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US Ejections 

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Europe's Business Newsbaber 


FINANCIAL TIMES 




EU averts budget 
crisis with deal 
on Italy’s fines 

European Union finance ministers reached a 
compromise over fines due from Italy for cheating 
on its milk production quota. The settlement 
resolves the crisis over the union's plan™*! budget 
increase and means that enlargement due to bring 
in Austria, Finla n d, Sweden and Norway nort year 
can proceed. Page 28 

US and North Korea sign accords The US and 

North Korea signed an agreement to defuse tinrimg - 
tension in the Korean peninsula in spite of interna- 
tional doubts about the wisdom of providing aid 
and technology to a country that flouts the Nuclear 
Nan-Proliferation treaty. Page 26 

Actor Burt Lancaster cBes aged 80 

Actor Burt Lancaster 
died at his home in Los 
Angeles, aged 80. He had 
been in poor health for 
some time. He appeared 

in more than 70 films 

including From Here to 
Eternity, Elmer Gantry, 
for which he received an 
Academy Award, and 
The Birdnum of Alcatraz. 
He made his last film. 
Voyage of Terror , in 1980. 

CIS to form economic committee: The 12 

former Soviet republics which belong to the Com- 
monwealth of Independent States took a tentative 
step towards closer to Integration by agreeing to 
form a supra-national economic committee. 

Page 2 

Satellite boss dismissed: Soclefe Eurotfeenne 
des Satellites, the company that operates the Astra 
satellite system, dismissed its 
director-general, Pierre Meyrat SES said Mr 
Meyrat, a pioneer of satellite television in Europe, 
had "been released from his duties”. The departure 
is in spite of letters of support from customers. 

Cigarette profits lift American Brands: A 

big increase in profits from cigarettes helped US 
consumer products group American Brands lift net 
income 79 per cent to $152m in the third quarter, 
page II 

Clinton to visit Syria: US president Bill Clinton 
will visit Damascus nest week for talks with Syrian 
president Hafez al- Assad on negotiations between 
Syria and Israel. Israel shells guerrillas in Leba- 
non, Page 3 

Poor US antes hold back Kafiogg: Poo|^ales 
in the US held bat* profits growth at Kellogg, the 
US breakfast cereal maker, in the three months to 
September. Net income rose 4 per cent to $Zl&7m. 
Pagell 

Japan's brokers stall at halfway: Interim 
qq rningg at Japan’s leading brokers were held back 
by lower-than-expected stock market volume which 
resulted in reduced stock broking commissions. 
Pagell 

Value of Brftlah Coal assets questioned: 

The successful bidders for British Coal mines have 
offered for more than is being paid for coal assets 
on the totemattanal market, a report says. Page 10 

Lloyd's agents to appeal In Gooda case: 

Lloyd’s of London insurance market agencies feeing 
record claim * for compensation from members after 
the High Court judgment against them in the 
Gooda Walker case are to go to the Court of Appeal 
Page 6 

Farmors fee© tough 'green* measures: UK 

agriculture minister William Waldegrave is discuss- 
ing proposals to force European Union cereal form- 
ers to adopt environmentally friendly practices in 
return for the £8.Ibn ($12^bn) annual payments 
they receive as compensation for cuts in grain 
prices. Page 4 

Pearson to buy magazine group: Pearson, 
the media and information group th at own s the 
Financial Times, has agreed to buy Future Publish- 
ing for fife-fim ($83m). The company specialises in 
computer and consumer magazines. 

Tunnel train defaywd again: A Channel tunnel 
Eurostar train broke down for the second consecu- 
tive day. BR chairman Sir Bob Reid and Eurotunnel 
joint chairman Sir Alastair Morton were among 400 
passengers delayed for two hours at Calais station 
on their way to Paris from London. Page 6 

Clocks go back hi UK: Summer time endsin 
the UK at 2am cm Sunday. Clocks will be put back 
one hour. 


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10 Hunting 

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Barr & WaJtaca 

id National Weehrtnetar 

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British & American 

10 Nfeto 

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11 Nomura 

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Digital Equipment 

11 PhUp Morris 

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For customer service and 
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r rankfurt 

69) 15685150 


WEEKEND OCTOBER 22/OCTOBER 23 1 994 


DS523A 


Fayed gave Tories £250,000 after Harrods takeover 


By Robert Peston and David Owen 

Mr Mohamed Fayed, the Egyptian 
financier whose allegations about pay- 
ments to MFs have thrown the govern- 
ment tnto disarray, mid last night that 
he had made personal contributions 
totalling £250,000 to the Conservative 
party in the mid-1980s. 

The contributions were made after he 
and his two brothers acquired House of 
Fraser, which owned Harrods depart- 
ment store in Loudon, in 1985. 

Following the takeover, the govern- 
ment faced lobbying from the Fayeds' 
arch rival, Mr Tiny Rowland, chief exec- 
utive of the international group, Lonrho, 


that it to should take actum against 
them for alleged misconduct during the 
£615m House of Fraser takeover. 

According to Mr Michael Cole, a Har- 
rods director who was speaking for Mr 
Fayed, the funds were “handed person- 
ally to Lord McAlpine”. at the time hon- 
orary treasurer of the party. 

The Conservative party said last night 
that it bad a rule of never commenting 
about personal donations. Lord 
McAlpine was unavailable for comment 
However, Mr David. Blunkett, the former 
Labour party chairman, said the disclo- 
sure of these payments was damaging to 
“the democratic process”. 

There was also mounting pressure last 


night for the resignation of Mr Neil 
Hamilton, the corporate affairs minister 
named by Mr Fayed earlier this week as 
one of two government ministers who 
had received payments for asking parlia- 
mentary questions. 

Though Mr Hamilton has denied the 
allegations. Mr Alex Carlile, Liberal 
Democrat MP fra- Montgomery, called for 
an inquiry into Mr Hamilton's stay at 
the Ritz, the Paris hotel owned by the 
Fayeds. He made his request in a letter 
to Sir Geoffrey Johnson Smith, chair- 
man of the Commons committee on 
members’ interests. Mr Hamilton is 
alleged to have had an all-expenses paid 
stay at the Ritz. Mr Carlile wants the 


committee to decide whether the trip 
should have been disclosed in the regis- 
ter of members' interests. 

Mr Hamilton's decision to stay in bis 
post has been supported by Downing 
Street, following a three-week investiga- 
tion by Sir Robin Butler, the cabinet 
secretary. There was speculation at 
Westminster that the conduct of a third 
minister - together with Mr Tim Smith, 
the junior Northern Ireland minister, 
who resigned on Thursday - had been 
investigated by Sir Robin. 

Downing Street last night said It was 
not in a position to “confirm or deny 
any such things”. Mr Fayed's payments 
to the Conservative party have never 


been made public because personal pay- 
ments to political parties, unlike corpo- 
rate ones, do not have to be disclosed. 

Lonrho, which also wanted to buy 
House of Fraser, alleged that the Fayeds 
had not used their own money for the 
takeover. Department of Trade and 
Industry inspectors were appointed in 
1987. Their report, not published till 
March 1990, concluded that the Fayeds 
had “misrepresented . . . their 
wealth . . . and resources". In spite of 
these criticisms, no action was taken by 
the DTI to disqualify them as directors 
of UK companies. 

Doyen of the lobbyists. Page 8 


Dublin welcomes package of Ulster confidence-building measures 


Major paves way 
for start of talks 
with Sinn Fein 


By Philip Stephens In London 
and John Murray-Brown ki 
Belfast 

Mr John Major, the UK prime 
minis ter, moved to entrench 
peace in Northern Ireland yester- 
day with an extensive package of 
confidence budding measures. He 
announced the government was 
ready to open exploratory talks 
with Sinn F&n, the IRA's politi- 
cal wing, before the end of the 
year.' 

In a landmark speech in Belfast 
in which he confirmed the gov- 
ernment's “working assumption” 
that the IRA intended a penna 
nent end to violence, Mr Major 
disclosed plans for a steady eas- 
ing of security measures in the 
province. 

His comments evoked a warm 
response in Dublin, modest 
encouragement from the Ulster 
Unionists and calls from Sinn 
Ffiin for direct negotiations not to 
be delayed. But Dr Ian Paisley, 
leader of the Democratic Union- 
ists, accused Mr Major of “caving 
in" to the IRA. 

Mr Major, who is to meet Mr 
Albert Reynolds, the Irish prime 
minister, on Monday, also empha- 
sised his determination to accel- 
erate negotiations on a new polit- 
ical settlement 


In spite of the refusal of Shm 
Ffiin explicitly to renounce vio- 
lence for good, he said, the 
actions of the Republican move- 
ment during its six-week cease- 
fire pointed to a permanent end 
to the violence. 

The orders excluding Mr Gerry 
Adams and Mr Martin McGuin- 


Utater peace process: Page 5 

■ Paisley condemns initiative 

■ Major takes risks 

■ Sinn F&n aims to unite 


M Editorial Commenfc.Page 8 

ness, the two leading spokesmen 
fin- Sinn F&in, from the British 
mainland were lifted. AH border 
crossings with the Republic are 
being reopened. 

Declaring that “from this 
moment we are in a new phase of 
the peace process", the prime 
minister said measures marked 
the start of a “full return to dem- 
ocratic life”. The aim was “to 
make a return to violence 
unthinkable”. 

Mr Major spelled out plans to 
create a new Ulster assembly and 
laid out the principles that would 
guide negotiations with the Irish 


Republic on a constitutional 
framework for the province. 

His speech included also a com- 
mitment to a large-scale initia- 
tive to rebuild the Northern 
Ireland economy with a con- 
certed effort to encourage inward 
investment and substantial Euro- 
pean Union aid. 

Overall, it marked a carefully 
balanced effort to reassure the 
unionist community of their con- 
tinuing veto over the province's 
constitutional fixture while meet- 
ing the concerns of the national- 
ist community. 

Hie prime minister’s talks with 
Mr Reynolds are designed to 
remove the remaining obstacles 
to a joint framework document 
on relations between the two gov- 
ernments and between Northern 
Ireland .and the Republic. 

Mr Major indicated that once 
the document is completed, the 
British side will publish also its 
ideas for a new. devolved assem- 
bly in Northern Ireland. The pro- 
posed assembly, which would he 
elected under a proportional vot- 
ing system, would give represen- 
tation to all ghadps of opinion in 
the province. 

But in a warning of the difficul- 
ties to come, Mr Major said a 
lasting peace could be guaran- 
teed only when the IRA and loy- 


London 


Fr an kf u rt 


Dollar 


IIS 3Q*yr long bond 





Dollar rebounds after slump 


By PtriUp Qarwfth and 
PtvHp Coggan 

The US dollar rallied in London 
yesterday after a week in which 
tt hit a postwar low against the 
Japanese yen and a two-year low 
against the D-Mark. 

The rally followed remarks 
yesterday by Mr Lawrence Sum- 
mers, undersecretary of interna- 


tional affairs at the US Treasury, 
that the US administration 
would be prepared to intervene 
in the currency markets to sup- 
port the dollar. 

The US currency had dropped 
to Y9£L50 and DML4S80 in Asian 
trading earlier following com- 
ments on Thursday by Mr Lloyd 
Bentsen, US Treasury secretary, ’ 
which reawakened fears that the 


US had returned to a policy of 
“benign neglect” towards the 
dollar. By the London dose, the 
dollar was trading at YJHL995 
and DM1.4954. The dollar’s 

Continued on Page 28 
Japan calls for intervention. 
Page 3; Currencies, Page 13; 
London stocks, Page 15; World 
stocks, Page 23; Lex, Page 26 


STOCK MARKET INDICES 


ft-se 10 a ... 

YHd 4.16 

FT-SE Girona* 100 . 1 , 304.75 

FT-Se-A AS-Shme .. 1,61228 

NHw 1928206 

New lortc tunchttma 
Dow Jones Ind Ave 3^88 27 
S & P Composite — 40425 


afiSSLB (-30.4) 


f-18.47) 

HUW) 

t-8222) 

(-22*8) 

(-2-0) 


■ LONDON NOISY 

3-mo Interbank SJJV. {name) 

Utto tong gtt fut_ Dec 101* (DoclOlty 


taanaacrai Naw 23 

UKNms 4* 

WMtttr 26 

Lux 26 


■ US h incli l h na rate* 

Federal Funds: 4%% 

3 -m Trees Bftc YTd„ 5 . 102 % 

Long Bond 94JJ 

Yiold 7276* 

a MOUTH SNA 09. (Argos) 

Brant 15 -dqr (Dec}— $ 1 & 2 S (7BAB) 


■ Odd 

New Yak Comax P« 4 ~S 382 j 9 
London S 360 .T 


■ STERLING 

New York lunchtime: 


London: 


S 

DM 

FFr 

SFr 

Y 


1228 (1JB2) 

24345 P-4325) 
03432 (03381) 
20277 (2-0206) 
157.008 (157.882) 


£ Index 804 (802} 


■ DOLLAR 

Now York lunchtime: 
DM 1.4888 
FFr 6.139 

SFr 1-2405 

y Bras 

London: 

DM 1.4064 (1-5018) 
FFr 5.126 (5.1471) 
SFr 1.3455 (1-2473) 
Y SCL995 (97325) 
$ Index 808 
Tokyo dose Y 9688 


CONTENTS 


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John Major speaking to the press at Stormont Castle, Belfast with 
Northern Ireland secretary Sir Patrick Mayfaew to his left 

alist groups had surrendered 
their guns and explosives. He 
said the London government 
intended to establish a joint 
approach with Dublin. 

ffinn Ffiin gave an insig ht into 
Its likely negotiating position, 
warning that it would make the 
surrender of guns contingent on 
achieving broad political agree- 
ment 


Mr Mitchel McLaughlin, north- 
ern chairman of Sinn Ffiin, said 
he saw the discussion cm the 
political Issues as part of the tak- 
ing the gun out of Irish poli- 
tics . . . Clearly there would 
have to be agreement on political 
structures to remove the poten- 
tial for political violence. That 
political violence arose out of a 
lack of agreement" 


Jaguar car 
workers 
reject 
7.5% pay 
package 

By Robert Taylor, 

Labour Correspondent 

Jaguar car workers have 
overwhelmingly rejected a two- 
year pay deal worth 7.5 per cent 
in a move that has shocked the 
company and the trade unions 
that negotiated the agreement 

The decision, aroused fears yes- 
terday that discontent might 
spread to other parts of the UK 
car industry as economic recov- 
ery increases the demand for cars 
and strengthens employees’ bar- 
gaining power. 

Next week, uniting covering 
28,000 employees at the Rover 
group will announce the restilts 
of a workplace ballot on a 7.7 per 
cent, two-year pay offer. Nissan 
and Peugeot Talbot negotiate in 
November. Ford will increase pay 
by 3.5 per cent on November 24 
as part of a two-year deaL 

Both sides at Jaguar are expec- 
ted to meet in the next few days 
to try to revise the offer. If they 
fail to secure an improvement, 
the unions are likely to call a 
strike ballot. The Jaguar workers 
threw out the offer by a six-to- 
four majority in a consultative 
ballot organised by the compa- 
ny’s shop stewards. 

An official of the Transport and 
General Workers union said it 
believed the Jaguar 


Continued on Page 26 
Pay rejection signals restive 
mood, Page 4 
Lex, Page 26 


Tth E FINANCE' TIMES XJMTTED 1994 NO32.504 Week No 42 


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7 






2 


FINANCIAL TIMES 


WHEKLEND OCTOBER 22/OCTOBER 23 I 


NEWS: EUROPE 


Summit adds to 'paper trail* of 
agreements on co-operation 

CIS states 
inch towards 
integration 


By Chrystia Freeland 
in Moscow 

The 12 former Soviet republics 
in the Commonwealth of Inde- 
pendent States took a tentative 
step towards closer integration 
at a s ummi t in Moscow yester- 
day. agreeing to form a supra- 
national economic committee. 

But many of the states 
expressed reservations about 
this and other political and 
economic agreements signed, 
and retained the right to opt 
out of CIS accords. 

These hesitations suggest 
that, despite the decidedly 
upbeat tone of Russian Presi- 
dent Boris Yeltsin at a conclud- 
ing press conference, the CIS is 
unlikely to be granted the 
authority to overrule national 
governments soon. 

Mr Yeltsin also made a 
veiled attack on Russian advo- 
cates of tough fiscal and mone- 
tary policy by strongly endors- 
ing the bid by the embattled 
republic of Tajikistan to rejoin 
the Russian rouble zone. 

During yesterday's meetings 
the Russian and Moldovan 
prime minis ters agreed on the 
withdrawal of Russian forces 
from Moldova by 1997. Russia 
also pushed through an a gree- 
ment on protection of national 
minorities, which could 
strengthen Moscow's efforts to 
speak for the 20m ethnic Rus- 
sians living in other former 
Soviet republics, but many 
states, including Ukraine, 
appended reservations to their 
signatures of the agreement. 

Mr Yeltsin, who expressed 
his satisfaction about the for- 
mation of the Inter-State Eco- 
nomic Committee, in which 
Russia will control 50 per cent 
of the votes and decisions are 
taken by an SO per cent vote, 
admitted that real economic 
integration had not been 
achieved. 

Agreements on forming a 
payments union - which might 
require a curtailment of 
national control over monetary 
policy if it is formed - and a 
customs union were also 
signed, but no details were 
released. 

Later the Ukrainian prime 
minister. Mr Vitaly Masoi, told 
Interfax that Ukraine would 
not join the payments union. 


In the first nine months of 
1994 the Russian federal 
government has collected only 
37.3 per cent of the tax and 
other revenues it conn ted on 
receiving this year, according 
to a Ministry of Finance report 
released yesterday, writes 
Chrystia Freeland. The report 
suggests that low rates of tax 
collection have played a 
significant role in creating the 
fiscal crisis that contributed to 
the crash of the rouble last 
week and prompted the 
Russian cabinet on Thursday 
to adopt a more austere 
budget for 1995. 

A 16 per cent decline in GDP 
- higher than the government 
had predicted when drawing 
up the 1994 budget - and 
lower levels of inflation are. 
according to Russian officials, 
partially responsible for the 
low levels of tax collection. 

But economists believe that 
evasion and capital flight are 
largely to blame. 


Mr Yeltsin acknowledged the 
difficulties, saying: "Not all 
states are equally ready to take 
part in the economic union, 
although all voted for it. n 

Since its formation in 
December 1991 after the col- 
lapse of the Soviet Union the 
CIS has created an impressive 
paper trail of agreements but 
few have actually been imple- 
mented. Mr Yeltsin, who held a 
private meeting with Ukrai- 
nian President Leonid 
Kuchma, praised the “com- 
pletely different atmosphere" 
which now prevails In Ukraini- 
an-Russian rela tions since the 
defeat of former President Leo- 
nid Kravchuk in elections in 
July. However, privately, 
Ukrainian officials said Kiev 
remained unwilling to give up 
any national sovereignty to 
CIS structures. 

• Mr Steve LeVine, central 
Asian correspondent for the 
Financial Times and News- 
week, said yesterday the 
Uzbekistan authorities had 
refused to renew his press 
accreditation. Mr LeVine said 
he was told: “We think you are 
against our president." He will 
continue to report on the 
region from Alma-Ata, the cap- 
ital of Kazakhstan- 


Ukraine to meet 
reform deadline 


By Matthew KamkiskJ In Kiev 

Ukraine will initiate a series of 
tough macroeconomic reform 
steps, possibly as early as 
today, to meet Wednesday's 
deadline set by the interna- 
tional Monetary Fund to 
release a first S3 60m (E227.8m) 
credit to aid the country's tran- 
sition to a market economy. 

The two most important 
measures involve liberalising 
wholesale and energy prices 
and unifying the country's 
myriad exchange rates. These 
reforms, the most radical since 
independence, would be the 
first implemented under Presi- 
dent Leonid Kuchma's west- 
ern-tailored programme to 
overhaul the country's econ- 
omy. 

According to Mr Vladimir 
Naumenko, deputy economics 
minister. Mr Vitali Masoi, the 
conservative prime minister 
hostile to reform, signed on 
Wednesday night nine decrees 


liberalising prices and trade, 
indexing pensions and wages 
and shoring up the social 
safety net. 

Mr Naumenko added that 
the National Bank yesterday 
finalised plans to unify the 
exchange rates. The decrees, 
likely to reassure western 
donors, mark a rare consensus 
within Ukraine's government 

Mr Masoi signed the decrees 
under pressure from Mr 
Kuchma despite his criticism 
this week of plans to raise 
bread prices seven-fold, cut the 
budget deficit to 10 per cent of 
GDP and unify exchange rates. 

The finalising of the decrees 
will mean that Mr Kuchma 
will carry a stronger hand to 
Canada next week when he 
urges IMF, World Bank and G7 
finance officials to help 
Ukraine cover a 8600m balance 
of payments gap for the fourth 
quarter and come up with 
about $5.5bn in assistance to 
ease the economic transition. 


Flamboyant Catalan faces survival test 


M r Javier de la Rosa. 

the flamboyant Cata- 
lan financier who 
since Wednesday has been 
sharing a small cell in Barcelo- 
na’s Modelo prison, foundered 
in deep waters before and came 
out swimming. But now he 
faces charges levelled by 
mostly retired people of modest 
means who claim he has swin- 
dled their savings. 

These minority shareholders 
of Grand Tlbidabo, the now 
bankrupt holding company 
that Mr de la Rosa acquired in 
1991, accuse him of rerouting 
at least Pta3bn (£15m) towards 
his own private businesses. 

Mr de la Rosa, now 47, has 
swum away from the wreckage 
before. In 1985 he resigned as 
head of Banca Garriga Nogues, 
a small Barcelona subsidiary of 
the Banesto banking group, to 
start a private investment 
career. The following year Gar- 
riga Nogues collapsed with bad 
debts of 8800m. 

In May 1992 Mr de la Rosa 
left Grupo Torras, the Spanish 
investment arm of the Kuwait 
Investment Office (KIO) that 
be had run for six years, and in 
December the company, citing 
losses of $4bn, went into 
receivership. 

The year before casting loose 
from the KIO. which is suing 
him separately along with 
other former Grupo Torras 
executives. Mr de la Rosa 
began putting together his own 
financial empire by paying 
Pta8.5bn in a public share offer 
for 30 per cent of Consorcio 
Nacional de Leasing (CNL). a 
Barcelona leasing company 
with a widely distributed small 
shareholders equity base. 

Later in 1991 he had CNL 


Tom Burns examines charges against Javier de la Rosa that 
have landed the controversial financier in deep water 


buy 30 per cent of SA Ubi- 
dabo, a company he already 
controlled, sold CNL’s head- 
quarters and its leasing busi- 
ness, and transformed it into a 
holding company with the new 
name of Grand Tlbidabo. 

Last May Mr de la Rosa's 
chequered business career 
repeated itself. A month ahead 
of Grand Tibidabo's general 
meeting he resigned as chair- 
man of the holding, saying he 
was willing to sell bis stake in 
it for PtaL 

At the AGM Grand Tibida- 
bo's directors announced that 
a revised audit bad established 
losses for the company of 
nearly Ptallbn, in place of 
profits of PtaltSm, and, during 
a six- hour meeting, they 
endured sustained abuse from 
angry minority shareholders. 

The chief cause of the share- 
holder hostility was their belief 
that Mr de la Rosa bad used 
their money in Grand Tlbidabo 
to buy and sell at a profit to 
himself, properties that either 
belonged to him or to his asso- 
ciates and that he had decapi- 
talised the Holding ' in the pro- 
cess. 

What Banesto failed to do 
after the collapse of its Garriga 
Nogues subsidiary - and what 
KIO has so far failed to achieve 
after the toll of Grupo Torras - 
has been accomplished by law- 
yers representing some 500 of 
Grand Tibidabo’s 7,000-odd 
remaining shareholders. Mr de 
la Rosa is being held in cus- 
tody pending charges of falsify- 
ing public documents and mis- 



Javier de la Rosa: has sworn away from wreckage before 


appropriation of funds, which 
carry penalties of six to 12 
years. He was ordered yester- 
day to post bail of Pta7bn to 
cover his alleged liability for 
the losses of Grand Tibidabo. 

Mr Joaquin Aguirre, the civil 


court judge who ordered Mr de 
la Rosa’s arrest three days ago, 
said die firianripr must pay the 
money by Monday or face a 
possible embargo of his per- 
sonal assets. 

The courts will decide 


whether the charges against 
Mm stick and the Investigating 
judge may still add new ones. 
But what has for the time 
being put Mr de la Rosa behind 
bars in his home town is an 
odd combination of high-level 
political infighting and of 
small - tim e investor hostility. 

“People kept telling Javier 
that what would land him in 
jail would not be the big KIO 
guns but the old widows who 
had their savings in CNL," 
says a Barcelona lawyer who 
monitored Mr de la Rosa's deal- 
ings. “Javier has tripped up 
because he refused to recog- 
nise that Grand Tibidabo had 
shareholders, that it had to be 
properly audited and that it 
was subject to the scrutiny of 
the stock exchange commis- 
_ sion," says a former senior 
' employee of the holding com- 
pany. 

The civil actions, like the 
ones brought by lawyers repre- 
senting a group of Grand Tibi- 
dabo shareholders, do not in 
themselves propel the chair- 
man of a foiled company into 
custody. Mr de la Rosa was 
not. however, an ordinary 
chairman and neither is the 
present mood in Spain: there is 
a backlash against those who 
made speculative fortunes dur- 
ing the late 1980s. 

Politics lie close to the sur- 
face of the Grand Tibidabo 
affair as Mr de la Rosa was 
dose to the Catalan nationalist 
party that runs the Generali- 
tat, the Catalan government. 
The Barcelona prosecutors 


seized on allegations that Mr 
de la Rosa had temporarily 
used Ptalbn of a PtelObn loan 
to Grand Tibidabo. that had 
been guaranteed by the Gener- 
ali tat to develop a theme park 
south of Barcelona, for his own 
private business purposes. 

The prosecutors - Mr Carlos 
Jimenez Villarejo and Mr Josfi 
Marla Mena - are seen as 
being “political” prosecutors 
who are staunch opponents of 
the Catalan nationalist party. 
The two were involved in a 
long-running feud with the 
Generality during the 1990s 
when they attempted to pin 
the blame for the failure of a 
local banking group on Mr 
Jordi Pujol, its former chair- 
man and the Genera litat's 
chief executive. 

Catalan nationalists say the 
prosecution of Mr de la Rosa is 
linked to attempts to under- 
mine Mr Pujol, who has fre- 
quently held the financier up 
to be an exemplar}' Catalan 
entrepreneur. 

Mr de la Rosa defiantly told 
a radio interviewer, shortly 
before his arrest, that “every- 
one had better be prepared to 
take their share of responsibil- 
ity”. 

The whole affair takes the 
form of an Itaiian-style corrup- 
tion scandal as 0>lr de la Rosa 
is widely believed to have 
extensive dossiers on leading 
political figures in Spain and 
has allegedly taped ail his con- 
versations. The discovery of a 
Panamanian passport, bearing 
Mr de la Rosa's photograph but 
with a false name, during a 
police search of one of his six 
offices in Barcelona underlined 
the dark side of the financier’s 
approach to business. 


Bonn in 
call for 
continued 
support 

By Bruce Clark 

Germany will continue to need 
Nato and US support for its 
defence because of Russia's 
military strength and the 
uncertain prospects for democ- 
racy. the bead of the German 
defence staff said yesterday. 

In a speech to the Royal 
United Services Institute, Gen 
Klaus Naumann gave a strik- 
ingly downbeat view of the 
chances of stability or prosper- 
ity in the former Soviet Union. 

He described Russia as a 
country “taking a giant step 
from feudalism to democracy 
without ever having gone 
through the experience of 
enlightenment". 

“Stability and democracy 
are linked with economic pros- 
perity, and the Russian econo- 
my ... is far away from 
recovery, and hence we should 
not be too optimistic in our 
assessment," the defence chief 
said. 

He told the institute: “In the 
presumably long process of 
disintegration and reconstruc- 
tion [in the former Soviet 
Union] we are likely to see fur- 
ther reversals . . . and more 
violence than we are now see- 
ing in the almost forgotten 
wars of Caucasus." 

Gen Naumann said that even 
if existing disarmament trea- 
ties were observed, Rnssia 
would still have more than 
3,200 strategic nuclear war- 
heads and an army of 1.5m 
men which Mr Yeltsin had 
promised to supply gener- 
ously. 

He was presenting to the 
institute his country's plans to 
develop a global rapid reaction 
capacity, including the ability 
to deploy one army division 
anywhere in the world within 
less than a month. He stressed 
that Germany did not expect 
to engage in such missions 
alone. 


Swedish forestry companies join 
forces to urge EU membership 


By Hugh Camegy 
in Stockholm 

Sweden's top four forestry 
companies yesterday joined 
forces to warn that investment 
in Sweden would be threatened 
if the country voted against 
joining the European Union in 
a referendum on November 13. 

In a joint newspaper article, 
the chief executives of Stora, 
Europe's biggest forestry com- 
pany. SCA, the continent’s 
third biggest, Modo and Assi- 
dom&n said EU membership 
was vital for Sweden's forestry 
industry, which has many pro- 
duction facilities as well as Its 
main markets in the Union. 

“We want to invest in Swe- 
den, but. . . if Sweden stands 
outside the EU it will likely 
lead to many internationally 
orientated companies choosmg 
to invest in production inside 


the EUs borders," wrote the 
four, whose companies 
together employ 90,000 people 
in Sweden and abroad and 
have combined annual sales of 
SKrll5bn (£9.8bn). 

The article was similar to a 
public warning against tax 
increases issued by four senior 
industrialists before last 
month's general election. But 
it is tor from clear that such 
interventions by business lead- 
ers in political campaigns have 
the desired effect. The election 
warning was aimed chiefly at 
the Social Democratic party, 
but the party went on to win 
the election. 

Many of the Social Democrat 
candidates and supporters pro- 
claimed that the country’s 
large industrial companies, 
most of which are making big 
profits this year, should not 
only pay more taxes but should 


also bear directly some of the 
costs of Swedish membership 
of the EU. 

However, the latest opinion 
polls this week suggested that 
the Yes campaign now leads in 
the EU debate. A poll yester- 
day in Dagens Nyheter, the 
newspaper which carried the 
article by the industrialists, 
showed support for Swedish 
membership running ahead of 
the opposition by 41 per cent to 
34 per cent The result showed 
a gain of five percentage points 
by the Yes camp, while the No 
side slipped three points 
from a previous poll in Septem- 
ber. 

Last Sunday. Finland 
became the first of the three 
Nordic EU applicants to vote 
on membership. Final official 
results published yesterday 
showed approval for joining by 
56JJ per cent to 43.1 per cent a 


slightly narrower margin than 
initially reported by the 
authorities. Norway, where 
opinion remains strongly 
against membership, is to hold 
its referendum on November 
28. 

The F innis h parliament will 
hold its final vote on EU mem- 
bership on November 8 or 9, it 
was announced yesterday. The 
government is keen to secure 
parliamentary approval, which 
must be by a two-thirds major- 
ity. before the Swedish referen- 
dum in case a rejection of 
membership by the Swedes 
causes a last-minute parlia- 
mentary revolt 

In Stockholm yesterday, Mr 
Ingvar Carlsson. the prime 
minister, named Ms Anita Gra- 
din. Sweden's ambassador to 
Austria, as the country's first 
EU commissioner if the refer- 
endum approves membership. 


September’s money supply growth continues deceleration 


German interest rate hopes hit 


By Andrew Fisher in Frankfurt 

Germany's money supply 
growth continued to decelerate 
in September, but not by 
enough to encourage hopes of 
further interest rate cuts by 
the Bundesbank over the next 
few weeks. 

The closely watched M3 mon- 
etary Indicator rose at an ann- 
ualised rate of 7.7 per cent last 
month. Some economists had 
expected it to show a more 
marked slowdown, now that 
the distortions which caused it 
to grow more sharply earlier 
this year have been ironed out. 

The latest M3 figure “will 
reduce market hopes for a fur- 
ther rate cut," said Mr Stephen 
King, economist at James 
Cape! in London. “With rela- 
tively high levels of capacity 
utilisation and strong export 


and investment growth, there 
is no real case for rates to be 
reduced again in the current 
cycle." 

The Bundesbank last 
reduced rates in May by half a 
percentage point, bringing the 
discount rate down to 45 per 
cent and the Lombard rate to 6 
per cent. This helped move 
money out of short-term depos- 
its (included in M3) and into 
longer term funds. 

Recently, Bundesbank direc- 
tors have made clear they see 
no immediate case for further 
interest rate reductions, espe- 
cially with the strong eco- 
nomic revival. 

Mr Hans Tietmeyer, bank 
president, said this week the 
bank wanted to keep money 
market rates stable in the face 
of international volatility. The 
next Bundesbank council meet- 


Q ermany : money supply 

M3, % change from 
previous Q4 average 



1993 

Source; Detastream 

ing is on Thursday. The bank 
said the introduction of money 
market funds Into Germany 
had had some impact on the 
slower M3 trend but this 
should not be exaggerated. 


About DM5bn (£2bn) flowed 
into foreign-based money mar- 
ket funds in August and 
DM3 bn In September; a further 
DMl.2bn went into German- 
registered funds. 

Not all of this came from 
assets In the M3 definition, 
however. Some came from 
abroad and some was switched 
from bond holdings by inves- 
tors nervous about long-term 
interest rate trends. 

“M3 would have grown some- 
what more strongly without 
money market funds, but the 
difference cannot be specified 
from information provided by 
the Bundesbank,” said Mr 
Richard Reid, an economist 
with UBS, the Swiss bank. 

He. too, thought M3 had not 
slowed enough to prompt a 
rate cut at the next two fort- 
nightly council meetings. 


Greek central bank proves no place for a politician 


GUgorov 
remains at 
helm in 
Macedonia 

By Kerin Hope in Athens 

President Kiro Gligorov of 
Macedonia has secured a new 
five-year term, capturing 52.4 
per cent of the registered vote 
in Sunday's presidential and 
parliamentary elections, 
according to official results 
announced yesterday. 

His opponent, Mr Ijubisha 
Georgievski. a theatre director 
backed by the hardline nation- 
alist Internal Macedonian Rev- 
olutionary Movement (VMRO), 
won only 14.5 per cent of the 
vote. 

Mr Gligorov, 77. a reformist 
ex-Yugoslav politician, cam- 
paigned on his record of ach- 
ieving a peaceful transition to 
independence and Interna- 
tional recognition. 

However, a high percentage 
of spoiled ballot papers, many 
from districts with a large eth- 
nic Albanian population, indi- 
cated the tensions underlying 
Macedonia's precarious politi- 
cal stability. 

Official results of the first- 
round parliamentary vote 
were still unavailable yester- 
day. The state electoral com- 
mission, in charge of election 
procedures, said it was unable 
to produce full results as 
returns from some polling sta- 
tions were missing and elec- 
toral registers were incom- 
plete. 

The Alliance for Macedonia, 
led by ex-communists and 
backed by President Gligorov, 
claimed it won more than 30 
per cent of the vote. Unofficial 
results gave VMRO about 13 
per cent and the free-market 
nationalist Democratic party 
about 10 per cent 

The Alliance said it captured 
12 of the 120 parliamentary 
seats in the first round. The 
Party for Democratic Prosper- 
ity, the main ethnic Albanian 
party, claimed two seats. 

Because of the confusion 
surrounding the poll, both 
VMRO and the Democratic 
party are threatening to boy- 
cott the run-off vote for parlia- 
ment, set for October 30. 


A clash of personalities rather 
than policies caused the 
downfall of Greece's central 
bank governor. Mr Yannis Boutos. a 
former economy minister forced to 
resign last week in a dispute with 
the government over the future of 
the loss-making Bank of Crete. 

“The lesson for everyone is that 
you mustn't put a politician in 
charge of the Bank of Greece." said a 
senior economy ministry official 
The new central bank governor, 
Mr Loufcas Papademos, promoted 
from deputy governor, presents a 
model technocrat's image after 10 
years at the central bank, mainly as 
an influential but low-profile eco- 
nomic adviser. 

Mr Boutos came out of political 
retirement to take over as head of 
tbe central bank 11 months ago 
when the Panhellenic Socialist 
Movement (Pasok) returned to 
power. But his personal friendship 
with prime minister Andreas Papan- 
dreou failed to offset the mistrust 
his conservative background 
inspired among senior socialists. 


Kerin Hope on why the bank’s governor was asked to resign 


At one level. Greece's central bank 
enjoys considerable autonomy, set- 
ting interest rates without interfer- 
ence from the government and man- 
aging monetary and foreign 
exchange policy on its own terms. 
However, the need to co-ordinate 
policy on financing Greece's huge 
public debt amounting to more than 
110 per cent of gross domestic prod- 
uct and the development of its fast- 
growing but still primitive capital 
market means the central bank must 
co-operate closely with the economy 
ministry. 

"The governor shared our view on 
reducing inflation and gave us all 
the backing we needed on curbing 
monetary expansion." one govern- 
ment official said. “But he wasn't 
part of banking culture." Tact is also 
needed to maintain relations with 
the state-controlled National Bank of 
Greece, the country’s largest com- 
mercial hank which has a market 
share of close to 50 per cent of depos- 


its but a heavy burden of non-per- 
forming loans. Senior managers at 
National Bank, which issued cur- 
rency until the Bank of Greece was 
set up in the late 1920s. persist in 
seeing the central bank as a compar- 
ative upstart. 

Mr Boutos, a blunt-spoken econo- 
mist from Sparta, had little in com- 
mon with Mr George Mirkos. gover- 
nor of National Bank, a Pasok 
appointee whose family have been 
executives with the bank for more 
than a century. 

He recently rejected Mr Mirk os’s 
demand for a Drt5bn (£40m) cash 
reward for National Bank from the 
central bank for helping defend the 
drachma during last May's currency 
crisis by raising short-term interest 
rates above 60 per cent and turning 
down new loan requests. 

Mr Boutos also raised difficulties 
over another attempt by Mr Mirkos 
to boost his bank's balance sheet. 
Tbe latter demanded that the central 


bank should adjust exchange rates 
in National Bank’s favour on foreign 
currency deposits made by Greeks 
working abroad, dating from the 
time when the central bank kept a 
tight grip on exchange controls. 

The request was considered rea- 
sonable by central bank advisers, 
who are keen to sort out apparent 
irregularities with Greek commer- 
cial banks In preparation for meet- 
ing the Maastricht requirements for 
a single European currency. 

However, concern was voiced over 
tbe inflationary effects of injecting 
some Dr300bn of liquidity into the 
banking system as a result of a one- 
off exchange rate adjustment. 

It was Mr Boutos’s decision last 
month to liquidate Arab Hellenic 
B ank , a struggling consortium hank 
set up in the 1970s by National Bank 
with Libyan and Kuwaiti partners, 
that particularly Irked Mr Mirkos. 

The state-owned Libyan Arab 
Bank had offered to cover a planned 


Dr3bn capital increase for Arab Hel- 
lenic Bank This would have given 
the Libyans control of a Greece- 
based bank, enabling them to open 
branches in the EU under single 
market rules while remaining under 
Bank of Greece supervision. 

The deal hung fire for more than a 
year before tbe US precipitated Mr 
Boutos’s intervention by threatening 
to include Arab Hellenic Bank in its 
ban on financial transactions with 
Libyan nationals. 

While Mr Boutos’s abrasive style 
annoyed other bankers, his decision- 
making could not be faulted until it 
came to privatising the Bank of 
Crete, under central bank supervi- 
sion as a $200m (£126 -5 m) embezzle- 
ment scandal had been revealed 
therein 1388. 

The socialist government is partic- 
ularly sensitive about the Bank of 
Crete because its owner, Mr George 
Koskotas, now serving a prison sen- 
tence for fraud for his part in the 


scandal claimed be was blackmailed 
by Pasok officials into providing 
funds for the party. The allegations 
contributed to the socialists' fall 
from power in 1989. 

Ignoring advice from Pasok, Mr 
Boutos sacked the commissioner of 
the bank. Mr Kostas Kalivianakis, 
on the grounds that he was obstruct- 
ing the privatisation process. More- 
over, Bank of Crete's losses had 
soared from Drl.2bn in 1993 to 
Dr3^bn for the first half of this year. 

A government official said: 
“Because of its past, decisions on the 
Bank of Crete disposal have to be 
reached by consensus and carried 
out transparently." 

Mr Boutos's mistake was to 
appoint as the new commissioner, 
without consultation, Mr Michalis 
Sort ik os, a private-sector financier 
reportedly involved in an attempted 
takeover of a private Greek bank 
earlier this month. This raised ques- 
tions over a conflict of interest. 
When news of the decision reached 
the premier’s office. Mr Boutos was 
asked to resign. 


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FINANCIAL TIMES WEEKEND 


OCTOBER 22/OCTOBER 23 1994 


l es[ 


■lijioroi 

vmaiim 

id in In 

* iilCt&H 


Japan calls for 
intervention 

as dollar slips 


NEWS: INTERNATIONAL 


By Wfflam Dawkins in Tokyo 

Japanese ministers and 
bu ® n fS“ea yesterday voiced 
pdety over the dollar's latest 
decline, to a post-war low 
against the yen. Mr Masayoshi 
Tahemura, the finance minis- 
ter, called for joint interven- 
tion by members of the Group 
of r^f ven to ^PPOrt the dollar. 

The US currency briefly 
touched a record low of Y9655 
in Tokyo, before closing at 
Y96.68, its lowest ever closing 
price in Japan. Share prices 
reacted calmly with the Nikkei 
down only 92.82 points to 
19,899.08 and government 
bonds strengthened. 

Business groups repeated 
earlier worries that the dollar’s 
Dali will inflict another blow on 
the yen value of export mIa* 
just as they were beginning to 
see signs of an export-driven 
profits recovery. 

The current exchange rate is 
excessive and will hit business 
confidence, said Mr Masaru 
Hayaroi, president of the Kei- 
zai Doyukai executives’ associ- 
ation. Small and medium-sized 
businesses, which have not yet 
benefited from the economic 
recovery, will be especially 
hard hit, warned Mr Maaftmii 
Onishi, chairman of the Osaka 
chamber of commerce. 


Privatisation flop 
prompts ret hink 


By WHam Dawkins in Tokyo 

Japan's finance minister 
yesterday confirmed that he is 
to review the government’s 
method of pricing shares in 
companies to be privatised. 

Mr Masayoshi Takemura’s 
announcement comes in 
response to the unpopularity of 
the latest privatisation issue, 
Japan Tobacco, a cigarette 
making monopoly. “We must 
seriously look Into file situa- 
tion to see if there is any prob- 
lem about the way we have 
feitm in the past,!* he said. 

The government has been 
left with 280,000 unsold shares 
out of the 668,666 it wanted to 
sell, a shortfall theoretically 
worth Y287.6bn CELBhn) at thB 
YL438m per share offer price. 

Nearly 70 per cent of the 
small investors who were allot- 
ted the right to buy shares for- 
feited their allocations because 
they felt they were overpriced. 

This has brought to a head 
the growing criticism from 
Japanese as well as foreign 


securities houses over the 
flnanna ministry’s nniqnft 
method of setting prices for 
public share Issues. 

The ministry chooses the 
mid-price achieved in a 
pre-offer auction of one third of 
the shares to be issued. Typi- 
cally, institutional investors 
and rich individuals tender for 
shares in pre-offer auction, 
so that the mid-price risks 
being higher than the valua- 
tion the remaining two-thirds 
of investors would place on the 
company. The system was 
introduced at the end of the 
1980s to prevent frauds, in 
which, companies about to be 
listed would hand out cheap 
shares to powerful friends. 

One alternative to the new 
rules, proposed by US and 
European business lobbies in 
Japan, is to adopt the “book- 
building" system used for most 
international issues, in which 
financial advisers use their dis- 
cretion to choose a price after 
sounding out the main poten- 
tial investors. 


INTERNATIONAL NEWS DIGEST 

Keys takes up 
business role 

Gencor, the South African mining house, yesterday announced 
that Mr Derek Keys, forma: South African finance mini s ter 
and a former chairman of Gencor, had accepted the c hai rman , - 
ship of Billiton, the international resources company pur- 
chased by Gencor from Shell in July for $L3bn (£800m). Mr 
Keys was regarded as one of Gencor’s most successful chief 
executives and the announcement, at Gencor’s annual general 
meeting in Johannesburg, won approval from sh ar eh ol de r s. It 
will help allay analysts’ concerns about the diffi culti e s of 
consolidating Billiton’s diverse operations into a single com- 
pany it also «nds speculation on Mr Keys’ future, after he 
stepped down as finance minister last month following two 
years in office. Mr Keys, who will be based in London, said he 
was very optimistic about Billiton’s prospects. Mark Suzman, 
Johannesburg 

UK promotes finance in Beirut 

A delegation from the City of London b^ns a two-day vfcntto 
Beirut on Monday to promote British Financ i al service s. The 
SVoreaSby British InvirahlK. a group pramotasUK 
trade which last week ran a similar trip to Russia c oi n cidin g 
The delegation ia headed by Mr Mm 
! Manser, chairman of Robert Fleming - soonto open an office 
in Beirut - and includes representatives from the London 
Stock Exchange. Schroeder Assedly, Coopers & LybranJSam- 
KSSuMorgan Grenfell, Baring International finance 
and Crtdit Lyonnais Rouse. Mr George Assefly. a L eban£se ~ 
torolSStoror Schroeder Assefly. 
ment could be aiming to raise up £ 
markets over the next year. Jimmy Bums, London 

Moslem sect leader recants 

th - Mftaiem sect banned by the Malaysian govern- 
its reborn* to a TV appear- 
^hTifflSder. Mr Ashaari Mohamad, in which he 

si ££5 XsStSmS? . 

was bani^a m teachings. About 55 per cent 

ment called deviation^ Ashaari and six 
of Malaysia* tatSSh under 

Ecuador minister impeached 

cisco wth sjwftf 72 parliamentarians in favour, Mr 

2? rf offiTon chargesof negligence, 
Acosta was „ lpea i conduct The opposition's accusa- 

pipeline. Raymond Collett, Ecuador __ 


Brazilians wake up from a Real dream 

The election over, the consumer boom has been brought to a sudden halt, writes Angus Foster 

M illions of Br a z ili an be gi n n i n g of October. Poorer By yesterday morning, the monthly in<rtaiwppty each, it had expected sales to reach from buying domestic 

consumers this week consumers found they could credit squeeze had started to Every month two members get $7hn this year. “Our governments alwa; 

woke up from a suddenly afford canned soft have its desired effect. Mr their car. one bv nre-arraneeri Mr Luiz Favean. who works workers from imnrovii 


The Bank of Japan, which 
intervened heavily in Tokyo 
trading, warned in its latest 
quarterly report that the yen’s 
rise would intensify deflation- 
ary pressures, but said that the 
economy would stay on a 
recovery track. 

The currency market 
upheavals would ensure that 
the pace of economic recovery 
would be moderate, said the 
report Demand for Japanese 
exports, companies* progress in 
running down stocks of unsold 
goods and materials and the 
impact of income tax cuts were 
the main factors supporting 
growth, said the bank. How- 
ever, b ank landing was Stag- 
nating in spite of moderate 
growth in the manor supply. 

Among the main constraints 
on growth, the report cited the 
yen’s rise, Asian competition 
and the decline in Japanese 
prices, plus companies’ contin- 
ued need to reduce debts. 

Mr Fa gwliiik Kakll, dirpfffrfu- 
of the bank’s research and sta- 
tistics department, warned 
that the yen’s rise, while less 
strong than last year, would 
limit Japanese companies’ 
domestic investment plans. It 
adds to the pressure on manu- 
facturers to shift production to 
cheaper sites in neighbouring 
Asian countries. 


M illions of Brazilian 
consumers this week 
woke up from a 
dream they hoped would never 
end. After several months of 
falling prices and easy credit, 
the government announced a 
parlrag p of measures to damp 
down on consumer spending 
before inflation reignited. 

Since the July launch of a 
new currency, the Real, Brazil- 
ians have stocked up on goods 
ranging from cars to kettles. 
The Real reduced monthly 
inflation from 50 per cent to 
less than 2 per cant Consum- 
ers, who found their wages 
were worth more, went on a 
buying spree. 

Sales of TV sets in August 
were 75 per cent higher thaw in 
the game month last year. Map- 
pin, a large department store 
chain, saw sales rise 20 per 
cent in September and the 


beginning of October. Poorer 
consumers found they could 
suddenly afford canned soft 
drinks, which fueled a surge in 

Haiti and that has left fUTpp rmar - 

ket shelves empty as Brazil has 
ran out of aluminium 

The government was happy 
to let the spree go on because 
it helped the election nhawrea 
of its candidate. Mr Fernando 
Henrique Cardoso, who 
planned the Real's launch. 
Once elected, the government 
was free to apply the brakes 
and cool the overheating econ- 
omy. 

The package of measures 
announced this week mainly 
involved reducing the period of 
credit for consumers. Families 
hoping to buy an oven or 
washing machine could spread 
the payments over 12 Tnnnthg. 
Now they have only three 
mo nth s to find the money. 


By yesterday morning, the 
credit squeeze had started to 
have its desired effect. Mr 
Abrahim da Soma, a salesman 
at a big domestic appliance 
retailer in Sdo Paulo, said his 
sales had fallen sharply. “Peo- 
ple are still coming to ask. for 
prices but when they hear 
about the new rules and the 
shorter credit periods, they are 
going away without buying 
anything,” he said. 

The government’s other 
main target were the consor- 
cios, or informal credit organi- 
sations, which are common in 
Brazil and other developing 
countries. 

This is how the consorcios 
work: A family which wants to 
buy a car, but is not rich 
enough to get hank financ in g , 
goes to a consordo organiser. 
The consordo needs 100 mem- 
bers who agree to pay 50 


monthly instalments each. 
Every month two members get 
their car, one by prearranged 
rota, the other by drawing 
names from a hat. At the end 
of the period, all the members 

have a car, and the consordo 
organiser is left with a fat 
profit. 

The government has now 
announced a ban on consorcios 
buying household goods and 
imposed a reduction from 50 
months to 12 months for con- 
sorcios buying cars. . The 
results are likely to be dra- 
matic. 

According to the Association 
of Brazilian Consoroo Compa- 
nies - which may exaggerate 
the figures a little to lift its 

political clout - 3.9m Brazilian 
families belong to consorcios. 
Last year the industry 
recorded sales of SS.7bn. Before 
the new government measures. 


it had expected sales to reach 
S7hn this year. 

Mr Luiz Favean, who works 
for one of Brazil's biggest am- 
sordo organisers, Remaza, says 
sales of the cheapest cars, 
which cost about $9,000, will be 
severely affected by the gov- 
ernment move. “With a 50- 
mnnth payment period, poorer 
families earning $700 to $800 a 
month were able to afford a 
car, but now they are not,” he 
said. 

I n the Extra supermarket 
near SSo Paulo’s Paulista 
Avenue, many shoppers 
were angered by the new mea- 
sures. One woman, who had 
been mulling over buying a 
fridge using the store’s consor- 

cio organiser, reacted with 
frustration then resignation 
when told that the government 
had banned new consorcios 


IAlEA grapples with North Korea accord 


By Peter Montagnon, 

Asia Ecfitor 

The board of the International 
Atomic Energy Agency (IAEA) 
is to meet in Vienna on Tues- 
day for a first informal attempt 
to decide whether and how the 
US-North Korean nuclear 
agreement can be handled 
within the framework of the 
Nuclear Non-Proliferation 
Treaty. 

North Korea plans to remain 
within the treaty, from which 
it had previously threatened to 
withdraw. But there will be a 


delay of several years before 
the agency can have full access 
to its nuclear sites and before 
It can examine spent fuel to 
verify how much plutonium 
the country possesses. This 
would put it in non -compliance 
with the standard treaty agree- 
ment, the IAEA said yesterday. 

The agency’s belief that 
North Korea had not disclosed 
the fbll size of Its plutonium 
stockpile and its inability to 
gain access to two suspected 
processing sites sparked the 
row which led to yesterday's 
agreement between Pyongyang 


and Washington. Neither prob- 
lem has been resolved in the 
short term. 

IAEA members are likely 
eventually to endorse the deal, 
but this will require complex 
legal drafting to ensure the 
precedent set by North Korea’s 
non-compliance is insulated 
from the rest of the non-prolif- 
eration treaty and cannot be 
repeated. 

“We’re not oblivious to the 
wider importance of bringing 
North Korea into the world 
community," an IAEA spokes- 
man 


“We’re not being doctrinaire, 
but the feet of life is that our 
organisation is the guardian of 
the integrity of the system of 
inspection.” 

Although the IAEA regards 
the North Korean case as “a 
troublesome precedent", its 
director general, Mr Hans BHx, 
also wants to ma ke the agree- 
ment a success as it does at 
least involve a North Korean 
commitment to halt its present 
nuclear programme. 

Some European countries 
are likely to have reservations 
at Tuesday's meeting about 


appearing to reward with 
finance and new technology a 
country that has flouted the 
treaty’s rules. 

Strict standards have been 
set in the past as, for example, 
in the early 2980s when Ger- 
many stopped construction of a 
nuclear reactor that Iran had 
already paid for. 

The main voices In the non- 
proliferation treaty remain the 
US, UK and Russia. Once they 
have formed a consensus, 
other signatories, numbering 
some 160. would probably fell 
in line. 


MAYOR QUITS AFTER 32 DIE IN BRIDGE COLLAPSE 





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V-,VV-*¥i|a 

■ 


The mayor of Seoul resigned 
yesterday after a 48-metre 
stretch of a motorway bridge 
over the Han River collapsed 
during the morning rush hour, 
killing at least 32 people, 
writes John Burton in Seoul. 

City authorities were 
MampH for poor maintenance 
of tiie Songsa bridge (pictured 
left), one of the most heavily 
used in SeouL 

Dong-ah Construction, 
Korea’s third largest engineer- 
ing company which built the 
bridge in 1979, said the bridge 
may have deteriorated because 
traffic use exceeded its design 
specifications. It said its legal 
responsibility to repair any 
defects had lapsed in 1984. 
Several other bridges in Korea 
have collapsed in recent years 
doe to sub-standard work. The 
government may soon allow 
construction supervision by 
foreign companies to prevent 
future accidents. Authorities 
are expected to increase safety 
inspections of public infra- 
structures. 


Israel shells guerrillas in Lebanon 


By JuBan Ozanne in Jerusalem 

Israel shelled suspected Islamic 
guerrilla positions in south 
Lebanon yesterday after a 
wave of rocket attacks struck 
northern Israel. 

Mr Uri Lubrani, Israel’s 
coordinator for Lebanon, said 
there was no evidence to sug- 
gest a co-ordinated military 
operation between Hamas, the 
group responsible for Wednes- 
day’s bus bombing in Tel Aviv, 
and Lebanon's Iranian-backed 
Hizbollah or Party of God, 
which sent five waves of Sovi- 
et-made missiles into IsraeL 
The missil e attacks forced resi- 
dents of northern areas into 
bomb shelters.There were no 
reports of casualties. 


Mr Lubrani said there was a 
union of purpose between the 
two groups and Tehran to 
strike terror in the heart of 
Israel and derail efforts at Mid- 
dle East peace. “They are a 
tumour — a malignant tumour 
- which pollutes Islam and 
they are dedicated to the 
destruction of the peace pro- 
cess," he said. 

Amid escalating violence 
between ig rari and its Mamie 
opponents inside and outside 
the Holy Land, a senior Iranian 
spiritual leader said yesterday 
the Hamas bus bomb which 
killed 21 people in Tel Aviv 
showed that peace pacts 
between Israel and Arab lead- 
ers could not solve the Pales- 


Ayatollah Ahmad Janati said 
peace agreements had no 
impact on the continuing 
struggle between Israel and 
“the Moslem people" and he 
attacked the Palestine Libera- 
tion Organisation for arresting 
Hamas activists. The PLO, he 
said, "has turned into an 
Israeli tool to suppress the 
Moslems”. 

In Israel signs of the deep 
social divisions left after this 
week’s bus attack were appar- 
ent as right-wing Israelis 
shouting “Death to Arabs” 
clashed with peace supporters 
holding a vigil at the site of the 
attack in the commercial cen- 
tre of Tel Aviv. 

Police had to separate the 
two groups after several peace 


demonstrators were beaten up. 

Despite the violence Israel 
reaffirmed yesterday it would 
con ti nue peace talks with the 
PLO. 

Mr Shimon Peres, the foreign 
minister, is to meet PLO repre- 
sentatives in Cairo tomorrow. 
Officials said the two sides 
would discuss recent attacks 
by Hamas guerrillas and ways 
to ensure progress in stalled 
talks over the long delayed 
transfer of power from Israeli 
to Palestinian hands in the 
occupied West Bank. 

Discussions will also centre 
on plans to hold Palestinian 
elections. 

The talks will be marred by 
Israel’s closure of the Gaza 
Strip and West Bank and its 


recent talk of tough security 
measures against Hamas. 

While an opinion poll 
showed yesterday that 80 per 
cent of Israelis favour a perma- 
nent closure and stringent 
security measures against 
Hamas, some Israelis believe 
the government must adopt a 
political rather than military 
strategy. 

Mr Alon Ben-Meir, professor 
of International relations at 
New York University, critic- 
ised Israel yesterday for trying 
to exclude Hamas from Pales- 
tinian elections. In an article 
in the Jerusalem Post, Prof 
Ben-Meir said Hamas repre- 
sented Palestinians with genu- 
ine political grievances which 
needed a political solution. 


from buying domestic goods. 
“Our governments always stop 
workers from improving our 
lives.” she said. Asked what 
she would do next, she said: 
“Waste the money on the lot- 
tery instead.” 

Thin is a popular complaint, 
and a dangerous one for the 
incoming president In recent 
years, each time a government 
has managed briefly to reduce 
inflation, it has triggered a 
wave of consumer spending 
which has then led to a clamp- 
down. 

Brazil has the one of the 
world's biggest gaps between 
the haves and have-nots and 
poorer people may feel they 
have been tricked once again. 
The dream period which coin- 
cided with Mr Cardoso's elec- 
tion campaign is over. Brazil's 
consumers now face the hang- 
over. 

Wonder 

lightbulb 

saves 

energy 

By George Graham 
in Washington 

US energy department officials 
are beaming over a new sul- 
phur light bulb they have 
helped develop which could 
prove “a major technological 
breakthrough in lighting" 

The new bulb, invented by 
Fusion Li ghting , a Maryland 
company, and developed under 
a government contract, is 
being tested at the energy 
department’s Washington 
headquarters, and could be 
commercially available next 
year. 

It is suitable for lighting 
large areas, both indoors and 
out, can save large amounts of 
energy, and delivers more and 
better quality light. 

The light works by heating a 
small quantity of sulphur 
msiHe a quartz sphere smaller 
than a golf ball with the same 
sort of energy produced by a 
microwave oven. This pro- 
duces as much light as 250 100- 
watt household bulbs. 

In Its test the energy depart- 
ment has replaced 240 mercury 
lamps at its e n tra n ce with just 
two of the new sulphur bulbs, 
shining into opposite ends of a 
240-foot long “light pipe". The 
light is reflected down the 
tube, escaping through holes at 
regular intervals to produce 
four timag as much fl himfna - 
tion while cutting energy use 
by two-thirds. 

Another test at the National 
Air and Space Museum shows 
substantial, though less dra- 
matic cost savings, ft also pro- 
duces much less ultraviolet 
light or heat, both of which 
damage the museum’s exftjMfa? , 
thnn conventional lamps. 

Because the sulphur bulb 
has no electrodes, its develop- 
ers expect it to have a longer 
life than conventional li ghting ; 
although other experts want to 
see thfa confirmed in the tests. 

“Light output does not 
diminish over time and the life 
of the sulphur bulb is poten- 
tially limitless,” the energy 
department said. 

The sulphur bulb also pro- 
duces a white light con taining 
all the colours of the rainbow, 
closely simulating sunlight, 
unlike the harsh colours pro- 
duced by other electrode-less 
lamps generally used for street 
lighting, such as sodium 
vapour or mercury lamps. The 
absence of highly toxic mer- 
cury also makes a spent bulb 
much easier to dispose of 


More heat than light in Nepal power wrangle 

World Bank is worried about effects of a campaign against a hydroelectric scheme, writes Frank Gray 


The World Bank’s ability to 
continue backing large-scale 
power projects in the develop- 
ing world is facing a crucial 
test as a result of environmen- 
talists' opposition to a pro- 
posed Arun HI hydroelectric 
scheme for NepaL 

The government scheme is 
bring strenuously opposed by 
such nongovernmental Organi- 
sations (NGOs) as the US-based 
Environmental Defence Fund 
and the International Rivers 
Network, as well as the Arun 
Concerned Group of NepaL 

The IRN and the ACG have 
announced plans to file a 
motion before the Bank's 
newly created three-member 
inspection paneL The motion 
will call for the project to be 
shelved on the basis that it is 
“in violation of Bank policies 
and procedures”. 

The motion will be the first 
to be handled by the panel, 
which was set up in the wake 
of controversy surrounding the 
Bank’s backing for the Nar- 
mada Dam multi-purpose 
hydro project in India. 

Under intense criticism by 
Kiv-.h groups as the irn and 


iC Hi N A 


i ASVMfwm 


NEPAL 





YV; 




INDIA ... \. 
. BANGlAOeSH 


Britain's Overseas Develop- 
ment Admmigl T atinn , the Bank 
last year took the unprece- 
dented step of suspending its 
support fat the L450MW dam 
and irrigation complex in 
north-west India, which 
involved the resettlement of at 
least 100,000 people. This 
•meant the suspension of the 
remaining $175m (£107m) of a 
total of $450m in Bank commit- 
ments to the scheme. 

The criticism Of the Indian 
project centred on the way the 


resettlement was being han- 
dled, including claim <» of cru- 
elty to those being resettled, 
inadequate compensation, lack 
of Indian government compli- 
ance with Bank project guide- 
lines and lack of Bank enforce- 
ment of the guidelines. 

Mr Joseph Wood, the Bank's 
vice-president for south Asia, 
in a recent interview said the 
Nepal and Indian projects 
could not be compared. 

Arun in calls for initial con- 
struction of a 201MW nnHif- 
river hydroelectric scheme, 
which will involve the dis- 
placement of only 156 local 
families and will not require 
construction of a reservoir. 

The fall-out from Narmada 
and the criticism of Arun are 
causing worry within the Bank 
about its future involvement in 
large-scale energy projects. 

Long delays to Arun might 
prove fatal, senior Bank offi- 
cials admitted. The Bank had 
already delayed financing 
approval several times as a 
result of outside pressure, and 
now was hoping to get its 
board approval by November 3, 
by which time all financing 


from partner agencies should 
have been arranged. 

Under the proposal, the Bank 
would provide a 30-year, 
$140.7m loan to the Nepal Elec- 
tricity Authority. A further 
$3&3m is also available under 
an existing Bank facility- A 
total of $478m would be 
arranged through various 
bflatera! agencies from France, 
Sweden, Finland. Japan as well 
as the Asian Development 
Bonk, The Nepalese would con- 
tribute $443m, bringing the 
total cost to $l,09bn- 

Japan's contribution to the 
fund is crucial for the project 
but it is moving cautiously 
because of its embarrassment 
over its involvement in Nar- 
mada anti is the refo re conduct- 


ing an mifeporatonr assessmen t 
of the scheme. . 

The protest groups want to 
delay the project beyond 
November 13, the date of Nepa- 
lese national elections, and 
hope to see it supplanted by a 
more environmentally compati- 
ble complex of smaller dam 
schemes around the country, 
some as small as 1QMW. 

Mr Gopal Siwakoti, ACG 


spokesman, says his group was 
not consulted sufficiently, par- 
liament did not properly 
debate the project, mid Bank 
and government authorities 
been have slow to provide proj- 
ect documents. He added that 
even if parliament was to 
approve the project following 
an open debate, the group 
would still oppose the scheme 
in favour of its alternative plan 
for smaller dams. 

Mr Siwakoti added that the 
project was 150 per cent more 
expensive than comparable 
power schemes elsewhere and 
would lead to substantially 
higher tariffs. 

Mr Wood, in response, said 
that numerous talks had been 
held in Nepal and abroad. He 
stressed that the Bank was 
supporting what was a Nepa- 
lese government proposal, not 
a Bank proposaL 

He said that the NGOs* alter- 
native power strategy would 
produce less electricity and 
would not be significantly 
cheaper. There had been much 
debate, both in parliament and 
in public, and the issue had 
been well reported in the local 


ynpflia “Even the Communist 
party is not opposed to the 
scheme,” Mr Wood said. 

There had been some dis- 
agreement within the project 
evaluation team and the origi- 
nal road design had been 
changed. 

He emphasised that the 
country was now in the grip of 
regular power cuts. The capac- 
ity of Arun Dam, to be com- 
pleted fry 2001, would establish 
a healthy domestic power 
source, nearly doubling capac- 
ity from the current 241MW. 

“This will make a hell of an 
impact on tourism, on sendee 
Industries, light manufacturing 
such as carpet-making and on 
agriculture. .. We want to see 
more done with social infra- 
structure. We say electricity 
will help.” 

The opponents have made it 
dear they will work to delay 
the sc h e m e in hopes of making 
it uneconomical. The Bank 
says that a one-year delay has 
already added $25m to the cost 
of the project 

Frank Cray is editor of Power 
in Asia, a Financial Times 
energy newsletter. 


FINANCIAL TIMES WEEKEND OCTOBER JZ/OCTOBEK. a 199, 


NEWS: UK 


Blair to pledge overhaul of pensions and benefits system 


By Philip Stephens, 
Political Editor 


Mr Tony Blair will next week launch 
a determined attempt to shake off 
Labour's image as the party of high 
welfare spending by embracing 
plans for a radical overhaul of the 
state pension system and significant 
changes in social security benefits. 

A. proposed shake-up of state pen- 
sions would allow the Labour leader 
to drop previous spending pledges 
while sti cking to its commitment to 
raise substantially the income of the 
poorest pensioners. 


Mr Blair plans to endorse the main 
principles of a report prepared by 
the independent Commission on 
Social Justice which calls for a new 
drive to tilt the benefit system 
towards work incentives and for the 
Integration of the tax and benefit 
systems for pensioners. 

The report, commissioned by the 
late John Smith, will be published 
on Monday after two years of study 
by a group led by Sir Gordon Borne. 

It will coincide with the publica- 
tion by the government of its plans 
to channel more people back into the 
jobs market through the replace- 


ment of Unemployment Benefit with 
a Job Seekers’ Allowance. The new 
benefit will be paid for only six 
months rather than 12 months and 
win carry a much tougher obligation 
on the claimant to seek work. 

At a conference to launch the 
report Mr Blair will indicate that the 
details must he subject to a wide- 
ranging debate within the party. But 
he wifi emhrace file central conclu- 
sion that a Labour government 
should concentrate resources on 
moving people from welfare depen- 
dency into work. 

The planned pensions change. 


involving the establishment of a 
"minimum retirement income” for 
those entirety reliant on the state, 
would allow the party to drop its 
past commitment to re-establish a 
link between state pensions and 
earnings. That pledge - made at the 
last three elections - would involve 
several billions in additional public 
spending. 

By focusing on providing a 
“top-up" for the poorest 2m pension- 
ers through the guaranteed mini- 
mum inco me. Mr Blair could justify 
downgrading the role of the state 
pension In meeting the party’s social 


ambitions. The proposed switch, 
however, will attract Conservative 
risrimn that all pensioners will be 
means-tested because everyone 
would be obliged to complete a tax/ 
benefit form on retirement 
The commission's recommenda- 
tions on promoting work rather than 
welfare focus on changes to the 
unemployment income support and 
family-credit benefits to smooth out 
the poverty traps which at present 
discourage claimants from re- 
entering the employment market 
Among the specific proposals is a 
scheme under which benefit pay- 


ments would include a “guaranteed" 
element which the unemployed 
would be allowed to keep when they 
took part-time or low-paid jobs. 
Another suggestion would be to 
allow the jobless to keep all of their 
unemployment benefits for a limited 
period after returning to the labour 
market 

The report is expected to recom- 
mend that a ftiture Labour govern- 
ment retain the principle of univer- 
sality for the state pension and child 
benefit But it leaves open the option 
of gvtemtirip the tax net to cover the 
latter. 


Gross domestic product ahead by just 0.7% as industrial production slows 


Growth slips in third quarter 


By Philip Coggan. 
Economics Correspondent 


A slowdown in industrial 
production caused the pace of 
economic growth to slip in the 
third quarter of 1994, according 
to a preliminary estimate 
released by the Central Statis- 
tical Office yesterday. 

Gross domestic product grew 
a seasonally adjusted 0.7 per 
cent in the third quarter, down 
from a growth rate of 1.1 per 
cent in the previous three 
months. On an annual basis, 
GDP was 3.6 per cent higher 
than in the third quarter of 
last year 1S93. The annual 
growth rate in the second quar- 
ter was 3.8 per cent 

A decline in the pace of 
third-quarter growth had been 
widely expected after figures 
were published earlier this 
month showing a fall in manu- 


GDPs rise and fail 


Quarter on quarter % change 
Seaeonrty aerated 

15 — — 


Saasona& abutted 

.1950=100- 
?04 



-1.0 1— f 


1989 90 91 

8MWCSO 


1989 90 91 92 93 9* 


facturing output in August. 
The decline may reduce the 
enthusiasm of the Bank of 
England for further increases 
in interest rates - the pace of 
GDP growth in the second 


quarter was one of the factors 
cited as being behind last 
month's rise In base rates from 
5J25 to 5.75 per cent. 

Mr Kevin Darlington, UK 
economist at stockbrokers 


Hoare Govett, said: “In our 
view, the third-quarter 
slowdown is not a downblip 
in a still-fast trend but the 
first sign that activity is set 
to decelerate over the next 
year." 

According to the Central Sta- 
tistical Office, the service sec- 
tor grew at a quarter-on -quar- 
ter rate of 05 per cent, slightly 
higher than its growth rate in 
the second quarter. The stron- 
gest service sector was trans- 
port and communications, with 
air transport and telecommuni- 
cations being particularly 
robust 

However, the rate of growth 
in the production industries 
has shown signs of slowing. 
The office said that over the 
three months to August pro- 
duction had risen at a quar- 
terly rate of 1 per cent, com- 
pared with a rate of 2 per cent 


in the second quarter. There 
were signs that growth had 
slowed even further in Septem- 
ber. It was likely that, between 
the second and third quarters, 
production grew by less than 
0.7 per cent 

The Central Statistical Office 
said file slowdown in indus- 
trial production was partly doe 
to a weak engineering sector 
and partly reflected the effects 
of the Milford Haven fire and 
other oil-refining problems. 

Rising North Sea oil and gys 
production have been an 
important part of the recovery. 
However, even if oil and gas 
are excluded, GDP grew 0.7 per 
cent in the third quarter and 
was 3.2 per hi gher than in 
the tame period a year ago. 
Overall GDP is now 2.6 per 
cent above its pre-recession 
peak in 1990, or L8 per cent if 
ofi and gas are excluded. 


Trade gap with non-EU 
countries rises to £349m 


: VALUE OU TBADE WITH NON-EU COUNTRIES 

— lonaBy reflated 




•« 

: Exports Imports 


Ex o« and erratics* 

. Balance Exports " Imports ~ Balance 


By Motofco Rich 


Exports to countries outside 
the European Onion fell 
slightly last month after a 
record in August, although 
underlying trends indicated a 
continuing reduction in the 
trade deficit 

A fall in exports of aircraft 
contributed to an overall rise 
in the non-EU trade deficit to a 
preliminary £349m in Septem- 
ber from a revised £289m in 
August, as export values fell 1 
per cent on the month, the 
Central Statistical Office said 
yesterday. 

But excluding oil and erratic 
items such as aircraft as well 
as precious stones, ships and 
silver, the trade deficit eased to 


£364m last month from an 
upwardly revised £369 in 
August Export volumes rose 
05 per cent and import vol- 
umes fell 0.5 per cent 

In the three months to Sep- 
tember the deficit of £LQ2bn 
was the lowest since the first 
quarter of 1988. Export vol- 
umes were at record highs in 
the third quarter, up 3-5 per 
cent on the previous three 
months while imports were up 
05 per cent 

The growth in export vol- 
umes during the quarter cov- 
ered all industrial categories 
except fuels. In finished manu- 
factures, the L5 per cent quar- 
terly gain was entirely due to 
an oil-rig accommodation plat- 
form sold to Norway. A one-off 


sale of rapes eed to Japan 
boosted the basic-materials cat- 
egory by 9 per cent in the three 
months to September com- 
pared with the previous quar- 
ter. 

However, sluggish demand 
hit imports of consumer goods, 
particularly cars. 

Economists hi g hli g hted a fall 
in import prices during the 
third quarter and said such 
price cuts could threaten the 
improvement in the trade defi- 
cit. 

In the three months to Sep- 
tember import prices excluding 
oil fell 05 per cent compared 
with the previous three 
months. 

Mr Jonathan Loynes, UK 
economist at Midland Global 


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Markets, said: "Foreign export- 
ers to the UK are learning the 
same lesson that UK retailers 
have learned - if they want to 
protect volumes they have to 
decrease prices." 

Analysts remarked on a fall 
in exports to North America, 
one of the most important mar- 
kets for British products. In 
the three months to Septem- 


ber. exports to North America 
feU 45 per cent compared with 
the previous three months 
after rising 25 per cent in the 
three months to August But 
the CSO said this was mainly 
due to very high oil exports to 
North America in June. 

Others said the growth in 
exports to developing econo- 
mies was more significant. 


Fowler urges 
probe over 
MPs’ interests 


By David Owen 


A forms- Tory cabinet minis ter 
last night called for a wide- 
ranging independent inquiry 
into MPs 1 outside interests as 
an infinpntiai Commons com- 
mittee prepared to consider the 
alleged non-registration of a 
1987 visit by Mr Neil Hamilton, 
corporate affairs minister, to a 
luxury Paris hoteL 

Sir Norman Fowler, who 
stepped down earlier this year 
as Tory party chairman, said 
the inquiry should be modelled 
on the Cadbury committee set 
up to consider questions of cor- 
porate governance. 

Sir Norman told his constitu- 
ency association that it had 
been “a bad week for parlia- 
ment" and action was needed 
to assure the public that MPs* 
conduct was governed by 
“proper and sensible rules". 

Sir Norman said: "We do not 
need a committee of inquiry to 
tell us that putting down ques- 
tions for payment is wrong; 
that is self-evidently the case. 

"But it is quite clear that 
. . . some politicians do not 
intend to let the matter rest 
there. We should not allow the 
agenda to he set by political 
muckrakers. We should [recog- 
nise] that there is legitimate 
public concern." 

Sir Norman's remarks came 
as Mr Alex Carlile, Liberal 
Democrat MP for Montgomery, 
made a formal complaint, 
demanding a Commons investi- 
gation into Mr Hamilton's 
hotel visit, alleged to have 
been paid for by Mr Mohamed 
Fayed, owner of the hotel and 
Harrods, department store. 

In a letter to Sir Geoffrey 
Johnson Smith, Tory chairman 
of the select committee on 
members' interests, Mr Carlile 
referred to reports in The 


Mr Michael Mates - the 
former Northern Ireland min- 
ister who left the government 
over his Imks with fugitive 
businessman Mr Aril Nadir - 
is considering suing some 
newspapers for libeL 
Solicitors Denton Ball, for 
Mr Mates, said yesterday that 
a number of articles bad con- 
tained allegations of parlia- 
mentary or ftaftnniai irregular- 
ity or moral impropriety by 
MPs and some had referred to 
Mr Mates in this context 
“Mr Mates takes the greatest 
exception to such inferences 
since at the time of his resig- 
nation both the prime minister 
and the attorney-general spe- 
cifically stated that he had 
acted with complete propri- 
ety," Denton Hall said. 


Guardian newspaper about the 
visit by Mr Hamilton and his 
wife. Mr Carlile said the “non- 
registration of that interest 
has . . . never been investigated 
or ruled upon by your c ommi t- 
tee", despite “reports to the 
contrary”. 

Downing Street said on 
Thursday that Mr Hamilton’s 
visit had been looked at by the 
committee. Tory party manag- 
ers had been told by the chair- 
man that it was taking no 
action. But senior Whitehall 
officials have acknowledged 
that the committee had not 
produced a formal report 

Mr Terry Lewis, Labour com- 
mittee member, said yesterday 
that Bob Cryer. the late Labour 
MP, had raised Mr Hamilton's 
hotel bill in committee but his 
recollection was that there was 
no investigation. 

Mr Carlile's letter will be dis- 
cussed by the committee at its 
next meeting - a date for 
which has yet to be set 


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Jaguar workers send a restive signal 


Jaguar car workers' sudden 
rejection yesterday of a two- 
year pay deal may be partly 
due to the shop floor’s alleged 
discontent over file introduc- 
tion of compulsory overtime 
work to meet rising ordere. 

But many observers also 
believe it reflects the first 
signs of a restive mood across 
parts of the British workplace 
as the economic recovery gath- 
ers pace and workers start to 
improve their bargaining 
strength- 

Earlier last week Mr Howard 
Davies, the director-general of 
the Confederation of British 
Industry, warned member com- 
panies about the dangers of 
increasing unit labour costs 
and urged them to keep a firm 
grip on their non-wage employ- 
ment budgets 

The car industry in Britain - 
beyond Jaguar - is turning 
into a cause for concern for 
those worried by the dangers 
of wage-driven inflation. 

Both the Rover group and 
the trade unions remain confi- 
dent that the company's 28,000 
employees will accept a two- 
year pay offer negotiated for 
them last week. 

This involves 3.7 per cent 
basic rate increases from 
November 1, with a further 4 
per cent, or the equivalent of 
the inflation rate if higher, 
from November 1 1995- Rover 
workers with a full attendance 
record are to receive payments 
of £150 in their pay packets 
this month through the com- 


Robert Taylor on why observers fear the car 
industry may be courting wage-driven inflation 



Jaguar workers’ rejection a pay deal may be partly due to discontent over compulsory overtime 


pany’s profit-share scheme. 

The size of the deal has sur- 
prised some observers but it 
reflects the new optimism in 
the group about its market 
prospects. 

Two other car companies - 
Nissan and Peugeot Talbot - 
are due to seek two-year agree- 
ments with their unions 
shortly and they are under 
pressure to reach deals in 


line with that of Rover. 

The rest of the vehicle sector 
is not involved in wage negoti- 
ations this year. But Ford is 
due to increase pay by at least 
35 per cent next month in the 
second stage of a two-year 
wage agreement while Vanx- 
hall paid out a 3 per cent 
improvement in September in 
a similar two-year deal. 

Both Honda and Toyota have 


one-year agreements and nei- 
ther expire until ApriL This 
year their employees received 
pay rises of 3.7 per cent and 45 
per cent respectively. 

But the widespread use of 
two-year wage agreements in 
the car industry is building 
leap-frogging tendencies 
between the companies. “A 4 
per cent rise is already a 
benchmark for next autumn’s 


negotiations," said Mr Alistair 
Hatchett, editor of Incomes 
Data Report, yesterday. 

The steady upward pressures 
on pay are by no means con- 
fined to the car industry. A 
number of settlements over 
recent weeks suggest rises are 
moving above 3 per cent as 
companies adjust their offers 
under the threat of industrial 
conflict These include: 

• A 3.5 per cent plus £325 
lump sum deal from October 1 
for manual workers at British 
Aerospace’s plant at Woodford 
in Cheshire after a 24-hour 
stoppage by operators. 

• Anglesey Al uminium has 
increased pay by 4.7 per cent at 
its Holyhead plant after an ear- 
lier offer was turned down by 
the workforce. 

• Honeywell Controls 
Systems in Motherwell has 
reached a two-year deal with 4 
per cent from this month plus 
15 per cent next March and 
the next deal to be from March 
1 1996. 

• Employees at Westland 
Helicopters have received 355 
per cent pay increases after a 
number of groups staged one 
and two-day strikes. 

• Britannia Airways 
improved its pay offer for 1,400 
cabin staff after a strike ballot 
vote with a guarantee no rises 
would be less than 3 per cent 

Mr Davies sees this as a 
“creeping" rise in the wages 
trend above the mfia fiop rate 
and level of productivity 
improvements. 


Rebels set 
to scupper 
Royal 
Mail sale 


Tory opponents of the 
privatisation of the Royal Mail 
yesterday stepped up their 
campaign to force the govern- 
ment to abandon the proposed 
sale by tabling a formal Com- 
mons motion demanding it be 
kept in the public sector. 
Philip Stephens writes. 

With a divided cabinet expec- 
ted to decide next week 
whether to press ahead with 
the sale, eight Conservative 
MPs signed an early day 
motion voicing concern that 
privatisation would lead to clo- 
sures of rural post offices. 

The opposition of the eight 
MPs would be sufficient to 
overturn any legislation in the 
Commons where the govern- 
ment has an overall majority 
of just 14. 

Tory party managers have £ 
warned Mr John Major that 
several other MPs are also 
threatening to vote down the 
privatisation plan in favour of 
moves to keep Royal Mail and 
Post Office Counters intact in 
the public sector. The rebels 
believe the government could 
meet mounting international 
competition by giving the Post 
Office greater commercial free- 
dom. 

Mr Richard Ryder, the chief 
whip, and Mr Tony Newton, 
the leader of the House, are 
both understood to have told 
the prime minister they could 
not guarantee sufficient votes. 

But Mr Michael Heseltine, 
trade and industry secretary, 
and Mr Kenneth Clarke, the 
chancellor, are insisting that 
the government should face 
down the rebels. The two min- 
isters. backed by several cabi- 
net colleagues, believe that 
enough opponents can be won 
over to guarantee passage of 
the legislation. 

Cabinet supporters of the 
sale are arguing also that an 
embarrassing U-turn over the 
issue would allow the opposi- 
tion to brand Mr Major’s gov- 
ernment as a “lame-duck" 
administration unable to win 
its business in parliament. 
They believe some Ulster ~ 
unionist MPs, who are formally 
opposed to the sell-off. might 
decide to abstain on any key 
votes. 


Newspaper cuts 
‘not predatory 9 


Sir Bryan Carsberg. director- 
general of Fair Trading, yester- 
day rejected allegations that 
price cuts at The Times and 
The Daily Telegraph amounted 
to predatory behaviour. 

Sir Bryan said an inquiry 
had not established a case for 
formal action under competi- 
tion legislation. 

The cuts have had wide- 
ranging effects on other news- 
papers and did not appear to 
be targetted at a particular 
title, the OFT decided. 

The latest circulation figures 
show that average sales of The 
Times between April and Sep- 
tember were 549,770, a rise of 
46.4 per cent on the same 
period last year. Apart from a 
small seasonal dip in August 
the paper's sales rose in each 
of the past six months and 
totalled 607,143 in September. 

The 30p Dally Telegraph 
appears to be stable at 1.091m, 
while The Independent's aver- 
age circulation for the six- 
month period was 276559, a 
drop of 17.78 per cent on the 
same time last year. Since it 
cut its cover price to 30p sales 
have risen by about 30,000. In 
August sales were 289,403 
while last month they were 
290,031. 


Staff at Yorkshire 
TV agree terms 


Employees of Yorkshire Televi- 
sion who had resisted new 
cost-cutting terms and condi- 
tions agreed to them yesterday. 

The terms include an end to 
premium overtime rates and 
flexible rostering. 


Jury out for night 


The jury in the Brent Walker 
fraud trial spent a fifth night 
in an hotel last night after fail- 
ing to reach verdicts yesterday. 
It will resume its deliberations 
today. 


Waldegrave plans tough ‘green’ farm measures 


By Alison Maitland 
and Deborah Hargreaves 


Mr William Waldegrave, the 
agriculture minister, is discuss- 
ing controversial proposals to 
force European Union cereal 
farmers to adopt environmen- 
tally friendly practices in 
return for the £8.1bn payments 
they receive each year as com- 
pensation for cuts in grain 
prices. 

Mr Waldegrave described the 
proposals - which would need 


approval from Brussels - as a 
“complete revolution” in how a 
large part of the European 
Union's form spending Is allo- 
cated- Tm sure it's right and 
sensible for formers to widen 
the base of their subsidy to 
take account of environmental 
conditions. It helps to explain 
to the public why they axe 
paid,” Mr Waldegrave said. 

He added there would be a 
lot of hard negotiating before 
headway was made on the 
idea. He will also face opposi- 


tion from British formers who 
fear environmental conditions 
would not be implemented by- 
other EU countries, leaving the 
UK at a disadvantage. 

The National Farmers' Union 
said: “Our primary concern is 
the extra cost such a policy 
would Impose on UK forming 
businesses when we are com- 
peting with other European 
countries which don't have 

those costs." 

Britain has already imposed 
over-grazing penalties on live- 


stock formers as a unilateral 
measure. Although Mr Walde- 
grave said he would like to see 
environmental conditions 
applied across the EU, he did 
not rule out applying them uni- 
laterally. 

Ministry officials met repre- 
sentatives of the National 
Farmers’ Union, the Country 
Landowners' association, 
which represents many farm- 
ers; and conservation bodies, 
including the Council for the 
Protection of Rural England 


and the Royal Society for the 
Protection of Birds, earlier this 
week to discuss how environ- 
mental conditions could be 
attached to cereal payments. 

The discussions centred on a 
scheme that would involve 
farmers protecting environ- 
mental features of their land 
such as hedgerows, ponds, dry- 
stone walls and wildlife habi- 
tats in return for subsidies. 

But Mr Waldegrave wants to 
avoid too much bureaucracy or 
Intrusive inspections. 


Mr Ben Plowden or the Coun- 
cil for the Protection of Rural 
England said: “As an absolute 
min i m u m, while farmers are in 
receipt of substantial sums of 
public money, they shouldn't 
be causing further damage to 
the environment." He added 
that 3.500km of hedgerows 
each year are still being lost in 
England and Wales, while the 
RDyal Society for the Protec- 
tion or Birds has warned about 
the decline in common farm- 
land birds. 


/ 




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ill fl. e 

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FINANCIAL times WEEKEND OCTOBER 22/OCTOBER 23 1994 




\ 




NEWS: ULSTER PEACE PROCESS 



Paisley condemns 
PM’s initiative 


By John Murray Brown 

TJe Reverend Ian Paisley 
offered his own typically 
unflattering interpretation of 
Mr Meier’s speech yesterday, 
accusing the prime minister’ 
not far the first time, of reneg- 
ing on his word. If Ulster's jig- 
saw is ever to be complete, Mr 
Paisley and his Democratic 
Unionist party represent one 
piece that still has to find a 
home. 

■ In contrast to the warm wel- 
come from across the camzna- 
nity for Mr Major's initiative to 
bring Sinn F6in into explor- 
atory talks, a statement by Mr 
Paisley issued from the DUFs 
Belfast headquarters even 
before the prime y% s»a 

made his address at the Eur- 
opa Hotel - described the 
speech as "another victory for 
J the IRA". 

There are no doubt some 
people in the province’s iso- 
lated rural communities who 
share this analysis. But as the 
peace process has inched for- 
ward, the perception grows 
that it is Mr Paisley, not so 
much hardliners on the nation- 
alist side, who remains the 
obstacle to a agreement on a 
lasting peace. 

Mr Paisley has warned, often 
in apocalyptic terms, that the 
Downing Street declaration 
and the ensuing peace process 
has put the union under 
threat. He, more than other 
Protestant politicians, is impla- 
cably opposed to any sugges- 
tion that Dublin has a role to 
play in Northern Ireland - the 

Overall 
timing 
remains 
in doubt 

By John Murray Brawn 

* The prospect of exploratory 
talks with Son F6in starting 
before the "year is out" Is 
about tbe only concrete dale tn 
Mr John Major's speech to the 
Institute of Directors in Bel- 
fast yesterday. 

Tbe timetable from here is 
hard to predict 
Mr Major and his Irish coun- 
terpart Mr Albert Reynolds 
are due to meet at Chequers 
on Monday to inject new 
mome n tum into the peace pro- 
cess. Hie Irish government in 
particular is keen to press 
ahead, and bring Sinn FSin 
into the democratic fold, con- 
cerned that a delay could play 
into tiie ha™** of hardliners in 
the movement opposed to the 
ceasefire. 

Mr Reynolds expects to have 
his cross party Forum for 
Peace and Reconciliation 
under way at the end of the 
next week. One view in Dublin 
is that the forum may turn out 
to be a useful halfway house 
for Sinn Wta, hi its spell of 
democratic quarantine, while 
the painstaking verification of 
the ceasefire and negotiation 
over surrender of ISA arms 
continues. 

The next crucial date wfO be 
tbe publication of the frame- 
work document, which will 
seek to outline the "shared 
understanding on the elements 
of a settlement that Is likely to 

f receive widespread acceptance 
by the people of Northern 
Ireland”. Officials bope it 
can be concluded by the year 
end. 

The forum is expected to sit 
through to the autumn next 
year. If there is a UK cabinet' 
reshuffle before the general 
election a change in the 
secretary of state, that could 
delay the process for six 
months. With local elections 
in Northern Ireland in the 
meantime, one view is that 
substantive talks involving 
the British government and 
Sinn Ffiin may not take place 
before autumn 1997. 


barns for the cross-border insti- 
tutions envisaged under the 
framework document now 
under discussion between Lon* 
don and Dublin. As for reform 
of the 1930 Government of 
Ireland Act, this is almost an 
article of forth. 

There are some who believe 
that Mr Paisley’s deputy, foe 
MP Mr Peter Robinson, may 
yet emerge as the voice of rea- 
son In broking a way to bring 
Mr Paisley in from the cold. 
But if that is the case, Mr Rob- 
inson’s response to yesterday’s 
announcement did not suggest 
a chtmgA of heart 

Increasingly Mr Paisley 
appears out of step. While Mr 
Major ha« assiduously courted 
tbe support of Mr James Moly- 
neaux's Ulster Unionists, he 
has made little effort to win 
over Mr Paisley, whose intent- 
perate outbursts, culminating 
in his expulsion fr om Number 
10 on September 7, have made 
him appear increasingly iso- 
lated. 

The tacit backing of Mr 
Molyneaux has been crucial in 
determining the pace at which 
Mr Major has proceeded. Even 
yesterday, in a statement 
aimed largely at nationalist 
opinion, Mr Major held out 
something for the unionists, 
with the proposal to restore 
what he called "local account- 
ability”. Dublin welcomed the 
proposal, but emphasised that 
this would be part of an overall 

a gTRpmpnt 

Exactly how Mr Major’s pro- 
posed assembly will be differ- 
ent from, and more durable 


thatij egrbgr failed experiments 
in l prai admiTil«ri-r a tifm is hard 

to imagine. Here again, union- 
ists are split. The DUP has 
long favoured a complete devo- 
lution of powers, but is boy- 
cotting the talks being held 
with Mr Michael Ancram, the 
Northern Ireland minis ter. Mr 
Molyneaux on foe other hand 
has long argued that devolu- 
tion is a di hitinn of the union 
and a step towards separation. 

The road to a successful 
agreement is still strewn with 
pitfalls. If the main challenge 
for both Dublin ?nd London is 
to get the Ulster Unionists and 
the moderate nationalist Social 
Democratic and Labour party 
together, moving ahead with- 
out Mr Paisley Is fraught with 


It is doubtful that Mr Paisley 
and his supporters can cause 
foe massive Tmirm disruption 
of the 1970s strike. But the 
heady Paisley cocktail of 
unionism and fundamentalist 
Protestantism Still mimwanris 

considerable popular support, 
particularly in rural areas of 
Antrim and North Down, his 
stronghold. 

In Dublin at o ff? rials 

believe it is now foe next big 
hurdle to peace to win the 
acquiescence if not the explicit 
support of Mr Paisley. Hie dan- 
ger for Mr Molyneaux is that 
with Mr Paisley outside the 
process, Mr Molyneaux will 
face a barrage of attack. If the 
peace talks fail, Mr Paisley 
could re-emerge as the surviv- 
ing stalwart of uni o nis t inter- 
ests. 



Major takes 
risks to boost 
confidence 


Protesting Democratic Unionist councillor Cedric Wilson was dragged away from the Europa Hotel 


Work population faces mixed fortunes 


By Oir Belfast Correspondent 

Ulster’s so-called peace dividend will 
have mixed fortunes for Northern 
Ireland’s workforce. 

While the Industrial Development 
Board, the province's main jobs agency, 
has recently reported successes in 
attracting overseas investment, a num- 
ber of local companies are experiencing 
in securing orders. 

Harland and Wolff, the Belfast ship- 
builder which currently employs 2,000 


people, has said recently it is prepared 
to build a ship at a loss in order to 
protect continuity of employment 
Province-wide estimates suggest that 
employment in the security sector, 
which includes the Royal Ulster Con- 
stabulary and private security firms 
could fall by as much as 20,000. 

Conversely, the tourism industry in 
Northern Ireland is expected to thrive 
on the prospect of peace. 

At present the industry employs 
about 10.000 people and is worth about 


£130m to the local economy. It is felt 
these figures could double if peace is 
g enuine . 

It has always been clear that the 
achievement of peace would lead to a 
reassessment of public spending priori- 
ties in the province. 

Yesterday tbe Northern Ireland Eco- 
nomic Council, in its Autumn Eco- 
nomic Review made dear that the gov- 
ernment should not consider removing 
money from Northern Ireland. 

Its report said: "To argue that ‘peace’ 


will bring more costs than benefits 
crams perverse in the w«tnmii> . . . What 
is important is that the adjustment 
problems that will arise are dealt with 
carefully, sensitively and gradually. 

"With regard to the substantial 
opportunities that would open up in the 
longer term, it is imperative that these 
are exploited to the foil.” 

The report maintained that the latest 
economic indicators appeared to sug- 
gest that local manufac turing output 
was continuing to outperform Britain. 


By Phip Stephens, 

Political Editor 

Recognition yesterday by Mr 
John Major that the IRA and 
its loyalist counterparts Intend 
a permanent end to violence 
was accompanied by an exten- 
sive package of measures to 
restore normality to the prov- 
ince after 25 years of terrorism. 

In his speech to the Institute 
of Directors in Belfast, Mr 
Major admitted he was taking 
risks on the IRA’s intentions 
after its refusal to spell out 
explicitly that its campaign of 
violence had ended for good. 

But he made clear that his 
aim was to create an environ- 
ment in Northern Ireland 
which would make it difficult 
if not impossible fin: the IRA to 
return to violence. 

Alongside the government's 
"working assumption" that the 
IRA ceasefire was intended to 
be permanent and its willing- 
ness to open exploratory talks 
with Sinn Ftin before the end 
of the year, Mr Major listed a 
series erf immediate confidence- 
building measures: 

• All border crossings 
between the north and the 
republic are to be re-opened; 

• The exclusion orders on Mr 
Gerry Adams and Mr Martin 
McGuinness of Sinn F6in have 
been rescinded. They are free 
to travel anywhere within the 
UK, provided they remain com- 
mitted to the democratic pro- 
cess. Other exclusion orders 
will remain in place for the 
time being; 

• Troop levels will be 
reviewed in relation to the 
threat but the government's 
"firm objective” is to return to 
exclusively civilian policing; 

• The government will enter 
"at the appropriate time" into 
contact with loyalist paramili- 
taries and reuigirior how the 
interests of such groups can be 
represented in the political 
talks process; 

• A conference in Belfast in 
December involving investors 
from Britain, Europe, America 
and the Far East will aim to 
boost the flow of inward 


investment into the province. 
A task force Is developing a 
new European Union initiative 
for Northern Ireland which 
will result in a substantial 
injection of “new moneys. 

The prime minister said that 
the proposed talks with Sinn 
F&in would rest on the assump- 
tion that it continued to estab- 
lish a commitment to "exclu- 
sively peaceful methods” and 
on the IRA’s continuing to 
show it had ended terrorism. 

Over the medium term there 
could be no assurance of peace 
until the paramilitaries on 
both sides had handed over 
their weapons. He intended to 
develop a joint approach with 
the Dublin government on the 
"deposit” and "decommission- 
ing” of guns and explosives. 

In a reference to the 
demands of republican groups 
for "self-policing" Mr Major 
insisted: "No groups will be 
allowed to take the law into 
their own hands. All sections 
of the community must have 
confidence in the police.” 

Turning to the framework 
document under discussion 
with the Republic to establish 
new relations between the two 
governments and between the 
north and south. Mr Major said 
it would be based on an 
"unshakeable” constitutional 
guarantee to the people of 
Ulster that they would decide 
their own future. It would be a 
basis for negotiations rather 
than a blueprint 

Meanwhile the British gov- 
ernment would produce its 
own proposals for devolution 
of political power to a North- 
ern Ireland assembly. The res- 
toration of local accountability 
meant neither a purely inter- 
nal solution, nor a return to 
domination of one side by the 
other, would achieve this. 

Finally - and importantly - 
Mr Major reiterated that all 
proposals for the province’s 
political future would be pub- 
lished before any negotiations 
between the political parties. 
The eventual settlement would 
be submitted to a referendum 
in the province. 


Sinn Fein aims to unite 
in unarmed struggle 


An early public reaction from 
Sinn Ffein vice president Mr 
Martin McGuinness yesterday 
gave a broad welcome to Mr 
Major’s announcement as a 
further step towards peace. "A 
move in foe right direction. It 
is quite clear we must build up 
on ah this," he said. 

However, intentions notwith- 
standing, there is no certainty 
yet that the latest measures 
win hanish for ever the pros- 
pect of a resumption of IRA 
violence. This was the view 
yesterday of republican insid- 
ers who are sensitive to the 
strains within Sinn F61n and 
the IRA after the IRA’s organi- 
sation's ceasefire declaration 
seven weeks ago. 

In the corcrircg days, the Sinn 
F€in leadership will aim to 
reassure rank and file republi- 
cans that Mr Major’s 
announcements show there is 
political advantage to be 
gained from a cessation of vio- 
lence. 

What Sinn Fein leaders have 
dubbed the "unarmed phase of 
the struggle” has paved the 
way for a reopening of border 
crossings, the prospect of 
exploratory talks with the Brit- 
ish government by Christmas 
and the lifting of exclusion 
orders on Mr McGuinness and 
Gerry Adams, the party’s 

rhfltrrnan 

These measures have been 
high on the list of republican 
demands since the ceasefire. 
Bat the Sinn FMn leadership 
realises that it has to continue 
to be seen to be gaining politi- 


Jimmy Burns 

says hardline 
elements could 
still jeopardise 
the ceasefire 

cal ground in the coining 
weeks if it is to contain the 
restlessness of hardline ele- 
ments linked to the IRA. 

If and when it comes to talks 
with the government it will 
aim to secure further conces- 
sions from the British govern- 
ment At foe same time it wQl 
seek to avoid taking any fur- 
ther unilateral moves towards 
demilitarisation which may 
risk a damaging split within 
the republican movement The 
IRA is not about to give up its 
arms. 

Within republican circles, 
there hac been ramp optimistic 
talk - both before and since 
foe IRA ceasefire - of a new, 
strengthened nationalist con- 
sensus pm a r g i n g from the cur- 
rent peace process. 

At foe same time, there is a 
sceptical view that foe British 
government is stringing the 
IRA along, holding out olive 
branches while aiming to 
undermine the republican 
movement both politically and 
militarily. 

Writing in the latest issue of 
the influential Irish political 
magazine Fortnight, former 
IRA political prisoner Mr 


Anthony McIntyre says: “The 
ceasefire rarp ip and gone, 
and the British have not 
gone . . . while an Imaginative 
step by the republican leader- 
ship. it will be a major achieve- 
ment for them to avoid this 
ceasefire being more disastrous 
than foe last Tbe lesson of his- 
tory is simple: prolonged cease- 
fire sounds foe death knell for 
republican straggle.” 

For foe moment, there is lit 
tie indication of the republican 
leadership abandoning its pub- 
lic commitment to tbe peace 
process. Both Mr Adams and 
Mr McGuinness are thoug ht to 
still be holding the IRA army 
council to the belief that any 
resumption of violence in the 
immediate future would tor- 
pedo the chances of talks 
before Christmas. 

But it is widely recognised 
that foe next stage of the pro- 
cess will severely test the lim- 
its of republican patience. In 
his public appearances in 
recent weeks, Mr Adams has 
noticeably been increasing his 
demands fin- a withdrawal of 
British troops. He has also 
been uncompromising on foe 
question of consent, rejecting 
the unionist position that 
Northern Ireland’s future 
should he settled by the people 
of the province. 

After yesterday, the stage 
may be set for early talks 
between Sinn Ffein and the 
government But republicans 
are gearing up for some hard 
bargaining from which they 
expect results not defeats. 


City defence to stay for two years 


By Jimmy Bums 

The Corporation of London 
yesterday said it expected secu- 
rity measures to protect foe 
City from IRA attacks to stay 
S place for “two to three 

5 Mr"'Michael Cassidy, foe 
chairman of the Corporations 
tjniicy and resources commit- 
tee, said; “The intelligence we 
have is that foe IRA is continu- 
ing to move weapons and 
equipment around, and the 
City Of London remains a 
prime potential target, much 
more than any other part of 
the country.” . 

While there has been, a relax 
ation of armed poli« 

London since foe ceasefire, Mr 


Cassidy said that businesses 
and the police remained in 
favour of making a restrictive 
traffic scheme permanent and 
of contin uing lower profile 
searches of suspicions vehicles 
pntmring foe City. 

Mr Cassidy said the animal 
cost of these security measures 
of between £3m and £5m were 
"totally manageable". The cor- 
poration has an annual rate 
collection of £700m. 

The position taken by Mr 
Cassidy reflects a private con- 
sensus in the security forces 
that the possibility of IRA ter- 
rorism resuming in the future 
cannot be ruled out. In the 
case of Lon do n, there is the 
extra consideration being 
given to the resumption of vio- 


lence in tiie Middle East and 
foe threat of terrorist action by 
pytramigt Arab groups. 

The government's concilia- 
tory announcement yesterday 
is thought to have been based 
on advice from MS, foe intelli- 
gence service, that the IRA's 
i nternal discipline is bnlribig - 
around the ceasefire althnng b 
the possibility of maverick 
units carrying out a terror- 
ist attack has not been ruled 
out 

One sailor antiterrorist offi- 
cer mM- “The situation is still 
too fragile- Much as we'd like 
to say it’s all over we cannot 
risk lowering our guard.” 

Of great concern is the IRA's 
large stockpile of arms, much 
of which remains hidden in the 


Irish republic. The armoury 
includes several hundred rifles 
and grenades, numerous mor- 
tars, enopg h commercial 
and home-made explosives to 
provoke considerable tactical 
destruction on both sides of 
the Irish sea for years to come. 

While the IRA refuses to 
hand its armoury over, British 
tnipTHgence is trying to keep a 
close watch on foe movements 

of suspected terrorists. 

While some IRA “volun- 
teers” are thought to be enjoy- 
ing a period of peace, others 
remain determined not to 
allow their military efficiency 
to be weakened by the peace 
process. The IRA may not be 
bombing, but its capacity to 
bomb is firmly intact 



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FINANCIAL TIMES WEEKEND OCTOBER ’^OCTOBER 23 


NEWS: UK 


Concern over pension mis-selling to widen 


By Alison Smith 

A new area of concern about pension 
mis-selling will be opened up next 
week when a report from the City's 
chief regulator highlights the posi- 
tion of people who bought personal 
pensions and did not join their 
employers* schemes. 

Pension sales agents and advisers 
could face significant compensation 
claims for selling personal pensions 
when a better option for customers 


BT and 
Mercury 
rivalry 
hots up 

By Andrew Adonis 


Competition between British 
Telecommunications and Mer- 
cury. its main rival, is set to 
intensify following a report by 
BT claiming that its service is 
cheaper not only for typical 
home users but also for many 
high-volume users. 

Mercury disputed some of 
the figures and pointed to Its 
own discount packages - but 
analysts saw the BT move as 
increasing the pressure on 
Mercury to cut Its prices fur- 
ther to retain a competitive 
edge. 

The BT report, verified by 
consultants Coopers and 
Lybrand, claimed that even 
residential customers with 
phone bills substantially 
above £75 a quarter - Mercu- 
ry’s target market - are typi- 
cally better off sticking with 
BT than switching to its rival 
for long-distance and interna- 
tional calls. 

The figures are based on 
what BT claims are typical 
calling patterns, and include 
the range of discounts avail- 
able to BT customers winch 
Mercury usually disregards 
when making its own pricing 
claims of “guaranteed" 
savings over BT. 

The figures also assume that 
Mercury customers continue 
to make their local calls via 
BT. Mercury has no local net- 
work and advises its custom- 
ers to use BT for local calls. 

Analysts highlighted the 
comparison with the US, Aus- 
tralia and New Zealand, where 
new telecoms companies com- 
peting with dominant opera- 
tors have come under increas- 
ing pressure as their initial 
success has forced the local 
“giant" to cut its prices and 
market itself more effectively. 

Mr Laurence Heyworth, tele- 
coms analyst at Robert Flem- 
ing, the brokers, said: “Mer- 
cury is now under such 
pressure that it cannot afford 
to maintain the same price dif- 
ferentials as in the past” 

BT has been forced to cut its 
prices sharply by Oftel, the 
telecoms regulator. Over this 
year its prices will have fallen 
by an average of about 12 per 
cent before taking account of 
inflation. Each BT price cut 
puts pressure on its competi- 
tors to follow suit 

Mr Michael Hepher, BT man- 
aging director, said: “This 
review compares like with 
like, matching our best deal 
witb their best deal, and we 
are better." 

Mercury said: “The fact 
remains that Mercury's calls 
cost less than BTs calls and 
for typical Mercury customers 
we beat BT bands down." 


would have been to go into an occu- 
pational scheme. 

The Securities and Investments 
Board, the finan cial watchdog, is 
expected to publish on Tuesday its 
guidelines for how life companies 
and advisers should compensate 
customers who have suffered from 
poor advice to take a personal pen- 
sion. 

The ori ginal focus of its work was 
the possible mis-selling among the 
500,000-plus pensions sold to people 


transferring a lump sum out of a 
scheme run by a former employer. 
Concern about this aspect of pen- 
sions had been sparked by a study 
suggesting that nina out of 10 cases 
examined did not meet regulators' 
standards. 

But the work expanded to include 
people who were in their employers' 
pension schemes and were advised 
to opt out and start a personal pen- 
sion instead. 

Results of a. study commissioned 


by the watchdog from consulting 
actuaries Bacon & Woodrow on “opt 
outs", are expected to identify 
personal pensions sold to “non- 
joiners” as a problem In its own 
right 

Life insurance companies and 
advisers say that the number of 
cases where people were advised to 
leave an occupational scheme to 
which they already belonged is 
likely to be relatively low, because 
they would clearly have been giving 


up contributions to their pension 
from their employer. 

But they acknowledge that would 
have been easier to sell personal 
pensions wrongly to people who 
could have joined an employer’s 
scheme but hart not done so, simply 
by failing to check properly whether 
they would qualify for membership. 

A critical factor in determining 
the number of cases which have to 
be reviewed and where compensa- 
tion must be paid will be what SIB 


says about bow far sales agents and 
advisers should have checked 
whether a customer could Join an 
employer's scheme and whether, if 
the customer was eligible, the advice 
was to remain outside the occupa- 
tional scheme. 

These cases of "non-joiners" are 
likely to be hard for Me companies 
and advisers to identify from their 
files, which could make it expensive 
to find all those who should qualify 
for compensation. 


A stiff one for drinks lobby 






Coin Bom 

Heavy drinking: brewers, pubs and licensed retailers claim they 
are feeling the pinch from cheap imports of lower duty alcohol 


With one month to the Budget 
and two to Christmas, the 
debate over alcoholic drink 
duties and cross-Channel shop- 
ping is becoming as clamorous 
as a Saturday night pub “dis- 
cussion". 

*Tve never seen a lobbying 
year like it," said a senior 
drinks executive. 

Wednesday brings the first 
public opportunity this season 
for advocates of duty cuts to 
make their case. The Brewers 
and Licensed Retailers Associ- 
ation (BLRA) is appearing 
before the first ever hearings 
on the subject held by the 
Treasury select committee of 
backbench MPs. The commit- 
tee. which has received some 
50 briefing papers on the topic, 
hopes to publish a report 
before the November 29 Bud- 
get 

Brewers, along with distill- 
ers, pub and off-licence owners 
and other interested parties, 
are taking a different tack this 
year. In the past they have 
argued narrowly for a cut in 
excise duties on the grounds of 
equality of tax treatment and 
as a necessary stimulus to 
trade. 

This time their pre-Budget 
submissions to the committee 
and Treasury have tried to 
quantify the wider economic 
and social damage they claim 
the rising tide of drink imports 
is causing. Switching to the 
offensive, they have also 
sought to show the broader 
economic benefits of a duty 
cut 

Cheap imports of lower duty 
beer from France now satisfy 
3-3 per cent of UK demand, 
equal to nearly 15 per cent of 


Roderick Oram on why it will 
be difficult to persuade the 
chancellor to cut excise duties 


beer drunk at home, the associ- 
ation estimates. As imports 
rise, pubs and clubs will be 
closed and jobs lost “The Brit- 
ish way of life win have been 
changed and the pub-going 
habit will be a thing of the 
past" says The Beal Alterna- 
tive. the association’s submis- 
sion to the Treasury. 

Moreover, the 1993 lifting of 
personal import restrictions 
was “a smugglers' charter”. 
Vans coming back from Calais 
now account for one-third of 
all duty-paid imports of beer 
“and customs and excise inves- 
tigators say that it is a focus of 
interest for organised crime". 

The solution, the brewers 
say, is to halve beer duty to 
15p a pint this year and to the 
European median rate of 8p by 
1997. The rate in France Is only 
4p. To assuage Treasury fears 
that the excise revenue lost 
could never be recovered else- 
where, the brewers commis- 
sioned economists at the Hen- 
ley Centre to assess the wider 
stimulus of duty cuts. 

Henley concluded a virtuous 
circle would prevail. People 
would drink more, reversing a 
steady decline since 1979. This 
In turn would bring higher 
sales of food, wine, spirits and 
other products in pubs. Higher 
sales would justify higher 
investment to make pubs more 
attractive, pulling in even 
more trade. By 1999, 58.800 
full-time equivalent jobs 


would be created or saved. 

Money saved on the unem- 
ployed plus taxes gained from 
higher economic activity 
would more than make up for 
the £lbn cut in beer duty. The 
impact on the public sector 
borrowing requirement would 
be positive by 1997 and bring a 
net gain of more than £lbn by 
1999. 

Duty cutters face a huge task 
to change the government's 
mind. Sir John Cope, then the 
Paymaster General, said in 
April “H we were to sharply 
cut the rate of duty, there is no 
way we would get back more 
than a fraction of the billions 
of lost revenue from increased 
UK sales." 

The government is clearly 
sceptical about some of the 
claims made for the inroads of 
imports. Sir John pointed out 
in April that beer duty rose in 
1993, the first year of liberal- 
ised imports, to £2.41 bn from 
£2JJ9bn a year earlier. 

The association has taken 
every opportunity to press its 
case but brewers acknowledge 
privately that their campaign 
could take some years to bear 
fruit 

One problem is a lack of 
hard data on imparts. Advo- 
cates of duty cuts have extrap- 
olated national figures from 
surveys and estimates. Work- 
ing out how much of the 
imported drink is for legiti- 
mate personal consumption 


and how much is sold illegally 
to third parties is even harder 
to quantify. 

Yet the import volume may 
only be half the association's 
estimates, according to Mr Ian 
Pressnell of Plato Logic, a 
dr inks industry consultancy. 
He bases his estimates on pri- 
mary sources such as the vol- 
ume of French and Belgian 
beer production and the num- 
ber of cross-channel vehicle 
and passenger trips - 

He and other critics of the 
drinks industry figures are 
also sceptical about the extent 
to which a 15p cut in duty 
would encourage people to 
drink more. Beer consumption 
has been falling because of 
changing habits rather than 
rising taxes, he says. 

Given the complexities of the 
arguments and the govern- 
ment's reluctance to lose reve- 
nue or to gamble that a duty 
cut would stimulate the drinks 
economy, lobbyists are trying a 
twin-tracked approach of tack- 
ling the EU as welL 

Duty rates vary not only 
between countries but also 
between types of alcoholic 
drink, creating substitute mar- 
kets and competing products. 

Trying to encourage conti- 
nental countries to raise their 
low duty rates a notch may 
prove easier than persuading 
the British government to cut 
its rates. But however strong 
the arguments are in London 
and Brussels, movement in 
this Budget is considered 
highly unlikely. 

With nine drink-shopping 
weeks to Christmas, bargain 
hunters had better make their 
travel reservations. 


Nationwide puts strain on Link 


By Alison Smith 

Holders of instant access 
savings accounts with Nation- 
wide Building Society, the 
UK’s second largest, will have 
to pay from next month to use 
cash machines other than, 
those run by the society itself 

The move to levy a 60p 
charge per transaction on 
these customers imposes a 
fresh strain on the co-operative 
basis of the Link network. 

It looks set to lead to the 
imposition of other charges. 
Halifax Building Society, the 
UK's largest, already charges 
customers 60p for each transac- 
tion carried out on a non-Hali- 
fax Link machine. Abbey 
National and Woolwich Build- 
ing Society, the UK's third 
largest, also charge. 

The network was set up in 
1987 enabling banks and build- 
ing societies without many 
cash machines to offer custom- 
ers a more extensive system 
and so compete more effec- 
tively with the larger clearing 
banks. 


Consumer spending on credit 
and debit cards fell in Septem- 
ber, according to figures 
released by the Credit Card 
Research Group yesterday, but 
the decline was mainly due to 
seasonal factors, Philip Coggan 
writes. 

The group said that card 
spending dropped from 
£5.02bn in August to £4.68bn 
in September, although tbe 
August figures had been 
boosted by bank holiday 
spending. 

Figures for September's 

Initially the system involved 
no charge to customers while 
the Link members paid each 
other for every transaction by 
one organisation’s customer on 
another organisation's 
machine. 

Alliance & Leicester Building 
Society, another large Link 
member, said yesterday that 
against the background of the 
existing charges levied. 
Nationwide's decision was 
causing it to review "the corn- 


retail sales, published earlier 
this week, showed a 0.5 per 
cent monthly rise. The retail 
sales statistics are expressed 
in volume terms and are sea- 
sonally adjusted. 

Credit and debit card spend- 
ing in 1994 has been substan- 
tially higher than in 1993, 
partly due to tbe growing use 
of cards as a method of pay- 
ment In tbe three months to 
September, card spending was 
17 per cent higher than in the 
same period in 1993. Figures 
from the British Bankers Asso- 

mercial options available”. 

The charges imposed by Link 
members, discouraging use of 
other organisations' machines, 
had already had. an impact on 
tbe income it received from the 
external use of its own 
machines, the Alliance & 
Leicester said. 

Link said it acknowledged 
the Nationwide move “with 
regret". The cost to each mem- 
ber of the 31 organisations in 
the co-operative scheme was 


nation and tbe Central Statis- 
tical Office have also shown 
strength in personal sector 
borrowing. 

Over the past year, card 
spending has grown at a 
quicker rate among hotels, the 
food and drink sector and 
other retailers. The slowest 
growth has been in the enter- 
tainment sector. Debit card 
spending has grown faster 
than that for credit cards, with 
the bulk of debit card spend- 
ing occurring in supermarkets 
and off-licences. 

"substantially less" than the 
60p Nationwide was intending 
to charge, it said. 

If the charges mean that 
each organisation's customers 
increasingly make less use of 
other organisations’ cash 
machines, it will make the 
position particularly difficult 
for T.inif members which have 
few cash machines themselves 
and whose customers therefore 
make great use of other 
machines. 


First contract for 
Swans’ rescuer 


By Chris Tighe 

The company which has 
agreed to buy the Hebbum 
yard of Swan Hunter, the 
Tyneside shipbuilder in receiv- 
ership, has won its first ship 
repair contract for the site 
before the purchase deal has 
been legally completed. 

On Thursday, the day the 
Hebburn yard’s sale to Tees 
Dockyard is due to be com- 
pleted, the Stena Well Servicer, 
an offshore oil and gas field 
support vessel, will arrive for 
overhaul and refurbishment 

The Hebbum site's buyers - 
who clinched their purchase 
agreement 10 days ago with 
receivers Price Waterhouse - 
have started interviewing ex- 
Swan Hunter employees and 
jobless Tyneside ship repair 
workers. 

They need to recruit 100 tem- 
porary workers for the three- 
week Stena contract but those 
taken on have the prospect of 


becoming part of the new per- 
manent core workforce at Heb- 
burn, expected to reach 200 
within a year. 

Yesterday Mi Eric Welsh, 
managing director of Tees 
Dockyard and chief executive 
of its new Hebbum business. 
Tyne Tees Dockyard, said the 
speed with which the first con- 
tract had been won bad raised 
eyebrows. “It’s come so Cast," 
said Mr Welsh. “Everybody on 
the Tyne is delighted." 

The six-figure contract was 
won in competition against a 
Rotterdam ship repairer. Mr 
Welsh was particularly pleased 
to get a vessel into Hebbum on 
the first day of ownership. “It 
will start paying for itself 
straight away." 

Other contracts for Hebbum 
are under negotiation includ- 
ing serious inquiries from Nor- 
wegian shipping fleets. “I 
would guess the next two to 
three contracts will employ 
over 200” he said. 


SEMINARS 



Lloyd’s agents to appeal in Gooda case 


BUSINESSES WANTED 


By Jim Kelly 

Lloyd's of London agencies 
facing record claims for com- 
pensation from members after 
the High Court judgment 
against them in the Gooda 
Walker case are to go to the 
Court of Appeal. 

Tbe decision was immedi- 
ately attacked by the Gooda 
Walker action group, repre- 
senting 3,096 Names, as a 
waste of time and money. 

Mr Justice Phillips ruled on 
October 5 that the Gooda 
Walker agency had taken “cul- 
pable" and “unjustified" risks 
and that the Names, individu- 
als whose assets have tradi- 


tionally supported the insur- 
ance market, should receive 
compensation. The Gooda 
Walker action group estimated 
compensation at £504m_ 

Clyde & Co. the solicitors 
acting for the agencies' errors 
and omissions insurers, which 
cover awards for negligence, 
said yesterday that the judg- 
ment would be challenged with 
particular reference to the 
“approach adopted in assessing 
damages recoverable". 

Mr Michael Deeny, chairman 
of the Gooda Walker Action 
Group, said: "Some people 
don't know when they have 
lost. There is certainly no 
prospect of our judgment 


being reversed on neglig- 
ence. 

“Mr Justice Philips' princi- 
ples of quantum will give us an 
estimated 80 per cent of our 
losses. In our view the Court of 
Appeal is most likely to main- 
tain his principle or alterna- 
tively to increase the damages 
a wared to us. This is a deplor- 
able waste of the scarce finan- 
cial resources of Lloyd's syndi- 
cates. Spending further 
millions on legal fees neither 
helps the ruined Names nor 
the Society of Lloyd's as a 
whole.” 

Mr Deeny said that the deci- 
sion to go for an appeal 
showed an “irresponsible disre- 


gard” for tbe best interests of 
the market He predicted that 
the appeal would be heard 
early next year. 

The delay caused by tbe 
appeal is likely to increase the 
pressure from hard-hit Names 
for interim payments to be 
made ahead of a final Court of 
Appeal decision. 

Yesterday the insurers inter- 
vened in the continuing High 
Court proceedings over Gooda 
Walker to seek clarification on 
whether they were bound to 
back agencies asked to make 
interim payments. 

The Insurers, out of whose 
funds any comp ensatio n even- 
tually awarded would be paid, 


also want to know if, in the 
tight of the judgment, the 
Gooda Walker losses arose out 
of more than one “originating 
cause". This could affect the 
amounts paid under each 
agent's insurance policy. 

A spokesman for Clyde & Co 
said: "These steps are not 
undertaken lightly. Insurers 
have the benefit of detailed 
analysis and advice from lead- 
ing counsel which has been 
carefully considered in arriv- 
ing at their decisions." 

The progress of the Gooda 
Walker case is being closely 
watched by other groups of 
Names taking legal action 
against Lloyd’s agencies. 


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Inquiry told of Westminster’s elector targets 


By Rob Evans 

Senior Westminster councillors and 
officials set specific targets for the num- 
bers of new “electors" required in each 
of eight marginal wards, the public 
inquiry into gerrymandering allega- 
tions beard yesterday. 

A fax was sent from tbe office of 
Dame Shirley Porter, the then council 
leader, to Mr Graham England, the 
housing director, on March 1987 
demanding to know “how does he pro- 
pose to achieve the target voter figures 
in the eight relevant wards by 1990?" 

Both of them, along with eight other 


Tory councillors and officials, were 
named in the district auditor’s provi- 
sional report which found, after a four- 
year investigation, that they bad been 
selling homes to bring likely Conserva- 
tive voters into marginal wards before 
the 1990 local elections. 

The inquiry heard that another of the 
respondents - Mr Robert Lewis, the 
council’s deputy chief solicitor between 
19S6 and 1988 - said tbe secret plan for 
the marginal wards - known as “key 
wards” - was well known throughout 
the senior ranks of the council. 

He had told Mr John MagQl, the dis- 
trict auditor, in an interview that it was 


like “the love that dared not speak its 
name". 

Mr Andrew Arden, the QC for the 
group of Labour councillors and resi- 
dents who levelled the gerrymandering 
allegations, said council officials were 
instructed by Tory councillors to com- 
pile detailed profiles of the populations 
in each of the marginal wards. 

He said these profiles were used to 
calculate the number of new residents 
- described In confidential documents 
as “new electors” - required to secure 
victory at the local elections. 

Mr Arden said tbe targets ranged 
from 450 in Millhank ward, to 150 in 


Victoria ward totalling 2,200 in. all. 

Another fax was sent on March 24 
1987 from Dame Shirley’s office to Mr 
Matthew Ives, the council's chief solici- 
tor. It asked whether the council could 
sell off all the homes which became 
vacant in the marginal wards, without 
affecting its statutory duties to house 
the homeless. Mr Ives warned her “any- 
thing which smacks of political machi- 
nations will be viewed with great suspi- 
cion by the courts”. 

Mr England bad answered the same 
question by saying that the chance of 
being surcharged by the district auditor 
was "fairly tenuous”. 


Tunnel 
hit by 
further 
setback 


The Channel tunnel project 
suffered another embarrassing 
setback yesterday when a 
high-speed Eurostar train car- 
rying the heads of British Rail 
and Eurotunnel suffered a 
break down. Charles Batchelor 
writes. 

The £24m express train car- 
rying Sir Bob Reid. British Rail 
chairman. Sir Alastair Morton, 
co-chairman of Eurotunnel, 
and 350 other guests developed 
a fault while travelling 
through the tunnel and was 
halted at Calais. 

A replacement train was 
retched but the travellers, 
Including a party of 50 school- 
children who bad won a com- 
petition. were more than two 
hours late arriving in Paris. 

This is the third time within 
a week that a Eurostar train 
has broken down. On Thurs- 
day a train due to carry 400 
journalists from London to 
Paris on an inaugural run had 
to be taken out of service while 
on Friday last week a train an 
a test run broke down in Kent. 

European Passenger Ser- 
vices. the British partner in 
the railway consortium which 
runs Eurostar. said that early 
tests lasting several months 
Find thrown up few faults but 
new ones were now starting to 
emerge. 

An official denied there was 
a design fault though she 
acknowledged that the Euro- 
stars were complex because of 
the need to run on different 
power systems and signalling 
networks. The three recent 
breakdowns each had a differ- 
ent cause. 

Newcastle starts 
schools campaign 

A £L5ra campaign to raise edu- 
cational standards in the West 
End of Newcastle was 
launched yesterday. 

Newcastle City Challenge, 
part of the government-backed 
scheme to regenerate problem 
urban areas, says it is the first 
such project in the country. 
More than a third of children 
in the targeted area enter sec- 
ondary school at 11 with a 
reading age below that of an 
average eight year old. 

Some of the money will be 
spent on extra teachers and on 
four education access centres 
to help parents become 
actively involved in their chil- 
dren's education. 

Ministry allows 
cattle flights 

The agriculture ministry yes- 
terday gave its approval for 
live calves to be flown from 
Humberside to Rotterdam to 
get around a ban imposed by 
ferry companies on the ship- 
ment of live animals to Europe. 
Animal welfare groups have 
protested against the flights of 
up to 200 calves in unpressur- 
ised aircraft. 

Post offices open 
longer for lottery 

Post Office Counters said yes- 
i terday that 178 main high 
street post offices - a quarter 
of the total - will stay open 
until 7pm every Saturday to 
sell tickets for the National 
Lottery. 

All other post office services 
will be available during the 
extended hours. At the 
moment main post offices close 
at either 12.30 or 1pm on Satur- 
days. The extra hours will be 
worked by voluntary overtime. 

Press Association 
buys new HQ 

The Press Association, the 
news agency which sold its 
Fleet Street headquarters to 
Reuters in February, has 
bought a new office building in 
the Victoria district of London. 

PA is buying 292 Vauxhati 
Bridge Road from Banque Pari- 
bas for an undisclosed price 
and plans to move next sum- 
mer. The news agency has 
been in its current building 
since 1939 and has occupied 
premises in Fleet Street for 126 
years. 


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financial times 


WEEKEND OCTOBER 22/OCTOBER 23 1994 


7 


something to help« 



H ere, exactly as they were brought 
out of China, are three objects 
which have inflicted more pain 
and terror than you can ever imagine. 

They are electric batons, smuggled out of 
the Chinese prison, where they -were being 
used to torture prisoners. 

The dirt on them is real. 

The man who brought them out took a 
terrible risk. He was desperate to show the 
world what is happening in China’s prisons. 

The baton on the left is shaped for easy 
insertion into the body. 

When the black button is thumbed, the 
three metal bands around the shaft become 
alive with electricity. 

The chunky object looks like a curling tong, 
but when it touches you, there's a crackle of 
blue flame and a shock powerful enough to 
bum skin and damage internal organs. 

It was made in the Jing Jiang Radio No. 
4 Factory, in Jiangsu, one of marry such 
works in China mass-producing ele c t ri c 
truncheons, cattle-prods and other items, 
which they then proudly advertise in 
glossy brochures. 

In Chengdu city, for instance, the 
Mensuo factory specialises in iron- 
ware: shackles, chains, handcuffs, 
thumb-cuffs and leg-irons. 

Some of these gruesome objects 
are immensely heavy, others are 
ingeniously designed to cause the 
maximum pain. 

This torturer's toolkit is used 
daily in China's prisons to punish 
those who have called for the democratic 
freedoms we often take for granted. 

The torture of Liu Gan# 

Liu Gang is a Physics, .graduate • 
student from Beijing who took part in 
the 1989 pro-democracy demonstrations in 
Tiananmen Square. 

One of the 21 'Most Wanted' students 
in China, he was jailed in 1989 and later 
sentenced to six years imprisonment for 
‘counter-revolutionary’ crimes. 

Liu is what Amnesty calls a 'prisoner of 
conscience', that is, someone 
locked up in prison for 
expressing his non-violent 
political views. 

Not just imprisoned. In a 
letter smuggled out of China 
last year, Liu claims that he 
has been repeatedly tortured. 
The Chinese Government 
denies this, but no impartial 
investigation has ever taken place. 

Its denial might carry more weight if 
the vicious tortures Liu Gang and other 
prisoners describe were in the slightest bit 
unusual, but, sadly, they are not, 

A catalogue of horrors* 

Wc now begin a catalogue of horrors that 
some people will find upsetting. 

Please read it carefully. The information 
has come directly from prisoners who want 
the world to know what they are suffering. 
Often they have taken great risks to get the 
details out. 

Liu Gang was one of 11 political prisoners 

held at Lingyuan No. 2 Labour-Reform 
Detachment in Liaoning province. 

Their ordeal began when they angered-the 
authorities by refusing to admit they were 

'cri minals '. Six were taken away robrtortuied. 

When the electric baton being used on 
Tang Yuanjuan ran out of power, the guard 
began kicking him with tough leather boots 
and broke two of his ribs. 

Leng Wanbao remained silent when 
questioned, so they forced open his mouth 
and stuck the electric truncheon in. 

Kong Xian&ng was attacked in a special 
way- The guards applied their electric batons 
simultaneously to different parts of his body 

and he started bleeding behind the ears. 

When Liu Gang's turn came, they 
applied the electric batons to his genitals. 

He was put m legions weighing about 
20 pounds - he wore these for several weeks. 
Liu was also forced to sit without moving 

on a bench for as long as 1 2 hours a day - . 

leaving his body in agony. 



50,000 volts through 
a naked man. 

On the second anniversary of the 1989 
massacre in Beijing, a prisoner called Li Jie 
staged a one-day hunger strike in memory of 
those who had died in Tiananmen Square 
and elsewhere calling for democracy - many 
of them mown down by machine guns, some 
crushed by tanks. 

He was stripped naked and dragged 
onto a stage where the prison's Brigade 
Commander shouted and blustered at him 
before applying a huge 50,000 volt electric 
baton to his inner thighs. 

Two other guards gave him high voltage 
shocks to his head, neck, shoulders, armpits, 
chest, s t o m ach and fingers. 

Li Jie went into spasms and passed out. 

* Su Pin carries a sword 
on his back. * 

To complement their skill with electric 
barons, many Chinese prison guards are 
shackle experts. 

They have invented several tortures with 
fancy names like: 'Bending three wheels ' , 
'A string of bcQs', and 'Su Qin carries a 
sword on his bade.' 

In 'Su Qin', one arm is bent back over 
the shoulder, while rite other is twisted 
behind the back. . 

The hands are pulled together and the 
wrists tightly shackled. 

A prisoner manaded in this manner can 
be hoisted by his wrists and left hanging for 
hours, till he loses all feeling in his arms. 

" 1 Chain- shackling 1 is the science of cuff- 
ing a prisoner's hands and feet together. 

One especially cruel method is as follows: 
find the smallest handcuff 'that fits rite 
prisoner's wrist, then cram both wrist and 
ankle into it, using pliers and hammers to 
snap the cuff shut. 

The pain of this torture is indescribable. 

The prisoner reportedly screams all rite 
tunc he or she remains shackled, until 
. silenced by hoarseness. 

Screaming, of course, can make matters 


worse, if it irritates the guards. 

At Mian County Detention centre, in 
1990, one young prisoner was left shackled 
this way for several days. 

He screamed and wailed all day, and all 
night, so loudly and pitifully that no-one 
could get any sleep. 

The shackles finally came off to reveal, 
apparently, rings around his wrists and 
ankles of red. rotting flesh. 

‘The old ox 


ploughing the land/ 

In the same jail, Xie Baoquan and another 
prisoner were to be punished for fighting. 

They were handcuffed back to back and 
a rope was tied around them. A group of 
prisoners was made to run with die rope, 
pulling them along. 

One of the pair was able to crawl forward 
as fist as be could. Xie Baoquan was pulled 
along on his back over the rough concrete. 

This activity, picturesquely called "The 
old ox ploughing the land' continued until 
the concrete was covered with Xie's blood 
and his hack was one massive wound from 
which the skin and flesh had been scraped. 

He was put back into his cell without any 
medical treatment, his back left to suppurate. 

Xie's cell mates covered his back with a 
cotton blanket which became soaked with 
pus from riie wounds, and which filled the 
room with the stink of rotting flesh. 

Forced to eat soap 
from a. toilet* 

Some prisoners were playing chess 
with pieces carved out of soap. 

Spotted by a guard, they quickly 
threw the soap chessmen into their toilet 
bucket. The guard forced them to fish 
out every piece and eat it. In 
Gutsa Detention Centre, Lhasa, Laba 
Dtmahu, a young Tibetan who had 
taken part in a pro-independence protest 
was taken out into the prison yard and 
made to kneeL 

A guard placed a boot on his neck and 
forced his free down into the filthy water 
of the latrine. 


Meanwhile, others beat him. 

Laba Dunzhu died of a ruptured spleen. 

She woke 

to find herself dying* 

In Sertru Detention Centre, also in 
Lhasa, 26 year old Sonam Dolkar was being 
questioned after having been arrested on 
suspicion of being a Tibetan indep en d ence 
sympathiser. 

Tiring of her answers, her captors 
stripped her naked, wrapped electric wire 
around her and plugged it into the mains. 

Sonam convulsed and passed out. When 
she regained consciousness, she was tying in 
riie same room. Her skin had turned blue. 

Often she was beaten with electric batons. 
Once, Sonam awoke to find that her body 
was covered in bruises and that two ribs 
were broken. They had hit her as she lay 
unconscious. 

Like Liu Gang, she was kept in leg-irons 
for months. The torturers applied electric 
batons to her face and every part of her 
body, including inside her vagina. 

Eventually, Sonam was vomiting and uri- 
nating blood daily. 

We only know of her suffering because 
when she was moved to a police hospital, she 
managed to escape and flee to India. 




*■ 


If you’re as upset by these things as we 
are - and we’re sure you must be - there 
is something simple and effective you 
can do right here and now to help. 
V Join Amnesty. 

Even in China, our voice is heard. 
The stronger we are - and the more 
pressure we can bring to bear on the 
Chinese Government - the more 
likely it is that the torture will stop. 
.The more powerfully we tell the 
world of the horror in China's pris- 
ons, the more difficult it becomes 

for governments in the free world to 
turn a blind eye to the prisoners’ plight. 
This does work. 

From other countries all over the world, 
we receive scores of lett ers every year from 
prisoners and ex-prisoners who have been 
helped by our campaigning. These include 
people who had been living in daily fear of 
torture or death. 

For them, Amnesty's intervention has 
brought renewed hope and relief from pain. 
Liu Gang is still in prison. 

Years of torture had left him suffering 
from a prolapsed anus, haemorrhoids, 
psoriasis and heart and stomach trouble. 

Although only 32 years old, his hair 
had started falling out. 

Until just over a year ago, he had had 
no medical treatment and had been 
allowed only five baths in two years. 
But since summer 1993. international 
pressure appears to have improved 
his situation. 

His family have once again been permit- 
ted to visit him and they r e port that he 
seems to be in better health. ■ 

Earlier this year, foreign journalists were 
allowed to visit the prison where he is facing 
held, but weren’t permitted to talk to him. 

A letter to each of tis 
from Liu Gang* 

Last year, Liu Gang managed to smuggle 
a letter out of prison. Here is an extract: 

“Handcuffs and shackles won't frighten 
me. Electric batons won't silence me. Force- 
feeding and brain-washing won't affect me. 
Forced labour won't change me. Solitary 
confinement and torture won't ever terrify 
me. Regardless of what is done to me, I shall 
continue to use all peaceful and non-violent 
means at my disposal to fight against tyranny 
and abuse.” 

Liu faced his ordeal with such courage 
that his fellow prisoners called him 'The 
Iron Man'. 

He and others have taken incredible risks 
to tell the world about their suffering. 

Surely it's impossible that people who 
enjoy the very frerdonis which they are 
denied, could learn about their suffering and 
do nothing to help. 

We’re not trying to point a finger at you 
- this means all of us. 

Liu's letter to us ail ends with these 
words: “I have no option but to fight with 
all my body and soul. Please don't let me 
down.” 

There’s a coupon immediately below this 
sentence. Please use it now. 




1 wish CO be a member tjS Amnesty Inttraarioaal. I enclose £19 Individual D £24 Family G £6 Student O 
£7 18-21 EG £6 under 13 D £6 Claimant O £6 Senior Citizen Q 
I wish to donate £500 □ £250 □ £100 □ £50 □ £25 □ £10 □ Other □ 


I cater my Acccsa/Voa/Mastcicaid No. 


I 


Signed 


Card valid from 


If paying by credit card you should give the address where you receive your credit card bill. 


Mr/M 3 -Sur nam e 

{please c o mplete in blodt capitals) 

Address 


Town*. 


. County - 


.Postcode. 




Tut this box if you would hkc more information about 

Amnesty's Urgent Action Scheme O 
Amnesty ocoskmafiy tends its members information about sympathetic organisations. 
If you do not want to receive these mailings please tide this box Q 

To: Dept. AA. Amnesty International British Section. 

FREEPOST, London ECJB IHE. 

AMNESTY INTERNATIONAL 

6 — -M — 











8 


FINANCIAL T1MJES WEEK-END 


OCTOBER 22/OCTOB E R 23 1994 



FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-107 5700 

Saturday October 22 1994 

Step by step 
in Ulster 


Another day, another step towards 
lasting peace in Northern Ireland. 
Just eight weeks ago it would 
have been prudent to avoid the 
expression of such optimism, how- 
ever guardedly. Now, as each 24 
hours passes since the IRA 
declared a ceasefire on August 31. 
it is possible to argue that the 
tortuous process of constructing a 
settlement to which all assent 
may, against expectations, eventu- 
ally end in success. 

The obstacles are well-known. 
Past IRA ceasefires have been 
short-lived. The “loyalist” terror- 
ists, who laid down their arms 
only a couple of weeks ago, may 
not be able to maintain discipline. 
Critically, each side expects ulti- 
mate victory. Sinn F6in is allow- 
ing its followers to suppose that 
entering the peace process will 
lead to a united Ireland. The 
unionists vow that Ulster will 
never leave the ambit of the 
United Kingdom. 

Seemingly undaunted, the prime 
ministers of Britain and Ireland 
have pursued the peace process 
they initiated when they signed a 
joint declaration in Downing 
Street last December. That com- 
mitted both governments to accep- 
tance of the will of the Ulster elec- 
torate, an undertaking reinforced 
by a subsequent promise of a ref- 
erendum on any new negotiated 
deal. It also invited the terrorists 
on both sides to abandon violence 
and take their chances with the 
democratic process. 

In Dublin Mr Albert Reynolds 
has addressed hims elf primarily to 
a nationalist audience: in London 
and, yesterday, Belfast Mr John 
Major has sought to allay unionist 
suspicions. Both have demon- 
strated skill and courage. The Tao- 
iseach is convening his forum for 
national peace and reconciliation, 
which one unionist party may 
attend. Mr Major has moved at a 
tactically deliberate pace. He inti- 
mated yesterday that the cease- 
fire declared on August 31 will 
henceforth be regarded as genu- 
ine, although the IRA refuses to 
declare it “permanent". 

Verbal camouflage 

The two prime minis ters meet at 
Chequers on Monday. Talks with 
the IRA/Sinn Fdin should begin in 
a few weeks. There are many 
items on the agenda. Some will be 
matters of intricate negotiation, 
designed to persuade the perpetra- 
tors of violence to hand over their 
explosives as a prelude to surren- 
dering their guns. Some will 
involve verbal camouflage, such 
as a refusal to grant an amnesty 
to convicted terrorists, combined 
with an assurance that paroles 
will be easier when there is no 
threat of a repetition of the origi- 
nal offence. 

This delicate horse-trading 


could break down at any stage. 
Yet the climate of local opinion is 
a form of insurance against a 
resurgence of violence. Yesterday 
Mr Major called for all Ulster 
inhabitants to speak out for pea os. 
He lifted the ban on Sinn F6in 
leaders entering the British main- 
land, opened cross-border roads, 
and Indi cated that the numb er of 
troops on the streets would pro- 
gressively he reduced. By so doing 
he recognised some nationalist 
aspirations. The business commu- 
nity was offered a pre-Christmas 
conference on investment in the 
six counties. 

Changes afoot 

The unionists have something of 
greater immediate value - an 
unbreakable assurance that there 
will be no change in the constitu- 
tion without their consent. Yet 
changes are afoot. Sooner or later 
the political framework being 
designed in Dublin, London and 
Belfost will have to be put on the 
table for debate. Mr Major has 
promised publication, which Is 
essential if suspicions are to be 

kept tO a minimum 

Ulster will be offered its own 
legislature, elected by propor- 
tional representation to guarantee 
a share of power to parties repre- 
senting the Catholic minority. 
New institutions, answerable to 
both London and Dublin, would 
operate In both parts of the island. 
These might cover matters such 
as tourism and Hib environment. 

The structural example often 
cited is that of Nato, whose mem- 
ber states retain their national 
sovereignty while pooling military 
resources. To set the seal on the 
package, the Dublin government 
would seek to amend the articles 
in the Irish constitution that lay 
claim to Ulster, while Britain 
would make an equivalent change 
in its own law. 

When all the documents have 
been signed, the deal will be put 
before the Irish electorates, north 
and south. Some British minis ters 
expect the negotiations to take 
two years. Barring accidents, 
there may be a denouement before 
that 

The unionists are being asked to 
pay for peace by accepting that if 
they are outnumbered they may 
be outvoted in a future referen- 
dum. Republicans, and the IRA in 
particular, are expected to acqui- 
esce in the postponement of that 
day of reckoning for perhaps 
another 25 years, and possibly for- 
ever. They are given encourage- 
ment by Dublin’s words about 
how in due course the south will 
seem a more inviting place to 
northern Protestants. For Sinn 
F&in, after 25 years of violence 
during which they made no prog- 
ress towards their goal, it is the 
only option that makes sense. 


Election campaigns for governor and 
senator in Califomia are proving bitter 
and expensive, writes Jurek Martin 

Serious game of 
mud- slinging 



Kac Means 

California prize: (from top left) Governor Pete Wilson and Democratic challenger Kathleen Brown; Arianna 
Stasslnopoulos and husband, Mi chael Hnffington, the Republican taking on Democratic senator Dianne Feinstein 


O ne statewide candi- 
date, pockets deep 
with Oil money and 
driven by a ruthless 
wife, wants a govern- 
ment that “does nothing”. Another 
reveals on television that her 
daughter has been raped and her 
son mugged. Both major incum- 
bents have th e charisma of meat 
loaf. All throw mud at each other 
like confetti. The state itself, a mag- 
net for immigrants for 150 years, 
seems on the verge of denying 
social services to those illegally 
inside its borders. 

This is 1994, the supposed year of 
the Great Political Discontent, and 
the state, naturally, is California 
which, in the realms of the bizarre, 
has always taken some beating. 
And it may buck national trends 
again cm November 8 by returning 
to the governor’s mansion in Sacra- 
mento and to the US Senate in 
Washington a pair of extremely pro- 
fessional incumbent politicians, a 
species widely believed to be in 
extreme danger. 

They are the dogged duo of Pete 
Wilson, Republican governor, and 
Dianne Feinstein, Democratic sena- 
tor. Both have opponents notionally 
more In tune with the times. 

Kathleen Brown, the Democratic 
state treasurer up against Mr Wil- 
son, is not merely the third member 
of California's great dynastic politi- 
cal family to seek the governorship 
but appears the very model of the 
articulate, telegenic modern woman 
candidate. Congressman Michael 
Huffington. the Republican trying 
to unseat Ms Feinstein, is cast in 
the mould of Ross Perot, a political 
neophyte willing to spend a large 
chunk of a personal fortune in the 
pursuit of elective office. 

With less than three weeks to go, 
the bitter and expensive campaigns 
- with $27m spent on the Senate 
race alone by the end of last month 
- seem to have settled into a pat- 
tern. Mr Wilson, 20 points down this 
spring, has pulled into a 10-13 point 
lead over Ms Brown by hitting the 
“hot button” issues of crime and 
illegal immigration. 

Ms Feinstein, 20 points «haari as 
lata as this summer, seems to have 
weathered the storm of Mr Hufffng- 
ton’s unprecedented negative adver- 
tising that had brought him to par- 
ity last month and now holds a 7-9 
point margin. But this has been 
mostly because of the torrent of 
critical media attention that has 
descended on the heads of Mr Huf- 
fington and his wife. 

It is often dangerously easy to 
poke fun at Californian politics. 
After all, in the last 30 years, the 
state has elected a retired B-movie 
actor (Ranald Reagan), an ageing 
song-and-dance man (George Mur- 
phy), a very odd fish (Jerry Brown) 
and a diKtingniahed but eccentric 
professor of lin guistics (S i Hayak- 
awa). 

Its ballot papers are always lit- 
tered with populist referendums, to 
the point, it sometimes seems, of 
democracy run riot Sam Popkln, of 
the University of California at San 
Diego, notes that in the past four 
years the voters of San Diego 
County have been asked to pass 
judgment on no less than 690 candi- 
dates and propositions. (“What do 
you have in England?" he asks rhe- 
torically. “Three - the Commons, 
the European parliament and local 
councils.") 

Yet some have been harbingers 
for the nation, such as the tax-cut- 
ting initiative that passed in 1978, 
or the environmental one (“big 
green") which failed in 1990. 

This year’s eye-catcher would 
deny education and non-emergency 
healthcare to illegal immigrants - 
and it will probably pass, if only to 


be challenged immediately in court. 
Another would repeal all local anti- 
smoking ordinances in favour of a 
more lenient statewide standard, 
while a third seeks approval for a 
state-funded (or “single payer”) 
healthcare system. 

Reading California right is a pre- 
requisite for any politician with 
national ambition, especially now 
that the 1996 state presidential pri- 
mary, which traditionally wound up 
the election season, has been 
brought forward to early March. 


California's ballot 
papers axe always 
littered with populist 
referendums, to 
the point of 
democracy run riot 


This century only three Demo- 
crats have become president with- 
out carrying California - Wilson in 
1912, Kennedy in 1960 and Carter in 
1976. No Republican ever has, which 
is why George Bush's abandonment 
of the state in the final months of 
the 1392 campaign is still subject to 
endless second guessing. Two of the 
last five elected presidents - Nixon 
and Reagan - have called California 
their home. 

There are serious Republicans on 
the east coast who believe that, if 
Mr Wilson wins, he becomes the 
automatic front-runner for the par- 
ty’s presidential nomination in 1996. 
Californians, who know him well as 


mayor of San Diego, senator and 
governor, suspect he is more inter- 
ested in the vice-presidency. Cer- 
tainly his often tongue-tied and 
mean-spirited performance in last 
week's televised debate with Ms 
Brown was devoid of the charisma 
expected at the head of a national 
ticket In the debate, he also half- 
promised to serve a full four years 
if returned - not that such a com- 
mitment has deterred other politi- 
cians from chang in g their minds. 

But at the very least as the man 
who could deliver Califomia and its 
52 electoral college votes, he would 
become a major player in a national 
Republican party whose divided fac- 
tions, in the opinion of Professor 
Popkin, leave it with no apparent 
kingmaker. IBs policy record, if not 
his campaig n, is in the moderate 
mainstream and includes support 
for abortion and a willingness to 
increase taxes under duress. Nei- 
ther conforms to the Reaganite con- 
servative orthodoxy that again is 
trying to rule the Republican roost. 

National hopes on the Democratic 
side were also held out for Kathleen 
Brown, glowingly portrayed as 
more down to earth than her ex- 
governor brother, Jerry, and more 
articulate than her revered ex-gov- 
emor father, PaL But her campaign 
had been without passion or defini- 
tion - until a crisp performance in 
the TV debate, during which she 
disclosed what had happened to her 
son and daughter as a means of 
rebutting Mr Wilson's charge that 
she was indifferent to the victims of 
crime. 

Even Willie Brown, legendary 


Democratic speaker of the Calif- 
omia House, had begun to despair 
that she could persuade the state 
that she would govern very differ- 
ently from Mr Wilson. Their con- 
frontations, mostly conducted 
through a series of negative TV 
advertisements, tended to play to 
his populist issues not hers. Calif- 
ornia's economic recovery rendered 
her 65-page reform plan less rele- 
vant beyond her turning conven- 
tional political rhetoric on its head 
by charging that be was “just 


The Huffington 
problem is partly his 
own history of 
underachievement, 
but mostly concerns 
his wife 


another tax and spend Republican". 

As for the extraordinary Senate 
race, a shorthand version would go 
something like this. Michael Huf- 
fington moves from Texas and in 
1992 becomes the congressman for 
Santa Barbara by spending the 
most money ever (over 35m) in an 
election for the House. Ten months 
later, after a record conspicuous for 
total invisibility, he announces that 
he will spend what it takes to defeat 
Ms Feinstein. Willie Brown recalls 
that, on learning how much 
(upwards of 330m), he phoned the 
senator and said “Dianne, you've 
got a problem". 

He is proved right as the Fein- 


stein lead dwindles in the fare of an 
advertising onslaught with one cen- 
tral theme: "Feinstein - a career 
politician who’ll say or do anything 
to stnv in office." Mr Huffington 
does riot appear to stand for any- 
thing beyond a vague conviction 
that the volunteer spirit will enable 
the country to do away with wel- 
fare. He rarely gives interviews or. 
until this week, appears much in 
public, but the polls show- that Cali- 
fornians are unconcerned If tins Is 
how a rich man wants to spend his 
money - it is his. after all. and Ms 
Feinstein Is not exactly poor. 

But. bit by bit. the local and 
national media unearth the Huffing- 
ton problem, which is partly his 
own history of under-achievement, 
spiced by suggestions that he has 
evaded California income tax, but 
mostly concerns his wife. She is the 
former Arianna Stasslnopoulos. 
well known in social and literary 


N ot only is her hus- 
band seen as her pup- 
pet (the "host body" 
for her own ambi- 
tions. as the Los 
Angeles Times put it), but it also 
comes out she is. or was, a devotee 
of a New Age guru by the name of 
John-Roger, who recovered from a 
bout with kidney stones and pro- 
nounced himself more powerful 
than Jesus Christ. She holds w 
strange orchestrated salons In 
Washington, in which guests find 
their thoughts recorded on tape. 

She fires campaign aides at will, or 
they leave in protest at her controL 
She claims to do charity work at 
charities which say they have 
hardly ever seen her. 

All this and much more has been 
gleefully reported in the media and 
by cartoonists like Garry Trudeau, 
creator of the Doonesbury strip. In 
Willie Brown's opinion. Doonesbu- 
ry ’s “empty suit” - which is how 
Mr Huffington is drawn - has 
instantly fixed all the real problems 
of a disorganised and depressed 
Feinstein campaign. 

I .iks Governor Wilson, she would 
rather not run on personality, 
which is a bit dour and short-tem- 
pered. but on a record which is dis- 
tinctly respectable, both as mayor 
of San Francisco and in the Senate. 

Her finest legislative hour came in 
the destructive final hours of Con- 
gress two weeks ago, when she sin- 
gle-handedly rescued a bill protect- 
ing Californian deserts. Still, she 
has been forced into negative adver- 
tising of her own and to devote 
many hours to private fund-raising, 
rather than public campaigning. 

But she Is not home and free yet 
Voter turn-out will be low, which 
favours the more energised Republi- 
cans. The lack of enthusiasm for 
Kathleen Brawn, unless reversed in & 
the final weeks, could drag down 
Democratic candidates state-wide. 

So may disaffection with Presi- 
dent Bill Clinton, though polls find 
his standing in California higher 
than In most states. However, the 
national Republican leadership has 
not rallied to Mr Huffington, as it 
has to Oliver North in Virginia, pre- 
ferring to concentrate efforts in Cal- 
ifornia congressional races, where 
at least five Democratic incumbents 
are seriously up against it. 

One final element of perspective 
must be noted. For all the ubiquity 
of election advertising, the political 
campaigns are still only the second 
biggest story in California, behind 
the O.J. Simpson trial and its 
extraordinary out-of-court activi- 
ties. Only if Judge Lance Ito were to 
lock away both jury and media 
would the politicians have the stage 
to themselves. 


MAN IN THE NEWS: Ian Greer 


Doyen of the 
lobbyists 


I t is a relaxed and convivial 
scene. About 20 men and 
women linger over after-din- 
ner coffee and drinks in a pri- 
vate room in the most exclusive res- 
taurant in Christchurch, a sleepy 
and well-heeled town on England's 
south coast. They include some of 
the UK’s best-known political jour- 
nalists. It is the eve of the Conser- 
vative party conference in Bourne- 
mouth, a few miles away. 

An impeccably dressed and dark- 
browed man slips easily from con- 
versation to conversation with prac- 
tised grace. Discreetly attentive to 
his guests' requirements, he 
exchanges views on the main politi- 
cal issues of the day with knowl- 
edgeable affability. Mr Ian Greer is 
in his element 

Mr Greer is the doyen of UK polit- 
ical lobbyists. A spry 61, he and his 
firm, Ian Greer Associates, have 
been the driving force behind the 
rapid growth of professional lobby- 
ing in Britain. 

Yet earlier this week, reports in 
The Guardian newspaper linked 
IGA to a new "cash for questions" 
controversy involving alleged pay- 
ments to MPs for tabling parliamen- 
tary questions. 

Mr Greer has strenuously denied 
the allegation that the firm acted as 
a conduit to channel money from 
Mr Mohamed Fayed, owner of Har- 
rods, to two Tory MPs during the 
battle for control of London's pre- 
mier department store in the late 
1980s. He has served a writ on The 
Guardian. 

But the affair has prompted the 
resignation of one junior minister 
and placed a question mark over 
the career of another. 

It is all a long way from 1968, 
when Mr Greer - once a Conserva- 
tive party agent - helped set up 
Russell Greer, his first public rela- 


tions venture. At that time, he 
found little demand among industri- 
alists for his insi ghts into Whi tehall 
decision-making. The firm became 
primarily a financial PR specialist. 
Mr Greer eventually sold his share- 
holding to other directors. 

When he formed IGA in 1981, 
business was waking up to the ben- 
efits of the services a specialist 
political lobbyist could provide. 
Since then, the industry has grown 
rapidly, from next to nothing 20 
years ago to a business with an 
estimated annual turnover of £20m 
today. Its influence has become per- 
vasive: the work of lobbyists Is dis- 
cernible behind the scenes almost 
whenever an important government 
decision is in the process of being 
made. 

From the government’s legislative 
plans to politically sensitive take- 
over bids and the contents of the 
Budget, lobbyists like Mr Greer will 
be beavering away on behalf of cli- 
ents, seeking early warning of forth- 
coming events and trying to shape 
decisions to their best advantage. 

IGA lobbied actively on Mr 
Fayed 's behalf for a number of 
years in the late 1980s in return for 
an annual fee of around £50,000 - 
about the going rate. It monitored 
Whitehall documents for him for a 
further period - a service that 
would typically command a fee of 
£ 10 . 000 -£ 12.000 per annum. 

The signs are that IGA will have 
to work hard to retain its pre-emi- 
nent position among professional 
lobbyists. His blue-chip client list 
includes British Airways, Philip 
Morris, the government of Taiwan 
and Channel Four Television. But 
one client has already indicated it Is 
considering dispensing with the 
firm’s services, and predicted the 
furore could be “very damaging" for 
IGA’s business. 



The new allegations could not 
have come at a more sensitive time 
for the lobbying business. The unfa- 
vourable publicity has increased 
scrutiny of its activities and 
demands for tighter controls. 

Lobbyists have reacted by taking 
steps to regulate themselves more 
effectively, while renewing long-re- 
peated calls for Parliament to draw 
up a statutory code of practice. Five 
firms, including IGA, recently 
founded a trade association and 
launched a code of conduct banning 
all finan cial links with MPs. Mr 
Greer came out in favour of statu- 
tory regulation as long ago as 1985. 

Even before the recent bad public- 
ity. specialist firms such as IGA had 
been under pressure. Since the 
recession in the early 1990s, clients 
have increasingly tended to manage 
their public relations operations 
in-house and to hire outside consul- 
tants for only short-term projects. 

In addition, a new breed of practi- 
tioner is advising organisations on 
how to do their own lobbying. One 


of the new breed, Mr Charles 
Clarke, once a top aide to former 
Labour party leader Mr Nefl Kin- 
nock, argues: “Too many lobby 
companies claim that only they 
understand the machinery of White- 
hall, Westminster or Brussels 
power.” He accuses them of build- 
ing up "the mystique of politics” to 
get commissions. 

While Mr Greer acknowledges 
that lobbying once had such mys- 
tique, be contends tins has long dis- 
appeared. He says Mr Clarke is “out 
of date, poor man". 

Nevertheless, Mr Greer is likely 
to need all his tenacity and ingenu- 
ity to maintain the steady growth of 
his company - which now has 
about 50 employees, including many 
former aides to top politicians, and 
an annual turnover of £3 -5m. 

Until recently, Mr Greer had man- 
aged. for the most part, to avoid 
publicity, popping up only sporadi- 
cally in headlines. In 1990, he told 
MPs that he had made six payments 
to three MPs over the previous five 
years for introducing business. 
Later that year, he used his Daimler 
to chauffeur Mr John Mqjor to an 
engagement daring his successful 
camp aign for the Tory party leader- 
ship. 

TTie closeness of his ties with the 
prime minister was underlined 
when Mr Major, along with a num- 
ber of other cabinet ministers, 
attended IGA's 10th anniversary cel- 
ebrations three years ago. 

But these days, with the Tories 
trailing in the polls, it makes sound 
business sense for IGA to be even- 
handed in its relations with the 
main political parties. Earlier this 
year, the firm paid for the drinks at 
a reception for some Labour Euro- 
pean election candidates at Lon- 
don's Cafe RoyaL 

As Mr Greer walks Humphrey, 
his poodle, in Richmond Park today, 
he could be forgiven for feeling all 
of his 61 years. Thoughts of retire- 
ment are far from his mind, how- 
ever. “Good God, nol What am I 
going to do?” he exclaims. 

David Owen 



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Trantpartixtbm has made us 
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V 

I* 



FINANCIAL TIMES 


A nation desperate for relief 


Iraqis collective morale may never 
nave sunk so low, says Mark Nicholson 


desert 

Amman 


N othing demonstrates Iraq's 
isolation and deepening 
impoverishment more 
starkly than the 1,000km 
"way that links Ba gfafafl to 
Jordan. 

Traffic along the three-lane motor* 
S’ been &***■ main link 

? nce m&ii& w®*® ban- 

JJJ? by the UN. has thinned to a drib- 
Dje of cars and an occasional truck. 
( he country has run out of the means 
to afford the imports of food and med- 
that the UN permits. And the 
traffic that does brave the highway is 
prey to highwaymen. 

After 12 hours travelling Iraq’s 
®tPosed, empty lifeline, vehicles reach 
the anti-aircraft batteries of Bagh- 
dad s approaches. The highway then 
opens on to the busy boulevards of a 
capital strewn with mighty monu- 
ments and buildings: all in tribute to 
President Saddam Hussein and his 
ambition to make Iraq an- Arab super- 
power. 

In spite of four years of gan«*Hnr^ j 
Baghdad has kept up appearances. 
With dogged ingenuity, the Iraqis 
have rebuilt almost every thing the 
70,000-80,000 tonnes of allied bombs 
destroyed during the Gulf war in 199L 
They have chipped away broken con- 
crete to recover reinforcing rods. 
They have cannibalised spare parts. 
And they have rebuilt Iraq’s main 
telecommunications, power, water, 
sewage and road networks. Mr Sad- 
dam has even bad a new communica- 
tions tower built, claimed to be the 
Middle East's tallest structure, and is 
planning what offi cials call "the big- 
gest mosque in the world". The Sad- 
dam mosque, naturally. 

Iraqis are proud of this rebirth, 
whatever they think about their 
leader - something few Iraqis risk 
venturing to strangers. “We hear all 
about rebuilding Lebanon, rebuilding 
Kuwait - no one ever wrot e about 
how we rebuilt Iraq, without any for- 
eign money or the ori ginal plans of 
the foreign manufac turers," said one 
Iraqi electrician. “Do you know we 


rebuilt our earth gfaHoti? More than 
100,000 fragments, all put back 
together." 

But towers, mosques and earth star 
tions cannot hide the clear plunge in 
Iraqis' living conditions in the past 
few months. As the same Iraqi put It 
"Sanctions are hurting now. He first, 
second, third years - then maybe we 
were bluffing. It was for the foreign 
media, our suffering. But now it 
hurts." 

There are plenty of signs that Iraq 
has reached a critical stage. Food sup- 
plies are perilously short. Iraq 
imported 70 per cent of its food, at an 
annual cost of SLlbn, before the war. 
The government says it is now spend- 
ing an annual J70Gm on food, and 
cannot do that for much longer. Last 
month it halved the hasin rations of 
sugar. oQ, rice and Hour that every 
Iraqi has been entitled to since 1990. 
This year’s harvest is down by a third 
on last year’s poor crop. Farmers have 
not been able to get pesticides or fer- 
tilisers and, after four years' cropping 
without fallow, have leached their 
soil, say UN officials. 

Rations only met 70 per cent of 
basic nutritional needs, before the 
cuts. Hence the rise in the number of 
children with stomachs bloated by 
malnutrition appearing in Baghdad's 
hospital beds. Doctors at the Saddam 
Children’s Hospital say that so far 
this year they have admitted 500 chil- 
dren with marasmus, a severe form of 
malnutrition, compared with about 65 
a year before the embargo. They are 
also critically short of drugs. 

Food prices have soared. Two dozen 
eggs or a kilo of lamb costs IDLOOO, 
about half an average government 
employee’s monthly pay. One school 
teacher, baying an ZD500 tfex of baby- 
milk powder in the Shorjah souk, said 
this represented a third of her 
monthly facnme- “It’s all the money I 
have, so I must spend it for my chil- 
dren," she said. “Qf course we can’t 
manage." 

It is Iraq’s gq^Hpd classes which 
are worst hit Of Baghdad’s lm mid- 



Iraqis buying drugs at a state-run pharmacy in Baghdad, where the UN-imposed embargo is wmwng acute hardship 


dledass Christians, more than 300,000 
are thought to have lied since 199L 
The government is trying to staunch 
the flow. Dina, a 23-year-old secretary, 
says she qualified as a petrochemical 
engineer at Baghdad university, but 
has not been granted her degree 
papers. "Without it they know I can’t 
get a job overseas,” she says, adding 
that one college mate, a mp^hantrai 
engineer, has resorted to selling ciga- 
rettes by the roadside for a living. 
Baghdad’s souks are full of people 
Balling the family silver - literally. 


T 


n he Iraqi dinar has become 
fanny money - locals refer to 
it simply as “paper”. Hard 
economic data are rare, but 
the government estimates that prices 
have risen by 5.000 per cent since 
1990. Exchange a $100 bill in Baghdad 
and you receive a 15cm bundle of 
dinars. Banks ferry money inside 
branches in supennarket trolleys and 
receive truck deliveries of notes each 
morning. Hie few who are making 
money out of sanctions, such as spare 


parts dealers, smugglers and the 
Baghdad-Amman taxi drivers in their 
hulking GMC Suburbans, buy their 
cars and houses with 50kg sack-loads 
of dinars. 

A grim pall has settled over Bagh- 
dad. The city's restaurants are dark 
and empty. Public drinking has been 
banned. A rise in crime and low-level 
graft, nnfo almost absent, anri ar my 
desertions has seen the government 
resort to the revering of hands, feet or 
ears by way of punishment 

But while Iraqis’ collective morale 
may never have sunk so low, there 
are few signs that this is coalescing 
into any articulated, let alone organ- 
ised, opposition to Mr Saddam. Iraqis 
are keeping their private feelings pri- 
vate. “Even if Saddam has lost sup- 
port - ami ther e’s no doubt many 
hate Saddam - people cannot react 
because they fear the regime,” says a 
diplomat Another suggests that with 
“one in 20 working for the mukha- 
barat [secret police], at a conservative 
guess”, it is hard to assess what politi- 
cal forces are stirring. ' 


Another year without reprieve from 
the embargo would certainly aggra- 
vate the ruin of Iraq’s middle i»ia«c 
and cause more crime and starvation, 
but it still might not shift the Iraqi 
leader. 

The hardship of sanrtinnB may even 
be strengthening Mr Saddam's hand, 
some argue. "Put it this way," says an 
ambassador in B a ghdad , “at pr esent, 
who is closer to the Iraqi people's 
concerns? The UN, the US and the 
exiled Iraqi opposition who want to 
keep sanctions on, or Saddam, who is 
fighting to get them lifted? Even those 
who hate Saddam are now in the 
gamp basket" 

No one wholly rules out a palace 
coup from within Mr Saddam’s al- 
Takrit dan elite, or a rising of dis- 
gruntled officers. But neither seems 
likely. And if either occurred, it would 
come out of the blue even for the 
most plugged-in observers. 

The View from Baghdad is fhafr Mr 
Saddam is staying, whatever the US, 
the UK and the Iraqi opposition may 
hope. 


A giant shopping centre 
will soon be built 
right on your door- 
step. There will be 
hundreds of stores, banks, a 
supermarket, car dealerships, 
billboards - all within sight of 
your living-room armchair. - 
But don't rush to organise a 
protest There will be no con- 
crete poured in the construc- 
tion of this mega-malL It is a 
“virtual" shopping centre, just 
a few seconds down the infor- 
mation superhighway. 

Electronic shopping centres 
are proliferating as retailers 
spot the chance to create a 
direct, low-cost marketing 
channel, to a fast-growing and 
predominantly affluent group 
of consumers - home-computer 
users. 

More than a third of all US 
households now have a per- 
sonal computer and 12 per cent 
- approximately 11m people - 
are equipped with a modem 
that allows them access via the 
telephone to the electronic 
data networks. Among US 
households with an a nn ua l 
income exceeding $50,000, the 
percentage of “net travellers” 
- users of such networks - 
rises to 27 per cent 
This level of access has 
prompted a charge into elec- 
tronic shopping, led by com- 
mercial networks such as Com- 
puServe, America O n li n e and 
Prodigy. They now have more 
than 5m subscribers who use 
their on-line discussion groups, 
live chat “rooms" and news 
services, as well as electronic 
shopping. 

Each has an “electronic 
mall", with more th an 1 00 
stores reifing products from a 
Brooks Brothers suit to honey- 
baked ham, 

The Internet - a global web 
of computer networks with an 
estimated 25m-30m users - is 
also going commercial. Last 
month. Home Shopping Net- 
work, which operates the 
Home Shopping cable TV chan- 
nel, acquired Internet Shop- 


Louise Kehoe on the commercial appeal of 'virtual shopping malls’ 

The armchair shopper 


ping Network (ESN), a fledgling 
Silicon Valley company that 
began spiling computer prod- 
ucts on the Internet five 
months ago. 

“It is a bold step towards 
opening up a huge new mar- 
ket,” says Mr Randy Adams, 
founder of ISN. Home Shop- 
ping is planning “a major push 
into the digital environment, a 
first step towards interactive 
television", he says. 

With distribution and billing 
facilities already in place. 
Home Shopping Network is 
poised to create the first large- 
scale electronic shopping ser- 
vice on the Internet Already 
there are dozens of smaller 
retailers on the Internet Mer- 
chants from Palo Alto, in Calif- 
ornia’s Silicon Valley, for 
example, have posted listings 
of their wares while the city's 
restaurants provide menus 
nn-lina- 

For consumers, the main 
appeal of on-line shopping is 
convenience. Electronic stores 
are open 24 hours a day, seven 
days a week. The services draw 
“too busy, two-income fami- 
lies", say the electronic mer : 
chants. 

Most of the computer shop- 
ping services available today 
lake the form of product lists 
with detailed descriptions of 
the merchandise and discount 
prices. For people who know 
what they want - a particular 
brand of clothing or a specific 
model of a household appliance 
- on-line shopping is a quick 
.way to find a bargain. Without 
even a picture of the product, 
howe v er , it is hard to imagine 
buying an outfit for a special 
occasion or a piece of furniture 
from an. on-line service. 

But multimedia computers 



are beginning to make elec- 
tronic shopping much more 
Interesting. Industry analysts 
predict that on-line ■ sales 
of goods and services will 
mushroom into a multi-billion 
dollar industry over the next 

three years as 

the technology 
becomes more 
widely avail- 
able. 

A high-per- 
formance mul- 
timedia PC 
(now selling in 
the US for 
about $2,500) with a fast 
modem can handle graphics, 
audio and video clips, giving 
shoppers a much richer view of 
the products available. Multi- 
media also ex p a nd s the range 
of goods and services that can 
be marketed effectively on-fine. 

For instance, the Global Net- 


Electronic stores 
are open all day 
and attract 
'too busy, two- 
income families’ 


work Navigator, a free Internet 
service provided by O'Reilly & 
Associates, a California pub- 
lishing group, has established 
a “travel resource centre". 
Users can watch a video dip 
promoting the delights of a hol- 

iday resort, 

read travel 
articles, join 
a discussion 
group where 
people share 
travel experi- 
ences or check 
weather fore- 


Even with a fast modem, 
however, on-line access to mul- 
timedia services through the 
telephone network can be 
tediously slow. A compromise 
approach, that ia gafnmg popu- 
larity involves publishing a 
multimedia catalogue on a 
CD-Rom disc which carries the 


images and sound. Updates on 
prices and availability, as well 
as ordering, are available 
on-line. 

“The problem with the 
on-line world today is that the 
technology is long in the 
tooth." says Mr Stephen Tom- 
lin, vice-president in charge of 
interactive technology develop- 
ment at QVC, Home Shopping 
Network’s rival in the cable TV 
shopping market. 

“To be a good merchant you 
have to have a rich interaction 
with the customer - show the 
m»rphflnrii«) demonstrate its 
features and have a real dia- 
logue. We are limited by cur- 
rent modem speeds,” says Mr 
Tomlin. 

Yet electronic shopping may 
be on the brink of a technology 
breakthrough that could give 
“virtual" shopping malls a 
competitive edge on the real 


thing. The latest computer net- 
work technology for electronic 
commerce provides “intelligent 
assistants" - computer pro- 
grams that travel the data net- 
works in search of information, 
or products, at the behest of 
their owners. 

AT&T, the telecoms group, 
recently launched PersonaLtnk 
network service, the first com- 
mercial application of this 
technology. Using software 
developed by eShop, a Calif- 
ornia software venture, Per- 
sonaLink will create a “market 
square” with electronic drop- 
ping assistants to help sub- 
scribers browse, select and 
make purchases. 

These “cyberpersonas" will 
get to know your interests and 
tastes, what sports you enjoy, 
your shoe size, your spending 
habits and more. Retailers will 
provide these “electronic assis- 
tants" to help you to make 
your purchases. 

You might also want to cre- 
ate your own electronic assis- 
tant, who will look through 
several electronic stores to find 
what you need at the best 
available price. 

These assistants will emulate 
the role of the highstreet tai- 
lor who knew your measure- 
ments. the corner grocer who 
used to deliver a regular 
weekly order to your home, or 
the saleswoman who helped 
you to select Christmas gifts. 

Many retailers see these 
developments as an opportu- 
nity to experiment in the brave 
new world of “virtual" shop- 
ping before it becomes a 21st 
century mass consumer service 
ctn “interactive television". 

“It makes sense to get into 
the game, to understand what 
is going on,” says Mr Tomlin. 

So when are they going to 
start building that virtual 
shopping centre? 

“It’s not around the corner, 
but there is no doubt that it is 
going to happen," says Mr 
Adams. “We are young enough 
to wait" 


New corporate investors 
threaten the traditional Lloyd's 
Name, says Ralph Atkins 

Endangered 

species 


H aving lost “an 
astonishingly large 
sum of money" at 
Lloyd’s of London, 

Mr Glenfe Joel, a 65 year-old 
retired soldier, is reluctant to 
offer financial advice. But he 
does have one tip: “I certainly 
wouldn’t suggest that anyone 
went into Lloyd's.” 

In the past, becoming a 
Name at Lloyds, as Mr Joel did 
In 1988, appeared an attractive 
Investment with considerable 
tax advantages. Today, with 
the insurance market having 
incurred enormous losses, the 
number of Names is shrinking 
rapidly. With the arrival at 
Lloyd’s of increasing numbers 
of corporate investors, the 
future of the traditional Name 
looks stfil less certain. 

The Introduction into 
Lloyd’s of capital from compa- 
nies rather than individuals 
should take a step forward In 
the next few weeks when Wel- 
lington Underwriting 
announces that it has capital 
in place for a UK stock-market 
listing. By planning company 
to invest in a narrow range of 
Lloyd’s insurance syndicates, 
it will be the closest a listed 
company has come to mimick- 
ing the role of individual 
Names in pro- 
vldtng capital uowa uawMOHo "”*“1 
to underwrite No at Names Total 

Insurance poli- ' actively gross 

i- frq, undenwitlng capacity Em 


There is one I98i na 
crucial distinc- 
tion, however. 

Whereas Names igas • 2 e,oi 9 
joined under- 1988 28242 

writing syudi- 1887 30.936 

cates on the Jjjjj} 32-*33 
basis of unlim- ^552- •• J}*® • 
ited liability - 28,538 ' 

and were vul- 1992 - .22258 
nerable down 1993- - 19,537 
to their last col- W ■ TL57B 
Iar stud, the ^SSSSSSSSS. c *& ei 
maximum'' 
losses of corporate investors 
are capped. 

The emergence of the new 
listed Lloyd's companies raises 
the question of why prudent 
investors should want to 
invest again in Lloyd’s on an 
unlimited basis. “Unlimited 
liability is going to go,” says 
Mr John Mays of the Merrett 
Names Association, a group 
representing other Names who 
have lost money. 

Unlimited liability offers 
high gearing - Names can 
underwrite policies paying 
premiums up to five times the 
value of their investment. In 
good years, this gearing level 
can mean high profits. How- 
ever, the downside is illus- 
trated by the fete of thousands 
of Feltrim and Gooda Walker 
Names, who have lost a total 
of more than £lbn and are 
dunriny compensation through 
the courts. 

Even without Lloyd’s recent 
troubles, the traditional Name 
looked anachronistic. Some In 
the industry believe that 
unlimited liability Is legal 
nonsense because nobody has 
unlimited assets. 

At the same time, the organ- 
isational structure of Lloyd’s - 
developed In the 17th century 
to provide simple marine 
insurance policies - is 
unlikely to be appropriate in 
an increasingly competitive 
market 

The tax advantages of 
becoming a UK Name have 
also iHmmished as income tax 
rates have fallen. Names could 
offset losses against marginal 
tax rates as high as 98 per cent 
in the late 1970s, and 60 per 
cent in the mid-1980s when 
Lloyd’s membership was grow- 
ing rapidly. With a top tax 
rate today of 40 per cent, the 
attraction has fallen. 

Tax benefits remain: for 


example Names can keep prof- 
its in “special reserve" funds, 
without paying tax, to use for 
paying future losses. But that 
has not stopped Names leaving 
Lloyd’s. In 1989 more than 
31,000 Names were actively 
underwriting. Next year the 
total may drop below 16,000. 

Lloyd’s management is not 

yet ready to declare the tradi- 
tional Name defunct- Mr David 
Rowland, chairman, believes 
the injection of corporate capi- 
tal is critical to Lloyd's future. 
Bint he is keen to respect 
Names’ interests. 

“1 want a level playing field 
between old and new capital 
so that market forces can dic- 
tate,” says Mr Rowland. There 
are two good reasons for being 
fair to traditional investors at 
this stage. 

First, the company investors 
are unproven. This year, the 
first in which .corporate capi- 
tal has been allowed, 25 com- 
panies have invested about 
£900m in the market. Most 
have spread their hinds across 
a broad range of syndicates, 
sometimes as many as 100. 
Typically they are allowed to 
underwrite premiums worth 
twice their investment, a level 
of gearing that may not pro- 
duce sufficient 
returns to 
entice inves- 
tors. Under 
Lloyd’s acc- 
ounting rales, 
this year's 
underwriting 
profits will not 
begin to flow 
until 1996. 

Second, Na- 
mes will con- 
tinue to pro- 
vide most of 
Lloyd’s fin- 
ances for some 
years. More- 
over, the high 


3,562 

4,111 

4281 

5.090 

6.682 

8£11 

10290 

11,018 

10,858 

11.070 

11,382 

10,046 

8378 

10,890* 


Source Lloyd's 

gearing is still attra c ti ve for 
some wealthy individuals. To 
lessen the risks of unlimited 
liability, Lloyd's introduced 
last year a “high level stop- 
loss” scheme offering protec- 
tion against excessive losses. 

Existing Names have an 
incentive to carry an trading - 
if they can afford to. Though 
1992 is expected to have been 
loss-making, 1993 is regarded 
as having been profitable. 
Meanwhile relief is in sight 
from tiie problem of outstand- 
ing US pollution and asbesto- 
Sis ehims dating from as far 
back as the 1940s. Liabilities 
on policies underwritten by 
Names in 1985 or before are 
expected by the end of next 
year to have been taken over 
by Newco, a company set up 
by Lloyd’s to “ring fence" the 
so-called “old years" problem. 
This should mean many 
Names can finally rid them- 
selves of the still unquantified 
past losses. 

The picture could, however, 
change considerably by 1996 
or 1997 when insurance may 
have entered a cyclical down- 
turn. “Before 2000 most of us 
who are still underwriting will 
be doing so with limited liabil- 
ity," says Mr Robert Saunders, 
director at accountancy and 
banking company Smith & 

Williamson. 

By then the wider repercus- 
sions of introducing corporate 
capita] will also have been 
felt. Corporate investors may 
want big changes to the 
Lloyd’s underwriting system, 
and It could become hard for 
Uoyd’s to balance the inter- 
ests of companies and individ- 
uals on unlimited liability. 
The unlimited liability Name 
may become an endangered 


Barry Riley: Weekend FT I 


Unsubstantiated failures 


rry Witcher. 
lel Hammer, (“No 
cusss", October 5) 
re-engineering faff- 
ays “...we find it 
r when the 70 per 
> is cited as an 
e statement of re- 
f’s successes and 
auae . . . one of us 

r similar happened 
ality management 
i, the authoritative 

e is 80 per cent It 
ideiy at the recent 
erence of the Brit- 
y of Management 
, conducted at Dur- 
diversity Of Man-. 


Chester Institute of Science and 
Technology clearly showed 
that the vast majority of TQM 
is still in place, and that loss 
than 5 per emit of organisa- 
tions seem totally dissati sfie d. 

For sample, in a large sur- 
vey of organisations in Scot- 
land last year, fewer than I per 
cent of organisations with 
TQM expressed total dissatis- 
faction. Perhaps for new things 
it is always “open season”. 
Barry Witcher, 

director of postgraduate 
research , 

Durham University Business 

School, 

MUl Bill Lane. 

Durham DHl SLB 


LETTERS TO THE EDITOR 


Number One Southwark Bri 

Fax 071 873 5938. Letters transmitted should be dearly typed 


;e, London SE1 9HL 

not hand written. Please set fax for finest resolution 


Globalisation still a route 
to sustainable success 


Road pricing would benefit UK economy 


From Mr Andrew Tylecote. 

. Sir, Charles Batchelor 
("Dying romance of the open 
road”, October 19) is too 
gloomy about the obstacles to 
a sea-change in transport pol- 
icy. 

Electronic road pricing will 
not damage the economy at all 
- on the contrary. The revenue 
raised will allow existing taxes 
to be lowered by the same 
amount; in fact they could be 


lowered more, if one chose, 
given the National Health Ser- 
vice savings from less pofln- 
tion and accidents. And busi- 
ness (like individuals) will 
benefit greatly from the reduc- 
tion in congestion - high-tech- 
nology industry Is more con- 
cerned with speed and 
reliability than with direct C06t 

of transport. 

Conntiy-dwellers will not be 
disadvantaged it as Is sensible. 


road pricing (and tight pollu- 
tion control) is introduced first 
in urban areas - where the 
charges would always be 
higher. 

Traffic-blighted communities 
can have their bypasses with- 
out serious damage to the 
countryside as long as they are 
narrow and discreet At pres- 
ent that would be pointless, 
because drivers would scorn 
such an alternative; but if the 


charge for going through were 
high enough, they would go 
round. 

Road pricing ts a win-win 
option; what is the government 
waiting fori 
Andrew Tylecote, 

Professor of the Economics and 
Managem ent of Te chnology, 
Sheffield U niver s ity 
Management School, 

9 Mappm Street, 

Sheffield SI 4DT 


[Other 'refugees’ welcome in Brussels 

[Hants. 1 That much maligned little folly contributing men 

* atn ~- . .. 1 Rmccak acremts such snefetv and. VBTV hflUE 


■rence to the 
recognise the 
- executives 
live overseas" 
jetober 14), I 


l/ij wi I — 

overlooked- . 
hat dreaded 
Ingle mothers 
outside their 


That much maligned little 
city of Brussels accepts soch 
ex-pats, allowing angle parents 
tp work and care for their off- 
spring with the aid of state-run 
crtches and nursery schools of 
very good quality, open at 
convenient hours (07.30 to 
18.30) and contributed to 
in accordance with their sat 
ary. 

In turn, such refugees are 


folly contributing members of 
society and very happy to be 
part of a community which 
actually likes women and 
children, unlike life under a 
certain British government 
whose record on childcare 
leaves much to be desired. 
Effeen Adams, 

Avenue des Gauksis 13, . 

1(M) Brussels, 


Simple I D card would make for simpler life 


From Mr Mark H J RadcEfJe. 

Sir, Branwen Maddox, in her 
article “Masters of a frag- 
mented universe" (October 17), 
says globalisation Is now only 
being heard of from a handful 
of industries. That this is so is 
less to do with Hawed acquisi- 
tion strategies than to do with 
a failure to conceive and imple- 
ment effectively. 

There are dozens of indus- 
tries where sustainable suc- 
cess, and financial return, will 
only be ultimately achieved by 
those who can get their global 
act together. 

The reasons for some indus- 
tries being susceptible to glo- 
balisation and others not range 


from the need to recover high 
R&D or tooling costs (eg. phar- 
maceutical and automotive), 
the utilisation of special know- 
ledge or servicing skills (eg. 
international plant construc- 
tion and maintenance, or 
advisers such as auditors), or 
brand recognition and quality 
assurance (eg, McDonald’s). 

We need to encourage and 
not discourage those business- 
men with the vision, courage 
and capability to do it, rather 
than fairing a narrow, comfort- 
able and parochial route. 

Mark H J Radcliffe, 

The Malt House, 

Upton, Near Andover, 
Hampshire SPU 0JS 


From Mr Warren Eduardes. 

Sir , To my chagrin, my Span- 
ish wife can enter and leave 
the UK with no more than a 
credit card-sized ID card. Fur- 
thermore, in many countries 
ID cards are essential for 
day-to-day business purposes, 
such as entering clients’ 
offices. Passports have to be 
carried in lieu of ID cards. 

To avoid the hassle of carry- 


ing a passport while abroad 1 
have made myself an ID card. 
While consulting in South 
Africa last year, I stuck a pho- 
tograph on my UK driving 
licence and my client over- 
stamped it and signed it. 

I have had no problems with 
my “official" papers within and 
without the EU, though I have 
not yet tried it at a frontier. 

May I suggest a cheap and 


speedy low-tech ID card - the 
back cover of the EtyUK pass- 
port The blank reverse could 
contain the holder’s signature, 
driving licence and National 
Insurance details. 

Warren Edwardes, 
managing director, 

Delphi Risk Management, 

3 Hyde Park Steps. 

St George’s Fields, 

London W22YQ 


EU is about domestic policy 


From Mr Gary Tilley MEP. 

Sir, Ian Davidson reproduces 
the misconception which is a 
flaw in the UK’s attitude 
towards the EU - that Euro- 
pean policy is a part of foreign 
policy and so is remote from 
everyday existence (“Blair's 
EU labours", October 12). The 
EU is about domestic policy 


and should be interwoven In 
all our debates. Only then will 
the British get to grips with 
"Europe”. It was presumably 
in recognition of this that Tony 
Blair gave his deputy. John 
Prescott, a European remit 
Gary Tltley, 

16 Spring Lane, 

Sadclffie, Manchester M26 2TQ 


t 





COMPANY NEWS; UK 


EVC institutions reject 
claims by Greenpeace 


By Tim Burt 

City institutions handling the 
imminent flotation of EVC 
International. Europe's largest 
PVC manufacturer, yesterday 
rejected claims that they had 
over-valued the company and 
failed to warn potential inves- 
tors of environmental risks. 

SG Warburg and Kleinwort 
Benson both accused Green- 
peace, the environmental pres- 
sure group, of using selective 
and distorted facts in a circular 
urging fund managers to avoid 
the float, which is expected to 
value the company at more 
than 2400m. 

In its first-ever approach to 
institutional investors, Green- 
peace criticised research on 
EVC by Warburg, joint global 
coordinator to the placing and 
□pen offer, and Kleinwort Ben- 
son, lead manag er on the issue. 


“A valuation of EVC mad e 
on the basis of these reports 
would, in our view, overstate 
the company's worth." Green- 
peace said. 

The Dutch-based company, 
jointly-owned by ICI and Eni- 
ohem of Italy, will unveil its 
flotation price tag on Monday 
when its pathfinder prospectus 
is published. 

Researchers at Greenpeace, 
however, warned that the 
newly floated company would 
face mounting environmental 
and safety pressures, prompted 
by concerns over dioxins and 
other toxic emissions during 
PVC production. 

“The increasing availability 
of viable substitutes will erode 
traditional PVC markets In 
Europe and the US," the pres- 
sure group added. 

Warburg, which described 
the environmental pressures 


on EVC as “limited”, said it 
stood by its views and was con- 
fident of support from fund 
managers. 

Officials at Kleinwort, mean- 
while, said: “We have never 
glossed over the environmental 
controversy surrounding PVC. 
But our tentative view is that 
these pressures are past their 
worst” 

’Rmrjr rypmff n ta l COUCerDS anil 

restrictions on the use of PVC. 
particularly in packaging, con- 
tributed to combined pre-tax 
losses of FI 827m (2304m) at 
EVC over the last three years. 

Although cost cutting is 
understood to have improved 
the joint venture's financial 
performance in recent mouths, 
ICI - which publishes its third- 
quarter results next Thursday 
- is expected to endure a 
pi Mm write-down on its EVC 
assets in Wm final quarter. 


Aviation setback leaves 
Hunting down at £13.5m 



Ken Mfllen special circumstances affected performance this year 


By Christopher Price 

Tough trading conditions in 
the aviation business dented 
first half pre-tax profits at 
Hunting, which yesterday 
reported a 24 per cent decline 
from £17.7m to £13.5m - 
although last year's figure was 
flattered by a £5£m contribu- 
tion from tiie sale of a subsid- 
iary. 

At the operating level, prof- 
its from continuing operations 
were down 10 per cent from 
£18-3m to 216.5m. 

Operating profits in the avia- 
tion division fell from £3.7m to 
£1.5m on turnover up 9 per 
cent at £81 Jm (£74.7m). A lack 
of orders from both the civil 
and military aviation sides hit 
the group's overhauling and 
fitting business. Likewise, 
slack demand for the Saab 340 
and BAe Jetstream 41 aircraft 
affected the company's interi- 
ors business. 

On the defence side, operat- 
ing profits rose 42 per cent to 
£7.4m (£5.2m) on turnover 77 
per cent ahead at £223. 8m 
(£126.7m). The figures were 
boosted by the first full interim 
contribution from the manage- 
ment contract to run the Atom- 
ic Weapons Establishment at 
Aldermaston. This included an 
operating profit of 22.8m. 

Profits from the oil services 
business were hit by weak oil 


prices in the first quarter, 
de clining 19 per cent to £7.6m 
(£9.4m). Turnover fell 17 per 
cent to £254^m (£SQ5.3m). 

Group turnover advanced 10 
per cent to £559 Jm (£509. 3m). 
Earnings per share fell from 
8£p to 4.6p. The interim divi- 
dend is maintained at 4p. 

Despite the downturn, Mr 
Ken Miller, chief executive, 
was optimistic on the outlook 
for the group. “There have 
been special circumstances 
this year which have affected 
our performance. But the bene- 


fits from our cost saving pro- 
gramme will come through 
next year, the outlook for the 
aviation business is more 
favourable, the defence busi- 
ness order book is good and 
there's more activity in the ail 
business." 

The market took a dimmar 
view ami the shares slipped 3p 
to 159p, their lowest point 
since December 1993. Analysts 
cut their profit forecasts for 
the year by about 15 per cent, 
with most settling in a range 
from £28m to 231m. 


Nat West signs Mondex cash 
card deal with Hongkong Bank 


By John Gapper, 

Banking EcHtor 

National Westminster Bank 
has made the first step in its 
attempt to establish global 
usage for its Mondex electronic 
cash card by selling the rights 
to franchise the card in several 
Asian countries to Hongkong & 
Shanghai Banking Corpora- 
tion. 

NatWest is also in talks with 
banks in Germany, France and 
the US to sell the rights to 
franchise and develop the use 
of the card in those countries. 

In return it is offering them 
equity stakes in a new com- 
pany that will control Mondex, 
in which NatWest will have a 
gulden share. 


NatWest is planning to test 
the card - which can be loaded 
by consumers with electronic 
cash units mid used in shops to 
pay for goods and services - in 
Swindon next year. The British 
rights are held by NatWest in 
partnership with Midland 
Bank and British Telecom. 

Ho n gkong Ba nk , which is a 
subsidiary of HSBC Holdings, 
has acquired the rights to fran- 
chise the card in Hong Kong, 
China. India, Indonesia, 
Macau, the Philippines, Singa- 
pore, Sri Lanka. Taiwan and 
Thailand. Hongkong Bank Mal- 
aysia will have rights in Mal- 
aysia. 

Mr Bert Morris, deputy chief 
executive of NatWest, said that 
the bank was in talks with 


about 30 banks in 115 coun- 
tries. 

Mr Morris said he believed 
NatWest would be able to 
charge UK consumers for the 
use of the card. “We have not 
taken any decision, as my 
inclination would be not to 
give it away. The banking 
industry has given far too 
many thing s a Way." 

He said the agreement gave 
Hongkong Bank exclusive 
rights until 2005, but that Nat- 
West was talking to other 
banks in southeast Asia. 

NatWest wants to establish 
Mondex as the worldwide stan- 
dard for cash cards. It uses a 
microchip to store cash units, 
and can be loaded at home 
with an adapted telephone. 


Rebel Barrs to oppose plans to 
enfranchise non-voting shares 


By Richard Wotffe 

Mr Nicholas and Mr Robert 
Barr, the brothers who are 
attempting to unseat their 
ancle, Mr Malcolm Barr, as 
chairman of Barr & Wallace 
Arnold Trust, yesterday 
pledged to vote down the 
board’s plans to enfranchise 
non-voting shares. 

The brothers, who speak for 
30 per cent of the voting 
shares, sent a letter to 
Hambros. the leisure and 
motor distribution group's 
financial advisers, stating their 
opposition to the board's reso- 
lution. The board needs a 75 


per cent majority to succeed. 

They also repeated their 
demands for the removal of Mr 
Malcolm Barr along with his 
chief executive, Mr John Par- 
ker, and his finance director, 
Mr Brian Small- A second 
meeting will vote on Mr Parker 
and Mr Small before December. 

"This did not start out as a 
family feud,” said Mr Nicholas 
Barr. “We tried to the best of 
our ability to persuade Mal- 
colm Barr to take a graceful 
and dignified exit from His 
position on the board. He chose 
to have no interest in any of 
those proposals.” 

The board yesterday 


declared its intention to con- 
tinue with its EGM, and is 
expected to issue a document 
next week, which is thought to 
include an audited profit fore- 
cast, as well as details of the 
l-for-1 scrip issue to compen- 
sate ordinary shareholders for 
the loss of voting control 

Ironically, enfranchisement 
is one of the rebels* principal 
proposals for modernising the 
company. The group's 10m 
non-voting shares are mainly 
owned by institutions. 

Nicholas and Robert are the 
sons of Mr Stuart Barr, the 
managing director who died 
two years ago. 


Stagecoach £8.36m acquisition 


Stagecoach Holdings, the bus and coach 
operator, is acquiring Cleveland Transit and the 
rest of Kingston Upon Hull Transport, which 
provides bus services in Middlesbrough, Stock- 
ton-on-Tees and Hull, In a £&36m deal 

Undertakings to accept the agreed offer have 
been received in respect of 51 per cent of the 
shares in Cleveland, which holds 51 per cent of 
Kingston Transport 

The 359- fur-200 offer values Cleveland at 27.7m 
and could involve the issue of 3.59m shares. 
There are 385p-a -share cash and loan note alter- 
natives. 

The 305,970 share offer for the outstanding 


stake in Kingston Transport is worth £656,000. 

In the year to March 26 Cleveland reported 
pre-tax profits of £950,000 on turnover of 211.4m. 
Net assets at the period-end were £117,000 after 
writing off goodwill of about £L2m. 

The results Included Kingston from December 
10 in which time it had pre-tax profits of £50,000 
on turnover of 22.4m. 

Stagecoach said that Cleveland already had 
operating margins of 10 per cent 

Nonetheless, improved profits could be 
achieved with further investment in new 
vehicles and economies of scale from the 
enlarged group. 


Demand from generators will slump in late 1990s, rep ort predicts 

Value of coal assets questioned 


Lucas pips 
Valeo to US 
components 
company 

By Paid Cheeseright, 

Midlands Correspondent 

Lucas Industries, the auto- 
motive and aerospace compo- 
nent manufacturer, has moved 
to strengthen its US business 
by agreeing to buy for $87m 
(£54m) cash Lake Center 
Industries from Guy F Atkin- 
son of San Bruno, California. 

This is 37m more the 
sum which Valeo, the French 
components manufacturer, 
said it would pay for the com- 
pany. Valeo announced last 
Monday that it had reached 
agreement to buy LCL 

Atkinson and Lucas had 
been “talking over the last few 
weeks”, Lucas said. The dis- 
cussions continued despite the 
Valeo an nonnc e me n t. Indicat- 
ing that Atkinson had been 
playing one potential buyer off 
against the other. 

Valeo said that It “had not 
accepted a new request on the 
part of Atkinson to increase 
the acquisition price and to 
modify certain essential condi- 
tions initially agreed.” It 
would not therefore go ahead 
with the purchase. 

Both Valeo and Lucas have 
been anxious to build up their 
presence in the US. Lucas, 
seeking to strengthen its core 
automotive and aerospace 
activities, will fit LCI into its 
automotive Body Systems 
business, which specialises in 
electronic systems used inside 
vehicles. Body Systems is one 
of the nine business areas 
Lucas has designated as cen- 
tral to its future. 

LCTs speciality is the manu- 
facture of control systems for 
heating and ventilation of 
vehicles, products which Lucas 
has not made. 

The purchase will enhance 
Its ability to offer complete 
in-vehicle electronic syst- 
ems. 

This year LCI expects sales 
of 3110m, rising to 3140m next 
year. In 1993 ft had pre-tax 
profits of 35.7m and net assets 
of $23.2m. L& works on eight 
sites and employs 1,370 people. 

Sphere board 
recommends 
bid rejection 

By Bethan Hutton 

The board of Sphere 
Investment Trust yesterday 
advised shareholders not to 
accept an offer from Dartmoor 
Investment Trust 

It recommended retaining 
the shares, or selling them in 
the market Warrant holders 
were advised to accept a sepa- 
rate offer for their warrants. 

Dartmoor is offering eight 
new income shares far every 
25 Sphere Income and residual 
capital shares. It has received 
provisional acceptances for 
more than 52 per cent of the 
shares, held by itself, its man- 
agers, Exeter, and Ah trust 
Fund Managers. 

Sphere's board said it did 
not believe this was a fair or 
reasonable offer for the 
shares, but acknowledged It 
was likely that the bid would 
become unconditional 

Its recommendation was 
based on assurances from 
Dartmoor that Sphere would 
continue as a separately 
quoted trust, retaining the 
same managers, with a 
broadly equivalent portfolio to 
the past, nntil it was liqui- 
dated as scheduled, or rolled 
over into a successor trust 


The successful bidders for 
British Coal mines have 
offered far more than is being 
paid for coal assets on the 
international market accord- 
ing to an analysis published 
yesterday. 

The report in Coal UK, the 
Financial Times newsletter, 
predicts a slump in rignum d for 
coal from the electricity gener- 
ators in the late 1990s. It will 
fuel questions over whether 
the bidders have paid too much 
and can sustain tong-term prof- 
its. 

The report casts doubts over 
th» ability of RJB M frring , cho- 
sen as preferred bidder for all 
three English regions, to make 
significant profits after 1998, 
when gristing contracts with 
the generators end. 


By Bethan Hutton 

Foreign & Colonial Emerging 
Markets Investment Trust is 
set to raise up to £11 5m of new 
capital with a C share issue. 

Institutional investors have 
already spoken for 85m C 
shares at lOOp during the plac- 
ing stage, and a further 30m 
shares are available in a public 
offer opening on October 24. 
Demand Has already exceeded 


By David Blackwell 

Shares in BCE Holdings were 
suspended yesterday at 9%p, 
after the annminramgnt of a 
deal that will take the snooker 
and pool products distributor 
into the electronic games 
industry and more than treble 
its size. 

The USM-traded group, 
which has a market capitalisa- 
tion of just under £6m, has 
agreed in principle to acquire 
for 214m Rage Software and 
another similar company 
involved in the development of 
video and computer games. 


By Andrew Baxter in London 
and John Ridding In Paris 

ASW Holdings said yesterday 
it was in talks which may lead 
to it buying a majority stake in 
Socfete des Aders d 'Armature, 
the steel reinforcement 
operations of Usinor Sarilor, 
the state-owned French steel- 
maker 

A deal with Usinor would 
give the Cardiff-based steel 


plants outside the UK, ending 
a long search for a sizeable 
European acquisition. It would 
increase its workforce by more 
than 50 per cent to 3,400. 

No price was disclosed, and 
ASW said a further announce- 
ment would be made “when 
appropriate". 

Usinor, Europe's largest 
steelmaker, said the disposal of 
SAM, which manufactures 
wire and rods for use in 
reinforced concrete, was part 
of its strategy of concentrating 
on core activities. 

Over the past few years, Ust 
nor has been restructuring 
SAM, which suffered losses of 
FFr270m (£32. 4m) last year on 
sales of FFr22bn. The losses 


After 1998, “it is difficult to 
believe that its margins will be 
sufficient to cover ongoing 
costs, the costs of closures and 
any leftovers from the bid”. 

Coal UK says that whether 
the bids are measured in 
pounds per tonne of reserves 
Or pounds per tnnne of aalaahfe 
coal, the winning bidders for 
England and Wales are paying 
much more than has recently 
been paid for coal assets in 
other countries. 

“Overseas investors would 
almost certainly look on 
British Coal as high cost and 
producing poor quality coal" 

RJB’s £900m bid equates to 
£1.54 per tonne of reserves 
and £28 per tonne for saleable 
coal 

The report says that only 


FAC’s expectations; the group 
had expected to cap the issue 
at 270m. 

The trust currently has 
assets of about 2150m. The 
additional capital wiQ make it 
the second largest general 
emerging markets trust, after 
Templeton Emerging Markets, 
which has assets of 2509m. 

According to figures from 
Smith New Court, the F&C 
trust was last week trading at 


Mr Robin Jones, managing 
director, said that the two com- 
panies, which together employ 
about 100 people, had devel- 
oped games that had sold hun- 
dreds of thousands of copies. 
One of Rage's most successful 
products was Striker, a football 
game. 

Mr Jones and a partner 
bought into BCE from former 
rhairman Mr David Fisher in 
October last year. Since then, 
said Mr Jones, the new man- 
agement has transformed the 
group, which includes a chain 
of 10 games arcades in London. 

He expects the circular pro- 


partiy reflected the depressed 
state of the construction mar- 
ket In 1993 and the costs of 
renovating the company's fur- 
naces. 

The French group said 
SAM’s results would show an 
improvement in 1994, while 
industry observers said the 
subsidiary should come close 
to break even for the year. 

SAM has a total workforce of 
about 1,150 and produces con- 


region. 

It also controls several Euro- 
pean wire mesh manufactnr- 


one international sale has been 
higher recently and that 
involved low sulphur mines. 

“All other international 
were at less than £24 a 
tonne and the vast bulk at 
below £20." 

The report forecasts that the 
BnpHsH power market for coal 
is likely to be squeezed further 
following government deci- 
sions to allow new gas-fired 
power stations. 

The En glish market could be 
below 25m tonnes by 2000, 
according to the analysis. 

National Power and Power- 
Gen, the two fossil-fuel genera- 
tors, currently buy 30m tonnes 
a year. RJB has said it 
sees limi ted decline after 
1998. 

Mining (Scotland), the con- 


a package premium - taking 
both shares warrants into 
account - to net asset value of 
8 JS per cent, meaning that even 
after costs, the new issue 
should be a cheaper way to 
buy into the fond than acquir- 
ing shares in the market 
The trust’s current asset 
allocation gives the heaviest 
weighting to Latin America (43 
per cent) and Asia (37 per 
cent), with smaller amounts in 


poking the latest deal to be 
sent to shareholders in three to 
four weeks, with an extraordi- 
nary meeting soon after. The 
money is likely to be raised in 
a placing and open offer. 

After the purchase the 
group’s market capitalisation 
is expected to be at least 225m. 
The vendors of the games busi- 
nesses wOl be keeping a sub- 
stantial amount of the equity. 

Last August, BCE reported a 
deficit of £796,000 before and 
after tax for the year to March 
31. The outcome, on turnover 
of £3. 73m, took in exceptional 
charges to talling £203,000. 


ers, mrimting Ludwig of Ger- 
many, Ilro of Italy and Trffi- 
larbed Gent of Belgium. 

The negotiations with ASW 
are expected to involve the sale 
of a majority stake in SAM, 
rather than the entire Usinor 
holding. The British group 
would take management con- 
trol 

Purchase of a stake would 
extend ASW*s presence in the 
steel reinforcement business, 
one of the products within 
its Allied Steel and Wire busi- 
ness. 

A deal is likely to be fol- 
lowed by cost-cutting at SAM, 
observers believe. 


sortium in which Waverley 
Mining Finance and Coal 
Investments have stakes, is 
believed to have offered £60m 
to become the preferred bidder 
for British Coal's Scottish min- 
ing assets. 

This equates to £1.58 per 
tonne for the reserves and £12 
a tonne for saleable coaL 

“The latter Figure is the only 
one that fits into the interna- 
tional perspective. The reserve 
valuation is way above compa- 
rable international deals which 
range from 20p to 40p per 

tonne.” . 

Celtic Energy's estimated 
£95m tender for South Wales, 
which also has preferred bid- 
der status, equates to £1.79 per 
tonne of reserves and £47.50 
per tonne of saleable coal. 


Europe, the Middle East and 
Africa. Figures from the Asso- 
ciation of Investment Trust 
Companies place its share 
price performance second in its 
sector over three years to end 
September. 

Dealing in the C shares is 
due to start on November 18, 
and their conversion into new 
ordinary shares and warrants 
will take place by March 31 
1995. 


GEC asked to 
clarify bid 
intentions 

By Tim Burt 

The Takeover Panel indicated 
yesterday that it had 
approached GEC to clarify 
whether the industrial group 
was considering a bid for Brit- 
ish Aerospace or VSEL, the 
submarine manufacturer 
which has agreed a takeover 
offer from BAe. 

The move follows a report 
earlier this week that GEC 
was considering a hostile bid 
for VSEL, but had virtually 
ruled out an offer for BAe, the 
aircraft and defence equip- 
ment company. 

While the panel admitted it 
was following up the report, it 
is unlikely to force GEC to 
clarify its intentions. 

The group, headed by Lord 
Wetastock, emerged as a possi- 
ble predator for VSEL soon 
after it received BAe’s £47K5m 
agreed bid last week. 

On Tuesday, BAe tried to 
head off a counter-bid by tell- 
ing GEC it would be prepared 
to resume talks on merging 
the two companies' defence 
interests if it abandoned its 
interest in the Barrow-based 
shipbuilder. GEC was said to 
be unimpressed by the offer. 

Both groups axe interested 
in VSEL because It would 
extend their interests in ship- 
building, and would bring the 
£&5bn contract for the next 
generation of five Trafalgar 
class nuclear submarines. 


Telemetrix US offshoot expands 


Telemetrix, the supplier of specialised electronic 
components, said that GTZ, its 58 per cant-owned 
US offshoot, is buying 70 per cent of Promptus 
Communications for about yi sm (£12m) cash. 

Promptus supplies high-speed digital network 
access solutions for videoconferencing, large- 
scale data transfer, image transfer, transmission 
of integrated voice/data/video information and 
other multimedia applications. 

GTI will fund the purchase partly from its 
own cash resources and term debt and partly 
from a placing of up to 650,000 shares. Teleme- 


trix is expected to buy up to 375,000 shares. 

Promptus' management will continue to oper- 
ate the company and will retain the remaining 
30 per cent interest The acquisition is expected 
to close within 60 days and in the interim GTI 
trill make a pre-closing cash infusion of $500,000 
to fund product development 

At the same time. GTI reported a 44 per cent 
feu in net income from S3. 56m to 31.99m for the 
third quarter to September 30. Sales were 13 per 
cent ahead at 337.1m (332.8m). Earnings per 
share were 20 cents (35 cents). 


F&C share issue to raise £115m 


BCE moves into electronic 
games with £14m purchase 


ASW in talks over French deal 


products and construction 
systems group its first steel 


crete reinforcement steels at 
two plants, one near Paris and 
the other in the Lorraine 


NEWS DIGEST 


High-Point 
loss little 
changed 

The expected return to 
profitability at High-Point the 
engineering and consultancy 
group, failed to materialise and 
there was a marginally 
increased full-year pre-tax loss 
Of £442,000, against £440,000. 

The shares fell 9p to 46p. 

The figure, which Mr Peter 
Jo hns on, rhairman, described 
as “disappointing”, came from 
turnover of 243.2m (248.6m) for 
the year to May 3L The 1993 
loss was, however, struck after 
a profit of £955,000 on the dis- 
posal of discontinued 
operations. 

Interest charges took £1.07m 
(£l.59m) as borrowings 
remained “unacceptably high”. 

After tax of £118.000 (22,000) 
losses per share deepened to 
lL5p (8.6p). The proposed divi- 
dend is maintained at 05p. 

Air London lower 

Turnover at Air London Inter- 
national, the charter broker, 
rose from 215.2m to 218.1m for 
the year to July 3L 

However, pressure on mar- 
gins and higher overheads, 
arising mainly from increased 
sales efforts, left pre-tax profits 


13 per cent lower at £640,000, 
against £72&000. 

Earnings per share dropped 
to 4.7p (5.6p) but an unchanged 
recommended final dividend of 
1 Up holds the total at 3.5p. 

Mr Tony Mack, chairman, 
said that most progress had 
been, shown by the executive 
aircraft charter operation, par- 
ticularly in the second half. 

Azlan statement 

AzLan Group, the computer 
networking products distribu- 
tor, said operating profits for 
the half year to September 30 
would be in line with manage- 
ment expectations at about 
n^m. 

Sales were expected to be 
237.7m, with a gross profit mar- 
gin of about 25 per cent. Trad- 
ing had been slow in the UK in 
the first half of the year but 
overseas trading was strong 
and an improvement was 
expected in the second half 

Brit American Film 

British & American Film Hold- 
ings, the investment company 
with small film production and 
distribution activities, reported 
pre-tax profits of £675.000 for 
the six months to June 30, 
against £618,000. 

The increase was achieved 
on turnover of £839,000 
(£775,000). The interim divi- 
dend goes up to 48p (4J275p). 


payable from earnings of lS.48p 
(1429p). 

Sir John Woolf, chairman, 
called on the Accounting Stan- 
dards Board to review the 
impact of the introduction of 
FRS3 to counter “the unfortu- 
nate effect of introducing a sig- 
nificant element of unneces- 
sary volatility to our results". 

On a pre-FRS 3 basis, the pre- 
tax line amounted to £897,000 
and earnings to 1924p. 

HG Smaller 

Net asset value of the Hoare 
Govett Smaller Companies 
Index Investment Trust 
dropped by 5.5 per cent to 
126 .56p per share In the six 
months to September 30, 
against 133 .92p at March 31. 

Net available revenue 
Increased to £883,136 (£636,939) 
and earning s per share came 
out at 1.38p (2.23p). An 
unchanged interim dividend of 
lp Is d e clared. 

R&M Geared 

Net asset value of River & Mer- 
cantile Geared Capital & 
Income Trust 1999 dipped to 
33.2Sp per preferred capital 
share as at September 30, 
against values of 36.63p at 
March 31 and 36.05p a year ear- 
lier. 

Attributable revenue for the 
half year to end-September fell 
16 per cent to £461,000 


(£549,000) giving earnings of 
3.29p (3.92p) per income share. 
The second interim dividend is 
maintained at 1.4p. making 
2-8p to date, and the directors 
hope to pay a total of at least 
last year’s 7.525p. 

Ecu Trust 

Net asset value per share of 
the Ecu Trust fell 6 per cent 

from 7L3p to 67p during the 12 

months to June 30. 

Net revenue for the year was 
£224,304 (£229.476) after an 
increased tax charge of 
£160,484 (£73.715). Earnings per 
share were 0.75p (0.76p) and a 
single unchanged final divi- 
dend of 0.5p is proposed. 

Govett Strategic 

Net assets of Govett Strategic 
Investment Trust dropped from 
29S.07p to 27L14p per share in 
the year ended September 30. 

Net available revenue was 
£6. 69m (27.03m) and earnings 
per share came to 6.78p (7.i6p). 


The final dividend was 4.lp 
(same), for an unchanged total 
of 6.75p. 

London American 

London American Growth 
Trust ended the six months to 
September 30 with net asset 
value per share at 56.6p. This 
compared with 8i5p at the end 
of the year to March 31 1994 
and 53 .3p at the end of the {se- 
rious first half. 

Total income declined to 
£63.000 (£804,000). Net losses 
were £344,000 (£392.000 profits), 
for losses per share of 0.38p 
(0.36p earnings). 

Holliday Chemical 

Holliday Chemical Holdings, 
the speciality chemicals manu- 
facturer. has acquired Mai- 
Imckrodt's photo-chemical 
plant in Dieburg, Germany, for 
about S8m (£5m) cash. 

Some S5m is payable on com- 
pletion with the balance a year 
later. 




Current 

payment 

Date of 
payment 

Cortes - 
ponding 
dividend 

Total 

for 

year 

Total 

last 

year 

Air London § 

fin 1.9 

Dec 9 

1.9 

3.5 

3.5 




4575 


13.575 



Dec IB 

0.5 

0.5 

0.5 



4 

- 

10 

Dhrtdends shown pence per share not * — TT 

stock. excepl “here otherwise stated. §USM 






e 










FIN ANClAJL Tli vnrjg 


WEEKEND OCTOBER 22/OCTOBER 23 1994 



INTERNATIONAL COMPANIES AND FINANCE 


Hochtief stalks Holzmann stake 


15m 


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By Lindemann in Bonn 

Jtohjjef. Germany's second 
^Best construction company 
®ay ^ to get a controlling 
stoie m Philipp Holzmann, if 
«s larger rival does not 

2W* efforts to 
^ordinate their foreign 
operations. 

«*£*. Hans-Peter Keitel. 
«ochtiefs chief executive said 
ms company would need a 
shareholding of about 40 per 
cent to control voting at 
Holzmann shareholder 

meetings where usually a 
maximum of 80 per cant erf the 
scares are represented. 
However, he said he would 
not push for a full merger of 
the two groups which would 
remain competitors in the 
German market 
In mid-September, Hochtief 
said it would raise its 18.7 per 


cent in Holzmann by buying a 
further 10 per cent from BfG 
Bank. Ur Keitel said t h ^ n 
Holzmann had ma de what he 
called an "emotional’* rejection 
of any ideas of co-operation. 

Hochtiefs increased stake is 
being reviewed by the Federal 
Cartel a Office which is 
examining a range of riiffiwynt 
markets, from tunnel boring to 
bridge building, to see 
whether competition would be 
distorted. 

The review Is not likely to be 
completed until mid-January. 
However, if Hochtief wins 
approval to go over the key 25 
per cent share threshold which 
allows it to block supervisory 
board decisions there are no 
reasons why Hochtief could 
not raise its stake to 495 per 
cent 

Hochtief is likely to be able 
to pick up the 5 per cent stake 


held by Commerzbank, the 
group’s house hank, but it is 
unclear where it will find the 
outstanding shares. 

Deutsche Bank, with 255 per 
cent, Is the largest of 
Holzmann’s shareholders. 
Yesterday it refused to say 
whether it would sell any of its 
shares. 

“We are observing the 
situation and must wait for 
signals from the monopolies 
a utho rity," the iwnir said. 

Holzman said institutional 
investors held about 9 per cent 
of ttw company and that the* 
balance was held by small 
shareholders, many of whom 
do not attend meetings. 

Since Hochtief unveiled its 
strategy, Mr Lothar Mayer, 
Holzmann’s chief executive, 
has said he wanted the 
company to remain 
independent. It is likely that he 


will try to persuade Deutsche 
Bank not to sell its shares. He 
will argue that if Hochtief wins 
control it would give RWE, 
which owns Hochtief and is 
also the country's largest 
utility, a too powerful position 
in Germany. 

Deutsche said earlier this 
year it would reduce its 
shareholdings in a number of 
German mrrpanipg and use the 
money to buy stakes in 
international companies. It 
hinted that it did not regard its 
Holzmann holding as a 
strategic investment by 
refusing to participate in a 
rights issue last year. 

Hochtief has a turnover of 
about DM8bn ($5.1bn), less 
than Holzmann’s DM12.4bn, 
but is considerably more 
profitable, reporting warnings 
last year of DM122m compered 
with Holzmann’s DM1 06m. 


Sapporo to end 
11-year link 
with US brewer 

By WHnam Dawkins in Tokyo 

Sapporo Breweries, the third 
largest of Japan's four main 
beer companies, plans to end 
its 11-year-old distribution deal 
with Miller Brewing of the US. 

Sapporo wishes to end its 
exclusive partnership with 
Miller, a unit of Philip Morris, 
to free itself to distribute a 
wider range of foreign beers, 
the Japanese brewer said. 

The present contract 
restricts Sapporo to selling 
Miller’s and no other fo rei g n 
beer, a disadvantage to the 
Japanese partner at a time 
when beer imports to Japan 
are rising Cast The pair had 
come to an amicable agree- 
ment to end their partnership 
within the year, Sapporo said. 

Foreign beer sales in Japan 
multiplied five-fold in the first 
half, propelled by the ease with 
which the yen’s strength 
allows them to undercut Japa- 
nese beer prices. There has 
been a shift in consumer taste, 
and decline in brand loyalty. . 

Even after their fast growth, 
beer imports take only a 3 per 
cent market share, compared 
t with Sapporo's 1&5 per cent 
' * But the growth in competition 
has been enough to trigger a 
beer price war and oblige brew- 
ers to review their distribution 
and production arrangements. 


Japan’s brokers stall at halfway 


By Bmlfco Tarazono n Tokyo 


Interim 
earnings at 
Japan's leading 
brokers were 
£ held back by 
lower-than-ex- 



Securlflea 


pected stock market volume 
which resulted in reduced 
stock broking commissions. 
Most securities houses had 
expected average daily turn- 
over to total about Y400bn 
(94.11m) for the first half to 
September, but brokerage offi- 
cials *ha actual figure bad 
been about Y350bn, down 15 
per cent from a year earlier. 

They also blamed the reduc- 
tion in bond trading profits 
due to the bond market fall 
earlier this year. 

In spite of reduced costs, the 
fall in revenues hit all brokers, 
with only four - Nomura Secu- 
rities, Daiwa Securities, Mkko 
Securities and Kosei Securities 
- out of the top 20 managing to 
avoid losses on the after-tax 
profit level 

Salomon Brothers in Tokyo 
said equity brokerage commis- 
sions declined by 20.4 per cent 
for the top 20 brokers. Under- 
writing commissions were up 
385 per cent while gains from 
stock and bond trading fell 60 
per cent 

At Nomura, the industry 
leader, income from stock bro- 
kerage commission fell 14.6 per 
cent to Y515bn, while under- 


writing commissions rose 3.8 
times to Y11.5m thanks to 
active convertible bond issu- 
ance 

For the full year to next 
March, the company expects a 
38 per cent rise in recurring 
profits to Y7Dbn on a 3 per cent 
increase in operating income 
to Y410bn. 

Daiwa’s stock brokerage 
commission income fell 25.1 
per cent to Y365bn and stock 
underwriting commission 
income fell 1Z.4 per cent to 
Y2.6bn. 

For the full year, the com- 
pany forecasts a 23 per emit 
decline in recurring profits to 
Y40bn and an 8 per cent fall in 
revenue to Y273bn. 

Nikko saw its stock broker- 
age c ommissions foil 205 per 
cent to Y38.7bn but stock 
underwriting c ommiss ions rose 
2.4 times to Y75hn. 

The group expects recurring 
profits to foil 14 per cent for 
the full year to YSObn an a 7 
per cent decline in operating 
income to Y260bn. 

Yamaichi posted a 22.7 per 
cent drop in stock brokerage 
commissions while stock 


underwriting commissions rose 
3.6 tiroes. 

For the foil year, the com- 
pany expects a 27 per cent fall 
in recurring profits to YlBbn 
and a 3 per cent reduction 
in operating revenues to 
Y228bn. 

The smaller brokers, which 
rely more heavily on stock bro- 
kerage commissions from 
retail clients were especially 
bard bit by the sluggish mar- 
ket volume and the inactivity 
among individual investors. 
Sanyo Securities, which faced 
an erosion of its market share 
posted a recurring loss of 
Y13.5bn, while New Japan. 
Wako, and Okasan which man- 
aged to re t u rn to the black for 
the year to last March, fell 
back into the red. 

Of the 10 second-tier brokers, 
only Sanyo and Kankaku are 
forecasting losses on the recur- 
ring level However, since the 
estimates are based on projec- 
tions that average daily turn- 
over will total Y400bn-Y450bn, 
analysts expect many of the 
other smaller brokers may not 
achieve their forecasts. 

See Lex 


Big four brokers' results 


Yu (bn] 



Yan (bn) 
revenue 

% 

change 

recurring 

profits 

% 

change 

Nomura 

190.9 

-as 


-11.3 

Pafwa 

124.9 

-Z1.1 

7.3 

-79.4 

Nikko 

11(18. 

-iai 

23 

-81.9 

Yamaichi • 

‘ • • ms 

-17.1 

-8.7 

- 


Volkswagen 
confirms 
ousting of 
director 

By Andto ow fisher in Frankfurt 

The ousting of Mr Werner 
Schmidt as Volkswagen's 
finance director was confirmed 
yesterday by the Goman car 
company. The group gave no 
reason for the widely expected 
decision which has been 
linked to heavy losses at VW*s 
Seat subsidiary in Spain- 

After a meeting of its super- 
visory board, the non-execu- 
tive board which decides top 
management appointments, 
VW said Mr Schmidt, 62, 
would step down at the end of 
the year. He would continue to 
advise the company on a con- 
sultancy basis. 

Last year. Seat nearly col- 
lapsed, making an unexpected 
loss of DMl.Sbn (|1.2bn). 
Seat's chairman, Mr 3 nan 
Antonio Diaz Alvarez, was 
sacked last autumn; the rest of 
the top management has since 
been replaced. 

Mr Schmidt was head of 
Seat’s supervisory board at the 
time, although there has h»wi 
no suggestion he was any 
more aware of Seat's problems 
than Mr Ferdinand PiEch, 
VWs chairman. 

Mr Schmidt, with the group 
for 27 years (including 19 on 
the board), was not one of Mr 
Pitch's close associates. Rela- 
tions have been cool since Mr 
PiSch became head of the 
group at the start of 1993. It 
appeared that his determina- 
tion to remove Mr Schmidt - 
whose career has included 
spells as head of exports, 

i-hflirrnan gf VW in t frugtl ami 

head of Audi, the executive car 
subsidiary - was reinforced 
last month after a secret audi- 
tor's report by the Arthur 
Andersen accountancy concern 
on how the Seat losses 
occurred. 

VW said yesterday it 
intended to implement recom- 
mendations by Arthur Ander- 
sen aimed at tigh tening up its 
financial controls. Following 
Mr Schmidt’s departure, Mr 
Bruno Adelt will become 
board member for financial 
controlling and accounting 
and Mr Jens Neumann, the 
director responsible for group 
strategy, would add the group 
treasury function to his activi- 
ties. 


American Brands lifted 
by cigarette operations 


By Richard Tomkins 
In New York 

A big increase in profits from 
cigarettes helped American 
Brands, the US consumer prod- 
ucts group, lift net income 79 
per cent to 9152m in the third 
quarter, the company reported 
yesterday. 

Like Philip Morris, which 
reported earlier in the week, 
American Brands benefited 
from a favourable comparison 
with a year in which US ciga- 
rette makers were badly hit by 
a bout of price cutting in their 
domestic market 

American Tobacco, the 
group’s cigarette manufactur- 
ing operation, contributed 
operating profits of $49m com- 
pared with a loss of $35m last 


time. The prior year's losses 
included a $30m restructuring 
provision. 

Earlier this year. American 
Brands agreed to sell American 
Tobacco to BAT Industries of 
the UK. for Slbn. but the sale 
is undergoing an anti-trust 
review by the Federal Trade 
Commission because BAT 
owns Brown & Williamson, 
the third biggest US tobacco 
group. 

Group revenues rose 11 per 
cent to S&Tbn and operating 
profits rose 39 per cent to 
9345.4m. Earnings per share 
rose to 75 cents from 42 cents 
helped by a reduction in the 
tax charge to 42 per cent from 
47 per cent. 

Mr William Alley, chairman 
and chief executive, said the 


company had experienced 
broad gains across most of its 
operations. Gallaher Tobacco, 
the UK’s biggest cigarette com- 
pany, increased Its contribu- 
tion by 5 per cent even though 
last year’s third-quarter bene- 
fited from trade buying in 
advance of an August 1993 
price increase. 

Non-tobacco operations 
increased their contribution to 
operating profits by 6 per cent 
to a record $ 182.5m. 

The group saw double-digit 
increases from distilled spirits 
and from each of the busi- 
nesses described by American 
Brands as long-term growth 
operations: hardware and 
home Improvement products, 
office products and golfing 
equipment. 


Poor sales hold back Kellogg 


By Richard Tomkins 

Another quarter of poor sales 
in the US held back profits 
growth at Kellogg, the US 
breakfast cereal maker, in the 
three months to September. 
Net income rose 4 per cent to 
9216.7m from $209 -3m, lifting 
earnings per share to 96 cents 
from 90 cents. 

Kellogg said US cereal vol- 
umes were hit because it 
reduced promotional spending 
on money-off coupons. How- 
ever, it said the setback was 
more than offset by solid 
results from Europe, Latin 
America and the Asia-Pacific 
region. Sales rose 4 per cent to 
9L74bu. 

Kellogg, like other mannfao 


turers of premium cereal 
brands, has been fighting 
tough competition in its home 
market from cheaper products 
and own-label brands. Earlier 
this year General Mills, Kell- 
ogg's biggest competitor, 
switched strategy by reigning 
in promotional spending and 
cutting prices by 11 per cent. 

Kellogg has cut promotional 
spending, but is reluctant to 
win back market share by cut- 
ting prices. Instead, it is using 
the money saved on promo- 
tions to increase advertising. 

Mr Arnold Langbo, chairman 
and chief executive, said: “We 
are monitoring the situation 
carefully, but continue to 
believe that the best way to 
achieve long-term profitable 


growth is by introducing suc- 
cessful new products and 
investing in brand-building 
advertising." 

One factor that should have 
helped Kellogg’s US sales was 
the disruption that hit General 
Mills when it discovered its 
cereals had been treated with 
an unauthorised pesticide and 
had to throw away 50m boxes 
of cereaL 

Kellogg has focused on 
growth overseas: “We are par- 
ticularly pleased that we 
achieved volume growth in vir- 
tually every developing market 
around the world, and are 
encouraged by the initial 
response to our products by 
consumers in India, our newest 
market," Mr Langbo said. 


Workers will own Digital unit 


By Alan Cane 

The German subsidiary of 
Digital Equipment, the loss* 
wwiriwg us computer maker, is 
establishing an independent, 
employee-owned company to 
provide continued employment 
for about 1,500 staff The unit 
is being forced to sack them as 
part of its restructuring mea- 
sures. 

The new company, ffitarbei- 
tergesellschaft (Employee- 
Owned Company) or MAG will 


be set up in Munich. Employ- 
ees transferring to the new 
company will have their length 
of service recognised by the 
new company in addition to 
their salaries, fringe benefits 
and retirement schemes. 

Mr Klaus Lutz, personnel 
director for Digital Deutsch- 
land, and Mr Dieter Jung, 
chairman of the company's 
works council said the initia- 
tive was: “An innovative way 
of securing employment”. 

The plan was approved yes- 


terday by Digital Deutschland, 
the German trade unions and 
the local works council 
MAG’s initial business wifi, 
come from Digital Deutsch- 
land. It will he free to market 
products and services in areas 
of the computer business 
where Digital no longer 
intends to operate. It will be 
free to open up new markets 
an its own initiative. The only 
constraint will be that the com- 
pany should not compete 
directly with DigitaL 


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. — — ■- : - —.-kz;h 



■ 1 






weekend OCTOBER 22/OCTOBER a 1994 



WEEK IN THE MARKETS 

Copper 
reaches 
4-year high 

London Metal Exchange prices 
burst upwards this week tak- 
ing copper to its highest level 
for nearly four years. Alumin- 
ium and nickel prices also rose 
sharply, respectively to four- 
year and two-year peaks. 

The upward surge was 
helped by a weakening US dol- 
lar, which -made base metals 
prices look cheaper in other 
currencies, but was particu- 
larly influenced by Investment 
fund and speculator buying. 

This explains in part why 
metals prices are moving up 
strongly even though LME 
stocks - except copper - are 
still substantial. The funds are 
anticipating strong global eco- 
nomic activity that will trans- 
late into high metals demand. 

Since the depressed condi- 
tions of last autumn, LME 
three-month copper prices 
have risen by 60 per cent, alu- 
minium by 70 per cent and 
nickel by 75 per cent. Some 
selling and book-squaring 
ahead of the weekend left 
prices last night lower than at 
Thursday's close. Nevertheless. 
Copper closed 3 per cent higher 
than on Friday Last week at 
US$2,556.50 a tonne, alumin- 
ium was 2.7 per cent up at 
$1,753.25 a tonne and nickel 
had advanced by 4.7 per cent to 
$6,987.50. 

Some analysts suggested 
there were solid reasons for 
the surge. Mr Wiktor Bielski, 
analyst at Bain & Co, a Deut- 
sche Bank subsidiary, said that 
first-half demand for alumin- 
ium, copper and nickel, had 
risen by 7 per cent compared 
with the same months of 1993. 
while lead and zinc demand 
was up by 4 per cent “twice as 
strong as even ardent bulls had 
predicted 1 ’. 

Meanwhile, added Mr Biel- 
ski, supplies Hari fallen alon g 

with exports from the former 
eastern bloc - apart from those 
of aluminium. Also, some LME 
stock was not immediately 
available because it was tied 
up by financing deals. 

WEEKLY PRICE CHANGES 

Late* 

prtcM 


"Sensationally strong" fun- 
damentals would ensure that, 
even if prices fell because of 
profit-taking, they would 
recover quickly, he Insisted. 

However, Mr Nick Moore at 
Ord Minnett, an associate of 
jardine Fleming, warned there 
was a great deal of moth-balled 
capacity that producers could 
quickly re-actlvate. “The mar- 
ket Is behaving as If stocks are 
at critically low levels and they 
clearly are not." 

He pointed out that only cop- 
per, where stocks represent 5.6 
weeks of consumption, is near- 
ing levels where the stocks-to- 
consumption ratio is critical. 
Lead stocks amounted to more 
thaw nine weeks consumption, 
aluminium eight weeks, while 
zinc and nickel have stocks for 
17 and 19 weeks respectively. 

Given the size of the stocks, 


UM WARBHOUSa STOCKS 

(As at Thursday's don) 
lames 


NumbSun 

-43.073 

to 2,121 825 

Aluminium racy 

+140 

to 25,660 

Copper 

-400 

to 339.400 

Load 

+1,650 

to 370.125 

Nickel 

+780 

to 147,966 

Zinc 

-776 

BO 1.238575 

nn 

-235 

to 31J20 


nickel’s price rise this week 
surprised some observers. 
However. Mr Heinz Pariser of 
Heinz H Pariser Alloy Metals & 
Steel Market Research, said 
that nickel demand was likely 
to grow by 7.7 per cent to a 
record 740,000 tonnes this year, 
leaving the market with a 
33,000-tonnes supply shortage. 

Meanwhile, coffee prices 
went on a rollercoaster ride 
this week as traders reacted to 
rain on Brazil's drought- 
stricken coffee trees and to 
reports detailing the extent of 
damage to the 1996-1996 crop. 

Reports from Brazil show 
that trees previously unda- 
maged by the two frosts earlier 
this year are now being 
affected by drought After the 
frosts, the Brazilian govern- 
ment estimated that the 
1995-1996 crop would fall to 
15.7m bags, but current esti- 
mates are looking gloomier. 

The January futures contract 
at the London Commodity 
Exchange ended the week just 
over $150 a tonne higher at 
$3,660 a tonne. 

Kenneth Gooding and 
Deborah Hargreaves 


Chang* Yw 1994 — 

on week ago ffigh Low 


Gold par troy oz. 

$390.70 

*3.10 

S368.00 

$39680 

$369.50 

Sdver par tray at 

329^0p 

-8.4 

29B.45p 

384.50p 

328. 50p 

AIu rrinhm 99.7% (cash) 

SI 734.5 

+43 

$1094.5 

$17548 

$1107.50 

Copper Grade A (cash) 

S2552.5 

-89 JO 

SI 61 5.5 

£2586.00 

$1731^0 

Load (cash] 

SB51 

+ao 

$401^ 

S6435 

$426.0 

Mdafll (cash) 

$8877.5 

+302J5 

$4583.5 

$6920.0 

£5210.0 

Zinc SHG (cash) 

Si 067 £ 

+23.0 

$933.0 

sionj 

£9005 

Tin (cash) 

55520.0 

+117.5 

$4990.0 

$5050.0 

£47300 

Cocoa Futures Mar 

ES81 

+14 

£906 

£1124 

£859 

Coffee Futures Jan 

£3883 

+155 

$1205 

S4091 

S1 175 

Sugar (LDP Raw) 

$31 7 3 

+12.1 

$261.8 

$317^ 

S252.9 

Bartey Futures Jan 

C104J25 

-0.60 

El 03.00 

£105.60 

£92.65 

Wheat Futues Jan 

El 07^5 

+0.85 

£100.75 

Cl 17.50 

£97.00 

Colton Oudook A Index 

73.80c 

+0^0 

54.40c 

87.10c 

02.45c 

Wool (64a Super) 

440p 

+4 

334p 

485p 

342p 

08 (Brant Blend) 

S1B25Z 

+0.47 

$18.90 

siaei 

$13.16 


tor tom mini oBisra to s mad. p Pence/kg. c Certs R>. z Dae 


BASE METALS 

LONDON METAL EXCHANGE 

(Prices from AitniQamatsd Metal Trading) 


■ ALUMINIUM, 08.7 PURITY (S per tonne) 


Caah 

Close 1734-35 

Prevtoue 1754-36 

High/low 1740 

AM OfficM 1748.5-40.0 

Karp dose 

Open M. 259.078 

Total d£py turnover 83^174 

■ ALUMINIUM ALLOY (S par tonne) 

3 uni is 

1753-535 

1774-75 

1772/1747 

1766-69 

1749-60 

Close 

1710-20 

1745-50 

Provtaus 

1730-35 

1760-65 

Hlgh/low 


1750/1745 

AM OfficW 

1725-38 

1755-65 

Kreta dose 


1745-50 

Open tat. 

2.864 


Total duty turnover 

231 


■ LEAD (S per tome) 


Close 

6503-5U 

682-63 

Previous 

6563-64 

. 66S-6S.6 

FOghriow 

653 

6664560 

AM Official 

663-6345 

664.5-85.0 

Kerb dose 


663^6441 

Open inL 

42.875 


Total dally turnover 

8^40 


■ NICKS. (5 per tonne) 


Close 

6875-60 

6966-90 

Previous 

9915-25 

7020-25 

Hlgh/low 


7025/6920 

AM Olfidaf 

6890-900 

7005-10 

Kerb dose 


7000-5 

Open PL 

ee.656 


Total dafly turnover 
■ UN (5 per tome) 

13,124 


Close 

5516-25 

5605-10 

Previous 

5500-70 

5640-60 

Hlgh/low 


5640/5670 

AM OfBdai 

5560-65 

6640-43 

Ke«t) dose 


5580-5 

Open PL 

16,774 


Total defy turnover 

4j71 


■ 23NG, specie! high grade ($ per tome) 

Close 

1067-68 

1068-89 

Previous 

1071-72 

T 090.5-9 1.5 

Hlgh/low 


1094/1006 

AM Official 

1071X5-71 J) 

1091-92 

Kerb dose 


1067-08 

Open Pt 

102.060 


Total defy turnover 

14.283 


■ COPPER, grade A 

(£ per tonne) 


Close 

2552-53 

2556-57 

Previous 

2585^-66.5 

2584-845 

1-Dgh/lcw 

2576 

2573/2638 

AM Official 

2576-77 

2570-71 

Kerb dose 


2543-44 

Open Im. 

214,445 


Total daBy turnover 

103,230 



■ LME AM Official £/* rate: 1.6290 
LME Cloatag P» rate: 1JHBS 


SfHtl.6265 3n*KlJS51 6irthKlS22S 9 mtalJUSS 
■ HIGH GRADE COPPER (COMEX) 



Day’s 
Cto» drams 

■Bgn law 

Open 

tat 

IM 

Oct 

118-45 

+445 

11BJ» 11460 

1^23 

456 

NOV 

117.25 

-450 

116.00 11470 

ima 

107 

Dec 

11685 

-465 11630 11620 

42^7 

4J2B1 

Jam 

116.40 

-465 

11435 11425 

878 

17 

Fob 

11550 

-465 

- 

570 

67 

lift 

11580 

-470 

116.70 11450 

4B35 

1^65 

Total 




B2JB2 

b|B25 


PRECIOUS METALS 

■ LOWXJN BULLION MARKET 
(Pile— Mooted by N M Rothschfid) 


Gold (Troy oz.) 

$ price 

£ eqiriv. 

Close 

39050-39080 


Opening 

391.60-332.00 


Monring fix 

391.65 

240026 

Afternoon fix 

390.95 

239.773 

Day's Mgh 

392.00-392^0 


Day’s Low 

390.40-390.80 


Previous dose 

39080-391.20 



Loco Ltta Moan Gold Landtag Rotas (Vs USS) 

1 month ... 4.66 6 months _iM 

2 months 4.85 12 months — —MO 

3 mon ths 4. 66 


Slvor Rx 
Spot 

3 months 
6 months 
1 year 
Gold Coins 
KiugenwO 
Maple Loaf 
New Sovereign 


prtroy 02. 
33100 
335.75 
34095 
353.40 
S price 
383-386 
401.55-404.10 
81-34 


US eta oqUv. 
54000 
547 JO 
554 JO 
S72-85 
Eeqtiv. 
243-247 

56-53 


Precious Metals continued 


■ GOLD COMEX POP Troy 3/troyoZ.) 



Sett 

nsre 


Open 



price 

dnsfte 

HBh 

lew tat 

VoL 

Oct 

3908 

-05 

3919 

391.1 42 

11 

am 

39TA 

-05 

- 

- 

- 

Use 

3825 

-05 

3939 

3922 83977 29978 

f«b 

3943 

-04 

397.1 

3959 19972 

475 

Apr 

3849 

-04 

4005 

3899 7403 

34 

Jn 

4035 

■04 

«KU 

40X3 10.132 

338 

Total 




157972 32483 

■ PLATINUM P4YMEX (50 Troy oz.: Srtroy ozj 

Oct 

4249 

-17 

4245 

4249 105 

. 

Jan 

4244 

-39 

4305 

42S5 20984 

7928 

Apr 

4347 

-39 

4389 

4305 3544 

222 

M 

4349 

■02 

- 

- 046 

153 

Oct 

4389 

-32 

- 

- 358 

48 

Jn 

4419 

-32 

- 

2 

• 

Total 




2939 

7551 

■ PALLADIUM NYMEX (100 Troy oz,- S/tray ozj 

DSC 

157.15 

-050 

15890 

15790 4930 

410 

Uar 

188.30 

-050 15000 15430 1.605 

95 

Jun 

15940 

-050 

- 

- 262 

80 

TOtal 




6487 

888 

■ 88.VB1 COMEX (100 Ttoy occ.; Csnteftroy ozj 

Oct 

529.5 

-108 

re 

- 100 

. 

ttov 

5305 

-119 

- 

. 

- 

Doc 

5325 

-119 

5439 

5329 77912 Z2980 

Jon 

935.1 

-119 

5409 

5859 72 

1 

■w 

5415 

-119 

5525 

5405 1524* 

1981 

Pay 

647.0 

-119 

jwrr 

5479 4977 

174 

Total 




111445 2*528 


ENERGY 





■ CRUDE OL NYMEX (42,000 US) gate. S/barreJ) 


Latest 

Day* 


Opan 



price 

change 

wgb 

Low tat 

Vel 

Dm 

17.43 

-418 

17.78 

1743110420 7Z2&5 

Jea 

1791 

-413 

1777 

1790 60999 22.809 

Fsb 

1796 

-404 

17J3 

1790 24761 

4773 

Mar 

1792 

-406 

1798 

17.48 23.422 

2.778 

Aft 

1790 

-406 

1797 

1790 18925 

2.790 

"tar 

1790 

-408 

1799 

1748 11968 

790 

Total 




404988148,744 

■ CRUDE OK. IPE (S/berreQ 




latest 

Day* 


Open 



pries 

eftasp 

Hft 

low Int 

VM 

Dm 

1895 

-407 

1483 

1627 64.180 21968 

Jan 

16.28 

-097 

1694 

1623 31975 

4932 

Mi 

1695 

-402 

1645 

18.19 12903 

4135 

Her 

1691 

+411 

1698 

1691 8,717 

724 

Aft 

16.18 

+095 

1410 

1419 5.616 

187 

M»T 

1611 

- 

- 

- 2973 

- 

Total 




253272 32907 

■ HEATON OIL IMEX (42900 US goftL; c/US gatej 


Latest 

Days 


OpM 



Price 

cbaigi 

Hft 

low tat 

W 

Nov 

4890 

-424 

6190 

4475 14560 

17,402 

Dec 

50.10 

-run 

5190 

5400 45211 

32,773 

Jen 

5090 

-438 

61.70 

6470 32930 

8495 

Ft* 

5195 

-428 

5190 

SOSO 18484 

4.344 

Hft 

5090 

-406 

5190 

5190 11996 

1256 

Aft 

5043 

+425 

- 

- 7983 

SS2 

Total 




IBgrfa 67,880 

■ OAS OIL PE (SAonod 




Sett 

Days 


Open 



price 

efraaga 

Hft 

low tat 

vu 

Mo* 

15190 

-190 

15425 

15190 31938 

3931 

Dm 

15290 

-125 

15475 

15290 23975 

4*10 

Ju 

15490 

-190 

15890 

15425 1449 

4,448 

Feb 

15525 

-1JH 

15025 

155.00 7950 

1,111 

Hft 

15525 

-a75 

15890 

15525 0919 

702 

Aft 

15350 

-450 

15475 

15390 2269 

35 

Total 




89920 23286 

■ NATURAL GAS HYICX (10900 lUnBQi; SAnnBQiJ 


Latest 

Day* 


Open 



price 

charge 

Hft 

low tat 

Vol 

Nov 

1968 +4911 

1985 

1950 19916 23972 

Dm 

1920 +0922 

1935 

1.792 31.660 

4356 

Jm 

1975 +0917 

1990 

1950 189*7 

3,025 

Fab 

1950 +0912 

1960 

1935 13999 

2,170 

Hft 

1920 +0914 

1925 

1903 12.122 

1.185 

Aft 

1980 +0906 

1985 

1970 6,597 

2945 

Total 




183284 50988 

■ UNLEADED GASOLINE 



NmEX (42900 US gate; cBJS gstej 




latest 

Days 



OPM 



pika change 

Hft 

Low 

tat 

Vd 

Hw 

5440 

+445 

5200 

4400 14775 

14558 

Dm 

5420 

-190 

8470 

5720 23948 28922 

Jan 

55.70 

-450 

5725 

5440 

14909 11987 

FBb 

55.00 

+415 

5595 

5490 

62»7 

2916 

Mar 

5520 

+425 

5450 

5490 

3200 

728 

Aft 

5410 

+457 

5925 

5890 

4,650 

148 

Tadri 





72954 53728 


GRAINS AND OIL SEEDS 


■ WHEAT ICE |E per tonne) 



Sea 

Bays 



QpM 



price 

ctrange 

Hft 

Low 

M 

IM 

He* 

10595 

+435 

1 PS-35 

10390 

1.434 

113 

JM 

107.23 

+420 

10790 

W7JM 

1975 

77 

filar 

10433 

+425 

18890 

10435 

1944 

IS 

Mn 

11195 

+425 

11190 

11195 

1937 

VS 

Jri 

11295 

- 

- 

re 

200 

- 

kp 

9890 

- 

- 

- 

40 

- 

Total 





6930 

318 

■ WFEAT CHT HJOOObu coin; centa/BtS) bushafi 

Dm 

397/2 

-2/2 

3HS 

398H 39,150 11988 

Mar 

«WD 

-1/8 

41 DM 

407/0 22.974 

531 

Hay 

384/0 

-04 

386/4 

333/0 

4945 

064 

Jd 

as in 

-DM 

354A1 

351/2 

8996 

1,101 

Sap 

35601 

-on 

3500 

3504 

233 

18 

0*c 

mm 

-1/4 

385/4 

384® 

133 

8 

Teal 





78937 17,178 

■ MAIZE CBT (8,000 bu nrin; oanta/SOb busheQ 

Dsc 

214/8 

-2/8 

217/8 

21 4M 124687 Z7.1B8 

Mar 

2200 

-212 

228/4 

22SM 589*3 

738 

Mar 

234/4 

-2/D 

237« 

234® 24903 

2938 

Jut 

HOQ 

-2/0 

2*2/4 

2400 

28.424 

6911 

Ste 

245W 

-1« 

2478 

245/2 

2980 

412 

DSC 

25i/a 

-a/4 

252/0 

2SQU 

11936 

1997 

Total 




248914 44/08 


■ BARLEY ICE S per tonne) 


Itov 

10196 

-410 

101 95 

10190 

374 

17 

Jm 

10495 

-410 

10496 

184.16 

423 

45 

Mar 

106.25 

-non 

10695 

10415 

130 

30 

«ty 

10435 

-405 

10890 

10835 

48 

10 

S*P 

83.75 

+450 

- 

- 

2 

■ 

Tate 





878 

102 


■ SOYABEANS CBT^QQlM ah: caila^»t»Blwl) 


NO* 

548/4 

-1/0 

ran 

548/0 57.781 34,863 

Jm 

5EOD 

-UD 

581/4 

558/0 37904 

9929 

Mar 

570/2 

-0/8 

571/2 

567/4 20988 

3996 

Hf 

577/8 

-0/8 

5740 

575/4 1D901 

1988 

Jd 

584/8 

-0/4 

388/2 

6890 18982 

1948 

Aos 

588/0 

-0/2 

588/0 

585/4 1934 

72 


Total 133,148 53906 

■ SOYABEAN OU. C8T (BQOOOlbs: canta/tb) 


Dm 

25.90 

+023 

2598 


33 

1.787 

Jm 

25.13 

+4.14 

25.15 

2499 33.135 

15985 

Hft 

2497 

+097 

24.67 

24.42 12957 

3943 

iter 

2492 

+005 

24-40 

249S 1294S 

3980 

Jd 

2398 

+092 

24.10 

2399 119*1 

1930 

Aug 

7HLtD 

+494 

2495 

TL «S 

7A2Q 

1.498 

Total 





83946 29JD8 

■ SOYABEAN MEAL CUT (100 tons; S/tori) 


Dm 

15X7 

-49 

1649 

1839 

2 

551 

Jan 

185.0 

■07 

1659 

16*9 *3.706 14,149 

Mb 

1841 

-49 

1889 

1689 18,737 

2983 

Her 

171.4 

-03 

1719 

1719 14974 

1987 

Jd 

1769 

-05 

1783 

1749 

7992 

1,177 

«ng 

1789 

-03 

1779 

1789 

7.851 

1920 

Total 





98*121 21Jt13 

■ POTATOES LCE (E/tome) 




Nov 

1509 

. 


• 

. 

. 

Hft 

1040 

- 

• 

- 

- 

- 

Aft 

2179 

+2.1 

2189 

2179 

1965 

32 

Hay 

2409 

- 

- 

> 

- 

> 

Jm 

1073 

- 

- 

- 

- 

- 

Total 





1986 

32 

H FREIGHT (BIFFEX) LCE {SWindox point) 


Oct 

1855 

-5 

. 

. 

485 

. 

HO* 

1803 

+38 

1815 

1800 

269 

17 

Ok 

1745 

+44 

1765 

1723 

223 

92 

Jm 

1702 

+22 

1725 

1700 

1.055 

68 

Apr 

1B52 

+27 

1663 

1630 

881 

74 

Jd 

1460 

+15 

1*73 

1430 

157 

5 

Total 

Close 

Pras 



3988 

288 

BR 

18GG 

18(7 






Spicas 

The abort period of reaction In the pepper 
market following the steep price rises in Sep- 
tomtwr appare ntly is already behind us, reports 
Man Producten. Blade popper prices recovered 
qidddy In Incfla, perhaps because of rather 
pessimistic forecasts about the new crop. 
Prices In me other main producing area rose in 
sympathy in spite of the relatively low demand 
dufrig this pest week. Black pepper f la-q. ftict 
Euope traded yesterday a! usm sm a tonne 
and far prompt shipment from origin at S2£75 
tit. White pepper prices in Indonesia went up 
further. Supples are getting tighter but demand 
was rather limited this week. Muraok white 
f.a.q. spot ended at S3.450 a tonne. 


SOFTS 


■ COCOA LCE (Storms) 



Sett 

Days 


OpM 



price 1 

slangs 

Hft 

law tat 




-5 

959 

848 21916 1985 



-3 

889 

978 42912 

1955 


881 

-4 

939 

888 14.486 



1002 

-4 

1013 

1002 6938 



1015 

-6 

1023 

1018 12939 




■7 

10*5 

1030 SA42 


Total 




110318 3993 

■ COCOA CSCE (10 tonnes: SAcnnee) 




1318 

-22 

1352 

1318 29.75010908 


1388 

•18 

1395 

1382 

21999 2 923 

May 

1394 

-19 

1422 

1383 

8,105 185 

Jd 

1420 

-20 

1440 

1420 

3931 8 

Sap 

1447 

-20 

- 

- 

1948 25 

Dsc 

1480 

-22 

1500 

1478 

4,954 33 


Totrf 7391014971 


■ COCOA QCCO) (SOR-aflonne) 


Oct 28 
tea* 


Price 
cm ret 

Pre*. My 

974.45 

■ COFFEE LCE (S/tonne) 

Nov 

3873 

■82 3755 3855 

7990 351 

Jm 

3883 

-85 3735 3635 

11.414 1,404 

■Bar 

3803 

-85 3860 3575 

0.134 532 

Hay 

3588 

-77 3818 3585 

2954 1(5 

M 

3S70 

-53 

1930 

sap 

3560 

-60 

1.403 

Total 



32927 2987 

■ COFFEE IT CSCE (37900U1K centsriba) 

Dm 

19595 

-7.10 20090 13390 

13980 3214 

Hft 

200.46 

-890 204.75 19890 

11908 1956 

Kay 

20395 

-8.00 28790 20395 

4985 245 

Jd 

20*90 

-890 207.25 20590 

1,949 43 

Sap 

203.75 

-890 20890 203.75 

862 5 

Dm 

20690 

-890 20925 20790 

848 

Tafid 



38955 4983 

■ COFFEE (ICO) (US cerris/pailid) 


Oct 20 


Plica 

Prate. MV 

Camp. My 

101 AS 

1912S 

15 day overage 

188*16 

188,75 

■ No7 PREMIUM RAW SUGAR LCE (cwi6Vlt») 

Jm 

1390 

. 

- 

Mr 

1292 

-093 

90 

Nay 

1297 

-093 1238 1297 

- 290 

Jd 

1291 

■094 

450 

Toni 



540 ZBQ 

■ WHITE SUGAR LCE (5/tonrw) 


Dsc 

34790 

+0.40 34790 34690 

3,125 637 

1ft 

33890 

-090 34070 moo 

8924 564 

■*y 

338.70 

-0.40 33090 33790 

1983 345 

/tag 

33590 

-020 33590 335.00 

2,403 229 

Oct 

314*50 

-0.10 

726 

DM 

313.40 

■n+n 

4 

Tatra 



18,786 1,776 

H SUGAR ’ll’ CSCE (112.0000 m: centaribs) 

Hft 

1270 

-096 1294 12.67 05.794 B.7T1 

HW 

1271 

-0.00 1291 1299 

22993 1,788 

Jd 

1290 

-096 1297 1290 1*364 2278 

Oet 

1222 

-092 1226 1220 12911 1713 

HIT 

1194 

-092 1192 1194 

1,788 202 

Hay 

1194 

•092 

43 34 


TOM 148^7812,704 

■ COTTON NYCE pOJXIOIba; certsjbaj 


Dm 

68.10 

+094 

8990 

6094 23900 4.109 

Har 

7093 

+0.15 

71.06 

7035 12.730 

807 

Hay 

7190 

+005 

7295 

7190 

6964 

130 

Jd 

7290 

+012 

7170 

7135 

4.125 

29 

Oct 

6990 

-020 

69.65 

69.es 

523 

1 

Dm 

6895 

-020 

3995 

BOSO 

2913 

46 

Total 





50,180 3,122 

H ORANGE JUICE NYCE (159000k; cortsAta] 

No* 

10895 

-195 

1087S 

106.00 

5917 

1743 

JM 

11225 

-190 

11390 10875 11936 3.025 

Hft 

115.10 

-1.40 

11570 

11290 

5990 

903 

Hay 

11890 

-125 

11090 

11790 

1996 

74 

Jd 

12050 

•1.45 

12090 

11B90 

836 

74 

Sap 

12390 

-095 

12390 

123.50 

46* 

8 

Total 





23908 6980 


VOLUME DATA 

Open interest and Volume date shown for 
oonbran te traded on COMEX, NYMEX. CUT. 
NYCE CME, CSCE and PE Crude Ofl are one 
day In arrears. 


INDICES 

■ REUTERS (BaeotiaW31v100) 


Oct 21 Oct 20 month ago year ago 
20859 2083.3 2126.0 1593.3 

■ CRB Futures (Base: 1867^.100) 


Oct 20 Oct 18 month ago year ego 
23341 231.17 232.09 220.01 


meat and livestock 

■ LIVE CATTLE CME I40.00CTW cents/tee) 
on n»'a Oeee 

price change Kft Lrar tat M 
- mas +0.550 C4B50 88900 898 Bit 

EL +OM0 702® 89873 »3» WS 

M 88.975 ^230 69.050 M650 17.805 3.014 

S M9* *0-275 E80C0 SHOTS 1S.MB !MJ 

S 61«S +ai00 65^0 *.«* MO 

£ 64450 +0.075 BL5S0 W 3S0 ^UB 

W ?IW E HOOSCM6 (4g000«». oaettiom) 

I 3QK5 +0.125 31.400 30500 373 313 

' SffiS -0.625 33 750 32900 18.450 2741 

^350 38.830 38.150 0 58 343 

£5 -0400 36 BOO 36 250 3.97? SOS 

^000 -0400 42 350 41 823 1.742 188 

. 41 42S -a 500 41 880 41 300 3 20 17 

32928 *978 

PORK P? 1 CME (40.000lbe: centaAbe) 


•« 75H -t 800 <0.600 39.073 8,813 2,128 


LONDON TRADED OPTIONS 


Strike price $ tonne 
m ALUMINIUM 
(89.796) LME 

1725 

1750 

1775 

■ COPPER 
(Grade A) LME 

2550 

2600 -- 

2850 

■ COFFEE LCE 

3550 — 

3800 

3650 

■ COCOA LCE 

925 

950 

975 

■ BRENT CRUDE 1PE 

1600 

1650 

1700 


Cato — — Put* — 


Deo 

Mar 

Dec 

Mar 

62 

98 

43 

71 

48 

B5 

56 

83 

39 

74 

70 

96 

Dec 

Mar 

Dec 

Mar 

68 

92 

69 

118 

47 

73 

98 

148 

J1 

57 

131 

160 

Nov 

Jon 

Nov 

Jan 

226 

320 

87 

216 

183 

303 

94 

240 

145 

278 

128 

269 

Dec 

Mar 

Dec 

Mar 

37 

69 

15 

33 

24 

74 

27 

43 

14 

61 

42 

55 

NOV 

Doc 

Nov 

One 

. 

53 

t 

24 

1 

38 

4 

56 

3 

21 

- 

89 


LONDON SPOT MARKETS 


■ CRUDE OIL FOB (per barrel/Dec) 


Dubei 

S14.99-5.09z 

-0.190 

Brant Blend (doted) 

$10.30-6.32 

-0280 

Brant Blend (Dec) 

$1874-6764 

-0740 

W.T.I. (ipm eat) 

517.36-7.36: 

-0765 

H OIL PRODUCTS NWE prompt deSvery OF (tome) 

Premium Gasoline 

$180-183 

+2 

Gas O* 

5153-154 


Heavy Fuel OH 

$90-92 

-19 

Naphtha 

5169-171 

-39 

Jet fuel 

$175-176 

-1.5 

Diesel 

$158-159 

-19 

Amttum 4ipus Tot London {0711 3S9 8/92 


H OTHER 



Gold (per tray Oi)4 

$390.70 

-0.30 

Silver (per tray od* 

535.00C 

-590 

Platinum (per troy ol) 

$425.50 

+1.40 

Paltadhan (per tray ocj 

$156.35 

+0.10 

Copper (US prod.) 

123.0C 

-1.0 

Lead (US prod.) 

39.15c 


Tm (Kuala Lumpur) 

14.00c 

+0.14 

Tin (New York) 

259.0c 

-39 

Cattle Ohio welghOt 

119. 63p 

■075- 

Sheep (five weighOr* 

91.50p 

+0.40' 

Pigs (five weight) 

7592p 

-0.02* 

Lon. day sugar (raw) 

$317.3 

-07 

Lon. day sugar fwte) 

$356.0 

-0.5 

Tate $ Lyte export 

£307.0 

-1.0 

Bartey (Eng. feed] 

Unq. 


Main (US No3 YMOW) 

Sl32.0y 


Wheat (US Dark North] 

£18S.0u 


Rubber (Nov)f 

89-OOp 

-0.75 

Rubber (Dee)H 

8£L50p 

-0.75 

Rubber (KLRSSNol Jul) 

347.5 

-2.0 

Coconut OH (Phq§ 

S635.0U 

+iao 

Petal 08 (Maiay.)§ 

$640.01 

+2.5 

Copra (PhU)§ 

$40a0u 

+4.0 

Soynbeem (US) 

£157 .(hr 

+1.0 

Cotton OuflOOkA' Index 

73.60c 

♦0.15 

Woottnpe (843 Super) 

440p 

+2 


6 par tonne urtsea othanvtae dated, p psnee/kg. a cants/fa. 
r ringgR/kg. ni MatayMn cents/kg. y Oct/Dec- v Nov/Dsc. u 
Oct/No*, x Dec. t Nov. ? London PhyftcsL 9 OF Ftanar- 
tten. 4 BuBon mortiMcfDra. 4 Snoop (Uvq weight price*). * 
Change on weak O Prtoae are lor previous dey. 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 


US INTEREST RATES 


■ LOUD <MLT FUTURES OPTIONS (UlTg ESftOOO 64ths of 10096 


US 



Coupon 

Red 

Date 

Price 

Day's 

change 

Yield 

U/haL 

ago 

Month 

“9° 

Auafrala 

9.000 

09AM 

92.7900 

-0730 

10.17 

1070 

1018 

Belgium 

7750 

04AM 

92.4000 

-0930 

8.43 

891 

0.59 

Canada* 

6900 

06AM 

83MOOO 

_ 

9.13 

899 

8.95 

Denmark 

7.000 

12AM 

887000 

-0720 

840 

8.79 

9.12 

France BTAN 

8.000 

05/88 

101 7500 

-0880 

795 

7.48 

7/48 

OAT 

5900 

(MAM 

829000 

-0980 

872 

7.99 

8.10 

Germany Trau 

7900 

09AM 

997600 

-0.600 

790 

7.42 

7.68 

Italy 

8*500 

oa/04 

81.0100 

-0190 

1192T 

1195 

1197 

Japan No 119 

4.800 

08/99 

1029620 

+0070 

4.07 

4,18 

3.85 

Japan No 164 

4.100 

12/03 

95.9430 

-0.060 

4.74 

4.72 

491 

Netherlands 

7750 

10/04 

987200 

-0.540 

7.48 

778 

7,85 

Spain 

6.000 

05AM 

81.4500 

-0.450 

1174 

1095 

11.18 

UK Gita 

6.000 

08/99 

90-07 

-2/32 

891 

8.43 

8.72 


6.750 

11AM 

87-18 

_ 

8.63 

895 

898 


9700 

10/08 

103-01 

-1/32 

8.62 

894 

(LBS 

US Treasury * 

7750 

08AM 

96-12 

-2/32 

7.78 

7.61 

796 


7900 

11/24 

84-07 

-12/32 

8.01 

7.84 

790 

ECU (French Govt] 

6.000 

04/04 

83.6900 

-0.440 

899 

&46 

071 


London doing. -New Y«rt mid-day Yields: Lacd mrekat atnitdanL 

t Oran (ndudkig W U fi uhl ii g tax at 134 par cam payable by mv roM e m el 

Rtcaa: US. UK m Steels, adun W dsetnai Sam MMS Mmmtlaal 

ECONOMIC DIARY - FORWARD EVENTS 


TODAY: Kyrgyzstan holds 
referendum on shape of new 
parliament 

TOMORROW: British summer 
time ends. Clocks go back one 
hour. Grand assembly in 
Afghanistan scheduled to elect 
new government leadership. 
Pakistan to begin national pop- 
ulation census. Basque 
regional elections. 

MONDAY: DS treasury budget 
(September). Mr John Major, 
prime minister, and Mr Albert 
Reynolds, Irish premier, are 
expected to meet at Chequers 
for talks about developing the 
Ulster peace process. European 
Parliament in plenary session 
in Strasbourg. European Union 
agriculture council meets in 
Luxembourg. Eurostar rail 
ticke ts go on sale. 

TUESDAY: Confederation of 
British Industry publishes 
industrial trends survey (third 
quarter). US existing home 
sales (September); consumer 
confidence (October). Mr Bill 
Clinton, US president, starts 
short tour of Middle East Mid- 
dle East environmental talks 
In Manama (until October 26). 
Launch of Coal Authority, suc- 
cessor to British CoaL 


WEDNESDAY: Bricks and 
cement production and deliv- 
eries (third quarter). Mortgage 
possession statistics (third 
quarter). US durable orders 
(September). Mr Clinton 
attends the signing ceremony 
of a peace treaty between 
Israel and Jordan. Local Gov- 
ernment Commission la unch es 
publication of final recommen- 
dations of future structure for 
n ine c ounties. 

THURSDAY: New earnings 
survey 1994 Part O. Analyses 
by industry. Energy trends 
(August). New vehicle registra- 
tions (September). Digest of 
agricultural census statistics 
for UK (1993). Japan retail 
sales (September). Group of 
Seven hold conference In Win- 
nipeg to discuss aid to the 
Ukraine. Bundesbank council 
meets. British Tourist Author- 
ity annual report ICI issues 
interim figures. 

FRIDAY: Major British bank- 
ing groups' mortgage lending 
(September). US gross domestic 
product (third quarter-ad- 
vance); budget deficit (Septem- 
ber). Tresors 1994, the interna- 
tional fine art and antiques fair 
for Asia, opens in Singapore. 



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also daily gold and silver faxes A nnoV/hiihv 

frem Ch4if Analysis lid Y 

7 Swailsw Strccl, Lcr.tfan V/1 R 7HD. UK - '* l: °\ 7 J: 73 f 71 " 

exchange rate specialists for over 20 years Fa * : 01 7 1 - J39 

iv inr Pgrional inv«itrrgnt A^fhotCr 


LunchUms 



Treesoy B3b 

and Bond VUds 




One aadi 

4JC 

Tee year 

— 178 


a 

Tm OMOlll _ 

art 


7J» 

Brckar tom rate 

Tbftt momh — 

114 

Rue near 

— 7*48 

FadJundt ■ ManMtai- 

4S 

Sh modffl 1 1 
Omjoar 

£68 

870 

ISSS 

3Dyear 

793 

102 


Strike CALLS PUTS 


Pdoe 

Dec 

Mar 

Dec 

Mar 

101 

1-22 

2-07 

1-12 

2-59 

102 

0-68 

1-42 

1-45 

3-30 

103 

0-33 

1-18 

2-23 

4-06 


Eat wl toot. Cftls 7785 Pin 808. Prevtow Ayli open ht. Cola 80011 Pin 42300 


■ U3 TREASURY BOND FUTURES (C8T) $100,000 32nd3 of 100% 



Opan 

Latest 

Change 

High 

Low 

Est. vol. 

Open Int 

Dec 

9771 

97-15 

-0-05 

97-28 

87-11 

470912 

394987 

Mar 

97-00 

96-26 

-0-05 

87-07 

96-23 

3,946 

28,038 

Jun 

96-07 

88417 

- 

9607 

9607 

371 

11,192 


BOND FUTURES AND OPTIONS 


Ranee 

■ NOTIONAL FRENCH BOND FUTURES (MAT1F) 



Open 

Settprica 

Change 

High 

Low 

Est voL 

Open Int 

Dec 

11094 

110.40 

0.88 

110.86 

110.06 

214,107 

132947 

Mar 

110.16 

10894 

098 

11Q.1B 

109-48 

404 

11922 

Jun 

10998 

108.86 

098 

10998 

106.70 

105 

681 


Ecu 

■ ECU BOND FUTURES (MATTF] 

Open Soft price Change Kgh Low EsL vcL Open W. 
Dec 80.72 80.56 -0.42 80.78 80.16 2,048 6.711 


Japan 

B NOTIONAL LONG TERM JAPANESE OOVT. BOND FUTURES 

(LffFQ YlOOm IQOttw of 100% 

Open Close Change High Low Est vrt Open W. 
Dec 107.71 107.75 107.60 1607 0 

Mar 106J9 106.99 106^6 47 0 

* UFFE oonfraca traded on APT. AM Opm Merest Ago. ora lor previous day. 


a LQNOTERM HtgiCH BOND OPTIONS (MATIF) 


Strike 

Price 

Nov 

CALLS 

Dec 

Mar 

Nov 

— PUTS — 
Dec 

Mar 

110 

0.68 

197 

1.84 

078 

098 

2.18 

111 

0.19 

092 

- 

0.71 

1.48 

2.70 

112 

093 

0.48 

190 

1.63 

298 

3.32 

113 

0.01 

072 

0.72 

- 

294 

491 

114 

- 

0.09 

0.48 

- 

- 

- 

Est voL maL CHs 47.118 

Puts 61240 . 

Previous stay's coon taL, Cato 282437 PUB 331891. 


Germany 

B NOTIONAL GERMAN BUND RJTURES (UFFQ* DM250,000 IQOths Of KXH6 


Open 

dec 90.17 

Mm 89.02 


Salt price Change 
sa82 -052 

89.03 -052 


High Low 

9027 8052 

89.02 88.85 


EsL vd Open ML 
183296 178882 

264 4383 


a BUND FUTURES OPTIONS [UFFE} DM2SQ.000 points of 10TO 


Strike CALLS PUTS 


Price 

Nov 

Dec 

Jan 

Mar 

Nov 

Dec 

Jan 

Mar 

8950 

0.44 

1.11 

095 

190 

0.12 

0.79 

1.42 

1.77 

9000 

0.17 

0.84 

0.73 

1.00 

095 

1.02 

1.72 

296 

9050 

094 

092 

097 

099 

0.72 

190 

294 

296 


Eo. wL ma. Cats 22058 Puts 26005. Previous day's open ML, Cans 304181 Puts 268181 


FT-ACTU ARIES FIXED INTEREST INDICES 


UK OBta Price Indore 

W 

octal 

Day's 
change % 

Thur 

Oct 20 

Accrued 

interest 

sd st| 
yield 

Index-Mead 

FW 

Oct 21 

Day's 
change K 

Thur 

Oct 20 

Accrued 

Interest 

xd ad| 
yield 

1 Up to 5 yeera(24) 

11990 

-097 

11899 

1.11 

993 

6 Up to 5 yearafa) 

18598 

+092 

18594 

078 

107 

2 5-15 years (22) 

138.71 

-099 

13894 

1*48 

1190 

7 Over 6 years (11) 

17390 

+0.11 

173.11 

0.72 

498 

3 Over 15 yesrajO) 

15SL2S 

-099 

155.42 

2.10 

1097 

8 AH stocks (13) 

173.74 

+0.10 

17396 



4 bradeemahtos S3 

17970 

-094 

17977 

495 








5 AS 3tocla (60) 

136.02 

-098 

138.13 

1.47 

1092 

9 Debs and loans (77) 

12797 

-0.11 

127.82 

299 

B95 


Ylahta Oct 21 Oct 2Q LP Yr'^B <>11 > H^ti Lm Oa 21 Oct 20* ei Yraff UP ° T l^| d Low Oct 21 Pel 20 > ffiago UP ° n |%jft l Lo* 


w 


yra 




Indefrftjrad 


O &53 555 &9S BD/V) &57 (1W1) 

8*4 8J51 689 8^9 (2dfi 680 CT 

880 B.47 7.03 881 00/3 &41 fa 

886 885 7.18 888 &V9) 682 fa 

— Irritation rate 5% — 


a 63 
8.66 
886 


680 

884 

884 


6.19 9.01 C30/9) 582 <19/1 

7.05 9.05 (20/9) 689 faOl 

7.13 9.05 (20/9) 6.42 (2071 


8.78 874 6.35 9.16 GO/91 581 19/1 

1-29 925 12^9) 6.63 20/1 

8.79 a7B 7J28 9.09 CO/S) 685 (20/1 


Mflcaion rare 10 % 


Up to 5 yra 387 
over 6 yra 385 

Debs & loans 


384 

365 


311 4.11 

389 389 

5 ran • 


(5nO 2.13 (4/1) 
Cl/Q 288 GO/1) 


287 

385 


284 

365 


1.26 380 (5/1C 
281 3.79 £1/* 
— 15 years 


1.19 

2.70 


25 years ■ 


367 985 785 1087(20® 7.19 (10/1) 982 360 301 988 (209) 788 (20/1) 356 356 314 390 (20/9) — 7.49 (10/1) 

Average gross rsdsmptton yield* are shown above. Coupon Bands: Low: 0W-7\K; MsdMn 8%-lD\M; High; 11% and over, f Fbn yV4d. ytd Yeor to date. 


FT FIXED INTEREST INDICES 

Oct 21 Oa 20 Oct 19 Oct 18 Oct 17 Yr ago High* Low* 

Govt Secs. (UK) 91-29 91.30 9180 81.78 9228 10380 10784 8984 
Ffccsd Interest 10886 10331 10685 10988 10889 124.96 13387 10380 

• tor nsi. Gavarnnsnt Sacuttes Hah stoca cempladon: 12740 prv 36K taw 49.1 B an/TR. Run M 
28 and Rx*d u nrest 1S28. ae oenvey nocss rebesad 187*. 


GILT EDGED ACTIVITY INDICES 



Oct 20 

Oet 19 

Oct 18 

Oct 17 

Oct 14 

Qfit Edged bergatae 

889 

89.4 

89.8 

91.4 

97.9 

5-day average 

S1.0 

94.4 

97.8 

99.3 

997 


hW> StaOS oompSsdon: 13387 (21/irefl , tore 5083 pn/7S) . Quota 100: Qovwnmanl Sacwltwo IblllV 


UK GILTS PRICES 


Italy 

B NOTIONAL ITALIAN OOVT. BOND (BTP) FUTURES 
(UFFE)* Ura 2QOn ICXfiha o t 100% 



Open Sett price 

Change 

High 

Low 

Esl vd 

Open Int 

Dec 

99.10 99.15 

-090 

9998 

9890 

34436 

58678 

Mar 

9673 9897 

-090 

9873 

9873 

68 

4579 

■ ITALIAN OOVT. BOND (BTP) FUTURES OPTIONS (UFFE) Ura2Q0m lOOttte oJ 100% 

StriLe 

Price 







Dec 

Mar 


Dec 


Mar 

9900 

1.48 

2.41 


193 


3.04 

flosa 

170 

2.19 


1.65 


392 

10000 

095 

199 


190 


3.62 


Ea. voL maL Cats isss no 723. Previous doy*a opan mt. Cats 233B8 PUIS 27831 


Spain 

■ NOTIONAL SPANISH BOM) FUTURES (MEFF) 


Dec 

Mar 


Open Settprica Change High 

86.85 8381 -0.34 B6.8S 

85.88 


Low EsL voL open Int 
8320 60271 73826 

50 


UK 

n NOTIONAL UK OLT FUTURES (UFF6T £50,000 32nd8 Ol 100% 


Dec 

Mar 


Open Settprica Change Hgh Law 

101-02 101-05 -0-03 101-08 100-17 

100-06 -0-05 


EsL vof Open hL 
72287 87104 

0 46 


Bed PifcaE + or- 


_ IBM _ 
Ugh tee 


_VM_ 
tat Red Pricer, 


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BMP IZpc 1999 

Ttss*9 l a*e 1BB9ft 


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1192 

394 

187 101 A 
184 BSMid 

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898 

892 10ZB 


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12JQ 

1881BS3|a5 

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129G 

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117A 

1171 

794111101 


121(3 

1271 

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11733 

890 

7.78 KMtial 

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799 87U 

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11JB 

794 110* 

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999 

798 10Ps 

-A 

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IBS 

117 1013. 


110,', 

12JB 

asoimw 

131H 

141 

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790 

898 98% 

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102 

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171 

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146 “1 IBM 

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102 

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. - 

71 

890 

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144 

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38% 

164 

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39B 

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sin 


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9.70 
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1281 
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9.49 
0J3 
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Ttk-taa to nartnddants on s p pScedan. E Auedan Oasis. »d Bt dtaidid. Owtag rrridiiries e »e shram In paunite. 


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991 142 

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983 1 141, 
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142 
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— 443. 
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— 1384. 

... 78 

— 150S 
_ 14SS 
■ - IMS 


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115 

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106 

137U 

125 

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112 

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1S9S 

1237, 

134 * 




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* 



FINANCIAL, TIMES 


WEEKEND OCTOBER 22/OCTOBER 23 1994 



13 


CURRENCIES AND MONEY 


report 

Dollar troubles 


tndod aervousl 
yestotiay after touching ov© 
night lows in Asiantradia 
a sainst the D-Mark and th 
yen, antes Philip Gawith. 

“S* sentiment toward 
™ US currency remains pn 
dominantly negative, but trai 
era are reluctant to sell th 

rairrency aggressively for fea 
of befog caught out by centra 
bank intervention. 

After touching tows of Y 96 ^ 
and DM1.4S80, the dollar reco\ 
g£l to finish In London a 
Y96.995 and DMl. 4954 . 

Elsewhere, the star pei 
former on the exchanges wa 
the Swedish krona, which fit 
uhed at SKr 4.758 against th 
D-Mark, after touchini 
SKr 4. 7330, from SKT4.774. 1 
was boosted by another refei 
endum poll showing inr-ry^se- 
support for EU membership 
and hedging strategies adopt© 
by Swedish exporters, whos 
dollar receivables are being hi 
by the falling US currency. 

Sterling was also slightl; 


firmer on the exphangy c Th« 
trade wetted index finished 
at 80.4 from 802. Against the 
D-Mark, sterling closed at 
DM2.4845, from DM2.4325. 
Against the dollar it dosed at 
$1,628 from $2.62. 


■ Despite the dollar being 
near record lows, traders 
reported fairly low volumes. 
There were Indications, how- 
ever, that longer-term inves- 
tors were starting to re-think 


| ftwl fan— Vocfc 


OctZI 

— IriBSt- 

Capri 

13282 

i mb 

14373 

3mth 

14289 

1 «■ 

141 70 


Pm. etoso- 

1.6323 

15315 

15309 

13212 


their attitude to the currency. 
Recent weakness has been 
mostly caused by short term 
traders. 

Mr Neil MacKinnon, chief 
economist at Citibank in Lon- 
don, said that its volume anal- 
ysis showed increased dollar 
selling. He said medium to 


Dollar . ' ' . . . ; Sterling 



French franc 

PFfrper DM 



344‘ « - 

3 OCt 4994 21 


Source: Dotstraam 


long term investors were get- 
ting very nervous about the 
dollar, especially against the 
yen. He said Citibank's client 

base was .underweight in the 

yen, and probably neutral in 
terms of its D-Mark holdings. 

One corollary of this is that 
central bank support for the 
dollar would be unlikely to 
succeed, because the market is 
wrongly positioned. 

Mr Bfike Rosenberg, manag- 
ing director of international 
fixed income research at Mer- 
rill Lynch in New York, cau- 
tioned against dramatising the 


dollar’s plight- "This 1$ not a 
free fall, it is a gradual move 
down," he said. 

Mr Rosenberg said he 
doubted whether long-term 
investors would be making sig- 
nificant alterations in their 
currency exposure. “1994 has 
been a difficult year, and peo- 
ple are not going to be putting 
on big positions now," he said. 

The dollar gained some sup- 
port from Mr Larry Summers, 
US Treasury undersecretary, 
who said the administration 
favoured a stronger dollar- In 
an effort to ™iji) thp damage 


done on Thursday evening, 
when treasury secretary Mr 
Lloyd Bentsen’s comments, 

that the nriinfnlglTW+irw i would 

not intervene to support the 
dollar, drove it to record lows, 
be denied there had been a 
shift in the US’s dollar policy. 

Mr Summers said the admin- 
istration would, when appro- 
priate, be prepared to inter- 
vene In the currency markets. 

■ In its daily operations the 
Bank of En gland provided UK 
money markets with £i.325bn 
assistance, after forecasting a 


£l.3bn shortage. Overnight 
money traded between 3% and 
5 per cent 

Three month LIBOR was 
unchanged at per cent In 
the futures markets the March 
short sterling contract closed 
at 92A8 from 92.71. 

In Germany, futures lost 
ground across the board after 
news that MS money supply 
had grown at an annualised 7.7 
per cent in September, above 
maritet forecasts of 63-7.5 per 
ffpnf This dampen Pd hopes Of 
another cut in German interest 
rates. 


POUND SPOT FORWARD AGAINST THE 


Ctartig Change Bldtoffer Day* Md Ona month Three months One yam- Be* of 
rc*Hx*W on day spread tow Bate %PA Rate %PA Rate %PA Eng. Index 


Europe 

Austria 

Prig 

17.1347 

•*0-0161 

254 - 440 

173021 173882 

17.1804 

03 

17.1165 

04 



1153 


(BFr) 

60.1262 

403687 

7B2 - 741 

60.1750 493760 

50.0912 

03 

603212 

03 

483312 

13 

1173 


(DKr) 

94190 

403068 

138-243 

93323 9.4956 

93142 

06 

9333 

-06 

93626 

-03 

1174 

Hnsana 

CFM) 

74644 

-0.0065 

540- 748 

73100 7.4140 

. 






683 

Prance 

(FTi) 

53452 

403071 

418 - 485 

33578 632 07 

63455 

OO 

83375 

04 

83777 

03 

1107 

Qomraty 

(DM) 

2.4345 

40302 

331 - 366 

2.4400 2.4268 

24333 

06 

24298 

03 

23982 

13 

1263 

Greece 


374385 

+1.043 

488 - 861 

375.702 373315 

. 

- 

. 



. 


Ireland 


13149 

40.0022 

141 - 157 

13188 1.0111 

13147 

02 

1.0144 

03 

13181 

-0.1 

106.4 

Hriy 

<4 

2491.68 

+ian 

008 - 323 

249552 248535 

2487,86 

-23 

250948 

-23 

25B131 

-23 

74.7 

Luxembourg 

(LFr) 

551282 

*0.0887 

782 - 741 

80.1750 493760 

600912 

08 

503212 

03 

483812 

1.0 

1173 

Nriheriancb 

(FI) 

2.7288 

403031 

272 - 900 

2.7343 2.7208 

2.7272 

06 

2.7233 

03 

23603 

14 

1214 

Norway 

(MO) 

103967 

40.0136 

910-023 

10.8635 105248 

106981 

Ol 

105996 

-Ol 

106003 

03 

88.7 

Portugal 

M 

249384 

40.114 

926 - 242 

250281 246.415 

250314 

-63 

253394 

-73 

_ 

- 

_ 

Spain 

(Ha) 

205020 

40434 

900- 139 

203386 202417 

203386 

-23 

204475 

-2.9 

206.796 

-13 

86.1 

Sweden 

PKr) 

114604 

-0338 

704 - 804 

113193 114889 

113014 

-23 

113484 

-23 

113384 

-23 

753 

Switzerland 

(SH) 

23277 

403071 

282 - 291 

20308 23179 

23249 

13 

23181 

13 

13788 

24 

1233 

UK 

CE) 

_ 

. 

_ 

- 

. 

. 

. 

_ 

. 

- 

804 

Ecu 


13790 

403013 

783 - 796 

13812 13770 

13788 

Ol 

13768 

OO 

13732 

04 

- 

SORT 

to 

0317857 



- 

. 

. 

• 

. 

. 



Americas 

Argentina 

(P«o) 

1.6279 

40.009 

273 - 285 

1.6325 13262 

. 





. 


Brazil 

(W) 

14855 

40.0102 

834 - 873 

13898 13834 

- 

- 

- 

- 

- 

- 

- 

Canada 

(Ct) 

24055 

403104 

044-086 

23163 23037 

23045 

06 

2.9(133 

0.4 

2.1999 

03 

883 

Mexico (New Peso) 

63805 

40.034 

547 - 662 

53751 5-5544 

- 

- 

- 

- 

- 

- 

- 

USA 

m 

1.B2B0 

40308 

275 - 286 

13330 13266 

13273 

05 

1.8287 

03 

13187 

07 

603 

ITra nlHr"” * — - r*nral fll “ »- - 

rpctnc/wuxi* taiuAinca 
Australia 1A» 2-2255 

40327 

243 - 288 

23332 23240 

23264 

03 

929WH 

-03 

2345 

-03 

_ 

Hong Kong 

(HKS) 

124807 

403632 

760 - 854 

123179 123899 

123788 

04 

123737 

03 

123827 

03 

- 

hvSa 

(Rs) 

S1.06B3 

403504 

465 - SOI 

513230 51.0270 

- 

- 

. 

- 

m 

- 

- 

Japrai 

ro 

157305 

40246 

802 - 013 

168360 157320 

157478 

33 

158473 

33 

151318 

43 

1893 

Mataysta 

IMS) 

4.1575 

4GCG98 

550 - 600 

4.1626 4.1484 

- 

- 

- 

- 

- 

- 

- 

New Zeriand 

(NZS) 

2.6509 

40.017 

580 - 618 

23662 23580 

23638 

-13 

2.6718 

-13 

26938 

-13 

- 

rto.ie r — 

rnnppines 

(Peril) 

413257 

403363 

875 - 639 

413720 406886 

- 

- 

- 

- 

- 


- 

Saudi AraUa 

PH) 

61058 

403294 

031 -065 

6.12S1 6.1010 

- 

- 

- 

- 

- 


- 

Singapore 

PS) 

24997 

400127 

981-012 

2.4056 23073 

- 

• 

- 

- 

- 


- 

S Africa pom.] 

i <R) 

57074 

-03187 

044- 103 

5.7735 5.7033 

- 

- 

- 

- 

- 


- 

S Africa (Fin.) 

« 

64039 

40.1213 

866 - 221 

63235 8.4058 

- 

- 

- 

- 

- 


- 

South Korea 

(Writ) 

129838 

4537 

7S3 - 922 

1303.79 129732 

- 

- 

- 

- 

- 


- 

Taiwan 

OS) 

424708 

403941 

476 - 938 

423001 423419 

- 

- 

- 

- 

- 


- 

Thaland 

m 

40.5972 

401687 

085 - 069 

403530 403070 

- 

- 

- 

- 

- 


- 


tSDR ntaa kv Oct 20. BUMMr ipraada to the Pound Spot trite for orty the eat ana ttetera paoee. Forward Mm « noc Meed* «tead to tha HW 
bur m» InySad by amt tmanfea 8Mr« tod* cskxteMd by fta Bmk cf Wand. Baa amva UBS . 1003d. Odor and Uktraae ki boot ate and 
tha Defer Spot tatfea dartood Mm THE WMfflaflERS CLDSNQ SPOT RATES Soma vriuee am romdod ay the F.T. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


ora 21 

Coring 

mid-print 

Change 
on day 

BfcVMar 

apreed 

Day's raid 
high low 

Ona month 
Rate MPA 

Three months 
Rate SPA 

One year J.P Morgan 
Rate WPA tndax 

Europe 

Austria 

<Scit» 

105250 

-0JM3 

225 - 275 

105315 104735 

10325 

03 

103248 

0.0 

1045 

07 

104.8 

Baigun 

(Sfil 

307900 

-00995 

7D0 - 100 

308100 303540 

303 

-0.4 

3075 

03 

907 

03 

1083 

Danraeric 

(DKd 

53470 

-OQ255 

455- 488 

53540 53223 

53514 

-03 

53805 

-03 

5317 

-13 

105.7 

FWand 

<FM) 

43850 

-0.028 

BOO - 800 

4.6008 43427 

43857 

-03 

43823 

03 

4382S 

-03 

833 

Franco 

(FFtl 

5.1260 

-00211 

255 - 265 

5.1320 6.1035 

5.128 

-03 

6.1265 

OO 

3T2 

ai 

1068 

Germany 

(D) 

14854 

-00082 

950 - 956 

1.4880 1.4883 

1A855 

-0,1 

1.4938 

OA 

13827 

OB 

1073 

Greece 

(Dr) 

230150 

-05 

100 - 200 

230310 220960 

230.445 

-1.6 

231325 

-13 

9937SS 

-13 

B8.7 

Ireland 

(W 

13041 


033- 048 

1.6120 13022 

1304 

03 

13042 

03 

13911 

03 

to 

Italy 

w 

153030 

-i 

000- 100 

153230 152330 

153435 

-3.4 

1542.7 

-33 

1584 

-33 

753 

Luxembourg 

(LFl) 

307900 

-00995 

700- 100 

303100 303540 

303 

-Ql4 

30.75 

03 

307 

03 

1063 

Netherisnds 

(H) 

13781 

-00084 

757 - 784 

13768 13884 

1.6783 

-Ol 

13742 

03 

13641 

0.7 

1063 

Norway 

(NKr) 

63090 

-0324 

075 - 105 

63380 64580 

83127 

-0.7 

HKyv: 

-13 

8364 

-13 

B7.0 

Portugal 

PS 

isaooo 

-089 

850-050 

153300 182.440 

153.675 

-83 

1543 

-53 

1693S 

-4.1 

95.1 

Spain 

(Pte) 

124.7D5 

-029 

670-740 

124300 124.170 

12437 

-23 

123.71 

33 

127305 

-23 

81.0 

Sweden 

(SKr) 

7.1133 

-00588 

093 - 172 

7.1324 73511 

7.1281 

-23 

7.1808 

-2.7 

73256 

-3.0 

B13 

ra- — ■ « 

bwnzBfiflna 

(SFr) 

13483 

-00018 

450 - 460 

13470 13370 

13444 

1.1 

13407 

1.8 

1324 

1.7 

1093 

UK 

» 

13280 

*0.008 

275 - 265 

13330 1.8286 

1.6273 

03 

1.6387 

03 

13167 

07 

88.1 

Ecu 


13730 

400051 

727 - 732 

13788 13727 

13723 

0.7 

13718 

04 

13669 

03 

- 

SORt 

- 

148886 

- 

- 

- 

- 

- 

. 

« 

- 

- 

- 

Americas 

Argentina 

(Peso) 

13000 

+0.0008 

989 - 000 

13000 neon? 

m 

. 

. 


. 

m 

_ 

Bred 

IPD 

08510 

40002 

500 - 520 

n x*nn n nw 

m 

. 

ro- 

re 

. 

m 

_ 

Canada - 

PS 

13548 

-00003 

645- SO 

13587 13645 

13547 

03 

13551 

-Ol 

13628 

-03 

833 

Mexico (New Peso) 

341K 

40034 

130-180 

3A1B0 3X130 

&416S 

-04 

3.4183 

-03 

33267 

-03 

- 

USA 


. 

- 

• 

- 

- 

- 

- 

- 

- 

- 

833 

PariflcMdcBS East/ Africa 
Aurfrafa (AS 13670 

*00098 

667 - 672 

13680 13897 

13673 

-03 

1368 

-03 

13753 

-03 

84,7 

Hong Kong 

(HKS 

7.7277 

403006 

272 - 282 

7.7262 7.7272 

7.7275 

03 

7.7282 

OO 

7.7432 

-03 

- 

India 

m 

313888 

-03012 

650 - 725 

31 3725 313650 

313538 

-33 

313888 

-2.9 

- 

- 

- 

.Japan 

ffl 

963950 

-033 

600-300 

97.1500 963700 

98.776 

2.7 

98.195 

33 

9334 

33 

1503 

Malaysia 

IMS) 

23638 

403058 

530 - 545 

23545 23405 

23448 

43 

23333 

33 

23086 

-2.1 

- 

New Zealand 

(NZS) 

13339 

403024 

332 - 345 

13348 13319 

13349 

-0.7 

13387 

-07 

1.642 

-05 

- 

Phftppbtes 

(Peeri 

253000 

4002 

000-000 

253000 25.1000 

• 

- 

• 

B 

- 

- 

- 

SacxB Arabia 

(Sfi) 

3.7505 

-00005 

500 - 510 

3.7510 37500 

3.7518 

-0.4 

3.7559 

-OB 

3.7745 

-03 

- 

Sktgapora 

fSS 

(4740 

4 00005 

735- 745 

1.4745 1.4710 

1X727 

1.1 

1X708 

08 

1.464 

0.7 

- 

S Africa (Com.) 

i (R) 

33058 

-0029 

050 - 065 

332S 33015 

33213 

-S3 

33486 

-53 


-3^4 

- 

S Africa (Rn.) 

(H) 

33950 

40055 

850 - 050 

43050 33250 

43287 

-10.1 

4.0675 

-93 

- 

- 

- 

South Korea 

(Won) 

797350 

-035 

500 - 800 

768300 767300 

rwtBfi 

-43 

804.15 

-33 

R9?ra 

-3.1 

— 

Taiwan 

(TS 

263263 

-03712 

200 - 325 

78.0000 283200 

28.0463 

-03 

283863 

-03 

- 

> 

- 

Thailand 

PD 

243000 

-0327 

900- 100 

243100 243900 

243725 

-33 

25.1 

-S3 

2538 

-2.7 

- 


t«» raw tor Oct 2a Bkttriar aerator In to Doter 8oa Bite Mow arty to tori he ctoobrai (tenet Forwato aa m nor Mac* quoted to to mein* 
bit vs hapfcd by cuian hwrara rasaa. UK. Maid ft ECU n quoted to US owiancy. AP. Morgan miM M m i Oct 20. BHa aroma* WriM DO 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 

Oct 2t BFr DKr PFt PM 


M(r 


SKr SFr 


ct 


Belgium 

Danmark 

France 

Germany 




Norway 

Portugal 

Speh 

Sweden 

O rH lLw Ia nd 

UK 

Canada 

US 


Ecu 

Derail Kama. 


(BFt) IDO 
Q3K4 62.86 
flFFr) eons 
(DM) 20 59 

W 2312 

Ip) 1857 
(NKi) 47.33 
(Es) 20.13 
(Pta ) 24® 
(SKr) 4026 
BFr) 24.73 
» 50.12 
(CS) 22.73 
» 30.79 
(V) 31.74 
38.19 


1839 

10 

11.41 

ami 

9388 

0382 

1488 

0.989 

SL823 


8220 

4X96 

8-519 

4317 

5347 

0028 

7443 


1085 

8.787 

10 

3429 

nwn 

0386 

3-058 

7380 

3361 

4.111 

7306 

4.117 

8345 

07B5 

5.126 

5386 

8525 


RwKh Franc, NonMtfan Ktanar. md SeacHi 


4366 

2357 

2317 

1 

2400 

0398 

0882 

2388 

0378 

1.198 

2.102 

1301 

2434 

1.104 

1485 

1341 

1303 

Kronor 


2323 

1.066 

1316 

0417 

1 

0041 

0372 

0358 

0407 

0500 

0878 

0600 

1.014 

(USO 

0323 

0842 

0793 

priOt 


4070 

2817 

2965 

1023 

2467 

100 . 

813.1 

2352 

1000 

1227 

2151 

1229 

2491 

1130 

1530 

1678 

1948 


6.443 

2386 

3389 

1.121 

2300 

OIID 

1 

2378 

1396 

1344 

2386 

1346 

2.726 

1337 

1378 

1.728 

2.133 


Britfan taw, Yes Escudo. 


21.13 

11.13 
1230 
4361 
1044 
042S 
3382 

10 

4353 
5317 
9.145 
5384 
1039 
4303 
6305 
0707 
6380 
Ura 


4963 

2813 

2904 

1023 

245.8 

9l996 

9138 

235.1 

100 . 

122.7 
2153 
1223 
2493 
1123 
1523 

157.7 

194.7 


405.0 

2133 

2433 

8340 

2002 

8.148 

74.41 

191.7 
8133 
100. 
175.3 
1001 
2033 
8236 

124.7 
1283 
1507 
par 100 . 


23.10 

12.17 

1338 

4.758 

11.42 

0465 

4346 

1083 

4.851 

5.704 

10 

6-713 

11-58 

5-282 

7.113 

7334 

9.054 


4344 

2.129 

2329 

0333 

1398 

0381 

0743 

1314 

0814 

0999 

1.730 

1 

2327 
0319 
1345 
1384 
1 -585 


1396 4388 3248 3153 2352 


EMS EUROPEAN CURRENCY UNIT RATES 

Oct 21 Sou can. Rsto Change % +/- Horn * 

rates against Ecu on day can. rate v 


ON. 

tad. 


1351 

2318 

1.710 

1653 

1344 

Netheriende 

2.19672 

2.14508 

-000028 

-2-35 

601 

1.198 

2342 

1351 

1883 

13S3 

Oilfljnm 

403123 

98X056 

*00018 

-2.01 

5.84 

0411 

0908 

0-B69 

6437 

0325 

Oarnrary 

134884 

131387 

-030076 

-133 

5.45 

0986 

2.175 

1306 

155.7 

1361 

Ireland 

gnnaftTfl 

0796803 

-0000237 

-1.46 

005 

0040 

0088 

0366 

6339 

0051 

France 


836127 

-000261 

034 

3.18 

0367 

0308 

0587 

5738 

0460 

naranarir, 

7.43878 

7-48848 

-030288 

037 

233 

0344 

2382 

1337 

1401 

1308 

Portugal 

1B2354 

185.837 

-0047 

135 

134 

0402 

0388 

0354 

8041 

0314 

8|*hi 

154360 

158375 

*035 

332 

OOO 

0463 

1.086 

0802 

77.73 

0630 







0864 

1304 

1-406 

1304 

1.104 

NON BIM W&JEBi 8 





0493 

1388 

0803 

7730 

0331 

Gram 

264313 

294-488 

404 

1132 

-731 

1 

2305 

1328 

157.9 

1379 

IMy 

1783.18 

195934 

*017 

938 

-537 

0464 

1 

0738 

71.81 

0380 

UK 

0788748 

0787030 

-0000605 

004 

3L48 


15 


-6 

-11 

-23 


0314 

0633 

0782 


1364 

1398 

1.724 


1 

1331 

1373 


100 

1233 


0796 

0810 

1 


Ecu canto mm sal by to Bropeen Oonnteren. Qarandm am bi dmcarxfeg NMke mryti. 
PttOTtao* dwge as for Ecu; a poUto cfsnja danotei a weak curency. DMargaaca Mom to 
mbo between mo «raadK to pareatoga <«Wsnca bsfeaan to actual marts* md Ecu cento russ 
tor anrm«, and to mtoaun pgnotod pecMQ* ttomm M to cunanejra nmhat t*a boro Its 

n 7 MB 3m*« and ItoBan Lira awpmdsd feoro BM. ftclumnam ealoUKad by to RmndU Unas. 


| WORLD INTEREST RATES | 

HONEY RATES 

Ocbobar 21 Over 

rigte 

One 

month 

Three 

ndhe 

Sbc 

rathe 

One 

year 

Lomb. 

Mar. 

OhL 

rata 

Repo 

nOa 

Botvrin 

4% 

6 

5ft 

58 

6ft 

7.40 

450 

_ 

weak ago 

4% 

S 

Sft 

Sft 

6ft 

740 

430 

- 

Ranee 

5H 

5ft 

5ft 

Sft 

Sft 

5.00 

- 

6.75 

week ago 

3ft 

Si 

5ft 

58 

88 

5.00 

- 

8.75 

Germany 

432 

435 

5.15 

835 

538 

6.m 

430 

435 

wee* ago 

435 

435 

5.15 

530 

£35 

630 

430 

435 

Mand 

48 

5ft 

64 

6ft 

74 

- 

- 


weak ago 

4ft 

6ft 

Sft 

58 

74 

- 

- 

838 

to* 

8ft 

8ft 

Oft 

eu 

10ft 

- 

730 

8-20 

wee* ago 

H 

8ft 

aw 

Sft 

104 

- 

730 

SL20 

Nathortanda 

434 

433 

5.17 

530 

5.88 

- 

535 

_ 

weak ago 

434 

433 

5.18 

532 

5.78 

- 

53S 

- 

Stritaariond 

38 

38 


4ft 

4ft 

6325 

330 

- 

week ago 

28 

3S 

4ft 

48 

48 

8325 

330 

- 

US 

4ft 

41 

58 

5ft 

68 

- 

430 

- 

week ago 

<8 

4« 

55 

51 

64 

- 

430 

- 

Japan 

2ft 

2ft 

2ft 

2ft 

28 

— 

1.75 

- 

week ago 

2ft 

2ft 

2ft 

2ft 

28 

- 

1.75 

- 

■ $ LBOR FT London 
lUobto Fbriig 
wet* ago 

US Dolar CDa 
tweak ago 

SDR Unkad Da 
week ago 

5 

S 

438 

438 

3ft 

9ft 

Sft 

5ft 

538 

537 

98 

38 

51 

59k 

071 

537 

3* 

Sft 

Sft 

6ft 

630 

6.13 

4 

4 

- 

- 



ecu Linked Da aM fssasc 1 rath: bft: S rato RK 6 iraM: Oft: 1 yam Oft. S UBOR HaMro Uns 
now «a eOesd ntss tor Siam quatsa id to nwM by tov istomnrs nanfei ra lien seen waning 
nay- The beto k O mli aw 1W, Bmk al Tokyo, Ba to ml H atonal Womens. 

MB —a to ton tor to do m ieto Monay Rae, U6 S CDa md 80R Llnkad Dapaaka CQ4. 


EURO CURRENCY INTEREST RATES 

Ora 21 Short 7 days Ona Three Six One 

term notice nxxth months months year 


Belgian Franc 

4 it 

-4» 

4ft 

- 4ft 

5- 

4% 

S\i ■ 

5*| 

fid 

■5d 

8V 

6*« 

Danish Krona 

B- 

su 

6- 

A 

B- 

s\ 

6*t - 

6*1 

Bit 

■3% 

7** 

7^ 

D-Mark 

4% 

-ft 

4^ 

-ft 

4ft 

-4ft 

Bh 

-5 

5d 

•5d 

5*1 

5*2 

Dutch Gufttor 

4» 

-Aft 

4ft 

-fti 

4ft 

-4ft 

5d- 

Sd 

6d 

5d 

5*| 

sd 

Franrii franc 

« 

-58 

« 

-5d 

V. 

-fid 

ft- 

5 h 

5J. 

5\ 

ft 


Portuguasa Esc. 

9H 

1-9 

9H 

1-9 

ft 

-6*1 

10*s 

- 10 

10*| ■ 

■ lOlt 

ioh 

10*1 

Spanish Peseta 

7h 

-7* 

7h 

■fh 

7* 

- 7*2 

7ft- 

7ft 

8*1- 

8*4 

9*. 

-9 

Staring 

5*1 

■ft 

5 S 

-5*i 

5*2 

■Bd 

5ft- 

5ft 

6*2 ■ 

■6*a 

7** 

7d 

Swtos Rate 

3% 

-a% 

3% 

-3% 

3H 

-3ft 

4/«- 

3ft 

4lt ■ 

■41, 

4^ 

4*2 

CBL OotB 

4U 

-4S« 

4% 

-4ft 

4ft 

-4ft 

5*2- 

B*| 

Bd- 

-Sft 

6ft 

611 

US Dolsr 

4ft 

-4A 

4ft 

-4ft 

5- 

4% 

5*1 - 

5*2 

5ft - 

5ft 

6*2 

ft 

bate) lira 

B- 

7ia 


■th 

ft 

-Bit 

8V- 

8*b 

9*4 ■ 

■8*« 

10d 

10d 

Yen 

2«4 

•2d 

2d 

-2d 

2d 

-2 l s 

2h- 

2d 

2*2 ■ 

2d 

2H 

2k 

Asian sang 

1\ 

-11* 

1^4 

-m 

2*1 

- 2*4 

3d- 

3d 

3 h- 

3*2 

4 - 3^ 


Snort tons ntaa are chi tor to US Dote MO Ysn, o to ra lea days' nodes 


■ TWM MOimi HBOW FUTTHW (MATIF) Pelt Interbank oWarafl rata 



Opan 

Sea price 

Change 

H») 

Low 

Eft vri 

Open biL 

Dec 

94-23 

84.19 

-003 

9434 

84.17 

16.747 

56.476 

Mar 

83.78 

93.74 

-038 

93.80 

93.70 

14394 

38.113 

Jun 

9337 

9333 

■007 

9339 

9331 

8390 

28341 

Sap 

9332 

8234 

-010 

9333 

0232 

3358 

16.699 

m TUB 

MOUTH 

■URODOUJI 

IR (UFFET Sira prirtte of 100% 



Open 

Sett price 

Change 

High 

Law 

Eft vol 

Open tot 

Dec 

9430 

9430 

-003 

0430 

0430 

10 

2519 

Mar 


9337 

-001 



0 

1388 

Jun 


93.11 

-004 



0 

300 

Sep 


92.77 

-003 



0 

56 

■ THRU 

MOKTH 

UMOMAHK 

ivtum 

f 

E 

l 



Open 

Sea price 

Chengs 

High 

Low 

Eft vol 

Open kri. 

Dae 

M34 

84.79 

-005 

9438 

64.78 

34315 

157728 

Mar 

9434 

MA7 

.png 

6437 

6444 

S496B 

138139 

Jut 

94.14 

9438 

-008 

B4.17 

6433 

34766 

102741 

Sap 

93.77 

93-68 

-0.10 

93.79 

9333 

15461 

78198 

■ 1MW 

MOKTH 

MMOURA WTJUnS RtTURBB (LIFFQ LIOOQm paints of 100% 


Open 

Sea price 

Change 

«0h 

Low 

Eft vol 

Open htL 

Dae 

8065 

9066 

-032 

9070 

9055 

4851 

32343 

Mar 

8938 

8937 

-nr» 

8936 

8938 

3782 

23618 

Jun 

89.43 

89.44 

-032 

8943 

8937 

761 

15516 

Sep 

0934 

8836 

-003 

8836 

89.01 

773 

17545 

■ THRD MOKTH EURO MRBI 

B ffUMC FUTUPHS (UFF^ SFrJm prints Of 100% 


Open 

Sea price 

Change 

Ugh 

Uw 

Eft trol 

Open InL 

Dec 

96.78 

9530 

*002 

9533 

95.76 

2763 

19788 

Mar 

96.48 

05X7 

*001 

95.49 

9042 

1996 

10151 

Jtet 

95.11 

9535 

-0.01 

96.11 

95.03 

609 

5290 

Sep 

94.73 

94.72 

-031 

9431 

94.72 

188 

1494 

■ UM 

MONTH Ml WTUMS (UFFE) Eculm paints of 100% 



Open 

Sett price 

Change 

Hgh 

Low 

Eft vol 

Open Int 

Dee 

9334 

9331 

-004 

9334 

93.76 

727 

7364 

Mar 

93.40 

9338 

-038 

9341 

9339 

732 

6/39 

Jun 

9230 

9234 

-039 

92.90 

9233 

473 

3778 

Sap 

0237 

9238 

-038 

9238 

9236 

127 

2193 


■ LffiUm traded on APT 


■ T l — E MOim i — lOPOtUMIIIMhI) Elm pottia of 100X 



Open 

Latest 

Change 

High 

Low 

Eft vol 

Open tot 

Dec 

9430 

6336 

-032 

9431 

9337 

187327 

447313 

Mb- 

9338 

9334 

■OM 

9SST 

8X53 

185,407 

402324 

Jun 

93.11 

93.09 

-032 

93.12 

9337 

111337 

302.118 

■ US TRKASUHY 08 

LL MlllMS (MhQ Sira par 100% 



Dec 

9458 

9458 

-031 

0430 

0437 


17,724 

Mar 

6439 

64.06 

-031 

8436 

8439 

371 

0311 

Jm 

- 

83.83 

- 

* 

8333 

332 

33B4 


M Opart ttvot ttg*. m tor prostous'dv 


OMM) OM 12R0Q0 par OM 


1 0MM) Yen 123 per Yen 100 


Dec 

Mar 

Jun 


Open L««t Cheng* W Um 

03701 03709 tOOOOT 03719 03696 

06730 0. 6720 +00013 06 730 08710 

03730 - 


33,763 

431 

3 


Open tot 


Open 

Latest 

Change 

High 

Low 

Eft vol 

91.059 

Dec 

13340 

13383 

+0.0040 

1.0399 

1.0340 

27,224 

4358 

Mar 

13425 

13483 

*0.0032 

13483 

13425 

820 

577 

Jun 

- 

13528 

- 

- 

- 

26 


■ FfJU>HHB*«« g^OmOBS £31 360 {cenfe par pound) 


57377 

6314 

442 


Sbto 


CALLS 


fiWW BUMCFUTlIWBSgMMJ 3ft 125300 porSfr 


WM) 282.500 parC 


Price 

Nov 

Deo 

Jan 

Nov 

Dec 

Jan 

Strike 

i 


CALLS - 


- 


PUTS 


1350 

731 

834 

830 

031 

021 

048 

Price 

Nov 

Dec 

Jen 

Mar 

Nov 

Dec 

Jan 

Mar 

1378 

533 

634 

833 

0-08 

034 

033 

9475 

039 

0.13 

037 

an 

035 

ao9 

035 

039 

1300 

334 

4.05 

447 

034 

1.13 

134 

0500 

a 02 

034 

033 

035 

023 

pen 

058 

038 

1325 

135 

232 

332 

1.10 

238 

2.8T 

9S25 

0 

am 

032 

tin? 

040 

a47 

080 

030 


Dae 

08088 

08078 

-03013 

03106 

03086 

Mw 

03106 

03113 

-03009 

08119 

03106 

Jun 


03155 

- 

03764 

09147 


154 

11 


Dec 

Mar 

Jun 


13800 -03006 

13290 -03002 

13260 


13324 

13300 

13280 


13270 

1.8854 

13220 


15303 44376 

34 474 

1 8 


1350 0.62 1.49 138 2-56 3.43 339 

1375 0.15 a79 121 433 630 5.88 

Prafeie dayto veU Cto fttfe Pics ft2tt . Pres, dwto open tot. Oto 431.736 Pun srajas 


UK INTEREST RATES 


LONDON MONEY RATES 

] '£ 



i(UFT=gDM1m pointeoflOOX 


at, Ca(a 11120 Pics 1554ft. W siC rs M day's epei tot- Cals 201810 Put* 180178 
SWISS FRANC OPTIONS (UfTE) SFr 1m points oMDOtti 


One 

month 


Three 

months 


5 . al 5L - 4% 5^ - 5*a 6-5% 8* - 8ft 7ft - 7ft 
. - 5?.-5% 5%-S% 6ft -6ft 7ft- 7 ft 

6»i-5ft 6«i -5H - 

- 5li & - SH 6Ja - 6 - 

-5ft 5S»-6S| 6ft - 6ft 7ft -6U 


Local aulhorty 5ji - 54 5j-ga 

DKcaunl MartuK deps 5 - 3ft 

« — — - — - * r r ,s “« 

m ath roorth months itimCIa 

XSTronto a tM wapa 

^ w * v 6W ^ 

iTiw 


Dec 


Jun 

Sep 


Open 

Sett price 

Change 

HW 

Low 

Est vol 

Open tat 

9040 

9330 

*031 

9051 

9345 

18196 

145408 

9235 

9238 

*031 

9230 

9258 

25269 

74200 

9237 

9236 

-031 

9239 

9136 

837B 

56663 

9132 

9136 

•032 

9136 

9156 

3306 

51480 


Ttodsd on APT. M Opt" tooraer presto prrotoe d*>. 

:»TgHUWat )l >nOII » {LFI=9C600300poMttot100% 


9-12 


Snflce 

Price 

9380 

9375 

MOO 

BH.vd. toed. 


Jun 

Dec 

— PUTS - 
Mb- 

Jun 

0.10 

018 

039 

152 

036 

032 

1.10 

1.73 

004 

052 

133 

136 


Dec Mar 

0.18 037 

a07 0.03 

oxe am 

CMs loess Puts B548L Ptmtaus dtofto open tot, Cto S40B3S Pto 1B207S 


BASE LENDING RATES 


% 

Adam 6 Company — 5.75 

ASedTruaBre* 6.75 

AfBBank- S7B 

•HarayAntocher 575 

Bat* ct Sereda &75 

Banco BktaoWzaya- S.75 
BankolCypnja ......... 5.75 

BadrotkWd 5.75 

BarfKSMk S.75 

BartcotScdtond 675 

Barclays Bar* 5.75 

MBkofMdEBBt — 675 
•Brawl Sh^ey 6 Go Ud 375 
CLBankNedariand... 675 

CSBxtoNA 376 

OydeedctoSank 675 

The Copperadra Berk 675 

Cords ft Co — 676 

Craft Lyomab 675 

Cyprus Poptlv Bo* -675 


Duncan Lmrto 675 

Exetor BarieUmSsd— 675 
Ftoandu & Gen Bara — 06 
•Robert Rarrtng 8 Co _ 678 

Gkttortc 67S 

■GuhMlUat 675 

Habib Bank AG Zurtcfi . 67C 

•Hanfaroe Baric 575 

MritoHa & Gan to Bk. 578 

MISaffuaL 575 

aHoteeOCo 67S 

Hcntftong & ShmcrnL 5TC 
Jcftan Hodge Bar* — 675 
•Ucprid Joaaflt & Sons 578 

Uoyrto Baric -675 

UerinjBericLtl 575 

MAM Bank 575 

*MocnBarMno-^— 6 

NafWeatmkmtre -575 

575 


‘BadagsO MrsM 
Corponiton LMad b no 
longer autortoad as 
a banking Nribfton. 8 
Royal Bk cl Scotland _ 575 
•SnfthaWftmenSecs. 575 

TSB 575 

•UriMBkomMoB— 675 

Un^Tiuri Baric Pfc_ 575 

WostamThot 575 

iMtoemy Latte* — 576 
YbrkariraBcr* 575 

• Members or London 
Investment Banking 


SHra 

Price 

9575 

9600 


£*. USL BCri. Crib 0 Pub 6 prsvtore day's open Ira. Cals 1B70 Pub (W 


Dec 

— CALLS - 
Mar 

Jin 

Dae 

— PUTS - 

Mar 

Jun 

013 

012 

008 

036 

040 

078 

003 

006 

034 

033 

039 

039 

007 

034 


048 

082 



■oimcuancn 

Oa 21 

£ 

S 

Repay 

171568 - 171 357 

105.480 - 105580 

fa* 

281950 - 282230 

174800 - 176000 

KiM* 

04877 - 04833 

02660 - 02968 

Pored 

372085 • 372650 

Tywqn - Txeqn 

RUM 

495450 - 483630 

304300 - 304000 

UAE 

65674 - 55793 

38715-35735 


FT aims to WORLD CURRENCIES 

The FT Qukla to World Ourrandee 
tabla can be found on tha Enraging 
Marker* page In Monday*s paper. 


I 


1 



t*- •’ 










FINANCIAL TIMES 


WEEKEND OCTOBER 22/OCTOBER 


British Funds, etc 

Treasray 13%% Stk COOQ'ra - Ci23% 


Corporation and County 
Stocks 


Birmingham Carp 3%W Stk 194S(or alto) - 
£34 


Dudey Mamwoctrai Borough £ouiaf7% Ln 
Stk 2019 (RegKF/P) - £79% /M 
Newcostie-Upon-TyntoCtty ofj 11%% Rad 
Stk 2017 - £1 18% (190c94) 

Reading Carp 3% Stk I062ior oft*1 - £29 
SwanseatCRy of) 13%% Red 3th 2006 - 
£12812 


UK Public Boards 


Port of London Authority 3% Pan of London 
A Stk 29/99 ■ £771] 80 (190C&4) 


A Stk 29/99 ■ £77*2 80 (1SOcS4) 

Port at London Authority 312% Stk 49/99 - 
£79 fiSOeSM) 


Foreign Stocks, Bonds, etc- 
(coupons payable in London) 


Abbey Nattonte Treasray Serve PLC 6% Qtd 
Mta 1999(8^1000.10000,100000) ■ £88*2 
|180c84| 

Abbey National Treasury Sens PLC 6%*f> 
Gtd Bds 2003 l& 3 V*) - 569.3 (190094) 

Abbey National Treasury Serve PLC 6.75% 
Gtd Nts 2004(&SC1 000X1 00001 - SCSI .95 
(180C94) 

Abbey Notional Treasury Serve PLC 7%% 
Old Nts 1998 IBr £ Var) - £96% (1BOc94) 

Abbey National Treasury Sens nc 8% Gtd 
Sds 2003 (Br £ Var) - £Sl7 a (ISOcSM) 

AUed Domecq PLC 10*2% Bda 

1999(Bf£50G04100UOO} ■ E1(»£ (170c94) 

A3da Rnance Ld 10%% Cnv Cap 
Bd8200S(Br ESOOOftlOGOW) • £160% 
040094) 

BP America Inc 9%% Gtd Nts 1998 (Br £ 

va) ■ eim% (ieoc94) 

Bodays Bank PLC 6.5% Nts 2004(ft£Vari- 
oua)-EB2% 

Bodays Bo* PLC 9.875% Undated Suborn 


Nts - £96% (170C94I 
Bodays Bank PLC 10*4% Sen Sub Bds 


1907(BrC1 000410000) - £1C*3\ (180c94) 
Bristol 4 West BuBdtog Society 10%% 

Subaid Bds 2000(ft£l 000041 00000) - 
£101* % t1BOc94) 

Britannia &**ng Society 10%% Bda 2000 
(Br £100004100000) - £104% (190c94) 
British Aerospace PLC 10%% Bds 2014 
(Brtl 000041 00000) - £104.3 H (190c84) 
Bntiso Aero sp a ce PLC 1 l7 fl % Bda 2008 |Br 
£1000410000) - E113A8 (170c94) 

British Airways PIC 107g% Bds 
20M(ft£1 00041 0000) - £107*’ (17DcS4] 
British Gas PLC 7%% Nts 19B7 (Br £ Var) - 
£98 Vl 

British Gaa PLC 7%% Bda 2000 (Br E Var) - 
£95% (1BOc94) 

British Goa PLC B%% Bds 2003 (Br £ Var) - 
£33% 

British Gas PLC tffaK Bds 2008 (Br E Var) - 
£87% (1BOC94) 

British Gas PLC 7%% Bda 
2044(Br£ioaaiaooaioaaooo) - etbSj 
B rftHh TatocammurtiGstiofts PLC Zorn Cpn 
Bds 2000(Br£1 00041 0000) - £62% 

(180C94) 

British Te toan a n unicaficna PIC 7%% Bds 
2003 (BrCVai)- £8858 
Burnish Castrd CapItallJerseY) Ld 9%% Cnv 
Cap Bds 2008 (Rag £1000) > £140 
Comments Union PLC 10%« Gtd Bds 2002 
(Br £ Var) - £105*2 (140c94) 

Dally Mai 4 General Trust PLC 8%% Etth 
Bds 2005 Orttl 00045000) - 060% 
(190c64) 

OervnarkQCngdom ol) &%% Nts 1098 (Br £ 
Var) - £B3% .65 (190C94) 

Depfa Ftoance MV. 7%9t Gtd Bds 20C3 (Br £ 
Var) - £86,», (190cS4) 

East Mkfands Electricity PLC 12% Bds 201 6 
(Br £10000 4 100000) - £123% U (1BOC94) 
Eastern Bectrtaty PLC 8%W Bds 2004(Br£ 
Vara) - £93% 

B1 Enterprise Rnanca PLC B%% Gtd Bach 
Bds 2006 (Reg £5000) - £03*2 (190c94) 

Bf Enterprise France Plc a%% Gtd &eh 
Bds 200fl(Br£5000410000a) - £95.075 
8575 |140c94) 

Export- knpon Bank of Japan B% Gtd Bda 
2002(Br*5000) - $10055 (18Gc94) 

Far Eastern Department Stores Ld 396 Bda 
2001 (Reg Intend mu» $1000) - $104% 

u»% 

Far Eastern Textile Ld 4% Bds 
2008(Br$10000| - $113 (IBOeftfl 
Rmand(Repi±tic of) 9%% Nts 1897 (8r£ Via) 
-£102% 

Hniand(RepuMc olj lOlsH Bds 
1 997(Brtt 00041 OOOC? . d03% (17004) 
Fid Bank Ld |J 4 « Cnv Bds 200aaS50QQ) - 
$109 (140c94) 

Granada Group PIC 11%% Bds 2019 
[&£1 00004100000) - £1121* (140c94) 
Guraanteea Export Rnanca Carp PLC 10%% 
GH Bds 2001 (BriEVar) - £107 1* (140c94) 
Gutoness PLC 7%% Nts 1997 (Br E VSn) - 
£97 (170c94) 

Gtmesa PLC 10%% Nts 1997 (Br £1000 4 
10000) - Cl 04% (19QqS4) 

HSBC Hoidbigs PLC 9%% Subord Bds 2018 
(Br £ Var) ■ £99 |180c94) 

Halto Bunting Sockrty 6%% Bds 2004 
(BriM 000, 10000.1000001 - £82% A 
Halifax Bu&ting Society 8%% Nts 
l999(BrfVers} - £B7ft % 110Oc»4) 

Halifax Bufldkig Society 8%% Nts 1997 
Brcvai) - noo.4 neocoa) 

Halifax Bufldng Society 1D%% Nts 
1B97{Bt£1O0O41000Q) ■ £104 (140CS4) 
Haifa* Buldlng Socfafy IT% Subord Bds 
201 -U&C1 000041000001 ■ moil % 
(I9QC94) 

Hammenon Property krv 4 Dev Carp 10%% 
Bda 2013 (ft£l0tt»ft1Q0QQ0) - £1021* 
1140C94) 

Hanson PLC 9%% Cnv Subord 2006 (Br 
EVart - E103>2 (190C94) 

Hanson PLC 10^H> Bds 1997 (Br EVor) - 
£104 4 (IBOcM) 

Hanson Dust PLC 10% Bds 2000 (BrESOOO) 

- £101 J (170c94) 

Hickson CatXtd Ld 7% Cnv Cop Bds 2004 
(Reg) - 131 (190C941 

Hickson Capital Ld 7% Cnv Cap Bds 2004 
(Br£1 00041 0000) - Cl SB 
Imperial Chemical Nmoles PLC 9\% Bds 
2005«rd 00041 0000) - ElOllg 090c94) 
Imperial Chemical Industries PLC 10% Bds 
2003(BrC1 0004 IOOOOI -£1023, (140C94) 
Internatio na l Bank lor Roc 4 Dev 10% Bds 
1999(Bi£10004 10000) - £103.72 (170c94) 
ImarruDonol Bonk for Rec 4 Dev 1ll|H Nts 
2001 IBriCI 00041 0000) - £109% 0«Oc94) 
rtafy\Roputol)c of) 10*2% Bds 2014 
(Bid 00004500001 - £1075 (19OC04) 

Japan Devetoproent Bank 7% Gid Bds 2000 
IBr £ Var) - £92 

Kansal SocWc Row Co Inc 7l*% Nts 1996 
tBr £ Vsfl - £9512 (tflOc94) 

Lana Securities PLC 6lj% Bda 
2007(Br£1 00041 0000) - £99 9 (1BOC94) 
Land Sacuntiea PLC 9>s% Cnv B4S 2004 
(BrfS00045000Q • Cl10>2 (190c94) 

Leeds Per ma nent Bi*Hng Sodety CoOrtad 
FHcRteNts 2003(Reg MiStidOOfl) - £96*2 
Lavas (John) PLC 10U% Bds 
200«Brd 00041 ODOQ ■ £105% % (iaOc94) 
Lloyds Bar* PLC 7%% Subord Bds 
2004|Br£Vorious) - £86% 

Uoyds Bonk PLC 8%% Subord Bds 2023 IBr 
£ V)W-£9B%% 

MEPC PLC 9%% Bds 2004<Brd 00041 0000) 

- £99% (170CH) 

D^C PLC 12% Bds 2006 (Br £10000 4 
100000) - d 14% (140CS4) 

Marks 4 Spencer Franca PLC 7%M Gtd Nts 
1996 (Br £ Var) - £98 (14Oc04) 

MufWSpaSty Rnanca Ld 9%% Gtd Nts 1897 
(Br CVad - £102*; (14CK94) 

Naoonal Grid Co PLC 7%% Bds 1998 {Br E 
Var) - £9S% 0% 

Nation* 4 Provincial Bug Society 8%K fds 
1999 (Br £ Va rt - £97% (1BOc94) 


Oydeport Ld 4% krd Stk - £39 (140c94) 
Metropolitan Water Metropolitan water 3% A 
Stk 63/2003 - £67% (180c94) 

Mesopot&an Water Lambeth Wider works Co 
3% Rad Deb Stk - £62 (190c9«; 


Notional Westminster Bonk PLC 11 V% 
Subord Ms 2001 |Br Ever) - C110 (140c»4) 
National Wesbrtnst a r Bar* PLC 11%% Und- 
SubNts E1000(Cnv to PrflReg - 
Nationwide BiAting Sadety B%% Subord 
Nts 2018 (a £ Var) - £86% 

Nationwide Bunding Sadety Zero Cpn Nts 

1998 (Br E Var) - £70% flSQtSM} 

Northern Rock BulcSng Society 11%H 

Subord Bds 2000 (BrfSCOO) - £104% 
(180c94) 

Osaka Gaa Co Ld 8.126% Bds 2003 (Br £ 
Var) - £92% (10OC94) 

Padlfc BacMc wboSCable Co Ld 3%H Bds 
200T(HegS500004500000) - $119.15 120 
C140C94) 

PacBc Boctric wMCabia Co Ld 3%K Bds 
2CXn(Br$1000Q] - $119% (160CS4) 

Pesrscn Sorting TVro PLC 9J% Gtd Bds 
2004fflr£ Vers) - £99% (170094) 

Pennadar 4 Oriental Stenm Nav Co 11%W 
Bds 2014 (BrdOOOO&l OOOOO) - £112% 
(190CS4) 

PovearGen PLC 8%% Bds 2003 (ft 
£100004100000) - £96% (190c94) 
Prudential Fhisnca BV 9%% Gtd Bds 2007 
(Br£5000410000Q) - £99A 
Robert Fleming kill Finance Ld 9%% Parp 
Strimd Gtd Nts {Br £ var) - E82% 575 
Ftoy^d Bank of Scotland PLC 6%% Bds 
2004(Brf3tare) - £82^ (1BOC94) 

Royal Bonk of Scotland PLC 9%% Undated 
Subord Bda (ft £ Va) - £91 % 

Royal Sank of Scotland PLC 10%% Subord 
Bds 1898 (Bf£SOQQ62SOOO) - £104% 
(IflQcJW) 

Royal Insurance Ftdgs PLC 9%% Subord 
Bds 2003 (Br £ Vat) - £98% (190c94) 
SaJnsbury LLKChannei MondslLd 
8 %%CnvCapBds 2005pr £90004100000) • 
£12512 (19OC04) 

Slncerg Navigation Corporation 3.75% Bda 
2003 (Br SI 00004 100000) - SIOB 1 ; 107% 
SmhHdkw Beecnam Capital PLC T%% Gtd 
Nts 1098 (ft £ V81) - £96J4 
SmhhMine Beechsn Capital PLC 8%% Gtd 
Nts 1988 (Br £ Vui • £97 flSOcSO 
State Baik of New South Wata3 Ld 7% Bds 

1999 (Br SA Vtir) - SA92% f170c94) 
Swedwi(IOngdarn of) 0%% Nts 2003 (Rag 

$1000) - £90.1 (140cS4) 

SwedanOOngdam of) 11%% Bds l995(Br 
E500CO - £101% (17Gc94) 

Tarmac Rnanca pmey) Ld 9%% Cnv Cap 
Bds 2006 (Reg £1000] - £95 AS % B 
Tare 4 kit Franco PLC BH Gtd Bds 
1999(Br£1 00004100000 - £S4ft 55 
Tala 4 Lyle Int Rn PLC fi%% Gtd Bd9 2001 
(Br £5000) - £84% % 5% (170CS4) 
TatoSLyta MHn PLCVTsuBLykt PLC 5%<K 
TiUtFnGdBdS 2001 (ft) W/WtaTSLPLC - 
£84% % 5% (170CS4) 

Tosco Copied Ld 9% Cnv Cop Bds 2005(Reg 
£1) - £115% 6 % 

Tosco Capital Ld 9% Cnv Cap Bds 
2005(Br£S000410000| - £114% 

3J Intanntland BV 7%M Old Bds 2000 (Br £ 
Vad - £90,‘« (170C94) 

Tokyo Bactrtc Power Co Ik 7%% Ms 1998 
©r £ Var) - £05% (f 70c94) 

Toyota Motor Corporation 5025% Bds 1998 
(Br 5 Vs) - £94% (T4OC04) 

Trafalgar House PLC 10%% Bds 2014 
(ft£l 000041 ooooq) - £103 (140c34) 

Tung Ho Stael Enterprise Corp 4% Bds 
200 1(BrS1 0000) - S1 12 (190c94) 

U-MJnn Marine Tran sp ort Corporetion1%% 
Bds2001(Reg til Mutt S100IQ- $110 111 
United Kingdom 7%% Bds 2002<aiSVMl - 
$6515(140094) 

Untied Kingdom 9%% Bds 2001 (Br 
ECLh 000.1000041 00000) • EC1 03-52 
(180c94) 

Warburo(5GJ Group «jC 9% Parp Stirerd 
Nts (RepNtsBrQ - EB2JH (190CB4) 
LandaskrecStbenk Baden-W u rttambarg 
$C25m 5625% Nts 22/12/97 - SCI 01.4 
101% (190cB4) 

awad«n(Kingdom of) ESOOm 7%M Nts 3/127 
97 - £87 

SwadanfKlngdarn oQ £350m 7%% Bds 26/7/ 

2000 - £93% (140C94 
SwedonOOngdom of) ECLHOOm 7%% Nts 

2000 - EOW% 95.05 ftflOcSJ) 


Sterling Issues by Overseas 
Borrowers 


Asian Dondopnwit Bank 10%% Ln Stk 
2009(Rag) - £111 J25 (1SOc34) 
Au3tnjne(Canvnon»ww*th of) 9%% Ln Stk 
2012(Reg) ■ £102% (170e94) 

Bank of Greaos 10%% Ln Stic 20lO(Rag| - 
£97% (190c94) 

DattmtskOOngdom oQ 13% Ln Sik 2005 - 
£127 (1BOc94) 

European knesCRMK Bor* 9% Ln Stk 2001 
(Reg) - £100%4 

European Irwestment Bank 9%M Ln Stk 
2009- £104% 925 

European mvastment Bank 10%% Ln Sik 
2004(Red - £199 A (140c»4 
European mvastment Bank 11% Ln Stic 
20C2(Rop) - £111 % nSOc94) 
Hydro-Quebec 15% Ln Stic 2011 - £141$ 
Inte rna tional Bra* for Roc 6 Dev 9%% Ln 
Stk SOI 0(Red ■ £106(1 60C94) 
International Bank tor Roc 4 Dev 11.5% Ln 
Stic 2003 ■ £114% C19QC94) 

MatayBla 10%% Ln Stir 2009(Hea) - £107% 
(170c94) 

New Saaiend 11%% Stk 2008(Ftos9 - £1 16% 
|170c94) 

New Zealand 11%% Slk2014(Ratf -C132 
(160c94) 

SwedenOOngdom of) B%% Ln Stk 2014(Rag 
-£103% 

Unlaa Mexican Statu 16%% Ln Stk 
20Q8(ft1 - £138% 


Listed Companies(exciudfng 
Investment Trusts) 


AAH PLC 4J2% Cun Pif £1 - 57 (140c94) 
ABF Inwaonerris PLC 5%% Una Ln Stk 87/ 
2002 50p - 37 (140c94) 

ABF Investments PLC 7%% Uns Ln Stk 67/ 
2002 50p - 43 (180094) 

ASH Capital Rnence(Jaraay)U> 9%% Cnv 
Cop Bds 2006 (Rsg Units lOOrt - £71 3 1 ; 
P90C94) 

Aberdeen Tost PLC Wls 10 sub for (3rd - 43 
(I70c94) 

Albert Fisher Group PLC ADR flttl) ■ $7.10 
(17DcS4) 

Atewn Group PLC 526p (Net) Cnv Cum Rad 
Prf lOp - 65 9 

AOad London Prapertae PLC 10% Cum Prf 
£1 - 107 (190c94) 

AIBed Domecq PLC ADR firt) - $0.5* 

AUed Domacq PLC 7%% Cum Prf £1 - 75 
CirOo94) 

ABIad Domecq PLC 11%% Deb Stic 2009 - 
£119% (ISOcM) 

AMed Domecq PLC 6%% Uns Ln Stic - £03 
Mad Domecq PLC 7%% Una Ln Stk 93/98 - 
£85 

ABed-Lyona Rnondol Servtcos PLC6%% 
GWCnvSubordBdsSna RegMcriOCIDOO - 
£108% .7 % 8% 3 % 

Ahrta PLC 55% Cnv Cum Non-VIg Rad Prf 
£1 -68 

American Brands Ino She of Com Stk $3,125 

-$35% 

Amerila ch Carp Shs of Com Stk S' - S38%4> 
Andrews Syhes Group PLC Cnv Prf 50p - 42 
3% 

Antften WMra PLC S%% Mex-LInked LriStk 
2008(52678%) - £132 
Anglb- Eastern Ptantatt u ns PLC Warrants to 
stti) lor Ord ■ 22 (1*OcB4) 

Anglo- Eastern Plant a tions PLC 12%% Uns 


Ln stk 95/TO - £95 <140cM) 

Armour Dust PLC 10*a% Uns Ln Stk 81/96 - 
CiQO(iBOeS4) 

Asds RrQpraiy HUgs PLC 10 4/lfiH 1st Mtg 
Deb Stk 2011 - £101*2 2 
Attwoods PLC AOR (51) - SB 
Atwoods (France) NV a%p Gtd Red Cnv Prf 
50-88% Iif190c941 

Automated SecultyO-Mgs) PLC S% Cnv Cun 
Red Prf £1 - 65 (l90c£M) 

Automated SeaxttyfFtdgs) PLC 8% Cnv Cun 
Rad Prf £1 -466 

AutamoUtfe Products PLC 4JS5% Cum 2nd 
Prf £1 -60 

BJLT tnduetrlsa PLC AOR p;1) - $14.72 
(IBOcftQ 


FT-SE ACTUARIES INDICES 


The FT-SE 100, FT-SE Mid 250 and FT-SE Actuaries 350 intflces and the 
FT-SE Actuaries Industry Baskets are calculated by TTie Inte rna tional 
Stock Exchange of the United Kingdom and Republic of Ireland Limited. 
O The International Stock Exchange of the united Kingdom and Repubflc 
or Ireland Limited 1994. AB rights reserved. 

TTie FT-SE Actuaries All-Share Index Is calculated by The Financial 
Times Untiled in conjunction with the Institute of Actuaries and the 
Faculty of Actuaries. O The Financial Times Limited 1994. AH rights 
reserved. 

The FT-SE 100, FT-SE Mid 250 and FT-SE Actuaries 350 indices, the 
FT-SE Actuaries Industry Baskets and the FT-SE Actuaries AB-Share 
Index are members of the FT-SE Actuaries Share Indices aeries which 
are calculated in accordance with a standard set of ground rtfes 
established by The Financial Times Limited and London Stock Exchange 
in conjunction with the Institute of Actuaries and the Faculty of Actuaries. 

"FT-SF and Tootsie" are Joint trade marks and service marks of the 
London Stock Exchange and The Financial Times United. 


LONDON STOCK EXCHANGE: Dealings 


Details of business done shown below have been taken with consent 
from last Thursday's Slock Exchange Official list and should not be 
reproduced without permission. 

Details relate to those securities not Included In the FT Share Information 
Services. 

Unless otherwise indicated prices are In pence. The prices are those at 
which the business was done In the 24 hours up to 5 pm on Thursday and 
settled through the Stock Exchange Talisman system, they are not hi order of 
execution but fri ascending order which denotes the day's highest and lowest 


BET PLC AOR (4:1) - S&874774 
BM Grrajo PLC 4J5p (Nof) Cm Cum Red Prf 
20p - 88 7 

BOC Group PLC ADR (IrtJ - $11% 

BOC Group PLC 12%% Una Ln Stk 2012/17 
-£123% 4 

BTP PLC 75p(NM) Cnv Cum Rad Prf lOp ■ 

178 

BTH PLC ADR (4:1) - SI 9% 2053 f19Qc941 


Hampton Property Group Ld 7%% uns Ln 
StitSi/HI - £83 4 

Bangkok kmstmwita Ld Pig Rod Rrt S0C1 - 
*139P4 Oc04) 

Banner Homes Group PLC CM lOp - 125% 
(180084) 

Barclays PLC ADR (4rl1 - $3595* 

Barclays Bank PLC 12% URs Cop Ln S* 
2010 - £117% (170c94) 

Barclays Bar* PLC 16% Uns Cop Ln Stir 
2002/07 - £134 f1BOc84) 

Bradon Group PLC 7.25c (NsQ Cnv Rod Prf 
2Sp- B598 9fl40c84) 

Bardan Group PLC 3BS% Cun Prf £1 -43 
(10Oc94) 

Bunion Group n£ HJSp Cum Rad Prf 
2005 10p - 107% (170084) 

Borings PLC 6% Cum 2nd Prf £f - 94% 
(190CS4) 

Bslngs PLC B%% Nan-Cun Prf £1 - 113% 
Banato Exploration Ld Ord R0J71 - 84% 
FZ17 p 225 40 80 (180094) 

San 4 WUrare AmaW Trust PLC 0R1 2Sp - 
560 85(19Oc94) 

Bass PLC ADR (21)- 517% 20 IITOcSJ) 
Bass PLC 10%% Dob Stic 2016 - £1 12 
Bass PLC 10.65% Dob Stic 06/99 - £103% 
(140c94) 

Boss PLC 4%% Uns Ln Stic 92/97 - £89% 
Boss PLC 7%% Uns Ln Stic 92/97 - £95 
Boss Investmsnts PLC ?%% Uns Ln Sik 92/ 
97 - £96% (18O094) 

BoBway PLC 9£K Cum Rad Prf 2014 £1 - 
106 (17OC04) 

D argoMn d-y AS "B" Non Vtg Shs NK2 J> - 
W144 4 .15 jBI 

Bbm n g h am MMaftbsa Bulking See 9%% 
Pram IM Beating Shs £1000 - £88% 7% 
ftackwaod Hodgs PLC 9% Cum Rad Prf £1 
- 43% 4 

Btua Ctrda Indumtias PLC ADR (1:1) - 54 B* 
Badctingun Grow) PLC 9%% Uns Ln Stk 
Z00Qm5-E9C4 

BOOB Co PLC ADR (2d) - $17.18 (190C94) 


For those securities in which no business was recorded in Thursday's 
Official Ust the latest recorded business in the tour previous days Is given 
with the relevant data. 

Rule 4.2 (b) stocks are not regulated by the International Stock Exchange 
of the United Kingdom and the Republic of Ireland Ltd. 

t Bargains at special prices. $ Bargains done the previous day. 


Bradford & Btogtay Bwrteg Soctttyll%% 
Perm bit Boating Shs £10000 - £111% 
ftadkxd & EHngtoy BuBOkig Sodety13% 
Farm Int Boaring Shs £10000 - £122% % 
A 

Brant WaBesr Group PLC Wtt to Sub tor CM 


Brant WsJkw Group PLC Var Rta 2nd Cnv 
Rad Prf 2000/2007 Cl - 6 (1BOc94) 

Brant Walker Group PLC 05% 3rd Non-Cum 
Cm Rod 2007/10 £1-2 
Bristol Water PLC B%% Cran tod Pif £1 - 
104% (180c94) 

Bristol Water PLC 1040% Red Deb Stic 
2000/02 - £103 (1TOc94) 

Bristol water Hdgs PLC Ord El -982 
Bristol Water hKfgs PLC 0.75% Cum Cnv 
Red Prf 19M Shs £l - 182 (170c94) 

Bristol 8 west BuRdIng Sodaty 13%% Pram 
tot Baartog Shs £1000 - £123 % % % 4% 
Britamb SrScfing Sootofy 13% Harm Ini 
Bearing Shs £1000 - £119% 20% 

British Airways PLC ADR (TOTI) - S62.4 
British Alcan AkanMum PLC 10%% Deb Sik 
2011 * £ 101*2 A 

Bntistv-Amaricon Tobacco Co Ld 5% Cum Prf 
Sik £1 - 50 (160cS4) 

Brittsh-Ameiloan Tobacco Co Ld 8% 2nd 
Cum Prf Stic £1 - 39% (10Oc84) 

British Petretown Co PLC 6% Cum 1st Prf £1 
-79 

British Petroleum Co PLC 9% Cun 2nd Prf 
£1 - 85 (190C94) 

ftftiah Steel PLC ADR (i on) - E1&839 S 
25%% 

Britt* Steel PLC 11%% Deb Sik 2016 - 
£118% (14Qc84) 

fttxtan Estate PLC 8d0% 1st Mtg Dob Stk 
2026- £100 

BiftnerfKPJHdgs PLC 8%H 2nd Cum Prf 
£1-104 (lOOc&l) 

BttimerfHPJHHgs PLC EH2K Cum Prf £1 - 
110{17Oc9^ 

Bund PLC 7% Cnv Uns Ln Stic 95/97 - £104 

B 

Burmah Csatrol PLC 7%% Cum Red Prf Cl - 
68% 

Burmab Csstrol PLC B% Cum Pit £1 -73 
Burton (tam PLC 8% Cnv Uns Ln Stic 1896/ 
2001 - £82% % 3 4 

Butte Mining PLC 10% (Net) Cnv Cum Red 
Prf 1994 10p-S(17OcS4t 
Cwtitd & Counties PLC 9%% 1st Mtg Deb 
Sik 2027 - £102% 

CoptEri Strategy Futo Id Ptg Rod Prf 
SU71 (Japan Fund Ste) - YQ7SS (180c9q 
Cation Commuticdtons RC ADR (2:1) - 
$27.15 20 (170c9g 

Carlton Canvnutieations PLC 7%% Cnv 
Sciiatd Bds 2007(Reg £5000) • £130% 
(190c94) 

CatorpSsr Inc Shs of Com Stic $1 -SS5% 
(180C84) 

Centex Corporation Shs ol Com Stk SX25 - 
$23 

Chartwood AUonoa Hktgs Id 7%% Uns Ln 
Stk 50p - 34% (180c94) 

Chranos PLC 7% Cun Prf £1 - 70 C180cs»q 
Chepstow Rececouse PLC Old 2Sp - £8% 
(190C94) 

CtevWttw PLC 1L5% Subord Cnv Uns Ln Stic 
2000/01 - £93 

Ctevdend Place Hokangs PLC 3%% tod Deb 
Stk - £39 

Coast* Corporation Shs of Com Stic SOJ33 1/ 


3-527% f140c94) 

tools Patens PLC B%% Urn Ln Stk 2002107 


Coals Patens PLC B%« Urn Ln Stk 2002107 

- £80 (I90c94) 

Cods Vlyela PLC 44% Cun Prf £1 - 62 3 
CohantA.) & Co PLC Non.V "A" Old 20p - 
500 35 

CommerelaJ Ltotan PLC 3d% Cum Red M 
£1 -6S(180c94| 

Commercial Union PLC 8%% Cum tod Prf 
£1-97%% 

Commerc ia l Union PLC B%% Cum tod Prf 
£1 - 104% % 

Co-Operative Bet* PLC 9.25% Non-Cum tod 
Prf CT- 103% 

Cooper (Roderick) PLC 8Jp (NaO Cnv Fted 
Cum Pig Prf lOp - 82 (I80c9fl 
CoutaMs PLC AOR (1:1) - $7% (1BOc94) 
CoutaUds PLC 5%% Uns Ln Sik 94/96 - 
£94% pTOeM) 

Courtaulds PLC 7%% Uns Ln Stic 2000/05 - 
£86 

Covenuy Bidding Socteiy 12%% Penn Inter- 
est Bearing Shs £1000 - £112% 3% 

[My Mai & General Trust PLC CXd 50p - 
£1X05$ 

Delia PLC 3.15% Cum 2nd Pif £1 -45 
Delta PLC 10%% Deb Sik 95/99 • Cl 01 
(I40C94) 

□encore PLC 825% Cum Cnv Red Frf Cl - 
109 (19CC94) 

DewtVrst Group PLC 9.75% Cun Prf £1 - 
105 

Dewhuet PLC Od 10p -88 
Dover Corp Com Stk Si - $58% (ISOcBo) 
Ecdostastfcsl tosuranoe Ofltee PLC10% Red 
2nd Cum Prf £1 - 108 (10Oc9d) 

Eclipse Bands PLC Ord 5p - 8 % 

El Oo MHng5£qXoration Co PLC Ord lOp - 
535 

ByelWtanUoclon) PLC CM 2Sp - ES (140c94) 
Bys(WImtiedari) PLC 9%% Uns Ln Sik 96/99 

- £100 

Emess PLC 6J2Sp(Na4 Cm Cun Red Prf 5p 
-71% 2 

Ertc3san(L.MJ(relekRuMktoolage4S<r 
BPegjSKlO- E37S239 $ 81 SK399 
432.726 .739 3.19 % 4J!17 JST2 % % 5 5 
-38 -BOa 6% % % % ^6 % 7 7 JT75 J % 

.7 8% % JB3 ST 9 JXJ % % .779 40 40 % 

A 1 .918 2 2 

Essex and Suffolk Water PLC 10%% Deb Stk 
94/96 . £99% (190C94) 

Euro Disney B.CA. 8ns FH5 (Depositary 
Receipts) - 601589035 
Euro DHney &CA. Shs FRS (ftl - Si .293 1% 
FFBL68 .73 .74 % .76 .78 333333 MA7 
JOS .1 

Euotennol PLC/Euotunnel SA Untie p EPLC 
Ord 40pi 1 ESA FFH« (Br) - FR1ILB 
18d4 ig.QZ (14004) 

Eurotunnel PLOEwotumd SA UnBs 
(Slcovam tooertbed) - FR18.1 .15 .183333 
22J330AM.4S JO 
Euratennro PLC/Eurotunnei SA Fndr 
Wte(1 EPLC 3 1 ESA WrtteSub rorUniW) - 
710 

Ex-Lands PLC Warrants 10 sub tor She - 22% 
3{170c94) 

ExcaRbu Group 11.5% Cum Prf £1 - 
107 (180c94) 

Exploration Co PLC Old Sik 5p - 240 
FWayOameOlPLC 5% Cum 2nd Prf Stk £1 - 
69 (140c94) 

Rrst Chfcago Corp Com Stk SS - $47% 

Flrat Dabentuo Fkianca PLC 11.125% Sever- 
ofy Gtd Deb Stk joia - £119.05 [190e94 
First National BuSdtog Society 11%% Perm 
M Sowing Shs £10000 - £99% 100 100 % 
* % 

Rrat National France Carp PLC 7% Cnv 
Cum Red Prf El - 129 9 30 
Ffeons PLC ADR (4:1) . S7I* (IBOcfrt) 
FMcher ChaOenge Ld Old SNO50 - 158 
(1SOc94) 

FoSm Group PLC Ord 5P - « I190c99 
Forte PLC 9.15b URS Ln Stk 95/2000 - £97 
(180C94) 

Fortum & Mason PLC Ord Sik Cl - £96 
(19OC04) 

Friendly Hotels PLC 4%% Cm Cum Fted Prf 
£1 -81% (190c94) 

Friendly Hatets PLC 7% Cnv Cun Red m £1 
-97(190094] 

FUtor /Smith 8 Tuner PLC 8% 2nd Oum Prf 
El -91 D90C94) 

GUN PLC ADR (1:1) - SSTO (1SOc«4) 

ON Great Nordic Ld 9ra DK1 00 - 
DKBB8.98*fr 935* 

GJUHrigs) PLC 10%% 2nd Cun Prf £1 - 90 
(170094) 

G.T. Cttoe Growth Fund Ld Orel SOJM - $34% 
35 35% 36% 35% (190C34) 

General Aoddent PLC 7% % Cum tod Prf Cl 
- 01% % 2 

GenetBl Acddert PLC 8%% Cum tod Prf £1 
-105% 8% 

General Bectnc Co PLC ADR (1:1) - $4 JS3 
54 (19CX34) 

Geatotner Htoga PLC Oni Cap 2Sp - 12S 

[tsogsq 

Gtynwed totomoUOriai PLC 7%W Cun Prf £1 

-7B(l9O094) 


OoMflwad Group PLC 7% DnvCun Red ftf 
£1 - 72 S (190c9«) 

ftera Portland Estates PLC 95% Ira Mtg 
Deb Stk 2016 - £101% 

Gnat Universal Sene PLC «%» Fled Una 
LnStk- £88 

Greeneas Group PLC 8% Cun Prf Cl - 97 
Greeneis Group PLC 9%% tod Una Ln Stk - 
£ 93 % 

Oreenols Group PLC 7% ftw Subant Bds 
2003 (Rsg) - £103% 

GMnnaas PLC ADH &T) - $37* 

GUnnws Fight Qobei Strategy Fd Ptg Fted 

Prf SOOT (UJO u- . i - S2&2B 

HSBC Hktes PLC Ons 3H10 {Kong Kong 
Reg) - SH88.4 78365 9.129625 .15 % ^227 
.848 JB1385 831822 -589635 9tL0B .15 2 
2UAAAAS 

HSBC Hkiga PLC I1d9% Subord Bds 2002 

nXwJ _ 

HSBC rtdgs nC 11 53% Subcrd Bds 2002 
(Br EVw) - £109% 

Hitofax BuhSng Sedety 8%% Fterm Int Bora- 
tog Shs £50000 - E86ft 
HaMax. Bidding Society 12% Pram tot Bear- 
ing Shs £1 (Reg E5C0TB) - £113% % % 
Hdtdn Holdtogs PLC Ord 5o - 63 
Ha* Engraertog(HldgsiPLC 555% Cun ftf 
£1 -65 

Hahns PLC 11% Cun Prf £1 - 125 (190c94) 
Hammffsn PLC Ord 25p - 335 840 1 2 
Hardys & Hansons PLC Ord 5p - 285 
(14Gc94) 

Hratiepocfa Water Co Ord Stk -£1550 
(180c94) 

Hasbro Inc Sits of Com Stk SIL50 -S30% 
(170c94) 

Hwcutes Inc Shs of Com Stk of W>V - 
*103%* 

Hohnei Protection Group fare Stia of Com Stk 
$025-21 

Hopktoaons Qpup PLC 525% Cun Prf £1 - 
70 (140c94l 

IMI PLC 5%% Uns Ln Stk 2001/06 - £89 
IS Hhnalayan Fund NV Ord FUL01 - SI 7-23 
Jetton) Group PLC Cm Cun Red Prf 20p - 
131 34% 56 

Industrial Control Services Grp PLCOnj 1ft»- 
123 5 

toll Suck Exchange of UXAHap of tiLd 7%% 
Mtg deb Stk 9(V95 - £99% (1 40084} 

Irish Lite PLC Ord h€0.10 - El -88 1-3 p 
187% 

Jandne Matheson Hktgs Ld Ord *025 (Hong 
Kong Regater) - $H6aS2352l 4 AS 
-515394 

Jarotoe Strategic redgs Ld Ord SOJU (Hong 
Kong Ftegmor) - £2-36 SH2S.9 £23376 
30.007655 

Johnson & Firth Brown R.C 11 JJ5% Cum Prt 
£1 -93 

Johnson Group Cleaners PLC 7-5p (Net) Cm 
Cun Red Prf 10p - 127 8 30 
Johnson Group Cleanera PLC 9% Cum Rrt 
£1 -90 

Johnston Group PLC 10% Cum ftf £1 - 90 
(190C94) 

Janes.Stroud(Httg4 PLC 10% Cun Prt £1 - 
120 (1BOc94) 

Korm-EuofM Fund Ld ShsfDR to Br) 80.10 

tCpn 7) - £4437% 

Kvaemar AS. Free A Shs NK12JS0 - 
NK273.72 SO 4 7 

Lac&refca Group PLC ADR (J.d) - SSSB 
Land Secutties PLC 9% 1st Mtg Deb Stk 96/ 
2D01 - £100% 

LASMO PLC 10%% Deb Stk 2009 - £104 
Lebawa Platinum Mines Ld Ord ROJn - BO 
[190C94] 


Leeds 5 Hotoeek Buadng SocMiy 1S%% 
Perm tot Boiling Shs £1000 - £122% % 


Leeds Parni ra nm BuSdtog Society 13%% 
Perm tot Beaitog £50000 - £130 (190C94) 
LemrfJohn) PLC 5% 1st Cum Prf Stk £1 - 57 
Lmws(John)Partnere ii p PLC 5% Cum Prf Stic 
Cl - 56 (180c94) 

Lex Service PLC 6%% Cum Prf £1 -60 
ri60c94) 

Liberty PLC 9.5% Cun Prf £1 - 112 
Liardieart PLC Cm Cum Red Prf 20p - 58 93 
I190C94) 

Ltelar & Co PLC 5% PiffCunJEl -51 
IT40c94) 

London International Group PLC ADR (5:1) - 
S8% (140C94) 

London Secuttiee PLC On) Ip - 2% 3% 
Lonrha PLC ADR (1:1)- $2.14 .15(190e94) 
Lonrho PLC 10%% 1st Mlg Dab Stk 97/2002 
-£102 

M&C PLC9%% 1st Mtg Deb S* 97/2002 - 
ssopooeBQ 

MEPC PLC 8% Uns Ln Stk 200Q/DS - £94 
(190e94) 

McCarthy & Stone PLC 8-75% Cum Red Prt 
2003 £1-84 

McCarthy A Stone PLC 7% Cm Una Ln Stk 
99/04 - £57 

Mdnemey Properties PLC *A* On) lrCOl.10 - 
ICO-08 (I40c94) 

Marks & Spencer PLC ADR (6.1) - $41 A 
(170C94) 

Mudeva PLC ADR (4:1) - $10% 

Menaeegohnj PLC 9% Cum Prf Cl - 96 
(190C94) 

Merchant Rets* ftoup PLC 8%% Aw tins 
LnStk 80/04- £80 

Mercury totranaDoiud tov Trust Ld Ptg Red 
Prf Ip (Reootva Funcfl - £S0 j48 A881 
070004) 

Mersey Docks & Harbour Co 8%% Red Dob 
Stit 98/99 - £90 fl70£M) 

Mersey Docks A. HsrtMur Co 3%% tod Deb 
Stk- £34 

MMarto Bank PLC 14% Subord Un» Ln Stk 
2002/07 - £122 A (180c94) 
how Corporation Com Shs of NPV - £2% 
(140094) 

Mors OTerral PLC 10% 2nd Cum Prt £1 • 
120 (!80cB4) 

MucMow(AJL J^Group PLC 7% Cum Prf £1 - 
85 

NEC Finance PLC 10%% Deb Stic 2016 - 
£114H(1B0C94) 

l*C Ftorawo PLC 13%% Deb Stk 2010 - 


£141% 2jl (10OC94) 

W=C PUC 7%% Cm Bds 2007«ReoJ - £88% 
9%% 

National Medlcel Entarprtms toe Sha of Com 
Stk SOJB - 514% 

Notional Rower PLC ADR pttl) - $79% 

i|„ii , ij ui^i— L f-s-,. npnlr 01 f* MC u__ 

iwfliona iwsuwww lwuv rut nwr 

cum Stig PrfSera *A* £1 - 103%. % % 
National We stm tostsr Bank PLC 12%% 
Siiiard Uno Ln Stk 2004 - £1 18% 
f180c94) 

New ftunswick Rdway Co Perp 4% Core 
Deb Stkjtot Gtil by CJ»J ■ £38 (I90c94) 
Newcastle Buldtog Society 12%% Perm 
totneet Baartog Sha £1000 • £115% 6 
Nawton-Chsmbera ft Co Ld 3-5% (Fmly 5%) 
1st Cum Prf £1 - 65 

North Houstog Aaso d o ti on Ld 8%H Gtd Ln 


Sik 2037 - £95* * V 
Northern Foods PLC6%% Cnv Subord Bds 
2008 (Reg) - £87 A % 

Northern Foods PLC 6%% Cm Subord Bds 
2006 (Br £ V«) - £85% 88 (190c84) 
Northern Rock BuMng Society 12%% Penn 
tot Bearing Sha £1000 - £117 8% 

Ontario ft Quebec Rotovsy Co 5K Perm (Mb 
Stkttot G*d by C-PJ - £80 50 
Orfcta PLC Ord 1 0p - 24 4 (180c94) 

P ft O Propraiy Holdtogs Ld B% Uns Ln Sik 
97/99 - £90 (140C94) 

PStT PLC 8% Cum Prf £1 -98 
Pertilk: Gaa ft Ssctric Co Sha ct Com Sik 55 
-S22% (190c94) 

Panther SecuWoe PLC Wta to sub far Ord - 
11 CITOcftt) 


Parkland Group PLC Ord 25p - T7Z (T60C94) 
Paterson Zochonla PLC 10% Cum Prt El - 


Paterson Zochonla PLC 10% Cun Prt El - 
110 

Pael Hktgs PLC 525% (Nat) Cm Cun Non- 
Vtg Prf £1 -93 

Pool South East Ld B%% Una Ln Stir 87/07 - 
£95 (170c94) 

Peel South East Ld 10% 1* Mtg Deb Stk 
2028 - £97 

Peridna Foods PLC 9pf>M) Cun Cm Red Prf 
lOp - 68% (1BOc94) 

Pstroflna SX Ord She NPV (ft In Denom 
ft 10) - BF9450 518 38 50 4 82 75 
PEX Group PLC Cum Prt Cl - 2£ 
(1TOC94) 

Ptttards PLC 9%H Cum Prf £1 - 87 (1->OcS4) 
Plantation ft General tovs PLC 9%S Cun 
Red Prf £1 -90(1 7Qcft9 
Pokphraid (CPJ Co Ld Shs 50-06 (Hong 
Kong RsgtatererS - SH2. 127272 [T80c»4) 
Portsmouth Water PLC 10%% Red Deb Stk 
1668 - £103 f1BO=8«) 

Poigtararsuat Platinums Ld Ord R0-025 - 560 
Powri Dultryn PLC 4%% Cum Prf SDp - 24 
M80c»4) 

PowerGrai PLC ADR (10:1) - $90-06 91 
Premlsr Hetoth Group PLC Ord Ip ■ 1% 2 
Presses: Hddtogs PLC 10-5% Cun Prt Cl . 
HO* 

PrudomW Curaney Fund Ld Pig a C* fted Prf 
Ip - 324 2 (1BOC94) 

Quarto Group too &7Gp(NeQ CnvCumRedShs 
of PM Stic 50.10 - 160fl7Oc94) 

Quicks arm PLC 10% Cum Prt Ci - 117 
(140cft9 

HJ-UUBttos PLC 9% Cum Prf £1 - BS 
RPH Ld 4%% Ure Ln Stic 2004/09 - £33 
RPH Ld B94 Una Ln Stk 90/2004 - £93 
FTTZ Corporation PLC 0325% *A* Cun Pit 
£1 -49(140c94) 

RTZ Corporation PLC 3J5% 'B" Cum Prf 
£l(Bi) (Cpn 65) - 64 (190c8* 

Racal Etoctronica PIC ADR (2rf) - S7J34 
Rank Orgmlesitoo PLC ADR (2:1) - 202 
(17Dc84) 

Rectott ft Coknsn FIC 5% Cun m £T -53 4 
Reed tnte mn tionri PLC 49% (Frey 7%) Cun 
Prf £1 -71 (190c94) 

Fteeys Property Mdgs PLC 8\% Gtd Lire Ln 
Stic 1997 - £96% (1BOC94) 

Ranald PLC 6% Cun Prf Stk £1 -66 
Ratal Corporation PLC 456% (Fmly a%%) 
Cum 3rd ftf Cl - 60 (1BOc84) 

Rom ino Sha of com sn si - $9% (isoc94) 
Rois-Roycs Fkwnr Cn qme c rtog PLC 11% 
Cum M Cl - 120 

Floyd Bar* of Canada MAmericon Fd Ld Ptg 
Red Prf SO.Oi - $22488 
Rows) Bonk el Sadtand Group PLC 11% 

Cum Prt £1 - 103 10 1 (I90c94) 

Fteaby Group PLC 6% Uns Ln Stk 93/96 - 
£98 (1BOc94) 

SCBcorp Sha of Com Stk of NPV - $13% 
SeatoW ft Somchl Co PlG ADR Ort) - *7.55 
Saatchl ft SaoteH Co PLC 8% Cnv Uns Ln 
Stk 2015 - £74 (190C94) 

Sansbury(J) no 8% tint Ure Ln Sn - £81 
Scantrento KSdgs PLC 7Jt5p (Mat) Cm Cum 
Red Prf 20p- 41 (190«94) 

SfihoD PLC 8%% Cum Red Prf 2001/05 £1 - 
96 (I40c94) 


Schoi PLC Cnv Cum Red W 2006/1 1 
£1 - 81 2 (140094) 

Scottish ft Newcastle nc 6425% Cun Prf 
£1-85 (170e94) 

Scottish 8 HanCBBlIe PLC 7% Cnv CUn Prf 
£1 - 222 * 

Shea TrarepotiftTradtogCo PLC QnJ Sha (ft) 
25p(Cpn 193 - 725 8 (14Qe94) 

Shea TisnpartftTrwtrgCo PLC 5%% let 

Prtpu>8£1 - 80 (190cS4) 

Shiald Group PLC Ord 5p ■ 5% (l90c£M) 
Shaprlte Firamoe (UK) PLC 7JW5pO*« Cum 
Red PH Shs 2008 - 22% 

SUHm Group PLC 7%% Ure Ln Stk 2009/08 

- ESI (19O094) 

Sown E n gineeri ng PLC 7.75% Cum Red Prf 
SZ/87 £1 - SS p20cW) 

600 ftoup PLC 11% Urn Ld Stic 92/97 - £38 
(180c94) 

SMpten BuOtSng SocMy 12%% Pram tot 
Bearing Shs £1000 - £1 16% 8 % 

Smtm New Caul PLC 1Z% Subord Uns Ln 
Stk 2001 - £102 (180®*) 

Smah (WJL) Group PLC 5%% Rod Ltos Ln 
Stk - £53 (1BOC94] 

SmtitMlne D see h am PLC ADR (5:1) - 
£205462^ $ 3152* 53* 

SmltrMme Beachsm PLC/SmUhKBw ADR 
(5.1)- $30% % 1 

Stag Fumftue Htoga PLC 11% Cum Prt Cl - 
97 

Standard Chartered PLC 12%% Subord Una 
Lfl Stk 3002/07 - £113%* 

Staved ZSgc*re*a PLC Ord Stic 20p - £723* 
Swan(tohn) ft Sons FLC Ord 25p - 420 
SwtreLMtm) ft Sons Ld 5i3% Cum Prf £1 - 
73% (180C94) 

Symonos En g in e erin g PLC Ord 5p - 31 
(19O094) 

TSS tat Fund Ld Pig Red Prf ipfCtossTA* 

Pig Red Prf) - 1 03-33 (1BOC04) 

TSS Group PLC 10%% Subord Ln Stk 2008 

- £107% % 

TSS Offshore inv Fund Ld Ptg Red Prt 
ipfEuropeen Class) - 180JM* 

TSB Offshore tov Fund Ld Ptg Fted Prf IptFar 
Eastern Class) -24637 
Tote ft Lyle PLC ADH (4rt) - £172814 

(1BOe94) 

Tata ft Lyle PLC 6%%fU55H pkn tex cred- 
DCum Prf £1 -86(1 70c94) 

Tote ft Lyle PLC 8% URs Ln Stk 20034B - 
taoneocs*) 

Tosco PLC ADH (1:1)- 53.7 
Tosco nC 4% Una Deep Disc Ln Stic 2009 - 
£62%* 

Thai Investment Fund Ld Ptg Red PUSL01 - 
522.49 

THORN BJI PLC ADR (13) - $152 (190c84) 
Tops Estates PLC wts to sub ter Old - 20 
(180cS4) 

Trafalgar House PLC 8% Ure Ln Stk 94iTO - 
£89 (1SOc94) 

Trafalgsr House PLC 6%% Ure Ln Stic 2000/ 
05 ■ £90 (180c94) 

TrensaUantic Hoktingi PLC B 0% Cm Prf £1 
-81 2(190c94) 

Transport Development Group PLC 8%% 

Uns Ln Stk 93/98 - £95 (170c94) 

Urngotr PLC ADR (13) - $Sl 6B (1SOc94) 
LHgala PLC 6%% Urn Lri Stk 91/56 - £94 
(140C94) 

UnSmer PLC ADR {4:1) • $74% (IBOcft? 
Union tote ma tion s l Co PLC 8% Cun Prt Sik 
£1-39 (190c94) 

Union imemational Co PLC 7% Cum Prf Sik 
£1 - 45 (180c94) 

Unisys Corp Com Stk $001 - $10% 

United Kingdom Property Co PLC S%% Ure 
Ln Sik 2000/05 - £88% (190c94) 

United P lan t a tio ns Africa Ld Old R0£0 - 
£0.18 0.18 

Value ft Income Trust PLC Wanante 88/94 to 
sub for Old - 48 (I40c9«) 

Voux Group PLC 8.875% Deb Stk 2015 • 
£106% (1BOc94) 

Vaux Group PLC ta75% Dab Stk 2019 • 
£1132 A 

Vickers PLC 5% PiKNon-Curi)S» £1 - 43 
(170c94) 

Vickera PLC 5% CumfTax Flea To 30p)Prt 
Stk £1 - 62 (190c94) 

Vodafone Group PLC ADR(10:1) • S32% 3 % 
% .36 273888 % % .498883 % 

Wagon Intiretilal Htdgs PLC 726p (Nat) Cnv 
Pig Prt 10p - 143 fIBOeSJ) 

WaDrarfThomm PLC Ord Sp - 27 
Warburg (S.GJ Group PLC 7%% Cum Prf £1 
- 88 % 


WMtorana PLC ADR (13) - 2 Sj63 X 10.7396 

(180C94) 

Wetis Frago ft Company She of Com Stk SS - 
$146% 

Wanbtey FLC BpDMOCm Cun Red M 1988 
Cl -5960 

Whftbraad PLC 4%% 1st Cun Prt stk d - 

52 (T70c94) 

Whitbread PLC 7% JM Cum Prf Stk £1 - 70 

WMbrarad PLC 7%% Una Ln Stic 96/M - £91 

% % 3% (180C94) 

WMbread PLC 7%% Una Ln Stir 96/2000 - 
£94 (140c94) 

WMBraed PLC 8% Uns Lji Sik 07/2001 - 

£89% (190C94) 

Whiteread PLC 10%% Ltos Ln Stk 2000/05 • 
£705% 

WMtscrott F*LC 5.1% Cum Prf £1 -54 
(190e94) 

VHBs Carman Group PLC ADR (S.1) - 
£1235* 

Wrexham water PLC 3%% Cons Deb Stk - 
£35 (180c94) 

Xerox Corp Cam Stk $1 -SH1% 

VarksHre-Tyne TeeeTV Mdgs PLC Wls to 
sub tor Or] - 227 30 

Young ft Co's Brewery PLC 9% Cun Prf £1 - 
10S(l8Oc94) 

YUe Catto A Co PLC 11%% Cun Red Prf 
1998/2003 £1 - 105 (I *0=84] 

Zambia CPraofkwed Copper &«naa Lti'B* 
Ord K10 - 200 


Scotusn investment That PLC Cum 
Ptd Stk - £50 (1 Tod)*) 

Soontsn Invostinent Trust PLC *%"■ p W 
OebStk-£42%(140c94) _ _ 

Scottish National Trust PLC 10% D* ^ 
2011 - £104 (170=94) . 

Sphere tnvestirent Trust PLC Revtsod war- 
rants to rate 1w Ord - 4% 

TR Citv of London Trust PLC 10%% Dob Stk 
2020 - £109*2 (170=94) 

T«mpk> Bor tovetemont Treat PLC 1 % Cum 
Prf Stk Cl - 73 

Wlgmoro Property tovestmeni Tat PLCWta to 
Sub for Ord -29 9 

Wttan toveatment Co PLC 8% Deb Stk 90/88 
- £98(170084) ^ 

Whan n w u t ma m Co PLC S%% Dob Stic 
2018- £33 


Miscellaneous Warrants 

Partins Capita! Markets Group Ld Sra D Put 
Wta RBg FTSeiOOIndex 20/11/95 - 


Investment Trusts 


Baffle Qftord Japan Dust PLC Wts to Sub 
Ord Shs - 100 (180=84) 

Baffls Gifford Swn Ifppon PLC Warrants to 
sub for CW- 125 (140=94) 

Baffle Qtticrt Shin Kippon PLC Wrarants to 
sub tor Ord 2005 ■ 76 (1 70e9*) 

Banker* investment Trust FLC 4% Prap Deb 
Stk - £40 (170c94) 

Baremrneed investments Trust PLC Wts to 
sub tor Ord - 22 (ISOcftf) 

British Assets Trust PLC Equates Index ULS 
2005 lOp - 158* 

British Empfre See ft Genet* Tuna 10%% 
Deb Stk 2011 - £108% (1BOc94) 

Capital Gearing Trust PLC Ord 2Sp - 457 85 
(I80e94) 

Ctemcnw Korea Emerotag Growth FwcfShs 
SiO (Rag Lux) - $13% D70c94) 

Danae Investment Trust PLC Wts to Sub- 
scribe lor 1 Inc ft 1 Cap - 60 


Drayton Engfth ft tot Ttust PLC 3JS% (Fmly 
5%%l Cum Prt £1 - 56 (I80c9«) 

Ftotibuy Smaller Co's Trust PLC Zsro Dm Prf 
2Sp- t7B%9 

n a min g Clavemouse tov Trust PLC 11% Deb 
Stk 2008 -£112% 

Flaring Mercamfta Im Trust PLC 4%S Perp 
Dob Stk - £41% (170c94) 

Gvanora Stilish (nc ft Grift Tst PLGZsro DM- 
aand Prf lOp - 100% 1 
Gratmare Shared Equity Thiat PLC Geared 
Ord Inc 1 0p - 101 4 

Govett Oriental tov Dust PLC 5% Cum Prf 
Stft-C49 

HTR Japanese Smsfier Co's Trust PLCOrd 
25p - 101 % 2% AS 3 3 
investors Capital Trust PLC 5%K Cum Prf 
Stk - £S4 |iTOc94) 

OF Ftedgefing Japan Ld Wartaitis to sub for 
Ord -51 

Lazard Setae; tovestmeni Trust Ld Pig Red 
M O.lp U.K. Active Fund • £14 14.04 
<140c94) 

Lazard sweet investment Trust Ld Ptg Bed 
Prt o.lp UX Liquid Assets Fund - £10* 
London ft St Lawrence tovestmwn PLCOrd 
Sp • 153 (170c94) 

Mracharis Trust PLC 3.85% Cum Prf Stk £1 
- 52 (190c94) 

MorgsnGranfelLastoAmerCo's Tst PLCWB to 
sub tor Gtd - 50 

New Throg mo rton Trust(19B3) PLC 12-6% 
Dob Stic 2008 - £120 

Northern Indust Improv That PLC Ord £1 - 
500 

Paribas French Investment Trust PLCSars 
"B" Warm to sub for Ord - 19 
Hgma and Issues kw Trust PLC 5%% Cum 
Prf £1 -80 

Scottish Eastern Inv Trust PLC 4%% Cun 
Prf Stic - £48 (170c94) 

Scottish Eastern tov Trust PLC 9% % Deb Sik 
2020 - £105% (17Qc94) 


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USM Appendix 


BLP Grout* PLC 8p (Nel) Cnv Cum Rod Prf 
lOp - 88(140c94) 

Dakota Group PLC Ort lr£D2S - l£021 
|1BOeB4) 

Bdoo PLC Ort IQp - 330 
Gibbs Mew PLC Ort 25p - 447 57 
Midland ft Scottish Rosouroes PLC Oil lOp - 
2 (1BOc94) 

Ration Group PLC Ort K0.05 - 26 (l90c94) 
Total Systems PLC ora 5p - 36 
Untied Energy PLC Wts to sub tor Ort - 3 
(1BOc94) 


Rule 4.2(a) 


Attoama ft Co PLC 'B* Ort Cl - £27 
Advanced Media Systems PLC CW £1 - £1 % 
1.51 (19Oc04) 

African Gold PLC Ort Ip - EOD325 
Arm Street Bra-ray Co Ld Ort £1 - £4 
Amos VNoge Ld Ort lOp - £03 (I60c34) 
Aroonal FootbaB dub PLC Ort £1 - £475 

(180C94) 

Ascot Htogs PLC Var Rota Cnv Cun Rod Prf 

top - Earns (170C94 
Aseured Cere Centres PLC Ort 50p - £053 
0545 (180e94) 

Aston vote Football CUb PLC Ort £5(1 vote) 

- £100 (190(34) 

Aooe Group PLC Ort lOp - £026 
Aan Group PLC New Ort 10p(Nil Pd- 
28/19/94} - £0065 (J40cSu; 

Barclays Investment Fund)CJJ Steritog Bd Fd 

- £0428 (17Qc94) 

Be9 Court Fund Ma na gement PLC Ort lOp - 
El-65 1.7 (180c94) 

Bbon Industrial Group PLC Ort ip - £0.09 
Brancote Hatdtogs PLC Orti Sp - £042 048 
(17Gc94) 

Brockbank Group PLC Ort lOp - £2 
(1TOC84) 

Odhaven PLC Ort 5p ■ CO -0925 (lJOc94) 
Cavenham PLC Ord tp - £0.1 0105 
enamel Wands Come (TV) Ld Ort So - CO-55 
0.56 

Chstooo/Chariahera Churinco Dtttr - CUJ5* 
070C94) 

OB-SJAinagement PLC Ort lOp - S2^t* 
Dawson Ftidgs PLC Ort lOp - CS.Q5 5.1 
De Gructiy (Abraham) Co Ltd Ort 20p ■ 

£1.18 (190cS4) 

Bitot (ft) PLC 7.5% (Nel) Cm Cun Red Prf 
£1 -£1.lS(190c94) 

Engtish Churches Housing Group Ld 2%% 

Ln Sik - £12 (1 TOCS*) 

Exchsm PLC Old 50p - £2.1 (180c94) 
Ftixcret Broadcast Corporation PLC CM 5p - 
£055 0585 

Forman Intanananal Group PLC Ord ip - 
£045 (I70c94) 

Frandstown 56nftEx(Jersay)ljd CM 5001 - 
52% (190c9*) 

Gala (Gauge) ft Co Ld Ort £1 - £6% 

Gander Hottngs PLCOrd Ip - £0.07 
Guernsey Gas U£it Co Ld Ort 100 - £1-05 
Guernsey Press Co Ld Ord 10p - £1J9 133 
(170cB4) 

Hydro Hotel Eastbourne PLC Ort El - £4 AS 
(180c94) 

rrs Group PLC Ord £1 ■ £04 (1«Oc9J) 
Jrawings Bras Ld Ord 25p - C2 


bni Croup PLC Old IB ■ 

Fund 4A.. KU Gto fund 

- 

Ktaonrort B^vaOfH , ' ,l ) Fjn d fcUn Bl1 * 

“gKrcEf.rsstirouwi . 

UncKjuro Entorprtws PUL Ort »■ ' 

Lawrence PLC Ort ite - Cl- tiOCtolifl 

to Fticno's Store* td Ort £« u 

inns PLC Ord Sp tOO/OW 
uXodFO 3. Mrtotto Grounds PLCOrd C5 - 

uXr'nSSZ Tnrt PLC .? rt V *5‘ Ub 

Mjuo 8. Ckereras PLC Ort t** - COO.^-- 
StrneV** PLC Ort 

uforo - Ci-35 

N.UV F Ld era Cl - 0* IIDOrfWl 
National raihing Corp Ld CW *0lr - El ; d 

FLC CM 50 - «1 SD-’f’ «■'>' 0 W 
0^226 ilTOrt4) 

PartHc Media FLU era Ip ■ 

Pan Andoon Resources PlC Ord ip - 
£00525 (170CSM1 

PopdOiatiJureuvl OrCrhoro fcir*Uffl*XJ 1 **“ ' 

56 984J |I40c54) 

F«roonu><J«i»l i Oribhoro UK Growth ■ 
S3J)26*5 (iroePi 

Rapgar. FooTOoll Ctub PLC CM IDp - CO 35 

Sctmtur Management Sercicos(Guern)Crhn> 

^iurowa^amd • CIL722-.136 

Setea IndusMCS PLC New Ort 7%P <5P ™l 

- CO. 03 _ 

Sawn Volley ft*wav\HdgaJPLL *0 £1 - 
E0% (l70c9J| 

Sheohrad Neome Id - A' ftd Cl - Cb9 
South Green HkJgs PLC CM Ip - £0 01 
D.0125 l1BCc94) 

Southern Newspapers PLC OrdCI ■ C4 4I 

Southern teste PLC Ort 10P - C0%* 
Thwarres(Dan«i)8 Co PLC CW 25p - £2 • 
ll40c9J) 

Tlughur PLC CW Sp - 0.975 0 05 00H5 

TrKkar Network PLC Ort £1 - CIO*' 102 
imnseraa Technotcflkra PLC Ort 1 p - CD : 

|l80cS4| 

Urimed PLC Ort WSJ25 - « 61 
VDG PLC Ort £1 - Cf .9 ( ISOC94) 

VKUa EnterttUtimento PLC CW Sq - CO M75 
HUdworth ft Co I0*« Cran Prf n - £1 Cb 
1.07 

Warburg Assel Management Jersey Mercury 
Lnti Gold ft General Fd - 52 03 
Wedderbum Securities PLC Od 5p ■ £0 i* 
(I70C84) 

WMtBbU Ld ‘A* Non.V CM 2Sp - C'6% 
Winchester Multi Mrxfla PLC Ort 5p COW 
wynretay Propertius PLC 25p ■ £1% 

Yinm Group PLC Ort top ■ £3.65 (ieOr»4) 
Young Group PLC Ort lOp - CO 0225 
(180G34) 


RULE 2.1 (a)(v) 

Bargains marked in securities (not 
faffing within Rule 2.1 (a)(1) ) whom 
the prtcipal market is outside tho 
UK and HopubJIc of Ireland . 


Bank East Asia HS33%H4 i0) 
ChiHchffl Res 10(17.10) 

City Devetopmonts 558 70(17. tQ 
Dautippon Seeon Man Y79*. 0(19.10) 
Dewv AS0.631(14.10) 

Gen Soea Inv SSI 35224(1 7.10) 
Gotorim Mtnbig Aust. 25(17.10) 
Haoma Nth Wst 15% AS0J67( 17.10) 
Hunter Roeoixcas AS052S(14.10) 
Malayan Comem 
RJU4 391 090.4 414088(1 7 10) 

Nat Etecftonka Hldgs 4.5(15.101 
Nth Fbnoers Minos 385(14 10) 

04 Scorch 420(20. 10) 

Petroleum Sec Auto. ASl. 785(14.101 
Polaris Ros me $42.10(14.10) 

Regal Hotel Mdgs 5(19.101 
SoOigor CocohUB MS5.578I V1.1 0) 
Selangor Properties MSL37(19.10I 
Straw Comma SK43&0P0.1D) 


By Rtmlsston Of toe Stock Exchange Cauicti 




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* jnNANCIALTXMES WEEKEND OCTOBER 22/OCTOBER 23 1994 



V‘ ■' 





■UUWET REPORT 


Dollar weakness takes toll of blue chip stocks 


FT-SE-A All-Share Index 


1,650 


By Tetiy Byiand, 

UK Stock Market EdUor 

5 “ *”* 9 ver US dollar 
tomated theUiruion stock market 

asClty analysts b^S 

romjt the cost to profits of British 
compames of the latest slide in the 
US currency. Developments closer 
to home. Including the latest UK 
gross domestic product numbers 
Md the increase in M3 money sup. 

Bpmes for Germany, while not 
hejpftd, were pushed to one side. 

“ father setback was suffered 
when US bond yield moved above 8 
per cent in early trading yesterday. 
However, trading volume was not 
heavy and the shares rallied 
quickly in London when Federal 
bonds steadied late in the UK trad- 
ing session. 

The worst of the day saw the 


TRADING VOLUME 


5T-SE 100 Share imfer fan ass to 
within 17 points or 3,000. The rally 
towards the close took the FT-SE 
100 Index to 3,032^5 for a net loss on 
the session of 30.1 

Marketmakers were quicker yes- 
terday to mark down share prices 
across the full range of the rnarW 
The FT-SE Mid 250 Trofar which 
had performed better than the 
FT-SE 100 Index earlier in the week, 
dropped by 225 points to 3,502.1 
Business in non-Footsle stocks 
increased to make up around 62 per 
cent of the day's total Private 
investors, who favour M 1 «i 250 
stocks, have backed away from buy- 
ing in London this week but 
appeared to turn sellers yesterday. 

The UK stock market has fau^n 
by around 2.4 per cent this week, 
largely in response to the dollar's 
setback. City analysts «iiraii»tp that 


around one fifth of aggregate profits 
of the FT-SE 100 hated compames 
are in dollar form, and would be hit 
merely by translation into sterling. 

In addition, some analysts stress 
the danger that the US Federal 
Reserve may be forced to protect 
the dollar % raising key interest 
rates. The sharp jump in its busi- 
ness index disclosed on Thursday 
by the Federal Bank of Philadelphia 
appeared to signal serious inflation- 
ary pressures and has focused 
attention on the statistics on third 
quarter US GDP due next Friday. 
Any rise in rates in the US would 
increase pressure for similar moves 
in Europe. 

The fall overnight in both the US 
cur r en cy and bond prices hit Brit- 
ish government bonds at the open- 
ing. G3ts eased afresh when a gain 
of 7.7 per cent in German M3 money 


supply for the September quarter 
was announced, and brought fur- 
ther weakness in German bonds. 
The 0.7 per cent rise in UK GDP was 
not far from forecasts but tended to 
confirm views that recovery in the 
domestic economy might be soften- 
ing. 

Long-dated UK government bonds 
extended early losses to show faii« 
ranging to around %, with the 
shorts also easier. By the close of 
trading when London was respond- 
ing to a rally in US markets, losses 
in UK long gilts had been trimmed 
to A. with the shorts % o ft 

Equity business was slow to 
develop yesterday morning, and the 
opening tell of nearly 14 points on 
the Footsie reflected marking down 
operations rather than selling pres- 
sure. Further fans in the Index were 
invariably prompted by sudden 


plunges in the stock index futures. 
This in turn prompted deals in the 
underlying equities and Seaq vol- 
ume increased to show a final total 
tor the day of 5i&2m shares, some 9 
per cent up on the previous session. 

The London market was subdued 
at the close when dealers admitted 
that the near-term outlook for UK 
equities now depends on the dollar. 
Suggestions that the Federal 
Reserve might have intervened to 
help the US currency yesterday 
afternoon were left unconfirmed in 
UK stock market hours. City ana- 
lysts have begun to identity London 
stocks where profits are thought to 
be vulnerable to further weakness 
in the dollar. There have also been 
signs that investors are moving 
towards domestically-orientated 
stocks, with the UK banking sector 
attracting buyers. 



Equity Shares Traded 

Turnover by velum frnHorf. Eacduding: 
totnnna*« tumsaa and omnsee feanum 
1,000 - 


■ Key Indicators 
Indices and ratiee 

FT-SE Mid 250 3502.4 -Z25 

FT-SE-A 350 1524.6 -14.1 

FT-SE-A AR-Share 1512-29 -13.29 

FT-SE -A All-Share yield 3.97 (3.94) 

FT Ordinay Index 2333.7 -22.5 

FT-SE-A Non Fins p/e 18.60 (18.74) 

FT-SE 100 Fut Dec 3042.0 -31.0 

10 yr GAt yield 8.73 (8.73) 

Long gilt/equity ytd ratio: 221 (2.22) 



FT-SE ioo Index 

Closing index for Oct 21 3QZ&J} 

Change over week -73.9 

Oct 20 30632 

Oct 19 30602 

Oct 18 30852 

Oct 17 31202 

High' 3132.7 

LOW 3016.4 

Tnna-day rfgti and low for week 


Stock index futures had a 
volatile session, moving 
steeply lower on US rate rise 
rumours but closing above the 
day's low, writes Jeffrey 
Brown. 

The FT-SE 100 December 
contract was 3,042 at the 
official close, down 31 posits. 
Just before Wail Street 



EQUITY FUTURES AND OPTIONS TRADING 


opened, it had been 55 points 
lower. 

At the dose the contract's 
premium to cash was 10 
posits and fair value premium 
around 16 points. 

Trading volume rose to 
13,340 contract s from 10,119. 
Traded options turnover was 
48,168 lots, against 39,643. 


■ FT-SE 100 MDSC RfTURBS (LiFFE) E2S par tut hflax port 


(API) 


Open Sea prtce Change Mgh Low EsL vol Open kn. 

3D58-C 3042.0 -31.0 3061.0 30110 14003 64170 

30710 30044) -31-5 30710 30710 30 3757 

■ FT-SE MID 250 BtDBC HITURE8 (UFFE) CIO par bJ Index point 


35010 


-200 3521-0 38000 


95 


4234 


■ FT-SE MD 260 SOEX FUTURES (OMJQ £10 per ful tndm point 


■ FT-SE 100 SPEXOPTlOWffJFBg cacao CIO par M Mok point 


c 

30 


50 3100 3150 3200 

P C P C P C P 

21 71 12J 171 

_ 65*2 33*2 98 19*2 135 10 178*2 

52*2 114b 72 « S3*a ei*a 122 41*2 153 *7*2 190 

67*2 14ft ® 111 108*2 31 136 W*a 165 «*2 MO 

207 130*a 155*2173*2 111*2 237 


TI8 29>z 82*2 45 
!114*Z 72 


CPC 
183 ISO 30 

199*2 12*2 157*2 19 
217*2 

Jan Ml 40 295 53 
Jinf 237*2 92 

Qfc UB7B PM 11897 

31 EURO STYLE FT-SE 100 MlBt OPTION QJfflS CIO per fcS IndMt port 


2875 2825 2975 

154 104 54 

178*2 17*2 13*b 26 101*2 38 
Dec 197*2 32 133 44 121 « 
2V4 78*z 


3025 3078 3125 3173 3225 

4 48 86 145 196 

70 57 44 31 28 112*214*2 151 7b 193*2 
98 79*2 79*2 103 43 131*2 32*2164^ 26*2 201*2 
154 116 104b 164 37 223b 


145 183b 


JUBf 258 102 MBb 139 

CAS21 Mi 1424 * Uarkdying fatal wta. Pnenfen i 
t U*8 MBd Bq*T «n*4 
■ BUBO STYLE FT-SE >MP 280 PCX OPTION (OMUQ CIO per M tndBK point 


237 


IpftM. 


3450 3500 3850 3800 

Oct 121 77* 95b 1(Mi 74 129b 

O* 0 Adi 0 SMnrt irtMi nd «mn « neei a 43Cpn 


3700 


3750 


FT-SE-A INDICES - LEADERS & LAGGARDS 


B wwny. di w B M Mice December 31 1993 baead on Friday October 21 1904 

4151 FT-SE IMd 29 -712 ToSto 1 

Of Eqdmlkn 5 nod *K8 fted ibwbce— ■ -711 

MJfeo,FapvlMB — «543 (Waceuttsb -111 

♦443 Ikn-AnocMi -131 1*4 

+349 toeMtotertsas -131 

+344 MCn -W N a ndi dM tom 

FT Bold Mm +325 Santo* -9.16 



•AM spms. ttm & Cton -423 On OMAMoe 

-09 CmanrOadi -917 T< 

toto_ -HUM OMV MMb & MW* _ 

-1JM ft-sE-a M am -1110 naocMi 

-2-13 to n ed Tern -i02i Precntr 

-02S FT-SE-A 350 -1048 Bede 

341 FT-SE 100 -H3» duaca 

-417 StpportSttecto -1110 BHk« 0 Omfeoclaa _ 

-632 CHBn -iiat 


-732 


0 Bed Eqrip — -1180 Totecco 


-1232 

-1168 

-14.10 

-U81 

-1511 

-159 

-1104 

-H7T 

■1177 

■1078 

-1038 

-1032 

■msi 

-1434 

an 

.17 
2217 


FT - SE Actuaries S 




oct 21 am octa oai9 oan 


Yar Oto Em. WE Xdadl TMd 
v jWfcjWjteB ytf Ran 



FT-BE1M 

FT-SE m 250 

FT-SE IN 29 to tm Seat 

FT-SE-A 35# 

FT-5E SooKM 

FT-SE SmK* « tm 1*8 

FT-SE-A ML- 3 MBE 

■ FT-SE Actuaries 


30321 -13 30633 20801 30852 31900 4.16 7.18 

892.4 -06 35246 36217 38323 3547 S 157 SJ2 

SOU -06 35213 9S16J 35251 55451 573 830 

15243 -03 15857 1537.4 15473 15933 438 635 

178158 -03 179277 179237 179734 180436 331 436 

1758.49 -02 176231 17B2.46 178548 178835 351 549 

151339 -03 1S255R 1S2439 153440 1577.12 337 671 


114911035 115037 
207210130 130252 4186 
1630 11579 00439 41807 
1731 5339 118236 17763 
2534 4839 138971 2B8UB 
2112 4833 137132 288672 
1771 5228 119334 1784.11 


2/2 
3Q 
19/1 
2/2 1«U 
4 fl 177134 


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FT-SeawiDC^P 2^392 1363.79 FT-SE 100 

FT-SE SaUCsp «•»“*• cwmeew 


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Dividend 
hint in 
utilities 


East Hfidlaiids Electricity put 
on one of the best perfor- 
mances In a strong sector as 
speculation swept the market 
late in the day that the com- 
pany might be poised to 
announce a massive special 
dividend payment to share- 
holders. 

The rumour circulating 
among dealers was that East 
Midlands would on Monday 
reveal a one-off payment of 85p 
a share. This would be a way 
of avoiding the rest rictiv e leg- 
islation surrounding a possible 
share buy-back grhpmo 

All the regional electricity 
companies (Rees) received per- 
mission to buy back up to 10 
per cent of their shares. How- 
ever three companies - East 
Midlands, Southern **wd York- 
shire - have so far now bought 
back any shares. The Rees 
have now entered their pre-re- 
sults closed seasons which 
means that neither the com- 
pany nor its directors may deal 
in shares until the results are 
made public. East Midlands 
shares rose 8 to 711p. 

BP outperforms 

UK oil major BP was one of 
the few firm features in the 
FT-SE 100 list as some of the 
larger securities houses 
stressed their enthusiasm for 
the stock ahead of third-quar- 
ter figures at the beginning of 
November. 

Nat West Securities, a long- 
time supporter of the stock, 
published a sizeable review of 
the company and pointed out 
that the shares bad underper- 
formed the FT-SE-A All-Share 
Index by 5 per cent since the 
start of the month. The house 
said the recent slide in the dol- 
lar had been more than offset 
by the rise in the oil price. It 
added that the third-quarter 
figures should reflect a rise of 
13 per cent on the previous 
year’s equivalent period com- 
pared to tells of around 9 per 
cent in US rivals. 

Meanwhile, Smith New 
Court argued that the recent 
divergence between the UK 
and US’ oil sectors was easily 


NEW HIGHS AND 
LOWS FOR 1994 

NEW MOHS (181. 

nsnmuzofis n fkim*. mm hhoi. 
TEA. ELECTDNC ft SECT EOtJP fl} tatnw, 
BM, VBMCLB (1) AHo» SrantoMB. 
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64 Bartiea Bpo tod m. Hamtraa. OR. 
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! 69 Haodmy, Wa 


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explained by specific factors 
and that BP still represented 
good value. The shares ended 
the day 5 up at 408p with 5.7m 
traded. 

Welsh Water ease 

Expectations that Welsh 
Water would spend its £18Qm 
cash pile on buying back 
shares were doused yesterday 
and the shares led the sector 
down ahead of the sector’s 
interim reporting season which 
begins next week. 

Welsh held a meeting for 
industry analysts in which it 
announced that it hoped to set 
up a fund for infrastructure 
investment in Asia. It also 
talked of using its cash idle to 
expand in the UK and Into 
Czechoslovakia. 

This was a blow to analysts 
who had speculated that it 
might follow the buy-back path 


of the Rees. Welsh sbares fell 
18 to 635p while North West 
dropped 14 to 547p and Severn 
Trent 12 to 560p and Thames 5 
to518p. 

High Street clearing bank 
Barclays performed strongly as 
NatWest Securities upgraded 
its recommendation and Yam- 
aichi published a very bullish 
note on the sector. 

NatWest moved its stance to 
‘add’ from ‘hold’ arguing that 
worries over its securities arm 
BZW were overdone. It added 
that Barclays had the strongest 
dividend paying capacity in the 
sector and a share buy-back 
was a possibility. 

Also, Yamaichi cited Bar- 
clays as one of its core buys in 
a sector which the Japanese 
securities house believes has 
more room to rise. The shares 
gained 2 to S72p. 

Elsewhere, Standard Char- 
tered rose 2 to 279p with deal- 
ers saying it bad had a meeting 
with one leading UK market- 
maker . And tightly-traded mer- 
chant hank Schroders 
improved 8 to I363p with inves- 
tors said to have been switch- 
ing from the non-voting shares. 

Transport shares were 
mixed. Eurotunnel recovered 
10 to 209p but British Airways 
slipped 5 to 375p ahead of Mon- 
day’s third-quarter results 
from USAir. American Ai rlines 
managed bumper results this 
week but USAir, which is 25 
per cent owned by BA, is 
thought by analysts to be for 
less cushioned against North 
American competition. 

Coats Viyella , the UK's lead- 
ing textile stock, fell 7 to to 
197p after S.G. Warburg cut its 
1994 profit forecast 

Cashmere jumper company 
Dawson International was one 
of the most heavily traded 
stocks in London with the 
overall turnover of 7.2m shares 
represented a single deal car- 
ried out at 138p a share, early 
in the morning. There was 
some suggestion that PDFM, 
the fund manger might have 
been involved, but other deal- 
ers suggested it could have rep- 
resented the second half of a 
tax-related “bed and Breakfast” 
deal. Dawson closed 
unchanged at 139p. 

Leading pharmaceuticals 
groups were buoyed by US 
buying but Zeneca was the 
only net gainer on the day. The 
shares rose 4 to 841p ahead of a 
third-quarter trading state 
ment on Tuesday. 


■ CHIEF PRICE CHANGES 
YESTER D AY 

London (Pence) 

Rises 
Azlan 
Cradey 
Deiyn 

Eurotunnel Uts 
Needier 
Northern Elect 
Proteus Irrt 
Seaffefd Res 


132 

30 

82 

209 

48 

772 

192 

67 


4 

3 

4 
10 
10 
15 
22 

5 


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BAT bids 

428 

- 

12 

Babcock bit 

29 V* 

— 

2% 

Bank of Scotland 

200 

- 

6 'h 

Borland bit 

550 

- 

100 

Brit Aerospace 

470 

- 

10 

Brit Biotech 

587 

- 

11 

Danka Business 

287 

_ 

7 

Grand Met 

404 

- 

11 

Hampson bids 

52 

- 

14 

Hazlewood Foods 

122 

- 

6 

Hlgti-Point 

46 

- 

9 

North West Water 

547 

- 

14 

Siebe 

515 

— 

11 

VWeoLogk: 

20 

- 

2 Vi 


The brewers put most of 
their takeover hopes to one 
side, moving down smartly in 
line with market in negligible 
volume. 

Greene King pat on 2 to 53lp 
as rumours of impending top 
management changes gained 
ground. 

Elsewhere in the drinks sec- 
tor the story was one of dollar 
led weakness for groups with 
big overseas earning ^ Grand- 
Met fen 11 to 404p and Allied 
Domecq tumbled 13 to 576p. 

Hazlewood Foods lost 6 to 
I 22 p as substantial line of 
stock hung over the market 
Dealers said attempts to place 
up to 5m shares had not been 
successful. 

Iceland recovered strongly 
on news that ft plans to repur- 
chase 10 per cent of its equity. 
The shares moved up from 
166p to dose 1 lower at 169p. 

Activity in Babcock Interna- 
tional totalled a massive 16 m 
shares following the company's 
move to link up with a consor- 
tium set to bid for the entire 
Ministry of Defence site at Roa- 
yth in Scotland. Babcock 
dipped 2V» to 29Vip while Forth 
Ports, also in the consortium, 
held steady at 445p. 

Vickers gained IK to 172p for 
a two-day rise of more than 5 
per cent as market sentiment 
towards the luxury car market 
shrugged off the recent weak- 
ness of the dollar and swung 
upwards on the back of 
improving US sales of 
Rolls-Royce cars. 


31 / 12/85 68 &S 4 NDR-Asnetes 10 / 4/02 100.00 JndetHJrfted 30 / 4/82 100,00 

31 / 12/33 1000.00 FT-SE-A Al-Shan IQ /432 IOOuOO Dataa end Loam 31 / 12/77 10000 

31 /H/BO IOQQjDO AS 094 * 31 / 12/85 100000 

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be» atom to 10 I 73 S as at 31 / 12 «. HAM 


NORTHERN BOCK 

BUU4NG SOCIETY 


£100,000,000 

Floating Rate Notes 
Due 1995 


Interest Race; 

6. 125% per annum 

♦ 

Interest Raiod: 

2 1 st October; 1994 to 
23 ri Jamjar* 1995 

♦ 

Interest Amount per 
£5,000 Note due 
23rd January 1995: £78 A? 

♦ 

Interest Amount per 
£50,000 Note due 
23rd January, 1995: £788.70 

♦ 

Agent Bank 

Bering Brothers & Ccx, Limited 



Sovereign (Forex) Ltd. 
24hr Foreign Exchange 
Mmgn Timfiag Fodty 
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WEEKEND OCTOBER — 



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diary profile 19 major international cities. Both 
diaries have a dcloeiiahle personal telephone 
directorv. 

FT North American Desk Diary 
Runs from November 28th 1994 to January 2Sth 1996. 
SKK: 267mm x 216mm x iOtntii 
Black Bonded Leather USDL 

FT North American Pocket Diary 
Runs from December 26th 1994 to December 31st 1995. 
Sj/.K: 1 59mm x 86mm x 1 0mm 
Black Bonded Leather USDP 

FT Slimline Pocket Diary 

A slim diarv with FT pink pages ami a Mack limnicd 
leather cover with a two- week -In- view limnat 
which runs from Devemher 26th 1994 to January 
7th 1996. Additional pagi - -* contain calendars, year 
planners and profiles of 16 UK cities. International 
d killing codes and world time zones are included. 

FT Slimline Pocket Diary 
Si/H: 1 70mm x S4mm x 5mm 
Black Bonded Leather SP 

FT Chairman’s Set 

So exclusive only 1,000 will be created for 1905. 

The ultimate desk and pocket diary sec bound in 
rich brown leather with fine gold tooling and issued 
in a limited edition. ’Hie diaries arc the same size 
as the FT Desk and Pocket diaries and contain the 
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Brown Leather CS 


FREE PEN 

WITH EVERY ORDER. 



AN ELEGANT 1950’s 
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Please tick where appropriate. Please return order with payment to: 


Ft Pink Page Desk Diary 

Tills diary has a hill page for each weekday and runs from December 30th 
1994 to December list 1995. There is ample space for notes and the 
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major business centres. 


FT Pink Page Desk Diary 
Black Leathercloth 
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Size: I90nmi x 230mm x 2Smm 


Ft Pink Page Pocket Diary 

With its distinctive pink pages and black bonded leather cover this diarv is 
unmistakably FT and is our most popular pocket diarv. It has a landscape, 
week-to-view diarv section which runs from December 19th 199+ to 
January Till 1 996 and 3+ pages of valuable business and travel information. 
A deucliabie personal telephone directory is included. 


8* ; .. . . . 


’TN+T - C-ia • - 


3 ws«*r 


mg#™- 




FT Pink Page Pocket Diary 
Black Bonded Leather 




Size: 172mm x 87mm 16mm 


vsffl 




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I hi rope aji Desk l)un'. Bloik Lcolherrioih 
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REGISTERED OFFICE; NUMBER ONE SOUTHWARK BRIDGE, LONDON SEl 9HL REGISTERED IN ENGLAND NUMBER 















































































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SINCE 

LAUNCH 

MORGAN CKB4FH4. 
UK EQUITY INCOME 

£2,179 

UK EQUITY INCOME 
SECTOR AVERAGE 

£1,684- 







s 


Investors looking bran excellent invest- 
ment opportunity should now be considering 
the UK. 

To rapftaiicp fully on the potential for 
growth and income you need look no 
further than the Morgan Grenfell UK Equity 
Income Unit Trust. 

This remarkable UK Trust has delivered 
consistently outstanding performance since its 
launch oa April 1 1th 1988. £1 ,000 invested 
then would now be worth £2,179*, placing it 
2nd out of 88 funds in the same sector, 

What’s more, the returns from this Trust 
can be yours totally free of tax by investing in 
the Morgan Grenfell UK Equity Income PEP. 


tougher and poised to profit from a period of 
steady, sustainable growth. 

Don’t miss the opportunity to benefit 
from the UK's growth potential with 
Morgan Grenfell UK Equity Income Unit 
Trust For more details, talk to your 
Independent Financial Adviser today. 
Alternatively, return the coupon or telephone 
us now on 0800 282465. 


To: Moigia Grrafell Investment Funds lid.. 

20 Rotary Oreo*, London HCIM I ITT. 

Please send mr further del site of the 
Mwgtt Grenfell UK Eqaity Income Unit Tran & 
Morgm Grenfell UK Equity famine Unit Tnia PfcP. 


Foil Nunc . 

UK -A GROWTH OPPORTUNITY A«Wre»— 

We believe that the prospects for the UK 

economy are now better than they have been 

for many years. Today, companies are leaner, ■ — 


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FINANCIAL TIMES WEEKEND 


OCTOBER 2 aOCTOBHR»W** 


WORLD STOCK MARKETS 


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185 05 _ eostiM (Oct 21 1 Serf/ 


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1.110 

580 

957 

915 

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443.ro -050 624 441.40 17 
21950 -630 274 207.10 13 
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— NEZM9UNDS (Oct 21 /Hs.) 


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860 -ID 733 634 . ■ - 

1231, ... 2ASO .’480 

X1 10 I.J40 I.7HO - . 

SOI -? 53? 330 — _ 

1.100 -20 1^50 ■» _ .... 

420 -2 SOS 330 . 

57D -12 rtU 472 ... — 

050 -8 *75 MS 

424 -1 4311 205 . -. 

>18 4,8 772 _ 

1 mn -la t/ioa 039 .. — 

-10 I.X3D 1.090 1 ? . 

. 1,430 *» . 

*20 959 830 

. . 1.010 5B2 l.ll 

-10 X230 1.040 

-10 1.9TD 1.390 .. ._ 

1.750 aoa 

- 101 jsu 1 .no .- •- 

.... 3.290 1,940 0.0 . .. 

-40 1 J» 1.060 

-S 504 ISO 1.0 ... 

-1 SCO 735 1.0 4#J 

-3 1.030 734 .. 

•10 1,130 780 ... 

-6 980 835 . — 

-I 745 528 . . -. 

*3 1.180 060 - 

-10 1.1B0 921 .. 

+2 763 442 

-2 749 496 . ... 


Mil = S»HJE)i (0a 21 / l&orBil 
JE2 210 ... 


— wrata 809 

= 83r £gs 

— KdMPn 805 

— K30 

- 1 ssa 

iw»sa 
KOaEt 

KetaT 

KBikom 


= z 


- - A0S1IUUA(0ct21/Au5tS) 


-10 1J10 1,140 __ 
-> 500 338 
-8 422 271 __ 
+2 464 303 — 

SIS .1 


AOA A 
ACAfi 


4730 +1.90 57-90 41 

98 +J0 130 04JO 1J0 

242 -5 250 175 XS 

I7J0 -20 31 IS 

I A 40 -.10 20 SO 12 __ 
96 JO +J0 ,29 09 — 


3582C8.ro 
760 32S 

014 655 

III 45 

X» 217 14,4 
_ , 716 57D 4X 

24X50 -4.40 28X50 227 I J 
485.70 -110 68344610 3J3 
£790 -19 3.750X750 XX 

-3 759 503 32 
-35 1.400 1,033 43 
-1 1.155 794 4.7 
—.22850 156TO SJ 


_ nALT(0ctZ1 /Ure) 


521 

1,119 

004 

1B2-9Q 


— BCorun 3,635 

BNUAg £533 

3 Roma 


17.4 PowCp 
18V — 17J Pmrrfn 
1* — ftYWJ 



51 V 43V XB 13.4 
— 24V 3.9 9AI 


44b 34* 42 208 
19V tab — A3 
49* 30* 1.4 17.7 
40 V 23V 1JZ5.7 



— Z8V 14* 43 650 
-»» TO 50V £4 1220 
3* I3 4XB 


♦ V 12b 

+5 88b 

M 59V 
-V BOV 55 


-ta 73 SOL 

.... 96V 43* . __ 

56* 42V 17 10.7 aaauna 
12V SV — 1X9 SenC 
68V »V 5-1 14.0 SrtflA 
— 61 1.4 1X8 SH-Sy 

23V 9J 195 Soutao 
47V 2-0 1X0 SpacAe 


-V 


♦V 


- 38* £0 21.1 CCf 
32V 1BV - B-8 CrfanF 
— 28V 08 4X5 CrtyO 

18 3-7 138 Crtatf 
" IO? Cried 

Oarrtjl 
_ Dana 
8V 1.0 485 Doeksf 

,S "4* ^ 

21 23 271 BtMu 

31V 2sS *1 KO atSar 
TV SV .._ 1X0 EfSSor 
12V a 18 88.1 ErBCW 
>S 10V —73J& E«J- 
10 6V n 17.1 Hex 
44V 3*5 t-4 285 Euwfr 

jo eju as aa-o eurscg 

45b 37** £0375 Eurow 
11V SV — XS FtoH 


-. 24V 19 8311J 


18X70 +18021120 15850 — 
25,1 *11 X2B9 1511 28 

20513280 48 
1870 1J0* 3J 

. 485 34£ £1 

211.40 -18030X90 201 za 
724 -B 1365 721 78 
448 +3 855 370 13 

37880 +30 480351X0 — 
389 -1.10 737 370 !U 
5890 -00 8.160 5.000 0.7 

709 -12 I3XB 885 33 

-9 630 010 — 


347 -7.10 
923 +1 

425 -21 

075 +0 

359.10 -.90 
305 -6 

248 -130 Z82 
717 -291^ 

690 — 865 

756 +72 830 


331 1.7 
. . . 7B0 X4 

749411.10 38 


740 509 X2 
436 35X10 5.4 


392 


298 8.4 
191 145 
718 — 
653 XB 
835 \J 


z as 

— CfiffUl 
Crla 

— Dniol 

ferftn 

... Ral 

— FtetPr 

— Hdh 

-j 

— GenAM 

— Gtanr 

— DIPT 

— ML 
_ Ml 
... Ini 

tttem 


-GS 5882 £470 S3 
-fa 3.985 £341 — 
1JGS -60 £450 1,S» 1* 
100 +3 211 76 — 

19,560 -39038501X500 £0 
9.130 +201X450 8.110 

-24 3,100 1JB* £0 

-25 28121802 _ 
+15 £395 1883 48 
+10X010 9S5 _ 
-19 £518 IJS6 5+1 


1JS90 

1^50 

1J20 

9B7 

1805*7 

9.750 

1897 

£030 


87 JO 
08 50 
StO 
540 
188 
1 84 SO 
95 
95 
371 
433 

100 -4 

10 a -2 

SS BO +.50 
387 +2 

42-50 +150 

236 -2 

237 -2 
173-50 -JO 
,79 JO 

32* -1 

132 -2 
130 -180 
1,4 -Z50 
114 

133 

135 -I 
,1580 -80 
SnMiB 115.90 
5EMC 45.30 
12B80 
ISO 
433 

431 JO -630 

— SMine 92 +1.50 

.... smur* 04 +2 

— SyiBoC 85 -1 

— Tre» 110J0 +J0 

— WMA MOJO -3 
142 -£50 


ADtayf X70 
- Ameer bjo 
— Ampobr 4 07 
— MW 92M 
— Aatuen 383 

III as - SSg? j.^ 
K5T 

HrXJOCn 

SSSfa I! 
& 


— SknPiS 


2Bb 


21 16b 1J30J PbncLy 
” 10* £2 4X3 Fra«al 


—£407 £730 £8 

1,798 -36 2JG9 1.700 48 

568 -5 734 SG3 28 

680 _. IB. TO X1E 108 

100.70 -JO 1B3 10X70 9-2 
800 -10 KH SCO 17 

5.170 +70 6,020 4J40 18 


INDICES 


oa 

21 


Oa 

3) 


Oa 

is 


Htfl 


Low 


AiyartH* 

General (2971207) 

A uto jo 

H Or*artes(l/ 1 / 80 ) 
At u*v*f\n<m 

Mb 

OedH AKKnOO/12/B4) 
Traded mdexxn.W) 
Sdobn 
0 Bjs tinmj 
Bran 

Bmespa panaW 


M 1990278 2011000 25470A0 1B2 177S880 2tW 


20346 

I077J 


37X32 

102180 


20163 

,0909 


20134 234080 312 
10541 1138.10 yz 


390.03 39438 4608B 32 
105,80 106X37 122225 172 


1967.40 27/B 
90480 K 


378J2 21/10 

101188 as 


Met* L&fc+(I975> 
Cameca»+ H9751 
ftrtfoflo® H/1/S3] 

Oh 

PGA Gen 01/1X901 
Onowk 

coowM o wssofirta 

Urtand 

HEX CflKrtCB/1 2W8 
franca 

SBF 250 131/TXM 
XX 40Oinx*B7) 

Genrany 

FAZAMknpi/12fiq 
OBiBiwp — n/MIM 
DAX (3&13B7)J 


138101 137X92 137838 1542JK 92 
W <72458 475078 5511000 119 
M *78.02 424X97 4278JJ2 3VI0 

88 wow vaasa wua zn 

W 208383 2078.64 218289 1/2 


7no 

380090 371 

329998 304 
3BB030 XVS 
186888 28« 


fa 5560.3 567X2 GB7920 1910 3801X0 4H 


34788 34803 347*4 415.78 2 C 


19449 195M 19579 19724X1 4/2 


123708 1251X1 
184X09 1867.37 


765.75 

2180.7 


78022 

2221.1 


125604 158820 3/2 
187B31 233533 20 


779.44 95927 18/5 
22185 246580 20 


3££2X 206035 2051.16 2271.11 165 


B32J5 83X12 33734 119*58 1871 


333880 9388.78 932098 1220,99 4 n 


4310.52 4281J9 4329.47 462887 12/9 


j*3rtaQOTO(l0««Zl 51497 91876 51857 61293 671 


1821 62 183546 183875 208X18 2071 


Aftre SBJI/iXWI 
Mono Kafa 
Kang Sengp 177/641 

Mb 

BSE SernJ197S) 


BEO OvaroBK'i/BSl 

tah 

Banco Oman ta (1973 
HB General t4/VM 

WUI 22S (1&S749 
NMrct 3C0 (1/1083 
TopR (471/681 
X«!Seaa,(47lA66| 


339l11 7/10 


1237 JB 21/10 
133X72 6710 

74X04 aio 
2115X0 5710 
196099 7710 

808S7 26 O 

83BHL44 4A 

345480 571 


1894.14 1/7 



oa 

21 

oa 

20 

Od 

19 




HW1 

Low 

Mndcd 

!PC(Nrt1975 

M 

274136 

275013 

2881.17 8/2 

19E743 2014 

fctaatatf 

CSS IBRtaGcraEnd 83) 

427J 

430.1 

4309 

C4J0 31/1 

40630 21/5 

CBS Al SBr (End 83) 

2BA4 

2701 

2706 

2B4J0 31/1 

25740 21/6 

Itae Zealand 

Cp. 40 (1/7/89 

206157 

2067X9 

2061.66 

243B34 3/2 

04S41 11/7 

wSaw«2n/W) 

106386 

106A58 

106033 

,211.10 2 SR 

98041 21/8 

PMRtaB 

Marfa Cbcnp (2/1 /BS) 

308*80 

3077.12 

309034 

330037 4 1 

2507-33 93 

PMBB2I 

OTA (1377) 

28MJ2 

3077.1 

28WX 

322080 16/2 

291280 206 

Stagapfee 

StSAB-ffpcreCBVi^ 

S81J8 

580*8 

57753 

64151 4/1 

58329 « 

Sort, Africa 

JSE GoU P8W79 

235089 

23210 

2335 

253(50 7/9 

174000 14/2 

J3E ML {ZB/9/79 

68248f 

68H 0 

85000 

673750 165 

6*4848 191 

Sorth Korea 

KcreaCmpWVI/ar 

103534 

118877 

109*76 

111329 18/10 

89557 2M 

Spata 

MfeHdSE(3V,2«9 

29114 

29408 

29653 

368X1 31/1 

29847 5/10 

Sfeedao 

AftraraittaGer [1/3/37) 

1*57X0 

14619 

14S75 

160180 31/1 

133470 67 

Suribflrtnd 

State 8k tad 01/12159 

118882 

11785* 

117A71 

142134 31/1 

116747 18/7 

SBC Genefa (I/V87) 

894 jg 

90356 

90153 

,033X9 31/1 

88847 5/10 

Tafaan 

mgMsPrpa«69- 

8539.78 

67B1J7 

6689.10 

7191.13 309 

619*43 180 

TTafand 

Batrak SET (30^75) 

153X48 

1521 51 

150142 

175173 4/1 

119848 *7* 

Tratay 

BtanMOnpU»1989 

248014 

24927.0 

24B9A2 28B83J0 T3H 

1288X7D 34/3 

mu 

HS CapH K (1/1/7195 

6348- 

8371 

6375 

6*450 2/9 

09,40 4/4 

cnosseofUER 

&rara& lOQGaicwa) 

130*75 

132*X2 

1322X1 

15*0.19 31/1 

129848 5/10 

Emu Tcp-too (zero n 

1,5750 

1172.19 

118835 

131141 2 n 

1136J8 SflO 

jCapefftpB pViaB9 

M 

33624 

3300 

395.19 571 

29028 21/3 

Bartnip&flag.(7/1«5 

w) 

18755 

187.19 

1BIJ9 2B/9 

14,48 21 /t 


US INDICES 


Dow 


oa 

30 


oa 

19 


Z SSSr itfS 

— Meat 1£730 

— "gtad 

oaral 1 J26 

_ Ptafl £500 

z si" m 

— 


Od 

18 


— 13X74 9953 — 
-17 £56« 1^50 — 
-50 7^4.071 1.7 
1WJO -55 4,^7X119 XB 
1680 -30 £198 £101 4B 

I0J2O -220 17880 10420 SJ 
\jn -10 I.sas 1.230 £4 
—430 <4723 33J33 1J> 
+53 4-580 £675 — 
—350 30X00 18200 1.1 
-t-W 8890 3.160 XO 
-20O14JQ0S.17D _ 
-56XS30 2800 — 
-4515846 8852 1.0 

-100 W.TOOIZJOO 18 
~S 1840 870 _ 

-4 £140 1,788 — 
6.100 £490 1.4 

-iio i£aa Ti 

£200 -300 1X1B0 73fa £4 
78® +10 10,154 7X50 £8 

820 -16 UJB8 480 _ 

4,300 -00 0X90 4.005 £3 


■07.100 1 

21^M 

■ 5.180 

JOJ70 




+.10 5.95 £58 00 . 

-.02 ,1.12 0.42 Xa 323 
+.01 8 ,0 3 fa 12 . 

.... 11.90 7 8839318 
. XS? £80 7 6 — 
- 5.72 1/3 £2 _ 
+ 03 4.70 380 38 . 

+ 01 255 1.41 0 0 48 
+.40 20 S« 10 1,3,7 
. 350 2 40 4 3 6.6 
+ 04 4 02 X1S GO .... 
+ 07 1 38 0.64 _ 

*23 15.06 1X00 4 4 33 9 
+xn 1.18 094 8.7 - 

+.03 3.03 X£S 55 IttJ 
+.03 5 48 4J5 56 18.7 
+.08 20 JO I £00 X 7 ... 

... £80 £55 13 ... 
+ 03 140 2JB0 241 ... 
+07 12X0 7.90 2 2 — 
.... S.70 3 89 4.9 ... 
+ 24 5.80 420 1.1 ._ 

-jQ3 9.80 £30 7.8 — 


J8 - 03 dsa 0 3S £3 

S --S 

:T! IS 55J? 9 

+.10 3.86 X30 4.1 „ 

1X3 +J01 1.4T Q.aa 4,9 

- £80 207 7£I1X 
... 180 a.,2 7.1 
+05 1.70 1,10 2X £4 
1X0 +91 1.70 123 1 
£16 +JJ3 £85 2 


1994 

Mgo Lon 


Sbcs corotacan 
Was Low 


IndudiWi 


Hons Boodi 
Tnttpot 


3811.15 333804 391704 397X36 358305 

( 31 /D m 


9581 9633 96X4 


18801 

(31/0 


15113J 153X50 190021 H 
190.00 18180 161X2 


( 2 / 2 ) 

2Z7J8 

P71) 


86X0 

paid 

143850 

tan® 

175X5 

COS) 


(31/104) 

10X77 

pan oss 

USX* 

wm 

256-46 

(31/ass 


41X2 

fW/33 

54X8 

n/i(V8i) 

12X2 

(8/7732) 

1050 

(BW35) 


- 5WIT2HIAIB (Od 21 /ftl) 

-4 292 
+2 721 

— 713 .._ 

+301085X173 IA 
-30 1J481JI5 1.7 

~4 250 190 1.7 
-ft 7*7 SCO X4 
+5 970 702 2.1 
+1 DC 806 £1 
-1 422 32a _ 

38^iS8g 

-5 4S0 302 3X 
-7 971 782 18 

+2 190 14X50 1.7 

— 991 700 18 

-65 1875 1.400 XI 
-14 1,437 14763 XI 

-3 175 123 _ 

— 1.738 1,400 43 

- BB5 ’SE 3 - 722 .-5 

— 2B3 1B2 £4 

1,235 — 1J40 1.001 _ 

11XSO -300 T3J4D 11.T25 OA 
renean 5J90 -85 Tiro 5.180 08 

SG3BT 1.7S5 -5 2J00 173SX6 

SMH0T 607 -13 14B0 607 1.4 

SMHHfl ,5580 -ISO 227 148 IX 

SmtBr 048 -1 888 640 — 

I5S$ 1.C0 -M 1J50 1.400 XO 

SKTfta 80S -7 1.100 B45 XO 

§3 w% 
IK 

Xalifl 


717 


-6 

+2 


DJ tad. DovV Ngh 3854JB 095025 ) Loar 307113 (S887J3 ) (Theo/aUertf) 
Drab hfai 3841.70 (3940J0 ) Low 389486 £901.06 ) (AetuM 


253P 
AFRICA 


015 604 1A 

770 515 1J 

1230 31JTO1J65XS 
S85 -0 832 568 2.7 

1,153 -13 UTS 1.128 1^ 


301 ~~= 
1,070 18 

740 09 
378 — 
337 — 
578 — 
770 0-7 


' bto ~3 2 roz 1 '§0S d3 Z a0fKK0NB(0ct3l /HJCS) 

^ -"dlJBfl = Agggr 


Coaoostt t 

MUM* 

Brand* 

46645 

ms T? 

43.14 

*7028 

55A7B 

*158T 

*6758 

5654* 

43X8 

48240 

P2) 

0083 

(15W 

4A9* 

(l*fl 

43UZ 

m 

51045 

(21 /fl 

4139 

m 

48240 

(M/W) 

50053 

(15WM 

4A40 

(&m 

440 

(1»33 

342 

(21«Z} 

84* 

(1/10/7*1 

WSE CoBft 

2SA54 

25AE 

257X5 

287.71 

3*314 

287X1 

4.46 





(2/3 

{*/*) 

(2»9S 

(23/4*2) 

Atart * W 

457.78 

45526 

45& 72 

48748 

*2247 

48749 

2SJ, 





pnj 

(3SIQ 

vm*i 

pnvrz) 

WSQU Cmp 

765X4 

77062 

76*51 

60343 

®178 


5*57 





118C8 

CM*) 

|18/3/84) 

P1/1072) 

■ RATIOS 









South AmcA (Oa 21 / Band) 


Hcnta 

NBmQm 


AEG) 


0 20 +.15 1Q.C 
7.75 +X5 : 

121 — 12 




Dow Jones bid. Drv. Yield 

S & P Ind. Ota. yield 
S a P Ind. P/e raflo 


Oct \4 
271 
Oct 19 
2.36 
21.11 


Oa 7 
2.79 
Oa 12 
2-37 
2001 


Sep 30 

2.78 
oa 5 
£43 
2033 


Year boo 
£81 

Year ago 
£42 
28-51 


■ STANDARD AID POORS 500 MMX FUTURES $500 times index 


Open Latest Change 
Dee 487.30 465.55 -135 

Mar 46830 468.50 -£0O 

Jai - 472.30 

Open taureat eguea are tor prwdoui 40. 

m HEW YORK ACTIVE STOCKS 


High 

48730 

46930 


Low 

485.40 

46860 

47230 


EaLvoL Openlnt 
87336 217.519 
£608 11340 

375 £811 


TtuHbr 


SbWa CkM Oanps 


617.49 

10008 


61897 

100X0 


02180 817.17 106 
10073 131880 106 


1989800 18991 JO 1968887 215S31 13/6 

38893 20X72 28834 311.71 13/8 

157894 158871 ,560.47 T71X73 1M 

22+839 225234 225423 254X65 677 


N3E Cannu4/4«Q 1114.43 1124X9 111686 131448 5n 


ion 

94400 1071 

17386X4 4 n 
288X2 4/1 
144837 4/1 
187333 VI 

108X3 «4 


■ CAC-4Q STOCK BiDEX PimWeS (MAT1F) 


Oa 

NOV 

Dec 


Open 

1854.0 

1884.0 

1873.0 


Sec Price Change 

1651.0 -23.0 

1858.5 -23.5 

1668.0 -23.0 


High 

1884.0 

1868.5 

1075.5 


1838.0 

1646.0 

1680.0 


Eat voL Open bit 
26.025 2SJ44 

1^98 2^17 

1^08 25.416 


Open oitaraai flaxes tar pntoa day. 


Gfei Mokn 

traded 

13461400 

pries 

*3)4 

on day 

-3V 

New Ytartc SE 

BM 

W1 1.700 

73K 

•M 

Ama 

Compaq 

Pet he 

4.775X0 0 
3410800 

38V 

17V 

+1V 

jjHBQ- _ 

NTSE 

Mmtaiy Ok 

1185400 

52V 

•5 

tames Traded 

Geo Inst 

11,1400 

29ft 

+1M 

FBsea 

Ford Motor 

2473,700 

28V 

M 

Frts 

Gan Bsc 

2473400 

49 

-1M 

(Whanged 

Outer 

2410100 

46V, 

-h 

Hew t*ghs 

RngtRM 

£799,700 

ISM 

■6V 

Hew Lowe 


■ THAoaia Acwwnr 

0 Vekmrn irnfifcn) 

oa zo oa 19 aa is 

3COOS3 315668 250589 
15547 15523 15194 

au M-a sauLaup 


10.85 570 4X 
29 ,7 JO XI 
._ 73 93-10 2.6 

90D —IB Z55 113 X& 

AngAm 23730 __ 26L50 IS230 \J 

473 +X SOB 344 Xfl 

123 _ 140 102 U 

SI. 75 —BO 57SBBO „ 

2575 +B0 31 20.76 XB 

BldlM SZ -JO SO .42 59 

OMG3I 176 +JS «0 1« 1J 

OeBCw 101BD +1XS121Z1 .07 0.* 

Deafer AM -.05 10X5 560 £4 

Drtota 87 +.76 7QJ0 _«8 3-S 

Erya 12 +25 1*23 726 *2 

ElandS 34 ~ 35 22-SO XS 

&YJCH 35X6 +1X5 42 30 41 

StetBk 20 JO _ 23J0 1BJ0 16 

Aegol 71 JS +1 ao 53.75 5.4 

Concor 15.10 +J0 15,0 7J* 1J 

^A 12B +J0 130 87 JO 1-7 

Hamily 4X75 +.76 47 2125 _ 

1*16*1 23.76 +23 2875 1875 6.7 

1«wu 32-26 _ 34 10 U 

GCOH 4 JO +J2 <-8S £15 IX 

knptat 94-50 +JO 104 K 1J 
JO 110 +4 122 7B 1J 

Ktana 74 6* JO B3JO 18 

Otwre 70.73 +J0 75 41 £0 

uaua S9J0 +25 100 73 1J 

IMtak iaJ0 -JO 22 16J0 

NSdcor 32 -X5 36 28 1 J 

PtobU 71.75 _ _91 6BJO 72 

pranrGc sjo -_ 7.78 4.76 aj 
- ^ 43 JO -1.73 58 JO 17-00 62 

2036 -.85 3S.7B 2X50 1 J 
1023 -33 SSJO 1&50 1 J 
110X5 +X2S 12B 72 IA 

11 _ 13 JO A TO 

1A70 -.75 20 IB £0 

93X5 *1.75 UHX 79 IX 

SAMnAffl _ 57 -JO fa 3030 1.1 

SJta 32 50 — 37 27 £4 

SUM 130 +2 104 102 XI 

49 _ .50 40 1.4 

45 — 4528 2X25 13 

436 +3 438 359 XI 

WAraa 77X6 +1.10 7 7 JO 33 4.0 
WDoap 230 +2 230 151 24 

WHMi 00 +7 80 44J50 £9 


+1 440 310 _ 790 WTwtfl 
+20 1,400 S43 — — 

-15 1.110 790 


■- B = 

... 09 — 

— £760 2.000 — 

_ z 

1AQ0 -20 1.170 90S — _ 

1.330 -70 1.460 1.020 _ _ 

f -6 530 395 — — 

-4 29B231-.— 

+7 SS5 S86 — — 

-T 793 328 1 J _ 

-S 78/ *M 

«W W 316 

M* -11 310 011 — _ 

B2S -11 1JM0 78, 0.9 _ 

!-.| EES 

^ — S SID B20 Z Z hEsS 

J 480 81 z K 

= = Ss, 


1.7* 1.10 X3 £4 
1.70 123 0J — 
_ £85 2 73 U 

1JB +.08 X02 1.12 23 — 

10.80 +.10 lT.S 9.75 X5 4 IB 

3.80 +J5 4.80 £63 83 _ 

10.46 +J0 1804 1170 49 31.1 

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JTNANC.AL TIMES WEEKEND OCTOBER 


22/OCTOBER 23 1994 



MARKETS 


AMERICA 


23 


New weakness 


Wall Stre et 

us Stoc ks aiflerad more 

yesterday morning as Investor 
wrvousiy eyed the worrisom 
developments in the bond axu 
foreign exchange markets 
writes Frank McGurty m Net 

. By 1 Pm, the Dow Jonei 
Industrial Average was 22.8 
lower at 3,888.27, while thi 
more broadly based Standan 
« Poor’s 500 was down 2.11 a 
464.74- 

But the level of the decline 
obscured the breadth of thi 
market’s downturn. On thi 
NYSE, losers outpaced gainer! 
by more than two to one vd 
ime was a moderate I79n 
shares by early afternoon. 

In other leading markets, thi 
Nasdaq composite was 2.4' 
weaker at 765.77. while thi 
American composite was of 


EUROPE 

Bourses 


24X5 at 455.7L 

The Dow industrials opened 
sharply lower, following 
“^ough an the previous ses- 
sion’s 25-point downturn. 
{“Oewed weakness in the dol- 
lar, which was hovering near 
!ts postwar lows against the 
yen and D-mark, inspired a 
new round of selling on the US 
Treasury market. 

That pushed the yield on the 
benchmark 30-year govern- 
ment issue through 8.00 per 
cent, an important technical 
harrier, where it remained for 

most of the morning. Near mid- 
day, bonds recovered a little 
and yields receded. 

The slight improvement 
enabled stocks to retrace same 
of their losses, but the majority 
re main ed mired in negative 
territory with a sour mood 
dominating. By early after- 
noon, the Dow indus trials were 
near the day's worst levels. 


shiver as 


of $ weighs on Dow 


The stream of third-quarter 
earnings news which had 
poured into Wall Street earlier 
this week slowed yesterday. 

Mobil, the first of the big oil 
groups to release results, 
posted net income of 5129 a 
share, about 7 cents above the 
consensus forecast of analysts, 
and the stock added just 5% to 
58154. 

General Motors continued to 
suffer the consequences of a 
disappointing third-quarter 
performance, revealed on 
Thursday. The car maker’s 
shares tell a further 51% to 
541% after Salomon Brothers 
cut its lull-year earnings esti- 
mate on the company. 

Kimberly-Clark dropped a 
further 51% to 550%, bringing 
its losses over two days to 
nearly 12 per cent Yesterday 
Brown Brothers Harriman 
downgraded the stock, citing 
lower-than-expected earning s 


in Europe. 

•hi the technology sector, Sili- 
con Graphics was a bright 
spot; its stock jumped 53% to 
528% on news that its net 
income improved nearly 60 per 
cent from the 1933 quarter. 

On the Nasdaq, Summit 
Technology was marked up 
53% to 536 after a Food and 

Drug Adminig tr aHnn advisory 

committee issued a conditional 
recommendation to approve 
the company’s laser treatment 
for short-sightedness. 

Snapple Beverage surged 52% 
to 514% on speculation that 
either Coca-Cola or PepsiCo 
would launch a takeover bfaL 


Canada 


Toronto dipped at midday, 
pressured by easing consumer 
products, precious metals and 
transportation stocks, bid trad- 
ing was subdued. The TSE 300 


composite index lost 17-83 to 
44101-94 at noon in turnover of 
20.1m shares. The consumer 
products group fell L0 per cent 
as Seagram eased C5% to 
0541% and Cot t fell C51 to 
0515% after a downgrade by 
Lehman Brothers. 

The transportation sector 
lost 0.8 per cent and precious 
metals were 0.7 per cent lower. 

Brazil 


Shares in Sao Paulo were down 

3.6 per cent at midsesskm as 
investors reacted to the gov- 
ernment’s an n n im cem8 H t On 

Thursday of new measures 
aimed at taAitng inflation and 
restricting the inflow of foreign 
funds Into Brazil. 

The Bovespa index was off 
1,710 at 45435 by 1 pm in light 
turnover of R5153m ($179.4m). 
Telebras preferred dropped 

4.7 per cent to R540. 


US T-bond yield tops 8% 



Oct 21 Tt£ EUROPEAN SERIES 

Hady gang! Open mo tiso I2J» ISOO iud tseo Oh 


FT-SEEmawAIQO 1311-35 1311.88 131085 131044 130068 130632 130257 130475 
FT-8EBmWCfc20Q 137235 137131 187051 136094 136098 1368.11 1361.87 136134 

Oil 20 da 19 Oct 18 Oct 17 Oil 14 

FT-SE EunAacfc 100 132422 132221 I lKff W 134300 135017 

FT-8E Bmmdc 200 138138 137080 1368L14 140087 140485 

8m ion pBflMta MtfMkr in • wrasT: an - warn mu* iob - now too - mui i mi 


As the yield on US T-bonds 
went over 8 per cent again yes- 
terday, bourses shivered and 
Mr Albert Edwards at Klein- 
wort Benson said that the US 
economy was growing “way 
out or control”, writes Our 
Markets Staff. 

US inflation was only at mid- 
trend after its rise from zero to 
over 3 per cent so far this year, 
Mr Edwards maintained; the 
yield on treasuries could rise 
sharply in the near term, he 
said, and European financial 
marketsremained vulnerable. 

FRANKFURT analysts made 
some attempts to relate share 
price movements to the eco- 
nomic fundamentals - an M3 
growth rate slightly above 
expectations, the weak dollar 
ami its effect on export mar- 
gins - but this was mostly 
talk, as chemicals and finan- 
cials moved back to the fore- 
front in the sector rotation pro- 
cess. 

The Dax index fell 47.73 to 
2.022.22 on the session, down 4 
per cent over five days after a 
7.3 per cent rise in the previous 
week. In the post-bourse, the 
Ibis-indicated Dax hit 2,007.19 
before closing 35^5, or L5 per 
cent low at 2.0Z&606. Turnover 
foil from DM7.4hn to DMTbn. . 

Big post-bourse losers 


included Allianz, Deutsche 
Bank and Bayemhypo in finan- 
cials, and BASF and Hoechst 
in chemicals, all with tells in 
the 2 to 3 per cent range. 

PARIS closed a disappoint- 
ing week with a further tell as 
the market was depressed by 
Ge rman and US data, which 

led some institutional inves- 
tors to fear that farther inter- 
est rate rises could be immi- 
nent. The CAC-40 index 
finished down 25^8 at 1342.09, 
off 4.7 per cent on the week. 

Generate des Eaux lost 
FFr21, or nearly 5 per cent, to 
FFr425 as investors reacted 
with diaappointment to its 5 
per cent rise in first half prof- 
its, while Eurotunnel, which 
had suffered from negative 
publicity following breakdowns 
of its Eurostar trains, put on 
FFTL55 to FFr17.55 on bargain- 
banting. 


AMSTERDAM bad options 
volatility to contend with 
a l o ng with outride influences 
that beset the continent in gen- 
eraL The AEX index finished 
down 34)2 at 399.85, after a low 
of 397, for a loss an the week of 
22 per cent 

Nedlloyd was among the 
worst performers on the day, 
off 4 per cent at FI 4&90, follow- 
ing news that the EU commis- 
sion bad blocked an a gwwpmt 
between 15 shipping companies 
in transatlantic container 
trade. Analysts said that tills 
would mean that shipping 
rates would come down, with a 
consequent effect cm company 

panrin pt 

Gist-Brocades, the consumer 
goods group, lost 50 cents to 
FI 4440, in line with the mar- 
ket trend, and in spite of an 
upgrade by James Cape! The 
broker put out a buy note fol- 


lowing the company’s 
announcement at the end of 
September that it was to get 
out of the US yeast market, in 
which it had hem fighting a 
losing battle with domestic 
producers since 1988. This, said 
CapeL was a brave derision 
and meant that the group 
could concentrate on pursuing 
its interests in growth mar- 
kets, particularly in emerging 
economies such as India, Egypt 

and Mwii^ 

ZURICH continued the 
retreat that has taken the mar- 
ket 3.0 lower over the week in 
a consolidation after last 
week’s and in the fan* of 
the weak dollar. The SMI index 
fell 224) to 2£0S4>. prompting 
the expectation that n«Tt week 
could see it around the 2,480 
level at which it found support 
during early July and at the 
start of this month 

The banking sector contin- 
ued lower, with UBS bearers 
down anirfhar SFr6 to SFrl,139 
and CS Holding losing SFr9 to 
SFr529. 

Hoare Govett recommended 
a switch from UBS to the rela- 
tively weak CS Holding which 
it saw as a fundamentally 
undervalued, high quality 
investment with vary positive 
earnings growth prospects. 


Roche certificates lost SFr85 
to SFr5,590, taking their loss 
over the week to 5.9 per cent 
following the mine month fig- 
ures on Monday. 

MILAN was again depressed 
by speculative selling of Fiat 
and the Comit today lost 1.49 
to 617.49, taking the week’s 
loss to 2.7 per emit 
UBS commented that domes- 
tic institutions were still 
reported to be overweight in 
Italy and serious buying was 
unlikely until the BCI index 
approached the 580 level. For- 
eign investors were staying 
well away and were unlikely to 
ret ur n until the political scene 
became brighter. 

Fiat finished L50 easier at 
L6.030, having picked up from 
a day’s low of L6.030. 


Written and edited by William 
Cochrane, John Pitt and Mchaai 
Morgtei 


SOUTH AFRICA 

Industrials advanced for the 
eighth straight day as good 
demand continued to drive 
prices higher. The overall 
index rose 32 to 5,775, indus- 
trials picked up 13 to 6,624 
and golds advanced 21 to 24)50 
after bullion’s overnight gains- 


Structure and finances 
depress Madrid stocks 

Tom Burns analyses the bolsa’s lack of enthusiasm 


T he feet that the Spanish 
market has fallen this 
year is erf comparatively 
little concern to investors who 
have seen the same story else- 
where in Europe. What worries 
them is its slow, and appar- 
ently unenthusiastic response 
when other bourses are on the 
recovery tack. 

One reason is that Madrid's 
bolsa has been pushed back to 
the periphery. It is no longer 
exotic, a label which stirred 
interest in the late 1980s, when 
Madrid was a sustained target 
for fimds. The bolsa is now 
altogether too well known as 
small , narrow anfl ilhqnid 
On a conventional valuation 
basis, employing price earn- 
ings ratios and yields relative 
to the band market, Spanish 
equities are cheap; but valua- 
tion alone is not enough to pro- 
pel a market which is seeing 
plenty of special pleading for 
its rivals. 

By the same token first half 
corporate results in Spain have 
been good, with at least 50 per 
cent in line with most esti- 
mates, and some 20 per 
coming out above expectations. 
In general, earnings have not 
been disappointing *mii Span- 
ish companies, thankc in part 
to more liberal labour market 
laws, are looking trimmer than 
they have done for a long tim 
“But," says Mr Robert Max- 
well of Madrid brokers Max- 
well and Espinosa, “you are 
getting far more upside on 
earnings in France, Germany 
and the UK than m . Spain ” 
The bolsa’s notorious lads of 
industrial stocks mavaa it par- 
ticularly vulnerable in at timaa 
when investors miff a rally. 
“We are looking for results sur- 
prises and for cyclical upturns 
and Spain does not fit into our 
strategy for Europe right now,” 
says Ms Alexandra Perricane 
of London's James Capri. 

Although Capel has 
remained remained neutral 
over Spain since the spring, 
with a weighting of 6 per cent 
in its European portfolio, its 
strategists now think that 
underweighting in the swo nfl 
and third quarters of the year 
might been more advisable. 

A second reason for the 
bolsa’s persistent gloom is that 
tha gi»u**r iiwtfnt jg dnfng httie. 


or at least not nearly enough, 
to whet investors’ appetites. 

The 1995 budget, which is 
currently before parliament, 
has Spain’s GDP growing at 243 
per cent next year, against L7 
per cent this year, but it makes 
only a timid use of such expan- 
sion to tackle the public defi- 
cit. The austerity sentiment is 
there for the Economy minis- 
try forecasts a reduction in the 
deficit from 6.7 per cent of GDP 
this year to 5.9 per cent in 1995; 
but it is at best lukewarm. 

More worrying still is the 
threat of inflation that darkens 
the Spanish landscape and 
with it the fear of an interest 
rate rebound. If Spain failed to 
tame inflation thin year, ask 

Spain 


IntSoes rebaaad 



1994 

Source: Datastream 


analysts, how can it be expec- 
ted to do so next year? 

In spite of very low growth 
for the first half of this year, 
depressed ( Vw»p4t^ demand for 
all of toe 12 mnntha histori- 
cally low wage settlements rep- 
resenting salary increases of 
below 3.5 per cent and persis- 
tently very high unemploy- 
ment, Spain's handling infla- 
tion is expect to end 1994 at 
between 42 and 4JS per cent 
against the initial target of 34) 
per cent fin- this year. 

A 3L5 per cent inflation rise 
has been chatted in again for 
next year and , unsurprisingly, 
the sceptics are out in force, 
particularly because there will 
be a major change in the com- 
position of the GU P According 
to next year's budget, growth 
will be domestic demand led 
and exports will contribute a 
mere 0.1 per cent to the five- 
cast 2.8 per cent GDP rise 


against the 1.6 per cent that 
exports contributed this year. 

Analysts are concerned 
about a string of inflationary 
factors which have been built 
into and around the 1695 bud- 
get: a 1 per cent, across the 
board rise in Value Added Tax 
which, according to the Bank 
of Spain, will technically 
increase the CPI by 0.85 per 
cent; additional tax rises on 
tobacco, alcohol and fuel as 
well as raised telephone 
charges; a fall in employers' 
social security contributions 
which unions will seek to recu- 
perate in wage demands: a 
deflation of personal income 
tax rates and witholdings; an 
indexation of civil servant pay 
and of pensions. 

“It would appear that if the 
government wanted to write 
inflation increase worries into 
Spain’s economy next year, it 
could not have gone about it 
better,” said one foreign bank 
economist in Madrid. 

Utilities, consequently, are 
being downgraded because the 
interest cycle is perceived to 
have turned; the jury is out on 
the banks, the other large com- 
ponent of a bolsa portfolio. 

The fact that growth next 
year will be domestic-led is of 
little comfort to Spanish inves- 
tors, for there are precious few 
consumer spending stocks; the 
retailer, Corteflel has been a 
welcome addition this year. It 
is easier in Spain to spot and to 
buy into the export sensitive 
companies. 

Where, then, is the good 
news to be found? 

A more cheerful theme, 
highlighted recently by 
Baring International 
Investment Management, is 
that Spain has been wrongly 
put in the same bag as Italy 
and Sweden. This is a mietako. 
according to Baring's Ms Kate 
Munday, because “when you 
look at the details Spain does 
not have a funding problem”. 

The lesson from such a per- 
ception is that in Spain’s case, 
the bond market has over-re- 
acted. Baring, which is betting 
on the Spanish band market's 
recovery, has moved from 
being underweight to be being 
neutral in Spain. 


ASIA PACIFIC 


LONDON EQUITIES 


Nikkei and region recover from early blows 


Tokyo 


Phfle the upsurge in the yen 
gainst the dollar discouraged 
ivestors, share prices man- 
ged to recoup some of their 
arly losses thanks to index 
uying and the Nikkei finally 
losed with moderate losses, 
nites Emiko ' Terasono in 
\>kya. 

The 225 average fell 924)2 to 
9389.08, a fraction down on 
le week, after opening at a 
igh of 19333.79, and hitting a 
>w of 19,78436 in the after- 
oon. Volume totalled 240m 
trares against 270m. 

The Topix index erf all first 
action stocks fell 9.77 to 
37834 while the Nikkei 300 
xst 1.79 to 28833. Declines led 
dvances by 738 to 250 with 186 
nchanged and, in London, the 
5E/NIkkei 50 index fell 2.69 to 
396.48 

High-technology stocks were 
it by the strength of the yen. 
[EC lost Y10 to Y1330 and 
Litachi declined Y7 to Y990. 
[atsushita Electric Industrial, 
rhich issued its Y200bn con- 
ertible bond yesterday, was 
it by supply concerns and lost 
30 to Y1380, its fourth con- 
jcutive decline. Sega Enter- 


ct.ACTU&RIES world indices 


prises extended its losing 
streak to seven trading days, 
felling Y220 to Y4,630. 

Drag companies were lower 
on reports of a cancer drug 
with critical side effects, and 
those named in the reports 
plunged. Daiichi Pharmaceuti- 
cal fell Y70 to Y1.450 and Yak- 
ult lost Y80 to Y1350. 

The Tokyo Stock Exchange 
suspended Tsumura, a Chinese 
medicine manufacturer, on 
reports that the company had 
fabricated YLSbn in sales over 
three years to 1992. Tsumura 
denied the report late. Other 
drug issues were also hit with 
Fujisawa Pharmaceutical down 
Y50 to Yi.060. 

in Osaka, the OSE average 
fell 12938 to 2244134 in vol- 
ume of 253m shares. Nintendo, 
the video game maker, fell 
Y150 to Y5300- 

Roundup 

Farther strength was seen in 
many of the Pacific Rim mar- 
kets. 

SEOUL was higher in a tech- 
nical rebound following fells in 
the previous two days, but 
news of the bridge collapse, 
with the loss of 48 lives Mt the 
construction sector hard. 


The composite index added 
637 to 1,09534. but was 0.7 per 
cent lower on the week. 

Dong Ah Construction, build- 
ers of a bridge that collapsed, 
went limit down, losing 
Wonl,600 to Won38,400. The 
news depressed other construc- 
tion companies, leaving the 
construction sub-index 5.65 
lower at to 595.75. 

TAIPEI made another strong 
gain to bring its rise on the 
week to more than 4 per cent 
The weighted index closed up 
L2 per cent in heavy trading at 
6,839.78.,Turnover was 
Tp083bn. 

Low-priced textiles attracted 
most buying, with Shinkong 
fibre rising by the 7 per cent 
limit to T325.8C. Steels rose 
sharply on good profit pros- 
pects, with Ran T fc to g Chang 
and Rrst Copper & Iron both 
limit up to T$2340 and T$2830. 

HONG KONG bounced off 
lows in late afternoon trade as 
American and Japanese inves- 
tors bega n bu ying the heavily 
weighted HSBC, ahead erf next 
week’s expiry of the October 
futures contract The Hang 
Seng Index closed 5049 lower 
at 933838 after seeing an intra- 
day low of 9391-06. The index 
fell 2.7 per cent over the week. 


jointly oonvfcd tv The Financial Ttonea Ltd. 

NATIONAL AND 
REGIONAL markets 
F igures in paremhesea 
show number of IMb 


Ookfcmn. Sacha & Co. and NatWaat SecurUa* lid. fei concretion Mh mo Instate o* Actuarial and ttw Priority of Actuaries 


US Day’s 
DoBar Chongs 
94 


- THURSDAY OCTOBER 20 1W4 ; - 

Pound Local Local Grose 

Storting Van DM Currency Wens Dtv. 

hdex India Hates Meat on day Yield 


WB3NESOAY OCTOBER 19 1994 DOLLAR WDEX 

US Pound Local Year 

DOUBT Sferflng Van DM Currency 52 week 52 re* ago 

Mb Mb Index Mb Max Utah Low fggtej 


Austrate (88) - 
Austria (16) — 
Belgium (37)- 
cmdB(i03)- 


Denmarx (33) 

Attend (24U — 
France (101). 


Germany (58) -< 

Hong Kong pG) — 
inland (14) 


16060 

18537 

.171.81 

.137.48 

2G1.74 

.188.17 

.1B8D9 

145J84 

mu 

_ 2 oaes 


japan (458)— 
MNayste (97) . 
M8SfooC»9- 


_ 7821 
..183.61 
_5S9l« 


Motherland flfl) — 

New Zealand (14) 

Norway (23) 

Stegapora (44) — 

South AMca (5S) * 


Sweden (38) 
Switzerland (47) — -~- 
Unlted Kingdom (204)- 
USA (515) 


.2277-5* 
_i17.1B 
—74.28 
_ 20630 
—305m 
-342.00 
_. 142.78 
—24033 

166.77 

_ 201.83 
_.190S3 


06 

-0.8 

-04 

0.1 

0.4 

0.4 

-as 

0.7 

09 

02 

07 

04 
06 
1.1 

-02 

05 
04 
07 
1.4 

an 

as 

-os 

0.1 

-or 


155.41 

16084 

167.24 

12060 

23&GS 

181.37 

154D0 

13348 

348.88 

191.88 
7138 

148.73 

512JJ7 

2084DB 

198.77 

67.99 

19084 

W1.82 

31000 

13087 

22041 

16082 

184,71 

174.48 


104.48 

132JS6 

15328 

03 

332 

16093 

154.70 

103.74 

13132 

162.78 

188.15 

14936 

114.17 

144,87 

14431 

-ID 

1.11 

1S7D9 

17133 

11439 

14536 

14023 

19839 

18738 

105.70 

134.12 

13038 

-02 

431 

17027 

157.77 

105.78 

134.42 

13130 

177D4 

14933 

84.58 

107 J1 

13438 

03 

051 

13738 

12572 

8430 

107.12 

13430 

14531 

12034 

16M3 

20433 

209.08 

03 

132 

28067 

23071 

16037 

20330 

20839 

275.79 

23037 

121.82 

154.71 

19136 

Ol 

0.73 

197 AO 

18078 

12132 

15433 

19137 

19017 

11B3S 

103.72 

131.61 

136.12 

-04 

019 

mi2 

15438 

10338 

131.97 

130.65 

18537 

15934 

BB.73 

113^6 

11338 

07 

132 

14434 

13235 

6835 

113D2 

113.02 

15040 

12837 

2S438 

297.43 

37735 

OB 

339 

37734 

34535 

23131 

29438 

37434 

50056 

34129 

128^8 

16087 

13438 

03 

3.43 

20018 

19137 

128.48 

18333 

184 28 

21060 

17138 

48.11 

81.08 

89.45 

07 

1.75 

7733 

71.10 

4737 

0058 

8835 

97.78 

5738 

too® 

127.72 

100.85 

08 

078 

162D5 

14023 

10008 

127.16 

10006 

17010 

12434 

34422 

43000 

54008 

08 

133 

55631 

60936 

341.75 

4343S 

54007 

62133 

43071 

1401.16 

1777 J6 

8435.11 

08 

120 

226082 

2084.02 

1384.08 

178835 

843138 

284738 

169828 

13081 

16855 

166. 7B 

-03 

3.40 

21736 

19834 

13337 

18835 

187.07 

21B.7S 

isrjpt 

45.70 

STSB 

8435 

0L3 

078 

73.96 

67.72 

4041 

67.70 

84.17 

7739 

5022 

128.15 

162.82 

184.71 

04 

1.79 

20738 

18932 

12735 

18132 

183.98 

211.74 

18532 

24002 

30038 

awe a? 

ID 

137 

38220 

35017 

24085 

30004 

28534 

39632 

29438 

210.40 

266.99 

29432 

09 

2.18 

3S7.12 

308.73 

207D2 

293.08 

291J7B 

34000 

202.72 

97^4 

111 j 43 

13530 

-Ol 

4.10 

142.79 

13077 

8738 

111.42 

13531 

165.79 

12838 

148.10 

18001 

255.70 

03 

137 

238.78 

31088 

14634 

18033 

25436 

24083 

17533 

10239 

130.19 

12098 

Ol 

1.88 

16735 

15238 

10258 

13038 

lanei 

17836 

14334 

124^17 

1JJ757 

184.71 

Ol 

4.12 

20137 

184.60 

123.79 

18739 

18430 

21438 

181.11 

117^7 

148.81 

190.63 

-07 

2D5 

ISOM 

17537 

11733 

14938 

192.04 

1B6D4 

178.95 


164D9 
182.13 
151-80 
13021 
23729 
121 PS 
16738 

136.18 

35<34 

17448 
71.12 
153.17 
45524 
179062 
1 8435 
64.10 
185.10 
32721 
218.72 
14329 
203.75 
14627 
190.70 
18828 


EUROPE (708) 
Nordic (110, 


.173.91 

■.-233.74 


norm. __ 

Pacific Baste (747) 

Etw-PadtefUfi® 

Nodi) America (8tffl— — 

Pacific Ex. Jap-n P 7 ® 

WarttEX-USCiflUJ JM 

S22 

vtorwex.sa.Ar.eoop 2^ 

Wold Ex. Japan H«Ol 


01 

07 

02 

03 

-07 

Ol 

07 

03 

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-02 


169-17 

21322 

15828 

15842 

17144 

14225 

23821 

16094 

18227 

183.10 

17083 


10099 

135.77 

14039 

Ol 

3.11 

17337 

15635 

10838 

13051 

14821 

17838 

154.79 

161.47 

14380 

18247 

21130 

03 

1.40 

23223 

212.88 

142.61 

18121 

211.15 

233.74 

173.19 

191 m 

10626 

13434 

111.41 

08 

1D8 

171.96 

16748 

10530 

134.18 

11075 

17836 

134.70 

16041 

10049 

135.13 

128.71 

04 

134 

17236 

158D2 

10037 

13*34 

12621 

175.14 

14828 

16074 

11524 

14023 

188.77 

-07 

284 

18004 

172.78 

11534 

14720 

18007 

192.73 

17537 

16627 

95.49 

121.17 

12B38 

Ol 

230 

16438 

14133 

95-17 

12093 

12830 

158.12 

1809* 

14236 

161 D7 

20438 

23234 

07 

231 

200.06 

238.16 

15070 

20233 

231.13 

29621 

23010 

23085 

107.78 

138.77 

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04 

136 

17430 

16038 

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13623 

mo? 

17868 

14538 

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10835 

1382S 

145.48 

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2D7 

177.18 

16226 

10831 

13823 

14549 

17839 

16096 

167.67 

10934 

13013 

14800 

oo 

227 

17032 

18330 

10930 

139.14 

14001 

18003 

15634 

16938 

11071 

14010 

177.48 

-02 

230 

19013 

174.12 

116.78 

14836 

17739 

1B620 

17834 

18037 


11029 13925 14008 


00 


227 17*34 18424 11013 13824 149.08 18020 15825 16929 




, and c*x md Ndtetet 8 muH* Unto* war 


LIFFE EQUITY OPTIONS 


RISES AMD FALLS 


-Pute- 


HSBC rose 50 cents to 
HK$90.25 and its Hang Seng 
Bank unit added 25 cents to 
HKSS5.50. 

SINGAPORE property shares 
provided a fillip to an other- 
wise dull market and the 
Straits Times Industrials index 
closed 480 lower at 2^77.45. lit- 
tle rihang art on the week. 

DBS Land rose 20 omits to a 
new high of S$5£0 following 
speculation that it would soon 
launch a property sale at more 
th an S $L000 per square feet 

SYDNEY closed broadly 
higher, helped by a rebound in 
futures prices amid expecta- 
tions of an interest rate rise in 
the near future. 

The All Ordinaries index 
rose 1&3 to 2.03A6, for a week’s 
gain of 1.4 per cent 
• Speculation continued to 
focus on when the Reserve 
Bank would lift interest rates. 
Brokers commented that the 
rate rise was expected in the 
next few days, but If it did not 
emerge the market might fall 
back an disappointment. 

Fairfax rose 11 cents to 
A42.80 after the newspaper 
group said that it in t ended to 
expand its interests into the 
electronic and digital technol- 
ogy sector. 


Orton 


OCt 

Jte 

Apr 

Oct 

Jte 

Apr 

JfedDBBX 

540 

38% 

- 

- 

1 

- 

- 

rare) 

589 

3% 

— 

— 

17% 

— 

— 

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260 

9 

f« 

27 

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14 

18 

(TB6) 

280 

2 

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17% 

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GO 

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7 

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3% 

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70 

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8 

11 

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360 

19% 

31 

42 

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13% 

18% 

C376) 

390 

2 

15% 

27% 

16 

28 : 

34% 

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330 

31 

38 

48% 

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9% 

15% 

r*ia) 

<20 

5% 

22 

25% 

6% 

22% 

2B 

Boots 

500 

34 

42% 

SB 

1 

8% 

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PS36) 

550 

1% 

16 

29 

21 

35. 

40% 

BP 

390 

19% 

30% 38% 

1% 

11 

17 

r«B) 

420 

3 

14% 

13% 

IB 

25% 

32% 

BrttPSW 

140 

28 

23 

28 

1 

3% 

5 

h5B) 

190 

2% 

ID 

18% 

4% 

10% 

13 

tore 

500 

38 

45% ! 

56% 

1 

IB 

19% 

rS32) 

550 

2 

18%: 

28% 

22 

43%. 

47% 

QNUM 

sao 

16% 

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44 

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18 

26 

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35 

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21% 

33 

44 

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13% 

18 

r«9 j 

460 

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14% 

25 

23 

35%: 

39% 

OrenUHsn 

493 

33% 

49 

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rs2s> 

543 

1% 

18% 

a 

21% 

71% 

46 

n 

600 

18 

48 

83 

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45% 

rm3) 

860 

1% 

25 

a 

41% 

54% 

74 

Ktagurer 

460 

»*% 

<3 

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1M 

13% 

22 

T461 J 

500 

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18%: 

35% 

21 

32% 

41 

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600 

M% 

28. 

41% 

3 

19 

22 

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1 

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W% 

42 

51% 

S3 

torts & S 

420 

5 

20% 

31 

4% 

17 

22 

r«i ) 

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1 

5% 

14% 

40% 

44% 

48 

KcOted 

400 

32 

47% 

55 

1 

11% 

24 

r«8) 

500 

3% 

24 

32% 

14% 

28% 

45 

Sdretay 

390 

a 

28%: 

36% 

4% 

19%: 

24% 

C394) 

420 

i 

12% 

23 

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37 ■ 

(1% 

SUTns. 

700 

7% 

31 

a 

8 

22 

» 


760 

1 

H 

18% 

52% 

54% i 

B7H 

SuroGaos 

200 

19% 24% 28% 

1 

4% 

8% 

ranj 

220 

3 

12 

17 

5% 

13 

17% 

Tratpgar 

ao 

7 

ta% 

13 

1% 

4% 

8 

CBS) 

90 

1 

5% 

7% 

7% 

9% 

12 

UnfiBNT 

1100 

37 

62 

79 

3 

24: 

39% 

nut* 

1150 

4% 

34% 

82 

28 

48 1 

55% 

Zanaca 

800 

41 

87% 77% 

1% 

ib%: 

31% 

(*937 ) 

850 

5 

37 ■ 

49% 

18% 

38 ! 

59% 

Opto* 


Hot 

Fto 

Hay 

Hot 

Kte 1 

m 

feted Hat 

390 

23% 

33%. 

48% 

8% 

18% 

22 

CW) 

420 

7% 

1B%: 

S% 

22% 

35 

38 

Lartrria 

140 

15 

22 : 

34% 

2% 

B 

8 

(*151 ) 

ISO 

4 

11% 

19 

t2 

15% 20% 


280 

24% 

33%: 

37% 

3% 

8% 

14 

nsa ) 

300 

11% 

22 

a 

10% 

is : 

24% 

Qpten 


DK 

Mr 

Jan 

OK 

Hr 

Jte 

Hrem 

110 

13% 

17% 

a 

5% 

7% 

9% 

(118) 

120 

8 

13 

17 

10% 

13 ' 

14% 

Qpten 


Mar 

Fee i 

mt 

NOT 

Feb 1 

ter 

fei Aon 

480 

30% 

«%i 

58% 

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500 

13 

31% 38% 

43 

53 

82 

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420 

18% 

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B% 

8 

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T4Z7) 

480 

« 

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n% 

37 

42 ! 

53% 

m 

300 

15% 

a 

a 

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18% 

non 

330 

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16% 

s: 

29%: 

35% 

WTeferan 

360 

28 

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9 

13 

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390 

B 

14% 

22 

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24% 27% 

feteuySte 

420 

20: 

38% < 

13% 

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10% 19% 

(*4M j 

480 

8' 

17% 

a: 

Z7H 

31 

41 

totem Bk 

700 

58% 

70 88% 

m : 

28% 35% 

(736) 

750 

21 

42 

60 : 

31% 

49 59% 

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480 

13 

27 

34 

m ■ 

17% 26% 

T461 ) 

500 

2% 

11% ■ 

ffftt 

42 

45 

52 

SEC 

230 

B% 

IS 

21 

7% 

14 

17 

(780 ) 

300 

3 

7 1 

n% 

221 

28% 28% 


Opfen 


Cate Pot* 

tew Fab Itey Nor M) Kay 


rZ22> 

(am 

H491 
Loan Mi 
H») 
P*0 

r»j 


220 I 14 17 5» 1114 14 
240 2tt 5K 8M 19 24 27 
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154 614 - - 914 - - 

180 IB 24 29 Z)i 8 X 10 
200 BKT 2 K 17 11 » 15 » 20 

5 S 0 53 % B 7 H 78 4 13 24 

800 18 » 38 47 21 32 47 

18014 % 18 M 3 7 10 % 

200 4 8 14 13 % 18 % 21 % 

300 12 22 % 25 % 8 14 22 
330 2 % 8 % 12 % 30 33 41 
850 31 S% 17 14 % 29 47 
000 Wn 32 48 48 57 74 % 
460 17 34 42 13 22 % 304 
500 4 17 28 42 % 47 83 

280 20 % 29 35 5 12 17 % 

280 9 18 28 16 21 % 28 


n») 

PUMU 

r»> 

HTZ 

raw ) 



Haas 

On Friday ■ 

Fata 

Same 

Rtoaa 

Ontha Mwak 

Fate 

Sana 

BrtlWi Finds 

13 

51 

7 

80 

228 

49 

Other Fboed bitaraet 

0 

2 

12 

3 

5 

62 

Wnsnri Extraction 

37 

81 

78 

214 

381 

405 

General Manutacturare 

49 

222 

366 

438 

834 

1,913 

Consumer Goods 

14 

70 

103 

164 

283 

508 

Services 

28 

142 

325 

290 

554 

1,631 

mattes 

B 

27 

10 

89 

77 

59 

Rnandata 

21 

164 

180 

260 

825 

940 

tovaatmant Trusts 

12 

288 

187 

218 

707 

1.400 

Others 

13 

80 

19 

123 

304 

127 

Tetris 

195 

1.105 

1.287 

1.879 

3DS8 

7D94 


Ore* bread on Onre comuanire EsM on Bib loan Shm Swvlca. 


r««> 
Ftoyd Inca 

P272) 
Trees 
(V34 j 


Bipfcy 

SeUemsnt 


January 12 
•tauay 28 


rani 


(■334 1 
Option 


220 18 28% 30% 
240 8%13%n% 
200 18 17 22% 
217 3% 9% - 

825 18% - - 

354 4 - - 

Oct An Apr 


3 6% 12 
12 17 21% 
6% 13 18 
17% 22% - 

5% - - 

23% - - 
Oct Jan Apr 


TRADmONAL OPTIONS 

Brat Dealings OctabarlO 

Last DaoAngs October 21 

CxMk ACT, Amfeirec, Bmtumel, SttoprK*, VkteoLogte. Puck ACT, Brat Nat Hn, 


Not ON. Qrs WE 


LONDON RECENT ISSUES: EQUITIES 

laaua Am MkL Ctesa 

price paid cao 1904 price 


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140 8 18% 13 11% 18% 17% 

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500 1425% 37 32% 33% 48% 
330 32% 48% 48% 8% 18 21% 
380 18% 25% 33 23% 33 38% 
100 12 MK 18 2 4% 8 

110 5% 8 11 6 9 12 

220 21 K 2831% 5 8% 13% 
240 9 18 20% 14% 17 23% 

120 13 M 22 5H 8% 12% 
130 7% 13 17 11 14 17 
950 81% 77 100 14 28% 38 
1000 SI 40% 70 34 S3 80% 
220 18% 18 22% 9 IB 19 
240 8% 0% 14 23 39 32 

200 16% 22% 29 6 10% 13% 
220 8% 13 18% 16% 22 24% 
600 ■ 87 98 11 23% 33% 
850 38% 58 70 30% 44% 56% 

Qd it Apr oa Ja Apr 

am 550 41% Bt% 72% 1 14% 28 

rSBB) 000 4 32 45 18% 35% S2% 

jSW&tel 700 15% 81 84 8 34 57% 

(*706 ) 750 1% 30 42 46 64 67% 

Rates 450 13 - - 3% - - 

(*459 ) 483 5% - - 8% - - 

extern lire teb my tea fte Itey 

RBtetofCB 180 18 23 28% 2% 5% 9 

P74 ) 180 8% 1215% 11 14% 19 

* Undwfefrg reanty price. Pmntra mm am 
tiHd hi ri rutin oflr Deere. 

October 2i. tom m e a c a 4Wii cate 20077 
Pitt 28AM 


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RIGHTS OFFERS 

tewa Amount Latest 
price paid Ranun. 1994 
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Ckrekig +or- 
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17 

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2pm 

Vpm 

APTA Health 

■apm 

118 

St 

28/11 

20 pm 

B*2pm 

CMHae 

npm 

**P 

m 

26/11 

’aim 

^«pm 

Dragon CM 

1 apm 

500 

m 

iano 

60pm 

24pm 

Fteddtt & Corner: 

60 pm 

180 

ta 

012 

l^zpm 

9pm 

to®** 

9pm -2 

hfwnp 

Ml 

2W11 

59pm 

45pm 

Smurflt (J) 

45pm -2 

7S 

w 

14*11 

5pm 

ihm 

World of Lertwr 

l*ipm 


FINANCIAL TIMES EQUITY INDICES 

Oci 21 Oct 20 Oct 19 Oct 16 Oct 17 Vr ago 


Utah Tow 


rtso) 

Opficn 


Old. d*. yield 
Earn, yfci % fad 
p/E nate nat 
WE Mon! 

Ter 1994. Qnteery Store Mb dnea a mp -i on: Hpi 27t3J> S/OUO*. tow «U 28W40 

FT Mrey S*l MB bare d— I /7/K 


2333.7 

23502 

2357D 

23709 

24004 

2409-5 

271 3D 

2240.6 

441 

4D7 

4.38 

4D3 

4D9 

085 

4D1 

3.43 

029 

022 

022 

018 

012 

4.47 

061 

3.32 

1030 

1050 

1061 

1084 

1082 

2020 

3043 

1094 

17D4 

1003 

18D4 

1017 

1035 

2000 

3080 

17.09 


Onhtqi Share hourly ch ange* 

Oprei MO moo 1UB- IZjOO 13J0 1400 IMP 1000 


Mflh Low 


2347J 23422 2332.1 2336-fi 2332.6 23334 23203 2323.7 2331.8 2347^ 23208 
Oct 21 Oct 20 Od 19 Oct 18 Oct 17 Y7 ego 


FT GOLD MINES INDEX 


SEAQ IwgeM ZIJSS 

Eqtety tumovar (DifiT 

Eepity targaMT 

Share# traded (mQT 

tea— Ing HrenreM txtei are and m 


23J05 20.146 21.768 23^46 34,422 

1407.3 1154.7 1018.1 10706 1045,1 

25.888 22J338 24370 20871 39621 

556.1 6024 478.6 4303 618.0 

rere turnover. 



Oct Kteg 
28 eetey 

Oct Oct Y«» 
a 18 899 

fees Or 
jlrid« 

BZ retell 

Htfi tore 

Crid uttaa taSar (34) 

230433 +1.1 

2Z7024 226395 1987A8 

MB 

226740 17824)2 

a Hegtari feteear 

AMapq 

Atetaferixp] 

North Anerica (11) 

3711X7 +0J 
290134 404 
179031 +1JS 

368594 366251 2791^3 
2891.14 286768 2241.10 
177099 176085 173097 

372 

157 

078 

366094 2304.45 
301389 2161.17 
2D38lG5 1468.11 


Copyrtltt. Tin n ret KM Tlaa Ur—d UM. 

Rgwre In Isretet ■ —re reabw at cHpatt BMP US Dan Bare ure ree loaott) 3W2JB2. 
rumerei Gold Mare Mac Oa 21:2909 ; ctenge: *7-7 pettt Yew met 221J rPWte. 

Lre— prtcre warn ornupate tor ore wtaon. 


An AdvoitiEHiiant booldngs are accepted std^act to our current 
Tbmis and Comfiffons, copies of which we available by writing to: 
The Ad ve rt le e m e n t Production Director 
The Financial Time*, 

One Southwark Bridge, London SEf 9HL 
Teb+4471 873 3223 Faxt+44 71 8733064 






24 


FINANCIAL TIMES 


WEEKEND OCTOBER 22/OCTOBER 2? 1994 


LONDON SHARE SERVICE 


BANKS 

HSU 

ABM Aim R O 

AtC AS 


Aaealroii 

*riofcHlK_AilC 

Amur -O 

Banco BiVliPii_C 
Banco SHI 

BltlME -j- 

Bank seriate tfWZl 200111 

W.PCW 10BVM 

Wibcpi iiua 

Bardars *tfC 572 


1994 MU 
too Gaffim 
eiag 6536 

623 380*i . _ 

314 233 1.821 

— TO SO IBM 

708 *8'? BIS’x 62S 1X387 

3jm 



£-r° Sft 2?« fit 

aa 276 -e *31# 24B 


2*7 1221. 


4OT 

1.258 

W34 

1008 

nu 


DaMuiUtmY ~ OH, 

DeutSWDW — _□ £3002, 

Estonia Sen □ s,'. 

Ftawm M3 es 

BJPC&rPt 71 

7ccC»Pl 127 

FrifctohY jJ 1381 

K3BCHK 

KSBCiTbcSfa) 

Uoyds — . 

ftSsuttsUY 

Mu TS&BkY 13 

Mka*T31&Bk 1.J3 

KuhetHS f 

KBWM TRJ 

OHomaseffr 

RriflkSataid-. . 

SakuraY 

Sana Y 

Standard Qraftd. 

?3iapcP»l 


-V 141-2 

-V MB*S 

*2 &sa *87 9517 

-»a E12]l £I0J 39575 u. 

~3U DwV £270£ WMJ JJ 

-f, *£13ir S3,’. HU 4.1 

-1* "SO 60 1097 23 

-1 *90 71 4.77 

-S'* 171 123 603 

-18 16491* 1152*2 3X443 
-14 1133 680 12,407 

-14 1113 660 &JM3 

-9 tea 519 75BJ 
EISA -*i E18J3 C15JJ 44,771 

8GB>* -1*’ TIBZli 687*j 11458 
' 514 8436 

475 8471 
«2i MSB 
£33 £211* 110LO 
528 377*. 3464 

£3[- £8,C 27495 

n&\ El IS 37481 
*353V 223 2L6B8 

108*J 82*, 848 


CHEMICALS 

* + or ISM MU 

ton CepEra 

ME 

JB2S ^frl 

*8 138 AM OoWde—hNn T£ -7 *198? 11st 

52 94 AfllUrM H 780 790 70S 305 

7.4 146 BASF DU Q E12AV -8A E1S8JS ETOA 7282 

08 to B0C (C 871 ^-12 7® |3 t SOT 

80 7A BIT* _Z3tC 296 *37* 288 4028 

50 X9 teyreOM 5 £M0[i -4A£1B0A£1Z9« 8,436 

4.7 ao Bran .._M I liBM -t 131 H 7&3 

38 1U Brt8*Ytn .tic 237*1 A 309 519 91U 


ELECTRONIC & ELECTRICAL EQPT - CotlL EXTRACTIVE INDUSTRIES 


HEALTH CARE ■ Cent- 




IS - Cartridge Isa S 

9 - Camilla {Wl AMD 

8 125 Cenwnas .fr 

- Wriants 

- CaatauUs. __MJ 

4.7 emta MO 


- DoeOtt. 

- EngedardS 

- European Colour 


^ lilttton Lyons 



SumtmwV Z Etlji 21'!!, £Hlj 38,199 

SuWomoTtoY.-j: 8991,-171,11481. 82S 11,188 

I5B -MC 221 -3lj " — — 

Total Y a E7U *•*» 

Top las BUY 888V -I0'l — 

Wostpac AS 216 280 

Yaa*al5lBhY..4C 553-’, -**, 656 


291 

£9 


197 
364J 18,882 
W, 5.473 
194 3813 
442 6,109 



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f? S-5 unxmtto f N 865 

&1 2X3 MeM In 60 

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W 35*4 nnTPrrti - 

M 1U | OlES 


BREWERIES 


11.1 
68 
0 A 

48 

43 102 HoecnstDU _□ £131 A -Pg El! 

55 10.7 KoBday CTetSca+roCI 2f7 

08 « IQ SB 

08 152 Brsk LD 

D8 241 KAte *■' 

S.S 108 Laurie. * 

58 ftl HIM tan 

6 6 * Mamas HO 

38 198 Uiaafl Hussef KQ 

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41, 11.1 YrtSKsEn _.wn 

07 48.4 waaainolnM._^ti 

0.7 bf.7 YOrteflira *■ 

25 9 YUe Cotta 

08 491 

DISTRIBUTORS 



48 138 HMur — 

U ~ (BY □ 

<2 65 j ggy nrm 
2X> 33J? 5 

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38 178 pupjp, 

48 1SLI 5£? 8Hn5 ** K - = 

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42 138 

5.2 71.5 S™* 33 !* 

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-4*. 751 359*2 Q831 

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-3 191 IIS 8272 

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3B8 335 1305 

B76 730 300-7 

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90 SS 149 

320 250 578 

-1 70 35 272 

281 210 1308 

-1 46 31 238 

-4*, 473 320 9807 

-*a -oBt tap, maw 
-90 B43 SIS 11350 

-I h £8215 E16* 3899 

“31 24 827 

— 91 66 384 

74lj 968 
£14 6861 


YU 

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28 117 AROlit 

02 112 AmJaraan Res CJ 

21 - AnQfcsajr 

08 - AngAfliCsUR 

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INVESTMENT TRUSTS ■ Cent. 

, or W 
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HOUSEHOLD GOODS 


sMng. — U t.D 
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229 3322 
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BUILDING & CONSTRUCTION 


AAFMs .. 
ADbeyff— 
Allen.—— 
AMEC 


Notes 


6*iPCYPT 64 *2 Id 

Anar — #LK4i: 188*1 

tarinnSytaa—tCl 58 

Uteri X— 

«wnaa b *f 


Pitas - high 

42 *86 

150 205 

169 200 

wi m 


\w 


uu 



BMIMncti AND 

tataay.-Znia 

Ben am ,-W 

Bfese JC 

Boat (HI +N 

Brandon Mn?- — *N 

Bittmrta 

B8SEA N 

SBtrSE 

GRP Hours 

Camptiel & Arm 

- >0} —N 


Tld — 




♦1*3 12‘i 


-cCvPt 88*j 

G*s»n — AIM 108*1 — 

73K - 

ataond JO 21*1 __ 

Era. an 378 — 

ramnar N 12 

SSSSSWg-tS n 

eopmsMS— —.ill 120 *2 

HnetockEunun—iN 188 -2 

Hendm-Snan-ttO i52d 

HtoosSM gNO 94 «j 

MoWfd— Z!_N 24 .... 

iactaon N 88a — 

ianto 8 S’, 

«*naY n 601 '2 -4 

Kata *WNQ llld -2 

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AWV Nul 238d +1 

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Sb9 


low CaoOn 
3* 988 

135 56-1 
148 64J 

99 M42 
128*3 84 146.0 

178 160 404 

85 *7 171 

■45B 333 1378 

191 113 528 

41 26 386 

43 26 238 

M77 1 14 218 

86 18*3 092 

45 28 189 

282 161 3108 

189 122'; 3711 

*304 179 1878 

5B *0 111 

*571 361 2953 

215 118 28.1 

41*i 21 402 

355 250 802 

8* 35 108 

*83 39 108 

180 202 
130 3418 
MIA 607 
5 182 

31 UK 
44 639 

201; 1178 

123 968 

82 814 

68 288 
100 102 
IT 786 
63 989 

19 167 
328 32.1 

5 487 

27 258 

833 848 
8S 88.1 
121 415 

139 3488 

s « 

43 

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28 4 Cmenfrt AO 

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5 0 15.3 OnklOQ JO 

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1994 MU 
l«h tat CapEni Grt 

1*7 IDS 284 4.4 

186 488 
293 208 

44 175 

22 004 

117 79.7 

3<* 118 
495 135.7 
17 789 

283 101 
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308 1328 
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545 *543 4094. 594 

514 -8 G5B 502 S8M 

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lead *3 *162 139 su 

1ft 34 18 118 

24 -1 48 24 782 

74d -2 90 GO 073 

05 *78 59 239 

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173d -1 *227*, 173 702 

273d — *342% 368** 1302 

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Z15V E1B C11V 2606 

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170 230 12 2126 

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1094*, +2V 1094 V S£BV 1616 

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128 -1 182 

123 -I 144 

21 30 

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16 308 

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45 194 warrants— d 

10 - Ala & /Was 

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7.4 116 AflesDU (d 

45 - American Gan s. era 

1.7 482 America** BUS E35» 

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425 

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650 

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313 

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190 

102 

_ 333 

_ 160 

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163 391 

ZOQ 415 
4V 106 
166 385 

238 245 

438 1112 

413 >011 
445 G3.1 

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129V 2897 
211 545 

219 1335 
1M M85 
33 225 
113 198 

72 198 

214 1X6 

YSi 191 
117 391 
97 1015 
44 4192 
155 110 

S3 199 


26 ISO Warrant . 

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98 125 ForBCUEn- -»q 
37 - FerBCMEoro *#•- 

92 106 ForACd Gem* AlC- 
4.5 42.7 Hiertants. - - ... 

23 162 FcrAUHtfl to»*J 
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32 165 
67 193 

2.1 185 

13 205 £| 

94 14.7 SS'S* 1 ;E 

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93 17.7 SBh8 JO 

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28 113 RedauumCS. 

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28 115 HMtnylTWtomUCI 
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- Trade kakn.-.fttc 

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26 299 

*; 186 INVESTMENT TRUSTS 

35 24 0 


154 -2 

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87 78 245 

45 34 254 

C14'i E9V 6698 
_ £50 17M 

MBISSV £738 18522 
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112 84V 573 

32 «59 

£20 2580 
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05 685 

89 775 

481 38B3 
86 493 
1883 1196 
142 52.1 
89 278 
161 1550 
MB 25=1 
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238 1598 
1B7*j 1015 

86 298 

239 1192 

120 1726 
1S7 1715 
159 82.7 

91 ZSL2 
in 1608 

£46.', 3874 
B4 398 

147 785 

77 492 

109 290 

34 106 

78V 190 

_ 101V 135 

*390 232V 1,787 

•222 139 B2S8 

£8V 1.193 
104 54.1 

54 396 

285 2529 
82 298 

21 997 

QMS 102.7 
51 1192 
133 BtaO 


P^ 


GT Japan 8**C 
Gorimara Am® *4 - 

XocoP* - — 

Griwore BAhtc r 87>:d 


=44d 

34 

90V 



254 a 323 

13Gd — "203 

1740 _ 310 

178 IDS 

94 119 

170 *2SB 

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■1 110 

174d 188 

77 108 

115 M2SV 

34 83 

Bid 99 

103 -I 124 

Z75d -7 
1S2d -3 

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~ JeroOteftel . — 180 

■ ■ IPbB - 7 ISSd 

B6 - GariaanEaiFec f*3 I4B 

“ Wterans. . — 90 

" tbrtnaro£®o 891 1M 

J? * Mamra 250 

1 Oortrioe Scot tec 1JC 7 M 

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* 4 105 am DA, PI 94 

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11 >79 Go* Cora he. .-ft." 1O8 

92 135 cap _ . . _j.Z 158 

1.9 54i stepped PI -N 108 

52 205 GeiSKunv.. . fkC 91 

87 SO mnante 33 

15 716 Gcrraan Sn® .. f.tl 192 

42 - wanna 101 

49 74 angowtoc— 40d 

19 - GmetiftBStaCasKn I4i 

47 59 Grrrftt emit MM3. ISO 

99 1X4 aurrara . . 43 

SB 115 GMSGUriSireCa'i : 07 

5 5 16B VWtrara ...... 37 

16 to GnttttHlgiiiwaMNiIi Sid 

55 107 Watrams Ll « 

38 - GOTOff Drtcml .Jfj 401 

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174 GrernMor- _.«si 418 

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to GraHunlkiusn 18 

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to GmuaOw . 4**.' 




so 

101 

208 

104 V 
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303 

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97 
108 
1131; 
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122 
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83 
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419 

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89 womno _□ 48 

17 ; rteotTO) "c«tn= 

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a 0 Warrants . _ ... 
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“ UA-.L.1 In— Th. Tn 




245 

28 


20 458 


1994 


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Notes Price - Nhi lew Grid NAV Ptnt-1 
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T Horrid imTa . . 

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id j, n HoanrGTlSmlrQai I 
54 ill Hgfcta-.-P 

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166 


108 

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37 

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121 

101 


871; 

45 


191 

139 

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36 


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112 

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429 

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346 

234 

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410 


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19 


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46 

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111 

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152 

113 

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86 

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120 

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175 2S0-I0J 

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01 11133 187 
09 23 7 130 

75 45 < -1.1 

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93 1290 75 


75 SI 8 07 
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17 ress 119 

25 4523 70 


15 1496 98 
05 SJ9 1QD 
08 1087 45 

U 1113 736 
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to Unite Jt 


3 2 156 SoraSwaibR to 515 -12 AGO 

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15 232 HotaiHac — i«3 
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91 *54 4.6 344 

321 6875 4.4 194 1« 

33 255 20 <{, SSSL 1 ?. 3 *S& 

in 26 115 ** ala ^ 


38 18.1 


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IG 

341d 

54 

211 

9 

147 

310 

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ABrfghtan 6G 

Aknrasc N 

AndWtey «Q 

Anglian Crp_. .flQ 

AIJBO _4C 

BMS5 .5*tN 

BP® — NG 

BogosMse . M ... 

Baitun ..Hlj 37Vd 

Bolsfaadlnd . .BMC 192 

BocMow Vi 

Blue Prole. *NQ 

JVscCirPr 

Brwdon . .. .Al 

BritOredgarg... .. N 
BnnroS'i’ Aggrs SO 
CAMAS iu*C 

owe .. . ;,*□ 

C5RAS. 

CateueadRobA .. 

Cow art 

Candan ... *ti» 


341 

_ *6SV 
-2 378 

22 

-1 183 


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6610 — 
284 d -3 
154 -2 

sod -a 
137 
30d 

75a .... 
3M -3 
215 -2V 

43 

237 .. 

273d 


I904 MM 
iton kw CapEm 

*27 12 116 

283 105.7 
43V 23.1 

210 
W. 

136 
274 
91 
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142 

■60 

244 

83 

391 

207 

117 

164 

41 


1895 

124 

136 

1651 

SOJB 

207.7 

2807 

104 


1855 
256 
245 
18.1 
2295 

*401 721 16tt 

3S8V 215 1648 

70 71 226 

278 237 1285 

,, - - - ---- ‘*59 25* 1532 

rvoctPi i34i ; a -1 -213*3 tasv ani 

CWeltun AN 56 - - BZ 46 450 

□atty aftel! 90 -I 117 

Dyson (JS5 . M 91 134 


262 25B7 
144 
77 
130 
27 
67 
321 
215 
31 


N 


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EflMt AN 

Epwil ffr 

Ertdi 4lN 

EsriaeraLV _ {O 
OdtoSOmdtA *tN 

GraScnK «l 

CratwnGnjuD.-im 

HafcmndUl N 

Heaoii91 5 

HeftaitE. 

Hepnoroi IC 

Hewetson IN 

Hewtf in 

Hoywom WL at JO 

CtPf 

Seaeck HD 

Wamrt C 

Jann WorcSrid.. SQ 

Jomsai ft* 

Hnggpanlt ..jfr 
Uarge-Cccs FFr . -J 

Latham tfl .n 

Utesnon JtN 

9n CtPf 

Bariev XiCI 

ttorjsftx. MQ 

GVgCvPI... 

Meier WC 

writer -v 

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Homos +HG 

Ptiocnl. 

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taywoo .TIC 

QyiliylH G 

RMC 5tMZ 

Ramie; _£n 

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78 

av 

14 

315d 

airi 

VI 

778V 

IGGd 

3TM 

119 

66 

3950) 

76 

130 

287d 

130 

77a 

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4 

283 

138 

I55d 

135 

isea 

143 

114 

380 

46 

i67a 

124 

12 

190 

87V 

129a 

M 

97M 

19 

4644 

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97 

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359 

82 

4V 

99 

390 

218 


85 

94 

76 

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Recta __.a 

fttstoant in u* 2 d 

RaewraW WIC 156a 

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SWP N 

StamSRsiHf *TN 

Saw (A* ... ,_v»W 


130 

.... *71 V 
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-1 82 
_ 205 

*1 -473 

— . 205*2 
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9 

__ 4V 
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ire 

-3 160 

... 213V 

156 

131 

-5 -569 

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>98 
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185 

*30 

-I 1079 
-2 40 

-5 on 

.... 100 

- 15V 
*1 212 
-2 MB5V 
-I 103 


146 

155 

9.16 

115 

2-30 

685 

316 

158 

479 

596 

1902 

1125 

157 

23.7 


11M 
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247d . 

£76,', - _ 

17U . - a 

175a .... 200 

29 -I *291, 


273 
57 

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70 
218 
185 
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204 mo 

46 7JJ7 
130 411 

206 2756 
130 286 

67 1326 

2 052 

3 2.13 

149 285 

07 355 

ISSi H5A 3547 
ffi 'N UZ 
145 4X8 

135 106 

130 3885 
126 1755 
110 715 

359 4785 
13 854 

1*6 1895 
U1 2165 
9 41B 

ISC 1514 
64*. 88.4 

126 2026 
ll 628 
605 1522 
19 456 

480 2630 
70 147 

10>, 266 
148 736 

117 7485 
82 205 

222 1815 
E8SA Efts’, 0,176 
“ Its 46S 
55 362 


- BTRNvka AS _t 

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46 to BbOy{J) HO 

3-3 30.1 BrateykwsKS.-J 

41 1 XB Codooii 9 Inus Mj 

16 - QMrtw _.-5nWNQ 

46 173 Cuoksm totMH 

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- - DCC in 

- - Hanson *M3 

23 131 Vtarads _□ 

3 4 136 9»5KCm 

*3 217 Harrisons & Cna JO 

HMIn *frO 

tachWn«HK$VQ 
JanflneHdgS — fQ 

Yu* 5*rtBifT> N 

AX bjc 8»»nerBNKr. — □ 

“5 Lonrin *0 

•*; ,5 i MasuMsw era Y.__a m,. 
^ WtsriMarY — fgG 471 

110 1 « K® 1 *"-"'® 

J' Setter totio 

®- 7 ' Warrants 96*98 

. ; “ Hbnaifc 99AJ4 — 

ll 20.2 SiSSSiirijH 

56 HL? TrS&'tteT.ifiio 
S6 18.2 

If-! Uhid«l£ rn 

66 36 6 Waasal *tfru 

2-7 179 Wteoen pCi 

52 to Whey JC 

- - tVAans ftlBO 

56 1S1 80 Or Pf 

4 1 18 1 

70 tii ELECTRICITY 

26 170 

si J Mtts Price 

I Cnha Uga HKS ..too 308V 

_ _ E«NM5idJ_pCl Til 

11 is/ S2E? S 



I59*i 5642 
55 130 

48 183 
773*j 15,110 

29311320 
79 1044 
63 87.7 
rev 083 

41 467 

M2 3,032 
W 1106 

49 79.7 
441j 1OT 
11V 164 

838*, 8663 
227 1623 
255 1260 
188 1406 
302 221V 11354 
47 V 21 1133 
£130 £105 323 
22D 152 1,172 

a iaVj 173 


5.7 761 


6V9 N«F 

Si p/e l&&§inSZZfrN 

63 15.1 Jjwtdnsons 

10JJ 7.7 How 4H 

U 268 JJWta*. m 

63 - Ojta--— — WC 

45 to BVpcOtPI 

21 383 8* *HO 

61 162 taco H 

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13 133 unca an 

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XI 

53 113 

j*} ^ Western Deep fl — ,+ o5V 

H u Western Mena 30V 

BS - Weston VLnnj 387 

' ,.7 WBougMnri — Ml 123 

f3 161 Sd_L fr 123 

3.1 - WiteOaskR a mi 

Z3 - word Hite ic — ao a 


]H SaTfioRr. 

Western Areas fl 



60 


319 

188 

91 

93 
172 
271 

94 
51 

rev 

17>; 


66 133 ZamtnCprSXI 

61 30.7 ZataeiT 

MO 


267 
167 
350 
450 1116 
33V 268 
55 X19 
500V 4642 
E3BV £20 V 9905 
31 27V 347 

-1 *388 3t»V 4JB4 

— 128 88 448 

— 123 51 612 

-A H2V EBjj 1167 

— 39 8 453 

-5 BO » 6X7 

68 48 764 


’ Aorms Enug Fare 40 

I Wterans- XI 

* Atma&aPtadnliO 

_ _ warrants 

45 2&S mmwMltotafuin 

lfL l i cwaraa 

27 17.0 * **m >Tm4Q 
IT 111 "rol^M 

1} {if A«naiPt1hc_«Nb Hid 
an 17 Zero Dte Pi — 1_„ *“■- 
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y g jn 1 WnuMd 

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_ _ ABanTsi ffr 1700 

ft , 1IQ America* W_tofrt]257Vd 
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320 

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148 

109 

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5.0 u.7 FOOD MANUFACTURERS 


t-V 218 


; J-i W-Hdgs «□ 38 

.7 21.9 MS HI XN M 


3.7 21.9 WM 1 
33 215 
65 93 
XG 93 
67 193 

93 

67 193 

60 11.1 "Hg" 

23 193 Vpo 



K = 


710 J»V 33B1 28 113 J*™** 1 >' W 

36 271j 5J9 42 293 HeawmO HD 


539 
OSh 2793 

issue 

«6 X42B 
183 1357 
543 3B1J 
115V 313 

137 2387 
107 238.0 
165 1861 
42 489 

27 139 

330 350*3 
204 1423 
151 1250 
74V 9115 
106 485L5 
- 245 5&» 

■324 246V 65L1 
135*i 93 S64 

13V 9V 165 

-6 *414V 322 1330 

-IV ire l»v 3573 


j! ^ NBOtPSfeS toll 

3« 36j HewnarKOJ 

M * 4*C1 

0.7 - Optamatrlcs <0 

5.5 143 OdtedWi VO 

54 115 Poweracnai — JO 
7.0 112 Pirapea Ms -totM3 
35 173 Protean —-— — H 
Si G03 Ouattanaric.JItlJCI 

73 161 RatatMeU N 

- FtDcoroa NO 

- - aVpPI 82d 

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if 13-4 Hertttaw ti 3tDri 

5 ’ - taWd 4 IQ 17B* ? 

’I - Mctareap — «n 53 

“ - RfcSa*on«tej„fr B3 

« I®-® Rrib-Aoyce MJ 174d 

17 2*5 ^ tNa 1B7rt 

1.7 2X6 Fknm, fl W 


287 — 341 

rev -V 

210 218 

IBS 215 

80 — 188 

60 71 


263 


Fkwspur —iJ 

.. Rittcon -JO 

Sfebe dQ 


187 Im . 

~7 372 LDndw1 ■ 


; IUM MJ 778 

Midlands JSMJ 720 

27 rei S 

■ji IS 9 NteOlOro 4*0 772 

S* * Nortnem Irebnd -io — 

u JiSfcdB 

s 

11 _ SaettanJ fra 400 

69 16J 3aan«ika IQ 708 

c| - South Yhteteni— JO na 

ib . Sotaem- WO Ta 

! _ Yofk3Nro fro 688 


-0V 

-0 


7GZ *2 


1994 Ud 
i low Cap£n 
' 172V 6122 
537 13BB 

568 1301 
534 1302 
83S 9043 
5*7 13*3 

530 404*2 6174 

569 9653 
329 B07.4 
587 U16 
449 4327 
308 33*6 
325 2347 


787 

688 

733 

171 

840 


Straco End's-. 

Skramatte — 

YM sea Grom — tom 

Gra ne SKFSKi o 

X2 - SrnBhs tnds. jMJ 

4.0 56.1 Splrari-Saco— 4M~i 
33 161 Storing Ms 1 

19 

40 11.2 tea — 

32 12.0 TWiDM— 

5? .ST FtaWylBUd *N 

18 IOI Tnday Carfcle 

Jf 103 TnnaTac *MJ 

“ TtaeaLteyd— .— MJ 
,1 *?n .•'"re** 

,'i-2 * H » to« 


22 

me 

earn 

2SEd 

sts 

102 

314*i 

81 

Eiin 


436d — 


161 Storing hdB fr 238 -I 

103 Smonds Eng — -fr 3! — 

93 TIGraa totHQ 359 -6 


193 
1M 
80 
13 
53 
70 

288 1462 
126 1168 
53 444 
B2V 293 
181 2,133 
157 1461 
22 167 

137 ZDS 
72 2561 
245 29-8 
500 2#M 
75 1565 
381 273V 2263 
82 35 418 

♦V rujj CTOfl 761.4 
4-2 SZ7V 411 1,355 
443 337 3368 


— MV 

— 95 
309 

-IV 185 
72 
M84V 
-3 *ao4 
-2 195 

— 27 

— *190 
M50V 

270 

-11 "830 

d« * , **4 
-2V 


622J1 

119 

33 

58 

137 

12 

84 


287 
42 
455 
61 

-ft E26J2 
121 


840 

824 

837 

795 


S9I 7SU 
551 897J 
540 1307 
532 1^31 


il !2-f Utdkduswes-Jjai UVa .'^1 
'%* V8EL *t«J 

si i s a w -T je 

« 'a* Sciri 


1310 

13*i 


155 

MSI 

18 

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197 
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343 1-080 
36 3,11 

eiav 7i67 
te asa 
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46 564 

IX 864 
7 1.12 

X &B0 
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~ AattB 4 Hufch _tfO 

~ AttOrtFWw.-toR'C 
in iia 

13 ^ ArofflwroE toQ 

'■2 J BataGQ fr 

u to aartAG) fr 

18 112 Ben^ra Otaos _ top* 
64 2BA BontaJ— liifS 

34 to BnbWemncd □ 

4J 207 Bonnwktes frD 

68 11.7 CPLAioibs UQ 

4.4 17J! QdtojSilBe«e XflO 
18 164 CarcxtatPlBato&C 

17 108 Conte MB *tN 

61 162 Continental Foortelu 
7.0 - Cmwldk 

38 ♦ _ . 

48 168 £*W»f , 

60 11.7 p« 

_ — D WM rn 

,, — Dimilitl— WHO 

_ _ Enrost fr 

io ill retail® JO 

1? 113 g2g; m -*?S 

g ,g cS5 , «S£JP.:.-^S 

eg to.1 Eraeocore E — 411IU 

“ Hate*™*! — lie 

_ nsdown JQ 

■ ■ Hanoi. _mj 

38 

g £ BHL— * 

48 182 

3,6 3D 7 

32 17JJ Moan 

- Nesne' (I 

42 165 NUnteP 

60 139 Northern 

31 264 HraSwieita— ^J 

17 166 Pesamte 

- - Reridn MJ 

M 46.7 IteAptiaid (CP) S _ 
22 - Dab«iMsenan_nJ 

- Sentry Farming — M 

17 17.1 Sliits _j*m 

21 165 Tate6Lyle_tofrO 

_ _ IWteyertWR □ 

s ! assess 

WdertnlAf—ltN 
West 


Pita 

283 — 388 

44 *74 

530 +1 £07 

135d 188 

220 — 270 

3TO 373 

44 *72 

40M -3 481 

^ ^ re| 

— +io — — ■ 


1994 MW 
tow CotCm 
265 9U 
43 31L3 
<99 1385 
1)3 1009 
C20 169 

305 SDS 
<2 809 
378 37X3 


_ A ataMeS ntor-JO 
in a Warima 

20 64 FTOlflafABhC « 

_ _ Eg M 96-2 

61 113 tootaGBJwi — J 
BiMeGHSMn-fra 
Bardans'-- — 4 fro 
Barirq Etnrg Euu/CQ 
WBnaite- ~ 


YId 

Grs 


takigSBiiuon— 



211 

■540 

225 


156 210 

407 3fiSO 
88 162 
143 124 

2 145 

IX 208 
90 112 
389 9765 

°S 83 

101 55 14J 

88 . 


fS2,‘pSSP A — 

unton rant TH 

Matthews HI t*J 



WE Bring Triune- , 

38 11J Bororamead kw 

110 14 J Wanaite 

IS 19.4 Bacon tala 

JS to Wtetais. 

65 64 Bony 
13 219 Betel ..._ 

61 - Warrants.. 

67 159 Bntta Assets -toilO 

u ma eqmzoos — a 

3 2 21 a iJrftEntav frO 

la 20.i Wteirits — I_I 

4.4 145 BrtMltw — fr 

aa 73 BraadgteeTsi Si 

ID 102 Bnnmer — .fr 

- - CUEmhmiental-_Z 

68 124 warrants 

ia to Centner „tK 

62 lii CMnainToL. □ 

67 - Mvcm 

13 02 OtyMerl 

fr i45 atyotr 

5jB 

68 


ma ZerotaPT. 
^ 11.7 Ctal Assets- 
41 64 wware.- 


.fr 


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H U-S 0 

7 -8 ZeroDhrW. 


64 122 Danse fac- 
- Cep. 


-fr 


H Dtanoor WHO 

63 117 remote. □ 


128 

47 

414 

258 

403 

123M 

Mto 

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158 

ISid 

46d 

19V 

210 

323 

81 

a 

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X 

220 

153 

03 

83V 

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VI 

37 

207 

127 

236 

98 

» 

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108V 

ra 

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30 

72 
87V 
196 
101 

73 
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83 

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-20 

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-6 

-4 

-3 

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141 115 

resa lias 

283 249*2 


165 

77 

<79 

Z70 

433 

181 

178 

799 

196 

219 

75V 

49V 

237 

381 


102 

48 

348 

231 

139 

,a nS 

98 

48 

234 

140 
272 
109 
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65 965 BVpcRPHA EUlVd 

, - , a5 Pur ine KN 

a iu W" 0 *^ 

DtajesiEngitaXIO 


»JS ra _1 — ^ “s s ,5! 

-»~E '!? :? ^ TIBS “ 


19 I7te 
08 


61 

+ WEtanson -JB 

Yorktare Food toUC 



f A {3| ELECTRONIC & ELECTRICAL EQPT 

3 4 162 +or 1994 Ma 


voters ®a 

VWm ?fr 


IG 160 ArootecMc A NV g 


£7 11.7 Matos 

38 182 ASEABSkr top 

63 - PCS W 

39 161 AamCornj fra 

17 17 S ABB JQ 1B3d 

MJ 20*2 +1 

_ 7M 

- Alta* X 34 

5* 19 B Asm HSR) tMJ 53*2*41 

7.1 22.2 BIG -MJ 

- - C*j Rn ItJVac 

2.8 - BeTOd Hunter. R 

- BertotwBusineasMJ 

12 to Betacon* MJ 

- Bfl* OW 

27 262 Botrihotpe tMJ 

- - Broom 4 ,*«j 

E 7 215 Oft Woo fr 

65 - Darted MJ 

10 - OtaUe fra 

4.3 14 7 CnnSel Tech totll 

37 149 Copymora 


For SndrioM intens Gra aaa X 

Scnng tan - . 44 *81'* 

tryeamcro. C OV _ -4*, 


Tarmac JO 

Won .;.t*r 

Trans P«rMn —tic 

Tudor AH 

Uragnug C 

IMrosa* Ceramic- LhC 
WroETOttce. . . _.*« 

taste* 

tatatey— - toT»C 


126d 

177 

297a -I 
24 .... 
X — 
101 .... 
S3 ... 

88d -1 

762 -II 


*206 

220 

370 

20 

M 

106 

63 

129 

97* 


28 198 cmtraevGro fro 

14 22.5 DRSDau Res IMJ 

IJ 217 ton ' - 

31 120 OanaBusSyst 
14 678 10D 54 Decs f 

DoBrtrun 

421j 1964 14 - Denhunl 4 

OV 292 DoturidoPlW-*. 

121 1.158 S5 - OaiMSng EM _ KJ 

177 113 iO 1X0 Oxu*. H 

274 3044 35 183 Brim — * 

21 2-62 IJ - BactraiiH B SXr Jj 

31 11 J - - Emote —fra 

BE 212 48 14.1 Ericsson (UQSKr -Cl 

33 132 - - EutWOpy .frQ 

67V 3309 1.8 200 Eunnlwra* tflMJ 

70S 2/M8 14 183 FnkW ftlNJ 



VteperHurn_4 _ 

YU Wan* ms fra 4BB 

Grte TO 7-repDrPI MS 

t.b - weir ot* a tom 

10 175 Wetenao MJ 30 

- - Wescol — frN 2Sd 

14 151 Ylharman tn 3SBd 

2.4 - tlhessee Ji 112 

10 158 

1.3 17.7 ENGINEERING, VEHICLES 

70 218 


-10 

1328 

980 

49X5 

14 

US 

-V 

31V 

12 

1X9 



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163 

57012 

25 

1X3 



327 

242 

1075 

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135 



no 

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125 




522 

461 

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a 

125 

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661 

2245 

32 

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21X2 

45 

23.7 


154 

741 

7X5 

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*3G4V 

348V 

GSM 

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39V 

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4X1 

30 

62.0 


*32 

20 

750 

12 

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548 

396 

885 


142 

— 

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90 

325 

92 

68 


DonotinEm 

DiteodtoncGn-tm 
OsatednJapri — □ 

Wtaarite □ 

Dunedki SnSk Co’s ..N 
DueedhrewidO — N 

4JD 104 

24 17.8 ^ 

u 4 ae raim — — u 
tfl 163 =ws~n 

30 14.G 

5* 24.4 = 

52 so Edrnevinca — □ 
35 78 Warrants _Q 

n^ B sst‘ir^ 

jj 


EantadiJaraLfrO 


Now Price 

MJ 283V Sl 

..frP 289 
3N 300 


♦ or 1994 Us 
- hWi low cap&n 

-3V »0 2S3 1Z29S 

375 Z58 4878 

3tQ 263 7X9 


„ Gdte New Tiger _toQ 
m WMrante_.r_ 5 
~ EdteSaoeCo-s.toHJ 

6 UL— — *“ 

wflmfvs — 


IX 

290 

77 

1B5V 

fi9 

IX 

wi 

M2 

IK 

828 

310 

771 

81 

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110V 

71 

81 

104)0 

49 

50V 

3E 

49 

SBV 

381 

18* 

MB 

41 

70 

42V 

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-1 140 

-I 78 

-1 163 

-IV 30 

— 18 

1MV 

-1 223 

— 127 

SB 

-t! »4 

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— re 

8149V 

-2 173 


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Amentan 8 


9.1 

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a , rri AutonnMe pnsaLMJ 

H 1S-5 AwnRutuor MJ ... 

T7 Jns DBA MMJiBVd 

28 172 GVpcCvPI IZSljd 

£a «7 BSGIed fMJ 591211 

_ ij; Bohsi -_fra 10VU 

27 22.9 Sastram — M 29M 

is i b 7 B erat ead toalQ 2B 

re to Wnta-Bera nfiaa £3ioV 

23 58* fr 323 

10 3 Ol taiM._ — *MJ 



_ m. 

2,5 ngnam N 

192 Uiro —tie 


37ta -4 *402 334*4 2814 


8.7 22.6 OMta. 

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2JI 22.4 Uastamr- 
60 214 Mtf-Stetea. 

09 772 Mroorrert.. 

- - Soloctlnds — friJ 

1.7 517 Syflenr’ — — WJ 

0.4 - TB* fr0217VM 

ia 3U tneiiY tic hi 

36 16S UPF. — IE 

16 220 IManagenDU Q . , 

2-1 168 VUwaar .<□ £12,1 



1994 Mkt 
taste tow Capon 
233 5JB 
IX 1X3 
UU 470 
474 1411 
173 781.7 
IZ1 1007 
59V 1760 

8*7 1X4 

180 404 
, 17 17.1 

£ £274A 1X884 
270 31J 

295 518 

510V 1103 
73 1X8 

341 40X2 
IX 1489 
25 268 

53 11X8 
09 363 

283 34 3 

5>] 4.7, 

149 264 

203 1.140 

3G3.1GM 
IX 587 
ElSWI 4JTOZ 

mi xs7s 


♦ or 

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398 -8 

16a — 
969 -8 

57 -2 

.. E11V **» 

Assoc unteo fr 24S 

ftUWMS .-ElBVsa -V 

Betsak -frD 278 — 

.Z ~ ESocurs — X — 

ii SH5 Btoracew 40 123 — 

i« «2 c**™ S <v — 

38 2X4 Qdri Infl toS Wi 


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100 

190 

111 

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144 

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156 
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80 
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3G0 

179 

1G7 

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47V 

31V 

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119 

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401 

220 

355 

117 

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150 

173 

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203 

311 

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114 

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97V 

194 

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117 

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147 

268 

73 

154 

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292 

725 

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■ - Warrants .... 

U «4 80 reespwCap.ffNC* 

- " Nervi StaErtQo. 30 

M 89.4 18 uranairi 

65 2443 7.5 ftSo 
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1X5 MJ -105 JoftramFirSensidJOO 

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74 1114 -04 Warrants..... 31 

V*- - U*s M 110 

-7111 68 top Pf — 61V 

- 1584 14 Weinwort Charter JfiD 198 V 

27 1774 -10 HehnotDev N 338 

04 KMiHrtEBsgHdBr IX 

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14 2444 14.1 XtewnBxlOWiwl *C 105 
24 3714 1X1 KUrmoiT Em Pltv Jj 701; 

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- - nefctvwrtWBhhcMJ 90 

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- - - Ktawrort (Tse« .JQ 232 

U2S4 XE Hefenori 2nd Endwp SB 

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54 967 54 Urad Hgh lac -MJ X 

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14 961 54 Lewraged O pd-T-W IX 

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24 2274 84 Cwtod X 

14 1174 -74 OMdeod XVtt 

24 2534 7 J Lon & SI Lawrence fr iem 

14HX5 104 ion i Strom fr 2X 

- Usi Anar Growih._t) 42 

43 3244 -14 Warrants 13 

- 1294 174 Lon Sntaer dote N X 

- - - Ldririd 4MH 290 

74 1X9 -4 MSG DoTO SlC._— N 280 

174 Z65-444 Cap 2S33 

- M SG Income he _Q 39 

- - - ftp Q 30V 

14 2054 52 PadamalWte— p 120 

- - - Geerm Units □ B9V 

184 - - tooOhPil 51 1 

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- 674 435 ton DAT Pit- SB 

1X4 954-18.1 Package UMte — £5 131 

- - MS G 2nd Do* he JJ 134 

,Z ? 444.1 34.7 UKhdlvS ix 

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114 903 64 
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XI 1337 58 
- 114.7 207 


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117 - - 

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34 1304 -4 

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34 2284 1X4 
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26 


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iWorld 
k Leader 
| in rolling 
0 bearings 


FINANCIAL TIMES 

Weekend October 22/October 23 1994 


SHEERFRAME* 

Specified 

Worldwide 


I B-Pfaartkai Umttad 
Tel: 0773 8B231 1 


EU averts budget crisis 
with compromise on fines 


By David Gardner in Brussels 

European Union finance 
ministers reached a compromise 
yesterday over fines due from 
Italy for cheating on its milk pro- 
duction quota. 

The settlement resolves the cri- 
sis over the union's planned bud- 
get increase and means that 
enlargement, due to bring in Aus- 
tria, F inland. Sweden and Nor- 
way next year, can proceed 
according to plan. 

It should also avoid a disrup- 
tive delay in the appointment of 
a new European Commission 
next January, which will include 
nominees from the four candi- 
date member states, assuming 
referendum^ in Sweden and Nor- 
way back EU entry. 

Failure to proceed with the 
expansion from 12 to 16, and, as a 
knock-on effect, to achieve Euro- 
pean Parliament ratification of 
the new Commission, could have 
paralysed the union. 

The crisis arose because Italy 
had refused to ratify the increase 


in EU revenue agreed two years 
ago unless it was let off part of 
its fines for exceeding the milk 
quota. Spain, one of the main 
beneficiaries from increased 
union spending, in turn said it 
would not ratify enlargement 
mil ess the revenue decision was 
adhered to. 

Germany, currently president 
of the EU and the greatest enthu- 
siast for expanding the union, 
effected a compromise that 
increased the level of fines on 
Italy, and to a lesser degree 
Spain, for breaking quota targets. 

Under EU rules, total liability 
for both countries should have 
been Ecu&Sbn t£3J3Sbn). but the 
Commission had halved that to 
Ecu2.ibn. provoking the UK to 
appeal to the European Court of 
Justice, and prompting outright 
opposition from the Netherlands 
and Denmark. 

Total fines on the two were set 
yesterday at Ecu32bn. of which 
Italy will pay Ecul.Sbn in four 
equal instalments between 1996 
and 1998. 


Significantly, ministers did not 
vote on yesterday’s deal. Mr Tbeo 
Waigel, the German finance min- 
ister chairing the meeting, 
merely announced unanimous 
support for proceeding with the 
revenue increase, and the 
required majority for the milk 
quota compromise. 

That enabled the Dutch and 
Danes to claim they were out 
voted. The UK had been con- 
cerned that an overt vote, in 
which the Netherlands and Den- 
mark stuck to their guns, and the 
British government appeared to 
cave in, would leave it vulnerable 
to criticism from Euro-sceptic 
MPs over the revenue Increase. 

An ebullient Mr Kenneth 
Clarke. UK Chancellor, insisted 
"there was never a snowball's 
chance in Hades of getting over 
Ecu4bn", in fines even if Britain 
had won its court case. “Three 
birds In the hand are worth four 
in the bush,” he said, imripriining 
that Ecu3.2bn was the largest 
refund to the union budget ever 
set 


Howard backs green lobby 
against holiday village plan 


By Michael Ska pinker. Leisure 
Industries Correspondent 

Mr Michael Howard, the home 
secretary, is backing environ- 
mentalists' calls for a public 
inquiry into a plan by the Rank 
Organisation to build a £lOOm 
holiday village in Kent 

Rank says the proposed village, 
which would be built in 300 acres 
of woodland near Folkestone, 
would bring 1,000 jobs to an area 
of high unemployment 

It is strongly supported by the 
area’s local councils, one of 
which voted overwhelmingly ear- 
lier this month back the project 

However, local envir onme ntal 
objectors have received the sup- 
port of the Countryside Commis- 
sion and the Council for the Pro- 
tection of Rural England. The 
commission is opposed to the 
project because it is in an area 
designated as being of outstand- 
ing natural beauty. 

Rank, which also owns the But- 
lins’ holiday camps, says the vil- 
lage would be screened horn pub- 
lic view and noise from the site 
would be inaudible to local resi- 
dents. 

The village, built on land pur- 


:p'3$ w f ' 1 

.*:■& _ -■ London 




chased from the Forestry Com- 
mission, would be a family resort 
similar to those built elsewhere 
by Center Parcs. It would have 
an 18-acre lake, a covered water 
area, a golf course and 840 accom- 
modation units. 

Mr Michael Stickland. the proj- 
ect's director, said that although 
residents would be deprived of 
access to the 300 acre site. Rank 
proposed to open up 750 acres of 
nearby woodland. 

Kent county council’s planning 
sub-committee said last month 


that the economic benefits of the 
project outweighed the environ- 
mental impact. The council is 
jointly controlled by Labour and 
the Liberal Democrats. 

Shepway district council, 
which is Liberal Democrat-con- 
trolled. also decided earlier this 
month to back the project by 41 
votes to eight. 

Although the district council is 
the planning authority for the 
area, the project still has to be 
approved by Mr John C umme r, 
the environment secretary. 

However. Mr Howard, who is 
MP for Folkestone and Hythe. 
has urged the Environment 
Department to hold a public 
inquiry into Rank's proposals. In 
a statement during the summer. 
Mr Howard said he had stressed 
to the Environment Department 
“the widespread opposition 
which exists to the proposals”. 

Mr StickJand said he feared 
that a drawn-out public inquiry 
would reduce the commercial via- 
bility of the project He said the 
lack of support for the village 
was in strong contrast to the gov- 
ernment's provision of £58m to 
encourage Samsung to build a 
factory in Cleveland. 


Unease at 
N Korean 
nuclear 
agreement 

By Frances Williams in Geneva, 
John Biaton in Seotk and 
George Graham hi Washington 

The US and North Korea 
yesterday signed an agreement to 
defuse nuclear tension in the 
Korean peninsula in spite of 
signs of international reserva- 
tions about the wisdom of provid- 
ing financial aid and advanced 
technology to a country that con- 
tinues to flout the Nuclear Non- 
Proliferation treaty. 

The board of the International 
Atomic Energy Agency will meet 
in Vienna next Tuesday to dis- 
cuss what it considers the “trou- 
blesome precedent” set by the 
accord under which Pyongyang 
will freeze and then dismantle its 
nuclear programme. 

The agency is concerned that 
there will be a delay of several 
years before the agency can have 
full access to North Korea's 
nuclear sites, putting it in non- 
compliance with, the treaty. 

Many South Koreans have also 
expressed reservations about the 
part because ft is felt the US has 
made too many concessions to 
the North. In a recent South Kor- 
ean opinion poll almost 60 per 
cent opposed the deaL 

In the US, the opposition 
Republican party was quick to 
complain that the Clinton admin- 
istration was rewarding North 
Korea for its violations of the 
non-proliferation treaty. 

The framework document 
signed yesterday in Geneva out- 
lines steps to be taken by each 
side, starting with the freeze by 
North Korea of its existing 
nuclear programme and a halt to 
the construction of two 200 MW 
and 50W graphite-moderated 
nuclear reactors. 

The US will begin to form an 
international consortium - 
known provisionally as the Kor- 
ean Energy Development Organi- 
sation - to organise and finance 
the $4bn (£2.5bn) construction 
programme for the two 1.000MW 
light-water reactors. South Korea 
wfil have a dominant role, with 
help from Japan. 

But it will be five years before 
North Korea is obliged to open all 
its nuclear waste sites to inspec- 
tion and the year 2003 before it 
has dismantled installations. 

The US will also reduce trade 
and telecommunications barriers 
and establish a liaison office. 


IAEA grapples with deal, Page 3 


Dollar rally I Jaguar workers reject 7.5% offer 


Continued from Page l 

recent weakness has adversely 
affected other US financial 
markets. 

Investors are increasingly wor- 
ried that the US Federal Reserve 
has not moved quickly enough to 
raise interest rates and slow the 
growth of the US economy. The 
Fed is not expected to raise rates 
before the US congressional elec- 
tions on November 8. 


Continued from Page 1 

workers accepted the pay ele- 
ment of the negotiated offer, 
which increases their basic rate 
by 3.5 per cent from November 1 
this year. Next November, the 
company would pay a further 4 
per cent or an increase equiva- 
lent to the retail price index, 
whichever Is greater. But the 
unions and the company believe 


workers dislike the requirement 
to work “compulsory” overtime 
on top of their basic 37-hour 
week. Under the proposed deaL 
employees -would have been 
expected to work overtime 
“should it become necessary to 
meet operational needs and/or 
maximise efficiency”. 

Both sides are keen to avoid 
industrial conflict. Jaguar said it 
believed there was still room for 


manoeuvre. A senior TGWU offi- 
cial added that the union was 
confident that a settlement could 
be reached. The offer also guar- 
anteed no compulsory redundan- 
cies. provided the workforce con- 
tinued to back efficiencies, and 
greater security of earnings 
where workers have to be laid 
off. Workers would have to 
accept new working practices to 
make Jaguar more competitive. 


I 


FT WEATHER GUIDE 


Europe today 

North-western regions wiH be mild with 
cloud and rain. Heavy rain is expected, 
especially in France and the southern 
North Sea, while the British Isles will 
have rain and some dear spells. Winds 
will increase to gale force on the west 
coast of France and over the Channel. 
Rain over the Mediterranean will move 
east Heavy rain and some local 
flooding is expected in Greece. 
Southern Italy will have rain, while 
southern France and northern Italy will 
be dear. Central Europe will remain dry 
and sunny with a breeze. Northern 
Russia will be cloudy with outbreaks of 
rain and sleet 

Five-day forecast 

Scandinavia's dry, sunny spell wfll end. 
The North Sea region will be unsettled 
but mild. It win be much colder later in 
the week. Showers over the 
Mediterranean will move to Turkey 
after the weekend. Heavy rain is 
expected in Greece. 


TODAY’S TEMPERATURES 






T T • : V. , .43. 


: "22 




N 1.,0 S f 

/*■■■ h. "... 

/:• ' Warm front Cold front Wind in KPH Cj&jw 

Situation at 12 GMT. TamparaUBea maxim um for day. Forecasts by Metso Consult of the Netherlands 



Maximum 

Beipng 

SWI 

17 

Caracas 

thund 

31 

Faro 


Celsius 

Belfast 

rain 

13 

Carrfff 

shower 

15 

Frankfurt 

Abu Dhabi 

sun 

34 

Belgrade 

fax- 

13 

Casablanca 

sun 

22 

Geneva 

Accra 

dowdy 

30 

Benin 

fair 

14 

Chicago 

rain 

20 

Gibraltar 

Aigte* 

fair 

24 

Bermuda 

Mr 

28 

Cologne 

ram 

17 

Glasgow 

Amsterdam 

rain 

15 

Bogota 

doudy 

20 

Dakar 

sun 

30 

Hamburg 

Athena 

rain 

23 

Bombay 

fair 

33 

Dallas 

fair 

37 

Hdsbifd 

Atlanta 

thund 

25 

Brussels 

rain 

17 

Deffti 

sun 

31 

Hang Kong 

B. Ainas 

fair 

21 

Budapest 

doudy 

8 

Dubai 

sun 

34 

Honolulu 

BJiam 

shower 

14 

CJisgen 

doudy 

11 

DubSn 

ran 

13 

Istanbul 

Bangkok 

fair 

33 

Cairo 

fair 

33 

Dubrovnik 

shower 

22 

Jakarta 

Barcelona 

fair 

21 

Cape Town 

fair 

18 

Edinburgh 

ram 

13 

J«ey 


1 

No other airline flies to more cities in 
Eastern Europe. 

I © 

Lufthansa 


Karachi 

Kuwait 

L Angeles 

Las Palmas 

Lima 

Lisbon 

London 

Lucbourg 

Lyon 

Madeira 


tab- 

23 

Madrid 

fab- 

19 

Rangoon 

fair 

32 

rain 

17 

Majorca 

sun 

23 

Reykjavik 

sun 

6 

fab- 

17 

Marta 

rain 

22 

RiO 

thund 

28 

sun 

23 


shower 

14 

Rome 

thuid 

24 

rain 

13 

Manila 

thund 

30 

S. Frsco 

fab- 

19 

rafci 

16 

Meibotsne 

fak 

21 

Seoul 

lair 

16 

sun 

7 

Mexico City 

tab 

24 

Singapore 

rain 

31 

sun 

24 

Miami 

thund 

29 

Stockholm 

sun 

10 

fair 

30 

MSan 

fair 

16 

Strasbourg 

show 

17 

shower 

19 

Montreal 

shower 

18 

Sydney 

shower 

19 

fa k 

32 

Moscow 

sun 

7 

Tangier 

SUI 

22 

rain 

15 

Munich 

doudy 

15 

TalAvtv 

sun 

33 

Bun 

36 

Nairobi 

doudy 

26 

Tokyo 

tab- 

24 

sun 

31 

Naples 

rain 

22 

Toronto 

fair 

17 

sun 

24 

Nassau 

thund 

30 

Vancouver 

doudy 

12 

sun 

25 

Now York 

star 

19 

Venice 

fair 

16 

doudy 

21 

Mce 

sun 

19 

Vienna 

doudy 

9 

shower 

22 

Nicosia 

lair 

29 

Warsaw 

sun 

7 

rain 

17 

Oslo 

rain 

5 

Washington 

sun 

20 

rain 

15 

Peris 

rain 

16 

Wdllngton 

rain 

17 

fab- 

19 

Perth 

shower 

T9 

Winnipeg 

dwwer 

8 

Ur 

24 

Prague 

SU1 

a 

Zurich 

tek 

16 


THE LEX COLUMN 

Sharing the pain 


Equities have had a bad week. 
Yesterday's troubles stemmed from 
the overnight slide in the dollar and 
Treasury bond weakness. Earlier in 
the week, the culprit was faster- than - 
expected growth in retail sales. While 
both factors are real enough, they 
need to be seen in context Retail vol- 
umes do, indeed, appear to be growing 
rapidly but prices are subdued. There 
is little reason to think inflation is 
r unning out of controL Furthermore, 
yesterday's gross domestic product fig- 
ures suggest that the economy is slow- 
ing down to the sort of rate that 
should keep inflationary pressures at 
bay for some time. 

The dollar's problems are harder to 
sweep aside. Not only is there a direct 
impact on the earnings of companies 
with large US subsidiaries; the accom- 
panying rise in Treasury bond yields 
has had a knock-on effect on gilts. 
With gilt yields rising, one would have 
to be extremely optimistic about divi- 
dends to expect shares to remain 
unscathed. While dividends should 
grow at about 10 per cent both this 
year and next, it is hard to argue that 
such a pace can be kept up after that 
if inflation really is under controL 

The best hopes for equities are 
therefore either that the dollar recov- 
ers or that gilts break their link with 
Treasury bonds. At some point, one 
might expect the UK to he rewarded 
for its fiscal and monetary correctness 
by a further narrowing of the yield 
spread between gilts and Treasuries. 
But sceptical investors will probably 
wish to wait at least until next 
month's Budget to reassure them- 
selves that the chan cellor's virtue has 
staying power. 

Japanese brokers 

Yesterday's half-year results from 
the top 20 Japanese broking houses 
were as grim as predicted. Only two 
reported year on-year-increases in 
earnings, while 16 posted losses. The 
primary cause was poor trading vol- 
umes on the Tokyo stock exchange. At 
the bubble's height, turnover regu- 
larly exceeded Yl.OOObn a day. But 
during the first half of 1994. average 
volumes scarcely reached Y360bn. The 
collapse hit second-tier brokers partic- 
ularly hard because equity commis- 
sions generate an especially large pro- 
portion of their revenues. 

The outlook is bleak. With domestic 
and foreign investors put off by uncer- 
tain prospects for the economy and 
corporate sector, the market's chances 
of reaching the brokers’ predicted 


FT-SE Index: 3032.8 (-30.4) 


FT-SE IOO Index 


3.600 



Source: FT GrapHto 

daily volumes of Y550bn during the 
second half remain remote. 

Brokers have responded by cutting 
costs with an alacrity unusual among 
Japanese companies. Numbers 
employed by the industry have fallen 
nearly 20 per cent since June 1991. 
Even so. more radical solutions are 
required to reduce capacity and 
increase demand. The traditionally 
cautious ministry of fiwawr* may be 
tempted to create an orderly and grad- 
ual rationalisation through mergers. 
That is the minimum requirement. 
Abolition of Tokyo’s system of fixed 
commissions, which keeps transaction 
costs artificially high, could achieve 
more. In the short term, margins 
would be reduced. But in the longer 
term deregulation would encourage 
greater efficiency and boost trading. 

Brewers 

Shares in the UK’s leading brewers 
held their ground this week in spite of 
the fell in the overall market This 
burst of out-performance reflected 
hopes of a wave of mergers leading to 
rationalisation of the industry. 

Rationalisation is clearly desirable. 
There is 25 per cent overcapacity in 
the sector and price pressures are 
intense. Taking out capacity would 
give a reduced number of brewers 
scope for improving margins. They 
would be able to cut production and 
distribution costs and push through 
increased prices. An opportunity for 
such a shake-up may present itself if 
Foster’s Brewing Group - currently 
reviewing its commitment to the UK - 
decides that it should sell Courage. 
Were Scottish & Newcastle to emerge 
as the buyer for the UK's second-big- 


gest brewer, as rumoured in the mar- 
ket. the move could prompt Allied 
Domecq to extract itself from its Carls- 
berg-Tetley joint venture. Such con- 
centration would significantly boost 
the industry’s profitability- 

The government would be hound to 
look askance at any merger between 
S&N and Courage, since the new 
entity would have a combined market 
share of 32 per cent. But that does not 
mean they should shrink before even 
testing the political water. A review of 
the competition regime, five years 
after the introduction of the “Beer 
Orders” limiting brewers’ ownership 
of pubs, is overdue. An S&N move on 
Courage would be a welcome catalyst 
to change in the sector and oblige the 
government to take a fresh look at the 
broader competition issues. 

UK pay 

Yesterday’s rejection of an 7.5 per 
cent, two-year pay offer by Jaguar 
workers appears to provide swift sup- 
port for the Confederation of British 
Industry's warning about rising labour 
costs. Even if the Jaguar workers’ spe- 
cific worry about overtime makes it a 1 
special case, there are clear signs that 
wage growth is picking up. The Jag- 
uar offer follows the recent 10 per 
cent, two-year deal at Rover. While 
settlements in manufacturing have 
attracted most attention, several large 
retailers have also agreed hefty 
increases. 

Even so. judging by the official sta- 
tistics there is little cause for alarm. 
Though there is quite strong real wage ! 
growth, pay increases in manufactur- 
ing are still being outstripped by pro- 
ductivity growth with the result that 
unit labour costs are declining. But 
there are concerns that the headline 
pay agreement numbers tend to under- 
state the increase in total labour costs. 
Moreover, the likelihood that the 
increase in employment is being 
under-recorded would mean that pro- 
ductivity growth is not as strong as it 
looks. 

In any case, improvements in pro- 
ductivity should start to slow as the 
cycle progresses. Meanwhile, compa- 
nies like Rover, which cut out all the 
slack in the recession, are having to 
recruit again and an increasing num- 
ber complain about skills shortages. 
That is not to say that rising wages 
will feed through swiftly into infla- 
tion. But they will put further pres- 
sure on corporate margins, already- 
squeezed by higher raw materials 
costs and stagnant output prices. 


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WEEKENn OrTrvnf n 




WEEKEND FT I 





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SECTION II 


Weekend FT 



Howe 


and 


why Europe 
ravaged 

* the T ories 

The ultimately explosive nature of 
the Thatcher-Howe relationship 
is explained by ex-chancellor Lord 
Lawson in a review of Howe's book 


Conflict of Loyalty, by Geoffrey 
Howe. (Macmillan, £25. 736 pages). 

G eoffrey Howe has 
completed the last 
major ministerial 
memoir of the 
Thatcher era, a sub- 
stantial book by a subs tantial politi- 
cal figure. After Margaret Thatcher 
it was Geoffrey Howe, her first 
chancellor and Longest-serving For- 
eign secretary, who played the most 
pivotal role in that remarkable 
decade. Always readable, warmly 
human, and characteristically 
fair-minded, it is an essential docu- 
ment for future historians. 

A fine mind, intellectual convic- 
tion, courage, integrity, tenacity, 
resilience, great courtesy allie d to 
driving ambition, and a voracious 
appetite for work - he tells us that 
he needed, like his prime minister, 
only four hours' sleep a night - 
combined to make Geoffrey Howe a 
formidable minister. 

It was his courage and resilience 
in the face of the most appalling 
pressures that most contributed to 
his success as chancellor. In 
period, he is perhaps best remem- 
bered for his brave 1981 Budget, 
which increased taxation by £4bn, 
in terms of 1981 money, at the very 
pit of a recession considerably 
deeper than the one through which 
we have recently passed. 

The 1981 Budget came to be seen, 
along with the Falkland* conflict in 
the following year, as file watershed 
in the political fortunes of the 
Thatcher government Not only did 
it coincide with the end of the eco- 
nomic downturn, and the start of 
what was to prove an unusually 
prolonged upswing, but Its success 
confounded the government’s crit- 
ics and threw them into disarray. 

In his book, Howe is able to 
debunk the subsequent myth that 


the Budget was not really his (and 
his Treasury colleagues’) at all, but 
one imposed on him by Number 10. 

No similar climacteric punctuated 
his time as Foreign secretary, 
where ins patient diplomatic skills 
were often employed to great effect 
Geoffrey came to love file Foreign 
Office and his work abroad as For- 
eign secretary. The problem lay at 
home, in the tension between him- 
self and Margaret Thatcher, which 
became evident quite early on but 
which steadily grew in intensity. 
That increasing tension, which ulti- 
mately led to his explosive resigna- 
tion from her gove rnment , is the 
sub-theme of this book. 

According to Geoffrey, the deteri- 
oration in equality of the Thatcber- 
Howe partnership occurred “not, I 
think - at least initially - for per- 
sonal reasons but largely because of 
Margaret's profound antipathy for 
the {Foreign] Office". 

There is, of course, much truth in 
this; but it is not I think, the whole 
truth. Margaret Thatcher certainly 
regarded the Foreign Office as irre- 
deemably wet if not actually on the 
ride of the foreigners. But there was 
a personality problem, too - and 
one which went beyond, although it 
was compounded by. their unfortu- 
nate personal chemistry. 

Geoffrey Howe is no wimp. He 
was, for example, and rightly, an 
early and persistent hawk on the 
trade union issue, which loomed so 
large during the 1970s and early 
1960 b. But it remains the case that 
ids political philosophy, as his own 
account repeatedly shows, is one 
based cm the values of consensus, 
compromise and “balance”; on a 
pronounced distaste for what he 
describes as theological absolutes; 
and in which the ultimate accolade 
fix* any particular stance is that it is 
“noa^docfrinaire". 

The difference between fids and 



Margaret Thatcher’s approach to 
government needs no underlining. 
Moreover, Geoffrey’s commitment 
to compromise, consensus, and “bal- 
ance 1 * is held with a passionate 
intensity. He refers at one point, for 
example, to “the heady, irresponsi- 
ble. rhetoric of free collective bar- 


gaining’' and has an instinctive 
revulsion against immoderate rhet- 
oric of any kind. 

He was to find what he saw as the 
crudeness of much of Margaret 
Thatcher’s rhetoric increasingly dis- 
tasteful. 

This is linked with Ms fondness 
for Balfour’s dictum that “democ- 
racy is government by explana- 
tion'’. Certainly, an important part 


of the art of government in a 
democracy is for the government to 
explain to the people precisely what 
it is doing and why. At the end of 
the day, it knows that it will be 
judged not primarily by Its inten- 
tions but by the results. Geoffrey’s 
interpretation of the Balfour dic- 
tum, however, goes further than 
this, embracing extensive consulta- 
tion and discussion of every kind, 
both before and after decisions are 
taken. Hence, for example, his devo- 
tion, more than once declared In 


this book, to the late (and to my 
mind, un lamented) National Eco- 
nomic Development Council. He 
goes so far as to refer to “the value 
of NEDC as a generator of economic 
innovation and understanding' - a 
description which, as a chairman of 
the NEDC for more than six years, 
and with the best will in the world, 
I find difficult to recognise. 

More generally, in the real world, 
the search for assent before a policy 
is put in place can often become a 
recipe for inaction - indeed, in the 
modem world of compulsive leaks, 
even “confidential” discussion 
among colleagues has to be han dl ed 


with considerable care if it is not to 
constitute an impediment to action. 

Thatcher was right to recognise 
that the art of governing success- 
fully in a democracy requires strong 
leadership; and strong leadership 
cannot allow quite as high a value 
to the search for consensus, com- 
promise and “balance” as Geoffrey 
does, any more than it can afford 
his expansive interpretation of the 
need to explain. Sadly, she came to 
take this recognition too far, and, as 
Howe accurately chronicles, 
towards the end, her style of gov- 
ernment became increasingly, and 
damagingly, uncollegia te, secretive, 
authoritarian and strident. But I 
have to say that my own practical 
preference is for the style of the 
early Thatcher years, rather than 
that of the more civilised Geoffrey 
Howe - which is perhaps why he 
accurately describes our close rela- 
tionship as that of “firm friends, if 
never soulmates". 

Nevertheless, there was enough 
common ground between Thatcher 
and Howe, in terms both of shared 
beliefe (at one point he describes 
himself as a "proto-Thatcherite", 
which in one sense he was) and 
shared experiences, to have made 
their differences of philosophy and 
character a strength rather than a 
problem, just as the rather greater 
differences between the personali- 
ties and outlooks of Thatcher and 
Willie Whitelaw, former Conserva- 
tive party chairman, made his coun- 
sel all the more valuable to her and 
to the government 

That this was not so can be attri- 
buted to a number of factors. There 
was the bad chemistry, as incontro- 
vertible as it was inexplicable, 
which ted Thatcher to treat Howe, 
in personal terms, in a way that 
became increasingly intolerable. 
There was also the fact that, while 
he kept his very different instinc- 
tive approach to issues fairly well 
disguised when under siege by com- 
mon enemies at the exchequer, once 
translated to the Foreign Office his 
profound commitment to compro- 
mise, consensus, and “balance", 
chiming as it did so well with the 
departmental ethos, became 
increasingly apparent. 

It may be, too, that she believed 
that he was scheming to supplant 
her - as she knew Willie would not 
and could not do. Most prime minis- 
ters, if they are long enough in 
office, eventually come to believe 
they are being conspired against As 
is clear from this book, if Margaret 
Thatcher did believe this she was 
mistaken. Certainly, as Geoffrey 
Howe makes dear, he wanted to 
succeed her as prime minister, hut 
he never plotted to supplant her. 

But the most important contribu- 
tory footer to the increasingly sour 
and ultimately explosive nature of 
the Thatcher/Howe relationship was 
almost certainly their differing 
views on Europe - the issue over 
which Geoffrey was to resign, and 
the issue which continues to ravage 
the Conservative Party in govern- 
ment today. 

It is true that he had very nearly 
resigned more than a year earlier. 

Continued on Page XX 


CONTENTS 


Finance & Family: Are gilts a safe 
investment? n * 

Food: How chef Ken Horn entertains 
at home X 

Travel: Laid-back life fn Austria’s 
second city VIIHX 

Pmpe c B — st Curing file effects of 
30 years in journalism XVII 

How to spend! Ha The art of skilful 
make-up w 

Books: Michael Thompson-Noel 
enjoys (other people's) infidelities XI 





WiH tarn Packer on the 

early career 

of Michelangelo 

XIV 

Potar Aapden 

XXB 

XB-HV 

Mm 

» 

Book* _ . 

Bridge. ClfeW. ChmomixJ 

XXI 

XM 

FaaMon 

Rrtonoo & tho FandJy 

RhVfl 

X 

Food 4 Drink 

XIX 

Gardening 

XV 

HowToSpundK 

H 

MfeMte 

xxs 

jmks Morsfei 

XX 

Motoring 

xva 

PurapscttW 

XXB 

PrtwwVtow 

XDC 

Property 

V* 

SawB sustnon 

XX 

Sport 

VM-DC 

Trwfet 

TV ft RsdtO 

XM 


The Long View/Barry Riley 

Knowing your limits 



Unlimited liability used 
to be a curiously 
old-fashioned sign of a 
gentlemanly way of 
doing business. Now it 
simply looks like an 
open invitation to 
ungentlemanly liti- 
gants. With the current 
flotation of several 
more corporate vehicles for Lloyd's, 
mohirHng Wellington Underwriting and 
Matheson Lloyd's Investment Trust, fol- 
lowing the earlier group of investment 
trusts launched last year, it appears as 
th o u g h these limited liability vehicles 
will account for more than a fifth of 
total capacity at the troubled London 
Insurance market in 1995. 

Before many years have gone by it is 
likely that the unlimited liabilities 
a sipimeri by names for the past centu- 
ries wifi have become a thing of the 
post Many have, of course, am- 
ply been wiped out The luckier ones 
win wonder why they should ever take 
such risks again . 

So much for an ancient tradition - 
and good riddance too, many ruined 
gentlefolk win say. But willingness to 
back your skill and your reputation 
with your entire fortune is a highly 
laudable feature of any financial com- 
munity. It served the City of London 
well for centuries. Now, however, 
unlimited liability is disappearing from 
Lloyd's as it largely disappeared from 
the Stock Exchange a decade ago. 

The professions are going the same 
way. one of the biggest accountancy 
firms, EFMG Feat Marwick, believes it 
has found a way to incorporate its BE 
audi ting business with limited liability. 
The well-advised partners at Feats have 
no intention of suffering the fete of the 
less well-served Gooda Walker names. 

Unlimited liability was once much 
more widespread, for instance among 
merchant banks - but Baring Brothers, 
for example, incorporated a century ago 
after its rescue by the Bank of England. 
Today odd pockets of unlimited liability 
still ding on - at the US investment 
bank Goldman Sadis, and top stockbro- 
kers Cazenova. 


Unlimited liability outlived its rele- 
vance in the big global markets many 
years ago, when the potential risks 
began to multiply and US lawyers 
began to sharpen their teeth. However, 
it has persisted because of the privi- 
leges it has bestowed and. in the case of 
Lloyd’s, because the risks were not 
understood, at any rate by the Names. 

The main attraction has been lack of 
disclosure. The penalty for the privilege 
of limited liability is that your financial 
affairs must be revested to your actual 
or potential creditors. Limited compa- 
nies must pay for expensive annual 
statutory audits - paradoxically con- 
ducted until now by secretive partner- 
ships of auditors who shrink from pub- 
lic disclosures. There have also been 
tax advantages. 

Lloyd’s expanded steadily in the post- 
war years because of its plethora of tax 
and currency loopholes at a time when 
wealthy Britans paid 98 per cent income 
tax on investment income, and were 
trapped by foreign exchange controls. 

I n the same period, London Stock 
Bhrohang p firms thrived as unlim- 
ited partnerships so long as the 
securities markets were closely 
controlled, with fixed commissions and 
a clublike ratebook. Even the jobbers, 
who accepted position risk in a way 
that the brokers did not, traded satis- 
factorily in a sheltered environment 
Once the markets were opened to inter- 
national competition, however, the 
risks multiplied. 

Why did Lloyd’s not see the same 
problem coming? An important problem 
was the existence of a layer of agents 
between the risk-bearers (the Names) 
and the wiar kat There was a breach of 
trust and immense losses resulted. 
Now, many ruined Names will suffer 
the final insult that they will be unable 
to participate in the return of the 
Lloyd’s market to profit 
Lloyd's last reported a profit (of 
£509m) in 1991, in respect of 1987, on the 
three-year accounting system. Then 
came the losses, reaching over £ 2 bn for 
each of 1990 and 199L Of course, not off 
syndicates made substantial losses. 


There has been a flight to quality, with 
the 400-odd syndicates of 1990 likely to 
dwindle to 150 or less by 1995. 

The corporate capital is obviously 
being attracted to the best syndicates. 
Lloyd's results will anyway have 
improved out of recognition in the past 
couple of years, with the insurance 
cycle turning round (although it may 
now be past its peak). New capital 
should make a good return so long as it 
is successfully ring-fenced from the past 
problems of Lloyd’s, largely related to 
asbestosis and pofiutton. 

But the year-old Lloyd's investment 
trusts, of which there are about a 
d own, have fefiwi to gfrmg so for. The 
big attraction is that the capital can 
work twice over - yielding a normal 
investment return but also a second 
profit from backing the insurance risk. 
Yet the Lloyd's market remains under a 
suspicion. There continue to be fears 
that the ring-fencing from the “old 
years" will be breached, and Lloyd's 
1996 solvency test might yet prove a 
toogh hurdle. 

The kind of unprecedented claims 
through the US courts that sank so 
many Names have also threatened the 
big firms of accountants. Most are open 
to various Harms of negligent auditing 
from aggrieved investors. 

It was an anomaly that accountants 
■ahnnlri have retained iiwKwriiwH liability 
as they grew over decades from small 
be ginning s to global firms' auditing 
multinational corporations. As with 
Lloyd's, the risks grew out of propor- 
tion to the available wealth. A promi- 
nent American firm, Laventhal & Hor- 
wath, actually ceased trading in 1990, 
and others remain threatened. Most at 
the Big Six US firms have become Dela- 
ware limited liability partnerships dur- 
ing the past few months. 

All this, no doubt, is progress. But in 
the City of London, unlimited liability 
once put a premium on the senior part- 
ner’s nose for probity. Would old-fash- 
ioned partnerships have, for instance, 
floated quite so many Hi-prepared new 
issues as have been launched this year? 
The danger is that limited liability 
leads to limited responsibility. 


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I 



FIN ANCtAX. TIMES 


WEEKEND OCTOBER 22/OCTOBER 23 19^4 


MARKETS 


London 


Dollar fears 
unsettle 
equities 

Martin Dickson , financial editor 


Staling 

Against the doSar $ per Q 
2.0 


■ 1.0 


Yield ratio 

Long bond yield cSvfded by FT-S&AAB-Share <SwJend yWd 

2.6 


A chill wind from 
the west - in the 
form of US cur- 
rency weakness 
and Inflation 
fears - has set a fragile, 
unhappy, tone in the London 
equity market over the past 
week. 

The FT-SE 100 Index began 
the week with a modest rise, 
helped by defence industry bid 
speculation, but lost its nerve 
mid-week and fell sharply yes- 
terday to close down some 74 
points on the previous Friday 
night, at 3032.8. 

The main factor unsettling 
traders in London (and other 
European centres) all week 
was the weakness of the dollar, 
which fell against most major 
currencies on news of a widen- 
ing US-Japan trade gap and 
dipped to a two-year low 
against sterling, through the 
psychologically significant bar- 
rier of 81.60 to the pound. 

The weakness of the cur- 
rency, coupled with revived US 
inflation concerns, prompted 
fears of an early increase in 
short-term interest rates by the 


US Federal Reserve, and a 
knock-on effect on other mar- 
kets around the world. 

The dollar's darling also had 
a depressing effect on blue chip 
British companies with large 
dollar-earning interests, 
because City analysts have 
started trimming back their 
estimates of overseas earnings 
for many of these companies. 
Shares under pressure 
included Hanson, Grand Metro- 
politan and Cadbury Schwep- 
pes. 

There appears to have been 
some switching by investors to 
UK financial sectors, which are 
regarded as less vulnerable to 
the vagaries of global currency 
markets. 

These trends, however, could 
throw up some interesting buy- 
ing opportunities among inter- 
national blue chips. 

As the equity markets team 
at S.G. Warburg Securities 
points out. the impact of cur- 
rency movements has been 
dampened in recent years 
because many companies now 
base their currency translation 
calculations on the average 



1990 91 

Sousa: DatnJnsan 

exchange rate prevailing in 
any year, rather than year-end 
rates. So many analysts have 
now only moved their assump- 
tions about the average rate 
for 1994 from $L50 to $1.55 - 
not to $ 1.60 or more. 

Moreover, there is no longer 
necessarily a strong correla- 
tion between overseas interests 
and earning s sensitivity to cur- 
rency movements, because 
many companies can now 
hedge their currency risk. 

In addition, the Warburg 
team argues that major perfor- 
mance shifts between British 
domestic and overseas compa- 
nies have in the past coincided 
with de-synchro nised global 
growth, rather than currency 
volatility, and at present all 
the major world economies 
seem to be recovering, albeit at 
different rates. 

Finally, many currency ana- 
lysts argue that the dollar is 
due to rally - although opti- 


HIGHLIGHTS OF THE WEEK 


Price 

/day 

Change 
on week 

1994 

High 

1994 

Low 


FT-SE 100 Index 

3032.8 

-73.9 

3520.3 

2876.6 

DoBar weakness 

FT-SE Mid 250 Index 

3502.4 

-41.0 

4152.8 

3363.4 

Lack of buyers 

APV 

67% 

-10% 

138 

67% 

Chief executive resigns 

Automated Security 

77 

-11 

140 

69 

Boardroom resignation 

Azlan 

132 

-30 

281 

118 

Resufts due in November 

Eurotunnel Uts 

209 

-19 

592% 

195 

Missed revenue forecast 

Havelock Europe 

186 

+18 

191 

121 

Restored dividend 

Iceland 

169 

+14 

211 

133 

Broker recommendations 

P & O Defd 

595 

-43 

743 

593 

Profit- taking 

Paterson Zochanis 

463 

-26 

625 

428 

Profits warning 

Scantronic 

16 

-6 

89 

15% 

Raising £28m of new coital 

Senior Engineering 

65 

+14% 

150% 

72 

Recovery hopes 

Servisak 

146 

+11t 

149 

136 

Flotation 

VldeoLogtc 

20 

-5 

49 

18% 

Warns of fwther losses 


t Based on issue price of 135p. 


mists have been arguing that 
for the past year, and the cur- 
rency has instead nose-dived 
against the D-Mark and Yen. 

Domestic British economic 
factors have also taken their 
toll on market sentiment over 
the past week. The country’s 
dismal record in containing 
price rises means the market 
remains acutely sensitive to 
any figures hinting at the pos- 
sibility of rising inflat ion. 

So a frisson of anxiety ran 
through the market on 
Wednesday when September 
UK retail sales volumes were 
stronger than the City expec- 
ted - even though much of the 
growth was in areas subject to 
heavy price discounting. 

Yesterday brought forth sta- 
tistics for third quarter GDP - 
a much more reliable gauge of 
the economy - and these 
showed a more comforting, 
steady 0.7 per cent increase, 
much in line with analysts’ 
forecasts. 

However, that proved little 
help to the Government gilts 
market, where the rally of the 
past few weeks has been 
replaced by renewed anxiety 
over inflation on both sides of 
the Atlantic. While many 
argue that gflts are due for a 
strong rally, it is hard to see a 
short-term change in senti- 
ment, particularly ahead of 
next Wednesday's £&5bn Bank 
of England auction. 

It is equally hard to see UK 
stocks making much headway 
without a drop in bond yields, 
given the current jittery mar- 
ket s entim ent and the relative 
valuation of the fixed income 
and equity sectors. For exam- 
ple, the yield ratio - the rela- 
tionship between the yield on 
government bonds and on cor- 
porate dividends - stands at 
around 2.20, broadly in the 


middle of its normal range. 

Among individual market 
sectors, the week’s more nota- 
ble share price movements 
included a sharp drop in sev- 
eral drug stocks - Glaxo, Well- 
coine and SmMiKKne Beecham 
- partly because of dollar 
weakness but also because of a 
shift in sentiment away from 
the sector. SmithKline was 
also hurt by news that third 
quarter US sales of Tagamet 
once its best selling anti-ulcer 
drug, had collapsed after the 
expiry of patent protection. 

The week's main corporate 
story centred on GEC, the 
defence and electronics group, 
and its possible strategy 
responses to the agreed £478m 
bid announced on October L3 
by British Aer ospac e tor sub- 
marine-maker VSEL. 

GEC. BAe’s defence industry 
rival, indicated afro* the BAe 
offer that it was weighing a 
counter bid for VSEL. But this 
week market speculation grew 
that GEC might bid for BAe 
itself, driving up that compa- 
ny's share price sharply. 

BAe was reported to have 
told GEC that it would be pre- 
pared to resume talks on merg- 
ing the defence interests of the 
two companies, abandoned a 
year ago. if GEC did not try to 
stymie its bid for VSEL. A 
financier with knowledge of 
GEC was in turn quoted as 
saying that it had decided 
against a hostile bid for BAe. 

A frill GEC bid for BAe cer- 
tainly looks a long shot, not 
least because of the political 
ructions this would cause. Bat 
at the week's end GEO'S inten- 
tions woe no clearer, and the 
company was under pressure 
from the Takeover Panel to 
throw some light on a situation 
alm ost as uncer ta in as the out- 
look tor the dollar. 


Serious Money 

Ideas — the very life 
blood of investment 

Gillian O’Connor, personal finance editor 


M ost personal 
investors will 
have very differ- 
ent aims from 
professionals managing a port- 
folio of investment trusts. But 
they can still benefit from 
understanding how the market 
works. This year’s investment 
trust animal from NatWest 
Securities* provides many use- 
ful insights. 

The annual is a self-pro- 
claimed tool for professional 
investors. Somewhat apologeti- 
cally. its 124 pages are devoted 
to analysing the FT-SE-A 
investment trust index, and 
the proposed new sub-sectors. 

Split-capital trusts (see page 
VI) are excluded from the 
index and will form their own 
group. Conventional trusts will 
be divided into UK, Europe, 
International, Geographic Spe- 
cialists, and Venture and 
Development capital. NatWest 
gives a mildly barbed welcome 
to these groupings, but its real 
objective is practical rather 
than academic. 

The annual explains to cli- 
ents how to ensure their port- 
folios do not lag behind the 
index: a “Bluffer’s Guide to 
Running an Investment Trust 
Portfolio”. It also suggests 
some ways in which the new 
classifications system might 
itself influence tire behaviour 
of investors - and, hence, of 
share prices. 

The index is dominated dis- 
proportionately by a fairly 
small number of stocks. Get 
these "performance shapers” 
right and you can expect to 
stay fairly close to the index 
with minimum effort - and 
invest selectively in the 
smaller trusts to try to achieve 
an outstanding performance. 
But there are often hidden bar- 
riers to getting the desired 
“weightings” in some trusts 
because many of the shares are 
hftifl tightly. 

NatWest has - with com- 
mendable cautions - produced 
a list of “Tbe hardest stocks to 
buy”. Top of the list is venture 
capital trust 3i, the recent his- 
tory of which provides a good 


example of how scarcity can 
affect a share price. 

One reason it has done so 
well since it came to the stock- 
market this summer is that 
half the shares are still held by 
tbe big banks. So, professional 
investors have had to buy 
steadily to try to get a holding 
in the company proportionate 
to its status as the largest 
investment trust - and a 
FT-SE 100 member, to boot 

Such considerations are 
quite irrelevant to most per- 
sonal investors. But they can 
take advantage of the tribal 
totems and customs laid bare 
in the annual. 

Mora money In units 


Ebn 



Source: AUTF, Oatntmm 


NatWest suggests, for 
instance, that the splintering 
of the index could throw up 
other funds which are hotly 
sought-after purely because of 
their importance to a sub-in- 
dex. A speculative buying 
opportunity? 

Another useful concept for 
the numerate investor is “clus- 
ter analysis' 1 . The point of this 
exercise is to find out which 
trusts within a particular sec- 
tor tend to move together. 

Professional investors use 
this kind of info rmation to con- 
struct the type of portfolio they 
want as efficiently as possible. 
Why hold six stocks when 
three can do the same job? The 
private investor nan use this 
analysis tor his own purposes. 

The fact, say, that a German 
smaller company trust has 


been sluggish while a French 
equivalent has doubled is very 
material to the small company 
addict. This weak correlation 
between two seemingly similar 
trusts does not necessarily 
mean that he should avoid the 
German one - it could be that 
its big leap was yet to come - 
but the divergence is worth 
investigating. Ideas are the life 
blood of investment. 

□ c □ 

The amoun t of money invested 
through authorised UK unit 
trusts is nearly £100bn, 
roughly five times the market 
value of all UK Investment 
trusts. A clutch of top notch 
stockbrokers publish heavy- 
weight research into invest- 
ment trusts. Only one rela- 
tively small firm produces 
serious qualitative analysis of 
unit trusts. Odd? 

Not really. Investment trust 
shares are bought mainly by 
professional investors, while 
unit trusts are sold mainly to 
personal investors. 

Professional investors get 
good comparative analysis free 
from brokers who hope to get 
their business. Private inves- 
tors foot the bill for the com- 
mission handed over to finan- 
cial advisers by the unit trust 
managers themselves. 

Most of the total marketing 
spend goes on persuading peo- 
ple to buy, not on researching 
which unit trusts are worth 
buying. 

But this is not because it 
does not matter which unit 
trust you buy. For example, 
the latest Emerging Markets 
annual review from Fund 
Research shows wider dispari- 
ties than ever before. The best 
global fund rose by 67 per cent, 
the worst by just over 6 per 
cent 

Time for some cluster analy- 
sis? 

*1994-95 Investment Trust 
Annual: £10 from NatWest 
Stockbrokers. 55 Mansell Street. 
London El SAN. Mark your 
order Attn Mr Clewlow" or 
phone 071-895 58S0. 


AT A GLANCE 


Finance and the Family Index 

Gilts: is this the time to buy? — III 

Paperless share dealing /Directors' dealings /New issues. IV 

Eurotunnel: sell or buy?/Crftical IHness policy V 

Trusts/Fixed deposits /Annuities /Highest rates table VI 

Russian bonds/CGT/Q&A briefcase VII 


BuHdlng societies d ep o si t s and mortgages 



Building societies report 
fall in mortgage lending 

Building societies reported a rise In new savings but a fall in 
mortgage lending In the wake last month of a half percentage 
point increase rn interest rates. Net retail receipts were £322m - 
the highest monthly level since May and more than three times 
the August figure of E9lm. However, net new commitments for 
mortgages dropped to £2.97bn, compared with £3.02bn in 
August Adrian Coles, director-general of the Building Societies 
Association, which released the figures, sad that new savings 
products may have helped to boost societies’ Inflow despite 
tough competition from National Savings. Fixed rates, page V) 


Survey on financial advice 

Only 6 per cent of consumers are willing to pay for financial 
advice, says a new survey from market research firm M Intel. 
Slightly more men than women feel it worthwhile, and it is older, 
richer people who are prepared to pay. In practice a quarter of 
all people who took financial advice in the 12 months before the 
survey period asked friends and relations. And a further 21 per 
cent went to their bank manager, even though none of the 
dearers offer independent advice any more. A majority think life 
assurance is a good way to save. 

Trust plans C-share issue 

Finsbury Smaller Companies investment trust is planning to raise 
an extra £l5m with a C-share issue. Some £l(Jm of that is likely 
to come from a placing with institutions, but £5m will be 
available to the public. The £35m, split-capital fund invests in UK 
smaller companies, and is fully Pep qualifying. The closing date 
for the offer is November 8. and S.G. Warburg is broker to the 
issue. Investment and unit trust launches, page VI 

Small companies slip back 

Smaller company shares slipped back slightly last week. The 
Hoare Govett Smaller Companies Index (capital gains version) 
dropped 0.3 per cent to 1612.50 over the week to October 20. 
The previous week It had recouped some of its losses, rising to 
1618.61 on October 13, after falling from 1637.33 on September 
29 to 1599.51 on October 6. The index is now down 4.6 per cent 
since the start of the year, compared with a 9.3 per cent fall In 
the FT-SE-A All Share Index. 

Next week’s family finance 

Pensions transfers come under the spotfight when the Securities 
and Investments Board, the City regulator, safe out guidelines for 
compensating people who have been wrongly sold personal 
pensions. We take you through the report's implications and help 
you decide whether you need a personal pension. 


GM 

T he stock market's 
vulnerability to ris- 
ing interest rates and 
poor corporate earn- 
ings was there for all to see 
this week when a sharp hike 
in bond yields and unexpect- 
edly disappointing earnings 
from General Motors sent 
share prices tumbling. 

Aside from the occasional 
setback, the Dow Jones indus- 
trial average has been on a 
steady upward path for most 
of the past two weeks, and 
seemed poised to break 
through 4,000 thanks primar- 
ily to another quarter of 
strong corporate earnings. 

Yet, on Thursday morning 
file market received a nasty 
jolt when GM released its lat- 
est quarterly results and the 
bond market nosedived cm a 
surprisingly strong regional 
economic report from the Phil- 
adelphia Federal Reserve. 

The news from GM was par- 
ticularly unwelcome, for one 
of tiie constants in the market 
for most of this troubled year 
has been the strong perfor- 
mance of the domestic car 
mgnnfari ming industry. Ear- 
lier this month GM was the 
subject of a flattering cover 
story in Fortune magazine 


R oger Hum, chair- 
man and rhipf exec- 
utive of Smiths 
Industries, has a 
knack of producing solid 
results which slightly exceed 
market expectations. Smiths' 
latest full-year figures, released 
on Wednesday, were no excep- 
tion. 

Investors, who have grown 
accustomed to remarkably 
steady profits in the early 
1990s, will nevertheless have 
been heartened by the 12 per 
cent increase in pre-tax profits 
to £117.2m on turnover which 
grew by 4.6 per cent to £759.3m. 

True, the pre-tax number 
was flattered by a £L4m profit 
on the sale of a trade invest- 
ment, and a £400.000 profit on 
property disposal, bat the 
underlying profit increase was 
still impressive. 

More importantly the results 
have vindicated Hum’s deci- 
sion - in the face of the 
protracted cyclical downturn 
In bath the civil and military 
aerospace markets - to 
strengthen the group's medical 
systems business and build a 
new “third leg" by nvpnnriing - 
its industrial engineering 
operations. "The repositioning 


Wall Street 

delivers a nasty jolt to 


Dow Jones frxhntrlai Average 

4,000 * 



entitled “611bn Turnaround at 
GM”, and Detroit was basking 
in the approval of Wall Street 

Thus. It came as a particular 
shock this week when GM 
reported net income of $552m 
for the third quarter. At first 
glance, that looked like an 
impressive recovery from the 
company's loss a year ago of 
6112.9m. The results, however, 
were skewed by a one-off 
accounting adjustment which 
lifted earnings by 6200m. 
When that contribution was 
stripped out the figures were 
a lot less encouraging. Ana- 
lysts were particularly trou- 
bled by the disappointing per- 
formance of GM’s 
international operations, 
where profits tumbled 60 per 
cent to 6240m. 

Although GM blamed some 
of its troubles on two strikes 
in North America, the group 
has clearly been struggling to 
keep up with demand, and it is 
still failing to get control of its 
costs. 

The response from investors 
to GM’s travails was instanta- 
neous. The shares were sold 
heavily from the minute the 
figures were released, and by 
tbe end of the day GM’s stock 
price had dropped $3% to 


SourcsFT Graphite 

643 Vi. The extent of investors’ 
unhappiness was evident in 
the extraordinary amount of 
selling - turnover was 16.8m 
shares, almost seven times the 
normal daily average. The 
decline wiped some $2bn off 
GM’s market value. 

The selling was not confined 
to GM - other anto stocks also 
took a beating, with Ford and 
Chrysler both racking up 
losses - and was not confined 


4994 


to Thursday. By late morning 
Friday, GM shares were down 
another $1% at 641%, taking 
the total loss since the earn- 
ings were released to more 
than 11 per cent. 

If the news from GM was not 
bad enough, the stock market 
also took a beating in the lat- 
ter half of the week from a 
sharp rise in bond yields, 
which edged towards the 
dreaded 8 per cent mark. The 


share prices 


selling of bonds was triggered 
by two sets of data which 
undermined fixed-income 
investors’ view that the econ- 
omy was slowing down suffi- 
ciently to dissuade the Fed 
from raising interest rates one 
more time as an precautionary 
measure against inflation. 

The first figures were from 
the Commerce department, 
which announced that housing 
starts in September jumped 4.4 
per cent The increase took the 
annualised rate of housing 
starts to a l.5m units, the 
highest since December. The 
second, even more disturbing, 
set of statistics came from the 
Philadelphia Fed, which 
reported a surge in its Index of 
regional business activity dur- 
ing October. Especially worry- 
ing was the news that prices 
paid and received bad climbed 
sharply in tbe month. 

Fresh weakness in the dollar 
also depressed bond prices this 
week, and with them stock 
prices. In fact, on Friday it 
was another drop in the US 
currency's value which finally 
pushed the yield on the bench- 
mark 30-year government 
bond above 8 per cent - the 
first time long-term interest 
rates have been that high 


since early 1992. 

Although some analysts had 
been predicting a stock market 
rout if bond yields went above, 
and stayed above, 8 per cent, it 
did not materialise. Sentiment, 
however, was clearly affected 
by the Iates upward move in 
yields. 

The rise in long-term rates 
and GM’s unhappy third quar- 
ter overshadowed what was 
another generally positive 
week for corporate earnings. 
IBM reported third quarter 
results which comfortably 
exceeded analysts’ forecasts, 
yet the computer group’s 
shares fell when the figures 
were released. The decline was 
indicative of two things: it 
underlined the general malaise 
of the wider market, and it 
proved that “Big Blue - for 
decades the bellwether of the 
stock market and the coun- 
try’s most eagerly followed 
company - is no longer the 
force it once was. 

Patrick Harverson 


Monday 

Tuesday 

Wednesday 

Thursday 

Friday 


3923.93 + 13.46 
3917.54 - 06.39 
3936.04 + 18.50 
3911.15 - 24.89 


The Bottom Line 

A prescription for success 


of the group's businesses over 
the past few years has been 
dramatic,” says Mustapha 
Omar, of stockbroker Williams 
de Brofi. 

In 1990, 30 per cent of 
Smiths' US profits came from 
the medical and industrial 
operations; last year, the figure 
was 60 per cent For the group 
as a whole, operating profits 
from the medical division 
exceeded those from aerospace 
electronics for the first time in 
1993. Last year, they increased 
again - by 13 per cent to 
£46.6m - while aerospace prof- 
its slipped 4 per cent to £38.9m. 

This transformation has 
been achieved in part through 
acquisitions. Over the past two 
years, the group has spent 
£24Qm on purchases - £148m 
on two large medical equip- 
ment companies and £92m on 
four smaller industrial busi- 
nesses. These have been 
funded without recourse to 


Smiths Industries 

Share price relative to the 
FT-SE-A AS-Share Index 
120 



4989 90 91 92 93 94 

Source: FT Graphite 


shareholders, thanlrc mainly to 

a cash flow of more than £120m 
in each of the past three years. 
The group ended July with just 
£20m net debt 
The acquisitions have, how- 
ever, had one negative impact 
on the balance sheet goodwill 
write-offs mean that share- 


Dividend (penes) 
Year-end July 30 
Timas cmm by earnings per share 
. 28 25 2 3 2.4. 20 20 

12 
10 
B 
6 
4 
2 
O 

1988/89/ 90/ 91/ 92/ 93/ 

89 90 91 92 93 94 

holder funds have fallen from a 
1992 peak or £330m to £2l2m. 
Although this is an accounting 
quirk, it could limit the group's 
room for manoeuvre on future 
cash purchases where there is 
a large goodwill element. 

Hurn confirms that Smit hs 
would like to make further 


acquisitions, and does not rule 
out a large deal which might 
be fin a nc ed by equity. He also 
admits there is tittle commer- 
cial, or even technological, 
logic l i n k i n g its aerospace, 
medical and industrial 
operations. If the right offer 
came along, he says he would 
consider selling aerospace. 

Cost-cutting ensured that 
even the aerospace business 
performed creditably during 
the recession. As part of a radi- 
cal re-structuring, which con- 
tinues, its workforce has been 
reduced by 45 per cent since 
1990. As a result, operating 
margins have been maintained 
above the 10 per cent level 

Although the tantalising 
upturn in the aerospace mar- 
ket seems still to be at least 
two years away, Smiths should 
be positioned well to benefit 
through its high level of R&q 
pending and strong represen- 
tation on key civil and military 


programmes which will come 
to fruition in the second half of 
the 1990s. 

Before then, some anal ysts, 
including Sandy Morris of Nat- 
West Securities, argue that 
there are a few more hurdles to 
jump. 

“The most obvious is the 
need to win the (deal to supply 
the] flight management com- 
puter systems on the new Boe- 
ing 737-700." says Morris. 
Smiths supplies the systems on 
existing versions of the 737 but 
races tough competition for the 
new contract. 

Nevertheless, from an inves- 
tor's point of view, most of the 
potential appears to be on the 
upside. Even without an 
upturn in aerospace, the 
group's expanded medical and 
Industrial operations should 
keep profits moving ahead. 

Analysts expect Smiths to 
make pre-tax profits of around 
£i29m this year, enabling it to 
continue its progressive divi- 
dend policy while maintaining 
C ? ve j ,. Tlle shares, which 
closed the week up I3p at 450p, 
are trading on a modest pre- 
mium to the market. 

Paul Taylor 



i 


i 






tv 


life! 

nenti 


-'A 

i 


■: x - ( 


. . i. 

-U' 


1 CC> 




*> ;l 


FINANCIAL TIMES WEEKEND OCTOBER 22/OCTOBER 23 1994 


FINANCE AND THE FAMILY 


The lessons to 
be learnt from 
the gilts fiasco 

Philip Coggan analyses what happened ’ and why 


Gilt issues - best value v tax status 


Your capital 96*1 on a g»- a L/K government bond - Is tax free. However, you pay tax 
on the interest Therefore. gHts WWi deflwr a Ngher proportion of the* total retun aa 
tapUd gan an more tax effletorn, and -cUTer things being equal - more attnxatve to 
Wgtrar rate taxpayer* 


G ilt-edged securities 
often are touted as 
a “safe" choice for 
private Investors. 
After all, what could be more 
secure than an investment 
guaranteed by the government, 
paying a fixed income and hav- 
ing a fixed repayment value? 

Those private investors who 
bought the safety argument for 
gilts late in 1993 will be 
laughing hollowly, however. 
Since January 3, the FT gov- 
ernment securities index has 
dropped from 107.6 to 91.3. 
while yields on medium-term 
gilts have risen from 6.1 per 
cent to 8.64 per cent. The total 
return on seven to 10-year gilts 
over the year to October 17 
was -8.07 per cent, according 
to Lehman Brothers, and that 
is before taking account of tax. 

The news is not all had. 
Investors will realise their loss 
only if they sell their gilt hold- 
ings at today’s prices. Indeed, 
one of the advantages of gilts 
is that, if you hold them imtu 
maturity, you are absolutely 
sure of your no minal return; 
those who bought at the start 
of the year will still earn 6.1 
per cent if they hold on. 

This is. however, s mall com- 
fort; after all, investors could 
have kept their money in the 
building society for the past 10 
months, earning a positive 
return. But should the foils in 
bond prices discourage private 
investors from holding gHts, or 
should they see it as a buying 
opportunity? Returns on the 
10-year gilt, at &63 per cent 
are still well above those on 
offer from a building society. 

Many economists argued at 
the start of 1994 that the “fun- 
damentals" were favourable 
for gilts; in their view, UK 
inflation was not set to acceler- 
ate and the government was 
getting its budget deficit unde: 
control. So for, such analysis 


UK 1 0 yr bond yield 


Percent 
10. 



has been proved right - but 
the economists’ conclusions 
have been completely wnmg. 
Gilt investors have had a pain- 
ful lesson about the global 
scale of the bond market 

To understand what has hap- 
pened to gilts this year, you 
must look across the Atlantic. 
On February 4, the US Federal 
Reserve increased interest 
rates from S to 3 L35 per cent 
The change might have been 
small in scale but its effect on 
sentiment was enormous. 

For much of the 1990s, the 
Fed had been operating a delib- 
erate policy of low interest 
rates - both to encourage the 
US economy to climb out of 
recession and to re-build the 
finances of the US banking sys- 
tem, which were weakened 
severely in the debt binge of 
the late 1980s. Low interest 
rates let the banks borrow 
cheaply and invest the pro- 
ceeds in higher-yielding bonds. 

Banks were not the only 
ones to spot file profitability of 
this strategy. “Hedge” funds, 
which speculate with borrowed 
money, also got into the act 
And private investors, dissatis- 
fied at the low rates payable on 
deposits, poured money into 
bond and equity funds. 


In the UK and Europe, inter- 
est rates also fell early in the 
1990s in response to recession. 
The same 3 witch of funds from 
cash to bonds and equities 
occurred in the European 
financial markets, and was 
reinforced by US investors 
looking to diversify overseas. 
The result was a speculative 
bubble which drove the yield 
on the 30-year US Treasury 
bond down to 5.78 per cent in 
October 1993, its lowest level 
for a generation. 

Although the bond market 

had started to weaken before 
the increase in US rates in Feb- 
ruary, the change in Fed policy 
proved a watershed- The initial 
rise in bond yields meant that 
those who had been specula- 
ting with borrowed money on 
ever-falling yields had to move 
quickly to cut their losses. 

Then, too, the Fed move 
coincided with signs that the 
European economies were 
recovering foster than expec- 
ted. Inflation, regarded previ- 
ously as yesterday’s problem, 
suddenly became seen as 
tomorrow's danger. 

T he tom in the bond 
markets also revealed 
a more fundamental 
problem. Govern- 
ments round the world had 
entered the recession with 
their finances in an unsatisfac- 
tory state; the economic down- 
turn made things worse by cut- 
ting tax revenues and boosting 
spending on social services. As 
a result, more bonds were 
issued. 

While speculators were sup- 
porting the market, there was 
plenty of demand to meet this 
extra supply. But Robin Aspi- 
nall, analyst at broker Pan- 
mure Gordon, says the prob- 
lems have come home to roost 
“Last year, an abundance of 
liquidity released from (mostly 


HM-TA&WrHS 

Stack 

Pilre 

YUd % 

vetataty % 

CONVamONAL <5yr 

fadwqPBr 1229%, 1998 

113 3/6 

&57% 

343% 

5-fOyr 

Traesury 075%, 2002 

105 1/2 

876% 

542% 

ICHSyr 

Trusurj 1Z5% 2003/05 

121 2/3 

&H% 

5J0% 

>i5yr 

Qamnsta 9K. 2011 

W 


&sa% 

INDEX-LINKED 

(ndex-inknd 2 %, 1998 

209 

7.11%- 

4m§ 

1.79% 


MsX-IHmf Z5%, 2001 

168 

6-26%* 

4J»%§ 

&09% 

25% TAXPAYERS 

Sock 

. Price 

Yield % 

VottDty % 

CONVBmONAL <5yr 

Treasury 8%, 1999 

90 1/2 

6J84% 

349% 

5-10yr 

TrwtSiwy 6.75%, 2004 

07 7/9 

6,75% 

7413% 

10-T5yr 

Traasuy 8%, 2002/06 

95 1/4 

1158% 

7.45% 

>13yr 

Treasury &25%, 2010 

Bt 

S.62% 

9138% 

MOEX-LVKED 

tatax-tated 2S, 1996 

200 

6-99%* 

4J7%§ 

1J9% 


fndex-Hofcal 2%, 2006 

168 1M 

S.62%* 
3.41 %§ 

988% 

40% TAXPAYERS 

Stock 

Price 

YMd % 

Votauny % 

CONVENTIONAL <5yr 

Treasrey 8%, 1999 

90 1/2 

988% 

999% 

5-iOyr 

Treasury BJ5%, 2004 

87 7/8 

5JJ8% 

783% 

10-1 5»r 

Itautey 7.75%, 2006 

94 

5.35% 

784% 

>TSyr 

Treasrey &25%, 2010 

81 

554% 

9l38% 

HDEX-LMKED 

Index-Mud 2%. 1996 

200 

827%* 

4.oe%§ 

1-79% 


tadex-ttafcgd 2£%, 2001 

166 

5.19%“ 

2J9tt§ 

688% 





US) cash inundated the bond 
markets of the world, delaying 
and flta flirimwfi 1 the impact of 
higher public sector debt issu- 
ance,” he says. 

“The heritage of that has 
been a twin problem: the shock 
of re-discovering that supply 
still matters, combined with 
the hangover left foDowing the 
over-enthusiastic participation 
in last year's bull run." 

All this had an exaggerated 
impact on the UK. Investors 
reasoned that if inflation was 
set to return with a vengeance, 
Britain probably would be 
among the victims, partly 
because of its poor historical 
record and partly because its 
recovery was further advanced 
than that of its fellow Euro- 
pean countries. 

The UK did not help its 
cause by cutting base rates 
Just fbur days after the Fed’s 
first increase. The cut, semi as 
badly-timed, cast doubts on the 
government’s will to bring 
down infla tion within, the 
lower half of its 1-4 per cent 
target range. 

Yet, after a long period of 
both relative and absolute 
weakness, gilts have started to 
revive recently. Markets 
accepted the argument that the 
government’s increase in base 
rates - from 5^5 to 5.75 per 
cent - was a pre-emptive strike 
against inflation. Confidence in 
the government's new mone- 


tary regime, which places a 
greater emphasis on the role of 
the Bank of England, was in 
large part restored. 

Furthermore, the govern- 
ment is taking action to reduce 
its budget deficit And while 
the public sector borrowing 
requirement is forecast to be 
£30bn to £34bn this year, 
Britain's finances still look a 
lot healthier than those of 
other European countries such 
as Belgium, Italy and Sweden. 

T his economic recov- 
ery shows genuine 
signs of being differ- 
ent from its recent 
predecessors. Monthly inflation 
numbers have been consis- 
tently below forecast culmin- 
ating in the foil in underlying 
inflation to 2 per cent in Sep- 
tember, the lowest for 27 years. 

And, for from deteriorating, 
Britain's trade position has 
been improving steadily this 
year. Indeed, Nigel Richardson, 
head of bond research at Yam- 
alchi International Europe, 
thinks the UK is going to be 
one of the best-performing 
bond markets of the next 12 
months. 

Certainly, at 8.63 per cent, 
anyone buying the 10-year gilt 
is getting a yield which is more 
than six percentage points 
higher than the September 
inflation figure. 

Most economists think infla- 


tion will start to rise from now 
on, but they differ on whether 
it will stay wi thin the govern- 
ment's 1-4 per cent target 
range. But if you are an 
income-seeking investor and 
believe the government can 
achieve its target, this seems 
as good a time to buy gilts as 
any. 

It might be a different story 
if you are employed and do not 
need current income. Since 
gilts pay most of their return 
as income, they are not very 
tax-efficient, especially for top- 
rate taxpayers. Any gilt priced 
above 100 will pay a high 
income but, if held to maturity, 
will involve investors in a capi- 
tal loss which cannot be offset, 
for CGT purposes, against 
gains elsewhere. 

Index-linked gilts are an 
alternative option for investors 
seeking capital gains. Both the 
maturity value and the interest 
on such gilts rise in line with 
the retail prices index. 

But the annual income is 
quite small - normally, 2 or 25 
per cent - which means that 
the bulk of the return comes in 
the form of capital gain. Since 
this Is tax-free, index-linked 
gilts may appeal to top-rate 
taxpayers. 

Real yields on index-linked 
gilts are around 3.8 per cent, 
implying a total return to 
investors of around 8 per cent 
if inflation is 4 per cent 


If you’re bent on buying, 
here’s how to do it . . . 


For most investors, the 
cheapest way of buying gilts Is 
through the National Savings 
Stock Register, forms for 
which can be obtained at the 
post office. A drawback is that 
the NSSR is a postal-only 
service; thus, by the time it 
has received your order, prices 
may have moved against yon. 
But the reverse can also 
happen - besides which, price 
movements over a day or so 
should not make all that much 
difference for long-term 
holders. 

For purchases of under £250, 
the NSSR’s commission is a 
standard £1. For larger buys, 
the cost is £1 plus 50p for 
every further £125 or part 
thereof. Thus, a £1,000 
purchase of gilts would cost 
£4; a £10,000 deal would cost 
£40. 

For sales, the commission is 
10p for every £10 or part 
thereof if the proceeds are less 
than £100. Between £100 and 
£250. fiie rate is £1; above 
£250, the charges work in the 
same way as for purchases. 

Only £25,000 of a stock can 
be bought or sold in one day 
via the NSSR, which could 
cause some problems for large 
investors. As a result, they 


may prefer to deal through a 
stockbroker. 

Unless you are dealing in 
sums of over £10,000, a 
conventional stockbroker 
probably will be more 
expensive that the NSSR; 
however, you will be more 
certain about the price of your 
gilts and you might be able to 
benefit from the broker’s 
advice. 

If do not feel capable of 
making your own gilt 
selection, you could buy into a 
bond fund. There are around 
29 bond unit trusts and, like 
their equity relatives, they 
own a wide spread of stocks - 
although this does not 
eliminate risk. In the 12 
months to October 1, the 
average gilts trust lost 10.4 
percent 

The fund manager's 
expanse also comes at a price: 
initial charges can be np to 6 
per cent and annual charges 
range from 0.5 to 1.5 per cent 
These will obviously reduce 
investors’ income. 

Furthermore, while guns on 
gilts held directly are free of 
capital gains tax; gains from 
gflt unit trusts are not 

P.C. 



5 * 91 % 


pat TAX 

FREE 

INCOME 

PLUS 

First Rate Capital Growth Prospects 

HTR Extra Income PEP offers you a high Income now, paid quarterly and 
tax free, plus excellent capital growth prospects in the future. 

Investing in a solid portfolio of blue chip British company shares, gilts and 
other fixed interest securities, HTR Extra Income is a substantial fund, with 
£54 million already invested, and an outstanding long term track record. 



Total 
Return 
since launch 

£6,000 to 
£78,133* 



ft 177 


«■«»> 
IT 
e 

p- 

§ 

- N w " 

-*v - 


■w- 

w- 

20 - 

10 - 

1994 


ST4T 5SSSZX3EZ* w i 


•”> a ux/nv jowai 

att kw rtt furi. Orr fittytm 


X ralnianl tfirr rtogk« apnaa la afOtl 
-MrftdctM.il Tunehe Remnant' 

represent* product* and service* 
uffcml by Henderson Touche Remnant 
Unit Irust ManaRcmsBi Limited, 
regulated by ilrt Personal Invearaml 
Authority and Henderson Financial 
Mjnagcineni Untiled, both of uibhth 
are member* oT IMRO Pasl perfor- 
nurux is ** necessarily a guUe win* 
faiurc. The *»««« »• aBd “J* 
income from ihrm can go down n> oteli 

a* up * 1 resoii of nuflm and cunency 

nuiiiuiumsi awl the raw*" <*“? 

>ri b*cb *he amount originally 
luwMCtl T axes relating n» VEPs may 
ckuiee If the Uw change* and ihe ealut 
ut 1JS relief well depend upon I he 
ctirunDUtices of Ihe »**«»• Scheme 
particular* and the laical Manager * 
report are swUaWc from ibe Managgr. 



EXTRA INCOME 


If you hud invested 
£6,000 when HTR Extra 
Income was launched in 
September 1977, your net 
annual income would 
have risen from £397 in 
1978 to £1,817 this year** 


EXTRA CAPITAL 


If you had decided not to 
take the income, but to 
reinvest it instead, the total 
value of your investment 
would have risen from 
£6,000 to £78,133 over the 
same period.* 


1 % DISCOUNT 


We are offering a 1% 
discount on all lump 
sum Investments made 
before Budget Day, 

29 November 1994, into 
HTR Extra Income PEE 

For further information 
and an application form, 
speak to your usual 
financial adviser, return 
the coupon or call us 
today on 0345 832 832. 



HTR Extra Income PEP 


To: I ITS Inveior Services Department. FREEPOST. PO Box 216, Aylesbury. Bucks HP2Q IDO. 
ptease send medeuilsaixi an spplkaiwn form [or HTR Extra Income PEP. 


Title 


InUhdto 


Surname 


Address. 


Postcode 


CALL 

AT 

LOCAL 

RATE 




0345 

832832 

Quoting the 
reference 
-EXTRA 2" 


My usaial financial adviser b 


baud by llmdetvm r-lnannUl MiiwgrmeiU Umital. 3 Pmdm/y Avenue, London CC2M 2PA A member of IMRO. 


Morgan Grenfell. 

UK Performance Tax-Free. 



& 

u 

ST: 

fcT<» 

Wi 






Investors looking for an excellent invest- 
ment opportunity should now be considering 
the UK. 

To capitalise fully on the potential for 
growth and income you need look no 
further than the Morgan Grenfell UK Equity 
Income Unit Trust. 

This remarkable UK Trust has delivered 
consistently outstanding performance since its 
launch on April 11th 1988. £1,000 invested 
then would now be worth £2 ,1 79*, placing it 
2nd out of 88 foods in the same sector. 

What’s more, the returns from this Trust 
can be yours totally free of tax by investing in 
the Morgan Grenfell UK Equity Income PEP. 

UK - A GROWTH OPPORTUNITY 

We believe that the prospects for the UK 
economy are now better than they hare been 
for many years. Today, companies arc leaner. 


tougher and poised to profit from a period of 
steady, sustainable growth. 

Don't miss the opportunity to benefit 
from the UK’s growth potential with 
Morgan Grenfell UK Equity Income Unit 
Trust. For more details, talk to your 
independent Financial Adviser today. 
Alternatively, return the coupon or telephone 
us now on 0800 2S2465, 

To: Morgan Grenfell Investment Funds Ltd.. 

20 Finsbury Circus. London KC2M 1UT. 

Please send me further details or tlic 
Morgan Grenfell UK Equity Income Unit Trust & 
Morgan Grenfell UK Equity Income Unit Trust PEP. 


Full Name 
Address 


.Postcode . 


FT 22/10/94. 



"Source: Mkropof ofW to bd nat income rainveUad tinea launch [1 1 .4.88) and 2. 10.85* to 3. 10. W. 

Pleas* rtnvmbar fat pent MtfamMtte » rat noceuariy a gAde to futons performance. 

The value of untt and Income from fern may (al at well at rise, and you may not get back iho original anount tomied Tan rate and nhA are 
fata aapinble at flme ef prirang and nw be wbjedto change. flier wiue wd depend an imkvtdiial ebeumUaneas. 
lined ty Morgan GMnMfnvwtaaiiiFvnAud, 20 RreotryOran, London 6C2M TUT. Member oflMRO. Morgan GnftMl bmfmant Funds Ud 
» an appaeihd repmenfallva of Morgan GrenfcB Unit Tnnt Monogsre Ltd wfech it a member of IMRO, LAIUTRO and dw AUT1F. 











IV WEEFLEND FT 


FINANCIAL TIMES 


WEEKEND OCTOBER 22/OCl'OBER 23 1*94 ^ 


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. 


TLG pic 

The holding company of 
the Thom Lighting Group 



FINANCE AND THE FAMILY 


Bank allays Crest fears 

No pressure on private clients under new system, says Norma Cohen 


F or private clients 
becoming: anxious 
before the introduc- 
tion of the new Crest 
system for paperless share set- 
tlement the Bank of England 
has reassuring words. It 
stresses that taking part in 
Crest is voluntary and there is 
nothing to force them to settle 
their bargains more quickly. 

Moreover, investors who 
want to retain their share cer- 
tificates will be able to do so. 
Even those whose shares are 
held electronically within 
Crest will be able to remove an 
or part of their holdings from 
the system in paper form. 

Best of all, active private 
investors who wish to avail 
themselves of the benefits of 
quick, cheap electronic settle- 
ment may join Crest for a fee 
of £25 to £50 a year. 

The extent to which private 
investors find life different 
under Crest - which is due to 
start operating in the second 
half of 1996 - will reflect the 
extent to which their brokers 
are prepared to accommodate 


Directors' 

transactions 

Michael Hepher, managing 
director of British Telecommuni- 
cations, has bought 13.918 shares 
at 365L5p. He is already the larg- 
est shareholder on the board, by 
a considerable margin, and has 
just over 145,000. The purchase 
appears to have been one of the 
Last opportunities to deal before 
the closed period. 

□ Directors of Smith New Court 
the investment banking house 
known best for its market-mak- 
ing arm. have made a consider- 
able amount of money from buy- 
ing their own shares over the 
past two years. In 1994. however, 
the trend has been towards sell- 
ing. The latest disposal was by 
Pbilip Kay, who sold 30,000 at 
321p. 

□ Conrad Black has bought 1.4m 
shares In the Telegraph at 330p. 
In May. he sold 125m at 587p 
through his HoUinger vehicle - a 
move that caused considerable 
dismay when, in June, the Tele- 
graph announced it would be cut- 
ting its price to meet stiff compe- 
tition from its principal rival. 
The Times. The impact of that 
price cut had little bearing on 
interim results announced in 
August, but the fall-out will be 
much more apparent when final 
results appear in February. 

Vivien MacDonald, 
The Inside Trade 


* Jwunu: Mw.'p.il, rlAV iu NAV with pminamc reinvested hi 1.10.91. Cumulative growth nines launch t Figures include Lhrwc of FMR, j US company and nn 

dTili.m- - J Fidelity Invcammi Soviet* Limned. The fidelity Fundb Europe FunJ is (wr c f Fidelity Fundi (StGAV). which tr an open ended Luxmbourj: investment 
viMfunv wtih ’b .i«w of *are numb"). The wall*; of shares may rise ur till due lo changes in die rale of exchange id the currency in which rhe funds are invested. P*i 
rvtlnrmance In nu gu-mrucc ,if lurure returns. The value co invcHmena and the income from them can pi down as wed os up nnd ihe m Venice may rvjt set luck the amount 
interned. Im esentmt m Fidelity Funds should he mode on the turns of the current brochure, a copy of which cm he obtained ihnn the Damburor*. UK investors jJhuuld alto 
note that Fidelity Funds are recognised urxjer Section 86 of the financial Services Act 1986. The huhling of Shares in the Funds will rmc he covered hy ihc prove. mos of the 
SIB Investors Compensation Scheme racr by any itnular scheme in Luxembourg The UK Distributor of the Funds u Fidelity Investments lnlcmanon.nl. a member of 1MRO. 


individual preferences at a 
suitable price. 

But there are indications 
already that fierce competition 
between brokers means that 
private clients who shop 
around are likely to find one 
willing to meet their wishes. 

Stockbroker Brewin Dolphin, 
for instance, has offered its 
nominee service to clients free 
of charge since the advent of 
10-day rolling settlement in 
July, and will continue doing 
so. This means that those who 
are prepared to accept a nomi- 
nee for their shares, to speed 
the administration of transac- 
tions, can do so at no extra 
charge. 

Yet, even if a nominee ser- 
vice costs nothing, private 
investors may be reluctant to 
use it because they will not be 
able to communicate directly 
with the companies in which 
they invest 

"There are two issues about 
the use of no mine es," says a 
Crest spokesman. “First, 
whether Crest might be able to 
help brokers communicate 


details of beneficial owners to 
companies; and, two, who 
should pay for the additional 
cost of that communication?” 

The Bank of England , which 
is overseeing the design phase 
of Crest points out that there 
is no specific requirement for 
investors to become members 
of nominees, and those wishing 
to retain paper will simply con- 
tinue to conduct their transac- 
tions with their broker as they 
have always done. 


A ctive traders, how- 
ever, may choose to 
become “sponsored" 
members of Crest. 
“Being a full member of Crest 
is a bit unrealistic for most pri- 
vate clients,” the spokesman 
says. “But we think sponsored 
membership is a viable option 
for lots of private clients.” 

Sponsorship will allow you 
to hold shares electronically 
within Crest in your own 
name, and you will continue to 
appear on each company’s 
share register. But you will 
have to designate a full Crest 


DIRECTORS’ SHARE TRANSACTIONS IN THEIR 


Company 

Sector 

Shares 

Value 

NO of 
directors 

SALES 





Adas Conv Equip 

Eng 

250,000 

1.320000 

3 

Austin Reed 

RetG 

13X560 

32,465 


Bank of Scotland 

Bnks 

10,000 

20.300 

1 

Bridon 

Eng 

132^287 

211.124 

2 ' 

Burmah 

run 

20.270 

174,727 

■f * 

Eastern Group 

... .Elec 

58.563 

433X366 

2’ 

Ewart 

F»rop 

20,000 

14,800 


Jardino Matheson 

DM 

80.000 

419,200 

1 

Uoyds Abbey Life 

- LilA 

3.354 

11,135 

1 

Macaflan-GtenCvet 

SW&C 

20,000 

44.000 

1 

Newmarket Ven Cap 

IrwT 

65,000 

34.450 


Portmeirion Pots 

HGod 

20.000 

102,400 

1 

Quayte Munro 

OthF 

13.000 

24.7Q0 

1 

Smith New Court 

OthF 

20X100 

64,200 

1 

Spear JW 

. RetG 

15.461 

177.802 

4" 

Wetherspoon 

Brew 

2.723 

11.164 

1 

PURCHASES 





Adwest Group - 

.. DM 

9.500 

14,345 

2 

AMs 

Eng 

105.000 

30.550 

2 

Ashley (Laura) 

RetG 

50,000 

35250 

1 

Bank of Scotland 

Bnks 

6,916 

13555 

1 

Benson Group - 

EngV 

141,120 

12.701 

2 

British Telecom ... 

Tele 

13,918 

50592 

1 

Burmah — 

Offl 

3,000 

25,050 

1 

Clayhithe Pic 

OthF 

106521 

77541 

2 

Coda 

SSer 

18.000 

14.760 

1 

Hughes (TJ) .. _ 

RetG 

50.000 

39,000 

1 

Johnston Grp 

8M&M 

5.000 

14550 

1 

M R Data Mngmt — .SSer 

10.000 

11500 

1 

MR 

Rate 

30.000 

39500 

1 

North Sea Assets ...... 

nap 

50,000 

12.000 

1 

Polypipe 

BM&M 

16,000 

20,800 

1 

Sears 

RetG 

10,000 

10,200 

1 

Stirling Group — 

Text 

50,000 

29,500 

1 

Telegraph 

Mtfia 

1.400,000 

4.620000 

1 

Watmoughs _ 

PP&P 

19,500 

73.905 

1 


Vriue expressed in £000*. This Rsf contains afl transactions, Including the exercise of 
opOatta O It 100% subsequently sold, with a value aver £10,000. Information rataaaod by 
the Stock Exchange 10-14 October 1994. 

Source: Dtaectus Ud. The Inside Track, Edinburgh 



Price* In pence isrtass oHihi Um tu fl cate d 


Mtfcsn Hume 

55* 

81 

51 

29.60 

ASed Group 

AndrmwSykM 

BS* 

88 

67 

10.70 

Btrv Ore Prat. 

Attwooda 

109 

114 

109 

384.00 


Dale liactrtc 

7DW 

72 


16.00 

TT Group 

ElsaAck 

iaw 

16W 

12 

37.70 

Ferguskm Inti 

Ptantabroek 

ITS- 

173 

166 

19300 

SCI 


250* 

253 

193 

96.10 

Hanson 

Towles t 

275" 

268 

243 

-k22 

London city 

Tirana World f 

181 

178 

178 

70.80 

EMAP 

VSEL 

1291 

1308 

1228 

49027 

Brit Asraapsce 


member to act on your instruc- 
tions to buy or sell securities. 

T his choice also will require 
you to establish a relationship 
with a bank through which 
you can make and receive 
Crest-related payments. 

Private clients should know 
that the demand for a credit 
line could well rise signifi- 
cantly under rolling settle- 
ment. Buying and selling two 
lots of securities of equal value 
on the same day might not 
erase the need for credit, since 
you could easily develop an 
“intra-day” credit exposure. 
This could happen if your 
order to buy shares settles in 
the morning, but your sell 
order takes until late after- 
noon. 

It is expected that brokers 
acting as sponsors will help 
each client arrange a credit 
line and it will be possible, 
under Crest's legal structure, 
to allow a lender a legal charge 
over securities held in Crest in 
the investor’s name. This 
should reduce the need for an 
outright extension of credit. 


New issues 


The decision this week by 
Telewest, the UK’s largest 
cable operator, to proceed with 
its flotation has cuine us a 
welcome relief to a new issue 
market that is again dogged by 
negative news, if rites 
Christopher Price. Telewest 
postponed its original float 
date five months ago. citing 
difficult market conditions. 

The plan tlien involved 
selling a 20 per cent 
fully-diluted stake through a 
placing and intermediaries 
offer in the US and UK. Such 
an offer would seek to raise 
between £300m and E370ra in 
new money. 

There was also a positive 
debut from Scrvieair. which 
came to the market at I35p and 
went to a first day’s premium 
of 3p. 

But Filtronic Comtek, a 
manufacturer of components 
for the mobile 

telecommunications industry, 
became the latest market 
debutant to disappoint 
expectations. 

Its shares were priced at 
105p, valuing the group at 
£44. im. This was well below 
forecasts, which had ranged as 
high as £60m. 


The week ahead 


MONDAY: Moss Bros, the 
clothing retail and hire group, 
is expected to build on last 
year's growth, with interim 
pre-tax profits rising from 
£625,000 to between £lm-£1.3m. 
TUESDAY: McKcchnie, the 
metals and plastics compo- 
nents group, is heading for 
1993-94 pre-tax profits of about 
£31m, up from £24.51m last 
time. This would produce earn- 
ings per share of 23.8p and 
should mean at least a main- 
tained dividend of 14.75p. 
TUESDAY: Wolseley. the 
world's biggest distributor of 
heating and plumbing prod- 
ucts, is expected to report 
another year of record profits. 
Forecasts range between £l$5m 
and more than £200m for the 
year to end-July, against 
£121.1m last time. A strong 
contribution is expected from 
Erb Lumber, the US distributor 
of lumber and associated prod- 
ucts bought for £51 .lm last 
August, and the first full-year 
of Enertech, the Swedish oil 
and gas burner-maker. 
THURSDAY: Followers of the 
chemicals sector will be scru- 


Share pricos relative to the 
FT-SE-A General Fteiaflors Index 


Moea Bias Group 


100>WS£=* 


Country Casuals 


SQL. H .11.1-1.10- 
1993 

SourCK FT Graphite 


t inis mg ICI’s third-quarter 
results for evidence that prices 
of commodity chemicals are 
recovering rapidly. The com- 
pany should show a pre-tax 
profit comfortably over £l25m. 
compared with last year's 
£73m. 

THURSDAY: Country Casuals, 
the clothing retailer which lost 
a fifth of its market value after 
a profits warning last month, 
is forecast to report interim 
pre-tax losses of about Elm. 


PRELIMINARY RESULTS 



RESULTS DUE 

Company 

Sector 

Anrtcmnt 

duo 

Dividend (pT 

Last year Thb year 

tot- Ffaal tot 

FMAi- DtHDUDS 






BM Group 

_Eng 

Wednesday 

05 

_ 

. 

Blackamod Hodge n/a 

Wednesday 

065 

1JK) 

025 

BnUnh Asantt Treat 

— InTr 

Thwsday 

1J07 

UJ7 

159 

Centrojjold . 

— LAH 

Wednesday 

- 

- 

03 

DeiAchiand tm Cap 

-OSh 

Friday 

- 

- 

a 

Earex Fumftura 

_ReGn 

Wednesday 

15 

2 a 

13 

Hetriktg Japanese Inv Treat 

— kiTr 

Thursday 

- 

045 

- 

Gartmore European bi» Tmat 

-InTr 

Monday 

- 

09 

- 







Ivory & Shoe Enterprise Cap _ 

— biTr 

Monday 




London 4 St Lawrence Inv Co 

_JnTr 

Thursday 

OBJ 

- 

3.12 

Mcftechnie 

-Eng 

Tuesday 

5.0 

9.75 

55 

Hurray Spfit Capital Trtat — 

-InTr 

Wednesday 

- 


- 

Praosac 

-6SBE 

Thraaday 

ore 

1JC 

OJ5 

Scottish MetropoBan Prop — 

—Prop 

Tuesday 

04 

1.1 

05 

TTOco CompuSere 

— SpSv 

Wodrxoday 

OSS 

09 

055 

UDOHotdngs 

— OtSv 

Tuesday 

2.07 

5.13 

2-23 


-BdMa 

Tuesday 

355 

9.75 

4.72 

wtbw nwBna 






Btacfca Lahore 

-ReGn 

Tuesday 

075 

15 


Booonora Intematlonai 

_PP*P 

Tuesday 

ore 

_ 

_ 

Bradford Property Trust _____ 

-Prop 

Tuesday 

09 

35 

a 

British a Amorii -i t FDm 

— OtFn 

Monday 

4274 

93 

- 

Browfoaatia 

-Offn 

Thureday 

n?fi 

o.re 

. 

Carroiort IntomaUonoI 

-Text 

Friday 

a 

- 

- 

Country Casuals- 

-ReGn 

Thtaitey 

1^1 

239 

- 

Craig A Ron 

—Cham 

Friday 

- 

- 

. 

ftAww 

— Refd 

Monday 

- 

- 

- 

DAKS Simpson 

_ n/a 

Thuraday 

- 

- 

. 

EdHaagh Inv Trust 

-InTr 

Tuesday 

255 

53 

. 

El Ore Mining 

-OtFn 

Tuesday 

- 

200 

. 


-Offn 

Tuesday 

- 

1O0 

. 

Ftorriaa Conti Bare 

_tnTr 

wetfoesday 

- 

23 

_ 

Flaring Euro Fladgfeig 

—InTr 

Wednesday 

- 


- 

Ftondns toe & Cap 

—InTr 

Thursday 

1.0 

15 

. 

Garrard* National 

-Offn 

Thursday 

6.0 

16.0 

. 

Oteros „ 

-ReGn 

Wednesday 

- 

15 


Goffios (Mental 

-InTr 

Tuesday 

04 

ore 

_ 

Gresham House 

-InTr 

Friday 

- 


_ 

Guerdon Media Group 

_ n/a 

Monday 

- 

_ 

_ 

I&S UK Smaller Go's 

-InTr 

Thursday 

- 

_ 


London & Muhopoman 

-Prop 

Thusday 

. 

. 


London SmoNr C</» Inv Trust- inTr 

Wednesday 

o.re 

239 

_ 

Mdnaraay Properties 

—Prop 

Thursday 

- 



Mcea Bros 

_RsGn 

Monday 

1 £ 

55 

_ 

Ocean WBsons 

-Tran 

Tuesday 

1h 

35 

. 

Otiroa Propedy 

-Prep 

Tuesday 

- 

- 

- 


..OVE 

Friday 

- 

05 

- 

Scottish Mortgage Tlust 

-JnTr 

Thursday 

135 

2.75 

. 

Shush 

-Text 

Thursday 

14) 

25 

- 

Union International 

..n/a 

Friday 

- 

. 

_ 

Ventral hw Treat — 

_toTr 

Tuesday 



- 

-Dhrtdsnds are diown net pence per ahaa and are adjusted for any intervening scrip from. 

ftaports and accounts m not normally ovtetebie imte about 6 note alter the hood maating to 

approve pndhtinary resutta. I? 1st quarteriy. ♦ 2nd quarterly. * 3rd Qumteriy 




Acorn Co n fou tar 
Airflow Strearnflnea 
Arnfenr 
Aragon 

Andes Properties 
Automated Security 


LSH Jim 

EIEE Jun 

EnflV Aug 

OS Jim* 


BS Group L&H 

Bedford (VHtanft Rea 

Berry, BWh & Noble Off n 

Boot (Henry) B&C 

Brooks Service SpSv 

Castle MB taO Text 

Chesterfield Props Prop 

cay of Oxford bw Hit 

Davenport Knftmor Text 

Derwent Malay Prop 

Bdos ESSE 

Eatffedi National Im Kit 

FamsB Electronics Dot 

Ferguson bdt PP&P 

f err um Ena 


BdMa JU 
L&H Jim 


ReGn Jun 

Offn Jd 

B&C Jun 

SpSv Jun 


EASE Jim 

WTr Sept 

D* JU 

PP&P Aug 


Forwad Technology faff 

Geared hcoma taw HTr 

Q anchawton Diet 

Hantogton KbUo Med 

Havelock Europe BSC 

KMt Enwgy OiE 

Ktermrort En dowme nt HTr 

LoCrauset HseG 


New Throgmorto n Tst KTr 
ftotards Eng 

Rka ESE 

RoesGtmip ttst 

Scantronic rub 


HseG Jim 

HseG Jim 


Ctet Jun 

E*EE Sep 


TfckethgGrm* 
He Rack 


Value & Income Trust HTr 
Waste Mngmt Inti Otijv 

YorMyda Tea 

(figures H parentheses an lot me 


ReQn Aug 

^ Sep 


Jun 233 L 

Jun 1.380 L 

1.560 

•A* 1 2.770 

Sept 118.9 

■A* 1.070 

Jim 840 L 

•nTr Sept 1A4.5 

&|g Jun 

E&E Juj 6W 

Jun 15 

Sep 1400 L 

•A" 230 

Jim 32 

Jug 407 

Sep 30200 

S^Pt 106.6 

•A** 125.400 

■h* 1 1.700 

ooofcsponrtng panod 1 


(197 U H 

(305) - H 

(464) 29 PA 

pay - h 

p .780 u - h 

(W) - 9 

prai - (-) 

(207) za pfl 

(116) 3.0 9 

nm - H 

(4601 IS (2.1) 

0-35C9 135 p.7) 

t57ij ore p5) 

- « 
F310I 4.4 (4J]) 

C»5) 1.2 p 2} 

(607) - H 

11,120) 158 11525) 

(78) - H 

P64-P) - 9 

121.100) 38 (33 

(55401 45 (4 2$ 

(1 .490) - H 

P.230 g 05 H 

(97.7,1 3^5 p 29 

U63U - H 

(621) ■ pj) 

eoa u> h 

£SM| - 9 

(1CS.Q - f) 

0.1601 - (4 

618 ) - iai) 

P 14.it 1.0 p^ 

B21 14) pJJ 

(«9 - H 

(6021 - (02) 

d.400) - H 

PXI60 U - H 

037) . H 

OB4| - H 

«.o (io^ 

(101.11 21 (2X9 

( 110 X 00 ) - 9 

11.490) 24 P3 

Wkuim. L : loss, t Nee ossrt 
dofcn .ind cents. M IB mcrtF 


■m omi eew. Vv n— e it *H am t IX—marid. ai XJO imi iiaaa gtrtoa* nsmm< 


■ RKSHTS ISS UES 

Sdtaw Group Is to nee £23.7m via a rights issim. 


15011 SALE, PLA C WGS A INTROPU CTKWiS 

-b "* 31 ?7ip - 

NowUx* b to raise COm «a Ita Botaton apU,ani 9 ^Xlm sjarea a 20p. 
NonfcBploraflonBtDiBiajEBgonm,^ 

raise E5.7m vfa a pfochg ‘ sh,1Wi 

^antrortc b to raaa Cl2ro ... . , 

° 00 ' 37&n •fetotoufcn** ,5-,,n ® 10 P- 

Uptori 8 Soidhem q to raffle 655m via a piecing and c«ur 





















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\ j, PTNANCIA L TIMES WEEKEND OCTOBER 22/OCTOBER 23 1 994 


WEEKEND FT V 


FINANCE AND THE FAMILY 


Rocky ride for Eurotunnel 

Should shareholders sell, hold on - or even buy? Charles Batchelor reviews the options 


T his has been an 
inauspicious week for 
Eurotunnel. The com- 
pany which operates 
cne Channel tunnel was forced 
to admit it would miss this 
year’s revenue forecast by a 
wide margin, while a Eurostar 
train taking journalists to 
Paris broke down before it 
even started. 

Even so, travellers who 
make the trip in one of these 
sleek expresses, or in the more 
spartan car shuttles, are In for 
a pleasant surprise. The ride is 
extremely smooth, and the pas- 
sage from the Kent countryside 
into the tunnel mai-kwi by the 
gentlest of slopes. 

Shareholders have had a 
bumpier ride. Floated at 350p 
In November 1987, Euro- 
tunnel's shares peaked at 
£li.64p in June 1989 and have 
see-sawed between £3 and £5 
for much of the subsequent 
period. (The bevy of rights 
issues complicates compari- 
sons. The adjusted issue price 
is 267p and the peak 87ip). 

In recent months they have 
fallen steadily, dropping 19p in 
the past week to 209p yester- 
day - a recovery from Thurs- 
day’s all-time low of 199p. 

With some City analysts 
forecasting yet another fund- 
raising within the next two 
years, should shareholders cut 
their losses and sell, hold on - 
or even buy? 

On balance, those who 
bought enough shares in the 
1987 and 1990 issues to qualify 
for concessions should stay 
put Would-be investors should 
wait a while because there are 
signs that the shares still have 
some way to falL 
Eurotunnel is at a tricky 
stage. The tunnel has been fin- 
ished bat the company still has 
to prove it can operate a reli- 
able service. In the meantime. 


Eurotunnel 

Share price {pence} 



the additional safety require- 
ments demanded by the British 
and French governments, and 
the delays of such a massive 
project, have heaped up a 
mountain of debt £8bn out of 
total fluids of £KL5bn. 

Two rights issues have 
diluted the returns to share- 
holders and the official 
starting date for the payment 
of dividends has been pushed 
out to 2004. Some analysts 
believe it might take longer. 

The delays to the start of ser- 
vices will reduce revenues this 
year and next, bringing Euro- 
tunnel perilously dose to Its 
financing limits. It is likely 
that the company will be in 
technical breach of Its cove- 
nants by the the vtank.g 
come to re-assess their loan 
commitments next spring. 

Yet, cochairman Sir Alastair 
Morton is probably right in 
thinking that the banks win 
turn a blind eye to this. They 
have no wish to bring the proj- 
ect tumbling down. 

Eurotunnel’s forecasts 
depend on it persuading large 



numbers of people new to the 
cross-Channel market to makt* 
the trip. It is also hoping to 
take away half of the existing 
market from the fe rri es. Ana. 
lysts doubt whether these 
ambitious targets can be met. 

Fears of a price war between 
the ferries and the tunnel have 
eased recently but Euro- 
tunnel’s revenue forecasts 
would be tut if hostilities re- 
opened. It also faces the prob- 
lem that much of its debt is at 
variable rates, making it vul- 
nerable to any increase in 
interest rates. 

On the plus side, the nert 
few months should see the 
final solution to the teething 
difficulties which have piagnarf 
the start-up of services. A 
rough winter on the Channel 
could persuade road hauliers 
to desert the ferries, while next 
spring and summer see 

a substantial build-up of tour- 
ist revenues. By the middle of 
next year, the tunnel will have 
shown whether it is going to 
succeed. 

hi the absence of dividends. 


the main reason for existing 
shareholders to stay with 
Eurotunnel is the free travel 
concessions. The company will 
not announce its passenger 
shuttle fares until the middle 
of next month but last Janu- 
ary, when it was hoping for a 
May start to services, it 
announced fares ran g in g from 
£125 for a two-day return to 
£310 for a mid-summer peak 
weekend return. 

Shareholders who bought 
1,000 shares at 350p each in 
1967 are entitled to two free 
return trips annually for the 
65-year life of Eurotunnel’s 
operating contract 

New investors are probably 
best advised to wait because 
there might he some way for 
the shares to fall before reve- 
nues pick up next spring. But 
there is still the prospect of 
dilution if the banks insist 
upon converting some of their 
debt to equity in 12 to 24 
months. Cautious investors 
may want to see the shape of 
any new financial structure 
before committing themselves. 


Chunnel diary 

Sept l 1986: Consortium 
partners subscribe £46bn of 
equity for project 
Oct 29: Eurotunnel raises 
further £206m equity 
through private placement 
with Institutions. 

Nov 4 1987: Company 
reaches agreement for 
banks to provide £5bn. 

Nov 27: Public listing com- 
pleted, raising additional 
£770m equity. 

Dec l: Tunnelling starts. 

Oct 25 1990: Eurotunnel 
signs agreements for fur- 
ther £L8bn of hank credit 
Dec 8 1990: Company com- 
pletes £566m rights issue. 
Feb 10 1992: Target opening 
date of June 1993 is post- 
poned. 

Dec 10 1993: Contractors 
hand over t unn el. 

Dec 29*. Eurotunnel drops 
claims against UK and 
French governments in 
return far 10-year extension 
of its concession. 

May 6 1994: Inauguration of 
tunnel by the Queen and 
French President Francois 
Mitterrand. Freight shuttle 
services start later tn 
month. 

May 28: Eurotunnel 
launches third rights issue 
to raise £858m and com- 
pletes raising of £683m of 
h ank loans. 

Oct 3: Start of limited pas- 
senger shuttle. 

Oct 17: Eurotunnel reveals 
it will achieve only a quar- 
ter of the expected 1994 pas- 
senger revenues. 

Nov 14: Start of Euro-star 
service between London, 
Paris and Russels. 

Nov 15: Start of turn-up- 
and-go passenger shuttle. 


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Just for women 

Bethan Hutton on a new illness insurance policy 


T he possibility of get- 
ting breast or cervi- 
cal cancer worries 
many women. So, a 
new policy from Pinnacle 
Insurance which pays a cash 
sum if they develop either 
ought seem a good Idea. 

Called Viva, the wotnen-only 
policy provides a set level of 
cover a cash sum of £10,000, 
followed by 12 monthly pay- 
ments of £500, after diagnosis 
or breast or cervical cancer. 
Premiums range from £7 a 
month for those aged 18 to 29, 
to £18 monthly between 50 and 
59. 

Yet, few women reading the 
promotional leaflet - to be 
inserted in magazines — will 
realise that, for a slightly 
higher premium, they could 
get com for all k i n d s of can- 
cer as well as heart attacks, 
strokes, multiple sclerosis and 
many other serious illnesses. 

Critical illness insurance - 
which is available to both 


sexes - is one of the fastest- 
growing areas of the insurance 
market hot the term is still 
mtfamUiar to many. The baric 
idea Is to provide a lump sum 
if a person develops one of a 
specified list of serious ail- 
ments. 

The cash can be used to pro- 
vide an Income (if the victim 
cannot return to work) or pay 
for surih things as home alter- 
ations, holidays or nursing 
care. The Alness does not have 
to be terminal, or stop the 
Insured person working. More 
than 90 per cent of claims are 
for cancer, heart attacks and 
strokes. 

The insurance is available In 
a variety of forms: as a stand- 
alone protection policy or 
linked with life assurance, so 
that the sum assured is paid 
other If you die or become ill. 
Many insurers have now 
begun to offer it as an optional 
extra for mortgage protection 
policies. 


It is also relatively inexpen- 
sive. A premium of £20 a 
month would buy a woman 
aged 29 cover of £53,125 at 
Eagle Star, £4&218 at Scottish 
Provident, or £40,047 at Allied 
Dunbar. For the same pre- 
mium, a woman of 49 would 
get cover of £19,318 at Eagle 
Star, although she would pay 
£26.36 to Allied Dunbar for 
cover of £16,000. Men would 
pay more, as would smokers. 
But cover added on to a mort- 
gage is even cheaper. 

Although Ineast and cervical 
cancer are the two most emo- 
tionally-charged illnesses 
women face, Viva is a rela- 
tively expensive way of cover- 
ing them: it makes more sense 
to insure against the full 
range of critical illnesses. 

And, rather than baying any 
kind of financial service 
directly from a mail shot or 
magazine insert, always talk 
first to an independent finan- 
cial adviser. 



Emerging markets are one of 
today's most anting investment 
opportunities, showing capital 
returns substantially higher than 
chose of the developed world over 
the last few years. 

But just like any other high-potential investment, 
these uncharted waters can be full of dangers, and 
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M* 5 ! No* E«U fed. Toh™*. TO 73 . j 

4ickud by The ScarririMandJnv^m^ufl^ I 


I PAY BASIC / HIGHER RATE TAX 


DBAS 




Top Ten UK Unit Trusts 
5 Years 1989 - 1994 


so 


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When it comes to tax-free investment within a Personal Equity Plan, 
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There are in all 375 unit trusts classified by Micropal as UK trusts 
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for at least five years. Over that period, our trust has achieved a toted return, 
with gross income reinvested, of 146,1% nearly half as much again as the 
next best unit trust in that classification, and well over four rimes as much 
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If you’re looking tor a PEP with a proven record of consistent 
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VT WEEKEND FT 


FINANCIAL. TIMES WEEKEND OCTOBER 2^00 OBER23I9W 


FINANCE AND THE FAMILY 


■ Top annuity ratos 


Annuities 


An annuity provides a guaranteed tecmne tar Mate return lor a lump sun Investment 
The bkik of the fund bull up by many types of pension plan must be used m this way. 
This week's table snows COMPULSORY PURCHASE ANNUITY RATES which are used 
tor 8maB company schema, addi ti onal voluntary contrStuSon plans (AVCa) and tree 
starving AVCs (FSAVCs) among others. The rates do not include WtaUcn proofing. 


Trend 


Male ago 55 

Annuity (+02%)* 

Female age SO 

Annuity (-3J%)* 

Generali 

£10380.18 

General! 

£9,133.97 

Equitable Life 

CT 0,234.00 

Norwich Union 

£9,126.00 

RNPFN 

£1 0,261 .68 

RNPFN 

£9,075.24 

Mate age 60 

Annuity (+4X6%)- 

Female age 60 

Annuity (-1.2%)" 

RNPFN 

£l 1,275.20 

RNPFN 

£10,289.16 

Generali 

£1 1,266.72 

Generali 

£10,116.97 

Equitable Lite 

£11,196.96 

Royal Life 

£10,029.59 

Mate ago 70 

Annuity (+2.6%)* 

Female age 70 

Annuity (+1.6%)" 

RNPFN 

£14,872.08 

RNPFN 

£12,888.24 

Eqiitable Life 

£14.138.04 

Royal Life 

£12,31098 

Generali 

£14,082.98 

Equitable Lite 

£12.201.00 

JOINT LIFE - 100% SPOUSE'S BENEFIT 


Mate age 60 
Female age 57 

Annuity (-0.7%)* 

Mata age 65 
FBmate age 63 

Annuity (-0.9%)* 

General! 

£9,463.92 

Generali 

£10.029.61 

RNPFN 

£9,211.44 

RNPFN 

£9,956.16 

Norwich Union 

£9.194.00 

Royal Lite 

£9,74550 


'Month's movement 

Payments are monthly In arreaa, without a guarantee period- Rates are at IB October 
1994. Figures assume on annuity purchase price at £75.000 after paying tax free cosh of 
£25,000 and are shown gross. RNPFN annuities are available only to ruses and aflted 
workers. Source: Annuity Bureau: 071 620 4090. 


is 

down 

Although the table shows that 
many annuity rates have 
moved up since a month ago, 
most competitive providers 
have reduced theirs, including 
Generali, Prudential, Sun Life 
of Canada. Canada Life and 
Royal Life. 

A few companies have 
maintained rates but the trend 
is downwards. Again, the 
movement Is linked to 
inflation, this time with 
indications that inflation is 
under control. In the short 
term, rates should continue to 
fall. 

Peter Quinton, 
Annuity Bureau 


S plit-capital investment 
trusts are complicated 
enough to understand 
at the best of times, 
with their multitude of differ- 
ent share classes entitled to 
varied portions of capital and 
income. But recent events have 
highlighted a further area of 
complication: what happens 
when a split-capital trust Is 
nearing the end of its life? 

Shareholders in Sphere, due 
to wind up in a year’s time, are 
considering a bid by Dartmoor, 
another split-capital invest- 
ment trust Meanwhile, share- 
holders in Gartmore American 
Securities, due to wind up in 
March, voted this week not to 
block an extension of the 
trust's life - so thwarting an 
anonymous American investor 
(or group) who had worked out 
a clever plan to get a larger 
share of the assets on wind-up. 

These situations arise 
because split-capital trusts 
have limited lives. When the 
trust is created, a provisional 
wind-up date is written into its 
legal structure - usually seven 
or 10 years away. But this does 


MEW INVESTMENT TRUST LAUNCHES 

— Tagato — — Outside PS 1 hste F£P — 

Hsus MWntum Wrenum Annual Ununum Annual 
Stzs YleM PS 1 Savings Price NAV best Change Invst Change 

Manager iTefepiw®) Broker Sector Warrants £m % Qnal7 Scheme P P t % £ V, Offer Period 

■ Fidelity Special Values 
FkMfty (0800 414161) 

SG Warburg l* Growth 1:5 30+ n/a Yea Yes lOOp 95. 5p £1,000 0.95 n/a n/a 19/10/34- 9/1 1/94 

New twin for Fidelity's Special Situations unit trust, run by Anthony Bolton 

■ Foreign ft Colonial E m erging Markets 

Foreign & Colonial (071 628 8000) 

Craft Lyonnais bring Emerging Mkts 15 100 nfa Ho Yes lOOp 95p £2,000 15% n/a n/a 25/10/94-11/11/94 

C-share issue from established emerging markets trust, ranked second In its sector over three years 

■ hnresco Korea Trust 

tnvesco (0800 010333) 

de ZuetB & Bavan Far East ex Japan 15 30 n/B No Yes lOOp 96p £2,000 1% n/a n/a doses 2/11/94 

C-share issue to raise new capital for this three-year-old, £40m specialist trust 

■ Murray Emerging Economies 

Murray Johnstone (0345 222 229) 

Db Zoete & Bavan Emerging Mkts 1:5 20m+ n/a No Yes lOOp 95.5 £1,000 1.25% n/a n/a 9/11/94-29/11/94 

Investing in real emerging markets - India, China Bred. Hungary etc - not "gateways'' Eke Hong Kong or Vienna 


A quick guide to 
doing the splits 

Bethan Hutton looks at the complications 



not mean the trust will neces- 
sarily cease to exist on that 
date. Fund managers make 
their living by charging a per- 
centage on the funds they lave 
under manag ement, SO they 
are understandably reluctant 
to wave goodbye to a pool of 
money if there is any way they 
can avoid it. 

The mam options are: for the 
fund to be wound up; for its 
life to be extended; or for 
another trust to bid for it. pro- 
posals are made up to a year in 
advance, so that shareholders 
can decide. The most attractive 
option for them will depend on 
which class of share they hold, 
and their priorities. 

The two most common types 
of split-capital trust share are 
zero dividend preference 
shares and income shares (or 
ordinary income shares). Zeros 
pay no dividends, but their 
capital entitlement grows by a 
fixed amount each year and is 
paid out in one go when the 
trust is wound up. Income 
shares get all the trust's 
income and can yield very 
highly, but their capital entitle- 
ment is less generous. It often 
depends on what is left when 
the zeros have been repaid. 

Income share-holders may 
not mind carrying on with the 
same trust, or accepting a bid 
from a s imilar trust, if it gives 
them a continuing income 
stream - but zero-holders are 
another matter. Zeros are used 


as f rojtnnial p lanning tools for 
items such as school fees: 
investors buy zeros from a 
series of different trusts so that 
lumps of capital become avail- 
able at regular intervals. If, 
rather than winding up, a trust 
is rolled over, that could throw 
out all the careful planning. 

Zeros do not usually have 
voting rights, but trusts usu- 
ally are structured to give 
them a vote if a deal that 
would affect their fixed cash 
entitlement, or its date of pay- 
ment. is being considered. 
Most re-structurings and bids 
give zero-holders a cash option 
on or before the scheduled 
date. 

One exception was the re- 


structuring last year of the 
City of Oxford trust, which 
made no cash offer to zero- 
holders when the life of the 
trust was extended. At the 
time, the board explained that 
because the extended life of the 
trust would add value to the 
shares, zero-holders would do 
just as well by selling in the 
open market after the re-struc- 
turing. 

While that might have been 
true in that instance, it will 
not always be the case. Indeed, 
James Hart, a split-capital spe- 
cialist at broker OUiff it Part- 
ners, says he does not think 
this approach will be used 
again as it caused a lot of bad 
feeling among shareholders 


and drew heavy criticism from 
fund managers and corporate 

financiers. 

The strategy used by another 
Gartmore split last year met 
with more approval. As Cart- 
more Value was nearing the 
end of its life, a newly-created 
trust. Gartmore Shared Equity, 
bid for its shares. This gave 
investors two options.- to sit 
tight until wind-up and get 
their scheduled entitlements, 
or swap their shares for others 
in the very similar new trust. 

M ost of the 
ineoine-share 
holders opted for 
the new trust, as 
did a fifth of the zero- holders, 
while the rest are still in the 
rump of Gartmore Value, 
which should wind up in Janu- 
ary. as scheduled. The new 
trust also raised extra cash 
with a public offer. The success 
of this scheme could mean it is 
imitated by other trusts over 
the next few years. 

The takeover battle for 
Sphere illustrates a different 
approach again. Dartmoor is 
offering eight of its new 
income shares for every 25 
Sphere income shares. 

The offer has been accepted 
provisionally by Exeter Fund 
Managers (Dartmoor's man- 
ager) and Abtmst Fund Man- 
agers which, between them, 
hold more than half the ordi- 
nary shares. 

The Sphere hoard yesterday 
recommended other sharehold- 
ers to consider either retaining 
their shares in Sphere until the 
wind-up. or selling them in the 
market. It advised accepting 
the offer for warrants. 

Hart also favours holding on 
to the Sphere shares. He points 
out that while Sphere has an 
international general portfolio, 
Dartmoor's portfolio of mainly 
highly-geared instruments is 
not such a safe prospect. 


NEW UNIT TRUST LAUNCHES 





Fid 

Sato 

- Chat; 

to inside 

f » - 

MMraim 

- Char 

gee mads 

PEP - 

Mtrtrom 


S racial niter 



YUd 

PEP 

Schema] 

hfflal 

Amul 

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Into. 

tonal 

Annual 

Other 

must 

Dtscsutf 

Period 

Manager a Stephen?) 

Sector 

% 

Qua 

Aval 

% 

% 

% 

£ 

% 

% 

« 

£ 

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■ HL Investment Trust Portfolio Trust 

Hargreaves lansdown (0272 787 767) Investment (not units 

2 

Yes 

Yes 

5.75 

1.5 

No 

zsoo 

5.75 

1.5 

NO 

2500 

Yes- 

7/10/94-27/10/94 


Unit trust investing in a wide range of UK and overseas investment busts, with a 5 per cert annual withdrawal facility. 

• ? panxrXogo wrjraarai J wwi i| e jgrffiW tJS aw ttdOOA 3 omr CSOjOOO. mid 3 erer £50.000. 

■ Managed Growth F und 

M&G (071 626 4588) Fund of Funds 1 Yes Yes 5 1.5 No £500 0 1.5 Yes** £1.000 - 8/1 0/94-28/1 0W 

MAG's second fund of funds, this one concentrates on long-term growth. It is also the second MSG no-initial-charge Pep 

~ iVWWantf charges cn« sbdry sert Bom 4J per cant In tfw ftsr raw dam te Qatar tea ml at the ywflr. 

■ Global Growth Pep Fund 

Marlin Currie (0800 838776) International Growth 1 Yes Yes 5^5 1.5 No £1,000 525 1j No £1,000 A 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 fond, ranked 14 of 115 funds over 5 years 

j 2 pereonOQe pamr t&acoum tor vmstan P intoilug tnjm rjOsr Pop actsm s 



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NMtonaUiy 

| Cofnpany/PitvaM Address 


Job Stahl* 

1 I 1 PrapriatorfSaH-EmployaO/Partnar 

02 Employed 
CD 3 Consuaam 
04 Reared 

09 Studam/Unwnpiayed 
Katies of Buri n ,— 

H1 1 Financial Ssnricss 
I I 2 Construction 

□ 3 Other Services 

n a Transport/rraveUConiinunlcatlain 
FI S DtaribuferWMsfe/Ctouring 
I 1 6 Extracted (Oajninarala.ate) 
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Q Mother (Plow sum 

Aga 

□ 1 Under 25 

□ 2 25-34 


□ a 35-44 

□ 4 46-64 

□ 5 55-64 

□ B 05* 

Type- al inves tm e n t currently Ihm 
n 1 Domestic Equflss 
[~~l 2 International Equates 

□ 3 Offshore Deposits 
[ I 4 Property 

LJ 5 Bonds 

I") 6 Precious MnaMOara 
t~l 7 Uni Trustt/Mutual Funrfc 
PI B Other In te r n ational tevaennarm 

□ 99 More 

Which of tbs folkiwfftg do you here? 

□ t Credit Card (e-B- Visa) 

□ 2 Gold Card 

□ 3 Charg* Card (e.g. Antes) 

□ 99 Nona ____ 


Fixed 

rates 

gamble 

C onventional wisdom 
is under attack in 
the savings market 
As an illustration, 
try this two-part quiz: 

1. When interest rates are 
rising, is it a good time to fix 
your deposit interest rate? 

2. If base rates are 5.75 per 
cent, should you leave your 
money with someone offering 
up to 12 per cent? 

A prudent investor would 
answer “no" to both. After all, 
if interest rates are increasing, 
it is better to leave savings free 
to climb up on the back of ris- 
ing base rates. Besides which, 
if someone is offering a return 
that seems too good to be true, 
it probably is. Yet. a number of 
high street banks and building 
societies are offering compara- 
tively high fixed deposit rates. 

The table, provided by 
Moneyfacts. shows the most 
competitive on offer. The terms 
are between three to five years, 
but whether the interest rates 
end up being a good deal 
depends on the behaviour of 
base rates over the period. 

Simon Briscoe, UK econo- 
mist at S.G, Warburg, expects 
three rises in base rates - of 
half a percentage point each 
time - by the end of next year. 
This would take them to just 
over 7 per cent He believes the 
usual cycle of sharp interest 
rate- rises is over for now and 
that the UK economy will have 
a lengthy period of relatively 
low growth. 

John Marsland. senior UK 
economist at UBS, is less opti- 
mistic about a low interest-rate 
era. While he thinks the eco- 
nomic basics point to base 
rates of 7 to 8 per cent next 
year, he believes the relative 
weakness of sterling actually 
will propel them to 10 per cent 
by the end of 1995. 

T aking a fixed rate is a gam- 
ble although those on offer 
suggest that, even if you do 
lose out, it should not be by 
much. The question remains: 
which is best - a flat fixed rate 
or an escalator bond, paying 
pre-determlned rates which 
increase over the term of the 
investment? In general, the 
escalator bonds pay a higher 
annual rate - but your money , 
is tied up for longer. 

The highest annual average 
of 9.3 per cent gross comes 
from Julian Hodge, a small, 
privately-owned, Cardiff-based 
bank. For those who prefer 
building societies, the annual 
average rates are 9.2 per cent 
at Portman or Stroud & Swin- 
don, 9.08 at Woolwich, and 8.85 
at West Bromwich. 

The main drawback with 
fixed-rate deposits is the with- 
drawal penalties. Indeed, Wool- 
wich does not allow any early 
withdrawals on its three-year 
bond and none in the first two 
years of its escalator bond. 
After that, withdrawals cost 
you 90 days' loss of interest 
There are other products 
offering high fixed rates of 
interest; the Highest Rates for 
your Money table shows the 
Confederation Bank is paying 9 
per cent on its fixed-rate Tessa. 


Highest Fixed Savings Rates 


Society/tel 


Account 

name 

Notice 
or term 

Min 

deposit 

Rale 
% gross 

Int 

paid 

Flat fixed rates 

Confedn Bk (0438 744500) 


Invest certs 

5 yrs 

£1,000 

9.00 

Yly 

Chelsea (0800 272505) 


4 Year fixed 

31/12/98 

£10.000 

9.00 

viy 

Woolwich (0800 400900) 

Fixed rate bond 

3 yrs 

£500 

8.60 

Yly 

Norwich&P (0733 391497) 

Fixed rate bond 

3 yrs 

£10,000 

8.55 

YTy 

TSB 


Term deposit 

3 yrs 

£2,000 

8.30 

Yly 

Escalator bonds 

Min bal 

1st yr 

2nd yr 

3rd yr 

4lh yr 

5th yr 

J Hodge Bk (0222 220800) 

£2.000 

7.50 

8.00 

8.75 

9.75 

12.50 

Portman (0202 292444) 

£500 

7.00 

8.00 

9.00 

10.00 

12.00 

Sind &Swindn(0800 393770 

£500 

7.00 

8.00 

9.00 

10.00 

12.00 

West Brom (021 607 2415) 

£1,000 

7.50 

7.75 

8.25 

9-25 

11.50 

Woolwich (0800 400900) 

£1,000 

7.40 

7.75 

B.2S 

9.75 

12.25 


M oust an gross art m mMjsct to dungs niihoia nodes. Souco: UcmyOca 


But this is available only to 
those who put up £8,900 (to be 
drip-fed into a Tessa) compared 
with just £500 required by Port- 
man or Stroud & Swindon. 

The Tessa has the important 
advantage of being tax-free as 
long as capital is not with- 


drawn during its five-year 
term, whereas the fixed-rate 
bonds are taxable. 

Higher-rate taxpayers may 
prefer to invest in tax-free 
National Savings certificates. 
The 42nd issue pays a tax-free 
585 per cent a year compound 


when held for five years, a 
retom which is equivalent to 
an annual 9.75 per cent gross 
for a 40 per cent taxpayer. 

Scheherazade 

Daneshkhu 


HIGHEST RATES FOR YOUR MONEY 


Account 

Telephone 

Notfca/ 

terra 

MHmum 

deport 

Ran 

Its. 

paid 

INSTANT ACCESS A/cs 

Confederation Bank 

Manchester BS 

Sdpton BS 

Northern Rock BS 

Lqukflty 

Money-by-Maa 

3 High Street 

Go Direct 

0438 744500 
081 839 5545 
0756 700511 
0500 505000 

Instant 

Postal 

instant 

Instant 

£100 

£1.000 

£2.000 

£20.000 

5.25% 

5.80% 

6.10% 

6.65% 

Yly 

Yly 

Yiy 

Yly 

Bratford & Brigfey 

Universal BS 

Halifax BS 

Chelsea BS 

Dfrect Notice 

1 YY High Option 
Special Reserve 
Foif Year Fixed 

0345 248248 
091 232 0973 
0422 333333 
0800 272505 

30Day(P) 

90Day 

1 YrBnd 
31.12.98 

£1,000 

£10,000 

£10,000 

£10.000 

6.15% 

7.00% 

7.35% 

9.00%F 

YJy 

Yiy 

0M 

Yiy 

MONTHLY INTEREST 

Britannia BS 

Bradford 3 Btngley BS 

Northern Rock BS 

Chelsea BS 

Capital Trust 
Direct Notice 
Postal 60 
Far Year Fixed 

0538 391741 
0345 248248 
0500 505000 
0800 272505 

Postal 
30Day(P) 
60 Day 
31.12.98 

£2.000 

£10,000 

£10,000 

£10,000 

5.70% 

6.45% 

6.55% 

8.65%F 

Mly 

My 

My 

My 

TESSAs (Tax Free) 

Confederation Bonk 

Market Harborough BS 

Holmsdala BS 

Tipton 8 Cowley BS 

MOM MTEREST CHEQUE A/cs (Gross] 

0438 744500 
0858 463244 
0737 245716 
021 557 2551 

5 Yea- 
5 Year 

5 Year 

5 Year 

£8.900 

£9X100 

Cl 

£1 

9.00% F 
7.60% 
7.40% 
7.35% 

Yiy 

Yiy 

Y* 

Yiy 


Wbotwidi BS 

Haffex BS 

Chelsea BS 

Currant 
Asset Fteserve 
Classic Postal 

0800 400900 
0422 335333 
0800 717515 

Instant 

Infant 

Instant 

£500 

£5.000 

£2.500 

3.50% 

4.85% 

6.00% 

YV 

Gty 

Yiy 





£25,000 

6.35% 

Yly 

Wootefdi Guernsey Ltd 

Confederation Bonk Jersey 

Derbyshire (TOM) Ltd 

Halifax Inti (Jersey) 

GUARANTEED INCOME BONDS (Net) 

Internal! ond 
Flexile Inv 
Ninety Day 
Fixed Rate 

0481 715735 
0534 608060 
0624 883432 
0534 59840 

Instant 

60 Day 

90 Day 

3 Year 

£500 

no.ooo 

cto.ooo 

£10,000 

5.75% 

600% 

6.55% 

8.50%F 

Yiy 

wot 

«y 

Yiy 

AJGLifeFN 

MG Ufa FN 

Lauranttan Life FN 

General Portfolio FN 

Euraflfa 

NATIONAL SAVINGS A/Cs ft BONDS (Gross) 


081 880 7T72 
081 880 7172 
0453 371371 
0279 462839 
071 454 0105 

1 Year 

2 Yew 

3 Year 

4 Year 

5 Year 

£15,000 

£15.000 

£50.000 

£10,000 

£10,000 

5.70% 

6.45% 

6.90% 

0.80% 

8.00% 

Yiy 

Yiy 

Yly 

Yly 

Yly 

NAT SAVINGS CERTIFICATES (Tn Free) 

Investment A/C 
Income Bonds 
Capital Bonds 1 
First Option Bond 
Pensioners GIB 2 


1 Month 

3 Month 

5 Year 

12 Month 

S Year 

£20 

£2,000 

£100 

£1.000 

£500 

5.25%G 
6.50%H 
7.75%F 
e-io%n 
7.50 %F 

Ytv 

My 

OM 

Yiy 

Mv 


42nd issue 

8th Index tanked 


5 Year 

5 Year 

£100 

ElOO 

5.85%F 

3.00%F 

OM 

0M 


Childrens Bond G 


5 Year 

£25 

rfnlln 

7.85%F 

ou 


Honoai are snown Gross, r = Fixed Hate (All other rates are varahw ouTZ^. , -wooing ouararuoed in 
By Post only. G- S.75 per cent on £500: 6 per ce^ S.So and TV-F* ° n "“V- N = Not ** 
'= S2! pBr “5 P" E2 P' aD ° ** *««■ Source: Moneyfacts. «i ES.000 and a 

Readers can obtain an Introductory copy by 'phoning 0692-50G 665 NorT ? W-itetevn. Norfolk NR28 

» 003 ■ rigunw compiled on: October 21 1994 


Who said your 
business can't 
have free banking 

and earn 4 . 00 % 
gross pa? 

Call 071-203 1550 during office hours or 24 hour line 071-626 0879 



You can have 60 free 
transactions per month, 
and earn a high interest 
rate on a minimum 
deposit of £2001. 

A LL i e d trust 
. bank 



ANCIAL TIMES WEEKEND OCTOBER 22/OCTOBER 23 1994 


WEEKEND FT VII 


FINANCE AND THE FAMILY 


A bond boom that went bust 

Antony Thorncroft charts the rise and fall of pre-revolutionary Russian paper 


L ast week on these 
Pages. John 
Thornhill was 
describing the pit- 
falls and the poten- 
tial pay-offs from investing in 
the fledgling Moscow Stock 
Exchange. It must be one of 
the most speculative proposi- 
tions on offer but at least one 
merchant bank, Morgan Gren- 
fell, sees potential returns that 
would match Tokyo in the 
1980s. 

But what or people holding 
Russian stocks and bonds dat- 
ing from pre-revolutionary 
days? How do they stand ? 

In the 19th and early 20th 
centuries, the Russian govern- 
ment, along with companies 
and cities, looked to the west - 
and, in particular, the UK - for 
most of its investment reve- 
nue. Bond and share certifi- 
cates, issued by the City of St 
Petersburg or the Moscow -Kiev 
Railway, have been accumulat- 
ing dust in bank vaults and 
deed boxes in the UK for many 
decades. Have they any value ? 

Yes - as a collectable. They 
are a thriving part of scripo- 
phily. a term coined in 1978 
following a newspaper compe- 
tition to find a name for the 
new hobby or collecting old 
bond and share certificates. 
The craze started in Germany 
early in the 1970s and, for a 
brief period between 1978 and 
1981, was itself the source of a 
speculative boom comparable 
with the railway mania of the 
1840s or the Califo rnian gold 
rush. 

Riding the helter-skelter was 
Stanley Gibbons. This 
respected stamp dealer 
acquired from b anks and bro- 
kers millions of old share cer- 
tificates, bonds and treasury 
bills and began sailing tfrgm to 
the public. 

Fuelled by a City boom, it 
drew in thousands of new col- 
lectors who were persuaded 
they were acquiring a decora- 
tive document that was ideal 
to cheer up an office wall and 
could also be a good invest- 
ment Perhaps the certificates 
might be redeemed one day; 
certainly, new collectors in the 
frothy market place would 
force prices up. 

Indeed, prices did move up 
frantically for months. In Octo- 
ber 1979 alone. Gibbons sold 
£700,000 worth of material and. 



at the peak of the boom, one 
1898 Chinese bond was, reput- 
edly, sold for £15.000. Today, in 
perfect condition, it might sell 
for £3,000 - for Gibbons had 
over-reached itself. 

When the collapse came, it 
was sudden and final. The new 
management team at the com- 
pany considered accepting an 
offer of £20,000 for its entire 
unsold stock, numbering over 
3m documents. In the end, con- 
sultant Leslie Tripp was called 
in to clear up the mess, and he 
raised more than £100,000 by 


sailing the documents around 
the world to dealers and collec- 
tors. 

Then, an odd thing hap- 
pened. fn 1986, the Soviet 
Union, motivated by peres- 
troika and a wish to join the 
International Monetary Fund, 
offered to redeem the old Rus- 
sian bonds and shares. Money 
was unfrozen in British bank 
accounts to nnanw* the deal. 
And while it was thought origi- 
nally that holders would 
receive just 10 per cent of the 
face value of the documents. 


the take-up in the end was not 
as great as anticipated and 
they got 54 per cent 

This meant that anyone who 
had bought a £100 Russian 
bond from Stanley Gibbons in 
1979 for perhaps £20 would 
have been able to cash it in for 
£54. China and other east Euro- 
pean governments also made 
once-and-for-all offers to 
redeem stock late in the 1980s. 

Yet, some speculative oppor- 
tunities re main East German 
cities have not settled and 
some of those owning City of 


Dresden £100 bonds of 1927, for 
example, might get a happy 
surprise one day - although 
only if they bought such certif- 
icates in recent years. At the 
height of the 1980s' boom, a 
good example might have cost 
£350, recently, they could be 
obtained for £10. 

There is also talk that Russia 
might; come to an agreement 
over pre-revolutionary shares 
sold in France, which has 
boosted prices there. And, as 
Fidel Castro ages, US collectors 
of Cuban bonds and shares are 
getting excited about an even- 
tual deal. 

To a very great extent, 
though, the investment ele- 
ment has disappeared totally 
from scripophlly and dealings 
have become the passion of 
just a few thousand collectors, 
many of whom work in the 
City of London or in banking. 

Most buyers are looking for 
an attractive wall decoration. 
Tripp - who now runs Scripo- 
phily International Promotions 
and acts as an adviser to 
Phillips, which holds three spe- 
cialist auctions a year in this 
area - says typical clients are 
western oil executives sent to 
work in Russia who like to 
hang share certificates of pre- 
revolutionary Russian oil com- 
panies in their offices there. 

Prices are still very low. An 
attractive St Petersburg 1913 
£20 bond can be acquired for 
£22: because they are rarer, a 
£100 bond might cost £40. Con- 
dition these days is all impor- 
tant, but many still are mint 
Russian railway bonds are 
much collected. At Phillips’ 
auction on October 7, a lot of 
72 railway bonds - including 
Moscow-Smolensk 1869 and 
Black Sea-Kuban 1911 - sold 
for just over £500. Three city 
bonds, including City of Kiev 
£100 of 1914. made less than 
£ 100 . 

There is little to suggest that 
certificates will yet again 
become the centre of a specula- 
tive frenzy. But as capitalism 
takes hold in Russia, eastern 
Europe and even China, mil- 
lions of potential new collec- 
tors of old shares and bonds 
will become available. 

Even without this extra 
demand, though, old certifi- 
cates remain intriguing, attrac- 
tive and cheap mementoes of 
business history. 


Where the Revenue is wrong 


UP TO 


700 

GROSS PER ANNUM 


• High gross rates with a range 
of notice periods. 

• Minimum opening deposit only 
£5.000 - minimum withdrawals or 
additional deposits of only £500. 

• Choice of annual interest dates 
- 31st March or 30th April to 
help with your tax planning. 

• To open an account send the 
coupon with your cheque 
today or call the FREEPHONE 
number below for further 
information. 

YORKSHIRE GUERNSEY IS A WHOLLY 
OWNED SUBSIDIARY OF 
YORKSHIRE BUILDING SOCIETY 


OFFSHORE KEY EXTRA 
180 Days noiica or dvwgfc 


Bjtontr 
150. COO O. omn 
jnsjt oo io MjijM 
~110.WC1ofyt.M9 


Mn 

7 00*. Grow p 
tJ5t. Oott P 
Btm pj 

9 firauw 


GHH 

J 

ij 


OFFSHORE KEY NINETY 
90 Days notka or charge. 


(UUncr 

Un 

3 M 

nUWoiam 

HW omnpi 


pumumm 

tw.oooioi24.9n 

jiboOioiMKH 

SB0%_C<nipjL 

SWW&HMpi 

5 <W% UOHp, 

“ 

OFFSHORE KEY ACCESS 
Instant Aecet*. 


■aLmn- 

Run 1 

f 5Q.OOO o. oMi 

6 10"» (kon pa 


UIMO lo («.WI 



CIO.OOO in C24.M4 

sm tiiMpd 


lS.000hX9.9n 

4 IQS Cmepi 



CALL H FREE 

0800 378836 


fore. 


.(mm £5,000 for first 


deposit) made payable to “Yorkshire 
Guernsey' afc (Your name). Please 
open the following account Offshore 
Key Extra Q Offshore Key Ninety LI 
Offshore Key Access a Choice of 
Interest Payment Oates: 31 March LI 30 
April U. Please send me full details of 


TOOKN AN A/C HU. M COUPON SEND TO: rORKSMRf OUE/aaFK 
PO BOX 300, CANADA COURT. ST PETER PORT OtttRUUK CHANNEL 
BIANOSGY1 3SF 


PLEASE USE BLOCK CAPITALS 
FOWENAMHO 


f ™ ■■ ■■ ■ OR POST THE OOF I»ON TODAY 

I enclose a Sterling Cheque or draft 

I 
I 
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POSTCODE 


TEL NO. 1STDI 


Jjfl Yorkshire Guernsey Q. I aswATUREta n 

GUERNSEY j 




«. IXtWMlWliwSOT^ tfalK 


■H*^«awiiMnMiiNiNiatauMn«niiai'iM«*«M«naVx a iiri(BaA W diDi4««wkMwiai 
net Movft ilia mil whoumi. 


- _ auamulunw) 

<M» boat mwini IW » MAkg dlyi ban da, of «**» and uan M 


In 1993/94, 1 bad capital gains 
or £6,878 and losses of £2^08, 
all after appropriate indexa- 
tion. In other words, I was 
£U30 below my annual CGT 
allowance of £5,800. Thus, I 
reported chargeable gains of 
“£5,800 or less”. But I am not 
dear, after reading several tax 
handbooks, whether I can 
carry the £1,130 forward to 
future years. 

■ On the basic point, the Reve- 
nue maintains steadfastly that 
the answer is no. But we (and 
other experts) believe that the 
House of Lords will one day 
confirm our reading of the law 
- namely, that the answer is a 
qualified yes (depending upon 
the amounts of the individual 
allowable losses). 

The practical problem is that 
few taxpayers can afford to 
fight the Revenue up to the 
House of Lords in order to 
establish what the law really is 
(as distinct from what the Rev- 
enue says it is). 

A subsidiary point arises if 
any part of your “losses of 
£2,208" relates to disposals 
after November 29 1993. If 
there were any (apart from dis- 
posals which produced a 
chargeable gain after indexa- 
tion relief), you might like bo 
come back to us with the full 
facts, figures and dates 
because the carry-forward 
rules for indexation losses are 
different from those far allow- 
able losses. 

So Ear as we know, the Reve- 
nue's views cm carrying for- 
ward 1998-84 indexation losses 


to 1994-95 (only) are the same 
as our own: it is only on the 
carrying forward of allowable 
losses that we differ (and have 
indeed differed since 1965). 

Challenging an 
assessment 

My company vehicle was 
bought new in October 1991 
for £16,000 at a time when the 
list price was £19,750. My tax 
inspector has now issued 
revised assessments for the 
past three tax years. 

He maintaing that the dis- 
count was given at the individ- 
ual dealer’s discretion, and 
says dealer discounts are not 
taken into account when cal- 
culating the market value for 
tax assessment purposes. 

Can I challenge him? I 
believe many company car 
drivers may be in a similar 
position. 

■ You really have no hope of 
success in your appeals with- 
out professional assistance. 
You must also be prepared to 
go to the House of Lords 
because the Revenue is virtu- 
ally certain to refuse to accept 
defeat before the Special Com- 
missioners, the High Court or 
the Court of Appeal. 

The first step is probably a 
talk with the company’s audi- 
tors or tax advisers. You might 
well decide that the cost of a 
successful appeal would proba- 
bly exceed the amount of tax 
at stake. 

It is an that basis, of course. 


Your health 
can seriously 
damage 
your wealth. 

Is your income adequately protected against 
long-term ilt health? Ask an independent 
financial adviser about the best personal 
income replacement plan for you. 

SPONSORS) BY 




No fegrt wpawtft can bo accepted tir 
nvncU Than tor too mm gpmn to torn 
cotfim M mquUn ■* bo mtmmd by poet m 
mm m ponbfe. 


that the Revenue wins most of 
its battles with taxpayers for, 
despite the Taxpayer's Charter, 
it uses its finandid strength to 
discourage objections to its 
decisions. 

No tax on 
money gifts 

My question concerns inheri- 
tance and. capital gains tax. 
Can my husband and I give 


our children money now - to 
buy better houses, cars etc - 
without paying more tax? 

He says any money spent 
like this is liable for tax but 
common sense tells me this 
cannot be true. After all. it is 
our money and tax was paid 
when it was earned. 

■ If you give shares etc to 
your children, you will be lia- 
ble to pay CGT as though you 
had sold them to the children 
at market value. But there will 
be no CGT on gifts of money 
(sterling). In either case, 
though, there could be an 1HT 
liability if you were to die 
within the following seven 
years. 

Ask your tax office for the 
free pamphlets CGT14 (Capital 
gains tax: an introduction) and 
IR45 (What happens when 
someone dies). 

We take it aii your children 
are over 18. If not, their income 
from any gifts could be taxable 
as though it were your own. 


CGT INDEXATION ALLOWANCES: SEPTEMBER 1994 


Month 

1982 

1983 

1984 1985 1986 

1987 

1988 

January 

_ 

1.755 

1-670 1.580 1-507 

1.450 

1.404 

February 

- 

1.748 

1.863 1.577 1-501 

1.444 

14198 

Mach 

1.825 

1.745 

1.658 1.562 1.499 

1.441 

1.393 

April 

1.789 

1.720 

1.636 1.530 1.485 

1.424 

1.371 

May 

1.778 

1.713 

1.630 1.523 1.482 

1.423 

1.365 

June 

1.772 

1.709 

1.626 1.520 1.483 

1.423 

1.360 

July 

1.771 

1.700 

1.827 1-523 1.487 

1.424 

1.359 

August 

1.770 

1.092 

1.812 1.519 1.482 

1.420 

1-344 

September 

1.772 

1.685 

1.609 1.519 1.475 

1.416 

1.338 

October 

1.763 

1.679 

1.599 1.517 1.473 

1.409 

1.324 

November 

1.754 

1.673 

1.594 1.512 1.460 

1.402 

1.318 

December 

1.757 

1.069 

1.596 1.510 1.456 

1.404 

1.315 

Month 

19B9 

1990 

1981 

1992 

1993 

1994 

January 

1.308 

1.213 

1.114 

1.069 

1X351 

1.026 

February 

1.297 

1.206 

7.108 

1.064 

1.045 

1.020 

March 

1.291 

1.194 

1.104 

1.081 

1.041 

1.018 

April 

1.269 

1.150 

1.089 

1-045 

1.031 

1.008 

May 

1.261 

1.149 

1.086 

1.041 

14)28 

1.002 

June 

1.256 

1.144 

1.081 

1.041 

1.028 

1.002 

July 

1-255 

1.144 

1.084 

1.045 

1.031 

1.007 

August 

1252 

1.132 

1.081 

1.044 

1.028 

1.002 

September 

1.244 

1.121 

1.077 

1.040 

1.022 


October 

1-234 

1-113 

1.073 

1.036 

1.023 


November 

1224 

1.115 

1.069 

1.038 

1.024 ' 


December 

1.221 

1.116 

1.069 

1.042 

1.022 



Saurc* wand Revenue 


Your CGT 


The table shows CGT 
indexation allowances for 
assets sold in September. Mul- 
tiply the original cost of the 
asset by the figure for the 
mouth in which you bought it 
Subtract the result from the 
proceeds of your sale; the bal- 
ance will be your taxable gain 
or loss. Suppose you bought 
shares for £6,000 in September 
1985 and sold them in Septem- 


ber 1994 for £13,000. Multiply- 
ing the original cost by the 
September 1985 figure of 1-519 
gives a total of £9,114. 

Subtracting that from 
£13,000 gives a capital gain of 
£3,886, which is witbin the 
CGT allowance of £5^00. If 
selling shares bought before 
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TRAVEL 


Sweet-natured and time-warped 

Nigel Andrews visits Graz , an Austrian town that is closer to Italy than to vibrant Vienna 



Tha aid town in Graz: grandeur there jostles with an endearing laidbackness sonuckenSnaiocfc 


A t 11am the two tall 
muliioned windows 
opened. A lederho- 
sened man appeared 
in one, holding high a 
foaming tankard. A dirndl-wearing 
woman appeared in the other, clasp- 
ing a white handkerchief. They 
danced on the window-ledges to tra- 
ditional Austrian tunes. Then, at 
1L05. they went back in and the 
windows closed. 

Such is life in Graz, Austria. 
These two near-lifesize figures per- 
form this glockenspiel show - one 
of the most endearingly dotty in 
Europe - twice-daily at llam and 
6pm. For us foreigners, watching it 
is just one of those bizarre things 
we do if we have arrived by design 
or accident in Austria's second city. 

Graz, we soon discover, is a 
charmer. It has a bewitching old 
town and a no-less bewitching 
access to surrounding villages land- 
scaped as if by the production 
designer of The Sound Of Music 
I had driven to the city from 
Venice, just to have a roundabout 
return route to England after the 
film festival. Also, my Venice hote- 
lier’s wife came from Graz and had 
waxed poetic. I booked in at the 
five-star Grand Hotel Wiesler. 
which gazes across the pretty, fast- 
flowing River Mur into the onion 
domes and steeples of the old town 
and - swivel your eyes to the left 
from the Wiesler bay window - up 
at the majestic Schlossberg. This 
inner-city crag is studded with bits 
of history and architectural oddity, 
including what may be the most 
handsome clock tower in all the 
German-speaking countries. 

This is not the timepiece that 
boasts the eccentric dance: that is 
down in the mazy town in Glocken- 
spielplatz. The Schlossberg clock is 
set into a tall creamy-white four- 
sided tower and was built so that 
the time could be read across the 
city. It was one of the landmarks 
saved by the town - expensively - 
when conquering Napoleon made 
ransom demands. Graz also paid up 
to save the elegant 115ft Glocken- 
turm, across the way on the 
Schlossberg, with its four-ton Liesl 
bell. 

Graz is embossed with history. It 
spent 200 years holding out against 
the Turks. It was an imperial seat of 
the Habsburgs from the 14th to 17th 
centuries. Later it flourished in the 
19th century under Archduke 
Johann, who has a fountain named 
after him in the Hauptplatz. 

Yet grandeur in Graz jostles with 
an endearing laidbackness. 1 
became convinced, as I puffed up 
the Schlossberg and down again 
and then wandered through the cdte 
stadt. that Napoleon would not have 
bothered to raze the place anyway. 
It has such sweet-naturedness. The 
winding, imprecise lanes of the old 


town match the winding, imprecise 
lines of the people's faces. 

These are conservative Austrians 
lost in a provincial centre closer to 
the wilds of alpine Italy, and to “the 
former Yugoslavia”, than to vibrant 
Vienna. Walking the time-warped 
streets, you find yourself in a wak- 
ing sleep from which you are 
aroused now and then only by the 
shrill alarm of a trolley-car. that 
silent panther of the streets, as it all 


but runs you down in the middle of 
the road. A Graz citizen once saved 
my life by hissing a helpful “Ach- 
tungi" 

The old town is a preserved mar- 
vel. In the pedestrianised main 
street, the Herrengasse, every build- 
ing has its own history or aesthetic 
signature. Seek out Number Three, 
the “Painted House”, its facade a 
riot of 18th century frescoes. Check 
out the Renaissance Landhaus. with 


its ornate Italian-style courtyard; 
and next door the Landes-Zeughaus 
(provincial arsenal) with its 16th- 
17th century armour and weaponry 
collection: enough guns and swords 
(30.000) to stock a Hollywood his- 
tory epic. 

And around the Herrengasse. take 
in the baroquely stuccoed Haus 
Luegg and the thread work of medi- 
eval streets around the Gothic Fran- 
ziskanerkirche (Franciscan church). 


For still -hungry culture vultures 
there is the Landesmuseum. stuffed 
with Braeghels and Cranachs, and 
with furniture and objects dating 
back to the middle ages. 

Then take an afternoon off to 
leave the city altogether. We are of 
course in Styria - Austrian, “Steier- 
raark" - where you expect Julie 
Andrews to prance over every hill. 
Drive out to Thai, the nearest truly 
rural village, and you have seldom 


seen anything so shimmeringly 
beautiful. The air is clear. The grass 
is a hallucinatory green. Cows and 
horses dapple the Banks of rolling 
hills. Plum and chestnut trees sway 
in late September under the weight 
of late-summer produce. 

I was lured to Thai by reports of a 
strange and beautiful church. The 
Ernst Fuchs-designed chapel, crest- 
ing a gentle hill opposite Thai’s 
only school, is indeed a stunner. It 


is built in azure-Mm? corrugated 
metal its bold, even kitschy post- 
modernism - the style is officially 
titled "Plinncistischr KiuHsmu*’ - 
is all the more striking fur being 
attached to a traditional Austrian- 
style spire. 

Inside. Fuchs has hart several 
brainstorms. The floor and seats are 
impastocil with pebbles, making the 
interior resemble some noting 
countrv stream -bed. Menu while 
rainbow colours beam from Uu? nett- 
ing and mystical mural* (Samuel 
Palmer out of Holman Himti brood 
around the altar. 

This is not the only lamiinurk 
Thai offers. If you come out of the 
church and stare over the lulls you 
may see. a mile away. ■< white three- 
storey house without a uumhtT nn 
it or any dist burnishing mark. It 
sits across from a hill covered with 
castle ruins, (t is Arnold Schwarzen- 
egger's boyhood home. Not a lot of 
people know this: do nut tell 
Arnold, if you meet Uun. that I sent 
you. 

Everv summer. Thai's large lake, 
the Thalersee. swarms with visitors 
and is heaven to sit by in almost 
empty September. You clutch a beer 
and gppp at the ducks. You think 
that, good heavens, this was where 
young Master S first started limber- 
ing up to become a bodybuilder. 

Back in Graz, the sky is salmon- 
pink and copper over the old town 
and I saunter uut for supper. 
Seduced by location, l make the 
mistake or eating at the foot of the 
stone stairway zig-zagging up the 
Schlossberg ’$ sheer west cliff. 

The Cafe Tourist Trap, as we 
shall call it. serves a piece of rancid 
shoe leather “in the Styrian style". 
This means in this case, wrapped in 
a garlicky -sweet sauce of rare repul- 
siveness. Good Styrian food is avail- 
able. though, in other cafes and res- 
taurants: one being the Hof 
Keller. 

And you can always look forward 
to the Hotel Wieslcr's buffet break- 
fast: an outrageous largesse of 
bacon, eggs. ham. sausage-meat, 
cheeses. Danish pastries, cereals, 
yoghurts . . . Later, too. I have a 
Wiesler club sandwich, which is 
outstanding. If you have a dressed 
salad with it you can taste the local 
speciality, pumpkinsced oil. 

I am beginning to like Graz. But 
oh dear, it is time to go. The Wies- 
ler will soon be valet-ing forth my 
car. I go out for one last mental- 
snapshot walk along the Herren- 
gasse and then back over the purl- 
ing Mur to the Hotel. 

I have nearly lost my life to sev- 
eral trams. I have frequently lost 
my breath climbing up Navarone- 
like cliffs. I cannot understand Ger- 
man. at least as spoken with a Styr- 
ian accent I have no regrets: I shall 
be returning to C»ra2 as soon its 
possible. 


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BUSINESS ADVERTISING 
ALSO APPEARS ON 
PAGE 6 SECTION ONE. 


Minding Your Own Business 

Out to prove that 
Esops are no fable 


T he meeting was 
protracted, tense and 
in need of light relief. 
It eventually arrived. 
A noisy, difficult shop steward 
suddenly got up and walked 
out saying he wanted no more 
plans to introduce an employee 
ownership scheme into the bus 
company. 

“Unfortunately in the heat of 
the moment he took the wrong 
door and ended up in the 
broom cupboard,” said Nigel 
Mason, a director with Capital 
Strategies. 

“The incident broke the ice 
perfectly. There was instant 
hilarity and the atmosphere 
changed completely. A few 
minutes later the man emerged 
from the cupboard in a differ- 
ent frame of mind and negotia- 
tions were resumed. He even- 
tually put Car more than the 
minimum investment into the 
scheme.” 

Mason. 35, and his team of 
eight at Capital Strategies spe- 
cialise In employee buy-outs 
and Introducing employee 
share ownership plans (Esops) 
into existing organisations. In 
spite of being small they claim 
to be leaders in the field. 

Since the company started in 
January 1991 Mason and his 
team have arranged Esops for 
organisations ranging from a 
Scottish paper-making com- 
pany with 1,400 employees to a 
10-man Midlands retailing 
operation in which the hus- 
band and wife owners wished 
to relinquish control gradually. 

They have advised 10 bus 
companies on Esop schemes 
and completed schemes with 
six of them. Since the begin- 
ning of this year the company, 
which has offices in a former 
print and board warehouse in 
Shoreditch. London, has fol- 
lowed a slightly different tack. 

“We realised we had pretty 
well exhausted the bus com- 
pany market. Our experience 
of the private sector showed it 
to be more diffuse and difficult 
to find the right sort of compa- 
nies to target than public sec- 
tor organisations that were 
making the transition into the 
private sector, so we have been 
looking hard at the latter," 
said Leon Boros, finance direc- 
tor. 

Boros. 32. and his co-director 
Ann Tyler. 36, a lawyer, 
decided to direct the fourth 
member of the fee-earning 



team, Simon Smith, towards a 
six-month marketing exercise 
developing business in the pub- 
lic sector. The company could 
afford this. It had a capital 
base of £71.000. no borrowings 
and a profit at the last year 
end of almost £100.000 on a 
turnover of £400,000. 

The company believes the 
exercise has paid off. Smith 
has been looking hard at local 
government services such as 
waste disposal, accountancy 
and financial services, ground 
maintenance and architectural 
and planning services, all of 
which are now exposed to com- 
petitive tender, a solution for 
many is to arrange employee 
buy-outs or joint ventures with 
employees. 

Smith is about to conclude a 
contract for Capital Strategies 
to advise one of the 25 fran- 
chisees that will eventually 
manage segments of the rail- 
way system and. recently, he 
and Tyler spent two days at 
Hem Hill colliery. Stoke-on- 
Trent, conducting interviews 
with 150 miners and surface 
workers for Coal Investments, 
which leases four mines from 
British Coal. 

Capital Strategies is about to 
recruit two new fee-earning 
staff because of Smith's work. 
His efforts, which were non- 
fee-eaming, mean that profits 


are likely to dip below the 
£100.000 level this year. 

“This was to be expected. We 
now have more support staff 
and a higher cost base from 
which to calculate. From our 
experiences in this field before 
we came together we ail know 
that the likely trading pattern 
means there will be one good 
year and one bad year." said 
Mason. 


The company’s policy is to 
plough back profits at the end 
of the year. Its main obligation 
is to pay a dividend on the 
£35.000 working capital put up 
initially by Scott Bader, a long- 
established employee-owned 
business based in Northamp- 
tonshire that manufactures 
synthetic resins. 


ro me non-execi 
man of, and an 
part-time consul tan 
tal Strategies. 

The four believe 
ownership will gro 
US there are 10.000 
resenting U per cen 
vate sector workfor 
country, with an e« 
works in a broadly < 
way in the mid-sia 
there are about 150 
with more than so 
that are more than 


owned by employees, " said 
Mason. 

Mason said that in the US 
figures showed the investment 
performance of quoted compa- 
nies, which were more than 10 
per cent employee-owned, out- 
performed the main Standard 
& Poor’s US index by more 
than 25 per cent. 

Capital Strategies operates 
like any other consultant, 
charging negotiated fees. For 
some jobs however they have 
to accept work on a contin- 
gency basis, which means “no 
success: no fee". 

“Our appetite for this kind of 
more risky work is limited, but 
we have to be competitive with 
some of the big city accoun- 
tancy firms who will some- 
times take on work of this sort 
on a contingency basis." Boros 
said. “We have come to live 
with risk." 

“However, as we grow, while 
the risks associated with indi- 
vidual big projects will get 
greater, the spread of our port- 
folio will reduce overall risk." 

Capital Strategies has 
recently attracted an invest- 
ment of £i5n.ooo in the com- 
pany from the Baxi Partner- 
ship. the UK’s biggest 
employee-owned manufactur- 
ing company. 

Between them Baxi and 
Scott Bader jointly own 32 per 
cent of the equity. In addition 
Baxi has advanced the money 
to set up a £150,000 revolving 
loan fluid to assist managers 
and employees to investigate 
the possibility nf employee 
buy-outs using the services cS 
Capital Strategies. 

The other important activity 
is the establishment of a £20m 
venture capital fund by means 
of which institutions would be 
able to invest in employee- 
owned companies. 

"We have found part of the 
finance anri uv an* looking K* 
a professional fund manager to 
administer it.” Mason said. 

"This will be the first fluid in 
the UK dedicated to employe* 
buy-outs, ami of course the 
plan is that wc shall bo able to 
refer Capital Strategies’ clients 
to it. It’s all part of our plan to 
convince people that in the UK 
Esops are no fable." 

■ Capital Strain's, 59 Char- 
lotte Road. London EC2A & T - 
Tel: 071-613 3745. 

Clive Fewins 





tiiwa%<i 








\ i ’ 

' I ^ 



FINANCIAL TIMES WEEKEND OCTOBER 


22/OCTOBER 23 1994 


WEEKEND FT IX 


Camping 


it up in 

relaxed* 


Nicholas Woodsworth enjoys the 
friendliness of Cape Cod 


I was on US Highway 6, 
10 miles out on Cape 
Cod and heading east- 
wards off the end of the 
continent. Looking 
down at my speedometer. I 
realised I was driving too fast 
Hair-whippingly, aerial-bend- 
ingly, licence-conflacatjngly 
fast I was racing to land's end. 
to Provincetown. Why? In 
some futile way. I was trying 
to outran America. 

I had been on a tour of New 
England, surely the most civi- 
lised place in the DS. There is 
some northern level-headed- 
ness here, some Yankee scepti- 
cism that wards off the worst 
of the nation's looniness. This 
was not drug-crazed Miami, 
gun-ridden Texas, or freeway- 
maddened Los Angeles. This 
was the ocean playground of 
Cape Cod a few days after 
Labor Day. The crowds had 
gone home, the end-of-summer 
weather was warm, breezy and 
luminous, and I felt as if I were 
playing truant from school 
And I was, in feet, bent on 
avoidance of some sort After a 
few days on the road I was 
feeling numbed. I was fazed by 
America's vast appetites, by its 
endless obsessions. For win- 
ning. For snack-food. For real 
estate. For guns. For feme. For 
immoderate, indiscriminate 
and violent behaviour of all 
kinds, f wanted to get away. 


E ven here, far out in 
the Atlantic Ocean on 
this curving spit of 
sand, there was no 
getting away entirely. When I 
came to the place on US 6 
where Barnstable sat to my left 
and Hyannis Port directly 
opposite it on my right, I gave 
the accelerator a vigorous stab 
and surged ahead. 

I felt as if I were running a 
gauntlet Both places are set- 
tings of modern American 
mythology, Barnstable being 
the beach resort town gripped 
by submarine terror in the 
movie Jaws, Hyannis Port 
being the headquarters of the 
Kennedy clan. 

Both Bamstahle and Hyan- 
nis Port stories reach a climax 
with the central character - 
shark in one case and Ameri- 
can president in the other - 
having their heads blown open. 
It seems a too common ending 
to American fables these days. 

It was only in the little town 
of Wellfleet. 50 miles out on 
the Cape and well into the pro- 
tected Cape Cod National Sea- 
shore area that I began to slow 
down and calm down. Commer- 
cially, Cape Cod leans petty 
heavily on its Puritan-forefa- 
thers' past. But out here there 
was less development - fewer 
up-market, colonial-style bed- 
and- breakfasts displaying 
American flags and vengeful 
bald eagles, fewer “shoppes” 
selling over-priced antiques, 
blown glass, old-tyme fudge. 

In Wellfleet, 1 sat in the sun 
on the wooden porch steps of a 
small general store, sniffed the 
sea air, and watched sunburnt 
kids in shorts zoom up on bicy- 
cles, braking In the gravel in 
front of the shire in a small 
cloud of dust It felt welcom- 
ing, something from my own 
small-town childhood sum- 


T hen came a medley of 
songs by the Fabu- 
lous Dyketones, four 
butch-looking, acous- 
ticafly-correct young women in 
black leather jackets; Marjorie 
Conn and a lesbian love poem 
to Eleanor Roosevelt; stetsdii- 
batted West End Wendy, who 
yodeled her way through When 
a Cowgirl is Happy, Betsy 
Sykes, a Buddhist who distrib- 
uted paper dragon stamps and 
instructions on how to bum 
them while meditating; Proud 
Mary, a young man who did a 
drag queen strip while walking 
down the nave to the altar. I 
could go on, but you have 
probably got the general idea 
by now. 

I was not entirely sore that I 
had; I walked out of church 
with my head reeling. What 
had lead historic Province- 
town. the Place where the May- 
flower’s Pilgrim Fathers had 
made first landfall before mov- 
ing on to Plymouth Rock to 
such a curious pass? Surely 
one had a right to expect a 
town of unbendingly conserva- 
tive moral fibre. I decided to 
consult a specialist 
Leona Egan, a writer and 
local historian, laughed at the 
idea of a conventional Previn- 
cetown when I met her in her 
old book and antique shop. The 
Ironmonger's. She moved to 
Provtncetown for its flamboy- 
ance 17 years ago, she told me, 
but it was Just as flamboyant a 
place TO or 170 years ago as it 
is now. Gays and lesbians are 
just the latest in a long line of 
bohemians and non-conven- 
tionalists to adopt the tip of 
Cape Cod as their own. 


mers. 

There was nothing from my 
childhood summers in Provin- 
ce town. “P-town", as locals 
know it, is not big; its 
year-round population of 3,500 
lives for the most part on two 
long streets run n ing parallel to 
tbe sea at the very tip of the 
Cape. But Provincetowu is not 
a year-round kind of place: in 
the summer season its popula- 
tion swells to more than 50,000. 
Even now with the holidays 
over, one of the last fine week- 
ends of the summer bad drawn 
crowds to the Cape. 

Nor was there anything con- 
ventional about these crowds. 
Provtncetown is the only place 
I have visited where there are 
more single-sex couples wan- 
dering along band-in-hand 
than heterosexual couples. 

Off I ambled down Commer- 
cial Street through Province- 
town's motley collection of 
weathered grey clapboard Cape 
houses, smart boutiques, art 
galleries, bars, restaurants, 
tacky tourist shops and one 
old wipna'niM . I was not sure 
what to make of it all 

There were great numbers or 


TRAVEL 



small-town 

America 


I, JS 

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"jstm w&mz? 


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young, muscular men almost 
uniformly outfitted in close- 
cropped hair, moustaches, 
loose khaki shorts and heavy 
construction boots. Occasion- 
ally an outrageously camp 
transvestite in wig and gold 
lame dress would saunter past 

Once I saw a group of four 
men in work boots and skirts 
trudge by. And Mini ng* as 
numerous as the male couples 
were the female couples; heavy 
boots for many of the younger 
women, too, were de rigueur. 
“Deride us at your peril" they 
seemed to warn. “We are not 
as defenceless as you might 
think." 

But in Provincetowu, gay 
capital of the east coast US, 
such statements are more a 
question of fashion than body 
politics. What impressed me 
most about the place was its 
relaxed, friendly manna-, the 
lack of stress which is urban 
America’s invisible backdrop. 

Saturated in an atmosphere 
of sexual tolerance. Province- 
town seems to have shacked 
off the enveloping fear of 
potential aggression - not just 
sexual but physical racial 
and social as well - that is 
never Ear from the surface in 
America's public life. Gay or 
straight, most visitors find 
Pro vin cetown, to use that 
much-laboured word, libera- 
ting. 

But America remains Amer- 
ica, and sexual liberation has 
its own looniness and trage- 
dies. That evening I attended a 
“Celebration of Life” at the 
Unitarian universalist meeting 
house, a large and lovely old 
wooden church in the centre of 
Provtncetown. This was just 
the curtain raiser to a week- 
end’s worth of festivities, a 
defiant lack in the teeth to 
Aids, the disease that has car- 
ried off a good proportion of 
Provincetown's gay social and 
business community. Where 
gays have disappeared, lesbi- 
ans have tended to taka their 
place. What, I wondered, would 
earlier and sterna generations 
of Puritan New England 
church-goers have made of the 
proceedings? 

Wild Women of All Sexes, a 
female percussion ensemble, 
welcomed celebrants with a 
feverish tattoo of African drum 
rhythms as they filed into 
church pews. A long string of 
coloured ribbons, on each of 
which we had been invited to 
write tbe name of someone we 
loved, was stretched ova tbe 
pulpit The Reverend Jennifer 
Justice, an exuberant young 
dergywoman, delivered open- 
ing words on the themes of 
peace, Joy, hope, love and the 
affirmation of life. 






1 ^ 








Prurinuefcmm, Cape Cod: in the summer season fts 3£00 population swells to more than SOJXJO 


Robert Honing Picture Ubray 


“It has something to do with 
being way out on the periph- 
ery. away from the middle 
class mainstream of American 
life." she told me. “If you come 
out this far, you are looking for 
something different” 

If Provincetown was tradi- 
tionally cut off from the main- 
land by 60 miles of sand dunes 
and poor tracks, Egan 
explained, its role as an inter- 
national fishing port in the 
mid-iaoos, when it played host 
to ships from many countries. 


made it all the more liberal 
cosmopolitan and tolerant. 
Economic decline as a port at 
the end of the 1800s did not 
spell its end. While other small 
towns along the New En gland 
coast - Newport, Nantucket, 
Martha’s Vineyard, Bar Har- 
bour - became select s um m ar 
resorts for the wealthy and 
influential Provincetown's iso- 
lation and cheap rents drew 
artists and intellectuals 
looking for escape. 

The playwright Eugene 


O’Neill was probably the 
town’s most famous resident, 
but he was not the first; a 
major school of American 
impressionist art had estab- 
lished itself here before the 
turn of the century. Edmund 
Wilson wrote here in the 1920s, 
John Dos Passos in the '30s, 
Tennessee W illiams in the ’40s. 
But Provincetown has never 
admired pretensions or high- 
brow snootiness; along with 
the bohemians came yearly 
waves of summer tourists, the 


source of Provincetown’s liveli- 
hood. 

“One must never assume 
that the art gallery assistant or 
the waitress who serves you 
are simply what they appear to 
be," Egan warned. “AH sorts of 
talented people find endless 
inspiration here and do what- 
ever they can to stay on. This 
is not just a gay centre, it is 
one of the most beautiful 
coasts in America." 

And so it is. While most of 
the town gathered at the boat 


slip to celebrate the Swim for 
Life, a mass swim across Prov- 
incetown harbour. I celebrated 
the beauty of Cape Cod with a 
bicycle ride past high sand 
dunes and sedge-lined tidal 
flats. 

Bike rides and summer days 
always remind me of simpler, 
long-gone times. So relaxed did 
I become, so forgetful of Amer- 
ica's extraordinary extremes, 
that by sunset 1 almost forgot 
where I was. Only when I 
arrived at Herring Cove to find 


a posse of armed state troopers 
checking oat the Festival of 
the Spirit of Happiness - a sort 
of new-age beadh party with 
drums, costumes and a lot of 
hugging - was I reminded. 

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FOOD AND DRINK 


D oes France's oldest wine 
region need an enfant 
terrible? Almost cer- 
tainly not, tint never 
mind, Michel Chapoutler shows no 
signs of either growing op or calm- 
ing down, which makes life for the 
rest of us extremely entertaining. 

His neighbouring vine growers 
on the famous, vine-covered lull of 
Hermitage in the northern Rhine 
Valley just sooth of Lyons are less 
amused. Indeed the atmosphere In 
the tiny, wine-dominated town of 
Tain I' Hermitage, where all but one 
of the famous names of the Rhone 
are based, has become distinctly 
vinegary. 

The trouble with young Chapou- 
tier, who took over this substantial 
family business from his father as 
recently as 1989, is that what he 
makes up for in fervour, he lacks in 
statesmanship. He is dimi native, 
wears a swot’s pebble glasses, has a 
rare passion for irony and visibly 
tries, invariably unsuccessfully, to 
control his tongue. 

He is utterly besotted with bio- 
dynamism, tbe Steiner-inspired 
farming techniques which involve 


Wine 


Just a little local difficulty 


Jancis Robinson reports on a sour taste in the northern Rhone 


regenerating the soil in harmony 
with astrology. He is also con- 
vinced that low yields are the key 
to wine quality, and usually accom- 
panies his tasting notes with 
impressively low hectolitre- per- 
hectare statistics. 

Michel Chapoutler Is equally con- 
vinced, however, that most other 
producers in the northern Rh&ne 
(Including his father Max) have got 
it wrong, and rarely misses an 
opportunity to point this out 

Things came to a head this sum- 
mer when Robert Parker, the Influ- 
ential American wine critic, clearly 
much taken with the intensely con- 
centrated “new" Chapoutler style, 
printed Michel’s complaints that 
during the difficult wet 1993 grow- 


ing season the chemicals used by 
neighbouring vine-growers affected 
the margins of his vineyards, leav- 
ing them vulnerable to the fungal 
diseases which ravaged many non- 
biodynamic vineyards. 

The result was an Intemperate 
letter to Parker from the crime de 
la crime of Hermitage, inclnding 
Girard Jabonlet Chave, and Delas, 
vilifying Chapoutler, claiming that 
his Hermitage vineyard had in fact 
been treated with weedkiller, and 
had been sprayed by helicopter. 
These other growers also included 
some figures which suggested that 
Chapontier’s average yields were 
considerably higher than he 
claimed. 

Now Michel Chapoutler has 


issued bis response in this dispute 
between the most prominent inhab- 
itants of Tain I 'Hermitage (popula- 
tion 5,000), all of whom work cheek 
by jowl. 

He most have chuckled at the 
helicopter accusation, for of course 
there is nothing essentially anti- 
organic about beli-spraying - 
Indeed tbe fanatical Lalon Bize- 
Leroy, “the queen of Burgundy”, 
applied several tisanes by helicop- 
ter to her world-famous vineyards 
last year- 

The weedkiller claim is furiously 
rejected by Chapoutler and 
described as one of the most seri- 
ous. His reply also contains some 
laborious play with statistics, nota- 
bly with red and white wine areas 


as factors, to demonstrate that Cha- 
po utter's yields in Hermitage were 
a relatively modest 33.15 hl/ha in 
1993 (in ChfUeauneuf-du-Pape just 
20.46 hl/ha). 

The rain, which also dogged this 
year’s harvest In the northern 
Rhdne, is unlikely to wash away 
the issues involved In this dispute, 
however. Gerard Chave describes 
Chapo utter’s response as “Unbe- 
lievable. I have never seen any- 
thing like this in the whole of my 
professional life." 

Chapoutler acknowledges In his 
reply that he is widely criticised for 
being young and passionate, and 
claims that it is his youth which 
spurs him to take a long-term view, 
embracing the methods and low 


yields which he believes will pre- 
serve the good name of France’s 
great wine appellations. 

What is interesting, he concludes. 
Is to ponder the real motivation of 
his angry neighbours? With the 
irritating tnnnel vision of any 
young revolutionary, he suggests 
they are propelled by fear of these 
“new” techniques, and the sacri- 
fices that will be necessary to 
implement them. 

In modern viticulture, radicalism 
means a return to traditional roots, 
a rejection of the commercial agro- 
chemistry which has transformed 
vineyards in the last three decades. 
In winemaking too Chapontier is 
notable for an attachment to 
ancient methods, particularly the 


much-photographed twice-daily 

pigeage, during which four muse ey 
tegs stomp down grape skins in the 
finn’s unfashionahly open-topped, 
wooden fermentation vote. 

Certainly the new Chapoutler 
wines, from 1989 onwards, are 
impressive. They are refresh ngly 
wild and intense Oust like their 
maker), the sort of dense essence 
that require good cellaring and 
careful handling. . 

And they arc available in the sort 
of quantities that propel all but the 
most limited bottllngs into major 
distribution (Marks and Spencer 
even tried its hand with a Chapou- 
ticr Rasteau but it was far too ris- 
que for it). Majestic. Odd bins. 
Thresher. Adnams of South wold, 
Averys of Bristol. Gauntlcys of Not- 
tingham, Justerlni & Brooks or 
London SW1 and Edinburgh and 
Tanners of Shrewsbury all stock 
some wines from the new regime. 

What young Chapoutier needs is 
an adviser, less a Max Clifford pub- 
licist than Marcel Guigal, the softly 
spoken wizard of Cotc-Rdtle 40 
minutes’ drive upriver. “Calm 
down," has been his advice to all. 


Entertaining at home 

How to 
give that 
perfect 
dinner 

Inviting friends for a meal? Chef 
and author Ken Horn has some 
tips for up-and-coming hosts 


T wenty years ago. 

when I was much 
younger and more 
naive, I entertained 
extravagantly. My 
dinner parties would have a 
m inimum of 12 guests and no 
fewer than 12 courses. I would 
spend days preparing elaborate 
and obscure Chinese dishes. 

I had much more time then 
and I had great pleasure and 
enjoyment preparing those 
meals. However, in the last 
eight years, with a heavy 
travel schedule and the pres- 
sures of a busy life, my style of 
entertaining has changed radi- 
cally. 

Now, I usually have no more 
than six guests and just three 
courses. My friends enjoy these 
intimate dinners as much as 
my lavish spreads of the past 
Here then, is how I entertain 
today, simply but still ele- 
gantly, keeping the following 
tips in mind: 

■ Invite friends you really 
want to see. Spending three 
hours at the dinner table with 
good friends is my idea of bliss. 
Remember, conversation and 
mix is almost as important as 
food and wine. 

■ Do not invite the same 
guests all tbe time, it is nice to 
mix and match your friends. 
Never have a party with all the 
guests from the same profes- 
sion. nothing is worse than 
talking shop all evening. 

■ Do not skimp, buy the best 
ingredients and have good 
wines. This is vital if you have 
only three courses. Your 
chances of success are greater 
if your dishes are memorable. 

■ Do not attempt new dishes, 
always entertain with tried 
and true recipes or dishes 
which you feel comfortable 
with. You da not need the addi- 
tional stress of knowing 
whether the dish will be good 
or not. 

However, you should feel 
free to mix and match dishes 
from different cuisines. For 
example, you could begin with 
a Chinese soup, then serve a 
lovely roast chicken with bat 
mati rice, and perhaps a Thai 
stir-rry vegetable dish. 

■ Avoid trying to impress 
your guests. I always think it 
is grander to make delicious 
simple food than to present 
pretentious mediocre dishes. 
There is no need to stick too 
rigidly to other people's rules 
about food, if you like fish with 


red wine, then serve it as such. 

Remember to make dishes 
within the realm of home 
cooks. Chefs apart, I do not 
think your guests should 
expect you to be proficient in 
restaurant cooking. If you are 
making a Chinese meal, do not 
make more than two stir-fry 
dishes at any one meal. There 
are many recipes in the Chi- 
nese repertoire that are braised 
dishes, steamed, etc. and many 
can be prepared ahead of time. 

■ Light meals are usually the 
best remembered ones. That 
means light or no sauces, avoid 
red meats, stick to fish or 
chicken. Nothing is worse than 
a heavy meal which can stay 
with you for the whole night 

■ Although I rarely use a 
microwave to cook, I have dis- 
covered that it does wonders to 
fish. It is as good as steaming 
the fish in the wok. 

■ Soups, especially good ones 
are an elegant opening. I like 
them because 1 can make them 
days, even a week ahead. They 
freeze extremely well and re- 
heat beautifully. If you like 
cream soups, add the cream at 
the last moment 

■ Give your dinner a few 
moments of thought before you 
plan it. All too often, home 
cooks plunge into organising a 
dinner party without thought 
to the balance of the meal, 
logistics, etc. Think about how 
you would feel as a guest at 
this dinner. If your Instincts 
tell you that the dinner will be 
good, chances are it will be. 

■ Start the evening with 
champagne, bubbles are 
always a festive start to any 
meal. It immediately puts 
everyone in a good mood and 
is an important factor that will 
determine how the rest of the 
evening will flow. 

Buy the best - I especially 
like Louis Roederer - and, 
when it is special occasion and 
I feel flush, I will have a bottle 
of Roederer Cristal. By the 
way, I have found Tor my Chi- 
nese dinner parties that cham- 
pagne is the perfect drink 
throughout the meaL The acid 
and sweetness seems to bal- 
ance out the oils and flavours 
that one finds in Chinese cook- 
ery. 

■ Do not clutter the table 
with a huge bouquet Nothing 
is worse than trying to con- 
verse with flowers in your face. 
Place one flower at each table 
setting for a nicer and more 



Ken Horn: makes elegant food at home as wefl as In the restaurant 


elegant effect 

■ Finally, never panic. If 
something does not turn out 
the way you thought it should, 
do not mention it Patch it up 
as best as you can, smile, have 
another glass of champagne 
and eqjoy yourself. 

Here are two recipes from a 
typical dinner party at my 
house, they are easy to make 
and taste wonderful: 

DOUBLE STEAMED 

MUSHROOM SOUP 
Double steaming involves an 
unusual method of making a 
rich but clear soup. You must 
first prepare the soup in its 
own covered pot so that it is 
producing its own steam. 

Then you place it on a rack 
over boiling water in another 
pot, cover the pot tightly and 
steam the soup for three hours. 
This technique Is usually 
reserved for the finest ingredi- 
ents with the most delicate fla- 
vours and textures. Steaming 
is a gentle cooking method 


that works best with such 
foods. 

In this soup, the highest 
quality of dried mushrooms 
that money can buy are used. 
They should be thick so that 
they can absorb all the fla- 
vours from the long steaming 
process. The result is a clear, 
concentrated and rich con- 
somme redolent of the essence 
of mushroom. All the work can 
be done in advance. In feet, the 
soup can even be frozen a week 
ahead and re-heated. This soup 
would maim an earthy and ele- 
gant opener for any meaL 

50g/2oz finest quality dried 
Chinese black mushrooms-, 
900ml/2 pints/4 cops chicken 
stock; salt to taste. 

Soak the mushrooms in warm 
water for 20 minutes. Then 
drain them and squeeze out 
the excess liquid. Remove and 
discard the stems. 

Bring the chicken stock to a 
boll In a large pot Pour the 
stock and the mushrooms into 


a pot or heatproof soup tureen. 
(This is the first steaming pro- 
cess.) Cover the pot or tureen 
and set it on a rack inside a 
large steamer. Keep this larger 
wok or pot tightly closed. 
Steam continuously fbr three 
hours. Replenish the hot water 
from time to time as necessary. 

Adjust the seasoning with 
salt to taste and serve at once 
or allow it to cool thoroughly 
and freeze until it is needed. 

QUICK STEAMED 
SALMON FILLETS 
You ran steam thin dish in a 
wok or microwave. It cooks to 
perfection in the microwave. 

FAlbs/TOOg salmon fillets; 1 
teaspoon salt; % teaspoon 
freshly ground white pepper; 1 
tablespoon Chinese Shaoxing 
rice wine or dry sherry; 1 
tablespoon light soy sauce; 3 
tablespoons fresh chives, 
finely chopped; 3 spring 
onions, finely chopped; 2 tea- 
spoons ginger, finely chopped; 
1 tablespoon groundnut (pea- 


I n the mail this week 
comes an impassioned, 
angry letter from a reader 
whose meal at the Blue- 
print Cafe. London SEI, was 
ruined because neighbouring 
diners made continuous use of 
mobile telephones. 

Britain has the highest con- 
centration of mobile phones in 
Europe with 20 per 1,000 peo- 
ple. Although some restau- 
rants, particularly in hotels, 
have a sign asking customers 
to leave phones with the recep- 
tionist, many do not and the 
problem is likely to get worse. 

A bottle of pink champagne 
is offered to the reader who 
proposes the best solution to 
this restaurant nuisance. And 
another bottle for the best one- 
liner with which to silence 
those who choose to use 


Appetisers 


End the mobile menace 


phones loudly and over-zeal- 
ously In public places. 

Nicholas Lander 
■ P-J.'s Bar and Grill (52 Ful- 
ham Road, London, SW3. tel: 
071-581 0025) is a lively night- 
spot which took over the site of 
one of the dullest pubs on the 
Fulham Road. It serves decent 
food and wines with the accent 
placed on the new world. 

PJ.'s latest venture has been 
to sell a range of cask-strength 
malt whiskies by the glass. 
There are seven in all, of 
which the least impressive are 


two vintages of Knockdhu, a 
Speyside malt which has gone 
over to bottling only recently. 

The other five, however, 
were very fine: a 1984 Bladnoch 
with all the delicacy and ele- 
gance of a Lowland malt; a 
1979 Benrinnes with an aroma 
of toffee and hazelnuts; a fine 
1973 Glenrothes which put me 
In mind of sponge cake; and a 
1975 Ardbeg which was all you 
would expect from this great 
Islay - all iodine and new 
leather. 

The best of the lot was a 1965 


Springbank from Campbel- 
town: the nose seemed one- 
dimensional and too strongly 
marked by a sherry butt, but 
the palate was wonderfully 
complex. Giles MacDonogh 
■ I love that mix of directness 
and scarcely-concealed irrita- 
tion that French chef Albert 
Roux manages to convey in the 
London newspaper, the Even- 
ing Standard, in his column 
answering readers' queries 
about food. 

It is the naff questions that 
make the column such a good 


read: “ Dear Albert - Haw can I 
make the definitive cooked 
English breakfast. " 

Who, in England, needs to 
ask any Frenchman that? 

Nevertheless, the Roux solu- 
tions to these cris de coeur are 
often charming and funny: 
“Dear Albert, I was as surprised 
as my husband was pleased 
when he came back from the 
pub with two pheasants and an 
unskinned hare. These dead 
animals are now cluttering up 
my kitchen. What do I do?" 
Roux’s answer. "My love. 


bring them to Le Gavroche (his 
restaurant) at 3pm, then go 
shopping, take a bath, make 
yourself even more beautiful 
and return to Le Gavroche at 
7.30pm. with your husband in 
tow, in time for pre-dinner 
drinks." 

These questions and answers 
have now been compiled In a 
book, Cher Albert (Pavilion, 
£9.99, 128 pages) and provide a 
a very jolly read. Jill James 


BALLANTYNES OF COWBIUDGE 
FOR SALE 
FINE FRENCH 
fc ITALIAN WINES 
DARROZE ARMAGNACS 

TEL: 0446 774840 
FAX: 0446 77S253 


Cookery /Philippa Davenport 

Fragrant 
and sweet 

The second part of a rice treat 


nut) oil; 2 teaspoons sesame 
ail. 

Rub the salmon fillets evenly 
with salt and pepper, pour on 
the rice wine and cover tightly 
with plastic wrap. 

Prepare the rest of the ingre- 
dients. Cook the salmon in the 
microwave oven at 100 per cent 
fbr 3-6 minutes, depending on 
Its thickness. The salmon is 
done when it feels firm and not 
spongy. Remove and let sit for 
three minutes. 

In the wok, combine the two 
oils and heat While the oil Is 
heating, sprinkle the salmon 
with the soy sauce, chives, 
spring onions and ginger. 
When the oils begin to smoke, 
pour this over the top, it 
should sizzle and be served at 
once. 

■ Ken Horn’s Chinese Kitchen 
is published by Pavilion Books 
(£17.99 in hardback, 200 pages). 
His restaurant. Imperial City, is 
located in The Royal Exchange, 
CamhtlL 


L ast week. I talked 
about different types 
of rice with Margaret 
Shaida, an Oxford- 
shire-bom journalist and histo- 
rian who married an Iranian 
and lived in her husband's 
homeland for 25 years. 

Here is the second rice dish 
that Shaida cooked for me. said 
to have originated at court in 
Isfahan. Variations given in 
Shaida’s book. The Legendary 
Cuisine of Persia, due to be 
published by Penguin (£12) on 
November 3, include lamb with 
dried apricots, and duck with 
barberries or sour cherries. 

BAKED SAFFRON RICE 
WITH CHICKEN 
AND SPINACH 
(serves 8) 

A 4pt round ovenproof bowl is 
needed for cooking this dish. A 
Pyres mixing bowl is ideal as it 
enables you to check that the 
crust is turning golden all aver 
as it should. Iranians will 
wince at the unorthodoxy hut 
two of the people who sampled 
this dish when I made it liked 
It best with a gravy spoonful or 
two of rich chicken broth 
poured over the white rice at 
table. 

lib dom slah or good quality 
basmati rice; l2oz chicken 
breast fillets (skinned and 
boned weight); lV&lb fresh 
spinach; 1 fat garlic clove 
crashed with a little salt; 7 fl 
oz plain yoghurt; 2 small eggs; 
a good pinch of saffron, 
pounded and soaked in scant 2 
tablespoons boiling water; 3 fl 
oz sunflower or other light 
tasting vegetable oil; 3oz but- 
ter. 

Cook the chicken a day 
ahead using the following 
method: Wrap each fillet sepa- 
rately in a double layer of food 
film, twisting the ends like a 
cracker and tying them with 
string. Drop the parcels into a 
pan of boiling water and cook 
at a hare simmer for 10 min- 
utes. Lift the parcels out of the 
pan and leave for five minutes 
before unwrapping. Drain off 
the juices, cut the meat into 
large chunks and season with 
salt and pepper. 

Beat the eggs with the 
yoghurt. Add the crushed gar- 
lic and cool saffron liquid. Stir 
in the chicken. Cover and 
refrigerate overnight 
Next day, wash the rice 
under a cold running tap for 
several minutes. Then leave it 
to soak for three hours in 4pts 
cold water with three tables- 
poons salt 

Wash the spinach, strip off 
any tough stalks and cook the 
leaves until tender in the 
water that clings to it Squeeze 
well to drain off as much liquid 
as possible, season lightly with 
salt and plenty of pepper and 
set aside to cooL 
Bring 4pt water and three 
tablespoons salt to a rolling 
boil. Add the drained rice, 
bring back to the boll, cover 
and cook for no longer than 
two minutes before testing the 
grain. It should be soft on the 
outside and still firm (but not 
brittle) in the centre. It may 
need half a minute or so more 
to reach this stage but proba- 
bly not much longer. Remem- 
ber the grain will continue to 
soften as It steams. 

Drain the parboiled rice, 
preferably in a rice colander to 
avoid compressing it, and rinse 


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it in cold water. 

Now for the messy bit. Mea- 
sure the oil into the 4pt oven- 
proof bowl and swirl to coat 
the interior all over. Lift the 
chicken out of the yoghurt 
mixture and reserve it. Gradu- 
ally add one-third to at most a 
half of the parboiled and 
drained rice to the yoghurt, 
mixing it in gently but thor- 
oughly with one hand. 

Tip this creamy-textured, 
pale yellow mixture into the 
oiled bowl. The aim now is to 
tine the sides of the bowl 
entirely with yellow rice, and 
to pile the dry white rice into 
the centre. Do it gradually. 
First work the yellow rice just 
a little way up the sides of the 
bowl with one hand, then 
sprinkle some dry white rice 
into the centre with the other 
hand. Repeat. With a little 
encouragement, as the white 



rice is added the yellow ria 
will rise up the sides. 

When the bowl is about hal 
full put the chicken in a layei 
over the rice taking care tc 
keep it within a perimeter ol 
yellow rice. Spread the spinact 
over tbe meat, again leaving a 
ribbon of yellow rice round tht 
edge. Then continue drawing 
the yellow rice up round tht 
sides of the bowl and fill the 
centre with the rest of the 
white rice. This gets easiex 
with practice. 

Level the top. Cover closely 
with well-oiled kitchen foil and 
bake on a baking tray at 400°F, 
200°C, gas mark 6 for two 
hours, turning the bowl as nec- 
essary for an even tan. 

When the rice is cooked 
remove the bowl from the 
oven. Lift the foil briefly, dot 
the rice with flakes of butter 
and replace the foil. The chil- 
led fat will arrest cooking and. 
as it melts and seeps into the 
rice and down the sides of the 
bowl, it will loosen the mould 
making it easier to turn out 

After five to 10 minutes run 
a palette knife or other long 
flex i b le blade between the rice 
and the edge of the howl. 
Cover the bowl with a large 
warmed plate (a completely 
fiat fian plate is best), invert 
and the bowl should lift off 
cleanly. 

The beautiful layering will 
be revealed when the rice 
mould is cut like a cake for 
serving. First the crunchy 
outer shell of golden crust, 
then the lining of cakey tex- 
tured pale saffron rice with 
yoghurt, and finally a central 
core of fragrant, free-running 
pure white grains. AH this 
witii layers of tender chicken 
and sweet green spinach run- 
ning across it. 

* A 9°°d selection of Iranian 
produce is available from Super 
Bahar, 3-t9A Kensington High 
Street. London Wn 



Vans de Bourgogne 
For stockists, 
let 071-409 7276 




FINANCIAL TIMES 


WEEKEND OCTOBER 22/OCTOBER 23 1994 


WEEKEND FT XI 



Dangerous 

liaisons 

Michael Thompson-Noel enjoys 
other people’s affairs 


C ecil Parkinson, 
the Tory politi- 
cian, will blush - 
or swell - to hear 
it, bat his fany> os 
an adulterer looks likely to 
last, judged by Us inclusion 
m Stephen Brook’s witty and 
life-enhancing anthology of 
infidelities throughout the 
ages. 

The scope is broad. As the 
dust-jacket says: “The reader 
will find scenes of tenderness 
and of sorrow, of bitterness 
and of rage, of ecstasy «hh 
of farce... The depravities 
of ancient Rome are com- 
pounded by the exuberant 


THE PENGUIN BOOK 
OF INFIDELITIES 
edited by Stephen 
Brook 

Viking £17. S76 pages 


lust of the Earl of Rochester’s 
poems ... We learn of 
the exploits of such famous 
adulterers as James Boswell. 
Lord Byron and CecD Parkin- 
son." 

Parkinson? You would have 
thought that interest in his 
homely little adultery with Us 
homely former secretary, Sara 
Keays, which caused him to 
resign from the Thatcher gov- 
ernment, had faded by now, 
given the tide of misbehav- 
iour, in circles Ugh and low, 
that has swamped ns to the 
meantime. Yet here he is, 
accorded a spot in an aH-time 
Ut parade of bounders, seduc- 
ers and other sorts of hurt- 
breakers. 

Infidelity, says Brook, is 
dangerous, tor it confounds 
the stable order. But it is also 
exhilarating, at least to those 
concerned. And it Is certainly 
commonplace. A study of 
American marriage published 
seven years ago reckoned that 
half of all Americans have 
been adulterous at some time. 
Another study put the figure 
at 70 per cent. 


With some exceptions, most 
societies take a dim view of 
adultery, though in most 
places female lapses tend to be 
punished more severely than 
male. 

Almost all the writers you 
would hope to see represented 
in this anthology are 
represented, from Amis (both) 
to Boccaccio, Wilde and 
Wharton, Strindberg and 
Suetonius. But connoisseurs 
will notice several obvious 
omissions. The reason, says 
Brook , is simply quality of 
writing. For example, both 
Henry M in e r an d Nm 

are absent because he cannot 
bear their prose styles. On the 
other hand, “classic texts” of 
infidelity, including Troilus 
and Cressida, Anna Karenina, 
Madame Bovary and the 
novels of Colette, are 
represented by substantial 
excerpts. 

There are plenty of jokes: i 
“Yon know, of course, that | 
the Tasmanians, who never 
c o m mi tted adultery, are now 
extinct” - Somerset Maugham. 

And plenty of surprises. 

I was especially captivated 
by the notorious Miss 
Chudleigh, who fas cina ted the 
Earl of Bath, nearly married 
the Duke of Hamilton, went to 
a ball in a gauze dress and 
caught the eye of George H, 
seaetly wed the fixture Earl of 
Bristol, conquered Frederick 
n, bigamously married the 
Duke of Kingston, inherited 
his fortune, retired to- Russia 
and finished up in France, 
where she purchased a royal 
palace for £50,000. 

She died in 1788, aged 68, 
after other love affairs. She 
was painted in her gauze 
dress, wearing a ravishing 
smirk. The dress was a stogie 
garment, quite transparent, 
and probably explained her 
career. 

In company like that. Cedi 
Parkinson and his secretary 
come across as very dimnai 
potatoes. 



Now York, 1048: photographer Andrf Kart&sz; a former stockbroker, eschewed technical trickery and Insisted he was an “amateur” throughout his 
long career. Pierre Batumi's study of Ksrt&sz’a Bte and work (Lithe, Brown and Company £45, 367 pages) Illustrates his approach - which inspired 
Carder Bresson - In which the camera aan impartial recorder and the photograph “gets its beauty from the very truth with which it is stamped.” 


Lifting the lid on Sylvia Plath 


With this morally challenging book, post-modern biography has come of age says Jackie Wullschlager 


T he Silent Woman is about 
one of the loudest literary 
voices this century. In the 
icy winter of 1962-3, Sylvia 
Plath wrote her pitiless, 
death-obsessed Ariel poems, stuck her 
head in a gas oven and killed herself. 
Her words have reverberated ever 
since - “dying - is an art”, “every 
woman adores a fascist" - and yet 
because they are so powerfully emo- 
tive, they have also been distorted, 
misinterpreted, muffled. 

This book tells two tales: how Plath 
gained the courage to speak with this 
electrifying voice in the first place, 
the story of her life; and what her 
desire to interpret that voice reveals 
about our own culture - the story of 
her afterlife. It is a brilliant mix and a 
landmark in the history of biography. 

Plath was a clean, golden-haired 
American girl with dark lipstick who 
r-nmi> to England in the 1950s and 
married the poet Ted Hughes. She 
looked like an advertisement for soap 
powder, but beneath the gloss was a 
tormented, tempestuous woman who 
was rarely nice to know. 

She broke up a family Christmas, 
stole food from other people’s refriger- 


ators, fantasised about killing some 
schoolgirls who took flowers from a 
park. Her relationship with her 
mother was sick, and she devoured 
men tor breakfast, writing afterwards 
of the “orange-juice-and-broiled- 
chicken" and “plain steak and pota- 
toes with nothing done to them taste” 
of the dull ones. Hughes by contrast 
was a giant who filled “that huge sad 
hole I felt in having no father.” On 
their first meeting she bit him until 
he bled; months after he left her, she 
died. 

It was Malcolm, who calls “her 
courage to be unpleasant”, that made 
her a feminist heroine. “I see you 
have a concentration camp in your 
mind, too," Plath once told the poet 
George MacBeth. Hughes has 
described how she fought to find her 
authentic voice - beautiful, severe, 
gtamial. Malcolm sees this as part of a 
key historical moment In which the 
“uneasy, shifty-eyed” 1950s generation 
finally threw off 19th century repres- 
sion and embraced the brave new 
world of feminism, Vietnam protests 
and the civil rights movement 

Plath was the voice tor the times; 
no post-war poet has expressed more 


eloquently the anxieties - womens’ 
struggles, political tyranny and 
repression, psychological breakdown 
- of our century. But Plath’s life was 
also emblematic, for she was the first 
great woman writer in creativity and 
domesticity who waged war. Jane 
Austen, Emily Brflnte, George Eliot 
Virginia Woolf, none attempted every- 


THE SILENT WOMAN: 
SYLVIA PLATH AND TED 
HUGHES 

by Janet Malcolm 

Picadors £14.99, 215 pages 


day family life. Plath, by contrast, 
fumed at being “a prisoner in this 
house, chained to the children," while 
Hughes swatmed off She wrote the 
Ariel poem in a blaze ctf domestic mis- 
ery and marital break-up. 

In the private lives obsession of the 
1980s and ’90s, this is the part of 
Plath’ s story which, fuelled by 
Hughes reticence and his control over 
the Plath estate, has become the stuff 
of legend. Malcolm is inspired an the 
transgressive nature of biography - 
the only explanation she says, for the 


genre’s popular appeal - and wit- 
tingly invites the reader to tiptoe with 
her “down the corridor together to 
stand in front of the bedroom door 
and try to peep through the keyhole." 

Her genius however, 1s to turn the 
tables and to rough up Plath’s biogra- 
phers and critics as they have 
roughed up Plath - reading their 
man, quizzing their friends and gos- 
siping about their houses. Thus she 
draws us, deeply and uneasily, into 
what really happens in the making of 
the modem biography. 

Malcolm is not someone to invite 
home lightly. Take her visit to Ann 
Stevenson, whose 1987 Life of Plath 
was vituperatively reviewed for pan- 
dering to Hughes and for its omis- 
sions. Around the kitchen table, Stev- 
enson reveals her problems to 
working with Hughes, her dissatisfac- 
tion with her book - she eventually 
published in part because she could 
not afford to repay the advance. 

Malcolm purrs sympathetically, 
then turns the knife with a story of 
Stevenson cooking lasagne, omitting 
the white sauce, serving up the dish 
reluctantly because there is nothing 
else. 


Domesticity as metaphor, life as art; 
Malcolm has the novelist’s ability to 
convey the essence through an exqui- 
site piece of bitchiness. A critic who 
sometimes misjudges Sylvia lives in a 
crooked Hampstead house and serves 
coffee out of rigid square cups. The 
handsome flat of the handsome struc- 
turalist academic with the crisp voice 
and the crisp handsome ideas... the 

tr ains and plumbing that do not work 
in the cold winter of 1991, when Mal- 
colm came to England from New York 
to research the book and which recal- 
led the icy months in 1963 when Plath 
was an American alone to a primitive 
country... 

With The Silent Woman, post-mod- 
ern biography has come of age. Ven- 
tures of this kind usually fail because 
post-modern theories - that there is 
no truth, that no one owns another's 
life - are never as compelling as a 
well told story. Malcolm overcomes 
this with a darling method of render- 
ing the best of traditional biography, 
choice snippets which sum up a life, 
the making of an artist, cultural his- 
tory - without the longueurs. It is 
intellectually explosive, morally chal- 
lenging and enormous fun. 


few years ago a 
Moslem friend 

L exploded on reading 
V.S. Naipaul’s 
st the Believers: how 
ratpaul dismiss Islam in 
y? In his depiction of a 
of Moslem countries, 
believer paraded his 
ces by profiling only 
;lgent imams and 
itarian ayatollahs, and 
jaturlng spiritual codes, 
little sympathy at the 
eligions, after all, have 
he scrutiny of inveter- 
dels for millennia. But 
■priing a similar under- 
a peregrination 
ti Catholic Europe by 
h novelist Calm Tolbin, 
myself echoing my 
the sacred may be 

jed, but it should not be 

Chanted with the reh- 
hls childhood, Toibin 
jent not so much on a 
qf discovery, but on a 
, diminish the divine, to 
itholicism as mere “con- 
i'’ akin to “listening to 


newauthors 

puaijSH YOUR WORK 

ALL SUBJECTS CONSIDERED 

JKSSBBSKS- 


At the heart of Catholicism 


The sacred may be politicised . but not profaned says Cristina Odone 


music after a long day’s work; 
it was pure theatre". 

Politicisation of the church 
is inherent in its teac hin g - 
the gospel after all was inter- 
preted by Christ’s contempo- 
raries as a revolutionary mes- 
sage. for which he was duly 
crucified. But the centuries 
have wrought a political per- 
mutation to the Church of 
Rome - its accumulation of 
capital and power has placed it 
squarely at the heart of the 
Establishment, and its empha- 
sis cm the authority of the Mag- 
isterium (the church’s teach- 
ing} has lost it many allies in 
an age when authority has 
become synonymous with 
authoritarianism. 

It Is this view of the church 
that fuels Toibin’s journey. He 
ffl nrqhalln events, characters 
and rituals in order to vindi- 
cate a predetermined ideologi- 
cal position: Ca t h o licism pre- 
pares the ground for the seeds 
of authoritarian regimes. By 
imparting its message of obedi- 
ence to spiritual authority, the 
church serves as a factory that 
mass produces disciples tor the 
latest despot 

The theory has been around 
for some time, but toils to 


THE SIGN OF THE 
CROSS: TRAVELS IN 
CATHOLIC EUROPE 

by Colm Toibin 

Jonathan Cape £16.99, 296 pages 


JOHN PAUL n 
by Michael Walsh 

HarperCol tins £20, 320 pages 


account tor a number of histor- 
ical incidents and political 
strains. Although Toibin 
allows that the “first open 
demonstration in Slovakia 
against the regime was organ- 
ised through the Catholic 
Church” in 1988, and he does 
recognise the Jesuits' anti-Ma- 
fia campaign in southern Italy, 
be chooses to belittle a number 
of other instances when Euro- 
pean Catholicism allied Itself 
to the right cause, not the 
Right camp, and helped pave 
the way for democracy, not dic- 
tatorship. 

Toibin seeks to limit Catholi- 
cism to an aesthetic canon - 
he offers us vivid, lyrical 
impressions of Spanish reli- 
gious processions, of Polish 
churches and Slav pilgrimage 



Karol Wojtyla, Fofiah pontiff 


sites - and to a sociocultural 
influence that shapes and col- 
ours temporal occupations and 
aspirations. Certainly, in a 
number of the countries be vis- 
its (particularly Poland, Italy, 
Ireland and Spain) the Church 
does permeate national iden- 
tity by influencing everything 
from divorce laws to the sanc- 
tification of the fatherland.' 

But the ultimate legacy of 
the Catholic Church is a spiri- 


tual one. It is in its message of 
hope, and of the importance of 
even the most marginalised 
members of society, that Cath- 
olicism has proved such a pow- 
erful influence an this genera- 
tion of Europeans. To 
underestimate this legacy is to 
misunderstand an important 
part of 20 th century history - 
and to underestimate, too, the 
role played by the remarkable 
man who ha« led the church 
through the past 16 years, 
John Paul IL 

In his biography of Karol 
Wojtyla, the first non-Italian 
pope since the 16th century, 
Michael Walsh lays down his 
cards at the outset he had res- 
ervations about the cardinal 
from Cracow when he was 
elected to the See of St Peter, 
and “as the years have gone by 
I have seen no reason to 
change my original judgment". 

Walsh, a former Jesuit, is a 
liberal Catholic who sees the 
church as guardian of the gos- 
pel message in its social con- 
text - love, solidarity and help- 
ing the poor and dispossessed. 
He does not, however, long for 
the certainty of spiritual abso- 
lutes which Karol Wojtyla 
delivers. Where some more tra- 


ditionalist Catholics applaud 
the present pope for dusting off 
the sacred system of correspon- 
dences between heaven and 
earth. Walsh sees this shep- 
herd as bent on keeping his 
flock in an uncomfortably tight 
pen. 

Walsh carefully charts the 
papacy, analysing both failures 
(in particular the financial 
scandal of the Banco Ambros- 
iano) and successes (the 
behind-the scenes work in 
helping Lech Walesa set up 
Solidaraosc and then toppling 
the Communist regime, the 
campaigns against right-wing 
dictators from Chile's Pinochet 
to Haiti's Baby Doc). And he 
analyses, too, the writings of 
the prolific pontiff - from his 
first encyclical, Redemptor 
Hominis to what must surely 
be regarded as his spiritual tes- 
tament, the hard-hitting 1993 
encyclical Veritatis Splendor, 
with its fulzninations against 
subjective morality and the h 
la carte Catholicism favoured 
by the majority of Catholics in 
the west 

Though Walsh finds it diffi- 
cult to feel sympathy with the 
theological hard line towed by 
the Polish pontiff even he can- 
not detract from the undoubted 
achievement of a pope who 
dragged the Catholic Church 
from the sidelines to the centre 
of the world political arena. 

■ Cristina Odone is editor of 
the Catholic Herald 


The present 
imperfect 


P rofessor Eric Hobs- 
bawm is usually 
described as a Marxist 
historian. This can 
mean many things, from a 
slavish belief in the great 
man's prophetic power to 
appreciation of the importance 
of economic factors in history. 
This book is an epilogue to a 

trilogy on European history - 
the Ages of Revolution, Capital- 
ism and Empire - which has 
been widely praised. In these 
volumes and his latest work 
the author is by no maatw a 
doctrinaire disciple of Marx, let 
alone of the USSR, which pur- 
ported to be the embodiment of 
Marx's beliefs and the stan- 
dard-bearer of his cause. 

Hobsbawm divides his book 
into three parts: “The Age of 
Catastrophe" - 1914-50: “The 
Golden Age" - 1950-75; “The 
Landslide” - 1975 onwards. 
The first covers what he calls 
“The Thirty One Years War”; 
the second the immpngp - and 
to him unexpected - capitalist 
post-war boom which has 
transformed the world; and the 
third, a period that he sees as 
one of a slide into instability, 
crisis and general loss of bear- 
ings. He prefaces his opening 
section with a quotation from 
Isaiah Berlin: “I have lived 
through most of the 20th cen- 
tury without I must add, suf- 
fering peraonal hardship. I 
remember it only as the most 
terrible century in Western 
history". Few will wish to dis- 
pute this judgment 
The causes of the 1914-18 war 
have been the subject of great 
controversy. Why could the 
conflict not have been settled 
by diplomacy as a Bismark or 
a Talleyrand would certainly 
have attempted? Hobsbawm 
explains its all-or-nothing 
nature by the fact that 
previous wars waged for lim- 
ited objectives, this was waged 
for unlimited ends. That was 
true, and even truer of the sec- 
ond world war, but the ques- 
tion why still remains. In the 
case of the 193845 war Hobs- 
bawm has no doubt It was 
essentially Hitler's war for 
world power. Nor, despite the 
smoke screen put up by post- 
1918 German historians, can 
one seriously defend the rulers 
of Germany in 1914 from the 
same charge, though the 
author does not say so. 

What he rightly emphasises 
is that the second world war, 
unlike the first was ideological 
as well as nationalistic, and 
that there were three ideolo- 
gies - fascism, liberal democ- 
racy and communism - which 
were equally antipathetic to 
each other. It was a paradox of 
the principle that “my enemy’s 
enemy is my friend", which 
produced the alliance of oppo- 
sites from 1941 onwards. 

Without the USSR the West- 
ern allies could not have won, 
and its success in waging war 
gave a spurious plausibility to 
Its “command economy" in 
peace. Stalin's forced indus- 
trialisation during the 1920s 
and 1930s was already such an 


economy, and it had at least 
avoided the traumatic experi- 
ence of the Great Slump. 

Even as late as i960 Harold 
Macmillan thought that the 
USSR might soon outstrip the 
economic successes of the 
west. In fact it was already col- 
lapsing under its own contra- 
dictions. Hobsbawm, however 
sympathetic he may once have 
teen with Mar xism , is a realist 
and his analysis of the collapse 
is shrewd and perceptive. 

What would most surprise 
earlier Marxists is the recru- 
descence of capitalism after 
1945. But their hero was a poor 
prophet. He foresaw neither 
fascism nor the welfare state 
and his confidence in the prole- 
tarian triumph has turned out, 
like most theories of inevita- 
b lism. to be wrong. 

Whatever the reason - and 
one can agree that there is no 
simple explanation - capital- 
ism in the “Golden Age” flour- 
ished as never before and 
brought about vast changes in 
the way of life and the stan- 
dard of living all over the 
world. Its success has killed 
socialism. Marxist socialism 
was a religion. But a religion of 
materialism has a weakness 
which spiritual religions do not 
possess. No one can prove by 


AGE OF EXTREMES: 
THE SHORT 
TWENTIETH CENTURY 
1914-1991 

by Eric Hobsbawm 

Michael Joseph £20, 627 pages 


experience that Christianity, 
Islam or Buddism are wrong. A 
religion which purports to 
improve the material welfare 
of mankin d is to a different 
category. If it does not deliver 
the goods sooner or later peo- 
ple win stop believing it 
From the mid 1970s the 
Golden Age gives way to the 
I landslide. The period certainly 
saw major changes - the end 
of socialism for one. The for- 
mer USSR and Its ex-satellites 
were indeed in a state of chaos 
and disarray - transitional per- 
haps but no one can be sure. 
The capitalist world has seen 
more recessions and higher 
unemployment than in the pre- 
vious quarter century, but 
“landslide" seems an over 
statement The very fact that 
“Black Monday” in 1987 did not 
herald a repeat of 1929-31 sug- 
gests that there are stabilising 
factors present now which 
were not then. Nor is it con- 
vincing to talk of the weaken- 
ing of the nation state, despite 
Marx's dislike of it. There are 
more of them then ever, and 
this most significant legacy of 
the French Revolution shows 
no sign of going away. Fifteen 
years is not a long period for 
historical perspective. Eric 
Hobsbawm has written a bril- 
liant and stimulating book. But 
like most historians he is bet- 
ter on the past than the pres- 
ent 

Lord Blake 


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BOOKS 


T his volume covers the 
years 1919 until 1949, the 
formative years. It is a fas- 
cinating account of how 
Doris Lessing First wrestled with 
and then escaped colonial life on 
the family form and in Salisbury. 
Her very earliest memories are of 
questioning virtually every aspect 
of received wisdom. 

She was that phenomenon, like 
Katherine MansGeld and Olive 
Schreiner, and perhaps Germaine 
Greer, a woman who throve on her 
clear-cut duty to defy provincial 
society. 

There is a rather moving passage 
in her recent and rambling African 
laughter where Lessing meets her 
brother at his farm and discovers 
tha t his memory of old times is very 
different from hers. He is still puz- 
zled, without wishing to give 
offence, by the course of her life. 

No doubt this incident will appear 
in Vol. n. but it seems to be the 
central question of this volume. 
While on one level appearing to be 


Woman at odds with her nature 

Out of conflict , Doris Lessing has produced literature of the highest rank, writes Justin Cartwright 


the bright, cheerful, “Tigger" Tay- 
ler, the daughter of an invalid, fail- 
ing farmer and a hyperactive for- 
mer matron at the Royal Free 
hospital, how and why did she har- 
bour both loathing Tor her mother 
and a belief in her destiny, which 
was some thousands of miles away 
from Salisbury? 

The detestation of her mother is 
on a par with John Osborne's, yet 
her mother seems to be a more or 
less standard colo nial, with all the 
prejudices and many of the virtues. 
Her father, with his detestation of 
the military (understandable as he 
lost a leg in the first world war), is 
more complex, and never fully 
understood or explained. 

In the r ealm of human relations. 


Doris Lessing appears to have been 
singularly inept. Her lack of under- 
standing is perhaps a result of her 
early solitude and extensive read- 
ing. As she demonstrated in African 
Laughter, the beliefs of her youth 
lie in ruins around her. Commu- 
nism, which she renounced in 1934. 
proved an illusion; belief in a post- 
war renaissance of rationalism. was 
shattered; the hope of a post-colo- 
nial flowering of Africa has proved 
equally Illusory. 

But the habits of mind have not 
entirely died. Although she has 
satirised the colonial left, she says 
that her own sense of guilt about 
abandoning communism persisted 
into the 1960. 

But the reader will be most 


UNDER MY SKIN; VOLUME 
ONE OF MY 
AUTOBIOGRAPHY 
by Doris Lessing 

HarperCoUins £20. 419 pages 

intrigued to understand how. after 
her first marriage, she was able to 
abandon young children and live in 
another part of Salisbury, marry a 
communist she did not love and 
have a third child. She seems 
u n a b le to explain this most human 
of dile mm as, beyond the feeling 
that she had to escape from her 
upbringing to follow the demands of 
her destiny. Her destiny d eman ded 
that she should never be trapped. It 


also demanded respect for dreams. 
Bouncy, chubby, Tigger Tayler has 
never forgiven those who underesti- 
mated her. 

Out of this tension she has built a 
wonderful career as a writer. There 
are in this volume many insights 
into the material and the inspira- 
tion for her work. There is also a 
sort of cloudy imprecision about her 
thoughts, particularly on the psy- 
chological and political levels, 
which make this at times a very 
unsatisfactory biography. 

Strange, though, that these nurs- 
ings are invariably illuminated by 
some shafts of understanding, as 
when she says: M We should be care- 
ful of the company we keep and the 
language we use. Re gimes , whole 


countries, have been taken over by 
language spreading like a virus 
from minds whose substance is 
hatred and envy. When torturers 
teach apprentices their trade, the)' 
learn from an ugly lexicon." She 
should know: in her early days in 
Southern Rhodesia, she was com- 
pletely besotted by the language of 
communism: she even doubts she 
would have resisted if she had been 
sent out to kill the kulaks. 

What you have, then, is the biog- 
raphy of a very complex woman, a 
woman at odds with her own 
nature, her own family, and the 
society in which she was bom. In 
the most fundamental way, in her 
dete rmina tion to forge her own life, 
she is the archetype of contempo- 


rary woman: but she is not a femi- 
nist. if that means believing women 
are victims of men’s exploitation. 
Sometimes in her retelling of her 
loves and political preoccupations 
she suggests a loneliness which 
none of the defiant protestations or 
"I wilt not" can disguise. 

As I read on. I desperately wanted 
to know if she missed her children 
and what bad become of her daugh- 
ter. Jean, by her first marriage. Her 
son John, we learn casually, has 
died of a heart attack, "not unex- 
pectedly 1 ' in view of the Rhodesian 
life stvle. Yet it is the miracle of art 
that out of the turbulence and con- 
flict - and probably heartbreak of 
these years she produced literature 
of close to the highest rank. 

As the volume ends, she is 
waiting in a boarding house in Cape 
Town with her new son Peter for a 
ship to England. She knows that 
there will be a good outcome as she 
watches and waits. Her manuscript 
of The Grass is Singing has pre- 
ceded her. 


From cosy 
reassurance to 
urban terror 

Anthony Browne on children's books 


W arm reassurance 
permeates many 
young children's 
picture hooks this 
autumn. The best of 
these sanguine stories is So Much, 
written by Trish Cooke and illus- 
trated by Helen Oxenbury fWalker 
Books £6.99). The unpretentious, 
poetic text tells the story of a mother 
and baby who await the start of 
father’s birthday party. Various lively 
members of the family arrive and 
they all want to squeeze the baby, 
lrisc him and fight with him because 
they love him “so much". 

Cooke's text is an inspiration to 
Oxenbury, who uses three different 
styles throughout the book, iiwtaad of 
her usual pencil and wash, there are 
soft black and white drawings of the 
baby, almost monochrome studies of 
stationary groups, and large, expres- 
sive gouache paintings of vigorous 
colour and movement. It is always a 
delight to see an established artist 
taking risks, breaking new ground, 
and succeeding brilliantly. 

Another book dealing with a s imilar 
theme is Guess How Much I Love You, 
written by Sam McBratney and illus- 
trated by Anita Jeram (Walker Books 
£7.99). Little Nut Brown Hare and Big 
Nut Brown Hare compete to see who 
loves each other most “T love you as 
high as I can hop,' laughed Little Nut 
Brown Hare, bouncing up and down. 
•But I love you as high as / can hop,’ 
smiled Big Nut Brown Hare - and he 
hopped so high that his ears touched 
the branches above." I find the story 
too knowingly cute. But it is charm- 
ingly illustrated in a nostalgic 
English style and printed on beautiful 
cream paper. It should do well in the 
US. 

Colin McNaughton seems to have 
updated Pat Hutchins' Rosie's Walk in 
his hilarious new book Suddenly 
(Andersen Press £8.99). Here a pig 
cheerfully walks home totally 
unaware that a Big Bad Wolf is stalk- 
ing him. Just when it seems that the 
pig must be caught he changes direc- 
tion and the wolf is thwarted, again 
and again. There is a funny reassur- 
ing ending when the pig finally gets 
home to see a wolf-like shape at the 


sink who turns out to be his mother. 
The story flows through the pictures 
like a silent Buster Keaton film, but 
as always with Colin McNaughton the 
words are never superfluous - he 
cleverly avoids mentioning the wolf 
at all. Children will love this book. 

The Bear by Raymond Briggs (Julia 
McRae £9.99), is a huge book with 
familiar echoes. The story opens as a 
girl is tucked into bed with her teddy 
bear. As she drifts into sleep we see 
through the window a small grey 
shape looming towards her. In 
Briggs’s characteristic soft crayon pic- 
ture-strip the shape gets nearer and 
nearer until we see a large paw open- 
ing her window. On turning the page 
we are confronted, like the girl, with 
the massive head of a polar bear. The 
beast comes in and. as she persuades 
it to gat Into her bed. the teddy bear 
is kicked out 

The book hovers between reality 
and imagination; the bear is very real 
and wonderfully drawn, and the girl 
has to clear up Us mess, but the sil- 
very, ghostly shimmer of the creature 
gives a dream-like feeling to the story. 
We have seen many books where a 
large furry animal comes into a 
child’s bedroom. And there are simi- 
larities to The Snowman and The 
Man, but the superb drawings of the 
bear and the cinematic use of light 
and scale transform wefl-wom mate- 
rial into a delightful and satisfying 
picture book. 

There Ls no cosy reassurance in 
Way Home written by Libby Hathorn 
and illustrated by Gregory Rogers 
(Andersen Press £8.99). From the 
crumpled paper endpapers and the 
stark ripped black and white title- 
page we know we are in very different 
territory. This is the dangerous inner 
city at night and we travel with 
Shane as he takes home a stray kit- 
ten, running terrified from a gang, 
leaping through screaming traffic, 
escaping a fierce dog and finally arriv- 
ing “home” - a street shelter made 
from rubble. The stunning artwork 
and brilliant design of this dark book 
make it an exciting read for older 
children. I have the feeling, though, 
that not many will get the chance to 
see it 



False prophets 
confounded 

I ntellectual history is full Iar philosophy has always 
of attempts to reduce the found the idea of "deep, dlffl 
complexities of human cult Inner connict” unpalat 
behaviour to a single set able, as it was closely linker: 


■How many miles to BabylonW: Paula Rego turns her attention to 'Nursery Rhymes’ (Thames & Hudson C1SL85, 71 


I ntellectual history is full 
of attempts to reduce the 
complexities of human 
behaviour to a single set 
of motives and characteristics. 
The latest academic fundamen- 
talists are those scientists who 
seek to debunk philosophy's 
most profound dilemmas by 
claiming that our increased 
biological knowledge of the 
h uman mind will provide the 
answers. 

Mary Midgley. one of 
Britain's most engaged moral 
philosophers, will not hear of 
such arguments. In thi« dense, 
but clearly-written counter-at- 
tack, she stands up for the 
inherent knots and ambiguities 
which afflict so much of our 
ethical discussion and seeks to 
find a more sophisticated 
framework for future debate. 

Her problem is, to philoso- 
phers at least, a familiar one: 
how to evade crude, mechanis- 
tic accounts of human motiva- 
tion without collapsing into a 
kind of despairing relativism 
which has become a mocking 
key-note of today's post-mod- 
ern intellectual culture. 

She begins her thesis by 
attacking some of the embed- 
ded positions which have led 
us to this unseemly impasse: 
the false dualisms created by 
philosophers between mind 
and matter, and between rea- 
son and feeling; the “machine 
hype" which champions those 
views of the human world 
which most closely correspond 
to the physical world (she 
shrewdly includes both Marx- 
ism and free market capital- 
ism); and the over-simplistic 
notions of social Darwinism 
which have also been plun- 
dered to serve economic ends. 

All these positions, she 
explains, fail to take account of 
our “slight and misty nature”; 
they ignore the striking contra- 
diction that we are frequently 
divided but constantly seek to 
act as a unity, a predicament 
she describes as “a constantly 
ongoing project, a difficult, 
essentially incomplete integra- 
tion which can occupy our 
whole lives." 

Midgley is surely correct in 
identifying the modern atti- 
tude to religion as part of the 
problem: she claims that secu- 


W bat do the follow- 
ing authors have 
in common: Paul 
Theroux. William 
Trevor, Brett Easton Ellis, 
Michael Dibdin, Peter Ackroyd. 
P.D. James, Thomas Harris, 
Patricia D. Cornwell? The 
answer is that each of them 
has written one or more novels 
featuring a serial killer. 

It is a crowded but poten- 
tially lucrative field. Since the 
huge success of The Silence of 
die Lambs, publishers and stu- 
dio executives are on the look- 
out for the next Thomas Har- 
ris. The American author Pat- 
ricia Cornwell, who has made 
serial killers her speciality, has 
set up her own film company 
and is looking for an actress to 
play her pathologist heroine Dr 
Kay Scarpetta. 

Cornwell’s novel Cruel and 
Unusual won last year's Gold 
Dagger, the top award for 
crime fiction in Britain. Her 
first novel. Post-Mortem, won 
just about every crime writing 
award in Britain and the US. 
Another Gold Dagger winner. 


^ST. JOSEPH’S^ 
HOSPICE 

MARE ST. HACKNEY, UMION ES ISA 

OmrlWNftllUUI 

So mony 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 ifteir behalf 
Sister Superior. 


The serial killer as a symbol of success 

The cult of the anti-hero has come a long way since Chaucer’s ‘smyler with the knyf , says Joan Smith 


the English author Michael 
Dibdin. is writing a serial killer 
novel Dark Spectre, which is 
due to be published in Britain 
next spring. 

The American writer Brett 
Easton Ellis received a critical 
drubbing In 1991 for American 
Psycho, in which a disaffected 
Wall Street whizz-kid fantas- 
ised about a gruesome series of 
murders in New York. 
Unabashed, Ellis's new novel. 
The Informers, rises to a cre- 
scendo of violence with a 
series of vamplric killings in 
Los Angeles. 

The American feminist histo- 
rian Jane Caputi has called the 
20th century “the age of sex 
crime". It might seem that 
these authors are reflecting a 
natural preoccupation with a 
brutal crime which was virtu- 


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ally unknown until the closing 
decades of the Victorian era. 
Brett Easton Ellis would argue. 
I suspect, that the crimes com- 
mitted or contemplated by his 
characters symbolise the moral 
bankruptcy of contemporary 
American society. 

Patricia Cornwell identifies 
herself and her character. Dr 
Scarpetta, with the forces of 
law and order, characterising 
serial killers as “black holes 
who [have] sucked light from 
the planet Earth". Her new 
novel The Body Farm, is dedi- 
cated to the right-wing US sen- 
ator Orrin Hatch “for bis tire- 
less fight against crime". 

The body farm is a real 
place, a research institute 
where corpses are exposed to 
immersion in water or extreme 
temperatures to establish rates 
of decay. Thomas Harris's nov- 
els are partly set at Quantico, 
the FBI academy in West Vir- 
ginia which almost no-one had 
heard of before it appeared In 
Red Dragon and The Silence of 
die Lambs. 

Harris's novels are scary, 
melodramatic, brilliantly-writ- 
ten, and in at least one impor- 
tant respect deviate drastically 
from reality. His convicted 


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killer Hannibal Lecter has 
become a cult figure whose 
devious mind easily outdis- 
tances anyone who tangles 
with him. Anthony Hopkins 
played him in Jonathan 
Demme's film as a still, menac- 
ing presence who could see 
right into the soul of Clarice 
Starling, the rookie FBI agent 
played by Jodie Foster. 

Hopkins as Lecter has noth- 
ing in common with the grim 
police mugshots of real-life 
serial killers: Albert DeSalvo, 
John Wayne Gacy, Peter Sut- 
cliffe, Colin Ireland. Sirhan Sir- 
han, Bobby Joe Long. Henry 
Lee Lucas. What tends to char- 
acterise serial killers is a 
haunting and intolerable sense 
of their own inadequacy - 
often, in the case of men who 
kill women, a fear of vulnera- 
bility which they project onto 
the female body. 

Killing strangers is, for this 
group, a survival mechanism. 
If they were as glamorous and 
charismatic as Hannibal Lec- 
ter, they would not be serial 
killers. By contrast, the serial 
killer in contemporary fiction 
is an anti-hero for our times, 
incarnating powerful but sel- 
dom acknowledged co mmunal 
fantasies. At the simplest level 
he fulfils a longing for contem- 
porary legends, for supernatu- 
ral beings in an age in which 
magic and religion have been 
debunked by science. 

Patricia Cornwell’s most 
recent novels have featured a 
serial killer called Temple 
Brooks Gault. In Cruel and 
Unusual, Gault hacks into the 



Anthony Hopkins as Lector 

FBI computer and switches his 
own fingerprints with those of 
a murderer who has just gone 
to the electric chair. A brilliant 
fictional device, it sets up 
Gault, like Lecter, as an epic 
anti-hero, a master of disguise 
who escapes detection in spite 
of the fact that “his face smiled 
from the Ten Most Wanted 
lists posted across the land". 

Gault and Lecter are dra- 
matic representations of 
stranger-danger, the idea of the 
unknown as simultaneously 
beguiling and threatening. 

This notion can be traced all 
the way back to “the smyler 
with the knyf" in Chaucer’s 
Knight's Tale; in the serial 
killer novel, the reader is 
allowed vicarious contact with 
this thrilling, terrifying 


■stranger in the knowledge that 
he or she mil come out of it 
alive. In this sense the novels 
offer a frisson, cheap thrills, 
but there is more to them tban 
that. Where violence is con- 
cerned. Cornwell's books outdo 
everything except perhaps 
American Psycho, offering 
graphic descriptions of crime 
scenes, wounds and dissec- 
tions. They offer a challenge to 
readers, a how-much-more-can- 
you-take contest in which the 
answer, judging by Cornwell's 
huge sales, is anything she 
chooses to present to them. 

It might be assumed that 
nothing could portray the 
harsh reality of death more 
vividly than these incarnadine 
novels, yet the cumulative 
effect is precisely the opposite. 
The reader becomes habituated 
to the whirring of cranial saws, 
to stomachs plopping onto dis- 
section tables, to the tragedy 
that lies behind each cadaver. 
This is a species of narrative In 
which the corpse functions 
chiefly as clue: the plot, and 
the solution, are written on the 
body. 

In a telling exchange in 
Cruel and Unusual. Dr Scarpet- 
ta's female assistant admits 

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her fear that there is no after- 
life. Scarpetta reassures her, 
explaining that she draws her 
wisdom on the subject from 
dealing with corpses: “Some- 
thing’s gone. You look at their 
frees and you can tell. Their 
energy has departed. The spirit 
didn't die. Just the body did". 

This unfamiliar vagueness 
from a character who is usu- 
ally as sharp as a scalpel is 


Iar philosophy has always 
found the idea of “deep, diffi- 
cult Inner connict” unpalat- 
able. as it was closely* linked 
with religious thinking. 

“Enlightenment intellectu- 
als, associating religion with 
folly, obscurantism, asceticism 
and political oppression, deeply 
distrusted the very idea of irre- 
movable inner conflict. They 
also needed a fairly optimistic 
view about human, motivation 
in order to make the various 
revolutions they were propos- 
ing look possible,” she says. 

That we are still slaves to 
the Enlightenment project, 
despite the violent denuncia- 
tions of a Nietzsche or a Sartre, 

THE ETHICAL 

PRIMATE: HUMANS, 
FREEDOM AND 
MORALITY’ 
by Mary Midgley 

RtutikJgc £17.99 193 pages 

is central to Midgley’s argu- 
ment But the problems of the 
20th century are not those of 
the 18th century; the zeal of 
the atheist, such a dynamic 
intellectual force in a social 
context of religious conformity, 
today is matched against a 
much-enfeebied enemy, and 
has, in Midgley’s view, over- 
stretched itself. 

She seeks a way forward by 
turning to Darwin's own work 
on morality, and to the signifi- 
cance of the “quieter motives", 
those persistent undertones of 
social awareness which we all 
possess, and which frequently 
over-ride our urgent desire to 
be passionate, greedy, angry or 
resentful at any one moment. 

She also focuses on the bind- 
ing power of ’‘sympathy”, a 
value which has been unjustly 
neglected due to its refusal to 
fall neatly into either side of 
the though t/fee ling divide, but 
which characterises so many 
human responses. 

This is common-sense philos- 
ophy of the highest order; one 
can only hope that more pro- 
fessional philosophers embrace 
the campaign against the slick 
certainties and theoretical glib- 
ness of today's false prophets. 

Peter Aspden 


suggestive, a hint that in order 
to carry out her ghastly job Dr 
Scarpetta (and perhaps her cre- 
ator) has to indulge in an act 
of denial It also summarises 
the moral impact of the serial 
killer novel which is to rob 
death of its sting; no longer the 
end. it becomes merely the 
essential opening gambit in an 
exhilarating fictional process. 

■ The Body Farm is pub- 
lished by Little Brown {£14.99, 
324 pages V Cruel and Unusual 
by Warner Books, (£4.99, 437 
pages). Dark Spectre will be 
published by Faber & Faber in 
April. 1995 The Informers is 
published by Picador. <£9.99. 226 
pages). 


Neat one, Martin. 



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^FINANCIAL TIMES WEEKEND OCTOBER 22/OCTOBER 23 1994 


WEEKEND FT XIII 




MModramatlc on the one hand, schematic on the other Stela Genet as Isabela and Michael Feast as the Duka in Stephen PtmJotfs production of 'Measure for Men man' au»m 

Measured to no good effect 

Alastair Macaulay reviews the lastest RSC production at Stratford 


T he more I see Mea- 
sure for Measure, the 
more remarkable a 
play it appears. It 
enquires, as acutely as any- 
thing Shakespeare ever wrote, 
into the nexus of morality, jus- 
tice, sex, governance and life. 
And it achieves its drama by 
putting life in the scales with 
life, sin with sin, ruler with 


ruler, lover with lover. And 
this sense of balancing like 
with like enters into its very 
language: “Grace is grace." 
“blood, thou art blood," “truth 
is truth." 

Three hair-raising scenes 
bring their dilemmas in the 
play to its height two between 
the postulant nun Isabella and 
the deputy ruler Angelo (Act 2, 


Chichester festival Theatre 

OFFERS A WIDE VARIETY OF SPONSORSHIP 
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1995 Summer Season - May to October 
Artistic Director 1995 Sir Derek Jacobi CUE 
nmira Under Duncan G Weldon 

"Mode lo Mensure' ooBiphrensfoe and flexible sponsorship 
packages lo Wude advertising, sales promotion, corporate hospitality 
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Please call Lucy Brett, Chichester Festival Theatre, Oakland* Park, 
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1 QllFPN ELIZABETH HALL— — 


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JUEEN ELIZABETH HAU- 

LONDON MOZART PLAYERS 

Moz~rt arfd hi* Contemporaries* 

SAUER1 Symphony to°^g|5jjj5’ 
MOZART Piano Concert o NoJQ IWM 
MOZART Divertimento in D KJ36 
KROMMER Symphony Op.40 
MthlaT Bam«* conductor ManaJoaoriresiofoijf 
******* cfTsiTBOX OfHCETCC 07L928 8800 


,NDON INT^MATIONAU 

'OKYO PHILHARMONIC 

fCAZCKSHf ONO: Conductor 

© RAPHAEL OLEG: violin 

Strauss Prokofiev Ravel etc 

see South Bank Panel for details 

(OyflL FESTIVAL HALL SUNDAy 23 OCTOBER 7.30pm 

flckeB „ ■ us B<»oiri«A:co7,-«3 uoo 

v,n w.lsum Ml. & TTie South Panfc Centie 


Scenes 2 and 4) in which her 
innnci»nt pleas on behalf of her 
sentenced brother Claudio 
impress, then seduce, Angelo, 
and in which, he thpp asks her 
to sacrifice her chastity to gain 
her brother’s life; and one 
between Isabella and Claudio, 
in which aba fella him to die, 
rather than ask her to yield 
her chastity to Angelo. 

But, once these scenes are 
over (90 minutes into the three 
hour play), then either the plot 
sags (since the Duke tells us at 
mice what is going to happen) 
or it rises, as the Duke brings 
it to Us resolution. For the lat- 
ter course to occur, it needs an 
actor who sees that the Duke, 
as Escalus says, “above all 
other strifes, contended espe- 
cially to know himself. w 

Not so in Steven Pimlotfs 
new production for the Royal 
Shakespeare Company. Here 
the Duke is Michael Feast, who 
gives much the same atrocious 
performance as he delivered as 
Becket in Pimlotfs 199344 RSC 
staging of Murder in the Caihe- 
dmt, and time bis cadaver- 
ous resemblance to the Grim 
Reaper is absolute. Everything 
here is insincere, over-em- 
phatic, fake lower middle-class. 


and melodramatic. There is no 
quest for self-knowledge, none 
of the Ironic Shakespearian 
sense of a ruler who abdicates 
to find out more about ruling, 
and zero generosity to his fel- 
low-actors. He is all contriv- 
ance, especially when feigning 
to be relaxed. 

E lsewhere, things are 
better. Pimlott knows 
bow to tell the story 
clearly, and he 
emphasises the exceptionally 
urban character of this play. 
But, as in Feast’s performance, 
the production tends to be, on 
the one hand, melodramatic 
and, on the other, schematic- 
effects” abound. Stella 
Gonet's Isabella, who has a 
fine basic blend of spontaneity 
and zeal, screams several times 
too often; Alex Jennings’ 
Angelo, as “precise" and 
“severe” as others describe 
hhr> , has analysed bis solilo- 
quies until they fall apart 
before our very ears. 

Both Gonet and Jennings are 
cast against the grain: which l 
applaud. To have Gonet this 
chaste and Jennings this 
humourless is not yet persua- 
sive, but it may bring rich har- 


vests in the time to come. Toby 
Stephens Is, for once, a Claudio 
cast from strength Gust watch 
him listen to the Duke); and 
Barry Lynch’s Lucio has a 
relaxed ease amid all the pro- 
ceedings that make his every 
scene refreshing. 

Some of the best perfor- 
mances are in smaller roles - 
notably Monica Dolan’s plain- 
tive, unhappy Juliet and Bille 
Brown’s bewildered, silly 
Elbow. Ashley Martin-Da vies, 
the designer, places the action 
somewhere not very precisely 
in the 20th century and puts 
the Duke's throne on one side 
and, on the other, the electric 
chair. Geddit? 

If you need to see Measure 
for Measure, this production 
does not actually get in the 
play’s way. There have, how- 
ever, been three excellent stag- 
ings in recent years - Nicholas 
Hytner’s (1987) and Trevor 
Nunn's (1991), both for the 
RSC, and Declan Donnellan’s 
this year - which this in no 
respect approaches. 

In repertory at the Royal 
Shakespeare Theatre, Strat- 
ford upon Avon. 


Will the gods have 
the last laugh? 


A n old mate from 
my university 
days, still shaken 
from the previ- 
ous night’s Shi- 
negold, admonished me before 
the start of Walkure: “Nicky 
you really should have stopped 
it You know that don’t you?”. 
The next day I received a card 
from another acquaintance: “It 
was a really wonderful and 
such an intelligent production 
of Rhmegold - the first serious 
thing of its sort in England. If 
the critics throw rotten 
oranges, don’t despair - carry 
on. I can’t wait for the next 
episodes.” 

Opera infi-im— passions, and 
Wagner’s operas more than 
most. The Royal Opera House's 
new Ring has polarised opinion 
more than usual 
Why do we do it? Would it 
not be easier to revive an old 
production, or to commission 
something from well-estab- 
lished practitioners who might 
be relied upon to produce a 
more predictably acceptable 
result? Maybe. I have no inter- 
est in controversy for its own. 
sake. Productions which set 
out to shock now bore me. Yet 
1 suspect that there is some- 
thing intrinsically disturbing 
at the bottom of Wagner's 
Rhine, and that any attempt to 
dive below the rippling surface 
and to dredge it up will upset 

people. 

Our new-look Wagner, which 
began last year with Meister- 
singer, is borne of my convic- 
tion that the record of Wagner 
staging in this country is a 
fairly dismal one. I heard my 
first WalkUre at Covent Garden 
in 1958, memorably conducted 
by Rudolf Kempe. 

Many magnificent, and some 
less magnificent, musical expe- 
riences have followed with 
Rings in this country con- 
ducted by Kempe, Konwit- 
schny, Solti, Downes, Gibson, 
Davis, Goodall, Mackerras, 
Armstrong and Haitink, but to 
a greater rather than lesser 
extent the productions which 
accompanied them were 
unworthy. 

For intellectual and visual 
stimulation one had to travel 
abroad. The supreme imagina- 
tive responses to the Ring have 
been Wieland Wagner’s last 
attempt in 1965 and Patrice 


Chereau’s centennial produc- 
tions begun in- 1976, both at 
Bayreuth. Both productions 
were much derided when they 
first appeared. 

A storm of booing and some 
hostile reviews do not automat- 
ically signal a good production, 
although at least they indicate 
that our wonderfully quiet 
audience is alive. But, as the 
abuse rained down at the open- 
ing night curtain calls on our 
brave production team, 1 
remained convinced that they 
had created something truly 
remarkable - a contemporary 
response to Wagner's Ring 
which can stand alongside Wie- 
land Wagner’s and Chereau’s 
in their day. 

Richard Jones and Nigel 
Lowery, our director and 
designer, have devised a Ring 

Nicholas Payne , 
director of opera 
at Covent 
Garden, defends 
the company’s 
new 'Ring' 

unencumbered by tradition. 
Drawing on a kaleidoscope of 
references and images, they 
have yet fashioned something 
which is both original and 
wholly theirs. Its overt theatri- 
cality is refined into a narra- 
tive directly told. 

Jones asked us to print in 
the programme Hans Sach's 
“Wahnmonolog”, his dark 
night of the soul before Mid- 
summer’s Day. In Meister- 
singer. “Wahn", or madness or 
folly, is succeeded by healing, 
the community restored to 
itself. In the Ring, Man’s folly, 
his vain pursuit of riches and 
power and love, leads to death 
and destruction and disillu- 
sion. 

The story is clearly but 
diversely told. This Rheingold 
is often funny and irreverent, 
its texture deliberately light 
and transparent rather than 
portentous of the tragedy to 
come. We begin in Arcadia or 
the Garden of Eden. Despite 
the crimes committed the gods 
are still “laughing children” at 
the end. Only Freia, goddess of 


youth and beauty, is forgotten 
and the Rhine despoiled. 

The light-hearted mood has 
gone by WaUeUre, which by 
contrast Is introverted and 
intense, a symphony in blue. 
Such humour as remains is 
cruel and bitter. The final 
scene between Wotan and 
BrQnnhilde is enacted on a 
small square centre stage, 
father and daughter driven to 
hurt each other terribly 
because or their great love, 
trapped in an end-game of hope 
and despair. I find these ambi- 
guities very Wagnerian. 

Bernard Haitink and 1 agon- 
ised for a long time over the 
commitment to a new Ring. 
We chose Jones and Lowery in 
preference to five or six other 
possibilities because we 
believed that deep down they 
had a truly Wagnerian vision - 
despite the dangers and uncon- 
ventionality, or perhaps 
because of them. 

There are other Wagner 
operas which I would not usk 
Jones and Lowery’ to stage, 
despite their fine Flying Dutch- 
man in Amsterdam. We chose 
Graham Vick and Richard 
Hudson for Mcistersingcr, 
because we thought they 
would create its community 
and realise the renewal that 
comes out of anger and loss. 1 
hope Vick will return for a 
Parsifal with Haitink at the 
end of the decade. For Tristan 
we are still searching for the 
right team. 

The Royal Opera's policy 
(pompous word for something 
which is really a matter of feel) 
is to offer diverse and con- 
trasted theatrical experiences 
across the whole repertory. 
Unlike the pope, t cannot claim 
infallibility. Our collective 
judgments may be subject to 
error, but I can claim that they 
are not lightly reached. Long 
hours of listening, watching, 
thought and discussion go into 
the choice of singers, conduc- 
tors and directors to blend into 
a team which just might cap- 
ture that elusive phenomenon, 
the perfect opera performance, 
or (to be more realistic) the 
opera season which on balance 
may be judged a success. 

It is not an accident that the 
start of our new Ring is fol- 
lowed by Gounod's Romeo et 
Juliette. 


Sponsorship Opportunities 
International Series 
Classics tar Pressure Series 
Family & Experiments! Concerts 
Education Youth Community Projects 
Glyndebourno Festival Opera 
USA ar.dJ3pan Tear 1905 
Other International & Domestic Tours 
Ccmposer-in-nesider.ee 
Corps's!* Membership 




The London Philharmonic 

Resident at the Royal Festival Hall 

The London Phflhannofilc gratefully acknowledges its sponsors 
for their most generous siqpport during the 1994/5 season 

Audi Commercial Union pic GKNpIc Marks and Spencer 
National Westminster Bank 
Pioneer High Fidelity (G.B.) Limited 
Mis Jackie Rosenfefd QBE Touche Ross & Co. 

Wa should also Bke to thank our Corporate Members for 
Ihek support and continued loyalty. 

If you would lice to discuss any aspects of foe Orchestra's activities 
and how we can work together in your, or your company's 
interest, please contact 

Rosalind Attala, Development Manager on 0171 833 2744. 





But of course he never wifl. He cannot forget those friends who 
flew with him, who fought with him and who sometimes died in the 
aircraft beside him. This man who cannot forget wiB never be quite 
the same again, wifi never be the same as other people. Sometimes 
when the screaming and the nightmares get too bad. we take him into 
one of our homes for treatment and to give hfs family a little respite. 

There are thousands of people from all three Services whose whole 
personalities have been damaged by waiflme stress. We look after 
nearly 4,000 of them, and there are many more who need our help. 
This is an appeal to you for help, for help lo go on doing what we are 
doing, for help to do even more. Please. A cheque, or 
a legacy should you be able to be that generous. 


M§ 


Tkey tried to give more than they could. 
Please give as much as you can. 

to— a— ll it. i— HM^to—to—to at— 


EX-SERVICES MENTAL WELFARE SOCIETY 
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- ROYAL 

1 OP FRA 


The Official London Theatre Guide 

Suj'1'lioot b v Thi.' Sociotv of London Tlui.itrc 


ADELJ’ULSmkL MiriJHaSi 

Sunset Boulevard 

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The Woman in Slack 
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DAE Ui UNCOUNDI IVI ALKOttmutA N DOTI 

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XIV WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 22/OCTOBER 2-' 1‘ w4 


* 

ARTS/SPONSORSHIP 


Early 
works 
of a 
genius 

William Packer on 
Michelanglo at the 
National Gallery 

T he National Gallery’s admira- 
ble series of study exhibitions. 
Making & Meaning, focussing 
on particular works in terms 
both of the artist's intentions and tech- 
niques. continues with a look at the 
early career of Michelangelo. The 
period in question is the very end of the 
15th century and Michelangelo's first 
extended working visit to Rome. 

He arrived from Florence in 1496. 
aged 21 yet already free from his early 
apprenticeship in the studio of the 
brothers Ghirlandaio. Domenico and 
David. His five-year stay was to see not 
only the confirmation of his stylistic 
independence as a painter, but an 
astonishing burst of activity as a sculp- 
tor and a sequence of masterpieces - 
the Bruges “Madonna and Child", the 
Rome “Pieta", the “Taddei Tondo” from 
Florence and the “Pitti Tondo" from the 
Royal Academy, all represented here in 
casts of the highest quality - that 
established him at once as an artist of 
the first rank and the fullest maturity. 

Sculpture took him back to Florence 
in 1501. to carve the monumental 
"David", and it was sculpture that had 
brought him to Rome in the first place. 
Having been advised to pass off a 
carved “Sleeping Cupid" as an antique, 
he learned that his Roman dealer had 
cheated him and so set out to claim it 
back. He failed, and the “Cupid" ended 
up in the hands of Isabella d’Este at 
Mantua, along with a genuine antique 
of the same subject. It has long since 
been lost, passing perhaps into the col- 
lections of Charles I and destroyed in 
the Whitehall fire of 1698. Who knows? 
Two such similarly exquisite “cupids" 
are in this exhibition, one a Roman 
fountain-head of the 2nd century, from 
the Uffizi, the other a 16th century pas- 
tiche from Corsham Court 
It is tempting but over-fanciful, no 
doubt, to take this last for the lost 
Michelangelo. What is certain is that 
questions of false attribution and dis- 
simulation hung about him even at the 
very outset of his career. Small wonder 
then that they do so still. The paintings, 
rarer than the sculpture, have always 
been the more problematical. Only 
three panels are known from Michelan- 
gelo’s early career, of which the UffizTs 
“Doni Tondo" of the Holy 1 Family, tenta- 
tively dated about 1504. is the only one 
complete and undisputed. 

The other two, both of them unfin- 
ished, are in the National Gallery’s own 
collections. The earlier of them, from 
around 1497 and painted in egg tem- 
pera. is known as “the Manchester 
Madonna" and clearly carries with it if 



not the mark, at least the influence of 
Ghirlandaio. That is not to say that it is 
not entirely authentic to Michelangelo. 
The easy, graceful naturalism of the 
Virgin’s gesture is alone enough to 
affirm the presence of a younger hand 
and a fresher eye, to say nothing of the 
simple, sculptural monumentality of 
the composition as a whole. The com- 
parisons in detail with the sculpture are 
conclusive. That has not stopped cer- 
tain scholars from proposing the exis- 
tence of a corpus of work by a shadowy 
“Master of the Manchester Madonna”. 
This theory is immediately scotched, 
however, by direct comparison with an 
example from Vienna of this putative 
master. There is no comparison. 

But it is the mysterious “Entomb- 
ment". dated about 1500 to fix it to a 
known commission for an altarpiece for 
Sanf Agostino and painted in oil which 
is the greater puzzle. A drawing from 
the Louvre of a kneeling nude is sup- 


posedly a study for the figure of Mary 
at tiie lower left of the composition. A 
lone scholar has suggested it is not by 
Michelangelo at all, and he has a point 
For while this study is close enough in 
spirit, it displays an openness and 
almost awkward linearity in its work- 
ing that is not quite up to the denser 
and more fluid modelling of Michelan- 
gelo. 

But does a single dodgy drawing call 
into question the authenticity of the 
entire painting? Was a drawing by 
someone else never useful to an artist? 
Do inconsistencies in the handling and 
the drawing suggest anything more 
than that one artist accepted help from 
another? Does lack of documentary ref- 
erence to a work, that was clearly full 
of formal problems and no less clearly 
left off abruptly, necessarily require its 
removal from the canon? 

Such arguments do seem so often to 
be put forward in a spirit of all or 


nothing, when the probable reality was 
something altogether more practical 
and mundane. Paintings take time, 
ideas shift and change, things go 
wrong. 

My own view is that “the Entomb- 
ment" is a magnificent failure in a time 
when the sculpture was going from 
spectacular to glorious success. It was 
not to be until the Sistine paintings of 
only a Eew years later that Michelan- 
gelo would be able finally to resolve, in 
terms of painting, the easy yet monu- 
mental naturalism that he had already 
achieved in such sculptural marvels as 
the “Pieta". The comparisons passim, 
between the paintings, the sculpture 
and the ceilings soon to come, effec- 
tively make the point 


Making & Meaning - the Young 
Michelangelo: The National Gallery, 
Trafalgar Square WC2, until January 
15. In association with Esso UK. 


When artistic 
patronage proves 
a good investment 


I n the past year arts 
sponsorship has proved 
itself an industry with 
stamina. After two 
decades of steady 
growth, with business support 
for the arts expanding from 
around Elm a year to £64.4m in 
1992-93, there was a slump, 
with the recession taking its 
toll and catting expenditure by 
13 per cent to £57.7m. 

But in the last 12 months the 
industry has stabilised, at 
around the same sum. Indeed 
so many new sponsors are 
applying for the £LSm a year 
available in government 
matching money under the 
Business Sponsorship Incen- 
tive Scheme, that the Associa- 
tion for Business Sponsorship 
of the Arts, which runs the 
BSIS, 1ms been forced to cut 
the top-ups by around 40 per 
cent, to the consternation of 
many arts companies and their 
would be sponsors. 

Companies are now much 
more hard-headed about their 
sponsorship expenditures: they 
want to see results. There is 
little inclination to throw 
£100.000 at an event and hope 
for the best. This applies 
across all the main reasons for 
arts sponsorship - to support 
an event which offers enter- 
tainment for existing and pro- 
spective clients, influential 
contacts and opinion formers; 
to use the arts as part of a 
marketing and PR strategy, 
and to give something back to 
the community, viewing the 
arts as an element in the char- 
ity budget. 

It is usually too expensive to 
evaluate the effects of arts 
sponsorship (although one new 
sponsor. Clerical & Medical, 
has done so to its own satisfac- 
tion) hut there is much less 
money wasted these days. 
Take one of the biggest new 
sponsorships of the year. 
Allied Domecq’s £3.3m support, 
over three years, for the Royal 
Shakespeare Company. 

The company’s arm might 
originally have been twisted by 
the Prince of Wales, but the 
link gives it access to a presti- 
gious national company that 
tours abroad - useful as Allied- 
Domecq goes ever more inter- 
national It offers opportunities 
for entertaining both in Lon- 
don. at Stratford-on-Avon near 
its Midlands base, and 
throughout the country. It pro- 
vides an educational project, 
which serves the company’s 
charitable needs. It offers RSC 
privileges to its workforce. And 
it acts directly on Its custom- 
ers by adding promotions for 


visiting the RSC to its brands. 
On November 6 the RSC will 
be performing a Shakespeare 
revue at the opening of the CBI 
Conference in Birmingham. 
This is good for the prestige of 
Allied Domecq and allows the 
RSC to play before an influen- 
tial audience. 

The two biggest sponsors in 
the UK BT and Lloyds Bank, 
(with BT just ahead with a 
El.Sm a year spend) reveal two 
contrasting approaches. BT 
concentrates on the commu- 
nity. Its main commitments 
support drama and music at 
the amateur level. It also 
encourages young people to get 
involved In the arts and this 
year commissioned a new work 
by composer James Macmillan 
to be performed by 12 leading 
orchestras. 


Antony 
Thorncroft on 
the beneficial 
relationship 
between arts 
and sponsors 


Lloyds Bank, with its sup- 
port for music, film and fash- 
ion, concentrates on art forms 
appealing to the young, possi- 
bly potential customers. Ide- 
ally it looks for massive televi- 
sion coverage of its events, 
most notably the Young Musi- 
cian of the Year competition, 
organised with the BBC. 

While hospitality is still 
important (the £26m raised by 
Glyndeboume from companies 
towards the £33m cost of its 
new auditorium proves that) 
this is increasingly seen as 
part of the general corporate 
hospitality budget Arts spon- 
sorship is concentrated either 
specifically Tor marketing, or 
for goodwill. 

Among the most effective 
marketing campaigns has been 
Beck's Beer, which concen- 
trates on young people by sup- 
porting avant-garde visual aits 
events. Its latest has been 
backing the German conceptu- 
aiist Rebecca Horn’s shows at 
the Tate and the Serpentine. 
Once again a special produc- 
tion run was produced, with a 
work by the artist decorating 
the bottle. 

On a more altruistic level, 
Manchester Airport has 
become the major sponsor of 
the arts in the north of 


England, investing over £J.5m 
on such local companies as the 
Halle Orchestra, the Tate at 
Liverpool, the Royal Exchange 
Manchester and the Manches- 
ter Year of Drama. Here is a 
good example of self-interested 
patronage, helping the arts but 
also raising Manchester's pro- 
file ns a travel destination. 

The most encouraging fea- 
tures of the year have been the 
return of traditional sponsors 
which held back during the 
recession, like Nat West with 
its new art prize, and the pene- 
tration or the message into the 
regions and down towards 
medium sized and small com- 
panies. Indeed the London 
based companies are finding it 
hard to maintain their sponsor- 
ship income. 

The fastest growth has been 
in the north, with the Halifax 
Building Society and Bodding- 
tons, the brewers, prominent 
new sponsors, while it is the 
professions, notably solicitors, 
surveyors, and especially 
accountancy practices, that 
have proved useful friends for 
many local arts organisations. 

One of the most satisfied 
accountancy sponsors of 1994 
was Ernst & Young, which put 
£500,000 behind the Picasso 
exhibition at the Tate. The 
publicity and entertainment 
spin offs exceeded its expecta- 
tions and it is quickly return- 
ing to the Tate, backing a 
Cezanne show there. 

There is more imaginative 
arts sponsorship than ever 
before. Companies are more 
inclined to offer help in kind: 
they are also loaning specialist 
staff - accountants, computer 
experts, etc - to arts organisa- 
tions under schemes like Busi- 
ness in the Arts; there is more 
interest in sponsoring the 
adventurous (like Michelob’s 
support for fringe theatre and 
Toshiba’s £500.000 help for the 
ICA). or commissioning new 
music, new drama, new art 
(although the New Contempo- 
raries travelling art show des- 
perately needs a sponsor fol- 
lowing BT’s withdrawal). 

It remains true that many 
arts directors spend time chas- 
ing up sponsors which could be 
more fruitfully directed at cre- 
ative work, but there have 
been no indications that spon- 
sors have ever tried to deter- 
mine the artistic programme. 
The relationship over the past 
two decades has been largely 
beneficial - opening up the 
eyes of business to the 'imagi- 
nation of the arts, and teaching 
the arts something about com- 
mercial reality. 




T he showcase season 
of this year’s 21st 
Royal Court/Marks & 
Spencer Young Writ- 
ers' Festival consists Tor the 
first time of two alternating 
double bills rather than a sin- 
gle clutch of plays. 

The writers, aged between 15 
and 22, all display a heartening 
degree of promise and one of 
the works on show is a little 


Y oung writers show dramatic talent 


iijuiic a 




gem in its own right. 

Comer Boys by 16-year-old 
Derry lad Kevin Coyle is a 
sometimes acute teenage-view 
of teenagers. Although set in 
Derry, it is concerned less with 
a particular city than a partic- 


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ular generation, the nothing-in- 
p articular youngsters whose 
late spokesman Kurt Cobain 
adorns the T-shirt of one of the 
characters. 

The series of vignettes draws 
much laughter of recognition 
as Dave and Barry awkwardly 
work up to asking Angela and 
Kerry out for a big date at a 
cafe or down at Kentucky 
Fried Chicken - and also as 
they try in vain to deal with 
the neighbourhood psycho. 
Chopper. When Coyle occasion- 


ally tries to be flash or pro- 
found his script rattles, but 
when the piece sticks closer to 
home it maintains a satisfac- 
tory chnnkiness. 

Essex Girls by Rebecca 
Prichard is a fairly blatant 
comic-tragic contrast. In the 
first act, a trio of would-be suss 
babes hang out, smoke and 
talk sex in the girls' toilets of a 
comprehensive schooL In the 
second, depressive Kim - effec- 
tively abandoned by the drunk- 
ard lather of her son - is vis- 


Engiish National Opera 

"... an artistic enterprise with 
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Thefhiauci.il 'Times 


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O 


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XXXII 

BELFAST 
FESTIVAL 
AT QUEEN’S 

7-27 NOVEMBER 19S4 


The Largest Arts 
Festival in Ireland 

Does Business Good 


Programme and Sponsorship 
information from 


Festival House, 25 College Gardens. 
Belfast BT9 6BS (01232) 667687 


The world is likely to hear more of 
these budding playwrights , says 

Ian Shuttieworth 


ited in her high-rise by her 
best friend, who tries desper- 
ately to snap her out of her 
lassitude for even a short 
while. 

The latter scene goes beyond 
simply subverting the consid- 
erable humour of what has 
gone before, and gives the 
play the air of an exercise 
in technique. Nevertheless. Pri- 
chard will certainly learn to 
structure her dramas less 


obtrusively (this is her first 
play) and already has a sensi- 
tivity far character and a keen 
ear for dialogue. 

Roxana Silbert’s direction 
is alert to the moods of the 
plays, and creates an evening 
of solidity rather than sensa- 
tion. The most impressive 
performance on the bill is that 
of Siobhan Hayes as Kim in 
Esser Girls, who capably con- 
veys her character’s mood of 


ROYAL ACADEMY OF ARTS 


The Royal Academy of Arts is an independent institution 
relying on Corporate Sponsorship to mount its 
programme of internationally acclaimed exhibitions and is 
unique in offering sponsors the choice of underwriting an 
exhibition or providing a grant. 

The Royal Academy also runs a flourishing 
Corporate Membership Scheme which gives companies 
and their employees access to its exceptional resources. 
Members receive priority booking and discounts on the 
entertainment facilities. Other privileges include 
private views, complimentary tickets and invitations 
for clients. Companies can also borrow works of art for 
their premises with no hire fee attached. 

Entertainment opportunities ar the Royal Academy 
are superb and flexible being suited to large receptions or 
intimate dinners, which take place in the elegant 
18th-century private roams, with a private view 
of the current exhibition. 


HEAD OF CORPORATE AFFAIRS - 071 494 5703 




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grey rather than black depres- 
sion. 

Codirector Jane Collins has 
the better deal in terms of 
material Fifteen-year-old Hay- 
ley Daniel’s Looking for Home 
kicks off the second bill, por- 
traying the arguments of a 
divorced mother and her 13- 
year-old daughter with an 
often uncomfortable rawness. 
Sam and her mother both say 
exactly what they feel partly 
because theirs is not a relation- 
ship that observes polite con- 
ventions and partly because 
Daniel has yet to acquire the 
skill of coating her characters 
with such a veneer. 

Yet the glimpses into Sam’s 
childish fantasies, and the fact 
that they complement rather 
than supplant her grip on real- 
ity, are affecting, and Sarah- 
Jane Potts is quite remarkable 
in her professional stage debut 
In the role. 

The jewel in the festival’s 
crown, though, is 77ie Knocky 
by Michael Wynne, aged 21. 
The Kelly family celebrate 
their grandmother’s 70th birth- 
day on a Birkenhead estate 
amid a culture of long-term 
unemployment and constant 
theft - as the story begins, son 
Joseph himself knocks off the 
family video, later joking that 
hot VCRs are virtually an 
alternative currency. The play 
is an impressive blend of hilar- 
ity and poignancy, grit and sar- 
doniclsm. 


Chess No 1044: One solution is 
pawns at a4. b2, eg. d6, el. 13. 
g5. h7. Theme - keep the 
pawns out of the four comer 
and four central squares, and it 
helps to look for squares a 
knight's move apart. 


frequently so marvellous that I 
was reduced simply to noting 
down my favourite lines, such 
as “I hope he’s cut down on 
those pot noodles - be smelt 
like he had an alien up his arse 
last time.” 

This is kitchen-sink drama in 
the “everything but the . . 
sense. Young Steven, a witness 
to his brother’s burglary, lurks 
under a grey cloud of 
petulance while sister Lizzie 
agonises about the morality of 
the "dodgy money" she earns 
at nights - another strong 
performance from Potts, 
matched by Elizabeth 
Berrington as the irrepressible 
aunt to whom she unbur dens 
herself - and Ma Kelly keeps 
the family together in best 
Boswellian fashion. Wynne 
somehow manages to put a 
triple twist into an almost 
wordless ending, played out 
against the bathetic str ains of 
Dionne Warwick. 

The world is likely to hear 
from most of these writers 
again, and in Michael Wynne's 
case this particular corner of 
the world can hardly wait 

Royal Court Theatre Upstairs 
until November 5 (071 730 
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WEEKEND FT XV 


HOW TO SPEND IT 


Making up is so 

hard to do 





%■>>!■>■ v:- ^ 


■--vSP 

The power of make-up to prefect on mage: Eva Hendgcwa made-up h 1950s* style by Kovyn Aucoin and photographed by Steven Klein for Norma Kamafl 


very 

I f you are by nature shy and 
faring, if you feel at home 
with the refined no-make-up- 
look faces of the Armani or 
Caivm Klein woman, prepare 
tor a tough season. 

All t hose pale skins, non- 
descript beiges and all that exqui- 
site tastefulness, are being replaced 
by something much more alarming 
- up-front reds, look-atme fuchsias, 
smouldering eyes and aggressively 
manicured naUa 

There is a brashness, a feistiness 
abroad. That at least is the message 
peddled by designers, make-up art- 
ists and models but as with most 
s uch m essages, it is first aired in an 
extreme and exaggerated form. 
After all, if it was not, would any- 
one take any notice? 

For those who live in the real 
world, and have to get by without 
top-model Nadja Auermann’s plati- 
num hair, dangerous eyes and tow- 
ering body, adopting this look 
wholesale would probably be 
unwise but, nevertheless, there has 
been a mood- change and there are 
ways of reflecting it without 
looking... well, daft 
If you want to know how, there 
are few cleverer exponents of the 
art of making-up than leading 
makeup artist Kevyn Aucoin. In a 
book to be published shortly he 
takes us on a trip through the world 
of gloss and foundation, powders 
and potions, brushes and blushers. 

The photography is beautiful and 
wonderfully explanat ory- The end 


re sult may look like alchemy but 
Kevyn Aucoin gives us the nit- 
ty-gritty details. There, for instance, 
is Kate Moss, the role-model of waif- 
dom and grunge, newly done over 
in 1990s’ glamour. 

There, too, is model Patti Hansen, 
made-up to show us how one fare 
can project a powerfully different 
image by using different colour 
combinations: pale, luminous with 
light eyes and mouth; then chicly 
dramatic with a sbcked-back bob, 
light eyes and vermilion mouth; 

Lucia van der Post 
on how a skilful 
artist can transform 
your appearance 


“European-style” glam, all dark 
mouth and dark eyes; finally, we 
have her in what he calls the most 
sophisticated mood - dark eyes and 
light mouth. All these looks - he 
swears - are created with mfrihnal 
changes so that a fresh, tight look 
for daytime can be easily and 
quickly intensifie d for evening. 

To show the chameleon-like abil- 
ity of hair and make-up to project 
powerfully different images, he 
presents a fascinating selection of 
makeovers - these are the favour- 
ite stuff of magazine picture editors, 
for the photographs are convincing 
evidence that almost all who want 


to look good these days can look 
good. But' Aucoin himself 
approaches make-overs with diffi- 
dence. “When I think of make-overs, 
I think of those awful “before" pic- 
tures in which the woman is cap- 
tured sitting under a fluorescent 
light with no make-up ocu her hair 
frizzed out, wearing the expression 
of someone who has just been told 
something terrible. Who wouldn't 
look better in the 'after' shot?” 

Nevertheless, I defy any woman 
to look at the “befores” and the 
“afters" and not be encouraged - 
fairly ordinary-looking women have 
been transformed by skilful 
make-up, good hair-cuts and mar- 
vellous photography. 

Although Aucoin is informative 
on all the techniques of makingt-up 
he is. perforce, short on giving 
details of products. 

I therefore asked Val Garland, a 
British make-up artist working in 
the fashion field, to give us some 
tips of her own. 

Colour, she says, is the make-up 
statement of the season - and the 
hottest colour to grace lips and 
nails is red. But bright, brilliant 
zed, die wants, may do wonders for 
Paloma Picasso but does not suit 
every skin-tone. “There are other 
ways of using red,” she says, “than 
just one brilliant slash of colour. 
Many of the cosmetic companies 
have produced soft red stains - Mac 
(only available at Harvey Nichols) 
and Clinique for instance. If you 
have a dark red that you find too 


strong you can dilute it with some 
of KefhlB lip-balm for a softer look. 
You can apply a real red to the 
centre of your Ups and blend it out 
to the edges with a lip brush or 
cotton bud for a more subtle look. 

“Those going for the really bold 
approach should use a lip-liner to 
form a perfect lip outline (Mac has a 


true red pencil)- This win help pre- 
vent the colour bleeding. Then the 
chosen red should be applied with a 
lip brush, it should be blotted with 
a tissue and then reapplied. This 
way your lipstick should stay 
put 

“At night you may want a stron- 
ger red - Helmut Newton-style. 


After you have applied the lipstick 
as outlined earlier you should then 
put some Up gloss in the middle 
only of the lips (if you put it near 
the edges it will smudge}.” 

Her favourite reds for this season 
are found at Mac, Prescriptives (by 
Clinique), Paloma Picasso, Chanel 
(Rouge Coromandel for those who 


like it bright, Rouge Star for a subt- 
ler look) and Yves Saint Laurent. 

■ The Art of Make-up by Kevyn 
Aucoin. (Prion. £40. 175 pages) is 
available from November 1. On Tues- 
day, November & he will be demon- 
strating his skills and signing books 
of Honoris, Knightsbridge, London 
SW1 from 12 to 2pm. 


h 



4 




Sofa by day, bed by night, with a hardwood base, fi«75 


The cult spreads 


PorfacQy plain watches ki steMon steal writh canvas/tosther straps, 
from £95to £135 


M uji, for many 
who are within 
reach of one of 
its four branches 
the UK, has become a cult 
iop. It arrived with a formida- 
e reputation from Japan 
here, in that land of wide- 
read devotion to the designer 
bel, it had managed to build 


itself into a chain of 221 shops 
all purveying the notion that a 
“look-no-label" (which is what 
Mqji means) range had a chic 
all its own. 

Of course timing is all and 
Midi's arrival coincided with 
the mood for a simpler, more 
pared-down approach to living. 
It became a bit with the young 



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nearest stockist please call 

Tel: 071 416 4160 


who loved the fact that it con- 
centrated on needs and seemed 
to have no interest in creating 
wants, that It provided them 
with the basic essentials for 
homas and bedsits and that, 
above all, simple was not a 
eu phemism for cheap. 

Having found that its shops 
in London's Great Marl- 
borough Street. Covent Garden 
and Glasgow have made a 
niriha for themselves, Midi is 
now trying to reach a wider 
public. This week it opens in 
Kensington High Street, south 
London, where it is going to 
have to compete with the offer- 
ings of snmB of the most suc- 
cessful riming _ from RhS and 
Marks and. Spencer to Ware- 
house and C&A. 

To do this Midi has been 
carefully redefining its ranges 
over the last 18 months. 

The strong yen had made 
many of its products. Innately 
desirable though they were, 
seem expensive by the time 
they readied the UK Mini has 
therefore been looking at sour- 
cing many of the ranges out- 
side Japan and prices are now 




v’.-ist 



Merflum (tensity i&reboard storage unit with four flxreboard 
d row n, £195 


The ring cycle 


A commitment 
that matters 

T he rite of the 

engagement ring, I 
discovered when 
dofngabitof 

research a few weeks back, 
lives on - in the UK at least. 

In Britain, 96 per cent of men 
buy their brides-to-be an 
engagement ring- And very 
nice, too. 

But these days, if statistics 
are to be believed, marriage is 
not what it used to be and a 
“relationship” has become the 
new institution. For any 
jeweller worth his chisel these 
changing times represent a 
challenge. 

So It had to happen - what 
we have now is the 
commitment ring. No longer is 
there any excuse for a chap to 
be stingy with the jewels - the 
commitment ring is what he 
can give to her when he is 
chary of stepping down the 
aisle. 

Hennell of Bond Street, (me 
of London’s oldest fine 
jewellers, has dedded to bring 
itself up to date and this week 
launches its new, streamlined, 
1990s version of the old-style 
engagement ring. 

Designed by Dennis 
Gardner, HennelTs head of 
design. It is simple in the 
extreme - in pore gold or 
platinum the ring is not quite 
dosed, leaving a symbolic gap. 
One of the open ends of the 
ring is finished with a 
brilliant diamond, the ring 
comes engraved with two sets 
of initials and, for those who 
like jewellery to match, there 
is a bracelet which is simply 
the open-ended ring made 
larger. 

The rings start at £750 (for a 
diamond the size of a tenth of 
a carat, prices go up as the 


the Antique Wine Come any 
of Great Britain 
F or a moat unique gift, we will 
supply a fine bode afvfauage wine 
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much keener. Bed-linen, which 
used to come in sizes that did 
not con fo rm to British beds, is 
now being sourced in Europe 
and win fit European beds. 
Clothes are being sized up to 
new LL and XL sizes to cope 
with larger western bodies. 
Midi's underwear range is 
already well established fit is 
very popular with my own chil- 
dren). Cult items include sta- 
tionery and snack-foods. In the 
Glasgow branch foods such as 
dried shrimps, seaweed, choco- 
late pretzels and butter cookies 
are among the best-sellers. 

■ The new store opens at 157 
Ken s ington High Street, London 
W8 today and there is plenty of 
new merchandise. Its mail order 
brochure unU be available from 
the shop or by ringing 071-494 
1197. 

L.v.d.P. 



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In the heart of Ayrshire, with splendid views over the sea 
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Tumberry has developed a special Two and five Night 
Partner Programme called Two’s Company. 

Now one partner can play golf to their hearts content, 
while the other can enjoy a relaxing time in the Spa. 

Spend two nights at Tumberry and from only £224 
per person you win have a deluxe room, a Scottish or 
healthy Spa breakfast each morning and a choice hum the 
daily dinner menu in the restaurant each evening. 

Then the choice is, who is going to play on the 'Aflsa' 

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or who is going to give themselves over to Britain's most 
luxurious and best equipped Spa. 

For details of this and other special breaks simply 
can 01655 31000 for our 'Great Times' brochure. 



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Tel: (01655) 31000 Telex: 777779 Fax: (01655) 31706 
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The commitmen t ring: for those who prater *a retaSonsMp* 

diamond gets larger and a go UP as the diamonds get 
sized-up ring with a half-carat larger, 
diamond for instance would ■ Homed is at 12 New Bond 
cost £3£00). - Street, London WlYlHK 

The commitment bangles 

start at £2^00 and also JL.V.uLr. 


o. 


ur hallmarked silver cutlery is exported to over fifty 
countries worldwide and is widely regarded as the very finest 
English cutlery. 

Which is hardly surprising, for no one handcrafts and hand 
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Good enough, in fact, to v 
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XVI WEEKJEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 22 V 0 C 10 BF.K — ' l 



FASHION 



.v 07 


Suits are serious this season 



A woman who went 
into German 
designer Jil 
Sander's new 
concession at 
Harrods recently bought seven 
stilts. Perhaps she needed one 
for each day of the week, such 
is the pull of the serious suit 
on the modern woman. 

It is the same story at the 


Avril Groom has been combing the catwalks and the high street for plain and simple clothes 


Sander shop which Browns has 
opened in South Molton Street, 
Wl. Amid the cool marble and 
glass, suits are sought after. 
They cost £1,200 on average, 
their popularity reflecting their 
importance in a well-planned 
wardrobe. 

This season it should be your 
main buy. On almost every 
catwalk at the autumn shows. 


Sate- navy soft woof slightly 
flared jacket, £490, trousers, 
£190, both by Alberta Ferretti 
from Harvey Nichols, 
Knightsbridge, SWL Brown 
shoes, £185 from Gucci, Old 
Bond Street, Wl and Sloane 
Street SW1. 

Hair and make-up by Mario 
Yianni tor Nicky Clarke, Wl. with 
Nicky Clarke Hakomatherapy 
products. 

Picture James Martin 

Drawings Kim DalzeU 



Evening 


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behind the unwearable razzma- 
tazz, was a suit which could 
rise to any occasion. The 
jacket, leanly-cut or flared 
out from a neat waist, was 
long enough to act as a coat 
over the new short, A-line 
skirt 

The majority had matching 
trousers, slim enough to go 
with new-glamour high heels 


and to look smooth with an 
A-line tunic. 

Sander's suits are plain to 
the point of severity, made 
from the finest of drapable 
wool, cut with shoulders that 
are defined yet soft, and 
shaped with gently arching 
seams that Hatter but never 
constrict 

Feminine authority is a good 


description for fashion’s U-tum 
towards a dressed-up but still 
soft look. A good investment, 
they are impressively minimal 
when worn alone but can form 
the ideal foil for a new season’s 
accessories. 

Such plain suits profit from a 
little wit and whimsy. One les- 
son from the muddled fashion 
of the 1990s is that individual- 


WAYS TO WEAR THE SUIT: 
With an A-UNE SKIRT AND 
WAISTCOAT (illustrated top 
right) and suit jacket. Navy 
tartan version by Donna 
Karan, £175, waist-coat, £150 
from Browns, South Molton 
Street, London Wl. 


The TUNIC - to be worn over 
suit trousers. Deep charcoal 
velvet tunic, £89 ink blue silk 
shirt, £85, (illustrated), both 
from French Connection, 
Regent Street, Wl and 
branches. Way In, Harrods, 
Knightsbridge, SW1 and 
Fenwick. 


n 


COLOUR - a little goes a 
long way. One bright sweater 
or vivid bag is fine. 

Illustrated: Red panrtd velvet 
body, £135, and red satin 
rucksack with diamante 
snaffle, £295, from Gucci, 

Old Bond Street, Wl and 
Sloane Street, SW1. 




A-line skirt and waistcoat 


PASTELS are an alternative 
and the same rules apply. 
Illustrated: muted pale pink 
silk-satin shirt, £110 from 
Whistles, and cropped soft 
pink mohair tank top, £24.99 
from warehouse. 







EVENING - To make yours a 
dinner suit, add satin 
side-striped evenings 
trousers (Marks and 
Spencer, £45), and 
(illustrated left), a black lace 
body by Christian Lacroix 
Bazaar, £99 from Diddns and 
Jones, Regent Street Wl, 
and ribbed velvet coat with 
quilted lining by Sahza, £239, 
from Fenwick. 


Sifter averring 


SILVER EVENING - a Lurex 
sweater, £195 from Edina 
Ronay, Kings Road, SW3 and 
Harvey Nichols and silver 
velvet scarf, £1259 from 
Dorothy Perkins. 



SOver evening 


SHOES - high heels, 
ankle-straps, tango or tap 
dance styles - (Russell and 
Bromley, £110). Over-knee 
boots. Stilettoes even on soft 
suede ankle-boots (Mancrio 
Blahnik, £350). 


Where to buy the best suits 


THE KNIT DRESS - to be 
teamed with the jacket 
Avoid Wgh-waisted versions 
unless you are slender. 

Fuzzy finishes are fattening. 
Warehouse’s A-line angora to 
black or pale blue (£54.99) 
and Alberta Ferretti 
Philosophy’s mohair in 
charcoal or brown (£149, 
Harrods 1 Way In) are simple. 
So is the beige knitted dress 
by Form, Wright and Manson, 
£69, from Fenwick, New 
Bond Street, Wl. 


■ Chanel. Old Bond Street, Wl and Sloane Street Wl - black 
and white tweed, very fine diagonal stripes. Hour-glass long 
jacket short skit. £1,650. 

■ Catherine Walker at the Chelsea Design Company, Sydney 
Street SW3 - pale grey soft wool twfll. jacket curved to fit, four 
buttons, soft, trousers. Made to measure. Jacket from £995, 
trousers from £395, waistcoat from £395. 

■ Armani. Sloane Street, SW1 - grey soft rayon/silk chenille 
herringbone, double-breasted jacket, trousers. £1,400. 

■ Jll Sander, South Molton Street Wl and Harrods, 
Knightsbridge. SW1. Wool, long sBm Jacket and trousers, £1,225. 

■ Ralph Lauren, New Bond Street Wl - navy fine wool slim, 
long blazer, single-breasted, metal buttons, brown velvet trim, 
£665. slim trousers, £245. 

■ Callaghan, Harvey Mchols, SW1 - charcoal wool with faint 
stretch and sparkle, long, slim, plsrin jacket £470, very slim 
trousers with tum-ups, £205. 

■ Caran Pflager, Harvey Nichols, SW1 very long gray or black 
three-button Jacket with slight swing, £460, soft trousers, £210. 

■ Caroline Charles, Beauchamp Race. SW3 - grey flannel 
jacket with buttons on loops at waist, £387, soft trousers. £239. 


ity pays. The minimal-suit 
clone ts :is boring as the gilt- 
button clone. So use your suit 
as background material, milk- 
ing it your own with imagina- 
tive accessories the mini 
bags, jewel bright angoras and 
ankle -strapped high-heded 
shoes that create a tone of 
lisbt-bearted glamour. 

This is where the high street 
comes in. From designer diffu- 
sion ranges to department 
stores and chains, mass market 
fashion now reacts so quickly 
in interpreting catwalk ideas, 
and has improved its quality so 
much, tiiat there is little point 
in buying the expensive origi- 
nal of a one-season wonder. 

There are just two areas this 
autumn where one might 
advise caution. A-line skirts 
from youth-market clulns are 
very short so you might prefer 
more sophisticated sources. 
And the new influx of bright or 
metallic colour can be very 
garish at the cheaper end. 

Nevertheless the high street 
is well worth searching: Oasis 
fringed scarves cost under £15 
and French Connection's soft 
and dusky velvet A-liue timic 
is £69. At Whistles' (strictly 
speaking more of a chic bou- 
tique chain) there is a silk 
satin shirt in a particularly lus- 
cious muted pink, redolent of 
1930s glamour, at £110. 

The main suit is one item 
where the rule of thumb is to 
buy' the best you can afford - 
it will make those high street 
accessories look classier. There 
are good, plain suits at all lev- 
els. When clothes are shorn of 
detail, cut and finish become 
paramount and need close 
examination before you buy. 
Dorothy Perkins' newly 
revamped range. Jigsaw and 
Marks and Spencer easily pass 
the quality test for young 
women on a budget. 

With middle-range suits cost- 
ing about £400 each, it is 
worthwhile, if you can, going 
up a notch to a level where 
excellence of cut and finish, 
plus proper design input aro 
token for granted. It may seem 
a lot to pay £ 600-£800 but 
designers are well aware that 
their customers want lasting 
value. Rightly, you get more 
cut and less detail for your 
money. 

Choose a dark, plain colour 
for maximum mileage. Black is 
obvious but less versatile for a 
suit which must presumably 
go from day to night and town 
to country. Charcoal, navy or 
deep taupe are better choices. 
Pinstripes are hot. but think 
before you buy - will you still 
want them next year? 

We have listed the best suits, 
all beautlfuL versatile and use- 
ful in the long term. The 
Alberta Ferretti style photo- 
graphed here has all the quali- 
ties of contemporary glamour 
- soft, matt fabric, a slim- 
waisted, flattering shape and a 
chameleon ability to go with 
this season's essentials. 

Sketched here are just some 
of the clothes that will give 
your suit the extra mileage to 
take it through the winter. 


; mmmm 

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ErmeDegOdo Zegna 


*• ; Vir.' 








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? FINANCIAI - TIMES WEEKEND OCTOBER 22/OCTOBER 23 1 994 


WEEKEND FT XVII 


PERSPECTIVES 


Monuments for the millennium 

We asked readers how Britain should celebrate . Antony Thorncroft received hundreds of ideas 


T be Millennium Commis- 
sion is seeking yoar ideas 
on how the nation can 
best celebrate the end of 
the second millennium. The Gov- 
ernment has set aside a fifth of the 
proceeds from the national lottery 
“ a possible £L6bn - to atsnre the 
party will be worth remembering. 
We asked onr readers to help out 
the commission with suggestions. 

We obviously touched a nerve - 
the response was tremendous, prod- 
ucing hundreds of ideas. Many 
shared the same vision: that the 
money should be devoted to nature 
" *° ®°ro parks, trees, flowers 
along every highway, the greening 
of the land. 6 

Many had a more 21st-century 
vision, pushing for information 
highways, science parks, a com- 
puter terminal for every home. 

Many more wanted the money to 
go, mot on buildings or objects, but 
to the poor, in improving health 
care and ho using estates, a view 
summed up by Cessna Vaz who 


suggested a ticker-tape extra va- 
Sunza, pouring money down on the 
needy. 

There was an enthusiastic lobby 
for a national virtual-reality centre 
(Sam Briddes suggested the old 
Paddington goods yard as the site) 
to which tiie whole nation could 
tune with their Millennium com- 
puters. Peter Howe even suggested 
a virtual-reality monarch to tehe 
the strain off the Queen. 

Past national celebrations have 
focused on buildings - the Crystal 
Palace in 1851, the Festival Hall a 
centmy later - but, apart from the 
brave idea of a North Sea Tunnel 
linking eastern Rngfoma to Scan- 
dinavia, there was no great support 
for a 2001 monument 


Among the ideas were a gigantic 
national museum built of titanfnm 
; a matching obelisk for Cleopatra's 
Needle; a rocket-shaped skyscraper 
topped with telescopes; and. on a 
humbler plane, Lt Col Colin 
McVean produced very specific 
plans for a sundial which could be 
attached to existing structu r es Wke 
Nelson’s Column, or to village may- 
poles, allowing the nation to keep 
time during the Third MiCennriim. 

Some suggestions seemed rather 
self-serving - Bang’s Jazz Review 
wanted a traditional jazz Jazzfto- 
ria; others were universal, like R.S. 
Osmaston who wanted every 18- 
y ear-old in 2000 to be given £1.000 
if they had no criminal record. 

There were the idiosyncratic - 


like Andrew Seed's plea for a vast 
gambling centre, a British Las 
Vegas sited near Manchester; plans 
to build a new town that looked 
exactly like Elizabethan London; to 
dismantle hydroelectric dams in 
Scotland to restore beauty to the 
Highlands; or allocate a Scottish 
island, perhaps Arran, far the Chi- 
nese wanting to leave Hong Kong 
in 1996. 

There was a big transport lobby, 
wanting cycle lanes traversing the 
land; off-street parking for every 
vehicle; free cycles for all; bullet 
trains; a Peace Ship 2000, with con- 
cert areas and exhibition space; 
and 2,000 barges sailing down the 
TTiames. lt was only matched by 
advocates of more national parks; 


lungs for cities; and banning cars. 

There were supporters for 
exploiting the potential in hydro- 
gen; advocates for harnessing tidal 
power; for making more use of 
water, from the ocean resources to 
reclaiming deserts. There were 
those who wanted a university for 
the 50-plns generation and many 
suggestions for a grand new 
national museum, perhaps a 21 st- 
century Crystal Palace, reflecting 
the past but also looking towards 
the future, forming the greatest sci- 
entific resource centre in the world, 
or. in the words of William MacEay 
a “World Millennium University". 

For the winners I was divided by 
the most imaginative ideas the 
most comprehensive lists of sensi- 


ble suggestions. Among the latter, 
John Clink supplied 15 including 
such novelties as a Peace Prize for 
Britons and a British attempt to 
capture every Gain ness record; TJP. 
Butler costed a range of ideas and 
came Up with the wheeze of invest- 
ing ranch of the Mfllamimn Fund 
in the stock markets and real 
estate of Asia so that the revenues 
last for ever; while N. May was 
practical, with free calls to one spe- 
cific number (to a son or daugber) 
for over 60s; free electricity in 
2000; and a birthday present of a 
block of Premium Bonds for every- 
one, not cashable for three years. 

Among the imaginative ideas 
Tony Sanderson of Oxford thought 
big. He wanted to recover much of 


the North Sea and the Wash, thus 
extending the land of the nation. 
He also envisaged a mountain 
range on the Welsh borders and 
ideal for skiing and walking. It 
would give the Midlands warmer 
summers. The bulk would come 
from the waste of industrial cities. 

But the winner is Barren Ross of 
Sunderland who envisages 2000 
stone monuments erected around 
the coastline of Britain. Not amaz- 
ing in itself but Mr Ross imagines a 
carving on every stone, a poem, a 
legend, a picture, telling the visitor 
about the locality. Each stone could 
contain sundials, compasses, maps, 
optical illusions. It could have a 
transmitter sending out a poem, a 
song, a description. The stones 
should be of human height and 
imaginatively carved. And at the 
height of the Millennial celebra- 
tions a laser could link every stone, 
encasing the nation in a uniting 
thread of light. It is imaginative, 
practical, and charming, and well 
worth a crate of champagne. 





Off to the south of Franc* cars imlOMfng from La Shuttle at Calais 


AMBy^mea) 


Fast track to France 


B onjour, said the French Customs 
official, which came as a surprise 
as we were still In Folkestone. But 
Le Shuttle is full of surprises, whether it 
is Nicholas GrimshaWs breathtaking ter- 
minal or the sensation of driving your car 
along a platform into a train, which then 
starts without you noticing. 

Among a five-car compartment belong- 
ing to Eurotunnel shareholders who had 
paid £30 for a return trip - 30 ti mes m ore 
than their future concessions are worth - 


was Elizabeth Hooninan, taking her sec- 
ond Le Shuttle trip. Relieved that she had 
not found it claustrophobic, her only dis- 
appointment was the lack of prestigious 
shops in the UK terminal. 

“People have said to ns we should sen 
our shares,” she said, “hut we haven’t and 
we won't We feel that Britain needs a 
national project and we bought the shares 
because we believed in the Idea of a great 
British venture." 

jane and David Warren bought their 


shares in Eurotunnel because be 
travelling by sea and she loathes flying. 
*Td definitely use it again - especially as 
I hate tiie ferries in winter,” said David. 

Seconds after leaving Le Shuttle, you 
are on the motorway heading towards 
Paris, marvelling at the lack of formali- 
ties and the ease of the journey. That is, 
until yon realise you are driving on the 
wrong side of the road. 

Heather Farmborough 


All in the Mind/ Andrew Derrmgton 

Switched on to pain 


A nyone who suf- 
fers frequently 
from a bad back 
- and that 
includes one in 
four Britons, according to a 
recent study - knows all too 
well that science has not been 
very good at controlling pain. 
But scientists are catc h i n g up. 

It has long been believed 
that pain - is the body’s alarm 
signal to prevent further dam- 
age (such as to a finger on a 
hot stove). But why then do we 
feel chronic pain, long after the 
body could take avoiding 
action? Recent research sug- 
gests an answer. 

The main point is that sig- 
nals about damage do not 
always pass straight into the 
part of the brain that expen- 
ences pain. The signals ran be 
blocked or amplified by 
switches in the spinal cord. 
And signals that have nothing 
to do with damage can be 
switched into the alarm system 
so that they cause pain. 

Scientists are now trying Jo 
understand how to manipulate 
the switches so that pam can 
be controlled. 


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Acute pain after an external 
stimulus is still best thought of 
as a damage warning. Speci- 
alised nerve cells In all parts of 
the body activated by stimuli, 
such as from a cut or a burn. 
conri signals into central path- 
ways of the brain and nervous 
system where electrical activ- 
ity causes the sensation of 
pain. 

The brain works out where 
the pain has come from by 
kno wing which part of the 
pathway is stimulated. 

For example, a knock on the 
“funny bone" causes pain over 
a wide area of the hand and 
arm because it strikes the 
nerve-carrying signals from 
this area, a 

Indeed, one of the corner- 
stones of neural science Is the 
idea that the sensations we 
experience from a particular 
stimulus may be different, 
depending on which pathways 
in the brain are activated. 

This helps to explain some of 
the puzzles about the damage- 
warning theory of pain. For 
example, why does vigorous 
rubbing of an injury some- 
times relieve pain, whereas in 
other circumstances the light- 
est touch can be agonising? 
How can an amputated limb 
hurt? Why, in chronic pain, 
does the alarm continue to ring 
long after it has served its pur- 
nose 7 The ans wers come from 
research on the switches that 
block or redirect pain 

^Tb^' first suggestion that 
pain signals could be blocked 
tom entry into the spinal cord 
rame In the mid-1960s. It was 


proposed that they pass 
through a sort of gate that can 
be closed by a circuit activated 
by other sensory signals. 

There is now much support 
for the gate theory. Rubbing 
the akin relieves pain because 
it generates sensory signals 
that activate the circuit that 
closes the gate. Acupuncture 


Research is 
answering some 
puzzles about 
pain theories 


and electrical stimulation of 
the skin work in the same way. 
Morphine's analgesic effects 
occur because it mimics a 
chemical that doses the gate. 

The gate can also be closed 
by signals descending from 
higher levels of the brain, to 
block pain if we need to act to 
avoid something even worse. 
Wounded soldiers can often 
disregard injuries until they 
are out of immediate 
danger. 

A different set of spinal 
switches amplifies pain. Pro- 
longed or intense signals in the 
damage-sensing neurones have 
two effects. Central pain path- 
ways became mare sensitive to 
their normal inputs so that 
pain is amplified. They also 
become sensitive to signals 
caused by touching or moving 
the akin , so that these, too, 
cause pain, bat no damage. 

This intensification of pro- 
longed pain has doubtless 


evolved to immobilise any part 
of the body which has become 
badly injured. So any sensa- 
tions that result from a distur- 
bance of the injured part (such 
as a hand or toot) are rerouted 
into the pain pathway, even 
when a similar movement 
would not in other circum- 
stances have caused direct 
pain. The unfortunate conse- 
quence Is that chronic pain 
conditions, for example from 
inflamed nerves, are made 
worse. 

The pains that may be expe- 
rienced in an amputated hmb 
and by patients whose spinal 
card has been severed (paraple- 
gics) probably also owe much 
to this mechanism 

For even when a limb has 
been amputated its pain path- 
way In the central nervous sys- 
tem remains and can be acti- 
vated. 

Paraplegics usually lose aQ 
sensation below their spinal 
injury, but they may be left 
with severe pain. In some cases 
the spinal pathway carrying 
pain si gnals may be intact and 
other sensory signals may be 
channelled into it 

Scientists do not yet under- 
stand the details of the mecha- 
nism of central sensitisation, 
but it is the focus of important 
research in universities and in 
the pha rmaceuticals industry. 

A drug to reverse its effects 
- still many years away - 
would lighten thousands of 
lives darkened by chronic 
pain. 

■ 17a author is p ro fe ssor of 
psychology at the University of 
Nottingham. 


How to sweat off 
the excesses of life 

Christopher Parkes samples the rigours of ‘the cure in the Allgdu 


I t is four In the morning 
and there is a strange 
woman in my hotel 
room. I can make out 
only a pair of brawny 
shoulders framed against the 
li g ht from the corridor. “Halli- 
Halloo!” she says, and whips 
off my duvet “Get up. Undress 

ami drink this. " 

Nettle tea is a noxious brew 
at the best of times. And this is 
not the best of times. Naked, 
dangtiwg the teabag to protect 
my modesty, I sip queasily 
while the night visitor decon- 
structs my bed. 

“Lie down!" I edge forward 
into the light, and stretch out 
proDe. The nerve ends in my 
ba ckside tell me I am lying in a 
puddle of lukewarm tripe. 
Receptors on my front-side 
twitch in anticipation. Then, 
s plash! My knees jerk defen- 
sively upwards as I take a 
direct hit amidships from a 
cold, wet sheet 
Within seconds the icy wrap- 
ping stretches from my breast- 
bone to my big toes. Now 
comes a layer of gelatinous hot 
water containers, strewn the 
length of my quaking torso. I 
am rolled and wrapped in blan- 
kets and feather-beds. “Foot- 
sies up- Annies so." Loose ends 
are stuffed. Corners tucked. 
“Good!" 

Breathing heavily, she is 
suddenly gone; and I am immo- 
bilised in the darkness, 
scarcely breathing at all 
A 100kg roly-poly meat pud- 
ding, I lie stiff as death, only 
my nose showing. Then, unex- 
pectedly, 1 am marinating in 
my own juices. The combina- 
tion of wet linen, hot water 
bottles fore and aft, and heavy 
external lagging central to the 
implementation of the notori- 
ous Schrothkur is going to 
work, putting my sweat g lands 
through their paces. 

In spite of - or maybe 
because of - years of overdos- 
ing on stress and undesirable 
substances such as cigarettes 
and German sausages, I have 
cajoled myself into believing 
that lt might be possible to 
restore some of the more desir- 
able bodily functions impaired 
by 30 years as a journalist 
Accordingly, I have come to 
the sub-Alpine village of Stei- 
bis in the ABgtu to regain the 
ability to breathe, eat and 
sleep properly. The rest can 
wait 

Deep in cure-and-cowbell 
country, close to where the 
Bavarian, Schwabian, Austrian 
and Swiss borders mingle on 
the shores of Lake Constance, I 
have suspended my disbelief in 
natural remedies and thrown 
away my cigarettes. 

Although the Schrothkur 
appeals mainly to slimmers, 
and I am told my 1.85m frame 
is not over-burdened by the 
99.6kg weight registered on my 
arrival, I have decided that 
while XL T-shirts are fashion- 
able, XL waistbands are far fat- 
ties. At the same time I have 
convinced myself that if I can 
survive a week of early-mom- 
lng “packing” and subsist on a 
diet entirely free of fripperies 
such as protein, salt and tot, 
then I can certainly do without 
my Dimhfll Superior Mflds. 

It is only day one, but from 
within my tightening cocoon, 
the outlook does not seem 
promising. 

It is now six In the morning 
and I am sorry I bothered to 
impark my suitcase last night 
Te rminal claustrophobia is set- 
ting in, and there is an irrita- 
ting whiff of old cooking under 
my itching nose. 

Only now, as the enveloping 
angel retains to unpack my 
puckered body and allow me to 
drift back into sleep, do I real- 
ise that my own damp hide is 
the source of the kitchen 
aroma. The promised Erztsch- 
lackung (slag removal when 
used for boilers and purifica- 
tion in bodily references) 
seems to be under way. Detoxi- 
fication and breakfast beckon. 
But first. I need a snooze. 


It is now 930 in the breakfast 
room in Bnrtscher’s Hotel. 
After straying into a section 
where real people are eating 
real food, I have been force- 
fully corralled where I belong, 

among- the Sad-sackS ami the 
gastronomically-deprived. 

There, under my nose, sits a 
dish of weapons-grade muesli. I 
murmur that humans mwi at 
least two stomachs, ruminant- 
fashion, if they are to extract 
any nourishment from this 
gritty slurry of coarse-chopped 
raw grain. 

But Frau Wunderlich, some 
20 years my senior and 20 


erschnapps, a diuretic deriva- 
tive of lamp-oil and juniper 
berries, and Steiner white 
wine, a tongue-peeler report- 
edly related to the Riesling 
grape. But no one seems to 
care. Even on the so-called 
“dry” days, interspersed 
between “little-drink" and “big- 
drink" days, Schrothkur suffer- 
ers are entitled to two 
schnapps. 

But the one to wait for is 
Thursday, when it is dance- 
night and big-drinks on the 
house. Anticipatory tensions 
are building up as early as 
Tuesday, when Georg, an ont- 


‘ I still recall triumphantly counting 17 
pumpkin seeds on my plate of salad 
one evening. By day two , bets are 
being wagered that the solitary 
Englander is not going to make it * 


tim es as fit, been ranting 
for years and knows better. 
She even thinks a big strong 
chap such as Herr Parkes 
should have a bigger portion 
than the one she has just 
enjoyed. 

She is wrong, thank God. 
The waitress, plump as a Weis- 
swursL shakes her head and 
her Bavarian bustle. Every- 
thing is as it should be: small 
in volume and lacking in fla- 
vour. As the Schrothkur litany 
says, seasoning arouses appe- 
tites, and you do not need an 
appetite when you are not sup- 
posed to be eating. 

So it continues: lunch, then 
dinner and hack to the break- 
fast grindstone. The worst is a 
dish of sauerkraut soup. Far 
from being a junipery-peppery 
brew covered with globules of 
floating tot and speckled with 
chunks of Speck and sausage, 
it resembles nothing so much 
as a pair of underehorts boiled 
to destruction in Persil Power. 

But meal times are not with- 
out their high spots. I still 
recall triumphantly counting 
17 pumpkin seeds on my plate 
of lettuce, beet and cabbage 
gated one evening. 

By day two, bets are bring 
wagered that the solitary 
Englander is not going to make 
it, least of all with the ciga- 
rettes. Most have heard he is 
only there for a week, when 
everyone knows three weeks is 
the minimum necessary. They 
have also heard his descrip- 
tions of the preparation and 
consumption of Irish stew and 
dps it la Bordelaise. They have 
seen him sitting close to smok- 
ers, Inhaling deeply. 

B ut what they do not 
know is that his mod- 
est expectations of 
this adventure are 
being more than fulfilled. He is 
sleeping like a baby. He Is 
enjoying the morning physical 
jerks, even though most of the 
exercises are aimed at perking 
up breasts rather than building 
washboard abdominal muscles. 

He is enjoying the companla- 
bleness of tt all and the plea- 
sures of his comfortable room. 
He is astounded by the limit- 
less views afforded from the 
nearby peaks and facilitated by 
relentlessly dear weather. It is 
mid-October, and he is sun- 
bathing and swimming out- 
side. soothed by the clonkmg 
of the cowbells. 

The smell of old cooking has 
evaporated from his room and 
by Wednesday he has ceased to 
feel hungry. The sauna and 
plunge bath are no longer tor- 
ture. They are necessary punc- 
tuation points in the day's ritu- 
als. After a rigorous afternoon 
ramble, a three-course sauna 
session sets him up to face his 
onecourse supper and an even- 
ing's socialising in the bar. 

Yes, in the bar. 

This is the do-you-good cure 
where the pain can be eased 
with analgesic booze. The 
drinks are limited to Wachold- 


slze hotelier on a busman's hol- 
iday is eager to explain. Cure 
clients, he says, slugging back 
his fifth vodka and grapefruit 
juice, are easily switched into 
sexual overdrive. All it takes is 
a blend of nil-food, fresh air, 
Steiner Riesling and a 1970s 
crooner, preferably the late 
Roy Black, singing "Ganz in 
Weiss'". 

Having sat in the sauna with 
most of our middle-and-more- 
aged fellow guests or watched 
them wrestling with their wob- 
bly bits on the gymnasium 
floor. I am not much con- 
vinced. 

But my other neighbour, 
Ferdi, is positively slavering. 
He is a bnckshot-for- 
brains huntsman. He knows 
where the chamois graze on 
the mountains outride. He can 
guess the weight and (riskiness 
of a woman from 100m, and 
checks his estimates using the 


Bavarian cowherd's method of 
a whack on the rump. 

But come the fateful soiree, 
and some of the more excitable 
gentlemen in the company are 
clearly up to their scuppers in 
Steiner before the ancient DJ 
is through his first session. 
More knees-up than leg-over, 
big-drinks Thursday is a noisy, 
rather than a naughty, affair 
and signals the start of the 
transition from asceticism to 
more normal existence. 

On Friday, those about to 
depart are allowed a “build-up" 
dinner of a trout, unseasoned, 
cooked in foil. By Saturday 
night this departee is down the 
road to nearby Oberetaufen in 
the Enzianhfltte restaurant. 
Starting with a roe deer fillet 
with SteinpUzen (boletus edu- 
Us). red cabbage, fried gnocchi, 
a bottle of 1389 claret, he is 
chewing his way deliberately 
towards the holy-of-holies: des- 
sert 

It is 11am on my last day. I 
have enjoyed my “build-up" 
breakfast (but not as m nr-h as 
last night’s afters: pear bread 
overlaid with gorgonzola and 
dribbled with honey). I have 
taken my last swim and 
paused to weigh myself by the 
pool: 93.3kg wringing wet That 
is a good 6kg lost in a week, 
and I have not had a cigarette 
for eight days. 

I am still smiling smugly as I 
step out of the hotel, blinded 
by the dazzling autumn sun- 
shine, and almost colliding 
with an indistinct figure strid- 
ing urgently past "Halli-Hal- 
loo.” she says. I turn, but she 
has gone again. 

■ Christopher Parkes stayed at 
his own expense in Burtscher's 
Ear und Sporthotel S974 Ober- 
staufen-Steibis. Germany. 

■ For reservations and details, 
ring 083S&S910, fax 891317. 

■ Some of the names have been 
changed to protect the innocent 
(and the guilty). 



BREITLING 

1884 



ANTARES WORLD 

Although not equipped with a chronograph, 
BREHUNCs Nichtflight models embody 
a fall measure of the quality for which 
its "Instruments for Professionals" have 
been reputed for over a century. 

The Antares World's elaborate movement 
shows die time of day simultaneously in 
three distinct time-zones local lime with its 
hour and minute hands, and the time in two 
other timezones by the watch's 24-hour 
graduations and plane-tipped special hand. 
Simple to operate, the Antares World 
provides exceptional legibility under all 
light conditions. 

AVAILABLE FROM SELECTED JEWELLERS 
THHOUOHQUT GREAT BRITAIN AND IRELAND 
FOR YOUR NEAREST STOCKIST TELEPHONE OTl 637 5167 

INSTRUMENTS 
FOR PROFESSIONALS 


» 




XVIII WEEKEND FT 


FINANCIAL TIMES 


WEEKEND OCTOBER 22/OCTOBER ^ ' »‘ w4 



COUNTRY PROPERTY 


Style and Sophisti catio n 

in the heart of Esher, Surrey 




CLUTTONS 


- 1 


z=t r ~ y-:?S rirtp^bi '« 



C ARRINGTON PLACE Is an impressive 
new development of twenty one 
traditionally buUt apartments in Esher Park 
Avenue just off Esher High Street. The 
generous accommodation comprises two and 
three bed roomed apartments, with two 
bathrooms. There are lifts to all floors and 
integral secure parking with two spaces 
provided per apartment. The landscaped 
grounds offer a delightful setting which can 
be enjoyed from ibe large attractive areas of 
private balconies and terraces. 


Prices from £ 220,000 to 
£29 5 ,.000 leasehold. 


irovided per apartment. The landscaped selling agents 

rounds offer a delightful setting which can Hamptons Roy-James-Fancy 

ie enjoyed from the large attractive areas of si High Street Esher Sumy 29 High' Street Esher Surrey 
irivate balconies and tenaces. Telephone 01372 468411 Telephone 01 372 468636 

OCTAGON DEVELOPMENTS LTD. HAZELDEAN. STATION ROAD. LEATBERHEAD, SURREY. ITlt 7AA TEL 01372 Ml 777 


.OCTAGON. 


LANCASHIRE 

Between Lancaster and Preston 

THE BARNACRE ESTATE 

An exceptional traditional Agricultural and Sporting Estate 

Principal Residence in need of total 
renovation or replacement 
16 Let Dairy and Stock Farms 
Other farmland - 324 Acres 
21 houses and cottages 
266 Acres of woodland 
Fine pheasant shoot 

Total rental income: £165,465 per annum 
2,992 ACRES 
For Sale as a Whole 
LONDON OFFICE: 071 408 1010 
HARROGATE OFFICE: (0423) 523423 
CARLISLE OFFICE: (0228) 74792 



Hampshire - Hurstbourne Tarrant 

Andover 5 miles. *. A W3 access t 7 nules. Sew bun 111 nub* 

An important restored manor huu*c in a private *» - iiii»g- 
Rcccpnon hall. 4 reception rooms, break fast onuii. lJ heilimntf.. 
7 bathrooms, nuiseiy Garage Wick wiih ilais. Iaiutscj|vd rouble-. 
paddock* and woodland About 10 acres. Nc**hur* I >flicc: 
Td: (1*35) 52 1 7U7. London Office: Td: l '7 1 


1 3 HILL STREET BERKELEY SQUARE LONDON W 1 A SDL 
Tel: (071) 629 7282. Fax: (071) 409 2359 
Now wears «i Hong Kong Cal our nefresi.'nmfw! Cow** Fn*n 
Tel: 010 85? 816 253? Fax: 010 852 S16 L'SiM 


CARTER TONAS 


CLUTTONS 


NORTH YORKSHIRE 
Near York 

York 9 miles. Harrogate 15 miles 
At 7 miles. Leeds 26 miles 

A magnificent William and Mary residence set 
in mature landscaped gardens and grounds, on the 
edge of the picturesque village of Non Monkton being 
the focal point of The Priory Estate. 

4 principal reception rooms, study, kitchen, laundry, 
basement, master bedroom suite, guest site, S further 
bedrooms, 6 bathrooms, library, sitting room. 
Swimming pool, tennis court, outbuildings. 

Landscaped Gardens, woodland and pond. 

In all some 13.75 Acres 

Further dwellings, parkland, arable land and 
woodlands forming an estate of around 257 acres, 
some subject to tenancy, may be available 
by separate negotiation. 

HARROGATE OFFICE: (0423) 523423 









63 Northumberland Street 
Edinburgh 


Emile Georgian town bouse, decorated 
to an exceptional standard, reuining 
many period features. 

Accommodation on 4 Hoots 
comprises: 

Entrance Hall 5 Reception Rooms. 

2 Pri nc ip a l Bedroom Suites, 3 Further 
Bcdtoooh. Kitchen, Laundry, 
Bathroom. Shower Room and Cloakroom. 
Gas Central Healing 

Private Gardens & Parking 



Offers Over £395,000 


2 India Struct. rtlinhurch. MI? 01:/.. Id: 051 Z2tl -MOO, I jv U.' I 220 4 1 5** 


Kniirht Frank 

^ & Kutlev 


Oxfordshire 

OMKtfiqpoa. QrionlOryGxaE abaar 6 mdes 
A Grade D fated borne with 
i idFcoatstBcd Pets 
Main honvc: E ntran ce tnll 2 reception 
rooms. 4 bedrooms, 2 balbrooat^ shower 
room, possible farther aeco cnaodtto n, 

6 lelf-contaiccd Bats providing a 
productive resadcnliaJ in vcsffikcnL Gardens. 

3 car garage, ex tensiv e parting. 

Tower by ’Vanbrugh' 

Guide band £395.000 to £425400 j 

Apply: Oxford (0865) 790077 

i»n««a 


LONDON PROPERTY 




MOUNT STREET, 
MAYFAIR WI 

A sourb racing first floor flat oterfocking 
the gardens. Bedroom, ftartir com. 
Reception Room. Kncben. Lease 1 16 
years £290,000 or to let a! 1450 per week 

C LARGES STREET, 
MAYFAIR WI 

A newly refurbished fourth Door Oar is a 
modem Mock ckse io Beikety Square. : 
2 B e d rooms. 1 Ba t h ro om s ( I FmarirL 
Rrcperioa Roam, Kitchen, Lift. Porter. 
Parking io Rem. 

Lease 69 years £297500 
Td: 071 584 7020 
Fax: 071 225 1237 


FORESTRY SOUGHT. 

SCOTTISH BORDERS REGION. 
Details to: 

Robert Hugger & Co 
(Solicitors I 
32 Church Road 
Tunbridge Wells 


W. SUSSEX 

CHICHESTER SMILES. 

3 Highly mdmdsal ud sapciMy gpo i m l 
period reridraces la lovely couury acoiog. 
adforctag r.w^.Mi grtcb ml views id (be Sosifa 
Downs, now die mAjea of riallfnl nd complete 
nsmtino. Far Georgian msidace 4/6 bod. 

3 barb 4 Recep. I acre £350107. 

Fba ud one Coach Home lucre £J2S3Ua 
Ssgle wort Regency Villa. 2 ted. 

’bo*. Cds. £165100 
TeL 0SS0 463863 0243 7719W 
Pu 0343 373498 


CARDIFF, access to bay 

AREA. LOVELY FAMILY HOME. 

3 BEDROOMS, 2 REC. 

2 TOILETS. BATHROOM. 

DOUBLE GARAGE. 

£94.000. URGENT SALE. 
DETAILS, PHOTO. 

PETER AIAN. 0222/792888 
RE. RIDGEWAY ROAD PROPERTY. 


" ™ t - ■'••• 

3 tx«sl ilLuJ 

If TV • . <■ ■ 


BUCKINGHAMSHIRE 

Crafton, Nr Mentmorc 

! Aylesbury S miles. I line 3 miles . Leighton Bttezcrd i mile* 
j t Distances approximate > 

Grade 11 Listed late 16th Century house 
in a quiet hamlet 

| 4 Reception Rooms. Domestic Offices. 5 Bedrooms 

j Bathroom. Outbuildings. Garages. Pond. Garden. 

In all about 1 acre 

Oxford: 01865 311715 London: 0171 629 7154 1 

12a St. George St. Hanover Sq. London WlR 901: 


YES, YOU CAN AFFORD THE QUALITY 
OF A BOVIS HOME. 




HiiihO 


M KB All 


Till WO! V fcSfr’t w 1TH n\ E HF.I3ROOMS 


Stylish five bedroom homes available ji Fairfield Grange. 
Brain tree and High woods. Colchester. The train lime to 
Liverpool Street Irom Braintree is one hour five minutes 
and from Colchester one hour. These desirable homes otter 
many attractive features including a starting price «if 
£149,500 (Braintree) and £153.500 (Colchester) 


I 'I cast- tclv/thune ( 0376. ) 552524/ 
(0206) 841203 1 .' torsi 


{Bovis Homes 

SUBJECT TO CON TV ACT AND SIATUS. FBaS COW EC I AT TIME Of CONO IO rttVS 
ASA Al OUB SAIH OFRa FO« DETA1S 


LANAUVRE &Co 


Cadogan Gardens, 

SW3 

Freehold 4 bed roomed 
apartment excellent 
condition. 
£810,000 


BARBICAN EC2 One bedroom duplex 
overtootdng gardens and take. £115X100. 
Bamad Marcus 071 636 273G. Fax: 071 
4382849. 

BARBICAN EC2 Oeightw 1 bedroom 8at 
□veriootdng gardens. Ready to move sna 
£88^00 Bernard Marcus 07 1 636 2736 
Far 071 436 2648. 




ENGLISH COURTYARD 

‘IN DEEPEST RURAL SOMERSET* 
Hayes End Manor, Soarfj Peihertoo. 
Ancient farm hulkUngs nv^m 
cottages. A 2 Ecdnuin manoticttc in Che 
oM stone Granary. 

£1393X10 - including garage. 

Lease over 125 years. 

PoR Service Cbarge denis nvsibtbte. 
FOR THIS AND ALL THAT 
IS BEST IN RETIREMENT HOUSING 
ACROSS RURAL ENGLAND 
English Courtyard Association 
8 BoRutd Street, London W8 4LT 
FREEFONE 0890 220858 


CLUTTONS 


THE KNOLL & AMMARDOWN 
SHOOTS KILMERS DON, 


To Lei by Tender 

Spotting Rights over 
approri.inuitely 43X10 Acres 

IXicfc and Pbcasant shooting 
Deerstalking 

Two cottages 
For Further details: 

Clintons, 23 Gay Street, Bath BAl 2NS 
Tel; 0225 447575 
Ref: KAMRiyi 


DEVON. TIVERTON 9 MILES. M5 14 
miles. Traditional tarmfiouse with sop 
cottago, staples, modem fannUrirSngs A 
iandl for sate tn Lota Lot 1-4 bed house 
plus 2 bed annexe S about 19.5 acres. 
Region £196.000. US 2 - 3 bed cottage and 
sap dat bam wflh abmrt 25 am Region 
5563300. Ldl 3 - Abort B8 acres agric land. 
Region £100.000. JactaoroStops A Staff 
t013SZJ 214Z2Z- 


CLUTTONS 


KENT, HERN HILL 

Canterbury about fi milo 
London 56 m Acs 


sU.Vi- v ■* 


AObc 15/IScb Ccnurj period auirbaiw 
CnertbB- with a secondary period Xrie 

t eri de n c c rilusrcdtea lijenua vaiAaecie* 1 ” 
irttio* with ■ rand vbu- 
MmO borne: Hall. 3 rerepunn moms, lutchrn, 4 
main bwliuunn. J ha hn joins, ckaliunn (.is 
Of. Secool hurar. Halt 34 h rerepuun r>.«m. 
tatchen 3 beit/uun*. ’ tiatluuufUL eloaLiikini. 
Csa OL IXwhlc pnagr jjkI VLtvk.ihvp wnh ten 
above. Panl, walled ganlcn. 

About 0J Aon. 

Offm in nersa of C45AW 
Jobs Apw, Chateau Canlerbory Olliee' 
(02271 45744 1 

O W Finn A San Sjndwkb iMlia.. 
(0304) b!2N7 


♦ Six re'iiidiiiiirc Imihv jh'in i'Wfl.OOO 

♦ 24 hr Sentniy ♦ Lit ml seeped tJiinleits 

♦ Uiidaxrvnnd jinl iitnyraitd ur p,irkhig 


For further intbmtatn.ni on properties at Keroitigtou Green 
please ciniraa the Sales Office on 

071 938 3350 

or Fjcsimile 

071 937 8194 




A RRANl) NEW 

LONDON 

Tf.rk.m:e h.\sf.d 


>>N Tilt iiRliilN.M. 


DESIGN BY 
LuN'Di >N‘‘s MUST 


INFLUENTIAL 


RtC.ENCt STYLE 

ARCHITECT 
Tilt DLLS Cl‘ ii ITT 


14/26 GLOUCESTER ST. ■' 
LONDON ! 


SW1 


SUPERB BRr\ND NEW 
.APARTMENTS IN TRADITIONAL STYI.E 



Tel- 1171 7.VHX02 [SAVII^ll F«s 071 7XHIM4 


i Mieu. Krrcirtvs 
I M\RM£ 
HMlIRTHAI'i 

I RExLH-VT fl.WTKK 

I Sannsnnvrcii 
St" j ■buy 

I UNt*fV> JK 'L’NSl 
PawiNi, 

I VtCP »RL\ STaTIiV, 

1/2 Mlli 

I Kuki.mikr Lifts 

I l/ll 1T.\US 

1 Bnw„u 
FB.il xlSa.SWt 

2 Suinani' 

mnl \177JU1 

J iJuiwaoi, 

nw CiSjm 

soj.nfiu nw Pit* 
I Li»-7rM ttUMiu. 
inw-tei tTuu.w 

■in rJilMD! 


BUYING FOH INVESTMENT. We Uendfy 
the best opparmnlttes for you throughout 
central London and also In the city of 
Cambridge. We provide a complete 
package service: Acquisition. Finance. 
Furnishing, Lotting and ManagemenL 
Telephone MJookn Walton Intom e nonat on 
071 483 4291 or F»C 071 «S3 4310 

BELGRAVIA- Eaton Gate. SWI. Interior 
de s igned top Door 1 bedroom apartment 
(Idt) in period bldg. Ideal pled a tone or 
UDng inv. Grasvenor Estate lease 5t years. 
Cl 60000. Teh 071 S37 0871. 

BLACKPRIARS BRIDGE Smart 1 
bedroom n«ta In mod. PiB stock nod to 
bridge. With parier periling. £115.000 
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Debenham 

Thorpe 

AoJtnruf 


UNFURNISHED PROPERTIES 
TO LET 

Charles Street, Mayfair - 

Doable reception, kitchen, utility, 
cloaks, 2 bedrooms both with co-mite 
bathroom. £375 ps week. 

Park Street, Mayfair - Hill, 
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room, utility. 2 bedrooms both with co- 
suite bathroom. £495 per week. 
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with en -suite bathroom. £680 per week. 
RESIDENTIAL LETTINGS: 
0714082748 


FARLEY 

0i CO 


H ASKER STREET, SW3 
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Elegant third Or Hi fcanrrtng Tee. 
deep. 2 beds. 2 baths. Kit. lift, 
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TEL: (071) 589 1244 

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Assodstee 071 782 0792. 10-Tpm 



Graduate 

TO CAMBRIDGE 

South acre Park. Cambridge An clu^am development of 
luxurious 2 and 3 bedroom jp.irtmems. set m acres ol main re 
tranquil, landscaped gardens - many wnh balconies or terrjecs. 

Yet just I mile from historic University City ol Cambridge, 
lsn t ii rime you graduated to the undisguised luxurv of 
Southacre Park 7 

I n-uuld like I nr i her inb<rm.iikin 'in pi.'tvnios .11 s-mii.n. re I’.irk ('jinbrulo: 

Njrw I 

| Address j 

| r,VN,c ‘* dc — Tel .Y 

| Pox u d i> Mjjn J i Werue o Uc Nw ilucr. hrC 4 cbe«rM llwtvr. »v«f*r. nrm-.rjmtrrd v iJC JTZ J 
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C A .MBS! n c {-: 
































PROPERTY / OUTDOORS 


Mm 










W hen Brian Lais- 
ter put his Welsh 
holiday cottage 
on the market 
he wanted to attract as many 
potential buyers as possible 
He decided against using an 
estate agent and registered 
with a computer matching 
agency. 

“My wife beard about com- 
puter matching and suggested 
the idea to me," he explains. 
“Because the details go on to a 
database which con tain ^ 
national network of people 
who might be interested, I 
thought it would be a good 
thing to try." Within a few 
weeks the Laisters had a 
buyer, and the sale looks likely 

to go nhpflH 

Computer matching agencies 
operate in a s imilar way to the 
Dateline lonely hearts opera- 
tion by putting vendors and 
potential buyers in touch. 
Once clients have each other’s 
details, it is up to them to 
arrange the sale although, like 
Dateline, the agencies cannot 
guarantee a perfect matwh 
One of the mam attractions 
of computer matching is that 
the fees are considerably 
cheaper than estate agents’, 
who charge, on average, about 
2 per cent for sole agency. On a 
house sold for £250,000, this 
works out at £5,875 (including 
value added tax), whereas the 
Tnavimnm charge by a com- 
puter matching agency for the 
same sale would be only £575. 

There are now three compa- 
nies operating nationwide in 
the UK, all established during 
the depressed housing market 
of the past few years. 

Leister’s cottage is registered 
with Link-Up Properties 
Nationwide based in Haywards 
Heath, West Sussex. It charges 
vendors a £75 registration fee 
for a six-month period. This 
includes the cost of advertising 
the property in a national 
newspaper and vetting the 
responses. Buyers register free. 

If a sale is agreed within the 
first eight weeks, Link-Up 
charges commission of £250 
(inc VAT) for properties worth 
less than £100,000 and £500 tine 
VAT) for those worth more. As 
its profit is made when people 
sell inside the eight-week 
period, there is a strong incen- 
tive to match suitable buyers 
and sellers as quickly and 
accurately as possible. At pres- 
ent, it has around 20.000 people 
on its database. 

Even Julian Bong, its direc- 
tor, is a little surprised by bow 
quickly the idea has caught on. 
"The whole concept of Link-Up 



Match-maker selling 

Georgina Overell explains how vendors can bypass estate agents 


Properties arrived around the 
depressed market place and 
our aim was to inject a little 
bit more activity into tt. When 
it was established, I didn't 
imagine it growing at the rate 
it has. Certainly, over the past 
two years we have gone from 
strength to strength and we 
are achieving a very high level 
of success.” 


N ational Selections, 
based in Ealing, 
west London, is the 
smallest of the 
three agencies. It charges a 
registration payment of £88.13 
for six months. The fee covers 
a computer matching service 
but individual properties are 
not advertised in the press. 

Director Paul Brooks 
believes matching services act 
as a useful adjunct to estate 
agencies by catering particu- 
larly to people who want to 
move long distances. 

Until recently, the Property 


Sales Register in Cheltenham, 
Gloucestershire, relied solely 
on computer matching for 
results but, tike Link-Up. it is 
now advertising properties in 
the national press as wen. Its 
registration fees range from 
£65 for properties worth up to 
£6(1000 to £100 for those over 
£120,000. but it does not charge 
any commission. People and 
properties are matched every 
two weeks on the database and 
computer printouts are 9ent to 
clients. 

-Director Anthony Muir-dark 
says: “During the course of a 
year, we have many many 
thousands of people going 
through our hands. We don't 
guarantee a sale, but we are 
able to *n«trh people up very 
successfully. 

“We give a refund if we don’t 
match vendors with a prospec- 
tive buyer. And we reckon that 
W6 refund gnmatbrnp less than 
2 percent’* 

Each agency has a broad cli- 


ent bank, including people 
looking for holiday properties, 
employees who must re-locate, 
people looking for retirement 
homes or moving to the UK 
from abroad, and investors and 
developers. 

They try to weed out time- 
wasters by getting clients to 
complete fairly drtailed ques- 
tionnaires and riLqmgrfng their 
requirements on the telephone. 
Laister believes this Is a partic- 
ularly USefill flmrtifm. 


H e advertised his 
Welsh cottage pri- 
vately as well as 
registering with the 
agency. The response from 
advertising equalled the num- 
ber of people sent to him by 
Link-Up - but many were not 
serious buyers. 

“I must say that 1 had as 
much response from my own 
private advertising; so I was a 
bit disappointed with Link-Up. 
But the people Link-Up sent 


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A s Val d’lsdre’s 
“criterium de la 
premiere neige” 
- the annual cel- 
ebration of the 
opening of the ski season - 
approaches once again, thou- 
sands of skiers have already 
been trying to make their time- 
honoured decision: will it be 
France or Austria this year. It 
is never an easy choice. 

Since the Albertville Olym- 
pics of 1992, the French have 
made brave attempts to aban- 
don the Gallic shrug and dress 
up some of their architectural 
mistakes in gentler cladding- 
But they still have not got 
Genmttichkatt - the traditional 
mountain welcome cocktail of 
yodelling, accordion, tuba, 
schnapps and roaring fire - 
which is a German word much 
hyped in brochure copy when 
referring to Austrian ski 
resorts. It does not translate 
readily into French, to whom 
such a concept is anathema. 

This may perhaps explain 
why British skiers can easily 
be divided between Austro- 
philes and Francophiles, and 
why Austria and France are 
neck-and-neck in popularity as 
destination countries of British 
skiers. 

In a perfect world on the 
mountains, the ski resorts and 
ski lifts might be French, the 
villages Austrian or Swiss, the 
mountain restaurants Italian 
and the resort personnel North 
American. 

The reality is that for “seri- 
ous skiers”, the French resorts 
are unbeatable while skiers 
who want the best all-round 
ski holiday experience might 
be tempted by Austria, Swit- 
zerland, the US or Canada. 

French ski resorts have a 
number of individual charac- 
teristics: first they have the 
French, who are traditionally 
viewed as something of a 


Heavenly flowers to 
make October bright 

Robin Lane Fox suggests a new approach to autumn 

T he past two months sunny, paved front gardens way because they are better if 
have been so excep- where you could take out the divided after several years: oth- 
tionally kind to gar- occasional slab, improve a erwise, the small, yellow Stern- 
dens that they must square of soil and pack in a berm will run to leaves rather 


me were all definitely lo oking 
for the type of property I was 
selling, so there wasn’t a ques- 
tion of anybody wasting any- 
body's time,” he adds. 

Mulr-Clark believes the sys- 
tem is an attractive option in a 
market where profit margins 
are tight. "People are begin- 
ning to recognise that com- 
puter roarphi ng hflg a Value in 
this situation,” he says. 

“For a relatively modest 

ctttti nnA ran arid more strings 
to one’s bow, get buyers 
nationall y - and stand a 
chance of saving money as 
wefl.” 

■ Link-Op Properties Nation- 
wide, 9 Frankiyrm Suite, The 
Priory, Haywards Heath, West 
Sussex RH16 3LB, tel: 
0144-457999; National Selections, 
54-58 Oxbridge Road, Ealing, 
London W5 2TL; Property Saks 
Register, Marlborough House, 
Winchcombe Street, Chelten- 
ham, Gloucestershire GL52 2NL. 
Tel: 0800826056. 


T he past two months 
have been so excep- 
tionally kind to gar- 
dens that they must 

malra ns all think a gain about 

our style. 

So many of us concentrate 
on the year’s familiar points: 
the daffodils in spring, the 
magnnHas , the June rush and 
the cascade of roses before any 
s urvivin g bedding plants take 
over the show. But a golden 
October reminds us that gar- 
dening is more fchftn a three- 
month wonder. 

There is something odd 
about one’s style in late 
autumn and early winter. 
Somehow, the individual flow- 
ers seem to go together natu- 
rally; their colours are more 
clear and pure. 

Perhaps a Lack of choice con- 
centrates the mind. There are 
fewer plants that produce 
blooms in October, but 1 find 
that they have a distinction 
that often disappears when the 
entire world of flowers is avail- 
able in July. 

Lack of choice first forced 
me to make an experiment 
which I now recommend to 

an ynnft J bleSS the day that I 

ignored the experts and went 
Over to grow i n g schizostylis in 
a dry garden, which they are 
supposed to hate. One of their 
best suppliers even laughed at 
the idea when I proposed it at 
a recent flower show. 

Schizostylis have pale, rushy 
leaves and long steins of flow- 
ers with rounded petals in pink 
and white, curving to a length 
of nearly 2ft For three years 
now, they have multiplied and 
extended their season from 
August to November in my dry 
garden without any trouble. 

In the wfld, these heavenly 
flowers are known as Kaffir Ill- 
lies. In Britain, they are much 
Iasi? popular than the fihnrlring 
pink nerines (or Guernsey Ill- 
lies), but I can pay them no 
higher tribute than to say they 
are }nst as good. 

They seem to relish life in 
gaps between paving slabs 
where they can find a cool 
root And while they seldom 
appear in London, they would 
be marvellous experiments for 


sunny, paved front gardens 
where you could take out the 
occasional slab, improve a 
square of soil and pack in a 
Kaffir carpet varying between 
pink and scarieL 

In my garden, they keep 
good company with a plant 
whit* would be the darling of 
every expert if it was not so 
easy and available so widely. 
The brilliant blue ceratostfgma 
Wiilmottianum is the outstand- 
ing small shrub to a height of 
just over 2ft in September and 
October. 

The flowers of this infallible 
Chinese shrub are a brilliant 
cobalt blue and. if you plant a 
few bushes under a sunny wall 
of your house, you can then 




put the pink and red schizos- 
tylis in open squares among 
the paving stones which link 
the house to the lawn. 

The same possibilities are 
present 10 times over among 
Michaelmas daisies: clear col- 
ours, a long season between 
different varieties, and easy 
companionship with other 
strong shades of yellow or 
white. 1 like the late blues such 
as Blue Down, the small-flow- 
ered little Carlow anil the tall 
Calliope amid the strong yel- 
lows and shocking pinks of 
autumn-flowering bulbs. 

Among the bother of order- 
ing and planting next year, 
many people forget they could 
be enjoying shocking-pink ser- 
ines and the brilliant yellow 
Stembergia as bulbs in Octo- 
ber. 

Order them next spring and 
give them a dry, sunny place. 
A few bulbs soon go a long 


Skiing/ Amie Wilson 

Purpose-built 
France — or 
old Austria? 


mixed blessing. On the plus 
side they have the highest 
resorts, some of the most mod- 
ern ski lifts, and ski-in ski-oat 

H ffrommnHut i O B. 

Unlike the rest of Europe, 
France came comparatively 
late to skiing as a big tourist 
attraction, and had the benefit 
of being able to build such 
resorts as Les Arcs, La Plague. 
TJgnes, Avuriaz and Flaine in 
optimum locations for good 
snow and access. 

But this same “purpose- 
built" tag was to alienate some 
skins used to the quintessen- 
tial picturesque Austrian vil- 
lage with onion-domed church 
and picture-postcard chalets. 

Most Swiss and Austrian ski 
resorts were based on villages 
which were already well-estab- 
lished. In France, only the 
likes of Chamonix, Val dTsrte, 
Megdve and La Clusaz fall into 
this category. 

The other advantage of sid- 
ing in France is self-catering, 
little practised in the rest of 
the Alps. Rather than being 
tied to a fixed Austrian or 
Swiss menu, the self-catering 
skier can enjoy eating out one 
night and cocking a meal In 
the apartment the next Or any 
combination of the two during 
the holiday. 

Self-catering goes hand in 


band with driving to the ski 
area, and doubtless skiers will 
be taking advantage of the 
Channel Tunnel to reach such 
resorts as Courchevel, Mrtibel, 
Avoriaz and Elaine with plenty 
of provisions on board, or stop 
at a hypermarket on the way 
there. And they can stop on 
the way back and collect a 
crate or two of wine. 

Skiers with cars can also 
take advantage of the increas- 
ing popularity of multi-resort 
lift tickets, which allow you to 
ski, for example in Val d’ls&re 
and Tignes and spend a day in 
Les Arcs or La Plague, and 
another in the Trois Valiees. 

Skiers who are really 
offended by the so-called con- 
crete monstrosities that passed 
for contemporary architecture 
in the late 1960s will perhaps 
be comforted by the fact that 
the French realise they created 
some alpine carbuncles a quar- 
ter of a century ago and are 
trying to do something about 
it 

At Flame, thought by some 
to be the ugliest of the pur- 
pose-built resorts, the principal 
development in the 1990s - Le 
Humean (the Hamlet) which is 
still being added to - marks a 
return to traditional alpine 
architecture, with the con- 
struction of attractive Scandi- 


way because they are better if 
divided after several years: oth- 
erwise, the small, yellow Stern- 
bergia will run to leaves rather 

than buds. 

If these clear colours leave 
you short of white, head for 
the hardy Japanese anemones 
which are neglected only by 
unwise planters who think 
these plants are, somehow, too 
common. For big groups. I 
think ordinary Japanese White 
Alba remains the answer - the 
simplest and still the best. 
Once again, all the experts 
would long for it if only It was 
more difficult to grow. 

The same sort of people sel- 
dom want to mention a chry- 
santhemum, for much the 
same reasons. Here, too, the 
botanists are behaving as if 
these fuss-pots are right and 
are trying to re-name chrysan- 
themums as dendranthemums 
in a spectacular fit of botanical 
“correctness”. 

I believe, however, that this 
family ««itgmg same excellent 
garden plants. The single-fiow- 
ered hardy forms are often 
lovely if you place them care- 
fully in borders and do not 
abandon them to a special cor- 
ner where you will use them 
for nothing but picking. The 
best give an extra month's life 
to fading borders. 

Everybody has a favourite 
but I must push my two latest 
discoveries, which have flour- 
ished in this singular year. 
Weyrichii is a low-growing, 
white-flowered form which 
seems to spread easily in a dry 
soil and lights up the front or 
the border with a last, white 
splash. 

Among the late blue daisies, 
1 also have a small-flowered 
number known as Doctor 
Tomm Farr, which seems to be 
as tough as nails and colours 
itself in rusty red flowers. 
These forms, and their hardy 
relations, have a clarity which 
is much rarer among flowers 
in high summer. 

If you do not hide them away 
in beds for cutting only, you 
can develop a style with a new 
range of colours which staves 
off the sad moment when the 
garden finally heads for bed. 


navlan-style chalets and apart- 
ments. 

Thirty years after La 
Plagne's biggest eyesore Aime 
La Plagne was built, the resort 
now has mixed feelings about 
the architecture. (BeHecdte is 
no picture-postcard either). 
They have since compensated 
for it by reverting to a more 
neo-rustic style for some of its 
more recent developments. 
These include Belle Plagne, 
Plagne Soldi and Plagne Vil- 
lage. 

In spite of these much more . 
attractive developments, it is 
certainly worth visiting or 
even staying in the traditional 
villages of Champagny and 
Montaibert just to get a break 
from La Plagne's brave new 
world of skiing automation. 

This way you can get the 
best of both worlds, enjoying a 
huge network or good skiing 
by day, and a pleasantly rustic 
retreat by night This works 
well at Alpe d*Huez too, where 
you can retreat to Vaqjany or 
Oz for intimate evenings, and 
at Les Deux Alpes, where Ven- 
ose provides a little relief from 
the boisterous local aprOs-ski. 

But whether you like the 
quiet life, the frenzied demi- 
monde of all-night disco- 
theques and nightclubs, or the 
hurly-burly of an Austrian folk 
evening, the basic skiing prod- 
uct offered by France and Aus- 
tria will always be worlds 
apart and probably the better 
for it There will never be a 
Saalbach-Entre Plain e or a 

fThaiwftniygnfcftl- 

Perhaps this winter France 
may edge ahead of Austria in 
the popularity stakes. More 
likely, the Austrians will stay 
ahead by a yodel. Hie French 
may have the premiere neige, 
but they may not have the der- 
nier mot when it comes to lur- 
ing British skiers from Alp- 
bach to Alpe d’Huez. 


FT Expedition 

Stormed off the mountain 


Arm* Wilson and Luxy Dicker 
are trying to ski every day of 
1994. They an in New Zealand 


O ctober came in like 
a Canterbury lamb 
but it is going out 
like the AU Blacks. 
As we prepare for the last leg 
of our adventure - back to the 
US - we have had some of the 
fiercest weather of the year. 

At Mount Butt, on New Zea- 
land’s South bland, we were 
caught in a ferocious had 
storm which arrived from 
nowhere and closed the moun- 
tain. 


Visibility was reduced to nil, 
ice bails blasted our faces and 
thunder roared above us as we 
tried to find our way back to 
the base lodge. The eight-mile 
drive down to the town of 
Methven was fraught roads to 
most NZ ski fields are unpaved 
and have hairpin bends and 
sheer drops without barriers. 

At Porter Heights, howling 
gales which peppered us with 
more ice balls shut the lifts 
one by one until the resort 
admitted defeat ami dosed. 

Ohau - New Zealand's 
smallest commercial ski area, 
although claiming the coun- 


try’s longest T-bar - also had 
to close for a day or so but tiie 
owners, Mike and Louise NeD- 
son, obligingly helped us ski 
with the aid of their snow cat. 
When that broke down, we 
walked up. Booked in for two 
nights, we stayed seven, skiing 
deep snow off the Ohau’s chal- 
lenging High Traverse when 
conditions allowed. 

With most ski fields in NZ 
dosing around us, Ohan, Por- 
ter Heights and Mount Hutt 
have all gone out of their way 
to keep the FT ski odyssey on 
track. Jenny and John Fair- 
brass, managers at the Alpine 


Lodge at Porter Heights - 
where we also spent seven 
nights instead of the two allot- 
ted - kept our morale high 
with piping hot meals, 
squeaky-clean accommodation 
and good conversation. 

Porter Heights, the closest 
commercial ski field to Christ- 
church, the Sooth Island’s big- 
gest town, has some of the 
best ungroomed terrain in the 
Canterbury ski fields. Big 
Mamma, a two-mile descent, is 
me of the longest and steepest 
off-piste runs In the country. 

Arnie Wilson 


i 


i 




XX WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 22/OCTOBI--R l0vU 


MOTORING AND SPORT 


I nsiders are inclined to 
dismiss the British 
International Motor 
Show, opening to the 
public today at the 
National Exhibition Centre 
□ear Birmingham as a re-run 
of the Paris Mondiale de 1' Au- 
tomobile (this column, October 
8 ). 

Inevitably, the Paris show 
up-staged the British event. 
All the 1995 models were 
there; even the UK’s new Jag- 
uar XJs and Range Rover 
made their world debut in 
Paris, not Birmingham, 
tbongh Toyota thought differ- 
ently and chose the UK show 
for the European unveiling of 
its Lexus LS400 and Celica 
Cabriolet. Which is only a 
reflection of how international 
the motor industry has 
become. 

In fact, most of the people 
who will crowd into the NEC 
for the next eight days will 
almost certainly be Midlanders 
and northerners. Southerners 
prefer the London Motor 
Show, held at Earl's Court 
Arena on alternate years to 
Birmingham. 

When the traditional annual 
motor show left London for 
Birmingham in 1978 and 
became biennial, the Earl's 
Court Motorfair was started to 
fill the gap. The Society of 
Motor Manufacturers and 
Traders, which has always ran 
tbe “official" show, disap- 
proved of Motorfair at first but 
soon adopted it. 

This year, the British Inter- 
national Motor Show has fol- 
lowed a lead given by the for- 
mer upstart Motorfair. For the 
first time in 91 years, visitors 


Motoring 


A public test of their metal 

Stuart Marshall visits the British International Motor Show in Birmingham 



The Fard-Volkswagon Galaxy could chaSenge the Espace’s domination of the multi-purpose vehicle market 


The Ludo, Renault's city car for the young, features sliding doors and runs on environmental-friendly LPG 


can actually buy thing s on the 
exhibition floor. No. not yet 
cars. But a wide range of 
accessories and components 
awaits buyers in a 55,000 sq ft 
retail pavilion. 

The show’s main value is 
that it gives Britons their first 
chance to see in the metal the 
cars they have so far only seen 
pictured. One is the light-alloy 
Audi A8 luxury saloon, offered 
as a 2.8-litre V6 with front- 
wheel drive, or as a 4.2-litre 


V8 with quattro transmission. 
Alfa Romeo’s highly individ- 
ual 145 hatchback is also 
there, although, sadly, not the 
toothsome new Spider. 

Main interest on the BMW 
stand centres on the 3-Series 
Compact, due to sell from 
£13,350 and set to take BMW 
into Ford Escort, VW Golf, 
Vauxhall Astra and Honda 
Civic territory. At the other 
extreme is the marque's flag- 
ship - the 5-litre, V12- 


engined, long- wheelbase ver- 
sion of the new 7-Series. 

CitroBn's Xantia-based 
Xanae concept car and the 
Ludo. Renault’s idea of a town 
car for the young and active, 
should not be missed. The 
Ludo has sliding doors and 
runs on liquid petroleum gas 
(LPG). Renault says it 
approaches the environmental 
cleanliness of an electric 
vehicle but can be refuelled in 
a couple of minutes and has a 


range of 250 miles (400kms). 
The Ludo’s automatic clutch 
will, incidentally, soon be 
available on tbe Clio. 

The multi-purpose vehicle 
<MPV) developed by PSA 
(Peugeot Citroen Group) and 
Fiat can be seen on all three 
companies’ stands. 

Ford's Galaxy MPV - 
another joint effort, this time 
with Volkswagen - also 
threatens to end the Renault 
Espace's long domination of 


the European MPV market 
For buyers who stick firmly 
to the tarmac, part of the 
attraction of on /off- road 4x4 
vehicles - like Land Rover's 
Discovery - is their elevated 
(Land Rover calls it “com- 
mand") driving position. Thus, 
their makers and importers 
will be watching keenly tbe 
market performance of the 
new breed of European MPVs 
- which also have high-np 
driving positions, plus lots of 


interior space and generally 
car-like ride and handling. 

For the time being, though, 
sales of the 4x4s are standing 
up well, even if prices for the 
poshest ones approach strato- 
spheric levels. 

Interestingly, Mitsubishi's 
stand at Birmingham features 
a 2.9-litre, turbo-diesel version 
of the five-door Shogun, due in 
the UK early next year at 
about £22,500. It is equipped 
less elaborately than the origi- 


nal but looks more elegant. 

Two other 4.\4s are well 
worth looking at. They are a 
prototype or a much better- 
looking. more powerful and 
easier to load Lada Nivu Cos- 
sack. due to go on sale next 
yean and the quaintly-named 
but most attractive Ssangyong 
Mussa. This rugged, 
four-wheel drive, five-door 
estate from Korea has a Mer- 
cedes-Benz five-cylinder diesel 
and will be on sale in Subaru 
and Isuzu dealerships in the 
spring. Prices are likely to be 
Tram £16,000 to £21,000. 

If you fancy an affordable 
sports car. do not miss the 
Vauxhall Tigra and the eye- 
catching new' Fiat Coupe. VK 
sales of the Tigra - with 
which I shall be dealing more 
fully next week - are less than 
a month away. The Fiat's Brit- 
ish launch is not until next 
vear but. if the Coupe is as 
well built and competitively 
priced as the Punto, it eould 
be worth waiting fur. 

Much further off is the mar- 
ket launch of Mercedes-Benz's 
small SLE sports car. being 
shown at Birmingham as a 
concept. It has a steel top that 
power-folds into the body. 

■ The show is open to the pub- 
lic from today until Sunday. 
October 30. from 9.30am until 
7pm (530pm on the final dap.L 
Admission is £$ (children and 
senior citizens £t); the NEC 
charges £5 for parking. The 
organisers recommend trace! 
liny by train to Birmingham 
International, which is in the 
middle of the exhibition com- 
plex. Combined rail and motor 
show tickets arc available from 
most stations. 


Football /Peter Aspden 

Clouds drift 
across the 
Italian game 


W hen Italian football 
first became avail- 
able to British tele- 
vision viewers, it 
was like a breath of 
fresh air sweeping through the rancid 
mediocrity of Britain's domestic 
game. 

Here was glamour, technical virtu- 
osity. passion without violence, and 
the pick of the world’s finest players 
strutting in front of capacity crowds 
in magnificent stadiums. Oh, and the 
sun always shone. 

It might be something of an exag- 
geration to say that the positions of 
these two giant footballing nations 
have reversed, but not much 
Today, it is considerably more diffi- 
cult to get a ticket to watch Newcas- 
tle United than Inter Milan, one is 
more likely to be stoned or bottled 
inside an Italian ground than virtu- 
ally any other in Europe and. if you 
were manager of a World XI about to 
face Mars. A] an Shearer and Andy 
Cole would figure more prominently 
in your thoughts as a twin spearhead 
attack than Gigi Casiraghi and Dan- 
iels Massaro. 

These are troubled times for the 
Italian football establishment. Last 
Sunday, three or the traditionally 
dominant powers in the game. Inter 
Milan. AC Milan and Juventus, all 
lost, the first time this had happened 
for no less than 28 years. 

None of them looks like being a 
main contender in this year's champi- 
onship. although Fabio CapeUo's AC 
Milan cannot be discounted so soon 
after their stunning 4-0 victory over 
Barcelona in last year's European 
Cup final. 

With Roma topping the table, and 
Parma, Lazio and Foggia snapping at 
their heels, a new order is threatening 
to take over, prompting the inevitable 
question: are standards levelling 
upwards or downwards? 

A look at the fortunes of Arrlgo 
Sacchi's national side provides telling 
evidence of the latter view. 

It may seem strange that a side that 
managed to reach the World Cup final 
and only lost on penalties to the best 
footballing nation on earth should, 
just a Tew months later, be in the 
throes of a crisis; but the cries for 


Sacchi’s removal are getting ever 
stronger, and his plea for patience, 
after three years at the helm, is begin- 
ning to look a little desperate. 

A fortunate draw against Slovenia, 
followed by a none- too-convincing vic- 
tory over Estonia, was not the ideal 
start to Italy's campaign to qualify for 
the 1996 European Championship in 
England; and next month Sacchi’s 
side laces a confident Croatian team 
which can call on Lazio's in-form 
Alen Boksic and AC Milan's Zvonimir 
Boban for inspiration. 

In truth, Italy's World Cup adven- 
ture, which relied entirely on Roberto 
Baggio's flashes of brilliance and 
some very stubborn defending, hugely 
Battered the quality of their football 

Where was the class and creativity 
in midfield for which the great Italian 
sides were famous? 

Nicola Berti, Dino Baggio and 
Demetrio Albertini, ail fine box-to-box 
foragers, would not have looked out of 
place in a Graham Taylor side, while 
the two most exciting members of 
Sacchi's squad, Gianfranco Zola and 
Beppe Signori, were unable to win 
regular places in his line-up. 

That they are still not automatic 
selections is an illustration of Sacchi's 
confused tactical thinking, as is his 
persistence with the ponderous Casir- 
aghi, who has been warming the 
bench at Lazio for most of the last 
year. 

It is hard to imagine him even 
being considered for a place in 
England's current squad, such is the 
embarrassment of riches available to 
Terry Venables in attack. 

As for Roberto Baggio, a moody and 
sensitive player at the best of times, 
he is still struggling to shake off the 
niggling injuries which were so appar- 
ent in his remarkable performances in 
the US. 

His cause is hardly being advanced 
by playing for a stale Juventus side 
which has plumbed new depths of 
tedium in its opening to the season. 

Alongside Baggio is Gianluca Vialli, 
who might be said to be the living 
metaphor of the torpor afflicting the 
nation's football. 

Once the golden boy of Sampdoria 
and the effervescent national side 
assembled so skilfully by Azeglio 



Roberto Baggio’s struggle to regain ‘ 


i after the World Cup mirrors the Serie A malaise 


Vidni, Vialli, slowed by injuries and 
painfolly lacking in self-confidence. Is 
beginning to wear the haunted look of 
one who knows his best days are long 
past 

He bas once more shaved his head 
in a vain effort to Induce an illusion 


of sleekness, but he looks - and occa- 
sionally plays - more ltke Marlon 
Brando's renegade Colonel Kurtz at 
the end of Apocalypse Now. 

Tbe sight of Vialli and his even 
more statuesque team-mate, F&brizio 
Ravanelli, labouring up front for this 


most famous of teams in world root- 
ball, before a half-full Stadio delle 
Alpi on a foggy, Turinese afternoon is 
not what we have come to expect at 
all 

Who will bring the sunshine back to 
Italian football? 


Continued from Page I 

when he was dismissed as For- 
eign secretary in July 1989, in 
the reshuffle that followed 
Geoffrey's and my joint 
demarche on the eve of the 
Madrid EC summit The draft 
resignation letter he then 
wrote, published in this book, 
gave as his reason for resign- 
ing partly the prime minister's 
“lack of confidence in our con- 
tinuing partnership" (particu- 
larly over Europe) and partly 
(shades of the earlier Heseltine 
resignation) “my own develop- 
ing anxiety at the way in 
which decisions are taken in 
the government." 

Thereafter, be continued to 
brood about resignation, par- 
ticularly after my resignation 
in October that year. But still, 
he would, stillnot, I believe, 
have taken that fateful step, 
which was to prove the final 
nail in Thatcher's political cof- 
fin, had she not persisted, in 
behaving with reckless dlsre- 


The Howe memoirs 


gard for his position and opin- 
ions. 

When Howe did eventually 
resign, there was initially some 
dispute as to what the issue 
between him and Thatcher 
really was. This uncertainty 
can be attributed largely to the 
lack of frankness in the treat- 
ment of the European issue in 
their exchange of letters. 

When Geoffrey wrote in his 
formal letter of resignation 
that “I am not a Euro-idealist 
or federalist", he may or may 
not have portrayed his true 
position. When she replied 
that "We want to play a lead- 
ing part in Europe and to be 
part of the further political, 
economic and monetary devel- 
opment of the European Com- 
munity. We have always been 
the party of Europe, and will 
continue to be so,” she was cer- 


tainly not portraying hers. In 
retrospect, it might have been 
better if their differences on 
the issue of Europe had been 
properly thrashed out within 
the government 
The question, essentially, is 
whether, as the great bulk of 
the Conservative Party and 
indeed the people of this coun- 
try would hope, there is a via- 
ble and attainable constitution 
of Europe that falls short of 
full federal union - and. If so. 
how best to achieve it. That 
has always been the question. I 
remember having a heated 
argument with Hugh Galtskell, 
not long before his death in 
1963. in which he defended his 
vehement opposition, as leader 
of the Labour Party, to 
Britain's membership of what 
was then known as the Com- 
mon Market, on the grounds 


that there was no conceivable 
half-way house. 

There is no doubt that any 
British government has an 
excruciatingly difficult hand to 
play. But the present prime 
m i n ister could have made his 
task significantly less difficult 
if he had taken two comple- 
mentary initiatives. 

The first is to undertake 
that, if in the future (and it 
clearly could not in practice 
come during the lifetime of the 
present Parliament), the gov- 
ernment were to conclude that 
tbe pound sterling should be 
abandoned in favour or a single 
European currency, the ques- 
tion would be so momentous 
tbat it would first bo put to the 
nation in a referendum. 

The second initiative would 
be to support the growing 
interest, especially in Ger- 


many. for the adoption of a for- 
mal written constitution for 
what is now the European 
Union. This should state 
clearly which powers are 
reserved for the union, with 
everything else remaining with 
the still sovereign member 
states. Since part of the 
essence of a constitution is 
that it must be very difficult 
indeed to change, this should 
help end the fear that we are 
on an unstoppable federal cen- 
tralising) express. 

Perhaps it is still just not too 
late for those two common- 
sense moves to be ta k e n . 

If 1 have one regret about 
this important book, it applies 
equally to Thatcher's own 
memoirs. It is sad that most 
political careers end in disap- 
pointment, or worse, however 


meat may have been; and 
memoirs written (as they must 
be) at the end tend to be exces- 
sively coloured by that disap- 
pointment - as indeed the very 
title of this book bears witness. 

Yet the truth is that the 
Thatcher era, in which Howe 
played a crucial role, was a 
remarkable decade: an age of 
reform, an age of optimism, 
and an age of achievement If 
there has been a fundamental 
change for the better in the 
centre of gravity of politics in 
Britain, and the election of 
Tony Blair as Leader of the 
Labour party suggests that 
there may have been, it is the 
decisive break tbat was made 
In 1979. and pursued with 
unflagging resolution and 
remarkable success throughout 
the 1980s, that has brought it 
about 

■ Nigel Lawson's own mem- 
oirs. The View from No 11 - 
Memoirs of a Tory Radical, are 
published by Corgi Books at 
£d.$9. 


Tennis/ John Barrett 

Born to be 
partners 


A spirited win in this 
week's Marlboro 
Championships in 
Hong Kong by 
Byron and Wayne Black over 
world No 1 Pete Sampras and 
fellow American Todd Martin, 
ranked nine, took me back to a 
day in the mid-1950s. 

The Black brothers' father. 
Rhodesia's lending Davis Cup 
player Don Black, bad put up 
with my inadequacies as a 
partner on tbe day in question 
to steer us to victory in the 
British Covered Court Champi- 
onships at Queen's Club. 

They were carefree days as 
we made our impecunious way 
around the world following the 
sun. Then, after getting the 
wanderlust out of our systems, 
and accepting that we would 
□ever win Wimbledon, we 
returned to the real world to 
make our livings and raise our 
families. 

Don Black went home to 
Rhodesia and shrewdly 
invested his modest savings in 
a piece of rich farmland in 
Mandara. 10 miles from the 
centre of Salisbury. 

He built a couple of grass 
tennis courts so that he could 
maintain his links with the 
game as captain of the Rhode- 
sian Davis Cup team. 

In 1965 Don married Velia 
Williams, from South Africa, 
whom he had met at a party 
after she returned from a short 
spell as a dancer on the Lon- 
don stage. 

Byron was born in 1969, 
Wayne four years later, and 
both boys inherited their par- 
ents' athleticism. Almost 
before they could walk Don 
had put short, sawn-off rackets 
into their hands and they vir- 
tually grew up on the tennis 
court. 

On November 11 1965, a few 
months after Don and Velia 's 
marriage, prime minister lan 
Smith declared UDI and gradu- 
ally the sanctions that were 
imposed began to bite. 

Velia said; “Our business 
was ruined. Don had to turn to 
coaching to make ends meet ft 
was a nightmare. Then came 
war with all its hardships." 

After Robert Mugabe became 
prime minister of the new Zim- 
babwe in 1980. Don built three 
more grass courts, plus a hard 
court, and developed his coach- 
ing business. 

Meanwhile, Byron's career 
was taking off. He was consid- 
ered the best junior in Zim- 
babwe with an unusual double- 
handed style on both wings. "It 
was just natural. Dad never 


The World's Finest Men's 
Underwear. 



tried to change me. he just 
motivated and encouraged 
me," he said. 

At 15, Byron won the All 
Africa Championships in the 
Cote d'Ivoire. This earned him 
a place on one of the new 
squads for promising juniors 
set up by the international 
Tennis Federation with help 
from the Grand Slam Develop- 
ment Fund, which is financed 
by a S2m annual contribution 
made by the Compaq Grand 
Slam Cup. 

Wayne and his 15-year-old 
sister Cara, have enjoyed help 
from this scheme. 

Byron's French Open dou- 
bles victory this year with 
American Jonathan Stark lias 
lifted him to a world doubles 
ranking of No 4. "It was a tre- 
mendous thrill, second only to 
my win over Ivan Lendl at 
Queen's last year. That showed 
me that I could live with these 
guys." 

For Don and Velia their 
proudest moment was in 1986 
when Byron, aged 17, had beat 
the experienced Nigerian Tour 
player, N'duka Odizor. in a 
Davis Cup tie in Harare. The 
crowd went wild and before 
the Nigerian team departed its 
manager, Jacob Akendele. left 
an envelope for Byron with 
instructions for it not to be 
opened until they had left. 

Inside were a few hundred 
dollars and a note which said: 
“There are only three great 
players in the world - Borg, 
Becker and Black. This is to 
help you buy your first string- 
ing machine. Good luck." 

Byron and Wayne have 
avoided injury and since 1993 
have formed the Zimbabwean 
Davis Cup team, something 
few brothers have achieved: 
David and John Lloyd were 
members of the UK team that 
reached the final in 1978, while 
Vijay and Anand Amritraj did 
the same for India in 1987. 

But only one pair of siblings 
has appeared in winning Davis 
Cup teams - the Doherty 
brothers, Reggie and Laurie, 
who achieved four successes 
for the UK between 1903 and 
1906. 

The dream for Don and Velia 
Black is that, one day, tlieir 
boys might become the second. 


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Jackson. 

11*0 The Last Word. New series. Debate 
from a female perspective, chaired 
by Germaine Greer, who Is joined by 
regular guests Janet Street-Porter, 
Anne LesMo and Suzanne Moors. 

11*8 Snooker: Skoda (fend Prix. The 
doting frames of the second sarre- 
finel in Derby. 

12*8 Gott The SofieJm Cty. 

Second-day highlights from The 
Greenbrier, West Virginia. 

1*8 Fast Forward. 

1.18 (GUT) Close. 


SATURDAY 


LWT 


BjOD GMTV- 225 Where Up Doc7 1140 The nv 
Chart Show, 12J0pm The Ufflest Hobo. 

1*0 rTN News; Weather. 

1.08 London Today; Weather. 

1.10 Movies, Games and Video*. 

Reviews of now comedy Airheads, 

storing Brendan Fraser, and legal 
eframa The (Sent, which teams 
Susan Sarandon with Tommy Lae 
Jones. 

1*0 WCW Worldwide WrastUng. 

2*0 Stint’s Soccer SWIto. West Hm 
footbefler Tony Qottee and Spun 
star Jurgen Kttamam pass on 
tricks of the trade. 

2*0 LHa Goes On. 

8*8 Buriw’s Low. 

4*8 fTN News and Results; W eat l wi . 

BuOB London TcWg^it and Sport 
Weather. 

5*0 Baywatch. Part two. Hobte, Rflay 

and Jackie fight for their fives follow- 
ing the earthquake, write Matt and 
Mttch sot up a daring rescue opera- 
tion. David Hasssffioff stars. 


8.10 FamSy Fortunes. The Jaggers from 
Essex by to outdo the Foster famfly 
from Scunthorpe, hoping to bag the 
£3,000 jackpot and a toavy saloon 
car. 

8*0 mi New*; Weather. 

8*6 London Weather. 

SUM An Audience with Jfcnmy Tarbuck. 
The LfvarpudBan comedian enter- 
tains aai audience of showbiz peere 
with comic anecdotes about hb Ufa 
and career, and a rare musical ses- 
sion alongside Hank Marvin. 

10*0 FBm: SBance of the Lambs. 

Premtera, Oscar-winning thriller, 
starring Jodfe Foster as an FBI 
agent who artists the help of an 
imprisoned psychopath (Anthony 
Hopktes) to track down a brutal 
serial kflfor (1990). 

12.15 FBm: The CaMbnte KkL A sheriff 
with a habit of muttering spearing 
motoris ts te forced Into a car duel 
with the brother of one of hia vic- 
tims. ThriBer, with Martin Sheen 
(TVM 1974). 

1*6 Love and War; ITN News Haad- 
Bn o e. 

1*8 (GMT) The Beat of The Restaurant 
Show. 

2*8 Tour of Duty. 

8*0 The Big E; fTN News lhiadiiiee 

8*6 European HbM-M Pool Masters. 

4*8 BPM. 


CHANNEL4 


KjOB 4-Tal On Vtew. 633 Early Morning. 043 Bate. 

1100 Gazette Footed ttafla 1Z00 Sign Or Daef 

Worid. ISSJOpm The (teat Mamma. (EnoBsh 

m- 

1*0 FBm: Showboat Musical charting 
the fries and loves of pertorme re on 
a Msstosippl paddle-steamer. Kath- 
ryn Grayson, Ava Gardner and 
Howard Kati star (1951). 

3*0 Racing from Doncaster. Coverage 
of the 3.10 Levy Board Nursery 
Handicap. 3.40 Racing Post Trophy. 
4.15 Doncaster Stakes, and the 4*5 
Ladbroke Handicap Stores. 

fluOB* Pflypiqflflft, 

6*0 Right to Reply. Roger Bolton pres- 
ents viewers' opinions about TV. 

7*0 A Week In PoBtic*. New series. 
Informed lock at the currant poGficd 
c&mate In Britain as the parties 
return to Westminster after their 
annual conferences. With Vtocent 
Hama and Andrew Rawnsley. 

8*0 For Lava or Money. Nicholas Word- 
Jadcson reports on the controvereU 
Getty Museum, the world's wealthi- 
est art institution, which recently hit 
the headlines when It attempted to 
purchase The Three Graces status. 
Plus, a preview of the biggest scrip- 
ture sale in yeara end a celebration 
of magic lanterns and other fbretun- 
nere of the cinema. 

0*0 Brides of Christ. The arrival of a 
mala convert causes a few 
starry-eyed glances among the sis- 
ters. 

10*6 Rory Bremn en Who By? S atirical 
comedy and Impersonations. 

10*6 FBm: The Voyage. Argentine drama 
charting a man's surreal Journey 
across Latbi America In search of 
his father. Directed by Fernando 
Soianas and starring Walter Quiroz. 
Sdedad Alfaro, Ricardo Bards and 
Christina Becerra. Part of the Cin- 
ema Cinema season (1881). (English 
subtitles). 

1.10 Late Licence. 

1*0 Herman’s Head. 

1*5 Let the Blood Run Free. 

1*6 (GMT) Wax on Wheels. 

2.10 This is David Harper. 

2*6 Packing Them In. 

3*6 CiosaL 


REGIONS 


nv MBM6M Lemon EXCEPT AT THE 

POUJOHMW T—lL 

ANGLIA! 

1230 Modes. Games and Videos, 1*5 Angfis 
News. 1.10 Mgo! MaraaTS btyCra *84. 1*0 Rob- 
bery. (1867) 346 Knight Rider. 5*5 Angfio News 
and Span 8*5 AngDs Wetfhar. 

BOROWb 

12-30 Motes, Gamas and Videos. 1*5 Border 
News, 1.10 Mgei Mensefl's hdyCar -94. 1*0 
Supmtsn of Wresting. 236 The A-Toom. 330 
Cover Orta. (1VM 1077) 636 Border Norn and 
Weather 5.16 Border Spans Resute. 

tm ni ii ■ 

1230 America's Top 10. LOS Central News UD 
Up Top TV. 1*0 Modes. Semes rod Videos. 210 
Trio Fan Guy. 3,10 SyQuest DSV. 4M WCW 
WOriMda IVmaHna SMS Central News 5.10 T?w 
Central Match - Goals Extra. 866 Local Weather. 


11JS6 COPS. 1200 The (TV Chari Show. IjOE 
Channel Diary. 1.10 Yestenta/s Haroaa. 1*0 Safi 
tea World. 210 Haretea in Naw York. 0970) 3*0 

Knight Rider. 636 Channel News, s,to Men's 
FlaQoa. 6.16 Cartoon Time. 

ruuuapuM: 

1230 Spots. LOS Grampian Hearfinas. 1.10 Tele- 
flos. 1*0 Dl ea na n tonnhals. 210 Donnie Msdo. 
235 Rockaport. 256 Yaeterdo/a Heroes. 336 
Mgef ManseTa tnchrCw *94. 353 Suparatara ef 
Wtesting. &06 Gnuipisn Haartinas, &10 Grampian 

Nows Retew. 5.18 Pofice News. &0B Grampian 

WSattar. 

QnuuBL 

1230 Motes, Gomes and Videos, ija Granada 
News 1.10 Mgai ManeaTs IndyCor tM. 1*0 8upar- 
stara of Wteatfiig. 235 The A-Team. 220 Cowar 
QMa. (TVM 1077) 300 Grenada News 306 Gran- 
ada Goats Extra. 

Kite 

1230 The Munatare Today. 1*6 HIV News. L10 
Baal; of BrWoh Meter Sport. 1*0 Mpel Mansers 
IndyCw '94. 210 Cartoon Time. 220 Motes. 
Gamas and Vklaos. 260 The A-Taam. 345 Knktffl 
Rider. 5*5 HTV Nows and Sport 8*5 HTV 
Weatesr. 

HTV Wain i as HTV axoaptx 

1230 Tlw Gen. 

11*0 COPS. 1200 The fTV Chat Shear. 1*6 
MerkSan Nana. L10 Yesterday's tensae. 1*0 SM 
the World. 210 Hercules in New York, (f07Q 3*0 
Knight Rider. 5*5 Meridian Nam. 218 Cartoon 
Time. 

SCOTTISH: 

1230 Extra Time. 1*5 Scotland Today. L10 Faith, 
Hope and OMaratty. 1*0 TeJefloa. 210 Freeze 
Frame. (1B89] 3*0 Sons and DaughKn. 4.10 Tata 
Your Pick. 4*0 Cartoon Time. 5*5 Scotland Today 
Bj55 ScoOMt Waathar. 

Tmim 

1230 Motes, Gamae and VUeos. 1*5 Tyne Tew 
News. L10 The FM Guy. 205 Two end Two Make 
Six. Cl Ml) 3*5 KHtfX Hkier. 5*5 Tyna Tew 
SMuntoy 


1230 Movies. Gamas and Videos. 1*5 Wssuouv- 
try News. 1.10 Mgel MansaTa moyCar m, 1*0 
(ten of tea Tknberiand. (1060) 230 Cartoon lira. 
3*5 Eknarii 4.15 The MouSste He Show. 
305 Wwtoounfty News 8*5 Wlse io eii n t i y W i a tha c 


1230 Motes, Games and Vldaoe. 1*5 Calendar 
News. 1.10 The Fafl Guy. 206 TWo and TWo Mato 
Six. (1961) 3*5 Knight War. 5*6 Ctondsr tows. 
5.10 ScoraBna. 




SUNDAY 



j BBC1 j 

H BBC2 

| LWT | 

K CHANNEL4 | 

1 REGIONS | 


7*5 The Man from UJLCJ-E. 216 Breakfast ten 

FroeL 215 DecWona. 230 TNa Is the Day. 1000 

Sw Herat 1030 French Expartance. 10*5 Ewy 

Money. 11*0 The 11th Hour. 

12*0 CouibyFte. 

1228 Weather for the Week Ahead; 
News. 

1280 On the Record. 

1*0 Eastendore. 

2*0 The Story of Snow White- Tha hte- 
tory of the clastic Disney anfcnation, 
wWcfi was flnafly reloaaed this week 
on video. 

8*0 Junior Masterchet Shaun HE and 
KBra Maylees fudge the cuinary 
efforts of contestants from East Sua- 
sax, Bushey and Ugh Wycombe In 
the first aemMInaL 

8*0 The Queen fci Russia. Coverage of 
this week's historic visit, the first 
time a reigning British monarch has 
set foot on Russian soil 

236 Motor Show 84. Coverage trom the 
National Exhibition Centra in Bir- 
mingham, featuring the new Aston 
Martin DB7 and Catartwm C21. 

8*8 71m Ctothee Show. Revtows of 
some of Europe's top catwalk 
shows, including British Designer of 
the Year John Gatitontf a in Paris. 

6*5 News. 

6*8 Songs of Pratae. 

7*0 CHUren In NwKfc The Recipe for 
Success. Jane Asher exwntneB how 
the charity to organtoed. 

7.10 Lovejay. Hie antiques deafer com- 
petes with hb oW mentor to get 

hold of a priceless 18th centuy 
Samurai sword stolen from a ruth- 
less busfnessman's house. 

8*0 Lasted the Sommer Wine. 

0*0 Btrde of a Feather. 

200 Seaforth. Bob dfeappoara in pursuit 
of an escaped German officer, and 
to reported kmad in action after a 
decomposing body Is found wearing 
hb inform. 

0*0 New* and Weather. 

10*8 Wax Meets Madoma. 

10*6 Heart of the Wetter, investigation 
into whether the Church's views on 
homosexuality and aduttery should 
be rethought 

11.10 tntemationti Dancing. 

11*0 The DaOiarate Stranger. First of a 
two-part true-fffe drama based on 
the manhunt for Tad Bundy, one. of 
America's most notorious serial us- 
ers. Mark Harmon stare. 

1*0 Weather. 


7*0 Tates of tha Tooth Ftiriw. 7*5 Bump. 7*0 
Animal Worid. 7*0 Btoky BE. 215 Ptaydays. 235 
Moomin. 200 The Busy World of Hchnd Scarry. 
220 Bfisa. 8*0 Conan the Adventurer. 10*5 Tbna- 
Buttars. 10*0 Grenga HB. 10*5 The Lagand of 
Prfcice VatorL 11*0 Bay CRy. 11*5 The O Zona. 
1200 Quantum Leap. 1245pm Snowy Rteor Tha 
Molfeigor Saga. 

1*0 Around Wastmtaster. 

200 Sunday Grandstand. Introduced by 
Sue Barter. Snooker The opening 
frames of the Skoda &andjMx . 
Final from Derby. Women’s Tennis: 
The final of the Brighton Intema- 
tionaL Subsequent progremnws may 
run tote. 

218 Rugby SpeclaL HighflghtB of Bath v 
Lticastar from the Raneation 
Ground, the duh between nawty 
promoted Sale and West Hartlepool, 
and CartfilT v South Africa at the 
AimsPraK 

218 One Man and Ms Dog. Abattoir 
MacRae takes on Simon Moasa to 
the tingles, white Derek Scrimgeour 
competes agadnst John atfltth in 
the brace sabtion of the tint semi- 
flnaL 

7*0 The Manny Profpanana America's 
mtdtt-bfiHon doOtr cigarette Industry 
is coming under Increasing fire as its 
products ere banned from more and 
mare puHc places. Stave Annatt 
Investigates whether the tobaoco 
tfteits, already mired ki a damping 
price war, wffl be elite to overcome 
these threats to their profltab fl fty. 

7*0 Tin Carta tha Star. Quentin WBtaon 
goes tar a spin in the Citroen DS, 
which swept iho French off their fact 
when it wes Introduced In 1855, and 
continues to enjoy Immense popu- 
larity on both tides of the Channel. 

200 Bathe of Wfes. Light-hearted over- 
view of tha long-runntog debate 
about who really wrote Shake- 
speare’* plays. Part of the Bard on 
the Bax season. 

8*0 Strings, Bows and D afew a . Par- 
custion group British Ensemble 
Bash performs American composer 
John Cage's Third Construction. 

200 Monty Python** Hying Ctroua. 

8*0 Srwoter arto International GoK 
Snooker The final frames of tWs 
yew's Skoda Grand Prbc Golf: The 
Solheim Cup - Nghtighta of the ID 
flnaMay tinges on the Greertxtsr 
Championship come In West Vir- 
ginia. 

1280 Ffew VkXance: The Last Resort. 

Award-winn i ng German drama, star- 
ring Jurgen Vogel (1993). (PngBsh 
sttotitiee). 

200 dOM. 


200 GMTV. 5*0 The Disney CMx Hi15 Unk. 

1030 Sundey Msrtere. 11*0 Morning Wmhlp. 

1200 Smday Mattes. 1230pm CroutoBc London 

Weather. 

1*0 ITN News; Weather. 

1.10 Walden. Shadow Cabinet member 
David 8 tu*ett cfiscusses what he 
thinks should replace Ctause 4 of 
Labors constitution. 

200 COPS. 

286 Sefcrtta Soccer SkB*. tan St John 
and guests Tony Coitae and Jwgen 
Kfewmam present soccer tips for 
youngsters. 

240 Sunday Match. Portsmouth v 

Mddesbrough. Jim Rosenthal pree- 
ents fell coverage of toe First Divi- 
sion match from Fratton Park. 

218 Father Dow ti ng h we sUu ete a . The 
tefigiouB efauth grts caught up fri a 
top security Investigation whan a 
member of hb parish to accused of 
stealng confiden tia l document s. 

210 London Tonight; Weather. 

6*0 ITN News; Weather. 

2*0 ScholMdta Quest. PWWp and hta 
team of aco fnvestigatore expiora 
Britain's most haunted vfltoge and 
Investigate pollution on English 

1 1 ■ re nil «aa 

Doacnea. 

7*0 Heartbeat Nick and Kate fawastf- 
gtee a suspicious daato at a hunt 
meeting. wMa Greengrase to drawn 
into tha muricy worid of cock flirt- 
ing. hfick Bony stare. 

6*0 Youtaa Been FramecB 

6*0 London’s Burning. Blue Watch 
makes use of Haltamta speclateed 
training to teckia a blaze aboted the 
Woolwich Feny, while Kevin and 
Salyta retationehlp reaches ertoto 
ootoL 

10*0 Hale and Pace. 

10*0 ITN News; Weather. 

10 Iff London Weather. 

1246 Tha South Bar* Show. Tribute to 
ptantat George Shearing, who was 
bom bind but overcame his (SsabB- 
tty to become one of the world's 
junfrint JnTT uTiHii TVffti contribu- 
tions trom Cteo Lalne, Johnny Dank- 
worth end Stephana Grappefl. 

11*6 You’re Booked! Book reviews and 
gossip, presented by James Whaie 
and Eve Pollard. 

1216 Cue the Music. 

1.16 Married - With Children. 

1*8 Get Stuffed: ITN News Headtoes. 

1*0 ram: Country QoUL Drama, with 
Lori Anderson (TVM 1982). 

8*8 Get Stuffed; ITN News H aacBn ee 

8*0 Ftorr FM Steps. True-fife drama, 
stoning Judd HBrech (TVM 1985). 

6*6 Get Stuffed. 


RADIO 


6*0 BUZ. 7.10 Early Marring. 10*0 Damfe. 1215 
Saved by tha BaO. u*5 RauNda. 11*5 LBtie 
House an 5 m Pralria. 1245 pm The Humble Bea. 

1.18 Faothal Ihdo. Reigning chsmpiom 
AC Mian take on Sampdoria In a 
top Serie A dash. 

3*0 Ri» Dentist on the Job. Two 
newrty qualified dentists unwftlingiy 
get involved In the Invention and 
promot io n of a new toothpaste. Brit-, 
tah farce, starting Bob Monkhouse 
(1981). 

210 Belfast Lessons. Rnal completion 
of reports from Hazelwood Coflega. 

6*0 FBm: Batlla for the Planet of the 
Apes. Intefflgent chfrnpa, warflee 
goritae and human mutants struggle 
for control of a past-apocalyptic 
Earth. SF a dvent ure, starring Roddy 
McDowaJ! (1973). 

7*0 Equinox. Insight Into tha Ovas of 
sailora, Marines and pilots serving 
on board aircraft carrier USS Theo- 
dore Roosevelt The film Inflows the 
sNp into the Rad Sea as It supports 
the LIS attacks on Baghdad, then 
safe with it through the Suez Canal 
and across the Madtsrranaan, 
where the ak crews fry combat 
patrota over Bosnia. 

8*0 Beyond the Clouds. Teacher Lu 
returns to find hta students have 
failed their exams and immedtataly 
sets about knocking thorn back Into 
shape. (English subtitles). ' 

9*0 Fferc Hollywood Cowboy. Affec- 
tionate portrait of 1930s movie-mak- 
ing, starring Jeff Bridges as an 
aspiring Western writer who 
becomes a stunt man with a low- 
budget film company (1975). 

10*6 Lovers on Trial. The story of 

Marie-Louise Gosaefs flMated affair 
with Christian r e mand ez, which 
ended with them atandne trial for 
the murder of her common-taw hus- 
band. 

1240 Ffcrc A Song for Beko. Drama 

chronicflng a young man's desperate 
search for hto brother during tha 
dotting stages of toe ban-lraq war. 
Mzamettin Aric stars (1992). (Englsh 
subtitles}. 

2*0 Ctoaa. 


AS LONDON EXC0T AT TH 6 


sum u. 

1230 Bodyworks. 125S Angla News. 200 Father 
Dowfhg Inwatigaue. 265 KUt-OIR 5*5 CMoon 
Tina. 4*0 Tlw QueeL (1978) 5*5 HoMoom. 215 
Angla Nen on Suiday 1040 Aitfa WMhar. 
11*5 SbeetLagoL 

Bomb 

1230 Gardenin' Diary. 1255 Border News. 200 
Scaaport US Hot MOieeto. 3*5 The Anting Mr 
Btuvfen. (1372) 5*5 Oorowdon Street. B2S Bor- 
Her Naan. 11*5 Meaner: Cel Block H. 

ftUHAI - 

1230 Central Newsweek. 1255 Cenfrel News 200 
Him 230 The Oantm Match - Uva. 4*6 Gar- 
dening Time. 5*0 Rta You- Shout 5*5 Ht the 
Towa 225 CemrN Naan 1040 Central Whether. 
11*5 Prisoner Cal Block H. 

CHAWODL: 

1230 Reltoctkina. 1235 RerefcorVbua Dbnanche. 
1250 TetajomaL 2*0 CWtoon Time. 210 The PSer. 
236 The LWnge. 240 The Mertdm Match - Live. 
SJtS noun. 5*5 The Vtotgo. 525 Charnel 
News. 11*0 The Pier. 

O W A b N O A H. 

11*0 Sundey Service. 11*6 Man, 1230 Garden- 
era" Diary. 1255 Grampian HeadBnae. 200 Scot- 
sport. 215 The Mountain Bta Show. 3*5 HJgtwny 
to Heaven. 4*0 The River. 455 Pick a Number. 
5*5 Movies. Gome end Videos. 530 The Busl- 
nasa Gaia 225 Grampian I leed l nee. 5*5 ftamp- 
ton Weedier. 10*0 Gramplsn Weather. 11*5 
Prisoner Cel Hock H. 

QRANAOAi 

1225 Ctose to fee Edge. 1255 Granada News 200 
Hot Wheels. 230 Tha Long Ships. (1884) 48) Bma 
Bunny. 5*0 Dancy's The Uon King Fftn Prantiera 
5*0 Coronodon Sheet 0*6 Granada News 11*5 
Prisoner Cefl Block H. 

KTlrt 

122 s The Wrap. 1235 HTV News. 2*0 United 
EdHon. 230 MOhnek. 3*0 The West Match. 3*0 
The Greet nafcmn Adventure. (1970) 210 Cartoon 
Tima 525 Oounfry WtoKh. 5*5 Up Rond 0*5 HTV 
Neva. 10 *0 HTV Weather. 

12*0 Seven Days. 12*0 Markfan News. 2*0 
Cartoon Time. 210 The Ptar. 2*5 The Listings. 
2*0 The Merftfoi Match - Uva. 525 Dtoosawa. 
205 The VOage. 0*5 Mwkfan News. 11*5 The 
Pier. 

11*0 Smday Servfca. 11*6 Bkon. 1230 Scotland 
Today. 1236 Stoorfe 200 Scotsport. 3.15 The 
Uvtnp DaySghts. (1967) 230 Knitya Rider. 225 
Scotland Today 10*0 Scottish Weetiwr. 10*5 
Don't Look Down. 11*0 The South Bank Show. 
TINItt 

12*8 Newsweek. 1235 Tyne Toes News. 3*0 The 
Munatara Todsy. 230 Tyne Taee Match - Live. 205 
Dtnoaajra. 230 Anhnri Country. 8*0 Tyne Toes 
Weekend. 11*5 The Powers That Be. 


12*0 Weetcomtry Update. 12*5 West country 
News. 200 Hot Wheris. 230 VM. 3*0 The Amaa- 
ing Captain Nemo. (107Q 430 WeMcautty Cam- 
eoe. 5*0 Btoomlng ManraOous. 230 Father 
Dowfrig kwaedgraaa. 6*5 Waatcounhy News 10*0 
Waste ountry W eether. 11*5 Prisoner; Gel Blocfc H. 

12*9 Nek About 1230 Cakmder News. 2*0 Hkft- 
way to Heaven. 255 The Swiss Femfy Robinson. 
(I960) 206 Dlnoeaus. 5*0 Animal Couriiy. 5*0 
Calandar News and Weather 10*0 Load Weath er . 
11*5 The Powers 7hat Be. 


SATURDAY 


SUNDAY 


BBC RADIO 2 

200 Sritoa Brat*. 8*6 Brian 
Matthew- 10*0 Jutfi 8ptara. 

12*0 Hayee on Sraurtfey. 1*0 
Tha Newt HuddOnes. 200 
Martki Kelrar on Saturday. 4*0 
Me* Barractough. 200 Going 
Baek - The Dusty Springfield 
Story. 200 Crrmon end BNTa 
Gcrapel Show. 7*0 The Dokton 
Daya of Radto. 7*0 Antal's 
Rainbow. 10*0 Sheridan. 
Matey. 12*6 Ronnie KUtoa 
1236 Adrien Ftnlgtyjn. 3*0 
(QMT) &*Ha Beret. 

BBC RADIO 9 

220 Open IfeivenDy: VIPs. 

255 Weather. 7*0 Record 
Review Augusta Hcfrms, 

Moran, Ativan. Peleatrina. 
Saint-Saene. 200 Bufidtog a 

Ubraiy. Bachfe Four Orchastrel 
States, by Graham Sadter. 

1215 Raeotri RNaasa Morales. 
4noTL AndriMMn, Matefeen. 

1290 Spirit of tito Age. 1*0 

ftole Play. 1*8 Harwnoo 

Quftar. 1*8 Vintage YWre 856 
Lh» from Covert Garden. Ac* 
One of Wagneita Dto |VBfe» 
Sj 05 Must MsttereTherOle of 
lha notary band. SAJ Pa 
WWtan. Aos Tteo and Three. 
9*0 Short Stoty: The Ree 
Radkt. 8y Salman Ruvhrfc. 

0*0 Brahms. 1210 The 
Sdvteobrag Quertara. 11*0 
i nmi fen kw- FtatiN 3 *an 
Joseph (Jfeeuaees his Wigmora 
HM eerie*- 1 M 0 does. 

BBC RADIO 4 

200 News- 


210 Farming Today. 

030 Prayer for the Day. 

7*0 Tpday. Round-up of the 
Waal new*. 

200 News. 

9*5 Sport on 4 
230 Breakaway. 

10*0 Loom End*. 

11*0 The Week to 

Wtetmlrater. 

11*0 Flm Our Own 
Corespondent. 

1200 Money Bert Financial 
acMce. 

1295 The News Qtaz. 

1*0 News. 

1.10 Any QuaetlonsT 
200 Any Anewsra? 071-580 

4444 Uttenora' comments. 

2*0 pteyhex»« My Coirin 

Hadiil. By Dophne du Mauler. 
4*0 Thaf a Htatocy. 

4*0 Setanca Now. 
200 F 8 eon 4 
G* 0 AShntHtatoiy offfw 

Lettuce. Bizarre dietary advtc* 

200 New* end Sports. 

6*5 Week Endbig. 

2® Poetcardfrom Gothran. 
7*0 KdeUoaBOpe Ffetiure 
7JS0 Setertay Mghi Theeh* 
CM. Rob GMtosfe drama 
about a mvte bull wtra , . 

oonfunM* tact <*Kh Action whla 

ptawfes ■ mtrtw- 
8*0 Mbefe In MbrcL 
g *0 Ten to Tea 
10*0 News. 

10.15 Cteore Unquota. 

10*5 Chocofete Nu» ■** 
FWrambs. 


11*0 Richard Baker Compares 
Notes. 

11*0 Death Comae Staccato. 
GBan Store's detective 
mystsry. 

1200 News. 

1233 Shipping Ponaaal 
1243 0.W) Ae Work! Servfca. 
1243 p* Ctoaa. 


BBC RADIO 8 LM 

2*5 Dirty TeoMo 
B*0 The Breakfast Programme. 
9*6 Weekend wWiKsnhaw 
rand VfhftttriQGr. 

11*5 Special Aadgnmert. 
11*5 Crime Dark. 

12*0 Mddey EdUoa 
1215 Sportcoat. 

1*5 Spot on fivo 
2*8 Stx-O-Sh. 

7*5 Seaunky Ecttloa 
9*5 Adrian Perapedtee. 

035 The Goorip Cduma 
10*5 The Treatment. 

11*0 fright Extra. 

1205 After Hous. 

2*0 (GMT) Championship 
Baring. 


WORLD SERVICE 

BBC for Europe am be 
received ha we ster n Bmp* 
on Medtoro Wave «8 kKZ 
NOatef at tfwee ibnee 88 D 
8.00 New ah our. 7.00 

Morgenmogadn. 730 Europe 
Tatty. 9*0 Worid News. &15 
WtarouldeL 225 Book Choice. 
230 PBocfe and MUca. 200 


Worid Nows. 2*0 Words of 
Fatih. 215 A Joty Good Show. 
10*0 World Nows and 
Businas* Report. 10.15 
Woridbrief. 1030 Development 
94 10*5 Sports Roundup. 
11*0 Printer** DoviL 11.15 
Letter from America. 11*0 
Waveguide. 11*0 Book 
Choice. 11*8 From the 
WOekOsB. 1200 Nawadesk. 
1230 BBC English. 1248 
MttagMugazIn. 1*0 World 
Newa. 1*0 Word* Of Faith. 
1.15 Mtafflracfc Atarrarifrre 1*5 
Sports Roundup. 200 
Nows hour. 200 News 
Summary; Sportswortd. 5*0 
Worid and BritWi News. 215 
BBC English. 530 Haute 
Aktuefl. 200 News Sumnroy. 
5*6 WaveguW*. 216 BBC 
EtyWi. 7*0 fr ta rodee l c 7*0 
Haute AktuaL 5*0 News and 
frraturaa ki German. 200 World 
News. 210 Words of Faith. 
215 Developtnem 94. 9*0 
Jazz for the Aaktogl 10*0 
Newahour. 11*0 Wbrtd Neats. 
11*5 Word* of Fatih. 1210 
Book Cholca.. 11.15 Maridan. 
11*5 Sport* Roundup. 1230 
Newadaak. 1230 A Tepesby of 
Sounds. 1*0 World end m 
New*. 1.15 Good Books. 130 
The John Dunn Show. 1*0 
(BM1) News Summary: Pty ef 
the Wade Human Landxcapaa. 
2M Newadeek. 23 a Creeds. 
CouneSs end ControveniM. 
3*9 Work) and British Nam. 
215 Sports Roundup. 3*0 
From Our Own Correspondent 
3*0 Write On. 4*0 Newadeek. 
4*0 BSC BngBah. 446 News 
end Praea Review to German. 


BBC RADIO 2 

7*0 Don MAOfean. 9*5 
Mteftasf AapaL 1030 Ftyaa on 
Sunday. 1200 Desmond 
Carrington. 200 Barmy Green. 
3*0 David Jacobs. 430 Tee at 
tlw Grand. 4*0 Sing 
Something SpectaL 5*0 
Charts Chaster. 630 Rente 
Htitorv 7*0 Richard Baker. 
530 Sunday Half Hour. 930 
Alan Keith. 10*0 Regtima. 
1235 Charine Nova. 200 Alex 
Lester. 

BBC RADIOS 

43d Weather. 7*0 Sacred and 
Protima. Bach, Roger, 

Naubauar. Tetemaim. ttydn. 
265 Cholca oTThra& 200 
Brian Kayfe Sunday Morning. 
1215 Music Matters. 1*0 
frlMtlEnsembta. Hummel, 
Weber. Schubert. 9*0 Young 
Artiste 1 Forum. New series. 
Starti-Saans. DtaEauX, 
Schumann, DtamanyL4*0 
Bertn PtVhannontc Orchaatra. 
Wagner. UgatL Ktataa, 
Beethoven. 6*5 Mefiv 
Wans. Novstist Colrn Totitin 
(fesuesec las European travels. 
230 BBC Lunchtime Concert. 
Martini, Beethoven. 
LunatawafcL 7*0 FOusc Part 
One. Goethe's classic pty. 

255 Music to Ora Time. 

Bernard Rands, John Cateran, 
Etfleen Denisov, Jonas B2 
«,» Choir wortaiJtem 
Tovonar. 1230 Ctoaa. 

BBC RADIO 4 

6*0 frtews. 


210 Prelude. 

530 Mooting Has Breton. 

7*0 Nows. 

7.10 Surety Papers. 

7.15 On Your Fram. 

7*0 Surety. 

250 The Weak's Good Causa. 
9*0 Newa. 

210 Sunday Papers. 

215 Latter from America. 

230 Morning Sertacs. 

10.15 The Archers. Ornrdbus. 

11.15 Medunwave. 

11*8 Eating OuL 

U.15 Deewt wand Dlsts. 

1*0 The Worid TNs Weekend. 
2*0 Gardeners’ Ouaatton Time. 
230 CteSSiC Serial: 
Roeuraotion. 

3*0 Pick of the week. 

415 Analysis. 

530 Hack on the CuL 
8*0 Poetry Pleasa! 

5*0 Sbt O'clock News. 

215 TTdea of Hhtoy. 

230 Chfidrerfa Rarto 4, 

7*0 In Buslnsas. 

7*0 Opinion. 

5*0 Pfl ThUfe Hainty. 

230 (LW) VAiterfe Watty, 

230 (phQ Partners In Crtma. 
6*0 WIhe Ranch 
Experurato 

200 FM) H* Nanaal Hbuy 
Programme. 

216 (LW) Mttetia# Am Rheh. 
230 (FM) One Slap Beyond. 
9*5 (LW) Short Stories In 

French: La Petit Fta. 

1000 Nava. 

1215 Jouwey n to tmaj^iBry 


Ptecea. 

1045 Stiti Lives. 

11.15 With Qraal Pleasure 
11*S Seeds of Faith. 

1200 News. 

1280 Bbtoptofl Forecast. 
1243 (LW) As Worid Service. 
1243 (FM) Ctose. 


BBC RADIO 5 UVE 

205 Hot Pustats. 

230 Tha Breakfast Programme 
200 WOdiati on Surety. 

1200 Mkkty EdMOfl. 

1213 The Big Byte. 

136 Top Gear. 

135 Coral SmBta’a Blue Skies. ' 
205 You Carnal Bo Serious! 
3*0 Suxty Sport. 

5*3 Jbn and tha Doc. 

7*0 Nan Extra. 

738 The Add Teat 
8*0 The Ultimata Preview. 
10*8 SpocM Assignment 
1035 Crime Doric. 

11*0 Nght Extra. 

12*5 frtightad. 

205 Up Al fright 


BSC for Europe can be 
raefevad In we ste rn Burapa 
on Madtan Wave 845 kHZ 
(4S3o4 stthssa times BSD 
&00 Nows and features In 
German. 230 Jazz For Tha 
Asking. 7*0 World News. 7.15 
Composers' Journey*. 7*0 
Ftam Our Own Correspondent. 
T*D Writs On. 2*0 World 


Nam. 8*9 Words of Faith. 
2U The Greerfieid CaSedtan. 
0*0 Warid News arxl Butanes 
Review. 215 Short Story. 230 
Folk Routes. 9*5 Sports 
Roundup. 10.00 News 
Summary; Science In Action. 
10*0 In Prates of God. 11*0 
Newsdedc. lt*0 BSC Engfaft. 
11*5 Non and Press Review 
In German. 12*0 News 
Summary. Pty of the WMtc 
Human Landscapes. 1.00 
Nows hour. 200 News 
Summary; Turfcay Season. 2*0 
Anything Goes. 3*0 World 
News. 3.15 Concert HtaL 4*0 
Worid and British News. 415 
BSC Engteh. 4*0 News raid 
features In German. 530 World 
N«w« and Business Review. 
5.15 BBC English. 5.00 
Nevndeak. 0*0 News end 
(Mures In German. 8*0 Worid 
News. 210 Wonts of Fshh. 
215 Printer’s Dowfl. 8*0 
Europe Today. 230 NraMnr. 
10*0 World News and 
Business Review. 10.15 
Meridian. 10*5 Sports 
Roundup- 11*0 Nawadesk. 
11*0 Turkey Season. 1200 
Worid and British News. 1215 
Top Scores. 1230 In Praise of 
God UO Nows Summary; The 
Path to Power. 130 frBtttfna 
Gore. 1*5 Competent' 
Journeys. 200 Nawsdask. 230 
Composer of the Month. 3*0 
Worid and British News. 215 
Sports Roundup. 3*0 Anything 
Gees. 400 Nawadesk. 430 
BBC English. 4.45 
FTOhmaguda. 


Judit Polgar has been a match 
for the world's top men at Bue- 
nos Aires, where all games 
open with the Sicilian Defence 
le4 c5. 

Hie event is the brainchild 
of Joop van Oosterom, the mil- 
lionaire who sold out bis Rot- 
terdam computer business to 
invest the proceeds in chess. 

Only Kasparov and Kramnik 
are missing from the world's 
top eight in Buenos Aires, but 
the lively Sicilian suits the 
imaginative talent of Polgar, 
18. 

Here she crushes the Ameri- 
can who recently beat Nigel 
Short (G Kamsky, White: J 

Polgar, Hiaflr). 

le4c52NI3e63d4 exit 4 
Nxd4 Nf6 5 Nc3 Nc6 6 Ndb5 d6 
7 Bf4 e5 8 BgS a5 9 Na3 BeS 

Polgar prefers unbroken 
pawn structures, so avoids b5 
which allows 10 Nd5 and BslB. 

10 NC4 Bc8 11 BxfB QxfB 12 
Nb6 Rb8 18 Ncd5 Qg6 14 QdS 
Be7 IS |g3 Book is 15 Nc7+ Kd8 
16 Ncd5 followed by OJW) “with 
advantage to White” but 
dearly both players disagree. 

0-0 16 Bg2 BdS 17 0-0 KhS 18 
No4 Ne7 19 Qa3 Bzd5 20 exdS 
Bc7 21 Badl Ng8 22 Na5 15 23 
c4? Underestimating the 
advance of Black’s f pawn; bet- 
ter 23 f4 when the result 
r emains open. f4 24 C5 f3I 25 
Bhl Bsa5 26 Qxa5 e4 27 Rfel 
NIB 28 czd6 Qg4 29 Bd4 Rbe8 


30 QM Qh3 The threat Ng4 
wins unai’ e nfil i 

31 Rdxe4 Nxe4 32 Rxe4 Qf5 
33 Rxe8 RxeS 34 h4 Re2 35 d7 
Qbl+ Not QxdT? 36 Qf8 mate. 
36 Kh2 Rx£2+ 37 Kh3 hS! 38 
Q£8+ Kh7 and White lost on 
time. There are no more 
checks, and Black mates by 
QyM or Qft+. 

No 1044 




You do not have to be Kaspa- 
rov, or even a chess player, to 
solve this week's puzzle. The 
eight pawns have to be placed 
so that no more than one pawn 
is on any horizontal rank, ver- 
tical file, or diagonal. 

There are several solutions, 
with a common theme. Fast 
solving is 20 minutes for an 
answer, 30 for answer plus 
theme. 

Solution, Page XIV 


Leonard Barden 


BRIDGE 


Uy hand today, from 
teams-of-fonr, teaches a valu- 
able lesson. Here is Timing the 
Ruffi 

N 

4 A 6 2 
V J74 
♦ AK873 
4 10 3 

W E 


W 

4 K 1093 
¥ 95 
4 10 2 
4KQJ82 


4 J85 
¥ Q 10 2 
♦ Q964 
4 B 74 


S 

4 Q74 
¥ A K 8 6 3 
♦ J 5 
4 A65 

With East-West vulnerable. 
South dealt and bid one heart 
North replied with two dia- 
monds, South re-bid two 
hearts, and North’s raise to 
four hearts closed the auction. 

West opened with the king of 
clubs. Bast dropping the four 
to show three cards. The 
declarer took with his ace and 
followed with the three. West 
won with his knave and, after 
thought, continued with the 


queen. Ruffing on the table, 
declarer drew two rounds of 
trumps with ace and king, 
cashed the two top diamonds 
and ruffed a low diamond in 
hand. West foiled to follow suit 
and the contract was doomed 
and South went one down. He 
could set up a diamond trick 
but he could not get back to 
the table to enjoy it 
Pull marks to West for forc- 
ing South to take the ruff too 
early. South went wrong at 
trick one. He should allow the 
king of dubs to hold - this 
maintains control. He wins the 
next dub, then caches ace and 
king of hearts and ace and 
king of diamonds. He can ruff 

a diamond hi hand and BOtO 
ruffs his last dub. This entry 
to dummy allows him to ruff 
another diamond (setting up 
the suit), cross to the ace of 
spades and return the eight of 
diam onds, on which he dis- 
cards a spade. Whether East 
ruffe this or discards is imma- 
terial. 

E.P.G. Cotter 


CROSSWORD 

No. 8,591 Set by DINMUTZ 

A prise of a classic Pdflcan Sonverfln 800 fountain pea. Inscribed with the 
w inner 's name for the Brst correct solution evened and five runner-up 
prizes of £35 PeHkan vouchers- Solutions by Wednesday November 2, 
marked CroaBword B^Sl cat the envelope, to the Financial Times, 1 South- 
wark Bridge, London SKI 9HL. Solution on Saturday November 5. 



ACROSS 

1 Happy about loose clusters of 
stars? ( 6 ) 

4 Man’s man, possibly? ( 8 ) 

10 Counter above It repaired (7) 

11 Detect a paper cut (?) 

12 Found flutter? (4) 

IS Facing being plastered and 
stoned (5-4) 

15 Head for resort (6) 

16 Edge between two graduates, 
using African instrument (7) 

20 Converted into ordinary lan- 
guage, fish in river died (7) 

21 Foot-foul t in Bournemouth's 
first match ( 6 ) 

24 Invariably cold sheets under 
one? 0.0) 

26 One who employs some 
homa-roles (4) 

28 Can in valley reveals piece of 
tooth (7) 

29 Milk of former pilot, perhaps? 
(7) 

SO Most direct beach-trial 
announced (8) 

31 Moths, for example, caught 
out in garment pieces that 
are i nt roduced (6) 

Solution 8^590 


□QaaODHQ HBHBHQ 

a □ a q u q q 
□□□□□□ns OBEQQB 

□ □□□□□□a 
□□□□□anas □□□□□ 

□ a □ m □ n 0 

BaSD BHQDCJHQ 

□ □ Q □ B B 

□BQ0OEH moan 

a □ a a a so 

□□□□□ □HnOEDEDQ 

nnnaiini QQBQsnniQ 

□ a □ a a □ b 

□aBBQQ □□□□□□□□ 


DOWN 

1 Lag, perhaps with nothing 
in a! da talcing time? ( 8 ) 

2 Tomato relish by Granny 
Smith (45) 

8 Cross-beam seen over hospital 
door (1-3) 

5 Jerome's musical craft? (4,4) 

6 Sparing enough to make 
besom a suit ( 10 ) 

7 Skin right inside Mum is not 
right! (5) 

8 Give back sound of wild 

cheer, nothing more (24) 

9 Bulldoze flat (5) 

14 One who opposes the unions? 

(10) 

17 Butterfly found on timbers 
possibly (9) 

18 Lear sick In iron ship, but 

most breve (8) 

19 Lies in furrow in Hunts, 

ploughed (8) 

22 Digger's suit ( 6 ) 

23 Grey, as over Orpington pos- 
sibly (5) 

26 Round number? (5) 

27 Brisk drive..,. second to the 
flag (4) 

Solution 8£79 


□□□□□BBSOBDE 

omnaanaB 

□QQI 1 HQH □□□□□□□ 

□ aaaaaam 
□□□□□ EaamnoDD 

a □ a q □ qb 
BHBanmnBon aans 
a B □ Q □ D 
saaa GIE30GQEinO00 

□ a El ID 0 B Q 

□□□Bsaraa □annm 

□ □amiiBQH 
qbb&qbb mmaBBno 

□ QHBnEOC] 
QaQQflBQHBnBB 


WINNERS 8^579: R.G. Mackintosh, Huddersfield; A. Barton. Craven 
Aims, Shropshire; Mrs B. Crabtree, Market Deeping, Peterborough; 
AJL Gordon-Cumming, Chichester, w. Sussex; Mrs HJL Harrison, 
Epsazn, Surrey; B. and G. Parker, St Semin. France. 


"Zfkxrj&7:r . .‘ 






vsaiftr ft ft t T1MFS 


Btm OCTOBI: R 2 -/.U-Iom R » 1 W 4 


C onsidering he was 
regarded as one of the 
towering intellects of his 
generation, appointed a 
university professor at the age of 
24, and acknowledged as a seminal 
Influence on some of the greatest 
literary and philosophical figures 
of the century, Friedrich Nietzsche 
has been ill-served by the caprices 
of historical judgment 
There are certainly easy jokes to 
be made at his expense. His inven- 
tion of the Uberntensch was a gift to 
today’s pop cultnre plunderers, 
who never miss an opportunity, as 
In the cover of Philosophy far Begin- 
ners, to dress him in nnderpants- 
outslde-tigbts and. flowing cape. 

In more sophisticated circles, 
mere mention of his name is 
enough to raise a guaranteed hoot 
of derision. In A Fish Called 


Who Will wake us from our slumber? 

Peter Aspden says the need for a new Nietzsche — a wild and wise thinker — has never been great et 


post-historical, post-industrial, 
post-modem age of . - - well, what 


Wanda, Kevin Kline's loose hold on 
reality is confirmed when he wan- 
ders around reading extracts from 
Ecce Homo. Woody Allen, In a char- 
acteristic fog of existential angst in 
Hannah and her Sisters, contem- 
plates becoming a Nletzschean, bat 
decides against because the theory 
of eternal recurrence means he 
would “have to sit through the Ice 
Capades again*. 

The pathetic intellectual decline 
of Nietzsche's final years, as he 
marauded the elegant squares of 
Turin in a syphilitic haze, have not 


helped his cause either. As the tone 
of his aphorisms became more sav- 
age, as his vision of transcendence 
turned into an unhinged apparition 
of despair, yes, he did indeed 
become mad. But should that 
remain the final word on his leg- 
acy? Nietzsche died, with untypical 
neatness, in 1900; but has any fig- 
ure cast a greater shadow over the 
torments of the 20th century? 

Over the past week, select groups 
of devotees all over Europe and the 
US have celebrated the 150th anni- 
versary of Nietzsche’s birth. At the 


Goethe- Institat In Landau, on a Fri- 
day night, three philosophers 
attracted a near-capacity audience 
to hear their difficult papers. 

It would not be too much of an 
exaggeration to talk of a thriving 
cottage industry; as one member of 
the audience remarked during a 
tetchy exchange: “I don’t think too 
many of us would be here if this 
was an evening about Kant.* 
Nietzsche has pul ling-power; he 
speaks, with increasing authority, 
to the modern sensibility- The phi- 
losopher who announced the end of 


God has a place in the cosmic 
debating chamber, it seems, after 
the end of history. 

In truth, like Karl Marx and Sig- 
mund Freud, his fellow “modem 
masters of suspicion” as the French 
philosopher Paul Ricoeur put it. 
Nietzsche has been too easily mar- 
ginalised by today’s cultural com- 
mentators. Knock down the Berlin 
Wall, expose a few fraudulent 
psychoanalysts, laugh at the Luna- 
tic excesses of Zarathustra and wc 
are rid of all three in one fell 
swoop, primed and proud for the 


It is not as if we are over-flowing 
with fresh ideas and original val- 
ues for the new millennium (we 
can’t even decide, in Britain at 
least, how to spend the money 
allotted to trumpet its arrival). 
Many of today's philosophers spend 
their time huddled over grammati- 
cal oddities or looking for truth in 
a software programme. They pub- 
lish papers on it, and the more 
papers they publish the more 


research money they receive, it ta 
considered rude to ask them what 
they are doing, and naive to look to 
them fur genuine Illumination on 
tiow to live our lives. 

Thr need for another Nietzsche 
lias never been greater: a bracing 
thinker, wild and wise, who can 
wa fce us from our slumber. He and 
Mu cohorts set the dark, disturbing 
iKcnda for the new century; 
instead of listening, wo wilfully 
misunderstood and ended with the 
, treaties of two world ware. 

The post-war western world set- 
led into the comforting homilies of 
onsumerism and the playful batt- 
er of the moss media tu try and 
bract, but it has not proved easy. 


Private View/ Christian Tyier 

Modest 
monk 
with a 
diplomatic 
mission 

Dr Rewata Dhamma is a 
Buddhist who has made an impact 
on international affairs 



Torn AnAm 


As They Say in Europe /James Morgan 

Anchors, engineers 
and great powers 


A Buddhist monk 
living in Bir- 
mlngham, 
England, is the 
improbable chan- 
nel through which Burma's 
military junta has been seek- 
ing to end the country’s diplo- 
matic isolation. 

The Venerable Dr Rewata 
Dhamma acted as intermediary 
for a historic meeting a month 
ago between the two senior 
military men in Myanmar (as 
Burma has been renamed) and 
the prodemocracy leader and 
Nobel peace prize winner Ms 
Aung San Suu Kyi, put under 
house arrest by the military 
more than five years ago. 

Western diplomats were ini- 
tially sceptical that an inno- 
cent-looking teacher of Buddh- 
ist meditation, philosophy and 
scripture, a scholar of Hindi 
and Sanskrit, could play such a 
delicate role. There were suspi- 
cions that the generals might 
try to use him as part of a 
propaganda effort to improve 
the standing of a regime 
repeatedly denounced for its 
abuses of human rights. 

Yet the fact is that the prom- 
ised parley with Ms Suu Kyi 
did occur within weeks of 
Rewata Dbamma's second visit 
to Rangoon this year. 

The ground was prepared In 
May this year, when, armed 
with, a visa from the Burmese 
ambassador, he entered the 
country and met Lt Gen Khin 
Nyunt. head of military intelli- 
gence and first secretary of the 
State Law and Order Restora- 
tion Council (Store). 

“I think 1 was the first Bur- 
mese to say to him directly to 
free her. He explained that the 
army was divided and her 
detention was a matter of secu- 
rity. But 1 feel he was honest, 
genuine." 

On the second visit he met 
Gen Khin Nyunt again, and 
this time was given permission 
to see Ms Suu Kyi. 

“She was very strong, cheer- 
ful. very happy. Also her hus- 
band was there. We talked for 
three hours.” 

She was less concerned 
about herself than about the 
other political prisoners, he 
said. She also seemed to accept 
that poor education and eco- 
nomic instability might delay 
the restoration of democracy. 
But she asked to see General 
Than Shwe, the head of Store, 
to discuss things directly. 

The abbot then met the head 
of Slorc and a few weeks later, 
her wish was granted. 

The modest-seeming monk is 
not new to unofficial diplo- 
macy. nor to international plat- 
forms. He has spoken at peace 
conferences in Moscow and 
Tokyo and at UN assemblies in 
New York and Geneva. Fur- 
thermore. he appears to enjoy 
the highest standing and con- 
nections in Burma, the country 
of his birth. Today, he is being 
pursued by the television net- 
works who want to make him 
a media star. 

Our meeting place was as 
Improbable as his mission, a 
detached house converted into 
a Buddhist temple near the 
Brent reservoir off London's 
North Circular Road. The 
abbot (as I shall call him for 
convenience) produced two 
photographs: the first showed 
a slender, attractive and cheer- 
ful-looking Suu Kyi, sitting on 
the floor at his feet in her 
house in Rangoon, the second 
a group of military men in sim- 


ilarly respectful attitudes on 
the floor of the guesthouse 
where he met them. 

He also showed me a transla- 
tion of a letter from her after 
his August visit Signed “Suu 
Suu”, it thanked him for his 
attention, advice and compas- 
sion and urged him to see a 
throat specialist for the weak- 
ness of his voice which, she 
wrote, might be caused by 
chewing betel nut 

The abbot first met Suu Kyi 
in Benares, India, when she 
was a little girl and her mother 
was the Burmese envoy. Her 
father. Gen Aung San, Burma's 
resistance hero, had been 
assassinated in 1947 by rivals 
on the eve of independence 
from Britain. 

They met again regularly 
when Suu Kyi studied at 
Oxford University (she later 
married Michael Aris, an 
Oxford don) and the abbot had 
left India to become a mission- 
ary to the west from his base 
in Birmingham. 

The abbot was bom Shwe 
Maung in 1929 - he looks too 
young for 65 - in the Irawaddy 
delta. Although the only son 
among five children he joined 
the Theravada order of Buddh- 
ist monks at the age of 12. A 
prize-winning student, he was 
awarded a state scholarship - 
the first and only Buddhist 
monk to get one - to study 
Hindi and Sanskrit in India, 
where be completed a PhD, lec- 
tured, wrote commentaries and 
edited, among other works, an 
encyclopaedia of Buddhist 
technical terms. 

W hen in 1962 
the Burmese 
government 
of U Nu was 
toppled in a 
military coup led by General 
Ne Win. the abbot found bun- 
self an exile. When later U Nu, 
a devout Buddhist, himself 
arrived in India for medical 
treatment he struck up a 
friendship with Dr Dhamma. 
This was enough, said the doc- 
tor, to get his name blacklisted 
in Burma, it was to be 30 years 
before he saw his homeland 
again. 

While in India, the abbot 
said, be was asked by Indira 
Gandhi, the late prime minis- 
ter, to dissuade U Nu from 
going back to fight the Bur- 
mese junta. Then in 1974 he 
was asked by Prince Norodom 
Sihanouk, exiled ruler of Cam- 
bodia, to go to Peking and con- 
duct a religious service for the 
prince's ailing mother. He car- 
ried a diplomatic message from 
Mrs Gandhi to the Chinese 
leaders. 

I asked the abbot why he 
landed up in Birmingham. 

He replied in his indistinct 
English: "I did not know it 1 
never heard of Birmingham 
before.” He chuckled. “Also, I 
wanted to learn English so 1 
could use my knowledge - so 
more people could understand 
Buddhism.” 

You saw the English-speak- 
ing world as a promising place 
for Buddhism? 

“I felt so, yes. because many 
Americans were becoming 
Buddhist - Europeans also. 
Many people came east to 
learn Buddhism in the sixties." 

Was it difficult to go to a 
strange, cold island in the 
north Atlantic? 

“I don’t feel like it was diffi- 
cult I don't know why but 1 
just found it very homely. I 


don’t have any problems here, 
even physically.” He chuckled 
again. “I had no colds: many 
English have fevers.” 

There was one difficulty: 
opening a bank account. In 
Burma, there are no surnames, 
and the abbot had in any case 
adopted the single religious 
name “Rewatadbamma". 

“The manager asked for my 
Christian name.” he said, “I 
told him I don’t have a Chris- 
tian name. And no surname 
either.” He laughed. “So to 
make things easier I made two 
words of ‘Rewatadhamma’.” 

He arrived with a letter of 
introduction from U Nu to 
Lord Mountbatten, who was 
later murdered by the IRA, and 
went to see him. 

Were you tired of India? 

“No, no. I wanted to teach 
meditation to the westerners. 
India doesn't need teachers of 
Buddhism so much. It has a 
whole tradition.” 

So it was missionary work? 

“Missionary work, yes.” 

Birmingham now had 10 
Buddhist centres, he said, and 
there were about 125,000 
English-born Buddhists (not 
including the 50-60.000 Aslan 
Buddhist immigrants), more in 


Germany and France. He has 
been doing missionary work in 
eastern Europe. “Now they are 
free from communism they are 
looking for something differ- 
ent." he explained. 

“The Buddha says if you are 
ill, what you need is medicine. 
It’s not important who gives it 
to you, whether the doctor is 
American. English, Jewish, 
Christian or Buddhist. It 
releases the mind from strains 
and helps you make good deci- 
sions; it teaches us how to see 
things objectively ” 

I asked if he was surprised to 
find himself in the news. 

“Not very much. Even if I try 
and hide myself now I cannot 
really escape, because this is 
very important news now.” 

Do you enjoy the attention? 

“Not really ... But it is good 
for the country." 

Before his missions to Ran- 
goon. the abbot had 
approached the UN secretariat 
in New York and the US State 
Department where officials 
encouraged his attempt to find 
out what was preventing the 
generals from releasing Aung 
San Suu Kyi and handing over 
power following the 1990 elec- 
tions in which her National 


League for Democracy won 60 
per cent of the vote. 

He explained the Buddhist 
method of mediation as fol- 
lows: “I always say like this. 
We have to learn how to listen 
to others' problems. When you 
know their problem, then you 
will get a good solution. 

“Also you try to do it with 
loving kindness, compassion. If 
someone is very angry, he 
can't do anything. He is suffer- 
ing, so he can't do this good 
thing. And the same thing if I 
am feeling anger I cannot lis- 
ten to others. My ego, my per- 
sonality - I am right, the other 
is wrong - Is a block in the 
way of understanding. 

“So when you are talking to 
both sides, yon dispel your ego, 
your personality and just lis- 
ten. Then you present your 
own feelings and try to recon- 
cile thorn tO h Other. And 
that way you get a solution.” 

Dr Rewata Dhamma has 
been invited back to Rangoon 
next month. The military, be 
said, wanted to talk to him 
about the place of Buddhism, 
the creed of an estimated 85 

per cent of the multi-ethnic 
population, in the socialist 
Union of Myanmar. 


G ermany is a great 
power, as the elec- 
tions there show. 
A great power is 
one that has elections which 
others define in the light of 
their own national interests. 

Britain receives a limited 
version of that compliment 
because of the obstructive 
nature of its European poli- 
ties. On the other hand, no 
newspaper outside Italy Inter- 
preted the outcome of that 
country’s election in terms of 
what it meant for its readers. 
But Germany is so treated 
whether it likes it or not it is 
a big country, it bas the big- 
gest national income in 
Europe and it has borders 
with nine other nations. 

In the past that has spelt 
trouble. It might do so again. 
In the meantime, each nation 
sees chancellor Kohl as a 
Father Christmas, who can 
give them nice presents, or a 
policeman who might, with 
luck, be cajoled into adopting 
a helpful attitude. Thus in 
Budapest, NipszabadsAg 
wrote: “From a Central Euro- 
pean perspective, Kohl's re- 
election may be especially 
good news as he may fulfil 
his pledge of ushering the 
countries of Central Europe, 
among which Hungary is 
numbered, into the European 
Union and Nato.” 

In Britain, the papers dis- 
agreed among themselves. 
The Times argued that the 
British should ally them- 
selves with Germany to cre- 
ate a free trading north-west- 
ern axis in Europe. 

The Daily Telegraph said 
they should “build alliances 
with those within the union 
who prefer consolidation 
before contemplating further 
development”. 

The French similarly 
viewed the German election 
from one point of view. In 
this case it was the alleged 
need for what they grandly 
call the construction of 
Europe. And. curiously 


enough, the conclusion 
reached by most of the press 
was one which showed the 
possibilities of some kind of 
new entente with the British. 

The French arc obsessed 
with proposals which envis- 
age the creation of a “hard 
core” composed of Germany. 
France and the Benelux coun- 
tries which would make their 
own little union. Le Figaro 
called this “squaring the cir- 
cle” for it would permit the 
union to develop greater 
cohesion while allowing it to 
expand at the same time. 

Elsewhere all is hostility. 
Sud-Ouest wrote that Ger- 
many is anxious to organise 
the Europe of which it 


‘Each nation sees 
chancellor Kohl 
as a Father 
Christmas' 


dreams: “A pledge of peace 
and a market made-to- 
measure.” 

Info Matin said Germany 
was adopting a take-it-or- 
leave-it policy. That, if pur- 
sued, would unleash a noisy- 
wave of objections in France 
from anti -Maastricht ele- 
ments. These include person- 
alities near to the tough inte- 
rior minister. Charles 
Pasqua. who “do not hesitate 
to compare the geographical 
limits of the ‘hard core* with 
the frontiers of the Holy 
Roman Empire.” They now 
believe that anyone who says 
“yes" to the Germans are 
incorrigible “Vichyists”. In 
other words, going along 
with the German project is a 
form of treason. 

Most agreed that since 
Chancellor Kohl was now in 
his last term in office he was 
going to do all he could to 
achieve the integration of 
Europe, just as he had 
achieved German unification. 


Once again wc see the 
growing complexity of intra- 
European relationships. The 
British bitterly oppose the 
creation of a hard-core dob 
they would not join anyway. 
They want expansion, which, 
they hope, could scuppor the 
idea of more integration. The 
French want more integra- 
tion. to drive the union ever 
closer together, so long as 
they are doing the driving. 
They have supreme faith in 
their own ideas until they 
emanate from Germans. 

In Germany there is contin- 
ued reluctance to accept the 
country's new role. U is one 
which many bad hoped would 
never be assumed again in 
the light of the catastrophic 
results of previous experi- 
ments in German leadership. 

A surprised Die Welt 
remarked; “Whoever glances 
beyond our frontiers Is 
amazed. Kohl’s re-election 
finds an overwhelming echo 
of admiration abroad, far bet- 
ter than the CDU bosses could 
have dreamed. There, every- 
body speaks of the guarantor 
of stability, of his reliable 
style of government, of a 
locomotive for integration 
and many other laudatory 
epithets. 

That there is a small parlia- 
mentary majority Is noted 
with regret What is stressed 
is the strength of German 
democracy, its desire for part- 
nership and its stability." 

This Is the great paradox. 
The Germans themselves 
speak of the need to keep 
Germany firmly anchored hi 
Europe. But the more firmly 
it is anchored, the more Ger- 
many becomes the motor and 
the more it risks being seen 
as too powerful and a threat 
You do not need an engineer 
to picture what happens 
when someone starts up what 
is either a firmly anchored 
motor or a motorised anchor. 
■ James Morgan is economics 
correspondent of the BBC 
World Sendee. 


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