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Page 9 


FINANCIAL TIMES 


Europe's . Business Newsoao'er 


WEEKEND OCTOBER 15/OCTOBER 16 1994 


D8S23A 




evel 


$ 


Auditor postpones 
public hearing on 
Westminster homes 

Mr John Magi II. the district auditor investigating 
the alleged “horoes-for -votes’ 7 scandal at Westmin- 
ster city council, yesterday postponed public bear- 
ings into the affair, which were due to start on 
Monday. In stead be will hear evidence from lawyers 
for Dame Shirley Porter, the council's former 
leader, that he should disqualify himself from offi- 
ciating at the bearings. He said the heari n g s would 
not take place if he agreed to Dame Shirley’s 
request Page 6 

Shew of MB’s coal bid surprises rivals: RJB 

Mining, the coal company, became the govern- 
ment's preferred candidate to buy British Coal's 
English mines after offering at least £300m, or 50 
pm* cent more than the next highest bidder for 
them, it has emerged. Page 26 and Lex; Man in the 
News, Page 8 

Eurotunnel angers City: Eurotunnel, due to 
announce its results for the first half of 1994 an 
Monday, was accused of taking a “flippant" 
approach to its investors. The City was angered by 
the casual way Eurotunnel revealed last week that 
it would not make its forecasts of revenue. Page 26 

London transport fund proposed: Plans to 
establish a private sector fund worth up to £500m, 
financed from a business levy, to pay for improve- 
ments to London's transport system are expected to 
be announced by the City Corporation. Page 7 

Aerosfructures Hamble warning: The 

troubled aerospace components company yesterday 
warned that it had serious production problems 
only four months after flotation. Following an 
investigation by its merchant bank, NJL Roths- 
child, the company is not paying an interim divi- 
dend and has issued a profits warning. Page 10; 

Lex, Page 26. 

Currency factors trip up the stock martwt 

Currency factors yester- 


FT-SE 100 Indent 

Hourly movement 
8,150 



10 OcttW 

Soorc* Rental* 


day tripped up a UK 
stock market which had 
taken in its stride the 
widely heralded US data 
on consumer prices, 
retail sales arid indus- 
trial production. Wall 
Street made little 
response to the economic 
statistics which were 
seen as largely neutral 
and likely to reduce the 
chances of an early tight- 
ening in Federal Reserve 
policy. At the dose, the 
FT-SE 100 Index was 35.2 points down at 3.106.7, 
having barely held above 3,164 earlier. The final 
total of 5753m shares through the Seaq electronic 
network compared with 8166m in the previous ses- 
sion. Non-Footsie business made up around 54 per 
cent of the day's total, and the FT-SE Mid 250 Index 
shed 136 to 8^43.4. London stocks. Page 15; World 
stock markets. Page 22; Markets, Weekend CL 

French minister re signs; The wave erf French 
corruption scandals have claimed their most promi- 
nent victim with the resignation of Mr Gerard Lon- 
guet as trade and industry minister. Page 26 

Microsoft looks to electronic commerce: 

Microsoft's planned Sl-Sbn (£940m) acquisition of 
Intuit, publisher erf Quicken, the leading personal 
finance program, reflects its detennination to domi- 
nate the emerging market for online electronic com- 
merce. Page 11 

Wembley share probes Share dealings 
involving Wembley are to be investigated by receiv- 
ers at one of its former shareholders, United Dutch 
Group, which collapsed last year with debts of 
FI 158m (£36. 7m). Page II 

Couple failed: Adrian and Bernadette Mooney 
from Berkshire were jailed for two years and four 
months in Bucharest yesterday for buying a baby 
and trying to smuggle her out of Romania. 

Newspaper price cut: The Sunday Times is 
halving its price to 50p a copy from this weekend, it 
announced last night 

In ve stor s reject Japan Tobacco: Two-thirds 
of the Japan Tobacco shares allocated in a partial 
privatisation of the monopoly cigarette company 
have been rejected by investors. Page li 

Lloyd’s names setbacks The legal action 
brought by almost 2.000 Lloyd’s Names against the 
Merrett syndicate 418 suffered a setback yesterday 
when a High Court judge dismissed the clai m s 
made by almost half those with losses. Page 7 

Queens Moat House lenders near deal: 

Lenders to Queens Moat Houses, the struggling 
hotels group, appear close to resolving the stale- 
mate which has held up completion of the £L3bn 
debt restructuring for several months. Page 10 

Companies bi this Issue 


AST Research 

Attwoods 

Ban&woDace 


Brooks Service 
Coming 

Eastman Kodak 
Bdos 
Heron Inti 

Holders Technology 

BH 

Mutt 

japan Tobacco 


11 

10 

10 

10 

10 

11 

11 

10 

IQ 

10 

10 

11 

11 


KUnbariy-CUuK 

Malaya 

Microsoft 

MoDo 

Newett 

Owens Moat Houses 
RJB Mining 
MM Rothschild 
Royal insurance 
Sorter tog 
Texas Instruments 
Tie Rack 
wetergtae 

Wembley 


11 

10 

11 

11 

11 

10 

8 

26 

10 

10 

11 

10 

10 

11 


For customer service and 
other general enquiries call: 


Frankfurt 

(69) 15685150 


Israelis seal town in search for kidnapped soldier 


By Julian Qzanne In Jerusalem 
and Karen Fossil in Oslo 

The Israeli defence force was 
refusing last night to confirm 
reports that 19-year-old Corporal 
Nachshon Waxman. the Israeli 
soldier feeing a death threat from 
the extremist Islamic Hamas 
movement, bad been found alive 
in the town of RamaUah on the 
Israeli-occupied West Bank. 
Israeli forces had nevertheless 
sealed off the town. 

As Israel and the Palestinian 
Palestine Liberation Organisa- 
tion struggled to save the Middle 


Bast peace process from collapse, 
the crisis overshadowed the 
award of the Nobel peace prize 
yesterday to Mr Yitzhak Rabin. 
Israel’s prime minister, Mr Shi- 
mon Peres, the foreign minister, 
and Mr Yassir Arafat, PLO chair- 
man. 

Hamas had said it would kill 
Corp Waxman unless Israel 
released Sheikh Ahmed Yassin, 
the spiritual leader of Hamas, 
and 200 other Palestinian prison- 
ers. 

As the deadline was due to 
expire last night, an emergency 
session of the Israeli cabinet 


ruled out meeting the kidnap- 
pers' demands and rejected a dia- 
logue with the Islamic fundamen- 
talists. 

However, Hamas later said it 
would extend the deadline by 2A 
hours, following an Israeli offer, 
delivered secretly by a member of 
the Knesset 

Mr Arafat, under intense pres- 
sure from Israel and the US to 
secure the release of the soldier, 
ordered the arrest of more Hamas 
members in the Gaza Strip. Pales- 
tinian officials said more than 
200 Islamic activists were being 
held yesterday. 


Israel has chosen to make the 
safe release of Corp Waxman a 
test of Mr Arafat's ability to 
increase security for Israelis. Mr 
Rabin has said Mr Arafat must 
make “a strategic choice" 
between continuing the peace 
process and dealing with Hamas. 

Mr Warren Christopher, US 
secretary erf state, echoed Israel's 
demands in a malting with Mr 
Arafat in Egypt yesterday. Mr 
Christopher said he had told the 
PLO leader to “confront the reign 
of terror imposed by Hamas". 

Hamas, outraged at the wides- 
cale arrests of its activists, has 


also said that Mr Arafat must 
choose between Hamas and the 
peace process. Mr Mahmoud 
Zahar , a leading Hamas activist 
in Gaza, warned Mr Arafat would 
"have to suffer the conse- 
quences” if he continued his 
dampdown. “Preserving Palestin- 
ian peace is better than preserv- 
ing peace with Israel," he 
said. 

Mr Arafat’s aides have cau- 
tioned Israel and the interna- 
tional community against mak- 
ing demands for a direct 
confrontation with Hamas, say- 
ing the peace deal is still too 


fragile and the benefits too 
limited to guarantee that the 
pro-peace forces would win 
against a strong and organised 
opposition. 

The controversial award of the 
Nobel peace prize to Mr Arafat 
and Mr Rabin was expected after 
being leaked earlier this week in 
a newspaper in Oslo. But it was 
not widely anticipated that Mr 
Peres would also be named. It is 
the first time the peace prize has 
gone to more than two recipients. 

Christopher rebuffs Russian 
peace moves tn Kuwait, Page 3 


Prime minister rebuffs calls for rightward shift in Tory party’s direction 


Major promises time of stability 


By Philip Stephans, 

Political Ecfitor 

Mr John Major yesterday staked 
the Conservatives' claim to the 
centre ground of British politics 
as he used his closing address to 
the Tory conference in Bourne- 
mouth to rebuff calls for a right- 
ward shift in the party's direc- 
tion. 

In a speech defining the terms 
in which he intends to confront 
Mr Tony Blair’s Labour party, 
the prime minister promised a 
sustained economic recovery, an 
end to upheavals in the welfare 
state and a strong but pragmatic 
approach to Europe. 

Basing his hopes of political 
revival firmly on an economy 
offering steady growth and low 
inflation, he evoked a pledge 
made In 1954 by the then 
Tory chancellor Mr R Jl Butter 
to double Britain's living 


The prime minister began 
preparing the Conservative party 
for talks between tire govern- 
ment and republican leaders yes- 
terday, but insisted be would not 
be rushed into a premature 
response to the loyalist and IRA 
ceasefires. Report, Page 7 

standards within 25 years. 

Mr Butler's much derided 
ambition had been met, he said. 
The Conservatives offered the 
opportunity to repeat the 
achievement over the next 25 
years. 

Mr Major, who gave a hint of 
tax cuts before the next election, 
signalled also that he would 
make defence of the British 
Union - symbolised by his oppo- 
sition to devolution in Scotland 



John Major, flanked by his wife Norma and senior ministers, aftfr r deUvering his speech at the Tory conference yesterday 


Tony JUttmft 


and Wales - one of the main plat- 
forms on which the government 
would fight the next general elec- 
tion. 

In a confident if unspectacular 
performance, he Left no doubt 
that he intended to spend the two 
years or more before that elec- 
tion in rebuilding the govern- 
ment’s reputation for competence 
rather than on embarking on rad- 
ical new reforms. 

End in g a conference which had 
been unsettled by ideological bat- 
tles over Europe and attempts by 
the party’s right wing to dictate 
the political agenda, Mr Major 
declared: "Change for the sake of 


change should never appeal to 
any Conservative. In a world of 
bewildering change this party 
must stand for continuity and 
stability, for home and health." 

To reinforce the message of 
consolidation he coupled a com- 
mitment to a large-scale exten- 
sion of nursery education and to 
compulsory sport in schools with 
a pledge there would be no more 
significant reforms over the next 
five years. 

He offered a similar promise to 
the chiefs of the armed forces, 
telling the conference that the 
huge upheavals in their services 
were now at an end. Responding 


to Labour charges of “creeping 
privatisation” in the National 
Health Service, he insisted that 
the Conservatives would never 
“while I live and breathe” take 
away the security offered by free 
health care. 

The consolidatory tone cast 
doubt on plans to privatise the 
Post Office, which Mr Major did 
not mention. But Mr Michael 
Heseltine, the trade and industry 
secretary, intends to continue to 
fight for the sell-off 

Mr Major’s speech, which aides 
said he had written largely him- 
self, included only a fleeting ref- 
erence to the issue which over- 


shadowed much of the confer- 
ence - Europe. But he made clear 
that Euro-sceptics would not 
push him into into abandoning 
his strategy of keeping Britain 
within a multi-speed, multi-tiered 
European Union. 

There was no direct mention of 
Mr Blair, but the prime minister 
accused Labour of stealing the 
Conservatives' rhetoric while 
sticking to destructive economic 
policies and promoting the “poli- 
tics of envy”. He said: “Buying 
Tory policies from Labour is like 
buying a Rolex on the street cor- 
ner. It may bear the name, but 
you know it's not reaL” 


MP calls 
for tapes on 
Thatcher 
allegations 

By Jimmy Bums 

The head of the House of 
Commons committee that inves- 
tigated the controversial AI 
Yam amah defence contract 
between the UK and Saudi 
Arabia yesterday said tape 
recordings allegedly implicating 
Mr Mark Thatcher should be 
released. 

The call by Mr Robert Sheldon 
of the Public Accounts Commit- 
tee for parliament to hear the 
tapes of conversations between 
arms dealers and agents of the 
Saudi royal family follows 
claims that Lady Thatcher’s son 
received £12m in commission 
from the deal. 

A demand .for a fresh inquiry 
into the deal is likely to emerge 
from a meeting next Wednesday 
of Mr Sheldon’s committee. 

Last weekend The Sunday 
Times newspaper published 
extracts from alleged transcripts 
of bogged telephone conversa- 
tions together with corroborat- 
ing evidence from sources dose 
to the contract negotiations. 

The transcripts suggest that 
Mr Thatcher was part of a team 
of middlemen who earned £240m 
in commissions from the deal. 

Mr John Witberow, Sunday 
Times acting editor, said last 
night that although the newspa- 
per did not have the tapes, or 
know of their whereabouts, it 
had full translations of tran- 
scripts. 

Mr Sheldon said yesterday a 

par liament ary inquiry into the 


Continued on Page 26 


Gerashchenko offers to resign 
despite strengthening rouble 


By John Uoyd In Moscow 

Mr Victor Gerashchenko, 
chairman of Russia's Central 
Bank, yesterday offered his resig- 
nation in a letter to President 
Boris Yeltsin, at the end of a tur- 
bulent week in Russian currency 
markets. 

The news was greeted by Mr 
Boris Fyodorov, the former 
reformist finance minister who 
wants Mr Gerashchenko's job, 
with the comment “There's evi- 
dently still a God in heaven.” 

Mr Yeltsin signed a decree for- 
mally relieving Mr Gerashchenko 
of his post. The state Duma 
(lower house of parliament) was 
due to vote on a presidential 
request to remove Mr Gerash- 
chenko next Wednesday, and 
there was confusion following Mr 


Yeltsin’s decree on whether it 
would still be debated. 

The rouble, which fall heavily 
early in the week, strengthened 
further yesterday after a recov- 
ery on Thursday, rising six 
points to end the day at 2£88 to 
the dollar. However, the market 
remained jumpy: Mr Igor 
Doronin, the marketing adviser 
to the Moscow Interbank Cur- 
rency Exchange, said the Central 
Bank had deliberately run the 
currency down this week and 
warned that a further crash 
could destroy the Exchange. 

Mr Fyodorov's delight at the 
offered resignation of his long- 
time opponent contrasted with 
more measured statements from 
Mr Yegor Gaidar, leader of the 
Russia's Choice group, who said 
Mr Gerashchenko was ‘’ri gh t to 


take responsibility on himself”, 
and Mr Grigory Yavlinsky, leader 
of the Yabloko group, who said 
that he had acted Tike a real 
man”. 

The candidates for Mr Gerash- 
chenko's chair would Tr uftnite Mr 
Fyodorov, Mr Dmitri Tulin, a 
bank deputy chairman with a 
high reputation in western bank- 
ing tirdfes, and Ms Tatyana Para- 

mannraa alw a dep uty chairman 

with a reputation for refusing 
demands for credits. 

The move comes as the govern- 
ment prepares for negotiations 
with the International Monetary 
Fund, whose team arrives today. 
The talks centre on a $4bn fund 
to stabilise the currency, and the 

Continued on Page 26 
Currencies, Page 13 


FT-SE 100: 
YWd 


. 3,106.7 
-...408 


FT-SE Eurntraek 100.1,360.17 
FT-SE* AlkShara - 1,643.11 

NB&al IWMSlSS 

Naur Vortn tenctafcM 
Dow Jones tad Aw* a, aaMft 
SAP Comport* 46490 


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H-m> 

(-ITBSq 


■ LONDON HOMEY 

3-mo Inwrbenk 6%S 

Llftolonfl pflfut— Dae 101 3* <DeeT01%) 


STOCK MARKET INDICES 


■ USUMCKTHEUTB 

Federal Funds: 4&H 

3-m Trees BKk YW - 4078% 

Long Bond 9s£ 

YMd 7428% 

■ NORTH SEA OX. (Ai-gB*) 

Brant 15-day (Dec) SI 5.78 (15.76) 

■ OoM 

Now Yak ConwpKj _ $3900 
London *387.6 


Now York tuncMbno: 
S 1.593 
London: 


$ 

DM 

FFr 

SFr 

Y 


1- 5620 (1-5812) 
24207 (24386) 
SL2886 (8.3501) 

2- 0121 GJX32B) 
158JM9p57J88ff 


£ index 79* (79.9) 


■ DOLLAR 

Now York lunchtima: 
DM 1.82076 
FFr BL2I25 
SFr 1465 

Y 8&37S 
London: 

DM 14201 (1 3423) 

FFr sjnee 

SFr 1.2835 (1-2055) 

Y 9EL285 (99-915) 

S Index 614 (B£2) 

Tokyo Y SSL87 


CONTENTS 


rtamodonal Nm £S 

UK lira «JL7 


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*** *** 

the FINANCIAL TIMES LIMITED 1994 No 32,498 Week No 41 


: lainri v tp*-: tm«i tm** w jm i\riaw Lamm utf onzm USA siso 


LONDON - PARIS • FRANKFURT - NEW YORK • TOKYO 


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FINANCIAL TIMES 


WEEK-END OCTOBER 15/OCTOBER 16W4 


NEWS: EUROPE 


Strike paralyses big Italian cities 


By Robert Graham in Rome 

Italy's big cities were paralysed 
yesterday by a four-hour gen- 
eral strike called by the trade 
unions to protest against cuts 
in pension and welfare benefits 
in the 1395 budget. 

The stoppage was accompan- 
ied by over 80 demonstrations, 
which the organisers said 
attracted 3m people including 
crowds of 200,000 in Florence. 
Milan and Rome. Union organ- 
isers. combined with tight 
police security, ensured there 
were no incidents. 

The peaceful nature of the 
protest and the prospect of 
more strikes to come last night 
looked likely to encourage the 
government to find a way of 
resuming a dialogue with the 
unions. Both Mr Giuseppe Tar- 
taelia. the deputy premier, and 
Mr Clemente Mastella. the 
labour minister, hinted at this. 

The dialogue was broken off 
2 l : weeks age- when the gov- 
ernment decided to go ahead 
with its plans to find L50,000bn 
(£20bn> to reduce the 1995 bud- 
get deficit, largely through 
spending cuts. 

The strike was called by the 
three main trade union confed- 
erations and had been pre- 
ceded by a series of rolling 
stoppages over the previous 
two weeks In large factories. 
Similar general strikes were 
staged against the austerity 


budgets prepared by the two 
previous Amato and Ciampi 
governments. 

But yesterday’s stoppage was 
far more widespread and saw 
much bigger crowds of demon- 
strators in all the big cities. 
Civil servants, who are also at 
loggerheads with the govern- 
ment over a wage and work 
conditions contract, stayed 
away all day. and public trans- 
port stoppages were staged at 
different times in different 
parts of the country. 

Though the demonstrations 
were well behaved, their tone 
was angry. The demonstration 
banners were as much against 
the budget as against Mr Silvio 
Berlusconi, the prime minister, 
in person. Banners contained 
slogans such as "Berlusconi - 
more pensions, less television" 
(a dig at the premier's control 
of commercial television), and 
“cut fat-cat salaries, not pen- 
sions'*. 

Mr Berlusconi himself was 
absent in Moscow signing a 
new friendship treaty with 
Russia. As a sign of changing 
times, Mr Berlusconi was the 
first foreign head of govern- 
ment staying inside the Krem- 
lin - while workers were 
chanting anti-govemment slo- 
gans on the streets of Italy. 

The unions' leadership still 
hopes to prevent the shake-up 
in Italy's generous pay-as- 
you-go state pensions system 


hurting the weakest members. 
Even before yesterday's strike, 
some members of the govern- 
ment were concerned by the 
loss of popularity over han- 
dling of the pensions issue. 

Mr Mastella, whose ministry 
is in the front line of the issue, 
has pledged to remedy hard- 
ship cases and iron out anoma- 
lies. The populist Northern 


League, one of Mr Berlusconi’s 
coalition partners, has also 
said it will seek to soften the 
impact of the reform when the 
measures are discussed in par- 
liament. "I hope that as of this 
evening we can restart the dia- 
logue,” Mr Mastella said in a 
radio interview. 

In contrast, the treasury has 
warned that any extra cost 


caused by changes in the pen- 
sions reform proposals would 
have to be made up elsewhere. 
The budget proposals involve 
an acceleration in raising the 
retirement age to 65 for men 
and 60 for women, reducing the 
rate at which pension rights 
accrue, raising the minimum 
period of contributions, and 
penalising early retirement 



Striking workers walk through Rome yesterday protesting at government pension proposals 


Clinton pressed on Bosnia arms embargo 


By George Graham 
in Washington 

US senators are stepping up 
their pressure on the Clinton 
administration to lift the arms 
embargo on Bosnia in defiance 
of the UK. France and Russia, 
its partners in the “contact 
group" that has sought to 
bring about a peace settlement 
in Bosnia. 

The deadline set by the US 
for the Bosnian Serbs to accept 
a peace plan proposed by the 
contact group three months 


ago will expire today with no 
sign of a change in their 
refusal to agree to the pro- 
posal, and US officials are 
working towards a United 
Nations resolution that 
responds to this refusaJ. 

The UK, along with other 
countries that have troops at 
risk inside Bosnia, has let the 
US know that it would veto 
any resolution that contained a 
firm commitment to lifting the 
embargo on arms shipments to 
the former Yugoslavia, which 
they and many senior officials 


in the US administration 
believe would only make the 
war bloodier. 

But 50 US senators, led by 
Senator Bob Dole, the Republi- 
can minority leader, wrote this 
week to President Bill Clinton 
to warn him that they still 
insist on the US proposing an 
immediate resolution to lift the 
arms embargo against Bosnia. 

The Bosnian government 
last month gave the US some 
breathing space by asking that 
implementation of an end to 
the amis embargo should be 


delayed for six months, though 
it still wants the resolution 
providing for this lifting to be 
passed immediately. 

The senators complained 
that “some of our allies seem 
to be deliberately misinterpret- 
ing this compromise, describ- 
ing it as a request to defer any 
action on the embargo for six 
months”. 

“As supporters of Bosnia's 
right to self-defence, we believe 
that any US-sponsored resolu- 
tion that falls short of the Bos- 
nian government's compromise 


Genscher 
summons 
up the old 
euphoria 

By Judy Dempsey In Cottbus, 
Brandenburg 


The audience was small but the 
applause was loud and long when Mr 
Hans-Dietrich Genscher walked into the 
concert hall of Cottbus's music conser- 
vatory in the eastern German state of 
Brandenburg. 

With two days to go before a federal 
election that could see it wiped out, the 
FDP bad brought Mr Genscher - the 
veteran former foreign minister and 
still one of the most popular German 
politicians - out of retirement to recap- 
ture some of the support of the 1990 
election, when the FDP won over 10 per 
cent of the vote in eastern Germany. 
The FDP has failed to win any seats in 
the lost seven German state elections. 

Mr Genscher. who was born in east 
Germany, took one look at his audi- 
ence. many of them over 50. and then 
glanced at his notes. "Don’t forget what 
was happening this time five years 
ago,” he said. “Hungary had just let the 
east Germans out to freedom. More east 
Germans were in the German embassy 
in Prague." 

The audience was clearly transported 
back to those euphoric days. “I am so 
excited about listening to Mr Gen- 
scher," said 67-year-old Mrs Olga Zie- 
kart. 

“He did so much for us east Germans 
back in 19S9. He helped us get our free- 
dom. He helped us become united. But 
people forget very quickly." 

Mrs Ziekart, expelled from the former 
Czechoslovakia in 1945 because she was 
a Sudeten German, said she had no 
doubt how she would vote tomorrow. 
"The first vote is for Helmut IChancel- 
!or Kohil. The second for the FDP - 
because of Genscher." 

Mr Genscher continued to tap in to 
the crowd's memory. “I was sitting at 
my desk on the morning of November 9 


The o pposition Social Democratic party 
(SPD) ranged its biggest guns in front 
of the Bonn press yesterday, arguing 
that the outcome of tomorrow's 
election was completely open, writes 
Michael Lindemaim in Bonn. 

Mr Rudolf Scharping, party leader, 
said it was time to modernise 
Germany, technologically and 
environmentally. Mr Oskar Lafontaine. 
shadow finance minister, warned 
voters of further tax increases if 
Chancellor Helmut Kohl's Christian 
Democratic Union (CDU) won a fourth 
term. And Mr Gerhard SchrOder, the 
state premier of Lower Saxony, carried 
on doing all he could to charm 
industry, saying the SPD had to leant 
to think about production and not just 
about sharing out the fruits of 
production. 

All three did their best to look as 
relaxed as possible, even though a final 
poll by the Allensbach institute shows 
the SPD on 35.5 per cent, up 0.6 points 
since Wednesday but 5.5 points behind 
the CDU on 41 per cent, with its 
coalition partners the FDP on 7.5 per 
cent. The Greens are on 8 per cent, and 
the PDS. the former communists, on 4. 

Whether the party could ever have 
won the election once Mr Kohl’s 
bandwagon got rolling is questionable. 
Either way. Mr Scharping’s 
performance has lacked conviction. 

The party stumbled over the question 
of taxation. There has also been 
confusion about the party's policy on 
motorway speed limits, a matter of 
considerable importance to German 
voters. 

in 1989. That evening the wall was torn 
down. We must not forget that event.” 
he said. And then, to more applause, he 
said united Germany needed a new 
beginning. "East and west Germans 
must work together for a fresh start. 
We must have inner unity." 

Looking at Mr JUrgen Turk, the 
FDP’s candidate for Cottbus, Mr Gen- 
scher appealed to his audience to cast 
their two votes for the local man. If Mr 
Turk wins, it will be a near miracle. 
The Social Democrats won a landslide 
victory in last September's stale elec- 
tions and the FDP failed to enter par- 
liament. “But the collapse or the Berlin 
Wall was a miracle as well.” said Mrs 
Ziekart. 

Kohl’s gospel. Page 8 


Russians 
ask who to 
blame for 
rouble row 

By John ThomhSI In Moscow 

Even by Russia's remarkable standards, 
this has been a strange week. On 
"Black Tuesday” the currency lost more 
than a fifth of its value. Two days later 
it surged 20 per cent By the end of the 
week. Russia had a new finance minis- 
ter. a gap at the head of the Central 
Bank, a full-blown political row and a 
confused public. One can only pity the 
writer of the briefing papers for the 
International Monetary Fund's mission, 
starting work in Moscow next week. 

The Moskovskaya Pravda newspa- 
per's headline summed up the mood of 
the country. “There are two eternal 
Russian questions: Who is to blame? 
What to do?" it said. Characteristically. 
President Boris Yeltsin had few doubts 
on either score, sacking the acting 
finance minister, urging Mr Victor 
Gerashchenko, head of the Central 
Bank, to quit, and setting up a commis- 
sion - including the repackaged KGB - 
to investigate the whole affair. 

Many people have been blamed for 
Tuesday's currency stampede, includ- 
ing speculators, communists, and west- 
ern spies, although no-one can give a 
convincing reason for the scale or speed 
of the fall. Well informed reform sup- 
porters believe it reflected an attempt 
by conservative ministers to tarnish 
reform. There may be something to this 
line but - like most Russian conspiracy 
theories - it is ultimately improvable. 
Besides, the Moscow Interbank Cur- 
rency Exchange (Micexl is a small mar- 
ket and prone to volatility. Speculation 
can easily assume a momentum of its 
own. 

It is simpler, though, to see why the 
rouble came under heavy selling pres- 
sure in previous weeks: the lowering of 
interest rates, the seasonal increase in 
credits to the state sector and the rise 
in inflation from 4 per cent a month in 


&■/.:* A . 






Gerashchenko: told to go 

August to almost 8 in September. 

The government's critics - most 
prominently. Mr Boris Fyodorov, the 
former finance minister - claimed the 
rouble's fall was the natural conse- 
quence of this monetary loosening. “If 
the government wants to know why the 
rouble fell they only have to look in the 
mirror,” said one currency trader. 

This demonstration of the market’s 
power may have created a climate for 
change and the government appears set 
to take a decisive step forward - or 
back. Indecision could be dangerous. 
Russian economists predict inflation 
may rise to 15 per cent in October, 
partly as a result of the currency 
moves, putting further pressure on the 
rouble. Currency traders suggest the 
Central Bank has been left with slender 1 
reserves with which to defend itself. 

The government has drawn up a i 
tough budget for 1995, forecasting a fall | 
in inflation to l per cent a month by the 
year-end. It may press the IMF to back 
a strong stabilisation plan. 

Mr Jeffrey Sachs, the Harvard eco- 
nomics professor and former adviser to 
the Russian government, believes it is 
not too late to make the rouble a stable 
currency so long as it is backed by an 
IMF stabilisation fund. "The costs of 
not doing so could be catastrophic if 
Russia falls prey to monetary panic and 
hyperinflation. But the first test is 
whether the Russians themselves are 
prepared to live by the rules rather 
than the often reckless discretion of 
powerful political figures," he says. 


Pangalos in poll vow 
to clean up Athens 

Transport minister turned mayoral candidate aims 
to show he has a common touch, writes Kerin Hope 


position - immediate action to 
lift, but implementation 
delayed for six months - would 
not meet your commitment to 
Congress," they wrote. 

If a resolution were too firm 
and automatic in triggering a 
lifting of the arms embargo, 
however, the UK, France and 
Russia have made it clear to 
Washington that they would be 
prepared to use their Security 
Council vetoes, although they 
do not expect that such a reso- 
lution would have enough sup- 
port to require a veto. 


J;*. . 1 . • .. 


P ink-faced and perspiring 
in unseasonably hot 
weather, Mr Theodoros 
Pangalos, Greece's former min* 
ister for European affairs, 
tramped around the city centre 
in a back-to-basies campaign to 
become mayor of Athens. 

Mr Pangalos has pledged to 
get rid of much that lies in his 
path: mounds of uncollected 
rubbish, motorcycles parked 
illegally in pedestrian zones 
and the street stalls set up by 
immi grant vendors, often eth- 
nic Greeks from central Asia 
selling Chinese silk and smug- 
gled caviar. 

“The first priority is to clean 
up Athens, but in the right 
way. There’s been no attempt 
to reduce rubbish output or 
org anis e collection of recycla- 
ble materials. The city^s waste 
is still being dumped in quar- 
ries without further treat- 
ment.” Mr Pangalos said. 

Contrary to appearances, 
r unnin g for mayor on the gov- 
erning Panhellenic Socialist 
Movement ticket in Greece's 
municipal elections tomorrow 
is not a demotion for Mr Pan- 
galos. He showed no hesitation 
about giving up the transport 
minister's job when asked by 
Prime Minister Andreas Papan- 
dreou to head the socialists’ 
campaign in the first serious 
test of their popularity since 
returning to power in last 
October's general election. 

Moreover, Mr Pangalos is 
already seen as the front-run- 
ner to succeed the elderly and 
ailing Mr Papandreou as 
Pasok's leader, perhaps as 
early as next May if the prime 
minis ter stands for the presi- 
dency. 

“I’m treating this campaign 
as an experiment in politics. 
It's about addressing people's 
real problems, having a city 
that works, not about attract- 
ing votes along party or ideo- 
logical lines." Mr Pangalos 
said. 

A stint as mayor would give 


Mr Pangalos a chance to dem- 
onstrate that he can get things 
done, dispelling a lingering 
suspicion in Pasok, based as 
much on his communist past 
and years as a university eco- 
nomics lecturer in Paris as on 
his time at the foreign minis- 
try. that he is too much of an 
intellectual to rally the party. 

Nevertheless. Mr Pangalos 
has demonstrated his willing- 
ness to cater to Pasok’s popu- 
list streak. As European affairs 
minister until last June, he 
mq flfr hpariiiTUM; in the Athens 
newspapers with his outspoken 
criticism of Greece's European 
union partners on Balkan 
issues or relations with Tur- 
key. 

True to form, he quickly dis- 
missed his conservative oppo- 
nent in the race for mayor. Mr 
Dimitris Avramopoulos, an ex- 
diplomat. as “a mediocre for- 
eign ministry employee”. 

Mr Avramopoulos, a former 
foreign ministry spokesman, 
has had an inauspicious start 
to his political career. He won 
a seat in parliament with the 
opposition New Democracy at 
last autumn’s election, only to 
lose it six months later on a 
legal technicality. 

However, a recent opinion 
poll showed Mr Avramopoulos 
holding a narrow lead over Mr 
Pangalos, with almost 20 per 
cent of voters still undecided. 
The left-wing candidate for 
mayor. Mrs Maria Damanakt 
the former leader of the ex- 
communist Left Coalition 
party, was trailing far behind 
in third place. 

Mr Pangalos acknowledged 
he is unlikely to capture an 
outright majority tomorrow. 
But he appears confident of 
defeating Mr Avramopoulos in 
a run-off poll on October 24. 
with support from left-wing 
Athenian voters. 

Athens has a population of 
2.2m but most of its residents 
are not eligible to vote in local 
elections. Registered voters 


number only soojjoo. many of 
whom have moved outside the 
city limits in order to escape 
high levels of atmospheric pol- 
lution and noise. 

The inner city is now home 
to a large Immigrant popula- 
tion. including tens of thou- 
sands of Albanians. Poles and 
a community of Moslems, 
mostly ethnic Turks from 
north-eastern Greece for whom 
Mr Pangalos has promised to 
find a site for a mosque. It 
would be the first to be built In 
Athens since Greece won inde- 
pendence from the Ottoman 
empire early in the 19th cen- 
tury. The city ball budget has 
grown from Dr42bn i£H0m) to 
Dr70bn over four years, with 
the launch of ambitious 
schemes to reduce atmospheric 
pollution by creating more 
green areas and building a 
light tramway around the 
Acropolis and other historic 
monuments. 

M r Pangalos plans to 
invest another 
Drl5bn yearly in pro- 
jects aimed at reducing levels 
of traffic in the city centre. 
Vehicle exhaust fumes have 
been identified as the main 
source of the "nefos”. the pol- 
lution cloud that envelops 
Athens in hot still weather. 

In spite of traffic restrictions 
that limit the city's l.lm pri- 
vate vehicles to circulating on 
alternate weekdays, pollution 
levels show few signs of dimin- 
ishing. One reason is that 
Athens cars are the oldest in 
the EU, averaging over 9 years, 
and few vehicles use unleaded 
fuel. 

Mr Pangalos said: "Athens 
has a very negative image, 
both in Greece and abroad. 
Making more space for people 
will help to improve it." That 
he added, will mean extending 
pedestrian zones, building new 
car parks and introducing a 
fleet of small buses to operate 
routes in the city centre. 


CENTRAL BANK GOVERNOR QUITS 


Greece’s central bank governor. Mr Yannis 
Boutos, resigned yesterday in a political dis- 
pute over his sacking of the temporary commis- 
sioner in charge of the loss-making Bank of 
Crete. Kerin Hope writes. He was replaced by 
air Lank as Papademos, the deputy governor. 

air Papademos said the change would not 
affect the bank's tight monetary policy, aimed 
at cutting inflation from 11.9 per cent to single 
digits next year. The bank’s exchange rate pol- 
icy, based on a “hard drachma'' which has 
slipped only 6-7 per cent this year against other 
European currencies, will also be maintained. 

Mr Boutos, appointed governor 11 months 
ago by Socialist prime minister Andreas Papan- 
dreou, said he resigned “over a question of 
principle" bnt gave no details. Banking sources 


said he was under pressure to reinstate the 
commissioner. Mr Kostas Ealivianakis, who 
has close links with senior Socialist officials. 

The Bank of Crete was placed under central 
bank supervision in 1989 following a 8200m 
(£1 26.5m) embezzlement scandal involving its 
owner. Mr George Koskotas, now serving a jail 
term for fraud. 

The central bank planned to put Bank of 
Crete on sale this year. Informal discussions 
had already taken place with ETEVA, a state- 
owned development bank keen to expand into 
commercial banking. However, tbe sale was 
placed on hold following the Bank of Crete's 
worsening performance under Mr Ealivianakis. 
The bank reported first-half losses of Dr3.2bn 
(£8.6m) year, against losses of Drl.2bn in 1993. 


Finnish vote on joining EU 
will pave the way for others 


By Hugh Camegy in Helsinki 

The European Union’s move to 
expand from 12 to 16 members 
next year will be put to a vital 
test tomorrow when Finns 
decide in a referendum 
whether to join the Union. 

Recent polls suggest the 
result will be a clear approval 
of membership, despite tbe 
vocal opposition of the influen- 
tial farmers’ lobby. An opinion 
poll published yesterday 
showed 50 per cent of voters 
supporting membership, with 
28 per cent agai n st and 22 per 
cent undecided. 

With Austria having already 
voted decisively to join, a 
strong Finnish Yes would rein- 
force the Yes campaigns in 
neighbouring Sweden and Nor- 
way, where opposition to join- 
ing is much stronger. Referen- 
dums are due in Sweden on 
November 13 and in Norway 
on November 28. 


Opinion in Sweden is finely 
divided. Although Mr Ingvar 
Carlsson. the new Social Demo- 
cratic prime minister, is 
strongly pro-EU, two members 
of his cabinet are prominent 
No campaigners, leaving the 
government unable to present 
a united front. In Norway, 
polls show Yes votes in Fin- 
land and Sweden are vital if 
opinion is to be swung in 
favour of membership. 

The Yes camp in Finland is 
also anxious for a clear major- 
ity to ensure there is no last- 
minute move to block member- 
ship in parliament, which has 
the final say. EU membership 
requires a two-thirds parlia- 
mentary majority. 

A decisive issue in neutral 
Finland is likely to be a wide- 
spread desire to move the 
country under the political 
umbrella of the EU following 
the collapse of the Soviet 
Union. Finland was ruled by 


Russia until 1917 and subse- 
quently fought bloody wars 
with Moscow to keep its inde- 
pendence before adopting a 
neutral stance in the cold war. 

Mr Esko-Aho. the prime min- 
ister. yesterday said Russia 
had signalled its approval of 
Finland joining the EU. Finn- 
ish membership would make 
the i,240km Finuish-Russian 
border the EU’s first direct 
frontier with Russia. Mr Abo 
said Russian leaders saw trade 
and commercial advantages in 
having Finland In the EU. 

But he was also careful to 
stress that Finland did not 
intend any significant change 
in the strategic balance in the 
region. He said Finland would 
seek observer status in the 
Western European Union, but 
not full membership, when it 
joined the EU. It has joined 
Nato’s Partnership for Peace 
initiative, but does not plan to 
seek full Nato membership. 


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Odessa’s buses get privatisation on to the road 

Change in Ukraine often starts at the local level bypassing politicians in Kiev, writes Matthew Kaminski 


S ergei Mann used to pro- 
duce movies at Odessa’s 
renowned film studio. 
But it stood idle for years, like 
many Ukrainian concerns. So 
he started a private transport 
company this summer with the 
studio's ageing bus fleet, previ- 
ously reserved for Soviet film 
stars. 

The local evening hot spot. 
Casino Richelieu, covered reno- 
vation costs with advertising. 
Painted a bright green, the 
buses brought beachcombers 
from Odessa’s Bolshoi Fontane 
district to the Black Sea coast. 
Film Studio Transport, the 
company, lost money the first 
week, then never looked back. 
Disney characters and rubber 
beach ball promotions quickly 


brought customers and profits. 

"That was all garbage." says 
a raspy Mr Mann, aged &4. 
pointing to the buses on the 
studio lot. "I wanted to use 
these old buses. And I’m not 
old, I still want to do a lot." 
Now he plans five more route 
and seeks funding for 50 more 
buses. 

With Ukraine only now brac- 
ing for nationwide reform, 
Odessa's pilot municipal trans- 
port privatisation scheme 
proves that change often 
occurs at the local level, 
bypassing unwilling politicians 
in Kiev. After less than a year, 
a fifth of the bus routes in 
Odessa are in private hands. 

The programme, already in 
place in 12 cities, will be expan- 


ded to 13 more throughout 
Ukraine this autumn. It works 
simply. Routes are advertised 
and owners picked by bidding. 
The US Agency for Interna- 

Disney characters 
and beach ball 
promotions quickly 
brought profits 

tional Development, under- 
writer of the scheme, provides 
start-up expenses and legal 
work. The routes then pay for 
themselves. 

“This is one of the few busi- 
ness opportunities where you 
can just walk In and start." 


said Mr Jeff Martin, the US 
agency's co-ordinator. He 
claimed privatisation In the 
first five cities reduced govern- 
ment subsidies by $3m (£l.8m). 
off an initial $900,000 invest- 
ment, and created up to 8.000 
jobs for drivers, mechanics, 
and service supports such as 
coffee bars near bus stops. 

The vehicles usually come 
from such unlikely sources as 
collectives and large state com- 
panies which no longer use the 
buses because of closures. 

US Aid hopes to expand the 
programme to link 1,200 small, 
isolated Ukrainian villages 
with private inter-city routes 
early next year. Privatisation 
also may include other ineffi- 
cient municipal services such 


as waste collection and hous- 
ing maintenance. 

In Odessa, a sprawling 
coastal city- of L2m built by 
Catherine the Great just 200 

The owners lament 
that Ukraine’s weak 
banks cannot 
finance new buses 


years ago, the new choices 
relieve transport pressures for 
many who lack cars and live 
far from the historic centre in 
large Soviet apartment ghettos. 
Fares went up, but service 
improved. On one route that 
was deemed unprofitable by 


the state bus company, three 
separate companies today com- 
pete for the same customers. 

Independent mini-vans soon 
started to shadow official 
routes to lure away customers. 
Mr Anatoly Vltkovsky, who 
owns one of six private bus 
companies, said regulations 
remain unclear. But he added 
that imitation Is the best form 
of flattery. 

A former bus driver, who 
makes S100 a month - five 
times a ministerial salary - Mr 
Vltkovsky explained that his 
friends at state garages also 
see the benefits. Many now 
lease the vehicles and run 
routes as freelances. Their 
daily take, he estimates 
surged up from $3 to $14. 


Business is not painless. Ris- 
ing competition, even talk of 
takeover attempts and bank- 
ruptcy. worsened Mr Vitkov- 
sky's ulcer condition. The own- 
ers lament that weak 
Ukrainian banks caunot 
finance new buses. Often they 
face simple but serious prob- 
lems such as fuel shortages. 
With characteristic Odessnn 
humour. Mr Mann deflected 
further queries: "There is an 
old saying: ‘Ask me about 
something easier than busi- 
ness'." 

But Mr Vltkovsky has no 
regrets. "Odessites used to 
joke: ’What is a bus terminal?"’ 
he said. “A place people were 
told there will be no bus-" 
They may no longer get it- 


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US rebuffs Russian mediation on Kuwait 


By George Graham In 
Washington. Marie Nicholson In 
Baghdad and Stewart Dolby in 
Istanbul 

The US yesterday rebuffed 
Russia's attempts to mediate 
between Iraq and the west and 
said it would continue to move 
more troops to Kuwait in 
response to the Iraqi threat 
Mr Warren Christopher, the 
US secretary of state, said any 
consideration of lifting the eco- 
nomic sanctions against Iraq in 
exchange for Baghdad's prom- 
ise to recognise Kuwait would 
be "dangerously misguided" 
just one week after the 
build-up of Iraqi troops near 
the Kuwaiti border had "again 
plunged the world into crisis." 


And Mr William Perry, the 
US defence secretary, said just 
before he arrived in Kuwait 
yesterday that Iraq had not 
pulled its troops for eno ugh 
back and warned, that the US 
would take "military actum" if 
Iraq continued to entrench its 
Republican Guard at Nasiri- 
yah, less than 100 miles from 
Kuwait 

"If they're digging in, we still 
have problems ahead of us_ 
We are talking about military 
action, but I won't go beyond 
that to describe what form of 
military action," Mr Perry said. 

President Bill Clinton said 
yesterday at a White House 
ceremony to give President 
Jean-Bertrand Aristide of Haiti 
a send-off before he returns 


home today that he had 
ordered the deployment of 
troops and equipment to the 
region to continue. 

“Let there be no mistake. 
The United States will not 
allow Iraq to threaten its 
neighbours," Mr Clinton said. 

US officials have been dis- 
missive of the joint statement 
from Iraq and Russia after a 
meeting in Baghdad between 
Mr Andrei Kozyrev, the Rus- 
sian foreign minister, and Iraqi 
President Saddam Hussein. 

In it, Iraq said it was ready 
to recognise Kuwait's sover- 
eignty and the border mapped 
out by the United Nations if it 
received some assurance that 
the UN economic sanctions 
would be eased. Russia prom- 


ised, in exchange, to support 
the lifting of a ban on Iraqi oil 
sales after a six-month test of 
the UN's monitoring of the 
Iraqi weapons programme. 

The US position remains that 
Iraq must comply uncondition- 
ally with the UN resolutions 
before any easing of the sanc- 
tions can be considered. 

Mr Douglas Hurd, the British 
foreign secretary, adopted a 
s imilar Hr y> , irmteting that the 
Iraqi statement was clearly 
inadequate. 

"The statement is inadequate 
for two reasons," he said. “It 
appears to give Saddam Hus- 
sein a reward for the provoca- 
tive actions of the last 10 days. 
That is clearly wrong. Even 
more important it does nothing 


Reluctant Iraqi citizens toe 
Saddam’s li n e on borders 

Recognition goes against historic claims, writes Mark Nicholson 


I f President Saddam Hus- 
sein is ready to renounce 
Iraq's claim on Kuwait, 
most Iraqis wiil of course agree 
with Mm_ 

"Whatever President Saddam 
Hussein says, we will follow 
his instructions said Mr Rad- 
wan Khalaf Mo hamme d, a 60- 
year-old waiting for a taxi to 
his Mosul home In Baghdad 
yesterday. "If he wants us to 
recognise Kuwait, we will be 
with him.’* 

But even in the streets of 
Baghdad, where moustachioed 
men sidle up and listen closely 
to any exchanges with foreign- 
ers, some Iraqis were prepared 
to say that, as far as they were 
concerned, Kuwait is, was and 
ever shall be part of Iraq. 

"Should there be borders 
between Iraq and Kuwait? No, 1 * 
said a 26-year-old theatrical 
director. “We all know, from 
since we are kids we’ve known, 
that Kuwait is part of Iraq. 1 * 

“I cannot stand to hear say 
that we are to recognise 
Kuwait, even my body shakes," 
said a 44-year-old shopkeeper, 
who was indeed shaking . "My 
arm is trembling when I hear 
this, because we have for years 
known that Kuwait is an Iraqi 
country." 

In fact, Iraq has long main- 


tained that Kuwait has always 
been Iraqi - from Ottoman 
times. Iraqi historians have 
taught generations of Iraqi 
schoolchildren that the emirate 
was part of the vilayet, or 
administrative district, of 
Basra. Western and Kuwaiti 
historians contend the emir of 
Kuwait enjoyed considerable 
freedom from Ottoman rule 
and that Iraq’s n!ahr> is poorly 
based. 

While successive Iraqi rulers 
have held dipltanatic ties with 
successions of Kuwaiti coun- 
terparts - including, up to the 
summer of 1990, Mr Saddam 
and Sheikh Jaber al-Sabah, the 
Kuwaiti emir - Iraq sought to 
invade Its southern neighbour 
first in 1962, when a joint Brit- 
ish- Arab force held the line, 
then again, with a seven- 
month occupation, and bloody 
consequences, in 1990. 

If Mr Saddam unequivocally 
recognises Iraq’s border with 
Kuwait, which for the first 
time was formally demarcated 
by a UN commission after the 
Gulf conflict, he would be the 
first Iraqi leader to do so. 

Iraq lias never been content 
with the loosely sketched Brit- 
ish demarcation of 1922. 
Though this served as the 
roughly accepted line until the 


UN demarcation, it relied on 
such imprecise markers as 
palm trees and low rising rock 
formations in the featureless 
desert scrub 

Kuwait quietly ceded a strip 
of its northern coast to Iraqi 
control during the Iran- Iraq 
war as a gesture of support for 
Baghdad, which used lfrrut 
to build a military hoverpart at 
Umm Qasr, a facility now for- 
mally back in Kuwait and 
housing the headquarters of 
the Unican force which moni- 
tors the present border. 

Before the past week’s bor- 
der crisis, Unikom frequently 
reported shootings across the 
desert line and, in January last 
year, incursions by Iraqis 
which included the theft of a 
Silkworm missile stored in 
what used to be an Iraqi mili- 
tary bunker. 

Yesterday's declaration by 
Mr Andrei Kozyrev, Russia's 
foreign minis ter, that Iraq 
would now recognise the bor- 
der and Kuwait's sovereignty 
with “no conditions” holds 
some promise of closing this 
chapter of Gulf border belliger- 
ence. 

But if Iraq’s recognition sug- 
gests that the Kuwait invasion 
and subsequent war - costing 
tens of thousands of Iraqi lives 


- was a mistake, few Iraqis 
will risk saying so in public. 
Instead, they argue that Mr 
Saddam has rightly decided to 
remove any further pretext for 
continued sanctions or further 
homhardwiPTit of their cities. 

News that Russian diplo- 
macy and apparent Iraqi con- 
cessions might bring relief 
from the increasingly bitter 
scourge of sanctions was 
greeted with cautious relief, 
deep scepticism that America 
will allow tins to happen, but 
an unmistakably profound 
desire that it should be sou 

"It will be a better life for 
me," said a tea vendor in his 
30s who said he fought in the 
Gulf war. "1 will be able to get 
married, have a wife and child 
and have a better life. Condi- 
tions are not for this now." 

. Booming over the posh bat 
increasingly impoverished 
Baghdad suburb of Mansour, 
the preacher’s voice after Fri- 
day prayers implored: "Please 
help us to bring our enemies to 
reason.” 

That task has now been 
entrusted to the Russian for- 
eign ministry and Mr Tariq 
Aziz, Iraq’s deputy prime min- 
ister, who will take their diplo- 
matic package to the UN Secu- 
rity Council next week. 


INTERNATIONAL NEWS DIGEST 

Japanese turn to 
Europe’s engines 

Honda and Nissan are both considering buying diesel engines 
from European car makers in an attempt to meet growing 
demand. Honda said that Peugeot was among a number of 
candidates to supply diesel engines for Us Civic model, which 
is to replace the Concerto. The Japanese car maker is already 
selling Concertos in Europe with Peugeot diesel engines. The 
Concertos are manufactured for Honda by Rover.Honda does 
not make diesel engines of its own and trying to develop one 
would be extremely costly. Honda denied that it was In 
detailed negotiations with, specific companies but confirmed 
that Peugeot was among a number of possible candidates. 

Nissan is also considering using European diesel engines in 
its Primers cars. These are exported from Japan and currently 
have Japanese engines. Because of the rise of the yen, it is 
expensive bo export diesel engines from Japan to Europe, 
Nissan said. "Diesel engines will become more widespread in 
Europe and if we decide that buying from another manufac- 
turer on an original equipment manufacturing basis is the 
best way to go, we will consider it," the company added. The 
interest both companies have shown in buying diesel engines 
in Europe represents a marked step away from past practice 
among Japanese car makers, which have considered it crucial 
to use their own engines. Mkhiyo Nakamoto, Tokyo 

Taiwan stocks plea rejected 

Taiwan's central bank governor yesterday -quashed calls to lift 
limits on foreign investment in the country's stock market Mr 
Liang Kuo-shu said: “There is still room for foreign funds to 
enter the market indicating no urgency to raise the ceiling at 
moment." A recent share payment default crisis, which 
sparked a 14.7 per cent dive in share prices, has prompted calls 
to increase the proportion of foreign investment in the market 
Mr Day Limn, chairman of the securities and exchange com- 
mission, called mi the central bank to raise the percentage of 
foreign investment to 10 per cent of market capitalisation. 
Taiwan is one of the most restrictive equity markets to Asia, 
with a ceiling on direct foreign investment to securities of 
ST.Sbn. But the central bank fears increased capital flows 
would make it difficult to control the exchange rate and 
money supply. Laura Tyson, Taipei 

‘No EU block on Greek funds’ 

In response to an article to the Financial Times on Tuesday. 
Mr Bruce Millan, the European Union's regional affairs com- 
missioner, issued a statement saying there was “no question 
of the union blocking funds to boost infrastructure investment 
in Greece. Referring to a series of roads and other projects in 
Greece due to be financed through the unions structural 
Autos scheme, Mr Millan said: “A small of mul^r^ 

aonal programmes still remain to be approved but this should 
not be interpreted as a blockage by toe rEuroi»an]«>mmmd^ 
of these programmes." The commissioner said officjafe at the 
Commission were discussing the projects with the Greek gov- 
ernment “in a spirit of constru Jive drogue ^and^w^e j^ro- 

ceeding rapidly towards their finahaaton . He adifed: It is 
Sfa question of finding the mostaP^P^ «***«»*> 
ensure their effective implementation, Peter Marsh, London 

Employees face insider charges 

»rv,n hMnew Securities and Exchange Surveillance Commis- 
35 jswffi? S3? trading charges against 32 Mtedh* 
J8v torolved to dubious trading of sharosto Nippon ShqjLan 
SXed drug maker and distributor. Terenty sevai of tiie 
SSSdare Nippon Shoji employee who aRegeffly *jA -Nfr 
JS^S!rif5varStast vear after obtaining unpublished iofta> 

SSioStoaTSfoS^ tototoes ** CMsed deaths 

Terazono,muo 


US and North 
Korea on brink 
of nuclear deal 


By John Burton in Seoul 

Expectations for the 
long-awaited breakthrough in 
the dispute between the US 
and North Korea over Pylon- 
gang’s nuclear programme rose 
sharply yesterday. 

In Seoul, Mr Han Sung-joo, 
the South Korean foreign min- 
ister, said agreement could be 
announced within a few days, 
and, in Washington, US assis- 
tant secretary of state Winston 
Lord said; “We believe we’re 
on the edge of a possibly major 
agreement" 

However, in Geneva - where 
the two countries have been 
holding negotiations in an 
effort to agree implementation 
of a pact under which North 
Korea would accept full 
nuclear Inspections in return 
for improved ties with the US 
- officials said that there were 
still key difficult details to be 
agreed and that: any announce- 
ment was unlikely before next 
week. 

Under the agreement North 
Korea would abandon its 
nuclear programme by replac- 
ing its dangerous graphite 
reactors with safer light-water 
models supplied from South 
Korea, which would help 
finance the $4hn project 

The US and North Korea 
have apparently made rapid 
progress since Wednesday after 
three weeks of largely futile 
talks. 

Mr Han suggested that North 
Korea's recent flexibility might 
be linked to possible assump- 
tion of power tins weekend by 
Mr Kim Jong-fl, the successor 
and son of the late President 
Em fi-sung. 

Under the proposed agree- 
ment, North Korea would 
accept international Inspec- 
tions of its undeclared nuclear 
facilities, including two sus- 
pected nuclear waste dumps, 
once the core equipment for 
the new light-water reactors 
are delivered in two to three 
years. 

The International Atomic 
Energy Agency (IAEA) wants 
to wimme the waste facilities 
to determine whether Pyong- 
yang reprocessed enough plu- 
tonium to 1969 for one or two 
n nciea r bombs. 

North Korea triggered the 
nuclear dispute in March 1993 
by rejecting the IAEA demand. 


and suspended its membership 
to the nuclear non-prolifera- 
tion treaty (NPT). 

The US and North Korea will 
establish diplomatic liaison 
offices within six months if 
Pyongyang returns to the NPT. 

The US-designed light-water 
reactors to be supplied to 
North Korea produce less 
weapons-grade plutonium than 
Pyongyang's current graphite 
models. 

Energy-short North Korea 
will suspend construction of 
two 50MW and 200MW reactors 
and stop operation of its 5MW 
reactor in return for alterna- 
tive electricity supplies, which 
will last until the light-water 
reactors are completed to eight 
to 10 years. 

North Korea would also keep 
in dry storage 8,000 plutonium- 
rich fuel rods that were 
removed to May from its 
nuclear reactor. They would be 
removed to a third country for 
reprocessing once the first of 
the two light-water reactor 
units are campleted- 

But officials from the two 
countries were meeting yester- 
day to resolve several out- 
standing i ssues, including Unk- 
ing the resumption of inter- 
Korean talks to the proposed 
accord. 

South Korea, worried about 
being isolated from the current 
negotiations, wants talks with 
North Korea by mid-January to 
itiwiiw thp implementation of 
their 1991 nan-nucleai treaty. 

Pyongyang is so far refusing 
the South Korean request, 
which is being supported by 
the US. 

Mr Lee Hong-koo, the South 
Korean deputy prime minister 
for TmrHpfftirm, fafliratpri that 
his government would accept 
the agreement if inter-Korean 
talks were guaranteed. 

But he acknowledged that 
there had been disagreements 
between Seoul and Washington 
over details of the proposed 
agreement, although “there is 
no difference cm overall princi- 
ples.'' 

South Korean officials are 
unhappy that full nuclear 
inspections will be delayed for 
a few years since this could 
give North Korea additional 
time to develop at least one 
nuclear bomb from the pluto- 
nium that it is suspected to 
have already reprocessed. 


to meet the concern which I 
met from all the Gulf states 
and very strongly from the 
King Fahd of Saudi Arabia, 
namely that they (the Iraqis) 
should not be allowed to renew 
this threat when the American 
and British soldiers have gone 
home. Unless some thing is 
done to prevent this his 
mailed fist will still be over 
Kuwait and her neighbours." 

Mr Hurd was speaking on 
the last stage of visit to the 
Middle East which has taken 
in Kuwait, Bahrain, Saudi 
Arabia, Jordan, Syria and Tur- 
key. He added- "We need to 
find some way of preventing 
the threat coming again. Work 
is now going on to New York 
and proceeding well. The Rus- 


sians are involved to this. We 
are close to having a draft reso- 
lution from the Security Coun- 
cil which will begin to deal 
with that.” 

Mr Kozyrev stressed yester- 
day that Iraq would recognise 
the border and sovereignty of 
Kuwait with “no conditions”. 
He added that keeping up sanc- 
tions against Baghdad would 
be an act of "vengeance" if 
Iraq continues to comply with 
the UN weapons monitoring 
programme. 

Mr Thriq Aziz, Iraq's deputy 
p rimp minister, is expected to 
clarify Iraq’s position to New 
York next week, when he and 
Mr Kozyrev explain Russia's 
proposals to the Security Coun- 
cil. 



. ■■ »*a" u- . 

A Kuwait! watches British soldiers training yesterday 


US inflation and output 
both ease off in September 

Latest figures 
stem pressure 
for rates rise 


By George Graham 
In Washington 

Inflation slowed in the US last 
month while Industrial 
production flattened off, 
helping to reduce investors' 
expectations of an early 
interest rate increase from the 
Federal Reserve. 

The consumer price index 
rose by 0.2 per cent last month 
after seasonal adjustments, the 
smallest monthly increase for 
four months, the Department 
of Labor said. 

Over the last 12 mo nths the 
index has risen by 3 per cent, 
without adjustments, a 
fraction higher than August's 
inflation rate of Z9 per cent. 
The core inflation index, 
excluding volatile food and 
energy prices, also rose by 0-2 
per cent to September and by 3 
per cent over the last 12 
months. 

Industrial production, 
meanwhile, remained flat in 
September, according to the 
Federal Reserve’s own 
statistics, also published 
yesterday. Although 
production of business 
equipment increased - with 
much of the advance in 
computers and office 
eqnipment - output of 
consumer goods and 
construction materials fell. 

Flat output meant that US 
industry operated at 84J5 per 
cent of capacity in September, 
the Fed said, edging down from 
August's rate of 84£ per cent 
and away from the 85 per cent 
level which some economists 
view as a rule-of-thumb 
indicator of capacity 
constraints and inflationary 
pressures. 

Both the inflation and 
industrial output statistics 
were somewhat lower than 
Wall Street economists had 
predicted, and confirmed a 
widespread impression that the 
US economy has slowed down 
from the breakneck pace of 


US I nflation 

Annual K change In CPI 
3.4 



Source: Ostastream 

expansion it recorded in the 
second quarter, when gross 
domestic product grew at an 
annualised rate of AA per cent, 
and that there are still no signs 
of rising inflation at the 
consumer level. 

The consensus forecast for 
third-quarter GDP collected 
this month by Blue Chip 
Economic Indicators shows an 
annualised growth rate of Z3 
per cent. But some economists 
still believe third-quarter 
growth will have exceeded 3.0 
per cent a rate which could 
still cause the Fed to worry 
that the expansion is 
unsustainably fast. 

Retail sales statistics 
published yesterday by the 
Commerce Department showed 
somewhat faster growth than 
economists had predicted, 
advancing by 0.6 per cent in 
September, but this was not 
enough to alter the general 
impression of slowdown 
conveyed by the inflation and 
industrial production data. 

With few significant 
economic statistics due to be 
published next week, most 
Fed-watchers now expect no 
further increase in short-term 
interest rates before the next 
meeting of the Federal Open 
Markets Committee, which sets 
Fed monetary policy, on 
November 15. 


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NEWS: THE CONSERVATIVES IN BOURNEMOUTH 


King of the road keeps to the straight and narrow 

__*v— +v,-,n 9 « n closet common i 

Philip Stephens sees pitfalls ahead for John Major as he maps out a future route for the Tory party 


Mr John Major's task was 
straightforward. As one of his 
senior ministers confided over din- 
ner in Bournemouth this week. It 
was “to keep the wheels on the 
coach". The prime minister suc- 
ceeded. 

The coach could yet career into a 
ditch called Europe. And its driver 
faces a Commons challenger who is 
busy installing a new engine in 
Labour's ancient charabanc. 

Next Tuesday Mr Major and Mr 
Tony Blair will face each other for 
the first of the confrontations 
across the despatch box which will 
set the mood of British politics in 
the run up the next general elec- 
tion. 

There were noisy distractions in 
Bournemouth - allegations over the 
business dealings of Mr Mark 
Thatcher. Mr Norman Lamont's 
intervention over Europe, Mr Mich- 
ael Portillo's emergence as the 


unchallenged torch-bearer of the 
right 

As the right of the party started 
to erect its roadblocks to any fur- 
ther European Integration there 
was a stark warning of the fragile 
state of the Tory coalition over 
which the prune minister presides. 

The same ministers who pre- 
dicted with confidence from the 
platform that they would win a fifth 
general election victory were ready 
to concede over coffee that Europe, 
like the com laws and tariff reform 
before it is an issue that may tear 
the party apart 

Some believe the split will happen 
only if the party is defeated at the 
general election. Others fear that if 
Prance and Germany force the pace 
then Mr Major’s government will 
fracture over the terms of the 1996 


intergovernmental conference on 
the next stage of integration. 

But that is for next year, and the 
year after. This time the Conserva- 
tive party left its annual conference 
in no worst shape than it arrived. It 
is 20 points or 25 points behind in 
the polls. It is grumpy, angry, but it 
is not in open revolt 

Mr Major himself has looked 
more relaxed in Bournemouth than 
at any conference since the 1992 
election. He decided back in May 
that he wanted and - more impor- 
tantly. that he would be able - to 
stay In 10 Downing Street Since 
then he has started to gather 
around him a group of ministers 
with whom he feels secure. Mr Tony 
Newton, the leader of the Com- 
mons, Mrs Gillian Shepherd, the 
education secretary, and Mr Ian 


Lang, the Scottish secretary, are 
among those in the inner core. 

Mr David Hunt, the public ser- 
vices minister, is proving an effec- 
tive trouble-shooter, Mr William 
Waldegrave at agriculture, a useful 
thinker. Mr Douglas Hurd might 
well stay on at the Foreign Office 
until the general election. 

The new confidence showed itself 
during Mr Major’s speech yester- 
day. It will not go down as one of 
the great orations of political his- 
tory. He is not that sort of speaker. 
But it sounded as though it was his 
own. It started to show us the direc- 
tion in which he intends to drive 
the cftaHv 

The rhetorical battle this week 
has been won by the right. The con- 
ference. in which year-by-year the 
envelope sniffers have been edged 


out by more committed activists, is found the formula for steady 
more comfortable with the language • growth and low inflation, is relying 

of economic 


of nationalism than with the 
harsher realities of the world. 

But the warm applause for Mr 
Portillo and his philosophical soul- 
mates went unheeded by Mr Major. 
His message was one of caution and 
pragmatism. There will be no more 
shake-ups in the schools, no more 
cuts in the armed forces, no more 
change for the sake of dogma. The 
prime minister is promising quiet, 
conservative, competent govern- 
ment. Mr Michael Heseltine still 
thinks he can win his battle to pri- 
vatise the Post Office. If he does - 
and it remains a big if - it will be 
the last new excursion to the ideo- 
logical frontiers. 

Mr Major, confident that after 15 
years the Conservatives have at last 


on two more years 
recovery to revive the government s 
fortunes. He cannot take it for 
granted. 

The shock of adjustment to a low 
inflation economy has smothered 
the feelgood factor. Real personal 
disposable income, seen by the old 
hands in the cabinet as the unchal- 
lenged determinant of electoral suc- 
cess. is not about to take off. The 
prime minister is offering the secu- 
rity of a stable economy. The voters 
might easily prefer pocketfuls of 
ten-pound notes. 

As for Mr Blair. Mr Major has put 
bTTw«»if on the side of those deter 
mined to keep the Tories on the 
centre ground, to cast the Labour 
leader as a counterfeit capitalist 


rather than as a closet communist. 

Others in the cabinet - Mr 
Heseltine among them - prefer a 
more robust style and do not worry 
about the apparent contradictions. 
But the important message from Mr 
Major was that there will be no 
lurch to the right- 

AU this adds up to a plausible but 
precarious strategy. Mr Blair has 
more ideas for Labour. His strategy 
also is to address the electorate’s 
sense of insecurity - as leader of a 
government that would manage 
change. If the government's opinion 
poll ratings do not improve quite 
soon, Mr Major’s message of consol- 
idation will not be enough for the 
Tory MPs in the party's marginal 
constituencies. 

But the biggest threat comes still 
from Europe. Mr Major said yester- 
day he wanted to keep his coach on 
a European road. The Tory right 
could yet force it into a ditch. 


Tories wave 
the union 
flag at Blair 


By David Owen 

Mr Ian Lang yesterday pledged 
that the future of the union 
would be at the heart of the 
next general election campaign 
by the Conservative party - as 
he used the issue to launch a 
sustained attack on Mr Tony 
Blair. 

Signalling that the party's 
high command thinks it has 
found a weapon with which to 
pierce the new Labour leader’s 
armour, the Scottish secretary 
devoted fully one-third of his 
speech to picking apart 
Labour’s commitment to devo- 
lution for Scotland and Wales. 

In a speech that earned him 
a two-minute standing ovation, 
Mr Lang conjured up a picture 
of a Labour government ham- 
strung in its first year by its 
promise of a bill to set up a 
Scottish parliament and a 
Welsh assembly. 

The bill would be opposed 
tooth and nail and would take 
up “the entire parliamentary 
session” he said. It represented 
for the moment “the sum total 
of the Blair agenda". 

He added: “It is an agenda 
that is undeliverable. And 
it represents a failure of 
judgment of massive propor- 
tions.” 

As speaker after speaker 
came to the podium to defend 
the union Mr Adrian Lee, 
national chairman of the 
Young Conservatives, said he 
hoped there would be too 
return to devolved government 
in Ulster. 

He said: "Unequivocal union- 
ism is not only principled but 
it wins votes. If devolution is 
wrong in Scotland, England 
and Wales, why is it right in 
Northern Ireland?" 

Addressing this question 
later. Mr Lang argued that the 
circumstances of North- 


ern Ireland were different. 

"I am not averse to having 
different arrangements within 
an integrated United Kingdom 
parliament,” he said. "North- 
ern Ireland has a democratic 
deficit, Scotland does not.” 

Mr Lang warned that Scot- 
land would have to pay “a 
heavy price” for the creation of 
a Scottish parliament, with 
questions such as the level of 
Scottish representation at 
Westminster and Scottish MPs' 
right to vote on all UK matters 
coming under scrutiny. 

He said the government 
could uot go on earmarking 
funds to ensure “a level stan- 
dard of public services" If Scot- 
land were given the power to 
raise and lower its own taxes. 

But he acknowledged that 
Scotland could pull out of the 
union if it ever became "the 
preponderant and settled view” 
of the Scots that that was what 
they wanted to do. 

Mr O.J. Williams, a Conser- 
vative from Carmarthen, west 
Wales, said the party was not 
opposed to “true" devolution, 
meaning the removal of tiers of 
administration to give individ- 
uals choice over their own 
lives. 

The other parties believed in 
devolving power to institutions 
not individuals. The real rea- 
son they wanted to do that was 
to keep power for themselves. 

Ms Nanette Milne, an Aber- 
deen councillor, said it was 
wrong to assume the whole of 
Scotland was “crying out” for 
constitutional change. 

She said many people were 
afraid that devolution would 
create divisions between Scot- 
land’s different regions. There 
was “a real fear” of rule by 
"red Clydesiders" and “power- 
hungry Scottish socialists" if a 
separate Scottish parliament 
was set up. 


Portillo the young pretender triumphs 


By Kevin Brown, 

Political Correspondent 

With Elgar ringing in their 
ears. Conservative activists left 
Bournemouth yesterday 
reflecting on a week that pro- 
duced little glory but rekindled 
hopes that the party might yet 
recover to win a fifth succes- 
sive general election. 

U nlik e last week's Labour 
gathering in Blackpool, the 
311th Tory party conference 
passed with little sense of occa- 
sion, and no great victories or 
defeats for the leadership. 

But Bournemouth was not 
equally kind to the nearly two 
dozen ministers who addressed 
the troops. At least three left 
with their reputations 
enhanced. The great bulk did 
little or nothing to affect their 
standing. One - a surprise - 
was a relative failure. 

The winners were led by Mr 
John Major, the prime minis- 
ter. Buoyed by the absence of a 
challenge to his leadership he 
wrapped himself in the union 
flag to deliver a relaxed and 
confident speech designed to 
send supporters away happy. 

Mr Jeremy Hanley, party 
chairman, was a surprise suc- 
cess. He had a bad start, failing 
to turn up when he was expec- 
ted. But the representatives 
gave a warm welcome to his 
two speeches, laughing at his 
jokes and cheering his anti- 
Labour sallies. 

The other winner was Mr 
Michael Portillo, employment 
secretary, whose four-minute 
ovation for a clearly anti- 
European speech was the lon- 
gest of the week - except for 
Mr Major’s 5% minutes. 

Mr Portillo appeared to have 
widened his support among 
rank-and-file activists, but 
some good judges are already 
saying that he may come to 
regret identifying himself so 
closely with factional politics. 

The surprise loser was Mr 
Michael Heseltine, trade and 
industry' secretary, who won 
only a two-minute ovation and 
seemed to have lost his unoffi- 
cial title of conference darling 
to Mr Portillo. However. Mr 



The new stars and the eclipsed: clockwise from top left, Michael Portillo, Michael Heseltine, Jeremy Hanley and Virginia Bottomley 


Heseltine achieved Ms main 
aim - showing that he remains 
as vigorous a performer as 
ever following his recovery 
from a heart attack last year. 

Mr Kenneth Clarke, the 
chancellor, delivered a good 
speech poorly, throwing away 
most of the best lines, but was 
able to claim wide support for 
his steady-as-she-goes eco- 
nomic policy. 

The debate on law and order 
was expected to prompt criti- 


cism of Mr Michael Howard, 
home secretary, but did not 
Mr Howard was booed only 
when he made dear that the 
government favoured volun- 
tary rather than compulsory ID 
cards. 

Among the cabinet middle- 
weights Mis Gillian Shephard 
made a confident debut as edu- 
cation secretary, even though 
her best ideas were appropri- 
ated by the prime minister for 
his end-of-conference speech. 


Others, including Mrs Vir- 
ginia Bottomley, health secre- 
tary, Mr Peter Lilley. social 
security secretary, and Mr Mal- 
colm Rifkind. defence secre- 
tary, delivered largely routine 
speeches without adding signif- 
icantly to their support 
The two cabinet newcomers 
who addressed the conference. 
Dr Brian Mawhinney at trans- 
port and Mr Stephen Dorrell at 
national heritage, were both 
regarded as solid performers, 


likely to risk a more aggressive 
approach next year. 

There were other winners 
and losers. Conservative Way 
Forward, the rightwing lobby 
group, won the battle of the 
fringe with the biggest and 
best attended meetings, to a 
sign of the times, the Cam- 
paign for Europe achieved only 
a third of last year’s turnout, 
to spite of boasting Sir Leon 
Britton, UK European commis- 
sioner, as its main speaker. 


Pledge to 
boost 
party 
structure 


By Ivor Owen, 

Parliamentary Correspondent 

New measures to revitalise 
rundown party organisations 
in key marginal constituencies 
were announced by Mr Jeremy 
Hanley, the party chairman. 

Responding to a debate domi- 
nated by warnings about the 
need to boost fund-raising and 
the number of professionally 
qualified staff he promised that 
80 new agents would be 
recruited in the next IS 
months. 

Mr Hanley promised that 
any funds raised by constituen- 
cies in the next two years 
would be channelled to mar- 
ginal seats. 

Mr Richard English, chair- 
man of the National Society of 
Agents, underlined the deterio- 
ration in tbe party's organisa- 
tion by disclosing that there 
were only a “paltry” 204 agents 
left. 

He said it was unacceptable 
that there were 154 Conserva- 
tive-held constituencies with- 
out professional agent cover. 

Mr Hanley said the 80 new 
agents would be trained to the 
most modern campaigning 
techniques and employed in 
key seats through a partner- 
ship arrangement with Tory 
Central Office. 

Mr Hanley said one of the 
strongest messages he received 
from the 500 constituency 
chairmen he saw during a 
nationwide tour to September 
was: “We must all work 
together to win." 

To applause he added: "That 
goes for our party to parlia- 
ment too “ 


Extolling the country to ‘set its sights high again’ 


By Ivor Owen 

In an optimistic assessment of 
the long-term prospects for the 
economy Mr John Major told 
the Conservative conference 
yesterday that the British peo- 
ple had the opportunity to dou- 
ble their standard of living in 
the next 25 years. 

He won a 5'A minutes ova- 
tion for a wide-ranging speech 
in which he promised to hold 
to Conservative principles in 
facing the challenge from Mr 
Tony Blair's new model 
Labour party. 

Mr Major reaffirmed his 
determination to oppose feder- 
alist developments in the Euro- 
pean Union and to ensure that 
any political settlement in 


Northern Ireland was accept- 
able to the people of the prov- 
ince. 

The economy 

The prime minister said that 
the progress already made in 
achieving sustainable growth 
coupled with low inflation pro- 
vided the opportunity for the 
country to “set its sights high 
again". 

Recalling the target set by 
Mr RA Butler when he was 
Conservative chancellor in 
1954. he said: "With the right 
determination, with the right 
policies, we have the chance 
once again to double our living 
standards in the next 25 
years.” 

Mr Major reinforced the ear- 
lier warning by Mr Kenneth 


Clarke, the chancellor, that 
prudence must govern the tim- 
ing of tax cuts and insisted 
(hat there must be no return to 
the "boom-and-bust cycle” of 
earlier years. 

For this reason it was some- 
times necessary to be a “bit 
puritanical”. 

European Union 
Looking forward to the inter 
governmental conference in 
1996 Mr Major pledged that if 
he was not satisfied he would 
“just say no” to changes which 
would harm Britain. 

But he hoped to secure an 
acceptable agreement because 
that would be in the best inter- 
ests of Britain. 

In the wider context of for- 
eign affairs he cited the speed 


with which the latest crisis in 
tbe Middle East bad blown up, 
and said: “Isolationism is a lux- 
ury Britain simply cannot 
afford.” 

Northern Ireland 
Mr Major said he would take 
his “own time" in responding 
to the decision by the loyalist 
paramilitaries to maintain a 
cease fire for as long as that 
declared by the IRA. While 
other people called for speed 
he had to ask the “hard ques- 
tions”. 

Mr Major said: “For as long 
as is necessary, as many 
policemen and troops as are 
necessary will stay on duty in 
Northern Ireland to protect all 
the people of Northern 
Ireland." 


Nursery education 
Proposals would be “worked 
by Mrs Gillian Shephard, 
the education secretary, to pro- 
vide places for all four-year- 
olds whose parents wished to 
take thep i up. 

Health 

Denying that the government 
intended to privatise the 
National Health Service. Mr 
Major said that the security of 
mind it provided would not be 
taken away “while l live and 
breathe”. 

Crime 

While rejecting criticism of Mr 
Michael Howard, the home sec- 
retary. the prime minister 
acknowledged the need for a 
more stringent regime in pris- 
ons. Prisons should be decent 


and Spartan and their role was 
to “punish and not pamper”. 

Mr Major said the home sec- 
retary was in agreement with 
him that where this was not 
the case it would have to 
change. 

Details are to be announced 
next week of the most compre- 
hensive campaign against drug 
dealers and traffickers yet 
launched in Britain. 

Labour’s tax targets 
Stressing tbe difference 
between Labour and the Con- 
servatives on personal taxa- 
tion, Mr Major said: “People 
who have earned well, people 
who have saved, people who 
have inherited the fruits of a 
parent’s lifetime work are not 

the ‘undeserving rich’." 


Gloomy 
feelings 
persist at 
grassroots 

By James Blitz 

They may have cheered Mr 
John Major to tbe rafters. But 
yesterday, as the Tory confer- 
ence representatives streamed 
out of Bournemouth, many 
had still not shaken off the 
dond of depression that has 
dogged them all week. 

“It’s been a marvellous week 
and there have been some 
great speeches.” said Mr BtQ 
Brum, a veteran Conservative 
party activist from Southend. 
“But It hasn't made much dif- 
ference. The party is still in 
the doldrums.” 

Throughout the week, the 
party has shown a decisive 
and determined face to the 
television cameras. Delegates 
have given cabinet ministers 
standing ovations. They have 
unfailingly passed the ano- 
dyne motions presented by 
organisers. They have 
denounced Mr Tony Blair, the 
new Labour leader, for steal- 
ing Tory slogans. But as the 
glitz surrounding Mr Major’s 
speech faded away, some were 
wondering how on earth the 
party could reduce Labour’s 
30-point lead in the polls. 

“The divisions over the 
Maastricht Treaty weren’t 
nearly as bad as what we have 
now," said Mr Robert HaUbn 
from Yauxhal] in south Lon- 
don. “This week everyone has 
bear divided over everything: 
over tax, Europe, Ireland, you 
name it And we have done 
little to resolve that” 

Some feared the party had 
failed to meet the challenge 
posed by Mr Blair. "If Blair 
can get the Clause 4 issue set- 
tled then he is well on the way 
to victory," predicted Mrs 
Kathy Darroch from a constit- 
uency in south east England. 

Others felt that Mr Michael 
Howard, the home secretary, 
had failed to give a clear lead 
in the fight against crime. “We 
needed a far more decisive 
move towards ID cards," said 
one delegate. “Without it. 
Labour can still challenge us 
on tire crime issue.” 

There was plenty of confi- 
dence that it will all get better 
from here. “One of the best 
things this week is that Jer- 
emy Hanley saved his reputa- 
tion as party chairman,” said 
Mr Robert White- Adams from 
Weston-super-Mare. 

But the overwhelming con- 
cern of campaigners was that ' 
this great annual jamboree 
would be followed by the grim 
task of drumming up local 
support in the constituencies. 

“The conference is really a 
stitch-up," said Mrs Maureen 
Mallet, from Maidenhead. 
"The reality is that the party 
is coming apart at the roots. 
Getting supporters - espe- 
cially young ones - is a near 
impossible task.” 


John and Gill go up the hill to fetch a pail of voters 

John Authers says the plan to expand nursery education are likely to be very popular 


Learning curve 



Number of places in early ch&Bxood care and education 


Typo ot provision 

1380 

1981 

% change 

Nursery education 

130,997 

177.863 

36 

Reception class 

205.673 

272.178 

32 

Local authority day nurseries 

28,437 

27,039 

-5 

Private nurseries 

22.017 

79.029 

259 

Playground 

387,868 

428.420 

16 

Childminders 

98.495 

233,256 

137 


Sauce: ffetkmaf Cormtfaston on Bdue a ton 


This is not the first time Mr 
John Major has talked of his 
ambition to expand nursery 
education, which yesterday 
became a “cast-iron commit- 
ment” for all 4-year-olds. 

Last December, to an Inter- 
view with the Daily Telegraph, 
he said: “It would be an ambi- 
tion of mine over time to move 
to universal nursery education, 
but I stress that is an ambition. 
We do not at the moment have 
detailed plans to do so. We 
don’t have the resources." 

At that time the then educa- 
tion secretary Mr John Patten 
was dismissive of the idea, say- 
ing tt was “too expensive”. 

His successor, Mrs Gillian 
Shephard, seems rather more 
sympathetic. Her reaction yes- 
terday was to say: “This is ter- 
rific news. I and my depart- 
ment are now geared up for 
early action.” She intends to 


complete the “first wave” of 
expansion in the lifetime of 
this parliament 

The department is still con- 
sulting with different inter- 
ested groups on how the 
expansion should be managed. 
However, Mr Major’s speech 
was taken as a hint that the 
government hoped to provide 
"vouchers" which could be 
used to pay for either private 
or public nursery provision. He 
said: “It must promote diver- 
sity and parental choice and it 
must be carefully targeted in a 
way that expands and does not 
crowd out the private and vol- 
untary provision." 

Several factors suggest 
expanded nursery education 
could be popular. First, the 
sharp increase in the take-up 
of private nursery care sug- 
gests there is rising demand 
pTormg the middle classes. 


Figures produced by the 
National Commission on Edu- 
cation showed that numbers in 
private nurseries increased by 
259 per cent between 1980 and 
1991, from 22,017 to 79,029, 
while the numbers left with 
childminders more than dou- 
bled. Over the same period pro- 
vision by local authority day 
nurseries had dropped. 

Secondly, the UK performs 
poorly in international compar- 
isons. Estimates for 1991 (the 
most recent figures available) 
published by the Organisation 
for Economic Co-operation and 
Development suggest that the 
UK trails countries such as 
Germany, France and Belgium 
to nursery provision. In the UK 
60.7 per cent of four-year-olds 
were to education, compared 
with 100 per cent to France. 
99.4 per cent in Belgium and 
70.6 per cent to Germany. 


Several educationalists have 
published reports to the last 
year ca l l i ng for nursery expan- 
sion. The National Commission 
on Education, an independent 
educational think-tank whose 
launch was welcomed by Mr 
Major, called for the phased 
introduction of universal provi- 
sion. Its wanted to see 95 per 
cent of four-year-olds and 85 
per cent of three-year-olds in 
nursery school by the year 
2010 . 

The Royal Society for the 
encouragement of Arts, Manu- 
factures and Commerce went 
further, calling for the compul- 
sory school age to be raised 
from five to six. so that 
resources could be recycled to 
offer free half-day lea rning for 
all children from the ages of 
three to five. 

Both bodies felt such moves 
would tackle the UK’s growing 


problems with adult illiteracy 
and innumeracy. 

Mr Major's pledge may also 
have been influenced by 
Labour’s exploitation of the 
issue. Provision is currently at 
the discretion of local educa- 
tion authorities, and Mrs Ana 
Taylor, shadow education sec- 
retary. this year published 
Department for Education fig- 
ures showing that 40 per cent 
of three and four-year-olds an 
provided with nursery educa- 
tion under Labour authorities, 
compared with Id per cent in 
Conservative boroughs. 

Political reaction was luke- 
warm. Both Labour and the 
liberal Democrats pointed out 
that former prime minister 
Lady Thatcher had pledged 22 
years ago, when education sec- 
retary, to introduce universal 
nursery education for all thre® 
and four-year-olds. 






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NEWS: UK 


Receivers and unions hope buyer will emerge to continue Tyne shipbuilding tradition at Wallsend facility 

Efforts stepped up 
to sell Swans yard 




By Chrts Tlghe 


Attempts to sell Swan Hunter's 
Wallsend yard, if possible for 
shipbuilding use, are to be 
stepped up with separate ini- 
tiatives planned by the Tyne- 
Side company's union cam- 
paigners and receivers. 

Mr Dick Gonsalez, the Tyne 
and Blyth Confederation of 
Shipb uilding and Engineering 
Unions chairman at Swans, 
said yesterday that while he 
was sad at the break-up of the 
company's assets, ending 
hopes of a going-concern sale, 
Thursday's disposals of its 
Hebburn and Neptune yards 
could improve sale prospects 
for Wallsend, the company's 
main shipbuilding facility. 

Mr Gonsalez said the union 
campaign to save shipbuilding 
on the Tyne would continue. 

And joint receiver Mr Gor- 
don Horsfield, of Price Water- 
house. said he was planning a 
new worldwide advertising 
campaign, probably in early 
November, focusing on the 
Wallsend yard. 

He said: “I would like to see 
the Wallsend yard bought by a 


company of substance that has 
pockets deep enough to make 
the necessary investment to re- 
establish it as one of the 
world’s leading shipbuilding 
yards.” 

The receivers have received 
some expression of interest for 
Wallsend. 

Yesterday Mr Eric Welsh, 
managing director of Tees 
Dockyard, said his company's 
acquisition of the Hebburn site 
and its huge dry dock meant 
Britain could repair large ves- 
sels which had previously gone 
to Germany, Sweden. France 
and Spain. 

The Hebburn dry dock, 259 
metres long and 44 metres 
wide with the capacity to take 
150,000 tonne ships. Is the big- 
gest on Britain's east coast. 

Mr Welsh said that within 
three weeks the new business, 
Tyne Tees Dockyard, should 
see its first ship arrive at Heb- 
bum, a site little used by Swan 
Hunter in recent years. 

Mr Welsh, chief executive of 
the new company, hopes its 
permanent workforce will 
reach 200 in a year, with others 
on contract 


Ship repairer A & P Apple- 
dore, buying the Neptune yard 
for extensive refitting of large 
ships, hopes to create 150 to 
200 new permanent jobs. 

Mr Gonsalez welcomed the 
prospect of new jobs and the 
retention of the sites for 
marine industry use 

Price Waterhouse has until 
now put Swans' break-up value 
at £7.3m but it seems that it 
may fetch nearer £8.5m. Mr 
Horsfield said that in the light 
of disposals so far more than 
£7 3m was likely. Apart from 
Wallsend, the other substantial 
asset to be sold is Swans' UK 
intellectual property. 

On Monday the unions will 
ask Price Waterhouse to make 
November 3. when Swans’ last 
ship leaves, an open day for 
past and present employees, 
their families and supporters. 

Mr Gonsalez said: “We'd like 
to see everybody there so we 
can march back out with our 
heads high- The; haven't bro- 
ken the spirit of Tyneside." 

Mr Horsfield said if 
approached with the request 
he would make every effort to 
accommodate it 



New dawn: Swan Hunter’s Wallsend yard, where the receiver hopes for a buyer “with pockets deep enough" to re-establish its status 


BA to end 
Concorde 
service to 
Dulles 


NHS prescribing list backed 


By Daniel Green 


By Paul Betts, 

Aerospace Correspondent 


British Airways yesterday said 
it was suspending its loss- 
making Concorde scheduled 
service between London and 
Washington DC after 18 years. 

BA, which will continue to 
operate its profitable twice- 
daily London-New York Con- 
corde services, plans to develop 
supersonic charter flights for 
the US market. 

After the end of its thrice- 
weekly scheduled Concorde 
Washington service from 
November 8 BA will perma- 
nently base one of its seven 
Concordes at New York’s JFK 
airport. 

The airline yesterday said 
there was increasing US 
demand for Concorde charter 
flights. 

BA has already won business 
to operate a weekly Concorde 
charter flight between New 
York and Barbados for three 
months starting in December. 
The flight takes two hours and 
20 minutes - half the subsonic 
journey time. 

BA said: “We see possibili- 
ties for expanding charter ser- 
vices from New York to South 
America. Bermuda and 

Mexico." 

The scheduled Washington 
service, which was Concorde's 
first transatlantic route, has 
averaged passenger loads of 
only 30 per cent compared with 
an average of about 70 per cent 
for the New York service, 
which has round-trip ticket 
prices of more than £5,000. 

The suspension of BA’s ser- 
vice to Washington's Dulles 
airport means that New York 
is the only US destination 
served by regular supersonic 
scheduled services from Lon- 
don Heathrow - operated by 
BA - and Paris Charles 
de Gaulle, operated by Air 
France. 

Air France has already 
stopped scheduled Concorde 
flights between Paris and 
Washington. 


The government yesterday 
appeared to back plans to 
introduce mandatory tests that 
would require new NHS medi- 
cines to prove themselves to be 
economic or medical improve- 
ments on older rivals. 

It praised proposals by the 
Commons health committee in 
July that would give new 
drugs five years’ grace after 
they were approved for sale. 
After this "those which were 
found to be less effective, or 
more expensive with no thera- 
peutic advantage, than compet- 
itor drags would be excluded 
from being prescribed on the 
NHS”, said the select commit- 
tee in July. 

The Department of Health’s 
response to the report yester- 
day said that it was consider- 


ing such “national prescribing 
list” schemes. 

The department said: "The 
way in which such a scheme 
might operate is well described 
by the select committee.” 

The NHS drugs bill is rising 
faster than In most big coun- 
tries with the exception of the 
US, in spite of last year’s 2.5 
per cent price cut imposed by 
the government through its 
Pharmaceutical Prices Regula- 
tory Scheme. 

The prospect of a national 
prescribing list improving cost- 
effectiveness was backed by 
the Labour party. 

Mr David Blunkett, shadow 
health secretary, said the gov- 
ernment needed to “examine 
with more urgency the poten- 
tial of a national prescribing 
list” which would direct 
research by drug companies 


towards examining the cost- 
effectiveness of new drugs, 
which would be of more use to 
the NHS. 

Mr Joe Collier, a co mmi ttee 
member, said: "This is a very 
exciting development and I’m 
delighted that the Department 
of Health appears to warm to 
it." 

The Association of the Brit- 
ish Pharmaceuticals Industry, 
which has long resisted radical 
reform to the way in which 
drugs are assessed and pre- 
scribed in the UK, attacked the 
proposal. 

It remained “convinced that 
any such list restricting the 
availability of medicines would 
not be in the interest of 
patients and would also 
adversely affect the search far 
much-needed new treatments". 

It said the health department 


had conceded that a national 
prescribing list would not be 
cheap or easy to operate. Such 
a scheme would be radical 
even in a world where health- 
care reforms are being consid- 
ered by many countries. So far, 
only Canada and Australia 
have insisted on considering 
the economic impact of individ- 
ual drugs. 

The department rejected the 
committee's recommendations 
that prescription charges and 
the number of people eligible 
for free prescriptions be cut 

It also rejected the commit- 
tee's concerns that the drug 
industry’s voluntary code of 
practice for marketing to doc- 
tors might be being breached 
and that statutory restrictions 
on promotional activities such 
as gifts and hospitality were 
not being enforced. 


Heseltine leads 
business visit 
to Malaysia 


By Kevin Brown, 
Political Correspondent 


Accountants set up review body 


By Jim Kelly 


The Institute of Chartered 
Accountants in England and 
Wales yesterday confirmed it 
has set up a working party to 
consider the future regulation 
of the profession. 

The move, which marks a 
watershed in the institute’s 
attitude to the present system 
of self-regulation, brings the 
professional debate on stan- 
dards into the public arena. 

The review will be seen as 
another blow to efforts to forge 
agreement on reform between 
the six leading accountancy 
bodies which meet on the 
so-called Bishop committee. 


Mr Chris Swinson, a partner 
with BDO Stay Hayward, will 
chair the working party, which 
will bring proposals before the 
Institute’s annual conference 
in January. 

Mr Swinson said: “The paper 
will review tensions which 
exist in the regulatory frame- 
work and ways in which they 
can be relieved." 

The move brought a sharp 
reaction from ACCA, the body 
representing certified accoun- 
tants, which recently floated 
plans for a general accounting 
council for the profession. 

That plan was described by 
Mr Roger Lawson, the insti- 
tute’s president as “dead on 


arrival” and an abdication of 
the profession's responsibili- 
ties. 

Ms Anthea Rose. ACCA chief 
executive, said yesterday: 
“There appears to be confusion 
in the institute hierarchy 
about what it actually does 
want" 

The institute's review is 
likely to focus on trends such 
as rising public expectations of 
accountability and the loss of 
privileges in the profession. 

Mr Andrew Colquhoun, the 
institute's chief executive, said 
the debate mirrored that in 
other professions facing regula- 
tory problems, such as lawyers 
and chartered surveyors. 


Mr Swinson said that ten- 
sions existed between the role 
of the institute in regulating 
standards on behalf of the gov- 
ernment and its traditional 
role in monitoring ethics and 
training. 

The institute said its plans 
for a review pre-da ted ACCA's 
announcement of its scheme 
for a general accounting coun- 
cil It saw debate about struc- 
tures as following on a long 
debate on the issues. 

The working party’s other 
members are all senior mem- 
bers of the institute's council. 
They are Mir John Collier, Mr 
Douglas Llambias, and Mr Ian 
McNeil, former president 


Mr Michael Heseltine. trade 
and industry secretary, was 
due to leave London last night 
for the first visit to Kuala Lum- 
pur by a cabinet minister since 
Malaysia ended a seven-month 
trade dispute. 

The visit marks a significant 
warming of the relationship 
between London and Kuala 
Lumpur, which was deeply 
strained by British newspaper 
reports of attempts by UK com- 
panies to bribe Malaysian offi- 
cials. 

In a sign of the importance 
attached to the trip by the gov- 
ernment Mr Heseltine was 
accompanied by a big group of 
senior businessmen from man- 
ufacturing, construction and 
service companies. 

He will meet several Malay- 
sian ministers for talks, includ- 
ing Dr Mahathir Mohamad, 
prime minister. Mr Anwar 
Tbr ahtm. deputy prime minis- 
ter, and Mr Rafidah Aziz, trade 
minister. 

Mr Heseltine said toe visit 
was intended “to explore ways 
in which we can build on our 
existing relation-ship by identi- 
fying new areas of co-opera- 
tion". 

Malaysia gave no reasons for 
its decision five weeks ago to 
end its ban on government 
contracts for UK companies. 
The embargo is believed to 


DTI jumped the gun on aid for Jaguar X200 project 


By Kevin Done, 

Motor Industry Correspondent 


Ford, the US carmaker, has not 
yet applied for state aid to 
build a new range of smaller 
Jaguar sports saloons in the 
UK, the Department of Trade 
and Industry said yesterday. 

The department withdrew a 
statement made last weekend 
that the government had 


already “made an offer” to 
Ford and that it was now “dis- 
cussing the details". 

The earlier statement had 
arisen from an “internal mis- 
understanding” between its 
officials. It said: “We have 
received no formal application, 
and no offer has been made. 
We are aware, however, that 
the company may be seeking 
funds in due course.” 


Earlier this year the govern- 
ment was forced to provide 
about £9.5m in selective 
regional aid to persuade Ford 
to build another car, the suc- 
cessor to the Jaguar XJS 
sportscar, in Coventry rather 
than at a Ford plant in Portu- 
gal. 

Mr Alex Trotman, Ford 
chairman and chief executive, 
who has met Mr Michael 


Heseltine, trade and industry 
secretary, several times in 
recent months, said last week 
that the £9. 5m grant for the 
XJS replacement project 
"would pale by comparison” 
with the aid needed to ensure 
that the sports saloon, code- 
named X200. is built in the UK. 

The company is studying the 
alternatives of building the 
new car range either at Jag- 


uar's existing Coventry plant 
or at one of its US plants at 
Wlxom, Michigan. 

Ford, which took over the 
UK carmaker for £i.6bn at the 
end of 1389. has for the past 
couple of years been preparing 
a project to build a range of 
smaller Jaguar sports saloons. 

A formal decision is not 
expected until next year. 

The Jaguar is expected to be 


developed from the same chas- 
sis platform as a new range of 
luxury cars to be sold under 
Ford’s Lincoln/Mercury brand- 
names. 

The new car would be an 
addition to the Jaguar range 
and would more than double 
output to more than 100,000 a 
year by 1998-99. The car 
is planned for launch in 
1998. 


Council 
workers 
win up 
to 6% 


have caused substantial dam- 
age to British businesses. 

The ban excluded companies 
such as GEO, Balfour Beatty 
and Trafalgar House from bid- 
ding for potentially lucrative 
contracts for South East Asia's 
largest infrastructure project, 
an international airport south 
of Kuala Lumpur. 

British bidders were also 
excluded from tendering for 
some contracts in Malaysia's 
power sector and for some con- 
struction projects. The ban did 
not prevent British companies 
from continuing to bid for pri- 
vate-sector business. 

The businessmen travelling 
to Malaysia include Dr Teny 
Harrison, chief executive of 
Rolls-Royce; Sir Colin Chan- 
dler, chairman of Vickers; Sir 
Robin Biggam, chairman of 
BICC; Sir John Ban ham, chair- 
man of Tarmac; Mr Douglas 
Gadd, chairman of GEC Als- 
thom; and Mr Martin Laing, 
chair man of John laing. 

Mr Heseltine said: “The Far 
East market is a real test for 
the competitiveness of British 
companies. The opportunities 
are there. We must seize them i 
before other countries do.” 

Britain's relations with Mal- 
aysia had been difficult even 
before the recent trade dispute 
as Dr Mahathir followed a ’buy 
British last’ policy for almost a 
decade in retaliation against 
increases in fees for foreign 
students at UK universities. 


Lord Taylor raps 
race offence plan 


A specific offence of racially 
motivated violence would 
reduce the prosecution's ability 
to secure convictions, the Lord 
Chief Justice warned last 
night. 

Lord Taylor said: “The new 
offence would, by creating a 
whole new element for the 
prosecution to prove, actually 
have reduced their ability to 
secure convictions." 

Lord Taylor, speaking to the 
National Association for the 
Care and Resettlement of 
Offenders' race issues advisory 
council, also rejected a recom- 
mendation from the Royal 
C ommiss ion on Criminal Jus- 
tice that, in some cases, juries 
should be required to contain a 
quota of people from the ethnic 
minorities. 


Hospital haggles 
over refinancing 


Health Care International, the 
private hospital near Glasgow 
which last month hit a finan- 
cial crisis just three months 
after it opened, was still in 
negotiations last night over a 
refinancing package. 

Although the syndicate of 
banks had set a deadline of 
yesterday for the hospital to 
secure a further £l5m in fund- 
ing. the company said last 
night that negotiations were 
expected to continue into next 
week. 


Nearly 1.5m local-government 
employees will gel P®y rises 
ranging from 4 per cent to 6 
per cent over 19 months for 
blue-collar staff and 21 months 
for white-collar staff. David 
Goodhart writes. 

The two-stage deal, which 
was agreed yesterday, brings 
together the settlement dates 
for both groups and ushers in a 
harmonisation of conditions. 

Mr Jack Dromey. national 
official of the TGWU general 
union, welcomed the step as 
“the end of second-class status 
for blue-collar workers". 

Although the pay offer was 
increased slightly yesterday it 
is at the lower end of settle- 
ments. especially for white- 
collar staff. 

Staff will receive a first 
increase of 1.5 per cent plus 
£100. together worth an aver- 
age of 2 3 per cent, which will 
be backdated. 

The second increase of 1.4 
per cent plus £100. together 
worth an average of 2.2 per 
cent, will be paid from next 
June. 


Canning jobs to go 


Hobson, tbe food manufac- 
turer, is to close a canned- 
vegetables factory in Suffolk 
with the loss of 350 jobs. Pro- 
duction at the cannery has 
already ceased, Hobson said. 


Dame Shirley leads Westminster auditor down legal side street 


Dame Shirley Porter, the 
former leader of tbe Conserva- 
tive "flagship" council of West- 
minster. is a formidable oppo- 
nent 

Monday was to have seen the 
start of hearings by the coun- 
cil’s district auditor, Mr John 
Magill, on whether be was cor- 
rect in his provisional ruling 
that she and eight others 
should pay £2 1.25m in sur- 
charges to repay money wasted 
on an alleged scheme to rig the 
1990 local elections by selling 
homes in tbe borough. 

At the hearings on Monday 
he would have allowed both 
sides to give their version of 
events, before making a final 
decision on the surcharge, 
which he can enforce. 

But yesterday afternoon Mr 
Magill announced that he was 
postponing the hearings, after 
requests from Dame Shirley's 
legal team. Her lawyers are 
arguing that Mr Magill, who 
now has “quasi-judicial pow- 
ers” should not officiate as he 
has already investigated the 
case • -and ...given a provisional 
view. 

:*Mr KntbfSH^.Scrivener, the 


barrister and former chairman 
of the Bar, who has been 
retained by Dame Shirley, last 
week tried to persuade Mr 
Magill that he should disqual- 
ify himself from taking any 
further part in the case. 

He said: "A judge does not 
announce his findings, provi- 
sional or otherwise, halfway 
through a case.” 

Mr Magill appears to be tak- 
ing the arguments seriously, 
and so Monday's session, in 
the Westminster city council 
chamber in Marylebone Road, 
will be devoted to legal argu- 
ments over whether he should 
hear the case. If he disqualifies 
himself, be said yesterday, tbe 
hearings into the homes-for- 
votes allegations “will not take 
place”. 

The hearings are potentially 
deeply embarrassing for a gov- 
ernment now preoccupied with 
rebutting allegations of 
“sleaze", as the national Con- 
servative party had strong 
links with Dame Shirley's 
regime. 

Baroness Thatcher, the for- 
mer prime minister, hailed 
Dame Shirley's council as a 





Hearings over allegations of 
‘homes-for-votes’ could now be 
shelved, reports John Authers 






UUUUUUUfUUHsnl / i ■ , 


Dame Shirley's lawyers say John Magill should not officiate 


“flagship", and the Tories' vic- 
tory there in the 1990 council 


year. Dame Shirley and her 
colleagues protest that they 


election was proclaimed as a did nothing wrong, merely 
vindication of the poll tax, Implementing policies which 


which was introduced that they were elected to put in 


place. If the hearings do take 
place, they are expected to last 
between six and eight weeks. 

Labour councillors who 
made the first objections to the 
policy will make their case 
first. 

They have hired Mr Andrew 
Arden, a barrister, who will be 
able to quote from the 6,000 
pages of documentary evidence 
collected by the auditor but 
not previously published, 
including rnnfjriertHal council 
documents. 

Their attack will concentrate 
on tbe policy of “designated 
sales”, in which council fiats 
were left empty until a buyer 
could be found for them. The 
objectors say that the aim was 
to replace council tenants, 
likely to vote Labour, with 
owner-occupiers who would be 
more likely to vote Conserva- 
tive. After 1987, when the pol- 
icy was expanded, these prop- 


erties were concentrated in 
eight marginal wards, where 
the Tories believed the next 
election would be decided. 

Mr MagUl’s provisional view 
endorsed this allegation. He 
said he was minded to find 
that electoral advantage was 
“the driving force behind the 
policy of increased designated 
sales" and that this also influ- 
enced the selection of proper- 
ties designated for sale. 

Provisionally, he said the 
council had been engaged in 
“gerrymandering”, which was 
“a disgraceful and improper 
purpose”. The recommended 
surcharge relates to spending 
on the designated sales pro- 
gramme between 1987 and 1989. 

The 10 people recommended 
for surcharge were Dame Shir- 
ley, Mr Barry Legg, former 
chief Tory whip and now MP 
for Mflton Keynes, Mr David 
Weeks, council leader after 


Dame Shirley resigned in 1991. 
former councillors Mr Peter 
Hartley, Mr Michael Dutt (now 
dead) and Ms Judith Warner, 
Mr BUI Phillips, former manag- 
ing director Mr Robert Lewis, 
former deputy city solicitor, Mr 
Graham England, housing 
director and Mr Paul Hayler, 
divisional director in the hous- 
ing department 

According to professional 
valuations commissioned by 
Mr Magill the council lost 
£13 -3m by selling the proper- 
ties at a discount to their open- 
market values. Homeless fami- 
lies were put into temporary 
hotels while council fiats were 
left vacant. Accommodation 
costs were more than 

Mr Magill added that the 
number of homeless house- 
holds placed in temporary 
accommodation increased by 
172 each year while the policy 
was in force and that the net 
revenue costs to the council 
increased by more than £i.5m 
each year. 

But the objectors will also 
say that the designated sales 
Were only part of a broader 
strategy of “social cleansing” 


which involved planning and 
environmental policies. 

Dame Shirley will also have 
the chance to put her case. 
Westminster council started 
the designated sales policy, in 
a limited form, in 1974 and it 
continued until January. Dame 
Shirley and her colleagues 
were elected on a platform of 
selling council houses. 

Westminster officials say the 
council has unique problems. 
House prices are among the 
highest in the UK, more than 
half being valued at £130,000 or 
more, making it prohibitively 
expensive to accommodate 
homeless people in the bor- 
ough. Space for new housing 
developments is limited. 

According to the council 
only 21 per cent of Westmin- 
ster homes were owned by 
their occupiers in 1981. This 
figure rose to 35 per cent after 
the designated sales policy was 
implemented - still well below 
the national average of about 
60 per cent. The council says 
designated sales were intended 
“to generate home ownership 
opportunities to meet the mas- 
sive unfulfilled deman d' 1 




ili s « f » 


Warning on prison 
inmate numbers 


The number of people in prison 
has risen to more than 50,000, 
the highest level since 1988. the 
Prison Service said yesterday. 

Prison officers warned last 
night that jails faced riots as a 
result of overcrowding as 
prison governors blamed grow- 
ing numbers of unconvicted 
people for the inmate numbers. 

Twenty-one new prisons 
with 11,285 extra places built 
since 1985 have proved insuffi- 
cient. and the Prison Service 
admitted it might have to build 
emergency accommodation. 


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FINANCIAL TIMES WEEKEND OCTOBER 15/OCTOBER 16 1994 


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NEWS: UK 


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City plans business levy to boost transport 

^ AlKiFOW Toyfor. tn Vwa h» frtia mr. o^r^HHnnal loira Vatoi) Ca. «... J 1 — ■ _r n.. nnn T1_?1 _ .. .... 


By Andrew Taylor, 

Construction Correspondent 

Wans to establish a privatosectar 
fund worth up to £500m, financed 
from a business levy, to pay for 
Improvements to London’s ageing 
transport infrastructure are expec- 
ted to be announced by the City Cor- 
poration soon. 

A report by the London School of 
Economics establishing the best 
method of raising private funds is 


expected to be published by the cor- 
poration in the next few weeks. 

This is likely to recommend a vot- 
ing me chanism which, would allow 
businesses to choose directly which 
projects they wished to support. The 
corporation hopes this would over- 
come potential Treasury opposition 
that the nnan^n g yhwr** should be 
included as part of public sector bor- 
rowing and disallowed. 

Under the plan companies operat- 
ing in central London would pay an 


additional levy, based on the busi- 
ness rate, to an independently man- 
aged fund. This would be able to use 
the income to raise money in the 
international bond market. 

Mr Mi cha e l Cassidy, chairman of 
the City's policy and resources com- 
mittee, said a central London fond 
might be expected, initially to raise a 
total of between £30Gm and £500m_ 

He said similar schemes existed in 
a number of other cities. A payroll 
tax on employers in Paris had helped 


pay for the development of the RBR 
high-speed underground railway net- 
work. 

Mr Cassidy said a London fund, 
based on partnership between busi- 
ness and local authorities, could be 
used to finance projects ranging 
from small local schemes approved 
by businesses in individual boroughs 
to big projects benefiting the capital 
as a whole. 

This might include a business con- 
tribution to projects such as Cross- 


Rail, a £2bn scheme to improve the 
capital's east-west rail links, which 
was rejected earlier this year by a 
parliamentary committee and which 
the government is still seeking to 
revive. 

London businesses have com- 
plained consistently about the poor 
state of the capital’s transport 
systems. Companies may be encour- 
aged to accept a small levy, given 
that local authority business rates in 
London are expected to fell neyt 


year following a property revalua- 
tion. 

A study by the London School of 
Economics last year estimated that 
an additional penny rate would raise 
£38m a year in inner London and 
£54m in Greater London. 

The Treasury has steadfastly 
opposed taxes dedicated to single 
purposes but other ministers are 
more likely to support the scheme, 
given the slow progress of the gov- 
ernment’s private finance initiative. 


Major prepares Molyneaux gambles on lasting peace 

Tories for talks 
with Sinn Fein 


f By David Owen and 
John Murray Brown 

Mr John Major yesterday 
began preparing the Conserva- 
tive party for talks between 
the government and republican 
leaders while insisting that he 
would not be rushed Into a pre- 
mature response to the loyalist 
and IRA ceasefires. 

As Northern Ireland enjoyed 
its first day free from the 
threat of sectarian violence for 
25 years the prime minister 
told Conservatives in Bourne- 
mouth that his cautious 
approach had paid dividends. 
H lf I had listened (to those 
urging me to hurry) we would 
not today be where we are 
with the guns stilled and the 
bombs stowed,** be said. 

But he balanced this with an 
assurance that the government 
would enter the “window for 
peace” if it could do so "with 
honour and with consent”. 

He said: “We cannot let his- 
tory freeze us into inaction.” 

IBs speech followed a lunch- 
time telephone conversation 
with Mr Albert Reynolds, the 
Irish prime minister, in which 
the two men took stock of 
recent developments. 

They discussed the much- 
delayed framework document 
) with which their two govern- 
ments hope to inject momen- 
tum into the political talks pro- 
cess involving the province’s 
main constitutional parties, 
but ate not thought to' ham 
fixed a date for their next 
meeting. 

Downing Street said both 
prime ministers wen "greatly 
encouraged by the loyalist 
ceasefire in the context of over- 
all progress over the past six 
weeks". 

Dublin described the 
exchange - which came after 


Mr Reynolds reacted to Thurs- 
day’s loyalist announcement 
by urging Mr Major to respond 
positively to the new situation 
- as “very useful”. 

The idea that London shnnid 
open a “reversible’' dialogue 
with Sinn Fttn, the IRA’s polit- 
ical wing, win be considered by 
Mr Major and cabinet col- 
leagues next week. Ministers 
have acknowledged that tahm 
could start tor Christmas. 

Sinn F6in representatives 
will probably have started by 
this time to participate in Dub- 
lin’s Forum for Peace and Rec- 
onciliation, which Mr Reynolds 
expects to get running next 
month. 

The forum will be attended 
by all leading political parties 
in the Irish Republic as well as 
the mainly Catholic Social 
Democratic and Labour party 
and tile nonsectarian Alliance 
party. Unionists have declined 
to take part 

Speaking mi the eve of the 
Ulster Unionist party confer- 
ence in Carrickfergus, Mr 
Major paid tribute to Mr Jim 
Molyneaux, saying the UUP 
leader had been right that the 
most significant aspect of the 
44-day-old IRA ceasefire was 
“the victory of ordinary people 
over the terrorists". 

The loyalist ceasefire was 
“another victory for ordinary 
people”, he said. “Today, for 
the first time in a quarter of a 
century, the people of Ulster 
have woken up to peace. Our 
determination must be to make 
that peace permanent." 

Speaking within days of the 
10th anniversary of the 
Brighton bomb, when the IRA 
attempted to murder the Brit- 
ish cabinet, he sought to reas- 
sure unionists that British 
troops would not be withdrawn 
from Ulster prematurely. 



So far, the UUP is backing its 
leader, says John Murray Brown 


Loyalists celebrate the paramilitaries’ ceasefire declaration outside Belfast City Hall early yesterday 


As the Ulster Unionists, the 
province's largest political 
party, gather in Carrickfergus 
today for their annual confer- 
ence, Protestants and Roman 
Catholics remain far apart. 

Both nati onalis t groups - 
Sinn Ffein and the moderate 
Social Democratic Labour 
party - are opposed to any 
form of “internal solution”, 
while unionists stick to the 
principle that no riitmgp to the 
status of Northern Ireland can 
take place without the agree- 
ment of the majority. 

With the emergence this 
week of a potential third force 
in unionist politi es, with the 
disavowal of violence by loyal- 
ist paramilitaries, there is a 
danger that \mit\ninm already 
riven by bitter dispute between 

Hw 111 IP and flip mnr a harriling 

church-based Democratic 
Unionists, led by Rev Ian Pais- 
ley, will be farther fragmented. 

Loyalist paramilitaries 
would appea r to share the view 
of the UUP leader, Mr James 
Molyneaux, that “the rminn is 
safe". The DUP remains more 
sceptical. Mr Peter Robinson, 
Mr Paisley's would-be heir, 
said in the Irish Times yester- 
day that it was “folly to rely 
upon the word of any man, 
especially one who has pub- 
licly lied about Northern 
Ireland in the past”. 

Pilloried by hardliners, Mr 
Molyneaux risks being seen as 
another seller-out of unionist 
interests. Ominously, some are 
comparing his performance 
with the late Brian Faulkner, 
unionist Jg fldpr and Northern 
Ireland premier, who was 
forced to resign after criticism 
of his signature of the Sun- 
ningdale Agreement in 1973. 
Some worry that the current 
round of negotiations go much 
far ther tfr«n Sunningdale. 

Mr Molyneaux has put bis 
political rep utation on ike line 
by endorsing a deal being 
drawn up between London and 
Dublin which at the very least 


will seek to increase Dublin's 
role in the affairs of the prov 
ince. None the less, even if the 
policy fails and the violence 
resumes, observers believe Mr 
Molyneaux could still emerge 
with honour for having given 
peace a chance. 

“There’s no point in us giv- 
ing concessions to the nation- 
alists in negotiations if we 
can’t deliver our people. We’re 
not going to cross the Faulkner 
line,” said Mr Chris McGimp- 
sey, a UUP councillor. So far, 
there is no sign of dissent 
within UUP ranks. Mr Moly- 
neaux has shown himself a 
skilful party manager, balanc- 
ing the different shades of 
opinion, and giving real pow- 
ers to some of his brighter 
lieutenants - Mr Ken Magin- 
nis, his security spokesman, or 
Mr David Trimble, who advises 
on legal issues. The impression 
is often that these men, not Mr 
Molyneaux, are driving policy. 

Mr Moiyneaux's line in back- 
ing the UK government is now 
seen to have been taken up by 
the political representatives of 
the loyalist paramilitaries, 
with Mr David Ervine of the 
Progressive Unionists saying 
Protestants had nothing to fear 
from the framework document 


which London and D ublin are 
expected to conclude in the 
next two months. 

And unlike Mr Paisley, some 
in the UUP have acknowledged 
that if the IRA was to 
annniinre a permanent cease- 
fire. Sinn Ffein, the IRA’s politi- 
cal wing, could be drawn into 
the democratic process. The 
fringe parties now representing 


loyalist opinion also concede 
that they may be in talks with 
Sinn Ffein in the near future. 

With the loyalist ceasefire, 
and after this weekend’s UUP 
conference, Mr Major will be in 
a much better position to 
assess the unionist mood and 
judge whether the time is right 
to start the process of bringing 
Sinn F6in jntn talks. 


Judgment deals blow to Merrett Names 


By John Mason 
and Ralph Atkins 

The legal action brought by 
almost 2,000 Lloyd’s Names 
against the Merrett syndicate 
413 suffered a setback yester- 
day when a High Court judge 
dismissed the claims made by 
almost half those who sus- 
tained losses. 

Mr Justice Gatehouse ruled 
that the claims of almost 1,000 
of the Merrett Names had been 
made “out of time" and there- 
fore could not go to a full trial. 
Lawyers acting on behalf of 


the Names said they would 
appeal. 

The Merrett Names are one 
of the three biggest groups of 
losers, along with those belong- 
ing to the Gooda Walker and 
Feltrim syndicates. 

Names on syndicate 418 sus- 
tained substantial losses in the 
1985 year over asbestosis and 
pollution claims. To date these 
losses total £i35m but the 
account has not yet been 
dosed because of uncertainty 
about the scale of liability 
claims. 

Names estimate their losses 


could rise to about £765m. 

The Names affected by yes- 
terday’s ruling became mem- 
bers of the syndicate before 
1984 but did not issue their 
writs until last year. Their 
position has always been in 
doubt because this meant that 
they foiled to register their 
da has within the statutory six- 
year limitation period. 

In a preliminary hearing the 
Names said that they should 
be exempted from the six-year 
rule. They said that they did 
not have sufficient information 
to bring a claim until May 1990 


and that important knowledge 
that affected their actions was 
deliberately concealed from 
them. 

The judge dismissed their 
applications, ruling that a let- 
ter from the Merrett managing 
agents sent in April 1985 and 
subsequent reports and 
accounts gave claimants 
enough information for the 
six-year period to -start 

thtm 

The main action in which 
the remaining Merrett Names 
are suing Merrett Syndicates, 
its auditors Ernst & Whinney 


and the members’ agents is set 
to start in March next year. 
Although the damages sought 
have never been quantified a 
figure of a 60m was thought 
probable. 

However, Mr Simon Roper of 
Oswald Hickson, solicitors for 
the members' agents, said the 
ruling had reduced both the 
scale and the scope of the triaL 
The damages sought would be 
less and the issues would be 
restricted to questions of rein- 
surance rather than whether 
the original contracts should 
have been writt en . 


Cost of motor and house insurance drops 


By Ralph Atkins 

The cost of motor and bouse 
insurance is tumbling as a 
result of increasingly intense 
price skirmishes between UK 
insurance companies. 

Big insurance groups con- 
firmed yesterday that premi- 
ums on many motor, building 
and house content policies had 
fallen significantly in the past 
year. 

The drop reflects the 
increased profitability of 


underwriting domestic insur- 
ance, after two years of sharp 
premium increases. But it sug- 
gests higher profit margins 
will not be sustained, particu- 
larly as the growth of the 
direct insurers, which sell by 
telephone and advertising, 
forces prices down. 

For consumers, recent fells 
may be reversed by the govern- 
ment’s imposition of 2^ per 
cent insurance premium tax 
this month - although some 
companies are absorbing at 


least a part of the increase. 

A survey by investment 
bank S.G. Warburg this week 
suggested motor premiums 
will drop about 5 per cent this 
year. Similarly, research by 
AA Insurance suggested that if 
the insurance tax is excluded 
house building and contents 
premiums dropped 2 per cent 
between July and October. 

Although companies say pre- 
miums have fallen partly 
because of Improved risk asses- 
ment - and not all motor or 


house premiums will fell - 
price is becoming increasingly 
important, particularly in 
motor insurance. 

Direct Line, which last year 
became the UK’s biggest motor 
insurer, said: “Competition is 
hotting up. Consumers should 
see very competitive rates over 
thu coming year." 

Ms Gill Clark, marketing 
manager at Eagle Star, said 
premiums on the company's 
motor and contents policies 
had fallen between 5 per cent 


and 8 per cent in the past 
year. 

Falling prices might per- 
suade building societies to set 
up their own insurance 
operations it as expected, they 
are given the legal freedom to 
do so, rather than sell compos- 
ite insurers’ policies. 

Mr Desmond Hudson, Britan- 
nia building society’s head of 
lending, said his group was 
considering forming its own 
Lloyd’s of London syndicate to 
underwrite policies. 


Life body chief 
backs disclosure 


By Norma Cohen, 

Investments Correspondent 

Life insurance companies 
charge too much for their prod- 
ucts and costs will have to 
come down once sales agents 
are required to disclose com- 
Tniftninpg, the head of the life 
insurance industry's trade 
association said yesterday. 

“Commission disclosure will 
draw attention to the substan- 
tial differences between the 
operating costs of life offices,” 
said Mr Mark BoMat, director- 
general of the Association of 
British Insurers, in an unusu- 
ally frank speech to members. 
“This should stimulate compe- 
tition winch will drive down 
costa. In general, the industry's 
costs are too high for the prod- 
uct which is bring sold." 

Mr Bold&t also attacked 
those of his members who have 
been publicly criticising the 
efforts of regulators in recent 
years to force disclosure 
and to end bad selling 
practices. 

“The . unseemly wrangling 
which went on prior to the 


establishment of the Personal 
Investment Authority did the 
industry no good at all," Mr 
Boldat said. “It gave the 
impression of an industry 
fighting to avoid effective regu- 
lation and moreover one that 
was at odds with itself on how 
regulation should be 
achieved." 

Until recently, Mr Bofoat 
said, the life insurance indus- 
try has been inadequately reg- 
ulated. The improved regula- 
tion provided by the PIA 
should help improve its 
tarnished image, he said. 

Mr Bolfiat, who was address- 
ing a conference on life insur- 
ance, added: “Regulation in the 
life industry is essential 
because in the absence of regu- 
lation there would be no 
reward in being virtuous.” 

The life Insurance industry 
has for years resisted regula- 
tions requiring it to tell pro- 
spective customers about costs 
generally and about sales 
agents’ commissions in partic- 
ular. But that information will 
have to be disclosed from Janu- 
ary. 


BBC 

secures 

lottery 

showtime 

By Raymond Snotidy 


Camelot, the National Lottery 
operator, has finally reached 
agreement with the BBC on 
televising the draw that could 
create millionaires most weeks 
between November 19 and Sep- 
tember 2001. 

An official announcement of 
the deal, the result of months 
of negotiations between Came- 
lot, the BBC and the Office of 
the National Lottery, is expec- 
ted early next month. 

The hope is that the opening 
hour-long programme, to be 
hosted by Noel Edmonds, 
might fop the UK television 
ratings with potential audi- 
ences of between 18m and 
20m. 

The expectation is that the 
regular hatf-fconr programme, 
which will probably be sched- 
uled at about 8pm on BBC 1 
could challenge top-rating pro- 
grammes such as Coronation 
Street and EastEnders. 

All around the world, live 
television Is a big part of gen- 
erating publicity and 
excitement for national lot- 
teries. The Camelot-BBC 
approach is for a relatively 
unusual programme by inter- 
national standards — there are 
unlikely to be magicians or 
dancing girls. 

Choosing the six winning 
numbers out of 49, with a sev- 
enth ball to chose intermedi- 
ate £100,000 winners, is likely 
to take only a couple of min- 
utes. 

One of the formats under 
consideration would involve 
other games of chance. Other 
elements could involve good 
news - human stories of win- 
ners and how the prizes will 
affect their lives, although 
players trill have a right to 
privacy if they choose. 

As money starts to flow to 
the five good causes which 
will benefit from the National 
Lottery proceeds - the arts, 
charities, a millenni um fund, 
the national heritage and 
sports - there will also be sto- 
ries about how the money is 
being spent. 

The programme will be 
under the overall control of 
Mr Michael Leggo, bead of 
entertainment at BBC Televi- 
sion- When Camelot launches 
its scratch-cards in addition to 
the main computerised draw 
in the spring there will be a 
second mid-week television 
programme. 

The Camelot consortium, 
which brings together Cad- 
bury Schweppes, Racal Elec- 
tronics, De La Rue. GTech and 
ICL wanted to launch with the 
BBC from the stark 
Not only was the corpora- 
tion seen as the right environ- 
ment to launch what Camelot 
hopes will become a national 
institution in its own right, 
but the BBC could also offer 
national, regional and local 
radio coverage. 

The Camelot approach has 
been to try to get the best of 
both worlds by putting the 
draw live on BBC and adver- 
tising the National Lottery on 
ITV. 

rrv, which ruled itself out 
of the competition to broad- 
cast the draw and scratch-card 
competitions, largely it said 
because of regulatory difficul- 
ties, will almost certainly run 
the winning numbers within 
seconds of the BBC draw. 

ITV is then likely to sched- 
ule one of its most popular 
programmes at the end of the 
lottery show to try to win a 
large proportion of the BBC 1 
audience back to ITV. 

Mr Nicholas Hinton, the 
chief executive of the Millen- 
nium Commission, was last 
night dismissed just before 
formally taking office. 

The Issue that led to Mr Bin- 
ton’s departure appears to 
have involved a definition of 
his role. The commissioners 
may have been more 
"hands-on” than Mr Hinton 
expected. 


Overseas earnings 
by consultants fall 


Bv PMHp Cowan, 

Economics Correspondent 

The net overseas earnings of 
UK professional consultants 
fell slightly 

released by the Central Statis- 
tical Office yesterday show. 

Consultants, defined as 
including professions such os 
engineers, architects and 
accountants, earned » 
£1.3-itm last year, down from 
£l.4l«m in 1993. The biggest 

contribution came from tne 

legal profession, which ejmed 

a net £S00m, up from 2473111 m 

^eountants and surveyors 
the sharpest. 

jn net overseas earnings over 


the two years, but there were 
steep declines in the earnings 
recorded by architects and 
advertisers. Apart from law- 
yers, consulting engineers 
made the biggest contribution, 
with net earnings of £240m. 

The biggest market for UK 
consultants was the European 
Union, with 49 per cent of the 
net total. Asia was second, 
with 24 per cent The UK had 
only a small surplus with the 
Americas, mainly because its 
imports from the region were 
higher than from any other 
area. 

The net overseas earnings of 
consultants have been declined 
steadily In recent years, after 
peaking at £L61bn in 1990. 


Black diamond prize for man behind coal buy-out 



Brian Riddleston: “this ia 
a well-researched bid” 


It looked like any other pile of 
coal to the uninitiated but Mr 
Brian Riddleston, British 
Coal's opencast director in 
Wales, thought differently. 

“They are black diamonds." 
he 5*dd, ex plaining that they 
were a naturally smokeless 
coal which, in the UK, is only 
found in Wales. “This is what 
everyone wants to get their 
hands on at privatisation.” 

How right he has been 
proved, in the year since he 
made his comments to visitors. 
The south Wales region of Brit- 
ish Coal attracted more bidders 
- eight - than any of the other 
four on offer. That makes Mr 
Riddleston’s achievement in 
winning the government’s 
backing as preferred bidder all 
the more notable. 

Assuming final negotiations 
are successful, Celtic Energy, 


the nwiMgwwffi i buy-out com- 
pany he has formed along with 
other executives, will have 
fended off competition from 
co ns o r tia inelnriirig’ Mitfflihfshi^ 
the Japanese conglomerate, 
Powell Duffryn, the engineer- 
ing company, and RJB Mining, 
the coal company which is tak- 
ing over all of British Coal’s 

En glish mhtfia 

Neither Mr Riddleston nor 
the government will say bow 
much Celtic bid but N.M. 
Ttntbg-hnri the merchant bank 
advising the government, said 
it was the highest tender 
received. Other companies are 
thought to have offered at least 
fS5m. 

The prize for Celtic is a 
region that produces some of 
the Wgbest-quality coal In the 
UK and a contract to sell 1m 
tonnes a year to National 


Power, file electricity genera- 
tor, until 1998. 

The eventual success of the 
bid will turn on bow successful 
Celtic Is in securing contracts 
after then. The opportunity for 
securing long-term contracts 
has been demonstrated 
recently by National Power 
signing a 10-year deal with 
Ryan Group, another south 
Wales coal company, to buy 
lfen tonnes a year. 

That deal was pomfittonai on 
Ryan winning the south Wales 
bid. Celtic will not necessarily 
be able to pick up a simila r 
contract, however. 

Ryan itself is stepping up 
production from its existing 
drift pits. There win also be 
competition from an employee 
buy-out team which is negotia- 
ting with the government to 
take over the Tower pit, the 


last deep mine in South Wales, 
closed earlier this year. 

Mr Riddleston win give no 
details of the contracts or the 
size of market he expects in 
Wales. But he has no doubts 
about making a success. “This 
is a very wen-researched bid,” 
he says. 

Mr Riddleston, 46, has 
worked 24 years for British 
Coal, which he joined as a 
trainee after graduating in 
chemistry from Wadham Col- 
lege, Oxford. After spells in 
research and accounting he 
joined the opencast division in 
1982 and started his present job 
in 1988. 

Celtic's selection as preferred 
candidate this week was not 
greeted with universal Joy by 
the people who work for him. 
Some of British Coal’s employ- 
ees say he is too remote from 


them and has yet to prove bom- 
self as a businessman. “He can 
supervise getting the coal out 
of the ground," said one. "But, 
like the rest of us, he has not 
bad to w orr y too much about 
finances.” 

But among senior British 
Coal executive Mr Riddleston 
is given some of the credit for 
the doubling of production 
from the regions’ opencast 
operations to about 8m tonnes 
in the period he has headed it 

One executive said; “With 
opencast mining the key to 
success is not so much getting 
the coal out of the ground but 
developing new sites. He has 
established good relations with 
local authorities and kept, the 
environmental lobby at ,b&y. 
He deserves his attempts. 

MMSmitb 



■ c-irs- - — 



8 


FINANCIAL TIMES 

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

Saturday October 15 1994 

Tories down 
but not out 


When the UK House of Commons 
returns on Monday, it will conduct 
Its debates against a changed 
political backdrop. The govern- 
ment is on the defensive. The bal- 
ance of forces on the opposition 
benches has shifted in favour of a 
Labour party revitalised by Mr 
Tony Blair. The Labour leader's 
speech at his party’s conference in 
Blackpool last week touched the 
concerns of many ordinary voters. 
It remains to be seen whether he 
can sustain the momentum. 

How to react to the Blair chal- 
lenge has been the subject of 
much debate at the Conservative 
conference in Bournemouth this 
week. Some have suggested that 
the party establish “clear blue 
water" between itself and Labour 
- a phrase suggesting the 
espousal of greater Euroscepti- 
cism. rightwing social policies and 
early cuts in taxation. In a charac- 
teristically low-key speech yester- 
day Mr John Major wisely resisted 
the temptation to shift to the 
right. Labour’s pilfering of Conser- 
vative principles is a form of flat- 
tery . the prime minister argued. 
Labour admits it was previously 
wrong on almost every important 
Issue. Why should the electorate 
believe it is right now? 

Quite reasonably. Mr Major 
noted that “the language of poli- 
tics is now Conservative lan- 
guage". The Tories were the real 
thing, the opposition an unconvin- 
cing imitation. “We are the party 
of savings, of ownership, of prop- 
erty. of personal independence." 
he said, before outlining a pro- 
gramme of consolidation, of rest- 
ing on laurels perceived by the 
cabinet but not by the populace. 

Some of these achievements are 
genuine. The government was 
knocked off its perch on Black 
Wednesday, but it deserves credit 
for subsequently setting out to 
establish a track record of non- 
inflationary growth. The effort, 
however, will remain fragile as 
the next election approaches. And 
it is, to say the least, doubtful 
whether it can he maintained for 
the next quarter century during 
which the prime minister forecast 
a doubling of living standards. 

Fine aspirations 

He defended other key areas of 
his administration’s record, with 
varying degrees of credibility. The 
Tories' fine aspirations for educa- 
tion have not so far been realised; 
Mrs Gillian Shephard, the new 
minister, will have to try harder 
than her predecessors if she is to 
persuade the teaching profession 
to embrace the national curricu- 
lum. testing and league tables. Mr 
Major s long-term proposals to 
offer nursery education for four- 
year-aids may go some way 
towards countering Labour’s more 
ambitious schemes. 


The prime minister put up a 
passionate defence of his govern- 
ment’s stewardship of the health 
service, but the Conservatives can 
never win political advantage on 
the NHS. Whatever Mr Major says, 
some people will continue to 
believe that the creation of an 
internal market is a prelude to 
privatisation. On law and order, 
the government's recent record is 
lamentable, and Mr Michael 
Howard is not a home secretary to 
win the confidence of a disquieted 
electorate. Mr Major came close to 
Mr Blair's celebrated "tough on 
crime, tough on the causes of. 
crime". Flattery runs both ways. 

Clear-cut difference 

The prime minister did under- 
line the clear-cut difference 
between the parties on constitu- 
tional reform and the future shape 
of the United Kingdom. The Con- 
servatives would grant self-deter- 
mination to Ulster alone; Labour 
offers regional assemblies in Scot- 
land and Wales. It is a HteHnflttnp 
that will loom large in the next 
election if Mr Major has his way. 

On the evolution of the EU, he 
stands by his Gaullist strategy, 
agreed after protracted consulta- 
tion with his divided ministerial 
colleagues. The resulting coalition 
Is less Eurosceptical than party 
activists would like, and could 
easily come under strain in the 
run-up to the 1996 inter-govern- 
mental conference. But for the 
moment it holds, despite uneasy 
rumblings from all sides. 

What was audibly lacking in the 
speech was any promise of further 
free-market initiatives. On Post 
Office privatisation, for example, a 
subject still being debated among 
ministers, Mr Major was elo- 
quently silent. The government 
may eventually regret shying 
away from partial privatisation, a 
plan with sounder economic foun- 
dations than Labour's ideas. 

Yet this was a visibly more con- 
fident Mr Major, delivering a com- 
petent speech at the end of what 
might have been a disquieting 
conference. The Tory leadership 
has shored up morale among 
party workers, without resorting 
to the distasteful xenophobia that 
marred last year’s proceedings. 

If the government is to recover 
sufficient ground to stand a 
chance at the next general elec- 
tion, it must now reach out in 
similar vein to the electorate at 
large. It may he that the message 
of safety first is not enough after 
what will have been 17 or 18 years 
in office, and that not even the 
sustained economic recovery that 
Mr Major is counting on will dis- 
suade the voters from their desire 
for a change. On yesterday’s show- 
ing, however, the Tories must be 
counted as down, far down - but 
not yet out 


★ 


M ore than anything 
else, it has been 
Helmut Kohl's 
election in Ger- 
many. 

He has dominated the campaign 
from start to finish with his extraor- 
dinary energy and his tireless elec- 
tioneering, careering by helicopter 
or motorcade from meeting to meet- 
ing. His booming, nasal voice - 
cracking with strain over the past 
ID days - has preached the gospel 
according to the chancellor to more 
than 1m voters. 

T.ilrp a tank that rannn t. tUIU, he 
has ploughed straight on, regardless 
of demonstrators and downpours, of 
bad news or good arguments. 
Fuelled by his apparently 
unquenchable optimism, and his 
enormous belief in himself, he has 
dragged his own popularity, and 
that of his ruling Christian Demo- 
cratic Union, to the front of the 
field. He has driven himself, accord- 
ing to his closest advisers, to the 
very limit of his immense physical 
resources. 

But it Is more than that. For Hel- 
mut Kohl has not just been the 
preacher. He has been the issue. 
The real question for German elec- 
tors has been the same since this 
marathon election campaign took 
off in March; do you want to keep 
the chancellor, or do you want to 
kick him out? 

His bulky shadow has Loomed 
over every one of the 20 polls, from 
local government elections, through 
state parliaments, the election of 
the federal president, the European 
parliament, and now, at last the 
general election tomorrow. 

Whatever burning issues the 
opposition Social Democrats and 
their earnest leader Rudolf Scharp- 
ing have sought to raise - soaring 
taxation, the plight of the homeless 
and unemployed, the unequal bur- 
den of unification, nuclear energy, 
the environment, the drift and 
incompetence of the Kohl adminis- 
tration - the question has come 
hack to the personality of the man 
in charge. 

For Mr Kohl and his campaign 
strategists, it was a huge gamble. 
He is quite as much despised in his 
homeland as he is admired. His per- 
sonal popularity has never been 
high- He has always before been 
elected in spite of himself, not 
because of himself. 

But this time, the strategists 
argued, it had to be different After 
12 years in power, the ruling coali- 
tion might lose on issues alone. 
Only the chancellor could turn the 
tide. 

Against all the odds, it looks - 
with one day still to go - as if he 
may have done it If he has, it will 
not be in spite of what he is, but 
because of it 

Chancellor Kohl is a man of 
extraordinary contradictions, for all 
his veneer of earthy directness. 

He is both incurably provincial, 
and an international statesman: he 
is quintessentiaUy German, and yet 
a passionate European. He is 
thick-skinned, patient and placid, 
but sometimes often hyper-sensitive 
to criticism, truculent and aggres- 
sive. 

His jovial exterior hides a ruth- 
lessness towards his rivals. He is 
both a faithful friend, and an impla- 
cable enemy. He inspires loyalty 
and despair in his staff in equal 
measures. 

He can be embarrassingly emo- 
tional, and yet coldly calculating; a 
thoughtful strategist, yet an inco- 
herent speaker. While his govern- 
ment has been remarkable for its 
sense of drift, he has exercised a 
dominant leadership from the top. 
He represents the establishment, 
and yet he manages to present him- 


WEEKEND OCTOBER ! 5/OCTOBER 16 1994 


The biggest question for voters in 
tomorrow’s German election is whether 
to kick Kohl out, writes Quentin Peel 

Gospel according 
to the chancellor 


self as anti-establishment, the man 
of the people- 

It is the contradictions that make 
the man, and drive him an. 

Four years ago, re-elected with a 
record majority on the wave of 
euphoria which followed unifica- 
tion, he could have relaxed. “He 
knows he has his name in the his- 
tory books," a close confidant said 
at the time. “He can afford to sit 
hack and bask In the glory.’' 

Today, aged only 64, he has been 
leader of his party for 21 years, and 
German chancellor for the past 12. 
He has become the dominant figure 
on the international stage. He has 
seen German unification become a 
reality. He appears to have done it 
alL 

And yet he has thrown himself 
into this latest election campaign, 
for a fourth full term in office with 
an energy and enthusiasm that 
even his own closest advisers have 
never seen before. 

“I believe he needs to prove to 
himself, and to the world at large, 
that the Germans believe in him, 
a raj trust hfrw, as the chancellor of 
German unification,” is how one 
close observer sums It up. “He sees 
it as a plebiscite on his role as the 
unity chancellor" 

Mr Kohl also enjoys having 
power, and exercising it. He has 
never made any secret of his boy- 
hood ambition to be chancellor, arid 
the CTnj fffM’ninrtwlTteRfi with which 
he drove towards that goal, in spite 
of three early rejections in his 
efforts - twice by his party, and 
once at the polls. 

In the past four years, however, 
the achievement and consolidation 
of German unification, bound inex- 
tricably to bis vision of European 
union, frag hummp his main driving 
force. 

On the one hand, he is still pas- 
sionately committed to his Euro- 
pean goal. He does not, by all 
accounts, entirely trust his poten- 
tial successors to be as determined 
in mating the European union irre- 
versible. He wants another big step 
towards integration from the 
European Union Inter-Go vemmen- 
tal Conference scheduled for 
1996. 

On the other, he is determined to 
disprove his critics over German 
unification. 

It was in Halle, in the heartland 
of east Germany's devastated chem- 
ical industry, that he was hit by an 
egg at a demonstration hack in 1991. 
He lost his temper, and went for the 
culprit in the crowd. It has never 
been forgotten. He was mocked for 
his words, when he said the east 
would be transformed into a 
“blooming landscape". The reality 
was unemployment and bitter- 
ness. The German press said he 
would never be able to face an east 
German crowd again. 

In this election, he has deliber- 
ately returned to every single town 
and village in the east where he 
went in 1990, promising that vision 



For all his veneer of earthy directness. Kohl is a man of contradictions 


of a “blooming landscape". He has 
faced the crowds - not so many, to 
be sure, but still numbering In 
thousands, not hundreds - and he 
has admitted his mistakes. “1 was 
wrong," he says, “but only in the 
time it would take. I am still con- 
vinced that you will have a bloom- 
ing landscape." 

Against all the odds, 
it looks as if Kohl 
may have done it. If 
he has, it will not be 
in spite of what he is, 
but because of it 


The result has been a significant 
recovery in the standing of bis CDU 
in the east, almost entirely attribut- 
able to the efforts of the chancellor. 

Mr Kohl is also driven by a deep 
bitterness towards the reformed 
Communist party, the Party of 
Democratic Socialism (PDS). He 
accuses its members of being the 
heirs of those who destroyed the 
Weimar republic, Germany’s first 
attempt at democracy, and paved 
the way directly for the advent of 


Adolf Hitler. He calls them “red- 
painted fascists”. 

“He seems to feel very deeply 
about the ingratitude of east Ger- 
man electors who, in spite of having 
won their freedom, still turn round 
and vote communist.” says Mr 
Dieter Wonka, political correspon- 
dent of the Leipziger Volkszeitung. 
“He takes it very personally.” 

It is In part a counter-productive 
ploy, which has allowed the PDS to 
exploit its identity as the one 
“home-grown” east German party. 
The more the westerners attack it, 
the more voters it seems to pack in. 

But Mr Kohl does not seem to 
care. He is concerned not so much 
to woo his opponents - "the 60 per 
cent who won’t vote for me any- 
way” - as to ensure the loyalty of 
his natural constituency. 

He is a party man to his toes: a 
provincial politician who came up 
the hard way, cultivating the grass 
roots and building his base, until he 
reached the top. He despises col- 
leagues who fail to do the same. 

His greatest enemies have been 
made not in the opposition, but in 
the ranks of bis own CDU. He has 
banished potential competitors, 
such as Professor Kurt Biedenkopf, 
the intellectual former general-sec- 


retary who now rules Saxoaj. to 

east Germany. * j }. 
the federal republic; Mr Hetiier 
Geissler. one of the most brilliant 
SSes on the left of the party 
and another former generaJ-secr^ 
tary was abruptly removed by his 

reason is Mr Kohl's political 

the joviality." says a ftwniJTbjs » 
an iron chancellor Inside- He ^ 
also deeply suspicious of aU things 
intellectual, reinforced by Ow obvi- 
ous contempt that many intellectu- 
als have for the sometimes inarticu- 
late and clumsy chancellor. 

In revenge, he cultivates his 
image as a provincial, the man from 
the Palatinate. "Something which is 
frequently underestimated is his 
way of putting himself on the other 
side," says an admirer. "He man- 
ages to persuade ordinary people 
that it is me and you against the 

establishment'." 

“He has that In common with 
President Bill Clinton. He has 
always had a very critical relation- 
ship with the bureaucracy, and with 

the middle-ranting officials in the 
party. He is like a general who 
pushes the officers to one 
side, and appeals directly to the 
troops." 

H is provincialism is 
also a factor in his 
passionate belief in 
European integration, 
something that he 
has not diluted, either in the drive 
for German unification, or in the 
face of post-Maastricht Euro-scepti- 
cism. 

“He is a man with few principles, 
but they are very clear," as a close 
adviser says. In every speech he 
repeats his conviction that "Ger- 
man unification and European 
union are two sides of the same 
coin." 

His homeland of the Palatinate is 
an area of Germany that has been 
repeatedly devastated by Europe’s 
wars and invasions - in the 30 
years’ war, in invasions by Louis 
XTV and Napoleon, and in the sec- 
ond world war. It is a history of 
which be is acutely conscious, com- 
plemented by his own personal 
upbringing. 

In private, he tells a story about 
his own family to prove the point. 
His mother's brother was called 
Walter, who died as a soldier in the 
first world war. 

His own brother was called Wal- 
ter, and he died in the second world 
war. When his eldest son was born. 
Chancellor Kohl told his mother he 
wanted to call the boy Walter. 

“She begged me not to." he says. 
“She said the name had always 
been unlucky for us." But he 
insisted. He said that it was a com- 
mitment, a preanise from his gener- 
ation that they would never let it 
happen again. His eldest son is 
called Walter. 

It is an emotional commitment to 
the European dream which he 
found, to his profound disappoint- 
ment, was not shared - or even 
understood - by Lady Thatcher. 
Now Mr Kohl has outlasted Lady 
Thatcher and, if he wins another 
term, looks set to outlast Mr Mitter- 
rand. How long will be stay? 

He says he will not be a candidate 
again, after 1996. if he wins the elec- 
tion tomorrow. But nobody entirely 
believes him. As the Frankfurter 
AUgemeine newspaper pointed out, 
he said he ’would not stand "after 
1998" - not in 1998, when the next 
election takes place. 

It was another bit of vintage 
Kohl, another piece of the ultimate 
politician, whose rule has ever 
been: Heap them guessing till the 
bitter end. 


* 






MAN IN THE News, : Richard Budge 


Champion of 
the black stuff 


I ’m as fit as a flea" is the 
response people usually get 
when they ask Richard Budge 
how he is. 

It is supposed to make them 
smile. The image could hardly be 
less appropriate for this burly man, 
with the big voice and the hard hat. 

But Budge could have taught 
fleas a thing or two about leaping 
this week. Selected by the govern- 
ment as the preferred bidder for the 
bulk of British C-oal’s assets, he is 
about to become Britain's biggest 
coalminer once privatisation goes 
through. His company, RJB Mining, 
is front-runner to buy almost all the 
remaining coalmines in England 
and north Wales and contracts to 
supply 29m tonnes of coal to the 
electricity generators. 

The decision by Michael 
Heseltme, trade secretary, to award 
such a large chunk of the business 
to oae company was both surprising 
and controversial. He ignored 
advice that he might be creating a 
new coal monopoly, and he left wor- 
thy bidders such as the Union of 
Democratic Mineworkers muttering 
bitterly about ingratitude. 

But Budge finds it neither sur- 
prising nor controversial. For 
nearly two years, since British Coal 
was backed into shape for privatisa- 
tion. he has been planning in his 
Nottinghamshire headquarters to 
buy as much of the state-owned 
company as he could. He bid for 
more of it than anyone else, and he 
bid a much higher price. Unlike 
coal's many doubters, he saw a 
future for the black stuff. 

Budge. 47, bas always made a 
point of thinking independently, 
and thinking big. He is also a man 
for risks: at an earlier stage in his 
life toe-, was an amateur racing 
driver, a pastime which he says “is 
good for y6ur T mental attitude". 


though he admits that these days 
he prefers fly fishing for relaxation. 

He cut his business teeth in his 
brother Tony's construction com- 
pany, AJ. Budge, which he led Into 
opencast mining as an extension of 
its earth-moving operations 20 years 
ago. The early years were as a con- 
tractor for British Coal. In 1982, 
when the rules on coalmining were 
relaxed, A-F. Budge went into the 
business direct as a licensed opera- 
tor. and In 1990 bought its first 
underground mine. 

By then AJ. Budge was suffering 
Cram the recession and some ill-ad- 
vised diversification ventures into 
armoured cars and horses. But the 
company’s pressing need for cash 
opened the way for Richard to 
mount a management buy-out of 
the profitable coal operations and 
set up on his own in 1992. A year 
later, he floated RJB Mining on the 
stock exchange with a value of 
£l00m. His 10 per cent share trans- 
formed him overnight into a multi- 
millionaire on a salary of £225X00. 

At flotation, RJB Mining was 
already one of the largest private 
mining operations in the UK, with 
11 opencast mines and a turnover of 
some £60m. It had got there through 
Budge's policy of running a highly 
efficient, cost-controlled business 
which undercut the hugely over- 
manned operations of British CoaL 
(“I’ve worked with them for 20 
years. I know them inside out”) He 
imported giant 170 ton Caterpillar 
dump trucks - the largest operating 
in the UK - and made full use of 
new technology and mining prac- 
tices developed in countries with 
larger mining sectors than the UK. 

Budge could not compete head on 
with British Coai. because its 
monopoly was protected by a law 
that limited private operators to 150 
miners per pit But this sharpened 



the Incentive to drive up the pro- 
ductivity of the workforce and take 
advantage of the artificially high 
price at which coal was traded in 
the UK to subsidise British CoaL 

As an example, Budge cites the 
Blenkinsopp colliery in Cumbria 
which he bought In 1990. At the 
time, the colliery was producing 
50,000 tonnes a year. Within a year, 
Budge had raised this to 85,000 
tonnes, and this year expects it to 
produce 300,000 tonnes. Over the 
same period the workforce 
increased from 75 to Just under 100. 

One reason for this growth is that 
Budge has never allowed the trade 
uniting to fix their iron grip on his 
business. He recognises both the 
National Union of Mineworkers and 
the breakaway UDM, but also the 
right not to belong to a union. 
There is no collective bargaining or 
productivity bonuses, and all min- 
ers are an individual contracts. 

However, the impressive produc- 
tivity performance has earned 
Budge a reputation as a tough, even 


ruthless operator along the lines of 
the Victorian industrial barons. “If 
they say that. I'm honoured," he 
said yesterday. “But I hope that 
they add that Pm fair. You have to 
have leadership, but I'm also a team 
player. This Is a teamwork busi- 
ness." All his 2,000 employees will 
be sent a letter from him thanking 
them for helping the company 
achieve this week’s success. 

The question now is whether he 
can make it all work. His hid of 
£900m is many times the value of 
his company, even after the 40 per 
cent rise in its shares since flota- 
tion. He will be able to raise more 
money from Shareholders, but he 
will also have to turn to the banks 
for a large chunk of the money, 
leaving him highly geared. 

Unsuccessful bidders say that 
Budge overbid for British Coal, 
implying that his financial judg- 
ment may be flawed. But he has one 
of the top City investment banks. 
BZW, part of the Barclays group, 
advising him.. His plans survived 
vetting for the government by mer- 
chant bankers at N.M. Rothschild. 

He will also have to find a market 
for his output at a time when coal 
seems to be going out of fashion in 
power generation. The growth of 
gas-fired plant and environmental 
pressures on coal all contributed to 
the dRf.tine of British Coal, which in 
its last year of existence will pro- 
duce about 50m tonnes, a quarter of 
the level in Its heyday. If the acqui- 
sition goes through, Budge will be 
producing between. 42m and 45m 
tonnes a year with a workforce of 
about 9,000 people. 

Budge believes the decline has 
been overdone. British Coal has cut 
back too much and pushed its pro- 
duction below the likely level of 
demand for the rest of the decade, 
opening a gap for new suppliers and 
imports. “They got the business 
into an undersupply ," he says. “The 
electricity generators are going to 
need at least 45m a year up to the 
end of this century, possibly 52m. 
There’s a lotto go for." 

David Lascelles 


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FINANCIAL TIMES WEEKEND OCTOBER 15/OCTOBER 16 1994 


T he selection of Israel’s 
prune minister Yitzhak 
Rabin, foreign minister 
Shimon Peres, and the Pal- 
estine Liberation Organisation’s 
chairman Yassir Arafat as this 
year’s winners of the Nobel peace 
prize is a clear gamble. 

One of the member's of the prize 
committee, Kaare Kristiansen, even 
announced his resignation on Fri- 
day in protest at the decision. 

Quite apart from any doubts over 
how deserving the winners may he, 
or how appropriate the prize is in 
view of their backgrounds, the deci- 
sion is based on hopes of peace, 
rather than peace itself. 

There is little doubt that these 
three men have been the dominant 
figures associated with the intro- 
duction of limited self-rule for the 
Palest inian s of Gaza and Jericho - 
a process that bolds out the pros- 
pect of an eventual permanent reso- 
lution to decades of conflict. 

And there is little doubt, too, that 
the three men deserve praise apd 
respect for shaking hands on a deal 
that involves risks and painful com- 
promises on both sides. 

But what is most certainly in 
doubt is whether that deal will 
bring lasting peace between the two 
peoples, and real rehabilitation to 
the impoverished occupied terri- 
tories. 

Extremism, on both sides, 

1 remains a huge problem, as the 
events of this week have demon- 
strated. 

On Sunday, two Palestinian gun- 
men from the Hamas Islami c funda- 
mentalist group rampaged through 
central Jerusalem, firing hundreds 
of bullets along a row of crowded 
restaurants and bars, miraculously 
killing only two people before they 


A prize too many for peacemakers 


David Horovitz argues that giving 
the Nobel peace award to Rabin, 
Arafat and Peres is premature 


were themselves shot dead. 

Members of the same organisa- 
tion later announced that they had 
kidnapped a 19-year-oJd Israeli sol- 
dier, Nachshon Waxman, seized 
near Israel’s main international air- 
port outside Tel Aviv, and 
demanded the release of 200 Pales- 
tinian prisoners. 

Meanwhile, Israeli courts have 
indicted four Jewish settlers in the 
past fortnight for their alleged 
involvement in plans to attack 
Arabs - through a suspected under- 
ground movement. 

Few are the peacemakers who do 
not have extremist opponents to 
contend with. But while Mr Rabin 
and Mr Arafat have criticised their 
respective rejectionists for doing 
their utmost to derail the peace 
process, both leaders have been crit- 
icised for their lack of direct action. 

Mr Rabin was accused by ma ny 
Palestinians of doing too little to 
curb settler violence - until he was 
shocked into action by the February 
massacre at Hebron’s Cave of the 
Patriarchs, when a settler slaugh- 
tered 29 Palestinians kneeling in 
prayer. 

And many Israelis, including Mr 
Rabin, feel that Mr Arafat is still 
pursuing far too soft a line against 
Hamas. The FLO leader, they argue, 
has failed to disarm a relatively 


small number of violent militants 
for fear of sparking confront- 
ation. 

Indeed, at the height erf the Wax- 
man kidnap crisis, the Israeli leader 
told his peace partner starkly 
that he had to make “a strategic 
choice” between abandoning the 
autonomy process or faring up to 
Hamas. 

With the Cairo talks, at which 
Israel and the PLO had been dis- 
cussing the next- phases of the 
autonomy programme, suspended 
by Israel in the wake of the Wax- 
man kidnapping, the tiTnmg of the 
Nobel award may have been ill- 
judged. The process of Israeli-Pales- 
tfnfon reconciliation looks far too 
vulnerable for its protagonists to 
receive the honour. 

Israeli troops have handed over 
authority in much of the Gaza Strip 
and in Jericho to Palestinian police- 
men, but most of the complex 
stages of the phased transfer of 
power still lie ahaari- 

Democratic Palestinian elections, 
the first real test of Mr Arafat’s 
ability to mature from being the 
symbol of a liberation movement to 
a statesman ready to accept the will 
of his people, were supposed to have 
taken place this summer, were then 
postponed until the autumn, and 
are now unlikely to be held this 


•w- 

¥ "vr 



Together on the White House lawn last year: (from left) Peres, US President Bill Clinton, Arafat and Rabin 


year at alL The suspension of the 
Cairo talks, which had been focus- 
ing on unresolved central issues 
such as voter eligibility and the 
nature and powers of the body to be 
elected, will mean an even longer 
delay. 

And the Israeli army’s redeploy- 
ment outside Arab population cen- 
tres in the West Bank, an exception- 
ally complicated logistical operation 
given the need to maintain protec- 
tion for 130,000 Jewish settlers, 
has also been repeatedly post- 
poned. 


Last year, the Nobel committee 
selected another pair of peacemak- 
ers, Nelson Mandela and F.W. de 
Klerk of South Africa, for the prize. 
And the advocates of a Habin-Peres- 
Arafat award doubtless argued that, 
just as with the transitions in South 
Africa, the Israeli-Palestinian 
accommodation could only be 
boosted by recognition from Oslo. 

But while Mr Mandela and Mr de 
Klerk dearly respect each other and 
quickly forged a trusting, genuine 
working relationship, the awkward 
body language whenever Mr Rabin 


and Mr Arafat meet points to a deep 
mutual antipathy. They rarely look 
at each other, much less embrace. 
Even the handshake that launched 
the autonomy process at the White 
House 13 months ago was an 
uncomfortable affair, with an obvi- 
ously reluctant Mr Rabin grudg- 
ingly and only briefly proffering bis 
hand to the more demonstrative Mr 
Arafat 

Moreover. Mr Arafat's perfor- 
mance since the accords has been 
unimpressive. Crucially, in Israeli 
eyes, he has failed to honour a cen- 


tral element of the peace deal - his 
commitment to ensure the deletion 
of sections of the PLO Charter that 
call for Israel's destruction. 

Put another way, the Nobel com- 
mittee is honouring Mr Arafat for 
signing a peace deal with a state 
that his own movement remains 
formally determined to elim- 
inate. 

Of more practical significance. Mr 
Arafat’s continuing insistence that 
he should oversee the disbursement 
of international aid for the redevel- 
opment of Gaza is gravely under- 
mining rehabilitation efforts. 
Would-be donors and investors are 
holding back their funds, while 
vainly demanding the establish- 
ment of democratic, accountable 
Palestinian financial institutions. 

S uch reservations are echoed 
within the PLO. Abu Ala, a 
leading figure in the auton- 
omy negotiations, came 
dose to resigning his post as Pales- 
tinian economics minister last 
month, in frustration at Mr Ararat's 
reluctance to delegate financial 
authority. 

There is a pleasing consistency to 
the notion of Mr Rabin and Mr Ara- 
fat following the late prime minister 
Menachem Begin and the assassi- 
nated president Anwar Sadat, archi- 
tects of Israeli-Egyptian peace 15 
years ago, into Nobel history. But. 
all in all, it might have been pru- 
dent for the committee to have 
waited at least another year, to 
have given peace in the occupied 
territories more of a chance to 
prove itself. 

David Horovitz is the managing edi- 
tor of The Jerusalem Report news 
magazine 





.1 

;<n 

i i ; > 


David Owen on the role of parliamentary lobbyists in the UK 


A word in 
your ear . . . 

..... t 

A - «&&&&* 



W hen MPs return 
to Westminster 
this week, a 
top-level House of 
Commons inquiry into MPs’ 
outside interests will get fully 
under way. 

The incident that triggered 
the inquiry by the privileges 
committee, which is composed 
of senior MPs, was July’s dis- 
closure in a Sunday newspaper 
that two Conservative MPs had 
been willing to accept payment 
of £1,000 for tabling parliamen- 
tary questions from journalists 
posing as businessmen. But 
the subjects investigated will 
be more widespread than that. 

One subject is expected to be 
the nature of the ties; such as 
directorships and consultan- 
cies, that link some MPs with 
professional lobbying and pub- 
lic relations companies. A lead- 
ing lobbyist said earlier this 
year that he thought the 
inquiry would “inevitably” 
scrutinise such links. 

The profession has acquired 
a reputation for being obscure 
and patchily regulated. The 
public pictures lobbyists in 
smoky Westminster bars, 
exchanging dubious favours on 
behalf of their clients with MPs 
on the make. 

This is a jaundiced view. 
Nevertheless, pressure is 
mounting for a comprehensive 
regulatory framework. Most 
lobbyists favour statutory mea- 
sures, in part to help root out 
unscrupulous practitioners, 
although the industry is split 
over what the restrictions 
should be. 

The pressure for stricter reg- 
ulation comes partly as a 
result of the industry’s suc- 
cess. Professional lobbying in 
the UK has expanded from 
next to nothing 20 years ago to 
an industry with an annual 
turnover estimated at £2Qm. Its 
influence can be detected in 
almost all government deci- 
sion-making processes. 

The task of the lobbyist is to 
maximise clients’ knowledge 
about - and, if possible, influ- 
ence over - political decisions. 
This applies whether the lobby- 
ist works exclusively for a 
company or trade body, such 
as the .Brick Development 
Association, or for a specialist 
firm that could deal with a 
wide range of clients. 

Part of the trick is to ensure 
that c bent s' views are pres- 
ented as early as possible in 
the decision-making process. 


Lobbyists keep a dose eye on 
Whitehall’s voluminous piles 
of paper, alerting clients when 
they spot developments of 
interest and arranging meet- 
ings with the derision-makers. 

There are plenty of ways for 
lobbyists to try to change min- 
isters’ minds. Perhaps the com- 
monest - especially at times 
when the government’s major- 
ity is slender, as at present - is 
for lobbyists' clients to con- 
vince a few backbenchers of 
the merit of their case. 

Letters are often sent to MPs 
who have shown an interest in 
the subject. MPs may be 
invited to meet the client, 
often over lunch. Pains will be 
taken to ensure the decor and 
provender are appropriate. If 
the client is a food company, 
for example, a good lobbyist 
would ensure no rival group's 
brand was on the table. 

Ingenuity is used to show 
MPs that issues affecting the 
client are of interest to constit- 
uents. One campaign mounted 
last year by the specialist lob- 
bying firm Ian Greer Associ- 
ates. against the closure of 


London’s Royal Marsden Hos- 
pital. analysed the hospital’s 
referral lists. Letters were 
drafted to MPs with seats well 
outside the capital pointing out 
how many of their constituents 
were treated there. 

Advisers to Hongkong & 
Shanghai Banking Corpora- 
tion, during its fight with 
Lloyds Bank to take over Mid- 
land Bank in 1992, unearthed 
28 constituencies with fowns 
that bad only one Lloyds and 
one Midland outlet, which 
therefore faced a “prospective 
monopoly” of bank branches. 

O nce backbenchers 
have been won over, 
they generally, need 
little prompting to 
put pressure on the govern- 
ment by tabling awkward ques- 
tions. demanding meetings 
with ministers and signing 
early day motions - which are 
rarely voted on but are printed 
on the Commons order paper. 

Letter-writing remains a suc- 
cessful campaign tactic. One of 
the largest Westminster mail- 
bags was generated by the 


National Federation of Sub- 
Postmasters last year, which 
wanted to derail government 
plans to encourage people to 
have pensions and benefits 
paid direct to a bank. The ava- 
lanche of mail produced was 
the talk of the members’ tea 
room for weeks. 

Increasingly, lobbyists are 
targeting the House of Lords. 
Unlike in the Commons, where 
the government can usually 
mobilise its MPs to avoid a 
defeat, a vote in the Lords is 
more easily influenced. 

For all their success, lobby- 
ists have not been able to 
tackle their own image prob- 
lem. The industry has taken 
steps to regulate itself more 
effectively, but it is divided 
over what further measures 
should be taken. 

The various trade bodies rep- 
resenting the industry have 
their own codes of conduct and 
plans for registers of lobbyists. 
But they disagree over 
whether MPs should be 
allowed to act as directors or 
consultants to public relations 
and lobbying firms. 

The Public Relations Consul- 
tants Association and the Insti- 
tute of Public Relations believe 
such links should continue, 
arguing that it is not for a 
trade body to tell members 
who should be on their boards. 

The Association of Profes- 
sional Political Consultants, a 
specialist lobbyists’ group, has 
banned them because of the 
risk of conflict of interest 

The industry has repeatedly 
pleaded with parliament to put 
a statutory framework In 
place. As long as lobbyists do 
not abide by common stan- 
dards. unscrupulous operators 
who do not belong to an associ- 
ation can continue to give the 
industry a bad name. 

Mr Tony Newton, the Com- 
mons leader. T Ms said that in 
his view "a voluntary code 
would be better”. Industry 
insiders, however, say respect 
able lobbyists have nothing to 
tear from tighter regulation. 

The test will be whether the 
industry’s amvuai increase in 
turnover, put by one Labour 
MP at up to 25 per cent, can be 
maintained. Mr Ian Greer, ' 
chairman of Ian Greer Assoti- | 
ates, is confident it cam “There , 
is no sign whatsoever of the 
industry putting on less bnsi- I 
ness than it has done over the i 
last five years," he says. “It is 
a growth industry." I 


B arely a day had gone by to the 
seven weeks since Jeffrey Katz- 
enberg handed in his resignation 
as head of Walt Disney’s movie 
studios without the Hollywood gossips 
lining him up with yet another new part- 
ner or venture. 

This week, the guessing was over. Mr 
Katzenberg announced that he was team- 
ing up with Ms two closest friends: Steven 
Spielberg, the highly . successful film 
maker, and David Geffen, the billionaire 
rock music mogul, to create a “dream 
team” entertainment group. 

Their aim is to challenge the leading 
movie studios that have dominated Holly- 
wood for decades, such as Disney, which 
in its last audited accounts made total 
revenue of $2Jbn. The critical question is 
whether wealth and talent will be enough 
to enable them to fulfil their ambitions in 
the cut-throat entertainment industry. 

"These guys have got great timing,” 
said Tim Wallace, entertainmait industry 
analyst at S.G. Warburg Securities in New 
York. “There’s huge growth potential in 
the industry and no shortage of new 
investors. But this is a complex and costly 
business. They’ve got lots of talent bat 
enormous egos." 

The three men are dazzlingly wealthy. 
Katzenberg, 43, is fresh from the success 
of The Lion King , Disney’s latest animated 
hit He is a millionaire after cashing in 
his Disney share options. 

His partners are two of the wealthiest 
people in the US. Spielberg. 47, directed 
four of the 10 most commercially success- 
ful films ever, including ET and Jurassic 
Park. Geffen, 51. has become a billionaire 
by investing the $7 00m he made by selling 
his Geffen Records stake in MCA to 
Japan's Matsushita. 

So far, they have been short on detail 
about their venture. All that has been 
said is that they will be equal partners in 
the company, which will launch early 
next year with 8250m of their own capitaL 
Geffen Filins will be merged into the new 
business, as will Mr Spielberg’s Amblin 
Entertainment The venture will develop 
its own projects in animation, movies, 
television, music and interactive enter- 
tainment 

The decision to create a fully fledged 
studio flies in the face of current industry 
trends. A studio is a huge enterprise with 
big buildings, a large staff and highly 
sophisticated technology. 

No one knows exactly how much it will 
cost the dream team to launch their stu- 
dio. However, industry estimates suggest 
that if they hope to establish the company 
as a force in animation, for example, they 
will need to make a total investment of up 
to 8500m over five years in order to 
release at least three films of the same 
quality as The Lion Bing. 

Most new arrivals in Hollywood have 
balked at such an expensive and lengthy 
investment. Some have bought existing 
studios as Mr Rupert Murdoch did with 
20th Century Fox, Sony with Columbia 
and Matsushita with MCA/UuiversaL 
Mr Murdoch has made a success of Fro. 
But Sony is still struggling to restore 


Silver 
screen 
glows gold 

A team of 

entertainment moguls 
is challenging the 
big film studios, says 

Alice Rawsthorn 


Thor Hollywood studios 


STUDIO \ . 

usaoKomce 

OWNS* MARKET SHARES 

Buena Vista 

Disney 

J9-1% 

Paramount' 

Viacom 

■14,8% 

Warner Bros 

Time Warner • • 


Uravacsat- T 

Matsushita,^- ;■ 

. t3J2% 

xV 

News CorpV- ” 

- 11.2% 


Tumor 

Broadcasting. 

^S.7% 

TriSfcr 

Sony 

.. '4.7% 

Columbia, 

Sony 

4.7% 

Others /■> . 

Sounx DHyVvhly 


12 .1% 


Columbia’s fortunes, while Matsushita is 
embroiled in an acrimonious row with the 
MCA management over the latter’s desire 
to buy back the business. 

Other recent investors have invented 
"virtual” studios by making films in 
rented facilities and by making piecemeal 
Investments in independent producers. 
Ted Turner, the CNN magnate, adopted 
this approach in malting the recent cult 
comedy. The Mask. So did PolyGram, the 
London-based music group, with Four 
Weddings and a FaneraL 

However, life in the independent sector 
can be perilous, as illustrated tins week 
by Carolco, the independent US producer. 
It is now struggling for survival after its 
proposed merger with the Live Entertain- 
ment retail group collapsed tins week. 

The risks of launching a studio are even 
greater. But so are the potential rewards, 
particularly in animation, where the stu- 
dio ran count on an impressionable mar- 
ket of children - and their parents - to 
boost sales of video, books, toys and other 
merchandise associated with film. Disney 


took 8267m at the box office in the first 
four months after launching The Lion 
King in the US, but that has been 
surpassed by the income from merchan- 
dising. 

“An animated hit like The Lion King 
can make a fortune," said Richard Grand- 
Jean, president of Global Film Equity, the 
New York-based film finance specialists. 
“But Thumbelma, which didn’t do well at 
the box office, made money from video. 
And no one is better at animation than 
Jeffrey Katzenberg." 

Katzenberg and his partners have cho- 
sen a good time to launch their venture. 
The traditional movie business is buoy- 
ant Box office takings in the US have 
reached $3-94bn so for this year, accord- 
ing to Variety magazine, against 83£2bn 
and 83.43bn in the same periods of 1993 
and 1992 respectively. 

The international box office is even 
healthier, thanks to the emergence of new 
markets in eastern Europe and Asia, most 
recently in China, where Time Warner 
has just signed a distribution deal with 
the authorities. 

The merchandising market is also show- 
ing strong growth, as illustrated by The 
Lion King’s success. Meanwhile, new tech- 
nology offers exciting opportunities in 
movie-making and interactive entertain- 
ment for the studios to explore in the 
fixture. 

S pielberg is a technology fiend, and 
was at the forefront of experi- 
ments in digital technology with 
his special effects for Jurassic 
Park. He sees the new studio as an ideal 
vehicle for his fixture experiments. The 
next wave of technological developments 
should take the studios into new forms of 
distribution, such as CD-Roms for use in 
the home and more sophisticated cinemas 
that replicate movie special effects, such 
as the physical experience oF being in a 
car chase, for the audience. 

The convergence of the entertainment 
industry with new technology has 
attracted a stream of investors to Holly- 
wood. The misadventures of Sony and 
Matsushita have done little to dampen the 
enthusiasm of the other electronics, infor- 
mation technology and telecommunica- 
tions companies, such as ITT and IBM, 
that are searching for partners in the 
entertainment business. 

Hie new venture will offer an appealing 
package for investors. Microsoft, the 
world’s largest software house, has 
already been mooted as a potential part- 
ner for their studio. There is also specula- 
tion of an alliance with the MCA manage- 
ment if it succeeds in buying the company 
back from Matsushita. 

“The movie business is full of swamps: 
just look at the problems Sony and Mat- 
sushita have had in Hollywood,” says 
Oscar Moore, editor of Screen Interna- 
tional, the film industry magazine. “But 
Katzenberg and Geffen are very talented 
men, and Spielberg has made more money 
for file film industry than anyone else In 
its history. A lot of people will be willing 
to bet on them.” 



7 


Right ingredients for 
education and business 


Anthony Quirm. 
ur article on the links 
education, and compa- 
tsiness lessons on the 
<” (October 10), makes 
client points. Our BSc 
i degree in graphic 
adies has bad to con- 
nv of the issues you 
big its 30-year history 
aring students for 
a printing, packaging, 
ig and media, 
sponse to the decline 
e in schools has been 
t humanities and arts 
and develop the nec- 
kills in a practical 
lent. This has been 
il, with many such 
succeeding in technoi- 

irticle talks about 
perience in return for 
s". While this may t* 
i for schools and short 
ts. it is not viable for 
t in industry during a 
degree. Our students 

0 grant for their year 
l- hove to earn their 

1 usually do. being 
tween £6.000 and 


An element of added value 
for a placement is that the stu- 
dent returns to college to 
develop a project which can 
build on the training experi- 
ence. Many of these have been 
of great benefit to companies, 
resulting in important product 
development 

One practice which is to be 
commended has been for com- 
panies to take a placement stu- 
dent and. if the student is sat- 
isfactory, to sponsor him or 
her during their final year with 
a view to employment at the 
end. 

finally, in recent meetings 
companies have stressed the 
need for flexible, technologi- 
cally literate graduates who 
understand the relationships 
between traditional print tech- 
nologies and the increasingly 
digitally based design and pro- 
duction process. No doubt this 
is as true in other Industries as 
it is in printing. 

Anthony Quinn, 
scheme director, 

BSc Graphic Media Studies, 
West Herts College, 

Wofford, 

Herts WD1 1EZ 


LETTERS TO THE EDITOR 

Number One Southwark Bridge, London. SE1 9HL 
Fax 071 873 5938. Letters transmitted should be clearly typed ana not hand written. Please set fox for finest resolution 


Alliances reinforce 
retailers’ power 


Right attitude for isle 


Not really independent 


From Ms Nina Sthnson. 

Sir. The rapid expansion of 
the activities of many 
well-known retailers - from 
and into all corners of the 
world - is correctly high- 
lighted by Neil Buckley 
(“Retailers’ global shopping 
spree”, October 12). However, 
international activities take on 
even more significance when 
retailer alliances are taken into 
consideration. 

Of the top 25 retailers in 
Europe, at least 15 - including 
Argyll, Asda and Sainsbury 
from the UK - operate within 
cross-border relationships 
formed with similar stores. For 
instance, Salisbury's “multi- 
functional affiance” with Esse- 
hinga from Italy, the Belgian 
Delhaize group and Docks de 
France (SEDD) was formed ear- 
lier this year in what Sains- 
bury described as a “forceful 


pan-European association" - 
no less than one would expect 
from a group of companies 
with a combined annual turn- 
over approaching £25bn, 
almost 3,000 stores across 
Europe, and around 1,000 in 
the US! 

The various economies of 
scale on offer from cross-bor- 
der affiances are Clearly fully 
appreciated by retailers. How- 
ever. the considerable power 
and influence which can he 
wielded by such operations 
is not a force which should 
be ignored by manufacturers 
(or. some might add, govern- 
ments}. 

Nina Stzmson, 
managing editor, 

European Cosmetics Markets, 
Nicholas HaU & Co. 

35 Alexandra Street. 
Southend-on-Sea, 

Essex 


From Mr Howard Barnes. 

Sir, The article by James 
Buxton with its beautiful pho- 
tograph (“Superquarry caught 
in centre of debate”, October 
10} omits the most important 
aspect of this controversy. 

Scotia Pharmaceuticals at 
Caiianish, on the adjoining Isle 
of Lewis, has said that a pro- 
posed plant utilising marine 
algae can no longer be situated 
on Harris if quarrying takes 
place there, or indeed any- 
where within 30 miles, so sen- 
sitive is the project to pollu- 
tion, although an alternative 


From Mr Simon Evans. 

Sir, Kate Bevan’s article, 
“Looking after your luggage” 
(Business Travel supplement, 
October 10), contained some 
excellent advice, I would, how- 
ever, counsel against following 
the advice of Mark McCormack 


site can be found somewhere 
else within the isles. 

This proposed pilot plant 
would apparently employ 10 
persons initially, rising to 60 
eventually, all of them in high 
quality jobs. Moreover, Scotia, 
which has a good record of job 
creation in the isles, is per- 
ceived as considerate in its 
attitude to the people, while 
Redland is accused of arro- 
gance and dteriflin- 
Howard Barnes, 

25 The Cross, 

Wtvetthoe, 

Colchester, Essex C079QQ 


to get someone to look after 
your bags while you check in 
and then take them to the gate 
as a way of ensuring they do 
not get misrouted on another 
flight. Airlines are wise to this 
one and you would have to be 
lucky to get away with it Nor 


From R Hawkins. 

Sir, In their article. “Labour 
party in Blackpool: Portillo dis- 
dains minimum wage” (Octo- 
ber 3). Philip Stephens and 
Robert Taylor wrote on a mini- 
mum wage, saying Michael 
Portillo . . anticipated today's 
Labour conference debate on 
the issue by releasing a long 
dossier erf independent analy- 
ses which he said reinforced 
the Tories’ case that a mini- 
mum wage destroys jobs”. 

I have reviewed the 16-page 
“dossier” and found it to con- 
tain mainly: l)The “indepen- 
dent opinions” of four City 
economists, his own Depart- 
ment of Employment, and 
these of the Economist, OECD, 
and London Economics; and 
2) "Business opinions” that 
include three surveys of busi- 


should you. Aircraft cabins 
have limited space for baggage. 
And all passengers are entitled 
to a share of what space there 
is. More importantly, airlines 
are required by law to make 
sore that all such baggage, of 
whatever weight or size, is 


ness executives, and two repre- 
sentatives of small business 
organisations. 

Remarkably, only three of 
the 15 “opinions” are from 
1994, with u from 1992 and ear- 
lier, and one wholly undated. 
Three of the four City opinions 
are from 1991! 

While the miniwnnw wage is 
an issue for the political 
agenda, independent work 
from either party should 
include some academic con- 
tent. The Portillo dossier 
reflects the (dated) opinions of 
a few-, it does not contain inde- 
pendent analyses of an aca- 
demic nature. 

R Hawkins. 

Institute for Public Policy 
Research, 

ST-5? Southampton Street 
London WC2E 7RA 


properly secured - for your 
safety. 

Simon Evans, 

industry affairs adviser. .. . 
Air Transport Users Comcif, 
5th Floor. Kingsway; House, 
m Kingsway:?.y>s.... • 
London WC2B-.B3X . -j* 


Unwise route to take to ensure that baggage is on board 






WEEKEND OCTOBER 15 /OCTOBER 


16 19*4 



COMPANY NEWS: UK 


Queens Moat lenders 
agree on way forward 


By Peggy HoUinger 

Lenders to Queens Moat 
Houses, the struggling hotels 
group, appear close to resolv- 
ing the stalemate that has held 
up completion of the £1.3bn 
debt restructuring for several 
months. 

The talks have been stalled 
for some time over treatment 
of Queens Moat's leasing obli- 
gations on six of its better 
hotels, as well as by tough 
negotiations with secondary 
debt lenders. 

Tbe main lenders are under- 
stood to have felt that the les- 
sors should make compro- 
mises, for example by agreeing 
to a standstill on leasing pay- 
ments, to ensure the survival 
of Queens Moat. 


The lessors, for their part, 
which include Bank of Scot- 
land. Royal Bank of Scotland 
and Hambros, are thought to 
have been unwilling to com- 
promise their position, given 
the quality of the hotels. 

Queens Moat sold and leased 
back tbe hotels in 1991 in a 
£66m deal The company has a 
30-year lease on the properties 
and the lessors were at the 
time guaranteed rent increases 
from Queens Moat of 7 per cent 
a year. 

However, It is now believed 
that a financial arrangement 
has been welcomed by all par- 
ties which opens the way for a 
restructuring to be completed 
next month. 

This could mean that the 
shares, which have been 


suspended since March 1993, 
might resume trading just 
before Christmas or at the 
beginning of the year. 

Even so, there remain diffi- 
culties with at least one lender 
who purchased a substantial 
amount of debt in the second- 
ary market 

Queens Moat refused to com- 
ment on the details of any 
arrangements. However, it said 
it was encouraged by progress. 
“It is a great deal better, but 
there is some way to go,” the 
company said. 

Queens Moat has been In 
restructuring talks for the last 
18 months. Most of the compa- 
ny’s 74 lenders have agreed 
restructuring proposals - 
which include a substantial 
debt-for-equity swap. 


Attwoods accuses Laidlaw of 
depressing share price 


By Peggy HoUinger 

Attwoods, the waste services 
group, yesterday accused its 
largest shareholder of prejudic- 
ing the interests of other inves- 
tors as it launched its defence 
to the hostile £364m bid by US 
predator Browning-Ferris 
Industries. 

The company also 
announced a fall to £9.1m 
(£33.lmi in pre-tax profits from 
continuing operations for the 
year to July 31. Sales improved 
to £364tn (£346m). 

Profits were affected by sub- 
stantially higher than expected 
exceptional charges of £12.4m 
(£2m) for the settlement of liti- 
gation in the US. write-downs 
and reorganisation costs. 

The dividend is maintained 
at 5p with an unchanged final 
of 3.25p proposed. Earnings fell 
from 8.96p to L8p per share. 

Mr Ken Foreman, Attwoods' 
chief executive, said BFTs offer 
was a u low-ball bid” pitched at 
a price depressed by the 
“increasingly desperate 
attempts” of Laidlaw to sell its 
substantial stake. 

Mr Foreman said Laidlaw's 
new management was under 
pressure from investors to dis- 
pose of the stake before the 
end of the year. Attwoods 
exhorts investors to “recognise 
the action of a forced seller for 
what it is and ignore it” 

Attwoods also sought to 
reject BFI's claims that its 
track record was worse than 



IMvvHunpMu 

Ken Foreman: shows what be thinkc of the BFI offer document 


that of its peers. Between 1984 
and 1991, the company said, it 
had achieved compounded 
annual growth of 25 per cent. 
Only between 1992 and 1994, 
had it been affected by adverse 
market conditions. 

Trading was expected to 
improve substantially next 
year, Mr Foreman said, with 
recovery beginning to feed 
through in the UK and US. 

BFI dismissed Attwoods’ 
promises of improvement next 
year as “not particularly credi- 
ble. They promise every year 
things win turn up and every 
year things turn down”. 

Mr Greg Muldoon, BFI's 
development director, said 


Attwoods' results showed a 
fourth quarter some 49 per 
cent lower than last year. 

The market was also unen- 
thusiastic about Attwoods' 
defence. “They are trying des- 
perately to defend a situation 
which probably cannot be 
defended,” said Mr Roger Hard- 
man of Granville. 

However, most analysts 
expected BFI would have to 
increase its offer of 109p per 
ordinary share, representing 
about $8.59 per American 
Depositary Receipt. With the 
shares in London at lisp, one 
analyst said the real question 
now would be “just how badly 
does BFI want this company?” 


New Look to join market 
with forecast £150 



By David Blackwell 

New Look, the rapidly 
expanding women’s wear chain 
that already has almost as 
many shops as Etam - albeit 
much smaller ones - is plan- 
ning to float early next month. 

The group hopes to have a 
market value of more than 
£]f>0m. Profits for the six 
months to September 24 are 
expected to be about £10m on 
turnover of £59m. 

New Look has 221 outlets, 
including 10 In France, but 
opened its first London branch, 
in Oxford Street, only last 
week. It has grown from a sin- 
gle shop in Taunton, opened by 
Mr Tom Singh, founder and 
deputy chairman, straight 
from university In 1969. 

The company is wholly 
owned by the Singh family. 
About 35 per cent of the equity 


is coming to the market 
through a placing and interme- 
diaries offer. 

Mr Singh, who will have 
about 9 per cent of the com- 
pany after flotation, will not be 
selling any shares. He 
explained that his family 
wanted to realise some of their 
investment, most of which will 
go into family trusts. 

The flotation will raise about 
£lOm of new money. Of this 
£6.5m will go on freeholds, 
including £5m for the Wey- 
mouth distribution centre 
opened in April. 

Flotation fees will account 
for £2.5m. and the remaining 
£lm will be added to working 
capital to cover seasonal trad- 
ing. This will leave the com- 
pany virtually debt free. 

Mr Singh plans to add 40 
shops a year to the chain for 
the next five years, doubling 


the number of shops and tri- 
pling the sales area. 

He attributes the group's 
growth to such factors as 
prime sites, a broad customer 
base of 15 to 50-year-olds, 
prices 10 per cent below the 
competition, a high stock turn 
rate and well developed elec- 
tronic information systems. 

The group expects its strong 
cash flow f£13m last year) to 
fund its £7m a year capital 
expenditure programme. Over 
the last four years operating 
margins have improved from 4 
per cent on sales of £17.5m to 
12 per cent on £88-5m. 

Sponsors are J Henry Schro- 
der Wagg and brokers James 
CapeL The pathfinder Is due on 
Monday. 


Senior 
shares dive 
on profits 
warning 

By David Wighton 

Shares in Senior Engineering 
fell by a third yesterday after 
the company warned that Its 
1994 profits would be “signifi- 
cantly” lower than last year's 

Rg d-jftn. 

Analysts cut their forecasts 
from about £28m to £18m after 
the group said it had suffered 
significant losses on a contract 
in its thermal engineering 
division which would only 
break even. The shares fell 
from I06p to 72p, about half 
this year's high of 180%p. 

Mr John Bell, chief execu- 
tive, admitted the news was 
“particularly disappointing” 
for shareholders which sup- 
ported a £67m rights issue at 
115p in March. 

Analysts expressed surprise 
that the warning came only 
seven weeks after Senior's 
interim statement, which 
made no reference to contract 
problems. 

Mr Bell replied: “We knew 
we would lose a little money 
on tbe contract at the time of 
the interims, but not sufficient 
to mention it Over the past 
two to three weeks the cost to 
complete kept going up." 

He said that the contract, 
which is in the UK, was of a 
type the group had not tackled 
before, but would give no fur- 
ther details. Senior plans to 
make a claim against the cus- 
tomer hut will make full provi- 
sion in its 1994 figures. 

Engineering contracting is a 
notoriously difficult business, 
and analysts yesterday critic- 
ised Senior for playing down 
its continued exposure follow- 
ing the closure of its large 
power project contracting arm 
in 1992. 

“Investors who had been 
told not to worry about con- 
tracting will be pretty angry 
now it has jumped up and bit 
them," said one analyst 

Mr Bell said that some of the 
division’s delayed orders, men- 
tioned in the Interim state- 
ment, had since come through 
and that significant manage- 
ment changes had been made. 
But he added that the divi- 
sion’s future was being 
reviewed “in all sorts of 
ways”. 

The gronp said problems 
with other contracts came to 
light during a review started 
by Mr Kevin Gamble when he 
assumed responsibility for the 
division in the summer. 

He replaced Mr David Bebb, 
who ran the division for four 
years and is now in charge of 
developing the group’s interest 
in Asia Pacific. Mr Bell would 
not comment on Mr Bebb’s 
position. 

Senior said it would at least 
maintain its final dividend, 
giving a total of 3.4p. Albert E 
Sharp, the house broker, is 
predicting a sharp recovery in 
profits to £29 .5m next year. 


Bass shares 
delisted in 
Amsterdam 

Bass said yesterday it had 
delisted its shares in Amster- 
dam because “of the low level 
of trading activity". 

The brewing and leisure 
group said investors in the 
continental depositary 
receipts, the form of stock 
traded in Amsterdam, should 
apply to the CDR registrar to 
have them converted into com- 
mon shares. 


Aerostructures’ second warning 

Bernard Gray and David Blackwell on saga of share price collapse 


I t has been an interesting 
six months for Mr Andy 
Barr, the dour Scottish 
chief executive of Aerostruc- 
tures Hamble. the company 
which makes aircraft sections 
for British Aerospace. 

He has moved from talking 
confidently of his group’s pros- 
pects at the company's flota- 
tion, through pocketing a 
£ 1.75m profit when the com- 
pany was floated at I2(}p a 
share, via a production crisis 
and management failure, to 
two p ro fi ts warnings, a share 
price collapse to 24p and his 
own. early retirement with a 
stress-related illness. 

Shareholders, who stumped 
up £39m when the company 
was floated in June, have seen 
the value of their investment 
drop by 80 per cent and are 
understandably hopping mad. 
The company's adviser, NM 
Rothschild, and its non-execu- 
tive tthaimifln , Lord Ktng , have 
been severely embarrassed. On 
top of that, the collapse raises 
questions about the whole pro- 
cess of new issues in London. 

The problems apparently 
started innocently enough in 
February, when Aerostruc- 
tures finished work on the first 
of a batch of Harrier fighter 
aircraft sections. 

Unfortunately, there were 
quality difficulties with the air- 
craft sections, so In May shop- 
floor managers instructed the 
the factory to produce compo- 
nents for the entire batch of 12 
Harriers, sufficient for two 
years, instead of the normal 
three months’ stock. The fac- 
tory geared up to do this and 
no-one seemed to notice that 
unusual work patterns were 
developing. 

In June British Aerospace, 
Aerostructures' dominant cus- 
tomer, said that it wanted to 
increase the production rate of 


Awxart mctar e 

HamUe 

Share price (pence) 
ISO - — * 



its Hawk 100 and 200 light 
fighters. Aerostructures 
agreed At this point the fac- 
tory seized up. Much of the 
effort was going into making 
the unnecessary Harrier parts 
and as a result critical compo- 
nents for other orders could 
not be made. Several important 
contracts started to fall badly 
behind in the gridlock. 

Unfortunately again, over 
tiita period much senior man- 
agement time was diverted to 
preparing the company’s flota- 
tion. Aerostructures had been 
bought out from BAe two years 
previously and several direc- 
tors stood to make a handsome 
profit 

It was not until July 12 that 
a senior management commit- 
tee discussed the seriousness 
of the production problems. Mr 
Brian Barr, the chief execu- 
tive's son who had come with 
his father from Rover, was the 
production director responsible 
for the factory’s performance. 
He made a profit of almost 
£600,000 on the shares he sold 
at the flotation in June. 

Mr Barr re mains with the 
company, although he has 
been moved to engineering. 

Two days after the meeting 



Andy Barr early retirement 
due to stress-related illness 

Mr Andy Barr went on holiday 
for two weeks. On August l he 
returned to say that his doctor 
had instructed him to take a 
month's leave. 

Several orders for future 
work were also cancelled in 
August. BAe, which had prom- 
ised the company work in 1995, 
suspended any decision until 
the problems were resolved. 

On September 6 Mr Barr 
finally went to Lord King with 
several handwritten pages of 
notes to confess that there was 
a serious problem. Rothschild 
was informed on September 15 
and a profits warning issued a 
week later. 

Since then an investigation 
has been going on and the 
company produced its second 
profits warning yesterday. 

Mr Andy Barr accepted early 
retirement without compensa- 
tion last week. He will receive 
a pension of about £40,000 a 
year. 

The company's results, for 
the six months to June, 
showed little sign of the dam- 
age. That will show up in the 
second half. 

Next year the company 
expects turnover to drop by 
about 20 per cent Whether it 


makes any profit depends on 
whether orders can be met and 
costs cut 

In part, the crisis arose 
because senior managers took 
their eye off the ball. Both 
Andy and Brian Barr were 
keen to introduce Rover-style 
lean manufacturing techniques 
which applied to mass produc- 
tion, and may not have prop- 
erly monitored the old-style 
techniques used in the Harrier. 

It is also questionable 
whether redundancies made in 
1993 removed key skills in 

manufacturing and process 
management, which the com- 
pany needed to prevent such 
disasters. 

Aerostructures says that the 
redundancies made no differ- 
ence: nevertheless it has 
recently been trying to hire 
people with experience of Har- 
rier man ufacture. 

Then there is the issue of 
whether the flotation prompted 
managers to cut too many jobs 
to improve profits, then took 
up too much of their time in 
preparing mountains of paper- 
work. It may be that the cum- 
bersome process, designed to 
protect investors, played a part 
in precipitating the crisis. 

One City figure who under- 
stood the deal said: “I think 
this raises questions for the 
regulators about the way we 
handle deals for companies of 
this size.” 

Earlier this year Mr Andy 
Barr, sitting in his elegant 
office in a 1750s listed house on 
the Hamble site, said: "Not 
until we came from Rover 
down here did we realise how 
Rover had moved in practices 
and quality.” Aerostructures 
was “getting leaner all the 
time - but it gets tougher as 
you go on". For Aerostruc- 
tures' shareholders, it certainly 
did. 


Barr brothers seek boardroom changes 


By Richard WoHfe 

Two family shareholders of 
Barr and Wallace Arnold Trust 
yesterday forced the motor dis- 
tribution and leisure group to 
call an EGM over the future of 
two directors. 

Nicholas and Robert Barr, 
whose family owns 25 per cent 
of the group's shares, called 
the meeting to unseat Mr John 
Parker, chief executive, and Mr 
Brian Small, finance director. 

Earlier this week the two 
brothers met their unde, Mr 


Malcolm Barr, chairman of 
Barr and Wallace, to discuss 
the company's strategy. 

The brothers are understood 
to want to separate the group's 
motor and leisure divisions 
and reduce central overheads. 

They want to appoint them- 
selves to the board alongside 
Mr Helmut Schweimler. a for- 
mer managing director of 
Hetzel Reisen. toe German hol- 
iday company. The two said 
they did not look upon this as 
a family feud. 

However, it is understood 


that the group sees the 
brothers' actions as an attempt 
to return It to family control. 

Mr Malcolm Barr, who owns 
16 per cent of toe Barr and 
Wallace shares, defended the 
group’s strategy. "The board 
appointed John Parker and 
Brian Small earlier this year,” 
lie said. “Developments since 
those appointments have con- 
firmed that we made toe right 
decision.” 

Last month Mr Parker said 
he was brought in to “look at 
changing the culture of the 


company” but added that the 
Barr family was being proac- 
tive in the process. 

The company, which was 
founded in 1911 by Mr Malcolm 
Barr's father, Robert, reported 
pre-tax profits of £4.4m on 
turnover of £13Sm in the year 
to end-December. 

Mr Nicholas Barr was previ- 
ously development director of 
Barr and Wallace. Mr Robert 
Barr is managing director of 
Trust Leasing, which he 
bought from Barr and Wallace 
for £2.15m in July. 


Cost cutting planned 
at Royal Insurance 


By Ralph Atkina 

Royal Insurance, the composite 
insurer, yesterday confirmed 
that it had begun a reorganisa- 
tion programme intended to 
cut overheads as well as 
improve customs: service. 

The company said its plans 
to increase specialisation at 12 
regional offices covering non- 
life business and improve work 
processes might lead to fewer 
jobs though it had set no fig- 
ure. It did not rule out compul- 
sory redundancies but hoped 
staffing levels could fall as a 
result of staff turnover. 

Mr Roger Prideaux, public 
affairs manager of Royal's gen- 
eral insurance division, said 
that in an increasingly compet- 
itive sector “we must be more 
open-minded and flexible than 
we have been before". 


Royal Insurance said that 
from next year regional offices 
would no longer handle all 
aspects of its businesses, from 
business development to 
claims settlement Instead they 
would develop expertise in 
working with particular cus- 
tomers such as national bro- 
kers dealing in “big ticket” 
commercial insurance policies, 
financial intermediaries, and 
private individuals. 

Mr Prideaux did not envisage 
large-scale movements in staff; 
although management respon- 
sibilities would change. Many 
backroom staff would be 
offered retraining, he said. 

Royal suffered heavy losses 
in the early 1990s but recently 
reported a £239m increase in 
pre-tax profits to £J91m for the 
first six month of this year. 

The shares fell 9p to 290p. 


Independent British 
Healthcare pulls float 


By David Blackwell 

Independent British Health- 
care. which has 17 hospitals 
spread between Stirling in 
Scotland and Tunbridge Wells 
in Kent, has decided to pull its 
flotation. 

Mr Keith Chadwick, founder 
and chief executive, said yes- 
terday that the group, which 
was hoping to float later this 
month with a market capitalis- 
ation of £45 m. “was not pre- 
pared to sell cheaply - it’s that 
simple'. 

The market was not looking 
too clever, he added, and inter- 
est in the float was “not mas- 
sive”. 

He has written to the 2,400 
shareholders, many of them 
doctors, telling them the flota- 
tion has been delayed. 

Tbe group, which makes 80 
per cent of its profits through 
private medical insurance, was 
planning to raise about £20m of 
new money through a placing. 
Beeson Gregory was both spon- 
sored, broker. 

■TbS.inpney would have been 
used to ■.'•reduce net debt of 
some £37m. cutting gearing 


from about 130 per cent to 45 
per cent. 

Mr Chadwick, who holds 1L5 
per cent of the equity, and fel- 
low directors were not plan- 
ning to sell any of their stake. 
He described September as a 
“bumper" month for the group. 
In addition a big investor had 
taken up E2.75m worth of 
options, giving the group 
enough cash to continue its 
expansion. 

• Brightreasons, owner of the 
Pizz aland restaurants chain, 
might delay its flotation plans, 
which remain "subject to mar- 
ket conditions”. Mr Michael 
Guthrie, founder and chair- 
man, said yesterday that toe 
board had still made no final 
decision. The group said last 
month it would float at the end 
of October when it announced 
its annual results. The board 
meets in two weeks’ time. 

• Accounting snags over the 
complex treatment of Chilean 
investors and interests have 
delayed the £50m flotation of 
Seaperfect, the scallop and 
clam fanner. The company 
plans to raise £20m through an 
institutional placing. 


Malaya Group acquires 
Heron Motor for £16m 


By Peter Pearee 

Malaya Group, the USM -quoted 
motor distributor, yesterday 
confirmed it had acquired by 
auction Heron Motor, the 
motor dealership arm of Mr 
Gerald Ronson’s Heron group, 
for £l6m cash. 

Having beaten 13 other bid- 
ders in “an exceedingly dose 
race”, Mr Nick Lancaster, 
Malaya managing director, 
said the consideration was “a 
fair market price” and 
suggested Malaya was success- 
ful because it was more easily 
able to meet manufacturers' 
franchise requirements: it is 
obliged to dispose of the Rover 
and Land-Rover dealership in 
Bow, a sale expected soon. 


The consideration is to be 
met by a placing of some 67.3m 
new ordinary shares at 20p 
apiece to raise about £l3.5m 
and new borrowing facilities of 
£3m from Midland Bank. 

Mr Lancaster said the price 
included £6.75m for goodwill 
and the rest for the net assets. 
The goodwill was high, he said, 
because of the quality of the 
London-based HR Owen trade 
name, the main part of Heron 
Motor along with HMG (Brom- 
ley) and Stockport-based Hol- 
lingdrake. 

The deal had taken a week 
longer to strike because raising 
the equity was “tougher than 
we thought”, he added. 

Malaya directors are to pay 
£1.93m to subscribe for 9.66m 


shares out of a possible entitle- 
ment of 16.6m for S3. 32m. 

Mr Lancaster said the deal 
would give toe group a portfo- 
lio evenly balanced between 
volume cars (trading under the 
Citygate name) and specialist 
cars. 

Turnover of the combined 
group will be about £240m to 
£250m. 

Heron Motor was the last 
trading business to be sold by 
Heron International Holders of 
£378m debt in HI have been 
offered £!42m cash for 51 per 
cent by HNV Acquisition, 
which is controlled by US 
entrepreneur Mr Steven Green 
and has Mr Rupert Murdoch 
and Mr Michael Milken's fam- 
ily trusts as backers. 


Waterglade properties’ receiver 


By Richard Wotffe 

Bankers to Waterglade International, the 
lossmaking property group, yesterday appointed 
a receiver to control four properties belonging 
to one of Waterglade’s subsidiaries. 

Lloyds Bank, which is mortgagee to Water- 
glade's subsidiary Sidecard, announced that 
Grant Thornton would act as receiver to Side- 


card's investment p rop e rties in Gloucester and 
Wales. 

Waterglade's shares were suspended on 
Wednesday “pending clarification of its finan- 
cial position”. The company had intended to 
announce a refinancing package, including a 
£6m rights issue. 

Waterglade said it would make an announce- 
ment about its own viability on October 19. 


Holders’ 
shares fall 
on warning 

By Richard Wojffe 

Shares in Holders Technology 
fell 24 p to 95p yesterday after 
the supplier to the printed cir- 
cuit board industry warned 
that profits would fall this 
year. 

The company, which distrib- 
utes high precision tools and 
specialist equipment, reported 
pre-tax profits of £446,000 on 
turnover of £4m for the year to 
November 30. 

Mr Rndi Weinreich, chair- 
man and chief executive, 
blamed Ms company’s perfor- 
mance on tighter UK margins. 

In July the company’s shares 
dropped 32p to I47p when it 
announced a 39 per cent fall in 
Interim pre-tax profits to 
£152,000, despite an U per cent 
rise in turnover to 

This year's profits are also 
likely to be depressed by the 
consolidation of Holders' 30 per 
cent holding in Dyconex Engi- 
neering, the Swiss company 
which was acquired in March. 

However, Holders expects “a 
marked increase” in sales next 
year after completing changes 
to its product range. 

Mr Weinreich said the com- 
pany intended to maintain last 
year’s 6p dividend to external 
shareholders. 


Tie Rack rise held to 
6% by French result 


By Peter Pears® 

Pre-tax profits at Tie Rack, the 
fashion neckwear and accesso- 
ries retailer, rose 6 per emit 
from a restated £384,000 to 
£407,000. in the 28 weeks to 
August 14, Its seasonally weak 

The company scoffed yester- 
day at reports that it was con- 
sidering any action against 
British Rail as a result of tile 
adverse impact of the sum- 
mer's rail dispute cm its out- 
lets within BR stations. 

Mr Nigel McGinley, chief 
executive, said the stoppages 
had been “an irritant”, hot 
were “of no major conse- 
quence". He estimated that 
they had affected Tie Rack’s 
UK retail sales by up to 2 per 
cent in July and August and 
sales in the first six months by 
“less than half a per cent”. 

He said that toe summer’s 
hot weather across Europe had 
a much more inhibiting affect 
on sales. 

Like-for-Uke sales fell 5 per 


cent said Mr McGinley, 
because of the weather, 
declines In Australia and the 
Netherlands as well as France, 
and a reduced range of higher 
value items. In spite of contin- 
ued losses from the now reor- 
ganised US operations, Mr Roy 
Bishko, chairman, said it was 
“a satisfactory first half". 

With operating profits np 18 
per cent to £353,000 (£299.000) 
on turnover ll per cent ahead 
at £36.5m (£33m), the pre-tax 
line was affected by losses 
doubled to £202,000 (£82,000) 
at toe French associate and 
interest receivable up by 
£89,000 at £256,000. Cash bal- 
ances grew to £9 .5m (£6 -9m). 

Mr McGinley said margins 
improved by about l per cent 
as the company achieved 
higher volumes with tbe same 
fixed costs. In toe half, 13 new 
shops were opened, bringing 
toe somber of countries where 
it trades to 18, 

Earnings rose to 0.5Sp 
(0.47p) per share and as usual 
there is no interim dividend. 


Brooks recovery 
continues 

Brooks Service Group, the 
textile rental and retail ser- 
vices company, continued the 
recovery seen in the second 
half last year with pre-tax prof- 
its of £61,000 for the six months 
to June 25, against losses of 
£57,000. 

Turnover advanced to £ 12.1m 
(£ll-5m). 

Mr Simon Brooks, chairman, 
said that although there was a 
slight upturn in market condi- 
tions toe profits improvement 
came mainly through tight 
cost controls and cash and debt 
collection. 

Earnings per share worked 
through at Q.34p for the period 
compared with Q.3lp losses 
while toe interim dividend 
is lifted to Q.75p against 
05p. 


Eidos in black 
with £47,000 

Eidos, the computer video 
editing software group, yester- 
day revealed profits before and 
after tax of £47,834 for the six 
months to June 30 - the USM- 
traded group’s first profitable 
period since it came to the 
USM in late 1990. 

Mr Charles Cornwall, chair- 
man, said the outcome, against 
losses last time of £78.254, 
reflected “strict financial man- 
agement" and Increased devel- 
opment funding. Turnover was 
£188,196 (£20,241). 

The $517,000 proceeds of 
May's rights issue have been 
used to strengthen the balance 
sheet and fund an Intensified 
research and development pro- 
gramme. 

Earnings per share were 
IJJTp (3.56p lasses). 


[dividends announced 




Currant 

payment 

Date of 
payment 

Cones - 
ponding 
dMdanef 

Total 

for 

year 

Total 

last 

year 

Attwoods ^.ftn 325 

Brooks Service — int 0.75 

Vafcie and Income __int 2.1 

Fab i 
Nw 25 

325 

0.5 

2 

5 

5 

1.5 

4 

SJS IS SLJf" “ “** 


FINANClAf TIIMVC - - „ . 




Va ' - ni u 


0 





a 


1 chansfc 


COMPANY NEWS; THE WEMBLEY TRAIL 


As moves towards refinancing Wembley approach a climax, Tim Burt reports on the likely 

Impending rescue package 

Wolfson’s tactics may 


Track reoord at the ‘Venue of Legends 


Wembley afuen price (pence) 
160 


still secure the trophy 


F rom the police control 
roan at Wembley, every 
approach and movement 
around the stadium can be 
monitored on a bank of TV 
screens. Inside the famous 
twin tower complex, high-pow- 
ered cameras can pick out indi- 
vidual supporters. 

In recent weeks, directors 
and bankers of the debt-bur- 
dened stadium and leisure 
company have been scrutinis- 
ing rival refinancing groups In 
an equally rigorous fashion, 
ahead of a final decision later 
this month. 

Although Wembley is only a 
small player on the UK corpo- 
rate field, its run of poor form 
has attracted interest out of all 
proportion to Its size. Most 
companies with debts exceed- 
ing fiioom and a market value 
of £20m would be regarded as 
terminally ill, not long for this 
world. Not so Wembley. 

Such is the crowd appeal of 
Britain's self-proclaimed 
“Venue of Legends", that it has 
received three firm refinancing 
proposals, while informal res- 
cue offers have also been 
touted by other teams. 

Moves to revive the company 
began in earnest after it 
reported a near-doubling of 
pre-tax losses from a restated 
£34. im to £65.7m last year. 
With lenders demanding large 
debt repayments, Wembley had 
to change tack. After over-ex- 
panding in the 1960s and cut- 
ting borrowing through dispos- 
als. it had little choice but to 
seek court approval for a finan- 
cial reconstruction. 

After almost six months of 
deliberation, the company and 
its syndicate of 22 banks will 
shortly name their favoured 
rescue package. 

The teams waiting on the 
sidelines boast some well 
known entrepreneurs. Mr Leon 
Black, the former head of 
mergers and acquisitions at 
Drexel Burnham Lambert, is 
behind an offer from Apollo 
Advisers, the US investment 
house. Mr Harvey Goldsmith, 
the music impresario, is 
thought to be offering a merger 
with h& "promotions business, 


Allied Entertainments. And Mr 
Luke Johnson and Mr Hugh 
Osmond, who oversaw the 
reverse takeover of PizzaEx- 
press, have also pitched in. 

A group of “phantom bid- 
ders'* has also emerged, among 
them Mirror Group Newspa- 
pers, Cbelsfield, the p r ope rt y 
developers, and Mr Kerry 
Packer, the Australian media 


Sir Brian remains 
the pivotal 
character. He has 
dictated the pace of 
negotiations and 
refused even to enter 
discussions on some 
proposals 


and sports moguL 

Sir Brian Wotfson, Wembley 
chairman, is tired of the specu- 
lation. “There are only three 
bids on the table. Packer 
talked several months ago 
about taking a strategic stake 
but we told Mm ft wouldn't 
solve the problem. That was a 
diversion." 

He has also dismissed a 
£260m plan by Stadi Varies, 
the private stadium company, 
to reconstruct Wembley - 
claiming a larger venue would 
not attract any more events. 

MGN's interest remains 
nnffiriatn, while Chelsfield is 
discussing only the possibility 
of acquiring three properties 
that were part of a sale and 
leaseback by Wembley in 1990. 

Through all these bids and 
counter bids, Sir Brian remains 
the pivotal character. He has 
dictated the pace of negotia- 
tions and refused even to enter 
discussions on some proposals. 

At the helm of Wembley 
since it acquired the stadium 
complex from BBT in 1985, he 
is emphatic about his p re ferred 
scenario. “We will only be able 
to go forward with a rights 
issue and debt-foreqiifty swap. 
All the money raised wfll go 
towards reduting debt” 


As the year-end deadline 
looms for the next £30m 
tranche of debt repayment. 
City analysts have detected a 
shift in the likely outcome. 
“None of the rival bidders 
want to change the group's 
operational management and 
at least two of the parties dent 
bring anything in terms of 
hard cash," says Mr Peter 
Joseph at brokers Peel Hunt “I 
think Wolfe on could go it 
alone.” 

Despite Wembley's woeful 
debt-funded acquisitions strat- 
egy. its banks have remained 
faithful and been rewarded by 
on-time payments. Although 
write-offs and hefty interest 
payments have ripped through 
the profit and loss account, its 
core venue management and 
greyhound track activities 
remain profitable. 

“The company tripped over a 
brick in a big way,” says one 
adviser to the banks. “But 
they’ve cut costs and stemmed 
losses in North America. If the 
final proposal allows a sub- 
stantial part of debt to be 
repaid and the banks to fcafa* 
part in the regeneration of the 
business, that would be the 
preferred option.” 

All the indications are that 
this Is what Sir Brian intends 
to do, without outside inter- 
vention if possible. Although 
any deal would dilute the 
stakes of existing shareholders, 
he will be in a strong position 
when it comes to recommend- 
ing an offer. 

Not only does Capital Devel- 
opment SA - his family trust - 
control some 4 per cent of the 
company, but hie is also likely 
to receive the support of 
Jtolaco - the Saudi-owned 
investment group - which has 
built up a 15.17 per cent stake 
via Orpington Investments. 

“If he can demonstrate 
things have changed, I bet hell 
pull it off without any of the 
bidders," predicted one ana- 
lyst 

When the banks and the 
board blow the final whistle 
later this month. Sir Brian will 
most likely end up with his 
hands on the trophy. 


140 


120 


100 


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60 


40 


20 



UV&iftdey pops $&7ta for 
UnrtKfRss. UB Boding 
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£37 £m. bcmaoam&w in 
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Bingo duta sold for £3iSm 

UOG mbs 7A% 10 SMngta 

N —t frw hoM sold for £2.£kn 

National Leisure and Yanfcu 
Ootxfla sold for CS.7m 

Sate of 5096 of Pacer Cats for 
EMTfrt 

BorTOTirtnga k-croase to 3 times 
stare capful 

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GUM «old *r«am 
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1888 


1890 


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1882 


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El 51m £B&2m" 


£31 -1m £44(11 £76m 

S0UR3K Dtisstraarn, jxkfittortBi ressach by Rfotad Brown 


£145m 


£170m 


Claim 


-Interims 


Debt mountain 


Legacy of ill-judged expansion 


Sir Brian Wolfson, chairman of Wembley, 
is frank about how the stadium and grey- 
hound track operator saddled itself with a 
mountain of debt 

“We made some a ppaiirng f y timed acqui- 
sitions and bought stuff for cash when 
plainly we shouldn't have.” 

In a four-year spree between 1988 and 
1991, Wembley spent more than £l30m to 
expand from a London-based venue busi- 
ness into an international leisure group. 

Hie group bought oversees betting 
equipment manufacturers, a disco and 
hospitality company, five US greyhound 
tracks, catering interests, a film distribu- 
tor and ticketing operations. 

At the same time, it also invested 
heavily in improving its flagship assets - 
the famous north London soccer stadium, 
conference centre and exhibition halls. 

But then a combination of rising interest 
rates and recession began to undermine 
the strategy. 


"We hit the recession at 100 miles an 
hour with a weak balance sheet," Sir 
Brian admitted. 

By the end of December last year, net 
borrowings stood at £152. Un - equivalent 
to almost three times shareholders* fimds. 

Under that debt burden, the balance 
sheet proved too weak to absorb large 
property write-downs, which Wembley 
made this year following its first valuation 
in three years. 

The value put on its net assets tumbled 
from £i75.1m to £62£m, forcing the group 
to put a £4&3m loss through its profit and 
loss account as an exceptional charge. 

The group, meanwhile, embarked on a 
round of disposals to meet bank demands 
for a £4Qm debt repayment earlier tins 
year. 

Interests in catering; discos, fihn* and 
ticketing have all been sold or beavOy 
diluted. 

With another £3Qm debt repayment due 


at the end of the year, Wembley is now 
considering selling the US greyhound 
tracks - acquired for 3925m <£S75m) in 
1989. 

Sir Brian, who is thought to he negotia- 
ting with possible bidders tn the US, said: 
**ff you add up all the disposals, we might 
be 10 or 15 per cent down [cm what was 
paid] in one way or another." 

“But the devastating loss was on the 
property," he added, referring to the 
impact of last year’s revaluation on the 
balance sheet and the P&L. 

With pre- exceptional operating profits 
foiling to meet interest payments last 
year, a capital reconstruction with the 
banks swapping debt for equity is one of 
the few options left. 

The Wembley chairman has no illusions 
about the challenge. “We need a substan- 
tial infusion of new equity. This is not 
a sticking plaster, it's a total care 
package." 


outcome 

Dutch link 

Dealings 

under 

scrutiny 

Share dealings involving 
Wembley are to be investi- 
gated by receivers at one of its 
former shareholders, which 
collapsed last year with debts 
of FI 158m <£58 .2m). 

Trenite Van Doorae, the law 
firm, said it plans to examine 
dealings between Wembley 
and United Dutch Group, the 
investment vehicle which in 
1990 acquired a large stake in 
the stadium operator. 

At the time, UDG controlled 
16 per cent of Wembley. Its 
stake, however, bad fallen to 
7.4 per cent when receivers 
were appointed tn May 1993. 

“All the UDG transactions 
win be investigated," said Mr 
Gerhard Gispen, joint adminis- 
trative receiver at TVD. “I also 
want to know if the original 
acquisition of the Wembley 
stake was fair or not” 

UDG inherited the stake 
from United Dutch Holdings, a 
separate vehicle which 
acquired its shares from mem- 
bers of the consortium behind 
the 1985 Wembley takeover. 
Sir Brian Wolfson, Wembley 
chairman, was deputy chair- 
man of UDH until it reversed 
into ICA, the Dutch property 
group, In 1990. 

The group was renamed 
UDG and Sir Brian was a 
member of its supervisory 
board until 1992. “My only 
role was to defend the inter- 
ests of Wembley,” he said. 

Shortly before UDG went 
into receivership last year, it 
sold a 9.4 per cent stake in the 
stadium group. Meanwhile, 
control of UDG’s remaining 7.4 
per cent stake was transferred 
last autumn to Shingle, a 
Netherlands Antilles invest- 
ment company. 

The London Stock Exchange 
was never informed of this 
deal, despite rales requiring 
disclosure of transactions 
involving more than 3 per cent 
of a listed company. Although 
the purchaser had prime 
responsibility for the disclo- 
sure, an Exchange official 
said: “Once they had told the 
listed company [Wembley], 
then It should have let the 
Exchange know.” 


INTERNATIONAL COMPANIES AND FINANCE 


st* field 
cli resii 






Investors reject 
Japan Tobacco 
in partial float 


By Em 5co Terazono 
in Tokyo 

Two thirds of the Japan 
Tobacco shares allocated in a 
partial privatisation of the 
monopoly cigarette company 
have been rejected by inves- 
tors, further embarrassing the 
ministry of finance as it 
struggles to find the right 
formula for pricing equity 
offerings. 

Ministry officials said sub- 
scriptions to 284,037 shares, or 
66.2 per cent of the 429,339 on 
offer to retail investors, were 
cancelled following a lottery 
for the right to subscribe. A 
second subscription round is 
now to be offered. 

The minis try runs the risk of 
falling up to Y408bn ($4.1bn) 
short of the Y958bn it had 
hoped to raise from the share 
issue. It fe offering a total of 
666.666 shares to individuals 
and institutions, representing 
a one-third stake in the com- 
pany. 

At the issue price of Y1.438m 
per share. Japan Tobacco is 
valued at Y2£76bn. Trading in 
the shares is due to start on 
October 27. _ t 

During the past two weeks, it 
became apparent that the issue 
was likely to run into trouble. 


The snub from investors has 
put the ministry under fire for 
the way it has managed initial 
public offerings. Last year's 
listing of East Japan Railway 
triggered a 20 per cent fall in 
the Tokyo stock market as 
mass sell orders depressed the 
stock, while Japan Telecom, 
the most recent public offering, 
has been trading 17 per cent 
below its IPO price. 

Payment for the second 
round of Japan Tobacco 
subscriptions is due on Octo- 
ber 20, but brokers expect 
many of the stocks to remain 
unsold Although the minis- 
try's initial plan was to offer 
the unsold stock on the market 
on the day of the listing, It is 
now unlikely to do so for fear 
of further disruption to the 
stock market 

Mr Masayoshi Takemura, 
finance minister, yesterday 
tried to avert criticism by 
insisting that Japan Tobacco 
would be listed as scheduled 
on October 27. 

However, The ministry, 
which still owns a two- third 
stake in NTT, Japan’s largest 
telecommunications company, 
is likely to postpone the 
planned sale of 500,000 shares 
in that company. The ministry 
had hoped to raise Y340bn. 


Microsoft buys into the personal finance revolution 

The acquisition of Quicken gives the PC industry leader dominance in a key area, writes Louise Eehoe 


M icrosoft’s planned 
$ldbn acquisition of 
Intuit, publisher of 
Quicken, the leading personal 
finance program, reflects its 
determination to dominate the 
emerging market for on-tine 
electronic commerce. 

“The opportunity Is incredi- 
ble," said Mr Bill Gates, Micro- 
soft chairman, who has been 
pouring resources into the 
development of ways to profit 
from the coming “information 
superhighways”. He says per- 
sonal electronic transactions - 
for example, paying bills and 
shopping from home - will 
continue to grow with the pro- 
liferation of home computers. 
“Managing finances is a pre- 
eminent application that the 
electronic world win advance. 
Microsoft wants to be there." 

Microsoft has agreed to 
exchange 1.338 sham of Micro- 
soft stock for each share of 
Intuit, with a provision that 
the ratio will be adjusted to 
maintain a floor value of $71 a 
share should the value of 
Microsoft's shares decline. 

The deal - the largest acqui- 
sition in the history of the soft- 
ware industry - also demon- 
strates the ability of Microsoft 
to bolster its market leadership 
through acquisitions when its 
own products fail, “This is a 
case of if you cant beat ’em 
buy ’em*,” said Mr David Cour- 
sey, publisher of PC Letter, a 
computer industry newsletter. 


Microsoft 

Not safes, Sbn 
to 



1888 84 


frrtnft 
Net safes, Sro 

120 

100 
80 
80 
• 40 
20 
“ 0 

1880 SS 



Net income, Sbn 

la - 

1.0 
08 
on 

04 
02 
0 

1888 - 84 

Net hcomfl, 5m 



1W» 98 


Earnings per share, $ 
200 



Earnings per share, $ 

080 — 



HscdyoeatoSqpso 




BS Gates 


With fiscal 1994 sales of 
$4.65bn and net income of 
$1.1 5bn, Microsoft is by far the 
world's largest and most profit- 
able software company. Intuit 
reported sales of $223m for the 
fiscal year ending in July, with 
net losses of $173.2m after 
merger-related charges. Exclu- 
ding charges, Intuit earned 
$25.4m. (The company changed 
its fiscal year following the 
acquisition tn December of 
ChipS oft, a publisher of tax 
preparation software.) 

Personal finance is one of 
the few segments of the PC 


software market that Microsoft 
ban foiled to dominate. Infant's 
Quicken is used by about 6m 
PC owners, or 75 per cent of an 
“active personal finance 
users”, according to an Intuit 
survey. Microsoft’s competing 
“Money” program has captured 
only a tiny share of the market 
since its Introduction two 
years ago. 

“For nearly 10 years, Intuit 
has been the industry’s shining 
example of how a small, well- 
nm company with great prod- 
ucts could beat Microsoft at its 
own game." said Mr Coursey. 


The sale of Intuit “is a good 
deal for its shareholders, but a 
sad day for Independent soft- 
ware companies”, he says. 

The acquisition wfll roughly 
double Microsoft's sales of soft- 
ware specifically designed for 
home computer users. It also 
gives it an immediate entry 
into the emerging market for 
home banking. 

Through partnerships with 
Visa International and Check- 
free, Intuit has established 
direct on-line links with 
financial institutions and a 
system to allow individuals 


to pay bills electronically. 

In addition to its home-bank- 
ing arrangements, Intuit offers 
on-line updates of mutual 
funds’ performance and other 
financial data to the users of 
its software. Intuit also 
recently acquired the National 
Payment Clearing House, an 
electronic bill-paying service, 
which had been proceesing 
payments for users of Micro- 
soft Money. 

Microsoft had been planning 
similar ties with banks and 
financial information sources 
in preparation for the launch 
of its own computer on-line 
service, code-named Marvel, 
next year. Electronic banking 
is now likely to become a key 
part of Marvel, The service has 
not been formally announced 
by Microsoft, but is expected to 
be part of the company's “Win- 
dows 95" operating system pro- 
gram, due out next year. 

“Our mission has been to 
lead the digital revolution in 
the financial services sector,” 
said Mr Scott Cook, Intuit’s 
chairman and co-founder. The 
decision to sell his company to 
Microsoft was a “trade-off", he 
said, “between being a big fish 
In your carp pond and indepen- 
dence versus the opportunity 
to change the world in terms of 
the way people manage their 
financial lives”. As an indepen- 
dent company, Intuit lacked 
the resources to fully exploit 
opportunities to sell its prod- 


ucts internationally and 
develop new products, Mr Cook 
said. It also Lacked the clout to 
negotiate deals with large 
banks to expand its home 
banking services. 

When the deal is consum- 
mated, Mr Cook win become 
an executive vice-president of 
Microsoft, in charge of a new 
“electronic commerce” product 
division, based at In tint's head- 
quarters in Menlo Park, Calif- 
ornia. 

T he acquisition agree- 
ment has been approved 
by the directors of both 
companies, but may be subject 
to regulatory review. This 
could be more than a formality 
for Microsoft, which recently 
signed to an anti-trust consent 
decree following a US Justice 
Department investigation. In a 
move to avoid potential anti- 
trust problems, Microsoft said 
that it would sell its personal 
ffimnna management program 
to Novell 

Terms of the transaction 
with Novell were not revealed. 
Mr Gates said the sale price 
“will not be material". 

Yesterday, Intuit’s shares 
soared on news of the acquisi- 
tion plans, to trade at $6A& 
after reaching $73*/*. This is 
well up on Wednesday’s $50V, 
when trading was suspended 
pending announcement of the 
deal. Microsoft's share price 
was down gl% at $55%. 



Kidder sale talks intensify 


By Richard Waters 
In New Voric 


it, the US securities 
locked in talks yes- 
tbe acquisition of 
i business of Kidder 
tie troubled invest- 
ing arm of General 

s have intensified 
reek, when the two 
aing only the sate 
retail broking bosi- 
ipjeted, a deal could 
E exchanging its 
■gst in Kidder for a 
nmd 25 per cent in 
ar, worth S275m at 
market price, 
fives sent in to tun 
ier this year have 
! they did not set 


out to sen the bank, though 
they have not rejected 
approaches made to thorn Two 
years ago, GE came close to 
selling the Hank to Primerica. 
the financial services group 
slime renamed Travelers. 

Kidder has been widely 
viewed as unsaleable on Wall 
Street in recent months. It was 
rocked by the disclosure of 
what it alleges was a scheme 
to create $350m of fictitious 
profits, while the downturn in 
bond prices this year revealed 
the bank’s over-reliance for its 
gaming s on one corner of the 
financial markets, the market 
for mortgage-bached bonds- 

However, nine days ago, Kid- 
der’s bosses announced a plan 
to shrink the bank and shift its 
most illiquid and dlfficult-to- 


value securities to another GE 
subsidiary, a move widely seen 
as a prelude to a sate. 

According to a source close 
to the talks, a purchase would 
strengthen PaineWebber’s 
business on a number of 
-fronts. It would bring it Kid- 
der’s 1,250-strong retail broking 
salesforce; the fund manage- 
ment business and in v estment 
banking operations are also 
said to interest PaineWebber. 

While Kidder leads Wall 
Street in the business of under- 
writing mortgage-hacked 
bonds, neither bank has a 
strong presence as an under- 
writer of equity or corporate 
debt. By combining broking 
salesforces and underwriting 
operations, the two could 
become a more powerful farce. 


NEWS DIGEST 

Surge at Texas 
Instruments 

Strong growth in semi conductor sales 
helped US electronics group Texas 
Instruments to a 27 per cent rise tn. net 
income in the third quarter, to $188m. 
Sates were up 19 per cent to $5L57bn- 
TI attributed a 27 per cent sales rise 
and strong profits growth in its compo- 
nents division to improved results in 
semiconductors and strength in electri- 
cal controls. However, sates and profits 
in defence electronics were flat 
It expects defence profits tn the 
fourth quarter to be lower than last 
year. 

Earnings per share were up 26 per 
cent at 5L54. The dividend was raised 
39 per cent to $0.25. The shares rose 
to before the dose. 

• AST Research, the world's fifth big- 


gest personal computer manufacturer, 
has issued its second profits warning in 
just over a month. It said sates in its 
first quarter would be down 4 per emit, 
rather than Oat as previously esti- 
mated, and forecast a net loss of 
between $39m and $40m for the quarter. 
It said it would shed 10 per cent of its 
6,900 workforce and dose its factory in 
Fountain Valley, California. 

Kodak sells L&F 

Eastman Kodak, the US photographic 
and imaging company, has completed 
its divestment programme with the 
$7D0m sale of its L&F do-it-yourself 
business to Forstman Little, the US 
investment partnership. The consumer 
products part of L&F was sold to Reck- 
itt and Cobnan of the UK for $L55bn 
last month. 

The deal brings total cash raised by 
Kodak through disposals since May to 
almost $8bn. 

Under new chairman Mr George 
Fisher, the company is shedding busi- 


nesses acquired in the 1980s and return- 
ing to its original imaging business. 
Earlier this month, Kodak said it 
planned to buy back up to $4£bn of its 
86.3bn debt 

Corning disposal 

Coming, the diversified US manufac- 
turer. is selling Its European consumer 
business, toffTmting pyres cookware, to 
the US consumer products company 
Newell. Included in the sate are facto- 
ries in the UK, France and Germany. 
Newell will distribute Coming's US- 
produced cookware and dixmerware in 
Europe, the Middle East and Africa. 

Coming’s European consumer busi- 
ness had sales last year of 980m. 

MoDo stake sale 

MoDo, the Swedish pulp and paper 
group, said yesterday it had agreed to 
sell a 25 per cent stake in Slave Lake 
Pulp Partnership (SLPP) to Canada’s 
Alberta Energy Co {AEC). The disposal. 


which will give AEC 100 per cent con- 
trol of the partnership, would generate 
a SKraoom (527m) pre-tax capital gain 
for the Swedish group. 

The sale is conditional on AEC going 
ahead with a plan to float its forest 
products division, which includes SLPP. 
SLPP owns a modem pulp mill in 
Alberta, Canada, with annual capacity 
of 180,000 tonnes of aspen pulp. 

K-C regroups assets 

Kimberly-Clark, the Dallas-based inter- 
national tissue products group, is put- 
ting all its North American pulp and 
paper assets into a new company. 
On tala Forest Products. It wfll sell all 
the equity through an international IPO 
to raise around CSSOOm (US$66&.2m), 
On tala’s production assets will include 
K-C's northern Ontario pulp mill mid 
the Coosa Pines pulp and newsprint 
mill in Alabama. 

• Reports by Tony Jackson (New Yotrk), 
Christopher BTOum-Ehimes^{SWctdiobri) 
and Robert Gibbensflfatifetiy' 



V, 


.•1 


WEEK IN THE MARKETS 

Aluminium 


price hits 
4-year high 


Bullish charts and 
fundamentals, together with a 
quickening in the rate of deple- 
tion of London Metal Exchange 
warehouse stocks, yesterday 
combined to drive aluminium 
prices to four-year highs. 

The three months delivery 
position at the LME closed at 
SI. 707. 75 a tonne, up 536.25 on 
the day and $56.50 on the week. 

Traders told the Reuters 
news agency that rising physi- 
cal demand for aluminium 
world-wide could mean that 
stocks of the metal would fall 


LMB WAREHOUSE STOCKS 

(As at Thurartoy 1 * cfcXMl 
tomes 


AUvnMum 

Alunvnkim shy 

Cooper 

Lead 

hfcctel 

Zinc 

Tin 


-SS.1M (0 2.130.500 
-40 to 25*120 
•3.600 to 337.100 
-ADO to 367.775 
*780 U 148772 
-975 fa 1.235.100 
-265 10 31.640 


faster than had been expected. 
This view was supported yes- 
terday morning when the LME 
revealed that stocks of alumin- 
ium in its warehouses had 
fallen by another 55.150 tonnes 
to 2,190,500 tonnes. That fol- 
lowed the announcement on 
Tuesday of a 22,150-tonnes fall 
and took the draw-down from 
the mid-June record to about 
460.000 tonnes. 

Aluminium's strength stiff- 
ened the sinews of other LME 
contracts, most of which had 
drifted lower early in the day. 
Three months copper, after ini- 
tially being helped up to 32,494 
a tonne by merchant buying, 
sank back to test support at 
S2.48Q, where it held dosing 38 
down on the day at $2,481.50 to 
show a total loss on the week 
of $53.50. 

The gold price resumed its 
slide at the start of the week 
but steadied a little later. It 
ended little changed yesterday 
after eagerly awaited US infla- 
tion data failed to give a lead 
in either direction. The dosing 
level was $387.60 a troy ounce, 
down 35.10 on the week but 
$2.10 above the six-week low 


WEEKLY PRICE CHANGES 


Change Year 
on week ago 


■3qH per troy oz. 

Silver per troy or 
Aluminum 99.7% fcash) 
Copper Grade A (cash) 
Lead (cash) 

Mckel (cash) 

3nc SHG (cash) 

Tin (cash) 

Cocos Futures Mar 
Codes Futures Jan 
Sugar (LOP How) 

Barley Futures Jan 
Wheat Futures Jan 
Cohan Outlook A Index. 
Wool (Ms Super) 

Oil (Brent Blend) 


High 

smsa 

3&4.50P 

si esi. s 

52542.00 

5642.0 
$6665 
SICS3 
$5650.0 


WORLD BOND PRICES 


-2 

£969 

£1124 

■16 

SI 172 

54097 

■32 

£259.9 

5316.4 

+0.25 

£104.65 

C10a.50 

-0.10 

Cl 02.60 

£117.50 


55.40c 

87.10c 

-2 

323p 

486p 


SI 7.35 

S16.61 

: Cents to- 

: Dec 



£369.50 

331 .SOp 

$1107 50 

$1731 SO 

$426.0 

SS2KL0 

$900 5 

$4730.0 

{*59 

$1175 

S2S2-9 

E92.6S 

697.80 

62.45c 

342p 

$13.16 


BENCHMARK GOVERNMENT BONDS 



Coupon 

Red 

Date 

Price 

Day's 

change 

Yield 

Week 

ago 

Month 

ago 

Australia 

94)00 

09/04 

82.6100 

+0.590 

1020 

10.20 

9.95 

Belgium 

7.250 

04/04 

93.1500 

- 

8.31 

8.57 

8 67 

Canada * 

6.500 

08/04 

8441000 

-0.400 

899 

9.07 

ass 

Danmark 

7.000 

12/04 

812500 

+0.150 

8.79 

9.04 

9.17 

France BTAN 

B4JOO 

OS/98 

701.8100 

-0.530 

7.48 

7.50 

755 

OAT 

5.500 

04/04 

83.7800 

-0230 

7.69 

BP9 

8.18 

Germany Treu 

7.500 

09/04 

100.5100 

+0.040 

7.42 

7.72 

7.69 

Italy 

8.500 

08/04 

81.8500 

-0030 

11.65T 

11.98 

12.09 

Japan No H9 

4800 

08/99 

102.5090 

+0.120 

4.16 

4.11 

3.91 

Jopan No 164 

4.100 

12/03 

96 0290 

+0.430 

4.72 

4.76 

458 

Nethoriamfi 

5 750 

01/04 

89.4200 

+0.080 

7.36 

7M 

7.62 

Spain 

8.000 

05/04 

82.9000 

-0.450 

10.95 

11.25 

11.40 

UK Gilts 

6.000 

08/99 

90-16 

-8/32 

8.43 

8.58 

8.71 


6 750 

11/04 

87-29 

-5/32 

0.55 

8.73 

8.97 


9.000 

10/08 

103-23 

-4/32 

154 

8.71 

8.94 

US Treasury " 

7.250 

0MW 

97-16 

-4/32 

7.61 

7.75 

7.52 


7.500 

11/24 

98-02 

-13/32 

7.84 

7.95 

7.79 

ECU French Govn 

6-000 

04/04 

84 2 700 

-0220 

8.46 

8.75 

8.74 


London Uottvj. *N«w York md- toy 
T Orora ilnckidn.] wilMraUPg tu re <29 par 
PVTO US. UK A jjnda, oltum « doomal 


YM& Local morkin sundarl 
cent payable by rwreretowus) 

Source: MMS enemollcml 


ECONOMIC DIARY - FORWARD EVENTS 


TODAY: National Savings 
results (September). Italian 
public sector trade unions are 
expected to strike over pay. 
TOMORROW: German general 
election. Finland holds referen- 
dum on European Union mem- 
bership. 

MONDAY: US business inven- 
tories (August). Japan trade 
balance (September). Western 
European Union parliamentary 
assembly special conference on 
“Organising our security". 
World Infrastructure Forum 
meeting in Jakarta (until Octo- 
ber 21). House of Commons 
returns after summer recess. 
Bundesbank publishes 
monthly report for October. 
Eurotunnel results. 

TUESDAY: CBl survey of dis- 
tributive trades (September). 
Public sector borrowing 
requirement (September). New 
construction orders (August). 
Japan industrial production 
(August). Turkic summit of 
heads of state of Central Asian 
republics (until October 19). 
World Development Movement 
holds public meeting in Lon- 
don to debate issues raised by 
the Malaysian Pergau dam 
affair, international motor 




-waes' 

1 ►.!«*»’ 


ECU Futures pic 
29ChMfram Hoc* 
Btoyavto 

London SvnXBHL 
Tot *71 2450088 
Fan: *71 2368699 


CHARTS - DATA - ANALYSIS - MONITORING 

3000 + SECURITIES UK. CURRENCIES, INDICES - 26 + INDICATORS 
P&F, Averages, Bar Charts, Obos, Missels etc. Pick from a wide range. 
Contact: CHART WATCH Tel: 0272-682439 Fax: 0272 ■ 68243S 
CHART WATCH t Rockleaze, Sneyd Park. Bristol BS9 1ND 


FINANCIAL TIMES WEEKEND OCTOBER 15/OCTOBER **■ 19 


COMMODITIES AND AGRICULTURE 


touched on Tuesday. 

After a week of erratic trad- 
ing, in which the market was 
highly sensitive to any reports 
of rain in Brazilian growing 
areas, London Commodity 
Exchange coffee futures fin- 
ished on a down-swing. The 
January position fell 393 yes- 
terday to 53,505 a tonne, down 
$18 on the week but 3155 above 
Wednesday's low. 

The US-based Weather Ser- 
vices Corporation said light 
showers were possible yester- 
day in the coffee-growing 
states of Parana and Sao Paulo. 
Reuters reported. Otherwise it 
thought that the hot. dry 
weather that has been discour- 
aging selling □□ the futures 
market would continue. 

At the International Petro- 
leum Exchange this week all 
eyes were focussed on the Iraq- 
Kuwait border, although deal- 
ers were in some doubt about 
what the market response 
should be in the event of an 
attempted invasion. An Iraqi 
defeat resulting in a change of 
regime, it was suggested, could 
lead to an early end to sanc- 
tions and might therefore be 
bearish for the oil market; 
while a withdrawal might pro- 
long Saddam Hussein's regime 
and leave the return of Iraqi oil 
exports a remoter prospect 
than before. 

In the end the market seems 
to have decided that peace was 
bearish. The IPE's December 
contract, which had spiked to 
$17.33 a barrel on Monday, 
s ank below $16 as tension 
eased. 

• Efforts to wrap up a new 
world rubber pact foiled after 
10 days of UN-sponsored meet- 
ings here, the final assembly 
was told yesterday, reports 
Renters from Geneva. 

Chairman Peter Lai said 
more negotiations were 
planned for Geneva starting 
February 6, 1995. provided all 
parties and the UN Conference 
on Trade and Development 
agreed to hold the third round. 

The existing 1987 agreement, 
due to expire on December 31, 
was likely to be extended by 
another year at a council meet- 
ing of the International Natu- 
ral Rubber Organisation on 
November 28-December 2 in 
Kuala Lumpur. Mr Lai said. 

Richard Mooney 


BASE METALS 

LONDON METAL EXCHANGE 

(price* from Amalgamated Metal Trading) 

■ ALUMINIUM, 99.7 PURITY (S per tonne) 

Cash 3 tnttr 

Close 1691-2 1707.5-5 

Previous 1854-5 1671-3 


Precious Metals continued 

■ GOLD COMEX (100 Troy oz.; Sflrwy oz.) 


GRAINS AND OIL SEEDS 

■ WHEAT LCE IS per tonne) 


SOFTS 

■ COCOA LCE K/tonna} 


MEAT AND LIVESTOCK 

■ LIVE CATTLE mUMMi 
— — — !TT ’ Oom 


Close 1691-2 

Previous 1854-5 

Mgh/low 

AM Official 1681-3 

Kerb dose 

Open InL 253,962 

Total daily turnover 73,121 

■ ALUMINIUM ALLOY (S per torn) 

Close 1S9O-7D0 

Previous 1685-75 


3 mths 
1707.5-40 
1671-2 
1718/1895 
1697-7.6 
1710-S 


sett Day's Open 

pries daw Mg# tow M Fd. 
Oct 387.6 +15 3845 3873 68 l3 

Ho* 383.3 +1.4 .... 

0«; mo *1.4 390. S 3802 S5J79 44 ,171 

Feb m3 +1.4 393.6 392.5 19.714 1.777 

Apr 3&B +1.4 397.1 3980 8.123 t£3S 

Jon 4903 +1.4 4003 4009 10,434 35 

Total 1SMBB 47405 


Sen Day's 

Price donga Mg ft low 


s«a Days 


price danse Up# Low W 


+0JQ 10420 10180 

US57 

93 

Dec 

935 

-3 

935 

921 23.487 1,668 

+020 10825 10575 

1506 

102 

Mar 

*7 

-6 

967 

994 42396 2.131 

+020 70825 10720 

7609 

72 

May 

879 

•5 

579 

398 11480 1.064 

+0.05 10380 10990 

l.<38 

Z 

JM 

992 

-2 

994 

906 6,151 96 

. 

200 

. 

Sap 

1005 

-3 

1006 

993 10.392 775 

+075 9620 5620 

40 

8,859 

2 

288 

Dec 

Total 

10S5 


1025 

1015 1231 138 

10M63 8,127 


|S1III 

fig - MJH5 64.700 M9S 


■ PLATINUM NYMEX (50 Troy oz.; S/ t roy oz.) 
Oct 414.4 *02 414.0 <135 177 


■ WHEAT GST (S.OOQbu min: eerta/SOlb Dushd) ■ COCOA CSCE (10 Vmnex Srtcnnew 


Close 
Previous 
HigMow 
AM Official 
Kerb dose 
Open Im. 

Total daily turnover 
■ LEAD (S per tonne} 


1715-20 

1690-5 

1716/1895 

1705-10 

1710-6 


421-3 +1.D 422.0 421.0 3,413 190 

42 S3 *16 4263 «4J 882 195 

428.6 +15 427J) 427.0 335 

431.6 +1.6 2 

Hfl 17 5>B03 


(8 

Off 

408/4 

++50 

*09/0 

3S6U 46Jlt6 17A79 

Off 

im 

+26 

1274 

9.199 

Mar 

418/2 

*m 

419/0 

406/0 21077 

5.680 

Mar 

1320 

+23 

1324 

190 

fitey 

392/2 

++C/0 

392M 

383S 

132S 

777 

May 

1350 

+25 

1351 

195 

jm 

357/5 

+w 

356/0 

350/4 

8.497 

1/B32 

JUI 

1379 

+25 

1367 


Sep 

381.0 

*510 

351/0 

356/0 

211 

54 

Sap 

1408 

+25 

1190 

- 

Off 

mu 

+4 n 

370/4 

369/0 

130 

12 

Off 

1441 

+25 

1420 


; SS : S£s 64.700 10W =03 

9 ( 

LIVE HOPS CME f4Q-OO0ft». M"^W) 

■ ui-s -150Q 33.400 12.125 I.1W 488 

Sire -l ore 34 7M 33675 17.M £7» 

\ TfiMO 4L6H 38 750 36.10° *■** 

I S, JIM *» *2 “ 

, tzm -asso «M «*» »j 35 m 

9 41-950 -a2M 41050 4I.to» 4 


Close 

Previous 
HigMew 
AM Official 
Kerb dose 
Cpen inL 

Toed doty turnover 


5415-2.5 

£34-5 

637.5 

637-7.5 


653-3.5 

848-6.5 

fl54,S®49 

649-9.5 

651-2 


NICKEL ($ per tonne) 


Close 
Prevtoua 
fflgtviow 
AM Official 
Kerb close 
Open inL 

Total daly turnover 
■ TIN ($ per tome) 


6865-75 

6680-90 

B70Q/6660 

6880-85 

6885-70 


■ PALLADIUM NYMEX (100 Troy t/troy oz.) 

Od 152.40 +090 20 

on; 15140 +ojo rare laoo 4jss >44 

IUr 164.40 +050 154.59 IMflQ 1.403 10 

Jon 166.50 +050 1SJ 

Total 6,134 154 

■ SILVER COMEX (IQO Troy oz.; Centa/froy oz.) 

Oct 5345 +0.4 - - 1 

Nov 5363 *02 

Off 538-7 +0.2 5435 5395 8S.487 53,867 

J an 5413 *02 - - 53 9 

Mar 547.2 +95 5S1.fi 5465 13517 3.855 

stay 5113 +02 5578 5538 4835 39 

Total 118,788 57887 


Total 81,263 25fl34 

■ MAKE G8T (5800 bu iWK centaiMb bu&hri) 

Off 217/d +at) 22010 21516 128875 14,467 

Star 7ttt8 +3G Z3Q/0 225/6 S1.S80 4.257 

Hay 235/4 +2/0 Z38F2 233/6 22.438 1.174 

■M 240/5 +2/0 24310 23818 25548 1.352 

S« 248/0 +2/4 Mfi/4 2450 1.958 34 

Off SOT +1/2 251/4 249iB 10508 69> 

Total 241,357 22.130 

■ BARLEY LCE (E per tome) 

Hov 10255 *620 10123 10280 402 25 

Jan 10485 +885 10450 1 04.50 398 23 

Har 1D88S +035 10050 10880 >28 7 

Hay 10880 +4L30 10050 10850 48 9 

Sap 9100 - - - 2 • 

Hov 97.00 


TOO! 

■ COCOA PC CO) (SDP'srioma) 

Oct 13 Price 

Daw 984® 


74,438 9,129 


A», 41.950 ajM 

■ PORK 8EUJES CME MJ-OMttg; cBnw.'ttw) 

_ ... aj> ha mil Rfifil 1457 


38.450 -1.000 39-159 38.W MM 1 .*« 
, r n rr ooiim am 141 


■ COFFEE LCE (S/tonne) 


J0.+SU -l.WI 

36.J7S -0.975 39090 39.400 
33.850 -0600 40,100 »■*» 
40.700 -OJ50 41.100 40-529 
J9450 -0.750 39.700 39.400 


Nov 

3SS2 

-91 

3650 

3536 

8.557 

729 

Jan 

3508 

-90 

3609 

3490 

11642 

1.143 

Mar 

3418 

-75 

3507 

3410 

7.723 

449 

May 

3393 

-74 

3403 

9403 

2.806 

10 

Jd 

3365 

•70 


- 

1.325 


Sep 

Total 

3395 

■70 

- 

- 

1.423 

3M8U 2,331 


8/0 144 

259 IB 

S3 13 

61 B 

10,100 1,833 


LONDON TRADED OPTIONS 


■ COFFEE •C' CSCE (37^O0Bas; cantata) 
0w IBS. 35 4L25 190.00 185.75 14,783 


ENERGY 

m CRUDE OIL WYAIEX (42.000 US gsts. S/OanaQ 


■ SOYABEANS CUT [S.OOOOu mm, cants/BOBi busMQ 


Close 
Prevtoua 
High/low 
AM Official 
Kerb dose 
Open inL 

Total dally turnover 


5430-5 

6440-5 

6600/5450 

5486-70 

5460-70 


■ 23 NC, epactel high grade IS per tonne) 


latest Day’s 
price manga High 
Nov 17.00 -a>3 17.19 

Dec 17.11 -0.11 17.27 

Jen 17.17 -0.15 17.36 

Feb 1722 -0.13 17.38 

Mar 1722 -0.1 7 17.40 

Apr 17.33 410 17J6 

Total 

■ CRUDE OIL 1PE re/barrel) 


dose 1044-5 

Previous 1045-6 

High/low 

AM Official 1041-2 

Kerb close 

Open Vrt. 103.426 

Total daily turnover 12,904 

■ COPPER, grade A IS per lonne) 

dose 2-W3-4 

Previous 2490-1 

High/low 2484/2482 

AM Official 2464-5 


1064- 5 

1065- 6 
1066/1081 

1061-2 

1063.5-4.0 


Law lot Val 
I&92 57.983 44.845 
17.01 93.132 58^14 
17.17 57.468 24.561 
17.21 27,023 9.788 
1722 22534 4^48 
17J3 16.784 1954 

427^77164^20 


538/4 *612 542/0 534/0 71970 20.180 

549/4 +5/0 553/0 MS/4 31,657 5^68 

558/5 +4/6 562/0 555/0 1*915 2.281 

SGB/E +M 570/D 563/D 8.643 740 

573AS +4>8 575/4 5708 r 5.773 1392 

576/2 +5/0 570)0 575/4 702 89 

154,702 31139 


■ SOYABEAN OIL CBT (BO.OOOTbs: cents/®) 


0w IBS. 35 -825 190.00 18S.7S 14,783 8.474 

Her 19175 -a 50 194.® r 90.75 10,900 i.BSS 

Hay 195.75 -5® 197® 19350 4.233 257 

Jd 196.75 -585 m00 195.65 1.448 109 

Sep 197-00 -6.75 199.25 197.00 605 4 

Dec 199.55 -5 20 201.00 1 9ft 50 842 9 

Total 33,006 SA06 

■ COFFEE (ICO) (US cenls/powd) 

0d 13 Price Pm. day 

Comp, ctjgy 183.30 180.79 

15 day average 19418 19192 

■ NoT PREMIUM RAW SUGAR LCE (cwta/lba) 


dose 2483-4 

Previous 2490-1 

High/low 2484/2482 

AM Official 2484-5 

Kerb dose 

Open inL 220.734 

Total dally turnover 77.175 
■ LME AM Official 1/5 rate: 1.6923 
LME Closing £/S rata: 1.5914 


2481-2 

2489-90 

2494/2478 

2481-2 

2480-1 


taint Day's Open 

pries emerge HJpn Low lot 

Nov 15® -0.05 1597 15.68 51.D30 

Off 15J8 - 1593 1598 81798 

Jan 15.82 -003 1599 15.75 26,515 

Feb 15.83 -099 1599 1591 19972 

Har 1598 -094 1596 1593 8981 

Apr 1698 +0.04 1598 1596 3947 

Total 196,152 


■ HEATING OH. NYMEX (42900 US gab: DUS | 


SpoC1®10 3 mtns: 16000 6mlhs:1®79 3mBKl 5847 
m HIGH GRADE COPPER (COMEX) 



Day's 
Ctee change 

High 

low 

Open 

tot 

Vol 

Oct 

1 17 JO 

+1.45 

117® 

11555 

1.995 

226 

Hov 

115.00 

+OA0 

114® 

113.95 

1187 

36 

Dec 

114.20 

+£L50 

114.40 

11110 

39.158 

5.097 

Jan 

11175 

+OS0 

113.70 

11130 

045 

09 

Feb 

113 20 

+0.50 

11115 

Him 

504 

110 

War 

112.60 

+0 50 

112-90 

111.85 

7.794 

356 

Total 





5*277 

6£74 


Latest Days 
price change Hlgb 
48.75 -0.10 47.95 
47.70 -097 48.75 

48.60 -0.12 49.00 

49.40 4107 49.55 

4995 -002 49.70 
4925 +093 4995 


0pm 
Low bit 
4890 27.841 
47.45 44,152 
48.50 31374 
4990 17,442 
4145 11912 
4995 5999 
188968 


net 

25.96 

+028 

25.98 

25.70 

3.755 

1,473 

Dec 

24.52 

+015 

2A95 

24.16 

35.133 

9.513 

Ik 

23.B6 

+024 

2195 

2163 7IJ49 

7^34 

fit* 

2317 

+0.06 

2357 

2127 

12,734 

2.497 

May 

23.13 

- 

2143 

2110 

9.790 

IJJS4 

Jut 

Tutu 

22® 

-one 

2128 

22.90 

OZ74 759 
81933 17,719 

■ SOYABEAN MEAL CBT (100 tons; S/ton) 


ON 

l»7 

+Lfl 

164.8 

1822 

2.337 

1,734 

Dec 

1816 

+u 

18*.7 

102.1 

45.637 

1677 

Jan 

1B4S 

+1.5 

165.6 

1616 

15,960 

1056 

Mar 

1678 

+1.4 

1G88 

1688 

11797 

1.632 

May 

170.9 

+u 

ITU 

163.8 

7J519 

513 

Jd 

Total 

174.3 

+1.7 

174 5 

172.7 

6/529 1277 

94,746 14^78 


Jan 

11.82 

. 

- 


Mar 

1144 

- 

B0 


May 

1155 

- 

- 


Jd 

1154 

. 

450 


Total 

■ WHITE SUGAR LCE (5/ tonne) 

540 


Dec 

X8JQ 

+7.50 341® moo 

3.546 

707 

Har 

335.50 

+610 336.50 329.30 

1010 U57 

Kay 

334.70 

+6.30 334.00 329.00 

1.520 

3S5 

Aug 

332.50 

+490 33150 32750 

2.178 

103 

Oct 

315.00 

+170 31600 312.40 

277 

32 

Off 

31320 

+2.70 

4 

• 

Told 



11833 2,460 


Strike price 5 tonne 

■ ALUMINIUM 
(B9.7%1 LME 

1875 - 

rroo - - 

1725 

■ COPPER 
(Grade A) LME 

2J50 .. - 

2500 - - 

2650 

■ COFFEE LCE 

3S30 

3800 

3650 

■ COCOA LCE 

«S - 

850 

975 

■ BRENT CRUDE IPE 

1600 .* 

1650 ......... - 

1700 


— - Ctfle — 

-"■Puts — 

Dec 

Mar 

Dec 

Mar 

66 

9S 

38 

d4 

53 

65 

49 

78 

42 

74 

63 

68 

Dec 

Mar 

Dec 

Liar 

91 

116 

55 

96 

66 

93 

79 

122 

4C 

73 

109 

151 

Nov 

Jan 

NOV 

Jan 

66 

233 

84 

275 

45 

=15 

S3 

307 

JO 

J99 

128 

341 

Dec 

Mar 

Doc 

Mar 

33 

81 

23 

39 

01 

68 

53 

51 

13 

56 

73 

64 

Nov 

Dec 

Nov 

Dec 

_ 

47 

1 

81 

1 

30 

4 

93 

3 

14 

- 

135 


LONDON SPOT MARKETS 

■ CRUDE OIL FOB (per band/Pecl *<* 


m POTATOES LCE (£/ronn®J 


No* 1509 .... 

MW 1059 . 

Apr 2263 -02 228.0 2255 1.294. 41 

May 240.0 .... 

Jun 1075 .... 

Total 1994 4: 

■ FREIGHT (SIFFEX) LCE (SlO/irxtex ptwit) 


■ SUGAR H 1 CSCE (112.000H»; centaribs) 

liar 1157 +0.28 1260 1233 81604 4,380 

Hay 1159 +0 24 1160 1138 17.719 732 

M 1250 +0.23 1256 1228 12471 219 

Set 1223 *022 1223 1104 9.86B Sag 

Mar 11.65 +0.18 1155 11.78 1.439 34 

May 11.85 +0.18 9 

Total 122,113 5914 

■ COTTON NYCE (50.000ft»; cents/BM) 


Dubai S14.80-4 66S -0.025 

Brail Blend (dated) tiS.57-5.62 +O.0A5 

Brent Blend (Dec) SIS 77- 5.79s +0.02 

W.T.L (ipm esl) 81709-7.102 -OOl 

■ OIL PROOUCTS NWE prompt deiivWY ClF (tonwj 


PRECIOUS METALS 

■ LONDON BULLION MARKET 
(Prices suppned by N M Rothschad) 

Gold (Troy oz.1 S price 

Ckm 387.40-387.80 

Opening 386.90-38790 

Morning fix 387.10 

Afternoon fix 387.45 

Day's High 38790-388.20 

□ay's Low 389.20-38790 

Previous close 38890-38890 


■ GAS OIL IPE gjgwg 

Sett DajTs Open 

pries dumps tBtfi Um Int Yol 

Hot 14750 +1.75 14890 146.25 1.194 5.033 

DSC 14900 +0.75 15025 14950 35254 7526 

Jan 15125 +0.15 15225 1S050 27285 2730 

Feb 192.7S *190 15350 IJlJO 17,7/8 1538 

Mar 15390 +190 15325 15225 6.498 661 

Apr 15150 +190 15200 15150 6532 236 

Total 1B3JBSB 13556 

■ NATURAL GAS NYMEX (10900 mm8tu SAnmBOL) 


Od 

1863 

+37 

1855 

1830 

530 

22 

Dec 

NOV 

1851 

+55 

I8S0 

1825 

336 

101 

Mv 

Off 

18Z7 

+52 

1825 

IBIS 

180 

52 

May 

Jan 

1747 

+28 

1750 

1729 

1.080 

144 

Jd 

Apr 

1696 

+2 

I7T0 

1699 

782 

S3 

Od 

Jd 

1510 

+25 

_ 

. 

144 


Dec 

Total 





3JJ77 

382 

Told 


den Print 
1827 1907 


Off 69.14 +048 6974 6690 24.712 5.160 

Afar 70.65 +090 7120 7025 12504 1.8+5 

May 7150 +0.85 7229 71.25 6610 491 

Jid 7150 +>.00 7175 71.70 4.036 126 

Oct £960 +450 6970 69.40 S47 14 

Dec 69.17 +6M 6955 6670 2070 107 

Total N/A N/A 

■ ORANGE JUICE NYCE (15900833; centa/tbs) 


Premium GosoKne 
Gas OA 
Heavy Fuel OH 
Naphtha 
Jet hie) 

Diesel 


ST7f-17d 
SI 50-1 51 
$88-90 
$167-168 
$171-174 
S153-155 


tevaMun A/gua. W. Lovxvt (0711 359 879? 
■ OTHER 


Gold (Troy oz.1 
Close 
Opening 
Morning fix 
Afternoon fix 
Da/s High 
Day's Low 
Previous close 
Loco Ldn Mean 

1 mofflh 

2 months .... 

3 months 

Silver Fix 

Spot 

3 months 
6 months 
1 year 
Gold Coins 
Krugerrand 
Maple Leaf 
New Sovereign 


Latest Day's Open 

pries change High Low Ini 
1.620 +0.010 1.630 1 600 27975 
1990 -6008 1.910 1.880 29.082 
2928 +4903 1035 2010 17.689 
2010 +4906 2015 1999 14.142 
1575 +0906 1980 1.965 11921 
1935 +6001 1.938 1.930 7.161 


Gold Lending Rates (Vs US$) 

-.4.60 6 months 4.98 

-.4.67 12 months - 5.34 

493 


Nov 1.620 +6010 1.630 1 G 

Off 1990 -6008 1910 1.8 

Jan 2028 +4903 2035 20 

Fab 2010 +4906 2015 15 

Mar 1575 +0906 1980 1.9 

Apr 1935 +6001 1.938 1.S 

Total 

■ UNLEADED GASOLINE 
NYMEX (42000 US gafii; c/US gdfc.1 


Hov 

104.70 

+8.4$ 

10515 

99 50 

5.732 

862 

Jan 

10425 

+5.00 

10415 

10350 

7.661 

2.178 

Mar 

107.30 

+100 

107.30 

10710 

4.937 

348 

May 

110.70 

+5.00 

110.70 

110 70 

1101 

42 

Jd 

114 05 

+5 JM 

114 05 

114.05 

639 

14 

Sap 

117.75 

+5.00 

117 73 

117.7S 

332 

33 

Total 





21,010 3,480 


pftmy oz. US cts eqiiv. 


337.40 
342.20 

347.40 
359.80 
S price 
390-393 

398-20-400.70 

90-93 


Latest Day's 
price change tQgh 
MOV 47.40 -632 4620 

Dec 5615 -4.77 5760 

Jan S4.9Q -622 5650 

Fab 5425 -617 5495 

Mar 54.70 -612 54.70 

Apr 5790 -624 5890 

Total 


Low bit 
47.05 27975 
5690 29982 
5495 17689 
5455 14.142 
54.70 11,921 
5790 7.161 
1529B5 


Spices 

After five or sw weeks of Hectic trading and 
raprfy rtsmg prices the black pepper market 
has enured a quieiw period, reports Man 
Producten. Prices starred to decline and buyers 
withdrew from the marker, but we consider 
quite a normal development and ihere are 
indications that prices are stotMtaing already. 
Offers from origins remained I mud to a small 
number of profit-takers only. Black f.aq. spot 
Europe traded yesterday at USS2.550 a tonne 
and In the US Market the ASTA grade was et 
1® cents a pound, 5 cents lower than last 
week. White pepper prices were only margin- 
ally tow but the activity was equally reduced. 
Muntok while spot Europe ended 53.400 a 
tonne. 


VOLUME DATA 

Open interest and Volume data shown tor 
contracts (reded on COMEX. NYMEX, CBT, 
NYCE. CME CSCE and IPE Crude 08 are one 
day in arrears. 


Gold (per troy oz)* 
Silva- (per (ray oyd 
Platinum (per troy oz.) 
PalJdum (per troy 02.) 
Copper (US prod) 

Lead (US prod.) 

Tin (Kuala Lumpur) 

Tin (New York) 

Cottle (five weight) t 
Sheep [five weighQtt 
Pigs (five weight) 

Lon. day sugar (raw) 
Lon. day sugar (wte) 
Tate 4 Lyle evport 
Barley (Eng. feedl 


INDICES 

■ REUTERS (Bose: 18/9/31*100 

Oct 14 Oct 13 month ego year ago 
2062.9 2061.6 2105.9 1580.5 

■ CRB Futures (Base: 1967*100) 

Oct 13 Oct 12 month ago year ago 
227.54 227.74 22690 21633 


Maze (US No3 Yefiow) 

$132.0y 


Wheat (US Dark North) 

E165.0U 


Rubber (Novlf 

92 OOp 

•150 

Rubber lOecjV 

91 ^0p 

•1.50 

Rubber (KLFtSS Not Jd) 

353.0 - 

-3 

Coconut Ofl (PhH)§ 

S615.0u 

-5 

Palm Oil (Molay4§ 

seiaot 

+2 5 

Copra (PhH)§ 

$394.0u 


Soyabeans (US) 

ei 54-ov 

-1 

Cotton OuttooWA' Index 

73.60c 

-0.05 

Wooitops (6J* Super) 

436p 

*2 


US INTEREST RATES 

Lunchtime 


Prime rate 

flrotar Jmn nne .. 

AxLfunds — 

F+dllmrte a WervmtaiL- 


Treasury 8Hs and Bond YfeWs 

One morti 494 Two yea- — 

T-no month . 4.85 Tlvw rear — 

S'i ibnanontt—. 4® Fltajtar 

4ll saimmn 6*9 ia-yo® 

• One year S03 30-j+ar 


■ LONG GILT FUTUHES OPTIONS (UFFE) BSOJOP 64ths of 100% 
Strfta CALLS PUTS 


655 Prtca 
60 101 
795 tOZ 


Bn. not tmaL Cate 4835 Puis 2736 Prawu open nit. Ctea 69+06 Put* *iOS6 


US TREASURY BOND FUTURES (CBT? $100,000 32ndB of 100% 

Open Latest Change High Low Est vaL Open InL 
sc 99-00 99-15 +0-11 99-18 98-13 4*9.244 399.4332 

ar 98-1Q 98-24 +0-10 98-27 07-25 2.087 26.498 

<n 97-20 97-30 +0-CW 98-07 97-1 B 1,071 11.092 


BOND FUTURES AND OPTIONS 


France 

■ NOTIONAL FRENCH BOND FUTURES (MA7TF) 


Ecu 

■ ECU BOND FUTURES (MAT1F) 



Open 

Sen price 

Change 

High 

Low 

Eat. voL 

Open hL 


Open 

Sett price 

Change 

High 

Low 

Eat vol. 

Open Int. 

Dec 

111.74 

111.82 

•0.14 

112-06 

111.60 

164,119 

136.505 

Dec 

8114 

6110 

-0.06 

81.32 

81.06 

1138 

7190 

Mar 

111.00 

111.06 

-0.12 

111.10 

110.94 

344 

8.692 









Jun 

110.24 

110.30 

-O.T2 

110^0 

110.24 

34 

649 










Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BO NO FUTURES 
(UFFE) YlOOrn IQOths ot 100% 

Open Close Change hfigh Low Eat. vol Open bn. 
Dec 107.52 107.68 107,41 2885 0 

Mar 108.70 108.70 106.70 5 0 

" UFFE contracts mood on APT. AM Open inlaroR Bgs. are tor pevtaus day. 


■ LONG TStM FRENCH BOND OPTIONS (MATH-) 


FT-ACTUARIES FIXED INTEREST INDICES 


show opens in Birmingham. 

WEDNESDAY: Retail sales 
(September). Financial statis- 
tics (October). CIS trade gap 
(August). Annual Franco-Span- 
ish summit on European Union 
affairs in Foix, France. Nato 
conference on "Nato-Japan 
security issues” in Brussels. 
THURSDAY: Engineering sales 
and orders at current and con- 
stant prices (August). Motor 
vehicle production (Septem- 
ber). Building societies 
monthly figures (September). 
Major British banking groups’ 
monthly statement lend-Sep- 
ternber). Provisional estimates 
of M4 and counterparts (Sep- 
tember). US housing starts and 
building permits (September). 
Japan money supply (Septem- 
ber). City of London banquet at 
the Mansion House. 


Strike 

Price 

Nov 

- CALLS - 
Dec 

Mar 

Nov 

— PUTS — 
Dec 

Mar 

110 

2.00 

2.35 

2.70 

0.34 

0.84 

1.70 

111 

117 

1.76 

- 

0.49 

0.91 

2.14 

112 

066 

1.16 

- 

- 

1.40 

- 

113 

02B 

0.70 

1.25 

- 

- 

- 

114 

0.10 

0 43 

- 

- 

2.60 

- 


UK onts Mca micas 


1 Up to 5 years (M) 

2 5-13 years (22) 

3 Over IS yoarafr 

4 tredeemdbies (6) 


5 AM stocks (00) 


Fri 

Oct 14 

Day's 
change % 

Thur 
oa 13 

Accrued 

Wwest 

xO ad 
yield 

11918 

-0J» 

119.78 

1.03 

9.69 

13914 

-0.14 

140.03 

1.95 

1029 

16719 



167® 

2.63 

0S1 

180.16 

+0-29 

179.66 

4.07 

8.63 

13057 

-0.08 

137J25 

1.74 

10.12 


Index -finked 

6 Up to S yenraC) 

7 Over 5 yeas til) 

8 Al stocks (13) 


— — Low coupon yield - 

Oct 14 Oct 13 Yr ago 


Oct 14 Oct 13 


Eh. vet total. Cab 37.106 Puts J9.473 Prevtoua day's open InL. Cate 263.108 Puts 328.816 


9 Dabs and loans (77) 
Mod Kim coupon yield 
3 Yr ago Fflgh 


Fill 

Oct 14 

Day's 
change % 

Thur 

Oa 13 

Accrued 

Interest 

xd »S 
yield 

185.75 

+0JK 

185.71 

0.18 

5.07 

173.17 

+0.06 

173A8 

0.62 

436 

173.60 

+0.05 

173J7 

057 

441 

128.33 

-0 20 

128.58 

2.15 

8.95 


Oct 14 Oct 13 Yr ago 


S yrs 

649 

8.44 

8.13 

835 (20/ 

9) 9.67 (19/1) 

856 

8.53 

6.38 

9.01 (20/9) 

5.82 (19/1) 

870 

IS yre 

a44 

8.43 

7.00 

889 (20 

9} 830 (20/1) 

8.58 

865 

7.15 

9.05 (20/9) 

6 39 (20/1) 

879 

20 yra 

8.40 

8.39 

7.12 

881 (20 

9) 0.41 ffO/lj 

8.68 

8-55 

731 

9.05 120/9) 

843 CW1) 

868 

lrred.T 

8.49 

8.51 

726 

8.88 pa/ 

6) 853 (24/1$ 








(20/9) 5.91 (19/1) 
(20/0) 8.83 GO/I) 
02Q/9) 6.85 (20/1 j 


9.16 (20/9) 
9.25 (20/0) 
9.09 PQrtl) 


Germany 

■ NOTIONAL GERMAN BUNO FUTURES (UFFE)- DM250.000 IQOths of 100% 

Open Sett price Change High Low Eat vol Open InL 
Dec 90.15 90.35 +4.09 9648 89.99 145218 161264 

Mar 89.30 89.53 +606 8956 39.30 1670 3114 


jrajwHjnhed 
Up to 5 yrs 
over 5 yrs 
Dabs & loans 


Inflation rate 5% 

3JBS 2.37 4.11 (5/1CT 2.13 (40) 

3.84 3.14 3.99 {21/6} 2.88 £0/1) 

- — — 6 years 

957 7.76 10.07(20/9) 7.18 (10/1) 


Inflation rate 10% — • 
1.S0 3.00 <5/7i» 

2.93 679 (21/6} 

15 years -- 

607 9.98 (20/9) 


1.1S (16/3) 
2.70 (2071) 


- 25 years 

&20 8.80 12079} 


m BUND FUTURES OPTIONS (UFFE) DM2SO.OOQ potnIS Of 100% 


9.61 057 7.76 10.07(20/9) 7.19 (10/1) 9.55 9.52 8.07 g.98 (20/9) 7,39 (20/1) 9.49 9.47 8JO 9.90 e 

Average gross redemption yields are shown above. Coupon Bands: Low: QW-7^%; Medium: B%-10^%: High: 11% and over, t Flat yield, ytd Yew to dale. 

FT FIXED INTEREST INDICES GILT EDGED ACTIVITY INDICES 

Oct 14 Oct 13 Oct 12 OW 11 Oct 10 Yr opo High- Low Oct 13 Oct 12 Oct n Oct 


Strike 

Price Nov 

9000 0.84 

9050 0.59 

9100 C.3S 


CALLS 

Dec Jan Mar 

1.29 1.09 1.41 

1.02 0.88 1.18 

0.78 069 OSS 


PUTS 

Dec Jan Mar 

0.94 1.56 1.88 

1.17 1.85 2.15 

7.43 2.18 2.45 


Govt. See*. (UK) m.o* wi.na ai.w» eu.no vu.no vxc.nc iu/.u4 os. a* uot Edged bargains 1M.6 jqs 3 oa n qi •+ ran 

Fixed Interest 108.65 103.22 107.78 107.80 107.42 124.01 13X87 10650 6-doy average 95.6 90S 847 7B0 78 7 

}S: n mrs& - ^ wa t3/1/7 » w ‘™ n “* ^ «">««« ixiat (jinreg . iw saw 0/1/75 , . iqoi Soamroi' is/10/ 


91.69 91.73 91.34 9686 90.86 102.72 107.04 89.54 
108.85 108J22 107.78 107.60 107.42 124.Q1 133^7 10650 


Cut Edged bargains 
6-day average 


UK GILTS PRICES 


EW. uS total. Cans 42+65 F»rts 30168 PnMous day'* m Im.. Cate 280704 Put* 344857 


•- 7SW — 

W ted Wcat+ar- H911 uw 


M Aad Price £ ■ 


— >994 

Or- Wan Um* 


FRIDAY: Balance of trade with 
countries outside the European 
Union (September). Gross 
domestic product (third quar- 
ter-preliminary estimate). US 
wholesale trade (August). Com- 
monwealth of Independent 
States holds summit meeting 
in Moscow. Bank of Japan pub- 
lishes quarterly report. 


Italy 

■ NOTIONAL ITALIAN GOVT. BOND (BTP) FUTURES 

(UFFE)' Lira 200m IQOths ol 10Q% 

Open Sett price Change High Low 
Dec 99.22 9922 -0.02 BOSS OBJX) 

Mar 98.30 98.52 -0.02 98.54 98.30 


Eat vgl Open InL 
38885 50339 

427 2722 


ITALIAN GOVT. BOND (BTP) FUTURES OPTIONS (UFFE) UraSOOm lOOttra of 10094 


Strike 

Price 

Dec 

. calls 

Mar 

Dec 

■ PUTS 

Mar 

9900 

1.84 

2.79 

1.52 

827 

9950 

1.56 

2.57 

1.74 

3.55 

10000 

1.31 

2.38 

1.99 

884 


Shorn - (Um up to Hw mn) 

TiBWftKlBSitt 857 

12DC1BSS 1150 

ExcnatK tea 1990-95 _ 105 

IDteOC 1GS5 857 

Treas iJLpc i995tt — izm 

140C 1996 12-99 

15 Luc 19961*. 1166 

txdi 13'qjC 139fttt 12.16 

OmnlOB lUpe ISS8 — 057 

Tin Cw 79c 198711 — ■ 7.13 

Trsi3l3'«IIC 1937*1 — 11 M 

£xcli ld>29c 1997 956 

Tires 193 W MO 

EKtilSpc 1997 1273 


Uipcttta 937 


Irres/'+De 1 99ft#, 


TiMJ Mine 1995-968- 7 M 


Eat. v>*. BU. Cm* 30*0 Pub -etJ- Previous 'toy's open iff. Coll* 21077 Puts 36935 


I4gc 1938-1 ... 1139 

Treas 1 5^ pc ‘98# 1i5* 

£«Ji l2oc 1968 — 1071 

Tisas9»20s I99W ftt7 


5341KJA* 
533 101 n 
S35 96>2>l 
8.41 1Q2B 
RreiOfJafl 
738 108t| 
733iimal 
7 3A 108(1*1 
7.67 10*15 a 
7.74 9BA 

735 nog 

738 10^3 
6.06 lOlii 
6.231175* 
830 104 it 
839 9612 

6.30 95J|* 
8.47 U6jj 
ftW 123ft 
34« 112 

8.47 103,1 


I03JJ 
167A 
— 88,1 

— 10733 

— "3^ 


— u?A 

— 12111 
.... U7fl 

»2« 
-A K»% 
12111 
-A ”4/, 
-A ”o.'. 
-A Wi Jl 
-A U4Ji 
-A iWA 
102 

-Jt '31/j 
-A 140A 
-A >2S« 
-A 118A 


Spain 

■ NOTIONAL SPANISH BOND FUTURES (MEFF) 
open S«tpnw Change High 
Dec 8830 88.10 -0.43 8834 


Eat vgl. Open tot 
48,758 78584 


■ NOTIONAL UK GILT FUTURES (UFFQ* £50.000 32rWa of 1 00% 

Open Seft price Change Wgh Lew EsL vgl Open InL 

Dec 101-24 101-34 -0-04 101-29 101-12 S2808 92009 

Mar 100-27 -0-04 0 « 


FfwtoRnaffTean 
tab IB'wOC 1999—— 

Tibbs lOiaoc 1939 

Treas6pci999tt 

Cut oei don ID 1 «k1S99~ 

TttffH 9W*«1M » 

Com Sufi 2900W 

Ttes line 2000— 

1 Ope 2001 

K :20M# 

pe am 

8pe2DTOtt 

lOpcITKO— — 

r«BB IT J2PC3M1 -4.-.- 
■ Tap 1 stock 1 1 Tre-i 


10.80 836 113% 
9.78 834 1Q7& 
833 8.43 90*2 

9$2 US 1KA 
- 09JI 
885 857 1D14 

1034 8.75 118(3 

8.43 6.72 100 

7.04 880 91 %o) 
123 a 73 105*s 
833 8.55 98A 
939 821 107(1 
1022 939 IICij 
(iff to nwwteidonm on 1 


-i+ I2BA 
-A 121 A 
-A Will 
-U 121)1 
— 100A 
-A UM 
-A iae!3 
-A IKA 
l Mr) 
-A 123A 
->s 113B 
-ft 127.', 

j. mi 


Fining 3 >jk 1 ass-4. „ 

100 A Conreraoo 9>aic 2004 

'O' 11 Tceas 6 twe 2004(4 

*%* 8»!|B2005 

SS! CoraB'ipcIOOS 

TteBl2iagc2ttl3-5„. 

T3rOCJ006tt 

iff)* BvcWD-ett 

103,1 T(*MULj*20KW — 

gpg Tnoa 8'jpc 200/ tt 

110ft 13*2PC 4004-8 ' 

104H Thas9oc2008# 

itn,1 

Iiaji 

104JJ 

«S, 

OtefRfteao Tears 

Tread Spc 2009 

no,* TiwaJi/ipeJOiO 

101 ij Con* 9ptLn +011 tt- — 

Treu 9 k 2012# 

Tiea« 5' jpe 2008-12(4 -• 

rftas8aca/i3(* 

7/4PC201S-15tt 

Tires6Lo:Zfl'7t$—._ 

11IJ3 En3l IZpc 2013-17 

105ft 


-.View.. _1994« 

m a him r won uw 


7.43 731s 

8 64 iteL'oJ 
855 srh 

853 Mft 

892 TOS^Nl 

893 121ft 

833 941, 
860 «<: 
895 1154 

854 99lj 

834 128, V 
853 103*3 


»*• 88A 

-ft »2S,J 
-.4 'OS's 

-ft 

-*« 12512 
-ft 143ft 
->* 11211 
-A iii>i 
-*4 USA 
-A H9ft 
-ft 151ft 
-ft 124fi 


InCn-LMced 
fiKK 


ajdPcflOtt.. J1356) 183 150l07Sd 
ajmc-oi [7a 3) 33r 377 lasu 


2‘2K'D3 r . [78Q 144 180 161 1] 


4^ac'(M#.-.<fSSg US 180 lOflUol .... 118L (07 
-06 (B95) 154 181 198ft l«4jf 1SS 


H'/Pc 09 ... J78S) 359 3 82 1 52 ft +'ii 169,4 140H 

2 jOC'll.. ._..X74A 182 3 83 157)J +,', 17S*1 1»>t 


JJacc'iS (89 

2W16 18I 

S'aBe'ao (83 


163 382 130 

168 3 8£ 138ft 

3 71 1B7 132>, 


+ft 146*. 128*1 

♦ft 1574 134*1 


- — ++ — «+«* + 1 ■ xot ♦ ft 152)1 I28ll 

2 2pC'24tt (977) 370 X84 I IQft 129ft 108*1 


4ltfl£-3Qt4 ...U3S.11 


... 12911 ion 


838 8Sl 
769 838 
882 8 47 

889 840 

737 8® 

833 840 

831 838 

8.45 838 
9.14 891 


-*1 H5ft 91)1 
-ft Mi 77JJ 

-A 128(1 unj] 
-A 127*1 1001, 

-*1 71 L 

-ft IT ? it 92 
-ft 114*+ Mft 

128's 

-*9 150*, i*ft 


- -UM. j * — JOO iwift ... imi l+n 

Praapffbve real redemption rate on prefxtod inflatton of (H 10* 
and (2) Sfe. (b) Figurm in paranttwc** show FPl UN lor 
vMfflng (to 9 months prior to baxA and have Been aOutnd » 
refloe retraamg of RPi to 100 in February KMT. Conwrrion 
ttotw 3945 1W ter February l»4: 142.1 and tor SaptemMf 
1094; 145.0 


Other Fixed Interest 


Qaaotiapc — 

885 

- 48ft 

-|‘4 

58ft 

ttar Loan 3*»ctt 

8.44 

- «i« 

♦A 

MM 

CWIItsDCWM.—— 

603 

58 

+1+ 

n 

Trees 3pc'fi6Nt 

854 

- 351* 

♦ft 

***» 

Coteite2>aDC 

851 

- 29J, 



381, 

TtaS'arc — 

as 

- 20ft 

+.1 

JT% 


1 Auction fenis. vi E* dhndeno. Ctodng md-pncee are shown In pound* 


AsteiDe»10*4ff2009_. 

Bham U l jpc20l2 

Warn Cap uijpc'ia . . 

OpeC*o 1998 

I tee -07-? 

ffitfvQuetw I Sac toll. 
L«d«13>tfe2009._..,, 
U»WW3*ipcirwl. .. 
LCC3W70A0.. _ .. 

MMTWWrrtyKMjr. 

MAWtr 3gc F 

fWeHWSItKSai. 

, 4 W 1.2024 

WUa toes ifiluc 2008 


M 

Bed 

Price C +or- 

Htf! 

s* 

SIS 

883 

Dili . 

138ft 

J& 

tt/U 

435 

fW, ... 

142 


174 

re 

WI+ +ft 

116*1 


8.97 

ra 

100ft 

103*, 

11.38 

- 

KB*, 

115ft 


1051 

IDEA 

a/4 

>ca ..... 

127*, -. .. 

ieu 

149 ft 

<9 

04« 

- 

37 _ 

44ft 

»}* 

853 

- 

331, .... 

40*1 

26ft 

1004 

983 

1141, .... 

136ft 


4.41 

632 

68 - 

78 

66*2 

- 

483 

132 

159ft 

12»ft 

■> 

4 49 

127 ... 

i+flft 

1»ft 

11J1 

- 

138*, ... . 

isa*, 

134ft 



iliar 


wo 




C per tonne unless omsnws* soard. p pencodig. c cania/ib 
1 rinqomg. m Mateyaian cona/kg. y OcvOff. v NcMDff. u 
Oct; Nov. : Dec. 1 Nov. V London Physical. 5 ClF Rotnr- 
am. $ Hutton nuriuri do** ♦ Sheep (Uve wtoghi prices). ■ 
Change an wooK O Pncoa ore tor previous day. 


St«. 


is? 402 mi — x&t mi 

183 150107*18) . .. 113ft 106ft 

332 177 18511 176% '63>a 

144 180 16111 »ft 173*i ISA 

345 IflOffSfUiiri .... ilflft (D7ft 












FINANCIAL TIMES WEEKEND OCTOBER 1 S/OCTOBER 16 1994 


CURRENCIES AND MONEY 


r, ^ markets report 


Dollar woes 


Dollar 

DMperS 
1X6 


Yen parS 

101 


TTie dollar yesterday sunk to 
within reach of its 1994 low 
against the D-Mark as bearish 
sentiment continued to dog die 
US currency, writes Philip 
CauntfL 

No dear message emerged 
from the trifecta of important 
data released - retail sales, 
consumer inflation and capac- 
ity utilisation - but short term 
traders still sold the dollar. 

In London it touched a low 
of DMi.5175 - compared to a 
low for the year of DML5165 on 
July 12 - before closing at 
DMl.5201 from DM1.5423. 
Against the yen, it finished at 
Y98J585 from Y99.91 

Elsewhere the D-Mark was 
stronger, helped by the weaker 
dollar and the expectation that 
Chancellor Kohl will triumph 
in Sunday's national election. 
It finished at L1.Q20 against the 
lira. Cram Ll. 016 , and at 
FFr3.428, from FFr3.424, 
against the French franc 

Sterling was a victim of the 
stronger D-Mark, slipping more 


Sterling 

SperE 

1-60 


than pfennigs to a dose of 

DM2.4207 from DM2.4386. 

■ Analysts remain pessimistic 
about the dollar's prospects. 
Mr Neil MacKinnon, chief 
economist at Citibank in Lon- 
don, noted that the dollar was 
also close to lows a gainst the 
Swiss franc, and this was often 
a useful lpflding t or for 
the dollar against the D-Mark. 

"If it cant go up against the 
Swiss franc, it certainly isn't 

■ VowattoW— York 


l --a— 100 


---- : 1* Be _ 1 



DM per C 

ZAG 


-I 2.45 1 


French franc 

FFrparDM 

3410 


WORLD INTEREST RATES 


MONEY RATES 

Octobar 14 Over On* Thr»* Six Ons Lomu Ota. Raps 

ntatg month mtha ruths year Inter. rate rata 


\r 3.420 



ON 14 

lira 

-Pier, don 

cam 

10913 

10905 

1 TOl 

1OS0B 

15899 

3 mh 

10604 

16806 

1 V 

10803 

10806 


going to go up against the 
D-Mark," said Mr MacKinnon. 

He cautioned, however, 
against reading too much into 
the movement "Volumes are 
thin and the price action con- 
tinues to be dominated by 
shorter term players. The fund 
managers continue to stand on 


’16 - m 

Sept 1994 Oct 
Souce: FTGnpMs 

the sidelines. They are unwill- 
ing net sellers of the dollar 
against the D-Mark.” 

Mr MacKinnon said the mar- 
ket remained broadly neutral 
on the dollar against the 
D-Mark. “There is no indica- 
tion that fund managers are 
going short of the dollar yet" 
He said that with, late German 
opinion polls showing the elec- 
tion promised to be a close 
affair, “D-Mark bullishness 
may have to be curbed" 

He said the dollar was proba- 
bly at the bottom end of its 
recent DM1.52/1.58 trading 


is 

Sept IBM 


— 1 * j ; 

Oct Sept 1994 


— 2.42 1 ***<■■ ului 

14 18 

Oct Sept IBM 


range, rather than about to 
touch new lows. 

Mr MacKinnon was less san- 
guine about tire outlook for the 
dollar against the yen. Ha pa id 
there were a number of promi- 
nent investors with “very 
large” long dollar positions 
against the yen. If the yen con- 
tinues to rise, forcing these 
positions to be liquidated to 
cut losses, the dollar's &11 will 
only be accelerated 

Citibank is holding by its 
view of further yen apprecia- 
tion - to Y95 over three 
months, and Y90 in a year. 


■ The futures markets lost 
some of their recent momen- 
tum. with the December short 
sterling contract closing at 
93.59, from 93.62. 

The top discount rate at the 
weekly tender of 91-day trea- 
sury bills fell to 5.4349 per cent, 
from 5.4951 per cent Analysts 
said this reflected the market’s 
increasing conviction that UK 
interest rates might not rise 
again tfri g year. 

The Bank of England yester- 
day cl ear ed a £i_ibn shortage 
in UK money markets, at 
established rates, with £l.!12bn 


“*+. a430 t ■ I. . 

14 16 

Oct Sept IBM 

of assistance. 


Betsk» 

4?i 

4| 

5tt 

5ft 

6ft 

740 

4X0 

_ 

track ago 

4ft 

4B 

5ft 

5ft 

H 

740 

4X0 

_ 

Franca 

Si 

Si 

SH 

59 

M 

5X0 

_ 

075 

weak ago 

54 

5i 

5ft 

6 

8ft 

6.00 

- 

8.75 

Germany 

4.95 

4J95 

515 

500 

065 

6X0 

4X0 

4X5 

week ago 

406 

4J5 

520 

620 

5.75 

5X0 

4X0 

4XS 

■ — * ^ 

rnana 

m 

5ft 

5ft 

84 

71 

_ 

- 

025 

WMk UffO 

4ft 

5ft 

64 

64 

7ft 

- 

— 

625 

twiy 

Si 

84 

8ft 

Bft 

10* 

- 

7X0 

a20 

week ago 

Si 

34 

8ft 

9i 

10* 

- 

7X0 

820 

Notharianda 

AM 

AM 

5.18 

522 

5.78 

- 

5X5 

- 

week age 

584 

AM 

524 

528 

5.84 

- 

525 

_ 

Saaftzartand 

2« 

39 

4ft 

4| 

49 

0625 

3.50 

_ 

weak ago 

3ft 

39 

4ft 

4ft 

4ft 

6X25 

3X0 

- 

US 

49 

5 

54 

59 

64 

- 

400 

- 

weak ago 

4ft 

S 

58 

5ft 

5* 

- 

4X0 

- 

Japan 
week ago 

2ft 

2ft 

2ft 

2ft 

2ft 

2ft 

2ft 

24 

29 

2ft 

_ 

1.78 

1.75 

_ 


■ Some leading German banks 
will open tomorrow afternoon 
to provide clients with a ser- 
vice from the time the first 
election results emerge. A vic- 
tory for Chancellor Kohl is 
heavily discounted in the mar- 
ket, though opinion polls show 
the result is likely to be close. 

The Finnish markka was 
steady, trading at around 
FM3.09 against the D-Mark 
ahead, of Sunday’s referendum 
on EU membership. A “yes" 
vote is expected 


■ SUBOR FT London 

tntartmr* Fixing - 5* 5ft 5ft Bft 

VMM* r*o Si 6fl S« 

US Dotar CD* - U7 &S7 0.13 

weak ago - 4.89 &d0 6.70 0X7 

SCO Linked Da 3ft 94 31* 4 

weak ago 3« 31 M A 

ECU Untod Dm mid nrtaa: l mac 5Hi 3 imhc 0 mew: 04; 1 ym 
■swa an* 0 0— d m kx $iOm quotan K> ttw martai t » taw ra fcm nc 
day. TV* CM** m Bank — Trad. Barit of YoKyo. Owctam and tea 
Mb Me — —mm tor the domaatfe Maqr Run, US $ CD* and t 


g morn: 01; 1 yam: eg. S UBOR hM 
■t w tow ra tamnoa banka at 11— sac 
Barctem and Nadond Waanrtr—a. 

. US ( COa and SDH LtafcM ttapotan | 


EURO CURRENCY INTEREST RATES 

Oct 14 Short 7 days One Three 


m ‘ - 


POUND SPOT FORWARD AGAINST THE POUND 


Oct 14 

Ckxdng 

mid-point 

Europe 

Austria 

(Sch) 

17X388 

Belgium 

(BFr) 

48X772 

Denmark 

PKi) 

8.4838 

Attend 

m 

7.4875 

Franca 

(FFr) 

82988 

Germany 

(DM) 

2.4207 

Greece . 

W 

371.451 

raana 

m 

1.0098 

Italy 

(U 

2488.77 

Lineambowg 

(LFri 

408772 

NadManda 

m 

2.7115 

Norway 

(NKr) 

105651 

Portugal 

(&) 

247X68 

Spain 

(PM) 

201261 

Sweden 

(SKr) 

11.6481 

Swftartand 

(SFr) 

2.0121 

UK 

M 

- 

Ecu 

- 

12711 

SORT 

- 

0.825582 

Americas 

Argentina 

(Peso) 

1X896 

Bratf 

m 

1X162 

Canada 

ICS 

2.1538 

Mexico (Now Peso) 

54382 

USA 

n 

1.5825 

PBcMc/MUdta EastMMca 

Austrafia 

(AS) 

2.1048 

Hong Kong 

(HKS) 

12X081 

Indta 

(Rs) 

408007 

Japan 

M 

156X18 

MolByata 

(MS 

4X782 

Now Zeeland 

(NZS 

2.6260 

PhOppkiea 

Peso) 

406885 

Sax* Arabia 

(SR) 

5.8743 

Singapore 

(SS 

2X514 

S Africa (Com.] 

(FI) 

6.6S8B 

S AlricatRrvJ 

m 

8X213 

South Korea 

(Won) 

1271X3 

Taiwan 

ns 

41X547 

Thattand 

(Bt) 

33.7807 


On* month 
Ftata %PA 

Thro* months 
Rata MPA 

0 no yoar 
Hate ftPA 

Bank of 
eng. Index 

Oct 14 

Closing 

mld-pokrt 

17X354 

03 

17.0238 

04 



115X 

Europ* 

Austria 

&*) 

107000 

49X972 

-05 

48X022 

0.8 

48X872 

OX 

117.2 

Bri^wn 

(Bft) 

31X200 

04881 

OB 

BX07B 

-oa 

9X374 

-ox 

117.D 

Denmark 

(DKr) 

5X616 

- 

- 

- 

• 

- 

- 

88-1 

Hnland 

(FM) 

4.7017 

8X972 

-Ol 

8X924 

02 

8X478 

ox 

1108 

Franca 

(Fft) 

52098 

2.4194 

OB 

2.4165 

07 

2X888 

IX 

12S.7 

Oermany 

(D) 

1X201 

- 

- 

- 

- 

- 

• 

- 

Greece 

8» 

233250 

1X087 

02 

1X093 

02 

1X112 

-Ol 

1Q5l2 

fratand 

(IQ 

1X770 

2474X7 

-2.8 

2487.17 

-3X 

2540X2 

-2.9 

74X 

Italy 

<U 

155026 


418872 -05 408022 0.6 465972 06 

2.7103 06 2.7072 OX 2.67B5 15 

105648 0.1 105579 -0.1 105587 ao 

240889 -04 26257B -75 

201541 -25 202526 -2.1 205531 -2.0 

11.6681 -25 11.7161 -25 115041 -25 

2.000 1.8 20034 1.7 15672 2 2 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


(Seh) 10.7000 -U154 975 - 025 10.7410 1058S0 10.7 OO 10.6898 00 18625 a7 

[Bft) 315200 -042 000-400 31.4150 315500 31526 -05 3155 -0.4 31575 0.1 

(DKi) 55618 -0.0639 685 - 037 8.B865 55565 6588 -05 55751 -09 65316 -15 

P4 4.7017 -05683 967 - 067 4.7295 4.6965 4.7024 -05 4.699 05 4.7092 -05 

(Fft) 55096 -05712 090 - 105 55300 55030 55114 -04 55103 0.0 55128 -Ol 

(D) 15201 -0.0222 196-203 15270 15166 15199 05 15183 05 1.6099 07 

(Dr) 233550 -256 100 - 400 236570 231510 233.545 -15 234.125 -15 236525 -15 

(IQ 15770 400124 782 - 777 15852 15743 15789 00 15771 05 1.564 08 

CL] 155056 —16.75 975 - 075 1555.76 154781 15645 -35 1662-75 -35 1805.75 -3.8 

(LA) 315200 -042 000-400 31.4150 312600 31525 -02 3155 -OA 31575 Ol 

(fl) 1.7027 -00248 024 - 029 1.7101 1.7009 1.7029 -0.1 1.701 0.4 1.0929 06 

0M) 65280 -009 270 - 280 06845 6.6195 6.6317 -07 65485 -1.3 6.703 -1.1 

(63) 155.710 -2.16 680 • 760 156550 155.650 166085 -50 15701 -4X 16156 -40 

(Pta) 128080 -153 310 - 450 126540 120250 120665 -2.7 127.126 -2 A 120.78 -2.7 


Belgian ftanc 
Danish Krona 
D-Mark 
Dutch GuhJer 
French Franc 
Portuguese Esc. 
Spend) Peseta 
Soring 
Swtta Franc 
Col Dcflar 
US Date 
Kaflen Lba 
Van 

Asian SSlng 
Short tarm raws a 


a:* 

0I-&I 

«-0A 

7ft -7* 

5S>>5h 

4i! - 4\ 
A-tii 
8-712 
2^-2A 
2-1% 
mlllorM 


411-4)1 
54.-6l 2 
4H-4V 
4ii - *n 
BA'5& 

912-g 

7A - 7h 
5l a -6H 
3^-312 
43-41, 
4)1 -4ft 

8%-8l| 
2A - 2*4 
2 - 1 % 
US Data an 


month mongo mongo 

til -til £*-&!, 5 s ! - 5h 
5%-5% Bli-Bii 7-8% 
43 -4H 5ft -sft SA-5A 
43-43 si - 5ft 6%-8% 
5ft - 6ft 6% - 5^ 53 - &3 

B?« - 10ft - 10ft 10% - 10% 

7ft. 7ft 7ft -7* 83, -8% 

&b-Sft 5 ft-M, Sft-Sft 

Ml -3ft 41* -4 4i«-4l* 

5ft - 43 Bh - 57, Bl| - 0 
5ft - 43 Sh-Sh 5^-rt 
6 ft - 8 I 4 
2ft -2ft 
2ft - 2ft 
1 Van ethane 


Sft-Sft 

8ft - eft 

5ft -5ft 
6 ft - 5ft 
®ft ' 5ft 
10ft - 10ft 
7ft - 7ft 
Sft-Sft 
4ft-4 
6 ft - 5ft 
5ft- 5ft 
83-flfi 
2ft - 2ft 
3ft- 3*4 


6 - 5ft 
7ft -7ft 
Sfi-64 

5ft -5ft 

6A-B& 

10ft - 10ft 
9i-8H 
7ft -T 
4ft -4ft 

63 -83 

S - 6ft 
-10ft 
23 -2ft 
4&-311 


i MONTH PS80H WmHW (MATTF) Parla Inuabank oflarad rale 


Luxembourg 

Nothariande 

Norway 

Portugal 

Spain 



Open 

San price 

Change 

Wtfi 

Low 

Eat vot 

Open InL 

Dec 

84.12 

84.14 

*0X1 

94.18 

84.11 

17,724 

82X19 

Mv 

83.70 

83.73 

+022 

83.76 

83X8 

12,168 

35.764 

Jun 

93X3 

93X8 

■4006 

93X1 

03X1 

11X88 

24X55 

Sap 

83X1 

83.05 

+005 

93.06 

S2XB 

2.613 

19X67 


-22 

11X041 

-22 

75 X 

Sweden 

(SKi) 

72144 

-00806 

088 - 188 

7X466 

72883 

7X282 

-24 

7X619 

-2.6 

7X269 

-2.9 

812 

1.7 

1X672 

22 

1232 

Bwltariand 

(8ft) 

12636 

-0X22 

630 - 640 

12716 

12620 

12821 

IX 

12S88 

IX 

12434 

1.6 

108X 

- 

- 

- 

706 

UK 


1X925 

+0.0113 

922 - 828 

1X962 

1X800 

1X919 

05 

1X816 

02 

1X822 

06 

862 

Ol 

1X878 

02 

- 

Ecu 


12529 

+00158 

524 ■ 534 

12850 

12497 

12523 

OB 

12519 

03 

12479 

04 

- 


&JFF0*S1m 1 


2.1531 

OA 

2.1522 

03 

01651 

-Ol 

1.5919 

OX 

1X916 

02 

1X822 

06 

2.1847 

OX 

2.1681 

-02 

2.1043 

-08 

12X002 

04 

12X011 

02 

123082 

OX 

156.094 

3X 

156.134 

32 

150X48 

4X 

2X298 

-IX 

26377 

-1.8 

2.08 

-IX 


IS* rataa lor OcM 3. BUtaltar apraada h the Round SpM Mbta ahow only #w h* 
M am kr*dMd IV ewnnt Hbm oaaa. SMAH Indra criouMad by ria Bar* or Em 
Om Dofsr Spot tablaa darfcna bom THE WMfflEUIBB QjOSMB SPOT RATES, i 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Oct 14 Bfr Dfr Pft 

Belgium (BFr) 100 1904 16.64 

Denmark (DKr) 5203 10 8.738 

Franc* (Fft) 60.11 11.44 10 

Qarmany (DM) 2061 3023 3-428 

Ireland (10 4038 8.388 0214 

Italy W 2-021 0X85 0336 

Natherfand* (FQ 18.40 3.602 3.060 

Norway (NKr) 47.27 8 .996 7.884 

Portugal (EaJ 2012 3.829 3^47 

3prin (Pta) 24.78 4.718 4.123 

Sweden (SKI) 42.84 8.156 7.127 

Switzerland (SFr) 24.78 4.718 4.123 

UK B 4087 9.433 8^96 

Canada tC$) 23.16 4.409 9M3 

US (S) 31A1 5859 5108 

Japan (V) 31.67 8A66 0301 

Ecu 39^4 7.469 6.527 

Oariah Kroner, 1 


daOmai ptaoa* ForeaRl lane am nor dfeacay quoted la the irwtagr 
Baee a-wapa 1BK ■ T0O8U, OMraid MkHMaa m buffi IM and 
wakiaa am mwidad br the F.T. 


Argordna (Peso) OSS82 
Brazil (FQ 

Canada (CS) 1.3525 

Mexico (New Peso) 3.4159 
USA (!) 

PacNIc/Mddto Eaat/AMca 
AuatraSa (AS) 1.3594 

Hong Kong (HK5) 7.7275 
tndhi (Rs) 31J725 

<lgan (Y) 96^850 

Mriayda (MS) 2-5615 

New Zmtand (NZS) 1A40O 
PNSppinea (Peso) 205500 
Saud Arabia (SB) 3.7515 
Stngapom (SQ 147K 
S Africa (Com) (R) 33723 

S Africa (Fin) (H) 4.0990 

South Korea (Won) 799.700 
Taiwan (IS) 28.1568 

Tha9and (BQ 249900 

ISOfl «*» tar Oet 13. BtattaWar ***■)• 
Owe anpltaO ty ewmnc xr* aat ratal 


*0.0003 881 • 982 0.9982 08978 

-00065 260 - 270 08280 08260 


1X535 

1X505 

1X524 

OX 

1X528 

-Ol 

1X005 

-OX 

84.4 

3.4180 

3.4130 

3JI165 

-04 

3.4183 

-OX 

X4257 

-OX 

- 

- 

- 

- 

- 

- 

- 

- 

- 

B6X 

1.3618 

1X685 

1X587 

-02 

1.3604 

-ox 

1X677 

-ox 

68.5 

7.7280 

7.7270 

7.7273 

OX 

7.723 

ox 

7.743 

-02 

- 

31X775 31X875 

31^4575 

-32 

31.6025 

-2X 

- 

. 

- 

904100 982600 

96X55 

2X 

97j47B 

3X 

94X6 

3A 

1410 

2X685 

2X580 

9.SFM 

4X 

2X41 

32 

2X145 

-2.1 

- 

1X502 

1.8483 

1X5 

-07 

1.5518 

-0.7 

1.6571 

-OX 

_ 

25X000 25.4000 

. 

. 

. 


. 

. 

- 

3.7520 

07510 

3.7528 

-04 

3.7569 

-O0 

3.77S5 

-OB 

- 

1.4795 

1.4755 

1X752 

1.1 

1.4733 

OX 

1.4865 

07 

- 

32768 

3X703 

3X878 

-52 

3.6161 

— 4X 

10828 

-14 

- 

4.1200 

4.0850 

4.1287 

-92 

4.1875 

-9.0 

• 

• 

- 

799200 798X00 

601.7 

-42 

6052 

-ax 

6217 

-11 

- 



Open 

8eU price 

Change 

wgh 

Low 

Eat voi 

Open Im. 

Dec 

94.07 

94.13 

+0X3 

94.07 

94X7 

96 

2462 

Mar 

9170 

9174 

+0X2 

9171 

8170 

70 

1456 

Jun 


93X5 

+0.03 



0 

300 

Sep 


9103 

+0.03 



0 

S2 

■ THR 

Bt 9BOW1H NROHMK FUIURES (UFF^“ DMIm PbW» Of 100% 



Open 

Sell price 

Change 

High 

Low 

Eat wol 

Open tat. 

Dec 

94.76 

94.79 

+0.01 

94X0 

94.74 

37354 

169271 

Mar 

94.47 

94X2 

+004 

94X6 

94-45 

52538 

166160 

Jwi 

94.10 

94.16 

+003 

94.10 

9110 

29260 

102229 

Sap 

9177 

93X1 

+0X3 

9183 

9174 

11430 

79287 


■ um MOftTH —MUM mTJMtni WBBB (Uffg LI 000m pdnta of 100% 



Open 

Sett price 

Gharoa 

Mgn 

Low 

Est ml 

Open InL 

Deo 

9074 

90.71 

-003 

90.76 

9087 

6253 

33493 

Mar 

9000 

9000 

-0X4 

9006 

B9X5 

3238 

18213 

Am 

8149 

8046 

-004 

89X6 

8945 

842 

14489 

Sep 

89X8 

88X7 

-0.04 

80.17 

60X6 

1295 

15368 


-00132 540 - 595 26.1660 25.1540 26.1768 -09 282160 -08 
-006 700 - 800 200000 240700 250525 -OS 25.13 -30 2S.6B -2.7 

1 m tea Dtriar Spot tabta show onty the la* thma cacenri ptaoaa. FonmnJ raws are not dfrariiy tynad to the martoat 
UK. katad 4 ECU am quoad *1 US amney- JJ>. Morgan nomtnri Indtaaa On 13. Baaa awaiaga 1B00-1Q0 


EMS EUROPEAN CURRENCY UNIT RATES 


■ THREE MONTH BUKO SWISS FUAHC FUTUmS (UFPQ SFrlm pointa of 100% 



Open 

Sen price 

Change 

«9h 

low 

Eat vd 

Open ml 

Dec 

95.69 

95.75 

+0X5 

95.75 

95X8 

3681 

23402 

Mar 

95X8 

9147 

+0X9 

95X8 

95X6 

4017 

15431 

Am 

94.99 

95X8 

+0.10 

96.10 

94X8 

795 

7215 

Sep 

94X8 

94.78 

+009 

94X0 

94X5 

88 

1240 


■ TWtSB MONTH ECU PUTIfltSS (UFFE) Eculm poMsoi 10036 


4840 5.436 

2600 2^56 

2875 3066 

1020 1.120 
2444 2.684 

100. OHO 
9104 1 

2339 2.570 

9BSM 1J» 4 

1227 1047 

2120 2029 

1227 1.347 

2468 2.711 

1146 1058 

1549 1.702 

1577 1.732 

1842 2.133 


Oct 14 

Ecu can. 

rams 

Rate 

against Ecu 

Change 
on day 

ft +7- from 
can. rata 

ft spread 
v weakest 

Natheriande 

2.19672 

2.14471 

-0.00156 

-2X7 

5X7 

Belgftrm 

40X123 

39X991 

-0.0373 

-2X2 

5X9 

Germany 

1X4964 

1X1472 

-000164 

-1.79 

105 

tratexf 

0X08628 

0.796392 

+0002387 

-1X1 

4.75 

France 

6X3883 

155990 

-0X0444 

032 

2X3 

Denmark 

7X3879 

7X1034 

-0X0162 

099 

2.15 

Portugal 

192.854 

196.941 

-0X68 

1X0 

1X4 

Spam 

154X50 

150132 

-0204 

118 

0X0 

NON SU4 MBUBKS 





Greece 

284X13 

291188 

+0X53 

1084 

-192 

Italy 

179119 

1951X2 

+4X 

IBS 

-5X2 

UK 

0788749 

0780400 

+0X03082 

0X4 

2X2 



Open 

Sett price 

Change 

High 

Low 

EsL vd 

Open InL 

Dec 

9183 

93X7 

+0X4 

B3X8 

93X0 

1065 

7461 

Mar 

93X3 

93X0 

+0X5 

9343 

B3X0 

1032 

8097 

Jun 

92.83 

92X8 

+0X4 

92X3 

92X0 

615 

3405 

Sep 

02X8 

82X3 

+003 

82X3 

92X8 

159 

1841 


* LFFE kauas traded on AFT 


I MONTH nnOOOLUUt (IMU) Jim poMa of 10076 



Open 

Latest 

Change 

Htfl 

low 

Eta. vdJ 

Open M. 

Dec 

94.07 

94.13 

+006 

94.18 

94X0 

187.748 

447^81 

Mar 

93X9 

9176 

+OOS 

8179 

91X4 

172JB33 

384,138 

Jun 

9129 

93X7 

+009 

93X9 

93X1 

78X65 

297X61 


French Franc, Norwegian Kmnv. 1 


■ P48AHK WITURR8 QMM) DM 126J0Q par DM 


IMA Ytoi 123 par Van 100 



Open 

Latest 

Change 

M* 

Lew 

ESLvM 

OpenfctL 


Open 

Ltaetf 

Change 

w* 

Law 

Eta. vol 

Open ktt. 

Dec 

0.6523 

06570 

+0.0047 

00690 

06623 

36X48 

79X52 

Dec 

1.0099 

1X201 

+0X103 

1X232 

1.0099 

20X24 

57X21 

Mar 

06568 

0.658fl 

+00050 

06590 

06566 

203 

4X11 

Mar 

1X219 

1.0280 

+0.0070 

1X315 

1.0219 

1X57 

5X52 

Jun 


06588 


06688 

- 

1 

811 

Jun 


1.0280 

+0.0017 

* 

■ 

23 

494 


Bai u e uid ataa eat by aw Baopwn C o m iWon. Cwien c im am ai daac e wa ng relwtaa aaanpdi. 
P art e naBachanpaariforEacapoaaheebangadanoWaaeadfccumncy.O u mnmnoaduMettw 
caaobaB— et teotaxaadtatttaf re va rtag» <af ta i a mj » h i hi i» m the aa>Mmarttat and Ecu oariral raaa 

tar a currency, mtd the rrodmun pemdnad pwimaag e dMaden of tba cunancyfr marior ran from Itt 
Ecu canted no. 

(17/Waq Snvtaig and katatfi Lie acapandad from ERU A^udmant calcriaad by the FtaneW Unwa. 


■ PHBJIOBMU SC C/S OPTlOftfl S31^S0 (cent* per pouxQ 


i 0MM) Sim par 10096 


Dec 

94.65 

9470 

+005 

9473 

94X8 

3X58 

Mar 

94.19 

94X0 

+0X8 

94X2 

9419 

1.113 

Jim 

9186 

9187 

+003 

93X9 

93X2 

760 


■ WWW FRANC TUTURKS PMM) SFr 125/XH par SFr 


ironnw^wazjMpirt 


Dec 

07845 

07917 

+0X072 

07947 

Mar 

07828 

07850 

+0X070 

07875 

Jun 


07985 

■ 

07995 


14 946 

1 84 


Dec 

1X680 

1X900 

+00058 

1X950 

1X880 

10X45 

42X48 

Mar 

1X800 

1.5900 

+ 0.0100 

1X950 

1X900 

7 

366 

Jun 

- 

1X800 

- 

1X900 

- 

1 

B 


Strike 

— 

- CALLS - 

■ 

— — 

— PUTS — 

— 

Price 

Oct 

Nov 

Dec 

Oct 

Nov 

Dec 

1X00 

109 

9X2 

9X3 

- 

« 

0X8 

1X2S 

6X4 

160 

181 

- 

0X3 

029 

1X50 

4.14 

430 

4.77 

- 

017 

072 

1X75 

1.70 . 

2X9 

3X4 

- 

070 

1X8 

1X00 

- 

1X3 

1X0 

075 

1X3 

2.61 

1X25 

- 

033 

0X6 

115 

3X7 

424 


! flga. are tar prentaua etay 


■ EURO— HR OSTlOIIBdtfFQ DM 1 tn points oi 1P096 


CALLS - 


— * 

‘ ~ MM 

pure — 


Dec 

Mar 

Oct 

Nov 

Deo 

Mar 

014 

014 

0X1 

006 

aio 

037 

0.04 

0.D7 

021 

023 

025 

055 

0X1 

0X3 

048 

048 

047 

078 


, dork «eu Caia l0a,M7 Pin 9.766 . Pm*, atom open tat. Gaia 430205 Puta 3*7^78 


0 002 0.04 0.07 021 023 026 

0 0 O01 003 046 048 047 

ad. Can 2114 Pin 7993. Pmtoua day# rxm tat- Ceia igsoai Pin 170881 
> SWISS FRANC OPTIONS (UFFQ SFr 1m pobda OM0096 


UK INTEREST RATES 


LONDON MONEY RATES 

Oct 14 Over- 7 dgye 

night node* 


■ THREE MONTH HHBJM WTURES (UFF^ ESOOJOO poWa OflOOTt 


art* 

Price 

Deo 

— CALLS - 
Mar 

Jun 

Dee 

— PUT® - 

Mn 

Jun 

9675 

oio 

012 

008 

OIO 

040 

075 

9600 

003 

007 

004 

02 B 

060 

096 

9625 

001 

004 


0X1 

0X2 



Over- 7 daw Ona Thrae Six On 

night notice month mOntfa montha year 

Sft-3ft 5ft * 5 Sft-«4 g-fft 6&-8d *.-7 


SSTcT* ^: 3li 2:S 3:3 « 

Si- : : S:* * ■ 

5ft - 5ft Sft-Sft Si-Si 6 ft- 5ft 6 A- 6 A 7i - 1& 

Deccunt Martwl dapa «ft - Bft 5ft - 5ft 

UK deartng bank ban landtag rata 5ft par cam from Seplambar 12 1994 

Up ID 1 1-3 3-8 A9 »12 

gnj rtlh mont h w willB uvoni hs Riv^iUdi 

Com ol Tax dap. (E10O000 1ft 4 3 ft 3ft 3ft 

iSw-TSidSa tapSS 0 Nn ao 1 * 4 . ScMnwaH 6 H 7JBpfc 

nil VSSa 1«3: sramn tv* V a.735p<t Fkwnea Han. tea An *ata» Oa 

1. 1994 



Open 

Sett price 

Chengs 

HOh 

Low 

ESL vd 

Open Trt. 

Dec 

93.60 

93X8 

-003 

93X3 

93X7 

21158 

151728 

Mar 

92X3 

82.80 

■005 

92X5 

91 17 

21828 

71382 

Jun 

9SL22 

9122 

- 0.02 

9225 

92.18 

6288 

60688 

Sep 

91.77 

91.78 

-003 

91.79 

91.72 

2469 

50085 


BASE LENDING RATES 


, Cdta D Pin 0. Pmviotta de/m opm kx- Cate 1870 Pin 010 


Traded on APT. M Open Hwaat Oga. am tax pmW 0 %. 

■ SHORT EIEWUWQ OPTIONS QJFVg) £500^)00 potatacMOOW 


9376 

9400 

Eat «ot total, i 


Dec 

- CALLS - 
Mar 

Jin 

Dec 

— pure - 

Mar 

Jun 

026 

009 

013 

017 

079 

1 X 1 

013 

0.04 

009 

n 99 

099 

1.62 

0X5 

002 

005 

048 

1X2 

1.83 


I Puta 10085. Fmfcw da/a epaa m. Cab 32*487 pm 1813M 


Adan 8 OorroNgr £75 

ASed Trust Bae* 5.75 

AIBBanlt..- - 575 

•Homy Arabocbar 5.75 

Bark ai Barjtfa 5.76 

Banco BBmoVttcaya-. 5.76 

Bar* ot Cyprus 5.75 

BarkMIndand 5.75 

Bankoflndta 5.75 

BarkoiScodand 5.75 

amttayaBank 5.75 

MBKriVSdEaat — 5.70 
dSownSmptay& CaUB 8.75 
aBarkNedanond... 5.76 

casnkNA —5.75 

OydeaddaBank 575 

The CocpaMtd Bar*. 5-75 

CouttaiCo .... 5.75 

CnadaLyomxie 575 

Cyprus Ftapubr Bank -5.75 


Duncan Lante 575 

EntarBraUrsad— 575 
FtaancWSOenBank^ 55 
•Ftaben Ftamtag a Co «. 575 

Okubank — — 575 

•Otfrviea* Maher 575 

Hat*) BN* AO Zilch . 575 

•Hembree Bank -575 

Heritable A Gen Iw Bk. 6.75 

•tN Barren. 575 

aHoaraAOo 573 

Hen^ccng A Shanghai. 575 
JUfcn Hodge BHr*.._ 575 
•Leopold Joseph ASons 575 

UoydaBark 575 

Mef?ra|B&nkUd 575 

MkSand Baric 575 

•Max* Barking 6 

NstWaaonirwar 575 

•FtaaButfim 5.75 


* nadXRpta Guamrtoa 
Carpcxaton LMad la no 
lengar xrihortaod as 
abartCngtatnulon. 8 
Royal Bk NBcoMrI _ 57S 
•Gndh A WRnan Baca . 575 

168 575 

•(Jnead Bkof KUaelt-- 575 
Un^ Trust Bar* Flo - 575 

WMemTriM 575 

WWonmy LaXfaw 57S 
Yorkshire Btrfc — 575 

• M«mber< of London 
Inveatment Banking 
AaaocMIon 


Oet 14 S S 

Iteigdy 1B59M - 175127 105710 - 106810 
ban 276*80 - 278780 174600 - 175000 

Undl a 4720 - 04740 02968 - 52B7B 

MM 887052 • 367610 230500 - 230000 
RBStt 484120 - 4857.10 304500 - 305000 
UAE 58389 - 50SDE 16716 - 25735 


FT GUIDE to WORLD CURHENORS 

The FT Odds to World Cmreneha 
able can be found on the Cot mnn laa 
A Finance page In Monday 1 * edNon. 






r m 


financial - " c -' t:ND ocTOBER WO ‘-' T °!I 


g-U 


.14 


m 

LONDON STOCK 


Dealings 


Details of business done shown betaw have 
from last Thursday's Stock Exchange Offloal Last and should not 

reproduced without permission. _ «atwa information 

Details relate to those securities not included in the FT Share imonnauon 

S " V 5 Ls ate** mdicoted P Mc« . 

which the business was done m the 24 t , n of 

settled through the Stock Exchange Jaftsman system.*^ wiatwat anrTtawest 
«KUdonbut In ascending order which denotes the day a tngheat and .owe* 

securities in which no business was recorded hltaindg^ 
C^lSte/S^cocded business in the four prevroua days Is given 

•*.e:s5mK- no. -b-bam-- s,ock 

- - 

WMd 11*. 


British Funds, etc 

Treasury 134% Sm 2tWWn ■ £122*4 122 A 
Exchequer 10*2% Sih 3006 ■ CiiSj* 


Corporation and County 
Stocks 

Btarongiwn DWnci Council 114% had SW 

L^teTCKTofltaiaW Bod SW 300« - £M27 »b 

riiocen 


UK Public Boards 


UeropoKv wiw Metropolitan water 3% A 
SK83/3XH-E6fl 


Foreign Stocks, Bonds, etc- 
(coupons payable in London) 


Hungary flopuwt of) 74%SJ ***** 

Lon 1908 SotO - £40 (70c94) 

Bo D* JanotrotSOtt ofla ^. 5 ^’tS w<Safl 
Ln Bds*A-now lV*»J - f”*? 41 

A.M.P (U.Kj PLC UN ■£ WlSte' 

000081000001 - £1374 (70c9*) 
am p JUJtV PLC 11*2% Bds 2001 IBr 
D0W 1 10000ai00000)jC1MAl»|O^ 

AfiHy Natural Stoning Capital PLC8ti% 

SuDort GW Beta OTWBiWMl ■ cm’s 

^b£?N0j»nBi Treasury 9erw PLC_^T^ 

GW Ms 1998 (Br S Var) - SS^JS rTOdS*) 

Abbev National Treasury GW 

Nts 1997 (BrSVWtttfl) -**-*•*" 

Abbey National Treasury ServsPljC 6% QM 
Nts 1 399(Br£1 000.10000. 1000001 - EBB** 

APC^y^rwl Treasury SwMfW 
GW Nts IBM (BrC Van ■ ES6.65 * 

AbM^^ttornl Troasu^aav'PLC B% Gtd 
Bds 2003 (Br E Vart - 024^ 
flhM r NAfiotal Tiesury Sens PLC 10*2“ 

Nts 1007 (8r Cvaij ■ 

AoSlncorparoiad 4% Bdi 2001(BcS10000| - 
S234 235 t1lOe04| 

AfinA nrotm PLC 9 >b% Bds 
MOSffirEI 00081 OOOffl - £®74 
Ajuimun industry Dew. CorprL 104% Bds 
A ^^!®rtM00081000« - El 05 (i?OcSa)_ 

BwSc ot Greece 9\% Bds 2003 (Br E Vsi) • 

Bank PLC 8A% Nts Z0CH<BrfVaft- 

p^SL. airek PLC 7.875% Undated Subord 

Nts (Br E Van - E87 1 * „ 

optima Bank PLC 9% Perm bit Bsart- 
ngCapBdstHaghitMirttiEi ) - £85 
Barclays Bank PLC 9% Perm wBwm 
Capital Bdaffit Vart - E84 lllOgjf ) 

Barclays Bank PLC 9-875% Undatad Subort 
Nta - C04ft I10OC90) 

Bssdays Bwk PLC 104% Son Sub Bds 

SsE'sscasf-iw- 

BWoCWa InBUfltPefpLC 10*% Bds 2013 

daioooo&iooooo) - ciosMizogjj^ 

BrWxd 5 Btngloy Bu*flng Soct«yCo«arod 

RtgRtoNts 2003{Reg MuWriOOO) - £92* 

(llOc34) 

Bnstol S West BufcBng Society i0*»% 

Suborn Bds 2018 (Br £ Van - E09S5 10O 

eJiS^Bpaos PLC 10?«% BdsOOia 
fflfCIOOOOilOOOOO) ■ E103-425 

British Aeroetw* PLC 11%* Bds 2008 Pr 
Cl 000810000) - £113 4 
British Airways PLC 10% Bds 
tagaiBrfnoQo&ioooqi ■ eiaz4 fi2£»*) 

British Ainways PLC 10ii% Bds 
2008®rC1 00081 0000) - £1084 j 425 
fllOcM 

British Gas Lrrtl Finance BVZsro Cpn GW 
Bds 2021 (Br SVml - S9l*9 
British Gas PLC 12T«% Bds 1985 
(Bril 0008100001 - CTOT frt llOcM 
Bun* Gas PLC 74% Ms 1907 (Br £ V«n - 
ranlsA 

Briasn Gas PLC 84% Bds 2003 (Br E VBT) - 

m!qu PUC 84% Bds 2008 (Br C Vart - 
£9SA(70 c04) 

British TetecomrnunicalMns PLC 74% bos 
2003 (Br£ Var)- £88% 

British Tcrocommu nl eatlona PLC 124% “a 

Cap Bds 2006 (Bag El 000) - t1*M<> 

Daly Mai 8 General ThisPU: _8^i% E»eh 
Bds 2005 (BrCl00085000) - EiaOi 

Deninamwngcwra df) 8Ji% Nre 1998 IBr E 

DKrfa Flww'iv. 74% Gic Bds 2003 (Br £ 

Van - £80.02 

ECC Group PLC B4%CrvEkl3 

2O03(Bc£1 0008100001 - £98*29 

Eastern Bectricny PLC 84% Bds 200MBit 

AS 74% NB 1998 (Br E Van ■ 

Bl^nrertrJwR^nco PLC84%GW&t^ 

2005 IBr s van - soo enoo^-^ M, 

Far Eastern Oopanmont SwrasLd 3%Bds 
2001 (Hog Wtegral multt S1000) - 5100 
1004 I120c9*) 

Far Eastern Teunlo Ld 4% Bds 
2006(BrS10000) • SHI-55 
FiStdlReputWC ofl 94% Nts 1 997 (Br£ Var) 

- £1024 .45 .55 I110C94) 
rmufcWlrmitV'i'r on 104% Bdfl 
MoSSSSoitoOWI ■ ■ E104, 1 * A 1120^4) 
FuH Bank Ld 14% Cnw Bds 2002IBrt5000) - 

G^mress PLC 74% Ms 1097 (Br C Voif - 
£974 

HUfla* Buftaing SooatyG4j%Bda 2t»4 
(Br£ 1000.1 0000. 1000001 - E82.1 t'SGcSM) 
rtoMak BtWtSng Sodoty 74% Ms 1998 (Br E 
Ven-C«5tl(liOc94| 

Hai.lox Bujldna Sodoty 84% Nts 
lOTSlBriCVorei - E97.45 4 
HMit35 BiUkkng Society 
IWSflWl 0000850000) - El 00 HOOcM 
Holrtax EMkJlng Sodotv R»g Bt* Ms 1909 
(BrSVm) - S99.T6 99 85 
Hanson Trust PLC 10% Bds 2008 BrCSOOOl 

- £994 1004 noocSJ) 

Hickson Capital Ld 7% Cnv Cap Bds 2004 

mdSn"cS»*S < L?T?k Cnv Cap Bds 2004 

International Bank tor Roc 8 Dev 94% Beta 
2007 (BiE5000* - £1014 
imemationnt Bonk *or Bee 8 Govi 0 %Bds 
1999tBr£1 00081 0000) - £103 3 (TOcOt) 
intSmd Bank tar R*c J * L^soS? 

1990 (BTC500W ■ Cl 0*4 4 (”Og*' 
japan Pm Corp for 

Bds MCHtBrClWO 8 10000) ■ E824 3 
mi^BKOie Pawn CO Inc 74% Ms 1998 

bSSUS-O. 

iBr £ Van - E93.8 (iMcSfl 
Land Secunttes PLC94°e B<K 
roovrem 000*100001 - tsaii 
Land 5eciwtMs PLC 64% Cnv Bds 
2O02fflf£10001 - £98 

Land Soortoes PLC 94% Cnv Bds 200* 

iBrttWO&SOOOO) - £110 

Leeds PomarwM Bmlfflng Society' 4% Nts 
1998 (Br C Van - C9SJ l V 2 ^5j.V. J1JJJU1 
Leads Permanent Building SodotyCdlared 


^^^^taPrfJBeg-ElW 

NSd^WestmWtar B^kPLC II 4* Und- 
Subtits Cl00«Cnv to PrflBr - £1004 4 

Nawi^*Bdkflng Scdely 64% Ms 

jasaV 8 *” 

pSsaEsaiffl.u**.'-- 

2QOJ(Br£ Var^ - C99|W 

PoweKSO" PLC 8 \% L^l. 2003 ^ 

GW Bds 2007 

(Br£S0O081 000001 ■ £384 (Br 

HiyScSlS U B4% Cnv Cap Bds 2000 (Br 
r5(jQ0&5O0(Xl) - £1294 
R^ScSSl PLC 74% Cm, ftfc 
noo2(BiC 1 00081 0000) - 
Robert I Fleming Ml Finance wW Pom 
&*ort GW NB (Br E Vg - KB* 

RothschikM ConBiuatlon RntC.() Ld9% Pey 
Subord GW NB (Br£V»lou^ - C794 8fl4 
Royal Bank of Scotland PU, 64% Bds 
20Q4(BrCVara1 - KJnMgi 
Royal Bank cri Scotland PLC 34% 

B^ 201 5(BtC1 000081000000) - £934 

rSmm noga PIC fs% Subtwl 
Bds 2003 (Br E Vai) - E964 

S ‘^15Sl 1 ^-^C2352 

JSU PLC 114% & 

£500081000001 ■ EIMlM‘1 
Smithktlne Beecham CapiBl PJC GW 
Nts 1998 (Br £ Van - E964 (10OC94) 

Bds 2006 (Hag £1000) - £95*2 
Tun PLC 104% BOS 2002 (Br EVar) ■ 

TncoOpMUSK C nv (^p Bds 2005(peg 
Cl) - Cl 1*4 5 4 4 6 4 4 .81 
Ttupnas Water PLC 84% CnvSutKWBds 
^^Bi£5000&5000ffl- £127 3c^) 

Thames Water Utilities Finance PLC 104% 

GW Sds 2001 - £1004 
31 teoup PLC 104% Gtd Bds 

^asrr s-saffi&i 

T^fa MOW cSparato^KiSW Bds 1996 

Tr^aury cSSSrf S2«B SiwSm 

Bdfl 2003 (Br E Vsn - »f. 98 W (10OC94) 

Time Ho Steel Enterprise CotP *% Bds 
ZO011BfS10Oqg- S11 3 ,l % 

U-Mwg Marne Transport Corea^o",! 4% 

Bds M01(Heg m Mutt 51000) - £974 ®8 “ 
994 10035 1004 

Victorian Pttc Atnra Fm Agency 04%GW 
Bds 199B(Br£Vara) ■ £1014 (70cW)__ 
WartxratSJjJ Group PLC 9% Perfl Subam 
4bP®Nk&£) - £81-3 (ilOrfM) 
Wooh^hBteSiB Sode«y1l4% Suborn 
MS 2001 - £107.78 (11CWMJ 
Hslttax Bidding Sodoty CISGn 74% NB 1*/ 
a /2000 . £94! 3* 

Nestle Holdings Inc 5300m 85% Debt mst * I 

2000 - £924 (lOOcfl*) 

Toyota Motor Credit Corporation SaOm 
Nts 4/10/96 - S9B55 (110=8*) 


Barclays PLC ADH F’-D ' 

SdaTGtw* P»-C 7.25p NeO Crar Fled Prf 

Button K Si 1 JSP Cum Red Pif 

ft ^ 1 ^ldnLdOW««1-130*S 

Arnold Trust PLC Od 25p - 

soo 

Bass PLC ACT (2:11-5184* 

Bos PLC 104% Deb Stk 2018 - £110 

BhsPU 4>z% Una Ln 3nt 92/97 - E8B 4 
90 

Raso PLC 74% Una Ln Sw 92/97 - 05 

Bffgoaen Q-y A3 -B- Non Vig She NK25 - 

MkfcM» Bui** SmI B M» 
Pern w Bearing 9n CiOOO - S« 4 4 
Blackwood Hodgo P1X W Cot Rod ^ ^ 

Bhi^CWe industries PLC Apfl (Irl) - 544 
BUM CWt indusmes PLC 84% tMs in 
SU41975 Or oft} - £81 (IOOiS*) 

Boots CO PLC ADR (2:11 • Sl5» (HM8 
Bradford 8 BM^V Sodew ll4 % 

Perm Int Bearing She CIO OPO - El ^ 1 
Bradford 8 BmgBy Bi*^SodWi3% 
Perm Int B«nng Sha £10000 « £1214 Z 

Brent Wafcw Greup PLC WB w SJj fer Od 

Brem VftSSomw PLC 85% W Non-Cum 
Cnv Red 2007/10 £1 -ZCDC«4) 

Bristd Water PLC 84% Cum Ind Prt CT - 

BrtS^awHdU PIC Oid £1 ■ 980 

abWwSar Hd^iPLC 8-75% 


Hsiitax Buacaig So^tv i=« Perm w Bae^ 

Sbs Ci (Hag 


Rea rin loss =*ra 11 - ' Qu_ 

Bristol 8 West 6^^50^134% Pwm 


Sterling Issues by Overseas 
B orrowers 

Bank of Greece 104% Ln Stk 2Ol0(Ra(t - 
£974 (120cS4) 

Credit Foncrer Ds France 

104%GWSerLnStK201 1.12.1 3.1 *(Reg) ■ 

OgniriorkOOngdom ofl 13% Ln Sflt 2005 - 

Eurepeon investmart Bank 9% Ln Stk 2001 

EroSon uwSnant Bank 94% Ln Stk 
2009 - £10*4 (IOOcS*) . 

European Investment Bank 104% Ln Stk 
200*<Rag) - C108A (120^0 

European Investment Bank 11% Ln Stk 
2002(Ftefl)-E1l1 4 

IntHmanoral Bank Jwftac 8 D«9 2% Ln 
Stk 2010(R*g) - POUAITO^*) 

ireamaBonal Bar* lor Rac 8 Dw 11 5% U* 

U^ayla?04% 1 |Ji Stk 200B(Reg) - El 054 

114% Stk 200«HaO) - ei 154 

Swedfln(Klng<k>n ofl 94% Ln Stk 201*(Reg) 
- £103 (I00c94) 


FUg Ru NW 2003 IBr E Vart - £95 
04% I 


L«w« Uohfli PLC 104% Bds 
2008(Briri 000*1 00001 - £1034 U 2 
Doyds Bark PLC 74% Subord Bds 
200*(&£Vanou5) - EBJ.6 (70^1) 

Uoydi Bank PLC fl%% Subord Bds 2023 (Br 
£ Vail - £984 (10OC9JI 
Uoyds Bank PLC 104% Subord Bde 
1998(Br£lOOOO) - E1024 POcJW 
London Bedttteiy PLC 6% Bds 2003 (Br L 
Vai - £9li (I10c9*l 

UcOmud'Q Coroocirticn Zero cpn Nt*» ^ 

96 J0r C - CST^fl nOOe941 ^ 

Nawrai end Co PLC ?4% BOs 1908 (Br^ £ 
van - B»4 (IOOcS*) 

Natnrul Wosiminaer Bonk PLC i f 
Subcid Ms 2001 (Br EVori - £1094 
|H0c9*i 


Listed Com panies(excl uding 
Investment Trusts) 

ABF Investments PLC 64% U™ Ln Stk SH 

Aetna MNaysMn Growth F'mdPoymaiul.d 
OrdS0.0i -513.15 135 (llOcfl*) 

Airflow Streamllnea PLC 10% C«*n Pri £1 - 
100 (70c9*) 

Albert FWrer Group PLC ADR (10:1) - 984 

Alrecwoer* AJewmdar Senflees ln= Shs <V 
Ossa C Com Stk 51 - £124 (120cS*) 
Akuaidws Htdgs PLC ■A’lHsLVJOid lOp - 

ArewnGmup PLC 65Sp (Net) Cnv C«n Red 

Pri I0p-5*fi10<5*) „ „ 
Affied London Properties PLl, 10% Cum Pri 

Alfled London Properties PLC 104% let Mtg 

Deo S«k 2025 -CIWAtHOeSJ) 

AUted Domecq PLC 

AUed Domecq PLC 54% te| , pr1 ^ ‘ “ 6 
Aided Domecq PLC 74% Uns Ln Stk 93798 ■ 
£9**1 

Aliod-Lyon# FWancal Servwa PLCt>4% 
GWCrwSuboidBdsCOOa RegMiitfEIOOO ■ 

ADkr^Lyons Financial Sorvi^a PLC64% GW 

Cnv Subord 8da 2008pr £ var) - £10*4 

AMS Z PLC^S8% Cnv Cun NorWlg Red PH 

AiSovra'sykM&oup PLC Cnv Pri 50p - *6 

A^tftSwater PLC 54% LnStk 

2008(65576%) - £131 4 4 24 
AiKdo-Eustem Plamntlons PLC Warrants «o 
sub for Ord - 22 (120c9u] 

Anfllo- Eastern Puntanans PLC 12lj% Une 
UiSfr. M-W - £10* iiihOOtSWI 
An^ovaN Ld N Ord R0.0001 - £19 
Associated British Engmwrmg PLC 4.9% 

n.o« 

Attwoods (Finance) NV 84o GW Red Cnv Pri 
Automated Secmttyflfldgfl) PLC 6% Cnv Cum 

AvoS 1 f\C*l04% Uns Ln Stk WQ8 - £100 

BArMsHtries PLC ADR 12:1) - Si* 4 

BCT 1 F C lfS0R(*:i)-584 

BET PLC 5% Pwp Dab Stk - E*9 

BM Group PLC *.6p (Net) Cnv Cun Red Pri 

BOCGWSPUC ADR (1:1) -511.04 

BOG Group PLC 4J15% Cum Pri £i - 70 
BOC Group PLC 124% uns Ln Six 2012/17 

BTPFlicMpSS Cnv Cum Rad Prt 10p - 

179 80.03 

fiSSS ISSiSum Ln SOt 2002/07 

Bmw Hmws Croup PLC Ord 10P- llSfl 
22 5 7 (120c94| 


ft-se actuaries indices 

tho ft <tF ion FT-SE Mid 250 and FT-SE Actuaries 350 indices and the 
SeSS Stock Excha^e of the United Kingdom and Repub, « 

SaS SK «*— - ™ 

afests:«wr.i; 

fL . mom h«s of the FT-SE Actuaries Share Indices series which 

^aS*S^e SSSnUTu^ 

Institute of Actuanes and the Faculty of AOuari®. 
S^Footsle’ are joint trade marks and service marks of the 
Rnancial Tones Limited. 


ht Bearing Shfl CiooO - CtK4 - 
Britor^a** no Society ’3% P^m Wt 
Baartw Shfl £1000 -£1104 4 *i 
British Always PLC ADH nttl 4* 

Brttt3h Mean Ahartnhjm PLC 104% Deb sw 

British Fitting Gnu?) PLC 5J% Cnv Rad Pri 
Brrtbh Potwfeum Co PLC 8% &*n 1« Prt £1 
P^3n Co PU= 9% C«n 2nd Prf 
aSm »sS KCADH (10:1) - 528^*8125 4 
Brush Steel PLC 1i4% DebStk2016- 
Bf S^tSS8.50%«Mn } DM.SW 

jssaffigsa^*-c--ri 

BOmerilSjH^PLC 94% Cum Prt £1 - 
Bulls PUC7% Cnv Uro Ln SO* 0V97 - 
aJjroh C*«rol l F^e« Cun l*t Prt Stk £1 
Bum^QHtroi PLC 74% Cum Bed Prt Ei 
Bumah Control PLC 6% Cum Pri d - 73 

ftSSn^roup PLC 8% Cnv Uns Ln Stk 1906/ 

KC 10% (Nefl*Tv Cun Red 
M 1994 10P- SanMrtJ 

GBBC Ld Equity RulO - 2024> 

CRH PLC 7% “A" Cum Pri »£1 - IED.84 

ril^'sratedy Fund Ld Ptg Red W 
50.01 (Japan Fund Shs) - 1 V6^B PCW*) 

Caftan Communteanons PLC ADR (2-1) 

cittori 3 cu^uveatora nC7*l % 

Subord Bda 2007(Heg £5000) - £1304 
Carlton Corninuilc^orePLC 7*2%Cnv 
Subord Bdfl M07(a £5000) - £1264 

CatwpMMnc Shs Of Com Stk 51 - SBS J 

Gai^uCaporation Sfts of Com Stk $0-25 - 

o!^SS3ffi55S?fei« 

CtSSSe'pLC g^% Subart Cnv Uns Ui S* 

Oev^end Hattflnos PLC 4 1 «9fc *rrd D«d 

C^riCupo^toSh»o(ComStkS033 1/ 

GMB^Mie F^C4^ % Un« Ul Stk 2002flJ7 

- Pfi3 

Coats Pawns PLC 84% Unfl Ln Stk 2002AJ7 

- £77 (12Qc94) 

Cows Vlyaaa PLC Cum Pri £1 - 62 

(IIOcB*) 

CohantM 8 Co PLC Non.V A Ord 20p - 
530 

Cormunaol union PUC 84% Cun irrd Prf 

dSmrwSl Union PLC 84% Cum ImJPri 
Pi ■ 1044) 

Co-Operative Bank PLC 9.25% Non-Cum IrW 

Coapv (FreSricW PLC 9^P F«) Cnv Bed 
aZnPtg Pri I0p- 78 CliOeWl 
CoutaiS PLC 54% Um Ln S» 04/96 - 

CourtuddsnC 74% Unfl Ln 88* 2000/05 - 
£80 

Coventry BUkflng Society 124% Pw 1 " lntar ' 
est Bearing Shs £1000 -Ell 24 
Cavrte Group PIC 104% Red Pri £1 - 102 

cSSm Ld 54% Cun Prf Stk £1 - *9 

CrappwU<im«») PLC 9% Uns Ln Stk 9*199 - 

D^° hW^General Huai PLC Ord 50p - 
C13J06 

SCSSSSJS Eft&om 

oSwmUMPlC 104% Deb SIX 2017 - 

O^ISrai'pLCOW 10p-80r l1 O««i 

Dwrtrton Ernagy PLC OW Sp - 10 4 

DowCoS Com Stk 51 ■ M84 
Duil op Ptentaoona Ld 6% Cun Prf £1 - 59 
(120c94) 

Eclipse Blndfl PLC OW 5p - 8 4 4 

B Ore MFiing&Evploration Co PLC &d I0p - 

BnenPLC 8J5p(Nel) Cm Cum Had Prt 5p 

BwiBf* China Clays PLC ADR pri) - 
517.74941 (1iOc94) 

i =f i C3 gor^M.rfTiWjtonakt»txjiaBe<^« 

B(Reg)SK1Q - C36J063 S 58818 
W4^7S8 aa 4 9 8 4 -»*ao>mn 
>«9t2S 4 14 Jt .971025 2 2 JW-W 4 
82 JBH6 1239 4 .729 4 4 .165 4 4 5 

Eu« Md Suftolk Water WC. ti4%J %d 
Deb Stk 2002/0* - £1104 OOOcS4) 

Eure Drew S.CJL Shs FR5 (Depository 

Receipts) - 85 7 S3 , 

Eure DWW S.CA Sh* FR5 (B0 - FH7.7 4 

Eurotunnel PLC/Ewotunnel SA Un« 
iSicovam Inscribed) - FR20-51 .05 .78 .B5 
& 1.4 

Euretumret PLCrEuretumel SAFndr 

WtsflSn.C 8 1ESA WrttoSU) WtUnllfl) - 

C13S 20.16 D 20^41 

First Chicago Corp Com SW 55 - S434 

FfcstNationai Buiding Society 11 4% Perm 
int Baarntg Shs £10000 - £384 4 

First National Finance Corp PLC 7% Cnv 
Cun Red Prt £1 ■ 131 
Floors PLC ADR (4:1) - 57 J 
Fteons PLC 5 7 a% Uns Ln SW 2004/09 - 
C70lj (1100941 _ _ ^ 

Five Arrows W Reaenrem Ld Ptg iRjd Prt 
50.01 (USS Shs) - 557^43 (120c94) 

Ftetcner Chokange LO Ord SMOJte - 
$44.3391 

Fclhea Group PLC Ord to M 

Friendly Holds PLC 44% Cnv Cun Red Prt 

FriSki* HmabPUC 7% Cnv Cun Rad Prf Cl 

FWre!S?Ti*TW PLC 8« Z«) Cum Prt 
£1 - 91 4(l20c94) 

GKNPLCAOfUi:U-S84 
GN Greet Nonflc Ld Sna DK100 - DK^* 
G.RMdgsl PLC 104% 2nd Cum Prf d - 90 

G-TJCMaOwm Rmd Ld OW S0J3i - £3«4 

Gwvwl'Acddert PLC 74% Cun Ind Prt d 

Gmd Aecadera PLC 84% Cum Iml W £1 
m 

General Bactrtc Co PLC ADR (1:1) - S*-85 

Gsaai Group Ld &4% Lk» Ln Stk 88/95 sop 

OyiiSad wSSnoru) PLC 104% Uns Ln 6»k 
<nm - £00 inodW) 

Goede Dunant PLC 3i% Cun Pif SOp - 25 

CfflnSmHBgs PLC 7% Cum Prf £1 - 58 
Gw^kStioporem PLC 5% am ^ EL" 54 

Gnai PuiUrid Estaias PLC 9J% 1st MU 

Dab S» 2016 -Cipo4nC/0<S4) 

»SK!AWKS*- 
o2as5Kic«%%i-««^»- 

EB2ll(l10c94) _ . 

Greutafls Group PLC 7% Cm Subord Bdt 

tqqj (Red - tlffiL2 4 , , , 

Gunmess PLC ADR »lh»21 2^> 5. 
Guamass FSght Global SftaMgy Pd Mg Red 
Prf SO.OUEurepeer Bond Fund) - 528 

Gtobal Stratagy Fd Pig Red 
Prt SLOlIM JCFu«0 - PM* _ ^ 
Gunness Flight Gi-abifl sm*»gy Fd Red 
Pri SflflIIManeged Currency Fund) - 
£41.14 (IOOcS*) 

HSBC Hdgi PLC OW SH10 (Hong Kong 
Rag) - SW84 91 4 -* _ ^ 

HSKHWgs PLC 11.69% Subord Bds 2002 
(Riq] - &3S 106 ^ 

HWCHWas PLC 11.03% Subord Bda 3002 
(Br EVar) - £1084 (120^4) 

Hdihu BUkang Society 84% Perm W Bear- 
ing Sns ESOOOO - £8828 


Shs. El $500^ - HIS 

H^> A Haaon, 

Hutieoods Water CoOd S« - £17W 

Mtsdonn Htdgs PLC AOWki^SlJ.W* 

HUmea Protection Group Inc Sts of Guy SW 

5045 - 21 t110c&4) 

is' NV Ord FUL01 - *’74 

Iciand Groitp PLC Cnv Cun Red Pri 20p - 

mngMrtb Morris (SUtare) Ld 7% Non-Cun 
Prt 50p ■ M OOOcM 

Inch KuTOtf Kajang Rubber PLC lOp - 

^CTswvtcesGroPLCO^iop. 

TBCocri Jfltseyl3% Cun 
ftrilRrl £J 10* (110C94) 

Hgti Ufa plc ow wa-io -’88 9 

J®* 0 L2«? a 

PLCTipINeO Cnv 
Cum Rod Prf lOp - 130 (120c94) 
jonnson.MatJhey PLC 8% Cnv Cum Prt £1 • 

KBywBerKkr Ld 6% Rod Cun prf Stk Cl - 
M ®jJ?a 5 F2estier Group PLC 345% Cum 
toreaS&mw'FSndlj ShsflDR to BO 50.10 
-««.«* 
Grows PLC ADR (fell - C1.81S85 
JUl^itie* PL= 9% i« Mtg Dab SW 98/ 
LjfiSo iU 104%' Deb Sfk 2008 ■ 0024 
Latiumjjernes) RX8% Oum Prt £1 -75 
Lnbowa^atinum Mlnea Ld Ord FBW1 ■ 88 


L-p* i." >* 


Penn Int Baering — — — — t-.-.t 
L eads Permanent BuOdlng Society 134% 

Perm mi Bearing £50000 - £1274 

JeaMfePawiWp PLC 5% Cun Prf SW 
Pi 56 frOcS^) 

Lombard North Cefflral PLC 5% Cum 2nd Pri 

m .52 

London Securities PLC Ord Id - 24 
Lonrho PLC ADR (1:11 - 5245 J2 
Lonrho PLC 104% 1st Mtg Deb Stk 9-/2002 
-C102 (110c9*) 

Loonws PLC 8% Cnv Cun Hed Prf £1 - 

LolSwifl 8 Co PLCa.75% Cum Cnv Red Prf 
£1 - 1894 iia*®? M M ,, 

JSffC PLC - 
MffC RC te4% IK Mtg Deb Stk 2024 - 

MBPC PLC B%U« Ul SW 2000TO - K14 
MEPC PLC 104% Una Ln Stk 2032 - E1034 

M^^U^Gieniivet PLC 84% Crrv uns Ln 

SW 2005 - £500 (7 Oc94) 

McPjpIneCAlfrwd) PLC 9% Cum Pri D - 97 
(i20c9^ 

McCarthy 4 Stone PLC 8.75% Cun Red Prf 
2003 Cl - 8* (120CS4) 

McCarthy 8 Stone PLC 7% Cnv Uns Ln Sw 
09/04 - £87 (11Oc04| 

Mdnemey Properties PLC A Ord KOI .10- 
VE0 06 (120C9J) 

McKay Secuttias PLC Cap 20p - 172 
SSSester Ship Canal Co1K34% Parti 
Mtg Dabs(Reg) - E3* f 7 ® 6 ®*) w — 

Mandwin OriemK imemawmal Ld &d S0.05 
(IS^ItotgStfl - SHia0245W .165 

wiJS^PLC 5% Cum Pri £1 - SO 110OCS4) 

2Sw 8 Spencer PLC ADR »1) - S394 
Mndmra PLC ADR (4rt) - 5104 
Merchant Ratal Group PLC 34% Cnv Una 
Ln Stk 39/04 - £45 51 4 
Mercury International liw Trust Ld Ptg hed 
Priip (Reserve Fundi - E5°-M7B (70^4 
Mdand Bank PLC 14% Subord Uns Ln Stk 

NFC < l^74% 2 Cnv Bds 2007(iRflg) - £884 
94 

National Medical Emaroi«es Inc Shs ol Com 
SWSOJJ5-S15*«*__ 

National Power PLC AOF 1110:1)- 
National WemrtnMr Bank «.C9% Nwi- 
CuTsag Pri Sere ‘ATEi - ■ lOZtl 43 4 
Newcastle Bunamg 300^124%^" 

Interest Bearing Shs * 10 “ 1 „ 

North Housing AssoUation Ld 84% ®d Ln 

M^SrenR»*wIc 64% Cnv aibord Bds 

N^h^&fpLC 84% .Cg^boro Bda 

Int Bearing Shs eiOOp- E116 4 
Orttifl PLC Oid 10p - 25 (120^*J 
P 8 O Property Hoktep Ld B% Una Ln SW 
97/99- £90 4 (’ 00^*1 ^ tt 

Paddc Gas 8 Bectric Co Shfl <rf Com Stk 55 

f^S^Uas PLC Wts to sub for Ord - 

PLC Ord 25P - 172(11009*1 
Pataraan Zochams PLC 10% Cun PrfCl- 

PeK HqgoWC S25% (Nefl Cnv CUn Non- 
cSenW^Kn Nav Co 5% Cun 
Cum Cnv Rad Prt 

PelSrtfljL Ord Sha NPV IBr m Donom 1J 

Ptuit M on 8 General hive PLC 94% Cum 
R XS?^5^ , PLC9%CnvUns 
Ln Slk 1899 - £8&4lfc 
Pokphand (CP.) Co Ld Sha 5005 
Ktrq Registered) - 5H2.n^2 
PoTgloieraruBt Platinums Ld ftd FI 0023 - 
S84P 510(120094) 

PowerGen PLC ADR (ittl) ^1-39 
Premier Health Group PLC Ord lp - l4 24 
R.EJ*.hfldga PLC 3% Cum Prf Cl - 93 
(120c94) „ 

an Auriga PLC 12% Cnv Uns Ln SW 2000 
- £95 I120c94] 

RPH Ld 44% Una Ln Stk 2004/09 - £38 
M20c94) 

RPH Ld 9% Uns Ln sw 9IW004 - eaa 
RTS Corporation PLC 3S25% "A Cun Prt 
£1-43 504 

Racel BectronlM PLC ADR CM) - S7 8 
Rank Oipanlaatien PLC ADR (2r1| ■ S1*-96 

RmWPLC 6% Cun Prf SW El -58 
Reteii Corporation PLC 4J)25% (FnVy 54%) 
Cum 2nd ftf £1 - 56 (70^4) 

Ritafl Corporation PLC 4.55% (FiWy 64%l 

Cum 3rd Prt Cl - 60 (120cM 

Royal Bank or Scotland Group PLC n% 

Cun Prt Cl - 109 (I20c84) 

Royal Insurance Hokflnga PLC 74% On* 
SuboW Bds 2007 (Br EVar) - £106 (TOc94) 
Group PLC 6% Una Ln SW 93/98 ■ 


Tala 8 Lyta PLC 8% Uns Ln SW 2003/08 - 

Tvjtor Woodrow FLO 94% 1** 5*9 ^8° 501 
2014 -EB8A 

Tosco PLC ADR ll.D ' £3-7 

THORN EMI PLC ADR 11:1) - S’*-*® „ 

TooW Croup PLC 44% Perp SW - 6*7 

TfmF^^S PLC wa to sife lor Old - 22 
Tops Esta»e PLC 104% is Mig Deb SW 

r^tiSS^SSLiMmwm 

PLC 104% Uns Ln SW 

TrOTMtanW^*^ B 6% Cm Prt £1 

i— .juiufouvrlrirmiint Group PLC 124% 
T, ^SwSrSSrJS4J70^l 

Uregaie PLC BJ»% Uns Ln SK S1/S8 - E34 

ur lim»*PLC 74% Cum Cnv Rad Prt Ei - 
624 (i20c&4) 

UraUrver PLC ADR (4:1) - 1-72 

Unon kmmadani) Co PLC G% Cum Prt SW 

iJjJo mrnsifonai Co PLC 7% Cum PrT Stk 
n - 40 (70c94) 

Untsya Corp Com SW 50.01 - Sl1fl5 

Trust PLC Wanarta 89»* W 
sub tor -3rd - 4B _ 

Vaux Group PtC S»z» * Cun ^ n ■ 82 

va^pS: Pfo 5% StWNon-Cun) - B*0 

VW-^PLC 5H CunfTju Free To 30WPH 
Stk£1 -82 02Oc9*l 

vodafone Group PLC ADRflOTl) - S334 4 4 
4 _gyr J5 55 

WB« Group PLC 10*2% Cum Red Pri 99/ 

Wagon Industrial Hklga PLC 7^5p (NoO Cnv 
^^PrtlOp- 146 020094) 

WalkaifThomas) PLC £ J? _ 5 t Prf Cl 

Warburg IS.G.1 Group PLC 7*j% Cum pn ti 
" 06 (Il0c94) 

Waibug (SJ3.) Group PLC Cnv Dtd 25p - 
300 (70c94) 

Wellcome PLC ADR (1:1) - S10S_ 

WeHa Fargo 8 Company Shs ol Com Stk 5b - 

Wembley PLC 8p(NeflCnv Cun Red Prt 1999 
£1 . 584 D2Cte94) 

Whitbread PLC 44% IK Cum Pit SW El - 

49 

Whitbread PLC 54% lird Una Ut Stk -E5S 

WWW^'pLC 74% Uns Ln Stk. 95/99 - 

WMMdPLC 74% Uns Ln SW 96/2000 - 

£94 1 1 

Whitbread PLC 104% Uns Ln SW 2000/05 - 
£105 (110c£M 

Whitacren PLC 5.1% Cum Prf El - 58 

Wilts Corroon Group PLC ADRffirt) • 
E1G105 13.124562 1 3.124 a63 

w « WBWr *^ Nigel Ld Ord KL25 - 45 

wJJ^rtUo^Weevmgi Ld *4% Cum Prt d 

cStoii SW si - 51074 iilCdM) 
YorksHre-Tyne Tees TV Mdgs PLoWtato 

sub for Ord - 218 23 S 

Zaitiila Consoudaied Copper Mines LrTB 
Ord Kio - 204$ 13<t 5+ 


British Assets Treat PLC ’A" 5% Prt 
StWCum)*£4S 

British Assets Trust PLC EpuBiaa Index Uls 

2005 IOp-1556 

Brteh Empire Sec 8 Ganend Trust 104% 
OabSW 2011* £1074 
BipBdgata tiwMtment Trust PLC WW to Si* 
hfOrt-5t(iiOc94| 

Capita Gearaig 7ru« PLC Old 25o - *5B 60 

Dunedin income Cre*W wTst PIC 34% 

CumPrtSW-ESSHOOeS*) 

Finsbury SmaHer Co’s Tre* Zero Dhr W 

2So - 178 

Remind Mercantile Inv Trust PLC 2-8% Cum 

Pri SW Cl ■ 40 

GSrtmora Brush Inc &,Grih TB PLC2wo DM- 
dend Prf ICO ■ 100 4 tlSOcD*) 

Oanmcre Shawl Equity Trust PLC Geared 
Ord bic 10P - 104 

HTR Japanese Sms®* Co s Trust PLCOrd 
26o - 103 4 V * 

Hotspur Imrastmertii PWW e ’ 

ItDWTCrT CapJal Trust PLC • 4% 0*b Stk 
$2/97 - £9*4 1100634) 

JF Redgwng Japan Ld Wmwits to sub W 
Ord - 48 9 4 50 1 D20c94) 
neaMort cnartBr mv Tiust plc *% cun ph 
SW ■ £53 (100c94} 
ucard S^ect mvtwmrmt Truwid 
Prf 0.1p U.K. Activo Fund - C13J8 13-» 
(70c&i| 


r 7 DC&re| 

Isnrt Sefeet mwstmert Trmt.Ld^Pt^|yi 


Investment Trusts 

Stance Tiust PLC *4% Pri Sw iGum - C*2 

(1 lOcQi) 

Alliance Trust PLC 44% Deb SW Red after 
16/5/66 - EOS 1 : 

Baffle Gltlord Japan Trust PLC Wts to Sub 

Bide Grind Stun Wppen PLC Warrants (a 
sub for Ord - 121 H0OC94) 

Baffle Gifford Shin Motion PLC Warrants to 
tub for Ord 2005 - 764 9 Ill0c94) 


aaro w» umou—- — - — ■ 

Pri 0.10 UJC. Llnwd Assets Fund - £10 

(120cM 

Lazard Sdact Investment Tnl * “ S*?,”* 1 
PrtO-ip U5. Index Fund - £1738 i7.4i 

Lain! select trrveeimem Trust Ltmg Red 
Prt o.lp Japan index FU»s . 8186 9 e 
(70c94) 

Urtoi. & Sr Lawrence Investment PLCOrd 
5p - 152 

Iflrreals 04s8Rea Sna Fund Inc SQ.10 - 
S1JL57 (70C94) 

Monts Irvestmeni Treat PLC 11% Deb SW. 
2013 - £113 110OC94) 

MoraanGrenttijamAnreCo’s Tst PLCWta to 
sub for Ord - 574 8 94 

Paribas French lmW « nl ^* , 5 1 L ^Sea41 
■B" Warrants » sub for Od - 21 rtOOca*) 

Schrocer Korea Fund PLC Ord 50.01 (Brt - 
315 4 <120694) „ ^ 

Sdvodar Korea Fund PLC Wts to Sub for 

0^£r)-S74H2Oc94) 

Scottish Eastern Imr Trust PLC 4% Perp Deb 
SW - £384 

Scottish Mortgage aTruaPLC Ifrl 2% 

S^ppec wt Deb SW 2028 - £1254 
i|1Cc94) 

Seotesh National Trust PLC 10% Deb Stk 
2011 -£i04l12Oc3% 

Second ASunoe Tnat PLC *4% Cum Prt 
Stk - £45 (10Oc94) 

Shres Wgn-Ypewng SraBr Go's Tstwts to 
SubhrtW- 72D10C94I 
Severe Investment Trust PLC Ravtsed War- 
rants to sub for Ord - 449 
TA Citv ct London Trust PLC Ptt 0*d 
sS?«lwSU£1 - f120c94) 

Tfl C tY of Lnralon Trim PLC 6% Non-Cum 

PK Stk £1-60 HOOt**) 

TR Smaller Ccmoarw* mv Tnm PLC 10 2% 
Deb Sb. 2016 ■ £1 094 H 1 0cflJ) 
ThreyrcHon Trust PLC 12 5/18% Deb S*k 

2OT0 ■ £1204 1120034 

Wigmcra Prosertv Investment Tst PLCWtS to 
Sub 'or Gtd - 30 

wean investment Co PLC 8% Deb 3W WV99 

Witan Investment Co PLC 843* Deb S8 
2C16 - £924 3 110OC3*) 


USM Appendix 


BedieidlWakiml PLC Ord 5p - 31 (iOOe94) 
Bdos PLC Ord 10O - 380 (12DC941 
Cibas Mew PLC Ora 25P - *40 55 H20c94) 

re ft C^itfran VUwtU^OQ^ PLC Old lQP “ 


Rule 4.2(a) 

AMCO Corp me Ord 1 0p - 
Advanced Media SySW™ plCCwC ^ 

aSgoW PLC OTOip- EWBj p „ 

Anmgwnauai Metal CWP PLC OrdEi v 

Brewery jqq 

Anonti Footo^ Oub PLC CW £1 ■ *7 

A^wogs FLC Var Rti*e Cnv Cum ftod 

lOp -£0C3 (110^*1 

Asaxed Core Cenbw PLC CW “P mao 

A«^v»a Fooroa* Club plc ore CSti w«i 
A^SSouj PLC Ord top - o* 

Azure Group PLC Now Old ’OpJNn W- 

2ancv94)-^a75^w M 

Bodnya mvesmwiTt FmWC '■) sw "°3 
- £0.4092 (1lOc94) 10o . 

6efl Court Find Menasameiit PLC oro iup 

p.7 14 n00c3«l -fVHPSa.cs 

BrateoearlWif.)! Sons PLC Ord Z5f> 

Celfc^««ll * AOtiWc Co Ld Ord £1 - »5 

Owrwl^rf* Corns (TV) U Otd !P ■ Ca » 
oJ^^JlnilMtrfWtq Ld 134% Cum Prt £1 - 

c^'t^PLCOrdEfto-eoas 
Cot*»Consultlng Group PLC BpINet) Cim 

ErttoSttsCompiXer Hldgs PLC 10% Uns Ln 

SSttd 8m - £2 010^41^ 

KStfgS-SriWSS*.- 

£0J2 053 0.555 0-67 (1lOc94) ^ 

FOriracan dtematicxdl Group PLC Od ip - 

C0.45 (I00c94) 

Frandstowti Mm&ExUeraey)Ld Ord M.01 - 

C^Sr Holdings PLC Ort IB ^ 
General Portfolio Group PLC CM 5p - Ci 85 

GddaiRtiao Convnuracotione PLC OTO lp • 

E1J7 110OC94) _ 

Guernsey Gas Light Co Ld <>0 10P - 
£1J0lSiM.034> _ _. 

Guernsey Press CoLd Qd TOP Ot 
Gulton Group Ld OTO «P ■ C1J8 (1 OCEH 
Hydro Hotel Eastbourne PLC Ord £1 - £4 65 
(taOcSM) „ „ _ , 

l E S Group PLC Ord lOp ■ 0.65 3.7 

Jennmga Bros Ld Ort ' 62 

jopflngs Ld 13% Cum Prf El - E0.8* 0 83 

JusrtSnw PLC Ord lp - 

Kkigstey Cents Ld Vsr Rfe Cum Prf £1 • 

nS^rt’e^wllW) Fund Mon KB Git Fund 

. £13.81 (120C34) 

Weinwort BensonOnfl Fund Man int Equ#Y 
Gwtii me - E2.B75 

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Lawrte Group PLC Ord D - 
Le Riche's Stores Ld Ort Ei - GJ7* 
Loriunetime Inns PLC On) Sp - CO.M 

U^jl^FC 8 Athletic Grounds PLCOrd £5 - 

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£14 (120c94) _ 

Mwma 8 Merearaie Securities PLC (w 

M^nfFimd ManJWe of ktsn) Mercury mt 
Bond Fund - £0.5343$ ,,,,-v-iai 

Mwrett Hogs PUJ CW top - tt* »l° B,a 
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a)gn« Group PLC ADR C!:1) -si a (70^4) 

EM Group PLC 3.15% Cum Prf El - 40^ 


rainforests arc 
being destroyed ar 
die rate of thousands 

crecs a minua*. how can planting -.r 

just a handful of seedlings make a difference: 

A WWF - World Wide Fund For Naina- tree 
nunerr addresses some of the problems lacing people 
that an three them to chap down trees. 

Where hunger or poverty is the underlying cause 
of deforestation, wc can provide fruit rrees. 

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

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

This is parriculariy valuable in the Irnpenerrable 
Forest. Uganda, where indigenous hardwoods take 
two hundred years to mature. The Martiuwud hic.i 
trees planted by WWF and local villages can be 
han'ested within five or six years ot planting. 

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

These tree nurseries are just part ot the work we 
do with the people of die magical forests. 

WWF sponsors students from developing countries 
on an agroforestry course at UPAZ University m 
Cosra Rica, where WWF provides technical advice on 
growing vegetable and grain crops. 


qt! 

3-mr 

i> si« n - 

soil ii exhausted 
verv quickly by “slash 
and burn" farming methods 
New tracts of tropical forest would then have 
to be cleared every two or three years. 

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

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

WWF ficldworkcre arc now involved in over l'" 1 
tropical forest projects in 45 countries around the world. 

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

WWF is calling for the* rate of deforestation in the 
tropics to be halved by 1W5. and for there to be no 
net deforestation by die end of the century. 

Write 10 the Membership Officer jc the address 
below to find out how you can help us ensure that 
this generation docs not continue to steal nature's 
capital from the next. It could be with a donation, 
or. appropriately enough, a legacy. 




L ■ JLw- 


^‘-•41, 








A«j 


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Uorwtfc TikWi Iona’ 


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INDEX 


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FINANCIAL TIMES WEEKEND OCTOBER 15/OCTOBER 16 1994 


ii chaiv; 


rise hele 
•iidi resi 


i ft : ' 




MARKET REPORT 


Dollar weakness hits blue chips at the close 


FT-SE-A All-Share index 


Equity Shares Traded 

Tumovflr by \>o4um« {tnMor*. Exctuclng: 

- Bfl/frYpertaM b m irwe a and weraceo tmiKwe 

1,000 


By Terry Bylaraf, 

UK Stock Market Editor 

Currency factors yesterday tripped 
up a UK stock market which had 
in its stride the widely-her- 
aidea US data an consumer prices, 
retail sales and Industrial produc- 
tion. Wall Street made little 
rwponse to the economic statistics 
which were seen as largely neutral 
and likely to reduce the *h*ru**, 0 f 
an early tightening in Federal 
Reserve policy. 

A more potent factor at the Lon- 
don dose was the weakness in the 
dollar as the DM advanced ahead of 
this weekend's elections in Ger- 
many. Dollar weakness hit a range 
of international blue chip stocks in 
L on d on and the early loss in the 
FT-SG 1 00 Share Index was auickhr 
extended. ^ 


TRADING VOLUME 


■ Major Stocks Yesterday 

Vg. GfcnhB Day’s 
«M» Prtcw etwioe 


At the dose, the FT-SG 100 Index 
was 36J2 points down at 3,106.7, hav- 
ing barely held above 3404 earlier. 
Trading volumes were very slow at 
first but picked up in the second 
half of the session when a UK 
investment bank appeared to be 
operating a sell programme across 
the range of equities. 

The final total of 575.2m shares 
through the Seaq electronic net- 
work compared with 816.9m in the 
previous session. Non-Footsie busi- 
ness made up around 54 per cent of 
the day’s total, and the FT-SE Mid 
250 Index shed 13.2 to 3,543.4 as prof- 
its were taken. 

While disappointed to see the 
ma r k et’s six-day run of gains in the 
Footsie ended, and also to see the 
Footsie 3,100 mark challenged again 
so soon, analysts were prepared to 
see yesterday's setback as no more 


than an expected bout of profit-tak- 
ing. 

The market has risen by 108 Foot- 
sie points, or around 3.6 per cent, 
this week as the mood has turned 
more optimistic on global and 
domestic interest rate and i nflatio n 
prospects. 

Keen support has come from 
global bond markets as economic 
data from the US has suggested that 
need for an early tightening by the 
Federal Reserve is weakening. How- 
ever, the Fed's Open Market Com- 
mittee will meet at the beg inning of 
next month, and this provides a fur- 
ther opening for the Fed to act if it 
wishes. 

British government bands had a 
quiet session yesterday and dosed 
with small losses which ranged to 
around A at the short end' of the 
range and slightly less at the longer 


end. The bond market took its cue 
from Wall Street’s satisfaction with 
the US economic statistics. 

As expected the Bank of England 
announced that on October 26 It 
would auction bonds with maturi- 
ties ranging from 1998 to 2002. Fur- 
ther details win be announced on 
Tuesday and when issued dealings 
start on the same day. The bank 
also announced that there would be 
no gOtedged auction next month in 
view of the Budget to be introduced 
by the UK chancellor of the exche- 
quer. Earlier, demand for bonds 
exhausted two of the issues taken 
into the market this week. 

Among the international stocks, 
Glaxo provided a lone firm spot at 
the close. The rest of the dollar- 
earning sector showed a list of 
mostly small losses, with the lead- 
ing oil shares just a shade easier as 


the market took the view that the 
crisis on the Kuwaiti border 
appears to be easing. 

Consumer and retail issues gave 
back some of their recent gains in 
spite of the general view that this 
week's news of a further dip in 
domestic inflation has made it 
unlikely that base rates will be 
raised again this year. 

The market faces further tests of 
confidence next week in Europe and 
the US. The outcome of the German 
elections is likely to have further 
efiect on currencies and the latest 
statistics on German M3 money sup- 
ply is due at the end of the week. At 
home, the market will focus on the 
UK Public Sector Borrowing 
Requirement estimates, expected on 
Tuesday. Forecasts are for a sharp 
increase, perhaps to around fcLSbn, 
according to some analysts. 



Aug 

Source: FT Oaphae 


■ Key Indicators 
ImficM and ratios 

FT-SE Mid 250 3543.4 -13 SI 

FT-SE-A 350 1557.4 -14.9 

FT-SE-A All-SHane 1543.11 -13.73 

FT-SE-A All -Share yield 3-89 (3.87) 

FT Ordinary index 2391.2 -21.0 

FT-SE-A Non Fins p/e 18.98 (19.14) 

FT-SE 100 Fut Dec 3122-0 -48.0 

10 yr Gilt yield 8.65 (8.62) 

Long gflt/equHy yW ratio: 2.23 (2-24) 


FT-SE 100 Index 

Closing Index for Oct 14 3106.7 

Change over week +108.0 

OCt 13 3141.9 

Oct 12 31 00 A 

Oct 11 307303 

Oct 10 3032.3 

High* 3151 JZ 

Low* 3009.7 

HUre-dey high and law tor week 


EQUITY FUTURES AND OPTIONS TRADING 


SU 


VOL Owing Dey-a 
000 » pric* chanas 


kttpupt 
totMr Neflonrtt 
NMMv 
MHdOomaoqt 
AnOtaVUanr 
MW 


*fP 


Mn BriL Ftorta 
BAAt 

BCC 

SpT 


SSt 

Barik of ScoOaivft 
BordHit 


BueCMaf 
Booker 
Bogtat 


EML Aoroapacat 
MMiMfWfft 
BAWiOMt 
Brtdeh Lari 

UtRZMl OQMT 

Bum 

BumnCuMit 

Burton 

CaMAWMt 

ssssr^ 

Carton comma, t 
Com* VMM 
Comm. Urtont 


Gaff Mdhnd BacL 


Onmadaf 
Grand Mat f 


KSBC (79p itnjt 


iCmaMd 


LagaJ A Qnrmlt 
Uoyda Abbey 

iSSp 

London Sect 


419 

320 

-8 

6500 

94 

ft 

a *z 

408 

41 

1,100 

47 

-1 

1500 

899 

-1 

SI 

999 

-7 

1500 

1500 

916*3 

SOI 

5S 

4500 

292 

-2 

392 

923 

-16 

229 

297 


1500 

SOB 

-« 

9500 

468 

-2 

4500 

108*2 

ft 

3B7 

399 

-4 

441 

990 

-7 

a ann 

422*z 

ft 

4500 

814 

-9 

£100 

304*1 

-4 

8500 

320 

-« 

1.700 

1£t»0 

207 

-1 

968 

-7 

781 

930 

-9 

034 

294 

-1 

128 

42fl 

-1 

3,700 

596 

44 

306 

473 

-a 

£100 

470 

*3 

3500 

390 

-a 

8500 

SBC 

-T«a 

1,100 

S500 

410 

«8 

MX* 

-ft 

0 

164 

-1 

683 

000 

-10 

1500 

Wk 

ft 

10,000 

421 

-6 

£400 

439 


Kl 

271 

-a 

m 

830 

-10 

1500 

219 


1500 

643 

-13 


248 

-4 


460 

-8 


432 

46 


977 

-9 

£400 

201*2 

4ft 

313 

732 

-4 

194 

703 

-a 

4» 

479 


1,100 

370 

42 

403 

384 

-a 

£100 

229 

-17 

80* 

172*2 


£400 

110 

-2 

£100 

138 

-2 

3500 

234 

-1 

2,100 

680 

-12 

0500 

293 

-7 

•5W 

612 

49 

048 

339 

-1 

£300 

020 

48 

3500 

424 

-9 

£100 

BBS 

-« 

£000 

197 

-4 

1500 

008 

-1 

1400 

400 

-4 

£000 

723 

-14 

42 

330 

44 

«50 0 

2)9 


too 

170 


1500 

n 

43-' 

1500 

177 

+1 

BIT 

311 

-a 

£400 

roft 

-w 

2500 

441 

-ii 

288 

088 

*3 

433 

493 

-8 

29 

ua 

-a 

1500 

wo 


1500 

027 

*i 

236 

717 


906 

461 

-ii 

720 

938 

-10 

£900 

672 

-a 

£100 

150*5 


348 

071 

-a 


Ufpct 

MR 


Martt A Spancwt 


« llWnJ 
NattWt BvKl 
Nadonol Bowwf 
Nad 

laa m iL 

raann n™i vratmi 

Nordntn Sect, 
Northern Foadet 
Nonweb 
Paamaot 
PSOt 


6500 

138 

♦ft 

1500 

tas 

-2 

1500 

442 

+1 

£100 

140 

-1 

WZ 

181 

-8 

4500 

4U*| 

-ft 

254 

718 

-4 

1,700 

133 

+1 


334 in 
5800 604 

1.200 CM 
3,100 MS 
203 56ft 
80 739 


PawwOebt 

AufcttMf 

FTTTt 

Redtofldf 
Heed M.f 
RantoMt 
Raunntf 
naiftoywft 
Ryl Bfc 


tsss 

SconMhftNo«Lt 
Soot Hpdo-BacL 
Ponotf 


Sodguddt 


l/HO 

OS 

701 

4.400 
1JB00 
1000 
7JW 

01 

SAM 

718 

817 

£800 

£100 

1.400 
488 

8.700 
£700 

913 

£900 

1800 

112 

814 

1.700 
2JOQ 
£300 


200 

764 


IBB 

502 

307 

are 

80S 

244 

410 

573 

47B 

770 

233 

470 

182 

415 

290 

397 

1353 

609 

330 

347 

108 

150 


Severn Herat 
final Ttamportf 
flhfcat 


if*HJ 
SmUi & Naphmrf 
SmlO Beochemf 
SmW Baatdam llmt 


SomhamSaott 
Sotth VWe* Sect. 
South WtatWWar 
BmBi Warn. Baa. 
Scunam wur 
SUatond OaMdkt 


SuDMhmoat 

TIN 

T1 Qroapt 

TSBt 

Tarmac 

TmoAljHa 

TlqfDrVwodroar 

Toacot 

TtemmMMarf 

Thom BMf 

TamMnat 

IMMovtouca 

UntaBH 

t MW W f 

Unfed Oacatat 

UW.Wawyap »a 

VoMtonat 

WaWiWMar 

WaaaHtVMv 


239 
1AM 
387 600 

£000 727 

£300 M4 
619 239 

1,200 446 

£000 148*2 
9800 434*2 
un 392 
149 498 

111 718 

819 794 

4 628 

M 717 
104 992 

3.700 an 

1.100 200 
1,900 330 

4.700 221 
8 M 309 

£900 215*2 
1,200 130 

443 428 

348 121 

17l» 234% 
1,300 621 

098 804 

3900 21ft 
2900 89 

£000 334 


-11 

-2 

-8% 

-8 


-11 

-IS 

-7 

-14 

-10 

-4 

<6 

t4 

-6 

-1 

-43 

-5 

-fl 

-8 

-10 

-9 

-8 

-IS 

-18 

-1 

-1 

-1 

-C 

-8 

-3 

■a 

-10 

-ft 

-2 

-2 

-11 


-2 

-a 

-a 

-a 

-7% 

« 

-a 


ft 


Stock index futures turned tail 
yesterday, reversing an 
uptrend which had extended 
for six straight days, writes 
Jeffrey Brown. 

At the official 4:10pm dose, 
the FT-SE 100 December 
contract was 47 points lower 
at 3,122 with most of the 
decline concentrated in the 


final two hours of trading. 

Trading volume was lighter 
than on Thursday - at 13,834 
contracts, against 16,146. 

Traded option business also 
diminished, falling back to 
34.231 lots from 58,074 In the 
previous session. FT-SE 
trading accounted for 14,085 
lots. 


■ FT-36 100 WD6X FUTURES (UFFE} £85 par fuB Index point 


(AFD 


Open Sett price Ghana* High Law Em. vO< Open bit 
Dec 3147.0 312£0 -4&0 3157 JO 3113d 14532 56883 

Mar 3173.0 3145.0 -4&0 31734 31 73.0 10 3768 

■ FT-SE IIP 880 INDEX FUTURES tUFFg CIO par Ml Index pofrt 


Dao 


35600 


-30.0 


4224 


■ FT-SE IBP 250 MPBX FUTURES (OMLX) £10 par ftjW Index point 
Dec 1 - 3560.0 - I - 

Ml open hmn flguae am tor pmukaa day. t Ena «km fan 


■ FT-SE 100 INDEX OPTION (UFFE} (*3438) £10 pgr lul Index potw 

2950 9000 3060 3100 3150 3200 aaw» 3300 

CPCPCPCPCPCPCPCP 
Oct 183 flj 115 41* Kfit 1ft 33 24 12 53 ft 96 T 14ft 1 19ft 

NM W IVgiePa 27 1091* « 77% 80 53 3»>2 117<22IH2 155 12 19812 

Dee 206*2 30z 48*2 136 04 105 85*2 78*2 100% 57 138 30«2 171 25*z 206*2 

Jm 229*2 48 in 82*2 181 79*2 131*2 10010ft 123 8ft 151 61 182 47*2 Z19 
JUDf 25ft 10ft in 142 152 18ft 1M 252*2 

CMi £298 Pud 7935 

■ HtiW STYl^ 1^-3E100 WOBCOPmONtUFFqglOpararfl lidex poVit 

2985 asm 3025 3078 3125 3175 3275 

Oct 18ft 1*2 m 2 0 ft ft 48 15 2X 38 7 7ft ft 118 1 107 

No* 30ft 1ft W 22 127% 34 « 5ft 21 73 7 99*2 1*2 132*2 I 17ft 

O0C Sft 2ft 184*2 38 150 54 lift 71 00 93 « 118*2 45 147 30 181*2 

Mar 272*2 5ft 23ft 88 14712ft 100 177*2 

JUDf 31ft 7ft 24ft110*2 18814ft 139 194*2 

C* 771 Mi 1,014 * Uxbrfjtag Mn «abt. Raakna dmn an mad oa teOanaai prfeot. 
tlflgtMnM Bond*. 

■ EURO STYLE FT-3E IMP 2B0 INPgX Q6»T>ON (OMLX) £10 par flit Indax pofra 
3400 


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FT-SE-A INDICES - LEADERS & LAGGARDS 


- Pareewc a oa changM since DaoMidjar 31 1983 based on Friday October 14 1994 

CM £«*»***> A Prod -*7.58 Bu HmfKhmn -836 Support Srracm -1H0S 

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FT Sou Mm Met 40M OMwrfiaoet -783 haMvtewi -1422 

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£59 

1094 5036 

12190 

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■ FT-SE Actuaries All-Share 

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Worries 
hit life 
insurers 


Life assurance companies were 
given a drubbing by market- 
makers anxious to head off any 
attempted large selling of the 
sector ahead of a Securities 
and Investments Board report 
on pensions selling, expected 
later this month. 

Stories circulating In the 
market suggested that compen- 
sation to policyholders could 
amount to £ 2 bn, well ahead of 
previous estimates of £500m. 

Life assurance specialists 
pointed out that it would be 
the unit-linked companies 
which would be affected by the 
increased compensation news. 
These include Lloyd Abbey 
Life, whose shares dropped to 
334p before settling a net 10 off 
at 338p, and Allied Dunbar, a 
subsidiary of Bats. 

Prudential were 12 lower at 
307p. Legal A General, whose 
shares were lifted recently by 
vague takeover stories, dipped 
11 -to 45lp and London & Man . 
Chester lost 5 to 336p. 

Engineers fall 

The engineering sector suf- 
fered two sharp body blows 
yesterday in the shape of prof- 
its warnings from Senior Engi- 
neering and Aerostroctures 
Hamble, which sliced 2125m off 
the combined market value of 
the two companies. 

Senior was the most actively 
traded share of the day, tum- 
bling 34 to 72p in a turnover 
of 12m as the company 
announced that a combination 
of order shortfall and cost over- 
runs would lead to a big drop 
in profits for 1994. 

Securities houses were quick 
to downgrade earnings esti- 
mates with BZW coming down 
£10m to £20m and Smith New 
Court shading by a similar 
amount to £l&5m. These leave 
the dividend nicely covered but 
analysts' hopes of a 10 per cent 
increase are fading rapidly. 

With six-month profits down 
more than a third, no interim 
dividend and the resignation of 
its chief executive, Aerostruc- 
tures put in a near cataclysmic 
performance, sliding 35 to 24p 
with 2-gffl shares traded. 


The company, which made 
its stock market debut in June 
at 120p, warned last month 
that all was not welL Affected 
by problems on Harrier compo- 
nent contracts, it expects 1995 
sales will be hard hit 

P & O prosper 
P&O stood out like a beacon 
in an otherwise dull market, 
surging 15 to B38p as investors 
continued to keep the shares 
firmly on the recovery tack. 
Interest-rate-aensitive, with a 
debt ratio (to net worth) of 
around 60 per cent compared 
to a Footsie average closer to 
30 per cent, P&O is being 
widely seen as a clear benefi- 
ciary of the Bank of England’s 
recent less hawkish tone on 
base rates. 

*nie uncertainties surround- 
ing British Gas’s dividend pol- 
icy, which surfaced after a 
lunch between the company 
and a number of energy ana- 
lysts mid-week, brought 
renewed pressure to bear on 
Gas shares which retreated TA 
to 296p. Turnover reached &9m 
shares. 

A UBS buy recommendation 
helped sustain Shell which 
eventually settled a net 8 off at 
727p, having been much lower 
earlier In the session. BP held 
up wen and closed fractionally 
easier at 422Vip as Kleinwort 
Benson upgraded its stance on 
the stock to “long-term buy”, 
citing a strong recovery in 
European polyethylene mar- 
gins. 

Kleinwort also noted 
rumours of a “giant conden- 
sate find west of Shetlands" as 
underlining the group’s 
upstream strength. 

VSEL, the subject of an 
agreed takeover from British 
Aerospace, edged forward 5 to 
L325p with BAe also hardening 
a tad to 470p, up 3. GEC, which 
has declared itself to be a 
potential counter-bidder, 
slipped 7 to 293p as market 
hopes for a full-scale auction 
showed signs of flagging. 

NatWest Securities has 
upgraded expectations for prof- 
its at BAe, should its £478m 
offer succeed. The house feels 
that, combined with VSEL, 
normalised profits at BAe 
could improve to £31lm in 
1985, up from an earlier esti- 
mate of £24dm. 

A big individual trade in 
Barclays Bank helped drive 
the shares sharply higher early 


in the session, but they subse- 
quently succumbed to the gen- 
eral retreat by the market, 
closing 7 off at 566p. Heavy 
turnover of 12 m shares, the 
highest for two months, 
reflected an institutional buyer 
of >L5m shares at 583p. 

Anagen, the diagnostics 
group, raced up 7 to 59p after a 
bullish note In the press and 
ahead of what are expected to 
be good Interim results next 
Thursday. 

In the leaders Glaxo deliv- 
ered one of the outstanding 
performances in the FT-SE 100, 
the shares moving up strongly 
to close 6 better at 612p as 
domestic and overseas Institu- 
tions bought the stock aggres- 
sively ou the view that it was 
substantially oversold and a 
strong chart buy. 

Turnover in Glaxo topped 
8m, the highest since the group 
revealed its preliminary fig- 
ures last month. 

Ahead of Monday's interim 
statement, Eurotunnel re- 
mained a weak market, sliding 
a further 17 to 228p for a 
two-day decline of 35. To a 
man, analysts expect the group 
to project a significant short- 
fall on revenue targets for this 
year: some even talk of the 
company seeking yet another 
cash injection. 

Shares in Body Shop, which 
reported unproved interim 
profits earlier in the week, 
finned 2 to 227p, as the market 
continued to celebrate the fig- 
ures. Several brokers recom- 
mended the stock, including 
NatWest Securities which 
"We expect 15 to 20 per cent 
growth per annum from this 
increasingly global retailer.” 

Speculation that the much 
discussed sale of Boot's drugs 
division was Imminent sent the 
shares forward to dose 4 better 
at 535p, after trade of 3.7m, SG 
Warburg was said to be posi- 
tive on Dixons and the shares 
dosed up 7*4 at 201 /»p. 

Insurance and tobacco group 
BAT outperformed the poor 
market trend with the shares 
finishing 2 lighter at 455p, in 
strong volume of 9.6m, after a 
James Capel recommendation. 

The broker reiterated its buy 
stance on the stock, saying 
future dividend payments are 
likely to be in excess of infla- 
tion. “We also expect a strung 
set of third-quarter figures 
next month following a recov- 
ery In the US cigarette mar- 
ket," said an analyst 


■ CHIEF PRICE CHANGES 
YESTERDAY 

London (Penes) 


Airflow Stream 

134 


9 

Anagen 

59 

+ 

7 

Dickie (James) 

142 

+ 

9 

Rextech 

474 

+ 

29 

Harrington Kfl 

55 

+ 

7 

Low & Bonar 

*11 

+ 

12 

Osborne & Little 

391 

+ 

19 

Proteus InH 

159 

+ 

19 

Sutcliffe Speak 

39 

+ 

A 

Waverfey Mining 

111 

+ 

9 

Rills 

Aero Hamble 

24 

_ 

35 

Alexandra Wkwear 

153 

_ 

6 

Sdos 

340 

_ 

15 

Eurotunnel Uts 

228 

_ 

17 

Holdera Tech 

95 

_ 

24 

Malaysia Mining 

124 

- 

9 

Neotrontes 

62 

- 

6 

Prudential 

307 

_ 

12 

Racd Bee 

244 

_ 

10 

Soattish Hydro 

330 

_ 

12 

Scotttsh Power 

347 

_ 

18 

Securicor A 

947 

— 

24 

Senior Eng 

72 

- 

34 


NEW HIGHS AND 
LOWS FOR 1994 

NEW MGH9 (18J. 

BUM MAILS 4 HCKTB C1J Murae, 
CHEMCAUJ ft) European Colour. 
DCSTOBUTDfta ft) Fnbar Rime. CLECTRfiC 4 
SECT EOUP ft WmtotoN BacMo. Non. 
EXTRACTIVE (NDB |4 HEALTH CABE (1J 
Eyocara Product*, INVESTMENT TRUSTO (1) 
Gtaronaro V«k»Zero Pit. INVESTMENT 
COMPAMES fl] MnjTOUl Fd, LIFE 
ASSURANCE ft) Lfcxrty Ufa Anoo erf AMc*. 
OTHER RMANCIAL P) Edktou^i FlI Maa 
mMMACEUTICAIS (0 AW*. PRTNSt P4PBI 
A PACKO (f) Socpi. meCOMOJMCATONS 
CQ Nippon T ft T, TRANSPORT PS GO-MMd. P 
AOSHpaPkL 
MW LOWS (88}. 

OS.TS (1) BANKS n AN£ EspMo Sena 
Financial. NSL Autfrata Bank, BULONQ ■ 
CNBTRM (5 Mrtnch. Cram Nkhot Pit. 
CHEMICALS (I) Cap* Into, e^pc ftt 
oammUTORS (4) Hotdam Tadi. Outdo, Ross. 
SEP ktdi PM. DIVERSRGD INDL5 tQ BTR 
Nytoa. Kuanwr B. BJBTRNC S ELECT BOW 
BDR3 DRa Ftaa. Johnson Bectric bid. 

BMWEIWO PI torowiwiw Hnmbte. Wi a 
Lncy. HnO Eng. ML, MaQgfD, Nmftmics Tacft. 
Safer Erg. EXTRACTIVE MHK {2} Pacific Me 
Ew*v S«a Raa. FUOO MANUF 0 Kays Food, 
Unborn*. HEALTH CAflE (I) tmocnra. 
MOUHHOLD QOODS (1) Coronal Parlor ’A\ 
tttSURANCe (l| MmR S. MOmon. 
WVESTIMBNr TRUSTS {U9 MVESIllBfr 
COMRAMEB m LEISURE 4 NOTH* (I) 
Bnntcina Aograa«Hb UFE ASSURANCE (I) 
Ttana BOpcCv PT. MERCHANT BAHHi (T) 
WntnaL Qd- EXPLORATION A PROO (0 

Command FWm, Copl* fin. LASMOCtn. 
OTHER FINANCIAL M Barry, Bkcti I Noble. 
tobuB JuBbda. iy«M Mourn. Do. Opriana. 
PHARMACEUTICALS fl) Grampian, PRTHO, 
PAPER A PACKO M AO. API BmOM. Bnaon. 
Fry PMuatog. an P R OP ER n r W 
ChaswfcM. Ftogoim. fiavflA Sortnpa Prop*., 
Haflord ParK RETAEStS, FOOD (2) Oaky 
FWm, ffloprb, RBTAaBW. GENERAL ff) 

BMbto U A. BbKha LaBura. Comoy CmuM, 

Bno Art DMP»- Flytou Ftamaa. Ill Rack. 
SUPPORT SGHVS (2) Mays. Rngaua. 

1EXTUB 8 APPAREL P) Ataandra Wortamr. 
nchonla. Shenwrod. TRANSPORT P} 

EumwiM unra. Da *WS 1993, AMERICANS (2) 
Dridarta Enargy. MMry Tech. 


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FT/LES ECHOS 

The FT can help you 
reach additional 
business readers in 
France. Our link with 
the French business 
newspaper, Les Echos, 
gives you a unique 
recruitment advertising 
opportunity to capitalise 
on the FTs European 
readership and to 
further target the French 
business worldFor 
information on rates and 
further details please 
telephone: 

Philip Wrigley on 
+44 71 873 3351 




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BUSINESSES FOR SALE 


CANNING FACTORY 
FOR SALE 


Well known canning factory 
located in Northern Greece and 
specialising in the processing and 
packing of peaches and tomato 
paste in cans or in aseptic pack up 
to 200 lit, capacity/year 

Tomatoes 60500 tons fresh tomatoes 
Radw 100500 tons peaches or 

6005CO canoos (24 x l leg] 

Successful! exporting to the UK. 
Germany, Netherlands, Italy, 
Japan and USA, is being offered 
for sale. 

We are looking for a buyer 
interested in a European Union 
country, such as Greece, and 
consider this project a unique 
opportunity. 

FOODIN YAKOS AEBE 
10-12 KEF1SIAS AVE. 

151 25 MAROUSS1 
ATHENS - GREECE 
FAX: (30 1)08 48 102 


GALLERY FOR 
SALE 

Double fronted premises 
in Chelsea in a busy 
location. 

Specialising in 19th/20th 
century watercoIouxs/oUs 
Established in 1990 

Contact: Piers Watson or 
Simon Windsor Clive 
Tel: 071 584 4664 


NURSING HOME 

Co. Durham 

Purpose designed, newly icfurbtohed. 
single storey heme with tremendous 
scope and potential. Registered for 74 
pau'enu (EMI General Nnraing and 
young physically disabled). 1993 
profits drea £300KL 

Offers krittd for s quick ak. 
Write ue Bos B3422, Financial Times, 
One Sombwark Bridge, London SEI 9HL 


FOR SALE 
Cheltenham 

Private Limited Company 
Doe to retirement. 
Precision Engineering Business 
supplying: aircraft industry, 
defence components, medial 
industry & other specialist fields. 
WrUc tK Sox B3479, Financial Times, 
One Sonibwsrk Bridge. 

London SElOHL 


GOLF COURSE 
FOR SALE 

18 Hole -72 Par - 
Driving Range 

Good draining land - 
Central England 

Write to: Box B3423, Financial Times, 
One SoaUnradc Bridge, 

London SHI 9HL 


Argus Fundamentals 

Unaersu-.rci is driving c-i: prices’ 

Petroleum Argts: 

CALL :or? FR=E TRIAL ‘0 Ihis Mcnih:-/ 7ViS 















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financial TIMES 


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1 in 4 companies 
fail to recover 
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They can either 

carry on 

or read on. 




K'. 


It has been estimated that Britain has the 
worst payment record in Europe, averaging out 
at over 2'k months after receiving an invoice. 
In some cases, customers are not settling up 
until they’re issued with a court summons. 

As a result many companies are resigned to 
writing postal reminder after reminder or to 
writing off 1% of turnover in bad debts instead. 

At BT, we believe that better communications 
lead to better business. What’s more, we want 
your business to be as effective as possible so 
that, for instance, you get paid on time. 

A fax followed, by a phone call 
often speeds up payments 

Which is why we’ve published a series of 
free brochures called Business Issues. They’re 

freefone 6111 of ideas 311(1 advice ’ such 33 how faxins 

0800 800 800. a reminder invoice and following it up. with a 


phone call not only keeps up the pressure, but 
adds a personal touch to difficult negotiations. 

It’s also extremely cost-effective. Indeed, you 
can send a 3 page fax for just 15p and make a 
3 minute National Long Distance phone call for 
no more than 30p. 

With a PC linked to your phone, 
you con credit check o contpony 

Of course, checking as to whether or not a 
company is creditworthy before you do business 
is a good idea. And you can do it quite amply by 

jinking a PC to your phone. 

You’ll find more solutions such as these in 

the Business Issues brochure, ‘Controlling costs 

in the smaller business’. 

For your free copy and more information on 
how BT can help you, carry on and call our 
freefone number today. 






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FINANCIAL TIMES WEEKEND OCTOBER WOCTO*** >- ^ 


FT MANAGED FUNDS SERVICE 


FT Cityflna Unit Trust Prices are avaflabte over the telephone. Can the FT Cityline Help Desk on ( *44 71 ) 873 4378 tor more details. 


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OCTOBER ■ S/OCTOBER 16 H»4 



WORLD STOCK MARKETS 


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-% 29J; 


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.+ 7% l.i 10.9 s mart, 

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60 51% 3 JO 180 
33% — l52 
14% 5.9 170 
*9*2 20 190 


s ^ 

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18 

Si 


96% 19 20.0 
23% 1.7 190 
15% 1 4 180 
24 1.4 240 


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19% ._ 117 
15% 350 


33% 10,70 


1J21J Uni* 
1.4 110 U to^ » 

wii as 
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37* 1.4 _ 
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' ' 1150 

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- . -J 9 6 
+1 24% 15% 112 ai 


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m 

HawkSd 


-% 38% 
+% 24% 

ft ^ 

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+.10 502 
+% 25 

-% 10 

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-% 18% 
+% 26% 

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-% 17% 


tiS 13240 


A+PA 830 

8Mra 185 

CaM 260 

C««n 5090 

Q/S12A 108000 

Dnbcc 1 ® 

DenOsk 323 

EAWb 186 

PUB 400 

GWort 550 

BSB 173 

JyaMA 373 

Lrtznfi 900 

NKT/US 289 

NMrda 558 

Raeiofi 496 

ScptnA 51117 

Soptafi 52+35 

Starts 403 

TMDm 337 

TccDon 825 

UniaiA 240 


+30 760 565 14 
+ 7 281 ITS 2.7 
*5 333 250 1J 
+S0 7.600 5300 09 
*20oo ataro it6£«i 00 

-1 228 175.50 1.4 
+1 *27 307 3.7 

— 30JS ISO 57 

-20 815 395 i 0 

-10 643 445 12 

-4 276 100 12 

+9 420 330 IT 
-351.550 900 0.4 
-13 385 252 30 
*2.50 78381 468 07 

-6 737 416 1.1 
-. 815 497 08 
-205 S7S 42S 00 
-fi 495 321 15 
-Z3S6-33 300 — 
^5 1J72 510 IB 

— 28730736 +2 


DfBm 23400 
DiCtrBk 722 
OkJWiv. 150 
Dourta 50300 
SyK 325 

S' ^ 

Katnoe ?15 
Hetazm 1 J20 


FD*JWD(0ct14/Wa) 


7J 114 


HanMG 


?a 


18% ao 1+7 
12% 73 *30 


27> 


71 S 

I?% +1 2*% 15% 102 


ra 1-3 iu.4 
13% *0 7.7 
1B% — 110 
28% 10 390 


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ft*?. 


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KOP 

Kesfco 

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KJrmmn 

MMA 

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MetsSA 

MetsS8 

NolUP 

OBonpA 


14% 00 

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24% .... mi jjj- 
27% 0+ 240 “A 

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ZOS S3 112 MKfW 

asjj 2.7 103 

.- 517, 38% 20 3+1 


in 


1JS 


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-2 154 
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~* 105 

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+.40 17.40 
+00 60 
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+4 ISO 
+9 247 
+5 =50 
+3 258 
+5 ZBD 
•37 no 
+2 ,07 

*4 ID* 
*4 102 
‘♦■T.+57 57iK) 
+110 120 
♦3 250 
♦00 31 

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+4 129 


l+am to 

W 1 PJS 

UM 4,5 

MAH PI 319 
Maarasi «07 


-150 299 225 
-2 eoa 38, 

♦3 904 889 

+® 56? 4+3 
*1® 79650 210 

+,0 817-50 ®L50 

*1 in 131 

-1® 007 4TB 
♦5 337 260 
•30046650 346 
— SIS 483 
-* 307 2*5 
♦10 780 590 

— 245 190 

-30 1 J80 1.141 
+3 651 SB2 
-1 440 310 

-1* 1.099 BS7 
*8 3G8®»+20 
-12 1015 787 
+1® 2S3 208 
-a 313 2 5850 
*2 433 330 
•SO 169 131 

-+50 W9 Sis 
♦a 55? 451 

•i. Borer® lino 

-130 179T03J0 
_ 800 830 
+9 850 9W 
♦1 968 B30 

— 410 311 
--30 71150 >5750 

+150 209 15t 

♦? 47D 37B 
-3 367 2B5 



-1 112 68 40 

+4 178 130 M 
-JO 1130 11® _.. 

-2 188 125 l.l 
-JO 114 S3 _ 
+1® 149 100 3.4 

+12 396 270 10 
+1.50 USED 84 3+ 
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* ”iiaSS?S 


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_ 16+90 130 30 
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+1® 91 70 16 

-1 #7 72 +7 

+® 122 85® 1 + 
+1 151 114 2.1 

-1.10 64® 28.10 _. 
+4 89 55 8.7 


— .0 iwa 1.660 
+ 1 1.120 sza 
-60 272001010 
+101030 gO 


w 

T6SW 

Thucar 


HokTA 

S2% 


~ SPAIN (Del 14/ Pti) 


6,150 

ar w 

BCrtH 3.140 
EE+ttr 4J00 
8PO» 16140 
BSunw 5JVW 
Bnato 819 
OPSA 3J9S 


+20 8,280 5.130 10 
-20 +700 +770 5 ( 


cuna 8020 
oroan i.sisu 
EBTOM 1.7® 
BVIob 1360 
EnCkffir 5.740 
Pecaa 770 
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_ 0 

-20 3035 1780 14 
+35 3+00 1415 B7 

+190 17700 1+000 40 
—80 6J21 4,400 56 
-17 1+35 700 256 
+70 3.390 1410 30 
-55 6,110 3+00 17 
—70 ,{.£30 B.500 15 
+100 1715 1.769 47 
-15 1.775 1J10 10 
+58J60 1300 3.4 


MAS 


JH 


-iog aim 5,ioo is 


Kotw 


Mnvs 

Portv 

Piyca 


6.SD 

5,600 


-2 1 . 1 ® 

-9 924 418 1S0 
-5 5.1*0 3.800 30 
♦1 1.210 790 7J 
+♦0 7.490 +600 10 
-330 7030 4000 20 


Santo 

SmH 

TaBacA 

Taft* 

Tudor 

Lin Fen 

UnFam 

traa 


Vtoctn 


1140 

3.930 

233 

498 

CKO 

3.350 

1.780 

690 

590 

1.050 

OS5 

1190 

1790 


+5 6+90 4.050 13 
-ID 12500 f 


JB+20 10 

+50 11 TO 1000 

-554000 3009 20 

+1 355 <02 04 

+3 696 351 100 
+4 BIS 505 50 
+20 4+50 1805 3+ 
-18 7.165 1095 30 
-60 1.435 
-3 739 
+20 2+00 

1.710 1.150 5+ 
_ 3.120 1,980 2J 
— 3000 1250 1.1 



TVuCTD 
VmtM »> 
Tooen 10*0 
TppnJT 1.420 


-20 1.050 835 
-401060 1080 
-10 3.462 1.780 
-4 42D 33S 
-1 929 SIB 

970 £S 


• 5 j -5a ,, § 

♦s i.i® nr 

-2 , *T35 

-i 4?5 2M 
-71.03H AM 

• 6 337 2S3 
+t* M»»0 BM 
-8 5M 432 
•5 734 #l» 
— 1.I3H 5*5 
. . 1.920 1JJ» 

-,0 815 674 
. l.«U 1.050 
-30 5,050 S.J90 
-1 749 610 

2.210 1.630 
•2 TS 5M 
-18 «B2 079 
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-.. 1040 1090 

s’-as s 

-i.i B2tt am 
-4 i.ukj m 
-2 851 5*« 

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♦ B 093 22 
—18 DOT 533 

-100 21.500 1IJW 
-W 3,230 2040 
-50 1.420 1.110 
-H S3A X» 

. 687 *13 

*10 1.390 1.120 
-A 815 *21 
-30 1.720 1+50 
+20 Util 1.310 
-10 2.200 I.37D 
-20 3040 2.810 
.id 3.460 2.740 
+7 570 428 
.. 70S 520 

-110 2.750 1200 
— 10 11*0 1010 
-8 780 4® 

-0 829 852 
+2 730 940 

-10 1.0® 1+80 
-20 1.5® 1.190 
-2 786 S75 

+3 878 B7D 
-30 1.JBO 1J»0 

•a & s 

-5 417 285 
-201090 1080 
-ID $88 421 

-1 HI HI 
-40 3,400 1680 
-20 1250 1.780 
-I 527 -TM 
...1JM 9B5 
-a 505 330 
-15 680 *32 
• 11 60 1 345 

—I 436 28S 
-6 416 572 
-10 1.800 833 
-10 ,.3301.110 
-20 1.430 «30 

-22 W9 620 
+2 ,010 592 
-40 2.230 1.B40 

*10 1JW 1,110 
-CO 1290 1.BS0 
-30 1.3® 1.120 
... 564 350 

-» 980 727 
+2 1,030 734 
+30 1.120 780 
-* 989 « 
-6 745 528 

- 2 i i.i® aao 
+ 1 1,1® 92, 
-15 7KJ 442 
♦3 745 *98 


AUSTRALIA (QCt 14 /AUSIS] 


,21 1.8 
74 .._ 
35® ,J 
1*1 20 
9.01 — 
45 1.9 
502 10 
,00 07 
140 1.9 
138 10 
ZOO 00 
,90 00 
257 00 
69 _ 
SS 1+ 
94.10 1 * 
41 — 
84® 10 
175 14 
16 — 


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— 922 K75 

♦gsJjSiaTo: 

-5® 2B2 21C 

-2 95 

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12 


EB — 



53% -3 


ft ^ g 
23 


-..36+ 
. 1.6 270 
% 03 23+ 

15% 40 19.0 
24% 00 230 
74 30 100 


FRANCE [Oct 14 /Rto.) 


-1® 356 205 IQ _ — 



TO 

+T® ®* Sb 

-1 443 337 


3% Zi>l 1? 170 


295 B0 93 
20% 


SWBa* 


Jili m 


, „ 0.9 36J2 

3 — 19 2 WaypSI 39 M 45% 4 37 13^ 

^e t 4 sss, s ssiigiisi 

1 ^ -- ft 31% 26% 0.9 17+ 

+1% 12*% 102% 1.2 130 

-ft 1«% M>a ?T 27J 
-% 5J% 38% Z0 2J5 
53% 34% aa 130 


13'“, ft 798 MgrtO 

3 % s^sa 

27% 50 100 

3 i si ssa? 

64% 11 ,70 
31% 1 4 90 JWg- 
64% 30 17.8 *«2S 
18? B2 10.7 ffcjcsr 
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60% 52% 4.7 113 
41% 34% 4+ Tl.f 


17% 9% 2.1 280 

57 30‘l 2J 17+ 


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sum 

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33% 


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Dover 

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DoicJns 

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0*4+ 

. __ 25% 5.0 17.5 

♦% 30% Z*% 70 70 Hert-y n 
-% 24 19% 2 9+1 M«B 

-? 48% 34 20 201 “4*” 

-% 38% 16% — 10 
+% 37% 25% 0.4 120 Mjn^t 
v 3T% 00 27.8 W*M 

’ 35% 2BV, 10 21.1 MOOT 

45% 3*\ 8 8120 Merer 
32% SB? 2 0 270 ManMB 

®S 10 20 * '• 


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+ «8 13% 


79% 58% 3.4 314 MTOUP 

flat =5% 


10 27.7 
32% 17 50 
4® — 10 
39 IBS 
38% 1.1 442 
39% 11 250 
46% 31100 
72 4.2 16.1 
30% o 1 32+ 
9% 11 13.8 
72% 31 1B.1 


TRW 

TCQnd 

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m 


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MonoA 

HmdaM 

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Mmraco 

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4^ 17 51 

22 % 1I5U 


766 567 41 

-9 814 655 18 
-440 913 454 40 
-300 330 217 117 
-12 718 STD 48 
+ ® 283® 227 1.7 
i -5 683 448.10 IB 
+3 3JSD 1783 30 
♦IB 767 546 19 
_ 1 +90 1033 4.1 
-15 1+55 79* 40 
i +1402&5D 15ft GO 57 
-1® 2112015850 _. 

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-1JO 205 13280 +4 
—14 1,570 1004 3.1 
-7 465 348 11 


— IT ALT [Oct 1 4 / Lire) 


BCtonun 3055 
BHszAg 1555 


— B Roma l.i 


-7+0300® 201 IQ 


Oamart 

Danone 

Qo<*»F 




Rea En 

to ** 1 


Tandy 

TKLiia 

TrWpi 


17% — 5.4 
25% +0 313 


5% - 180 

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Tmpmi 


■% 41a 2B% 28 204 1+onSt 
— 13% 9% 50 50 MotiKn 


*+ 70 


Tram 
T trace 
Tttol 
TOItl 
Tertm 


I Si 


5H% 

SouOan 

StxuAA 


-1B60 
10% — 2B.7 

ri ii 170 
J*< 1018.7 
6% 10 21.7 
37% 10 370 


+% 21 
+% 20 % 


6% 14 

15% 10; 


300 
10% IT 4+2 


F*TXtl 


-49 1065 734 
-4 856 370 30 
-7 AO 4*351® — 
-1.70 737 370 1S7 
+ 30 8.180 3.000 0-7 
-12 ,002 665 30 
♦5 830 610 — 
+10 47B 331 1.7 
+29 977 730 2J 
+1® 7494S22D 30 
+2 740 509 20 
-10.70 435 381® 5.1 
-2 392 299.10 50 
—400 m 1911+4 
+5 1.088 720 _ 
-,4 865 653 

-4 830 833 
_ 3+87 1750 , 

+15 2069 1.700 30 
-0 73* 682 IB 
-00 18.70 80S +9 
-2® 182 102 M 
_. 939 560 3.4 
-10 6,020 4040 10 


,20 

Brain 190® 
Buna 9035 
011 1025 

CaflSp 1030 
Otrar 1031 
CtdEta 10,9 
era* 1005 
Md 10.1OQ 
Ftrfln 1063 
Ft*j 9020 
mnPr 3010 

F«3 4060 

For®. ,0.960 
fimn 1076 

3050 
25.500 
5+00 
10+00 
2060 
1Q0OO 

BSSr M 

MWDOT 13,170 


S.662 3.470 50 

•I® 3085 2041 _ 
+110 2+50 1030 1.5 
— 211 78 — 

-2002905018000 10 
-21511450 8,110 ... 
-651100 1084 17 
-80 201" >002 _ 
-34 1395 1085 40 
-17 1010 997 _ 
-80 1820 1080 40 
♦25011274 9055 _ 
-32 20S4 1068 __ 
-50 7030 *071 10 



AZACNt 370 
Ameer 8® 

» M 

AtMOn 3.0**B 
HNZBk 373 

AuaCU *40«a 


KOTI 

Kept® 


KMOT 

Kurara 


306 
IrK 
iiaam 
. . 1.05 

SmUfl 345 

CS« +45 

CRA 18®- 

3.10 

raSra i® 

COTHM +15 



19650 97® 10 
233 129 12 
” 35r 10 
3® 10 
as 12 
88 30 
122 81® 3.4 
126 76 00 

1® 106 50 
175 105 5+ 


*15 40201119 18 


Z SWITZaJ«(0cM4/R5.) 





-oo 

rdwj 8052 10 

+10WJ50?So 2-1 
-Z» 11700,20® 10 


+23 3,1*01033 _ — 


m M 


ssajssa” 

-300 3<tB0 ifin 10 
-130 11360 8088 13 
-98 10.15* 70® 20 
_ ,086 490 — 
*10 6050 4086 20 
-5 7000+145 _ 


M 


I 


INDICES' 




+170 


OCt 

14 


0 a 
13 


Oct 

12 


Won 


-1994 


Atgadtoa 

Gcnent CV11771 


W 2020603 19980.44 255RU0 1612 17750® 20/4 


M ftthmeai-l/OT 

M tArtn^l TRB 

MM) 

OwJr JWBttaiiwi 
Traded Inowl^wj 

Idg ta n 

bozo m® 
erazs 

Bdrcspa (29/i2‘S3) 

Canada 

Meals MrtaftlSrSi 
Comoo53e+ US7S 

P»lftito§5 i+T/SS 

me 

PG» Gen OI/IZ/SOI 
Osnnijf* 

CopentogerfEta/ISII 

Mari 

l« GentJaKWiaaj 


20050 

10594 


19J80 

10518 


20020 2340® 312 
10519 1136.10 3 12 


1957+3 27/B 
904® 5/5 


3S30S 39203 395*3 480® 2/2 
10® 43 105704 1065.33 122205 1/2 


39021 6/Tfl 
1011® 6/8 


137336 (370® 1365.48 154165 SC 


(33808 7/10 


to *94460 


<C 5511000 13/9 


3900® 371 


OH 4113® 4118.73 4250® 1« 

M *3*307 4355 03 4®90O 23C 

IU 207S97 208606 2102® 1C 


20/* 
3959® 24/6 
186848 2&B 


on ssi90f 


W 551900 13/10 3901® 4/4 


3*5® 34+88 34S+4 415.® 2/2 


1981 j 19120 18990 1871® V2 


Banco 

SBF SO (31/1190) 
CAC *031/12/67) 


12B805 12S809 0002 158520 2/2 
193302 1956® 191614 235803 2C 


123608 5/10 
183072 BrtO 


Genany 

FAI AWtort3l/12/581 
Ctmwcta»il/1263) 
OAK ooniwi 

Greece 

a3wb SEOinawi 
Hong Roog 
(Vrg SenqG1.?*4) 
Mb 

BSE Sens 11979 

Monsfa 

■nfcmcwmno&ra 

Wand 

KQ Om0MIBO 
Italy 

B«a Comm tS (1W3 

US Gened L+'l/W 
■Hy M 

Kite ZS (T5/W9! 
AOte JCO jl/lttBD 
T0|U l+TO 

am seam m-t/ss) 


783 JB 7WJ5 781.72 88827 186 

22517 22309 2226* 246500 2 a 

310573 2062.® 207707 2271.11 166 


74204 SflO 
2116® 5>ll) 
196058 7/10 


9*836 B55W 857® 1194® IBrt 


80807 25/5 


95S0.93 


(0 S532S 12201® 4/1 


8368+4 4/5 


id 4401® 45871® 27/9 


3454® 5 71 


51034 90718 511.42 512® G/t 


1670.13 1861® 185155 2082.18 SON 


189+14 1/7 


63+54 

10280 


63032 

1031.0 


639® 817.17 10/5 
10360 1318® 105 


58885 10/1 

ea+ao ion 









14 

13 

12 


Low 

liQdCQ 

PC (Hw 13/81 

14 

275901 

27*002 

2881.17 S/2 

196703 20/4 

(Wbidand 

CBS TeRrfkn&r) 33) 

4380 

4380 

4 0,0 

*5+80 31/1 

*0X30 2U8 

CBS Ml Shr (End 831 

2730 

2730 

2710 

29*00 31/1 

25700 21ft 

Han Zaafaart 

Cap *0/1/7/86) 

205128 

20*171 

205X80 

leas* 3/2 

791851 11/7 

Nanny 

Oto SEWO/im® 

108309 

107301 

106104 

1211.10 28/2 

98091 21ft 

ntepAn 

IMt Comp CA/851 

289803 

2990.75 

297X48 

330X37 471 

250703 S/3 

Partagal 

Bn (19771 

23833 

2887.1 

28714 

322800 7 SC 

261280 20ft 

Snaroara 

SESAB-STporeC/Ara 

58251 

575JS 

57903 

6*101 *n 

52X29 4 H 

Souffi Anna 

JSE Cold (28/9/78) 

228B0V 

2301.0 

22B20 

2S3+00 7 n 

174X00 14/2 

J5E MK2S/9/78I 

63550V 

63X0 

62610 

875700 1 5ft 

6*4800 19/1 

M Karat 
KnnsCnrf+Vt/BO)- 

11(007 

109854 

108806 

110307 14/10 

85507 2/4 

Strata 

Madrid SE (3032/89 

38100 

303,8 

K» 

39X31 31/1 

28007 510 

Smadon 

AltareuartrCen (1/2/37) 

1*5+9 

14511 

1*250 

1*0X90 31/1 

133+70 6/7 

SMDatond 

Sntts Ek M (31/12/SBI 

1203.75 

120908 

120105 

1*2134 31/1 

116707 18/7 

SBCGaradim 

921.16 

923.18 

91455 

108329 31/1 

88807 S/10 

TMraa 

wBoaKfr^mer 

6567.77 


6*9078 

7191.13 30/9 

619*03 19/3 

Hslaod 

San*o/r SET 00+79 

749805 

7+75.06 

(47000 

178173 «1 

119659 AM 

Tort*) 

bantu OreOJan 1985 270690 

26790.1 

268*7,4 2888160 13H 

1298X70 243 

«t»UJ 

ms Capa wnn/nas 

638.1* 

63+2 

6307 

84+00 19 

59100 4/4 

atosseoRDSi 
Eam» looctfinoro 

135X17 

1351.18 

,13303 

164X19 31/1 

1298*8 5/10 

&ro Top-100 W&aa 1191 ® 

1190.16 

1181.19 

131101 2/2 

113X48 5/10 

jcawoiffB pviz/Effl 

hi 

337.18 

33854 

396.19 5/1 

29008 21ft 

Banrp &r«rgf7/1^a 

186.83 

187.19 

18161 

191.79 2&9 

1*105 Z1A 

■ 0AC-4O STOCK INDEX FUTURES (MAT1F) 



US INDICES 


w 


Oct 

13 


OCt 

12 


Oct 

11 


1994 

W® Lou 


388895 3875.15 


90+7 9021 


3878® 3978® 369X35 
(31/11 (4/4) 

8601 10501 9501 

CTU11 (7/10) 

1487® 1480.19 148041 188229 1*3X50 

(20 «no) 

IffilT 180® 181® 227® (75® 
m (ZOO 

DJ hd. Dav% (W 1 394+12 090X07 ) Low 3978.18 {384+87 ) (JlmerWcalA) 
Dcy% Hgh 3927® (388642 ) lam 387X16 088203 ) (Actual*] 


fSSff 


+10 282 101 — 
*0 771 568 10 
+7 713 507 10 
+6 30861173 1 J 
♦1 1.349 1 015 10 
-2 260 190 1.7 
+4 '47 500 3-3 

♦4 B70 705 11 

-3 842 606 11 
-C 422 331 __ 
-25 X8801080 1.7 
-60 1.7001000 17 
+25 1932 2+00 19 
-2 933 859 1 0 
+15 *30 302 30 
__ 971 7B2 10 

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FINANCIAL times 


WEEKEND OCTOBER 15/OCTOBER 1 6 1994 





Equities drift 
despite benign 
inflation data 


EUROPE 


Paris down as French analysts revise forecasts 


Wall Street 




, US stocks drifted lower yester- 
day morning in spite of the 
week's second round of benign 
inflation news, writes Frank 
McCarty in New York. 

By 1 pm, the Dow Jones 
Industrial Average was down 
3-36 at &S8&59, while the more 
broadly based Standard 
& Poor’s 500 was off 0.89 at 
46630. 

On the NYSE, declining 
issues outnumbered advances 
by a margin of 11-to-seven In 
restrained activity. Some 148m 
shares were exchanged by 
early afternoon. 

Other leading indices also 
receded: the Nasdaq composite 
was 2.75 lower at 765-14, whOe 
the American SE composite 
slipped 131 to 457.26. 

Stocks essentially picked up 
where they had left off on 
Thursday, when monring garng 
were erased during the late 
afternoon. Yesterday the early 
selling suggested that the mar- 
kets would have difficulty 
breaking through technical 
resistance after the powerful 
rally which commenced at the 
end of last week. 

The day'B economic news 
filled in a few more details In 
the more positive outlook 
which began to take shape last 
Friday. The Labor Department 
said that consumer prices bad 
risen 03 per cent in September, 
as forecast The Federal 
Reserve announced that indus- 
trial production had stagnated 
last month, while capacity util- 
isation - an important indica- 
tion of Atture inflation - had ' 
slipped from the previous 
month's level 

The weak tone was evident 
even though there was another 
batch of strong corporate 
results released during the ses- 
sion. 

Texas Instruments crept $% 
ahead to $67^ after posting 
third-quarter earnings of $1.94 
cents a share, a little better 
than analysts had forecast and 
well ahead of last year’s result 
But the improvement appeared 
to have already been built into 
the share price, which had 
dixnbed about 5 per cent in. the 
past fortnight 


Rubbermaid, the household 
products company, also posted 
improved sales and profits but 
its stock shed to $25%. 

There were a few develop- 
ments unrelated to earnings 
which were stirring up stocks. 

Long Island Lighting jumped 
$1%, or nearly 7 per cent to 
$17% after Mr Mario Cuomo, 
governor of New York, pro- 
posed that the state govern- 
ment purchase the utility. A 
deal would be expected to 
value the company at $21.50 a 
share, but the stock was trad- 
ing lower than that level 
because Mr Cuomo faces a 
fierce challenge in his bid for 
re-election next month. 

In pharmaceuticals, McKes- 
son dropped $4% to $96% after 
Eli Lilly extended the waiting 
period on its tender offer for 
the company's PCS Health 
Systems division. The acquisi- 
tion is under close scrutiny by 
the Federal Trade Commission. 
Lilly was off$% at $58%. 

On the Nasdaq, shares in 
Intuit surged $18% to $89. The 
38 per cent gain came on news 
that the financial software 
developer had agreed to be 
acquired by Microsoft, down 
$1% to $55%. 

Canada 

Toronto was lower at midday, 
in spite of the neutral US infla- 
tion data. The TSE 300 index 
sank 17.11 to 432636 at noon in 
very low volume of 23.1m 
shares. 

Four of the market’s 14 sub- 
indices were higher, with 
metal shares posting the best 
gains while golds and forest 
stocks suffered the biggest 
foils. 

Falconbridge boosted the 
metals sector, rising C$% to 
C$22% on news of a go-ahead 
for a second detailed assess- 
ment of a nickel deposit in the 
Ivory Coast Din-Met Minerals 
also climbed C«% to C$16% 
after announcing good prog- 
ress on an Arctic diamond 
mine feasibility study. 

COral continued to trade 
actively, rising C$% to C$32’/. 
on news of a 50 per cent stock 
dividend, while American Bar- 
rick depressed the gold sector 
with a fell of C$% to C$34%. 


Yesterday's batch of US 
economic statistics did little to 
influence bourses: performance 
seemed to benefit from the 
public going to the polls, writes 
Our Markets Staff . 

PARIS took profits ahead of 
the weekend, after four days of 
impressive gains, and the 
CAC-40 index shed 22-66 or L2 
per cent to 1333-02. The weak- 
ness of the US dollar later in 
the day also had an impact on 
performance during the after- 
noon but, in spite of yester- 
day’s descant, the market man- 
aged a 4 per cent gain on the 
week. 

According to a survey of 16 
French equity research organi- 
sations, analysts recently 
moved to revise their forecasts 
for 1995 company earnings. 

Forecasts have been revised 
down for 24 of the companies 
in the CAC-40 index, with 12 
being revised up and four 
unchanged. 

Alcatel-Alsthom, one of the 
market's largest stocks in 
terms of market capitalisation, 
was trimmed back heavily fol- 
lowing its poor interim results 
at the end of last month. The 
consensus forecast was for 1995 
earnings per share of FFr4620 
compared with a previous esti- 

AS1A PACIFIC 


Eurotunnel 

Share price {pR} 



| FT-SE Ac 

tcaries Sh£ 

ire indices 



Oct 14 

Hourly chBonn 

Open urn 

THE EUROPEAN SERIES 
11-3P 1250 1350 1450 1550 Ctore 

FT-SEEnrtncfciOO 
fT-SE BffltacL 200 

134758 134859 
140558 1405.44 

134854 134858 134044 
140457 140X40 140389 

1349.42 

140428 

135056 1360.17 
1404,44 140455 


Oct 13 

Ott 12 Oct 11 

Oct 10 

Oct 7 

FT-SE ewdnch 100 
fT-SE Eorabask ZOO 

1351.18 
141 Z2S 

133353 133045 

1392.70 188450 

131758 

137044 

128759 

134452 


WM1ID0 tWHWDfc HtfMfelOB- tSajft SOB - WHLW (DHUr 1W - 130X0 2fiQ . MODSa t PeTO 


mate of FFr53.60 and the 
shares closed down FFr3.70 
yesterday at FFr47 '430. 

Eurotunnel, which is not a 
CAC-40 constituent, again fea- 
tured as one of the session’s 
worst performers as investors 
took the view that first-half 
results due out on Monday 
would be disappointing. 

Tbs shares lost 7.5 per cent, 
or FFrL55 to FFr 19.00, bringing 
their loss since last Friday to 
95 par cent Analysts said that 
they would not be surprised if 
the group had to make a far- 
ther cash call on hflnfrK god 


shareholders early in the new 
year. 

FRANKFURT tried to curb 
its enthusiasm but the market 
expectation that the ruling 
conservative/liberal coalition 
would secure a 20 or 30 seats' 
majority in tomorrow’s general 
elections, combined with yes- 
terday afternoon’s neutral 
batch of US economic data, let 
its underlying bullishness rise 
to the surface at the end of the 
day. 

The session rise of 23.10 to 
2,105.73, leaving the Dax index 
up 7.4 per cent on the week, 
did not quite incorporate 
Thursday's post-bourse gains 
and, for a while, it looked as If 
German equities would go no 
higher until the election was 
decided. Turnover fell from 
DM8bn to DM6.4bn. 

However, it was impossible 


to restrain Allianz, the insurer, 
a prosy for the German market 
and a beta stock, in that it 
tends to outperform on the 
downgrade, and on the 
upgrade: yesterday it rose 
another DM34 to DM2597 after 
hours, helping the Ibis-indi- 
cated Dax climb to 2,11652 by 
the end of the afternoon. 

ZURICH was easier on profit- 
taking after recent gains. The 
SMI index declined 8.0 to 
2,585.3, but was still 3.6 per 
cent ahead over the week. 

Activity continued to centre 
on the banking sector. DBS 
bearers picked up another 
SFr26 to SFrL258, with the 
bank again, a buyer of its own 
stock, as the battle with BK 
Vision over a new share struc- 
ture continued. UBS registered 
picked up SFx6 to SFr310. with 
BK Bank, which controls BK 


Vision, said to be an active 
buyer. 

Among the insurers, Winter- 
thur declined SFr20 to SFr630 
and Zurich Insurance shed 
SFH5 to SFrL190. 

In pharmaceuticals. Roche 
certificates declined SFr40 to 
SFr5,900 ahead of Monday’s 
release of nine-month sales fig- 
ures, forecast to rise between 3 
and 5 per cent in Swiss franc 
terms and around 8 to 10 per 
cent In loca l currencies. 

AMSTERDAM made a mod- 
est gain following the US data, 
although a weakening dollar 
later in the afternoon pulled a 
number of currency-sensitive 
stocks lower. The AEX Index 
rose 055 to 408.16 for a week's 
rise of 3.7 per cent. 

Oce-van der Grinten, the 
photocopier manufacturer, ini- 
tially dipped on profit-taking 
following the publication of 
third-quarter profits which 
showed a gain of 40 per cent, at 
the top end of analysts' expec- 
tations. But after touching a 
session low of FI 74.30, the 
shares recovered to close 
unchanged at FI 7650. 

MILAN saw a quiet end to 
the October account, with 
many banks closed by the 
day’s general strike. The Comit 


index registered a rise of 422 
to 63454, up 0.7 per cent over 
the week, but the real time 
Mfbtel index lost 101 on the 
day to 10J19. 

Telecom Italia, which said it 
was seeking a co-operation 
accord with a foreign telecom- 
munications operator within 
the next few months, lost L76 
to L4.149. 

MADRID saw weakness In 
domestic bonds where the 
December future was off 48 
basis points at 88.05 by late 
afternoon. The general index 
fell 1.68 to 30150, leaving It 3.4 
per cent ahead on the week. 

One of the day’s best per- 
formers was Cortefiel, Spain's 
second largest specialist cloth- 
ing retailer, which unveiled 
plans to expand in Germany 
yesterday, and which has been 
courting analysts in recent 
days. The shares rose Pta230, 
or 55 per cent to Pta4,130. 

HELSINKI rose ahead of 
Sunday's advisory referendum 
on Finland's EU membership, 
the Hex index putting on 48.4, 
or 25 per cent at 1,961.3, up 7.1 
per cent on the week. 

Written and edited by William 
Cochrane, John Pitt and Michael 
Morgan 


Nikkei eases as Seoul records fifth consecutive high 


Tokyo 


Mexico opens lower 


Mexican stocks opened slightly 
lower on a bout of mild profit- 
taking. Expectations for a light 
sell-off followed the market's 
three-day rally which had 
boosted the EPC index by 55 
per cent 

Traders said that the rally 
name on the back of optimism 
for solid third-quarter results 
due to be reported by the end 
of the month. The JPC index 
was Off 352 at 2,75556. 


Brazil 


Shares were down 15 per cent 
in light midday trade in SSo 
Paulo as investors continued to 
sell ahead of the options mar- 
ket settlement cm Monday on 
concerns about rising inflation. 

The Bo vespa index of the 
most traded shares was down 
725 at 48,721 in turnover of 
R$llfim ($140 An). 


S Africa closes 


Johannesburg's equity market 
jpjpiyhgd mostly /timer on fol- 
low-through support after 
Thursday’s rally and renewed 
Interest following recent 
losses; bnt gold shares 
remained depressed by a soft 
bullion price, and interest in 
the sector was Knitted. 

Industrials continued to lead 
the way, the sector index ris- 
ing 31 to 6555 after Thurs- 
day's 62-point gain. Sappt, the 
papernuker, exemplified the 
trend, rising Rl to R63 after a 
R5 jump the day before, as 
Monday’s $L6bn acquisition of 


a 70 per cent stake in SD War- 
ren of the US continued to sup- 
port the Stock. 

The gold index slipped 13 to 
2588, brought down by bul- 
lion’s continued uncertainty 
around current levels. Vaal 
Reefs fell R9 to R429, and 
jLondne 50 cents to R2JL75. 

The overall Index rose 15 to 
5,627. Dealers said that further 
short-term gains would depend 
on Wan Street extending its 
uptrend, and that medium- 
term prospects remained domi- 
nated by currency and bullion 
concents. 


Heavy selling by banks 
depressed share prices and the 
Nikkei itiriflir, ri Refining for the 
first time in five trading days, 
fell below the 20,000 level to 
which it had recovered on 
Wednesday, writes Bmfko Ten i- 
zono in Tokyo. 

The 225-share average 
retreated 179.54 to 19,96959 
after opening at a high of 
20,107.12 and hitting a low of 
19,964.49 in the afternoon ses- 
sion. Setting linked to yester- 
day’s options settlements and 
profit-taking by banks 
depressed share prices, while 
foreign investors continued to 
buy chemicals and steel issues. 

Volume totalled 397m shares 
against 353m. some 80m shares 
of the total accounted for by 
options settlements-related 
trading. The Topix index of all 
first section stocks fell 13.03 to 
1593.08 and the Nikkei 300 
index fell 251 to 28L27. Lasers 
led gainers by 675 to 334, with 
156 issues remaining 
unchanged and, in London, the 
ISE/NIkkel 50 index edged up 
0.77 to 1308JL1. 

Steels were firm on buying 
by overseas investors. Sumi- 
tomo Metal Industries, the 
most active issue of the day, 
rose Y6 to Y356, while Nippon 
.Steel fell Y7 to Y388. Foreign- 
ers also supported chemical 
stocks, with Mitsubishi Chemi- 
cal up Y7 to Y583. “People are 
betting oh the rise in demand 
of steel and petrochemical 
products in south-east Asia 
and China," said Mr Yasuo 
Ueki at Nikko Securities. 

Banks were weak on profit- 
taking by companies. Indus- 
trial Bank of Japan fell Y70 to 
Y3.000 and Sumitomo Bank 
declined Y6G to YLJMO. 

The rise of the yen to the 
Y98 level hit high-technology 
stocks. NEC fefi Y1Q to YL260 
A nd Matsushita Electric Indus- 
trial lost Y20 to Y1,67D. 

Japan Telecom fell Y10.000 to 
Y35m but Nippon Telegraph 
and Telephone rose Y3.000 to 
Y886.000, advancing for the 
fourth straight day. 

In Osaka, the OSE average 
fell 83.07 to 2254662 in volume 
of 19 .7m shares. 


Roundup 


The region was supported by 
overnight gains on Wall Street. 


Nomura, once again, in- 
creased its asset allocation to 
south-east Asia; it did so at the 
expense of the US, with Thai- 
land, the Philippines, Indon- 
esia and Malaysia each attract- 
ing an additional 1 percentage 
point weighting in its global 
portfolio. 

The Indonesian parliament 
yesterday approved a 5 per 
cent reduction in corporate 
and personal tax rates. Credit 
Lyonnais Securities Asia com- 
mented that this was positive 
for the market in terms of both 
earnings growth and senti- 
ment: “Put in a regional con- 
text, the new tax rate - of 30 
per cent effective from January 
1 1995 - will make Indonesia 
even more attractive compared 
with its rivals.” 

SEOUL finished at a fifth 
consecutive record high after 
further selling by the state-run 
stock market stabilisation fund 
failed to stop a buying spree. 

The composite index picked 
up another 653 to 1J.03-37, tak- 
ing the week’s gains to 35 per 
cent The index also posted a 
new record high of 1,10608 dur- 
ing the morning. Volume 
totalled 562m shares, up from 
Thursday's 535m. 

HONG KONG finished firm, 
but wen off the day’s highs as 
investors were quick to take 
profits after an early rally. The 
Hang Seng index added 1658 to 
955053, having been 128 points 
ahead in early trade, for a rise 
over the week of 25 per cent 

HSBC Holdings was the lone 
bright spot carrying the index 
ahead. The stock gained 
HK$255 to HK$91 mainly on 
overseas buying. "If it weren't 
for HSBC, the market would 
have fared rather worse," said 
Mr Howard Gorges at South 
China Brokerage. 

Taking HSBC’s lead, of 
East Asia added 50 cents to 
HKS3630 and Wing Lung Bank 
rose 50 cents to HK$5450. 

Hang Kong Telecom slipped 
10 cents to HK$1650 after news 
late on Wednesday that it was 
prepared to invest HKSZbn in 
China’s mobile and fixed phone 
networks. 

SINGAPORE was higher on 
fresh demand from institu- 
tional funds and the Straits 
Times Industrials index rose 
19.48 to 257750, for a 2.0 per 
cent rise on the week. 

QAP, which Tnafcps Gardenia 
bread, rose 10 cents to SXU32 
amid rumours that a British 


company was planning to buy 
a stake at S$250 a share 

BANGKOK put on 1.6 per 
cent on an afternoon rally on 
reports that one of the parties 
forming the governing coali- 
tion had resolved a dispute 
over proposed nominations for 
senior ministerial posts. 

1 tie SET index rose 2649 to 
1,49855, for a week's gain of 2.7 
per cent. In heavy turnover of 
Bt9.7hn. 

Shinawatra Computer ad- 
vanced Btl6 to Bt760 and its 
subsidiary Advanced Info by 
Bt2Q to Bt45Q on expectations 
the group’s founder might be 
nominated as foreign minister. 

The banking sector saw 
some of the biggest gains, with 
the sub-index improving 3.1 
per cent Krung Thai Bank 
rose Bt350 to Bt82 with 195m 
shares changing hands, while 
Bangkok Bank put on Bt6 to 
Bt2l8 and Thai Fanners Bank 
Bt4 to Btl74. 


South Korea 

Seoul SE Index 



SYDNEY was motivated by 
Wall Street's good overnight 
gains, as well as by a strong 
rise in the gold sector. The All 
Ordinaries index added 7.1 to 
25060. up 2 per cent an the 
week. 

The gold index put an 34.1 to 


25275, bolstered by a 14 per 
cent rise in Plutonic 
Resources, the shares rising to 
a four-month high of A$653. 
Plutonic reported that it 
had doubled its reserves at 
its deposits in Western Aus- 
tralia. 

Brokers said that investors, 
generally, remained nervous 
ahead of the release of infla- 
tion data next week. 

In the mining sector, CRA 
added 24 cents to A$1850, with 
MM steady at A$673 and 
WMC off 1 cent at A$759. 

SHANGHAI'S A share index 
bounced 4.7 per cent higher 
hut was still 75 per cent lower 
over the course of a volatile 
week. 

The index picked up 30.53 to 
67606 having picked up from a 
day’s low of 60256 

Blue chip Pudong Issues led 
the recovery, with Pudong 
cyanggfian Taxi rising 69 per 
cent to Ynl556 


The Shenzhen A index recov- 
ered 4.77, or 61 per cent, to 
15603- 

JAKARTA was little moved 
by the change in the corporate 
tax rate, with the official index 
Up 616 at 51054. 

COLOMBO retreated slightly 
in the absence of foreign inves- 
tors. The all share index shed 
5.45 to 1,111.05 in turnover 
down to SLRs43.8m from 
SLRs49.2m.16 million. 

MANILA ended slightly 
higher after a session of vola- 
tile trading. The composite 
index, which broke through 
the 3,000 level on a couple of 
occasions, settled at 2599.93. 
up 9.18 on the day and little 
changed on the week. 

Property-related issues and 
selected second liners led the 
session as investors took posi- 
tions in companies scheduled 
to release third-quarter results 
in the next few days. 

Turnover was 2J34bn pesos. 


LONDON EQUITIES 


L1FFE EQUITY OPTIONS 


RISES AND FALLS 


Optan 


CU> Ms 

Dd Jm Apr Del Jm Apr 


DpOon 


— Cals Pi* — 

Nov fab Hay Nw Feb May 


■■ — .... on Friday 
Hm Fate 


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540 51» 

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390 5 IB » 14 ZB 32 

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sod 37 <e n m m m 

550 <1* n S3 IBM 33 3BM 

430 8M 2S 94H 5H 17K 24 

460 1 B IS 38 43 4714 

160 B 15H 32 2 7 Btt 

180 IK OK 13 15 18 20H 

900 «! 4BK SB IH 14V4 IBM 

SSO 5 » Z7K 18K 3SK 45K 


PA0 BOO 48 OSH 74)4 BK 15 2914 

(TO) 650 17 S0K 47K 2BM 37M 35 

PUVU 180 13H T7 23 4 B 11H 

1*188} 200 4 8 13 15H2DK 23 

Fnitettt 900 17ft 2BK KM BK lift 19 

P308 > 330 0*1214 15W 23 2BH 3B)4 

RTZ 850 9014 11 M 1QM 34 39 

CTB3 ) 900 Z144K5BK3ZM 47 64 

fladtand 480 JKK 44 62K 8 18 30 

r<78 ) 500 B 28 32 30 3614 53 


British Funds 

11 

43 

17 

242 

85 

48 

Other Rued Interred 

i 

0 

13 

30 

0 

40 

Mineral Extraction 

33 

92 

71 

315 

285 

400 

General Mnmtectunare 

112 

124 

401 

935 

442 

1,012 

Consumer Goods 

42 

43 

102 

295 

144 

496 

Serwtees 

84 

96 

315 

580 

329 

1.568 

Utathw 

4 

33 

S 

110 

70 

45 

n. uay)^ii 

08 

109 

188 

619 

319 

887 

investment Trusts 

49 

117 

299 

899 

193 

1,233 

others 

28 

54 

22 

276 

126 

130 

Totals 

432 

711 

1A36 

4501 

1,053 

B*57 


Royal hn 280 


420 
460 
420 
460 BK 


30 4214 8 25 3014 

14 2BK 41 50 54 >4 
48 » 1 1QH ISM 
24 38 1044 27 3014 


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220 

MO 

200 

217 


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B WBK18H24K 81 
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714H 20 12 17 21 
18 20U 2BK 5 10 1314 
B 1214 - 14 IB* - 


tea beead on dvw cOTpordso Hud on w London Stan Smte 

TRADITIONAL OPTIONS 

first Deafrgs October 10 Expiry 

October 21 Sotflemem 


January 12 
January 20 


325 1BK 
354 SH 

Oct Jm A|r Del Jon Apr 


- 5K 

- 22 


Cate: AMs, Andnoa. BTH ’94AQ, Cortona Orp, CRP Lataura, Ricardo, Southand 
Prop, Proteuo. Puts Euro Dtanay. Pub & Calc BT, DMalan Gap, Glaxo. 


LONDON RECENT ISSUES: EQUITIES 


750 49 70 94 
800 1114 a SB 
<80 3714 5314 68 
500 BK 28 425* 


T482 ) 

ten) Seov 800 2BK39K 
CB25 ) 650 2 15 

MafcS&S 390 32 38H 


2 KM 30 
17 38 54H 
2 10M 19 
14 27 30K 


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rmi 

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raw) 

9HTMl 

ms\ 


420 6K1M3DK 
500 1214 
590 1 


2 12 16H 
28 3814 43 
1 6K 11 
7 1B22K 
33 4314 8H22K37H 
132214 49 54 89 


ra»> 


mi 


ft-actuaries world indices 


ni4» 


Jointly compiled by The HnvieW Tknaa LM. Goidmen. Sacha A Ca. rod NaMtoai Secwttae LM. m conjunction wttfi the tneOtute of Actuaries and the Fbcuity ol Actuaries 

NATIONAL AMD 
RCOtOKAL MARKETS 
Rgurea m paranOtoBW 
show number Brw 
of atock 


raza i 

Option 


380 4014 4714 <8 1 BK 12K 

SB013K 28 W GK 10 25 
700 31 80 60 2h 13 24M 
750 3 21 304 28 38HSB4 

200 8% 15H 21 2h 8 13J4 
220 TH 7 T1K 16)4 21 25H 

80HK13K 18 1 3» 5 

90 3 7K 10K 3K 7H 9H 

1100 53 73 83 2M 22 37K 
1150 14 43 03 18 44 81K 
800 32% BB7BK 5 21 37 

850 8 33 44 32 48H 84 

ter Wb maj Feb m 


US 

OdOar 


□ay's 

Change 

96 


- THURSDAY OCTOBBl 13 im- 
pound Local 

Steftog Yen DM 
Max Mdaa 


Local 
Currency % ohg 
Index on day 


Gross 

Dtv. 

. Yield 


— WBNESDAY OCTOBER 12 1B94 DOLLAR KDEX 

US Pound Local Year 

□olar Steitog Yen DM Curacy 52 meek S2 week ago 
Index index index Max Index Low ppprort 


AiisntefGq. 


168.14 


Austria Cl 61 — 

.108.70 


—138.12 


.24950 


_16SJB 

Fiance (101) 

Germany (5®~— 

Hens Kora M 

Ireland (14). — 

.171.02 

142.89 

38797 

___„_209.13 




Japan (468) 

Malaysia (B7) 

Mexico {18) 

Nethartand flfl) 

(tew ZaateW p<]„ 

Nofwoy p3) 

Singapore (44) 

Sogth Africa (56) — 

Spain (38) 

Sweden (36) 
Swicartand (47).. 


161.31 

_S6X02 
.227020 
-J21A81 
7034 


-20SL57 
-380.57 
...320-86 
. 142-66 
-231.09 


USA (SIS) 


.165.74 
-201.82 
190.69 


-0.1 

157.65 

10X20 

13462 

151.64 

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366 

16864 

15762 

10863 

13469 

15169 

189.15 

14968 

15269 

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114.78 

145.08 

145.63 

-08 

1.10 

183.16 

17160 

11564 

14863 

148.78 

19860 

167X6 

181X1 

0.8 

15029 

10556 

133.® 

130.40 

06 

462 

18566 

156.02 

10464 

1S2X9 

18964 

17764 

14963 

162.81 

-0.4 

12950 

8723 

11075 

134.76 

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2,49 

138.70 

13011 

B7JS7 

111.20 

13569 

14561 

12054 

12668 

(VS 

234JJ1 

157.77 

20060 

205.40 

04 

1A4 

24865 

23362 

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199.® 

204.82 

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23760 

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173.73 

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148.57 

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18468 

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14860 

18467 

18569 

11865 

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108-01 

137.12 

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15765 

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13964 

16667 

15964 

17004 

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on an 

11468 

11468 

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160 

14268 

13366 

8960 

11A15 

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135.70 

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311.00 

38468 

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38768 

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6364 

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14 

17M 

Z354 

TSnmc 

130 

11 

5)4 

1054 

6 

12 

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(1W ) 

140 

6tt 

11 

1554 

15 

BM 

22 

Dsn m 

850 

m 

82 

105 

1354 

20 

365* 

r993 ) 

1000 

37KS3H 

TO 

3254 

51 

50 

T58 

200 

21K 

25 

a 

454 

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254 

rsi3) 

220 

9H n» 

1754 

13H 

2054 23M 

TbdNbi 

200 

2BV4 

31 

37 

4 

7 

TO 

C219) 

220 

f3K18K 

20 

OH 

5H 

8)4 

HMteans 

650 

9H79U01K 

10 

1)4 44)4 

P682 } 

700 

31 

S3 

M 

43 

58 

8)4 

Optkn 


Oct 

Jsa 

Hr 

03 

Jai 

Hr 

Oh 

800 

22K 

40 

60 

7 

2BH 

tan 

(-012) 

050 

3 2514 

30 

40 

65 8854 

KSCnste 

700 

3014 #114 

75 

0)4 

30 6B» 

rw ) 

750 

m 30T4 

90 

3* 

57 

79 

teuare 

462 

u 

- 

- 

BK 

- 

- 

T488J 

475 

7 

- 

- 

3J4 

- 

- 

Opdoo 


Her 

M May 

No* 

Feb 

ter 

Rsfiritotcs 

160 

11 

17 

21 

m 

11 15K 

H82) 

200 

Stt 

9 1254 

20 23HZ7K 


issue Amt 
price paid 

P up 

Mkt 

«P 

(Emj 

1904 

Kgh Low Stock 

Close 

price 

P 

47- 

Net 

<5v. 

Dir. Gre 
cm. ykl 

WE 

net 

§125 

FP. 

17P 

130 

113 Compel 

113 


WN44) 

2.1 

4 A 

10P 


F.P. 

■\an 

I 1 * 

1 Conn Foods Wns 

Ta 



- 

— 

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FJ>. 

24 X 

88 

61 Engaging Mkta C 

B1 


- 


- 

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63 

FP. 

12 a 

66 

68 Ernrerix 

67 


RN0.71 

53 

13 

54 

ns 

FJ*. 

38-5 

125 

115 Gomes Workshop 

124 


HN4.6 

24! 

4.6 

51.7 

- 

F P. 

314) 

82 

60 Hkvnbros Sm Adro 

82 



ro 

- 

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34)0 

30 

28 Do WafTanto 

30 


- 

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- 

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180 

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17X 

IDS 

178 Medda in* 

181 

♦1 

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2P 

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180 

F P. 

447.1 

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170 Men ED 4 F 

174 


RN8J3 

1.6 

12 

98 


FJ*. 

1118 

378 

380 Tempieton E New 

306 



- 

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FJ*. 

11.9 

212 

189 Do. WHS. 2004 

192 


- 

- 

- 

- 

- 

FP. 

213 

360 

340 Wrexham Water 

340 


- 

- 


- 

- 

FP. 

4411 

330 

325 00. W 

325 


- 

- 

- 

- 


RIGHTS OFFERS 

isaua Amount Latest 
prioe paid Ranun. 
p up date 


IBM 

High Low 


Suck 


Closing +or- 
price 

P 


500 

r« 

18/10 

60 pm 

24jro 

Reckftl & Cobnan 

60pm 46 

245 


SY11 

30pm 

10 pm 

UnfCham 

29pm -1 

78 

M 

14711 

6pm 

3pm 

World ol Leather 

3pm 


FINANCIAL TIMES EQUITY INDICES 


W 14 

Oct 13 

Oct 12 

Oct ii 

Oct ID 

Yr age 

•rtgh 

low 

239147 

241^2 

2382.0 

23578 

2338.0 

23648 

27110 

2240.6 

4-32 

A28 

483 

487 

4.41 

3-95 

431 

3.43 

6.15 

0.10 

air 

083 

080 

4-56 

881 

3.K 

18.71 

1880 

lass 

18X8 

18J32 

27.48 

30A3 

16.94 

1624 

1889 

iai0 

10471 

1786 

2584 

3080 

17.09 


131BK 21 


_irx9* 

J22X2B 


EUROPE (708) 

Nordic (116) „ 

PKflfc 00*1(747) 17&« 

Bro-Pm&c (1489- 

North America (01 a 

Europe Ex. UK E 505 ) 

Pacific Ex. Japan B7SJ- — 

wort) Ex. US (16»> £51 

World Ex. UK (1M7)-:- 

wwid Ex-So. Atpoag 

Mtorid Ex. JWTO (W83) 188-38 


The Wortd Hoax gi 51)— ■— 17834, 


1 St 

102.18 

10023 

138L07 

152X5 

12 

384 

IX 

209.32 

141^)0 

17001 

206.67 

1.4 

1X2 

02 

100.10 

107.SS 

13692 

112,65 

02 

187 

a? 

lease 

10035 

137 AS 

12083 

07 

181 

ax 

17&M 

118X9 

150X3 

187471 

OX 

283 

1.8 

144 55 

87.10 

12305 

131.0Q 

1.2 

2X8 

-at 

248.18 

lffi.83 

21054 

23099 

-ai 

2.78 

0.0 

1E2.G0 

1QOS6 

139.12 

132-36 

0.7 

183 

as 

184J7 

111.13 

141.CS 

140J01 

05 

SLOB 

0.6 

10626 

111.09 

142.10 

149X5 

08 

226 

a7 

177X7 

11054 

151.77 

17091 

07 

297 

0.8 

107.11 

112J57 

14LS2 

150.47 

08 

2» 


170,86 

220.12 

17038 

170-45 

18831 

IS U* 
282.75 
172.42 
170.Q9 
17030 
107.97 


16028 

206.48 

15002 


17543 

T4SL05 

246.47 

181.74 

184-21 

18537 

17032 


10737 
18838 

10738 
10732 
1173B 

66.00 

18530 

10837 

11036 

11131 

iiS3a 


13837 
17347 
136.60 
13835 
148.77 
12130 
21068 
13833 
14038 
14134 
150 JO 


15033 

20531 

11238 

127.79 

18631 

12231 

23435 

19132 

14536 

14638 

17736 


17836 

22935 

17638 

175.14 

192.73 

158.12 

29631 

17005 

17838 

18003 

19020 


154.79 
173.19 

134.79 
14X88 
173.67 
13554 
222-29 
14558 
1S5JB6 
15654 
17854 


181.67 

191.04 

16091 

181.12 

18433 

14244 

gggaa 

18148 

157-44 

18028 

17051 


* Uhderiymo warty erica. MnMmuenna* 
broad on staring otarptoee. 

October 14. Teal UMnete: 90748 Csta 1OS80 
Pick ts.iM 


OnBnaty Share 

CW. tflv. yMd 
Earn. ytd. % fus 
P IE teOa net 
PVE rote nl 

Tor 1994. Onftmy Share Mac since camptebant high £7108 2/02/94; tow 2MMO 
FT Onftney Bhere MM bero MM 1/W31 


Ortfinary Share hourty changes 
Open 9uO0 1000 11.00 1X00 


1 X 00 14d00 ttflOJMO. Mflh Loaf 


2402.1 24002 24022 24003 23943 23935 23803 2395.1 2392.8 2409.7 2388,7 
Oct 14 Oct 13 Oct 12 Oct n Oct 10 Yr ago 

SEflO bargains 24343 275S3 27558 29570 22521 39281 

Equity turnover jBpjt - 1692.7 15652 12915 10220 18003 

Equity bargabwT - 31534 29244 26^29 29509 43553 

Shares traded (h«r - 6342 605.4 5435 440.7 7233 

Tetdudtog Mnsnaritet broinan and wroieae atmem. 


FT GOLD MINES INDEX 


177JZZ 16654 11150 14258 14850 16050 15BJK 18948 



Oat K cbg 

u m day 

Dd 04 far 

12 11 989 

Graea dhr 
jhMX 

52 vasK 

Ogb Lore 

SeM tet fadn (34) 

23030 -08 

22BE30 2MU6B 181BO0 

181 

2367X8 178282 

■ Bagtotehxtei 

mann 

3536.70 -01 

354036 35095 273688 

395 

382326 2304.49 

«staoMi(7) 

279181 -XIB 

277527 3B34X5 322US 

l.TJ 

301309 2101.17 

term Medea (11) 

177781 -1.7 

1809X1 178114 194047 

a 75 

W 1468,11 


— - — - iMiwa sacra wxt Ca end tetWrol teceridro Lhted. 1967 


Sromrow^iximterrtawSnte- te n* U8 Dcro re. Bro e IMW; 100000 9VT2/92. 
naeeeroior 8oM Mfaro Mec Oat 14 2BU9 : dey^i clroigK -M poinw Veer egee 213.7 1 Fetei. 

• rowww Mr He adHn. 




APPOINTMENTS ADVERTISING 

flat UK edition -every 'toncatay & Thmsday 
aid itt the Iflternaliaaal editioa cveryFridayFor farther 
iofonnalion please call: .’ 


L 


Gareth Jones oq +4471S74377J 

i *44 71 873 405? 









24 


DCB .vOCTOBt'R I* IW 
FINANCIAL TIMES WEEK-END OCTOBtK ' 


LONDON SHARE SERVICE 


BANKS 


CHEMICALS 


ELECTRONIC & ELECTKCAt EQPT - Coot EXTRACTIVE INDUSTRIES 


HEALTHCARE. Coot 


wvesttient trusts 


Noes Pita 
ABN Atm TI n Btj 2 


«2AS- 


"TjlE 


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BXtr»ME_ 

Baft Sanaa) .MG m 

9ftpcPl 112ft 

9VpcW mu 

8Kteft *tfO 566* 

DamuKsoY □ mil 

DresarDU □ 


tV 1W Md YU +or 

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*U OSk f ISO 8&8 52 $ AGASXt. Q £SH +J, 

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-12 693 380% 5081 41 13.7 AMdCOBott-JWa 13H +2 H 

SS 314 J33 1086 60 9.7 Amerind 

*1 *78 50 1 927 7.7 ia2 BASF ON 


1994 MB YU 
Ion CaoQn GTE 
~ 8J07 120 
3446 
1lfi% JIM 
706 305 



- ftMtHMT -fcpn 110 191 

25 .1 ftssttv -55 w« -I *» 

119 HettA-POttl t £37% -ft EBZft 


+2 *319 248 1,346 

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FWWHn JD 71 

13peOW 73 

7peC*P) 132 

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PfSBCHK -IIC 740* 

HS8C (75p Sre)-fid 723d 

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MRHlTstlBkY.JII 

Hat fast AS _t 

Naoftst no 364 >6 

Ottoman Ffr £21 V -V 

MBkfirodnLtffO 4(5 -8 

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asntenr chuid.1K3 ZBOffl 

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153 512 10 305 HodaU— W 67 +3 

S3 12.1 11 213 LFAtoOJ .-.-__j}p4 M — 


♦% 141% 111 1128 103 - CreortdrelreS— £ » — 23 

+% 148*2 116 1112 103 - Cattufll)— HG Iftlal *7 199 

540 487 &2U 3-7 111 CenWittne ~HP 55 — 105 


WE Ms M 

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22 211 RJMuY G TKft i* 

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757 +3JU 879 514 

473 -8 820U 473 


68011590 
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519 7,413 


421 SMI 

£33 £21*4 VMS* 


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4.1 10.7 HWaon 

42 IQS HoecMOM 
5.0 113 HsKtaOmU 
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115 2311 
119 9U 
£4714355 
125 5U 
167 145*3 5543 

396 335 13M 

OS 730 3042 

IBS 38 130 

54 45 425 

BO 59 111 

2E0 56J 
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210 1314 
31 232 

320 1993 


133 



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9136ft 4^3 ET93% (1DBQ BdO 55 - NOtaPTFM 

217 ■») *250 153% S3 25 17.7 qS" 


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143 665 1573 3.7 111 

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TSB TNC 2151? - 

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62511252 
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® Hffi 5J9 

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BREWERIES 


628 377*3 1334 35 T16 MdeafRuSH) 

E *1 taft 27 . %m 07 502 MMMMl 

I5*s £11% 37/35 14 - PN38XD5XT- 

—2 -3S»U 223 2.586 25 &6 PmtT 

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24 *31 24 177 

73 — 91 68 358 

80 — 98 74% ®J 

£20 ft *ft S21U El 4 1730 

,£106 E11S E97*a 125 

3S7 369 283 335 

338 844 - 

140 
128 



DISTRIBUTORS 


NMca 

Ascot non S 

Bass ' 

BwMiQta _ 

Bironwoofl N 

Bdnogej’ope a ,#tfi 

Fiajm AS 

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Maw-. . 

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142 325 

46ft 1502 
380 775 

•469 3464. 409 

fill 399 B8U 

884 452 2205 

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-9 B24.ft 674 7569 


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540 689 483 333.1 

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193 495 35 116 B M* “J , 

35 ,m ^ 

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Sdtfaa jAf| 233 

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low CwEm 6rtl WE S9 nm)MStt— WO 37 — 40 36 ZU 

111 295 43 165 gfjY— TH 

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117 7U 11 31.0 7WY -S 

3U 115 15 555 TJjBnMd* PO 

405 135,7 44 21.7 TH XN 

17 752 4.1 146 Tetaec — 




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2 MB 

13 ua 

5 247 

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— EISA £12% 885 3 

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483 14ft U 195 Unman* jf 

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Betway .S»G 166 — 

Beiwhcft— WO 40% — 

BertWy JG 397 - 

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Bine NO 21 — 

Bo«(K} N 250 — 

BraioonHra W 70x1 — 

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34 860 

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26 


brotlier 

FINANCIAL TIMES 


TYPEWRITERS - WORD PROCESSORS 

Your Swedish Telecom Partner 

PRINTERS • COMPUTERS - FAX 

Weekend October 15/October 16 1994 

UK TO: OM *16 0306- u * Fnx: 071 416 0305 


Size of RJB’s coal bid 
surprises rival bidders 


By Michael Smith 

RJB Mining offered at least 50 
per cent more than the next high* 
est bidder to become the govern- 
ment's preferred candidate to 
buy British Coal's English mines, 
it emerged yesterday. 

The gap will raise questions 
about RJB’s assessment of the 
coal market and its ability to cut 
operating costs. Fellow bidders 
and British Coal executives have 
been surprised by the size of 
RJB’s £900m offer. 

None of the bidders will dis- 
cuss its tender, but RJB’s offer 
for the three English regions is 
understood to compare with con- 
siderably less than £600m from 
English Coal, a management 
buy-out team. 

RJB and English Coal were the 
only companies that bid for all 
three regions. However, Coal 
Investments, a quoted company, 
is thought to have offered about 
£510m for the two central 
regions, which are the bulk of the 
English assets. The third region. 


By Charles Batchelor, 

Transport Correspondent 

Eurotunnel, which is due to 
announce its results for the first 
half of 1494 on Monday, was yes- 
terday accused of taking a “flip- 
pant** approach to its investors 
only five months after making 
one of the largest rights issues in 
UK Ustoiy. 

The casual way in which Euro- 
tunnel revealed last week that it 
would not make its forecasts of 
revenue prompted anger and 
unease in the City and led to a 
further fall in the company's 
share price. The shares fell 17p to 
228p, down 20p on the week. 

The latest npset In Euro- 
tunnel’s frequently stormy rela- 
tionship with the City resulted 
from a remark by Mr Graham 
Corbett, chief financial officer. 


Rouble 

Continued from Page 1 


IMF will press for a detailed and 
closely monitored level of mone- 
tary and fiscal rectitude. It does 
not Intend to support a budget 
for 1995 unless the government’s 
aims include reducing inflation 
to about 3 per cent or lower a 
month, and achieving a budget 
deficit of about 5 per cent of 
Gross National Product next year 
- compared with a level of about 
11 per cent at present. 

Mr Jeffrey Sachs, an economist 
and former Russian government 
adviser, said yesterday that 
"whatever happened this week, 
the basic reason is that the gov- 
ernment has not put in place 
clear rules of the game - and so 
the power of a few insiders to 
stop reform is still too great”. 


the north-east is judged by ana- 
lysts to be worth less than £80m. 

Some of the foiled bidders hope 
RJB. which has a market value of 
less than £i60m, will be unable to 
raise the more than £lbn it needs 
to finance the bid and provide 
working capital 

However, to win the govern- 
ment’s backing RJB and its 
adviser Barclays de Zoete Wedd 
will have provided strong evi- 
dence that the money will be 
raised before the scheduled com- 
pletion of the British Coal priva- 
tisation on December 24. 

Ministers also sought reassur- 
ance on the long-term viability of 
RJB’s business plan. 

Mr John Reynolds, analyst at 
James CapeL said yesterday that 
on his assumptions for the coal 
market and RJB's profit margins, 
the company would have "crip- 
pling debt" and would provide 
negligible returns for equity 
investors after 1998. 

That is the year contracts with 
electricity generators expire. RJB 
assumes the electricity genera- 


that delays in the launch of tun- 
nel rail services made it “blind- 
ingly obvious" that the company 
could not make its forecast for 
1994 revenues of £137hl 

"The surprise is in the flippant 
way this has been released to the 
market,” said one analyst. "U 
was not blindingly obvious in 
May when they produced a 120- 
page rights Issue document 
which bad been vetted by their 
lawyers and bankers.” 

But Eurotunnel insisted yester- 
day that earlier press comment 
had concluded that forecasts 
would not be met and that there 
was nothing new in Mr Corbett's 
remarks. 

Analysts estimated that the 
delays could reduce Eurotunnel’s 
revenues by between £30m and 
£50m. This, combined with the 
decline in the company's share 


Continued from Page l 


allegations would be discussed 
next week. But he is also consid- 
ering calling on the govern- 
ment’s spending watchdog, the 
National Audit Office, to under- 
take a fresh examination of A1 

Vam atnah . 

The £20bn arms deal was 
signed in 1986 as a government- 
to-govemment agreement, with 
British Aerospace named as the 
main contractor. 

Mr Sheldon was instrumental 
in deciding that a 1992 NAO 
report was not published on 
grounds of national security. 

He said the report showed no 
evidence of corruption and made 
no mention of Mr Thatcher. 

Mr Thatcher has remained 
silent publicly since last week- 


tors will want more than 45m 
tonnes of coal a year until the 
end of the century, but some 
rival bidders believe a figure in 
the mid-30s would be optimistic. 

Mr Reynolds values the busi- 
ness RJB hopes to buy at “no 
more than £550m”. 

RJB and Barclays de Zoete 
Wedd are thought to be planning 
to raise about £400m through a 
share issue, including a public 
offer for sale. The rest of the £lbn 
would be provided by bank debt. 

The business plan is likely to 
suggest that most of the debt will 
be paid back within three years 
and will point to strong cash 
flows from existing contracts 
with the generators. In addition, 
the company will hope to reduce 
the offer price in detailed negoti- 
ations over the next few months. 

However, the amount saved 
through negotiation is likely to 
be tens of milli ons rather than 
hundreds. 


Man in the News, Page 8 
See Lex 


price may put the company in 
breach of its banking covenants, 
they said. 

Eurotunnel calculated in May 
that it had a buffer of £4i9m in 
its funding arrangements, includ- 
ing an assumption it would raise 
£200m from the sale of its war- 
rants. 

The more cautious estimates of 
its bankers gave It a fundi ng 
margin of only £34m. 

Eurotunnel denied that there 
was any danger of it breaking its 
bank covenants. It was not due to 
start calling down its bank facili- 
ties until next spring or s umm er 
at the earliest, it said. 

The company's results state- 
ment will coincide with the 
announcement of the starting 
date and fores of Etirostar ser- 
vices connecting London, Paris 
and Brussels. 


end's allegations. Bat his mother 
earlier this week once again 
denied any impropriety in A1 
Yam amah, which she helped to 
win while prime minister. 

However, a senior French 
defence executive said yesterday 
The Sunday Times allegations 
confirmed reports circulating 
among rival contractors during 
the Initial bidding process. 

Mr John Wyatt, director of 
Search Training International, a 
British security company which 
won a contract under the pack- 
age, said: "There was an agreed 
figure [for the package] under 
which all military items were 
subsequently drawn down. I 
think this made it difficult to 
check the authorisation of the 
payments. I am not surprised it 
was open to misuse.” 


Blow to 
Balladur 
as trade 
minister 
resigns 

By John Ridding and 
David Buchan in Paris 

The wave of French corruption 
scandals last night claimed their 
most prominent victim with the 
resignation of Mr Gerard Longuet 
as trade and industry minister. 

His departure is a blow to the 
centre-right government of Prime 
Minister Edouard Balladur. Mr 
Longuet was one of the most 
senior cabinet members and 
regarded as a key ally in Mr Bal- 
lad ur's campaign to win the pres- 
idency next year. 

Mr Longuet is the second min- 
ister to resign since July, when 
Mr Alain Carignon stepped down 
as communications minister to 
face corruption charges. Earlier 
this week he was detained in a 
Lyon prison. A number of 
France's top businessmen have 
also been placed under investiga- 
tion in a series of corruption 
cases. 

Mr Longuet has been under 
Increasing pressure to resign fol- 
lowing charges of illicit pay- 
ments for the building of his holi- 
day villa in St Tropez. He is also 
one of the targets of a separate 
investigation into illegal corpo- 
rate funding of the centre-right 
Republican party. 

Mr Longuet is the president of 
the Republican party, the second- 
largest party in the ruling RPR 
Gaullist and centrist UDF coali- 
tion. Despite his resignation, 
aides indicated that Mr Longuet 
would remain head of the Repub- 
lican party. 

His departure will cause uncer- 
tainty over the course of French 
industrial policy. Mr Longuet 
has pushed strongly for privatis- 
ing the more profitable parts of 
state-owned industry such as 
Renault, the automobile group 
and for restructuring loss- 
makers like Bull, the computer 
company. 

Government officials said no 
decision has been taken on Mr 
Longuet's successor, but that it 
was possible that his sprawling 
industry dossier, which includes 
trade, posts and telecommunica- 
tions, might be split up. One pos- 
sible candidate for the industry 
post appears to be Mr Jean- 
Claude Gaudin, a Republican sen- 
ator. 

Pressure for Mr Longuet's res- 
ignation has grown steadily since 
the leaking of a judge's report to 
the justice ministry last month, 
accusing the minister of corrup- 
tion. The justice ministry, with 
Mr Balladur's backing, granted 
Mr Longuet until the end of this 
month to clear himself of the 
allegations before the filing of 
formal charges. This, in turn, 
brought the prime minister 
under increasing criticism that 
he was sheltering a political ally. 

Mr Longuet's aides insist that 
he will succeed in disproving 
charges that he allowed a 
friendly contractor to subsidise 
the building of his villa, but that 
"the desire for blood in this case” 
had made his position untenable. 


City expresses anger over 
Eurotunnel revenue targets 


Thatcher allegations 


FT WEATHER GUIDE 


Europe today 

Most central parts of the continent will 
have plentiful sunshine, although there 
will be patchy doud in Benelux. 

Germany and northern France. Southern 
France and Italy will be sunny. Rain will 
linger in north-western Spain, while 
eastern Spain stays dry with sunny 
spells. The south-eastern Balkan States 
will be cloudy. Thunder will develop over 
the Mediterranean south of Greece. 
North-eastern Europe anti sections of 
Scandinavia will have sunny intervals. 
Western Norway and southern Finland 
writ have steady rain with near gale farce 
wind. The nonhem Baltic States will also 
have occasional rain. 

Five-day forecast 

High pressure over Iceland will approach 
north-western Europe bringing a north- 
westerly flow of cold and unstable air to 

the continent Temperatures will drop in 
much of Europe and conditions will 
become more unsettled. Showers will 
develop over the North Sea. Parts of 
northern Scandinavia will have snow. 
Thundery showers will remain over foe 
central Mediterranean. 



TODAY’S TEMPERATURES 


Situation at IS GMT. Temperatures maximum for thy. Forecasts by Metso Consult oi the Netherlands 



Maximum 

Befpng 

fair 

15 

Caracas 

thund 

31 

Faro 

shower 

2 i 

Madrid 

shower 

21 

Rangoon 

shower 

34 


Celsius 

Belfast 

cloudy 

14 

Cardiff 

cfoudy 

15 

Frankfurt 

sun 

19 

Majorca 

cfoudy 

23 

Reykjavik 

cloudy 

3 

Abu Dhabi 

lair 

34 

Belgrade 

sun 

10 

Casablanca 

3un 

23 

Geneva 

sun 

19 

Malta 

fair 

25 

Rio 

shower 

26 

Accra 

fair 

29 

Berlin 

fair 

16 

Chicago 

fair 

18 Gibraltar 

shower 

22 

Manchester 

to® 

16 

Rome 

sun 

22 

Aigwra 

fair 

25 

Bermuda 

shower 

27 

Cologne 

fair 

18 Glasgow 

orzA 

13 

Manila 

thund 

33 

S. Frcco 

Wr 

18 

Amsterdam 

lair 

15 

Bogota 

s Mower 

17 

Dakar 

Nr 

31 

Hamburg 

Helsinki 

tog 

13 

Melbourne 

lair 

31 

Seoul 

cloudy 

20 

Athens 

thund 

22 

Bombay 

lair 

32 

Dallas 

lair 

24 

rain 

10 

Mexico City 

cloudy 

17 

Singapore 

shower 

31 

Atlanta 

cloudy 

22 

Brussels 

sun 

16 

Delhi 

fair 

34 

Hang Kong 

lair 

30 

Miami 

tnund 

30 

Stockholm 

tirzzl 

12 

3. Aires 

sin 

SB 

Budapest 

fair 

IS 

Dubai 

sun 

34 

Honofufu 

fair 

33 

M3 an 

sun 

22 

Strasboivg 

sun 

SO 

3.nam 

1 air 

16 

C.hagen 

fog 

12 

Dublin 

cloudy 

15 

Istanbul 

thund 

19 

Montreal 

sun 

12 

Sydney 

fair 

£2 

Bangkok 

Shower 

3A 

Cairo 

fair 

31 

Di&rovnik 

sun 

22 

Jakarta 

fair 

33 

Moscow 

cloudy 

11 

Tangier 

fair 

23 

ItorceJona 

cloudy 

21 

Cape Town 

sun 

26 

Edinburgh 

drzrf 

14 

Jersey 

cloudy 

18 

Munich 

fair 

17 

TeJAvJv 

fab- 

29 










Karachi 

sun 

34 

Nairobi 

Naples 

shower 

25 

Tokyo 

fair 

24 










Kuwait 

sun 

37 

sun 

23 

Toronto 

sun 

|4 


The airline for people who fiv to work. 


L. Angeles 

sun 

21 

Nassau 

thund 

31 

Vancouver 

fair 

16 







■ 



Las Palmas 

fair 

26 

New York 

sun 

16 

Venice 

sun 

20 










Lima 

fair 

23 

Nice 

3un 

21 

Vienna 

sun 

16 

Lufthansa 




Lisbon 

London 

LuxJbourg 

ran 

cloudy 

sun 

23 

16 

18 

Nicosia 

Oslo 

Paris 

thund 

fair 

sun 

28 

13 

21 

Warsaw 

Washington 

Wellington 

tog 

fair 

shower 

14 

18 

12 

• ' — 

✓ 








Lyon 

sun 

21 

Perth 

Prague 

fair 

19 

Winnipeg 

rain 

14 










Madeira 

talr 

25 

fair 

18 

Zutah 

8U1 

18 


THE LEX COLUMN 

Hamble pie 


NJW. Rothschild yesterday pinned the 
blame for the Aerostructures Hamble 
debacle on the engineering company’s 
management Cock-ups by the man- 
agement there certainly were and 
those responsible should not profit 
from the sorry affair. But the matter 
cannot be left at that Given that the 
roots of the company's problems go 
back to before the company was 
floated in June, there is also a ques- 
tion of whether there were warning 
signs its advisers should have spotted. 

Mr Andy Barr, Aerostructures' chief 
executive, may have retired on ill- 
health grounds. But he has still 
received £1.7m from selling shares in 
the float. The honourable response 
would be to offer to buy back shares 
from new investors at the price for 
which they were originally sold. His 
son Mr Brian Barr, the company's 
manufacturing director at the time, 
has been shifted to a new role. Since 
Aerostructures' problems were in its 
factory, he can have no long-term 
future with the company. He too 
should use the £580,000 he received 
from the float to buy back shares. 

Rothschild and Coopers & Lyhrand, 
Aerostructures' accountant, deny neg- 
ligence. And it would certainly be 
hard for shareholders to know 
whether there was any without a 
much more detailed post mortem. But 
Rothschild, Coopers and other advis- 
ers still have an interest in assuaging 
investors' anger and so should con- 
sider paying back the £L2m fees they 
earned from sponsoring the float. 
There can certainly be no case for 
Coopers continuing to receive fees for 
investigating what went wrong. If 
investors are to be charged for the 
post mortem, it should at least be con- 
ducted by a new team of advisers. 

Germany 

The German stock market has risen 
by 7 per cent over the past week, and 
yields on 10-year government bonds 
have dropped 3 basis points to below 
7.5 per cent. This reflects growing con- 
fidence that Chancellor Helmut Kohl's 
coalition will be re-elected in tomor- 
row’s general election. 

If so, euphoria is likely to be 
short-lived as investors start to con- 
centrate once again on fundamentals. 
Earnings for Germany's bigger compa- 
nies are set to rise by around 80 per 
cent tills year and 40 per cent In 1995, 
but this still leaves the market on a 
high valuation of 16 to 17 times next 
year’s earnings. As for bonds, an 
encouraging headline figure for 


FT-SE index; 310€.7 f-35.2] 


Germany 


1 0-year bund yield */ /^DAX Index 
8 % - 2^00 



Source: Dataswam 

August M3 growth disguised an accel- 
eration in bank lending, a red rag to 
the B und esb ank buIL German indus- 
trial production is likely to pull back 
this autumn after a blip this summer. 
The more robust the recovery, the less 
Germany’s unions will be prepared to 
settle for a moderate wage increase. 
That is an environment in which the 
Bundesbank is likely to tighten inter- 
est rates. 

The complexity of Germany's voting 
system and the closeness of leading 
parties in the opinion polls make it 
hard for investors to guess the out- 
come. The least desirable development 
for the markets would be an alliance 
between the leftwing SPD and the 
Green party, supported by the former 
communist PDS party. Marginally 
more palatable would be a coalition 
between the SPD and the rightwing 
CDU/CSU. Either result would unset- 
tie the markets next week. Thereafter 
it would serve to turn the spotlight 
more acutely on the fundamentals. 

UK gilts 

With the governor adamant that 
bond markets are too pessimistic 
about inflation, the Bank of England 
was unlikely to opt for a long-dated 
auction this month. Unusually, how- 
ever, it had the luxury of choice, as 
gilts continued to draw relative bene- 
fit from September's base rate rise. 
Moreover, after this week's heavy tap 
sales, the Bank must feel comfortable 
with its funding programme. Unlike 
last year it can well afford to forgo an 
auction in November. 

But the choice of a short maturity 
for October's auction leaves one prob- 
lem unresolved. This year's funding 


profile is not particularly tilted 
towards the short end of the yield 
curve, but the Bank continues to 
eschew the longest maturities of 25 
years despite evident institutional 
demand. The tack of such paper - the 
longest-dated conventional gilt 
matures in 2017 - is a glaring gap in 
an otherwise richly-endowed market. 

The bank has yet to find a way of 
filling it without giving the impression 
that it has turned pessimistic about 
the course of rates. 

The logic of the governor's approach 
is that rates will eventually fall as 
Investors become more trusting on 
inflation. But the chances of substan- 
tially lower yields look slim in the 
short run. Worries persist about the 
US bond market, and gilt spreads over a 
US and German government bonds v 
have narrowed significantly over the 
past month. At around 100 and 130 
basis points respectively, they may 
not have much further to go. 

RJB Mining 

RJB Mining cannot be accused of 
lack of ambition. If the group's bid for 
the bulk of British Coal is successful, 
it will have a turnover in excess of 
£2hn, which is not bad for a company 
that did not even exist three years 
ago. But the scale of RJB Mining's 
ambition is also a concern. The group 
will need to raise about El.lbn to 
cover working capital, restoration and 
subsidence bonds, and the purchase 
itself. That is a lot of money for a 
company with a market capitalisation 
of £157m. A substantial share issue is 
needed as well as hefty borrowing. 

The question is whether the group can 
pay track the banks and then provide a 
decent return for shareholders. Com- 
petitors, whose bids were between 30 
-50 per cent lower, believe not. 

Shareholders will be gambling that 
costs can be attacked more aggres- 
sively than hitherto, and that RJB 
Mining’s predictions for coal demand 
and prices are not over-optimistic. The 
danger is that the group mil not have 
paid down debt by 2998 when the guar- 
anteed contracts with the electricity 
generators run out. If that happens, 
and the group’s forecasts prove unre- 
alistic. the interest burden will leave *' 
little or no return for shareholders. 

For what it is worth, the govern- 
ment adviser N.M. Rothschild has 
given RJB Mining’s arithmetic Its seal 
of approval. The UK’s coal industry 
has a promising future if it is sold at 
the right price. Investors will need to 
study any prospectus with care. 


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Democracy in 
Haiti — will 
the rich buy it? 


W ater. One word 
can stand for all 
the difficulties 
and dangers 
which beset Jean 
Bertrand Aristide, the president of 
Haiti, on his return from exile 
today, under the protection of 
American guns. 

The first thing that strikes a visi- 
tor to the slums of Port au Prince is 
the ceaseless procession of people 
with 10-gallon buckets on their 
heads, to and from the well. 

The second thing that a privi- 
leged visitor might notice is the ele- 
gance of the villas on the surround- 
ing hills. The rich people who 
prospered under a succession of dic- 
tators. made their homes up there; 
and they are unhappy. 

Water is abundant among the 
shady patios, the bougainvillaea, 
and the landscaped gardens. But 
the swimming pools are green with 
algae. During the turmoil, electric- 
ity supplies have been so unreliable 
that it has been impossible to keep 
the pools properly filtered. 

Thousands of poor Haitians, who 
lack the simplest necessities, are 
expected to throng the streets 
today, to welcome back their cham- 
pion. the first president ever to be 
elected by popular vote. But if Aris- 
tide wants to keep the crowds 
cheering, and to show that demo- 
cratic freedom can also bring them 
running water, he may be forced to 
look first to the needs of the bath- 
ing classes. 

The most prominent of these are 
are six mainly mulatto families, 
who dominate the Haitian economy 
and have subtly exerted power over 
even the most vicious of recent rul- 
ers. Some, at least, appear to have 
been deeply implicated in the oust- 
ing of Aristide in favour of the most 
recent military dictator. 

Through the years of “murderous 
kleptoeracy" in Haiti, as Duvalier 
rule from 1957 to 1986 has been 
called, and the short-lived dictators 
who have followed (apart from 
seven months of democratic rule in 
1991), the families which own the 
commercial monopolies have all but 
run the Haitian economy and acted 
as the puppeteers for the country's 
leaders. 

The US government has won at 
least a superficial blow for democ- 
racy by Pitying its dues to Haiti's 
economic elite. Aristide, who was 
elected as a radical reformer, will 
have to overcome a hostile legacy 
and do the same if anything like a 


free country with a stabilising mid- 
dle class is to be developed. 

In the 1980s, the US circulated 
papers linking five of the leading 
families to the dictators and their 
murderous paramilitaries. Now the 
US government has come to terms 
with the oligarchs. It knows that if 
you want democracy in Haiti, you 
have to do business with the fami- 
lies which own it. 

When former President Jimmy 
Carter came to Port-au-Prince to 
negotiate the US and Haiti out of 
war and into a cooperative restora- 
tion of Aristide, he made a point of 
feting the local barons with grand 
dinners and intimate talks. General 
Henry Hugh Shelton. US Com- 
mander of the Joint Task Force in 
Haiti has gone one stage further 
and entered into leasing agreements 
on their properties. 


As Haiti's President 
Aristide returns from 
exile, James 
Harding considers 
the ruling elite's role 


Despite the US courtship, the 
grandees will not be on the streets 
cheering Aristide home. Although 
most paint themselves as champi- 
ons of democracy few have fond 
memories of the liberation theolo- 
gist's brief spell in the presidential 
palace. 

"We didn't have democracy under 
Aristide.'' says Olivier Nadal, secre- 
tary general of the Haitian Cham- 
ber of Commerce. "He was con- 
stantly attacking. the 
bourgeoisie ... his mob was in the 
streets, he sent people on to my 
land, to take away my land. We 
could still work, but it was very 
scary." 

Most business leaders hope, but 
are not convinced, that three years 
in Washington will have tempered 
the anti-bourgeois rhetoric of the 
populist preacher swept Into power 
in 1990 by the mass coalition. Lava- 
las - the flood meant to wash away 
corruption and emancipate the Hai- 
tian poor. 

Nadal finds it hard to believe that 
Aristide has changed and refers to 
sermons such as the one in which 
he talks of "... the class of land- 
owners and the bourgeoisie who 
live off the corrupt system we have 


in Haiti who do nothing, who give 
nothing back to the country, who 
steal what little wealth we have and 
put it into banks in foreign coun- 
tries. their private property 
Is... Haitian property, it does not 
belong to them." 

The wealthy should be accus- 
tomed to the people's straggle. 
Haiti, the only country in the world 
to have witnessed a successful 
black slave revolt, has a strong his- 
tory of popular uprisings and 
movements for street justice or 
decfioukaj. 

But such hostility is not what the 
business families had come to 
expect of Haiti's rulers. Quite the 
opposite, relations had historically 
been cosy. 

The half dozen clans are not the 
inheritors of French colonial wealth 
dating back two centuries. They 
multiplied their capital over the last 
50 years thanks to a deft handling 
of governments which granted them 
monopolies in exchange for support 
and financial favours. 

The Behrmanns made their 
money on concessions to import 
cars and trucks. The Madsens con- 
trol beer and much of the coffee. 
The Bigios are sole producers of 
iron, steel and construction materi- 
als. The Accras. the textile mag- 
nates. have benefited from govern- 
ment contracts for school and army 
unif or ms . 

The most prominent business 
families, the Mevs and the Brandts, 
have diversified considerably since 
the days of Francois “Papa Doc" 
Duvalier. hut their empires are also 
built on exclusive rights to trade 
and produce. 

The Mevs family has invested in 
port terminals and energy facilities 
based on capital from their manu- 
facturing and sugar production 
monopolies. The Brandts have 
diversified similarly on the back of 
their original detergents and edible 
oils origins. 

The proximity of businessmen 
and the military is barely disg u ised. 
When Gregory Mevs, president of 
the infrastructure interests of his 
family's multi-faceted business, 
fumbled to find his business card on 
introduction, he joked: “I have so 
many generals and colonels walking 
through my office every day. I don't 
need business cards.” 

They mix socially and have a his- 
tory of what one Haitian called 
“financial friendship". Some 

Continued on Page IX 


mint 

•kets 

wide 



CONTENTS 


Finance & Family: Offshore funds: 
are they safe? Ill 


Perspectives: Picking up the pieces 
in Dubrovnik XIX 


Travel: Up hill and down dale in the 
north of England XHI 


Food : Nicholas Lander looks at fire 
rise of women chefs XVIII 


Property: Country life for town 
lovers X 


Books : Two books for true blue 
voters XV 


+-J 


!.a 



Fashion: Images of Milan. What 
makes Italians noticed? - XX1I-XX1II 


Art* 

Books 

Bridge. CSxras, Crossword 

Fo&Non 

Fnvmca ft «h* Family 

Food ft Drink 

Cordoning 

How To Spend It 

Mm torts 

jamas Morgan 

Motoring 

Perspectives 

Private tfrew 

Property 

Sexmeo 

Sport 

Travel 

TV ft Had® 


XVWWH 

XV 

XXV 

XXMCXIN 

UkVUI 

XVM 

XU 

XXIV 

fl 

XIX 

XJV 

KJCJX 

XXWI 

X 

IX 

XIV 

xtf-xm 

xxv 


The Long View / Barry Riley 

Basildon misses out 


Q For the battle-hardened 
commentator on 
; Britain’s financial and 
economic affairs, the 
_ news seems just too 

good to be true. This 
week, underlying retail 
price inflation fell to a 
■F V bare 2 per cent, the low- 

est since 1967 while, 
coincidentally, unemployment figures 
showed a continuing fall, reflecting an 
economic growth rate which may be 
close to 4 per cent. An unexpected 
export boom is. meanwhile, shrivelling 
the balance of payments deficit. 

The financial markets have certainly 
decided that they overdid the gloom 
temporarily in September. In the 
gilt-edged market fixed interest yields 
have been falling while the real yields 
on index-linked gilts have scarcely 
changed - a sign that inflationary fears 
are receding. Indeed, powerful defla- 
tionary forces continue to grip the west- 
ern economies (although inflation is not 
dead - it has just moved to Russia, 
where the rouble has plunged against 
the dollar and shopkeepers were 
reported to be writing up imported food 
prices by 50 per cent on Wednesday). 

In the UK, however, you have to be 
some kind of monetarist nutter fretting 
about MO - which is rising at a slightly 
worrying 7.1 per cent vear-on-year - to 
be especially troubled about inflation. 
In fact, annual inflation has probably 
now bottomed out: wholesale-raw mate- 
rial prices are rising at a more vigorous 
5.7 per cent and it will be hard to repeat 
last year’s trick of a standstill in retail 
prices between September and Febru- 
ary, so year-on year inflation will tend 
to edge up. But the broad money mea- 
sure, M4. is growing at only 4.7 per 
cent, so there is absolutely no prospect 
that any acceleration of inflation will 
be of great significance. 

No wonder Bank of England governor 
Eddie George was in a frustrated frame 
of mind this week when he spoke out 
against the pessimism of the financial 
markets - which appear to be expecting 
base rates and inflation to jump. That 
could have been an implied hint that 


interest rates will not rise any further 
this year. 

Yet. British economic management, 
for all its glow of achievement is still a 
long way from becoming respectable. It 
is, after all, only just over two years 
since the ignominious exit from the 
European exchange rate mechanism. 
Since then, more by luck than judg- 
ment the government has achieved the 
first half of a brilliant economic strat- 
egy. This was to trigger a highly suc- 
cessful devaluation, which has stimu- 
lated economic recovery without 
generating inflation 
There is, however, a second stage of 
the transformation to be achieved, 
because the British economy remains 
seriously distorted. The outsized public 
sector deficit, a legacy from the reces- 
sion and the public spending bonanza 
which won the 1992 election, is foiling 
but is still likely to be about 5 per cent 
of GDP in the present financial year. 
The counterpart to that heavy public 
sector borrowing is the build-up of large 
surpluses in the private sector. The 
company sector, for instance, ran a 
financial surplus of £9-5bn in the first 
half of 1994, while the corresponding 
surplus for the personal sector was 
£10.8bn. 

T he recent benign trends in the 
economy have depended upon 
restraint is the private sec- 
tor’s readiness to spend its 
wealth - aided, of course, by the higher 
personal taxes which are redressing the 
Imbalances only gradually. All the 
same, a spending spree could yet give 
the economy a push along its familiar 
path towards inflation and a balance of 
payments crisis. 

Two factors seem important in 
restraining the personal sector. One is 
the continuing high level of unemploy- 
ment - despite tire overall decline from 
the peak - and the unusually high lev- 
els of insecurity in a hire-aod-fire econ- 
omy. The second is the chronic sickness 
of the housing market, which appears 
to have been dealt a nasty blow by the 
half-point rise in mortgage rates. 
According to the Halifax building 


society, house prices, after their 
attempt at recovery starting last win- 
ter. are now back to 1993 levels and are 
unlikely to pick up again before next 
spring. September house buying and 
selling activity, reflected in the Corpo- 
rate Estate Agents' index was 5 per cent 
down on the same month last year. 

There is a positive way of looking at 
this: it might just go to show what an 
inflationary disaster the politically- 
motivated over-stimulation of the hous- 
ing market has been for the British 
economy over 30 years. Some of the last 
subsidies and distortions are being 
removed (mortgage interest tax relief 
will be restricted to 15 per cent next 
April) and demographic factors are 
turning negative. 

So. we can hope that future economic 
growth will no longer necessarily lead 
to a credit bubble and consumer boom 
focused upon house prices and equity 
release (that Is. mortgage money spent 
on consumer goods). Symbolically, the 
Nationwide building society has just 
sold 300 loss-making estate agencies for 
£1 the lot 

Whether Basildon Man - that barom- 
eter of the nation from Essex - will see 
the positive side of this, as his prospect 
of escaping the negative equity trap 
retreats for another year or two, is 
another matter entirely. This is not the 
way the Tories won four elections in a 
row. They may soon worry that it is not 
the way they will win the next one. But 
if this economic upturn is to stay 
steady and well-balanced, George and 
Chancellor Kenneth Clarke will have to 
keep the housing market clamped 
down. Arguably, that was the primary 
aim of last month’s interest rate rise. 

Clarke could calculate, however, that 
surely there would be no harm in a 
modest house price boomlet in, say, late 
1995 and 1996. He will also want to cut 
personal taxes ahead of the next gen- 
eral election. Such manoeuvres would 
not help George to coax the money mar- 
ket and gilt-edged yield curves into 
shapes which he might regard as rea- 
sonable. But at least veteran columnists 
would find themselves back in familiar 
territory. 


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j 





financial times 


WEEKEND OCTOBER 15/OCTOBER 1994 


MARKETS 


London 

Equities surge 
after bond 
clouds clear 


Better than expected 


Analysts' forecasts 


20 


Trading statements v 
expectations 


Company results v 
expectations 
30 


Andrew Bolger 


W hat a differ- 
ence a few 
days can 
make. The 
surge in 
equity prices this week 
reflected a growing belief that 
US and UK interest rates will 
not have to rise - at least not 
vet. 

The recovery in London 
shares started towards the end 
of the previous week, when US 
payroll and unemployment 
data failed to provoke a feared 
increase in the Federal 
Reserve’s interest rate. A 
string of further economic indi- 
cators this week calmed infla- 
tion concerns in the US and led 
to a strong performance by 
both bond and equity in the 
Europe and the US. 

The resurgence of the Lon- 
don market culminated on 
Thursday with a 41.4-point rise 
in the FT-SE 100. following 
confirmation that US producer 
prices were still subdued. 
Although the FT-SE shed 35 
points yesterday, it still closed 
104 points up on the week - 
and 150 paints above its trough 


at the beginning of the month. 

Not all the good news came 
from the US. Conservatives 
meeting at the party's Bourne- 
mouth conference were able 
celebrate the fall in the UK's 
underlying rate of infla tion to 
2 per cent last month - its low- 
est level for 27 years. Septem- 
ber's figures also suggested 
that falling unemployment was 
not resulting in pressure for 
higher wages. 

Eddie George, the governor 
of the Bank of England, said 
bond markets in the UK and 
abroad were exaggerating the 
likely upwards movement in 
inflation in the industrial 
countries, including Britain. 
The governor told the British- 
American Chamber of Com- 
merce that financial markets 
were also probably exaggerat- 
ing the likely pace and size of 
the increases in short-term 
interest rates that might be 
needed to keep inflation down. 

The governor's remarks 
found a ready reception in the 
City. A survey showed UK 
fund managers had already 
become much more optimistic 



4m 1894 

Source: r-kaWesl Securities 

about gilts following last 
month’s base rate increase. 
The balance of fund managers 
looking to increase gilts hold- 
ings had this month jumped to 
47 per cent from 4 per cent in 
September. 

As the clouds over the bond 
market dispersed, investors 
and traders were able to take a 
fresh look at recent corporate 
performance. NatWest Securi- 
ties pointed out that the 
autumn reporting season had 
not been a disaster - in spite of 
a few high-profile cases such as 
BTR, the engineering group 
which warned of margin pres- 
sure, and S.G. Warburg, the 
merchant bank which revealed 
big trading losses. 

The chart shows that most 
company results and trading 
statements have exceeded mar- 
ket expectations - leading ana- 
lysts to upgrade their profit 
and dividend forecasts. 

However, low inflation does 


HIGHLIGHTS OF THE WEEK 


Price 

/day 

Change 
on week 

1994 

High 

1994 

Low 


FT-SE 100 Index 

3106.7 

+108.0 

35203 

2876.6 

Interest rata fears wane 

Aero Hamble 

24 

-35 

126 

20ft 

Profits wanting 

Alexandra Woricwear 

153 

-29 

• 230 

153 

Disappointing figures 

Ameraham Int 

988 

+84 

1141 

910 

Japanese deal 

BAA 

508 

+34 

541ft 

440 

Strong traffic flows 

Cable & Wireless 

421 

+31 

543 

381 

Demerger rumoura/Hoare "buy” note 

Eurotunnel Uts 

228 

-20 

592% 

223 

Refinancing worries 

Klein wort Benson 

464 

+31 

693 

424 

Smith “buy" noWMood/s upgrade 

Matthew Clark 

590 

-39 

646 

544 

Acquisition of Gayroer group 

Securicor A 

947 

+52 

1069 

785 

CeBnet stake sale rumours 

Senior Eng 

72 

-39 

150ft 

72 

Profits warning 

Standard Chartered 

280 

+22 

359ft 

223 

NatWest Securities "buy” note 

Stanhope 

10 

-9 

50 

10 

Co In bid talks below market price 

Tay Homes 

183 

+32 

257 

151 

Doubted Interim profits 

VSEL 

1325 

+147 

1328 

980 

Bid from British Aerospace 


not always spell good news. 
Albert Fisher, the food process- 
ing and distribution group, this 
week opted out of the UK's 
baked bean price war, which 
has seen supermarkets selling 
own-label brans for 7p a can or 
less. It Sold a canning and bot- 
tling plant at Strat- 
ford-upon-Avon to Campbell 
Grocery Products, a subsidiary 
of the US food group, for £37m. 

The depressed state of the 
housing market has also not 
helped Nationwide building 
society, which agreed to sell 
for Just £1 a total of 304 estate 
agency branches it had 
acquired for £130m since 1937. 
Financial services groups paid 
high prices in the late 1980s for 
estate agencies, in the hope 
they could use them to sell a 
range of services such as home 
loans and insurance policies. 
The collapse of the housing 
market has ted to mounting 
losses, closures and disposals. 

Any complacency over the 
inflationary outlook could also 
prove premature. The cost of 
raw materials used by British 
manufacturers rose signifi- 
cantly last month as the surge 
in world commodity prices 
pushed up the expense of 
imported materials. The cost of 
goods leaving factory gates 
rose at a relatively subdued 
rate, suggesting that many 
companies are still being 
forced to absorb rising costs. 

Lucas Industries, the auto- 
motive and aerospace compo- 
nents group, managed to 
report a slight increase in 
profit margins - but this was 
mainly because of a sharp 
reduction in the group's work- 
force, which has been cut by 
3,200 to 45.700 in the past year. 
Lucas shares rose, even 
although its new chief execu- 
tive. George Simpson, 


announced a further refocus- 
ing on the Birmingham-based 
company. The former Rover 
chairman's plan involves fur- 
ther disposals and a total of 
£214m in exceptional charges - 
double previous forecasts. 

VSEL. the Cumbrian-based 
maker of Trident nuclear sub- 
marines, faces restructuring of 
a different kind - being swal- 
lowed by another large defence 
contractor. GEC, the defence 
and electronics group, is this 
weekend considering whether 
to make a cash offer for VSEL, 
to counter an agreed all-share 
bid worth £479m from British 
Aerospace. Whichever group 
emerges victorious, the out- 
come will mean a further sig- 
nificant step in the consolida- 
tion of Britain’s shrinking 
defence sector. 

Being taken over by a com- 
petitor might be a blessed 
release for Aerostructures 
Hamble, the aircraft compo- 
nents maker which came to 
the market in June and baa 
already proved itself the worst 
performer of the recent wave 
of flotations. The shares, 
launched at 120p, yesterday 
collapsed to 24p after the group 
reported a sharp drop In 
interim profits, warned that 
next year's sales would be well 
below this year’s and said its 
chief executive was stepping 
down because of ill-health. 

Institutions have become 
jaundiced about the quality of 
some of the new issues which 
have been flooding on to the 
market. The chairman of 
Aerostructures Hamble is Lord 
King, the former chairman of 
British Airways. He and N.M. 
Rothschild, the merchant h ank 
which advised on the group's 
flotation, can expect some stiff 
questioning from irate Inves- 
tors. 


Serious Money 

The Soros way to 
sensible investing 

Gillian O’Connor, personal finance editor 


I nternational speculator 
George Soros calls his 
theory reflectivity. The 
investor cannot make a 
totally objective assess- 
ment of markets, for his own 
views become one of the fac- 
tors which influence future 
developments. A market con- 
sensus results in a bias, which 
can sometimes affect not just 
market prices but events in the 
outside world of fundamentals 
- which those market prices 
aim to reflect 

So. the Investor is not just 
shooting at a moving target * 
he is shooting at a target 
which is moving ail the faster 
because he is chasing it There 
is a double feedback mecha- 
nism at work. As Soros himself 
puts it The stock market is 
generally believed to anticipate 
recessions; it would be more 
correct to say that it can help 
to precipitate them. Thus, I 
replace the assertion that the 
market is always right with 
two others: 

“l. Markets are always 
biased in one direction or 
another. 

"2. Markets can influence the 
events they anticipate.'** 

A neat example of reflexivity 
in action was last month's 
decision by chancellor Kenneth 
Clarke and Bank of England 
governor Eddie George to 
increase base rates from 5.25 to 
5.75 per cent The minutes of 
that meeting, published this 
week, make it clear that the 
attitude of financial markets 
played an important role in the 
decision. 

The chancellor noted that 
the markets were expecting 
interest rates to be raised 
sooner rather than later. He 
was concerned that if their 
expectations were not realised, 
markets could become more 
volatile and the eventual 
increase might need to be 
larger. 

George, who had proposed 
the increase, admitted there 
were arguments for delaying it 
but worried that such delay 
would increase the dangers • 
including financial market 


dangers. So, in the end. Clarke 
decided that an immediate 
Increase in rates would be an 
act of prudent economic man- 
agement 

He added that moving rates 
then would keep the authori- 
ties in control, rather than 
being driven by the market. 
(Even chancellors need com- 
forting illusions i. 

The markets' expectations 
altered the course of events 
because of the influence they 
had on people with the power 
to fulfil those expectations. 
The base rate increase was pre- 
mature. But an investor ana- 
lysing the economic fundamen- 
tals correctly, and investing on 
the assumption that there 
would not be an early increase 
in rates, would have been 
wrong-footed. 

So, the intelligent investor 
needs to do more than consider 
the relevant fundamentals in 
any market. He needs also to 
weigh up the opinions of other 
influential investors and how 
people in the real world are 
likely to react to their percep- 
tion of those opinions. 

If all this sounds hard, that 
is because it is. Soros himself 
once commented: “I make as 
many mistakes as the next 
guy. Where 1 excel is at recog- 
nising my mistakes." 

T his week produced a 
couple of salutary 
reminders that equity 
investment is as 
much about risk as about 
reward. 

The first, described in detail 
on page V, comes from Russia. 
.Emerging market fund manag- 
ers. following Templeton's 
guru Mark Mobius, are eyeing 
Russia as the next honey-pot in 
the making. Barely was the ink 
dry on the first press reports of 
Mobius's enthusiasm, when 
the rouble plunged by a fifth - 
only to make up virtually all 
its lost ground two days later. 
Not quite like the home life of 
our own, dear Footsie. 

The other is a continuing 
horror story called Aerostruc- 
tures Hamble. Floated on the 


UK market in June at I20p, it 
touched 22p yesterday after 
profit warning piled upon 
profit warning. A small lynch 
mob is prowling the City, furi- 
ous that no details of the prob- 
lems appeared in the prospec- 
tus. 

Remember Benjamin Gra- 
ham's adage: “Most new issues 
are sold under 'favourable' 
market conditions - which 
means favourable for the 
seller.” 

u □ □ 

Guaranteed equity bonds - 
which combine a capital guar- 
antee with some exposure to a 
the stock market - are aimed 
mainly at building society 
investors (see page VII for 
some ongoing offers). So. why 
have thev been made so com- 
plicated that the terms are 
hard even for professional 
advisers to assess? There is no 
easy way to pick out the best 
buys - tiie answer depends on 
your assumptions. 

All the bonds have slightly 
different minimum repay- 
ments; different percentages of 
your starting capital are linked 
to different multiples of FT-SE 
growth; some have a rap limit- 
ing the maximum return. What 
you get depends on your tax 
rate. And comparisons with 
other investments have to 
adjust for the fact that these 
bonds produce no income. 

Yet. they are being sold to 
people who are assumed to be 
stock market virgins. 

□ □ □ 

September's inflation figure - 
the lowest for 27 years - is 
good news for most. But not 
for pensioners. The September 
figure for the annual growth in 
the retail prices index (clocked 
at 2.2 per cent) is the one on 
which increases in state pen- 
sions and other benefits are ^ 
based. Everybody's good news 
is somebody's bad news. 

* The Alchemy of Finance, by 
George Soros, published by 
John Wiley & Sons. 


AT A GLANCE 


Finance and the Family Index 

Offshore funds Ill 

Share suspension worries/Week ahead/ Directors' dealings/ New 

Issues IV 

Investing in Russia/ Affinity credit cards .. V 

Curbs on NIC avoidance/Lifestyle insurance ...... — ...... — VI 

Turning share losses into benefit/ Annuities/ Guaranteed equity 

bonds .. .VII 

Q& A briefcase/Pibs/Highest Rates /New trust launches VIII 


0)1 price Rouble 

Brent crude 2 month forward price Against the S (Roubles per 51 

S per barrel — 1.000 



Iraqi troop movements give 
oil market food for thought 

The movement of Iraqi troops dose to the border with Kuwait 
caused an initial tremor in the oil markets but prices have 
dropped as chances of the US lifting the oil embargo against Iraq 
receded. The two-month forward price for Brent crude has fallen 
by more than Si since the incident began at the end of last 
week. 

Tough times for the rouble 

It has been a tough week for the rouble. President Yeltsin sacked 
his finance minister on Wednesday after the rouble fell 21. S per 
cent against the US dollar on Tuesday. On Thursday, amid 
rumours of heavy intervention by the central bank, it bounced 

back 20 per cent. The central bank’s foreign currency reserves 
have been heavily depleted this month. 

The reason for the rollercoaster currency movements is not 
entirely clear, but there has been speculation that the collapse 
was engineered by conservatives hoping to discredit the reform 
process and destabltse the government 
From Russia with confidence, page V. 

Strong response on BT3 

Investors in BT3 (the third tranche of shares in British Telecom) 
responded strongly to the call for the third and final instalment 
on the shares, due last week - 94 per cent paid up by the due 
date, compared with 91 per cent for the second call on BT2, and 
86.5 per cent tor the second Instalment on shares in the regional 
electricity companies. Shares of Investors who do not pay on 
time are taken by the Treasury, sold, and the proceeds returned 
less costs. Shareholders paid a total of 41 Op; BT shares test 
week were trading at just under 4Q0p. 


C&G letter warning 

Cheltenham & Gloucester building society Is writing to those who 
do not qualify for a share of the cash bonanza offered in the 
wake of Uoyd Bank's £l.8bn bid for the society. 

Smaller companies fall 

Smaller company shares continued to fall this week. The Hoare 
Govett Smaller Companies Index (capital gains version) fall 1.1 
per cent to 1618.6/ over the week to October 13. The index is 
now down 4.3 per cent from the start of the year, compared with 
the FT-SE- A All-share index, which Is down 7.5 per cent over the 
same period. 


Wall Street 

Investors search hard for new worries 


W all Street's latest 
inflation scare 
seems to be over 
- at least for 
now. After fretting about 
whether factory and retail 
prices rose sharply in Septem- 
ber or not, investors' nerves 
were calmed this week by data 
showing surprisingly a low 
inflation rate. 

The news lifted bonds and 
stocks, which were given an 
additional boost by a promis- 
ing opening to the third, quar- 
ter reporting season. 

Yet the warm glow left by 
the September Inflation fig- 
ures will soon fade, probably 
by Monday. Once the new 
week starts, investors will 
start worrying about some- 
thing else. Will this be the last 
qnarter of strong corporate 
earnings before the Federal 
Reserve's monetary policy 
tightenings start to take 
effect? Will the dollar weaken 
further? Is th'e economy still 
growing too strongly for the 
Fed’s lilting? Thus, will the 
central bank sanction another 
rate increase before the end of 
November? 

Soon, it will time for inves- 
tors to start fretting about the 
October inflation data, and the 


Dow Jones Industrial Average 



whole cycle can begin again, 
for Wall Street just cannot 
seem to shake its inflation 
bug, even after this week's 
reassuring statistics. On 
Thursday the government 
reported that producer prices 
Tell 0.5 per cent in September, 
the steepest decline since 
August 1993. Yesterday’s con- 
sumer prices data were almost 
as encouraging, with the con- 
sumer price index rising just 
0.2 per cent last month. 

Since the start of the year, 
producer prices have risen 1.9 
per cent and consumer prices 
2.8 per cent This means that 
the rate of inflation has barely 
budged since last year, even 
though consumers continue to 
spend, jobs continue to be cre- 
ated and the economy contin- 
ues to grow at an impressive 
rate. Investors worried about 
inflation have been unable to 
draw much comfort from the 
low rate of price increases 
because they cannot believe 
that current solid economic 
growth and low inflation can 
last for long. 

Yet, there are some good 
reasons why inflation is low 
now. and likely to stay that 
way: commodity prices remain 
low (the threat of another con- 


flict in the Gulf this week 
actually led to a decline in oil 
prices); global competition is 
preventing companies from 
raising prices and labour 
dema n d i ng higher pay; techno- 
logical development continues 
to forge efficiency gains and 
depress wages; and companies 
continue to respond to high 
costs by restructuring their 
operations rather than raising 
prices. 


1994 

Then there Is the Fed factor. 
Interest rates have been raised 
five times this year, and this 
tightening of policy should 
eventually take its toll on the 
economy. Assuming that it 
does, and economic growth 
slows down in 1994 because of 
the Fed's actions, it is safe to 
assume that any inflationary 
pressures in the system trill 
also ease next year. If Inflation 
is running at around 3 per 


cent this year, it is difficult to 
envisage it rising much above 
that rate in 1994. 

At some stage, the bond 
market is going to wake up to 
the fact that inflation is not 
going to prove as bad as they 
expected. When it does, long 
term interest rates, which are 
hovering around 8 per cent 
today, should come down. 
Until that happens, however, 
the stock market is probably 
going to continue to struggle 
to break out of its trading 
range, which over the past few 
months has left the Dow Jones 
industrial average stuck 
between 3,800 and 3^50. 

At least investors can draw 
strength from corporate prof- 
its, which looks as if they will 
post handsome growth in the 
latest quarter. Although there 
were a handful of disappoint- 
ments (Weyerhauser, CBS, JP 
Morgan), the trend in earnings 
remains positive, and four 
companies which represent a 
good cross-section of the US 
economy - Chrysler, PepsiCo, 
Apple Computer and Motorola 
- all had good news this week. 

Chrysler 's was the most 
Impressive. The carmaker 
posted a 54 per cent improve- 
ment in three-month profits to 


9651m as demand for its most 
popular models in North 
America again outstripped 
supply. Analysts expect Ford 
and General Motors to per- 
form equally well. 

Pepsico’s results also came 
as a pleasant surprise to ana- 
lysts and investors. The group 
reported an 18 per cent 
increase In earnings to 
8541.4m as soft drinks sales 
growth offset disappointing 
sales in the fast food division. 
The news lifted Pepsico’s stock 
by Sl% to $34. 

Apple Computer and Moto- 
rola, meanwhile, helped pro- 
vide a boost to a flagging tech- 
nology sector. Motorola's 
profits Jumped 50 per cent to a 
record 8380m in the third 
quarter, while Apple said it 
would beat analysts' forecasts 
of its earnings when it reports 
fiscal fourth quarter profits 
next week, news which lifted 
the company’s stock to a new 
14-mouth high of 839%. 

Patrick Harverson 

Monday 3821 .32 + 23.89 

Tuesday 3876.83 + 55.51 

Wednesday 3875.15 - 01.68 

Thursday 3888.95+ 1480 

Friday 


G eorge Simpson has 
descended on Lucas 
Industries with the 
aura of a messiah. 
The man who turned Rover 
Cars into such an attractive 
proposition that BMW of Ger- 
many arrived to buy- it can 
spread his magic over Lucas. 
George will fix it. 

This week, he used that rep- 
utation to add lustre to his 
first plans as chief executive of 
the component-maker - a com- 
pany which, he said, had been 
“a little bit accident-prone, but 
it's got better in the last couple 
of years." The lustre hung over 
annual results which, instead 
of making hardened City men 
blink and call for management 
changes, sent die market price 
winging upwards. 

The plans were designed to 
show “o determined manage- 
ment team" gripping the 
issues, concentrating “on a 
narrower spread of core activi- 
ties" with the vision of being 
“a global leader in the provi- 
sion and support of high integ- 
rity systems for the automotive 
and aerospace industries’'. 

The results reflected the 
plans; a financial clearing of 
the decks in readiness for 


The Bottom Line 


Lucas? Leave it to George 


change. They gave the initial 
impression that any conceiv. 
able piece of bad news which 
could be thrown in bad been 
thrown in; exceptional items of 
£2l3.9m led to a pre-tax loss of 
£129. 7m. In the normal course 
of events, the announcement of 
provisions more than twice as 
large as the direst prediction 
would send a stock price down- 
wards. But not Lucas this 
week: Its price climbed towards 
2Q0p from 177p. 

Beyond the Simpson factor, 
enhanced by his public appear- 
ance of cool determination, 
there were a number of rea- 
sons for this. First, the mar- 
kets for Lucas products are 
Improving: automotive is 
Strong and will strengthen fur- 
ther as France and Germany 
emerge from recession, while 
aerospace looks as if it will not 
deteriorate further. 

So, there was not much prob- 
lem for the analysts in predlct- 


Lueas Industries 

Share pries relative to the 
FT-SE-A All-Share Index 

150 -• 



1992 93 94 


Source; FT Graphite 


ing improved earnings and, on 
the back of that, at least a 
maintained 1984-95 dividend of 
7p. Albert E. Sharp, for exam- 
ple, suggests pre-tax earnings 
this year of £l25m compared 
with £84 Jim In 1993-94 before 
the exceptional items. 

Second, the exceptional 



items were not as fierce as 
they first looked. “Only 40 per 
cent of the provisions taken 
against profits have a direct 
cash implication, and this will 
be partially offset by the expec- 
ted proceeds from divest- 
ments.” said Simpson. Third, 
the shares carry a yield of 


about 4.5 per cent, higher than 
the sector average, and this is 
helping to hold the price up. 

Whether the share price will 

be sustained depends on 
patience with Simpson and his 
team. Even he acknowledges it 
will take two or three years to 
complete a rationalisation pro- 
gramme and to improve finan- 
cial performance. 

There Is a familiar look 
about all this. Lucas has been 
rationalising or shifting focus 
- all the vogues - ever since 
1981. In 1984-85. It had what 
reports of the time called “a 
comprehensive programme" to 
jack up efficiency and reduce 
costs. “Too many products and 
too many plants" was the cry 
then, just as it is now, 

Lucas seems always to be 
doing what conventional wis- 
dom suggests it ought to do. It 
was an early UK exponent of 
Japanese management 
systems. In the second half of 


tbe 1980s, when It again 
became more fashionable to 
diversify, Lucas diversified 
into the sort of software and 
systems companies it now can- 
not wait to sell. Recession 
pushed it back into trimming 
mode: "modernisation of facili- 
ties and Integration of 
operations into fewer sites." it 
announced in October 1992 as 
it declared restructuring provi- 
sions of £88.4ra. a larger sum 
than Simpson has put aside for 
the same purpose. 

So, what is new about 
George? He does not present 
himself as an avenging angel 
Rather, he talks of accelerating 
change. He works off the base 
of Lucas technological skills: at 
the hardest times, the group 
held up its research and devel- 
opment spending. His particu- 
lar emphasis will be changing 
the presentation of the technol- 
ogy. giving It what he calls 
“market pull”. 

Lucas will seek not just to 
present its wares to the market 
but to fashion its wares to the 
needs of the market. George 
Simpson knows about custom- 
ers. 


Paul Checserighi 


4 


4 








'I t 



FINANCIAL TOMES WEEKEND OCTOBER 15/OCTOBER 16 1994 


WEEKEND FT III 


FINANCE AND THE FAMILY 


a y to So you’re thinking of going offshore 

P.L.L r ... - ^ 




Scheherazade Daneshkhu and Bethan Hutton explain what it involves 


nes 


T he word "offshore" 
conjures images of 
white sand, palm 
trees and discreet 
fi na nci al dealings. 
But offshore investment these 
days can be as close to home as 
Dublin and Luxembourg, and 
is open to ordinary investors 
as well as wiitlinwairpa, 
Offshore, just as onshore, 
there are big differences 
between unit and investment 
trust-type investment funds, 
although they may not bear 
the same names. The distinc- 
tion made is between 
open-ended funds (lilce unit 
trusts) and closed-end funds 
(like investment trusts). 

There Is a huge variety of 
offshore open-ended funds 
aimed at private investors but, 
so far, they have not had much 
involvement In closed-end 
• funds. 

f ■ INVESTMENT TRUSTS 
Offshore closed-end funds, just 
like investment trusts, are reg- 
istered as companies, and. 
listed on a stock exchange. 
This often Involves two sepa- 
rate places; for example, a 
trust could be registered in Jer- 
sey but listed on the Dublin 
stock exchange. Some trusts 
are registered offshore but 
have London listings; thic 
makes them more accessible to 
UK investors. 

□ Why offshore? Funds tend 
to be launched this way 
because it is quicker and 
cheaper than setting up a new 
investment trust in London. 
Regulation is lighter and the 
tax treatment is more favoura- 
ble. Also, managers have 
greater freedom to invest in 
the newest, riskiest emerging 
markets than they would with 
a London-based fond. 

Recent offshore launches 
have included trusts concen- 
trating on Russia, eastern 
Europe, North Africa, the 
Indian subcontinent and other 
markets which are only just 
emerging. A large number are 
single-country funds, which 
are riskier than broader-based 
regional or international ones, 
and most are aimed at institu- 
tional investors. 

Offshore closed-end funds 
are only for the wealthy and 
the brave. These funds plunge 
into emerging markets at a 
very early stage, They can give 
private investors the chance to 


get in at the same time as the 
really big players; but 
although there is the possibil- 
ity of sometimes spectacular 
gains, you are also running 
much bigger risks by investing 
in untried markets (see Russia 
on page V). 

A few offshore investment 
trusts have crept back onshore 
recently because the markets 
in which they invest, and the 
investors at whom they are 
aiming, have changed over 
time. 

T he trend to move 
onshore can pres- 
ent an opportunity 
to alert Investors, 
as discounts on off- 
shore funds are considerably 
wider than onshore funds. 
According to Rupert Lea, of 
Baring Securities, a London- 
listed Far Eastern investment 
trust might have a discount of 
less than 10 per cent, while its 
offshore equivalent might be at 
20 per cent or more. So, when a 
fund moves onshore, existing 
investors stand to gain simply 
by the likely narrowing of the 
discount. 

Most offshore funds have a 
limited life span of five to 10 
years, so another approach is 
to look for a fund at a wide 
discount with two or three 
years to run. If you hold until 
wind-up, yon will receive the 
value of your share of its 
assets, rather than the dis- 
counted share price. 

■ Tax. The treatment of 
closed-end offshore funds 
depends on whether the fund 
has a limited life and. if so, 
how long it has to go until 
wind-up. If the fund has an 
unlimited life, or more than 
seven years left when you 
invest, income and gains will 
be treated in the same way as 
from UK investment trusts, 
including the use of the annual 
capital gains tax allowance and 
indexation. But if the fund has 
less than seven years to run, 
and unless it has distributor 
status (see below), both income 
and capital gains are taxed as 

income. ... _ 

■ Buying and selling. There 
are no legal barriers to buying 
offshore investment trusts - 
only practical ones. Informa- 
tion on. them is hard to find: 
pome funds are listed in the FT 
(under managed funds or 
investment companies), partic- 
ularly those with a London 
listing, but by no means all. 
Otherwise, you might have to 
look to specialist brokers and 
analysts for information. 

Finding a private client 
stockbroker wilting to deal in 
offshore closed-end fluids is the 
biggest hurdle for private 
investors; very few are able to 
advise on them. Once you have 
found a suitable broker, you 
also face higher dealing costs 


than for London-listed invest- 
ment trusts. 

Fidelity Brokerage, for exam- 
ple, charges £100 commission 
on transactions up to £2^00 of 
non-UK or US shares, com- 
pared with £25 on UK transac- 
tions up to £2^00. it is proba- 
bly cost-effective only if you 
are dealing in relatively large 
amounts - say. £5,000 or 
£10,000. Most offshore funds 
are dollar-denomlnated, so you 
could also have to set up a 
foreign currency account. 

Then, you have to consider 
other dealing problems. The 
main markets for these funds, 
such as Dublin and Luxem- 
bourg, are much smaller and 
less liquid than the London 
stock exchange. It can be diffi- 
cult to get the size of order you 
want, and the bid-offer spreads 
may be wide. Most mar kets do 
not have market-makers: 
go through on a matched-bar- 
gain basis. If turnover in a par- 
ticular fund's shares is low, 
you could have to wait for a 
counter-party to surface. Like- 
wise, it might be difficult to 
sell precisely when you want 

Mudi Onoberhie, an analyst 
at specialist country fund bro- 
ker Olliff & Partners, says this 
is because many of the offshore 
funds do not expect to have an 
active after-market in their 
shares. The funds have a lim 
ited life, and the majority of 
investors are expected to stay 
in from larmeh to wind-up. 


D 


avid Bowen, a 
director of Jer- 
sey-based stock- 
broker Jefferson 
Seal, says he is 
wary of investing in offshore 
closed-aid Hands which often 
publish asset values only once 
a month. Investors may have 
to buy shares without knowing 
the real current asset value, 
and this can be particularly 
worrying in the more volatile 
emerging markets which can 
. Call SO per cent from one month 
to the next 

If you do decide to invest in 
such a fund. Bowen recom- 
mends ensuring peace of tnind 
by picking one run by a big. 
reputable fund manager which 
also manages onshore funds. 

■ UNIT TRUSTS 
There are a very large number 
of open-ended offshore funds. 
Looking at the list of offshore 
firnds which the FT publishes 
on its Managed Funds pages 
gives an idea of their number 
and variety. 

□ Why offshore? Investment 
freedom has been a major rea- 
son although this will soon 
become largely redundant 
when a change in the rules of 
the Securities and Investments 
Board - the chief City regula- 
tor - will give fund managers 
greater scope. 

Onshore unit trusts have not 
been allowed to invest more 
than 10 per cent of the fund In 
a market not on SIB's 
“approved" list. The list will 
disappear from the beginning 
of November when the onus 
wBl shift - as it does in other 
countries - to the fund manag- 
ers. 

□ Tax advantages. Onshore 
unit trusts have to pay income 
net of basic-rate tax to UK resi- 
dents, but offshore funds pay 
income gross. The funds are, 
for UK tax purposes, divided 
Into distributor and accumula- 
tor funds. Distributors must 
pay out 85 per cent of income 
as dividends and must not 
have more than 5 per cent of 
their assets in any one com- 
pany. UK investors pay income 
tax on the dividends, but any 
other profits are taxed as capi- 
tal gains. 

Accumulators, mainly cash 
and bond funds, do not pay out 
income tout “roll it up” within 
the fund. The gains are taxed 
as income, not capital gains, 
but only when investors sell 
their holding. So, roll-up funds 
are often used to postpone a 
tax liability. 

Since taxis postponed, inves- 
tors can compound their 
Investment gross rather than 
net, which Improves perfor- 
mance. 

□ Marketing to the EU. In 
1989, the European Community 
issued its UCITS Directive 
(Undertaking for Collective 
Investments in Transferable 
Securities) to allow funds regu- 
lated in their home state to be 
marketed to other member 
states. 

B ut because the 
structure of unit 
trusts in the UK is 
still very different 
from open-ended 
funds abroad - the rest of 
Europe, for example, has stogie 
pricing instead of the dual 
“bid-offer" charging structure 
in the UK - many companies 
set up offkhore subsidiaries to 
take advantage of the cross- 
border marketing opportunity. 
Moves towards single pricing 
in the UK should result in its 
introduction next year. 

Q Regulation. SIB can either 
“authorise" or “recognise" col- 
lective investment schemes - 
the generic term for 
open-ended investment funds. 


The only type of collective 
investment fund authorised by 
SIB in the UK is the unit trust, 
but it win recognise some off- 
shore funds based in EU mem- 
ber states insofar as their mar- 
keting to the UK public is 
concerned. Only SIB-recog- 
nised offshore funds can be 
retailed in Britain. 

STB can also recognise funds 
based in Guernsey, Jersey, the 
Isle of Man and Bermuda - 
known as “designated" territo- 
ries. About 80 per cent of off- 
shore SB-recognised funds are 
well-known UK names and 
Include Fidelity. Guinness 
Flight, GT, Rothschild and 
Gartmore. The funds can be 
bought either through a UK- 
based intermediary or through 
the UK-based offices of the 
operator. 

The Investors Compensation 
Scheme, which offers protec- 
tion of up to £48.000 to UK 
investors, applies only to 
authorised schemes. But it can 
be triggered if an investor, who 
bought an offshore fund 
through an authorised interme- 
diary which went bust, can 
show he lost his money as a 
result of bad advice. 

Some countries have a com- 
pensation fund covering the 
schemes which they authorise. 
To find out, contact the regula- 


tory body in that country. 

□ Cost. Charges on offshore 
funds can compare f a v ou rably 
with those onshore - particu- 
larly since, because of single 
pricing, there is no "spread" - 
the difference between the bid 
and offer price on onshore unit 
trusts. The initial charge on 
offshore funds run by Singer & 
Fried! ander, the merchant 
banking group, is 45 per cent 
with annual charges of 
between 1 to 1.5 per cent. 
_ on the type of fund, 
surveys, however, have 
criticised the charging struc- 
ture of some offshore funds. 
London- based management 
consultant Timberlake & Co. 
found that in some cases, total 
expenses - which include the 
cost of administration and 
marketing - can be twice as 
high (and sometimes even 
higher) than that Indicated by 
tlie annual charge. 

■ Further information. Perfor- 
mance tables for open-ended 
funds are fisted m Money Man- 
agement and Resident Abroad, 
both monthly FT publications. 
Money Management is avail- 
able at many newsagents for 
£4.50. For more details about 
Resident Abroad, contact Grey- 
Stake Place. Fetter Lane, Lon- 
don EC4A LND (teL 071-405 
6959). 



Schroders. 
Who better 
in Japan? 


As an experienced investor, you are 
probably aware that the Japanese stockraarket 
has only recently begun to rise. In fact, the 
Nikkei 225 is currently trading at just over half 
the level of its all time high in 1989*. 

We believe this is an ideal time to invest. 

As signs of economic recovery become ever 
more apparent, so the confidence of domestic 
and foreign investors grows. It is our opinion 
that their money will cause Japan’s market 
rally to accelerate, producing the potential 
for exciting returns. 

But who can you trust with your Japanese 
investments? 

Schroders have over £4 billion invested 
in Japanese equities on behalf of those who 
already know about our expertise. £800 
million is invested in our Japanese unit 
trusts. Little wonder, when our funds in 
Japan achieve such excellent investment 
performance. Take our Tokyo Fund, first in 
its sector since launch in February 1981; and 
our Japanese Smaller Companies Fund, the 
top fund in its sector over 5, 7 and 10 years**. 


Who should you trust? Who better than 
Schroders? 

For more information on our view of Japan s 
economic recovery and details of the Schroder 
Japanese unit trusts available Just call us free or 
return the coupon below. Alternatively, contact 
your usual Financial Adviser. 



Call 0800 002 000 


To: Schroder Unit Trusts Limited. 00745 
FREEPOST, London EC4B 4 AX 
Please send me my free information pack on 
Schroders’ range of Japanese Unit Trusts. 

Name 



Address. 


Postcode 


Tel. No. 


Past performance is not necessarily a guide to future performance. 
The value of investments and the income from them can go down 
os well as up and investors may not get back the amount originally 
invested. Issued by Schroder Unit Trusts Limited, a member of 
jJtMRO. LAUTRO and AUTIF. ^ 

♦Nikkei 235 Slock Average Index 20JM9.72 ai I2/KW4, All lime High 38.915.87 ai 
29113/89. ♦'•Micropal offer to bid whh nei income reinvested to 10/94 Tokyo Fund 
from 02/03/81. I/I I and from 01/ 10/89, 10/69. Japanese Smaller Companies Fund from 
01/02/84. 1/69. 1/53 and 1/33 respectively. 




Schroders 

Schroder Investment Management 




IV WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 15/OCTOBE^ 


16 !9d4 


BAFFLED? 

m . . . u * i. 


FINANCE AND THE FAMILY 


.•& Jft, 

*. \ SPLIT 

'• ifli CAPITAL.-' 


Many Investor* have discovered 
that ‘splits' are hr from baffling, 
and can be exceptionally useful 
in a well planned portfolio. 
Henderson Touche Remnant, 


Diary of a Private Investor 


taking Sense of 

SPLITS 


The need for fair dealing 

T he London Stock information exists but has not assets to pay for a circular to attention to any unusual price 
Exchange declared been announced officially, and shareholders giving them the movements in a company's 
recently that It was where it appears that the bad news. shares. This is an excellent 

"committed to inves- unusual market activity is due Even where there is no Idea, as is the suggestion that 





'hvestment Trusts 


H ‘>wtou seihMt HowU, ^ w ^ 



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II nbi.ii libunNIUlil E^i'if pli "I I KnrJbtm \tvmjr l.iJi'i.lCJM JP1 


T he London Stock 
Exchange declared 
recently that it was 
"committed to inves- 
tor protection and the need to 
ensure fair dealing on its mar- 
kets for all”. The statement 
came in a consultation docu- 
ment on “orderly markets: 
dealings ahead of the disclo- 
sure of price-sensitive informa- 
tion". Yet, while the send* 
meats are fine, thousands of 
private investors are being 
kept in suspense. 

The exchange revealed that, 
in the previous 12 months, 
there had been 7.000 “price 
jump alerts" where unusual 
upward movements in share 
prices had prompted investiga- 
tions. although only 130 cases 
had failed to result In a satis- 
factory conclusion. 

Where there was not a satis- 
factory explanation, the 
exchange said its policy was to 
investigate further to see if 
price-sensitive documents had 
been “leaked", and to discover 
if there was any evidence of 
Insider dealing or market 
manipulation. It would also 
investigate any unusual falls 
in a company's share price. 

During the year, around 
70,000 company announce- 
ments were made through the 
exchange, a high proportion of 
which could be- regarded as 
price-sensitive. The exchange 
is now considering “trading 
halts” - of not more than 24 
hours - in any company's 
shares where there is strong 
evidence that price-sensitive 


information exists but has not 
been announced officially, and 
where it appears that the 
unusual market activity is due 
to a leak. This seems like a 
good idea. 

But the document suggests, 
also, that trading halts could 
result in a full suspension in 
cases where the situation has 
not been resolved satisfactorily 
within 24 hours. While a sus- 
pension certainly stops anyone 
else from profiting by buying 
the shares, it means also that 
existing investors in the 
suspended company are, effec- 


assets to pay for a circular to 
shareholders giving them the 
bad news. 

Even where there is no 
fraudulent activity or insider 
dealing, shares could be 
suspended to ensure that no 
one can benefit from any infor- 
mation of a price-sensitive 
nature that might emerge. My 
wife could not sell her LQ00 
shares in Dominion Interna- 
tional in 1989 when the com- 
pany announced it was in 
financial difficulties and asked 
for its listing to be suspended. 
The shares proved worthless 


New laws should get wider publicity , 
savs Kevin Goldstein- Jackson 


lively, "locked in”: they cannot 
sell their shares. 

Unfortunately, where a com- 
pany Is suspended because of 
"bad news” announcements, 
investors often find themselves 
stuck with shares that turn out 
to be worthless when the fiill 
state of its finances is revealed. 
Some people, with access to 
the company’s condition, may 
well have dumped their shares 
before the suspension - but 
the ordinary private investor 
has been unable to do likewise. 

He could have to wait 
months - or years - before he 
learns the final sad fate of his 
investment. Indeed, he might 
never be told directly because 
some companies which go into 
receivership have too few 


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New issues 


Independent British Healthcare, 
which has 17 hospitals spread 
between Stirling in Scotland and 
Tunbridge Wells in Kent, has 
deferred its plans to float this 
month, writes Christopher Price. 
Chief executive Keith Chadwick 
said the group, which was hop- 
ing for a market capitalisation of 
E45m, was "not prepared to sell 
cheaply - it’s that simple”. 

Two other casualties of 
adverse market sentiment are 
Martin Retail Group, a £100m 
float, and shellfish producer 
Seaperfect, a £20m placing. 

BrightReasons, owner of the 
Pizzaland chain and due to float 
later this month, was denying 
reports of its postponement, 
although it said it reserved the 


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when the company was put 
into administration in 1990. 

Fortunately, we did not 
invest in Queens Moat Houses, 
the shares of which have been 
suspended since the end of 
March 1993 but there are other 
companies which, despite 
being in financial difficulties, 
have had their shares traded 
freely right up to when the 
receivers were called in. Simi- 
larly. while some companies 
will ask for a temporary sus- 
pension pending a take-over 
announcement, others will not 

Provided that adequate 
warnings are given, however. I 
feel shares should not be 
suspended. The exchange has 
suggested that it could issue a 
"new market alert" and draw 


attention to any unusual price 
movements in a company's 
shares. This is an excellent 
Idea, as is the suggestion that 
the exchange should have the 
power to require member firms 
to reverse share deals where 
the exchange has reason to 
believe they were carried out 
with the benefits of unpub- 
lished price-sensitive informa- 
tion. 

In the past, the exchange's 
Investigations have sometimes 
run into the brick wall of an 
offshore nominee which 
refuses to disclose its true own- 
ership. But new legislation to 
prevent money laundering 
came Into effect on April l. 

It requires financial services 
businesses (including stockbro- 
kers) to have anti-money laun- 
dering procedures. These 
include verifying the identity 
of the people on whose behalf a 
transaction is to be carried out 

Failure to introduce these 
procedures can result in 
imprisonment for up to two 
years and a substantial fine. 
But 1 feel there has not been 
enough publicity about these 
new rules, especially as even 
failure to report suspicions of 
money-laundering to the 
National Criminal Intelligence 
Service can result in imprison- 
ment for up to five years and a 
hefty fine. 

Perhaps insider dealing and 
the need for suspension might 
be reduced if the NC-IS 
embarked upon a major public- 
ity campaign to alert people to 
the new legislation. 


The week ahead 


right to do so. A board meeting 
soon will decide the issue. 

Gardner Merchant, the cater- 
ing group which hud been expec- 
ted to float at some stage soon, 
disappointed some observers at 
its results meeting this week 
when the company, a £402m mbo 
from Forte in 1592. distanced 
Itself from early action. 

Undaunted. Eurovein, a Shef- 
field-based engineering group, 
announced plans to raise £14m 
when it comes to the market. 

TLG, the holding company of 
Thom Lighting Group, unveiled 
operating profits of E6.06m 
(£2_63m) for the flve months to 
the end of August with its path- 
finder prospectus. It is due to 
float next month. 


MONDAY: Highland 

Distilleries, maker of Famous 
Grouse, the second-largest 
whisky brand in the UK, is 
expected to report pre-tax prof- 
its of about £42m for the year 
to August 31, up from £38Am a 
year earlier. 

MONDAY: Eurotunnel's 

results for the first half of 1994 
will contain the first real num- 
bers, as opposed to forecasts, 
in the company's seven-year 
existence. Even so, delays In 
the start of services mean 
there will still be only about 
five weeks of freight operations 
by which to judge perfor- 
mance. 

TUESDAY: Third-quarter fig- 
ures from drug company 
SmithKline Beecham will be 
scanned for clues to the compa- 
ny's progress in integrating 
DPS, the drug distributor it 
bought for S2Jbn in May. The 
nine-month pre-tax profit fig- 
ure should nevertheless be 
well above £900m. compared 
with £34 Im in the first nine 
months of 1993. 

WEDNESDAY: Smiths Indus- 
tries is expected to post a full- 
year pre-tax profits advance of 
about 9 per cent to about 
£H4.5m, and the dividend is 
expected to be lifted In line 
with a forecast 8 per cent 
growth in earnings. Recent 
acquisitions have strengthened 
the company's industrial 
group, in particular, although 


Amstrad 

Share price (pence) 

SS 


45 I- I— 



RESULTS DUE 


DMdend tor 


FINAL EWIMKDS 

Air London Ml — 

Albert Fisher Group 

Amstrad 

CradJsy Group Htdgs 

DFS 

ECU Tot 

Exmoor Dual Inv Tst 

Gartmors Br Inc & Qrwth 

Gkeaon Group — 

Gantt Stmt Inv Tst 

Highland DtsHBertes 

Hong Kang Inv Tst 

KJetawort 2nd Endowment .... 

London & Strathclyde ... 

MY Hoftftngs 

Patman Zochonts 

Smiths Industries 

Superscepe VR . 

Town Centra Securities — 

Tweafonuin United Coll 

MTHRUH DIWDKNDS 

AAF Industries „ 

Acorn Computer — 

Airflow Stre sm ttnes 

AMs Hldgs 

Ambmc 

Aragen 

Automated Security 

BMSS 

Bedford (WEtem) 

Sony Birch & Noble 

Boot (Henry) & Sant 

Bristol Scott* Group 

Castle MB Ml — 

Chesterfield Props 

cxy or Oxford rr 

Davenport Knitwear 

Dement VaBey Hldgs 

English National it 

Fames Sectrwfla 

Ferguson Ml Hldgs 

Ferrum Hoklnge — 

Forward Technology Inds 

Geared Ine Mr Tst 

Gtandrtwton .... 

Harrington KMutda 

Havelock Europe 

Horn GcwetlSmeler Index _ 

Hunting 

Kelt Energy 

KMnwort E ndowment Pot 

LkMhsart 

London American Growth — 

New Throgmorton Tst 

Richards Group 

fflvn Group 

Rhrer & Merc Geared Cep 
Scottish American IT . — 

SeaflekJ 

SmdhMkta Beecham 

Template n Latin America 

Wsmtord Inv 

Watte Management lntl 
Yoridyde ........ 


Sector 

Anncrnnl 

duo 

Last year 

Inti Final 

Trite year 

lnt_ 

.Tran 

Friday 

1.8 

12 

12 

-FdMa 

UlunsxJay 

12S 

12 

125 

F4FB 

Thursday 

02 

02 

02 

PP4P 

Thursday 

- 

1.16 


JteGn 

Wednesday 

- 

- 


InTr 

TTnrsday 

- 

05 


InTr 

Wednesday 

- 

125 


InTr 

Monday 

- 

- 


-B&C 

Thursday 

325 

9 A 

326 

-InTr 

Thursday 

2.65 

4.1 

2.65 

swac 

Monday 

1.6 

52 

1.76 

hTr 

Tuesday 

0.75 

1.0 

075 

-InTr 

Thursday 

- 

- 

- 

InTr 

Monday 

12 

425 

12 

.PP&P 

Monday 

- 

- 

- 

HseO 

Tuesday 

2.35 

1025 

2.45 

.Eng 

Wednesday 

42 

»2S 

42 

SpSv 

Thusdey 

- 

- 


Prop 

Tuesday 

- 

22 

t2 


EngV 



— EngV 
n/i 

OiE 

~...nm 
, — SpSv 

BdMa 

n/a 

OtFn 

BSC 

LeH 

— Text 
— Prop 

(nTV 

— Tad 
— Prop 

InTT 

— DBt 

PPSP 

■—Eng 

FAFF 

mTr 

Dst 

Mea 

— BSC 

JnTr 

— Eng 
— CM 
.._Wr 

HseG 

InTr 

JnTr 

— Eng 

EAEE 

hTr 

—InTr 
— Tran 

— Rtmr 

InTr 

Prop 

„_Ov8v 

--Tew 


Friday 

AlomJay 

Thursday 

Friday 

Wednesday 

Thursday 

Tuesday* 

Monday 

Tuesday 

Monday 

Tuesday 

Monday 

Monday 

Thursday 

Thursday! 

Thursday 

Wednesday 

Wednesday 

Monday 

Thuaday 

Thursday 

Monday 

Morxfeyf 

Wednesday 

Wednesday 

Wednesday 

Thursday 

Friday 

Monday 

Thursday 

Thursday 

Wednesday 

Thusday 

Monday 

Monday 

Thursday* 

Wednesday* 

Wednesday 

Tuesday* 

Tuesday 

Wednesday 

Monday* 

Thursday 


DIRECTORS’ SHARE 

OWN COMPANIES ( USTEDJ J^g. — : 

vdh« N»of 

Company Sector Share s £0 °° S — ' 

• jfllFSf .. 1 

Aerospace Eng — Eng -2 1 

Ashley (Laura) RatG 1 

Bluebird Toys L&Hl '•jM.MO ■ , 

Drayton Far East „.„...invT 550,000 , 

Feupel Trading Text 30,000 “ i 

bvspec Group .... Cham ton 1 

Macferiane Group PP&P S2 1 

Midlands Elec .......Elec 7.400 JQn I 

SheHWd Insul Grp. BM&M 200.000 a 

South Wales Bee ................ Elec 4,800 , 

Sterling Pub 497.382 1 

UnileverGrp...- WMa L000 

Vardon L&HI 373.303 443 J . 

BAA - Tran 33.500 . 

Page (Michael) Grp SSer 69.890 " 

RTC.-I !.. Exin 39,752 345 J 

PURCHASES _ , 

Anglo-East Plant OS&B 100.000 J* 

Men -EE&B 100.000 33 

Ashley (Laura) — RetG 50.000 

BWD Securities OthF 100.000 SI ■ 

Baltic OthF 862,893 1l0 ’° 1 

Beazer Hemes BCoO 20.000 ^ ^ 

Bradford Prep Prop 9,660 18 X 

British Gas GaaD 54,000 160 2 

Claremont Garments Text 15.000 

Clayhithe PLC OthF 105.000 7E J 

Delaney HGod 455.000 1 

First Technology Eng 6.500 ‘■I 

HI-Tec Sports L&HI 25.000 12 1 

King & Shaxson OthF 22.500 24 J 

London Fbrfaiting .... OthF 50,000 79 

P&O Thin 2.646 16 \ 

Ptatignum QS&S 610,000 52 3 

Secure Trust OthF 17.500 8j ’ 

Smith (David S) PP&P 5,000 26 1 

TranaTec Eng 106,000 5b 2 

Whatman Eng 21.000 84 • 

Yorkshire Food ...FdMa 175,000 1flB ] 

Value expressed in EOOOs. 1h« list contains an traraacUona. Incluteng the o«orejae ot 
options H d 1009S subsequently sold, with a value Oivr EtO.OOO. Jntenwnon released oy 
the Stock Exchange 3 -7 OctotMr 1994. 

Source; Dlrectus, The Inside Track. Edinburgh 


Directors’ transactions 

One for 
the books 


: fO 


! 1 f 
i\ m I 
! \ 1 l * 

i F 1 


Oct 83 

Source; FT Grspfttta 


the US health-care business 
has also been bolstered by 
June's $150m purchase of Del- 
tec, a US medical equipment 
manufacturer. 

THURSDAY: Amstrad, the con- 
sumer electronics group run by 
Alan Sugar, has been affected 
considerably by the problems 
of the personal computer 
Industry and indifferent con- 
sumer electronics sales in the 
high street. Full-year pre-tax 
losses of up to £5m are expec- 
ted. 

FRIDAY: Albert Fisher, the 
food processing and distribu- 
tion group, which on Thursday 
sold its Stratford baked bean 
canning operation for £37.un, 
is expected to report annual 
profits of around £40m, exclu- 
ding excepdonals. 


One of the week's largest sales 
took place at Sterling Publish- 
ing, a book company, where 
Michael Preston, the non-exec- 
utive deputy chairman, sold 
more than 497.000 shares at 
I30p. While this wiped out his 
equity in the company, the dis- 
posal was made for personal 
financial reasons. 

□ Alphonsus Schonten, man- 
aging director of tire European 
division of Laura Ashley, the 
fashion to fabrics company, 
sold 100,000 shares - all his 
ordinary stock - at 72p. The 
shares are trading at around 
70p. 

□ The sale of i-2m shares at 
Bluebird Toys conies only a 
month atter C.D. Burgin 
bought stock. In the most 


recent transaction, chairman 
Torquil Norman raised £2. 48m 
by selling more tluan half his 
holding at 207p. 

The shares were placed with 
institutions and Norman has 
undertaken not to sell any 
more stock for at least a year. 

□ The directors of Sheffield 
Insulation have been cautious 
In their transactions over the 
past year. The most recent deal 
was by non-executive chair- 
man Norman Adsetts but still 
leaves him with more than 
3.87m shares. The sale came 
shortly after the group had 
announced strong Interim 
results and looks like a small 
profit-take. 

Vivien MacDonald 
Hie Inside Track 



PRELIMINARY RESULTS 



Abfaeyerast Tdti Jir 798 L (345 1) 12 ( 

Alexandra Woriwaar Text Aug 2.160 (2J31C1 22 ( 

BNB nmouvas SpSv Jun 1280 (344) 1.77 ( 

Bla<* (AAC) Med Jun 310 (244) 425 (4 

Body Shop W R«Gn Aug 12200 (10.000) 02 P 

Bolton Group Prop Apr 337 1142) - 

Bridgand Grump Dst Jin 68 (35) 0.1 ( 

Brawn (N) Grow ReGn Aug* 10200 (9220) 125 (1.1 

Bdgln (AF) E&EE Jli 497 1280) 

Capital & Regional Prop Jun i2« Jl51) 08 | 

Ctopetow Racecourse LeH Jun 97 (141) 

CSnton Carts ReGn JU 2.190 L (950 U 12 ( 

Cohan A Eng Jun 764 (36) - 

David Brown top Eng M PMC 225 { 

Dalyn Group PP&P JU 423 (142 L) 05 f 

Sys [Wimbledon) ReGn JU 107 (74) 2.0 f 

FR Group Eng Jjn 12200 110,500) 2.7 p. 

n»Dac«V HseG JJ 7.J03 (TJX? ZT (I 

F*eh Mad Jun 151 L (381 U 

GotoamUha Group ReGn JU 817 L (1340 14 OS 

tlai\ib/a ReGn 41 678 pig nj} 

Handenon MgMand Mr Aug 929 (1S50) 22 C 

^ ? 560 ^ W j 

Ipeeo Hldgs Eng Jun 1210 (1,570) 12 (1 

JweaGroup BdMa Jun* 1,720 (1.180) 42 (I 

Tad Jun M 7 [270 U 045 (t 

ReGn JU 36.000 L 10.800 U 

r*A Ifldgs Dst Jin 532 0541 

^ ^ 804 (5269 05 K 

^ ’■TOO (3.100) 22841 (2.151 

’f? 200 (302) 32 (3 

Tm Product. »* M 4290 R330) 325 P 

,,wor BdMa Jun 3a >240 n 

Old Bnogy OIE Jin 193 l urn 

out JU 1550 L (13814 

guw m porentheste M lor the (wrespandmg period.) 

wKre cxterwwe kKScotal L ~ toss, t Mrt » 
'2r 9 . punt9 M PWS i 3 moriJh Sgims. J> US deftn md cents. ® Nai A 

RIGHTS ISSUES 

Martin totefnatSonai <3 to rata E5An na a r#Hs etsvo BM JUtSXy^U*l 

_ OFFERS FOR SALE , PLACINGS A INTRODUCTIONS 

TLG b confog to brie mMet via a piaong and public offer Lo rase appx £77m. ‘ ' 

TAKE-OVER bids AND MERGERS 


Helped 


Indkattetl L = tent N« at* 1 
dUtors and cents. §§ NrtAlSBl 
capital resavos. 


■Utvtdands are Shown net pence per share aid are adjusted far any intervening scrip tesua. 
Reports and accounts ae not nomuBy avaiacte until abo«A 8 weeks after the board meeting to 
approve preSroUtafy waits, IM quarterly. ♦ 2nd cjuaWy. * 3rd Quarterly 


Aitken Hume 
Andrmm Sykes 
Attwoods 
Oale Electric 
Etewfdc 
LAI put 
LowJWmJt 
Ptantsbrook 
Seholes 4 
Towtee J 
Trane World % 

vsa. 

•M eon flOer. Srer capita ■ 


ZZ. .1 51 29,eo AKod Group 

im 07 1070 Euro FJro Prat 

70V it 109 364 Brawnlno-ftrrrie 

lay. 60 TTQreup 

iff? 13 37 TO Ferguakwi InTI 

J®. ® 3720 StahomO 

IBS 247.Q0 Tosco 
ocn. 2? 165 193.00 SCi 

275- ^ 96,10 HtUtoon 

161 m 4 W Londen ^ 

1291 tine IP 70 -60 GMAP 

13=5 12g 6 490^7 Bril AoraapBCn _ 

*“•* "*4 I lexawwiM* -Be** ? ja wnarem leis-h «swi« "* a0> 


S'-'-'-' 









> FINANCIAL TIMES WEEKEND OCTOBER 15/OCTOBER 16 1994 



'" l " K , 



WEEKEND FT V 


for 

:>oks 


t; r • 



FINANCE AND THE FAMILY 


From Russia 
with confidence F 

Forget those rouble problems. John Thornhill finds 
that some investors believe in a glowing future 



L ike murders, 
investments need a 
means, motive and 
opportunity. While 
the anti-market 
Communist party ruled the 
Soviet Union for 74 years, none 
of these factors applied to Rus- 
sia. But with the collapse of 
the Soviet Union in 1991 and- 
the helter-skelter growth of 
capitalism, many investors 
believe they can make a killing 
in the land of Lenin, 

Mark Mobius, president of 
the Templeton emerging mar- 
kets fund - one of the most 
successful in the sector - cer- 
tainly shattered some pre-con- 
ceptions by forecasting that 
Russia’s fledgling capital mar- 
kets could become as big as 
those in the US within 20 
years. He told the FT he 
believed his $8bn fund would 
have a 20 per cent weighting in 
Russia within 10 years, and 
added: “It is an explosive 
investment market.” 

There was no shortage of 
rivals ready to attack such 
seemingly outlandish views, ft 
is easy enough to find the 
ammunition. Russia's economy 
is still in the middle of a colos- 


sal upheaval, with industrial 
production falling 28 per cent 
in the past year. The rouble 
has resembled a yo-yo this 
week, losing 21.5 per cent of its 
value on “Black Tuesday” but 
rising by 25 per cent on “White 
Thursday”. And although the 
political situation has grown 
more stable over the past few 
months, it remains precarious. 
Yet, some investors now 
believe that the potential 
rewards of buying Russian 
assets more than outweigh 
these macro-risks. 

Russia is a country of vast 
natural resources, with 150m 
well-educated people and a 
high technological base. Fol- 
lowing its mass privatisation 
programme. 120,000 capital- 
hungry companies have been 
transferred into private owner- 
ship. Some could emerge as 
extraordinarily profitable busi- 
nesses and highly attractive 
investments. "The seeds of 
growth have been sown by the 
privatisation programme and 
the capitalist genie has been 
let out of the bottle,” says one 
western fund manager. 

The big problem with many 
of these potential investments, 


however, is that no one yet 
knows their true financial con- 
dition. Russian accounting Is 
rudimentary and financial 
information about companies 
and their markets scanty or 
non-existent. Thus, trying to 
value companies on any tradi- 
tional methods, such as earn- 
ings or cash-flow multiples or 
dividend yields, is all but 
impossible. 

Instead, investors pay more 
attention to the valuations 
ascribed to the privatised com- 
panies' assets and, on that 
basis, many of them look 
extraordinarily cheap by global 
standards. To take just two 
examples. Baring Securities 
calculated that, in August: 

■ The value of Gazprom, 
which owns more than 30 per 
cent of the world's known gas 
reserves, was about 0.3 cents a 
barrel of oil equivalent while 
that of British Gas was about 

$10.30. 

■ The value of Rostelekom, 
which has 60 per cent of all 
telephone lines in Russia, was 
about $49.35 per access line 
while that of NTT of Japan 
was about $2,429. 

The market value of the 30 



The crash of the rouble this week brought further gloom to Moscow shoppers such as these. But investors sea better times ahead 


largest Russian companies 
which form the Moscow Times 
index have a total value of 
$22bn - less than that of some 
big companies in the FT-SE 
100 . 

Such seemingly seductive 
calculations have led to a rapid 
influx of foreign capital into 
Russia in the past few months, 
mainly from private investors 
and hedge funds. CS First Bos- 
ton, which is the most active 
western stockbroker in Russia. 


says it is buying on behalf of 95 
western funds and forecasts 
that the total inflow of foreign 
capital this year could reach 
S3bn. That sum, however, is 
still likely to prove less than 
Russia's capital flight 
As in all emerging markets. 
Russia is a case of hot money 
chasing a fast story, and the 
investor has to discount much 
wild talk. In illiquid markets, 
sentiment is often critical and 
there is no shortage of specula- 


tors trying to talk up the price 
of shares. 

The speculative bubble 
might well have been pricked 
already, with leading shares 
showing some sharp falls in 
the past few days. But the lon- 
ger-term hope would be that 
once Russia sorts out its secu- 
rities legislation, more serious 
long-term capital will flood 
into the country, creating a 
more stable and sustainable 
investment boom. 


At present, however, main - 
stream investors are deterred 
by a host of micro-problems. 
As yet, there are no effective 
clearing or settlement systems 
and it can be extremely diffi- 
cult simply to buy and sell 
shares - the spreads between 
bid and offer prices can be as 
much 50 per cent. 

Share registration Is also a 
nightmarish process. Buyers 
have to list their purchases on 
the company's register, which 


means having to visit some 
remote Siberian towns. There 
is no guarantee that the names 
will not be erased after being 
entered, and there are bound 
to be huge problems and scan- 
dals as the market develops. 
Nq fund manager who takes 
his fiduciary responsibilities 
seriously should yet be pre- 
pared to invest. 

Change is happening fast, 
though. A group of leading 
Russian companies, wishing to 
attract foreign capital, has pro- 
duced Its own investors’ char- 
ter to introduce higher finan- 
cial standards and greater 
corporate governance. The gov- 
ernment promises a new secu- 
rities law. A national settle- 
ment system is being 
developed and foreign banks 
are setting up custodial ser- 
vices. If these issues are 
resolved rapidly, there is per- 
haps a real possibility that 
Mohius’s prediction might not 
prove so fantastic. 

The emerging markets team 
at Morgan Grenfell last month 
published a report forecasting 
a possible 500 per cent rise in 
the stock market in dollar 
terms by 1996. "Russia has the 
potential to be the outstanding 
stock market for the rest of the 
*908, just as Japan was in the 
second half of the 1980s.” it 
concluded. 

Maarten Pronk, Moscow rep- 
resentative of ENG - a Dutch 
bank which spans both com- 
mercial and investment bank- 
ing activities - says: "In truth, 
nobody knows how big this 
market can get. It might grow 
as big as the US. Japan or Ger- 
many. Who knows? But Russia 
needs the capital - and it has a 
huge capacity to grow.” 


W hat do the plastic 
contents of your 
wallet say about 
you? Are you a 
Porsche driver? A Burberry 
wearer? A Manchester United 
fan? A Sunday Times reader? 
Perhaps a a National Trust 
member or a supporter of the 
Canine Defence League? 

For the past few years, letter 
boxes throughout Britain have 
been stuffed with mail shots 
offering colourful credit cards 
that proclaim your attachment 
to an organisation or a brand 
name. Hundreds of these 
“affinity'’ cards are available 
in the UK 
They cover every 
conceivable kind of 
organisation: charities, 
professional bodies, trade ' 
unions, universities. 


For those with a special affinity to plastic 

Bethan Hutton reports on the growth of credit cards from organisations seeking a more personal touch 


newspapers, motor 
manufacturers, and amorphous 
interest groups such as 
anglers, gardeners and golfers. 

Affinity cards work just like 
normal Visa or Mastercards 
and are issued by banks, but 
their designs are specific to the 
organisation concerned and 
made attractive so that holders 
are encouraged to use them. 
Many carry no annual fee, or 
waive it if the card is used 
more than 10 times a year or 
for spending more than £1.500 
or £2,000 annually. 

Some, particularly from the 
smaller issuers, have lower 


interest rates than standard 
bank credit cards. MBNA’s 
annual percentage rate is 17.9, 
or 13.9 per cent on cash 
advances. Beneficial Bank's 
rates vary from 17.5 per cent 
(Law Society and Institute of 
Directors) to 2L9 per cent 
(Manchester United and 
British Sub Aqua Club). 

Charities have been 
particularly active in 
promoting affinity cards 
because they provide an extra 
source of revenue, even though 
the sums involved are not 
large. Typically, a charity (or 
other organisation) will receive 


about £5 when a supporter 
signs up, then 0.25 per cent of 
what is spent 

So. if someone spends £500 a 
month, the charity win get 
£1.25, or £15 over the year. This 
is not a great deal - but the 
charity does also get a mailing 
list of very sympathetic names. 

The range of affinity cards in 
the UK has not yet reached the 
scale of the US, where a 
quarter of credit cards involve 
some affinity or partnership 
arrangement Some American 
towns even have their own 
cards to bring in non-tax 
income, and middle-aged 


rockers can pay for their CDs 
with a Rolling Stones credit 
card - complete with lips logo. 

The UK is catching up 
rapidly, though. Those who are 
proud to wear their political 
colours on their sleeves - or in 
their pockets - are well 
catered for. 

The Royal Bank of Scotland 
runs the Conservative party 
credit card, while the 
Co-operative Bank juggles with 
both the Liberal Democrats 
and the Labour party. Plaid 
Cymru and the Scottish 
National party have yet to join 
the plastic society. 


Design Is important- The 
University of Cambridge card 
(Beneficial Bank) carries a 
picture of the Senate House, 
the only building used by all 
university members - a 
picture of one of the colleges 
would have alienated 
graduates of all the rest. 
Likewise, the Jaguar card has 
a striking picture of the big cat 
rather than a specific model, 
and the MG Owners’ Club card 
is illustrated with a vintage 
car. 

The success of an affinity 
card depends not only on bow 
many potential card-holders a 


group has but also on how 
keen they are to be associated 
publicly with the group. This 
could vary: as the proud owner 
of a Tottenham Hotspur Visa 
card, (Beneficial Bank), you 
might think twice about using 
it near a rival ground. 

Some cards are aspirational; 
you do not necessarily have to 
own a Burberry coat or 
Porsche car to be able to Hash 
its logo around on a credit 
card. And a few offer extra 
perks. 

The Bank of Scotland entices 
applicants for its gardeners’ 
card with a free seed 


catalogue. Holders of Burberry 
Visa cards (MBNA) earn points 
towards a discount on their 
next purchase, while 
applicants for Toyota or Lexus 
cards (MBNA) get the chance 
to win a new Toyota Corolla 
car. 

The 35 trade union cards 
offered by the Bank of 
Scotland charge a lower 
interest rate than the bank’s 
other affinity cards but. In 
return, the unions forego the 
usual £5 donation for each new 
card-holder. 

The Ford Barriaycard and 
GM Card (HFC Bank) are 
slightly different - they are 
"co-branded” commercial 
cards, rather than affinity 
cards. Their aim is to promote 
brand loyalty by letting users 
earn substantial rebates on 
new Ford or Vauxhall vehicles. 



We helped Zoe beat a brain tumour. 

Nou» we need your help to continue the fight for thousands of others. 


When Zoe was just 1 7 months old, her 
parents received the dreadful news that 
their little girl had a malignant brain 
tumour and needed radiotherapy. Zoe 
won her fight and lived quite happily 
until she was 12. 

Unfortunately that was when the 
cancer returned. The situation was 
made even more serious because Zoe 
had already received the maximum 
dosage of radiotherapy when treated as 
■a baby- Again, Zoe beat the disease 
thanks to a pioneering new treatment 
supported by the Imperial Cancer 
Research Fund. 

Today the cure rate for childhood 
cancers is over 50%. Very encouraging 
when you realise that just 25 years ago, 
around 90% of children with cancer 

died. 

Vet despite the importance of our 
work, we rely almost entirely on 
voluntary contributions. Right now our 


doctors and scientists are fighting over 
200 forms of cancer. Thousands of 
children like Zoe are relying on their 
help. And yours. 

Please make a donation today 
and help thousands more people 
win the fight against cancer. 

j~Give people with cancer a 1 

J fighting chance j 

I Over Wp in every £1 donated goes directly into nur vn.il ■ 

* research J 

I 1 would like to make a donation of £ - . — . * 

I (Cheques payable to: Imperial Cancer Research Fund.) J 

J or charge £ - — U» my Access/V is:t/ A mey/Dinet^/Ch.-iri rv 

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FTA1 j 


INVESTMENT 


•i :v:i r v* , . 

TRUST 


LAUNCH 



We still do. 


; EMERGING 
'ECONOMIES, 
TRUST PLC 


As the frontiers of the developed world were 
pushed outward a century ago, Scottish engineers and 
entrepreneurs were at the forefront. They not only 
knew liun. hut also where and when. 

And now tin' Scots at Murray Johnstone have decided 
that the conditions are right for Murray Emerging 
Economies Trust PLC iMEETJ. 

KNOWHOW 

Six of out experienced fund managers currently 
manage over A.30<J million in emerging markets. 
Murray Smaller Markets Trust PLC. one of ihe truitt* 
managed by Murray JohnMonu. had a third of its 
assets invested in emerging markets at its last year 
end and wax the best performing trust in the AITC 
International Capital Growth sector over 1.5 and 1U 
years ro tt'SH.’ 

KNOW WHERE 

MEET will principally invest from Asia to Latin 
America in the 2? countries which arc contained in 
the International Finance Corporation CIFO Indices. 


KNOW WHEN 

Emerging markets' performance Is shown below. 
The figures speak for themselves. 



So far this year, emerging markets' performance 
hasn't reflected the continued underlying economic 
growth, and many emerging markets currently offer 
good value. It is also expected thar there will be 
continued .strong corporate earnings per share 
growth in emerging market countries. 

So. fur further Information and to register for this 
opportunity, contain your financial adviser or call the 
number heluw. ft i*. proposed that the offer runs 
from 9lh 10 2*>th November. 



Financial muw An lTSi 


Tlifal jdvrrfreiTB.nl has liwn ureruiud and t«ucd bv Murray Johnwime Ud la member ufVUlOi i fro the purpose* iV Wrticrf 5" of ihr F 

Pa* performance » M a *ukte lo finunr perfufroarwr. .uni ihe price of share-, and ihe Income from ihein rru; fall a* wrf) is nw. Imnim out not 

net hack ihe amouni (lies arudreitfv inwraed l'stiw imnhc a h]*li degree of HmnrM so lhar s retain t^v small mus email In the race uf shares mas- touJi m a ”■ 
tiepK»re*si>->naitfv bn* BkAeneri. unbsrfutahk: m a' taiwnwe m uw prkc of warrants .Vr> alter nr imitation to acquire secure m uf Mums - EmerguM ■ 
EsntKmm Tnuj IH.C c, Iwinc nude nan Any such offer nr u» miKsi niD he nude In J pri*pecn»s lo he published in dw? course and any such acquisition 
should he nude ■« die Haas ft inftjuiuwrf craoainnl in such pruwwtu* There fc no guarantee that the niaikei pnee of shares ui imedmrni mists mill • 
fully idled i}«nr uJkkitvim! nor anisct value. InsyMi*, shnuld fcv aware mu ihe traikcw in vs hah ih» iru* will tnvo« can he Kfilih si Anile irmketjhilhv rf .. 
quoted duns mas he loranj. anJ dunpo in rales . tf oolunjar may muse the Kibe ti metsuucnb. m nuentfe. Tie! Mun Value rota! return »nh net Uniderxh Mnvtrited 


FINANCIAL TIMES WEEKEND OCTOBER 1 S/OCTO bFR 


VI WEEKEND FT 


FINANCE AND THE FAMILY 


A short passage tucked 
away in the middle of 
Peter Liiley’s speech to 
this week's Conservative 
party conference at Bournemouth 
is likely to have a more tangible 
impact on UK taxpayers than all 
the headline-grabbing rhetoric of 
his more illustrious cabinet col- 
leagues. 

Unfortunately, so vague was the 
threat by the social security secre- 
tary to clamp down on schemes 
designed to avoid paying National 
Insurance contributions (NICs) that 
it Is extremely difficult to antici- 
pate what its impact will be. 

Salary payments trigger NIC lia- 
bilities for both employer and 
employee. But whereas a 
highly-paid worker is charged only 
on his first £22,000 of income, 
employers must pay NIC at a rate 
of 10.2 per cent of all salary, with- 
out limit 

Companies with high-flying 
employees have successfully miti- 
gated potentially enormous NIC 


So what’s your poison, then? 

David Cohen predicts that the government could have some problems in curbing abuses of NICs 


bills by paying staff bonuses in the 
form of assets rather than cash. 
The assets used are always convert- 
ible readily into cash, so the 
employees have no complaints. 

And since NICs, unlike income 
tax, generally are charged only on 
direct cash payments, the company 
achieves a 10.2 per cent saving. 

This blatant avoidance has infu- 
riated the Department of Social 
Security. Its repeated response has 
been to extend the NIC net to catch 
the non-cash benefits then in 
vogue. But this tactic has proved 
futile because the closing of each 
loophole has led invariably to the 
discovery of a new one. 

In the latest chapter of this lucra- 
tive farce, Lilley announced at the 


end of Angust that he was adding 
diamonds and fine wines to his NIC 
hit list In response, dealers in the 
City of London - the English capi- 
tal’s financial district - are now 
being showered with tasty-sound- 
ing platinum sponges and less tasty 

- but apparently, equally cashable 

- supplies of arsenic. 

These peculiarly exotic bonuses 
will mark the death throes of NIC- 
dodging if Lilley has his way. T am 
fed up with spiwy schemes . . . pay- 
ing yuppies their bonuses in gold 
bars, diamonds or vintage wines,” 
he told the assembled Conserva- 
tives. **FU put an end to them once 
and for alL” 

No details were available as to 
how he proposed to achieve this 


elusive objective; his department 
would say only that an announce- 
ment “in due course" would reveal 
the scope and timing of the new 
measures. Plainly, though, to make 
any real headway, the OSS will 
have to reverse the present assump- 
tion of NIC law that a non-cash 
benefit is exempt unless listed 
expressly. 

T he danger of such a rever- 
sal Is that it might vac- 
uum up all sorts of genu- 
ine benefits which Lilley 
has no wish to penalise. 

He showed his awareness of this 
pitfall by telling reporters, after his 
speech, that luncheon vouchers 
were an example of a perk that 


would stay outside the NIC net 

But his lawyers will doubtless 
explain to him the difficulty of 
finding general definitions which 
are capable of distingnishing a lun- 
cheon voucher from an arsenic cer- 
tificate. 

If the exempt benefits are actu- 
ally to be listed one-by-one, there 
will be a flood of candidates. 
Employers will insist that a whole 
range of perks - Cram pensions and 
health insurance to free holidays 
and clothes - is provided for good 
commercial reasons and should 
continue to enjoy NIC Immuni ty. 

However harshly Lilley wields 
the knife, three time-honoured 
techniques for paying less NICs 
seem certain to survive: 


■ Employees can be paid in the 
form of shares in their company. 
Imposing NICs on these is most 
unlikely because it would conflict 
with the government’s commitment 
to wider employee share owner- 
ship. 

I If a company can show that peo- 
ple providing it with their services 
are selfemployed, the whole issue 
of employer’s contributions will 
never arise. 

■ Owner-managers who control 
most private companies can trim 
their NIC bins by extracting money 
as dividends rather than bonuses. 

□ David Cohen is a partner in the 
City of London law firm of Pcdsner 
& Co. 



Big Brother is watching 

Insurers are keeping tabs on your life style , warns Debbie Harrison 



E at, drink and be 
merry is cheering 
advice in this 
stress- ridden world 
but, when it comes 
to life assurance. Big Brother 
is watching and taking notes. 
He is interested in your con- 
sumption of alcohol, cigarettes 
and cream cakes, how much 
exercise you take, who you 
sleep with, and whether your 
granny’s heart attack indicates 
an hereditary weakness. 

All these factors are taken 
into account by life office actu- 
aries when they assess your 
risk rating for life assurance. 
The more convivial your life 
style, the greater the likely 
impact on your life expectancy 
and the more expensive this 
vital family protection insur- 
ance will cost. 

Term assurance pays out a 
lump sum if you die within the 
period covered. Most company 
pension schemes include this 
benefit, but the self-employed 
and those without access to a 
pension scheme must shift for 
themselves. 

Mortgage lenders usually 
insist that borrowers should 
take out life assurance to pay 
off the loan if the worst hap- 
pens. And parents saving for 
school fees often are advised to 
use term assurance to guaran- 
tee that the fees will be paid if 


the main income-earner dies. 

With more than 100 insurers 
offering products in this mar- 
ket, it is important to shop 
around for the best deal: with 
an uncompetitive provider, you 
can end up paying double - 
sometimes more. You should 
also check if you need to set up 
a trust far the policy so as to 
avoid inheritance tax prob- 
lems. 

Smoking has long been 
recognised as a health hazard 
and Insurers began offering 
discounts to non-smokers more 
than 10 years ago. This year. 
Sun Alliance and Providence 
Capitol introduced discounts 
for “preferred lives” - those 
whose life style and family 
medical history indicates a lon- 
ger than average life span. 

If you are under 50 and 
looking for a minimum cover 
of £100,000. Sun Alliance's “life 
style” discount knocks up to 
12.5 per cent off its standard 
non-smoking rates. A man of 
40 who wants cover of £100.000 
for 15 years would pay £28.80 a 
month if he was a non-smoker 
but only £25.50 with the dis- 
count 

To qualify for that you must 
not have smoked for five years, 
drink more than 21 units of 
alcohol a week, or work in a 
hazardous occupation. 

Most applicants for standard 


Top 10 rates* 


Company 

Premium 

Scottish Widows 

£24.55 

Sun Alliance LS~ 

£25.50 

Providence Cap# 

£26.70 

Sun Alliance 

£28.80 

Permanent 

£28.96 

Norwich Union 

£29.20 

General Accident 

£29.40 

Zurich Life 

£29.40 

Scottish Prov 

£29.97 

CU (select term) 

£30.10 


"The table iltowa On monthly premium hx 
£100000 Ue assurance. Am apply to a nott- 
5 making mrrted men aged 41 neat birthday. 
"Sr ABanoa Ueatyle xisrxxmt aptdox lEcuhe- 
tant far £100000 c mar. TNs a an ewcu- 
Ove contract with a mntmajy premum of £50 par 
month. Source: The Ejmhjnge 


term assurance are asked to 
have a medical to check such 
thing s as blood pressure, pulse, 
and their height and weight 
ratio. They are screened also 
for nicotine (the “cotenine” 
test! to check they were not 
being economical with the 
truth over their smoking hab- 
its. 

They will be asked if any 
family member (parent or sib- 
ling) has had diabetes, heart 
disease before age 60. cancer 
before age 50, err any heredi- 
tary ailment. Anyone taking 
drugs or medicines regularly, 
could lose the right to a dis- 
count 

Ronnie Martin, individual 
risk marketing manager at Sun 


Alliance, stresses that the com- 
pany is not trying to restrict 
its client base to fitness fanat- 
ics. “We continue to accept 99.5 
per cent of all applications - 
we are not excluding anyone. 
Equally important, we have 
not put up our standard rates 
against which these discounts 
apply.” 

Providence Capitol’s pre- 
ferred lives discount applies to 
its whole-of-life policy. This is 
very similar to term assurance 
but could also provide a small 
cash payment at the end of the 
term. 

The company's executive 
contract is designed for larger 
sums assured - typically 
£250,000, with a minimum pre- 
mium of £50 a month. But the 
equivalent monthly premium 
for £100.000 is £26.70. There is a 
similar health screening pro- 
cess to that used by Sun Alli- 
ance. 

The table, provided by The 
Exchange database in Woking. 
Surrey, shows the top 10 rates 
for £100,000 cover for 15 years 
for a man of 40. Scottish Wid- 
ows. for example, charges 
£24.55 a month but Scottish 
Life would charge £46.50. 

Other insurers are expected 
to introduce preferred life dis- 
counts shortly, although the 
most competitive reckon they 
can hold their market share 


without taking this step. But if 
you are less than super-fit or 
there is a family history' of. 
say. cancer, it is worth check- 
ing the underwriting condi- 
tions of standard policies. 


Some insurers ask only for the 
most basic information while 
others require a similar level 
of detail to the preferred life 
questionnaires. 

At this stage, it is hard to 


judge the long-term implica- 
tions of more stringent under- 
writing for the less fit. Big 
insurers like Sun Alliance 
should be able to maintain 
competitive standard rates - 


but watch out for smaller 
insurers who may cherry-pick 
the low-risk applicants and 
either refuse cover for the rest 
or raise premiums to an exorbi- 
tant level. 


© 


9 


FI NANCI AL TIMES 1 1 


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TELEPHONE FREE ON 

0800 30 33 30 


<^cert€unUf 

All p« “ «"■ Wrtfatfo- f HSTAHT ACCESS, 90 PAT. HtCft, WtlXIHLr INCOME. TEBM, TE»A. Asset Is a dWbian tfce Brk|o , Sfd# ^ 









FINANCIAL TIMES WEEKEND OCTOBER 1 5/OCTOBER 1 6 1 994 


WEEKEND FT V|| 


FINANCE AND THE FAMILY 


Turn loss into benefit 

David Cohen tells how to maximise tax breaks when a company folds 


I nvestors who backed 
such fallen UK tycoons 
as Robert Maxwell or 
Asil Nadir will, no 
doubt, prefer not to 
reflect on it. But all those with 
shares in busted companies 
Should now be thinkin g bow to 
derive maylroirm tax benefits 
from their ill-fated specula- 
tions. Time is running out. 

As soon as it becomes clear 
that the shareholders of a col- 
lapsed company have no 
chance of salvaging anything, 
the Inland Revenue anryymncq 
that the shares are of “negligi- 
ble value". This enables inves- 
tors to claim a loss for capital 
gains tax purposes without 
actually having to sell the 
shares. Strictly speaking, the 
loss does not arise until the 
taxpayer makes the claim But 
because it can take some time 
for a taxpayer to become aware 
of a “negligible value" declara- 
’ tion, the Revenue allow claims 
to be made retrospectively. 
You can back-date to any tax 
year that ends not more than 
two years before the date of 
claim - on condition that the 
shares actually are worthless 
both when the c laim is made 
and on the earlier date selected 
by the taxpayer. 

This concession was helpful 
and straightforward. But it has 
become a victim of the contro- 
versial decision by Chancellor 
Kenneth Clarke in the last 
Budget to stop the CGT indexa- 
tion allowance from being used 
to turn a capital gain into a 
loss or to increase the amount 
of a loss, as opposed to just 
reducing a gain. This restric- 
tion applies to disposals made 
on or after November 30 1993. 

Negligible-value assets were 
a prime target of the chancel- 
lor's loophole-closing zeaL By 
definition, indexing the value 
of a worthless share will 
always increase a loss. But 
continuing to allow retrospec- 
tive claims would have enabled 
shareholders to circumvent the 
new legislation for a couple 
more years by back-dating 
their claims to before Novem- 
ber 30 1993. The Revenue has 
blocked this by decreeing that 
a retrospective claim is now 
governed by the law in force at 
fiie actual claim date. 

Had that been the end of the 
story, our unlucky investors 
would have been deprived at a 
stroke of all indexation on 
their dud shares. But, in 
response to vigorous protests. 
Clarice granted a measure of 



transitional relief. Each indi- 
vidual can now use indexed 
losses totalling up to £10,000 
arising on disposals made 
between November 30 1993 and 
April S 1996. 

So. someone holding value- 
less shares must lodge his 
claim by the end of the present 
tax year to have any chance of 
saving his indexation. If he 
does that, he will still qualify 
for transitional relief, even if 
he back-dates his claim to 
before November 30 1993. 

It is not enough, however, 
merely for the relief to be 
claimed by April 5 1995 ~ it 
must also be utilised by then. 
So, the order In which the vari- 
ous types of loss are set 
against capital gains is crucial. 

The first step is to deduct 
actual - as opposed to indexed 
- losses for the year in ques- 
tion. If that leaves a gain of 
more than the CGT annual 
exemption of £5,800. the gain 
can then be reduced by 
indexed losses for that year. To 
the extent that those losses are 
not utilised fully, they can be 
carried forward - though not 
beyond the present tax year. 

Say Adam has the misfor- 
tune to hold shares in Polly 
Peck for which he paid £3,000. 
He makes bis negligible- value 
claim in October 1994 and 
back-dates to the I993/9J tax 
year, which gives him an 
indexed loss of £1,000. In that 
year, his gains exceed his 
losses by £7,000. Offsetting his 
actual Polly Peck loss will 


SHARES OF NEGLIGIBLE VALUE {since 1990) 


Abaca 

Oactus 

PawHon tenure 

Abcrioyte 

Egertm Trust 

Paviofl tmaiHMunal 

AMresk Ldsure Enup 

Bigland U) Group 

Pennant Properties 

Alan Pad 

Equity & General 

Ptasdseel 

Alan (ntentsfotd Halidreasam 

Erosdn &rajp 

PoUform Concrete 

Alpha Ernies 

Feiran HoUngs 

Pofty Peck lUBnratol 

Ametffe Hddhge 

FKB Group 

Prndpa Hotels Gnxp 

Arlejr KoUJnus 

FOflEL WemaUBral 

PmpeSer 

AraecNM-HinhffM 

Fort Sefer Honb Propartas 

Ramar Textflas 

Astra HVdngs AT Tiust 

Groewood Seairttlae 

Rafert Group 

AudH & General 

Gufcfetauaa Group 

AenalsBance Hokfinge 

Authority hwaffmants 

Hanonr Druca 

flanraWua 

Babcock Praam 

Hartbngar Property 

RKF Group 

Barbcm Hokfings 

Hartand Simon Group 

RockfoT Group 

BrwefMgh Inrestmerta 

Hartley BaJrt 

nockhokl 

Brttah & Cnnuiiwealtti 

Haadand Group 

rtmtnxinil Uriilkiur 

nOCmpOQ 

Bmadtref land 

Hany Barrett Gnx^i 

nut) 8 Tomlons Group 

Suml HoMbtgs MemaUranl 

Honortm Gtolc 

Sempemove 

Sums AndBSon 

Hughes FDed Group 

Sheraon Securities W 

Ccrtraw^i Trust 

Keefiray uitemaUona) 

Sock Shop Mtamattanal 

CM Industrials 

Lawte* 

Speyliewk 

Ctanceh 

Ughtstap 

Spice Stamgard 

Gnapftt Holdings 

uwy 

Summer htamsttonal 

QQVove 

1 i__lrn lliihiit lfm_l.ii l_ 

LOnoun unuBO BWustnnms 

Snayart StaeSos 

CUy A Westnhsfiii' Graff 

Lowndes Oueansway 

Tem 

CteVe Foods 

ttafin Fbwraa 

Tianwood 

dartn Hooper 

Maxv«e8 Comnurcadoti Corp 

TrSon 

Oaannak Go* 

uu Dtnei ora ora 

TaiW Csporraon 

CakvorapNc OaMrad Soup 

Mouffafgh Group 

Video SBre Group 

Comparn ol Designers 

Mowat Group 

Wffd Croup 

Conner Grom 

Noble ftaredon 

Wamngcons 

Coran Seam 

HnUV House Grttgi 

Westedy 

Crown Corranretabons Grom 

Mortal Group 

WUo Soup 

tertes & Newman HoMngs 

Pattern Group 

Yekwtammo- 


bring down his net gain to 
£4.000. Since this is below 
£5,800, the indexed loss is car- 
ried forward. So, the present 
year gives Adam a final nhanrp 
to exploit his loss before it dis- 
appears over the Turkish Cyp- 
riot horizon. 

In the remaining five months 
of the year, Adam - and all 
like him - must aim to make 
capital gains for 1994/1995 


which, after deducting any 
present-year losses and the 
£5,800 exemption, will still 
leave enough taxable gains to 
absorb his indexed loss. If 
likely to fall short, he should 
consider topping up his gains 
by bed-and-breakfasting shares 
with an in-built profit. 

■ David Cohen is a partner in 
the City of London law firm of 
Paisner&Co. 



V 

t -f: ' 4- •• '• i f Ik a ■/ ini * n et ? • f a l/ ti 


V— “» 


i.. 

<•<*■ V* v*~. v. .. ... - - 


tlit be ttice- to kn o w 

is? 


the worm 

.✓’ rr V- .-V -\.- 


There are all kinds of inviting places 

And that bears fruit. Our Fidelity 

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Franco 

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promising, but appearances can be 

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Fidelity is now the worlds largest 
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analyses based on first-hand £190 billion.' 


knowledge. Last year, for example, 
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Please register me for Ji-mib of FiJdiry 
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• Static: Mia.-r-il, NAV c NAV mth erw* moMw reinvested ru I I 0.94. CunuLitive pvnrUi suite Liunth *30 J°o t Figures include those ol FMR. .1 US empunv .inJ sn 
nUilutu .X Fkkluv h*v*«*»is Srt»ice» Unwed. The FsM«\ FvavU ZuKy< Fund is part v* Fidelity Funds iSICAVt. which is an open ended Luxemtynns imeMment 
ovnpanv with -& clmes vhjrr OunJ» _ I The «lire i4 dure- nuv riw nr tall due to clungo in the rare ul exchange i< die cu nervy in which the limd- jrc inv^n-J. P.t*t 
{•edoenune* « guarantee ol tuture iwumi The value <* uivexcmenis areJ iK. iiwome imm them can go ifcMrn as well asuj> and the uivc-sce our Hue get Kiel the amoutw 
invesied ImmUacnr in Fsleliry Funds rh-uU he made on the htu- of the lunem brochure. .1 copy cl which can he obtained It on the Dcmburocs. UK Iniolofs Ju cill al«> 
» 1 v‘ ihu Fidelci Fund- are nxumncd under SectMittfutihc Fuimcut Serwees Act I HUS The hulling < <" Shares hi the FutvJh ® iU mt he caiiac J bv the punt-iom* ol the 
SIB Internes O-enjvnximu Scheme n.e K .inv -imihtf wheme in Luxemhurj; The LIK Pombuiur of rhe Funds Is Fidelity Investment* Inremaiiorul. a roetnM of IMRC. 


Annuities 


Top annuity rates 


Several leading providers are 
reducing their rates while oth- 
ers, which have been uncom- 
petitive. are putting them up. 

One reason for the decrease 
is that the long-term gilts 
yield has again drifted lower, 
to 8.87 on October 12 after a 
high of 9.25 on September 20. 

Generali, one of the large 
players, increased its rates by 


roughly 5.7 per emit on Octo- 
ber 4. But Canada Life, Son 
Life of Canada and Prudential 
cut theirs this week. 

These downward adjust- 
ments are the first this year; 
on average, annuity rates have 
risen by 16.5 per cent since 
January. 

Peter Quinton. 

Annuity Bureau 


An smutty provides a guaranteed Income far Rfo m return ter a lump sum imreatmem. 
The buk ol the fund txxa up by many types of pension plan muff be used « this way. 
Annuity In co me IgfUjy taxable. This week’s table snows me best rates for P&tSONAL. 
PENSION ANNUllES which are used tor personal pension plans and the previous 
ratkeme n t anmffy contracts. The rates in the chert do not include inflation proo fi ng. 



SMALLER COMPANIES 
BIGGER GROWTH 

The London Business School calculates tnoi £100 invested 
In a smaller companies Index* in January 1955. with gross 
dividends reinvested, grew to £80.000 by the and of 1393 - more 
than lour times the equivalent figure for the All Share index. 

77ie Tllney UK Smaller Companies Unit Trust will Invest In a 
researched portfolio of UK smaller companies with the objective of 
achieving above average capital growth. 

The fund manager, Tllney & Co. has been advising on 
investment for over 150 years and currently manages another UK 
smaller companies Fund where the total return has outperformed 
rne Extended hGSC index (excluding investment trusts)* by over 
504, in the six year period to end December 1993. 

2% DISCOUNT WP TO KTB OCIUME. 

All investments made up to 35th October are eligible for a 
3 % discount off tne initial charge. 

For further information send for 3 Drocnu/e or rfng 
0514714155 

/ TILNEY 

Umf Trust* 


raw. LW1 T-i*J Mwpv" LUL uurr 8u*Snfi. p*. heed. Lhwpooi L3 1W. 
AMemOerortHRO. 

■me mwe Genet smtfer companies <H55Q moex irttwEttwWHfBCiNto 
IcxciuflwS'mestmfW uiffsi are produced b» me lononn ffcolnas Seta) tar Ifosis 

UKsS£ile7&)5SnleS MTmt 

WMC — 


ADCHE5S 


POSTCODE 


ThopMof untocan 


Mala age 55 

Annuity (+1-9%)- 

Female age 50 

Annuity (-4L9%)’ 

Equitable Ufa 

7.710.00 

Prudential 

6579.66 

Prudential 

7,692.60 

Royal Ufe 

BJ7ai9 

Generali 

7.639.13 

Equitable Life 

6,722^8 

Male age 60 

Annuity t+2-7%r 

Female age 60 

Annuity (+1jB%)' 

Equitable Ufe 

8.394.72 

Prudential 

7,84352 

Prudential 

8,292.12 

Royal Life 

7^6452 

Generali 

8,292.01 

Equitable Life 

7.507.50 

Male age 70 

Annuity W%)‘ 

Female age TO 

ArauTOy {0%r 

RNPFN 

C10.869.6O 

RNPFN 

C9 ,384.36 

Equitable Ufe 

Cl 0,800.56 

Royal Ufe 

C9^19.75 

Canada life 

Cl 0372^8 

Canada Ufe 

G9,159^4 

JOINT UFE - 100% SPOUSE’S BENEFIT 


Male age 00 
Female age 57 

Annuity t4-1A%)* 

Mate age 65 
Female age 63 

Annuity (1.6%)’ 

Prudential 

C7.027^4 

Prudential 

C7,428J?4 

Royal Ufe 

C6.939.01 

Royal Life 

27^67.42 

Equitable Ufe 

£6,806.56 

Canaria Ufe 

C7J274B4 


• Month's movement 

Payments are monthly In anews, wbhout a guarantee period and without escalation. 
Rates are as at f3 October T994. Hgues assume an annuity purchase pnee of £75.000 
altar paying tax tree cash at £26.000 and are shown fypsa. RNPFN annuMea are 
avaflatXa only to nurses and allied unakars. Souce: Annuity Bureau: 071 620 409a 


Safe options 
for savers 

Guaranteed equity bonds 


Name 


—.25% GROWTH 

Guarantee Basic rata Top rata 


50% GROWTH 

Basie rata Top rate 


J Fry Old 
S»P 

Eagle Star 
Zurich Life 
GA Ufe 
Nat west 
Lloyds 
Royal Scot 
HsOfax 
L&Q 


13J00 

13J500 

12,975 

15^00 

1-4.420 

iaooo 

13,000 

12^50 

15300 

14.420 

10.000 

13^538 

13,007 

17^78 

16.439 

9,000 

16^00 

15,525 

16300 

15.S2S 

13.000 

13,000 

12^50 

14350 

13,613 

10,000 

12^00 

12,125 

15,000 

14350 

11^75 

11^73 

11^94 

13.750 

13,188 

12500 

12.750 

12338 

15300 

14,675 

11,125 

11^75 

11.500 

13,750 

134XX) 

10.000 

12^50 

12345 

14,730 

14j530 


Turns are tor & yasra xpan Sum Johnson Pry aid Esgla Sou SVr yraral Save 6 Rogpsr yeW 
KBffax (61 ysang. QuWartw a nMnxxn ream as base rare taxpayer. Growth a bayed on the FT-SE 
100. Unt Trial Vwlon. 8«ucu Swm Fiuw 


Guaranteed equity bonds offer 
two options to savers, writes 
Gillian O’Connor. At worst, 
they will get back a minimum 
guaranteed sum. The other is a 
return linked to the perfor- 
mance of the FT-SE 100 index, 
which could exceed the guar- 
anteed mmimum substantially 
if the equity market does well 
over the investment period - 
usually around five years. 

The table above, supplied by 
Swire Fraser, shows some pos- 
sible results of a £10,000 invest- 
ment. It gives the minimum 
return to a basic rate taxpayer; 
and the returns to both a basic 
and a higher rate taxpayer 


assuming the FT-SE index 
rises first by 25 per cent and 
then 50 by per cent. Many of 
the bonds also have a maxi- 
mum pay-out, not shown here. 

The bonds are suitable for 
building society investors hop- 
ing for a better return but 
unwilling to take risks. Swire 
prefers those with a high mini- 
mum and a reasonably good 
stock market link, such as 
Johnson Fry, Save & Prosper 
and Royal Scottish. The Legal 
& General unit trust (also 
available as a Pep) is most suit- 
able for people who might 
want to pull out their money 
during the five-year term. 


9% income 

per year 
for the next 
five pears 


A regular monthly income guaranteed at 9% a year for 5 gears.* 


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if so, take a look, at the new High Income Bond from NatWest It 
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5 yeais- 

Protect your income now with on investment which benefits from 
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, drtab ard return the coupon m or fwefeipe Icr The Manat)#. Notional Wenmirmet 
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| 0800 25S 200. ot. it ifou preler, you con tax us on 071 374 3360. 

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| Surname — , — ■■ — — — — .... - 

j Address 

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Postcode LX-L-LJ LJ— LJ Dated Birth U.1..J L_l_ I I l I 


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41 Ifidtora l»*» K2P 2BP. «roH*TB) r»d«r «2W7 









VIM WEEKEND FT 


FINANCIAL TIMES 


WEEKEND OCTOBER .SOCTOBHM-W4 


FINANCE AND THE FAMILY 


Revenue’s mistake on loan relief 


2 own my boose but lodge 
during the week with my 
mother because her home is 
closer to my place of work. I 
return home at weekends, hol- 
idays etc. 

The Inland Revenue says I 
can nominate my own house 
as my “main residence'* for 
CGT purposes but will not 
allow me to claim loan inter* 
est relief on the mortgage 
(Miras/ on the ground that I 
spend more time at my moth- 
er’s address than at my own. 

■ Clearly, you are entitled to 
the benefit of Miras. When 
your tax inspector has looked 
at the judgment in Frost 
(Inspector of Taxes) v. Fel- 
tham. 11981) STC 115. he will 
undoubtedly apologise, put 
Miras into effect forthwith - 
and give you the tax relief due 
for past interest payments. 

Traded 

options 

I am operating on the traded 
options market with money 
pnt forward in equal amounts 
by myself and three relatives. 
The account is in my name for 
ease of trading and money 
management. Is there a way 
we can use up our individual 
CGT allowances under this 
pooled trading system to the 
satisfaction of the Inland Rev* 
enue? 

■ Presumably you have read 
the free Private Inves tor’s 
Guide to the Taxation of LIFFE 
tquity Options. If n ot, ask 
your broker (or LIFFE’s publi- 
cations department) for a copy. 
It was written last January. 


Each of the four of you 
should report a quarter of each 
transaction in his or her tax 
return. You might like to do all 
the CGT calculations and sim- 
ply tell the others what figures 
to put in their returns. 

Doubtless there is adequate 
documentary evidence of the 
arrangements between you, 
which can be produced to your 
tax inspector if need be. 

Wife has no 
liability 

Concerning your reply (August 
27/28) about char ging council 
tax against the earnings of a 
wife required to work at borne. 

My wife also had to work 
from home during her Job as a 
salaried employee of a chanty 
from May 1389 to last month. 
She used one room exclusively 
for this. 

Daring this period, three dif- 
ferent methods of local taxa- 
tion have been In operation - 
domestic rates, the community 
charge and the council tax. 
Our house is in my name. 

1. Can a proportion of coun- 
cil tax in principle be charged 
against her earnings? 

2. If so. can she claim retro- 
spectively for 1993/94? 

3. Can similar claims be 
made for domestic rates and 
community charge for earlier 
years? 

■ The answer to all your ques- 


tions is no. Since the house is 
exclusively yours, your wife 
had no liability either for rates 
(under the system which pre- 
ceded the community charge) 
or for council tax in respect of 
the room which you allowed 
her to use for her work. 

The community charge was 
a personal tax, not a tax on 
property, so her community 
charge liability had no connec- 
tion with her work. 

The reply published on 
August 27 was based upon the 
fact that (so far as we could 
deduce from the reader's letter) 
his wife was joint owner of Che 
house: thus, she had a council 
tax liability in her capacity as 
tenant-in-conunon or possibly 
as joint te nan t (it was not dear 
which type of joint ownership 
existed). 

The answer to question 3 
would have been “no” in any 
event, as you will see from the 
free pamphlet on owner-occu- 
pied bouses. CGT4. which is 
obtainable from your tax 
office. 

IHT limit is 
‘grotesque’ 

I am resident and domiciled in 
Switzerland and my wife is 
resident and domiciled in 
Italy. We are both in our 70s 
and, although we have chosen 
to live apart, she would nor- 
mally benefit from m; estate if 


I were to pre-decease her. 

I understand that if I were 
to resume a domicile in the UK 
and she remained in Italy, I 
would be allowed to leave her 
only £55.000 free of inheri- 
tance tax. whereas she conld 
receive any amount available 
free of inheritance tax if she 
woe domiciled in the UK. 

I believe the figure - which 
seems grotesque - was set in 
1982. 2s there any way of 
pressing the authorities to 
review the question? 

■ The purpose of the £55.000 
limit (set by the Finance Act 
1982; was, broadly speaking, to 
discourage British citizens 
from marrying foreigners. The 
limit is based upon domicile, as 
distinct from nationality; but. 
in fact, the great majority of 
people who are domiciled in 
one of the three constituent 
countries of the United King- 
dom ore British citizens and 
the great majority of people 
who are domiciled overseas 
obviously are not 

Your wife might like to raise 
the matter with the European 
Commission on behalf of 
nationals of EU states other 
than the UK. 

The European Court has con- 
firmed that discrimination on 
the basis of residence can con- 
stitute unlawful tie facto dis- 
crimination between nationals 
of one state and another; so it 
is pretty certain that discrimi- 
nation on the basis of domicile 



No legal rB gprs S*y can bt arrnpfT Oy ns 
Aancd ftms tor S» orwss gton in 9m 
ccJurmt. AJlterJnea m* ba jimw u o ' Of poa as 
seen a possbfc 


(as determined under English. 
Scots or Northern Ireland law, 
as tiie case may be) constitutes 
de facto discrimination 
between nationals of EU states. 

Your wife could write to the 
Directorate General H, Eco- 
nomic and Financial Affairs, 
Financial Integration and Capi- 
tal Movements. Rue de 1a Led 
ZOO, B-1049 Brussels. Belgium. 

Exempt 

transfers 

What time limits apply to gifts 
qualifying as exempt trans- 
fers? In other words, how long 
before and after the date of 
marriage may they be made? 

■ There is no specific time 
limit relating to gifts in consid- 
eration of the marriage, but 
the gift must be in consider- 
ation of the marriage. So, it 
must be made at the time of 
the marriage or shortly before. 


Strict proof is required when a 
gift made after the marriage is 
alleged to be in consideration 
of it (Reply by Barry SdUer- 
man of accountant Stay Hay- 
icard). 

Be ready for 
questions 

My wife has recently trans- 
ferred some shares to mf 
name. Although there was no 
financial consideration 
involved, am I correct in 

assumin g that, for CGT or 

other purposes, the cost of 
acquisition would be taken as 
the share price at the date of 
transfer? 

■ Ever since CGT was intro- 
duced in 1965, the basic rule 
for transfers between spouses 
(living together) has been that 
the asset is deemed to go 
across at cost, regardless of 
what price (if any) is actually 
paid or its value at the time. 

Ask your tax office for the 
free leaflet CGT15 (Capital 
gains tax: a guide for married 
couples), but bear in mind that 
it is not up to date. 

We are, however, a little con- 
cerned at your use of the 
phrase “transferred ... to my 
name" rather than “given me". 
A mere transfer into your 
nam e is not in itself sufficient 
to effect a change of beneficial 
ownership. 

In the absence of evidence of 


an intention to confer benefi- 
cial ownership upon her hus- 
band. English law assumes 
that a married woman who 
transfers shares etc into her 
husband's name does so with 
the intention that he should 
hold them as her nominee, ben- 
eficial ownership remaining 
with the wife (no consideration 
for the transfer haying passed 
from husband to wife). 

The Revenue looks closely at 
t ransf ers between spouses, so 
you should be prepared for 
questions in due course. 

Voluntary 

liquidation 

I was a shareholder in a small 
unquoted company which sold 
almost all its assets and went 
into voluntary liquidation. 
The liquidator made an 
interim payment to me in the 
tax year ending April 1994, 
and indicated a further 
fln»i payment will be made in 
the tax year ending next April. 

The interim payment is big 
enough to make me liable for 
capital gains tax after my 
£5,800 allowance and indexa- 
tion. 

Am I liable for CGT on the 
interim payment and also lia- 
ble to a separate assessment 
on the final payment? If so. 
am 1 entitled to £5.800 in each 
tax year? 

■ The answer to both your 


luestioiis w >w. Ask your tax 
Jffice for a copy of inland Rev- 
alue Statement of Practice D3 
Company liquidations: i;« »m 
ilia reholders' capital (Run* 1 

vhich was issued on January 
v» W2 (If vuU ha vi* any fliffi- 
M ltv. write to the Inland Revo 
iue Public Enquiry Office. 
Somerset House- Strand. Lon- 
ion. WC2R iLBA 
A free booklet of statements 
/practice (up to last year) » 
waitable. if you are interested: 


Transfer of 
ownership 

I inherited my house from my 
husband in 1971 and have 
lived in it with my son ever 
since- In 1985, ownership was 
converted Into a beneficial 
joint tenaucy between us. 

If I were now’ to make over 
ownership to him entirely, 
would any or all of its value be 
included in my estate for the 
purposes of inheritance tax? 

■ The transfer of the interest 
that gave rise to the joint ten- P 
ancy with your sun is not a gift 
with reservation by you pro- 
vided both of you are using the 
property jointly and sharing 
the outgoings. 

Transferring your interest to 
your son while you continue to 
live in the property will not be 
effective for inheritance tax. 
Your interest will be treated as 
still forming part of your 
estate. {Reply by Barry Stiller- 
man). 





MEW INVESTMENT TRUST LAUNCHES 

— TsTjBts — — Outskto T9 taUe PB» — 

Issue Knknunttofain Anna! Itotonim Annual 
Stza YMd FB> Savings Price NAV ML Bongs tnwt. Change 

Ma nayi (TeWwntf BnXw Sector Warrens Bn % dual? Stfwns p P g % t % Piter Period 

■ BZW Commodities Trust 

BZW (0500 202021) 

da Ziieie & Bevan Commndffias IS 100 n/a No No lOOp 9k5p £5.000 1.25 n/a n/a 6/10194-20/10/94 

A Jersey-based. London-listed fund, aimed mainly at Institutions but which may appeal to larger private investors 

■ Fidelity Special Values 

Fidelity (0800 414161) 

SG Warburg UK Growth 15 30t n/a Yes Yes lOOp 955p £1.000 0.95 n/a n/a 19/10/94-9/11/94 

New twin for Fidelity's Special Situations unit trust, run by Anthony Bolton 

■ Lazard Brewers 

Lizard Investors 1071 614 3065) 

Grrig Middleton IK General 15 50m 3* Yes n/a lOOp 96p €1.000 1% n/a n/a doses 22/10/94 

Specialising in regional brewers, pub companies and others involved in the production or sale of drinks 

■ Murray Emerging Economies 

Murray Johnstone (0345 222 229) 

De ZoetB & Sevan Emerging Mas 15 20m+ n/a No Yes lOOp 95.5 £1.000 125% n/a n/a 9/1 1/94-29/1 1/94 

Investing in real emerging markets - India, China. Brazil, Hungary etc - not "gateways' (Ike Hong Kong or Vienna 


NEW UNIT TRUST LAUNCHES 

Taper FuS Snugs — avgas outside PIP - MHraan - (James inside PS? - liMnui Spader otto - - — 

YMd PEP Schemas MM Arad Other town. UtM Hanoi Other torsi. Bacon Period 

Manager (Tdephemel Sector % Qua* Ava fl. %%%£%%%£% 

■ Tllney UK Smaller Companies 

Tifeiey (051 471 41311 UK Smaller Cos 1.7 Yes Yes 5.00 125 No 500 5.00 125 No 500 Yea? 5/KMM-25/KW4 

The first unit trust launched by this stockbroker fund management group. Tllney manages a high-performing smaller companies pens ion fund 

l O penxnago core dbc art on lump sum jnfl Bat atr months ot savings plan. 

■ HL Investment Trust Portfolio Trust 

Hargreaves Lansdown (0272 767 767) investment Oust units 2 Yes Yes 5.75 1.5 No 2500 5.75 1.75 No 2500 Yes' 7/10194-27/10/94 

Unit trust investing in a wide range of UK and overseas investment trusts, with a 5 per cent annual withdrawal facSty. 

• t O menuoa pevtt Ooeount on meammtg w g jxet anr STOMP " our ESOlCOOl jatf 3 av CSOMO. 

■ Managed Growth Fund 

M&G 1071 626 4588) Fund at Finds 1 Yes Yes 5 15 No £500 0 15 Yes- £1.000 ■ 8/1 0/94-28/1 0/94 

M&G - s second fund of funds, this one concentrates on tong-term growth. It is also the second M&G no-lratial-chaige Pep 
" VWttto»n) shj ipes on a sMng sole ham 4S paw cant to the Ita war tknm to O Mar an entf of We IW, yaw. 

B Global Growth Pop Fund 

Martin Curie 10300 838776) townational Growth 1 Yes Yes 525 15 No £1.000 S25 15 No £1.000 X 17/10/94-5/11/94 

Launched to attract the Pep market this is more UK and Europe-oriented than the company's international growth fund, ranked 14 of 115 funds over 5 years 
K peramapo p*m ducounl tor (rwastora he ntorto p horn other ftp tOwiw 


Pibs 

Yields 

stay 

high 

Following the successful 
merger of the Northern Bock 
building society, the UK’s 11th 
largest, and the North of 
England, its smaller 
neighbour. Pibs (permanent 
Interest-bearing shares) issued 
by North of England are now 
in Northern Rock’s name, 
writes Scheherazade 
Daneshkhu. 

The table shows that gross 
yields at present are between 
10.36 and 11.81 per cent - 
higher than a year ago when 
they stood at 8.62 to I0J12 per 
cent 

Peter Cape], director of 
Hoare Govett Corporate 
Finance, says; “Sentiment in 
the gilt market has improved 
markedly since the start of the 
new quarter. Indeed, this 
week's retail price inflation 
data is reducing investors’ 
worst interest-rate 
expectations. 

“Investment flows have been 
increasing as investors move 
to lock-in the excellent real 
returns now offered by 


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The Sydney Opera House, the Tower of London, 
the Channel Tunnel Terminal, offices, factories, 
schools, airports and possibly the street where 
^ you live - all these have been lit by products 
designed and provided by Thorn Lighting, 
international specialists in lighting for 
people and places. 


DIC 


The holding company of 
the Thorn Lighting Group 


Placing and Public Offer 

(prospectus available late October) 

To reserve a prospectus and application 
form, please call 

08 1 247 0247 


: hti ac'-'e r l;5sn':en?, ich ties prepared by er z is fne io->i roio o ri b - ■ i V cr p ! c , 

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‘A-j'Boriiy Uni fee c^c ‘be SfCCK crch.cn ne) ror Vc purposes Of Sec-C-f of ths 


ipens^bV 0*y' gfHe'r 'person in repfipn. 


;!;cn in t!~e crospfrc-us.' 

.-2'. ■, Itr.,.- •: -ft . 


PERMANENT INTEREST-BEARING SHARES 

Stock 

Coupon 
(gross %) 

Minimum 

m 

Issue date 

Issue price 
(pence) 

Prico* 

(pence) 

Yield" 
(gross. %) 

Birmingham Midshires 

9.38 

1,000 

16/12/93 

100.17 

66.75 

10.37 

Bradford & Blngley 

13.00 

10.000 

30/9/91 

100.20 

122.25 


Bradford & Bingley 

11.63 

10,000 

29/6/92 

100.13 

111.00 

10.54 

Bristol & West 

13.38 

1.000 

11/12/91 

101.79 

123.50 

10.90 

Bristol & West 

13.38 

1.000 

31/10/91 

100.34 

123.50 

10.90 

Britannia (1st) 

13.00 

1.000 

13/1/92 

100.42 

120.00 

10.90 

Britannia (2nd) 

13.00 

1,000 

a/10/92 

107.13 

120.00 

10.90 

Cheltenham & Gioucs 

11.75 

50,000 

21/10/92 

100.96 

113.25 

10.44 

Coventry 

12.13 

1.000 

28/5/92 

100.75 

112.50 

10.84 

First National 

11.75 

10.000 

4/5/93 

100.25 

100.25 

11.81 

Halifax 

12.00 

50.000 

23/1/92 

100.28 

115.QQ 

10.50 

Halifax 

8.75 

50.000 

7/9/93 

100.62 

35.00 

10.36 

Leeds Permanent 

13.63 

50.000 

3/6/91 

100.00 

129.00 

10.62 

Leeds & Hoi beck 

13.38 

1.000 

31/3/92 

100.23 

122-25 

11.01 

Newcastle 

12.63 

1.000 

m/92 

100.45 

115.50 

11.00 

Newcastle 

10.75 

1,000 

15/6/93 

100.32 

98.13 

11.00 

Northern Rock 

12.63 

1.000 

23/6/92 

100.14 

116.75 

10.88 

Skipton 

12.88 

1,000 

27/2/92 

100.48 

117.75 

11.00 

Source. Ho an Gowa YWwsa pnea m at a pmy Oaubar ft wefca a 

xauvl tnamt 





sterling bond markets. 
Fixed-rate Pibs have not as yet 
felt the full benefit of this 
change in sentiment, and 
currently offer an improved 
buying opportunity when 
compared with gilts." 

But the yields on Pibs are 
also an indication of the 
higher risk of buying paper 
issued by a building society 


compared with that from the 
government 

Pibs have no maturity date, 
so the investor’s capital 
cannot be guaranteed. The 
only way to get capital back is 
to sell the Pibs into the open 
market 

Interest is paid net of 
basic-rate tax and gains are 
exempt from capital gains tax 


unless the Pibs are held within 
a unit trust 

In theory, they pay a fixed 
rate of interest indefinitely, 
but missed interest payments 
do not mount up for payment 
at a later date. Those holding 
Pibs are last in line for 
repayment in the event of a 
wind-up. and are not covered 
by a compensation scheme. 


HIGHEST RATES FOR YOUR MONEY 


Account 

Telephone 

Notice/ 

term 

MWmum 

deposit 

Rato 

tnL 

peld 

INSTANT ACCESS A/cs 

POrtman 8S 

Instart Access 

0202 292444 

Instant 

C50O 

5.oo*> 

Yh' 

Manchester BS 

Money-by-MaB 

061 839 5545 

Postal 

Cl .000 

s.aoi; 

Yly 

Skipton BS 

3 High Street 

0756 700511 

Instant 

£2,000 

6.10*1 

Yty 

Northern Rock BS 

Go Direct 

0500 505000 

Instant 

£204300 

6.65% 

Yly 

NOTICE A/cs and BONDS 

Bradford & Bhgtey 

Direct Notice 

0345 248248 

30DatfP) 

£1.000 

am 

Yly 

Northern Rock BS 

Postal 60 

0500 505000 

60D3y(P) 

El 0.000 

6.75% 

Yly 

Universal BS 

1 Yr High Option 

091 232 0973 

90Day 

£10.000 

7.00% 

Yty 

Newcasde BS 

Portland Band 

091 2 SI 6622 

1.12.97 

C2.0OQ 

8.90NF 

Yly 

MOtmfl-Y INTEREST 

Britannia BS 

Capital Trust 

053 8 391741 

Postal 

£2.(300 

5^7?S 

Mfy 

Bradford & Blngley BS 

Direct Notice 

0345 248248 

30Day(P) 

£104)00 

6.45% 

Mly 

Northern Rock BS 

Postal 60 

0500 505000 

60 Day 

£2.500 

6.17% 

Mb' 

Chrises BS 

Four Year Bred 

0800 272505 

31.1298 

£1 0.000 

6.6594 

My 

TESSAs (Tax Free) 

Confederation Bank 


0438 744500 

5 Year 

£8.900 

9.0094F 

tfy 

Market Harborough BS 


0858 463244 

5 Year 

E94300 

7.60% 

Y V 

Cheshire BS 


0800 243278 

5 Year 

£1 

7.40% 

Yly 

Tipton & Cosetey BS 


021 557 2S55 

5 Year 

£1 

7.35% 

Yiy 


Woohvfch BS 

Current 

0800 400900 

Instant 

£500 

3.50% 

Yiy 

HaSfax BS 

Asset Reserve 

0422 335333 

Instant 

£5,000 

4.50ft 


Chrisea BS 

Classic Postal 

0800 717515 

Instant 

£2.500 

6.00% 

Yly 





£25.000 

6.35ft 

YJy 

OFFSHORE ACCOUNTS (Gross) 

Wbotwich Guernsey Lid 

Internationa) 

0481 715735 

Instant 

£500 

5.75ft 

Yly 

Confederation Bank Jersey 

Ftedbte Inv 

0534 608060 

60 Day 

£10.000 

6.30% 

CTy 

Defoysttre QOM) Ltd 

Nnriy Dav 

W24 663432 

90 Day 

£10.000 

6.55ft 

Yiy 

Hakfax Intf (Jersey) 

Fixed Rate 

0534 59840 

3 Year 

£10.000 

8.50%F 

Yiy 

QUARANTkED INCOME BONDS ptei) 

NQ Lite 


081 680 7172 

l Year 

£20.000 

5. 60 ftp 

Yly 

A1G Lite 


001 680 7172 

2 Year 

£20.000 

6.40%F 

Yly 

Laurentan Life 


0452 371371 


£10.000 


Yly 

General Portfoio 


0279 462339 

4 Year 

Cl 0.000 

7.20%F 

Yly 

Bjrafife 


071 454 0105 

5 Year 

£50.000 

B.30ftF 

Yiy 

NATIONAL SAVIN OS A/Ca • BOMBS (dross) 


Investment A/C 


1 Month 

£20 

5.25%G 

Yly 


loco™ Bonds 


3 Month 

C2.000 

6.50%H 

MV 


Capital Bonds 1 


5 Year 

£100 


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By Post only. G- 5-75 pa - cent on £500. 6 per cent on £25.000 and above. H= 6.75 par cent on £25 000 and above- 
£ 6.80 per cent on E20.000 and above. Source; MONEYFACTS. The Monthly Guide to Investment and MortgaP 
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WEEKEND OCTOBER 1 S/OCTOBER 16 1994 


WEEKEND FT IX 


\ 



PERSPECTIVES 


■ 5 
i 


I t could not be more dif- 
ferent from the exclu- 
sive galleries of Bond 
Street or St James's, or 
the hushed rooms of an 

art gallery. 

Pangolin Editions' main 
foundry, at Chalford, near 
Stroud, Gloucestershire, is a 
cacophony of sound; 9,000 sq ft 
of hangar-like building, in 
which members of the 29- 
stroog team are sawing, grind- 
ing, hammering and perform- 
ing the myriad operations 
involved in working bronze. 

Casting bronzes for Britain's 
estimated 2,000 full-time and 
part-time sculptors is compli- 
cated, It involves mould- 
making, wax-making, firing, 
pouring, fettling and chasing - 
all processes that have to be 
performed In several stages. 

The labour-intensive nature 
of the business is one of the 
main reasons why three of the 
handful of British companies 
in the field went out of busi- 
ness last year. 

"At one stage we thought we 
would be joining them," sai d 
managing director Rungwe 
Kingdom who founded Pango- 
lin 9% years ago. 

Kingdon, 34. and his wife, 
Claude, run a business with a 
turnover of £650,000 but which 
makes little money. 

"If I wanted to be a rich man 
I would not be in this busi- 
ness," said Kingdom who can 
remember first wanting to cast 
bronze at the age of eight As a 
teenager he was influenced by 
his father, writer and sculptor 
Jonathon Kingdom 
When the family returned to 
this country from Uganda - 
his father had been professor 
of fine art at Makerere Univer- 
sity and gave his son the name 
of an African volcano - King- 
don went to art college before 
joining sculptor Lynn Chad- 
wick, a lifelong influence, to 
team the business. 

After four years he set up his 
first foundry in his father’s 
backyard in a village near 
Oxford. "By then I had decided 
that I did not want to be a 
second-class sculptor, but, as I 
had always suspected, to con- 
centrate on bronze casting," 
said Kingdom 

His great interest then, as it 
still is, was on patination - the 
creation of different finishes, 
usually by chemical means, on 
the surface of the finished cast- 
ing. 

After three years in Oxford- 
shire he bought a 2,000 sq ft 
section of a former asbestos 
works on an industrial estate 
at Chalford and soon became 
the head of a 1 0-strong bronze 
casting team. The building cost 
£25,000, of which £15,000 was 
on a mortgage. “It was a bar- 
gain. Twelve months later, in 
1989, it was worth £125,000," 
said Kingdon. 

The business built up 
quickly. Within two years 
Kingdon had nearly 200 sculp- 
tors as clients and a workforce, 
of 27. To cast monument-size 
bronzes he rented an adjoining 
9,000 sq ft unit, complete with 
overhead gantry, and looked 
forward to expanding an 
already promising order book. 
The bank was happy to lend 
him £100,000 to purchase equip- 



Runsm Kingdon: sat up his list foundry in Ms fetter's backyard 


South wwirim 


Minding Your Own Business 

Cast in a survivor’s mould 

Clive Fewins looks at a company which has weathered several storms 


ment and to service the compa- 
ny's £30,000 overdraft. 

For Pangolin, Kingdon can 
date the arrival of the reces- 
sion precisely. “It was in the 
first few weeks of 1990. The 
orders just came to a halt,” he 
said. 

“The international art mar- 
ket went flat. Within a few 
months the value of the build- 
ing we owned had dropped to 
£50,000 and our overdraft was 
running at £75,000. Our debts 
were not covered, and the bank 
knew it" 

Kingdon was forced to make 
five people redundant The rest 
of the workforce agreed to 
defer overtime payments, and 
sections of the newly-acquired 
main foundry building were 
under used. A dispute with two 
employees led to an industrial 
tribunal - and a £5500 payout 
he could not afford, and more 
headaches. 

For Kingdon it was the worst 
of four crises in as many years. 
The other three have centred 
on cash flow. “Last year we 
turned over £650,000 and made 
virtually no profit," Kingdon 
said. “This year looks like 


being a little better - but I am 
still gradually repaying my 
staff for overtime worked sev- 
eral years ago." - 

Nevertheless, the business Is 
surviving, while competitors 
have gone out of business. 
"Pangolin is now one of four 
large bronze-casting foundries 
left in the UK and in terms of 
staff numbers and capacity 
probably file largest," Kingdon 
said. “Really there are too 
many people working here for 
the business to be really profit- 
able. But our speciality is pati- 
nas - hand-finishing of bronze, 
which creates subtle hues of 
greens, browns, greys and 
blues, as well as black and 
white. 

If a sculptor is seeking a cer- 
tain patina and wants a 
foundry that specialises in sur- 
face changes to the finished 
casting than he is likely to be 
more dependent on us than on 
others." 

Pangolin has the capacity to 
cast large pieces. Last year 
three full-size bronze ele- 
phants, each weighing four 
tonnes, were cast. Other under- 
takings have included a full- 


size bronze of Captain Cook, 
which is to go to New Zealand. 

This summer the foundry 
undertook its biggest job yet - 
an abstract bronze sculpture in 
three parts weighing a total of 
15 tonnes. In early September 
it was unveiled in Brussels as 
the centrepiece of the city's lib- 
eration celebrations. 

Kingdon attributes the 
expanding order book to the 
fact that the company is now 
known in file art world as a 
survivor, and to the training 
programme run by his artist 
wife that has helped improve 
quality and provided an experi- 
enced. stable workforce. 

“We have also been regularly 
going to exhibitions and art 
fairs and this has helped bring 
in work from overseas. In the 
last 12 months we have proba- 
bly done work for sculptors in 
a dozen countries." he said. 

Gallery Pangolin has contrib- 
uted to the company's sur- 
vival. Under the same roof 
there is a permanent display of 
pieces loaned by leading sculp- 
tors. Opening is by appoint- 
ment. Currently, a six-week 
exhibition is running and 


nearly all the pieces are for 
sate. 

"The gallery is a sideline. 
Any money it produces goes 
into another catalogue and 
Into our art fair fund," King- 
don said. “However it serves a 
useful function in promoting 
the work of our client sculp- 
tors and in showing what we 
are capable of.” 

Another reason for cautious 
optimism is the increasing vol- 
ume of work the company is 
asked to do for archaeological 


teams and for research insti- 
tutes. This usually involves 
testing theories on how his- 
toric artefacts were originally 
produced and finished. 

“What the company really 
needs is money to buy some 
new equipment and improve 
our casting techniques," King- 
dan said. “That would really 
put this place on the map ” 

■ Pangolin Editions, Unit 8, 
Chalford Industrial Batata, 
Chalford, Gloucestershire, GL6 
8NT. Tel 0453-836527. 


Haiti’s rulers 


Continued from Page 1 

business families are thought 
to have supported Gen Raoul 
Cedras. the Haitian army chief 
who led the military govern- 
ment until last week. Origi- 
nally, he was appointed by 
Aristide. Now the preacher- 
president will be hoping his 
latest offering to the army. 
General Jean-Claude Duperval. 
will be more loyal to the Hai- 
tian executive than the board 
of directors. 

The Brandts are understood 
to have funded an anti-Aristide 
lobby in Washington DC. The 
Mevs have been accused of 
compliance with the military 
regime which usurped power 
in a bloody coup in 1991 and, at 
worst, protecting some of its 
members to ensure the sur- 
vival of their business. 

However, the Mevs insist 
they are ultimately pro-Aris- 
tide and seek “political stabil- 
ity and good democratic insti- 
tutions". But then, in 
gatherings of the elite, polished 
rhetoric, like lobster and 
French wine, is abundant. 

The vogue is vocal enthusi- 
asm for elected government 
and every family member 
paints his clan as champions of 
the democratic process. But, 
slowly. 

“Democracy is the ultimate 
goal,” Gregory Mevs explained. 
“It is a process to work at No 
one gets there in under 24 
hours... if you take the his- 
tory of France, democracy is a 
new animal for them; it took 
them hundreds of years to get 
there." 

If the international touch to 
the Haitian problem is alien to 
most Port-au-Prince residents, 
then that is in keeping with 
the elite’s image. The most dis- 
tinctive quality common to 
nearly all the business fami- 
lies, beyond their uncommon 
ownership of German sports 
cars, country homes and func- 
tioning international telephone 
lines, is their colour. 

Most are non-black. They are 
mulatto, many with French, 
German. Syrian, Lebanese or 
J amaican backgrounds. 

The anomaly has spawned a 
Haitian proverb: “A poor 
mulatto is black, but a rich 
black man is a mulatto.” 

Distance from the poor is not 
only a question of colour. It is 
also one of altitude. In Port-au- 
Prince, the rich demonstrate 


the resilience of luxury in the 
hills of PetionviHe suburb. The 
middle classes are getting by 
halfway down in Delmas. And 
most of the people, with next 
to nothing, are in shanties on 
reclaimed land below sea level 
at Cite SoleU. 

From behind the white- 
washed perimeter walls, iced 
with barbed wire and bougain- 
villaea, it is easy to take a 
patrician view of democracy. 

As Aristide returns and the 
embargo is lifted. Petionville. 
should spring back to luxuri- 
ous life, but Delmas is the area 
to watch. It has skilled and 
educated workers without jobs. 

The population of Delmas 
would staff the “democratic 
Institutions” Mevs is seeking. 
The people of Delmas would 
also appreciate the "democrati- 
sation of capital" advocated by 
men such as Johnny Brandt, a 
member of the less prodigious 
wing of the Brandt empire. 

But for Delmas to witness 
real changes, the business fam- 
ilies will have to overcome one 
further obstacle: their inces- 
sant bickering. 

The Brandts and the Mevs 
have been feuding since 1949. 
According to one Haitian 
socialite, the Mevs are still 
sore that the Brandts were able 
to build a detergent factory on 
land formerly owned by the 
Mevs, allegedly by manipulat- 
ing President Magloire into 
appropriating the property 
from the sugar grandees. 

As US troops have spread 
throughout Haiti over the last 
four weeks, a sense of shame, a 
call for self-sacrifice and patri- 
otic rhetoric have become com- 
mon among the Haitian oligar- 
chy- They strike a note of mea 
culpa and claim responsibility 
for endowing the bulk of the 
population with education, 
political rights and economic 
development 

Brandt, his white shirt open 
and showing a gold chain tan- 
gled in chest-hair, is one of 
their number. Sipping on a 
rum coffee, he says: “Some of 
us are going to have to play 
the Jean d’Arc here.” 

President Aristide, often 
referred to as Haiti's foremost 
biblical scholar, will appreciate 
the saintly tone of self-sacri- 
fice. Nevertheless, he may need 
to get the swimming pools 
clean before he finds the Hai- 
tian oligarchs ready to help 
him put his house in order. 


The Nature of Things /Clive Cookson 

Catching scientists for life 

Using technology to inspire children is the aim of two initiatives 


A sk a scientist 
approaching the end 
of his career how he 
first became inter- 
ested in science, and he is 
likely to reminisce about some 
wonderful teacher who gripped 
his ima ginati on during phys- 
ics, chemistry or biology les- 
sons. 

Mixed with the nostalgia will 
be a lament for the alleged 
decline in science teaching, 
which means that few of 
today’s schoolchildren are 
inspired in the same way. 

Many people involved in sci- 
ence education share the idea 
that enthusing a child at the 
right age will produce a scien- 
tist for life - and some concede 
that fewer inspiring teachers 
are at work today than 50 
years ago. 

Hence the current wave of 
programmes to use resources 
outside the classroom, such as 
museums and the media, to 
put across the excit eme nt of 
science. 

Two good examples of this 
sort of child-grabbing initiative 
have just been announced. 

One comes from London's 
venerable Science Museum, the 
first in the world to open a 
children’s gallery in the 1930s. 
The museum is to invest £4m 
(half from its own funds and 
half from sponsors) in new 
facilities for youngsters from 
toddlers to teenagers, known 
collectively as Project 95. 

The other is Voyage VI in 
the international Jason Proj- 
ect, which will use "interactive 
television” to take about 
40Q.OOO schoolchildren an a sci- 
entific expedition to the mid- 
Pacific island of Hawaii nest 

year. ^ 

Their experiences will range 
from guiding a remotely opei> 
ated vehicle into the mouth or 
3 live volcano, to viewing the 


other planets through Hawaii’s 
mountaintop observatories. 

Jason is funded by corporate 
sponsors and organised by Bob 
B allar d, the famous American 
oceanographer whose accom- 
plishments include finding the 
wreck of the Titanic. Barclays 
Life is spending £600,000 over 
three years bringing Jason to 
Britain under the management 
of National Museums and Gal- 
leries on Merseyside. 

What the two projects have 
in common is lavish use of 
high-tech communications 
equipment Jason will connect 
pupils, parents and teachers at 
30 “interactive network sites” 
in the US, UK and Canada with 


identify them as they log on at 
one of the eight terminals. 

The system will then issue 
an identifying nickname, such 
as Nimpy or Monkey, Ziggy or 
Bounce (real names Trill not be 
used, to protect young users' 
privacy from prying adults). 

Once logged on, children can 
communicate by video and 
sound with friends or strangers 
on other terminals. Or they 
can play games. The system 
will offer collaborative activi- 
ties - for example everyone 
joining to create a combined 
work of computer art - and 
competitive games such as rac- 
ing through a Simulated 
violence is banned. 


Once logged on, children can 
communicate by video and sound with 
_ friends or strangers on other 
terminals. Or they can play games. 


the scientists in Hawaii, via 
live satellite links. 

Sixty different programmes 
will be broadcast during the 
two-week project, so that as 
many participants as possible 
can take a turn at talking to 
the scientists or operating the 
cameras by remote control 

Network 95, the communica- 
tions system at the heart of the 
Science Museum’s project, will 
not operate across continents 
but just within the museum in 
South Kensington. It will, how- 
ever, offer young visitors what 
Roger Bridgman, curator of 
communications, says is the 
world’s first multimedia video- 
conferencing system designed 
for casual public use. 

Children coming into the 
museum will be given a super- 
market-style barcode sticker 
on the back of the hand, to 


Indeed the whole network is 
designed to appeal more to 
girls than to boys reared on 
violent computer games. For 
example, the graphics welcom- 
ing new users will feature a 
series of soft girl-friendly 
rooms. 

Even so, Bridgman fears that 
some boys will become “termi- 
nal hogs" whom museum staff 
will have to ease off the sys- 
tem. 

In addition to Network 95 
(sponsored by Mercury Com- 
munications) the museum is 
building six new areas dedi- 
cated to involving young peo- 
ple in science. 

Gillian Thomas, director of 
Project 95, is known for her 
innovative children's spaces at 
La vniette Science City outside 
Paris; she is bringing in some 
unexpected young designers. 


including Ben Kelly who made 
his name with the Hacienda 
night-club in Manchester. 

The Science Museum's teen- 
oriented Communications Cafe, 
with its multiscreen displays, 
video and computer links, 
could become one of the hip- 
pest pick-up joints - if that’s 
not too old-fashioned a phrase 
- in late 1990s London. That 
would be a wonderful antidote 
to what Ballard says is “the 
common image of the scientist 
as a ‘nerd’, a socially undevel- 
oped individual". 

If Jason and the Science 
Museum succeed in turning 
children on to science, whether 
through the excitement of 
steering a buggy Into a volca- 
nic cauldron or making friends 
at Communications Cafe, that 
will just be the beginning of 
the story. 

The schools then have to 
build on the converts’ new 
enthusiasm and feed them 
through a poorly-designed edu- 
cational pipeline without turn- 
ing them off science once 
again. 

To help link Jason with 
school work, the project pro- 
vides study materials which 
teachers can use in class to 
relate the Hawaiian expedition 
to subjects such as geology and 
astronomy. (Although these 
materials originate in the US, 
they ace being anglicised to fit 
into the UK national curricu- 
lum.) 

In the mid, successful science 
education still depends on 
direct personal contact with 
good teachers. High-tech pro- 
jects such as Jason and Net- 
work 95 provide a welcome 
spark of interest but they are 
no substitute for government 
action to bring more talented 
science graduates into the 
teaching profession. 


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Mr. Ian Thurgood Td: 0850 303382 


BUSINESSES WANTED 


and mining H necessary. 
For brochure and daua rft 
Tatephonte Cream Bym 
on 0732 368568 


MARKET ACCESS- 
DATA COLLECTION MADE 
SIMPLE 

If you need data, sot. aceuretely. B«Uy and 
ratably, loeb no turtw. Mattel Across, ton 
Synergy Softrere, breaks new pound In das 
delivery and removes the amtety of date 
maintsnanoa. Extensive prices from moat 
maridrs-aiyourflngenip*. 

B 424282 or 


PRECISION ENGINEERING CO. 

MERSEYSIDE BASED CO. WITH OWN PRODUCT SEEKS 
N. WEST PRECISION COMPONENT MANUFACTURER WITH AUTO 
LATHE/CNC MACHINING. EXISTING SALES c. it - £1M P/A. 
PURCHASE MERGER OR CAPITAL INJECTION CONSIDERED. 

PRINCIPALS PLEASE REPLY TO. 

BOX NO. BM74 FINANCIAL TIMES, ONE SOUTHWARK BRIDGE. 
LONDON, SE19HL 


BUSINESS ADVERTISING ALSO 
APPEARS ON PAGE 15 
SECTION ONE. 





X WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 1 5/OCTOBH^^^ 


PROPERTY 


Country life — in town 


Winter can sour that romantic rural idyll. Gerald Cadogan has an alternative 

W hen winter comes. 

romantics living In 
the English country- 
side often find that 


W hen winter comes. 

romantics living in 
the English country- 
side often find that 
life in a picturesque village or down 
a long lane has severe drawbacks. 
You can be blocked in by snow for 
days at a time. And you must drive 
substantial distances to reach the 
services you need from doing the 
shopping to visiting a library or the 
doctor. Drivers can clock up 20,000 
miles a year like this - often in 
treacherous conditions. 

Thus, those experienced in coun- 
try ways tend to reject homes in 
remote areas in favour of old mar- 
ket towns where all the advantages 
of country life exist and a substan- 
tial house is often cheaper than a 
village rectory or farmhouse of the 
same size. Mud-free and comfort- 
able, these properties are just too 
sensible to be ignored - as older 
people, in particular, appreciate. 
But the Barbour and wellie brigade, 
looking For the "real" country, has 
virtually ignored them. The prices 
tend to reflect It. 

Many of them date from the 18th 
century when England settled down 
after the civil and religious strife of 
the 17th century. As prosperity 
spread, the middle classes built 
homes to show their improved posi- 
tion. Sometimes, this involved 
adding a box-like, large-windowed 
Georgian facade to a Tudor or medi- 
eval gabled house. Such places have 
a comfortable, reassuring feel. 

Here, then, is a selection of good 
country-town houses. Generally, 
they are Georgian, with walled gar- 
dens of manageable size. 

WALES: Cantre Selyf is a sub- 
stantial Georgian house in the cen- 
tre of Brecon with a walled garden 
big enough to keep all the family 
busy when not walking in the Bea- 
cons. Its asking figure looks particu- 
larly attractive compared with simi- 
lar houses in England. Price: 
£200.000. Agent : Knight Frank & 
Rutley. 

SUFFOLK: Bury St Edmunds is a 
cathedral town with wide streets 
(and the Georgian Theatre Royal; in 
the East Anglian region. No 17 
Westgate Street is large. Georgian 
and built of red brick, with a sepa- 
rate access from Friars Lane. Price: 
£395,000. Agent: Bedford. 

COTSWOLDS: You do not expect 
houses to be cheap in Chipping 
Campden, especially if they are two 
knocked into one with a total of 
eight bedrooms and Corinthian 
pilasters on the front. Bedfont & 



For &485400-. the Red House in Sherborne, Dorset, listed grade 11* 



For £375,000: The Gables, a former coffee house at Lewes, East Sussex 


Woodward House reflects the 
wealth of the wool merchants who 
buSt it 250 years ago. Price: around 
£950.000. Agents: KFR. James Mar- 
tindale or Savills. 

EAST SUSSEX: Lewes is among 
my favourite towns, with its smart 
houses on the high ground along 
the High Street, dominated by the 
castle. Down below. Southover used 
to be a separate village before being 
absorbed Into the main town. 

Southover Cottage, in Southover 
High Street is a goad example of the 


traditional Sussex style of building, 
which involves a cladding of bang- 
ing tiles on the upper floor. Yet. it 
was put up as recently as 1920. 
Price: £225,000. Agent Humberts. 

In the same street. The Gables 
was the main Tory coffee house in 
1800, a time when Lewes returned 
two MPs to Westminster. Price: 
£375.000. Agents: Rowland Gorringe 
or Humberts. 

HAMPSHIRE: Lymington is 
famous as a centre for sailing. 
No 5 Quay Hill is a bow-fronted 


town house facing on to a cobbled 
pedestrian street. Price: £190.000. 
Agent John D. Wood. 

The same agent is also selling 24 
Church Lane, an end-of-terrace. 
grade H cottage. This still has an 
outside lavatory - besides, of 
course, the one in the house. Price: 
£90.000. 

In the large village of Wickham, 
near Southampton, two stately 18th 
century houses on The Square, both 
in blue brick with red-brick trim, 
are for sale. Wickham House 
(£410.000) is offered by Lane Fox 
while Havelock House (£275300) is 
on the books of John D. Wood. 

LEICESTERSHIRE: Oakham is 
the county town of what used to be 
Rutland and has a public school, a 
market twice a week and a splen- 
did, 12th century castle. Yule House 
is a classic example of a town house 
that began as a cottage. Then, an 
imposing Queen Anne front was 
added and, eventually, a Victorian 
bay. 

Probably the best house In town. 
It was for a long time the lodgings 
for the visiting judge who con- 
ducted the local assizes. Today, it is 
listed grade H*. Price: £375,000 
(doom from £395.000). 

DEVON: White Hart House in 
Okehampton is a medieval property 
with much of its original architec- 
ture surviving. Indeed, it was once 
a pub, as the name suggests. Now, 
it has plenty of bedrooms, an 
adjoining listed barn and views of 
Dartmoor from the overgrown gar- 
den. Price : £135,000. Agent Miller- 
son. 

HERTFORDSHIRE: At Sawbridge- 
worth, a bijou white house by the 
old bowling green and the church is 
for sale. Trevarthen is basically 
late-17th century, but it was 
improved with a Georgian Gothic 
front early in the 1800s. Price: 
£325.000. Agent Mulhtcks Wells. 

DORSET: Sherborne is a delight- 
ful town noted for its abbey, castle 
and schools. The Red House in Long 
Street, listed grade n*, is a red-brick 
gem with a stone trim and dates to 
around 1700. It is among the best 
houses in town. Price : £485.000. 
Agents : Humberts or Michael de 
Pelet 

The same agents offer St George’s 
which, not surprisingly, is Georgian 
and on the edge of the town with a 
small paddock behind the garden. 
Price: £265,000. 

LINCOLNSHIRE: Spalding, 
Britain's home of bulbs, straddles 
the river Welland. No 8 Welland 


















’ * ! M . 


€ 

j-i > K 1 ^ 





For £275,000: Havelock House, a stately 18th century property In the village of Wickham, near Southampton 


Place, yet another Georgian house, 
is on the south side. Ttie asking 
figure looks especially attractive. 
Price: £98.500. Agent Carter Jonas. 

NORTH YORKSHIRE: In York, a 
Iate-18th century brick house is on 
the market It has a bowed back 
wing added about 1S30. and a studio 
in the walled garden. No 8 Clifton is 
just five minutes' walk from the 
centre of town and the minster. 
Price: offers over £295.000. Agent: 
Jackson-Stops. 

Nearby is 22 Clifton Green, a 


superior cottage dating to 1839 at 
the start of the Victorian Gothic 
style. Price: £210.000. Agent Carter 
Jonas. 

Jackson-Stops also offers 127 The 
Mount, a Regency villa that Is 
slightly further out but close to the 
racecourse. Price: 1325.000. 

■ Contact numbers - Brecon: Knight 
Frank & Rutley ( 0432-273 087): Bury 
St Edmunds : Bedford (02S4-769 999); 
Chipping Campden: KFR (0789-297 
735). James Martindale (0993811 777) 


and Savills (0295-263 535): Lcuvs: 
Rowland Gorringe (0273-174 I0H and 
Humberts (0273-47S 828): Jjjminqtim: 
John D. Wood (0590-677 233). 

Okehampton: Miller son (0837-540 
80); Satobridgeworth: Mull ticks Wells 
(0279-755 400k Sherborne: Humberts 
(0935-812 323) and Michael de Pelet 
(0935-812 336); Spalding: Carter 
Jonas (0733-681 00): Wickham: Lane 
Fox ( 0962-869 999) and John D. Wood 
(0962-863 131); York: Carter Jonas 
(0904-627 436) and Jackson-Stops 
(0904-625 033). 


COUNTRY PROPERTY 


WWW L U X U R y «**■*“*■» 

UdUMf 


INTERNATIONAL PROPERTY 



LONDON PROPERTY 


1 | IN CORNWALL 

2 & 3 BEDROOM HOMES IN A SUPERB BEACH LOCATION 

PRICES FROM # 

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' Leisure complex and swimming pool I 
’ Twenty-nine acres of private parkland I SPECIAL 
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'Seahorse Pub* TerraccBar / 8$$ / special offer and stay at a 

'SjSSSS 42s ^ryhotelatspecialfy 

* 2 \ean FREE maorine lot Falmouth I negotiated rates. 


• Magnificent sandy beach and /SjgM 
[ south facing views 

I * 2 years FREE mooring (at Falmouth 
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• Letting opportunities available 

• Sauna and spa pool 


• Sauna and spa pool — S ' 0326 250000 } 
wHwwaBwwPlLKINGTON wr w ira wRi 

©PlLKINGTON HOMES 0744 002940 

THE COURT. ALEXANDRA PARK. PRESCOT ROAD. ST HELENS. WA10 3TT. 



An impressive gable 
fronted house in the grand 
style with 5 bedrooms and 
3 bathrooms. 

This delightful house has 
a south facing aspect set 
in attractive landscaped 
grounds with the benefit 
of a further I ■/« acres of 
adjoining paddock land. 

Price £595,000 
freehold 

Opoi nvefynds IOam-4. 10pm in 
WinkEeU Street, Maidens Creen. 

Telephone 01)44 SLM) or 
centaii wiling aatnti Lhaiicellors 
rm 019)2 $46766 

OCT, Mills DEVELOPMENTS LTD 
llAULDrAN STATION HOAD 
LEATHER HEAD SURREY 
, TELEPHONE- 0I1.J Ml TTT , 


ACTING ONLY FOR BUYERS Aono Stop 
pa trt at cmxi fa manage ms purswe ot 
resitf&Uial or commercial proparty lor 
pmalo use Or rtv«ma« purpons. Ofltoos 
throughout me UK. rho Compass Group. 
Tai: 0636 615650 Foe 0636 31066 


W. SUSSEX 
CHICHESTER 5 Miles. 

3 Highly imJivisKal ami superbly 
appointed period residence* ui lovely 
country vetting, aliuifling farmland with 
rural views ro the South I>wib. now the 
(abject i>f stilfhif and complete rcslonlioa. 
Bnc Geivglin residence 4.6 bed. 

3 bartl 4 Re rep. I acre 1350.OT0. 

Flint and stone Coach House V« acre 
035.000 Slagle storey Regency VI IU 
2 bed. 3 bath, Gdn. llhSjX® 

TcL 0650 V63862 0243 77I95S 
Fax 0243 378498 


SOUTH WORCESTERSHIRE Perahora 
about 4 notes. Evasrom about 4 mica. An 
Inp ut tarn rontdarinal development ate to the 
contra al the popular historic vtaage a f 
G-Ostfvma ErtfOytogthobanoSo/plarinWg 
pamteskm to convert tha farmhouse to lorni 
2 (K*cHng& end outflne planning permission 
far the development of me adorning tana 
wib 6 duel Inga- Appro»*rvjtB sue area: just 

under t acre. JaCMOT-Stojw * Stall. 
OOppIng Campden (03661 0*3224. 


COUNTRY 

RENTALS 


BLOW THE STRA /.V A WA Y 
Glorious moorland accommodation, 
sleeps 12. 8 am) 4. October tn May for ti 
months. For Rent (6 months inclusive) 
£(.500 per month. Eight miles airport to 
London. 3 tlighls a day. Golf, forest, sea 
and hills. THINK ABOUT IT. £4.46 per 
person per day. Other terms A limes 
available for lunger 
Fly in car rental - b months. 

Fmj (04631 226446 Tefc«U63) 7 LM 13 

HR HATFIELD, HERTS Large Georgian 
house so tat with 200 am farm with dairy 
holdings. 5 cottages ft lodge. 8 wda. 4 
garages ft vabings. Write to Rest Estate 
GoneUUnb, 26 St Anwln+j Haco, London 
WlYlFG Tel: On 623B5B4 


COTE D'AZUR 
Residential Development Land 
A unique opportunity only 13 mins bom 
Nice Airport and St. Paul De Venue. 4 
HA in beautiful countryside 
neighbouring Ibth Century Chateau- 
Ideal fur large private estate or 1 usury 
residential development. 

-*200 sqm constructibilirv fix- 
up to IS plots. 

Inquiries: P. Van Naeitwijck 
Fax: 1+33) 9325 2612 
Portable: (+33) 07 M3 0536 


AZIR INTERNATIONAL! 


Cannes & Surrounding areas 
D eal directly with established local 
English Estate Agents offering a large 
selection of Villas & Ajxs 
New & Resale, Coastal and inland. 
Rflttocrcd Scarce batters. 


Tel: fM> 92 9$ 01 02. 
l av (33) 92 98 01 II 


GARDENER'S OPPORTUNITY 
NORTH WEST SPAIN 
Modem stone house. 3/S bedrooms. 

1 21 acres Interesting collection 
ireev, shrubs. 

Swimming pool 15 kms sea. 

Would consider dividing. 

G inwon. Tel: (91 86 71 20 26 


NETHERLANDS 
The Hague 

Beautifully situated, spacious ground 
lloor corner apartment with 3/4 rooms 
plus large cellar. No duecf neighbours 
from ur rear, private pariting. 
Located in attractive residential area 
close to shopping. £95,000 
Enquiries: Mr iaqoes SUeaStrtt 
Tel: +J 1-70062 1*67 


N'YOVark AvisEast 6<7s 5-Story Building 
HIGH RFJTfltN/IOW CASH DOWN 


5 -stories, fully leased medical & 
residential. YIckJs in's on SSUHjORQ cash 
down. Asks S2 4 million. Other small 
ievesonenr buildings mUlc. 

Wolf JakubottsJj; (21 2 1 326 0365 
Fa.s:t2l2l«B-*W24 
CREENTHAL WEST 


INTERNATIONAL PROPERTY TRIBUNE. 
Free property & service magaana Reswest 
two 0483 459254 Fax 0483 454996 

MADEIRA, PORTUGAL Apartments from 
£40.000, nousos up to £300.000. Fot 
tnior motion Tol.’Faa (351) 91 232477 or 
wrtn ILHOPREDtO RUA DO SA8A0 67 1- 
C 9000 FUNCHAL MADEIRA. 

COSTA 0EL SOL PROPERTIES Mart* Ha 
Offices. For information ft Price list ring 
001 903 3761 anytime. Rax 3559 

BOCA RATQN/PALU BEACH FLORIDA. 
Waterfront ft Gcu Course Hamas. Buyers 
Representation. No tee . Contact Rostyn 
Cetwiw, Realtor. Fax youi Tel*, n caB you 
lor (totalis. Fat: USA 407 241 8026 
Tot. USA 407 347 26Z1 

FRANCE, PARIS i« ■ Vondow+Oinoonla 
araa - 2 apartments, Ideal far rcceptfon In 
now. luxury, high standard building, 
panungs - 166 m> - immOBIUSIE SATIS 
Tel: (1)46 03 78 7B 

GUERNSEY - SHIELDS & COMPANY LTD 
a Soun Esplanade, a Peter Port One c< the 
Mart's largos ndoporum Esses Agema. 
Tel: 0481 714*45. Fast 0481 713811. 

COSTA BLANCA far U colour DrocMxe on 
our range of now ana resale apu. vBoa, 
tineas and buiinosses in Morotra and 
Tonwifija. call QHH OP 0278676281 now. 


FARNEY CASTLE 
raURLES, 

CO. TIPPERARY. 
IRELAND 

For Sate by Private Treaty 
"M agnipcent Historic 
Castle Residence V 





Unkjufi Castte Residence r a lovely 
rural setting on 25 acres bounded by a 
nver.TolaJty renovattd and modernised. 
6/7 recaption moms. 10 bedrooms, 
stable yam with 6 loose boxes, 2 bad 
cottage, 3 garages. Heated indoor 
swimming pool and sauna. 


U IV IV E 

ESTATE AGENTS 


176 Pembroke Road, 
Ballsbridge, Dublin 4. Ireland 
Tat lrtt+ 353-1- 6682548 
Fauu MU 353- 1-6682991 


iiumuiimM 


FRANCE - Cote d'Azur 

20 minutes from Nice. 4 bedroom house in 
<mall privvir ettuc. Excel too condldon. 
Luge communal pad. Tennis court 
£205.000 fixed Sieriing 

IK) MLS ABROAD 

4 Gardnar Road. London NW3 fHA 
Tel: 07 f 4J I 4692 Fax: 071 7944822 


NYC/Fiftli •Vve.'East *»•> f- f> Itnoms 
CENTRAL PARK VIEWS 


Sun Hooded home has casrAvest espos. 2 
truster bedrooms, 2 nurMe bnlhs, formal 
dining room, huge kitchen A maid's rm + 
bath. White glove, full service building. 

C. Caine: (212) 3260303 
Fas: (212) N» 9424 
CREENTHAL RESIDENTIAL 


WORLD OF PROPERTY 
MAGAZINE 
The best & biggest. 

For vour 
FREE COPY 
Tel: 081 542 9088 
Fax: 081 542 2737 


AND 2 dazzling terraces. New 

York's most glamorous views from 
one of New York's finest nddrcsses. 
For details, please contact: 
Amy Katcher: (212) 3264333 
Brian J. Manning; (212) 326 03 10 
CREENTHAL RESIDENTIAL 


FRENCH PROPERTY NEWS Monthly 
dd. new $ sU poparttos. legal column em 
A* tor your FREE ropy nan. Tot 081 947 
1834 


TUSCANY hi rosored monastery pa noamfc 
tndepandsnt residence 12 large rooms, 
garden & land. All modem conveniences. 
F/H £295,000 Tel ownas Italy 677662348 
Iasi 577878244 


PLANTATION 

WHARf 

BATTERSEA 

REACH 

“A =W y 


SUPERB NEW 
APARTMENTS 


From £95,000 - £280,000 
An exceptional selection of new apartments 
many wifh spectacular river views 
in the heart of Battersea. 

SHOW APARTMENT OPEN DAILY 

Molasses House ■ 

Plantation Wharf 
Off York Road, SWlt 


071730 0822 


081982 4814 





RENTALS 


COUNTRY PROPERTY 


LowthcrScott-Harden 

C'ft'Wrx* Jewrjr 


TO LET 
MAYFAIR, W1 

Detached Mews House 
Completely Refurbished 
4 Bedrooms. 4 Bathrooms. 
Reccpiion/Dining. Kitchen, 
CfooJu, Laundry. 

Roof Terrace. Private Parking. 
Available unfurnished. 

Could be furnished by 
ammgcmcnL 

£1.200 per week tneg) 

TEL: 0323 720976 
FAX: 0325 721249 

— ifflfis — 

CLUTON GATE, SWIO - 
HIGHLY RECOMMENDED 
Stunning town hse, ideal for 
entertaining. 2 Rcceps. Tee. Ki^Bric. 

4 beds, 3 Baths. Garage. 
Available for Long Id £100(1 pw f/f 

ELVASTON PLACE. SW7 
Elegant third fir fit frararing Tee. 
Recp. 2 beds. 2 balh>. Kit. lift. 
£490 pw Of. 

GLEDHOW GARDENS, SWS 

Attractive second fir ill overlooking 
gardens. Rcccp, 1 bed, K A B. 
Available for long let £300 pw 6f. 

Tel: (071) 589 1244 

HAMPSTEAD WW6 • 3 douda betkwm. 
Z bathroom Rat, large rooms/pitv. gdn. 
Nataly dec. Part harvutium. off st psrWgn. 
C3S0 p/w 071 834 1 295/M 56 527736 
fee 071 825 7700 



Graduate 

TO CAMBRIDGE 

Southitcrc Park. Cambridge An elegant Jevelopmem vl 
luxurious 2 and 3 bedroom apariincms. ser in acres ol mature, 
tranquil. ljnds:aivd g,trdcns - nunv with balconies or terraces 
Yet just l mile from historic University l.kv ol La m bridge 
l*»‘i it lime jwi gniduarej ro rhe undisgutse-d luxury ol 
Sou that, re Park 7 

j J ttiiikl like bather inl-rmati.-n on pr.^cruc> .« SimliArc Park l amlimi^ 1 

V I 

| ilQdwii | 

. I 1 .— tu'Je . ki V 

j »taikttt < Pjrk4t.hftitrt.iriH. w ^ inrthArc Drive. eunbthia LSI 112 j 
















i' t 



| NCLU ‘ TIMES WEEKEND OCTOBER 15/OCTOBER 16 1994 


COUNTRY PROPERTY 


WEEKEND FT XI 





LONDON PROPERTY 


v ST GEORGES HILL 

ll 

bedroom MM 

fa^ a ^r d ^ fvH 

fntemailonally tuasssesm^SSS^ « 1 

entrJ^ci^^^ rilyWnlro,, « 1 8«^ ^tJS 

equipped P" r °° ms ' Pensively - 

and professionally ccSdlMSffm ' ^ ^ throoms ^SAri 

Pnces from £975,000 freehold fT P 

oESJZiy **A»" W.oftwx ft, ***„ 

S^l»4 ^ 0 ' 932 335878 



BB^ TOSiair 

jplpBg£ COOMBE PARK A 

Kingston-upon-Thames 

Situated in an elevated position on the prestitdous rimmiv 

£f* — 1 — SSJSS3S "SS* 

Pnce £1,200,000 freehold 

541 — 





HARLEY HOUSE 

MARYLEBONE ROAD, REGENT'S Park 

LONDON NWl 



!«SS$: 


L a > 


Isn’t LzYe Grand? 


MpssM&S 

OCTncON 


OCTAGON DEVELOPMENTS LTD H AZELDEA N 


STATION ROAD 


forestry 

Portfolio of Stop grade productive plantations 
with benefit of management contract 

. ANTI Anne a. 


Barr and Airds 
Oban, Argyll. 


Clackmannan 

Woods 


m 

TilbiXl Economic 

FORESTRY 


•• •.. 

, -■-s^s?y .j^eA 


KENT. HER vmr t 
Camertniy abnni 6 miles 
London 56 miles 




, .uvjiu- WWW 

1436^R£S,3Lorre Sprung. Central 


£700,000 
Ben Newe 
Strathdcn 
Aberdeen. 

1373 acres. 2 Lots 

£1.000,000 


Scotland. 

358 ACRES, 3 Lots 
8W.000 - £145,000 


Dollar Forest 
Stirling, Central 

SOOTIAND. 393 ACRES. 




Scotland. 393 acres. 
£324,000 

Wkbkuuhiel 
Rothbury. . 
Northumberland 
1050 aero, 

£750X100 


> period nyk 


For further information contact die Marketing Deportment 

idlaifl Eoooorasr 

forestry 

Old Sauchie Sauchieburn Stirling FK7 9QG 
Tel: 0786 81 1721 foe 0786 816200 






MCdaf wtfti a ntnV viiK. I 

M«i° rCTrpbon rooiia.kiKtai.4 1 

m ^fterfm e^jtohroana. doabnoa. Cm 

"“t*** nmm. 
J™" 3 bedroom. 2 (wfawaa. cfaabunL 

Oa CH Da«Ne str^e Md watsbop with Uk 
dxm. pMly nikd gndea. 

AtMUAaa. 
0»nte*Kaiofl345 jm 
**“ A*tBK CtaM OaMmy O&e 
(0227)457441 

G W fixe & Sou Swhridi Office 
(1003)612147 

* ° EV ° H - TORBAY. DtalnoutehBd 
House of charm In nearly a acres wtm 
tuuUoek and strum. Needhm 
Bee. Hafl. 3 Hac Rooms! 
fl Be ds, g BUu. Oarages A Verandahs. 
To auction 21.1004. Wbycons, sBmsi 
T orqwy. (0603) 212531. Fax: 29688a 


XSStsitSir" 1 - - vw — — » 

tecta - all „** 24-fa., X*™ 

Su ■- «■ MU ™ 

APARTMENTS FROM £625,000 

l . HARLE * house - A PLACE IN HISTORY C 5 

„ J _ 1 l i i . i , . . ala 


) Con tact: Chris Mer 



* 100 Knightsbridge London SW1X TLB , 

[071 584 61061 


SHOW FTATOPEN 
1 lam - 5pm Weekdays 
lpm - 6pm Weekends 

071 486 4563 


k 8 i. 8 k s is® 

s.^^ootacti Ian Frankiip^i^ g 

White Druce 5 

ftfirown u 

1-1 Warwick Street. London WIR 5\VA 

071 734 4734^ 

L L. a f »atai F1M t .Cl 


CARTER TQNAS 


SHROPSHIRE 

Shrewsbury 14 miles, Bridgnorth 1 1 miles. Telford 5 miles 
A beautiful relate said to have been the inspiration 
for P.G. Wodehouse’s Blandings Castle 
Parkland site of Old Mansion, Coach House and 
Other Buildings for Conversion. 3 Let Farms 
7 Rirther Cottages and Houses, In Hand Land. 
Woodland. 1« miles fishing on River Severn. 

About 1075 acres As a Whole or in Lots 
Bridgnorth 01716 761711 London: 0171 629 7154 

12a St. George SL Hanover Square WIR 9DE 



Knight Frank 

^ & Rutlev 

International 



PEEBLESSHIRE 880 ACRES 

Selkirk 15 miles, Moffat 22 miles. 

A PRODUCTIVE WOODLAND 
CONVENIENT FOR SAWMILLS 

About 1 6 years olds mainly Sitka Spruce. 

Sports rights included. 

Offers over £295 per acre 

Savills, Edinburgh (031) 226 6961 
Fax: (031) 2256824 

Contact Guy Galbraith 


INTERNATIONAL PROPERTY CONSULTANTS 


LAKE DISTRICT 


*■« weD 

^^ r^A/ioor iT ... a ^xh of golf? Just watt across the bridge 
over the nver, the first tee is 20 yds away (it's a 4 iron) 0008 

Just think about it _ a swim? Yes. the river wmiiri iw hn~ nn 

F - “•*— “ ——S3 

way. Secure by Design is what the certificate says. 

nrnh {£r£ a ! t v r %J /i f nkin $ abo ‘f t in,crior layoui-fiimishings? - No 
problem J R Taylors the regions leading department store can 
handle everything down to the last champ^ 

Just think about it and then come and see us. Cowan Head k is 

jBassL 1 ^ “ti 3 .; off ^snssL\s 

WtMWmere, Our ofiSce is open everyday from 10 to 4. The coffee 

Prif«atthe PRIVATE DEVELOPMENT where quality, security 

™ P fJ^rwJT^ ,heS ’ “W® 6001 £155^00Md rowor 
±200,000. Cbme and see us at Cbwan mi-TI. j 




Tanzania 

The Mkwaja Ranch 

~^.:‘^^ ndin « ! y beautiful estate 
combining large scale cattle ranching 
and private game reserve 

^KSSETSJE 8,111 ; 

About 115.000 acres 
f 46,540 bectanw) 

• 'Pm - insMi 


The Boltons 
Chelsea, SW10 

A substantial Retold house now requiring total refurbishment, 
featuring a large west faerng garden. 

Fropnigrf = v 7~ r » 1 lim > <liniiw 

♦ RECEPTION ROOM 
♦DININGROOM 

♦ STUDY 

♦ MASTER BEDROOM SUITE 
COMP BED. STHTNC. BATH. 
MOWER AND 2 DRESSING ROOMS 

♦ 3 FURTHER BEDROOM SUITES 

♦ 3 FURTHER BEDROOMS 

♦ 2 FURTHER BATHROOMS 

♦ SEPARATE STAFF 
ACCOMMODATION 

I ♦ SWIMMING POOL 

♦ front and rear gardens 

_ freehold 

P rice: £3.75 Millio n 

Ayle sforkI 

# - 



-n 1 *-unaon 

rc : Oia-629 8m Fax: 0171-493 4114 
- Hanover -Square. London WIR 0AH 


MONTE-CARLO 
LE VICTORIA 

Pleasant 2 bedroom 
apartment, 120 SQM. 
approx, equipped kitchen, 
storage room, 
good condition 
(possibility for office 
use) (R33) 



Vi • . ' 1 ana to over m I 

Come and see us at Cowan Head we will not disappoint || j U A AV t-v t 


Salc-s Office Tel: O.T'in 730730 Fax: 0o39 730956 
. Ha<-kne\ & Leigh Tel: O.kU) 72971 1 


IfM B t T L E R © SHERBORN 


CLUTTONS 


WEST SUSSEX - 

Nr. Chichester 

Jwit.InmWWrtdi* 
Afhunh (jmiiv 

IVA CVonrt jvimiI F«mhw IncaaJ 

la pirnji, I iraland » Rh of 

CbkbrJrrnJSiCtti Dwdv lincpuu nxsH. 
UrtKittaalfos ranm. pnocfiaJ Intnm sour 
• Hb Jmiaf: iuw «kl haknkni. (ifMdM 
hftbuniin, Lumh imo. ertbe. S^BTaniiJc 
{k«l ui AVK-Mka mo. TVadiWal aid 
<*tf UN) ha*n?p«- -’pAkxta. 

4.97 Acm 

larSihai UMrirblLRi 
LONDON OFFICE: 071 408 1810 
ARUNDEL OFFICE: HU 882=13 


BUCKS/HERTS -BEDS BORDERS lStfl 
Contuy 2.000 aq. «. twi ce-Motsun. 23 
aoe (wBodi sol n <m AiUOt OUBIandhg 
Natwnl Ueouty London 34 miofc U Jet 9 
4 5 maos 5 mas iroki Rno station. Pitas 
guua. CIOS. 000. FaiAnon 0923 208766 
Fax. 0023 300074 



Bishops Waltham 
Nr. Winchester 

ft bed Geotgiaa style cennay hse, 3 iwp. 


I Esli ' 4?. ' .IT ; j*;r. I 


pool complex, suuut, hadscoped 
groomh. Ptimuin: far Urge Jmc, 
devnied poaiiaa 
OTcn in excess af ffiStXOOO 

Teh IAN JUDD & PARTNERS 
, (RafttJG) , 

j 01489896422 

SHIRES PROPERTY SEARCH Pmkte 
a homo search *w\to» tor boOipuntimA 
Waal ti Hon hara 8 Outrnmdho oxnau 
Tb( No 0700-470073 Ft w 07 8 0- 470700 



7jg Jackson -Stops 
& Stall 


Cotswolds, Broadway 

Strufcfd-upoo-Awon 
■bout lOonks. 

An iiapoitaiu BOn u ne n -ial Mlh . 

MdenU rf, Lined Grade n, period 

prapoqroa the worid fitfltaos 

High Street of Brawh*ay, 

5 iinpreiurr showrooms. Bttnn&lh- 

ypomtedr erideatal^anniaKwith 

j- frcq>noa rooms, 3 pdno'rol bedroom 
nmt, secondary bedroomsW&ag. 



Liz Telephone: Burfonl (0W3) 


7/9 Bd des MouKus MC 98000 Monaco 
Tel 33-92 165 959 Fez 33-93 501 W2 


VAL D'ISERc 
MOUNTAIN LODGES 


Two of ttia most sought*cHar 

luxuy chaMx in ffw woitdc 
topsUrasort. 

inmacuRxMytostomd I7Cslono 
farmhouses. 

4 and S bedroom* afl wBh 
wam bathrooms. Ftriy Ihmished. 

P»C6 3 750 00a FF each 

Contact Davto MeCaium 

T*t 03} 79 06 20 77 
Pcoc (33)7906 07 99 


MENTON-06500 COu ifAz® - Friucel 
Spkacfid aid build tag- hcrnyHilb 
from of the QMino. ind die bcacb. 

Vkw an ihc ica. much sun. 5 rooms 

(3 bed ra »i» end 2 receptions) ■» big 

enn *^ + 2bahnwois + ioil« + big 
tcmce. Elevate floor, GafdiaT, 
LLOHITC Fnttawuih + shttgea ♦ 
moojio Fato o M h 
Teh 01033145046682 


A lftk ccxatuj borne wiib cbmacr baib of 
uodo in PedgorU style, rar tte vow of 
B*mlke Sar Dordogne, <*, tke braden of 
Ouerey sad PtrigonL aanoiaGly raumvd 
and lEoovaksd. 

Tm»J liv ing space 192m'. Cowhu of 4 
*wfc«wns. 2 bubnoots. luge livtiig nn 

witft Rewi**UK* chimney, whner [emcc. 
eeotrally heated ihroagbom. also a brae 
c*Uu. Swimming pool n m , 3 w |,|, 
■namauc raurob. Lanhcaped gudea with 
aatomaUc walarbig jtmoh. a field of 
rrachb 2 Ha. odled ami fenced beside (be 
g a rden. 

Prior. 1AXL000 F.Fn. 

•WTeL France H27666S 



S.W. FRANCE 

Beautiful stone house, 

5 beds, 2 baths, sunny 
garden. Pretty bastlde 
village of Beauville with 
bakers restaurant, 
shops 750 M0F. 
Colour details Carl ScholflaW, 
47470 Beauva I©, France. 

Tel 01033 53 954624 
Fax 01033 53 95 4625 

G OTC D' AZUR rwMMSB.jsfcrubAtdtid 

tiBBatr. sa<bBri2wMa3brivpotniinMia 

2h^»RBatcia»xnTrion)33d35raa52 


W ESTM INSTER 
SMITH SQUARE 

Large Georgian corner house 
overlooking Sr John's Church 

drawing room, dining 

ROOM, FOUR BEDROOMS. 
UBRARY. tour BATHROOMS, 
LARGE STAFF ROOM, 
KITCHEN BREAKFAST ROOM, 
central healing. lift. 

FOR SALE FREEHOLD 

T. HOSKINS 071 371 6721 Agen] 


ST. KATHERINES 
DOCK NEAR 

2 bedroom flat with river 
views from Recep. Mod 
P/B block, lift porter, pkg. 
All contents included. 

Barnard Marcus 
071.636 2736 
Fax; 071 436 2649. I 


A CMC STOP MVESTOR’S SERVICE - JB lull 
*id be* London buys, finance, funttfUrq. 
Mine * maUJBI 446 3648 fee 3868 

CHELSEA SW 10 Victorian 3 bedrooms 
manstonllaL Ml 2 reception s , (rmaaiau 
wrier. New carpets £149,000. HOSKINS 
an 371 6721 AgL 


retirement 


ENGLISH COURTYARD 
"WHERE LONDON MEETS THE 
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3mnh Place, rckcaham. Middx. The bom* 

tarn a d* hern of lhe vi%t A Bpeajcnlar 

new development of raaa* coRaccs aod 
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8 HoUand Strut, London W84LT 




PARK CRESCENT, W1 

A large scomd floor flai set in this 
elegant wbhe stucco homed 
regency crescent. 

2 reeps, 4 beds. 4 baihs, kh. 
ctoakroffln, lift, garage, roof terrace, 
carmaker. 

Lease 64 years 

£825,000 

Laagley * Prim 071 495 4199 
Savills Hampoead: 071-431 4644 


BARBICAN ECO Dedgfxftr 1 bedroom Sat 
owriookl^i oarderw. Ready to move Imu. 
088^00 Barnard Marcus 071 S36 2736 
j Fac0714962B48L 

BARBICAN EC2 One bedroom duplex 
wwfooring gwdens and lake. C116J00. 
Barnard Marcus 071 638 273S. Pax: 071 
436 2648. 

BLACKFRIARS BRIDGE Smart 1 
<" m«t p« uocfc next to 
bridge. Wlin ponar parking. £115.000 

Bamairi Maras 071 836 2736 
Fax: 071 436 2648 

BUYING FOR INVESTMENT. We tenth 
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CHELSEA HOI4ESEARCH A CO We 
lepreseni the buyer to save time and 

money: 071 837 2281 . Fm 071 837 2262. 

KE^SfNOTOWaSmiUU. LONDON L»gea 
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BAR *CAN Three bed (no bath peratousa 
on 6tiV7th dm Htih roof terrace E210J500. 
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A history of enterprise 
in the Y orkshire Dales 


T he sign says: 

“Crackpot 2 miles", 
and as I drive the 
twisting lanes I 
muse on interest- 
ing addresses. There is a vil- 
lage called Paradise in Glou- 
cestershire. one named 
Puddledub in Fife and, closer 
to home, a farm called Phan- 
tassie. 

Crackpot Is in the Yorkshire 
Dales. Nineteenth-century trav- 
ellers described “awful caverns 
and Frightful ravines" but 
where the rivers of Swale and 
Ure have dissected England's 
Pennine backbone to give us 
Swaledale and WensLeydale, 
the landscape has been tamed 
over the centuries. And since 
nothing puts a place on the 
map quite like a TV series, the 
area has been dubbed “Herrtot 
Country" after the television 
programme All Creatures Great 
and Small and the well-known 
vet books. 

Long before intensive fann- 
ing necessitated veterinary 
surgeons, Norse invaders took 
a liking to this land of rolling 
hills of layered limes tone and 
sandstone. They left behind 
curious place names: Muter. 
Reeth and Crackpot (said to he 
a corruption of the Norse for 
“pothole of the crows"). Later, 
in the Middle Ages, French 
monks came and constructed 
the great abbeys of Fountains, 
Rievaubt and Jervaulx. They 
cleared forests and built walls, 
establishing the topography we 
see today. These same monks 
brought the recipe for the 
cheese which made Wensley- 
dale famous. 

Hawes, a typical mill and 
chapel village at the head of 
the dale, is home to Wensley- 
dale Dairy Products. Last June 
it opened a History of Cheese 
Museum, winning the coveted 
White Rose award for best 
newcomer to tourism. 

Another local enterprise, the 
rope works of Wit. Outhwaite, 
welcomes visitors with demon- 
strations of traditional rope 
m aking . 

From Hawes, a lonely road 
leads to Muker. another solid, 
pretty dales village with a fine 
Victorian Literary Institute. 


Before the ascent over the But- 
tertubs Pass - there are pot- 
holes by the roadside where 
market-bound farmers stored 
their butter - we make a short 
detour to Hardraw Force. 

“Stones of all colours and 
sizes encased In the clearest 
ice,” wrote Wordsworth to 
Coleridge, “I cannot express to 
you the enchanted effect 
formed by this Arabian scene 
of colour." 

Entrance to this spectacular 
waterfall is through the back 
door of the Green Dragon pub. 
following the track past an 
open-air bandstand which is 
the venue for the Hardraw 
Brass Band Competition, a big 
Yorkshire event held every 
September. 

From Muker, the Swale flows 
through Gunnerside to Reeth, 


diers defeated by the Romans 
at the battle of Stanwick in 
AD74 were taken as slaves to 
the lead mines in the dales. 
The observant will pick out 
hushes: man-made gullies cre- 
ated when dams were broken 
up. letting water scour out the 
lead seams. 

In places, stone quarrying 
has had a devastating effect on 
the landscape. As a cottage 
industry consistent with local 
needs it was never a problem. 
(Parts of Manchester are built 
of Hawes stone.) But today 
quarrying on a massive scale 
has made ugly gashes in the 
land - and all this in a 
nati onal park. 

We leave Wensleydale 
through the serviceable town 
of Leyburn, where houses 
retain bricked-up windows, rel- 


Adrian Gardiner on the stream of 
visitors that has left its mark 


where Langhorn House was 
Skeldale House in the original 
film All Creatures Great and 
Small 

Two roads follow the Ure 
east from Hawes and. in the 
film, the King’s Arms at 
Askrigg became the Drovers' 
Arms frequented by Siegfried, 
James and Tristram. 

Great Shunner Fell; Lovely 
Seat: Pen-Y-Ghent ... few hills 
are higher than 2,000ft, yet 
there are tremendous panora- 
mas and wide vistas of moor- 
land dotted with squat stone 
bams and blackfaced Swale- 
dale sheep. 

Walkers take the Pennine 
Way or follow the corpse roads: 
tracks designed for funeral pro- 
cessions to cross the dales 
avoiding towns and villages. In 
a superstition which survived 
from Norse times well into the 
last century, it was believed 
that the deceased might he 
tempted by the sight of habita- 
tion to return to the land of the 
living. 

Walking these roads you see 
ruined huts and spoil heaps, 
relics of the lead-mining indus- 
try. History records that sol- 


ics of the window tax Nearby 
is Masham, the place to wash 
down all that crumbly Wen- 
sleydale cheese. The village 
has two breweries: Paul Theak- 
‘ ston’s Black Sheep brewery 
and his previous venture 
Theakston's. now owned by 
Scottish & Newcastle, and 
offering a visitor centre and 
guided tours. 

West of Masham Is one of 
Yorkshire’s best-kept secrets, 
hidden in a forest near Healey: 
the Druid's Temple, an enclo- 
sure of towers, archways and 
huge granite slabs, is the 
result of a job-creation project 
conceived by local squire Wil- 
liam Danby in the 1820s. It is 
atmospheric. It is eerie. It is 
only a few miles from the mas- 
sive trucks thundering along 
the main Al. 

Herriot Country is good 
short-break territory. But 
Yorkshire's cities have much 
to offer too. Largest is Leeds 
where, in the covered city mar- 
ket. Mr Marks set up his penny 
bazaar which grew into one of 
Britain's largest chain stores. 
Connoisseurs of industrial her- 
itage can taka a trip along the 


Leeds and Liverpool canal, 
pausing in Bradford, tourism's 
success story of the past 
decade. 

Bradford's prime attraction 
is the six-storey National 
Museum of Photography, Film 
and Television, which includes 
the advanced technology of the 
Tmay cinema with the largest 
screen in Britain. Many of the 
exhibits are interactive: the 
children's favourite was a 
device which allows you to 
remodel yourself digitally on a 
TV screen. 

Also in Bradford - which has 
some remarkable inner-city 
architecture - is the model 
mill village of Saltaire, built by 
a Victorian philanthropist 

Another wool town, Halifax, 
merits a visit Eureka is a new, 
award -winning, hands-on 
museum for younger children, 
while the Piece Halt where 
merchants once haggled over 
“pieces” f sample lengths of 
cloth) is now an exhibition cen- 
tre. North of Halifax, the 50- 
mile Calderdale Way takes in 
gritstone villages with pack- 
horse bridges and Wuthering 
Heights country around 
Haworth, once home to the 
Brontes. 

York's attractions are well- 
documented. Visitors make for 
the Minster, the National Rail- 
way Museum and the recreated 
Viking metropolis of the Yor- 
vik Centre. We wander 
through the web of narrow 
cobbled lanes lined with 
half-timbered houses of bottle- 
glass windows and overhang- 
ing gables. We are back in curi- 
ous name territory, with 
streets called Whip-ma 
Whop-ma and The Shambles. 

■ Tourist Information: 
Yorks and Humberside, 
312 Tadcaster Rd. York 
Y02 2HF (0904-707961): 
Richmond (0746-350252): 
Hebden Bridge (0422-843331); 
Bradford (0274-753678). 

■ Museums: National Museum 
of Photography . Film and TV, 
admission free, charge for cin- 
ema performances. Open Tues- 
day- Sunday (0274-727488). 
Eureka. Discovery Rd Halifax 
(0426-983191). 



Muker, in the Yorkshire Dales: Nome invader* took a liking to tWs land of rolDng Mis of layered limestone and sandstone tr~o« 


OUTDOORS 


* 


* 


Michaelmas daisies 
make the border 


Robin Lane Fox on a variety that is now a curiosity 


reward an intelligent visit 


G ardeners are hav- 
ing a heavenly 
autumn, hut Mich- 
aelmas daisies are 
not in everyone's heaven. By 
now. we all know that the 
famous varieties catch mildew; 
the little ones look like pillows 
for a garden gnome; the reds 
are not a true red and the 
blues are not always true 
blues. Sometimes they flower 
well, but then they start to go 
back. 

At the turn of the century, 
Michaelmas daisy borders were 
planted with fondness in 
Edwardian walled gardens. 
Nowadays they are curiosities, 
and I seldom see a garden 
where this family is used well. 
In one garden, though, they 
have been bred and admired 
continuously. At Colwall, west 
of Malvern, first-class asters go 
back through three genera- 
tions on the same plot of land. 

Their story began with a 
skilled amateur named Ernest 


Ballard who became a nursery- 
man when passers-by wanted 
pieces of his best varieties. 

Many of his winners are still 
ours, named after ladies in the 
Ballard family. He died in 1906 
but, by a happy sequence, a 
family named Picton bought 
the nursery and continued to 
improve it with excellent trees 
and shrubs. Percy Picton had 
worked as a gardener with the 
great William Robinson, 
author of The English Flower 
Garden, and lived until the 
1980s. He was also a great 
plants man and, unusually, he 
encouraged his son to be the 
same. 

Paul Picton now runs Old 
Court Nurseries and looks 
after the national collection of 
asters. It is open until October 
31 from Wednesday mornings 
to Sunday evenings; and 
although Michaelmas Day is 
the inevitable high point other 
varieties prolong the season 
beyond September 29 and still 


As we walked round the 
remarkable colours in his bor- 
ders. Picton revealed exactly 
how to cope with mildew. We 
should spray asters in May, 
using TumblebKght and repeat 
the spraying once a month 
until September. 1 saw no mil- 
dew in the huge national col- 
lection, although it grows doz- 
ens of the modern varieties 
which go powder-grey for those 
of us who ignore the little 
Tumbleblighters. I have no 
“organic” scruples whatsoever, 
plants produce che m icals, too. 
so why not use more chemicals 
to make them happy if these 
do not damage the soil? 

The aster family has always 
been a complicated tangle, but 
the biggest and brightest are 
straightforward. They are all 
Novi-Belgi forms which are 
prone to mildew and much 
happier on heavy soil. Picton 
recommends them on clay and 
advises us to dress them with 
hoof and horn, a general fertil- 
iser, each spring. 

Among the white varieties. 
Mount Everest Is tall, but the 
best. The pinks and reds 
appeal to me less but the 
shades of blue are irresistible, 
viewing Pic ton’s collection, we 
singled out a short-list of Ada 
Ballard. Blue Eyes. Helen Bal- 
lard and the late Blue Gown, 
which is reaching its peak only 
now. This list would give you 
flowers from mid-August until 
late October. 

All these varieties, and many 
others, can be ordered direct 
from Old Court Nurseries for 
delivery in May. Since they are 
best planted as small, young 
plants late in spring, this deliv- 
ery time suits them. 

If you have established 
asters of this type which no 
longer flower well, they need 
to be divided. Throw away the 
centres of the old plants during 
next spring and replant the 
young shoots from the outer 
margins. This simple attention 
is essential for good results. 

Those of us who fonk the 
mildew usually turn instead to 
the Novi-Angliae group 
because its members are 
immune. Six years ago we 
turned to them in Oxford but, 
with one exception, their col- 



A lifetime of service to others does not guarantee a 
secure old age. 

jV Many elderly people from professional backgrounds 
' ■ ' find themselves alone and financially Insecure, but that's 
• ^ where the Friends of the Elderly can help. 

Providing a permanent home, companionship and 
. • professional nursing care, we give our residents lifelong 
.'/• security without compromising their independence. 

To continue our vita! work we need your Support 
v *' now. Please send a donation, or for mere information ■ 
call us on 071 730 8263 or return the coupon. 

if" Here's where to put it. 

{/: I To: The General Secretary, Friends, of the Elderly, 1 1 

1 42 Ebury Street. London SW1W QlZ. . r t f ■ ; 

Kn: % Jl 

I — — H I; 

tf! — |^a\ Ij 

GIVE YOUR SUPPORT TO I \\ . 

t* THE FRIENDS OF THE ELDERLY | 

>L- Byae>quf>tT-3260M. ^ ^ ^ >n I 1 



Michaelmas daisies at Old Court Nurseries: bred aid admired continuously a«*M! 


ours and shapes are definitely 
second-best 

The exception is the amazing 
Alma Potschke, which is a bril- 
liant cherry-red: she Is no 
bother and I love her, but her 
flowers have hardly opened 
this year. Picton explained that 
she prefers a sunny September 
and that this wet autumn has 
held her back. 

Recently, my personal inter- 
est has come to rest on what 
books have described as the 
also-rans. So often, there are 
forgotten winners among the 
great mainstays of the Horti- 
cultural Index: pokers which 
are not red-hot. agapanthus 
which are not Headbourne 
hybrids, dahlias with flowers 
that are not shaggy. 

Among the asters. I have 
come to prize the forms with 
small flowers or Italian origins: 
the Picton collection shows 
dozens of them, which will be 
at their best in the next fort- 
night. 

They include Amellus asters, 
which I first came to know 
years ago when they were 


growing in my rock garden. 
They have one huge advan- 
tage: they like dry. well- 
drained soils - a necessary fact 
of Cotswold living - and they 
are never very tall. The best of 
them would adorn my personal 
turf altars every autumn. 

In Germany, their resistance 
to dry weather suits the local 
steppe gardens and has caused 
the breeders to develop new 
varieties which will be reach- 
ing the UK soon. Meanwhile, 
the winners are violet-blue 
King George, pale Lavender 
Stemkugel, and the finely-cut 
flowers of the deep pink Jac- 
queline Genebrier. 

None catches mildew and I 
cannot think why gardeners do 
not plant them more often. The 
one trick is to plant them out 
in spring and to split them into 
clumps, not the single shoots 
whiph are enough for the tall 
varieties. 

On other fringes of the fam- 
ily, the late Royal Horticul- 
tural Society flower shows 
soon teach you where to look; 
the best cordifolius and later- 


fohiis forms extend the season 
right through October and 
remain worth cutting until the 
middle of next month. 

The National Trust is mak- 
ing widespread use of one vari- 
ety called little Carlow, with 
sky-blue flowers. It is excellent, 
as the Picton collection will 
show you. hut ts surpassed by 
a taller form - the remarkable 
Calliope, with lilac-blue flowers 
that appear above black stems 
and green-black leaves. Calli- 
ope is the outstanding plant of 
my aut umn. 

Unless you visit collections, 
you never see what lies 
neglected in the by-ways of 
these great families. The small- 
er-flowered asters add an 
entire extra month to the gar- 
den for people who do not 
want chrysanthemums all over 
their flower beds. They are 
pretty in leaf and wonderful 
for cutting and bringing 
indoors. But do not judge them 
by the flowers on the young 
plants with which you begin. 
They need a year or two in 
order to reach "their best. 


Beekeeping/ Gerry Northam 

Massacre of 
the males 


A bout a week after 
the local sheepdog 
trials, we begin to 
look for signs of 
another rural ritual of subju- 
gation - the massacre of the 
drones. 

It comes around as regularly 
as autumn, bringing brutality 
and death to the gentle world 
of the apiarist in a public dis- 
play of gender atrocity. By the 
time it becomes apparent to 
the onlooker, it is almost too 
late to save the wretched vic- 
tims from their fate. 

Inside the hives, the worker 
bees have been deliberately 
keeping the drones away from 
the stores of honey. The males 
are becoming desperate for 
food and, although they are 
bigger than tbeir sisters, they 
are heavily outnumbered and 
starvation has weakened them 
to the point of only feeble 
resistance. They know tbeir 
time is op. 

One by one they are led out 
Into the daylight, and marched 
to the edge of the entrance- 
board to be banished. The 
more fortunate are cast out 
close to nightfall and die 
quickly of exposure. Others go 
on starving slowly for many 
hours until the cold finishes 
them off. 

Almost all of them put up a 
struggle, taming back repeat- 
edly to the warmth of the hive. 
They plough into the cluster of 
worker guards filling the 
entrance, the drones using 
their size to retake lost 
ground. Bat the cluster casu- 
ally absorbs them and edges 
them out again until, 
exhausted, the drones give up 
and fly away to their solitary 
deaths. 

The guards then bring out 
their next victim and the rit- 
ual is repeated. Eventually all 
the drones, perhaps 100 or 200, 
are driven out The spectacle 
of their extinction is made all 
the more pitiful by its slow 
pace and total silence. 

Inside, the rest of the colony 
is buzzing energetically over 
combs of strongly-scented 
honey which they have just 
filled from the heather. The 
slaughter is not part of an 
obvious battle for survival. 
The drones are not killed 


while out raiding a strange 
hive for stores of honey. 
Drones cannot be bothered to 
go robbing. 

The killing-field for them is 
merely the ordained end of 
their lifecycle, their form of 
death by natural causes. 

By early autumn, drones are 
redundant to the active work- 
force. The sole purpose of their 
short lives has been to wait 
around throughout the sum- 
mer in case one of them is 
needed to mate a new queen. 

This Is the only function in 
the complex life of the hive 
not undertaken by its tens of 
thousands of worker bees, the 
only one at which they cannot 
excel, since they are all 
female. But this makes a dull 
life for drones. Untroubled by 
any useful tasks, they mooch 
about the face of the combs 
getting in the way. 

Occasionally they go out for 
a short fly-around. and visit a 
so-called Drone Congregation 
Area, a spot high In the air 
which by some mysterious 
instinct is known to local vir- 
gin queens. Now and then a 
virgin drops by looking for a 
stray drone to join her in a 

mating-flight 

Drone Congregation Areas 
have defied scientific investi- 
gation. They seem to be the 
honeybee equivalent of the 
cafe-bar in The Wild One 
where Marlon Brando hangs 
out with the boys. 

But these boys know their 
place, although such is the 
abundance of nature that only 
a tiny number ever mates a 
queen. For the rest, a few 
months of pointless existence 
leads only to a slow death once 
the hive decides it Is too late 
in the year for a new queen. 

But there is a limit to this 
feeling of sympathy. Bee- 
keepers generally regard 
drones as a waste of space. We 
see through the eyes of onr 
workers - and they look like 
expensive luxuries in the 
struggle for survival. Indolent 
passengers with big appetites. 

So as the executions roll on. 
it is time to case the top off a 
hive, shake a honeycomb free 
of bees and bead for the dining 
table with a grateful cheer of 
“up the workers". 


& 


i 







* T-.li! 



* FINANC1AL THVres WEEKEND OCTOBER 15/OCTOBER 1 6 1 994 


N 


WEEKEND FT XIII 


\r** Hr< 


•U; N ' 

sac re 

■ malt’ 


> •• ■ 
S’? •• 


TRAVEL 


So very 
Kiwi - 
clean and 
green 

John Westbrooke revisits his homeland \ 




T he sides over New Zea- 
land are broad, blue and 
bitingiy clear. It has 
something to do with 
lack of pollution, and 
with sea breezes - and; alas, with 
the ozone layer. 

It seems very unfair. Fridges and 
aerosol cans spew out CFCs north 
of the equator, but the southern 
hem isphere bears the brant: a fluc- 
tuating hole over Antarctica and a 
distinct thinning over New E*> aiai^ 
Australia and Chile. You can still 
tan, but with care and high-factor 
sun cream. 

It is particularly unfair because 
New Zealand is one of the greenest 
of countries, and Kiwis the greenest 
of people. They are devoted to the 
environment, and they have a lot of 
it - imagine a land the size of 
Britain filled with a population of 
only 3.5m. 

New Zealand outdoorsmen 
invented jogging, jet-boating and 
bungee jumping (and, they Haim on 
fairly persuasive grounds, aero- 
planes). Rugby remains the big 
spectator sport, but most people's 
pastimes are wideopen-spaces stuff: 
yachting, running, tramping (the 
local term for hiking ) 

We went tramping for a few hours 
along the Marlborough Sounds at 
the top of the South Tainrw). New 
Zealand's sunniest region. A fast 
boat, with dolphins surfing in its 
wake, took us from Picton to Reso- 
lution Bay and the road-free home 
of John Teutscher, our guide. He 
generates his own power mid grows 
his own food, and what he cannot 
provide himself comes an the same 
boats as we did: meals-on-keels, 
they call themselves. 

EEs wife, he said, was the expat 
on trees; his speciality was birds. So 
it proved, as be charmed fantails 
and beUbirds out of the bushes with 
what sounded like fruitless Imita- 
tions of their calls. 


The sun filtered down between 
branches high above, and through 
green gaps we caught glimpses of 
blue water and blue hills along 
Queen Charlotte Sound. As we 
reached the halfway ridge, the trees 
around us were not all natives: 
early fanners had cleared the land, 
planted imports and then given up, 
and it was reverting to such, over- 
growth as black beedies with han- 
eyttew sap - which draw wasps by 
the dozen. 

Over the ridge was real evergreen 
New Zealand bush: silver ferns, 
nikau palms and big rimu trees, 
140ft high and 800 years old. (For 
the even bigger and older kauri, 
you have to go to the far north of 
the country.) At sea level we 
reached Ship Cove, named by Cap- 
tain Cook who visited it five thp<»« 
on his three voyages in the 1770s; 
and we relaxed on the beach, recov- 
ered our breath and waited for the 
boat to pick us up. 

T he isolation is real, and I 
sympathised with the farm 
children we met around 
the sounds, studying by 
correspondence and going fishing 
by way of entertainment Some fam- 
ilies bring In paying guests for 
Ttomestays", typically involving 
transport by boat or float-plane, 
excellent home cocking, a warm spa 
pool under the stars. Here you can 
wake up, watch the morning mist 
rising over the water, and know you 
will need binoculars to see the 
neighbours. 

We stayed with the Parrels in Bay 
of Many Coves, lunched with the 
Robbs in Kenepuru Sound, and vis- 
ited the Brakenridges' sheep station, 
on Pohuenui Island, all of them 
miles from one another and 
delighted to offer hospitality to 
strangers. 

From the farm’s highest point, we 
looked around 360'degrees, at more 



Mats and Mate the Marlborough Sounds from Pohuenui (stand, with a sheep station at the head of the bay 


islets and inlets than we could 
count, alternating fingers of blue 
and green stret ching into the dis- 
tance. 

There are only a couple of towns 
in the area: Picton, the ferry port 
through which most people drive 
without noticing, mid Havelock, on 
the next sound. Havelock is little 
more than a village but two noted 
scientists began their schooling 
there: William Pickering, who 
worked on the US space pro- 
gramme, and Ernest Rutherford, 
who split the atom - an irony in a 
country so passionately anti-nu- 
clear. 

New Zealanders* utopian ideals 
are encouraged by their remoteness 
from their neighbours: a ijWGmlle 
circle round Picton will contain no 


one else but penguins and Austral- 
ians. Most native animals are 
unique, including birds such as the 
kiwi which have forgotten how to 
fly as they have nowhere to go. 

Politicians are free to experiment 
the country pioneered the welfare 
state and votes for women, and is 
now struggling with an extreme 
market economy. 

And the people are as New Age as 
any Californian. One women's mag- 
azine features not only the usual 
agony aunt, astrological and medi- 
cal pages but columns by a vet, a 
palmist, a clairvoyant and a feng 
shui geomancer. a product of grow- 
ing immigration from south-east 
Asia, who answers such psycho- 
domestic problems as “My son has 
painted his roam purple and it's giv- 


ing off bad vibes. . 

One of the elements keeping the 
country in touch with the world is 
the wine industry, big and growing. 
On the plains to the south of the 
Marlborough Sounds, the sun has 
proved perfect for ripening grapes. 
Though not hot enough for reliable 
reds, the long, bright summers have 
produced world-beating whites in 
only a decade. 

The best known brand is Cloudy 
Bay but there are 21 vineyards in 
the region. Most call themselves 
boutique wineries, and some have 
restaurants on site where you can 
sit in the sun, eat, drink and count 
your blessings. The best known 
variety is Sauvignon Blanc, but if 
you feel that drinking it is like 
being pelted with ripe fruit, there 


are plenty of elegant Chardonnays 
nnrt Rieslings as welL 
The region, is rich in food, too: 
crayfish, apricots, olive oil, straw- 
berries, merino meat and more. It 
exports pumpkin seeds to America 
and. wasabe - a very hot Japanese 
mustard - to Japan. There are 
salmon farms along the sounds, and 
350 green-shell mussel farms. 

Down the east coast is the town 
of Kaikoura, which was once a cen- 
tre for the early whalers. 

Now you can go whale-watching 
with an operation run by local 
Maoris who take you offshore to 
look for seals, dolphins and young, 
male sperm whales. 

They sail year-round and claim a 
96 per cent success rate, but the 
best time is early in the morning 


•kttiYMubradia 

before the winds spring up. When 
the boat draws alongside a 50-ton 
whale lifting its tail in the air 
before quietly diving, the sight is 
breath-taking. Very green, very 
New Zealand. 

■ John Westbrooke teas a guest of 
Air New Zealand and the New Zea- 
land Tourism Board. Return fares to 
Auckland start at around £900, 
cheaper at bucket shops. The people 
are friendly, the roads empty, and 
motels ubiquitous; but the sun can be 
fierce: summer is December to 
March. T. he Mobil Travel Guides to 
the country (published by Reed, 
sometimes available in Britain) are 
among the world's most exhaustive. 
The NZ Bed and Board Book (Moon- 
shine Press, New Zealand) is a good 
guide to homestays. 


A big-sky 
identity 

Sarah Anderson considers the 
fierce pride of Montana’s people 


T he highway patrol 
officer was apolo- 
getic. He had stopped 
me for speeding, the 
needle of my speedometer hav- 
ing shot off the end of the dial. 
“That will be a $5 fine," he 
said. This was Montana - big- 
sky country - where car 
licence plates have a series of 
inverted V's followed by a long 
straight tins: mountains in the 
west and then miles and miles 
of fiat, flat land. 

The Rocky mountains in 
west Montana are brown and 
arid in summer, with sprin- 
klings of coniferous trees on 
their parched slopes - odd in a 
region where rivers and creeks, 
full of trout, criss-cross the 
landscape. 

This western part of Mon- 
tana is experiencing a cultural 
clash. This is not a new experi- 
ence. Hie original inhabitants, 
the native indians. were 
appalled by the trappers, trad- 
ers, buffalo hunters and pros- 
pectors who descended on 
them. In turn, these mountain 
men were horrified by the 
arrival of missionaries, settlers 
and ranchers, while the ranch- 
ers saw the next influx - sheep 
herders and settled formers - 
as . . . appalling. 

But whereas the cultural 
clashes of the past came m 
waves from the east this time 
the incomers are mostly from 
the west, from California. As a 
result, the frontier is turning 
back on itself, and the latest 
newcomers are not popular. 

As a resident of Bowman 
told me: “If I find out some- 
one’s from somewhere far 
away. I am rude to them. I get 
annoyed and angry. I feel they 
were in their place and it got 
mined. Now they are .cornu® 
to my place to ram A. Hj* 
views are not unusual, as the 
messages on T-shirts imPjy- 
-Montana Sucks; Now go 
Home and Tell Your Friends , 
and “Beautify Montana: put a 
Californian on a Bus . 

A notice on the way into Liv- 
ingston, a small wmtojgj 
west, shows how the reside^ 
have even resorted to SiW j 
express their feeUngs: Saw 
von hugged a tourist today: 
^ dtanges are both rapid 

and nS«id *. 

cino cowboys and Lycra-da 
mountain bikers with then 


“ranchettes" and trophy homes 
are sneered at But the old 
economy, which depended on 
ranching as well as the now- 
finished industries of logging 
and mining, could no longer 
sustain the population. 

Montana's new economy is 
based on property and recre- 
ation, and although the new- 
comers are turning the old 
Wild West into the Virtual 
West - a term used by William 
Kfttredge to describe the prac- 
tice of turning simple land into 
safe, watered, walled, stuccoed 
interpretations of the old west 
- a new west had to emerge. 
And the newcomers, many 
from Hollywood, do have 
money. 

It would be easy to romanti- 
cise the past, but far better 
that It should be appreciated 
for what it was. with all its 
shortcomings. In western cul- 
ture, which is both environ- 
mentally aware and travel 
crazy, urban dwellers tend to 
go to the wilderness to search 
for “great places and sacred 
places” in order to get a quick 
high and to try and capture a 
sense of the violent past. 

However, as the frontier 
turns back on itself, so the vio- 
lence changes from being pre- 
dominantly rural to predomi- 
nantly urban. The cities are 
the new wild places. 

The fragile landscape desper- 
ately needs help, but the envi- 
ronmentalists have not pro- 
vided all the answers. There is 
deep suspicion of those who do 
not live in the west but like to 
dictate what they believe 
should happen there. 

The harsh and spartan life 
endured by the original pio- 
neers created an individualis- 
tic, independent and tough 
breed of people whose descen- 
dants are now pivotal figures 
on the extreme right Neo- 
Nazism and the Ku KLinc Klan 
have strongholds in Montana. 
Both movements appear to be 
growing because people fear 
losing control of their lives. 

Jobs and traditional uses of 
land are both threatened, and 
it is important that newcomers 
recognise that the locals need 
to earn a living. As the editor 
of Sigh Country News says: 
“Cod. who wants a place with 
nothing but a bunch of yuppies 
running around?” 


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XIV WEEKEND FT 


FINANCIAL TIMES WEEKEND 


OCTOBER 15/OCTOBER 1- '* WJ 


SPORT / MOTORING 



Formula One 

Drivers 


fuel the 
fireworks 
display 

John Griffiths on tomorrow's 
Spanish grand prix and the 
potentially explosive clash 
between Hill and Schumacher 


I f the script lending up 
to tomorrow's European 
Grand Prix near Jerez, 
Spain's sherry capital, 
was a fictional work, its 
writers would stand accused of 
hat chin g an Implausible plot 
after too much of the local tip- 
ple. 

Even the bitter, headline- 
grabbing rivalries of several 
years ago, between former 
world champions Alain Prost 
and the late Ayrton Senna, are 
no match for the complex 
interplay of passions and per- 
sonalities which will make 
tomorrow's start one of the 
most exciting - and potentially 
hazardous - in memory. 

The return of the moodily 
aggressive Nigel Mansell from 
IndyCar racing to drive the 
last three races of the season 
for Williams-Renault, alongside 
fellow Briton Damon Hill, has 
already generated high tension 
for tomorrow’s race. 

Mansell, at 41 and after a 
lacklustre season's racing in 
the US, has a determination to 
prove wrong those critics who 
say he should retire - notwith- 
standing his claims this week 
that he only wants to make the 
end of the season "more enter- 
taining”. At stake for Mansell 
is the prospect of a permanent 
seat with Williams for the 1995 
season instead of the talented 
young Scot. David Coultbard. 

Hill was already under psy- 
chological pressure before the 
teams even arrived at the 
undulating Jerez circuit. 

He, too, has been smarting 
from media rumblings - in his 
case that he is not fast enough 
or aggressive enough to make 
world champion material, and 
that he is in the running for 
this year’s championship solely 
because of the two-race ban 
from which the German Mich- 
ael Schumacher and his Benet- 
ton-Ford have just returned. 

In testing at Estoril in Portu- 
gal last week. Schumacher 
immediately returned to form, 
outpacing Hill by more than 
half-a-second, and Benetton 
team-mate Jos Verstappen by 
more than three seconds - the 
latter light-years in grand prix 
terms, equivalent to around 


200 yards per lap. 

Hill, just one point behind 
Schumacher because oE the 
ban, was not only contemplat- 
ing- the prospect of a daunting 
fight against the young Ger- 
man tomorrow; he was also 
wotrying about how to make it 
plain that he is capable of 
keeping Mansell behind him on 
ability, not just team orders. 

But Schumacher has now 
raised the emotional ante 
sharply. All his resentment 
over the ban, and the unsub- 
stantiated innuendo concern- 
ing cheating which has swirled 
around the Benetton team for 
months, boiled over before yes- 
terday’s qualifying into a with- 
ering verbal attack on Hill - a 
"little man", he maintained, 
with unrealistic ambitions. 

Few had suspected the depth 
of the grievance he was nurs- 
ing against Hill, over remarks 
made by the Englishman that 
"no one should shed tears” 
over Schumacher's ban (for 
disregarding a black flag at the 
British grand prix in July). 

Hill, Schumacher made 
p lain, should have kept quiet, 
like the other leading drivers. 

And with a disdain that 
must have felt desperately 
wounding to Hill, he main- 
tained that Hill had become 
lead driver at Williams only by 
the accident of Senna’s death 
and that Hill "never was a No 
1 driver. David Coulthard was 
quicker than him after three 
races. I do not have as much 
respect for him as other driv- 
ers.” 

As many in the Jerez pad- 
dock saw it. the outburst com- 
prised a mix of understandable 
frustration and an increasingly 
arrogant posture from the 23- 
year-old German. 

Whatever the pros and cons, 
it has left scores to be settled 
tomorrow. 

As the principal of one of the 
leading teams, for obvious 
morale reasons not wishing to 
be identified, observes; "Schu- 
macher has a second in his 
pocket over everyone else. 
That's why everyone will be 
after him when his contract 
with Benetton ends at the end 
of 1995. Let’s be clear: whoever 



Nigel Mansell gets ready for a test cfcive In Spain 


gets him has won the champi- 
onship. At the moment he is 
unique; there is no one in his 
class. '* 

The slanging matches of 
recent hours may have sullied 
the atmosphere but the will-to- 
win among the rivals has 
become palpable. 

“We’re in for a terrific end to 
the championship. The racing 
is tough and that’s the way it 
should be.” observes team boss 
Frank Williams. 

For a season that began in 
such sombre fashion, with the 
deaths of Senna and Roland 
Ratzenberger, it is finishing on 
a higher note than anyone 
could have expected amid the 


shock and the welter of safety- 
driven rule changes ushered in 
after the fatalities. 

The changes, to make cir- 
cuits safer and cars slower and 
more predictable in their 
behaviour, may have been 
forced through unconstitution- 
ally. as the teams claim, by the 
FIA, the sport's governing 
body, hut they are acknowl- 
edged to have resulted in safer 
and more driveable cars. 

That said, "they are still 800 
horsepower powering 515 kilo- 
grammes. They are still a 
man’s car. no, not really, 
they're rocketshlps”. says Wil- 
liams. 

Next year, the rockets will be 


slower. With smaller engines - 
3 litres, not 3.5; smaller wings, 
less downforce and more 
weight. 

It means, says Williams, that 
this year’s cars “will be total 
scrap at the end of the season". 

The teams maintain that 
after next year’s changes, there 
must be a prolonged period of 
rules stability to contain costs 
and take account of resources 
available. 

With some possible excep- 
tions. it looks like they may 
get it Relations between the 
FIA and the teams, so turbu- 
lent in the past, are acquiring 
a stability which most are 
hopeful will endure - even 


though there is a feeling 
among the top teams that the 
new rules may not achieve all 
the safety goals to which FIA 
president Max Mosley aspires. 

Only on the subject of 
refuelling is there real concern. 
The horrendous picture of the 
fireball which engulfed Benet- 
ton-Ford’s pit earlier this sea- 
son, when the refuelling hose 
slipped, shocked the world. 
Mosley and his cohorts must 
search their consciences as to 
whether it should be rescinded. 

On that occasion, the fire- 
fighting equipment worked 
admirably. 

It is unlikely to deal with the 
fireworks tomorrow. 


Right on to 
the end 
of the road 

Simon Hughes goes walking 
with Ffyona Campbell 



T here has been a tele- 
vision series, a book, 
and countless articles 
written about her. 
But there is a good chance you 
have got the wrong impression 
of round-the-world walker 
Ffyona Campbell. Contrary to 
what you might have been led 
to believe, she is perfectly 
pleasant. 

But, as so often happens 
with people who stand out 
from the crowd, her image lias 
been reduced to that of a ran- 
corous. scheming bitch. 

Ffyona, who started her 
world walk 11 years ago and 
finished yesterday morning, 
finds the label attached to her 
hurts - almost as much as her 
feet Beneath the iron will that 
drives her along there lies a 
sensitive soul. 

Criticisms, wild arms-length 
judgments from people who 
have hardly met her, have 
damped her spirit, but not crip- 
pled it. Conversely, the people 
at the roadside wishing her 
well, friendly drivers stopping 
for autographs, elicit flushes of 
satisfaction. “Oh. thank you, 
thank you.” she said to a fam- 
ily who pressed a Scottish 
pound into her hand. 

At temporary rest points or 
primitive camp-sites she fusses 
around clumps of exhausted 
bodies, draining their blisters, 
immersing their feet in salt 
water and administering sec- 
ond skin from a plastic box. 

She has limitless energy, 
gulping down her evening 
meal before disappearing into a 
nearby tenpin bowling centre 
to be interviewed by TV pre- 
senter Janet Street-Porter. 

“Can I have a quick word 
with you, Janet?” I said when 
they had finished. “No, sorry. 
Fve had a long journey from 
Lancashire and I’m rather 
tired,” she replied with unin- 
tentional irony. 

"That’s the problem with the 
media,” Ffyona said, as we 
marched briskly up a farm 


track the following morning. 
"None of them has been pre- 
pared to experience what 1 
endure. Only by sharing the 
pain I feel and the exhilaration 
of seeing the van at the next 
stop can they really under- 
stand what this is all about" 

During our eight-hour hike 
through the Scottish High- 
lands, she tilked incessantly. 
She was inquisitive, observant 
and reflective: "I haven’t 
walked with people before and 
gradually I have become more 
patient. I suppose I have 
matured.” 

Her alleged irascibility was 
nowhere to be found. "It upsets 
me when people don’t try.” she 
said, echoing the attitude of 
many top athletes. 

"But look at lier. she's bril- 
liant." she added, pointing at a 
woman teetering downhill on 
tip toe in obvious agony. 
"Come on. Janice, keep goingT 
she urged. "That's it. not far." 

Some people collect stamps 
or coins or autographs. Ffyona 
Campbell collects miles. 

What makes people do these 
crazy things? It is an impossi- 
ble question, but we should not 
castigate people simply 
because we do not understand 
them. Obviously they make 
promises to themselves that 
they feel obliged to keep. 

Ultra-determined people can 
be fanatical about their goal - 
a trait which can alienate oth- 
ers. 

On Sunday night. Ffyona 
pored over the map of Mon- 
day's route, illuminated by 
wood burning in an old oil 
drum. "No. I don't do that!" 
she said, having noticed a 
short ferry ride across the 
Cromarty Firth. “We must use 
a road if possible. If I don’t 
walk every step I would never 
forgive myself." 

Attention to detail is evident 
in the placing of a stone at the 
day's end - so she knows 
exactly where to start from in 
the morning. 


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Motoring 

A-plus for effort, B-plus for the car 

Stuart Marshall believes Chrysler' s compact competitor will mature like a young wine 






. w..... - . 







• <Ak W* 


mi *»". * *>*’ "**•!•*, { ^ iiJ i' J1V J/ %. .,. w ». 

Nearly there, but not quite - the 2.0-titr* Chrysler Neon. On sale now on mainland Europe, it Is not due In Britain for more than a year. 


C hrysler deserves an 
A-plus for effort 
with its Neon com- 
pact car. Here we 
have an American manufac- 
turer, known best for its mil- 
lions of standard-size US auto- 
mobiles. Jeeps and mini-vans 
(multi-purpose vehicles), chal- 
lenging Europe and Japan at 
tbeir own game. 

By US standards, the Neon is 
a small car (although medium 
sized in European and Japa- 
nese eyes). A four-door saloon 
that seats four to five people, 
it is larger than a Ford Escort 
but a little smaller than a 
Mondeo. 

The 132 horsepower, two-li- 
tre, four-cylinder engine 
drives the front wheels though 
a five-speed gearbox. Suspen- 
sion Is all-independent, power 
steering and two air-bags are 
standard, and the styling Is 
clean and vaguely mid-Atlan- 
tic. 

The Neon Is innocent of 
chromium-plated excesses. 
Inside, it looks sober enongh 
to please German buyers, 
although the well-shaped seats 
yield comfortably in the Ital- 
ian style. The driving position 
is excellent - a tilt-adjustable 
steering wheel helps - and the 
gear-shift is light and positive. 

Head-room is ample and 
all-round visibility good. The 
only features Europeans will 
find unfamiliar are the 
old-fashioned pnsh-pull light- 
ing switch on the fascia, and a 
clutch pedal that has to be 
depressed before the starter 
will operate. (US car-makers 
had bruising experiences with 
insurance claims from owners 


careless enongh to have 
started in gear and driven 
though garage walls.) 

A day spent driving a Neon 
in Germany left me with 
mixed feelings. On the plus 
side, the ride and handling felt 
strictly European because the 
suspension has been developed 
to suit tastes on this side of 
the Atlantic. (American buyers 
get a similar suspension only 
on the sportiest Neon. The 
standard car there is sprung 
much more softly to cope with 
broken road surfaces.) 

It was a reasonably lively 
performer, although I would 
have expected more muscular- 
ity from a two-litre engine in a 
modestly-sized car. But the 
most important thing was 


that within five minutes of 
moving off, 1 felt completely at 
home. 

On tbe debit side, it lacked 
the refinement buyers have 
come to expect of European 
and Japanese cars in the 
Neon's class. In town, the 
engine was flexible - due, in 
part, to low gearing (about 
20mph/32kph per lOOOrpm in 
top) - bnt it sounded quite 
strident when accelerating and 
fussy when cruising on the 
autobahn at 80mph <13Qkph) 
and over. 

The transmission whined 
and, especially at low speeds, 
was affected by what is known 
in the trade as shunt: that is. 
it jerked when going from 
power-on to power-off because 


the engine rocked on its 
mountings. 

The Neon is being sold In 
mainland Earope now but will 
not arrive in Britain with 
right-hand steering until the 
end of next year - its first UK 
appearance will be at the Lon- 
don Motor Shaw in October 
1995. By that time, Chrysler 
should have removed the irri- 
tations and be on the way to 
realising the Neon’s potential 
as competition for established 
marques. 

Apart from Fords and Opels, 
Renauits and Pengeots, Nis- 
sans, Toyotas and Hondas, 
rivals wifi include such cars as 
the Korean-made Hyundai 
Lantra. But Chrysler Jeep 
Imports CJK - which, in the 


past year, has beaten all 
expectations with its sales of 
petrol-engined Jeep Wranglers 
and Cherokees in a 4x4 market 
dominated by diesels - thinks 
the Neon wifi appeal to buyers 
looking for something a bit 
different 

Price will be the key. When 
the Neon gets to Britain early 
tn L996, an educated guess 
puts the target figure Tor a 
basic right-hand drive model 
at about £10,009. A top of the 
range model loaded with every 
extra. Including air-condition- 
ing, might be just under 
£13,000. At that, a Neon could 
look attractive as an alterna- 
tive to something more con- 
ventional. 

As a car, I give it only a 


B-plus at the moment but, like 
a young wine, it will mature. 
Nor should one under-rate the 
customer appeal of its Chrys- 
ler name - one of the oldest 
and most famous in car-mak- 
ing - and American prove- 
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WEEKEND FT XV 




BOOKS 


I n 1811. the most famous and 
beautiful actress In England 
was in her dressing room 
when she was handed a let' 
ter. It announced that her 
uusoand, the father of ten of her 13 
children, was leaving her to seek 
™® r “arriage prospects. She 
could negotiate a settlement, but if 
she caused trouble, she knew she 
jould lose custody of the family, 
bne went on stage, gave a thrilling 
performance, burst into tears when 
another character described her as 
laughing drunk", and slid into the 
wings. Five years later she died, 
penniless and forgotten. 

The actress was Dora Jordan and 
her common-law husband was the 
future King William IV, with whom 
she lived in domestic bliss for 21 
years. At the core of the nation’s 
history, she entertained for him 
was friends with the Prince Regent, 
with Charles James Fox and the 


Prince’s mistress comes a cropper 

Jackie Wullschlager on the haunting story of a spirited but doomed 18 th century single mother 


playwright Sheridan. But her glit- 
tering menage was built on social 
ambiguity and political corruption; 
beneath was a vulnerable single 
mother who literally sang for her 
supper. Like the comic part she 
acted while her heart was breaking, 
her life hinged on the gulf between 
appearance and reality. 

This is a riveting biography. In 
recent years, blockbuster Lives 
have centred on Victorians. 
Tomalin is one of several major 
biographers now reversing that 
trend to fix on the 18th century. Her 
book conjures up a rich, alluring 
period which, in its brittle deca- 


dence and love of scandal and flam- 
boyance, often seems closer than 
the 19th century to our own times. 
Public life and individual privacy; 
the limits of sexual freedom; the 
place of art in society; working 
mums: her tale resounds with our 
most topical issues. 

Dora Jordan was born in 1761 into 
a family of strolling players. At 21, 
she supported her deserted mother 
and her own illegitimate daughter 
on the provincial boards. By 25, she 
had made the roles of Rosalind and 
Viola her own - Charles Lamb 
called her “Shakespeare's woman” 
- and she played Wycheriy's Coun- 


MRS JORDAN'S 
PROFESSION: THE STORY 
OF THE GREAT ACTRESS 
AND THE FUTURE KING 
by Claire Tomalin 

liking £IB. 414 pages 


try Wife for her London debut. 

In all three parts her mix of 
toughness and vulnerability shone, 
and soon she was a popular star. 
She earned £200 a year from Sheri- 
dan's Drury Lane theatre at a time 
when Jane Austen thought £140 an 
ample living for a clergyman and 


his family: a single benefit night 
doubled her annual salary, and 
admirers threw purses containing 
£200 at her as she took curtain calls. 

Tomalin Is inspired on the wit 
and razzle dazzle of Drury Lane, in 
the 1780s a magnet for politicians, 
intellectuals, kings. The cat's cradle 
or partner-swapping among the 
Sheridans, the Royals and Dora 
recalls Cbst fan Tutte - there was 
even a Royal dinner party in 1789 
where the men dressed up as Turks 
and invited their wives to identify 
them with kisses, only to burst in 
through a side door and reveal the 
Turks as servants. That Cbsi was 


written in Vienna that year makes 
Europe seem small and homoge- 
neous. 

But as in the opera, the bright 
sheen turned dark. Prince William, 
heavily in debt, cast about for a rich 
wife; there are shades of the new 
sentimental 19th century morality 
when he found one barely older 
than his daughters and wrote: “She 
is doomed, poor dear innocent crea- 
ture. to be my Wife." 

Dora’s girls had to live with gov- 
ernesses in the Prince’s household, 
and her boys were sent to the army. 
Dora lent money to a son-in-law 
who defaulted, and made her bank- 


rupt, and the Royal lawyers urged 
her abroad to avoid arrrest. Neither 
pride nor avarice, she wrote, but 
"the loss of my only remaining com- 
fort. the hope I used to live on from 
time to time, of seeing my chil- 
dren,” made her desperate to 
return. She died alone in Boulogne. 

William, like Leontes in A llin- 
ter's Tale, remorsefully commis- 
sioned a life-sized statue, but nei- 
ther he nor Queen Victoria - who 
banished the statue to the sculp- 
tor's studio - was keen to rerive 
Dora's memory. 

Tomalin is never stridently politi- 
cal; but a burning sense of outrage 
at Dora's social and sexual helpless- 
ness. at bigoted illegitimacy laws 
and at the hardship of a lifetime of 
births and miscarriages - Dora’s 
colleague Sarah Siddons once went 
into labour on stage - fuelled this 
account. It is the most haunting 
biography I have read this year. 






!?£'.** ■> 1 



Cautionary 
tales of 
true blue 
politics 



Movie myths 
in real life 


J ohn Major has been 
British Prime Minister 
for nearly four years - 
longer than Eden. 
Home. Callaghan and 
Heath. Despite recent opinion 
polls, and the assumption 
between the lines of these two 
books - that the Tory Party 
has been in office so long that 
it is hound to fall in the next 
general election - I would not 
bet against Major his produc- 
ing an all-time record. 

The case for him is not easily 
acceptable to students and 
practitioners of politics. It is 
the case for weak government: 
incompetent, contradictory, 
but generally keeping the show 


THE MAJOR EFFECT 
edited by Dennis 
Kavanagb and 
Anthony Seldon 

.* faimiUan CO. Hi pages 

CONSERVATIVE 
CENTURY: THE 
CONSERVATIVE PARTY 
SINCE 1900 . 
edited by Anthony 
Seldon and Stuart Ball 

O.xfonf Lmv.rxiiv Pres* £2t). 


on the road. Harold Wilson, 
with whose prime ministerial 
performance Major’s has so 
much in common, described it 
thus: “The best style of govern- 
ment is like rowing - the ideal 
solution is to get the boat 
along as quickly as possible 
without turning it over." Mean- 
while. Wilson might have 
added, life goes on. 

So it is with Major who 
began by saying that Britain 
was at the heart of Europe, 
tluti the Maastricht treaty' was 
“game, set and match to 
Britain" and retreated into try- 
ing to hold his party together. 
One could say the same about 
British membership of the 
exchange rate mechanism: 
Major as chancellor took 
Britain in. Major as prime min- 
ister defended staying, and 
Major still as prime minister 
took Britain out. 

None of that is particularly 
tn denigrate Major Britain is 
clearly a hard country to gov- 


ern. as Wilson discovered. Per- 
haps it is governed too much, 
not too little. 

It is also quite hard to write 
contemporary history. How 
contemporary is contemporary 
if it is to be considered history, 
and when do journalists shade 
into historians? The editors 
and writers of The Major Effect 
have made a decent attempt 
Their aim was to eramtop how 
much or how little has 
changed in the British political 
system since the departure of 
Margaret Thatcher as prime 
minister. Yet there must be 
some reservations about their 
achievements. 

One is a tendency to look 
over the shoulder at the last 
opinion poll and forward to the 
next in case it produces a shift. 
There can be no assured judg- 
ments from writers like those. 
There are also some follies. 
Thus William Wallace writes 
in hi.? essay on foreign policy 
that under the ownership of 
Conrad Black The Spectator 
“revived to become the leading 
political weekly of the right”. 
One wonders about the size of 
the competition. 

The most intellectually dis- 
tinguished piece is by Peter 
Jay. the economics editor of 
the BBC. on the- economy, yet, 
as Jay admits, it has little to do 
with the theme of the book: it 
is a restatement of his own 
opposition to fixed exchange 
rates. StilL this must be one of 
the few published essays to 
pay tribute to Norman Lament 
as chancellor. Jay thinks that 
Lament was too loyal to Major 
in going along with ERM mem- 
bership in the first place: be 
was Cardinal Wolsey to Henry 
VIR Moreover, it was Lament 
who introduced the unified 
budget - one of the biggest 
changes of the Major period 
and indeed in postwar budget- 
ing. This week Lamont fought 
back. 

The most interesting piece is 
on law and the constitution by 
Simon Lee. Professor of Juris- 
prudence at Queen's Univer- 
sity, Belfast. Lee points out 
that the courts and judicial 
reviews are gradually surpass- 
ing parliament in their politi- 
cal importance. There is, too, 
the challenge from Brussels 


and the European Parliament, 
with which Westminster has 
yet to come to terms. 

Both books are a little too 
kind to the Conservative Party 
to be considered wholly objec- 
tive. The much longer Coriser- 
votive Century draws its title 
from the number of elections 
the party has won in the last 
95 years. One is reminded of 
looking at the results of the 
Boat Race: at a certain period 
Cambridge seemed dominant, 
.then relentlessly Oxford began 


to catch up. 

More seriously, the book 
fails to distinguish between 
conservatism with a small and 
large “c". It is perfectly possi- 
ble to regard Labour as more 
conservative than the Tories, 
which may explain the present 
threat from Tony Blair. More- 
over, the writers take little 
account of chance and political 
cock-ups. The sequence of elec- 
toral victories might have been 
quite different (say) if Attlee 
had held on in 1951 when the 


economic boom could have 
come to Labour's rescue, if 
Harold Wilson bad delayed a 
bit in 1970, and if Edward 
Heath had not gone to the 
country In February 1974. 

Above all, it tails to point out 
that the continued electoral 
success of the Conservative 
Party has partly depended on 
the existence of two opposi- 
tions. This was as true at the 
beginning of the century as it 
is now. Why Labour and Liber- 
als do not learn from this is 


another matter. 

The Tories have usually had 
the edge on propaganda, but 
even there they do not always 
win. As Richard Cockett 
describes, in 1929 - well before 
Saatchi & Saatchi - the party 
employed J.H. Benson's, well 
known for its advertisements 
for Guinness. They came up 
with the very conservative slo- 
gan “Safety First”: the Tories 
lost 

Malcolm Rutherford 


S ometimes a movie 
career seems like a 
giant rehearsal for the 
autobiography. Years 
of signing deals, speaking the 
right lines, grinning for the 
cameras: they ail fall into place 
when Hie protagonist can at 
last say “Ya boo". No more 
lies. No more lines. Here is 
how it was. and how he is. 

But will the reader, brought 
up on the movie myths, recog- 
nise the truth when he reads 
it? And wbat kind of truth Is 
it? Are not the autobiogra- 
pher's verities as subjective as 
anyone else’s? Here are two 
self-portraits that seem as 
definitively non-definitive as 
any we have met. 

Marlon Brando and Robert 
Evans collided professionally 
just once. At Paramount in 
1970, Evans gave the nod to 
Brando playing the title role in 
The Godfather. A reluctant 
nod. claims Brando: Evans 
thought he was too young. But 
soo_ri_the 47-year-old Method 
legend was stuffing cotton 
wool in his cheeks, honing that 
Italianate croak and earning 
his second Oscar. Hie first was 
for his historic mumblings and 
scratching - that as tonishing 
essay in downplaying that 
should not have worked but 
did - in On The Waterfront. 

Now the two men collide 
again in the bookshops. Bran- 
do’s Songs My Mother Taught 
Me is a vast, slurred, exasper- 
ating ego trip that takes him 
all the way from Nebraska boy- 
hood - son of an "off-the-shelf 
drunk” (mother) and a “card- 
carrying prick” (father) - to 
Tahitian retirement. 

That retirement has now 
lasted 20 years. Since the 1972/ 
73 double whammy of The God- 
father and Last Tango In Paris, 
Brando has been lured back to 
the cameras rarely, briefly and 
usually for the money. He 
picked up a cool million for 
playing Superman’s Dad. And 
he picked up even more for 
mumbling lazily, as he admits, 
through Christopher Columbus 
as Torquemada. “An embar- 
rassingly bad performance,'’ its 
perpetrator sums up: but he 
still took the 55m. 

Meanwhile. Robert Evans 
rose from brief indistinction as 
a juvenile-lead actor to infant- 
prodigy movie mogul. He 
beaded Paramount at 29, ran it 
for ten years, and hauled it 
from bottom to top in the stu- 
dio league table. The Odd Cou- 
ple, Love Story, The Godfather, 
Chinatoum . . . Money disguised 
as celluloid. 

But where do you go after 
that glamorous uphill run? 
Only one way: glamorously 
downhill. Evans’s beautiful 


and damned life could have 
been scripted by F. Scott Fitz- 
gerald. (He played Irving Thai- 
berg, model for FSF’s last 
tycoon, on screen and later 
produced The Great Gatsby). 
Cocaine and murder suspicions 
whirled around Evans in the 
1970s and 80s - though his part 
in killings connected to The 
Cotton Club were never proven 
- and he finally fell back into 
movie production. Happy end- 
ing? Not quite. His first film 
for Paramount after re-hab was 
the inauspicious Sliver. 

Evans's life makes a better 
story than Brando's and a far 
better autobiography. He 
seems to have written his own 
material. Snappy conversations 
are set down with total recall 
And the prose is glorious with 
Tinseltown-speak. 

Meanwhile Mr Lazybones of 
Tahiti, after rising on the roll- 
ers of his god-given talent to 
the heights of Streetcar, Water- 


SONGS MY MOTHER 
TAUGHT ME 
by Marlon Brando with 
Robert Lindsey 

Century £17.99. -fOit pages 

THE KID STAYS IN THE 
PICTURE 
by Robert Evans 

Aurum £16.95. 412 pages 


front and Godfather, now sits 
on his coral atoll expatiating 
on transcendental meditation, 
the plight of the Indians and 
his numerous, supposedly rol- 
licking sexual exploits. 

These go on forever. Some- 
times be talks about acting: 
and the hook comes alive when 
he does. We learn about the 
improvised genesis of the 
famed taxi scene in Waterfront, 
about lying on ice to intensify 
the death scene in Mutiny On 
The Bounty, about tearing out 
his emotional innards in Last 
Tango. We even learn about 
those infamous cue-cards. Yes. 
Brando does read his dialogue 
off bits of paper stuck round 
the set But, he argues, it lends 
freshness and the illusion of 
thought: and who, having seen 
Brando act. can complain? 

Both books are partial works 
in all senses. Self-justifying; 
self-glamorising (sometimes 
through shrewd self-depreca- 
tion); and manifestly short of 
the whole truth. The largest 
lacuna in the Brando book is 
the murder trial of his son 
Christian. The largest hole in 
the Evans book is a sense of 
the man in repose; indeed of 
anyone identifiably human. 

Nigel Andrews 


sia’s vast heart lies 
between the Cas- 
pian Sea and the 
mountainous bor- 
ina. For centuries it 
umultuous space, 
by the western 
the Silk Road and 
ir plundering armies 
5. The civilisations 
ished there, before 
: rivers dried or 
tnirse. or before the 
came, are marked 
uins and dust, 
ce used to mince 
streets of great Cen- 
cities in high-heeled, 
h. pointed-toe boots, 
n dazzling muslins 
horses caparisoned 
ise and gold. The 
their harems wore 
caressing silks in 
I painted their eye- 
i antimony and their 
; with balsam. In the 
lines®, Hindus, Jews 
ians mingled to 
Asia's brilliant 
i with wealth came 
rts and ease, 
could better Colin 
doleful elegance as 
’ the sad and poten- 
gerous plight into 

tral Asia has since 
; ns a result of Rus- 
ater Soviet domina- 
ow as a result of the 
that domination. 

,\ poverty in Turk- 
1 Uzbekistan sum- 
bron’s melancholy, 
are placeless, the 


Down the Silk Road . . . 

A.C. Grayling and Michael Thompson-Noel discuss 


hotels empty, the streets silent 
and dirty. Bewilderment pre- 
vails in the current economic 
decay and uncertainty. Thu- 
bron writes: “Dusk emptied the 
lanes. A few street-lamps stood 
in stagnant pools of light, and 
a call to prayer wavered on the 
sunset.” 

The question that obsessed 
Thubron as he travelled 
through Central Asia was, will 
it fail into the grip of Islamic 
fundamentalism? Apart from a 
few young men studying in the 

newly-reopened mullah 

schools, few of those he 
quizzed seemed to think so. 
Thev were unconcerned: funda- 
mentalism of the Iranian kind, 
they said, was alien to their 
traditions; their women were 
too independent to accept the 
veil. Some Uzbeks told Thu- 
bron they dreamed of a pan- 
Turkic federation in the 
region. They looked to the rela- 
tively flourishing Western- 
style success of Turkey as an 
example of what Central Asia 
could become. But questions of 
identity remain indeterminate; 
many of Thubron's interlocu- 
tors were Indifferent to nation- 
alistic appeals, and felt them- 
selves inheritors of too many 
races to be deeply moved by 
considerations of blood. 


Instead they appealed to a 
wider, more inclusive but still 
diffuse, sense of Moslem broth- 
erhood. 

Thubron's chief fear is that 
the current mixture of political 
dislocation and deep poverty 
will prove volatile! Gangster- 
ism prevails, inflation soars, 
the peoples of the region have 
exchanged Soviet illusions for 
what seems to many of them a 
desperate futurelessness. The 
common cry is “Last year mut- 


THE LOST HEART OF 
ASIA 

by Colin Thnbron 

William Heinmuam 1/6.99, 
375 pages 


ton cost three roubles, now it 
is three hundred.” It is unsur- 
prising how many told Thu- 
bron they regretted the Soviet 
era's passing, and cursed Gorb- 
achev for a betrayer. 

The central episode of Thu- 
bron's wanderings among Cen- 
tral Asia’s oases, mountains 
and steppes was a wild dash by 
car through the Pamir Moun- 
tains into Tajikistan, travelling 
just ahead of the civil war 
erupting there, and threading a 
way through scow-clogged, 
avalanche-gashed passes high 


above the snow-Une. It makes 
for thrilling reading, and 
brings some of the region’s 
wildest and grandest beauty 
vividly into view. 

But Thubron is happiest 
when he is saddest, picking his 
solitary way among poignant 
ruins and meditating on the 
fate of civilisations. 

A looming presence in Thu- 
bron’s vision of Central Asia is 
Tamerlane, the great emperor 
who built Samarkand. He was 
a descendant of the legendary 
virgin Alangoa, who had given 
birth after being ravished by a 
moonbeam. Tamerlane con- 
quered a vast quarter of the 
world, and brought hack as 
slaves the best builders and 
artists to construct his capital 
His monument is a huge cairn 
of stones in a high pass of the 
Mountains of Heaven, which 
divide Kazakhstan from Phrna. 
“It was said that Tamerlane, 
passing east with his army, 
ordered every soldier to gather 
up one rock and pile it in the 
pass.” Thubron tells us. “Years 
later, on his return, each man 
took away his stone to Samar- 
kand. and those that remain 
became a cenotaph to the 
fallen.” It was a fitting place 
for Thubron’s own journey to 
end. 


into the Empty Quarter 


masterly evocatu 

T o judge from his 
clothes and much- 
cobbled shoes. Wil- 
fred Thesiger is obvi- 
ously an English gentleman. 
He is probably this century's 
most distinguished explorer, 
and certainly one of the great- 
est living Englishmen: Old 
Etonian, Oxford boxing blue, 
big-game hunter, colonial 
administrator, guerrilla 
fighter, war hero, horseman, 
photographer, writer of distinc- 
tion, Arabist friend of emper- 
ors, and traveller extraordi- 
nary. To the Bedu of southern 
Arabia. Thesiger, now 84, was 
Mbarak. the Blessed One. 

He did not go in for stunts. 
His explorations were true 
adventures, whether solving 
one of Africa's last mysteries, 
the destination of the Awash 
river in Ethiopia; crossing the 
Empty Quarter of Arabia; liv- 
ing among the Marsh Arabs of 
Iraq; or travelling in the 
remotest parts of equatorial 
Sudan, Morocco, western 
Pakistan, Afghanistan, Iran. 
Yemen - wherever. 

As a result, Thesiger's great- 
est works, Arabian Sands and 
The Marsh Arabs, are superb 
evocations of the world’s wild- 
est places, and of their inhabit- 
ants, at precisely that moment 


rts of . the world's 

- the middle of the 20tb cen- 
tury - when high technology 
was bathing mankind in a 
stark, ungodly light 
Thesiger detests the way 
that the arrival of the 
machines has heralded the 
obliteration of traditional val- 
ues: courage, the warrior 
instinct loyalty, dignity, stoic 
endurance and honesty. For 
Thesiger, techn o logical society 
produces little but selfishness 
and materialism. 


THESIGER 
by Michael Asher 

Viking £20. 582 pages 


As his biographer says: “This 
is Thesiger's legacy: he 
reminded us that there is more 
to our relationship with the 
earth than can be understood 
through a windscreen or ana- 
lysed in a technical report It is 
that elusive quality best under- 
stood by poets, writers, artists 
and romantics - spirit" 
Thesiger’s biographer, Mich- 
ael Asher, is no keyhole- 
peeping swot but a desert 
explorer in his own right As 
well as retracing Thesiger’s 
steps uphill, down wadi, across 
quicksand and through the 
Empty Quarter. Asher stayed 


wildest places 

two years in Nairobi and inter- 
viewed the old explorer in his 
Kenyan home, a modest cabin. 

His admiration for Thesiger 
is unstinting. Yet Asher is 
always swift to describe the 
paradoxes that underpin Thesi- 
ger's self-adopted role as a liv- 
ing link between the world’s 
“unspoiled peoples" and the 
juggernaut of technology and 
modernism, that is sweeping 
them away. 

For example. Thesiger delib- 
erately courted danger, and 
remarked: ’’Fancy offering any 
self-respecting person security 
from the cradle to the 
grave . . . Today most men do 
not experience enough chal- 
lenge and hardship . . . How 
can people work off their frus- 
trations by kicking a tiny ball 
in a park?" 

There is truth in this state- 
ment, says Asher. Yet security, 
he observes, is precisely what 
the high-born Thesiger always 
had: the cushion of a privileged 
place in society from which to 
launch his manly expeditions. 
How easy - one Imagines - to 
have satisfied his restlessness 
and indulged his romanticism 
by seeking out the hardships 
that primitive peoples endure 
in order to survive. 

Asher's brisk treatment of 


Thesiger's sexuality, a subject 
on which another writer might 
have laboured like a beetle 
with a dungball. is exemplary. 
The thing is not a mystery: 
Thesiger Ukes men. though he 
says that his liaisons with a 
string of dusky youths 
throughout his life were what 
Asher calls "essentially pla- 
tonic". 

Thesiger denies he is a 
misogynist, though he is cer- 
tainly anti-feminist. “A woman 
tends to bulge in the wrong 
places", he told Asher. “It’s a 
pity you can't have babies in 
bottles . . . It’s probably true to 
say that I have a low sex- 
drive ... AH those months - 
five years in the desert - there 
was no question of sex and it 
left me untroubled, just as it 
did that I couldn't get a drink 
or a decent meal" 

Terrestrial exploration is 
largely finished, and old age 
has left Thesiger stranded in 
disillusionment We are dino- 
saurs. be maintains, heading 
for extinction. "There’s noth- 
ing to be cheerful about... 
Everything is going to the 
dogs.” 


NEW AUTHORS I 

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XVT WEEKEND FT 


FINANCIAL TIMES 


WEEKEND OCTOBER 15/OCTOBER lb 


W04 


ARTS 


T be rowdy reception given 
to the Royal Opera's sur- 
real new production of 
Wagner's Rheingold at 
Covent Garden on Thursday 
marked a novelty in the history of 
booing in London. It was unusually 
virulent, wave on wave of baying 
anger billowing across the audito- 
rium from the highest reaches, 
aimed mainly at director Richard 
Jones and designer Nigel Lowery. It 
was also one of those rare demon- 
strations that unite all classes, 
price levels and degrees of operatic 
expertise. 

Disapproval more usually 
observes social demarcation lines. 
A Covent Garden Wagner produc- 
tion of Dcr flicgendc Hollander 


the gods booed the Gods 

Martin Hoyle on the virulent display of disapproval that greeted Covent Garden’s new Ring 


Why 


found at least one tiara-wearing 
dowager in the stalls shooting 
“Rubbish!.*' while tbe gods 
applauded an innovative concept. 
Conversely, even an acknowledged 
disaster like the Royal Opera's 
Huguenots two seasons ago had its 
supporters in the stalls even as the 
first night gallery bellowed Its con- 
tempt At the new Rheingold, the 
booing from the upper ranks 
blended with exclamations of 


“puerile" from the more genteel 
stalls like a Gilbert and Sullivan 
double chorus. 

Until fairly recently it was sur- 
prising to bear any booing in a 
British theatre. John Osborne's 
works were occasionally the target 
for audience hostility, bat booing 
has caught on more readily in tbe 
opera house than in the theatre. 
This may be to do with the height- 
ened emotional situations of opera. 


or the heightened prices a disgrun- 
tled punter may have paid; or per- 
haps imitation of sinister continen- 
tal practices. Italy has its 
time-hononred claques who 
demand money from artists in 
return for cordiality. Richard Bon- 
ynge allegedly called tbe Sea] a 
claque's bluff before his wife Joan 
Sutherland’s debut - and she sur- 
vived. Baris was until recently 
notorious for the arbitrary way ia 


which the Opera claque would 
decide whom to boo that night, 
irrespective of how the artist might 
perform. No sordid considerations 
of money affected the French eta- 
quer. After the soprano Regine 
Crespin rose from her seat in the 
audience to defend a colleague and 
shout back at the hecklers, she was 
subjected to an ngly campaign of 
hate mail, death threats and abu- 
sive phone calls. 


In the 1950s, after a Vienna State 
Opera Tarmhauser, the tenor was 
chased through the streets until be 
lay v omi tin g with exhaustion and 
terror on the pavement, watched by 
devotees of the lyric art 
The 1950s saw heated correspon- 
dence in the British press on 
whether to boo or not a sign per- 
haps that there are no absolutes in 
criticism and one man's decon- 
stractivist illumination is another 


man's pretentious tosh. More 
recently, English National Opera 
has blazed the trail for respectable 
booing with a series of production* 
that polarised opinion , . rwu - erupt- 
ing So foyer fisticuffs with the 
film noir-cum-Dali production of 
Verdi's Masked Ball, in the opera 
house at least, booing is utro an 
established fact of first night hU . 
Bnt disapproval tends to be 
reserved for production teams, tor 
outrageous ideas rather than inade- 
quate performers. Don't 5“°°* , 
singer, he's doing his best, seems to 
be the philosophy in Britain. But 
the producer is fair game. 

■ David Murray reoicu's Das hilt J. 
gold and Die Walkurie in Mondays 
paper 



Period plot proves a 
dramatic dinosaur 

Ian Shuttleworth reviews the new production ot 
Lonsdale’s ‘On Approval’ by Peter Hall 


; w.# 

»■* ' 


The chief dm of the three Sitwell siblings - Ecfith, Sacheverefl and Qsbert - was, according to Aldous Huxley, “to REBEL". But, he added, “though a charming idea, the steps which they 
are prepared to take are so small as to be hardly perceptible." The National P o rt ra i t Gallery's new exhibition and accompanying catalogue (£14.95 pbk, £19.95 hbk, 240 pages] chronicles fri 
paintings, photographs, music, Rtarature and letters the Sitwelfs influence in the arts of the early 20th century and leaves us lamenting the deefine of the Great Engfish Eccentric. 


Smiles, sambas and psychotic behaviour 


I t is difficult to know 
quite what to make of the 
Brazilian Grupa Corpo, 
installed this week at 
Sadler's Wells. It looks like the 
product of a JekyU and Hyde 
experiment in some remote 
part of the Amazon. Just 
before curtain rise the mem- 
bers of a dance troupe drink a 
potion and proceed to scare the 
living daylights out of an audi- 
ence with a display of ferocious 
tosh, while giving a Mozart 
Mass a thorough going-over. 
But the dancers return after 
the interval, all smiles and 
samba rhythms, to win us with 
charm and pretty' dances. It is 
psychotic behaviour of the 
most inexplicable kind. 


So I interpreted the events of 
Wednesday' evening. The com- 
pany is nearly 20 years old, 
and was seen briefly with 
Dance Umbrella here a decade 
ago. Its founder-choreographer 
is Rodrigo Pedemeiras. and it 
is he who gives the troupe its 
split-personality. His Orphan- 
age Mass is a capoeira attack 
on Mozart, feet flying, the 
music knocked for six. 

Curtain-rise brings a view of 
men and women, dingily clad, 
lurching in a curious high- 
shouldered gait towards one of 
those backdrops of eroded 
masonry that would make any 
self-respecting surveyor tell 
you of “very serious problems 
with rising damp". More seri- 


ous is the fact that we are in 
Kylian-counfcry, where the 
angst is high as an elephant's 
eye, and no good will come of 
anything. Nor does it. The cast 
look like inmates of a home for 
the criminally insane, and 
behave thus. Wild activity 
from women in those long sui- 
cidal frocks that are de rigueur 
in films about institutional life. 
The men wear sack suits and 
blank expressions, and ram- 
page. Life is very fraught 
Pedemeiras has a few anx- 
ious movement ideas, which he 
tacks onto Mozart, though 
musical form and the matters 
of a sacred text go largely 
unregarded. I suppose if your 
idea of spectator sport is visit- 


ing a mad-house, then the 
piece has a certain allure. I 
thought it an interminable, 
flailing bore, in which the cast 
unleashed megatons of ener- 
getic gloom. At the interval 1 
was ready for hemlock. 

But the sun does come out. 
Pedemeiras' second piece in 
the programme is Nazareth - 
not, happily, another exercise 
in religiosity, but a tribute to 
Ernesto Nazareth, composer of 
a legion of delightful salon 
pieces. These have been bril- 
liantly re-worked by Jose Mig- 
uel Wisnik, put in a mixer, re- 
shaped, and orchestrated with 
tremendous wit The rhythm is 
that of the maxixe. best known 
in the 1920 but intoxicating 


stilL The dancers look hand- 
some, amnsing, alert. The 
dances, somewhat repetitive, 
keep then on the jolly hop and 
explore social and folk-move- 
ment attitudes very neatly. It 
is merry, if over-long, and the 
dancers (clearly well-trained) 
have tremendous fun embroi- 
dering samba steps and 
playing with the wonderful 
rhythms of the score. The set- 
ting. of 14 large fabric roses, 
excellently lit. is beautiful and 
by Fernando Velloso. Hyde has 
been vanquished. 

Clement Crisp 

Sponsored by Banco do Brasil; 
Culture Inglesa. 


F rederick Lonsdale, we 
are informed, was 
"amongst the most 
successful dramatists 
that ever lived.” In commercial 
terms, this may be true; in the 
1920s and 1930s his plays and 
musicals were almost guaran- 
teed hits. As far as theatrical 
skill goes, however, the forego- 
ing remark Is a blatant apology 
for Peter Hall's pointless 
revival of Lonsdale’s 1927 play 
On Approval 

Lonsdale found it inconceiv- 
able to create protagonists who 
were neither titled nor 
wealthy. Here we are presented 
with a shallow and selfish 
duke obliged to woo a pickle 
heiress for her money, and a 
well-off widow, acerbic by 
nature, who invites her gen- 
teely fawning suitor to her 
Scottish country house for a 
month to test his compatibility 
as a prospective spouse. It will 
spoil no-one’s enjoyment to 
reveal that in such a (yawn) 
isolated location, the two amo- 
rous parties (yawn) discover 
the truth about their beloveds' 
temperaments, break off their 
affairs and resolve (yawn) to 
mend the duke and widow by 
yoking them to each other. 

In other words, the plot runs 
on barely-electrified rails. Any 
delight must then derive either 
from the eloquence of the 
script or from tbe nature of 
this particular production. 
Unfortunately, Lonsdale relies 
entirely on a hopeful epigram- 
matic style for his humour, 
and more often than not it is 
numbingly apparent that a 
well-turned sentence and a pol- 
ished delivery do not in them- 
selves make an epigram. His 
rhetorical menu consists 
largely of fortune cookies 
which are state, empty or both. 
Hall lavishes far more atten- 
tion on the play than it 
deserves (hell, a second consec- 
utive reading is more than it 
deserves). As the script aims at 
Cowardian witticisms but 
misses the bar by a good foot 
and a half, so the performances 
strive for period poise modu- 
lated only by period languor. 
As the unconcerned aristo- 
cratic booby, Martin Jarvis hits 



HAVE YOU THOUGHT 
OF LEAVING US SOME 
OF YOUR NEST EGG? 

By remembering us in your Will, you’ll be 
remembering the whole RAF family. 

Not just aircrew, but ground staff, too. 

Serving RAF members, as well as ex-RAF. 

Their spouses and their dependent children. 

Every year, more and more people urgently 
need our help. 

Please help ensure that we are always there 
to take them under our wing by making a donation 
now and by remembering us in your Will. 

COMRADES IN ARMS SHOULD BE COMRADES IN ALMS 


To: The Hmi Air Fort* Bcnmieai Fond. PH Bn 1340. FfMgrt . GlmiHclnsMm QLT4NA. 
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[THEROYAL AIR FORCEBENEV^I^FUND^SA/C'J 


I f a publicist was required 
to use one and the same 
adjective on every film, 
which would he choose? 
Would it be one of the rabble- 
rousers like “Sexy," ‘Torrid" 
or “Violent’? Would it a value 
judgment like “Brilliant" or 
“Unmissable"? Or would it be 
that word that answers every 
copywriter's prayer “Contro- 
versial” 

This epithet has everything. 
It hints at sex or violence, or 
something equally inflamma- 
tory, it suggests that you will 
be stirred, if not to outrage, at 
least to deep and reverberant 
thoughts. 

But for controversy you need 
an arena. After years spent 
Shuttling between private 
video parlour and public cin- 
ema. I realise that the main 
difference between the two 
venues is not big room versus 
small room; or viewer control 
versus passive spectacle; or 
even cheap versus expensive. 
The main difference is “contra- 


Video/Nigel Andrews 

On the wave 
of controversy 


PALAIS VIEIL ORIENT 1 

Hp-dtKrt AALST9300 
n*p«naii« T&xunma) 

EXHIBITION -SALE 

Objci if An ■ rrirau CotlfdMai 

hen- late- Coni - H . Wifoi - 
Ruhr ■ Lwn — 

CHINA - JAPAN 
Buying - - Flee mpntal 


ART GALLERIES 


MARLBOROUGH 
FINE ART 

6 Afcwwte St wi . 071 -62S SI 81 . 

CHRISTOPHER l£ BRUN - 
Paintings 1991-34. 
Until? November. 
MOrt-Fri 10-5.30. Sat 10-1230. 


SPINK, King sue at swi TREASURES 
OF THE COURTS. &®n ot Inctan A bfcntfG 
art. 18 Oa-* Nov. AUTUMN CATALOGUE 
OF PICTURES. 4-S7 Oct Mfift-Fn, Sam- 
5.30pm, Tum Sam-raocm. 


versy”. You get it in one 
release context, not in the 
other. 

Take this month's videos. 
They include In The Name Of 
The Father, Jim Sheridan's 
film about the the Guildford 
Four and the Brits in Ireland, 
with Daniel Day Lewis chew- 
ing the scenery as scapegoat- 
martyr Gerry Conlon: Claire 
Devers' Norr Et Blanc , an eerie 
French study of sado-machism, 
involving two bodybuilders 
who work out. in all senses, on 
each's bodies; and Philadel- 
phia, bringing together Aids, 
lawsuits and Oscar-winning 
Tom Hanks. 

All these are worth (reO view- 
ing on the VCR. And all three 
were significant stirrers-up 
when they hit the big screen. 

But In the second-time- 
around world of video reissue 


SI JOSEPH’S 
HOSPICE 

MARE ST. HACKNEY, LONTON B ASA 

lOwySd. fkailUI 
■So many arrive as 
strangers, weary of pain 
and fearful of the unknown. 
They gladly slay as 
friends, secure in the 
embracing warmth. Fortified 
and cherished to the end 
with the help of your 
graceful gifts. 

I thank you kindly 
on their behag. 
Slater Superior. 


- and the fanfare-free intimacy 
of domestic viewing - what 
happens to their potential for 
controversy? Unlike a new TV 
programme, a Cathy Come 
Home or Death On The Rock, a 
“new” video will not set a hun- 
dred newspaper columnists 
alight. It did that before as a 
movie. And although statisti- 
cally most people watching a 
film on video are seeing it the 
first time, the public furore, if 
there was one, blew out 
months before. 

So what does this do to the 
culture? In one sense it is no 
different than the book world's 
time-lag between hardcover 
exposure and mass circulation 
in paperback. Latest Amis or 
Deigbton? Thank you; we will 
wait till the price halves. 

But reading is a private 
activity: has been ever since 
Homer. Moviegoing is a group- 
friendly pastime, and video not 
only shrinks the group to three 
or two or one. It turns the 
viewing context into a low-tide 
littoral where the wave of 
debate broke and receded 
weeks or months before. 

As a film critic I want to cry 
"Get out to those first-run cine- 
mas, so you can catch the tide 
of controversy.” As a video 


critic, I have sympathy with 
those who want an easier, 
more inexpensive and flexible 
way to see films, and never 
mind thw tj™ 6 lags. 

Late or soon, t suspect, 
expanding domestic screens 
will meet the shrinking 
screens of the multiplex age, in 
a glorious hi-tech rapproche- 
ment, and the two-phase 
release system will be phased 
out altogether. In the mean- 
time my advice is: bring the 
controversy into your own 
homes. Discuss the movies you 
see on video with your peer 
groups or family groups. Be 
your own Late Show, South 
Bank Show or Arena! The 
three films named above are 
made for debate and are 
impoverished without it. 

Some movies, though, do 
exist happily in a one-to-one 
relationship with the viewer. 
This month you can shed an 
unruffled private tear over 
Shadotolands {CICj, telling of 
the cancer-doomed romance 
between CB. Lewis (Anthony 
Hopkins) and his late Ameri- 
can love Joy Gresham (Debra 
Winger). You can say farewell 
to Federico Fellini with his 
1965 fantasia Juliet Of The 
Spirits (Fabulous Films), and 
with Gideon Bachman's enter- 
taining bio-documentary Ciao 
Federico! (Connoisseur). And 
you can savour the much- 
praised charms of Tran Anh 
Hung’s The Scent Of Green 
Papaya (Artificial Eye): a 
haunting French-Vletnamese 
film, shot like a moving still 
life, about love, lass and the 
lyricism of everyday domestic 
life. 



ROYAL WATERCOLOUR SOCIETY’S 

J20TH EXHIBITION OP WATERCOLOURS 

13th October - nth November 1994 

Over 200 wades on siiow. many for sale 

Guided lours fy members of the RWS 6 JQpm ai die Gallery 

an Tuesdays thvughout the exhibition. 

Opening; Mows: Tubs 10-S. Wed - Fn 10-5. Son 1 -5 


Em HAN'KSfDCTiALLEHV’ Admission £LSW£2 

4SHupunScBbd£tan,LAiifoa$EI. T^iepboce: 071 92S 7y2t fbrfiutfcet mftraMtioa. 


the combination spot on, coolv 
forgiving his companions for 
bridling at his incessant inani- 
ties. Anna Carteret and Simon 
Ward likewise do commend- 
able service as the widow Wis- 
lack and the timidly besotted 
Richard. Only Louise Lombard 
fits awkwardly in the com- 
pany. oddly for one whose pop- 
ular success is rooted in the 
same period through her 
appearances in The House of 
Eliott. She shows herself an 
able and even captivating act- 
ress. but unwilling or unable 
to play the idiom as her com- 
rades do. ft is unusual to criti- 
cise an actor for not being arti- 


ficial enough, but this is the 
case as regards Lombard’s per- 
formance. 

Above all. one wonders time 
and again why On Approval 
has been revived at all. The 
mere act of dramatic archaeol- 
ogy is not enough to merit 
respect or attention: the frag- 
ment unearthed must be of suf- 
ficient intrinsic interest. All 
that this production shows us 
is that theatrical dinosaurs 
once roamed the earth, and 
non-cam ivorous dinosaurs at 
that 

At the Playhouse Theatre. 
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FINANClAL TIMES WEEKEND OCTOBER 15/OCTOBER 16 1994 




The angry 
wasp of 
Victorian 
painting 

William Packer on a landmark 
exhibition of the work of the 
artist James McNeill Whistler 


WEEKEND FT XVII 


ARTS 


J ames Whistler - expa- 
triate American, pro- 
tege of Courbet friend 
of Degas, verbal spar- 
ring partner of Oscar 
Wilde, open enemy of anyone 
who, like Sickert crossed his 
path - still enjoys a reputation 
that buzzes through the anec- 
dotal cultural life of late Victo- 
rian London like an angry 
wasp. He has always been 
recognised as a true and origi- 
nal artist at least by other art- 
ists. Yet this full retrospective 
of his work is, we Irani, the 
first since the international 
memorial shows erf 1906, some 
two years after his death. It is, 
one feels, somewhat overdue. 

But then criticism has 
always had trouble with the 
maverick, always so difficult to 
pot and keep in place. Whistler 
endured its hostility in his life- 
time. and his mistake, perhaps, 
was to return like with Kke. 
devoting months at a time to 
literary skirmishing that had 
been better spent leaving the 
woifc to speak for itself The 
name* he thus made for hfnwff 
as a posturing self-publicist 
haunts his reputation stilL Not 
for the first time, the biogra- 
phy gets in the way of the true 
achievement 

Yet Whistler would not have 
been Whistler had he not 
sailed into battle, courageous 
and alone to defend his cause, 
for he lived for his art And his 
famous libel suit of 1878 ' 
against John Ruskin, beyond 
all the legal fun and repartee, 
had a most serious point to it 
For Ruskin, in accusing him of 
“flinging a pot of paint in the 
public’s face”, was accusing 
him of much mare than mere 
charlatanry: he was saying 
that here was art that had no 
moral base, and no moral pur- 
pose to uplift and improve. To 
Whistler, the first article of 
faith was that art was ait, to 


be judged and accepted in 
terms of art alone. 

“Art for Art’s sake” aestheti- 
cism may well now seem an 
empty concept but the princi- 
ple remains. In freeing paint- 
ing, not from the possibility, 
but from the duty of narrative, 
finish, accurate representation 
and all the other false impera- 
tives that Victorian criticism 
wished upon it Whistler estab- 
lished a position which every 
modem artist since has been 
happy to exploit 

To the question pot by Bus- 
kin’s counsel: “Do you say that 
this is a correct representation 
of Battersea Bridge?”, Whistler 
replied: T did not intern! it to 
be a correct portrait of the 
bridge. It is only a moonlight 
scene . . -As to what the picture 
represents, that depends upon 
who looks at it... My whole 
scheme was to bring about a 
certain harmony of colour." 

This “Nocturne: Blue and 
Gold - Old Battersea Bridge" 
hang c in the room foil of “noc- 
turnes’’ that is tiie true heart 
of this exhibition, with the 

painting that gave Rtigfcrn cnoh 

offence, “Nocturne in Black 
and Gold: The Faffing Rocket” 
of 1875, given a wall to itself. It 
is a magnificent thing, as 
exquisitely effected and per- 
fectly judged as the rest of 
them, with fireworks bursting; 

. rising and felling over the deep 
shadows of the old pleasure 
gardens at Cremorne. We see 
clearly now why Whistler 
should have won his case, 
which he did to the tune of a 
farthing in damag es , which he 
put on bis watch-chain, and no 
costs. Be was bankrupted by it 
■ The puzzle is only that he 
continued to live in London 
through the last 20 years of his 
increasingly embittered life. He 
knew Paris well,, was Mends 
with his great contemporaries 
among the French painters. 



■Purple and Rose: The Lange Leizen of the Six Marks', 1864 by James McNeill Whistler 


most especially Degas and Fan- 
tin-Latour. But perhaps it was 
the very isolation, embattled 
against the pbitiaHnp that was 
necessary to his combative 
temperament Perhaps he felt 
himself, au fond, too close to 
Degas, to Manet and the hnp 
that went back to his hero, 
Velasquez. Be needed, perhaps, 
to feel alone. 

The otherwise estimable 
authors of this arhihitinn Mar- 
garet MacDonald and Richard 
Dorment, draw a distinction 
between the “French" method 
of tiie Impressionists, the paint 
thick and applied direct, and 
the “English" method of Whis- 
tler, thin paint and lots of 


Fri— Mon 

Fri-Mnn 

Fri-Mon 

Fri-Mon 

Fri-Mon 

Mon-Fri 

Fri-Mon 

Moit-Fri 

Sun— T up 

Tue-Fri 

Fri-Mon 


VEipr 

73rd Opera Festival in the Arana of Verona July 7th - September 3rd 1995 

14.-17.7.95 Cavaileria R uni cana/1 Pagiiacci • Rigoletto • Aida Due Torn 

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28.-3 1 .7.93 Turandot- Premiere • Cavalleria/Pagtiacci • Aida Due Tom 

04.-07.8.95 Cavaileria Rustkama/l PagBacci ■ Turandot - Carmen Milano 

1 1.- 148.95 Turtmdot ■ Rigoletto • Carmen Colombo d’Oro 

14- 18.8,95 Carmen • Rigoletto * Aida Colomba d'Oro 

I8.-2 1.8.95 Carmen - Turandot ■ Aida Colomba d’Oro 

2 I.-25JL95 Carmen • Rigoletto • Turandot Colomba d’Oro 

27.-29.8.95 Carmen • Misa Criolla Colomba d'Oro 

29 A- 1.9 .95 Carmen • Turandot - Aida Colomba d'Oro 

0l.-049.95 Carmen • Turandot • Aida Colombo d’Oro 


glazes. This accounts, so they 
say, for much of the subse- 
quent TT>isT>nd i>T«c tnndrog and 
fell in reputation of the work. 
But it is nonsense. Glazing was 
quite as much a French as an 
English academic technique 
and is in any case -a natural 
function of the use of thin 
paint. Certainly it is to be 
found in the work of such sup- 
posed Impressionists as Degas 
and Lautrec. 

The most intriguing roam in 
the show is indeed the rmp that 
marks Whistler’s move, in the 
later 1880s, from the more ful- 
ly-realised subjects by which 
he first made a name - the 
“Symphonies in White" with 


Perfect 

Puccini 



The total price is £ 1,200.00 for each travel date. 

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British Airways scheduled economy return flights non stop Catwick 12.45 pan. - Verona 3.40 pjn. 

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Popular Purcell 


I t was the Mozart bicente- 
nary that started the 
problem. There were 
countless new opera pro- 
ductions, complete cycles of 
the symphonies and concertos, 
in New York even the complete 
everything: so much Mozart 
was on offer that audiences 
were sated by the middle of the 

year. 

in the eyes of concert pro- 
moters the answer is to get in 
early. So keen were they to 
mark the centenary of Tchai- 
kovsky’s death that almost 
everything was over before the 
anniversary year arrived. For 
Purcell’s tercentenary - offi- 
cial date X995 - there is no 
need to wait Sundry interest- 
ing events have already hap- 
pened. each as a foil stage pro- 
duction of The Indian Queen 
(don’t worry - there are others 
to came) and tbe autumn looks 
as if it will be resounding to 
Purcell aO round the country. 

Tbe Wigmore Hall’s tercente- 
nary festival began on Thurs- 
day. William Lyne, the hall’s 
director, had been doubtful as 
to whether nine evenings of 
Purcell might be too much for 
a Wigmore audience nourished 
on a steady diet of Schubert 
songs and Beethoven quartets, 
but he need not have worried. 
The seats quickly sold out, 
showing that strong mflrfcrttfng 
plus a smattering of 


well-known artists (Barbara 
Bonne? and Anne Sofie von 
Otter among them) -can be 
enough to draw the Wigmore 
regulars. 

The festival is under the 
directorship of Robert Sing, 
who has virtually turned Pur- 
cell into a one-man business, 
listen to the concert, read his 
notes in tbe programme, then 
on the way out buy the book 
and recordings. It was shame- 

The Wigmore is 
getting in early on 
tercentenary 
celebrations , says 
Richard F airman 


fol how much of Purcell’s out- 
put was still waiting to be 
recorded even ten years ago 
and credit is due to King and 
the record company Hyperion 
for spotting such an important 
and worthwhile opportunity. 

For the last couple of years 
they have been engaged on the 
major undertaking of recording 
all Pur cell 's anthems ser- 
vices, together' with a short 
series of foe secular solo songs. 
Before that, they had recorded 
the odes and welcome songs, 
two of which were featured on 


Thursday. The ode called “Cel- 
ebrate this festival" must have 
chosen itself, not just for the 
title, hut also for the quality of 
its music. 

The penultimate stanza is 
pure Purcell: a high tenor 
urges an end to thoughts of 
war, accompanied by two 
plaintive recorders, but within 
minutes the mood h a s changed 
and the choir is wittily tossing 
back and forth the words 
“repeat Maria's name", like an 
echo bouncing from one wall 
to another. It is a young man’s 
music, quick with ideas, frill of 
restless imagination. The pity 
is that a young man's music is 
all we have from Purcell who 
died at the age of 36. 

The King’s Consort has 
never sounded better than it 
did here at the Wigmore Hall 
which suits King’s brand of 
relaxed, warm music-making. 
There was same good singing, 
notably from Susan Gritton 
and the pair of counter-tenors, 
James Bowman and Robin 
Blaze, who drew the celebrated 
duet “Sound the trumpet” In 
place of the high tenors that 
some scholars now regard as 
more authentic. If the Wigmore 
is wishing it had booked up 
more Purcell, there is still all 
of 1395 to go. 

Sponsored by Hie Friends of 
the Wigmore Hall 


P rogramming those two 
great Viennese com- 
posers Schubert and 
Schoenberg together, 
which might have appmpri an 
odd thing to do, at best a wor- 
thy ruse for securing listeners 
to the modernist, actually felt 
inevitable and right in the 
first, last Thursday, of kfitsako 
Uchida's three such piano 
recitals at Queen Elizabeth 
HaH 

A more antithetical pair it 
would be hard, in many 
respects, to name. Whereas 
Schubert’s music, particularly 
in his piano sonatas - of which 
Uchida is giving six - is 
renowned for its generous 
spread of events, its sublime 
spaciousness, profound repeti- 
tionsness, what Schumann 
(thinking of the ninth sym- 
phony) called its “heavenly 
length", Schoenberg’s music is 
always crammed with incident, 
intensely compressed - never 
more so than in the Six Little 
Piano Pieces, Op. 19, which we 
heard - but nonetheless burst- 
ing at every seam, avoiding 
repetition and anything much 
like ease. 

On the other hand, the two 
composers are involved in the 
same classical tradition and 
concerned with resolving 
essentially the same problems 
of form and content Extremes 
of brevity and length look 
suspiciously like different 
sides of the same coin, and so 
it proved in Uchida’s 
fabulously sensitive and 
accomplished projection of 
both their triirang. 

I have seldom if ever heard 
such wonderful Schubert 
playing as in her account of 
the two movements he 
completed of the so-called 
Reliquie sonata in C major 
D840. To the “late", even 
other-worldly manner of the 
writing here she brought a 
wise serenity, a limpid lyrical 


Uchida’s Schubert 
and Schoenberg 


their “White Girls" and thicker 
paint - to the more loosely and 
lightly-stated figure composi- 
tions and studies, with their 
Japanese references and open 
interest in the painted mark as 
a thing of itself The step from 
thprri to the sea paintings, to 
the “nocturnes" and the 
Venice pastels, and to the etch- 
ings with their radical experi- 
ments in the subtle wiping of 
the plates, was not so fer to 
take. 

Ibis is a magnificent exhibi- 
tion, a true landmark. It brings 
us great works that we shall 
never see together again, not 
just the “nocturnes" but the 
“White Girls”, the notorious 
“Arrangements" that are the 
portraits of Thomas Carlyle 
and Whistler’s mother, and so 
many of the prints and draw- 
ings over which the artist's 
hand dances like the butterfly 
by which he signed himself. 
But it is the artist who is the 
hero, the artist now seen whole 
and vindicated. 

Sickert, hurt by their last 
quarrel could seldom resist a 
posthumous jibe, but respect 
and affection for his old master 
would always creep in. He per- 
haps should have the last 
word. “The beauty of Whis- 
tler's painting is that he 
achieved its form purely by 
relations considered as opaque, 
between a restricted number of 
tones. This is not only 
extremely difficult, but ... it is 
so rare that only the great 
painters can do it” 

James McNeill Whistler 
1834-1903: Tate Gallery, Mill- 
bank SWl, until January 8: 
sponsored by Reed Elsevier, i 


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scene briefly feral climaxes, but 
contained them, indeed, with 
perfect shapeliness. 

Her spacious rase - the first 
movement's Moderate tempo 
was beautifully judged - never 
lacked for interest and 
dramatic surprise; and how 
subtly and poignantly she 
voiced that curiously dissonant 
chord that recurs in the first 
movement and that no less 
jolting turn of the harmony 
that is a feature of the C minor 
Andante. 

Such moments of 
“advanced" harmony made a 
satisfying and instructive link 
to foe next item. Schoenberg’s 
Three Piano Pieces, Op. U, for 
which a free-floating harmony 
provides foe structural and 
expressive base. Uchida 
showed how gfintmgly lyrical 
the muse can be. how richly it 
invites plasticity of phrasing, 
how full it is of dynamic 


nuance, in short, how close to 
her Schubert - an impression 
clinched by her again feral way 
with foe furious outbursts of 
the third piece. 

The fast fourth, very tiny, of 
the Six Little Pieces was 
despatched with pure 
savagery, but the strange 
chords of the static sixth had 
the eerie expressionists glow 
of a painting by Kandinsky or 
Schoenberg himself. 

The return to Schubert was 
exhilarating and moving, and 
if Uchida’s reading cd foe C 
minor sonata D958 did not, for 
me. have the perfected 
Intensity of her earlier sonata, 
there was no disputing the 
hefty grandeur of its outer 
movements or the meditative, 
lyrical warmth of the Adagio. 
The series promises to be 
superb. 

Paul Driver 


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XVI 1 1 WEEKEND FT 


★ 


FOOD AND DRINK 


FINANCIAL TIMES WEEKEND OCTOBER [5/O^TO bKR u 


1 0*14 





Wine/ Jancis Robinson 

Portugal rings the changes 


L ike most of my colleagues, 
I am sent an average of 
between one and two 
dozen unsolicited bottles 
of wine a week. To avoid any sug- 
gestion of payola, i could refuse 
them all, but anyone who thinks I 
can be bought with a selection of 
supermarket vins de pays (a typical 
consignment) is welcome to their 
misapprehension. 

Ungraciously, we wine writers 
tend to take for granted these pack- 
ages, the liquid equivalent of 
review copies to literary critics. 
Extremely few of them are posi- 
tively welcomed in this household. 
I do try to taste the top centimetre 
of every bottle but stubbornly tend 
to drink wines I have chosen and 
bought myself. 

On the other hand, only packages 
heralded by a call from an airport 
handling agent arc cursed; we usu- 
ally have to pay duty and some- 
times storage charges for these. 

I recently paid £40 and spent 
more than an hoar unravelling a 
completely unasked-far consign- 
ment of wine from Argentina, each 
bottle swaddled in layer after layer 
of newspaper, cardboard and sello- 
tape, cushioned by horribly cling- 
ing little polystyrene particles. Half 


the bottles turned out to be dupli- 
cates, and it eventually transpired 
that their sender simply wanted to 
show me the redesigned labels. 

The other day I thought I had 
found the wine bargain of all time. 
I opened a bottle of Portuguese red 
which had been sent to me out of 
the blue. Most bottles are accompa- 
nied by some sort of explanation, 
or more usually eulogy. 

This one arrived clueless, except 
for the particularly downmarket- 
looking label carrying a theoreti- 
cally second-rank denomination, 
Vinho Regio do Alentejo, a region 
in southern Portugal so far better 
known for cork and cereals than 
for wine. 

I opened it early one evening, my 
usual tasting time, and did a dou- 
ble-take, scribbling deliriously 
“Very, very deep colour. Intense 
and exciting. Nervy and concen- 
trated in a Penfolds Grange sort of 


way! Lovely and rich. American 
oak? Very, very ripe. Lots of tan- 
nins but masses of fruit too.” 

Orange is Australia's most 
landed wine, the new 1989 vintage 
has just been offered by selected 
Oddbins stores for about £45 a bot- 
tle. This Portuguese wine, on the 
other hand, looked as though it 
should sell for £4.50 at most. 
Unusually, we savoured every 
mouthful from the mystery bottle 
with our supper, 

Many a phone call later, I finally 
tracked down this marvellous liq- 
uid, railed Moueh&o after the small 
Anglo-Portnguese farm on which it 
is produced. It is made mainly from 
low-yielding Alicante Bouschet 
vines, not one of the vine world’s 
most aristocratic members, with 
local Pexiquita and Moreto grapes. 

The grapes are still trodden, in a 
relatively primitive winery that 
until recently had no electricity. 


The wine is then apparently 
matured for fire or more years in 
old oak casks, so before it is sub- 
jected to this generally enervating 
experience, it must be a truly 
incredible hulk. 


How a bottle from 
the blue became 
a favourite 
bargain red 


This recipe does not sound cheap, 
does it? In fact, in spite of the low 
rent label, it costs more than £10 
-£10.95 from Wines of Oldham, 
Lancs; £1L99 from Sberston of St 
Albans, Herts; £14.99 from La Vig- 
neronae of London SW7; and an 
as-yet-oncalculated price from 
Gauntleys, of Nottingham. 


Even at E1-L99 it is a good bay 
for those who admire Grange. 
Spain's Vega Sicilia and, Portugal’s 
most famous “expensive” wine, 
Ferreira’s Barca Velha (the 1985 is‘ 
£24.99 from Oddbins). 

There wQl be no MouchSo 1994; 
the entire production was 
destroyed by frost Thanks to poor 
flowering and drought the whole 
Portuguese wine harvest will be 
short this year, which is a pity 
since Portugal has become one of 
the potentially most exciting 
sources of red wine value. 

For long a krae Australian called 
Peter Bright kept sending ns excit- 
ing smoke signals and keenly- 
priced bottles of essentially Portu- 
guese wines. During the last year 
or two, however, he has been joined 
by Increasing numbers of similarly 
skilled winemakers. 

David Baverstock, for example, is 
a refugee from port country and 


was <me of the first to realise that 
the Douro can also produce some 
stunning unfortified reds. He is 
now doing good things at Esporao 
in Alentejo (see Thresher/Wine 
Back/Bottoms Up selections), 
funded by a well-heeled Portuguese 
businessman. 

And an increasing number of co- 
operatives and estates can offer 
such keenly-priced, characterful 
red blends as Falua 1998 (£2.99 
Safeway) and Leziria (around £2.50 
from Kwlksave, Oddbins, Somer- 
fidd and Victoria Wine), both from 
Portugal’s fanning heartland Riba- 
tejo. 

Bright’s brightest sparks, espe- 
cially as far as British wine buyers 
were concerned, were his full, 
sweet and vibrant oaked Alentejo 
blend Tinta da Anfora and the oaky 
Cabernet Quinta da Bacalhpa from 
the Setnbal peninsula, but 1992 was 
the last vintage under his control. 


Sexual equality 
and the stockpot 

Nicholas Lander reports on an association formed 
to promulgate Women Chefs and Restaurateurs 


T he first, fondest and 
often longest-lasting 
memories of good food 
are often associated 
with women who cook. 
Perhaps mother's home-cooked 
lunches, grandmother's teatime 
baking treats or visits to the 
kitchen of that vanishing species, 
the domestic cook. In all cases the 
image is strong: women provide 
nourishing, comforting and satisfy- 
ing food. 

It is an image that the restaurant 
industry has failed to perpetuate. 
Virtually since restaurants came 
into existence kitchens have been 
organised on hierarchical lines with 
limited opportunities for women. It 
was often argued that women could 
not lift heavy stoekpots and kitchen 
equipment and needed too much 
time off to raise families. (There 
were exceptions. Elizabeth David 
wrote poetically of the Food pre- 
pared by Madame Baraterro at the 
Hotel dn Midi, Lamastre, and of the 
elegant and seemingly effortless 
cooking of La M&re Brazier, in 
Lyons.) 

At last attitudes are changing. 
The number of women in the res- 
taurant industry has been increas- 
ing steadily and America's leading 
women cheFs and restaurateurs 
have formed an international asso- 
ciation to promote their cause. 

In San Francisco. I met two of the 
founders, Barbara Tropp. chef/pro- 
prietor of China Moon, and Joyce 
Goldstein, of Square One. Both run 
restaurants which are highly 
regarded and well-established. 

The first point that Tropp and 
Goldstein wanted to emphasise was 
that the association was not an 
antagonistic one. They believe, hav- 
ing run busy, successful restaurants 
for more than a decade, that the 


biggest problem the industry faces 
- staffing - cannot be overcome 
except by a concerted, more sympa- 
thetic. perhaps more intuitive 
approach. 

The industry has been expanding 
rapidly. So how, when working 
under constant pressure in shifts 
incompatible with social and family 
life, can new staff be trained, 
encouraged and kept? Tropp and 
Coldstein think restaurants must 
make themselves more welcoming 
to young women and make chefs 
more aware of sexual equality. 

As an example, Goldstein cited a 
chef she worked with closely. His 
cooking could not be faulted but his 
attitude towards female chefs of 
equal status was such that he upset 
the entire brigade, male and female. 

While the association plans to fos- 
ter better industrial relations and 
encourage new recruits it also has a 
hard, commercial edge. On its board 
sit several women who have created 
their own culinary empires in the 
tough restaurant world: Barbara 
Lazaroff, who designed the Wolf- 
gang Puck restaurants: Anne 
Rosenzweig, of Arcadia. New York 
and Elka Gilmore, chef/proprietor of 
Elka and Liberty in San Francisco. 

Potential members on the oppo- 
site side of the Atlantic Include: 
Ghislaine Arabian, a Michelin- 
starred chef at Ledoyen, Paris: 
Gunn Eriksen of the Altnaharrie 
Inn, Scotland: and Sonya Kidney, 
who has made the Marsh Coose in 
the Cotswolds so successful. 

The association holds seminars to 
make prospective female chefs and 
restaurateurs more aware of the 
financial problems they will face. 
Both Goldstein and Tropp confessed 
to mistakes they hoped others 
would avoid. 

“Next to the restaurant at Square 


One," Goldstein explained, “we 
used to run a sandwich shop. It was 
busy all day, fun - everyone 
enjoyed it Then after three years I 
sat down and analysed the figures. I 
realised that in spite of all the hard 
work, this shop made no thing . Not 
a cent We closed it immediately 
and converted the area into a larger 
bar and a private dining area which 
is more profitable and provides a 
specific service to our customers." 

The initial idea for forming the 
association came to Tropp in 1991 
after she had been invited to join 11 
other female chefs to cook at the 
Lincoln Centre, New York. 

Although thrilled to be there she 
vowed that this would be the last 
time that female chefs would be 
treated as “frilly bloomers on a 
laundry line". 

For Tropp. an invaluable insight 
into the economics of her business 
came when she was married. U I 
realised that my former working 
life - 12 hours a day. seven days a 
week - would not be compatible 
with a lasting marriage. At the 
time, my restaurant was open lunch 
and dinner and I decided that the 
only solution was to close for lunch. 
This led to a 50 per cent reduction 
in the payroll but, to my surprise, 
only a 20 per cent reduction in reve- 
nue. And, naturally, it has meant a 
much more relaxed chef." 

Seminars have already borne 
fruit In Austin. Texas, recently. 85 
women gathered to hear a panel 
discussion on “Women, Motivation 
and Mentors in the Restaurant 
Industry". In the audience was a 
mother and her new baby. The 
mother, a former pastry chef, had 
thought of leaving the industry but 
armed with information and sup- 
port from the association, decided 
to open her own cate - aided by her 



Anne Rosenzweig 


mother. 

Given the international recogni- 
tion that so many female chefs 
around the world have earned it is 
unlikely that future women chefs 
will be treated as a phenomenon. 
They are more likely to follow the 
example of George Lang, proprietor 
of Cafo des Artistes in Manhattan. 
Having resuscitated Gundel, Buda- 
pest's legendary restaurant, he has 
now renovated Bagolyvar (Owl’s 
Castle) with Emma Tomos, who was 
taught to cook by her mother and 
grandmother, as chef and a staff of 
25 women. 

■ Internationa/ Association of 
Women Chefs and Restaurateurs. 
Suite 305. 110 Sutter Street, San 
Francisco. California CA94104L Tel 
415-362 7336. fax: 415-362 7335. 



Gunn Eriksen 



Barbara Tropp 


The l9 !2 current!?' av3taS»I 

53* da Anfora 

&T£ Sffi-rii and 

‘’rw~5E s= 

h Bright £w struck out on his own 
beria South America and SiciIj 

ISsrHUfc « -** 

Jright Brothers wines from [ °*ir- 
■ada, Ribatejo and Douro (the lat- 
er from Thresher). 

Enthusiasts for Portugal's unique 
:ombi nation of ripe firm ; and 
Atlantic influence will be able to 
xmtinue, however, to follow vill- 
ages of Quinta de emanate, whose 
[ 9 g 9 <£4789 at Victoria Wine) is 



Ghislaine Arabian 



Joyce Goldstein 









Perfect grains of eastern promise 

Philippa Davenport takes a two-part look at rice and its status as a prized delicacy in Iran 




TAKE A traditional French fondue. Add a sprinkling of the right people. 
And voila.a fun do. for more information phone free on 0800 373702. 

® LECREUSET 


P atna, basmatt. 
arborio and Japan 
or pudding rice are 
known to most of 
us. Real rice enthu- 
siasts may also be familiar 
with camaroli, vialone nano, 
Thai fragrant and the red rice 
of Carmague. 1 doubt, though, 
that many have tucked into 
ambarboo, darbari or dom siah. 

This last trio comes from 
Iran, a country where I had 
imagined rice to be a basic 
everyday food, on a par with 
the potato in England. Not so. 
Bread is Iran’s starchy staple. 
Rice is a prized delicacy, food 
for the rich, for special celebra- 
tions and for serving to guests. 

“It has always been cher- 
ished as the most festive of 
foods. At No Rooz. the Iranian 
new year on March 21. it is 
eaten by even the very poorest. 
Indeed, this is often the only 
time of year when the villagers 
of the high central plateau will 
dine on rice." So I was told by 
Margaret Shaida, a journalist 
and historian bora in Oxford- 
shire, who married an Iranian 
and lived in her husband's 
homeland for 25 years. 

Shaida’s interest in the food 
and cookery of Iran, gleaned at 
first from her in-laws and sub- 
sequently from her own consid- 
erable research, grew so pas- 
sionate that she evedtually 
wrote and published The Leg- 
endary Cuisine of Persia. A 
jewel of a book, rich in history 
and heady with aromatic per- 
fumes. it won her a Glenfld- 
dich food book award and Is 
shortly to be published in 
paperback. 

Shaida told me how she had 
been inducted into the rituals 
of choosing and buying rice by 
her mother-in-law. At the end 



of holidays spent in the rela- 
tive cool of the Caspian coast 
where most of Iran's rice is 
grown, the two women went to 
call on the family’s rice mer- 
chant. 

After initial formalities and 
refreshments, hands were 
dipped deep into sacks and the 
grain withdrawn was exam- 
ined. A starchy smell indicates 
age, she was taught. The 
grains gradually become drier, 
more dusty and brittle. The 
tapering points may break off. 
Rice remains good for up to 
two years after harvest, then it 
deteriorates. 

Back at home her moth- 
er-in-law would test a batch 
from each sack to ascertain the 


soaking and cooking times 
needed. Salt was added to the 
sacks to reduce the risk of 
attack from mice or weevils in 
storage, and broken grains 
were sifted out. their imperfec- 
tion marking them down as 
suitable only for soup-making. 

Practically all the rice grown 
in Iran is consumed there. Dar- 
bari, produced solely on the 
Shah’s plantations, probably 
does not exist any more, says 
Shaida. 

Ambarboo, the long pointed 
grains of which possess the fra- 
grance of amber, is another 
exclusive estate-grown rice and 
very expensive. A little dom 
siah is occasionally exported. 
Snap It up if it Is fresh, Shaida 


advises. Otherwise, for Iranian 
cookery she recommends good 
basmati rice such as that sold 
under the Tilda labeL 

Perhaps it is precisely 
because rice is not a staple, but 
food for special occasions, that 
so much care is taken in Iran 
over choosing cooking and 
presenting it 

Most of us grab, unquestion- 
ingly. any old packet from the 
deli or supermarket shelf. And 
we tend to rely on the absorp- 
tion cooking method, either 
dropping rice into double its 
volume of boiling liquid, or 
stirring in the liquid gradually 
for risotto or paella. 

The Iranian way is more 
painstaking and involves sev- 
eral steps. The rice is washed 
and soaked at length in salted 
water. Then it is parboiled, 
drained gently, transferred to a 
well-oiled container and 
steamed to perfect tenderness. 

There are two main forms of 
presentation. The rice may be 
served in a mound of free-Qow- 
Ing grains surrounded by 
pieces of tahdeeg (the crust 
from the bottom of the pan, 
regarded as the ultimate proof 
of a cook's ability to cook rice 
well). 

Or the rice may be steamed 
not in a saucepan on top o£ the 
stove but in a mould in the 
oven. In this case it is baked 
until crusted with gold all 
over, then turned out for serv- 
ing. 

Iranian rice dishes are nearly 
always composite, in other 
words the grain is laced or lay- 
ered with other ingredients. 
What is remarkable is that the 
individual character of each 
component remains distinct - 
each beautifully foiled by the 
other(s). not reduced to a 


blurry blend. 

As befits festive food, finish- 
ing touches are sometimes 
extravagant: the rice may be 
garnished with jewel-bright 
fruits, choice nuts, saffron or 
spun sugar. 

Shaida cooked one rice dish 
of each sort for me to sample. 
Both were exquisite, simulta- 
neously simple and sophisti- 
cated. 

First there was a mound of 
rice with lentils, a leaden 
sounding combination if ever 1 
heard one. In practice it was 
delicate and lovely - a revela- 
tion. The lentils were Judi- 
ciously few. Grey-green tinged 
with pink, scattered through 
the rice, they tasted mealy and 
peppery, while each grain of 
the white, fragrant rice tasted 
of itself. 

The dish was decorated with 
a trickle of brilliant yellow saf- 
fron rice, a ladleful of the 
freshly steamed grain being 
stirred into a few spoonfuls of 
intense tincture of saffron. 
Quite different from European 
saffron rice dishes, in which 
the whole potful is irrevocably 
flavoured and stained with the 
spice, here the aroma and fla- 
vour of plain white and saffron 
grains could be enjoyed jointly 
and separately. 


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Side dishes Included sticky 
dates and a bowl of fried 
onions unlike any l had ever 
eaten. They were the colour of 
mahogany, sweetly carame- 
lised, rustling like autumn 
leaves and incredibly digesti- 
ble. 

Many variations on this 
splendid polow are given in 
Shaida's book including one 
made with almonds, pistachios 
and pinenuts, said to be n tra- 
ditional favourite of pearl 
divers, and another rife with 
fresh herbs (.three parts of 
herbs to four parts or rice) with 
which to celebrate spring. 

The second dish Shaida 
cooked for me - an elegantly 
striped and moulded rice rec- 
ipe - is equally delicious but 
since It is fairly lengthy I will 
give the details next week. 

■ The Legendary Cuisine of 
Persia by Margaret Shaida is 
due to be published by Penguin 
(£12) on November 3. 

■ A good selection of /ronton 
produce is available from Super 
Bahar, 349A Kensington High 
Street. London IKS 




During the month of October, s 
enjoy a selection of 
Vins de Bourgogne 
at Searcy's Brasserie, 
Level 7, The Barbican Centre, 
London EG 

Tel: 071 5S8 3006 
for reservations 


4 


'4 




i 







nise 


Dispatches: Dubrovnik 

A shaky 
convalescent 

patches up 
its wounds 




p5S8&*vS 



H ow do cities return to 
life? After war, the 
threads of urban life 
are more easily knitted 
together than in scat- 
tered rural areas, but what of a city 
like Dubrovnik, long dependent on 
tourism and little else, stranded at the 
furthest finger-tip of Croatia? 

Sunning herself in a warm corner of 
south eastern Europe, Dubrovnik is a 
shaky convalescent uncertain of her 
prospects for full recovery. 

The Old City, a potent symbol of 
Dubrovnik, is an hermetic, self- 
absorbed place. Walled as securely as 
Aleppo, as other-worldly as Venice, its 
atmosphere is curiously febrile. 

Late on a hot Saturday afternoon 
the sound of blaring horns 
approaches; Dubrovnik is tra ff i c- free 
save for service vehicles. Expensive 
cars screams into the square by St 
Blaise's church. It is a wedding. Peo- 
ple are dressed to the hilt, as expen- 
sive looking as the vehicles. 

The whole event was theatre for 
anyone who cared to watch. Onlook- 
ers gasped at the sheer nerve of this 
gesture of defiance to the poverty of 
expectations. 

Dubrovnik is still pock-marked, sev- 
eral of its important buildings shored 
by scaffolding, but it has remained 
remarkably intact. Damage to roofs 
has been largely made good, the 
breach in the dty walls heeded. Weals 
blasted into the silky, cream-coloured 
limestone paving of the mam street 
have been patched with grey con- 
crete, but the gashes in the flights of 
steps up to the Jesuit church remain 
jagged reminders of outrage. 

The Institute for Protection of Cul- 
tural Monuments, once happily dis- 
bursing an annual jiftn budget, now 
exists on a fraction of that sum. The 
staff of 18 take home one fifth of their 
former salaries. 

Much of their work is in compiling 




detailed evidence of the damsgpd vil- 
lages in the countryside behind 
Dubrovnik. 

The old city received 49 she ll s in its 
three-month bombardment, but only 
seven were primed to explode. Heroic 
tales indude those of the Yugoslavian 
admiral who is in jail for refusing to 
attack Dubrovnik and the army gen- 
eral who fled to the city with his 
family rather than obey commands. 

Piles of sandbag s and stacked build* 
ing materials are reminders that the 
repairs go on. 

A young-faced, grey-haired woman 
in black and a teenage girl scurry to 
and fro down the lanes carrying roof 
tiles, which they pile on the steps. 
From the wails, you can see recently 
planted fruit trees and well-tended 
vegetable gardens; a city which has 
known siege speedily learns, and 
remembers, old techniques of sur- 
vival. 

The women in the markets 
patiently wait to sell tiny heaps of 
grapes, figs and tomatoes. Men living 
in damaged tourist hotels w hite their 
villages are being revived, are bussed 
daily to the tend from which of 
the produce is brought Women are 
being trained to make traditional 
embroidery and weaving for sals at 
home and abroad. 

But it is that }jfe in the hotels 
is degenerating; drugs and prostitu- 
tion are making in-roads, fast movers 
beside the slow business of rebuild- 
ing. Along the main street in the old 
dty, the cafes are busy, social centres 
where people effortlessly pass two 
hours of a morning. Pale, bu mBd - 
looking Spanish country boys - not 
tourists, but UN forces taking a day 
or two off duty - enjoy good coffee 
and gaze at the golden, careless Dal- 
matian teenagers. 

Signs of tile desperate shrinkage of 
tourism are everywhere. The single 
entrance to the walkway along the 





The gashes In the steps up to the Jeeutt chtrch remain jagged reminders of outran 


city walls (reduced from three), the 
thin selection of souvenirs, the 
absence of guidebooks, and the soli- 
tude in which one visits the museums 
that remain open. 

The multi-lingual signs for rooms to 
rent are rusting fast Discordancy of 
mood meets one at every turn in this 
city. Eight 12-year-old gills tmir arms 
and skip down a side street singing. 
Teenagers lounge outside a club, from 
which a cloud of disco music billows. 


“Where are you from, why are you 
here?” a couple of elderly men ask me 
one afternoon. “A conference,” 1 
answer sheepishly. 

“What use conferences?" np» asks 
with justifiable cynicism. “Where do I 
come from?" he asks rhetorically. “I 
am Montenegran, my wife is Croatian. 
My family has lived in Dubrovnik for 
70 years. I sailed the world for 30 
years, 1 could show my passport any- 
where. 


“Now, I belong nowhere, my son 
has no nationality. Where do we go 
from here?" 

The citizens of Dubrovnik hover 
between peace and war, between dev- 
astation and rebuilding, waiting for 
answers, as the foreign delegates go 
home, through an airport which asks 
you to declare your weapons before 
boarding the aircraft. 


I t is a calm evening and 
Agility, a small coastal 
tanker, is barely a mile 
out of the shelter of Mil- 
ford Haven. Out of the lee of 
the land, the bow dips sud- 
denly into the waves and the 
deck of the 3,100 tonne vessel 
is awash. 

Agility is far too neat a ship 
to be compared with that 
“dirty British coaster with a 
salt-caked smoke stack". But 
John Masefield’s poem comes 
to mind as we butt into the 
rising Atlantic swell off the 
south-west coast of Wales. 

Agility is one of a fleet of 28 
coasters - tankers and dry 
bulk carriers - owned or man- 
aged by family shipping com- 
pany F.T. Everard & Sons. 

It normally carries oil car- 
goes up and down the east 
roast of England but for the 
past week or so she has been 
brought over to the west coast 
of Wales because her sister 
ship. Alacrity . is laid up for 
repairs. 

Tying up in Milford Haven at 
5.30am on a Monday morning 
Captain Keith Reading had 
hoped to start loading his 
cargo of 1,700 tonnes of gas oil 
and kerosene immediately. 

But a fault with the pump 
which injects a liquid dye into 
the kerosene - required by 
Customs & Excise to show the 
product is duty-free - has 
delayed the start of operations. 
In the old days a Customs offi- 
cer would have poured a 
bucket of the dye into the tank 
and relied on the motion of the 
ship to mix it in. But the 
requirements are now much 
stiffer and the pump must be 
repaired. A 

It is not until 1120am that 
loading can start The whole of 
a sunlit day then passes with 
the first mate tending his 
pumps and checking a bank of 
dials to ensure that all goes 


Lonely seas and the sky 

Charles Batchelor samples life aboard a coastal tanker 


according to plan. 

Twenty years ago a vessel 
the size of Alacrity would have 
had a crew of 15. But intense 
competition in the shipping 
industry has forced owners to 
reduce manning levels, employ 
foreign crews and register 
their vessels with flags of con- 
venience. Captain Reading has 
just seven men under bis com- 
mand though Everard ships 
still employ British crews and 
fly the red 

Wlth luxuries such as stew- 
ards and galley boys ancient 
history, deck duties have to be 
shared and juggling the 
watches is a constant problem. 
But the smallness of the crew 
makes for greater informality 
and the officers and crew now 
mess together. 

Across the bay, the town of 
Milford Haven is visible. But 
tankers are not welcome close 
to other human activities in 
most ports and Agility is 
moored at the end of a half- 
mile long jetty. 

“It’s a lonely life," says Bead- 
ing. “We don’t get off a great 
deaL” Any idea that the entire 
crew spends nights out carous- 
ing an the town is soon dis- 
pelled. 

Ports such as Ipswich and 
Poole, where even on tankers 
can tie up close to the town, 
are a welcome relief from 
bleaker ofl terminals, such as 
Teesport or Peterhead, where a 
convivial evening out can be a 
£12 taxi ride away. 

The isolation of the crews 
from conve n tional shore life is 
increased by the pattern of 
their tours of duty. Everard 





•Ag flUy*, one of a fam8y-nm fleet of 28 coastera 


crews spend 10 weeks an and 
five weeks off. 

“It doesn’t get any better 
with time," says Reading, 47, 
who has a wife and two chil- 
dren at home in Epsom, Sur- 
rey. “tt takes longer to get into 
home life and it is more diffi- 
cult to leave at the end. It’s an 
anti-social existence." 

So why do people go to sea? 
Reading says his father put 
him down for sea training 
school and it seemed natural to 
join the merchant navy. 

He obtained his master's 
ticket at the early age of 26 and 
went on to work for many of 
the well-known names of Brit- 
ish shipping, such as Row- 
botham and North British 
Shipping. T was a master very 
young, earning a lot of 
money," says Reading. “It has 
given me a reasonable life 
style." 


Read fe g hag spent nearly a 
quarter of a century at sea but 
20-year-old Nigel McKinstrey. 
the trainee on Agility, is at the 
start of his career. McEfnstrey 
has spent the past two years at 
sea and in February takes the 
exams which, he hopes, will 
gain him his second mate’s 
ticket 

He, too, compares favourably 
the money he can earn at sea 
with what he could get ashore. 
McKmstrey says he is happy to 
work on coasters and is not 
attracted to deep sea routes. 
But the lure of exotic destina- 
tions is often a cause of rapid 
crew turnover on the coastal 
trades. “I keep losing second 
mates, mostly for the deep 
sea,” says Reading. 

On this trip. Agility’s desti- 
nation is Belfast, a steady 20 
hours’ sailing at a speed of UVi 
knots (13mph). As darkness 


falls, the ship's radar picks up 
several ships heading into Mfl- 
ford Haven. 

Built in 1990 at the Lowestoft 
yard of Richards (Shipbuild- 
ers). Agility has self-steering 
gear which takes account of 
currents and the wind and 
means that much of the voyage 
can be completed on an auto- 
matic setting. Captain Reading 
makes adjustments to the 
course by means of a hand- 
held device no larger than the 
remote control handset you 
use to change channels on a 
TV set The closest the Agility 
comes to a traditional ships 
“wheel" is a small metal fold- 
away helm which can be used 
in emergencies. 

Reading settles down to the 
first watch which will take the 
Agility round the south-west 
tip of Wales and up into the 
calmer waters of the Irish Sea. 
The regular noises of the sea 
and ship's gpginpg are broken 
every few minates by the 
warning tone of the “dead 
man’s handle". This will sound 
an alarm in the crew's quarters 
if the helmsman does not 
respond by pressing a button. 

First light reveals a calm sea 
and a low-lying mist which 
soon burns off. The tomato 
plants which fla pferin Reading 
is growing on his bridge 
appear set to enjoy another 
day in the sun. Agility is out of 
tight of land but away to the 
east is Anglesey while to our 
west are the Wicklow Moun- 
tains. 

At quiet times like tins there 
is usually at least one member 
of the crew engaged in the per- 


Gillian Darley 


■maTtpmfr tack of p ainting the 

vessel. The corrosive effects of 
the sea and the wind can only 
be combated by constant activ- 
ity with the paint brush. 

The breaks in the crew’s 
duties are fined with televi- 
sion, videos and reading. The 
port agent is their regular 
source of contact with land, 
bringing on mail anri the day's 
newspapers. The men spend 
their spare time either in the 
small dining cum recreation 
room or in their surprisingly 
roomy cabins. 

As Agility steams north she 
threads between fleets of fish- 
ing vessels while her bows pro- 
vide a resting place for the 
occasional passing seagulL 
Away to port the Irish coast- 
line emerges from the haze end 
as the afternoon wears on we 
npar our destination. 

As we head into Belfast 
Lough. Reading radios for a 
pilot to come on board. Masters 
1*31 7 g ain “exemptions”, mean- 
ing they can dispense with a 
pilot, saving fees of £1,000 and 
more, when they are regular 
visitors to a port Reading has 
kept up his exemption for Mil- 
ford Haven but it has lapsed 
for Belfast. 

As we enter the line of buoys 
leading into tbe harbour the 
pilot cutter rushes up and the 
pilot steps aboard. Under bis 
guidance we continue down 
the dredged channel, squeezing 
past a grimy Polish tanker 10 
times our size. 

It is 5pm by the time we 
finally tie up at the small oil 
terminal and the main engine 
is switched off. The first mate 
assembles the crew and a clus- 
ter of shore hands to start 
pumping our cargo ashore. A 
steady 12 hours work lie ahead 
before Agility’s tanks have 
been pumped dry and cleaned. 
By morning she will be ready 
to set sail again. 


Fishing 

Hampshire 

pilgrimage 


“All the way to Canterbury." 
the lady with the lurcher 
shouted across the river, as the 
dog pursued some scent 
through the undergrowth. 

Unwittingly I was on the Pil- 
grims’ Way. And from every 
shire in England, to Canter- 
bury they used to wend. Of 
course, Chaucer’s pilgrims 
journeyed from Southwark 
rather t han beside the Itchen, 
just beyond Winchester’s city 
walls. 

My own quest was of a 
rather different, less spiritual 
nature. So, having strolled a 
little way through the water 
meadows which lie upstream 
from where King Alfred’s 
remains were lain to rest in 
Hyde Abbey, I cut north from 
the Pilgrims’ Way, and bid 
fore well to tbe Itohen. 

I missed tbe little church of 
St Swithun at Headbonxe Wor- 
thy, and found myself on a 
lane, with tbe A34 to Newbury 
a field away to keep me com- 
pany. 

Left to itself, this part of 
Hampshire - with its open 
slopes and - unremarkable 
faipUnafi - must always have 
been a trifle dulL The activities 
of the road builders have 
wrecked it utterly. Between 
them, half a dozen mighty 
highways have sliced the land- 
scape into noise-ravaged seg- 
ments. I hurried on. 

My plan was to commune 
with rivers, my immediate 
intention to reach t /mgparich 
on the Test for a leisurely 
lunch. But I was some way 
short when my stomach told 
me it was time to eat. and the 
map told me that, among Bar- 
ton Stacey’s straggle of 
thatched, timbered cottages 
was a pub. And so there was, 
Tbe Swan, and it was shut 
1 pressed on, and a little way 
beyond Barton Stacey crossed 
a tributary of the Test called 
tiie Dever, which I had heard 
of but never seen. 

Lovely it was, small, crystal- 
dear, bursting with weed, a 
fine haven fin: trout There was 
a sign by the bridge proclaim- 
ing that the fishing was in the 
hands of the Ministry of 
Defence. Enviously, 1 pictured 
the generals and colonels, fly 
rods in their hands. Just 
beyond the stream is Dever 
Springs, a still water open to 
all ranks, which is stocked 
with enormous rainbow trout 
It was circled by fishermen in 
baseball caps, battling with a 
gusty wind. 

Hungry, I came to a signpost 
which said Longparish one 
mile. I lengthened my stride, 
covered a good ball mile, then 
came to another signpost 
which said the same as the pre- 
vious one. 

I trudged on, rehearsing sar- 
castic observations to Hamp- 
shire county council’s signpost 
department But when I came 
to the Test I noted dispassion- 
ately that the water was temp- 
tation itselt and that tbe vil- 
lage was as pretty as you could 
wish. Wbai I needed, however, 
was a pub. And there, on the 
Andover road, it was. The 
Plough, fondly remembered. 

A crab salad and three pints 
of Boddingtons later, I could 
appreciate Longparish. I could 
well understand how Colonel 
Peter Hawker - the early 19th 
century author of Instructions 
to Young Sportmen and a prodi- 
gious slayer of Test trout - 
should have so loved it. 

I lingered in the bar, beneath 
a faded photograph of the 
England cricket team, led by 
W.G. Grace, which faced Aus- 
tralia in 1884. With the after- 
noon now advanced, I followed 
what had been, the Stock- 
bridge to Whitchurch branch 
line of the Great Western Rail- 
way; now a dark, bramble-in- 
fested trench. 

It brought me. with a diver- 
sion or two, tothe tiny Bourne; 
which Harry Plunket Greene 
celebrated in his Where The 
Bright Waters Meet 
1 peered over the bridge and 
sided a big trout which sped off 
towards the creeper-clad 


A headline in tbe 
S wiss- German 
weekly Die Wel- 
ttrocftc the other day 
read: “Switzerland is an inven- 
tion of radicalism." This view 
is not held widely, but it turns 
out that modem Switzerland 
owes much to its Radical-Dem- 
ocratic party. (So Interesting 
was this story that it was 

reproduced in French-language 
papers as well.) 

In fact, the party has just 
celebrated the 100th amuver- 
sarv of its founding. While out- 
siders fail to recognise tiffs 
grouping ;is the power-house of 
Swiss politics - it has been m 
government for 50 y 
thanks to its rigorous rejection 
of radicalism ^ internal 

democracy - 
marked the centenari inter- 
viewing Altermatt who is, 
in fact, a historian rather than 
a ski resort. 


As They Say in Europe/ James Morgan 


Save some headline space for au pairs 


The first question conveys 
the unique nature of Swiss 
political discourse: “Does not 
the Radical-Democratic party 
pretend, no doubt for reasons 
of coquetry, to be younger than 
it really isT Suddenly, the for- 
eign reader is floundering in 
an exotic, even incomprehensi- 
ble, political landscape. How 
do the lush fronds of political 
seduction blossom in alpine 
valleys? 

This lengthy introduction is 
necessary so as not to deter 
those who may fear that this 
year's trip through the col- 
umns of the Neue ZOrdter zo- 
ning will be as dull as they 


believe Switzerland to be. (A 
reputation promoted sedu- 
lously by the French and, even 
mere so, by the British.) 

It is believed widely in the 
country that the NZZ once ran 
a piece headlined: “One hun- 
dred years of the electric light 
in Switzerland" as a lead story 
- attfrn qg h this could not hap- 
pen because tbe paper never 
runs Swiss stories on its front 
page, except for referendum 
results. It was, in fact, the top 
news feature on the paper’s 
domestic pages. 

Lead stories in the Note 
Zurcher are. therefore, unpre- 
dictable. Last weekend, most of 


Urn front page of a 

piece entitled; “Great Britain - 
European and global.” It 
opened with the words: “With- 
out Germany and France, 
European nnfow is unthink- 
able" a ml ended with: "Euro- 
pean union in a deeper sense is 
today unthinkable without the 
critical, intensive participation 
of the UK in Brussels.” 

The conclusion, was that 
Britain served even the smaller 
nations thanks to its outward- 
looking policies. This compli- 
ment, argued with a wealth of 
detail and backed by a fund of 
knowledge, is based partly on 
the observation that the Brit- 


ish civil service is “schooled in 
a global dimension". 

After tbe reopening of the 
Euroopfit at the Tory party's 
annual conference in Bourne- 
mouth this week, the NZTt 
view gains an added signifi- 
cance. 

True sceptics, such as Nor- 
man Tjwmnt , the former chan- 
cellor of the exchequer, can 
hope to wreck any chance of 
European unity by promoting 
a British withdrawal It is a 
long time since the cry “they 
can't do it without us" has ech- 
oed through Whitehall. 

Turning the page of the Neue 
ZOrdter. you find two columns 


on the Labour party confer- 
ence, which had just ended. It 
was another interesting piece 
about what might be deemed a 
sort of British achievement: 
Tony Blair’s campaign to tom 
Labour into a modern party in 
a way that its last leader. John 
Smith, never imagined. It 
sided with a warning to Blair. 
“He has rally to protect himself 
against being mistaken for a 
Tory.” 

Working through the paper, 
you crane across a memoir of 
the day 30 years earlier “when 
the second world war came to 
Basle”. The allies bad bombed 
some sluices on the Rhine and 


threatened the Swiss town 
with flooding. There was also 
an article headlined, intrigu- 
ingly: “Are the people to blame 
for everything?” That was 
about the crisis of confidence 
in politics and tbe system. 

Tbe domestic news was dom- 
inated by a whole page devoted 
to tbe problems faced by su 
pair girls in Switzerland. One 
had never assumed there were 
such brings, for they must rep- 
resent a coals-to-Newcastle sit- 
uation. It turns out there are 
thousands from S candinav ia 
and France who go to the 
country to learn German. 

Still, the existence of wide- 


church at Hurstbourne Priors. 
Then I did what no true walker 
should da I thumbed a lift, and 
blessed the man in tbe red 
Sierra who hastened me 
through St Mary Bourne and 
Hurstbourne Tarrant 

I regret having missed the 
two villages, and particularly 
being able to check whether 
Cobbet’s initials are still 
carved into the gatepost out- 
side Mr Blount’s farmhouse by 
the bridge In Hurstbourne Tar- 
rant But the alternative - for 1 
had sadly misjudged either the 
distance or my own speed - 
was to arrive at my night's des- 
tination in the dark. 

As it was, no more than a 
gentle stroll took me up tbe 
hill from the valley of tbe 
Bourne, past a pair of old 
painted gipsy wagons, through 
a poppy-strewn meadow, and 
up a path which cut through 
gloomy Faccombe Wood. By 
seven I was in the pub in Fac- 
combe, drinking more beer, 
and considering my blisters. 

I was high in the downs of 
north Hampshire and, in the 
morning, I limped higher still, 
before descending a great, 
green, tree-thick bowl to the 
tiny hidden hamlet of Combe. 

Almost a century ago, that 
superb writer and naturalist, 
W.H. Hudson, bicycled this 



way, was given lunch by the 
parson, and was shown tbe lit- 
tle church. 

The parson told Hudson that 
a visitor from London, who 
had come intending to stay a 
while, had found the silence so 
oppressive that he had fled 
tack to the dty. That quality 
of silence remains, even 
thoug h the church — ever-open 
in Hudson's day - Is now 
locked. There was no sound, no 
movement as I took the steep 
road to the great, smooth, 
grassed ridge from which may 
be obtained one of the great 
views of southern England; 
and on which stands one of its 
more curious landmarks. 
Combe Gibbet. 

Hudson tells the grim tale: of 
a widow of Combe with two 
sons, and a lover from the far 
side of the ridge; how he. in his 
passion, murdered his wife by 
thrusting her into a hornets’ 
nest; how the lovers were 
found out, and executed before 
a crowd at this windswept spot 
on a gallows carefully placed 
on the boundary between 
Combe and Inkpen, for there 
was a dispute between the par- 
ishes as to who should pay. 

A successor to that old gib- 
bet still stands atop the ridge, 
gaunt and sinister; though 
with no indication as to what 
it is doing there. Tbe vista is 
astonishing: to the south, a 
sweep of hill and dell, with 
Winchester and the sea 
beyond; the north, a great, flat 
plain, with the Savemake For- 
est to the left, and Newbury to 
the right. 

AH this 1 saw, then - having 
misread my map - made a pre- 
cipitous descent into Inkpen, 
largely on my bottom. 

Revived by a brief stop at 
The Swan - an open Swan, 
thank goodness - I hurried 
across the flat fields towards 
Kintbury. At Kintbury I found 
xny last river, the Kennet 

I watched a man cast ineptly 
for a trout Then, outside the 
pub by the canal, I saw tiny fry 
burst from tbe surface as a 
pike went after its evening 
meal. It was dusk when the 
train came to take me back to 
the noisy world. 

Tom Fort 


spread homesickness among 
tbe au pair sorority has led to 
tbe formation of a club that 
sounds irresistibly attractive - 
the Swiss Association of Girl- 
friends of Young Girls. 

This might provide tbe 
answer to Groucho Marx’s 
prayer, for such a dub would 
have to reject anyone who 
really wanted to join. Apart 
from au pairs. 

Switzerland might not actu- 
ally be a product of radicalism 
but it is different A couple of 
weeks ago, I listened to a con- 
versation between a colleague 
who had once worked in Berne 
and a leading Swiss journalist 
Both Insisted, to my incredu- 
lity, that Switzerland can be a 
marvellously interesting coun- 
try frill of interesting people. I 
begin to see what they mean. 
■ James Morgan is economics 
correspondent of the BBC World 
Service. 


i 


t 





XX WEEKEND FT 



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WEEKEND FT XXI 


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THE 1995 FT COLLECTION 

Featuring the renowned FT Desk Diary 



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41 


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FASHION 


High street winners 

Lucia van der Post considers her options for the coming winter 


I t ia a tiring time for fash- 
ion vic tims and for all 
those who are even now 
seriously considering 
their sartorial options. Deci- 
sions, decisions. 

Should one be a glamour- 
babe, teetering about In high- 
heels, with blonde peroxide 
locks and hand-spun waist? 

Or what about a more cutesy 
look - Laura Ashley meets Lol- 
ita, ah floral sprigs and little 
puffed sleeves? 

Bella FTeud did such a nice 
line and a fabulous jacket 
would only set one back about 
£360. 

If, on the other hand, you 
prefer something more exclu- 
sive, then Versace is probably 
your man. He showed some 
darling little satin shorts 
teemed them with bra- tops and 
maribou-trimmed mules. At 
roughly £ 2,000 a throw you 
should not have much competi- 
tion round your way. 

lute. I’ve given, up. 1 am tired 
of extortionate prices, of a 
world where “it's quite cheap, 
really - only £500" comes to 
seem nearly normal and where 
fashion victims will queue (in 
the cold) for two hours for the 
privilege of parting with well 
over £100 for one particular 
pair of shoes. Fm heading for 
the hi gh street. 

This is the year when the 
high street has truly come of 
age. We all know about Marks 
and Spencer (even as I write I 
am sitting in Its £80 charcoal 
grey mini-kilt teamed with 
ribbed grey tights that almost 
every fashion editor in town 
has bought and at least one of 
whom wears it with a Chanel 
jacket). 

But this winter is a vintage 
M&S season. The rush is on for 
the soft and easy cashmere and 
wool blazer with the hand- 
stitching round the collar (£95 
in navy, black, aubergine, olive 
green or cameD and the young 
are snapping up its A-line 
skirts at £20 a time and, for 
after dark, short, chenille 
tonics at £40. 

But M&S is not the only suc- 
cess on the high street New- 
comers to Dorothy Perkins and 
Principles, those who have 
never walked through their 
doors let alone been seen 
clutching one of their tell-tale 
carrier bags, should pot their 



Brown herringbone jacket, £85, cropped waist; £40 and trousers £50, all In 06 per cent wool/4 per cant nylon, 
Dram Pftodptae Routes collection (sizes from 6-14) this winter. 


snobbisms to win side and take 
a proper look. 

At Dorothy Perkins great 
efforts have gone into zipping 
up the ranges and many a 
sober suit could be given new 
life with accessories from its 
collection. A silver velvet scarf, 
for instance, at just £9.99 slung 
around a jacket would add a 
bit of evening dash. There are 
up-to-the-minute pleated skirts 
at £20 a time, a fabulous stone 
micro-fibre quilted parka for 
just £4&99 and nubbly cardi- 
gans at prices ranging from £25 


to £45. 

At Principles there is a great 
black jacket, slightly walsted 
with a small kick-pleat at the 
back, for just £135 (bought by 
at least one of the fashionable 
young public relations girls 
around town), as well as a 
wonderful black three-quarter 
length coat for £145 and plenty 
of the currently fashionable 
slightly mannish suits to 
choose from. 

The trick is to take plenty of 
time. Be prepared to sift 
through things carefully and 


there, lurking on the rails, are 
plenty of bargains to be found. 

One last thing - if you are 
worrying about what to wear 
after dark, it's quite simple 
really. 

At last week’s British Fash- 
ion Awards dinner in the Natu- 
ral History Museum, what 
were the fashion crowd wear- 
ing? What was the choice of 
the people who have access to 
discounts and special deals, 
and who survey the cream of 
the designers’ offerings? Black, 
black and yet more black. 


ESSENTIAL CHRISTMAS LUXURIES 
CATALOGUE GUIDE 
ORDER FORM 

Please tick appropriate boxes for catalogues that you would like to receive, enter your own name 
and address and then send or fax this coupon to the address/fax number shown. Replies must be 

no later than November 14th 1994. 


1. 

Hie Stockbag Company 

□ 

23. 

The Cognac & Whisky Club 

a 

2. 

The Genuine Panama Hat Company □ 

24. 

Smyth son of Bond SL 

£2.50 O 

3. 

The Dufflecoat Company 

a 

25. 

Rural Crafts Direct 

£1 O 

4. 

The Cashmere Store 

□ 

26. 

Liz Seeber 

O 

5. 

T.M. Lewin & Sons 

□ 

27. 

Cottontail 

a 

6. 

Hackett 

£2 G 

28. 

Carlucdos 

a 

7. 

Zenith 

□ 

29. 

Harrods Christmas Hamper 

£2 □ 

8. 

Laetitia Allen Ltd 

a 

30. 

General Trading Company 

£1.50 G 



UK Free O 

31. 

Kings hill 




£2 Overseas D 


- British Designer Collection 

£5 O 

I. 

More 11 Bros Cobbett Sc Son 



£8 Overseas G 



UK Free O 

32. 

Charles Tyrwhitt 

G 

. 


£2.50 Overseas O 

33. 

Van Pieters 

□ 

10. 

Fortmim & Mason 

£2 a 

34. 

FT Collection 

O 

11. 

Breitling 

a 

35. 

Burbenys Visiting Thilor Services 

G 

12. 

Alfred Dunhill 

a 

36. 

The Scotch House 

£1 G 

13. 

Remember When 

a 

37. 

Harrods Christmas Catalogue 

£3 O 

14. 

Mont Blanc 

a 

38. 

Richoux 

G 

15. 

Boodle & Dunlhome 

a 

39. 

Norton & Townsend 

□ 

16. 

Racing Green - 

a 

40. 

Wealth of Nations 

O 

17. 

Bodyline 

□ 

41. 

Penhaligons 

□ 

18. 

i 

Q 

l 


42 

Presents for Men 

o 



£2.50 UK □ 

43. 

Burberrys 

£2 G 



£5 Overseas □ 

44. 

Madeline Hamilton 

O 

19. 

Crabtree & Evelyn 

£2.50 n 

45. 

The Cigar Club 

o 

20. 

Profile Skincare 

£L50 G 

46. 

Gifts for the Connoisseur 

o 

21, 

James Smith & Sons Ltd 

£1 □ 

47. 

Asprey 

£5 □ 

22. 

The Sanctuary 

□ 





NAME 


ADDRESS .... 


POSTCODE 


TEL: ... 


For any catalogues (hat require payment, please make cheque payable in Sterling or current equivalent currency rate, to the 
FINANCIAL TIMES LTD. and send it with this reply coupon to: 

WEEKEND FT ESSENTIAL LUXURIES CATALOGUE (Ref 15/94) 

Capacity House, 2-5 Rothsay Street, London SE1 4UD. Fax No: 071 357 6065 

^ytaaunpplirobyic&dea in response io this guide will be retained hyiha Financial Hines, 
which i? refckHtred uaJir Dam Profocticm Ad 1984. 





XXII WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 


15 /OCTOBER 


lb 1094 & 







HACKETT 

LONDON 

Essential 
British Kit 

137-0* SLOAN E STREET 
LONDON SW I 
"7l-7?ii 3.531 

JERMYN STREET 
FULHAM AND THE CITY 


FASHION 



Me and My Wardrobe 

A warrior 
shows off 
her armour 

Jane Mulvagh meets Steve Shirley 





R emember “Power 
Dressing" as 
depicted by the 
glossy maga- 
zines? A slip of a 
girl in a shocking pink suit - 
all legs and heels - playing the 
corporate game. By the 1990s 
strident was out and the sil- 
houette collapsed under the 
weight of recession and 
white-collar unemployment. 
So, was the Power Suit just a 
fashionable carapace to be 
shed as easily? 

Not for Steve Shirley. It is 
armour and she has been fight- 
ing behind it for 40 years, 
decades before the soubriquet 
‘Career Woman” was born. 
Donned for survival rather 
than fashion, her shell is as 
integral a part of her being as 
an armadillo's. 

“I have contributed to the 
substantial world, not the fan- 
tasy world," she insists. “This 
Is the trouble with fashion 
magazines; all they are con- 
cerned with is fantasy.” 

Steve Shirley has not soft- 
ened one iota in spite of her 
success - she founded FI 
Group, a publicly quoted com- 
pany which now has a £40m 
turnover; she has been 
awarded an OBE and countless 
honorary degrees; and is Mas- 
ter of The Worshipful Com- 
pany of Information Technolo- 
gists. 

- Vera Stephanie Shirley (n§e 
Buchthal) arrived in Bri tain in 
1939, a five-year-old Jewish ref- 
ugee and orphan accompanied 
only by her sister. At 18 she 
got a job as a science assistant 
in the civil service. 

She got by an a pittance, tak- 
ing night classes in maths. 
There were so few women in 
the lower clerical ranks that 
she learnt to dress to blend in. 

“1 was more concerned to 
hide my poverty, than my fem- 
ininity," she says. She had two 
skirts, grey and black, and two 
tops in dark colours that could 
be washed overnight. White 
was impractical as it showed 
the wear and tear. 

By the age of 23 she had a 
maths degree, by 26 a husband 
and by 27. a graduate position. 
On up the ladder and middle 
management ranks required 
another skin - invisibility was 
replaced by transexual dis- 
guise. “I took advice from a 
senior woman who warned me, 
*Do not forget, you are there as 
an honorary man, so dress 
accordingly!’" 

Adopting the name Steve, 
she wore grey flannel suits, 
pin-tucked shirts, black velvet 
ties and flat sensible shoes to 
secure her footing on the next 
rung. “Covering up... that is 
important in business.” she 




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Catwalks 

Designers line up like 


believes. 

The man's name, the suit, 
will power and ability earnt 
her credibility and by 1962 she 
had founded the FI computer 
software company. Could she 
decorate herself now? “No - 
fashion was way. way, away. It 
was a question of clothing," 
she retorts. 

Gradually, the conformity of 
the grey suit was replaced by 
the ma rungs of a lone preda- 
tor and a leader. Like a tradi- 
tional soldier, she wore the 
bravado hues of boardroom 
battle. 

Colour was a weapon. She 
talks of reds with “impact", 
“powerful" blues, “strong” pur- 
ples, “sharp" gre ens and “mv 
favourite yellow ... the Jewish 
colour of the stars worn In the 
ghettoes ... I am visually liter- 
ate. that is certainly true, and I 
appreciate cohur. 

“I did Luscher’s personality 
profile test - you choose the 
colours you prefer. Mine were 
extreme - vibrant reds and 
oranges. It clearly showed that 
I had drive and the clashing 
choices proved that I had the 
ability to cope with problems 
and change. I need the stress. 

“My husband thought I 
ought to dress better when I 
went into the office - not just 
when 1 went out selling - to 
assert my station.” 

Wishing to conform to the 
emerging dress codes of 
women in the boardroom, she 
sought professional advice. 
Nothing was left to chance. 

Launching herself into the 
public domain, she was invited 
to make speeches. And at 61 
that public image persists and 
Is being polished every day. 

Methodically she researches 
every detail - she asks what col- 
our backdrop she will be 
speaking against and wears the 
right colours for maximum 
impact. With them, she wears 
white training shoes, to avoid 
making - a noise when mount- 
ing the rostrum. 

"Remember - a dozen people 
see you for each person you 
speak to. So dress to be 
noticed." 

After 25 years as chairman 
and chief executive, she ceded 
control of the FI Group to her 
workforce. Not wishing to chal- 
lenge her nominated succes- 
sor's authority, clothes were 
used to signal non-threatening 
support. “For the first year I 
wore softer dresses, but then I 
went back to suits. I did not 
want people to think that I had 
retired." 

The lessons learnt, she now 
wishes to pass them on. “All 
things being equal, I would 
always appoint a woman," she 
says, insisting that positive dis- 



crimination is her right, as 
without her the company 
would not exist. 

She dispatches subordinates 
to be sharpened up sartorially, 
she gives younger "sisters” a 
leg up the corporate ladder. 

“To move into senior manage- 
ment and a leadership role I 
tell them that they must raise 
their energy level with exer- 
cise. and dress more like a 
leader. You will not get that 
promotion unless you dress for 
the next stage up. You may 
have sterling qualities but you 
will not have that punch. 

Clothes simulate it" 

She recommends classic, 
non-sexuaL tailored clothes, no 
trousers, no frills, and nothing 
“pseudo”. By this she means 
costume jewellery, for exam- 
ple. It is important to proclaim 
financial success, especially in 
the US. 

Shirley is acquisitive about 
antique jewellery. “I lost every- 
thing and 1 want my jewellery 
to look as though it is an heir- 
loom." 

Does she enjoy clothes? 

“Er . . .yes. That sense of know- 
ing you are wearing expensive 
stuff. To a refugee who has 
been really poor that is impor- 
tant really important. I will 
probably never get over the 
feet that my mother collected 
candle ends.” 

With a touching and melan- 
choly frankness she went fur- 
ther: "I have a profoundly 
handicapped child. While he 
was still at home everything 
we had was smashed, and my 
clothes were something that 
could not get broken." 

We pass through her austere 
abode up to her treasure trove. 

Three wardrobes stuffed with 
row upon row of neat plastic 
bags, all colour-coded and shel- 
tering her triumphant suits - 
perhaps 100 or more. One 
senses that she longs to 
indulge after a lifetime’s strug- 
gle; to soften up. But even at 
home she wears a suit 

Does she like sexy clothes? 

"A friend of mine was a consul- 
tant for Zandra Rhodes. I tried 
on a dress and felt very, very 
sexy but immediately 1 knew it 
wasn't me. I am not sentimen- 
tal or illogical about clothes. 

But power is quite an aphrodis- 
iac. I get propositioned much 
more than 1 would expect at 
my age." 

Shirley is still in the thick of 
the fray, fighting not only for 
herself but for others now - for 
the disabled, for women stu- 
dents and entrepreneurs, for 
equality. When you have been 
a warrior all your life, it is 
hard to put aside your armour. 

Pictures: Lydia van der After At the office: a sugar-pink Marie Claire suit with gflt studs 




financial times weekend October \ s/october i 6 1994 


WEEKEND FT XXIII 


FASHION 


of Milan inspire the Italian extremes 

opposing armies behind the twin kings, Versace and Armani. Avril Groom went to view the results of these creative clashes 


T he Italians have a 
word for it. Bra- 
vura is the exact 
description for 
their attitude to 
fashion. There are two utterly 
opposite versions of Italian 
style but the adherents of each 
have equal panache. 

On the streets of Milan, style 
is as brash as the city's Image. 
The must-have accessories are 
a mobile telephone, a clutch of 
designer carrier bags and a gilt 
complex, new-money symbols 
in a country where pros- 
perity arrived less than 30 
years ago. 

But, as hidden and subtle as 
the private courtyard gardens 
behind the blank walls of the 
city’s palazzos, there is also 
Milan’s minimalist tendency. 
Its followers - women whose 
attitudes have evolved beyond 
I straightforward showiness - 
are totally immims to the blan- 
dishments of even the most 
gorgeous accessory and go 
about, apparently bare-faced 
and tousle-haired, yet still 
looking wonderful 
Perhaps both extremes are 
Inspired by the Milan catwalks 
where the division in style Is 
glaringly obvious as the 
designers line up like opposing 
armies behind the twin kings, 
Versace and Armani. 

Although everyone has 
apparently been watching 
retro films such as La Dolce 
Vito and the re-runs celebrat- 
ing Bardot's 60th birthday, the 
resulting images are diametri- 
cally opposed. The lingerie- 
revealing or tightly-swathed 
woman at Dolce e Gabbana, 
Bl nmarine , Genny and Krizia 
is the wicked counterpart of 
the ingenue in her unadorned 
knee-length dress or belted suit 
at Prada, Alberta Ferretti. Jil 
Sander, Industria or even 
Gucci. 

There are some common 
links. The longer skirt, hover- 
ing somewhere around the 
knee, is a fashion reality, as is 
the skinny-cut, glam-rock trou- 
ser suit in a shiny fabric. Both 
are surfacing in the other fash- 
ion capitals as firm pointers for 
next spring. 

Sometimes the images blur. 
Versace proved that when he 
puts aside gilt frippery and 
takes out his cutting scissors 
the results are drop-dead glam- 
orous rather than vulgar. 
While be lowered some of bis 
skirts, Armani raised his, with 
wrap-fronted organza shorts 
and discreetly beaded net tops 
overtly and uncharacteristi- 
cally sexy. 

Instead of these shows 
inspiring the woman, the 
reverse is true. Milanese 
designers aim to put clothes on 
bodies rather than roll back 
the frontiers of fashion think- 
ing. So absorbed is the Italian 
woman in fashion that the 
home market accounts for a 
large proportion of an industry 
worth £35bn. 

She is also a voracious con- 
sumer of imported fashion - 
international names jostle for 
space in high-profile streets 
s uch as the Via della Spiga and 
Corso Vittorio Emmanuele - 
and home-grown designers 
need to st3y ahead of the 
game. 

So their designs have 
undoubted feminine appeal, 
either to the independent 
woman for whom quality and 
feel is as Important as adorn- 
ment, or to those who like to 
capitalise on their curves - 
and in a city where fishnet 
tights and lace bodies are the 
current f ads for normal office 
wear, there is no shortage of 
those. . 

With these raw materials the 
best-dressed Italian women 
achieve striking results. They 
do it partly by spending power. 
“Young women spend hugely 
on themselves," says Laura 
Harris, an English 20-some- 
fhing working in Milan as con- 


sultant fashio n co-ordinator for 
Blumarlne. “Their priorities 
are holidays, clothes, beauty, 
exercise classes and, later, 
plastic surgery. It's easy to 
look good if you shop at 
Armani. Most Englishwomen 
try to look stylish on Marks 
and Spencer.” 

She finds Italian style taste- 
ful but safe, larking in individ- 
uality. Designer Alberta Fer- 
retti, acknowledged mistress of 
the little dress, agrees. “We 
can learn from British eccen- 
tricity, that willingness to try 
something unexpected.” she 
says. When the British try, it 
too often looks eccentric, but 
when the Italians by. it seems 
tastefully individual 

Ferretti thinks this las to do 
with simplicity. On the day we 
met, simplicity for her was a 
pair of old diamond drop ear- 
rings, worn with a plain black 
tunic dress of cobwebby knit 
and chiffon. Italian bravura 
again, where the British would 
tend to overload. 

Other examples we saw 
included a grey trouser suit 
worn with soft suede burgundy 
loafers, the unadorned trousers 
and jacket worn by Jfi Sander 

Illustrations: 

Margaret Keedy 


that showed off her magnifi- 
cent chronograph, and bold 
colour-schemes such as the 
black velvet shift which jewel- 
lery designer Angela Pintaldi 
picked up in New York as a 
vehicle for her heavy swag of 
amber beads, soft orange vel- 
vet bag and deep crimson vel- 
vet headband. 

Constructing such an art- 
fully simple look takes time. 
“We have the choice of many 
accessory and shoe firms, from 
factories to single artisans,” 
says Ferretti. 

Italy now has one of the 
world’s lowest birthrates, so 
bambini create few obstacles in 
the search for style. 

“We always take time for our 
own personalities,” says act- 
ress Claudia Cardinale, unoffi- 
cial ambassadre ss for A rmani 
“Looking good is part of it The 
secret is to buy the best, sim- 
ple clothes so your individual- 
ity shines through. I gave up 
wearing jewellery during the 
day two years ago. It is not 
modem and detracts from me 
as a person. But hair is impor- 
tant I like small, neat hair - if 
it is not looking good I wear a 
crochet cap, which is practical 
and individual.” 

She was talking, resplendent 
in diamond earrings, at 
Armani’s 20-year celebration In 
his newly-acquired 18th-cen- 
tury Palazzo OreinL Next 
morning there was not a jewel 
in sight, just plain beige 
Armani which, she explained, 
she could put with everything 
from jeans and sweater to a 
bra and chiffon evening skirt. 

For older women this metic- 
ulousness mpans full make-up 
and hair-do at all times. Gior- 
gio Guidotti, of MaxMara, says 
his mother would not even 
answer the door unless her toi- 
lette was complete. Fiamma 
Ferragamo, whose family 
Arm’s clothes and shoes, just 
on the sexy side of safe, are so 
successful that they have 
recently overtaken Gucci’s 
turnover, says that even for 
the less wealthy a budget fra: 
hairdressser and beauty salon 
is normaL 

If you are rich, the experts 
come to you. Wanda Galtrucco, 
a member of one of Italy's lead- 
ing. textile industry families 
and a mature Versace client, 
goes only to the hairdresser. 
All her other treatments are 
devised at home by her per- 
sonal beautician. 

Tiny and lively, she is a per- 
fect example of bravura. Far 
from believing that Versace's 
mini -skirted suits are only for 




ClaucBa Canflnale In a beige wool and viscose suit, and a darker 
beige and cream striped linen shirt, both by Armani. 



Angela PtncakH, Jewellery designer, in a black velvet shift and 
cape bought in New York, and her own amber beads and earrings, 
and a crimson bead-band. 


the young she feds they “exalt 
my personality” and happily 
wears beaded jackets with 
jeans. She sparkles In pale 
pink and, rather than vulgaris- 
ing it with more pit jewellery, 
deftly adds fine antique gold 
and coral that ought to clash, 
but somehow just works. 

German designer Jfi. Sander 
shows and manufactures m uch 
of her collection in Italy, which 
is her biggest export market. A 
committed minimalist, she has 
seen changes in the past five 
years. “Younger women’s 
tastes veer towards quality and 
fabrics which feel good on the 
body - Opulent minimalism, in 

fact The media have spread 
these ideas among intelligent 
women globally but Italian 

women caught on early." 

For many, the gym has 
replaced the beauty salon. 
Christina Malgara, Gucci’s 
Paris press attache, goes to the 
gym twice a week and likes a 
natural look, which means 
make-up infinitely subtly 
applied. Tall and rangy, she 
wears her company's clothes 
unconventionally. 

This ease with their feminin- 
ity comes, some of the women 
feel, from the appreciative atti- 
tude of Italian men who judge 
aesthetically, rather than 
socially like the English. “If an 
En glishman sees a woman in a 
short skirt and high heels he 
assumes she is not respect- 
able.” says Giorgio Guidotti. 
"An Italian will not care, as 


long as ahe looks good." 

The usual reason given for 
this concern for appearances in 
both sexes is an Italian envi- 
ronment foil of art and history. 
This is not convincing, espe- 
cially for those living in worka- 
day cities such as Milan. 

Guidotti 's less attractive 
explanation Is probably nearer 
the truth. “Italy is very provin- 
cial," he says. “Even Milan is a 
series of small communities. 
Families do not move around a 
lot; everyone knows everyone 
else. Girls grow up vying with 
each other, wanting to look 
good because they see the boy 
they fancy on the way to 
school, it’s pride and competi- 
tiveness.” 

The results are legendary 
but they can, it seems, be 
learnt. Laura Harris says her 
style has become more pol- 
ished in her two years as a 
Mllanesa. Though her layered, 
skinny look could have been 
English, she consciously had 
on a neat mini-kilt instead of 
an exaggerated A-line and 
sleek knee-high boots instead 
of Dr Martens. 

But she has not quite learnt 
all the little ways. She did not 
ask to see the sketch our artist 
was making of her. Neither did 
Jil Sander. But every Italian 
subject asked to see her bella 
figure before even the rough 
was finished. 

■ Flights to Milan courtesy 0 / 
Air UK's new route from Stan- 
Sted. Flights from £145 return. 



Wanda Gafoucco, 
a member of an 
important Itafian 
textile famBy, a 
private cfient of 
Versace in a pink 
Versace suit 


Laura Harris, fashion co-ordinator 
for Bkimarme in a black rib 
sweater, white cotton start and 
grey flannel kflt, all by Bkimarine. 


JD Sander in slatay gray trousers, blue blazer 
and white T-shirt, all by J 3 Sander. 


Alfred Dunhill 



The Londinium. 

Sfufiised/M/foadon. Apme of-ffied 0unAt/f <ft(ua/evt eteef and t'Set^o/d. r from- 

< fafibAirc ‘Uhter-reeMant- QQucreef/cdr/wy- c/asfr. Sfntemalivnaf fifaimcjfftarantce-. 


movement. 


. {oa&Mcat: - 0M QlmAti Poorer. Sfanw&, <Sffirfpcr, fffo A v&ttotitAe , ffvt^ aadteat&jpjapt&r*. 

— Sotty/tl after sirtce f&pS. 




XX rv WEEKEND FT 


financial times 


15/OCTOBER 16 l - >4 


★ 

HOW TO SPEND IT 


WEEKEND OCTOBER 


Take a 


share in 
the drama 
of owning 
a racehorse 

Lucia van der Post on why part of a 
horse need not cost an arm and a leg 


T ime was when owning a 
racehorse was the pre- 
serve of Kings, pluto- 
crats, potentates, 
she ikhs and pop-stars. 
In other words, it was a conspicu- 
ous part of the way of life of the 
most conspicuous consumers in the 
land. 

These days, however, owning a 
racehorse, or more accurately a part 
thereof, has become a much more 
democratic option. It is no longer 
the exclusive preserve of the seri- 
ously rich and can be enjoyed for an 
annual sum that need not amount 
to very much more than the cost of 
a car or a long-haul holiday. 

The racing fraternity has 
laboured long and hard to find 
these new recruits. The budget of 
two years ago, which decreed that 
VAT could be reclaimed on both the 
capital and training costs, has effec- 
tively reduced the cost by 17.5 per 
cent and this, coupled with the feet 
that the old snobbish taboos are 
gradually being eroded, means that 
there is a new breed of racehorse 
owner around. 

From nurses and builders to sub- 
postmistresses and civil servants, 
they are as diverse a bunch as can 
be found anywhere. The one thing 
they have in common is a love of 
horses and a desire to get closer to 
the world of racing than writing out 
a betting slip on a Saturday after- 
noon. 

like an actor who craves the hot 
lights and grease-paint, they want 
to be In the stands cheering on their 
very own fancy, chatting up the 
jockeys, sizing up the form, sharing 
in the tips and gossip of the saddl- 
ing ring. 

Unlike the Aga Khan or Sheikh 
Mohammed these new-style owners 
are seldom seen swapping anec- 
dotes with the queen and they are 
happy to own a mere portion of a 
horse. 

They belong to partnerships 
which, under racing authority 
rules, can never be larger than 12. 
For this they get almost ail the fun 
that sole owners do. 

They get to help choose the rac- 
ing colours, to discuss intricate 
matters of training, to visit the sta- 
bles, to discuss racing tactics and, 
most importantly for many, are 
allowed in the owners' enclosures at 
race meetings. 

As the traditional land-owning 


classes have become less involved 
in the sport, almost every trainer in 
the land has had to seek new 
patrons and hardly any of them get 
by without partnership- owned 
horses. 

The new-style owner Is seldom to 
be found at Ascot: National Hunt 
racing is less expensive for those 
working within a budget, while 
some, of course, prefer it. National 
Hunt racing is. in racing terns at 
least, a kind of counter-culture. It 
has its roots in fanning, raising 
stock and hunting and at race meet- 
ings it shows. 

Here are not the big hats and 
swanky frocks of the smart flat-rac- 
ing season. There are no Aga Khans 
and Maktoums flying in from Paris 
and Dubai. 

National Hunt racing is for fun. a 
hobby. Prize money is lower fon 
average £2.000 over hurdles where 
the young horses start and £3.000 
over the jumps to which they grad- 
uate). And the male horses are 
nearly always gelded so there is no 
chance of a great payback at stud. 

But against that, all being well, 
the racing life of a jumper is usually 
much longer - on average some- 
thing like seven or eight years as 
opposed to two on the flat 

Buying into a partnership can be 
had these days for a rock-bottom 
starting price of about £1,200 a year 
in tr aining costs and vet bills and 
an initial outlay of not much more 
- though if you are buying the 
equine equivalent of a Rolls-Royce 
your capital costs will be hugely 
different from those who are buying 
a Mini 

Two people with experience of 
sharing a horse are Alan and Sarah 
Waller, two senior administrators 
with the National Health Service. 
They say they are well-paid but 
would never describe themselves as 
rich. 

They have a quarter share in 
Montagnard, a lO-year-old jumper. 
A builder owns a half and a racing 
journalist the other quarter. Monta- 
gnard is trained at Mark Brad- 
stock's yard at Letcombe Bassett in 
Berkshire. 

Alan got into racing because his 
parents took him racing as a child. 
“I had loved everything about it I 
wanted to feel a part of that world. 
We started by leasing a horse that 
belonged to somebody who had lost 
all Ms money in BCCL We didn't 



have much luck with it but it gave 
Sarah and me a taste for the 
sport. 

“We enjoyed saying we owned a 
horse, we liked visiting it checking 
on its form. We got to know the 
trainer and met lots of friends. Now 
having a share in Montagnard has 
increased the fun. It's a hobby for 
the whole family." 


Another of the horses Mark Brad- 
stock is training - Garston le Gaffe 
- is owned by 25 people in the vil- 
lage of Garston (for these purposes 
they turned themselves into a lim- 
ited company, which is another 
route into horse ownership). 

From the postmaster and mis- 
tress. a security guard and salvage 
consultant to an Irish County sher- 


iff and a local solicitor, most of the 
village seems to have a share. The 
horse is the last raring relative of 
the great steeplechaser Arkle and 
he has not raced as much as Brad- 
stock would have liked. But for the 
£10,000 it cost six years ago and the 
£10 a week each for training fees, 
the village has had a lot of fun. It 
has won a novice hurdle at Uttoxe- 


ter and been placed more than a 
dozen times. 

Vets’ bills can make the real costs 
a little open-ended, however. Alan 
Waller is rueful about the vet bills 
that Montagnard seems to be run- 
ning up. 

The National Hunt season is only 
just under way and the Bradstock 
stable has made a good start. Go 
Universal won at 12-1 at Chepstow, 
bringing intense excitement to the 
small company that owns It, and 
The Millwright, owned by Sue Mills 
(she and her husband are the only 
owner/breeders at the Bradstock 
stables) came in at 9-2 at Chelten- 
ham last week. 

Paddy Whitby, assistant trainer 
at the Bradstock stables, believes 
that even those who could afford to 
fund a whole racehorse might have 
more fun by owning a 12th share in 
each of 12 horses - this offers 
twelve times the drama and 12 
times the chance to win. 

All the owners stressed that one 
of the most important aspects was 
to choose a trainer who was close 
enough to visit easily - being part 
of the training set-up was a large 
part of the fun. 

They are all also at pains to point 
out that the rewards of owning a 
horse are seldom financial. For 
instance, something like 90 per cent 
of owners never get a win and 70 
per cent never get a place in any 
one year. 

As Alan Waller said: “All you 
need is two wins a season to break 
even with your training fees, or 


three wins to caver all the costs." 
Or as another owner put it: "You 
have got to be prepared to take the 
rough with the rough." 

And the Mills, owner of The Mill- 
right, warned: “There are the bad 
days, the endless disappointments, 
the driving all over the country to 
race-meetings - you have to be an 
optimist. But the good days, when 
your horse wins . . . then you know 
it's the sport for you." 

It was George Raft who had a 
perfect explanation for how he got 
rid of his fortune. “Weil, some went 
on women, some on gambling, and 
some went on horses; the rest I 
spent foolishly.” If you feel like 
him, then racing could be for you. 

■ For those who fancy giving it a 
whirl. Mark Bradstock has put 
together a proposal for o Three Horse 
Partnership. For a capital outlay of 
£12.400 and monthly training fees of 
£71230 you get a 20 per cent share in 
each of three young horses, all five- 
year-old geldings. For a pamphlet 
including photographs and costings, 
write to: Mark Bradstock, The Old 
Manor House. Letcombe Bassett, 
Wantage, Oxon. Tel 0235-760730. 

■ The Racehorse Owners Associa- 
tion 071-486 6977 publishes * The 
Thrill of Ownership " a leaflet which 
takes would-be owners through the 
stages from buying a horse to 
choosing a trainer. The British Horse 
Racing Board. 44 Portman Square, 
London Wl, is another source of 
valuable information. 



Trainer Mark Bradstock, toft, and Nick Mite with The MMright, which won at 9-2 at CMtenham last week LynSa van 



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GENEVE 

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Fax: 071 416 4161 


Sweet smell of skin-care 


Lucia van der Post on a beauty products shop about to open 

juniper, a moisturising lotion 


J o Malone has been tend- 
ing some extremely high- 
profile faces for several 
years in her sweet-smell- 
ing flat near London’s Sloane 
Square. 

From Queens and Princesses 
to fashion editors and the beau 
monde every day, an impres- 
sively elegant troupe heads up 
her narrow stairs. 

Jo used to stay up late mix- 
ing her own creams and lotions 
and her customers soon 
became addicted to them. For 


some time they were sold only 
to private clients. But as word 
began to spread, and demand 
increased. Jo began to broaden 
the range and sell it to a wider 
public. 

Next week Jo opens her own 
shop selling the complete Jo 
Malone range. 

Conventional make-up is not 
on offer - the beauty products 
are entirely related to skin- 
care. There Is a cleansing milk 
made from apricot kernel and 
avocado oil, a skin tonic with 


with apricot, avocado and 
almond oil as well as UV 
screens, eye gel with apricot 
and loe. night cream with 
orange and geranium. All 
smell wonderful 

The girls in the shop have 
been trained by Jo to give 
proper skin-care advice, not 
just to sell bottles of products. 

But as well as the skin-care 
range, the shop, all cream and 
white like an old-fashioned 
French perfumer’s studio, will 


sell sweet smells in a multi- 
tude of different packagings - 
bath oils, body lotions and 
colognes scented with basil 
and mandarin, nutmeg and 
ginger, muguet. Verbenas from 
Provence, grapefruit and Ver* 
tyver with spiced orange, and 
wild lavender with amber. 

Then there are scented arti- 
choke trees, bundles of scented 
wild lavender, pot-pourri smell- 
ing of orange and cinnamon, 
all beautifully packaged in sim- 
ple solid glass bottles with 
chrome tops. 

It should be a splendid 
source of Christmas presents - 
heart-shaped folding mirrors, 
scented candles and candle- 
holders, a sweet-smelling spray 
for the linen cupboard, as well 
as a small selection of old-fash- 
ioned 1 mens. 

The shop opens on Monday 
at 154. Walton Street, London 
SW3. 


Chess No. 1043 

1 Bg5 Qe5 (Qc3 2 16) 2 Bxh6 
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The Antique Wine Company 
of 6«eat Britain 

For a moil unique gift, we will 
supply a One Soule of vintage wine 
( Latour. Lafitc. Rothschild, etc.), 
from die exact year of lhe recipients 
birth together with Use original bare 
of the London Times' newspaper 
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within day*. 

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Fax: UK 092? 939725 

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Jo Malone in her new shop In London's Walton Street l*&i von oar mw 



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FINANCIAL TIMES WEEK.EN D OCTOBER 1 5/OCTOBER 1 6 1994 


WEEKEND FT XXV 


TELEVISION 


l y to 

nino 


n es 


BBC1 


7-00 LMte. 70S News. 700 Ptegy. 705 Happy 

Blrttway. 705 Mariane Martowe [nwatfaimJ aw? 
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w* of Superman. ats Uve and KcJdng. 

ia.ia Weather. 

ia.t« Grandstand. Introduced by stave 
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Focus: Review of the week's Intar- 
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World Matchptay. Semi-final cover- 
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Snooker Skoda Grand Prix. The 
third round fton The Assembly 
Rooms In Derby. 2.40 Goff. 4^40 
Final Score. Tfrrwa may vary. 

S.1S News. 

<L2B Regional News end Sport 

*-30 Stove Wright's People Show. With 
an-ghl band Eternal, chart veterans 

The Kinks and agony aum Vanessa 

Fettz. 

5.10 Bruce Forsyth's Generation Game. 
Broca Forsyth and Rosemarie Ford 
host another edition of the tanfly 
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7.10 A Challenge America Special. 

Plucky Ameka Rica attempts to 
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a .00 Casualty. Tragedy strikes two sis- 
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(Secovera there's more to a sus- 
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8JSO News and Sport Weather. 

B.10 FHm: The Hard Way. Premiere. A 
streetwise cop Is forced to show an 
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Comedy thriller, starring Michael J. 
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IOJW Match of the Oay. Desmond Lynem 
(nfroduoes toghfights of two top 
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11.IU5 The Danny Baker Show. 

Goffi World Matchptay. Stave Rider 
Produces semPffrial highlights from 
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1-20 FHm: Prison lor Children. A prison 
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John Ritter fTVM 1887). 

SL50 Weather. 

2J» Close. 


SATURDAY 


BBC2 


APS Open University. 1000 

arWMtoJ. 10X0 Necwoik East. 11.10 

11 -SO Fftn 94 wfth Bany Norman. 

1240 FBm: San Francisco. Melodrama 
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W 

2.10 Tknewatch. How divorce laws prior 
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3.00 FBm: Rancho Notorious. Arthur 
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430 SnooksR Skoda Grand Prtx. David 
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8.18 Cate Again. MgWJghts from last 
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*30 TOT P2. Archive perfbuua n ma from 
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8-40 Wist the Papers Say. John WB- 
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7 jOO News and Sport Waather. 

7.18 As sig nment. New series. Report on 
violent crime committed by children 
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8.00 The Director's Place. Proffle erf 
flJm-fnaksr Jotw Boorman, focusing 
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8JU Rain. Poem by Fred D’Agufer. pro- 
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young Rwandan aokters. 

MO Knowing Me, Knowfrig You - With 
Alan Partridge. 

MO H te abet h ft Spain prepares for war 
against England fo&ovring the death 
erf Mary, Queen of Scots. 

11-00 The Moral Maze. A aefectad prrtaf 
debates topical dtemma a. Last in 
aeries. 

11X8 FBm Tokyo Drtftar. Japanese 

thriler about a gangster forced to go 
on the run after being efrawn Into a 
vldous battle between rival hood- 
lums. Tetsuya Water! stare (1968). 
(English subtitles). 

1.08 Snooker Skoda Grand Prix. Fur- 
ther NghSghts of this evening's ses- 
sion from toe Assembly Rooms frt 
Derby. 

2.09 Fast Forward. 

23S Cfosei 


800 gmtv. as MWi up Odc? 1100 uw jtv 

Chart Show. 1230pm Tip Top TV. 

1.00 ITN No ws; Waather. 

1A8 London Today; Weather. 

1.10 Champions' League SpedaL A 
look ahead to next weeks group 
matches in Europe's premier dub 
competition, including Manchester 
United v Barcelona 

1 J *0 Movies, Games and Videos. 

Reviews of Disney box-office smash 
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Year and Slater Act Ik Back m the 
Habit on video. 

2.10 WCW Woridwfde WrestRng. 

3U>0 Safntfa Soccer SkSIs. ten St John 

continues to pass on tricks of the 
trade with the help Of a celebrity 
guest 

320 Burin's Law. 

4J0 Cartoon Time. 

4X8 ITN News and Results; Weather. 

8.08 London Tonight and Sport; 
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830 Baywatch. Part one. The MaOxr 
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8.10 Q te d ta to ra . Contendere from Kent, 
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7.10 BBnd Date. Ctaa Block ptays Cupid 
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8.10 Family Fortunes. The Bunn family 
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9AO ITN News; Weather. 

8JS8 London Weather. 

8.00 Air America. Action advm- 
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Involved in drug-smuggling 
operations during the Vietnam War 
(199CJ. 

1 1.09 jRtee Oral A bsnber town Is 

threatened by a forest fire started by 
an escaped convict Adventure dirt- 
ier, starring Ernest Borgnine and 
Vera MRes (TVM 1977). 

12JSO Love and War. 

1.20 Tour of Dufy. 

2.18 Get Stuffed; FTN News Headfines. 

2JI0 The Big E. 

3.15 Get Stuffed; fTN News HeadBneeL 

Mo European Mne-BaU Pool Masters. 

449 BPftL; MgM Shift. 


CHANNEL4 


300 4 -Tel on View. fiJO Early Morning. 045 BBtz. 

11X0 GsrzeMa FootbaS ftaia. 12,00 s&i On: (M 

World. 1200pm The Great Maratlte. (En^brt bM- 

to* 

1.00 The One and Only Groucho. Trib- 
ute lo charismatic joker Groueho 
Marx, following his extraordinary 
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game show host 

2.09 Racing from Newmarket Brough 
Scott introduces coverage of the 
2.20 Lloyds Ust Stakes. 3.00 Tote 
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Bedford Lodge Hatet Benttnck 
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GBbart 

9.08 Brookskfe; News Summary. 

&30 Right to Reply. 

7A0 Glastonbury: The Trip Continued. 
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BJW For Love or Money. Actress and 
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9.00 Brides of Christ Frances is treated 
assn outcast when the truth about 
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10.05 Rory Bramnen Who Bee? Satirical 
sketches and impersonations with 
toe BAFTA-winnfng funnyman. 

10l 45 F8m: Un Coeur Bi Hirer. A vioftrast 
sets her sights on a violin maker, 
but finds herself snubbed and fate 
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ness partner. Romantic cfrarna, sto- 
ring Errmanuafle Beart, Dan W 
AuteuO, ESsabetft Bourglrte and 
Andre DussoBer. Part of the Cinema 
Cinsms season (1992). (English sub- 
tities}. 

12-30 Late Licence. 

1XM Herman’s Head. 

1.15 Let the Blood Rim Rea. 

1.50 Wax on Wheels. 

230 This b David Harper. 

GAS Packing Them In. 

345 Close. 


REGIONS 


rrv RBCaONS AS LONDON EXCEPT AT THE 
FOtJOtmQ TtttBto- 


12.30 Movies, Games and Vkieoe. UK Angfis 
News. 1^0 Ngd ManseTs IndyCar “94. 2.1D Qiey- 
frtera Bobby. (196G 3.45 Kri^t fsder. 105 AngSa 
Nswfl and Sport &5S Angla Weather. 11.03 NSght 
Moves. (tB7G 


VZ30 Movies, Geroes and Vkkos. 1JS Border 
News. 1A0 Mgef Mansefrs IndyCar *94. 2.15 Sturf- 
maaters. 303 The A-Taem. *M Superstate at 
wrests ng. sm Border News and Waather &10 
Border Sports Reedts 8.15 Cartoon Time. flJ* 
Mghi Moves. (1B7^ 

CEXTMt- 

12L30 America's Top to. 1-OS Central Name 2.10 
Catoon Tens. 2.15 The FaB Guy. 3.10 SaaQuest 
DSV. 4JX> VNCW WoMeUe Wrestoig. 5X6 Central 
News 8.10 The Central Match - Goats Extra. 855 
Local Weather. HAS Joe (Odd. (18721 


1230 Spore. ijOS Grampian HeocEnoe. 1/40 T<*»- 
fto& 2.10 Donnie Murdo. 2SS Rackapoit. ZS5 
Yesterday's Heroes. 326 Mgel ManseTa IndyCar 
*04. 355 Suparetara of Wresting. MS (3rarnpien 
He a d fi ne s . 5.10 Grampian News Review. 318 
Ptece News. 358 Grampian Westhw. 11J58 Mgtx 
Moves. (1975) 


1230 Movkse. Games and Videos. 1j03 QranMa 
New 140 Mgal ManseTs IndyCer "ft*. 2.16 Shss- 
mastem. 306 The A-Teem. 4J00 Sryar sra r s of 
Uteettea 300 asnodB News SJ5S Grenade Goals 
Extra. IIjOS I4ght Moves. (1975) 

HTK 

12J0 The Munstars Today, UM HTV News. 1^40 
Beat of Bnttsh Motor Sport. 210 Nigel MeneaTS 
IndyCar '94. 340 Movies, Gomes and Videos. 310 
The A-Team. 4J» Knight Rider. 309 HTV News 
and Sport 8A5 HTV Weather. 1185 Night Mores. 
(1375) 


1130 COPS. 12-00 The nv Chart Show. 1JS 
Meridan News. 1^0 rfiget ManssTs IndyCar *94. 
2.10 Champion of Champions. ZSS IncredMe 
8wtts and jumps. 380 Cartoon Tima. 3^(6 Knight 
ffider. &05 Meridlsn News. 316 Cwtocn Tima 
11-03 Crime Story. 


12-30 Extra Ifrna 1JK Scotland Today. 1.40 Tefo- 
B 09- 2.10 Angela. (TVM 18S5) 340 Sons and 
Daughters. 410 Take Your Pick. 4-40 Cartoon 
Tima. 306 Scotland Today 358 Scottish Weettvy. 
11J3B Lone Vfiorf McQuada. (1983) 


1230 Movfea, Games and Videos. 1-03 Tyi» Tees 
News. 1-40 The Maintain Bfics Show. 2.10 Touch 
end Go. (1065) 345 Knight Hder. 606 Tyne Teea 
Saturdty 1106 North CWktt Forty. (197X9 


1220 Movies, Games and Videos. 105 Westcoun- 
»y News. 100 Mgel ManeeTa IndyCar W. 200 
The A-Team. 396 Cartoon Tims 345 Otnoaous 
4.16 The Mountafo Bate Show. 806 Wiwtcnrtry 
News 366 WSetcountiy Weather. 11.06 Night 
(197^ 


1220 Maries. Games and Videos. 106 Calendar 
News. 100 The Mountain BBgs Show. 2.10 Touch 
and Go. (1865) 346 Knight Rfdar. 505 Cetandar 
News. 310 Scorelne. 1106 North Dafiao Forty. 
P979) 


SUNDAY 


BBC1 


726 Tha Man front UN.CLLE 315 Breadaat wUi 

Frost. 315 DocMana. 820 Tito Is (he Day. KLOO 

See Head 1020 Golt WOrtd KAHdipiay. 

1300 CounfryFSo. 

12-28 Weather for the Wesk Ahead; 
News. 

i . 12-30 On the Record. 

1*30 Tom and Jetty Double BBL 

1.45 Grand Prfx. Lira coverage of toe 
Ewopean Grand Prix from Jerez In 
Spain, as Nigel Mansell returns to 
Formula One, Intent on boosting 
WHfiama team-mate Damon Htfl's 
challenge for toe World Champton- 
sh»P- 

4.00 Pink Panther. 

4JtO EastEndere. 

340 Tha Ctothas Show. The history of 
toe Crombte coat, hairstyles for 
spring and summer 1995, and the 
Introduction of-PVC into high-street 
fashions. 

8.05 News. 

328 Songs of PtbIm. Pam Rhodes 

reports an the work of the Mothers' 
Union, which provides services 
Including debt counseling and Aids 
awareness advice to femUtes. 

7.00 ChBdren In Ne ed ; The Countdown 
Continues- Emma Forbes discovers 
exactly which charities and organ!' 
sations benefited from lest year’s 
appeal. 

7.10 Lovejoy. The dodgy dealer sate out 
on a desperate search when Tinker 
mysteriously cteappenrs. 

8.00 Vlntege Last of the Sumner Wine. 

8 .30 Birds ot a Feather. 

9.00 Seat orth. Richard cSscovera new 
bride Paula's cache erf tova tatters 
from Bob, and unwittingly prompts 
her to leave him. 

380 News and Weather. 

10.09 Screen Qn« Doggtn' Around- An 
Americsn Jaiz pJantet forms a 
romarttic relationsMp wfth the female 
minder in charge ot hta LancesMre 
tour. Aten Putter's drama, staring 
BHott GouW and GeraUne James. 

1128 Heart of the Matter. Joen Bakevrefl 
Investigates another sensitive moral . 
Issue. 

12.10 The Sky ot WgML 

13U30 FBm: Perhaps Love. Romantic 

ckoma. starring Anne Grtgg (1988). 

2.00 Weather. 

228 Close. 


BBC2 


720 BMy 80. 70S Ptaydays. 316 Blood end 
Hooey. 330 Moomftv 385 The Busy World of 
Richard Scarry. 920 Bitea. 926 Conan the Adven- 
turer. 1000 Tfenetxatera. 1025 Grange HB. 1006 
The Ath a ntu si of Prince VfiflanL 1120 Boy City. 
11-46 The O Zone. 1200 Quantum Leap. 1245pm 
Snowy Rw The McGregor Saga. 

120 Sunday Grandstand. Introduced by 
Steve Rfder. Golf: World Matchptay. 
The last 18 holes of today's fetal 
from Wentworth. Snooker Skoda 
Grtmd Prix. Third-round coverage 
from the Assembly Rooms. Darby. 

5.18 Rugby SpedaL Highlights of Harie- 
quk» v Leicester from the Stoop, 
and the Welsh First Division ciash 
between Treorchy and CsrdUL 

8.18 One Man and Hb Dog. Welsh han- 
Cfisre John Griffith, Afan Jones and 
Brian Morgan compete in the final 
hast from Buttennere In tha Lake 
District 

7.00 Po8 on KohL Peter Snow presents 
ftil coverage of the Gemtan election 
restate. 

7^*0 The Cw*s the Star. Quentin WBson 
traces the Nstory of the 1959 Cad- 
Mac. General Motors’ extravagant 
gas-guzzler which became an 
enduring symbol of the American 
dream. 

0.00 The Irresistible Rise of WWam 
S h a kespear e. Report on how the 
legendary bard of Aval's reputation 
and influence have steatSy grown 
over four centuries. 

880 Strings, Bows and BeOows. New 
seriea Contemporary pieces per- 
formed by aspiring musiotans, 
beginning with ptefist Joanna Mao- 
Gregoris adaptation of Wlnnabora 
Cotton MR Suss. 

9.00 Barcforafri of Britain. Shakespeare 
buffs compete in an qffoaat qtaz, 
chaired by Robert Robinsort. 

920 Grand Prix. Formula One WghSghts 
from the Ewopean Grand Prix in 
Spain, the 14th round of the 1994 
Drivers’ and Consfructortf 1 Champl- 
onetvp. 

10.10 Rtor Mad Max H. Wanderfog 

warrior Mel Gfosan comes to the ekf 
of a small community struggling to 
fend off vfcfous road marauders. 
Futuristic adventure, with Brace 
Spence (1981). 

11.40 Goto World Matchptay. Highfights 
from toe final of the prestigious 
competition. 

1220 Snooker: Skoda Oand Prix. 

Coverage of tortghYa session from 
the £325,000 tournament in Derby. 

1.50 does. 


600 GMTV. 300 7Tie Disney Club. 1315 Link. 

1020 Sunday Matters. 1100 Morrtng WaraNp. 

1200 Sunday Matters. 1220pm Crosstaic London 

Waather. 

1.00 rTN News; WeMhar. 

1.10 W ritten. Interview with Lord Howe. 

2.00 COPS. 

2.23 Sainfs Soccer SMBs. Ian St John 
and celebrity guests present soccer 
tips tor youngafieta. 

X40 The Sunday Match. Southend 

United v. Derby County. Jim Rosen- 
thal introduces live First Division 
coverage from Roots Hal. 

5.15 Father Dawflng I nv esti ga tes. Sister 
Steve poses as a croupier to help 
tha crime-buster expose a robbery 
and solve the murder of an exotic 
dancer. 

0.10 London Tontfti; Weather. 

8.30 ITN News; Weather. 

6.40 Schofield's Quest. New series. Ph3- 
Ifp Schofield, Caron Keating and 
Tony Dortte set out to find missing 
persons and stave mysteria3 wMe 
actress VtrgMa McKenna appeals 
on behalf of a Dublin seal sanctuary. 

7.30 H ea rtb e a t. Qreengress is asked to 
help neighbor Hartrfd Jenkins 
defraud his Insurance company, and 
Nick probes an amnesiac's back- 
ground - only to find he may be a 
wanted payroll robber. 

320 You've Boon Framed! 

0.00 London's Burning. Passions are 
rekindled when Artatfrie turns up on 
Nick’s doorstep with a bottle ot duty 
free, and Blue Watch gets a surprise 
during a routine Inspection. 

10.00 Hate and Pace. 

1020 fTN Maws; Weather. 

1020 London Weather. 

1348 The South Bank Shaw. American 
writer Deivid Mamet fates about the 
film version of his controversial ptay 
Otaanna, as writ as Ms latest stage 
work The Cryptogram, and first 
novel The V9tego. 

1120 You're Booked! An interview wfth 
Jfil Gasctane about her new novel, 

12.15 Cue the Music. 

1.15 Married- With CWWren. 

1-43 Gat Stuffed: TTO News Headlines. 

120 ram: Perfect Gentlemen. Crime 
caper, also starring Ruth Gordon 
(TVM 1978). 

325 Get Stuffed: fTN News HeadSnss. 

340 FHm: Secrets. Romantic drama, 

starring Susan Blakely (TVM 1077). 

326 Get Stuffed. 


CHANNEL4 


300 BStz. 7.10 Early Mcmrig. 1000 Derate. 1315 
Sored by the Bet 1046 Rawhide. 1106 Uttie 
House on the Pnfrfa. 

1348 Fflnr Danger Within. British officers 
detained In a PoW cam p find took 
weS-bvd ocape plans threatened by 
an Informer. Richard Todd and Bern- 
ard Lee star (i960). 

225 Cat and Mouse. 

225 FoothaB ttaia , High-flying Samp- 
daria take on faBow title-chasers 
P a r ma. - • • 

5.00 BeKast Lessons. 

520 News Summary. 

528 Ffins The Blob. A meteorite coffldas 
with the Earth and releases a fiesh- 
eatingiefiy that threatens a small 
American town. SF shocker, starring 
Stew McQueen (1956). 

700 Bateau Has hypnotism any genu- 
ine meeficaf application, or are Ks 
alleged affects merely a longstand- 
ing myth? 

300 Beyond the Clouds. The brutal 
murder of Mr Mu's young nephew 
by a gang of youths stuns tire 
townspeople, who attempt to coma 
to terms with the yawning genera- 
tion gap revealed by the crime. Seo- 
ond episode of fflm malar PHI 
Agfancf s award-winning chronicle of 
Chinese vBage 03 (English sutoti- 


0-00 Fftrc Post ca rd s from the Edge. 
Comedy drama based on actress 
Carrie Fisher’s baffle against drags 
and relationship wfth mother Debbie 
Reynolds. Meryl Streep and Shkiey 
MacLaine star (1990). 

1025 D is patch es : Kids on tha Rocks. 
Updated version of a report shown 
last year about the Increasing num- 
bers of c had ra n and teenagers ragu- 
tariy using drugs Inducing cannabis, 
LSD and crack. Dispatches reveals 
how the authorities are fafing to 
acknowledge the scale oftheprob- 
lem, wren to toB point ot cutting 
back on resources allegedly needed 
to combat it. 

1126 Blast 'Em. 

1220 Fine The Airship. Uruguayan 

(frama, chronicling a young report- 
er's voyage of discovery as she 
searches for an exclusive Interview. 
Laura Schneider stare (1 933). 
(English subtitles). 

228 Close. 


REGIONS 


rrv HECD0NB AS LONDON EXCEPT AT 1M 


6MB I At 

1200 Bodyworks. 1205 Anglia Nemo. 200 Father 
Dowtog Investigates. 250 fOck-Offl 508 Cartoon 
Time. 646 hMrioom. 316 Angfia Nans on Sunday 
1040 Angla Weather. 1146 Street LegaL 


1250 Gardena's Diary. 1265 Bader News. 200 
Scotaport. 3.15 Hot Wheats. 348 The App» Dump- 
ling Gang. (1974) 500 Coronation Street. 60S 
Bonier Nnws. 1146 Prisoner Cal Stock H 


1230 Central Newsw o ek. 1266 Central News 200 
Gradering Tkna. 250 Tha Central Match - Live) 
600 HU tha Town. 550 Father Derating bnrestf- 
SStee. 325 Central News 1145 Prisoner Gall Block 
H. 


1100 Sunday Service. 1146 Bkoa 1280 Garden- 
art Clary. 1256 Grampian HearOnu. 200 Scot- 
sport 216 The Mountain B8» Show. 246 Hghuny 
lo Heaven. 450 Cartoon Tine. 405 Pick a Num- 
ber. 506 Movies. Gamas and Videos. 505 Tha 
Businas Game. 326 Grampian HaatlEnem. 338 
Grampian Weather. 1040 Grampian Weather. 1145 
Prieonec Cefi Block H. 


1226 Ooae to the Edge. 1265 Gonads News 200 
Hot Whole. 250 RockaporL 200 The Granada 
Match - Uval 310 Buga Bunny. 500 Coronation 
Street. 628 Granada Non 1146 Prisoner. CeO 
Block H. 

HIT. 

1225 The Wrap. 1256 HTV News. 200 LWted 
Etatioa 230 Mklwwk. 300 The West Match 230 
The Cheap Detective. (1978) &10 Cartoon Time. 
526 Corafty Watch. 60S Up Frond 856 HTV 
News. 1040 HTV Weather. 1146 Prisoner Cel 
BlockR 

HTV Wa l es aa HTV ancap e 

1226 Primetime. 200 Ufe Beglne At 230 Soccer 
Sunday. 328 A Stea taUfo 386 Hum’s Vteles. 

1350 Seven Days. 1250 Msricfian News. 200 
Cartoon Time. 210 The Pier. 256 The IMfeg* 
240 Tha Maridrai Match - Uve. 525 DtnoaBura. 
506 The VBaga. 625 Mariclan News. 1146 The 


1100 Sunday Senito* 1145 Eton. 1230 Scotland 
Today. 1256 Sfcooeh. 200 Sooteport. 316 The 
Worttra Greatest Athfeta (1973) 600 Knight ffider. 
608 Disney's The Uon King Mm Prantere. 326 
Scotland Today 1340 Scottish Weather. 1345 
Don't Look Down. 1100 The South Bank Show. 
TYMTOS! 

1226 Conference Ha. 1806 Tyne Taca Newa. 200 
Mgheray to Heaven. 205 The Sates FamHy Hobfrv 
aorv (1B60| 306 Otooeaura. 500 AiWnri Country. 
600 Tyne Tees Weekend. 1146 Wet Wet Wat 


1200 Wa stcountry Update. 1205 Waotcountry 
News. 200 Hot Wheels. 200 Vet 300 The Amaz- 
ing Mr BJundea (1972) 400 Waaeountry Cameos. 
300 BtaonSng Marveltoua. 600 Pother Derating 
invostigsaaa. 325 Weatcountry News 1040 West- 
country Weather. 1148 Prisoner Cefi Block H. 


122S MckabouL 1280 Calendar News. 200 The 
Munotere Today. 230 Your Match - Ltvet 305 
Dinosaurs. 600 Animal Country. 600 Calender 
Nona and Weedier 1040 Local Weather. 1146 
ScruTKkMm: Kangaroos on Tour. 


RADIO 


SATURDAY 


SUNDAY 


BBC RADIO 2 

300 Sttfata Barot 806 Brian 
Matthew. 1300 Judl Spiers. 
1200 Kayes on Saturday. 100 
The News HuddWm. 2-00 
Martin Ketnar on Saturday. 400 
Nek Bamscfcxigh. 600 A0»n 
Mayor in Concert- 6.00 
Fan**““tasrid T0O The Golden 
□aye of ftetio. 700 VtenrwM 
Magic. 9.30 David Jacobs. 
1200 The Arts Programme. 
1206 Ronnte Hflten. 1236 
Adrian FWighen. 200 Suttee 
Porta. 


BBC RADIO 3 
320 Open Uiwtraftf, VPl 
60S Weather. 700 Record 
Revtow. 900 Sutitana ® Utxray. 
Elgar’d VfoWl CortwrtA by 
Michael Kamdy< 10.15 
Record Ruieaaa. Pttaurfley. 
Tritekovsky.Wofton.l20Q 
Sprit 0Mf»A93iJ»nafo 
Ptay. 108 Celebrity RecftaL 
300 Vintage Years. 500 Jazz 
record Bequests. WW 
<V»lfwySrnlft.&«MtiNc 
Mattore. A portrart ol Metasn 
Arnold. 330 Derek Cdfah 
TortW. John HaB, DmtitCoSter. 
Owte. 7.10 Marla Stuada 

OoninttTs opaa. Suig In 
Multan. 006 Deutsche 
Romani*-- Contacts arto 
AftWkaL The WfN*"“ af 
Ognnan Romantidsm on wwan 
at. 1315 GttsoowJaa 
Festival 1994. P*t »» Wlh 
Bobby Wataen's Tatar Made 


Band. 1200 Ooae. 


RADIO 4 
* 0 QNawa. 

210 Farmrig Today. 

360 Praver for tha Ote- 
700 Today. 

900 New*. 

906 Sport on 4. 
90BBratemre- 
1000 LOOM Ends. 
H0OTdMng PoBka. 

1100 Prem Our Own 

ComaponfenL 

1200 Money Bex. RnancW 

K j ytoa. 

1226 Th» NOW Quiz. 

10ON8H3 

t.fO Any Queetfooe? 

200 Any A tiu rae rafr 071-680 
4444. LNteners' comments. 
230 naytwuar OangowB 
Influences. Job Durfopl . 
tMfor. 

400Thart Wnfory, 

330 Science Now. 

600 Re on 4. 

640 A Short IW»y of toe 
Lattuca. Wkxxfouse sauc3 
300 News and Sport*. 

326 Wwk Enrfiig. 

360 Poatorad from Gotham. 
700 KafeUoscope Faatiaa. 
7J0SriwdayMtfitThaib« 
□May. UM Cow who Tatod. 

Gerard Sfertforidgr rtplwy 
about uu v emraent cfUcfafe who 
hwaafigtee too aura ta toe Irtah 
beef indutary and maka a 
starting taeeoM* 

320 Must in Mh3 


900 Ten to Ten. 

1300 New. 

10.15 Quota Unquote. 

1046 Chocolate Nora and 
Hrabombe. 

1100 RJchatd Bator Comparae 
Notes. 

1100 Cover Her Face. 

1200 News. 

1253 SHpprig Forecast 
1243 (LW) As World Service, 
1243(Fk9Cfoa& 


BBC RADIO B UK 

306 Dtrty Ihckfe. 

600 The Breakfast Progrranma. 
306 Weekend wfih Kerahow 
and WDRtdv. 

1105 SpecW Assignment 
1109 Crime Desk. 

1200 Midday EdWwv 
1210 SpcrtaseS. 

105 Sport on Rre 
600 Sports report 
306 Sfr-O-Stc 
705 Staurday Ecfllten. 

006 Asian Ptaapecihe. 

366 Ota TWs Week. 

1008 The TteeotienL 
1100 MgM Extra. 

1206 After Houa. 

206 Up A1 Night 


WORLD SnVKB 

BBC tor Europe ean be 
racotaad in wa t ra w Europe 
on Madhan Warn 648 kHZ 
ftOa) « tfwaa few B$T: 
9.00 Newshcur. 7.00 
Mugannagazln, 700 Europe 


Today. 300 World News. 318 
WBvaguide. 329 Book Choice. 
800 People and Pomes. 900 
WOrtd News. 309 Won* of 
Faith. 316 A Jofly Good Show. 
10.00 World News and 
Business Report. 10.18 
VfcxkSxteL 1000 Dswetapment 
84. 10L46 Sports Roundup. 
1100 Printer's Davit. 11.16 
Latter from Amartea. 1100 
Waveguide. 11.40 Book 
Choice. 11.45 From tha 
Weekflse. 1200 Newsdesk. 
1200 BBC English. 1245 
Mfttegsmaouin. 100 World 
NOWS. 1.09 Wonts of Petto. 

1.15 Mutttredc ARamaOn. 148 
Sport* Roundup. too 
Newsftour. 300 News 
Summary; Sportaworld. 500 
WWM and British News. 318 
BBC English. 600 Hauls 
AttueA 300 News Suramoy. 
306 Waveguide. 315 BBC 
Enrftto. 700 Newsdsik. 700 
Route Altered. 300 News end 
features In Gamer. 900 Wortd 
News. 310 Words of Faith. 

8.15 Development 94, 900 
jazz tor the Asking. 1000 
Nsvnhnr. 1100 Work) Nam 
1106 Words of Frith. 11.10 
Book Choice. 11.15 Meriden. 
1146 Sports Roundup, 1200 
NewsdMk. 1250 Cels Porter. 
100 World and British Nan. 

1.16 Good Books. 100 The 
John Dunn Shew. 200 Nmra 
Summay; Ptay of to* Week 
Tha Mikado Game. 3.00 
Newsdesk. 300 Creeps. 
Councils and Gantravsraias. 
440 World and British Nows. 

4.16 Sports Rounduph 440 
Ram Our Own Correspondent 
440 Write On. 


BBC RADIO 2 

700 Don Maclean. 005 
Wfohael AspeL 1030 Kayes on 
Sunday. 1200 Desmond 
Carrington. 200 Bamy Groan. 
340 David Jacobs. 400 Tss at 
tbs Grand. 4.80 Sing 
Something Special. 3.00 
Charts Chester. 330 Honnfe 
Vibon. 700 BBC Radio 2 Choir 
GM cf the Year. 330 aiding 
m* Frith. 800 Alan Katth. 
1000 Touching Places. 1100 
tha Sacred Muse. 1205 Stew 
Madden. 300 Atex Last*. 


BSC RADIO 3 

356 W aather . 700 S acred aid 

Pi of ana, Schumam, 

Sjymanowrid. Stanford, Haytai 
848 Choice of Three. Preview 
cf pro gr amm es , 000 Brian 
Kay's Sunday Morning. 1215 
Mflio Matters. 100 BBC 
PMharmcric tn Wrna. 266 La 
Bonne Chanson. Fauro, 
Gounod, Reynaldo Hahn. 606 
North German Rado 
Symphony Orchestra. Chabrier. 
Rachmanfoov.JanBCak.345 
Making Wares. Ctessicri iruafo 
on TV. 600 Beethoven and 
Mandriacohn Baathouac Wo 
No 1 in D major. Mandrissofin: 
Trfo in C minor. 700 Drama 
Now: The Hunting of Mahler. 
By David ftudtan. Ian Hogg 
atom. 355 Music fo Or 1ms. 
last m onth' s Oolnraecapo 
MuBfoFaa&rtonCtaptrai 

Common. 1040 Choir Works. 


Cradoso and Trimira. 


BBC RADIO 4 

800 Nows. 

310 Pretoria. 

650 Morning Has Broken. 

700 News. 

7.10 Sinfey Papers. 

7.16 On Yora Farm. 

740 Swdav. 

360 The Weak’s Good Causa 
900 News. 

310 Sunday Pspera. 

316 Lenar from America. 

000 Morning Santee. 

10.15 The Antons. Omnfous. 

11.15 Madunwavi 
1145 Erifoo Out 

1215 Desert brand Discs. 

100 Tha World Thta Waekraid. 
200 Cardenas' Question Tima. 
230 Classic Sariat 
Rsnkenstefo. 

500 Pick of too Weak. 

4.15 Anriysls. 

600 &Wyn Cfertras's 
Etfeteugb. 

500 Parity Please! 

600 Sx CTOock Naw. 

315 TidBS of Hriory. 

600 Children's Radb 4. 

700 In Btahess. 

700 Opinion. 

800 (pM) mar* Htatory. 

800 (LW) Writer's Week^. 
SMdVIBds. 

850 0-W) The French 
Experience. 

300 (FM) The Nahrel Htatory 
Programme. 

216 |LW] Mfetoefi Am Rhein. 


350 (pM) Om Step Beyond 
846 P-W) ghort Stories in 
French. 

1000 News. 

1018 Sravtvors. 

1046 StS Uvs2 
11.16 Wkh Great Pleasure. 
1146 Seeds of Frith. 

1200 News. 

1230 Shipping Forecast 
1243 (LW) Aa WOrtd Santee. 
1243 (FM) Cfoae. 


BSC RADIO S Live 

606 Hot Postals, 

650 The Breakfast Programme. 
905 Mtchril on Sunday. 

1200 Mkkfay Edtoon. 

1215 The Big Byte. 

105 Top Gear. 

105 Carol ShOte* Bfoa SW» 
205 Srfoday Sport 
305 Am and tha Doc. 

700 News Extra. 

706 The Add TasL 
300 The UBknata Pnvtaw. 
1005 German Betafon SpedaL 
1033 Crtmo Desk. 

1100 Mght Extra. 

1205 Nl^ricsfl. 

200 Up Al Night 


WORLD SERVtCB 

BBC for Europe can ba 
received in we stern Bacps 
on Msdkan Ware 648 kHZ 
(488ml «t these fonowlng 
times Bffn 

800 Nswshour. 700 News and 
feature kr German. 700 Jazz 


For The Asking. 800 World 
News. 316 Composers' 
Journeys. 800 From Our Own 
Correspondent. 800 Write On. 
800 World News. 909 Words 
of Frith. 315 The Greenfield 
Cdfectioa 1000 World News 
and Business Review. 10.16 
Short Story. 1050 Fbta Route*. 
1046 Sports Roundup. 1100 
News Summery; Science in 
Action. 1100 In Praise of God. 
1200 Newsdesk. 1250 B8C 
EngSsh. 1245 Nows and Press 
Review tn German. 100 Karra 
Sunmary; Ptay of the Woric 
The MHcada Gams. 200 
Newshour. 3.00 News 
Summary; Tutay Today. 300 
Anything Go«3 4.00 World 
News. 4.15 Concert He*. 500 
Wortd and British News. 316 
BBC Entatah. 000 New and 
tasturw Si Geman. ftfiO World 
News and Buainere Review. 
6.16 BBC English. 7.00 
Nawadeok. 700 News and 
features to German. 900 Wortd 
News. 310 Words of Fafth, 
315 Printer's Devil. 1100 
Europe Today. 10.00 
Newshour. 1100 World News 
and Business Review. 11.15 
Meridian. 11.45 Sports 
Roundup. 1200 Newsdesk. 
1230 Turkey Today. 100 
Wortd and British News. 1.15 
Top Scores. 100 In Praise of 
God. 200 News Summery, Tha 
Path to Power. 250 Ntotaia 
Gore, 246 Composers' 
Joumeyta 300 Newsdesk. 530 
Composer of the Month. 400 
WMd and British News. 4.16 
Sports Roundup. 400 Arythfog 
Goes. 


CHESS 


The Interpolis at Tilburg 
competes with Linares, Spain, 
as the world's leading annual 
tournament It takes Kasparov, 
Karpov or a peak-form rival to 
win. the Dutch, event, which 
changed its format recently 
from an all-play-all to a less 
predictable knock-out. 

Britain’s Michael Adams 
won In 1992 but ex-Soviets 
resumed their monopoly in the 
past two Tilburgs. where West- 
ern GMs were eliminated by 
the last 32 or 16. Now. the tour- 
nament's future is in doubt 
because Interpolis, an insur- 
ance firm, is merging with 
Rabobank. 

Valery Salov. the Fide semi- 
finalist, took the FI 100,000 first 
prize. He is a bitter critic of 
Kasparov’s PCA breakaway, 
and refused the champion's 
handshake when the pair met 
in the French League. 

At the highest levels of 
world chess, it rarely pays to 
try off-beat, second-rate open- 
ings. Here, White exploits 
Black’s rare Centre Counter 
Defence to trap the king (V. 
Ivanchuk, White; A. Khallf- 
man. Black; Tilburg 1994). 

1 e4 d& 2 exd5 Qxd5 3 Nc3 
Qa5 4 d4 NTS 5 Nf3 c6 If at once 
Bf5 then 6 Bc4 e6 7 Bd2 
harasses the queen, while if 
Bg4 White chases the bishop 
by 6 h3 Bhs 7 g4 Bg6 8 Ne5 e6 9 


Bg2 Be4 10 Bxe4 Nse4 11 Q&. 

6 Ne5! More precise than 6 
Bd3 Bg4. B!5 7 Bd3 Bxd3 8 
Qxd3 e6 9 0-0 Bc7 10 Qg3! gfi? 
Better is (W) (opt cut) 11 Bh6 
NeS 12 Radi KM 13 Bd2 when 
White will attack by f4-iB. 

11 BhS Nbd? 12 Radi Nxe5 
13 dses Nd5 14 NxdS cxds 15 
c41 A gambit to open attacking 
lines. dxc4 16 Bg7 Rg8 17 BI6 
Qc5 18 Qf3 Qc6 19 Qh3 h5 20 
Bxe7 Kxe7 21 Qa3+ Keg 22 Rd6 
QbS 23 Rfdl aS 24 QI3 Resigns. 
If Qxe5 25 Qxb7 while other- 
wise 25 QfB with RdS+ or Rd7 
is decisive. 

Chess No, 1043 



Kamsky v Seirawan, Monaco 
1994. How does White (to 
move) break down Black's 
defensive barrier? 

Solution Page XXIV 

Leonard Barden 


BRIDGE 


My hand today comes from 
teams-of-four. 

N 

4 65 

V A K 7 5 4 
♦ 10 4 2 
*KQ2 

W £ 

4 1082 4 K J 9 7 4 3 

4 J 8 6 3 2 VQ 
4 Q 8 6 4 53 

463 4 A 10 9 7 

S 

4 AQ 
4 10 9 
4 A K J 9 7 
4 <18 5 4 

South dealt and opened with 
one diamond. North replied 
with one heart and East over- 
called with one spade. South 
re-bid one no-trump, and 
North's raise to three closed 
the auction. 

West led the two of spades to 
king and ace. Declarer played a 
club to the queen. East won 
with the ace and returned a 
low spade to the ace. South 
crossed to the club king and 
returned the two to his knave, 
but the suit did not break. 

flashing the diamond ace. he 


crossed to the heart king - 
East dropping the queen - and 
cashed the ace. The ten of dia- 
monds was finessed but West 
won, made his heart knave, 
and played a spade to defeat 
the contract by two tricks. 

In room two after identical 
bidding, the South player won 
the spade king as before but 
showed far better technique. 
Placing East with the dub ace. 
he crossed to heart lung and 
returned the two of clubs - an 
excellent avoidance play. If 
East takes his ace, he sets up 
three club tricks for South and 
he gets home with two tricks 
in each major, two diamonds, 
and three clubs. But East 
ducked and the knave won. 

Now declarer switched to 
ace, king and knave of dia- 
monds. West made his queen 
but South's nine tricks were 
delivered safely. 

□ A new bridge dub, the King 
of Trumps in Roehampton 
Vale, south-west London, is 
waiting to greet you. Tel: 
081-780 9100. 

E.P.C. Cotter 


CROSSWORD 


No. 8,585 Set by DINMUTZ 

A prise of a classic Pelikan Souverffn BOO fountain pen, inscribed with the 
winner's name for the first correct solution opened and five runner-up 
Prizes of £85 Pelikan vouchers. Solutions by Wednesday October 26, 
marked Crossword &585 on the envelope, to the Financial Times, l South- 
wark Bridge, London SET 9HL. Solution do Saturday October 29. 



Name — 
AtWrwre- 


ACRO&S 

I Duplicity ol church In tide of 
reform (6) 

4 Turn bated, made ready for 
tattoo (8) 

10 Remote Hilton establishment 
sounds perfect (7-2) 

U Guys turn out, taking In 
Twickenham’s first game (5) 

12 Deed alow? (4) 

13 Fan in hut, asset when turn- 

15 wfffl may be picked up by 
the beak? (7) 

16 Trim tree (6) 

19 Home brewer's vessel of 
mothers, potentially? (6) 

21 Hit and miss sort of sword? 
(7) 

23 Blundering, a French ruler 
captures Gaunt (10) 

25 Duke, say. holding DS dol- 
lars? M) 

27 I would retire wearing popu- 
lar loin-cloth (5) 

28 Late drink down under for a 
tramp (9) 

29 System of diet given to square 
military formation (8) 

30 Stagnant? Cast it out! (6) 

Solution 8,584 


DOWN 

1 Show record drop (8) 

2 Freewheel route to seaboard 

(?) 

3 An attempt to support one 
ancient to Othello (4) 

5 Arrives at open stretches of 
water (7) 

6 Periodical is unusual treat for 
a chap on bench (10) 

7 Sundry pieces of text rarely 
shown (5) 

8 Experiment with ways to 
le appointments to meet 



. .retired 

having fallen from grace (6) 
14 In mud I help out, producing 
larkspur ( 10 ) 

17 Old instrument (the modem 
version has one hole fewer) 
(9) 

18 Arcane coteries all over the 
place (8) 

20 Enrols and gets upset (50) 

21 Caught Annie wandering 
rover-like, we hear (6) 

22 Back Aintree favourite to 

make a killing (6) 

24 Strip used in marathon, gen- 
erally (5) 

26 Put up job (4) 

Solution 8,573 


BHEJBQa HQQDnaHQ 


□HBHDQ nmBOBnOB 
□ □ a a □ o a 
□□aniin □qodhobb 


WINNEBS 8£7& Mrs H. WtQett, Liverpool,' P.M , „ 

shire: R.W. Head, Otford, Kent; J. Hunt. Moseley, Bln 

BA Marston, Poole, Dorset; Mr K. Morrice, Potterton, Aberdeen. 






XXVI WEEK-END FT 


FINANCIAL TIMES WEEKEND OCTOBER 15/OCTOBER 16 1994 ^ 


I probably take coffee too 
seriously. When I order my 
morning cappuccino, I keep a 
guilty, but beady, eye on the 
hapless dupe whom I have ran- 
domly picked out to kick-start my 
day. just to check that nothing is 
amiss: that the amount, quality and 
pressure applied are os they should 
be: that the milk is not allowed to 
boil; that it is gently coaxed into the 
cup: and. finally, that no one dares 
sprinkle chocolate on top (a violent 
lurch across the counter coupled 
with a low. rumbling sound in 
Dolby stereo usually does the trick). 

The afternoon espresso poses 
fewer problems, but vigilance is still 
required. It must be small, strong, 
thick, black as soot but topped with 
a subtle film of golden-brown which 
just catches the light as you twirl 
the cup in your hand. 

Obsessive, I know, but then coffee 
is a way of life; an integral part, 


Coffee and the reason for living 

When it comes to cafes, London yields to most of Europe, says Peter Aspden 


dare I say it, of European civilisa- 
tion. With frontiers ever shifting, 
holiday destinations turning into 
battlefields and finance ministers 
springing In and out of monetary 
systems as if in a country dance, 
what better way is there to define 
and defend this troubled continent 
than to celebrate the splendour of 
its cafes? 

The will to while away the hours 
over a cup of Arabia's finest unites 
Paris. Rome, Madrid, Athens, 
Amsterdam - every European meg- 
alopolis which prides itself on cul- 
tural vitality and elan. All these 
cities understand the creative link 


between intellectual fertility and 
the coffee house. But London, alas, 
cannot count itself among them. 

From Potsdam to St Petersburg, 
as we speak, brilliant minds are 
shaping philosophies for the new 
millennium in a glorious haze of 
caffeine-charged inspiration, lucid 
as laser-beams, while the British 
can only sup their placid pints of 
miid-and-bitter and dream about vil- 
lage greens and the 19th century. 

Over-stating my case? Imagine 
the scene: Jean-Paul Sartre and his 
sidekicks are meeting for a few 
hours of reflective debate at the Jug 
and Firkin. It is a sultry, crepuscu- 


lar evening, the master Is at the 
bar. “Ah. Simone, bonsoirt What's 
your poison?” 

Td love a pint of Ruddles, please, 
Jean-PauL Shall we sit down?” 

"Well, it‘s a bit crowded. Why 
don't we join the hundreds of peo- 
ple standing outside, spilling beer 
all over each other because their 
glasses are too full, making sure we 
-don't take up too much of the pave- 
ment, precariously balancing our 
ports scratch tngs against our Hei- 
degger tests and invent a new phi- 
losophy?" 

Hell really is other people when 
you have to fight your way into a 


London pub in the summer. Has it 
not occurred to anyone that 
Britain's cultural life has been crip- 
pled as a result of its refusal to 
embrace the bean? 

To be Mr, things are changing. It 
is possible to find the odd part of 
Soho where one can spend an hour 
or two in relative comfort, drinking 
respectable coffee and imagining, 
for a moment or two at least, that 
there is revolution in the air. 

And the city which never goes to 
sleep (because it never properly 
wakes up) is actually at the fore- 
front of an exciting coffee-related 
development - the Internet cafe. 


Cyberia (“the world in a coffee 
cup”), just behind Tottenham Court 
Road, is a brand new concept in 
customer service, where you can sit 
in front of a screen and surf on the 

super-highways, as it were, commu- 
nicating with enthusiasts all over 
the world while nibbling a croissant 
and sipping the golden liquid. 

1 tried it: the spirit of intellectual 
inquiry knows no technological 
boundaries. But when it comes to 
information super-highways, I find 
it quite hard to leave the hard 
shoulder. I wanted to send out a 
message asking if anyone wanted to 
set a new agenda with me for the 


post-historical world, but I got stuck 
in the England football team for 
Wednesday’s international against 
Romania. In other words, 1 used it 
exactly like a newspaper, which 1 
know is my problem rather than 
Cyberia's, but I cannot honestly see 
it catching on. Are people not 
meant to talk to each other in cafes, 
or is that old-fashioned? 

To idle away at a pavement cafe 
is more, much more, than a blissful 
waste of time: it is an act of defi- 
ance. It says to all those around you 
who are buzzing to work or racing 
home: Wait There is more to your 
lives than this. Relax, and thi nk 
about the world in a different way. 
Smoke a pipe, write a novel argue 
about the existence of God. It is 
part of our ancestors' rich heritage, 
and it is the reason life is worth 
living, 

I probably take coffee too seri- 
ously. 


w 


bo is Doris 
Lessing? By 
reputation, of 
course, she is 
the famous 
writer. To meet, she is a 
wom:in of seductive frankness. 
According to the calendar, she 
is 75 years old next Saturday. 

Lessing herself says she is 
several people. 

As Doris Tayler. a fraught 
and sensuous child in 
Southern Rhodesia, she took 
cover behind a mask called 
“Tlgger”. the bouncy character 
from Wiimh'-the-Pook. Was Tig- 
ger still around. I asked her? 

“Oh. she emerges from time 
to time, usually when I'm in 
false positions and l need pro- 
tection. Out she pops." 

Is the person she's protecting 
in this room now? 

“My real self is an observing 
person and somewhat solitary 
person. I would say, even when 


Private View /Christian Tyler 


Author of many characters 


there are a lot of people 
around." 

And when you come to 
observe yourself . . .? 

"Ah," she interrupted, "but 
we are not just one person at 
all. We're composites of people. 
I'm much more interested in 
the different kinds of people 
inside one's skin.” 

The first volume of her auto- 
biography, which comes out on 
Thursday, is entitled Under My 
Skin. 

So who are these various 
Doris Lessings? The first, she 
said, is The Observer, "a 


defended observation post", 
who seems to do all her 
remembering for her. A second 
is The Hostess, a continuation 
of Tigger, a well-behaved per- 
son who “adores cooking and 
having little evenings”. 

"And then there's the one I 
totally disapprove of, which is 
the unhappy child that is sorry 
for itself. She is an immensely 
self-pitying creature." 

The autobiography started as 
a defence against the "fanta- 
sies" and "unbelievable inaccu- 
racies" ishe gave examples) of 
biographers and interviewers. 


Then It became interesting. 
But to relive her childhood had 
been painful, she said, and 
gave her nightmares. 

Was it your third person who 
had the nightmares? 

"You tell me who dreams 
before 1 answer that Who does 
the dreaming? No. this is a 
serious question. How do we 
know it's not different people 
doing the dreaming? I mean, 
the older I get - forgive me for 
that boring remark - the more 
I don't know, the more ques- 
tions there are." 

Lessing asked a lot of such 





• • V.*- ■■■ *>•' *.-•• 


Trtnoa Hiynpfrrtcs 


questions during nearly two 
hours in which she talked 
about herself with a critical 
detachment fax too passionate 
to be called clinical Sitting 
calmly - almost motionlessly - 
in a deep sofa she seemed both 
forceful and vulnerable. She 
was tireless, inquisitive, 
intense. I left exhausted. 

I had arrived with my own 
hypothesis (or fantasy): that 
Doris Lessing, twice married, 
twice divorced, who left two 
children in Africa and brought 
her third to London, could be 
explained as the emotional vic- 
tim of her mother. 

She agreed that her mother. 
Emily, tried to bind her "with 
bands of steel” and she had to 
fight her to get out from under. 

“She was a very talented 
woman. She could have been a 
musician. She was very effi- 
cient, immensely social very 
clever at school. But she found 
herself nursing a very sick 
man" (Alfred Tayler had lost a 
leg in the first world war) 
"stuck in the middle of the 
bush. She wanted me and my 
brother to live her life for her." 

Lessing's daughter in Africa 
has two girls. Her older son, 
whom she described as brave 
and romantic, never married 
and died of a heart attack two 
years ago. Her son of the sec- 
ond marriage, who lives near 
her In London, is also unman-, 
ied. She resisted further ques- 
tions about him. The children 
of the famous had enough to 
put up with, she said. 

When I asked her if she had 
been a possessive mother in 
her turn, she said absolutely 
not “Because I'm too much of 
an egotist. Tm always thinking 
about my next book.” 

Are parent-child relations a 
kind of curse? 

“Yes, they are. Much better 
if we didn't have any parents 
at all 1