lunch there). 
Critchley was summoned to apolo- 
gise and an appointment was 
agreed, A Lucky Jim sequence fol- 
lowed. Pouring rain, no taxis, no 
buses, oo (after some hour and a 
half) Critchley. A cress note from 
Grimston awaited him when finally 
he turned np. But the episode la 
neither enlarged on nor subse- 
quently referred to until much 
later. Critchley (at that time pretty 


A BAG OF BOILED SWEETS 

by Julian Critchley 

Faber £17.50. 256 pages 


broke, no longer an MP and now 
writing about wine) brings into the 
dub as a guest Cyril Bay, a tiny 
left-wing twerp who also postured 
as a wine buffi “...luckily there 
was no sign of Lord Grimston”. 

Rancour, that chemical insepara- 
ble from the human condition, 
especially when In introspective 
“mode". Is almost entirely absent 
Only two colleagues are categorised 
as “nasty bits of work". George 


Wlgg, who undoubtedly was one, 
and the hapless Robin Maxwell- 
Hyslop (whom I always found 
eccentric and combative but none- 
theless “a good sort"). Michael 
Heseltine, whom poor Critchley 
was deluded into thinking of as his 
“best friend" (there is a revealing 
description of Critchley being 
slowly frozen out from both the 
house which they shared and the 
job to which Heseltine had 
appointed him) is confirmed as cal- 
lous and single-minded but (my 
interpretation) so obsessionally 
egocentric that even the Tory 
Party, when it came down to it, 
would do anything to avoid having 


him as leader. 

There is a profusion of anecdote. 
Some, many, we have heard before, 
bnt they continue to give pleasure 
being literarily Homeric. They have 
entered into myth, and enjoy con- 
tinuing and adaptive embellish- 
ment 

One omitted, and worth recount- 
ing because it may illuminate bis 
“difficult” relationship with the 
then prime minister, is from a din- 
ner held in 1988. There is a photo- 
graph in the book which the author 
has pleasingly and characteristi- 
cally captioned “the remnants of 
the 1959 intake (’quite ... the worst 
of my experience’ - RA Bntler). 


Hie woman in the middle is Mrs 
Thatcher.” At the conclusion of 
this meal Julian had the tricky! sh 
task of introducing the prime min- 
ister. “Margaret, what can 1 say 
about you that has not been said 
already?" 

Acknowledging this, in that spe- 
cial sugar}’ tone which she reserved 
for those whom she disliked, the 
prime minister opened “Julian, 
what can 1 say about you which 
you haven’t said already?" 

And I suppose that much of this 
delightful book has, by the author 
himself, been “said already." But it 
is lovely to have it all under one 
coven the testament of a clever, 
witty man who loved politics but 
was doomed to rejection. Critchley 

mourns the transition of his party 

from Knights of the Shires to 
Estate Agents and Motor Dealers. 
Bnt reading him carefully will 
reveal that the author was too fas- 
tidious for acceptance by either. 


A temperate look at the Tories 

Alan Clark enjoys the reminiscences of a witty man doomed to rejection by the party leaders 


Identity 
^crisis in 
the US 

T he best way to find 
out what people are 
t hinki ng is to go out 
and ask them. 
Haynes Johnson, a journalist 
on the Washington Post, has 
applied this simple maxim - 
too often forgotten by those 
who work in the metropolis - 
to build up his portrait of an 
America bewildered by decline 
and wracked by pre-millennial 
tensions. 

His wide-angle lens captures 
a middle class defending past 
gains behind security gates 
while city services and schools 
collapse, medical costs soar, 
crime, guns and drugs prolifer- 
ate and jobs are lost to over- 
seas competition and post-Cold 
War defence cuts. 

The citizens of the US are 
suffering an identity crisis, 
Johnson finds, in a society 
where race and gender are 
overwhelming the sense of 
American-ness. “At present the 
forces that divide America are 
greater than those that unite 
us." Yet, he concludes, he is 
Aiat writing the obituary of the 
American Dream, only describ- 
ing an interlude in its reclama- 
tion. 

Their testimony suggests 
that Americans are no longer, j 
seeking scapegoats for their | 
ills. They are finally waking up | 
to the fact that they have been 
spoilt by post-war prosperity 
and must now take a cut in 
living standards. They are 


DIVIDED WE FALL: 
GAMBLING WITH 
HISTORY IN THE 
NINETIES 

by Haynes Johnson 

W. W. Norton £19.95. 451 pages 


waking up to the consequences 
of their tax-strike and credit 
binge while the budget deficit 
exploded: to their strike 
against a federal government 
they had been taught to 
despise as wasteful and 
malig n ; and to their regicidal 
treatment of their own presi- 
dents. 

Johnson details the early 
pratfalls of Bill Clinton’s 
administration but seems to 
find this president very much 
in tune with middle America, 
with ordinary folk who have 
been chastened by the gung-ho 
market worship of Ronald Rea- 
gan and bis business backers 
and who now yearn for old 
community values. They talk 
less about their rights, more 
about their duties. 

A judge in Oakland, Calif- 
ornia, says of the homeless: 
“We used to recognise that we 
have a moral responsibility to 
these people. Now the idea 
seems to be, if / can make it, 
they win make it." A woman 
welfare officer in Maine who 
resigned in protest at cuts 
says: *Tve always seen myself 
as a public servant, and now I 
don’t have that any more, so 
rm not sure what I am. That 
brings tears to my eyes." 

Americans, the rest of us, 
m3y derive morbid pleasure 
from wallowing in their own 
problems and no doubt John- 
son, in this sequel to his book 

on the 1980, Sleepwalking 

Through History, found it all 
too easy to gather the testi- 
mony he wanted. Yet his inter- 
viewees’ comments are too stri- 
king, their message too 
persistent to be dismissed as 
mere grumbling. 

There is a danger of repeti- 
tiveness os well as bias in this 
form of instantaneous history. 
But the author’s knowledge of 
the political and economic 
story', his command of support- 
ing facts and the doggedness or 
his quest add up to a convinc- 
ing and by no means uniformly 
depressing snapshot of the 
American mood. If these citi- 
zens are typical. Americans 
have learned to express what it 
is they need, not merely what 
they want. Perhaps they will 
now persuade Congress to ban- 
ish the lobbyists and let a 
reforming president get on 
with the job of providing it. 

Christian Tyler 



The Sthrar Hoop Number at the Roxy Theater, New York, photographed by Jack Partington in 1938 - from "The Fugitive Gesture Masterpieces of 
Dance Photography", horn classical baOet and can-can to the Lindy Hop, by Wffiam A. Ewing (Thames and Hudson £1096 paperback, 240 pages) 


Diarist with a 
dramatist’s ear 

J.D.F 1 Jones on Alan Bennett , thirty years on 


A lan Bennett must 
be chuffed to 
read his publish- 
er's announce- 
ment on the 
Jacket of Writing Home that he 
is “one of Britain's best-loved 
writers". From Beyond The 
Fringe to National Treasure in 
30 years! The journey from a 
Leeds butcher’s shop to the 
trenchest intellectuals’ street in 
London surely goes to prove 
what a splendid, upwardly-mo- 
bile country this can be. "Best- 
loved 7 Oh dear .. . 

It helps, of course, if you 
have a wonderful talent to go 
with the sort' of determination 
and sheer bard work that you 
cannot quite hide beneath the 
timid , cardiganed ftnagw Ben- 
nett, now an unbelievable 60, is 
a great wit and a playwright 
and a performer and a diarist, 
working in theatre, television 
and print with almost equal 
sMU. and he deserves every bit 
of his celebrity (not to mention 
Britain's love). 

Writing Home is a compen- 
dium. It contains a selection 
from his diaries of the 1980s, 
repeats of his pieces in the 
London Review of Books (most 
famously The Lady in the Van. 
his memoir of nutty Miss Shep- 
herd, whom he allowed to park 
in his garden tor 15 years), and 
odds and sods of journalism, 
scripts, reviews, plus one-off 
appearances like his brave 
speech at the memorial service 
tor his friend Russell Harty. 

Because much of Writing 
Home has already appeared in 
print elsewhere, most attention 
is going to be paid to the 
extracts from the diaries. Ben- 
nett has been keeping a regu- 
lar if not daily journal for 25 
years, of course; these pages 
from 1980 are no more than a 
careful selection. The extracts 
are invariably either very quot- 
able or very funny, and often 
both - they are the sort of 
thing you are constantly 
tempted to read out to your 
companion - but I cannot help 


feeling that published diaries 
need to be complete, or at least 
much fuller than this, to 
achieve their full impact. 

It used to be rumoured in 
N.W.l that the Bennett diaries 
would eventually be published 
posthumously and in full, in 
all their embarrassment and 
delight: Faber might remember 
that This is, of course, just one 
way of my saying that we 
would like more of the same. 

What we have on display 
here, not just in the diaries, 
are, first, a constant and mag- 
nificent wit (asked by the BBC 
for a comment on Pinter’s 50th 


WRITING HOME 
by Alan Bennett 

Faber £ 17.50 , 417 pages 


birthday, he thought, too late, 
of proposing a two-minute 
silence: Lady Ottoline Morrell 
is described as “well-to-do and 
six foot two"; of Philip T-arkin. 
“Schweitzer in the Congo did 
not derive more credit than 
Larkin did for living in Hull"). 

Second, there is the English 
class thing, which includes 
nostalgia, nervousness, a sense 
of deprivation (“Class Isn’t 
what it was; or nowadays per- 
haps people's embarrassments 
are differ ently located”). There 
goes with this the gift of a par- 
ticular detailed memory - see 
his recollection of the child- 
hood experience of a Leeds 
tram ride. And for Bennett, 
timidity apparently goes with 
apprehension, sometimes 
expressed with alarming can- 
dour. “My nightmare when 
blackberrying for when I stop 
the car for a pee) is that I shall 
find the body of a child, that I 
will report It, and be suspected 
of the crime". Behind all this 
there is an instinctive radical- 
ism. The Gibraltar shootings 
and the Falklands war figure 
largely in the diaries: he 
knows, and explains, how, 
why, he hates, loves, England. 

Always, there is the drama- 


tist’s ear for quotation: “I am 
having supper at the Odeon 
(New York) when word goes 
round the tables that John 
Lennon has been shot This 
country of ours,’ sighs my 
waiter. ‘May I tell you the spe- 
cials for this evening?"’ The 
dramatist moves, inevitably if 
incongruously, among the good 
and the great - “Supper with 
the Waltons and Russell Harty. 
Wm Walton has asked me to 
write a companion piece for his 
one-act opera The Bear . . 
More interesting, on a later 
occasion, “Liz Taylor perched 
momentarily on my knee (and 
pretty uncomfortable it was 
too)." 

The serious point Bennett 
makes in his Introduction is to 
describe a tension between 
what he calls the metropolitan 
and the provincial modes In 
his writing; he puts this, rather 
movingly, in an anecdote of an 
absurd encounter in a Leeds 
street between his mother and 
T.S. Eliot (she is later told by 
her son of the Nobel Prize - 
*Tm not surprised. It was a 
beautiful overcoat”.) 

He seems to think that he 
has not yet closed the gap 
between Ms provincial (i.e. 
northern) and his metropolitan 
voices. I think he is wrong, and 
that if he never wrote another 
word, after Forty Years On. An 
Englishman Abroad, A Ques- 
tion of Attribution, Talking 
Heads, The Madness of George 
HI, and all the rest, not forget- 
ting his original creation of 
Mark Boxer’s The Stringalongs, 
he would be remembered as 
one of the very few writers 
who spoke for our mixed-up 
generation. He practises com- 
passion as well as wit. 

Like this. His mother had 
Alzheimer's towards the end; 
he would visit her in Weston- 
super-Mare. “There are sheep 
In the field. 'I know what they 
are,' she says, ‘but I don’t 
know what they are called.' 
Thus Wittgenstein is routed by 
my mother”. Wonderful 


Leviathan of the 17th century 

A.C. Grayling hails the writings of Hobbes; philosopher, scientist - and chrysanthemum 


A Chinese saying tells 
us that ^orchids l ear 
the Taylor-bird’s 
song, but chrysan- 
themums survive autumn's 
frosts”; which means that early 
developers fade early whereas 
late developers go from 
strength to strength. This is an 
optimistic saying; there is hope 
for us all yet 

Hobbes was a chrysanthe- 
mum. At the age of 46 he fell in 
love with geometry, and sud- 
denly blossomed into an intel- 
lectual giant; despite Parkin- 
son’s disease later, and 
perhaps because he sang to 
hims elf every night as a way of 
keeping fit (he said it cleared 
his lungs), he lived to the 
grand age of 92, producing sci- 
entific, mathematical and phil- 
osophical works which had a 
profound influence upon the 
birth of modern times. 

These two volumes consti- 
tute the first ever collection of 
Hobbes’s known correspon- 
dence, and their publication is 
therefore an important literary 


an d philosophical event. There 
are letters here between 
Hobbes and - among many 
others - Pierre Gassendi, John 
Aubrey, Marin Mersenne, Gott- 
fried Leibniz, Cosimo de Med- 
ici, and King Charles n, whose 
mathematics tutor Hobbes had 
been. Almost half have not pre- 
viously been published. They 
open a window onto many 
aspects of the 17th-century 
world; anyone interested in 
history, literature, politics, phi- 
losophy and the history of sci- 
ence will find them utterly 
absorbing. 

The editor of these hand- 
some volumes Is a man whom 
Hobbes and his correspondents 
would have recognised as 
someone of their own stamp: a 
fine scholar who nevertheless 


engages with the world outside 
the academy. Noel Malcolm, 
political correspondent on the 
Daily Telegraph and sometime 
Fellow of Gonville and Caius 
College, Cambridge, has done 
an outstanding job of transla- 
ting all the Latin, Greek, 
French and Italian in the corre- 
spondence, providing excellent 
introductory material and bio- 
graphical notices or Hobbes’s 
correspondents. A reading of 
the letters and this elegantly 
written apparatus amounts to 
an education in the history of 
17th century thought 
Hobbes's most famous work 
Is unquestionably the Levia- 
than. his great treatise of polit- 
ical philosophy. This work, 
together with the scientific and 
psychological theories he 


THE 

CORRESPONDENCE OF 
THOMAS HOBBES: 
VOLUMES I AND II 
edited by Noel 
Malcolm 

Oxford University Press £120, 
I00S pages 


developed in connection with 
it, made him celebrated 
throughout continental 
Europe, but a figure of obloquy 
in his own country - partly 
because of the virulent anti- 
clericalism of his ideas, which 
made him seem an atheist, but 
also because the conclusion of 
his political theory is an 
uncomfortable one; namely, 
that the best form of govern- 


ment is absolute rule by a sin- 
gle sovereign power. 

Hobbes based this theory on 
his view of human nature, of 
which he took a deeply pessi- 
mistic view. Humans, he said, 
are greedy, selfish and distrust- 
ful, and will prey upon one 
another unless they are 
restrained by fear of a coercive 
power. Civil society comes into 
existence to give people protec- 
tion against each other, each 
individual yields up. by con- 
sent, some of his liberty in 
return for security. But the log- 
ical terminus of this, Hobbes 
argued, is that full security is 
best achieved if there is a sin- 
gle absolute sovereign exercis- 
ing power over alL The sover- 
eign power might be a 
collective body, like parlia- 


ment, or a monarch. Hobbes 
preferred the latter, on the 
grounds that a monarch will 
not be weakened by internal 
divisions, as might happen in a 
collective body. 

By postulating human 
nature rather than religion or 
tradition as the ground of civil 
society, Hobbes thought he bad 
moved political theory into the 
realms of science. His ideas 
provoked strong resistance in 
many quarters, but his meth- 
ods proved influential; his reli- 
ance on reason and experience 
helped to free subsequent phi- 
losophy from its thraldom to 
scholasticism and theology. 

It is one of the oddities of 
national temperament that 
whereas Hobbes’s continental 
friends - many of whom, like 


Gassendi, were priests - were 
tolerant towards his attacks on 
religion, in England his views 
were regarded with horror. M 
1666, after the plague and Fire 
of London, people began 
looking for reasons why God 
was pu nishin g England, and a 
flurry of heretic-hunting 
began. A parliamentary com- 
mittee considered a bill 
“against Atheisme Blasphemy 
or Prophaneness . . . And in 
perticular ... the booke of Mr 
Hobbes called the Leviathan". 
Hobbes was saved from this 
threat, probably by Charles n. 
who was fond of him; but bis 
reputation as a maverick 
remained. 

Interest in Hobbes has been 
steadily reviving in recent 
years, and Malcolm's magnifi- 
cent edition of his correspon- 
dence will help to spur that 
process. No-one has to agree 
with Hobbes to appreciate his 
achievement; failure to under- 
stand this fact is one of the 
reasons why England is often 
so slow to applaud Its own. 


D avid Mamet's first 
novel is an assured, 
impressionistic, 
unhurried account 
of a year in the life of a remote, 
unnamed New England village. 
It h- ghw with a flurry of inte- 
rior monologues and colloquial 
dialogue from unknown and 
undescribed characters. The 
conversations are so oblique, 
and Mamet is so determined 
not to make life easy for us, 
that the initial effect is like 
being at a party where nobody 
fraitffi to you and nobody both- 
ers to introduce you to the 
other guests. This can be irrita- 
ting. not to say downright 
infuriating- But eventually the 
reader finds a point of access, 
starts to feel at home and to 
know who’s who and what 
they are talking about 
This is, as it were, an ensem- 


Fiction/Geoff Nicholson 

Seeking myth in dirty realist territory 


ble piece and there is no single 
protagonist but gradually we 
get to know the characters: 
Dick, who owns the local hard- 
ware store and is going slowly, 
tortuously bankrupt Henry, a 
newcomer to the village whose 
head is full of new man. New 
Age confusion; Maris, a youth- 
ful, sexual free spirit who 
comes to a nasty if inevitably 
ambiguous end. And there is a 
full supporting cast that 
includes wife-beaters, gun 
enthusiasts, hunters and story- 
tellers. 

The novel is set in an unspe- 


cified. though strangely dated 
and nostalgic present Charac- 
ters have phones and pick-up 
trucks for instance, but if there 
are computers or televisions or 
fax machines then nobody 
talks about them. Nobody goes 
to the movies or listens to pop- 
ular music, which is a shame 
in some ways because these 
people would learn a lot about 
themselves from watching, 
say, The Last Picture Show or 
from listening to almost any- 
thing by Bruce Springsteen. 

There are times when we 
appear to be in standard dirty 


realist territory, but other 
times Mamet seems to be 
yearning after something 
mythic rather than realist We 
have little sense of an outer 


THE VILLAGE 

by David Mamet 

Faber £14.99. 238 pages 


world. We do not know who 
the president is or what stage 
the cold war is at, but Mamet’s 
point would no doubt be that 
his characters' lives are little 
affected by such niceties, that 


they exist in a more elemental 
region. But Mamet does not 
quite achieve that mythic 
dimension, and perhaps that is 
largely because he wants it so 
badly. The strain sometimes 
shows. 

Of course. Mamet’s dialogue 
is a wonderfully ornate and 
artificial approximation of real 
speech d was remined of Ivy 
Compton-Bumett), and the 
detailed precision of his prose 
can sometimes sound like 
stage directions, but this is not 
some dilettantish piece by a 
successful Broadway and Hol- 


lywood writer flexing his mus- 
cles in a different genre. At a 
time when so many novels 
read like raw material for the 
movies, Mamet has found 
exactly the right form for what 
he has to say. 

The best parts of the hook 
are a series of virtuoso small 
scale set-pieces; a man chops 
wood; the same man gets lost 
while trying to ski home 
through the snow; a State 
Trooper has to tell a father 
that his son is dead; a hunter 
stands all day In one spot 
waiting for the eventual and 


certain arrival of a deer. 

However, much as one can 
delight in these scenes, the 
reader is left surprisingly 
unengaged by characters and 
events, a lack of engagement 
that Mamet himself seems to 
share. He displays an icy 
detachment from his creations. 
He may he God-like but he is 
distinctly unaffectionate. The 
end result is a novel that it is 
easy to respect but ray diffi- 
cult to love. 





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is 


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< a 
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XXII WEEKEND FT 


WEEKEND OCTOBER S/OC1 OBbl«. 9 IV I 


SPORT / MOTORING 


Motoring 


Future takes the stand, but will it hit the road? 


Stuart Marshall looks at all 
the prototypes , dotty and 
practical at the Paris motor show 


W hat is the 
star of the 
Paris Mon- 
dial de 1' auto- 
mobile that 
opened this week? Is it an 
exciting bat dotty Renault 
Espace incorporating a lot of 
Formula l racing car parts 
and claimed to be the world's 
fastest foar-seater? Or is it 
Xanae, a concept car described 
by its builder, Citroen , as "a 
house on wheels"? 

The 186 mph/300 kph 
Espace FI has a mid-mounted 
Renault VIO engine from the 
1992 and 1993 World Champi- 
onship winners, a semi-auto- 
matic six-speed gearbox and 
Williams racing car rear sus- 
pension. 

Renault says, tongue in 
cheek, that this first FI four- 
seater offers a “never to be 
forgotten motoring sensation’*. 
I am sure it does on a race 
track. One hopes no-one is 
ever tempted to stretch its legs 
on a public road. 

Unlike so many concept cars 
which burst upon the motor 


sbow scene like comets and 
then disappear just as quickly. 
Citrota’s Xanae (you say Zan- 
eye-eh) is a practical running 
prototype. It has the same 
chassis platform, 2.0- litre, 16- 
valve petrol engine and auto- 
matic transmission as a 
Citroen Xantia. The suspen- 
sion incorporates the active 
roll limitation system that 
impressed me so much when I 
tried it a few weeks ago (this 
column, 24 September). 

If the mechanicals are more 
conventional than state of the 
art, the body bristles with 
bright ideas. Although at 423 
cm (almost 14 ft) overall the 
Xanae is shorter than a Xantia 
and only a little longer than a 
ZX, up to five people find it 
spectacularly roomy Inside. 

The floor is completely flat 
and the body pillarless. When 
a front door and rear-hinged 
back door are opened, nothing 
obstructs people getting in and 
out The minor controls are in 
a height-adjustable cluster ou 
the steering column. 

A windscreen as steeply 



‘..v '"i t . . 

A Crtro&i Xanae concept can a house on wheels, between mufti-purpose vehicle and family saloon. 




slanted as that of a French 
TGV train extends into a 
transparent roof panel. Xanae 
would not. as one might 
suppose, become insufferably 
hot on a sunny day because 
the glass is heat reflective 
and air conditioning is 
standard. 


Citroen side-steps questions 
on whether Xanae will evolve 
into a production vehicle, say- 
ing it was created to test pub- 
lic reaction to new vehicle 
concepts. 

Elsewhere in the show there 
are four MPVs (multi-purpose 
vehicles), jointly developed 


with Fiat and node by PSA 
(Pengeot-Citroen Group). 
These MPVs are sold, badged 
as CitroSns, Fiats, Peugeots 
and Lancias, as “monobox” 
alternatives to normal large 
estate cars. 

In three or four years, I 
could see a car based on Xanae 


fitting nicely into the PSA 
product range below these 
MPVs and above the Citroen 
Xantia and Peugeot 306. 

The only obvious drawback 
to Xanae is an intimidatingly 
Ugh sill that would put the 
roomy but deep boot out of 
bounds to anyone who has a 


bad back - or is afraid of get- 
ting one. 

Ford is also showing a con- 
cept car based on an up to 
seven-seat MPV it has jointly 
developed with Volkswagen 
and which goes on sale next 
Spring. 

Zero emission vehicles are 
due to appear soon in Califor- 
nian showrooms to satisfy 
environmental protection leg- 
islation. Things have not gone 
that far in Europe. But even 
here the battery-electric car is 
moving from the impractical 
novelty stage into small-scale 
production. It will, though, be 
some time before they are sold 
in dealerships alongside petrol 
and diesel cars. 

At the Paris show, Peugeot 
has unveiled Ion, a 3.32 metre 
(130.7 inch) long, four-seat bat- 
tery-electric concept it thinks 
might be the ideal urban run- 
about of AD 2000. Like the 
Peugeot 106 and Citroen AX 
electric cars now being evalu- 
ated on a large scale in 
France, Ion has a nickel-cad- 
mium battery pack giving it a 
range of up to ISO km (93 
miles). Peugeot says Ion is 
only an exploratory project, 
but concedes that some of its 
interior and exterior styling 
ideas will be incorporated in a 


future town car. Bntons may 
«et a chance of seeing lob at 
our own International Motor 
Show in Birmingham later 
this month. 

Among cars being unveiled 
to the public at Paris are a 
dinni ng Alfa Romeo GTV Spi- 
der (successor to the car 
immortalised by Dustin Hoff- 
man in The Graduate} and the 
new Jaguar XJ saloons and 
their high-off-the-ground, 
four-wheel driven counter- 
parts. the luxurious new 
Range Rovers. Aston Martin 
has the first of its ravishing 
DB7s due to be delivered to a 
French buyer as the center- 
piece of its stand. 

Nissan and Honda arc mak- 
ing a splash with their new QX 
2.0-litre and 3.0-lltre VS-en- 
glned executive saloons and 
Civic five-door hatchbacks | 
respectively. Ford s odd 
looking Scorpio replacement is 
there, as are two desirable 
Putsches - a new 911 Carrera 
4 with all-wheel drive and a 
rear-wheel drive 911 with gear 
selection for its Tiptronic 
transmission by thumb button 
on the steering wheel. 

Mondial de l* Automobile at 
the Porte de Versailles exhibi- 
tion complex is open until 16 
October. 


Cricket 


In a giant’s footsteps 

Simon Hughes treads carefully as he follows Ian Botham down the road 


w 


hat, people 
ask, is Ian 
Botham up to 
these days? 
Here is a 
quick resume. He is trudging 
around the west coast of 
Britain for a month raising 
funds for leukaemia research. 
He will let the blisters calm 
down for a week then he is off 
to Australia and New Zealand 
to promote his book. My Auto- 
biography, before appearing 
alongside Rolf Hams in panto- 
mime at Wimbledon He will 
play one of Baron Hardup's 


men in Cinderella. Then he 
will change into his favourite 
jeans and T-shirt for a speak- 
ing tour of various countries 
with Allan Lamb. Then it will 
be summer again. “Basically 
there's not a spare day in the 
diary until about June," he 
said. 

But then Botham would not 
be Botham without activity 
(his name has even been used 
as an eponym - viz T was so 
angry I went totally Botham”) 
and he needs people around 
him; on the cricket field, by the 
river bank, on the B-roads of 


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north Wales where l joined 
him last week. Even in the 
middip of the night he likes 
company. 

Once, when we were both 
playing for Durham we were 
staying in a Nottingham hotel. 
I was asleep in a stogie room - 
a luxury on county cricket’s 
relentless circuit At 2am the 
phone went 

“Hi Yozzer. it's Beefy. Fancy 
some Burgundy to my room T 

“But it’s the middle of the 
night” I complained. 

Tm to the next room," he 
replied. “If you don't turn up 
HI kick your door in." 

So I did as I was told, and sat 
bleary-eyed, sipping and nod- 
ding for an hour or so while he 
held court and demolished two 
bottles. 

It has been said that Botham 
is either your best friend or 
your worst enemy, and that 
really Is the gist of it There 
are no grey areas — things are 
either black or white. Be loyal 
to him and he wOl be loyal to 
you, but tread on his toes and 
he will stamp on your head. 

I was very careful of his feet 
last Wednesday. They are 
doing nearly 5 mph for 22 days 
as he wends his way round the 
British coast from Liverpool to 
Somersetand one frightening 
sore - about the size of a bath 
plug - had Conned on his right 
heeL This is hardly surprising 
considering the speed he walks 
and the number of paces a day 
- about 36,000 by my calcula- 
tion. (Two years ago Gary 
Lineker walked with him but 
could not keep up, footballers 
are, of course, only used to 90 
minutes exercise at a time.) 

During the course of this, his 
seventh trek round the towns 
and villages of his homeland, 
Botham completed 3,000 miles 
and passed the £3m figure for 
sums raised on behalf of leu- 
kaemia research. Why does he 
do It? Heroism, insanity and 
compassion might be a reason- 
able summation. 


He loves the adulation from 
the public - the blue-rinsed old 
ladies, the housewives to bare 
feet, the classes of schoolchild- 
ren cheering at the side of the 
road - and they love to idolise 
him even if they toll to identify 
him. “Which one is he?" cried 
a woman in the doorway of a 
hairdresser’s as the caravan of 
tracksuited figures marched 
past 

Botham's support cast of 
dedicated volunteers ensures 
the success of the campaign. 
Two friends set up a stall to 
sell merchandise ahead of the 
party, while Gerry, his 
tother-to-law, announces that 
“the greatest sportsman to the 
world will be passing to five 


As Botham passes 
women wail: 
‘Oooh, Til give a 
fiver for a kiss’ 


minutes” over a loudspeaker. 

Mike Gatting is accompany- 
ing Botham for two weeks and 
takes on the task of directing 
the traffic that builds up 
behind the entourage. At din- 
ner that evening, he is fined 
50p for impersonating a 
policeman. 

Other helpers dish out food 
at regular intervals (there is no 
stopping even to sign auto- 
graphs until the day’s destina- 
tion is reached). People with 
buckets rush about collecting 
loose change from pedestrians 
and motorists and a mobile 
bank follows behind to stash 
away the takings of about 
£9,000 a day. 

Botham’s wife, Kath. beavers 
away ensuring everything runs 
smoothly. She Is the only per- 
son who really knows him; his 
one true, totally forgiving 
friend. 

Over-zealous women almost 
swoon as he passes, others 


rush up wailing “Oooh. HI give 
a fiver for a kiss.” Journalists 
who privately ridicule him 
dare not do so to print If you 
make fan of his portly appear- 
ance or poor timekeeping, he 
returns it with interest Any 
mockery is repelled with the 
usual “well, how many test 
wickets did you take then?" He 
enjoys the banter and he rarely 
comes second. 

Underneath the incredible 
hulk, with calves the width of 
sewage pipes, there is genuine 
humility. On the walk he looks 
after ailing colleagues and 
makes good-natured sounds 
and motions whenever some- 
one drops money in the bucket, 
no matter how much. 

His autobiography, a best- 
seller, contains laborious 
accounts of test series with 
precious little insight - it is a 
feature of great sportsmen that 
they have poor recall of 
momentous achievements. But 
among the chaff there are 
touching, emotional passages 
about his family and friends, 
and the remorse he feels for 
everything he has thrown at 
his wife, mentally and physi- 
cally . How has their marriage 
withstood those 20 years of 
trial and torment? 

“The answer is: it’s all down 
to Kath," he admits. 

The public support he 
receives on his travels under- 
lines the fact that he is truly a 
people's hero. To them, Ms 
mistakes, his relatively humble 
background, his occasionally 
misdirected impulses make 
him seem more human, and 
therefore more likeable than a 
Nick Faldo or a Nigel Mansell. 

Some elements of the press 
seem him to a different light, 
and write things that some- 
times turn him purple with 
rage. At such times he would 
be wise to remember the words 
of Dr Johnson: “A fly sir, may 
sting a stately horse and make 
him wince. But (me is but an 
insect, the other a horse stOL" 




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On the read again: Lan 




T emporary greens and 
Astroturf are the 
sorts of things that 
municipal golfers 
reluctantly accept as being 
part of the territory. The last 
place one would expect to find 
either inconvenience would be 
at two of tfae UK’s great links 
courses. Yet the former has 
been part of life at Royal Birk- 
dale for the last three years, 
while members of Carnoustie 
have become acquainted with 
the latter. 

Botb clubs have bad to take 
such measures to overcome a 
loss of prestige. At Birfcdaie, 
near Southport, in Cheshire, a 
problem with the greens came 
to a bead at the 1991 Open 
when millions of viewers 
watched the world’s top golf- 
ers putting on surfaces the col- 
our of Ryvita. Several players 
thought they were about as 
smooth as Ryvita too. 

“If you want consistent 
greens yonTI have to dig them 
up and start again,” Payne 
Stewart said. 

At Carnoustie, some 30 
miles north of St Andrews, on 
a harsh and exposed piece of 
land hard against the North 
Sea, the course, under the 
stewardship of the local dis- 
trict council, had fallen into a 
sad state of neglect It used to 
be said that St Andrews, on 
the edge of the old university 
town, had the setting and Car- 


Golf 


Return of the missing link s 


noostie. bordered by a whis- 
key distillery and a large 
council building, the golf 
course, but the great links at 
Carnoustie came to match 
their run-down location. 

Things have improved at 
both courses. Blrkdale took 
Stewart's advice, which is why 
the members have been put- 
ting on temporary greens for 
three years. 

At Carnoustie, the council 
head-hunted the St Andrews 
greenkeeper, John Phflp, and 
gave him money to spend and 
a free hand to improve mat- 
ters. The result Is that Car- 
noustie will host next year’s 
Scottish Open and the Open, 
for the first time to 24 years, 
to 1999. The coarse is in snch 
good condition that it pnts a 
certain place down the road, 
the venue for this week's Dun- 
hill Cup, to shame. 

The members have even 
grown used to carrying a piece 
of Astroturf round with them 
from November to March. To 
protect the fairways, they 
place their ball on the artifi- 
cial turf. 

“There is just no growth up 


here in the winter,” Earle 
Smith, the secretary, said. “A 
lot of members were unhappy 
at first bnt when they saw 
how good the fairways looked 
in March they did not mind so 
much." 

Indeed the powers at St And- 
rews were sufficiently 


The club consulted many 
experts. Arnold Palmer, the 
club's honorary president, 
even sent over his senior 
agronomist 

The cure involved peeling 
back the patting surface and 
digging out the black layer. 
With the greens out of action 


Derek Lawrenson visits two great 
courses which fell on hard times 


impressed to adopt a similar 
policy this winter on the Old 
Course, where the fairways 
are to a poor state. 

The Open returns to Birk- 
dale in 1998, when the players 
will find putting surfaces 
quite different to those they 
experienced to 199L 

“The problem was caused by 
the residue of incorrect top 
dressing materials used over a 
period of time,” said secretary 
Norman Crewe. This had 
caused a black layer to form 
under the surface which 
choked off the roots and pre- 
vented any consistent growth. 


anyway, the club took the 
opportunity to change their 
character as well. 

Said Crewe: “Some of them 
were really nothing more than 
tough pieces of land at the end 
of the fairways. So now we’ve 
added some contours to some 
of the flatter ones to make it 
more aesthetically pleasing 
and obviously harder on which 
to hole putts." 

The difference is instantly 
obvious on greens such as the 
par-three seventh, which used 
to be shaped like a saucer, so a 
player could Invariably get 
away with a poorly struck 


shot Now the green is more 
like an upturned saucer and so 
sheds snch a stroke rather 
than gathering it in. 

The work on aB 18 greens, 
at a cost of £270,000, was com- 
pleted last winter and after 
one growing season they are 
still not perfect “We’re qui- 
etly confident we’ve got it 
right," Crewe said. 

“All the work practically 
cleaned us out Now we have 
to build up the reserves 
again," Crewe said. There is 
little question the visitors who 
stayed away while the root 
construction work was being 
carried oat will return. Green 
fees may be £50 but there are 
not many better places to play 
golf. 

The same, of coarse, can be 
said of Carnoustie, although it 
woold be nice If one of the 
many grand plans to so some- 
thing about the setting finally 
came to fruition. Will someone 
not rid us of the abominable 
council bnilding tbat stands 
where a clubhouse normally 
does and serves little purpose? 

Unlike Blrkdale. tfae club 
had no need of large-scale 


alterations. If necessary 
Carnoustie can be stretched to 
7,400 yards, although on a 
cold, bleak October day last 
week, it was more than 
daunting at 500 yards short of 
that. 

At the turn of the last 
century the great players tha* 
a great links so often produces 
left Carnoustie and beaded 
west for America and played a 
part in the development of pfi 
game there. Two brother*' 
Willie and Alex Smith, w* 
the US Open while Stewarf 
Maiden taught the game to 
Bobby Jones, wbo. maaf 
believed to be the greatest » 
all players. ’ 

As we approach the end ® 
this century, ft is the turn ® 
the great players to come 6®“? 
to Carnoustie. What a treat 
lies in store for those wh* 
because of its years oi 
enforced absence, have a** 
have seen the course. 










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FINANCIAL TIMES . WEEKEND OCTOBER S/OCTOBER 9 1994 



BBC1 


7M 735 Nam. 7J0 Rngu. 1 38 Hew 

ttrthday, 7M Mariana Mwlowa Irmsttoataa 
Nhcrt ow Rflh Musketeer. 840 7he N»w iw 
luM of Supermen. 9.15 Live and Kicking. 

12.12 

1110 


Weather. 

grandstand Introduced by Stave 
Rktar. tnchnSno at 12J20 Football 
Focuai ft wtow of next week's Inter- 
nrfonds. 1.00 News. 1.05 Football 
Focus. 1 .20 GycBno: The World 
Mountain Bike Championships from 

ValCotoradal^RaSSfroT^ 

‘Ascot -me 1.40 Anglo African Hold- 
ings Amum Stakes. 1.50 eyefino. 
2JH flaring: The 2.10 Princess 

Royal States. 250 Motor Racing: 

• • - ' BaMnd-tho scenes look at FOmutia 
One. 230 Rugby League: £38 Rac- 
ing: Tha 240 Bows Hantficap 
Stakes. 250 Rugby LBaoua Wigan 

v Australia. Lkw coverage from Cbd* 
. -trai Fwk. £45 Football Half-Times. 
3-55 Rugby League. 4.40 Ftoal 
Scon*. Times may vary. 

SalB News. 

UB Regional News and Sport. 

0-30 stave Wright's People Show. 

B.10 Broee Ftonqrth’s Generation Gama, 
ftuce Forsyth and Rosemarie Feed 
hoa* another edmon of the fun-filled 
family game show. 

T.W Chat ijgo Amoka. Action-woman 
Annete la given the daunting task of 
lewicWng Britain's newest TV chan- 
-■ nel. Youth Cable Television. 

8.00 CaaodRy. Two homeless teenage 
^laand up in hospital after being 
drawn Into the seedy world of proa- 
tkutiort, and a young executive's 
audden cottapws reverts a dark, hkl- 
den secret Mike Bmatt causes 
resentment by refusing to confide in 
Ash. Starring CCve Mantle. Patrick 
Robinson. Ian Bteasdate aid Jane 
Burnett 

Nmm and Sport; Weather. 

Him: Weekend at Bentie’a.Two 
aspiring accountsits era invited to 

their playboy boss's beach house - 
only to cOnaover ha has been mur- 
dered. Slapstick comedy, with 
Andrew McCarthy (1989). 

Match of the Day. Desmond Lynan 
introduces highOghte of two top 
matches in the FA Premiership, plus 
Boris from the day's other games. 
The Gamy Baker Show. 

FBm: Fever Pitch. An investigative 
joumaflst tries to expose &egsd gam- 
bling in Las Vegas - but soon fete 
under the spell of the world he has 
entered. Drama. wAh Ryan O’Nsal 
‘ ft98 S). 

1.08 
HO 


0JU 

8.10 


10AB 


4146 

1UO 


Close. 


BBC2 


M®Opan UnivsraHy, 1080 ChanakyaJEngfah cub- 

5™“*- NWW* Bast 11.10 Styta Todtay. 

w ^ Barry Norman. 12J20 pm FBm 

■na Ractoi 

1^8 The PhB Silvers Show. 

Tlmewatsh. invasUgaHon Into capi- 
tal punishment in Britain, indudina 
the memories of hangmen once 
employed to assist to the execution 
of convicted criminals. 

8.00 Fan: They Were Expendable. The 
commander of a torpedo-boat 
squadron rasolvoe to play a mom 
active role in the second world war. 
Drama, starring John Wayne and 

Robert Montgomery CI945). 

S.15 late AgataL hfighfights from last 
week’s Late Show features. 

BA 8 TOTP2. . 

6^5 What the Papers Say. Jana Thyme 

reviews tr» week's news stories. 

WM News and Sport; Weather. 

7M The Health Business: A Public Eye 
SpectaL Report on the future of the 
NHS In the light of recent radfeal 
changes In the way hospitals are 
run. 

BAG The Dfrector's Place. Controversial 
film-maker Pusan Makavejsv's 
experimental fusion of drama, docu- 
mentary, sex and potties ki such 
productions as WFt Mysteries of the 
Organism, Sweat Movie end Monte- 
negro, restated in Ms axle from his 
native Yugoslavia in 1973. In this 
humorous profit* he Is gben a new 
image to San Francisco and meets 
his agent by a Los Angeles pooL 

9JPO Knowing Me. Knowing You — With 
Alan Partridge. 

9-30 Efizabeth R. Fourth part c* the 

award-vwnning drama chronicling the 
reign of Bfeabeth L Mary Queen of 
Scots is imprisoned at Chartfey. 
wrtie EBzabeth ponders her fate. 
Staring Glenda Jackson, Vhrfan 
Pickles, David CoBngs and Stephan 
Moray. 

114>0 The Moral Mazo. A selected panel 
debates topical dBemMM. 

1146 FBm: Pursued. Psychological 

Western, starring Robert MHchun as 
a revenge-seeking cowboy who 
Inadvertently causes a tragedy In his 
adopted family (1947). 

150 Fast Forward. 

1-M Close. 


TE LEVISI ON 

SATURDAY 


6J>0 GMTV. BJS What's Up Doc? 1150 The HY 

Chart Show. 1250 pm Dtaneye Tha Uon Ktng Hm 

nemiate. 

1.00 flN New* Weather. 

1.08 London Today. Weather. 

1.10 Movies, Gaines and Videos. 
Reviews of Tom Hanks’ box-office 
success Format Gump, and action 
movie spoof Mrf Shots Port Deux, 
starring Charfie Sheen. 

1- 40 WCW Worldwide Wreafflng. 

2- 30 Saint's Soccer SMHa. New series. 

Ian St John presents soccer tips tor 
youngsters. 

ZBO Lite Goes On. 

MO Burin's Law. 

4L4S ITN New* and Results; Weather. 

656 London Today and Sport; 

Weather. 

650 David HaaselhofiPa Baywatch. The 
star chooses and tntrodixses e oom- 
pttaiion of his tevourke moments 
from past episodes. 

8-10 GtaSatore. 

7.10 Btaid Date. CBa Black plays Cupid 
to another group of hopstab vying 
to be vrWsted. oh on a ro man tic trip. 

8.10 Family Fortunes. The Myers famfly 

from Kent and the Rathmigs of 
Chaahfra compote for the £3.000 
Jackpot and a new car. 

8L40 ITN News; Weather. 

856 London Weather. 

9A0 FBm: Lethal Weapon. Mel Gibson 
stars as an imbalanced Vietnam vet- 
eran-tumed-cop who teams up with 
a new partner (Danny GtoveO to 
smash a vicious drugs cartel. ThrB- 
ter, with Gary Busey (1987). 

11J90 Fane Drams of GoU The Mol 
Flatter Story- Fact-basod drama 
about a iraesure-hurtter's 17-year 
SMtfdh for the wreck of a Spanish 
gaSaon. COff Robertson stars {TVM 
198Q. 

1258 Love and War. 

1.05 Tour at Duly. 

2 LOO Gat Stadfed: ITN News Hearfttoa. 

BAB The Big E. 

3.00 European Nine-Ball Pool Master*. 

4.00 Get Stuffed; fTN News HaadBnes. 

44)8 The Magic Wok. 

450 BPM. 


CHANNEL4 


ADO 4-Tgl on View, 650 Early Mcmfav- 945 Bfez. 
1150 Gezqtta FofflMl Kate. 120o 9gn On! Deef 
WWW. 1250 pm the Great Maratta-CEngDeli subtt- 


150 Film: Ift Afl Happening. A talent 
scout helps Sava an orphanage - 
and becomes a star h the process. 
Musical comedy, starring Tommy 
staeie and Angela Douglas (1963). 

220 Atf, BH and Fred. Anknatod moral 
fable about friendship. 

350 Racing from York. Coverage of the 
3-15 Crowthar Homes Handicap. 
3-45 Rockingham Stakes, 4.15 Corel 
Sprint Trophy Handicap, and the 
4.45 Khkham Haneficap States. 

059 Brooksktej News Summary. 

050 Right to Reply. Viewers' comments 
on recent TV programmes. 

7 AO The People's Parliament. Debate 

on the controversial Issue of Irish 
unification, including Interviews with 
Sinn Fain member Martin McGuiv 
neas. Last 'n series. 

8-00 For Love or Money. New series, 
f'fchotes Ward-Jackson discover* 
the obsess**® of celebrity conec- 
tora. In the opening programme, 
Anna ChanceBor searches tor a For- 
tuny (frees in Venice, Sir David 
Attenborough reveals his passion for 
Victorian bird pointer John Gould, 
and B8 Cotton discusses the appeal 
of Windsor chairs. 

9.00 Brides of ChrtaL Drama sat In the 
turbulent 1960s, about two youtg 
women who become nuts In a Syd- 
ney convent and soon ftod them- 
aehnss at (oggertwads with thetr 
conservattve-mtoded superior. Star- 
rtog Josephine Byrnes, Lisa Hensley 
and Brenda Fricter. 

1055 Rory Bremnar: Who Bee? New 

series. Satirical sketches and imper- 
sonations with tha BAFTA-wfrntog 
funnyman. 

10.48 FHmc Raise the Red Lantern. A 

[jrtvsralty eduostad gM Is aant to a 
feudal nobleman's home to become 
Ns newest wifeL Moving, beautiful, 
grim Chinese drama set In the 
1920s, starring Gong U (1991). 

150 Late Licence. 

1.10 Herman's Head. 

1-40 Let the Blood Rui Free. 

2.10 Wax on Wheels. 

2 AB This to David Hvper. 

35B Packtog Them In. 

4.10 dose. 


1250 Extra Time. 155 ScoOand Today- 110 Mt), 
Hope (Bid Calamity. 140 Tetafioo. 2.10 The Man 
From Button WBow. (1S6^ 340 Sorts and Daugh- 
ter*. 4.10 ToltB Your Pick. 440 Cartoon Time. 80S 
Scotland Today 856 Scottish Weather. 1140 
Whoops Apocalypse. (t98R 

imim 

1250 Movies. Qsmss and Videos. 156 Tyna T« 
Nows. 1.10 Ths Fal Guy. £10 Cany On Tsedwr. 
(1956) 345 Krttfa Rktar. 656 Tyna Tees Saturday 
1150 TBKervBe. (1990) 


1250 Motes. Games and Videos. 155 WSstcoun- 
try News. 1.10 Mgri MansaTs IndyCw ’94. 140 
Tha Big Land (1967) 350 Cartoon Tbna. 345 
Dbweaus. 4.15 Tha Mouteki BHa Show. 65S 
Westoountry News 855 weatcoisitry Weather. 
1150 MteaTB Lovere. (1984) 


1250 Motes, Games and Videos. 156 Ctendar 
New*. 1.10 Tha Fall Guy. £10 Cany On Teacher. 
(1959) 345 Knight Rider. 655 Odendar News. £10 
Scoreha. 1150 TaxaewOe. (1990) 


SUNDAY 


BBC1 


755 The Man from LLN.CJ-E. 8.10 Breakfast wSh 
Frost. £16 De cisi on s . £30 This Is tiw Day. 1050 
See Hear! 1050 The French Experience. 1046 
Easy Money. 1158 The Beverth Hour. 

124)0 CountiyFBe. 

1250 Weather for tha Week Ahead; 

Ntt^Wa 

12JM On the Record. 

150 EaotEndara. 

stAO Tom and Jany. . 

3-20 Bttabacfc. 

450 Junior Masterohef. Danny Baker 
and Darina ADan Judge tiie.cuBiwy 
cratakma of oortintantslbiim SSttih-' 
ampton. East Sussex and Hamp- 
shire. 

450 The (beat Antique# Hunt Enthusi- 
astic amateurs visit Glasgow, where 
they evaluate Scottish stvor, and 
explore a house designed by 
Chartes Flenrte Mackintosh. Last to 
aeries. 

- LIB Lifeline. 

OJ28 Tha dottier* Show. The 1994 Brit- 
ish Fashion Awards, a star-studded 
celebration of knitwear, accessorial, 
glamour, and high-street designs. 

- 65S Nawn. 

L29 Songs of Prafaa. More then 40,000 
people congregate at Manchester 
United’s football ground, OW Traf- 
ford, to hear music by tha Band of 
Her Majesty's Royal Marinas. Ports- 
mouth. 

TjOO ChBdran ki Need: The Countdown 
Bej^ns. N«w series. Tarry Wogan, 
Sue Cook and And Peters reveal 
the final total ter 1993, and preview 
the events planned tor this year’s 
appeal 

T.io Lovefoy. Chariotte b kidnapped by 
a recently released Broadmoor 
patient harbouring a grudge agrtnrt 
Lovefoy. UghMiearted drama, star- 
ring lan McShane. 

850 Birds of a Feather. 

' 8-80 seatorttv Now series. Epic tan 

story set in the 1940s, toltowlng the 
rege-to-rtche* rise of a handsome 
Yorkshire rogue, and his relationship 
with a beautiful wealthy gift Linus 
Roache stars. 

- 10*08 Nows and Whether. 

1050 Hem of the Matter. Report on the 
current boom to surrogacy, raveaing 
. the increasing number of mothers 
decking to keep their babies, 

1056 I nte r na tional Pandng. 

1156 Rina of Scorpio. First of a two-part 
ctema about three Australian womon 
whose tetrffyfng part rations to 
haunt them. Caroline Goodal, Cath- 
erine Oxanberg and Undo Cropper 
star. 

1.1 B Weather. 

150 doss. 


BBC2 


750 BSnky BflL 756 PUydoys. £15 Stood and 
Honoy. 850 Moamfais. 855 The Busy wbrid of 
Rktevd Scarry. £20 Bltaa. 856 Conan the Advon- 
tnr. 1050 Wet’s That Notae? 104S Grange m. 
1056 Growing Up WBd. 1150 Bay Cfty. 1146 Tha 
O Zona. 1250 Ouartum Laqr- 1246 pm Snowy 
River: The McGregor Saga. 

150 Amazon: The Flooded Forest Part 
two. The waters begin to recede 
after six month# of Hooding, stowing 
a variety of creatures to take up res- 
idence on the forest floor. 

220 Special Friends. Tha dosa friend- 
- - ship between two Down's syndrome 
suffer ais. 

350 Happy Birthday, LSGI Gaia celebra- 
tion of the London Symphony 
Orchestra's 90th antfiveraary, con- 
ducted by Michael Titan Thomas, 
SfrCcBn Devtsand Msttstav Rortro- 
povich. Simultaneous broadcast with 
Radio 3. 

116 Rugby SpedaL Highlgltte of North- 
ampton v Harlequins, plus nows of 
other chib matches around the 
country. 

6.15 One Man and IBs Dog. BtgBsh 
handlers Derek Scrimgaour, Jamas 
G1 and Dennis Hudson compete rt 
the third heat from Buttarmore In the 
Lake District 

750 The Money Programme. Reporter 
Nte Blythe meets independent gas 
suppliers who daitn they can cut 
household bffis if aflowed to com- 
pete with British Qas. 

7-40 The Car’s the Star. An affectionate 
portrait of the Austin Alegro, pro- 
duced by British Leyiand In tha 
strike-ridden 1970a. 

850 Ptaddo Domtago’s Tates from the 
Opera. The tenor's performance bi 
the spectacular Caitoe Gomes 19th 
century masterpiece D Guarany, an 
epic story of love and heroism sat In 
Brazil. Last in series. 

950 Monty Python’e Ftyfng Circus. 

More vintage sirreai sketches with 
the gang. 

8u80 Reputations. ProfBe of Lavrenti 

Bette. Stafin's chief of secret police, 
who murdered and manipulated hto 
way to power, eventually becoming 
head of the USSR's atomic weapons 
programme. Featuring testimony 
from Berta's cofleagues and victims, 
who talk for the first lime an TV 
about the rise and fai of this feared 
figure. 

10.20 FSrn: Mtestarippi Burning. Drama 
about racism In America’s Deep 
South, starring Gene Hackman and 
Wfltem Dafoe as FBI agents out to 
solve the murders of three dvB 
rights workers (1968). 

1230 Close. 


850 GMTV. 850 The Disney Cfab. 10.15 Link 

1050 Sunday Mortars. 1150 Monr*« Worship. 

1250 Sundty Martara. 1£30 pm Crtastaflc London 

Wotewr. 

1.00 fTN News; Weather. 

1.10 Walden. Brian Walden interviews 
Secretay of State for Wales John 
Redwood. 

ZAO COPS. 

250 Saint's Soccer State Ian St John 
and celebrity guests present soccer 
tips for youngsters. 

SL40 The Sunday Match. New series. 
State City v Luton Town. Jim 
Rosenthal introduces Bve First DM- 
stan coverage from the Victoria 
Ground Commentary by John Hakn 
and Dave Bassett. Plus, a review of 
yesterday’s other matches with 
Gabriel Clarke. 

8.00 Father Dowttig Investigates. The 
raflgtous sleuth Is accused of theft 
and mundar when his evB twin 
brother tries to lure lonely spinstere 
into a phoney Investment scheme. 

6-00 London Tonight; Weather. 

8 JO ITN News; Weather. 

650 Dr Quinn: Medfotaa Woman. Or 
Mika and Sutiy feel responstote 
when a typhus epidemic spreads at 
the CheyWvw camp. Jane Seymour 
and Joe Lando star. 

7 AO Heartbeat Poles drama, starring 
f«ck Berry. 

850 You’ve Been Ftemd 

#50 London's Burning. The crew tack- 
les a blaze at a city farm, Sicknoto 
befriends a stray dog and Kevin and 
Safiy get physkaL Itoss Boatman 
stare. 

loom Hate and Pace. 

1050 fTN News; Weather. 

11X40 London Weather. 

1049 The South Bank Show. Vanessa 
Redgrave rflscussas her rolo as a 
transsexual tn new am Second 
Serve, and demonstrates her talent 
fri workshop sequences. Inducing 
one alongside her late father, Sir 
Michael Redorave. 

1146 You're Booked Review of Closing 
Time, Joseph Hauer's foOow-up to 
Catch-22. Plus, interviews wfta 
Dame Batura Cartiand and Ray- 


12.18 

1.18 

1.48 

150 


CHANNEL4 


£00 Bttz. 7.10 Eoiy Molting. 945 The Ody ney. 

10.15 Saved fay the Bte. 1045 RawNd& 1146 

Utaa House on the Pcriria. 

1248 Rkrv r I See You In My Dreams. 
Musical blogr^jhy chronicfing the 
fife end times of songwriter Gib 
K ahn. Starring Doris Day and Danny 
Thomas (1951). 

246 Fflm: Do Not Dteubu An American 
executive relocates to London with 
his wife, who soon sends him wfld 
with jealousy by Siting with B 
French antiques dealer. Romantic ' 
face, with Doris Day (1965). 

4-40 Theobalds. 

446 Belfast Lessons. 

8.10 News Summary. 

MS FUm Babylon & Feafure-tength 

pBot of the Emmy-winnteg SF drama 
about a tive-ntile-long space station 
and its human and aBen crew. Mfolt- 
8d O'Hare stars (TVM 1993). 

7.00 Equinox. Assessment of new* evi- 
dence casting doubt on American 
astronomer Edwin Powefl Hubble's 
famous formula for calculating the 
age of the urtveraa, and casing Into 
question the most fundamental of al 
sdantifle orthodoxies - the big bang 
theory. 

85)0 Beyond the Clouds. Another 

chance to see Phil Agtond*s series 
of documentaries focusing on the 
fives of four familes in the smal 
Chinese dty of Llpang. (Engfish sub- 


REGIONS 


AS LONDON aXCEPT AT TUB 


1£30 Bodyworks 1256 Afldta News. 250 Father 
Dowflng Invastigatoa. £60 Kick OKI 5L36 Hebkxxn. 
£05 Angla Nmt On Sunday 1050 Hale and Pace. 
1040 Anspa Waattrar. 1145 Start Legal. 


1250 Gaidotwto Diary. 1£55 Bonder Neva. 250 
Sootaport £15 Hot Wheals. 845 Carry On Consta- 
bto. (19GR 550 Coronation SteoL £15 Bordur 
Nawo. 1140 FMsonar CaD Block H. 

cmnuLs 

1250 Omni NawsHk. 125E Central News 250 
Gardening Tuna. £30 The CanM Match - Lhe. 
455 Hit tha Town. 528 Father Oowfng hwoMt- 
gatoa. £15 Central News 1040 Local Weather. 
1140 Pitoonac Cal Block R 

oiiiianu 

1150 Sraxlay Service. 1140 Bkon. 1250 Ganton- 
arto Dtay. 1255 Grampian Hosdlnea. 250 Scot- 
sport. £15 The Mountain Bto Show. 346 Htfiway 
to Heovea 445 Pick a Number. £16 Movtoa. 
Gamas and Videos. 540 Tha BuNnena Gama. £10 
Grampian Headlines itua Grampian Weather. 
1145 PrisonoR Cal Btecfc K 


1225 Oom to the Edge. 1£66 Granada Nmw 250 
Hot Whaato. 250 Sayonam. (1057) £10 Cartoon. 
520 Dr Otovc Macflctee Woman. £15 Granada 
News 850 Coronation Street 1145 Prisoner Call 
Stock R 


Cue the Music. 

Married - Whh Chfldren. 

Gat Stuffed: ITN News HeacSnos. 
FBm: Tha Lives of Jenny Dolan. 
Crime thriller, attiring Sttirtey Jonas 
(TVM 1975). 

Get Stuffed; flN News Haadhws. 
FBm: Mistier at the Mardl Gres. 
Thriller, starring DkH Com (TVM 
1978). 

Get Stuffed. 


£10 rare Write Hunter. Black He art. 
Premiere. CBnt Eastwood rflracts 
and stars In thta adaptation of Pater 
Vlertai’a 1953 novel about the mak- 
rtg of John Fkston's movie The Afri- 
can Queen. With Jrtf Fahey (1990). 

1150 Ha m a tty: The Mystery of 

Desrhnanto Hitt. New avidenoe 
casting doubt on the notorious csss 
of James Hanratty, who was hanged 
on Aprfl 4 , 1962 for the AB murtfer In 
which a man dted and a woman was 
raped end shat - an ordeal she 
mfcacutously survived. Tha pro- 
granme includes statements and 
details unavailable at the time of the 
trial, suggesting both the vanfict and 
a subsequent foqiwy were grave 
miscarriages of justice. 

1256 Hoc Sankofa. Haile Gerima's 

drams about an Afrfcan model trans- 
ported back in time to the American 
slava plantations. Oyafunmfke Ogurt- 
tano stare (199^). 

Close. 


1255 The Utttost Hofaa 1255 H7V News. 250 
Uaiftad EdMan. 250 Mtdweafc. 350 The Was I 
Match. £30 Cactus Jack. f197fi) fi.10 Cartoon 
Time. £15 Cowsiy Watch. B46 Up Frond £15 HTTV 
Nows. 1040 HIV WeeUm. 1145 Prisoner: Cal 
Bloch R 

iSoSewn Diva - 1260 Maridten News. £00 The 
Ptor. £25 The item 050 The Meriden Match. 
£15 The Cksar British Train Robbery. (1967) £15 
Dtana/a Tha Uon King Ffim Premiere. 545 The 
Wage. £15 Meriden News. 1148 The Pier. 


1150 SUdfli Service. 1145 Efimn. 1230 Soodsnd 
Today. 1235 Stash. 250 Scotsport. £16 The 
AssW Underground. (1885) 520 KrUflW Rktor. £15 
Scotland Today 1040 Scottish Waother. 1046 
Dorrt Look Down. 1150 The Saurt Bank Show. 


1255 Conference Bol 1256 Tyne Teas tern. £00 
Wflhwry to Heanraa £68 Jaumsy to tha Centre of 
the Earth. (1959) 450 Dtone/s The Uon King F«m 
Prantiere. 520 Animal Coutiry. 550 TVme To 
Westend. 1145 The Powers That Be. 


WEEKEND FT XXIII 


CHESS 


REGIONS 


nv MOW AS LONDON EXCEPT AT TUB 
FOLunran tmbebs- 


1250 Movies. Games end Wteje. 155 Angfe 
ftae. 1.10 Mgel MonsaTs MyCar W. T40 The 
Hkldanbug. (1873) 345 KWtfK War. £06 AngBa 
Nows end Sport £55 And* Weather. 1150 Mrtfe 
Lovers. (1984) 

aamgiL 

1«0 America's Top ia 155 Central News L10 
The Minsters Today. 140 Movies. Grams raid 
Videos. £10 DeHy Duck. £15 The Fal Guy. £10 
SetOMrt CSV. 450 WCW Woridwtdo Wtoatfng. 
555 Central News £10 The Central Match - Gonk> 
Bdra, 8L5E Local Wtiathsr. 1150 Dfrnoy'e Tha Uon 
King Fftn Premiere. 11.36 Psycho IV: The Seghv- 
ifog. (199Q) 


1£90 Sport. 155 Grampian Kaadrina 1.10 Tete- 
fioa. 140 Dtenan kxvnheis. 2.10 Donnie Munm 
£20 Rnckspcxt £S Dtoneyto The Uon NnO Fftn 
Premier*. £26 Ngsl Manser* WyCar ‘ 94 . 355 
Separators at W re st in g. 356 Gran^ton HaacOhss 
£10 Grampian News Review. £55 Grampian 
Wwtther, 1150 Mutes Low**. (1%4) 


1230 Movtoa, Games and Videos. 155 Grenada 
News 1.10 Tip Top TV. 140 Dtoneyte The Uon Nrw 
Rkn Prantiere. £15 Ngei MenseTs IndyCv •9*. 

£45 Rodtsport £06 The ArTeom. 450 Siver 

Of Wnraffing. 650 terada Naim 586 Grarracto 
. 62S Cartoon Tkm. 536 Ryen dgor 
. 1150 Maria's Lower*. (1964) 

HTVi 

1230 The Munatara Today. 153 HIV News. 1.10 
Mgel ManseT* (rxfrCar 04. 140 1992 Undenvator 
Hockey World Champkxisttipe. 2.10 Cartoon Tima. 
£20 Modes. Games and Vfctoo* £50 The A-Team. 
£48 Knight Rider. 556 HIV New* raid Sport £56 
HTV Weather. 1150 Maria* Lover* (1064) 

ILaKMXPS. 1200 The nv Owt Show. 159 
MetMsi New* 1.10 Best of British Motor Sport 
1.40 The Prince of Bel Air. (TVM 1966) £25 Ctv- 
toon Tim* 346 Kitight FBder. 656 Maridfan News. 
1150 Crime Stray. 


1230 Wostcountry Update. 1255 Westcountry 
News. 250 Hoc Wheats. 230 Vet. 350 Jasso. (IVM 
19869 450 Stoonting Marvelous. 0120 Fattier Dow- 
Ong Investigate* £13 Weatcoirrtry Nows 1040 
weatcoutiry Weather. 1148 Prisoner Cal Stock H. 


T225 Kick About 1250 Calendar New* 250 Ugh- 
way to Heaven. £36 Joumay to ttw Centra of Die 
Earth. (1959) <50 Disney* The Uon Kbig Rtm 
Prantiere 6L20 Animal Country. 6JS0 Calender 
News raid Weather 1040 Locte Wanttwr. 1146 The 
Powers That Be. 


RADIO 


SATURDAY 


SUNDAY 


BBC RADIO Z 

050 tafeta Beret. 850 Brian 
Matthew. 1050 Jodi Spier* 

WOO H8JW on 8rtur««y- 140 

Tha News Hudfflirwk. 2.00 
UhW Katoar on Saturday. 450 
Nk* Borradough. £00 The 
Kinks In Concart. 850 RwtaO 
Mimic- 750 Hondrfh Maori*. 
10.16 The Aria Prograntm* 
1256 Ronttia Httton. 12J» 
Adrian FMghan. 450 Sujata 
Barn. 

BSC RADIO G 
flJOOpon Univonfty: VHte 
£00 Wasrhor. 750 Record 
Rovisra. BMft, Scnubart, 
Wteartt 0 N 9 W, Coraat, Fate 
1 (Mttmttf. £<» BuMta » 
Ltbrary. A Too Gobbi evnwy 
John Stoane. 10.10 Record 
AiIhm. Haydn raid Mozart- 

Rote Ploy. u&Mrivam 
Ftstori 189* Oaattxraart. 
Hobart S>w>aon._Bgp. 
Mandeiaeohn. 350 VMage 
Year* £00 Jazz Record 

^UwtaGartteyS^ 

&M Mudc MritareTha 
# orrtvoraaryofSt JohirtA Smith 

r square £30 Strte Godbnou. 

Muasorgaky - * opera. 1£W 

Dauiacha Aemwafic Two 

grtxnerti Named Orfcnr n The 

lagaey rt Jeoob art WStettn 

Qktox* HWOW fit* Ertigms. 

mw uawone. The beet ww 
aunvnnr tea rato w—- 

■SC RADIO A 
£00 News 


£10 Fanrting Todey. 

£60 Prayer tor the Day. 

750 Today. 

£00 News. 

£05 Sport on*. 

£30 Breakaway. 

1050 LOOM Ends. 

1150 Tefiting Pomes. 

1130 From Our Own 
Correspondent. 

1250 Money Box. 

1236 The News Quto 
150 News. 

1.« Any ChiBBtkweT 

250 Any Answers? 071-580 

4444. 

230 fttyhousK The Battle of 
San Roma By Boyce Rytw. 
450 That'S Htotray. 

430 Sclenca Nora. 

350 Fto on Four. 

£40AShortHhWoJJ»* 

Lettuce. 

050 Nows end Sports. 

«3SWeak.En*no- 

650 Porterad from Getnran. 
tw BjiNijn irffin rimrnn The 
opoth a t ativer M ty of A 
Mtosuwner Mjrtf* Oroara 

^SStTiSSS. 

Sl20 Nteto in Mfr£ Fsmxrtts 

nielodlafl. 

850 Ten to Tea 
1050 News. 

10-18 Quote Vtoqwta- 1 ** 

Brian Sewefi. Ann Laateerrt 

John JufiueNoratieh. 

1046 Choedtote New end 
Ffcebomoa. New srato. ta iy t 
Pmnnte oomte raoittetaancas of 


Peris to die tote 1960s, 

Marring Alan Cox. 

1150 Richard Baker Comperas 
Note* The career of vtaBnW 
and conductor Bart Ctensroa 
1130 Cover Her Fae* 

DalgBesn continues Ms murder 

tovntigattoa 

1250 New* 

1233 Shipping Forecast. 

1243 (LVQ As World Sonic* 
1243 (FM) Ctooe. 


BBC RAMOS LIVE 

650 Dirty Tacfct* 

£30 The Braokfast P wgr omm* 

055 Weritond with Kerahara 

ondWMMiar. 

115B SpacU Asrionmmt- 
1130 Crime Desk. 

1250 Mddey EdWoa 
1215 SportscriL 
154 Sport on Hv* 

050 Sports Report 
£08 Sax-O-Stx. 

733 Snferday Edition- 
P56 Arien Praspacth* 

835 Out TNa Week. 

105B The Treatmert. 

1150 Mgfft Extra. 

125S After Horn. 

254 Up M Mote 


WORLD SERVICE 

BBC for E*m»p« o*b be 
masked In e raara m Burtto* 
on madtom wave MB OT 
(4SSm) at iteos titeoa BST! 
850 Newahour. 750, 
Mcxgrauirasatin. 750 Euwpe 


Today. £00 World New* £15 
Wevegukte. £25 Book Choice. 
830 People end Potties. 200 
World News. 859 Words at 

fifth, 9.10'A Jc^r Good Show. 
10.00 World News and 
Buainaea Report. 10.15 
Woridbrief. 1030 Dewelaptnent 
94. 1046 Sports Roundup. 
1150 Printer's Devil. 11.19 
Letter tram America. 1130 

Waveguide. 1150 Book 
Choice. 11.45 From the 
Wwktea. 1250 Newedeak. 
1230 BSC Engfish. 1255 
MtaassmsgazJn. 150 World 
News. 158 Worcte of FaittL 

1.15 MuHrtrratit AHemetiv* 145 
Sports Roundup, 2.00 
Nawehour. £00 News 
Summary; SportswnrkL 050 
World and British New* 5.10 
BBC English. £30 Haute 
AKtuea. 650 News Summary. 
655 Wevegukte, £19 BBC 
English. 750 N aw i dtiak. 730 
Haute AhhJriL 050 Nam and 
features in Gorman. 650 World 
New* £10 Words of Faith. 
£15 Development 94. £30 
Jazz far ttw Asking. 1050 
Nemhour. 1150 World Now* 
1156 Wradi of Frith. 11,10 
Book Choice. 11.10 Merida* 
1155 Sports Roundup. 1258 
ttewedeek. 1230 Oote Porter. 
150 World and British New* 

1.16 Goad Books. 130 Ttw 
John Dunn Show. 200 Nam 
Summery; Ftoy of The Week: 
Lulu. £00 Nmmdesk. 330 
AteturX. 450 World and Britten 

New* £16 Sports Roundup. 
430 From Our Own 
C o mrapendenL £60 Write Qrv. 


BBC RADIO 2 

750 Don Maclean. 955 
Mfctwei ASpeL 1030 HeyM on 
Sunday. 1250 Desmond 
Carrington. £00 Benny Green. 
350 David Jacob* 450 Tea St 
the Grand. 430 sing 
Somethta 8 * 14 * 0 . 550 Wtffi 
Meet Agon. 830 Ramie Wton. 
750 Richard Baker. 830 
Suvtoy Hott Hour. £00 Alan 
Keith. 1050 Project Young 
Muridarv 1255 Stew Madden. 
£00 Atex Lester. 

BBC RADIO 3 

635 WaMhar. 750 Sacred and 
Proton* LOyaet. Schumann. 
Raapttti. Haydn. 838 Chotoa 
of Three. The weries 
bthaulng p ro gra nvn e * 950 
Brian Key 1 * Sunday Morning. 
12.13 MuUc Matters. 150 
Reinventing the Ckchestra: 
Hector Berta. £30 Schumann 
raid Brahma. 350 Happy 
BWMtey 1501 £10 Scfaanen. 
546 Mating Wave* A new 
production of Meeaenefa Dcxt 
Quixote. 030 The Bated of 
Rearing GeoL A benefit 
pariternmoe of Oscar WKVa 
poem. 7.15 Towards a Trio. 
Bouoy. Dutifieux, Jotirat, 
PHtiana £00 Drama Now: A 
Suburban Sirtrta By John 
Arden and Margmttt D’Atoy. 
030 Muafo In OifTah* Kafia 
Saarteho-s ticlri moste MAA. 
1030 Choir Woita. Charpendor 
and Da Grigny. 1220 Doe* 

BBC RADIO 4 
£00 Ms** 


£10 fieiud* 

630 Morning Has Broken. 

750 New* 

7.10 8uBOatf Paper* 

7.10 On Your Farm. 

740 Sunday. 

&8D The WeMtte Good Ceus* 
£00 Nam, 

£10 Sunday Papers: 

£15 Latter from America. 

£30 Mooting Service. 

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230 Oeseic Serial: 
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Last week’s 5V4-IV4 elimination 
of Nigel Short and Michael 
Adams in the PCA semi-finals 
at Linares has simplified the 
tangled world championship. 
Only sin players remain in con- 
tention for one or both of the 
rival PCA and fide titles, 

Visfcy Anaa d of India and 
Gata Kamsky of the US are due 
to meet in Febnuuy 1995 in the 
PCA final to settle which of 
them challenges Garry Kaspa- 
rov for his title later in the 
year at Munich. The Fide semi- 
finals are a lso announced for 
February 1995 at Sanghi Nagar, 
India The holder Anatoly Kar- 
pov meets Boris Gelfand of 
Belarus while Valery Salov of 
Russia plays Kamsky. 

Karpov v Kamsky is the 
expected Fide final, but Salov 
could be the surprise. His vic- 
tory at Tilburg ahead of Kar- 
pov last week included this 
impressive game (V Salov, 
White; V Ivanchuk, Black). 

1 d4 NfB 2 N£3 d5 3 c4 dxo4 4 
e3 c5 5 Bxc-f e6 6 Qe2a6 7dxc5 
Bxc5 

8 (H) Qc7 9 Nbd2 Nc6 10 Bd3 
Be7 11 b3 00 12 Bb2 Bd7 13 
Racl RfcS 14 Ne4 Nd5 15 Ne5 
Be8 16 Nxc6 Bxu6 

17 Qg4 g6 18 Bc4 Qd8 19 Rfdl 
b5 20 Bzd5 Bxd5 21 Rxcfi Qxc8 
22 Nf&+ BxfG 23 BxfB Qc2 24 
Qd4 Rc8 

25 h3 h5 26 Rd2 Qcl+ 27 Kh2 
Qel 28 Qf4 Bsg2 29 Kxg2 Qxd2 


30 Qh6 Qd5+ 31 e4 Qs&i+ 32 
Kh2 Resigns, 

A PCA-FIDE truce is nearer 
after the sudden switch of next 
month's chess Olympics from 
Thessaloniki to Moscow. The 
Russian Chess Federation, 
guided by Kasparov, put up a 
SFrim guarantee to save the 
event in which both Kasparov 
and Short may now play. The 
Greek favourite to become the 
next FIDE president has 
declared that his priority is 
peace with the PCA. 

No 1042 



Anand v Karpov, Monaco 1994. 
King, bishop and rook pawn 
against king normally only 
draw unless the bishop con- 
trols the pawn's queening 
square; so how did Karpov 
(Black, to play) win here? 

Leonard Barden 

Solution Page XXI 


BRIDGE 


In today’s hand, which comes 
from rubber bridge, the 
declarer was defeated because 
he did not know how to Defuse 
the Ruff: 

N 

4 KQJ4 
¥ 10 8 6 3 
+ Q854 
4 J 

W E 

4 A. 8 5 483 

f 72 V J954 

4 J 10 9 2 f K 
4X964 4 Q 10 8 5 3 2 

S 

4 10972 
¥ AKQ 
4 A 76 3 
4 A 7 

With neither side vulnerable, 
North dealt After two passes 
South opened the bidding with 
one no trump, promising 16-18 
points. North replied with a 
Stayman two clubs, and raised 
South’s response of two spades 
to lour spades. 

This closed the auction, and 
West led the knave of dia- 
monds. Dummy played low, 


East produced the King - an 
obvious singleton - the 
declarer won with the ace, and 
returned the two of spades. 
West took his ace at once, and 
continued with the 10 of dia- 
monds, the queen covered, and 
East ruffed. South won the 
heart return and drew the 
trumps, but he could not avoid 
the loss of two more diamonds, 
and went one down. 

The declarer, who realised 
that East had only one dia- 
mond, foresaw the possible 
danger, but could not see any 
means of avoiding it, but the 
solution is simple. He should 
allow East's king to hold the 
first trick. East returns the 
fbur of hearts, declarer wins 
and leads a spade. West, as 
before, wins at once and. leads 
the diamond 10. Bat now 
everything is dHTawwit. if East 
ruffe, las is ruffing a loser, and 
the declarer gets home without 
difficulty, losing one diamond. 
nmp diamond ruff, and the ace 
of trumps. 

E. P. C. Cotter 


CROSSWORD 


No. 8,579 Set by CINEPHILE 

A prise of a classic PeUkao SouverSn BOO fountain pen. inscribed with the 
winnar's name far the first correct solution opened and five runner-up 
prises of £35 PeUkan vouchers. Solutions by Wednesday October 19, 
marked Crossword £579 on the envelope, to the Financial limes. Number 
One Southwark Bridge, London SB! 9HL. Solution on Saturday October 32. 



Address- 


ACROSS 
1 Vehicle cm offer contains cal- 
ico treated with disinfe ct ant 


king of engineering (10) 9 Animal power: rugger mter- 

Demoiisixative fellow’s after national put in gun, great 
time (4) help initially (5.8) 


10 Painter turned out holding lit- 
tle flower (7) 
iz Bony article situated in the 
throat (7J 

12 Brought before the court with 
a duplicate piece (£ 2 ) 

13 Talk about stibr created by 
early Victorian reformer (8) 

15 Let a circle be formed by a 

of _ _ 

16 Demonstrative fellow’s after 
tune (4) 

18 Notice found in Bassas-Pyr£- 
' :<4> 

20 Submarine? It's a common 
fault after planting DO) 

22 List of runners played by 
unscrupulous politicians (4-4) 
£4 Obviously unattractive? (5) 

26 Cost of transmission after 

hours? (7) 

27 Good thing coining out of the 
DSS? (7) 

28 Russian river fish, one 

unknown to science, may be 
buflt in ( 12 ) 

Solution 8,578 


DOWN 

2 Shorten a game (7) 

3 Skinhead could be adaptable 
when heartless (8> 

4 Circuit for raising a bit of 
water (4) 

5 Worker who’s got the sack 
over a leach, possibly (4,6) 

6 Vehicle containing inspector 
general has been rolled (5) 

7 This Old silly's lust that C7) 

8 Ex-president maybe great 
help in communication 

9 Animal 

nat 

help .... 

14 Announcer of meal: noise 
made by raising gun several 
inches (G,4> 

17 Money needed - frank, with a 
C - when there’s wet rot 
about <&) 

19 Fruiter's measure’s like this 

21 ^fwlthcins etc (7) 

23 Note girl’s form (5) 

25 I get an encore: you get the 
bird (4) 


Solution 8,567 



WINNERS 8^67: Dr A. Gold, London SEi; M. Baldwin. Shalford. 

Surrey. W.G. Bentley, Btufielgh Salterton, Devon; A. and M. Brentnafl, 

Sunderland. Cnmhna; Mrs AJ* Knight, Hallow, Worcester, MJB. Rat- 
cliff, Edinburgh. 


\- 





[*r cent wijas will be raised in the near flows involved. 




XXIV WEEKEND FT 


I crossed paths with the Prin- 
cess of Wales a few weeks 
ago. It was in the middle of 
the King’s Road, broad day- 
light, not a detective to be seen. I 
stared. I wish I could say, pace Pas- 
ternak and Gilbey, that I was 
aware of her “not in the gawping, 
let's assess- her-from-head-to-toe 
way, but with a protective sense of 
excitement and relief”, but I would 
be lying; I gawped, I assessed, and 
my only sense of excited relief was 
that I wasn't her. 

As she walked towards me on her 
way to take one of the little princes 
to a movie, a strange feeling came 
over me; I felt embarrassed. I found 
myself unable to carry on staring, 
it seemed indecent While the cad- 
dish captain, on his first meeting, 
“drank in her effortlessness, ber 
vibrant sheen and the way she 
cupped hands", I could only look 
down in furtive discomfort 


FINANCIAL TIMES WEEKEND OCTOBER 8/OCTOBER 9 1994 ^ 


Princess Di gazed into my eyes . . . 

Peter Aspden describes his intimate encounters with members of the royal family 


Instead of our eyes meeting, it 
became a contest of who could bore 
the deepest holes into the pave- 
ment. She probably won, having 
had more experience, but I gave it 
all I had. I cursed that I did not 
have my camera on me, but I could 
no more have sprung in front of 
her flashing lights in her face than 
taken an axe to her neck screaming 
“Viva la repubblica!". 

The whole affair (it lasted all of 
30 seconds, but just in case, pub- 
lishers, agents and great-nieces can 
get my number from the main FT 
switchboard) gave me a further, 
infinitesimal insight into life in the 


grotesque glare of the royal spot- 
light My shifty unease had come 
from the wish to dissociate my 
rational judgment (she is an over- 
privileged, under-performing sub- 
ject of no interest whatsoever) Cram 
my quasl-prurieut curiosity 
(exactly how beautiful /thin /de- 
pressed is she?); it is. I believe, a 
battle that is fought daily in the 
minds of newspaper readers of all 
hues as they struggle to balance 
moral censoriousness with the friv- 
olous lust for high-quality gossip. 

I should have learned my lesson 
some years ago, when I became, for 
a mercifully short time and in the 


most half-hearted of ways, a mem- 
ber of the royal rat-pack. I had 
been deputed by my local paper to 
cover Prince Edward's activities at 
Cambridge University. I reported 
on his first rugby match for his 
college ("a sinewy frame" I think I 
wrote), his first tutorial (they sur- 
prisingly declined to invite us in) 
and, eventually, his stage debut, in 
Arthur Miller's The Crucible. 

After tbe performance (before a 
wonderfully bizarre mix of under- 
graduates and Fleet Street's instant 
Miller experts), I was rung by a 
local radio station; would I do a 
live interview? Inebriated by the 


absurdity of the evening, I cheer- 
fully agreed, and let rip. He was 
sim-ply won-derfnl I opined, pranc- 
ing around in thigh-length leather 
boots, barking at underlings as if 
be been born to do so, magneti- 
cally dominating tbe proceedings 
like a young Olivier. 

My fine-spun and brutally sarcas- 
tic words were rammed down my 
throat file next morning when my 
“review" was broadcast nationally, 
on the hour, every hour, over the 
whale of the next morning; for my 
sumptuously ironic tone was lost 
completely. Friends called from all 
round the country, wondering why 


I suddenly sounded like Barbara 
Cartland. I was humiliated. 

The next time I encountered 
Edward was at a garden party, part 
of the usual scrum of malingering 
press-hounds scrutinising his every 
move. Suddenly, he bent down and 
picked up a small object The cam- 
eras clicked as one. It was a royal 
rota press pass, the one yon need to 
get within a whiff of these occa- 
sions. He smiled cruelly: “Someone 
has been rather careless!", twid- 
dling the pass in his fingers while 
the pack laughed uneasily. 

I looked downwards and froze. 
My lapel was naked. The pass was 


mine. I was going to have to step 
forward, say sorry, bow in abject 
shame while every photographer 
swooped on the heaven-sent bsuH- 
line opportunity: “Please sir, can I 
have my pass back?"; “Who's a 
silly boy. then?": “The Prince and 
the Plonker!” My life flashed before 
me. For the merest of seconds, I 
understood what it was tike to be 
him. I. however, had an extra 
option open to me - I Oed. No-one 
took my picture, no-one plastered 
me across every news-stand. I 
escaped, the moment was forgotten. 

All these memories flashed by as 
I read Princess in Lave, the' story 
that was so beautiful, it had to be 
told, and as 1 read of James Gil- 
bey’s plight ("The world would 
judge him harshly in its Ignorance, 
when all he was was a kind, wo ak 
man who had done his vary best"), 
i wondered if anyone knew the 
meaning of shame any more. 


Private View /Christian Tyler 

Post-mortem 
on a bloody 


W ise old owl or 
vengeful vul- 
ture? From 
his perch at 
the top of the 
tree, Eric Hobsbawm, the emi- 
nent historian and life-long 
communist has looked down 
on the dying carcass of our 
century and given his verdict 
He has broken a self-imposed 
rule in order to write the his- 
tory of an era - his own - 
which started and ended sym- 
bolically at Sarajevo. In doing 
so, he is inviting not only the 
critical judgment of his peers 
but the derision of bis political 
opponents. 

Professor Hobsbawm may be 
a bird of ill omen but his book 
Age of Extremes, to be pub- 
lished in three weeks, cannot 
fail to make an impact at this 
anxious end Of the millennium. 
It is a panoptic post-mortem of 
the "short” 20th century from 
the outbreak of the first world 
war to the death of commu- 
nism. and a sequel to his tril- 
ogy covering the “long" 19th 
century from the French Revo- 
lution to 1914. 

Hobsbawm himself was bora 
a few months before Lenin's 
October Revolution. The son of 
a British father and Austrian 
mother, he grew up in Vienna 
and Berlin before moving to 
England. His name (“it is more 
systematically mis-spelt than 
any other") seems to be a 
corruption of “Obstbaum” or 
"fruit tree". 

His political creed is the 
product of his (non-religious) 
Jewish descent and of a day in 
1933 when, walking home from 
school in Berlin with his sister, 
be learned that Hitler had 
come to power. 

Age of Extremes is elegantly 
written, a synthesis stuffed 
with supporting fact, a daz- 
zling survey taking in every- 
thing from particle physics to 
post-modernist art, from collec- 
tive farms to supermarket 
check-outs. 

It sees the century as a trip- 
tych. The first panel depicts a 
32-year-long barbaric war punc- 
tuated by a slump. The second 
shows a Golden Age. a 30-year 
world economic boom engi- 
neered out of the preceding 
catastrophe and guaranteed by 
nuclear stalemate, a period 
when human society was 
utterly transformed. 

In the third, all is confusion 
- a landslide of technological 


century 


O ne of the more 
intriguing problems 
confronted by any 
reporter is how to 
tackle a story that is complex 
to the point of incomprehensi- 
bility and arcane to the point 
or being meaningless. 

How does one present a 
story, when one has never 
heard of the subject matter and 
one's readers have not the 
slightest interest in it? 

So it was with last Sunday's 
tale from Madrid of the col- 
lapse of various detailed plans 
to launch an issue of the Inter- 
national Monetary Fund's spe- 
cial drawing rights (SDRs). 

Many who had assembled in 
the Spanish capital for the IMF 
and World Bank annual meet- 
ing had dreaded the prospect of 
a row over SDRs. In the event, 
there was not only a row but a 
split. 

The fact that this arcane 
matter was linked with some- 
thing called a “systemic trans- 
formation facility" meant that 
many who had jumped the first 
fence refused the second. Some 
even left town as their editors 
could scarcely face filling their 
pages with such matters. 

Those of us who stayed to 
cut our way through the 
unyielding rock of news suf- 
fered many defeats. Spanish 
journalists were in a particu- 
larly unfortunate position - 
they had nowhere to go 
because they could not ignore 
the news that was taking place 
on their doorstep. 



advance accompanied by social 
decay, and the emergence of 
global forces (financial, demo- 
graphic, environmental) which 
democratic governments seem 
powerless to manage or 
controL 

Hobsbawm is an historian of 
international repute, trans- 
lated and read widely outside 
his own land. At home, he is 
better known for his “semi-pro- 
fessional" work as a political 
analyst and his status as guru 
to the British left wing. His 
views hindered his promotion 
at Cambridge, where he was a 
fellow of King's, and he had his 
first book turned down on 
grounds of bias. 

I met the gaunt Intellectual 
in his study at Hampstead, 
north London, a room betray- 
ing the eclectic mind of a man 
who collects Moghul minia- 
tures and is also a jazz critic 
(writing under the name Fran- 


Eric Hobsbawm 
has broken a vow 
and tackled the 
history of his era 


cis Newton). He discoursed elo- 
quently on the uses of history 
in our dangerously forgetful 
age, and the abuses of history 
by the separatists and nation- 
alists who proliferate in the 
new world disorder. 

But now that the academic 
historian and veteran Marxist 
have fused, as it were, the first 
question readers will ask is 
why they should trust his per- 
spective on the century. 

“I stuck to the 19th century 
for a long time," Hobsbawm 
said, “because for a Marxist - 
and certainly for a communist 
- writing anything to do with 
the Soviet Union after 1917 
could not conceivably be done 
without saying things you 
knew weren't true. At least, I 
could have done so as a com- 
munist but 1 would have got 
into a lot more trouble. So I 
would say. keep your nose 
out." He laughed. lugubriously. 

Why do you say you would 
have had to write things which 
weren't true? 

"Well, the official line, as it 
were, on the Russian revolu- 
tion was either that Trotsky 
didn't exist or that he was a 
member of the British secret 


service from 1918. There's no 
way you can do any history 
that way." 

How could you belong to a 
party which promulgated 
untruths when you knew them 
to be untruths? 

“Well" he sighed, with the 
air of one confronting the inev- 
itable. “Do you think you 
choose your parties purely by 
the official statements made by 
your leaders? These official 
statements shouldn’t actually 
be binding on other people. 
But..." 

You mean you choose your 
party as you might choose 
yo