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X 


Wcekexx 


buridB section H 



A century of 
British sleaze 



Barbieihe 
. plastic virgin 

Peg* XI • 


FINANCIAL TIME 


'Eurbbe-s ‘Bus? 


Clinton reassures Kuwait: US president Bin 
Clinton arrived in Saudi Arabia on the final leg of 
his Middle East tour, having reassured Kuwait that 
Iraq would never again be allowed to threaten its 
security. Page 3 

Serbs hoM British officers: Four British army 
officers have been held for three days by the Bos- 
nian Serb Army, the Ministry of Defence said. They 
are part of a UK liaison team working with local 
co mmuni ties. Bosnia fighting shifts in Moslems’ 
favour. Page 2 

Footsie surges fn late afternoon tra di ng 

The FT-SE 100 Share 

FT-SE 100 Index 


Hocaty movements 
3,100 - 



Source; Reuter 


Index surged ahead yes- 
terday in late afternoon 
trading, backed up by 
gains in British govern- 
ment bonds and in stock 
index futures, and finally 
by a burst of strength in 
early deals on Wall 
Strek. The Footsie 
closed 543 up at 3,083.8, 
only a touch off the day’s 
high and showing a gain 
of around 13 per cent 
over the week, almost all 
of which came after 3pm 
yesterday. Loudon stocks. Page 13; World stocks. 
Page 21; Markets, Weekend II 

Bonn coalition promises savings: The three 
parties in German chancellor Helmut Kohl's new 
government emerged from their first session of 
talks promising to modernise Germany while keep- 
ing tight control of its finances. Page 2 

Halifax to re-tost sales staff: Halifax Building 
Society, one of the UK's largest personal finance 
organisations, is to withdraw its 600-strong finan- 
cial services sales force for re-testing, after discover- 
ing failures to meet regulators' standards. Page 5 

BMW heads for record sales: German 
carmaker BMW said turnover was outstripping 
record levels reached in 1992. Sales, excluding those 
of recently-acquired UK group Rover, rose 83 per 
cent to DM233bn <$153bn) at nine months. Page 10 

Malaysia expects 83% growth: Malaysian 
finance minister Anwar Ibrahim forecast that the 
country's economy would grow by 83 per cent this 
year, the seventh consecutive year of plus 8 per 
cent growth. Page 3 

Claims provisions hit Aetna earnings: 

Earnings at US insurance group Aetna were hit by 
further additions to reserves to meet environmental 
claims during the third quarter, contributing to a 25 
per cent fall in operating earnings. Page 10 

Mixed first half for Japanese industry: 

Japan’s heavy industry m a n u f acturers and ship- 
builders reported mixed first-half results due to the 
yen’s sharp appreciation and a weak domestic econ- 
omy. Page 9 

Weather hits APnomoto profits: First-half 
profits of Ajinomoto, Japan’s leading food manufac- 
turing company, were hit by hot summer weather, 
the discounting boom and increased competition 
from imports. Interim recurring profits fell 13.1 per 
cent to Yllbn ($110m). Page 9 

Morgan Stanley to advise Rome on State US 

investment bank Morgan Stanley won a fiercely 
fought contest to advise the Italian government on 
the privatisation of Stet, the state controlled tele- 
communications holding company. Page 10 

Award for FT writer: Financial Times writer 
Peter Knight, who contributes regularly to the 
Technology Page, received the British Environment 
and Media Award in the non-specialist category for 
his articles in the FT. 


Companies In this issue 

ACT 

10 JAL 

8 

4ttwooda 

8 Kawasaki Heavy 

8 

3A> 

6, 1 Kidder Peabocfy 

10 

Bar & WaOace 

8 Mitsubishi Heavy 

8 

Benchmark 

S Mitsui 

8 

fete Resources 

8 Moody's Invest 

10 

Sutters 

S Morgan GrenfeH 

7, 1 

Campari inti 

8 Morgan Stanley 

10 

Hirysalte 

8 OMIlntJ 


Jomwall Parker 

8 PaineWebber 

10 

*Big & Rosa 

8 Ramco Energy 

8 

teutsctie Bank 

24, 7, 1 Rank Organisation 

8 

urottmel 

10 Reuters 


NEC 

24 8,1 Scottish Hyeta 

24 

won Hid 

8 Stega 

0 

ewitt 

8 Stat 


Itachi Zoasn 

a VSEL 

a i 


iustomer service and 
■ general enquiries call: 


rankfurt 
*8) 15685150 




Tobacco companies 
to be banned from 
advertising in China 

China plans to ban cigarette advertising in the 
media and in public places, threatening moves by 
foreign tobacco companies to expand into poten- 
tially the world's most lucrative market. The Chi- 
nese smoke one-third of the world's cigarettes. 
Philip Moms and RJR Nabisco of the US and Roth- 
mans International of the UK have established 
manufacturing joint ventures in China, and other 
companies are exporting. Page 24; BAT'S uphill 
task to secure approval. Page 2 

San ter dose to Brussels deal: Jacques 
San ter, next president of the European Commis- 
sion, was Last night close to a deal over the share- 
out of new portfolios, the first test of his grip on col- 
leagues and clout with member states. Page 24; 
Rome names EU commissioners. Page 2 


Russian villagers fear health effects of oi 



By John Thornhill in Kolva, Komi 
Republic, and John Lloyd In Moscow 

For Mrs Cheslava Potova, mayor of the 
tiny settlement of Kolva on the river of 
the sar^p name, the amount of oil that 
has seeped into the land around her 
village recently has been a difference 
only of degree. 

“The pollution in the river is such that 
there are hardly any fish left - it had 
been a staple food here. Now, wben you 
catch one, it reeks of ofi," she said. 

The oQ spill from a temporary dam, 
caused by a ruptured pipe, prompted 


international fears this week about an 
environmental disaster in the Arctic. 
But the reaction by the authorities has 
been slow - oil oozed into the river a 
month ago and it took three days for 
“specialists" to arrive for the clean-up. 

“I don't say people were afraid, but 
they do think of the future and want to 
make sure this does not happen again. 
People were very unsettled and upset," 
Mrs Potova said. 

"We drink milk from the cows and we 
eat food grown in the soil all about us. 
We do not know how. much oil it might 
Contain. The banks of the river are 


already polluted with oil, and people are 
worried about their health." 

In Usinsk, the nearest large town, 
40km from the spill, Mr Yevgeny LeskLn, 
director-general of the Komi Arctic Oil 
joint venture, revealed why the area's 
inhabitants should worry. 

"Such accidents are not uncommon in 
Russia, though this one was more seri- 
ous than most. The accident happened 
in mid-August, but the rains broke the 
dam only in September. The oil flooded 
the marshes. The workers tried to dam 
the flow into the Kolva river but we 
reckon about 2300 tonnes got into it.” 


Mr Leskin, whose company helped\ 
with the clean-up. said about li.ooo ■ 
tonnes of oil remain in tbe marshes. He 
insisted if would be cleared before the 
April thaw, which could spread it again. 

The Russian environment ministry 
said yesterday that oilers of help from 
abroad would not be taken up until the 
scale of the accident was fully known. 

Accounts of the amount of oil leaked 
vary from the official inquiry report of 
14 ,i)0(i tonnes to US calculations of 
100,000 tonnes. Komi authorities esti- 
mate that the clean-up cost at Rbs60bn 
(£12m) while western estimates have put 


the figure as high as £62m. 

The official news agency I tar Tass last 
night published a list of fires, oil spills 
Vtd pipeline breaks affecting the Komi 
Republic's oil complex. It said 8,000 
tonnes of oil leaked into the Pechora 
River, which Dows into the Barents Sea, 
in June 1992 - is months after a fire had 
destroyed an oil well in the region. 

In March 1BSS, 20,000 tonnes of oil 
leaked from a corroded pipe and, in 1966. 
a pumping station fire caused damage 
worth £120,000. The latest accident 
began in August when the pipeline 
sprang several leaks. 


Rival BAe attacks bid as its shares fall New ‘sleaze’ rOW 


Battle for V SEL 
intensifies after 
GEC offers £532m 


By Bernard Gray, 

Defence Correspondent 

GEC. the UK defence and 
electronics company, yesterday 
stepped into the bid battle for 
nuclear submarine-maker VSEL 
with a £I4-a-share cash offer 
which values the Barrow-based 
company at £532m. 

This tops the all-share offer 
launched by British Aerospace 
for VSEL two weeks ago, which 
valued VSEL at exactly £13 a 
share on Thursday night 

VSEL's board, which had 
backed BAe's bid, refused to 
endorse either offer until clear- 
ance for the bids had been given 
by the Office of Fair Trading. 

Mr Malcolm Rifklnd, the 
defence secretary, said yesterday 
that he would not use the govern- 
ment’s special national security 
powers over VSEL to block either 
bid. 

VSEL’s shares rose 72p to 
£1335, while GEC gained 8p to 
278p. British Aerospace's shares 
fell 16p to 459p, reducing the 
value of its offer to £12.60 per 
VSEL share. 

GEC said its offer would allow 
the two r emaining warship build- 


ing yards to be brought together, 
pooling their design and engi- 
neering slrfiig and that the inte- 
gration of the two yards would 
allow their long-term future to be 
guaranteed. 

The company said its market- 
ing arm would be able to help 
■ VSEL win overseas orders. 

GEC also said it did not think 
its ownership of the two large 
warship yards presented competi- 
tion problems. Due to thy^low 
level of orders, there would in 
practice be little overlap between 
the work of Barrow and Yo?r?w. 

The ministry of defence, whuft 
had previously been indie a: mg 
privately that it would op;yj?Q a 
GEC takeover of the Rurrsw 
yard, refused to comment 

At the heart of the battle is the 
future of the British defence 
industry. As well as competing, 
for the £2.5bn order for nudear 
submarines due to be placed in 
1996, the two companies are try- 
ing to strengthen their positions 
for tbe final stage of rationalisa- 
tion of the defence industry. 

At its most extreme, this could 
involve the merger of BAe's and 
GEC’s defence interests. 

BAe strongly attacked the GEC 


bid. saying it was "wholfy incon- 
sistent with the ministry of 
defence's declared policy in rela- 
tion to defence procurement". 

Mr Dick Evans, BAe^s chief 
executive, said: “GEC's hidTaises 
profound competition issues and 
I would expect it to be blocked." 

City observers expect BAe to 
raise its offer, but they also think 
that GEC’s greater financial 
resources would allow it to win a 
bidding war. BAe’s defence 
would then rest an persuading 
tbe government to block GEC's 
bid on competition grounds. 

GEC is expected to have to give 
assurances about the future of 
the Yarrow shipyard on the 
Clyde if its bid is to be cleared. 
However, one City observer said: 
“These assurances can be flexi- 
ble. Barrow can build small frig- 
ates and large warships, but Yar- 
row can only build small frigates. 
If 1 were at Yarrow, I would be 
worried." 

GEC dismissed such concerns 
and said: “It la our intention to 
secure enough work to fill both 
yards". 

Lex, Page 24 
Battle of the giants, Page 6 


Stable US inflation figures 
lift world financial markets 


By George Graham 
in Washington 

The US economy grew strongly 
in the third quarter but inflation 
remained under control, giving a 
fillip to world financial markets 
yesterday. 

Gross domestic product 
increased at an annualised rate 
of 3.4 per cent in the July to 
September quarter, according to 
advance estimates released by 
the Commerce Department’s 
bureau of economic analysis. 

This was slower than the sec- 
ond quarter's 4.1 per cent pace 
but much foster than the 23 per 
cent to 3 per cent growth antici- 
pated by private sector econo- 
mists. 

Although evidence of a still 
buoyant economy might have 
been expected to alarm financial 
markets, the signs of moderate 
inflation helped to lift bond and 
share prices. 

By 2pm in New York, the US 
30-year Treasury bond had risen 


US real OOP growth 

Annuafeed quarterly % change 



by a point, taking the yield back 
below the 8 per cent level it 
breached on Tuesday to 736 per 
cent The Dow Jones Industrial 
Average was 51.47 higher at 
3,926.62, having triggered the 
trading restrictions on the New 
York Stock Exchange that auto- 
matically follow a 50-point move 
in one session. 

Wall Street’s strength fed 
through to European equity mar- 
kets, with the FT-SE 100 Index in 


London closing 54.2 higher at 
3.0833. 

In Paris, the CAC-40 index was 
up 23 per cent on the day, while 
in Frankfort, the Dax index rose 
13 per cent in after-hours trad- 
ing. The GDP figures also buoyed 
the dollar, which rose 1V4 pfen- 
nigs to close In London at 
DM13094. 

Markets took heart from the 
implicit price deflator, which 
reflects changes in prices and in 
the composition of GDP. This 
rose by only L6 per cent, but was 
flattered by a sharp increase in 
Import prices, which are not 
included in the domestic statis- 
tics. A more reliable inflationary 
indicator, the GDP fixed weight 
price index for domestic pur- 
chases, showed inflation remain- 
ing stable at an annual rate of 32 
per cent 

Lex, Page 24; Currencies, Page 
11; Wall Street, 
Page 21 and Weekend II; London 
Stocks, Page 13; Bonds, Page 10 


STOCK MARKET INDICES 


FT-SE 100: 33838 f*6*2) 

Yield 4.11 

FT-SE Euro track 100.1,32001 

(42333) 

FT-SE-A Aft- Shore .. 1 ,52082 (4-1 .4W) 

Nikkei 18305.18 (4830) 

New York: lunchtime 

Dow Jones Ind Ave SfiBAJO (440.12) 

S4P Composite — 472as t*6J>4} 

■ LONDON HONEY 

3-mo Interbank 6% (same) 

Liffe lone gft fue._ Dec iflOji (DeciOOh) 


Letters. 


■ US LUNCHTIME RATES 


■ STERLWa 

Federal Funds 


New York lunchtime: 

3-m Trees BUk Yld.. B.134% 


$ 

1JB206 

Long Bond 94ft 


London: 

Yield 7360% 


S 

1*235 (1.6317) 

■ NORTH SEA OIL (A rgua) 


DM 

2.4506 (2.4518) 


FFr 

&388 (83917) 



SFr 

SUMS (2.0487) 

■ Gold 


Y 

158323 (150.68) 

New York Comox(Dec) -.3388.7 

(390-2) 

£ Index 80.7 (80.8) 

London S3S&9 

(388J) 




■ DOLLAR 

New York lunchtime: 
DM 1J514 
FFr 5.1715 
SFr 1.2846 

Y 87.45 
London: 

DM 1.5094 (1,4072) 
FFr 5.1668 (5. 1242) 
SFr 1.2602 (1361) 

Y 07.335 (9&8S5) 

S Index 61.1 (60.7) 

Tokyo dO»Y 07.13 


CONTENTS 


tw a naflond Newa — 

UK News 

WMher 24 

L*x 24 


Man xi me New - 


UK. 


.as 


Leader POflp. 


hit. Companies .10 

Hastate 

FT-SE Actuaries — 13 


FT Wold Actuates 21 

Fcrapi Exchanges n 

Gold Markets 14 

EqwQpAni 21 

London SE IS 

LSEDednp 12 

Managed Funds 15-19 


Money Mateo . 
Recent taww „ 


_11 
-21 

Sure Wormaoon 

WbridCarnnodtes 14 

WHSteet Sfi21 

.2821 


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s», ttjnatoiqHKSifc feM* oS Mton temmaphes Pso stt Fete* a 3600ft Pwtvgtf »"*wi) focza* Ctatar QR130 K S mu RfciiXft Ssigaoew SSMft Stow* Rep kStSft Scan 

i THF-‘ FINANCIAL TIMES UMrTED 1994 No 32,510 Week No 43 LONPOM ■ PARIS - FRANKFURT - MEW YORK ■ TOKYO 



Dame Angela Rumbold, a deputy chairman of the Conservative party, 
takes in milk bottles from outside her Surbiton home yesterday 
morning In the wake of her resignation from a lobbying firm, which 
was seized on by opposition politicians as being tbe latest episode in 
the Westminster ‘sleaze’ row. Report, Page 2 4 pemm ra 


Deutsche 
Bank puts 
its money 
on London 
supremacy 

By Andrew Fisher in Frankfurt 
and Norma Cohen in London 


Deutsche Bank, Germany's larg- 
est commercial bank, yesterday 
emphasised London’s pre-emi- 
nence over Frankfurt as an inter- 
national financial centre by 
deciding to put all its interna- 
tional investment banking activ- 
ities in the UK capital. 

It is combining its activities 
with those of Morgan Grenfell, 
the UK merchant hank which it 
bought in 1989 for £95 Om a few 
days before Mr Alfred Herrhau- 
sen, Deutsche Bank's former 
chairman, was murdered by ter- 
rorists. 

Mr Hilmar Kopper, who suc- 
ceeded Mr Herrhausen and 
worked with him on the Morgan 
Grenfell acquisition, said the 
bank would continue to support 
Frankfurt and expand its activi- 
ties there. Its Frankfort invest- 
ment banking operations, serv- 
ing German corporate, 
institutional and other custom- 
ers, will stay in the German city. 

Tbe move, however, marks a 
change of strategy for Deutsche, 
which had previously been keen 
to maintain Morgan Grenfell as 
a separate subsidiary. 

Deutsche said yesterday that 
the integration of its and Mor- 
gan Grenfell’s investment bank- 
ing operations would happen 
“over time", and changes to its 
organisational structure would 
be "evolutionary’’. It said a new 


Continued on Page 24 
Lex, Page 24 


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FINANCIAL TIMES WEEKENOOCTOIltR M/OCTOBER M> W 



NEWS: INTERNATIONAL 


Kohl’s talks 
centre on 
spending cuts 


By Michael Lindemann In Bonn 

The three parties in Chancellor 
Helmut Kohl's new govern- 
ment emerged from their first 
session of talks yesterday, vow- 
ing to modernise Germany but 
promising to keep a very 
tight hold on its purse 
strings. 

"Savings, savings, savings - 
tint really is the most impor- 
tant element of these talks.” 
said Mr Werner Hover, the gen- 
eral secretary of the Free Dem- 
ocratic Party (FDP). the small 
liberal party which shores up 
the coalition between Mr 
Kohl's Christian Democratic 
union (COCTt and the Christian 
Social Union <CSU1. the CDlTs 
more conservative Bavarian 
sister party. 

The new government will 
reduce the federal civil service 
by 1 per cent - or 12.000 jobs - 
a year, make legislation sim- 
pler. introduce new laws to 
shorten notoriously compli- 
cated planning procedures and 
speed up court cases. 

“Our country' is in danger of 
becoming paralysed." said Mr 
Peter Hintze, general secretary 
of the CDU. “We have to work 
out why it is that we have the 
greatest number of judges per 
head of population in Europe 
but court cases still take lon- 
ger than anywhere else." 

Another priority, following 
the first round of talks which 
focussed on tax and economic 
policies, will be to cut back the 
Staotscuote - the proportion of 
gross national pnaduct which 
is consumed by government 
spending - by 5 per cent to 46 
per cent, where it was before 
German reunification. 

However, the parties would 
not say how much money 
would be saved by making cuts 
in social security spending, a 
thorny issue which has been 
thrust back on the agenda by- 


company bosses who fear the 
new government will not do 
enough t» out Germany’s high 
non- la bo* costs. 

The Wee parties will con- 
tinue fciks until midday today 
and b*nn again on Wednes-_ 
day. 

Ea.-h oi them has sent five 
people to the talks which are 
beng chaired by Chancellor 
Kohl in the Bundeskanzleramt. 
Ms squat office complex. But 
for the occasional break, the 
negotiators are expected to 
remain huddled in there until 
mid-November. 

The Bundestag, or lower 
chamber of parliament, will 
hold its opening session in Ber- 
lin on November 10 but all 
eyes are focussed on Mr Kohl’s 
re-election as chancellor, a 
vote which is expected to take 
place in the week beginning 
November 14. 

However, the FDP has indi- 
cated it wants the coalition 
talks wrapped up and future 
mini sters nam ed before a vote 
is called. Following its dismal 
election result, the second 
worst since 1949. the party is 
under pressure to secure as 
many concessions as it can 
from the talks before guaran- 
teeing its support for Mr Kohl 
whose new coalition has only a 
10-seat majority in the Bundes- 
tag. 

Mr Klaus Kiukel, the FDP 
leader, yesterday once again 
sought to stamp his leadership 
on the party which had to live 
through a bitter and very pub- 
lic bout of infighting after the 
election on October 16. 

“The will to end the crisis In 
the FDP is there." Mr Kinkel 
said. “It is high time (to do sol 
unless we want forever to 
remain the party which is 
talked about more because of 
its squabbles than its 
policies.” 



Solzhenitsyn: accused Russia's leaders of indifference to suffering, incompetence, and corruption - 

POLITE APPLAUSE IN DUMA GREETS 
SOLZHENITSYN’S MORAL OUTRAGE 


By John Lloyd in Moscow 

Alexander Solzhenitsyn. 
Russia's most famous living 
writer and symbol of resis- 
tance to communism, yester- 
day hurled a bolt of moral out- 
rage at Russia's political 
leadership - accusing it of 
indifference to suffering, 
incompetence, betrayal of the 
state and gross corruption. 

The 50-minute address to the 
State Duma (Lower House) 
contained all the themes the 
writer wove together in 20 
years of exile, sharpened by his 
exposure to the Russian people 
through “hundreds of meetings 
and thousands of letters". 

The people, he said, “have 
lost heart...they do not believe 
the reforms undertaken by this 
government are 


in their interests". 

Yet his moving articulation 
of the plight of his fellow 
countrymen was rewarded 
with perfunctory applause by 
deputies. 

"Russia." he said, "is not a 
democracy but an oligarchy - 
power of a very limited num- 
ber of people. People who knew 
I was to talk here s3id to me: 
"Tell the duma. tell the presi- 
dent. about what simple people 
have in their hearts". 

The authorities, he said, had 
few links with the “sickness of 
the country". People at the 
grass roots had practically 
been excluded from public life. 
“Everything goes on to one 
side of them. They have only- 
one miserable choice - to drag 
out a lowly and humble exis- 
tence. or to cheat on the 


state and each other." 

In a direct attack on Presi- 
dent Boris Yeltsin and the 
reformers ir. government, he 
said the sale of land was tanta- 
mount to “selling Russia". On 
privatisation he said the pro- 
cess “had taught Tflm people a 
very hard lesson - never 
believe the state and never 
work honestly." 

Ke restated two major 
themes of his political writing. 
The first of these was the 
demand to end the •‘lifeless" 
Commonwealth of Independent 
States in favour of a new fed- 
eral state composed of the Slav 
countries - Russia. Ukraine 
and Belarus, with Kazakhstan. 

The second was to recreate, 
the network of zemstvos, rural 
councils of the kind operating 
at the turn of the century. 


US taking tougher antitrust stance 

George Graham on the trend to more active intervention in competition questions 


T he US Federal Trade 
Commission’s decision 
to challenge BAT Indus- 
tries' Slbn bid to take over 
American Tobacco has raised 
questions about whether the 
US government is taking a 
more aggressive approach to 
competition questions under 
the Clinton administration. 

Washington antitrust law- 
yers say that the evidence of a 
tougher approach is clear at 
the Justice Department, which 
shares jurisdiction over anti- 
trust questions with the FTC. 
but note that all three FTC 
commissioners who took part 
In the BAT decision were 
appointed by President Ronald 
Reagan or President George 
Bush. 

One commissioner. Ms Chris- 
tine Varney, has been 
appointed by President Bill 
Clinton, but she has only just 
started work at the commis- 
sion and did not vote on BAT. 
Mr Clinton’s nominee for the 
chairmanship. Mr Robert Pitof- 
sky. has not yet been con- 
firmed by the Senate. 

In addition, almost all the 
senior staff at the commission 
have been in place for several 
years. Some FTC lawyers also 
argue that the kinds of merger 
they are being asked to exam- 
ine are different from the typi- 
cal merger of the l9S0s. which 
often involved companies in 
different sectors with few over- 
lapping markets. 

Yet competition lawyers say 
the change in approach is pal- 
pable not just at the Justice 


Department, where assistant 
attorney general Anne Binga- 
man has taken on issues that 
have not been touched in 
recent years, but also at the 
FTC. 

“Both agencies have become 
much more aggressive both on 
matters of substance and on 
procedural matters.” says one 
former government antitrust 
lawyer. 

Other legal experts say that 
although Commissioner Roscoe 
Starek is noticeably conserva- 
tive in his approach to anti- 
trust questions. Commissioner 
Janet Steiger, the acting chair, 
and Commissioner Mary 
Azeuenaga are more accurately 
labelled independents. Both 
are thought to be interested in 
winning reappointment from 
the Clinton administration. 


On the matter of substance, 
the Justice Department has 
filed the first cases for a 
decade Involving US claims of 
jurisdiction over anti-competi- 
tive action overseas affecting 
US exporters, rather than US 
consumers. 

T he FTC. meanwhile, is 
believed by Washington 
lawyers to be looking at 
bringing some cases involving 
vertical competition questions, 
where the relationship may be 
between supplier and cus- 
tomer. rather than the horizon- 
tal relationship between two 
competitors that is involved in 
the BAT case. 

Some FTC staff lawyers are 
also looking for a case that 
would challenge earlier doc- 
trine on the existence of poten- 


tial competition. 

The government can over- 
look the fact that a merger 
between two competitors 
would substantially increase 
concentration in a particular 
market if it believes the mar- 
ket to be open to potential new 
competitors. But current doc- 
trine requires good evidence 
that someone actually intends 
to enter the market, rather 
than just theoretical evidence 
that someone could easily do 
so. 

In procedural matters, anti- 
trust lawyers say the two agen- 
cies have been competing 
aggressively for cases, and the 
decision on which one should 
look at a particular merger is 
being taken later and later in 
the process. 

Though mergers in some sec- 


BAT uphill task to secure deal 


By Roderick Oram, 

Consumer Industries Editor 

BAT Industries can make a good case that its 
takeover of American Tobacco will increase 
competition in the US cigarette market bat it 
faces an uphill battle to win court approval for 
the deal, analysts said yesterday. The Federal 
Trade Commission is trying to halt the acquisi- 
tion because It believes a reduction in the num- 
ber of manufacturers will make it easier for 
those remaining to set prices to their advan- 
tage. “I find BAT to be very price competitive.” 
said Ms Diana Temple of Salomon Brothers in 
New York, “bat it will be hard for BAT to get 
the FTC's opposition overturned in court.’' “If 


is genuinely a bizarre ruling by the FTC 
because the cigarette market would never 
accept price rises.” said a leading London ana- 
lyst But with the court outcome unpredictable 
because of political overtones, “BAT has an 
even chance, perhaps no better, or winning." 
The FTC goes to court in New York City on 
Monday to seek a temporary injunction to 
block BAT’s Slbn purchase of American 
Tobacco from American Brands. A full trial 
will begin in the first week of December. 

If BAT loses it could appeal to the federal 
second circuit appeals court There would be 
insufficient time to take the case to the 
Supreme Court because BAT'S option on Ameri- 
can Tobacco expires next April. 


tors such ss airlines are allo- 
cated by law to Justice, the 
decision is mostly taken at the 
staff level on the basis of 
which agency has most exper- 
tise in the sector. The FTC gen- 
erally investigates soft drinks, 
for example, while Justice 
takes beer, and the FTC has in 
the past generally taken 
tobacco industry mergers. 

The two fought long and 
hard for jurisdiction over the 
big merger between Martin 
Marietta and Lockheed, with 
the FTC eventually winning 
possession. 

This means that when the 
case is eventually allotted to 
the FTC or Justice, the govern- 
ment's lawyers are running 
out of time to investigate the 
case In the Initial period 
allowed by the law. They are 
thus filing more and more 
“second requests” for informa- 
tion. which extends the dead- 
line for a decision but also 
requires companies to produce 
much more documentation at 
great expense. 

When Mr Pitofsky eventually 
takes office, few doubt that he 
will cany on the trend to more 
active intervention in competi- 
tion questions. In an influen- 
tial article on antitrust pub- 
lished in a policy compendium 
presented to Mr Clinton by the 
Citizens Transition Project just 
after his election in 1992. Mr 
Pitofsky argued for an immedi- 
ate revival of enforcement “to 
undo the damage of a decade of 
trivialising and blaming anti- 
trust". 


Balance in 
Bosnia shifts 
Moslems’ way 


By Bruce Clark 

Bosnian Moslem forces were 
yesterday consolidating their 
grip on SO square miles of terri- 
tory in the far north of the 
republic, seized in a lightning 
offensive over the past three 
days. 

Their Bosnian Serb euemies 
- isolated from their protectors 
in Belgrade and facing a grow- 
ing shortage of fuel - were 
caught unawares by the 
onslaught and abandoned 
armour and equipment as they 
fled, according to the UN*. 

In other potentially ominous 
developments for the Bosnian 
Serbs, government forces 
mounted an assault near the 
stronghold of Kupres. west of 
Sarajevo, and the UN and Nato 
3greed on new procedures for 
air strikes. 

General Dragomir Milosevic, 
a Bosnian Serb commander, 
pledged to retaliate by shelling 
“selected targets" in Sarajevo. 
This amounted to a threat to 
restart the brutal bombard- 
ment of the Bosnian capital 
which ended in February. 

In a clear reference to air 
strikes, the UN commander 
General Sir Michael Rose 
responded by saving: “If they 
shell Sarajevo.they know what 
they can expect." 

The Moslem successes reflect 
a gradual shift in the balance 
of military power inside Bos- 
nia. thanks to clandestine sup- 
plies of light arms and the 
“over-stretched” condition of 
the Bosnian-Serb army as it 
struggles to hold on to 70 per 
cent of the republic's territory. 

The flare-up in Bosnian 
fighting coincides with a 
breakthrough in international 
efforts to achieve a broad -rec- 
onciliation between Serbs and 
Croats. 

Lord Owen and Mr Thorvald 
Stoltenberg. the mediators on 
former Yugoslavia, announced 
that Zagreb and Belgrade 
would start regular consulta- 
tions at foreign minister level 
on normalising their relations. 

Serbia’s President Slobodan 
Milosevic has been told by 
western countries and Russia 
that he should recognize Croa- 
tia as a precondition for fur- 
ther easing of UN sanctions 
against his country. 

On the lace of things, both 
the Bosnian fighting and the 
peace moves in Croatia are 
part of a single process: the 


decision by Mr Milosevic to 
seek international favour and 
sever or at least loosen ties 
with his former proteges in 
both neighbouring republics. 

Under one scenario, a Bel- 
grade-Zagreb reconciliation 
would deepen the Bosnian 
Serbs’ isolation and make them 
more willing to sue for peace 
on terms acceptable to the 
world. 

A strategic deal between Mr 
Milosevic and the Croatian 
government could also neutral- 
ize the influence of the stri- 
dently nationalist politicians 
who now control tho Serb-occu- 
pied areas of Croatia. 

As things now stand, those 
politicians are good friends of 
Mr Radovan KamiUie. the Bos- 
nian Serb leader and cluuuplon 
of Serb nationalism in Us most 
diehard form. 

Few observers see any pros- 
pect of the Bosnian partition 
pJandevjseri by four western 
nations and Russia being 
accepted in itscurrent form, 
and there is scant possibility of 
the plan's sponsors changing 
it. 

But as French officials have 
pointed out several times, that 
does not stop the warring par- 
ties agreeing among them- 
selves to alter the plan - if and 
when they all feel that military' 
options have been exhausted. 

However the latest develop- 
ments could have other, much 
less happy consequences. 

One possibility is that a 
reversal of the Bosnian Serbs' 
fortunes will put President Mil- 
osevic, and conceivably his 
friends in Moscow, under 
unbearable pressure to come to 
the rescue of Mr Karadzic. 

Another danger - mentioned 
recently by General Bertrand 
de La pres le. UN commander in 
ex-Yugoslavia - is that Moslem 
military successes will put 
strain on the delicate relations 
between Moslems and Croats. 

“If the Moslems have too 
strong an army, that could 
frightenthe Bosnian Croats and 
render fragile the Croat-Mos- 
lem federation.” the French 
general recently told the 
French newspaper Le Monde. 

A third possibility is that 
even if the Bosnian Serbs even- 
tually seek peace on humiliat- 
ing terms, there will then be 
little appetite for compromise 
among the Moslems' battle- 
hardened commanders. 


Rome names EU 
commissioners 


By Robert Graham in Rome 

The partners in Italy’s right 
wing coalition yesterday 
patched up a compromise deal 
and named their new Euro- 
pean Union commissioners. 

Prime Minister Silvio Berlus- 
coni yesterday named Mr 
Mario Monti, a respected econ- 
omist, and Ms Emma Bonino a 
Radical Party politician, to fill 
Italy’s two posts. 

The last-minute appointments, 
a day before new commission 
president Jacques Santer is 
due to meet his team and 
assign portfolios, ended weeks 
of political arm-wrestling in 
Berlusconi’s coalition over 
whom to send to Brussels. 

The compromise followed 
two months of indecision. In 
September broad agreement 
had been reached on Mr Monti, 
who is head of Milan's Bocconi 
University, for one of the eco- 
nomic portfolios. 

The coalition partners 
decided that with one '‘techni- 
cian", the other had to be a 


politician of some weight 

The populist Northeru 
League argued that one of 
their members be the commis- 
sioner as the coalition group 
with the largest number of dep- 
uties. Mr Umberto Bossi, the 
League leader, proposed Mr 
Francesco Speroni, Minister of 
Institutional Reform, as their 
candidate. 

Mr Berlusconl’s.own party 
Forza Italia, and their main 
allies the Neo-Fascist MSI 
National Alliance, were against 
giving the league this prize 
when Mr Umberto Bossi, had 
consistently done his best to 
embarass the government As 
an alternative. Mr Giorgio 
Napolitano. the former speaker 
of the Chamber of Deputies 
and a veteran of the commu- 
nist party and its successor the 
Party of The Democratic Left 
(PDS), was also suggested. 

However. Ms Emma Bonino, 
who has extensive experience 
of the European Parliament, 
was chosen as a compromise 
by Mr Berlusconi. 


Asterix birthday celebrations hit by real-life tussle 

Andrew Jack looks at the infighting in the French companies behind the successful sword-wielding cartoon character 



w* Aawi nef**o*einm-L.'aou 


A sterix might do well to con- 
sider changing his name as 
he turns thirty-five years old 
today. Megafrancx would suit the 
mustachioed, sword-wielding midget 
well. The once-rebellious cartoon 
book character has found himself sit- 
ting on a goldmine in his native 
kingdom of Gaul. 

Celebrations are well in hand for 
the anniversary of the first edition 
on 29 October 1959 of Pilote. the 
French children's magazine in which 
the village of invincible Gauls resist- 
ing their Roman oppressors First 
appeared, words penned by Albert 
Goscinny and drawings by Rene 
Uderzo. 

“I’m very happy." says Mr Uderzo, 
reflecting on his feelings yesterday. 
He is also rather surprised, and 
quite unable to explain the idea’s 
sustained popularity. “I didn't expect 
success like this over such a long 
time at alL It's a mystery." 

But not all those involved in creat- 
ing the Asterix phenomenon will be 
raising their goblets around the 


feasting table as they do at the end 
of each of the books. In real life, 
unbeknown to millions of fans, a 
battle is taking place just as vicious 
as any of the fictional plots. 

There is no disputing the success 
of the Asterix bandwagonix. More 
than 250m copies of the 29 albums 
have been sold around the world. 
Editions Albert Rene, which now 
publishes the books, reported turn- 
over of FFr!5m (£5.4nu last year, 
while Dargard. the original pub- 
lisher, still generates almost as 
much again. 

There have been six animated 
Asterix films, with the latest used as 
the centrepiece for a marketing cam- 
paign across Europe by McDonalds. 
Another is in train, and there are 
discussions about one starring real 
actors Including Gerard Depardieu 
as Obelix (who polls show to be even 
more popular than Asterix). 

There is even an Asterix theme 
park on the outskirts of Paris, which 
has just broken into profits after five 
years and attracted 1.5m visitors this 


year. One survey showed that more 
than half of the French population 
could spontaneously name Asterix - 
higher than for either Mickey Mouse 
or Tinrin. 

Some argue that the success of the 
books has been to create a series of 
characters who are uniquely and 
defiantly French, with stories which 
work on many different levels with 
clever wordplays to appeal to adults 
as well as children. 

Yet Asterix also appeals in other 
countries. While more than 94m 
albums have sold in France, another 
82m have been bought by Germans, 
followed by the British at 19m. Aste- 
rix has been printed in 57 languages 
and dialects, including Latin. The 
latest interest has come from Slo- 
venia and Croatian companies. “We 
work with humourists more than 
translators when publishing the 
books in other languages.” says Mr 
Claude de Saint Vincent, c hairman 
of Dargaud. 

He is equally mystified by the 
obviously contagious effect of the 


■‘magic potion" handed out by the 
village sorcerer Panoramix. “If I 
knew the secret. I would do another 
one,” he says. “But it came at a time 
before TV, videos, computers and 
video games. There were not so 
many distractions for readers." 

But some of the Asterix magic has 
now worn off. Mr de Saint Vincent 
believes the market is now mature, 
boosted occasionally with the publi- 
cation of new albums - and perhaps 
greater penetration in the UK. His 
company will receive none of the 
profits from the most recent five 
books - nor will it from any pub- 
lished in the future. 

The reason is a bitter dispute 
which developed between Dargaud. 
which owned Pilote. and Goscinny 
and Uderzo. It culminated in a Pari- 
sian courtroom, with Uderzo trying 
to win all the rights to the back 
titles. He lost on appeal this sum- 
mer, but retains ownership of the 
Asterix character and freedom to 
keep profits from new productions. 
He has not spoken to Dargaud since. 


which has had its offers of help in 
the birthday celebrations ignored. 

Goscinny, the author, died in 1977 
but Uderzo decided to carry on 
alone, producing both words and 
drawings. Some readers feel however 
- though few would dare to say so in 
public - that the quality of the Aste- 
rix books has declined with the end 
of the old partnership. 

Uderzo. aged 67. says he lias no 
plans to stop. 

But his struggles are not confined 
to the drawing board. In 1979 Uderzo 
managed to break away from Dnr- 
gaud to found his own company. 
Editions Albert Rene. He gave Gos- 
■rinny’s widow 20 per cent of the 
shares, keeping the rest for himself. 

She has now also died, and her 
26-year old daughter Anne has 
started legal action against Uderzo, 
claiming that her family did not 
receive a fair share of support or 
profits. “I am very happy about the 
success of the character - in the way 
it was created with my father." she 
says. 



Getting 
dirty in 
Delaware 

j By Jurek Martin In Wilmington 


*•> / 


.-V: 

■ m 


US MIO-TERM 
ELECTIONS 
Nov 0 >nb*r S 


different, 
few states where a Republican 
incumbent. Senator Bill Roth, 
is in measurable danger. His 
defeat could mean the Demo- 
crats keep control of the Sen- 
ate. His Democratic opponent. 
Charlie Oberly. is running a 
campaign lifted from the 
Republican anti-incumbent 
handbook. Perhaps most 
shocking of all for n state 
where moderation is rated a 
virtue, Delaware is witnessing 
a duty race. 

Senator Roth, now 73. has 
been a fixture in Washington 
for 28 years the List 2-1 in the 
Senate. This fits the Delaware 
tradition. No incumbent has 
been voted out of office m the 
last decade and Joseph Bnicn. 
the state’s Democratic senator, 
was elected in 1972 

Dour and toupecd. Mr Roth 
has compiled a solid record fur 
liis state and sometimes on 
national issues without ever 
being rated n political heavy- 
weight. The Kemp-Koth tax cut 
proposals of the Into 1970s were 
a precursor of Reagan adminis- 
tration policies, while his advo- 
cacy of personal pen non plans, 
known in the US as indepen- 
dent retirement accounts, lias 
been second to none. 

Mr Oberly. 47 and a three- 
tune state attorney general, is 
taking aim at this longevity, 
calculating that national dis- 
content with the political 
establishment in the capital 
applies to Republicans as much 
as it does tu Democrats. 

He has sought to make Mr 
Roth's age an issue, with one 
commercial showing his oppo- 
nent trudging along the cam- 
paign trail in slow motion. He 
has also recalled that cvirly in 
life career Mr Roth proposed a 
constitutional amendment ban- 
ning senators from seeking re- 
election after their 70th birth- 
day tthe senator put this down 
to "the folly of my youth".) 

The Roth counter is that the 
state needs a person of his 
seniority. lDth in the Senate, to 
keep "the big spenders" of 
Washington in check. One of 
his advertisements says he 
would never consider ending 
the tax deduction on mortage 
interest payments - not that 
Mr Oberly appears to have said 
it should be removed. 

Tins may seem pallid stuff 
by the debased standards of 
the campaign in neighbouring 
Virginia, but this week Dela- 
ware has become much 
rougher. Mr Roth has charged 
that, as attorney general, Mr 
Oberly refused to recommend a 
sentence of life without parole 
for a murderer. Mr Oberly said 
that that incident, in 1990, was 
the result of a mix-up in legal 
papers presented to him and 
was remedied within 15 days. 
His campaign immediately por- 
trayed the Roth accusation as 
an attempt to replay the “Wil- 
lie Horton" card - referring to 
the 19SS presidential election 
commercial that sought to por- 
tray Mr Michael Dukakis as 
soft on crime. 

This descent to the relative 
political gutter seems to dis- 
turb the state, according to 
Allan Loudell. programme 
director of VYTLM. the excellent 
local radio news station. There 
is division, however, as to who 
started it. 

Polling data only comes from 
the tw'o campaigns. The sena- 
tor's polls still have him ahead 
by more than ten points, much 
less in the summer, while Mr 
Oberly's put his deficit in sin- 
gle digits and declining. 


THE FINANCIAL TIMES 
PuMi-hod h> The Financial Time* 
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Delaware, the 
first state tu 
ratify tlie L’S 

constitution 
/s r . but tho second 
s ma 1 i est j n 

land area, 
rarely bits the 
headlines, 
unless they asv 
made by a Du 
Pont. L-onijuny 
or family. Rm. 
politically, this 
year is rather 
11 is one of the vm* 





FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994 


★ 


3 


NEWS: INTERNATIONAL 


INTERNATIONAL NEWS DIGEST 

New trademark 
treaty agreed 

A new international treaty to simplify protection of 
trademarks was signed in Geneva yesterday after five years of 
negotiation involving nearly 100 countries. The Trademark 
Law Treaty, negotiated under the auspices of the World Intel- 
lectual Property Organisation (Wipo), will matw it mwsipr for 
comp an i es to register trademarks, including service Tn«rW in 
their home countries and Internationally. It will c ome into 
force three months after a rmwirrmyt of five countries have 
formally ratified it 

Some 300,000 registered trademarks used are 

lodged with Wipo, but the total registered worldwide with 
national trademark authorities Is put at 7m. The new treaty 
lays down c omm on procedures for national trademark regis- 
tration, cuts down on red tope, harmonises th** duration of 
initial and renewal registration to t<m years and gives service 
marks the same legal status as trademarks. 

Among 35 states which signed the treaty yesterday were the 
US, Russia, China, six European Union members including 
Britain, several east European nations and a number of devel- 
oping countries. Frances Williams, Geneva 

Kenya shilling falls sharply 


Kenyan shilling 

Aeainst the $ (Ks per S) 
SO - 



70' 


1884 


Source: Datasuswn 


The Kenyan ghiTHng plunged 
against the dollar yesterday 
by more than 20 per cent in 
panic selling caused by the 
liberalisation of the oil indus- 
try, Several banks, including 
Barclays, Standard Chartered 
and Citibank, (tooted the shit 
ling at an average of 43.83 
against the dollar, down from 
35.48 on Thursday. The liber- 
alisation from midnight on 
Thursday and expectations of 
it on Wednesday created an 
instant demand for dollars as 
oil companies moved to build 
up their oil stocks. “The rush 
by some oil companies and 
manufacturers...to finance 
stocks for the next three months or so has resulted in an 
excessive demand for dollars, causing the exchange rate to 
depreciate." said Mr Micah Cheserem, central Hank governor. 
He said the panic buying of dollars was unjustified as his bank 
held hard currency reserves in «««« of 3800m, “sufficient to 
meet the country's import requirements for the next six 
months”. Reuter, Nairobi 

Seoul cabinet survives censure 

The South Korean cabinet yesterday survived a no-confidence 
motion in parliament that had been tabled by the opposition 
to protest at the government’s alleged mismanagement in 
connection with the collapse of a Seoul bridgB last week. The 
accident, which killed 32 peeple. Is blamed on poor mainte- 
nance of the 15-year-old bridge. The parliament supported 
Prime Minister liee Yung-dug by a vote of 174 to 116. The 
result had been expected since the ruling Democratic Liberal 
party controls 177 seats In the 299-member National Assembly. 
John Burton, Seoul 

Macedonia poll boycott urged 

Macedonia's nationalist opposition parties have called for a 
boycott of tomorrow's second round of parliamentary elec- 
tions. accusing the government of electoral fraud tn the first- 
round vote two weeks ago. Both the hardline Internal Macedo- 
nian Revolutionary Movement (VMRO), which lost support in 
the first round, and the newly founded Democratic Party are 
pressing for new elections. International monitors have said 
fraud was not widespread, but the official electoral commis- 
sion admitted that 10 per emit of Macedonia’s 13m voters were 
not included In constituency registers but said they would still 
be able to cast ballots. 

President Kiro Gligorov, comfortably re-elected in the first- 
round ballot appealed to voters to participate, saying the 
former Yugoslav republic's record of a smooth transition to 
democracy was at stake. The former communist Alliance for 
Macedonia, backed by Mr Gligorov, said it won 32.1 per cent of 
the first-round vote compared with 14.4 per cent for VMRO 
and 113 per cent for the Democratic Party. Kerin Hope, Athens 

Poland, Russia to settle debts 

Poland and Russia have agreed to settle their mutual debts in 
an agreement initialled on Thursday, Poland's finance minis- 
try announced yesterday. The deal, which will be signed next 
week during a visit to Poland by Mr Victor Chernomyrdin, the 
Russian prime minister, foresees a mutual cancelling of the 
debts which date back from when the two countries were part 
of the former East Bloc. Poland, has also agreed to make an 
additional payment to Russia worth { 160m which the ministry 
says will “close the debt issue with Russia”. At the last count 
Poland owed Russia $23bn and 53bn in transferable roubles (a 
non convertible Comecon unit of account which no Longer 
exists) while Poland was owed $334m and 63m transferable 
roubles. AH were debts left over from a trade account in the 
former Comecon trade bloc. Christopher BobinsJd, Warsaw 

Vox shareholder hurdle cleared 

Vox, the ailing German private televisual station, yesterday 
cleared another hurdle on its way to recovery when four state 
television authorities approved the chan n el's new shareholder 
structure. However, final approval rests with the r e mai nin g 12 
state television authorities who still have not agreed to the 
new ownership. Vox, based in Cologne, was launched at the 
beginning of 1993 but foiled to attract viewers because of an 
unattractive programme mix. The six original shareholders 
fell out and the channel went into liquidation on April l. After 
months of negotiations with Bertelsmann, the German media 
group which has been the driving force behind Vox, Mr Rupert 
Murdoch's News Corporation took a 493 per cent stake in the 
station in early July. Bertelsmann holds 243 per cent and 
riawai plus, the French station, holds a further 243 per cent 
Michael Lindemarm, Bonn 

Carignon appeal rejected 

Mr Alain Carignon, the former French communications minis- 
ter who resigned in July following a corruption scandal feces 
continued detention in a Lyon prison after his appeal was 
rejected vesterday. Mr Henri Blondet, the pr e sid in g judge, said 
there was “serious, detailed, and corroborated evidence 
against the former minister, who is charged with accepting 
gifts from business groups and arranging the rescue of ms 
indebted campaign newspaper by a utilities company, in 
return, it is alleged that a water privatisation contract m the 
city of Grenoble, where Mr Carignon is mayor, was awarded to 
the utilities company. The Carignon investigation is one ofa 
series of corruption probes which have rocked toe centre-right 
government of prime minister Edouard Balladur and French 
business this year. John Ridding, Pans 

Russia faces budget hurdle 

Mr Andrei Vavilov, the Russian temporary acting finance 
minister, said yesterday that “we have a lot of work to dowith 
the state duma on the budget" - an admission of the difficul- 
ties the finance ministry foresees in getting agreement on a 
budget which will further squeeze the Russian economy m an 
effort to bring inflation down. However, Mr yyadiesiavKosti- 
kov, press secretary to President Boris Y el tsin, said yesterday 
the failure of a motion of no confidence on Thursday In the 
lower house would “ease political tension and avoid a govern- 
ment crisis." Mr Kostikov said reforms would get tougher - 
"it's clear the government won the tattle for the budget and m 
a larger sense for reform". John Lloyd, Moscow 


Renamo drops Mozambique election boycott 



Dhlakama: volte face after 
intense pressure 


By Peter Stanley In Maputo 
and agencies 

Mozambique's first multi-party 
elections were back on course 
last night after Mr Afonso 
Dhlakama, leader of the coun- 
try’s former rebel movement, 
reversed his eve of poll deci- 
sion to stage a boycott. 

The Renamo leader changed 
his mind under Intense pres- 
sure from the United Nations, 
western countries that have 
helped fund the elections, and 
from neighbouring states, 
including South Africa. 

It would have been made 
clear to him that he could 
expect no sympathy from 
either regional or international 
governments, and Mr Dhlak- 
ama may well have been 


warned that the frontline 
group of southern African 
states were prepared to offer 
military assistance to the 
newly elected government of 
Mozambique should Renamo 
resume its guerrilla war. 

"The feet that Zimbabwe had 
committed troops (to Mozambi- 
que) in the past was a strong 
incentive to D hlakam a to sit 
up and take notice,” said Mr 
Greg Mills, director of studies 
at the South African Institute 
for International Affairs. 

He said the sending by South 
Africa of Deputy President 
Thabo Mbkel and Deputy For- 
eign Minister Aziz Pahad. with 
the blessing of other regional 
states, to pressure Mr Dhlak- 
ama had shown the Renamo 
leader the depth of anger at 


the boycott, which had threat- 
ened to unhinge years of work 
to restore peace in the Impov- 
erished country. 

The boycott decision, said Mr 
Mills, announced only hours 
before polling began on Thurs- 
day, highlighted a deep split 
within Renamo, which fought 
a 16-year war against Mozambi- 
que’s formerly Marxist rulers 
of President Joaquim Chissan- 
o's Prelim o party. 

“There is a very big split 
within the (Renamo) party, 
with Dhlakama and his advis- 
ers on the one side and a large 
number of party officials who 
realised Renamo had very little 
option," said Mr Mills. 

Mr Dhlakama changed his 
mind after negotiating through 
the night and morning with 


officials from the United 
Nations, western embassies 
and the National Election Com- 
mission. He declined to answer 
questions about his volte face. 

The Commission extended 
the country's two-day presiden- 
tial and parliamentary elec- 
tions and voting will continue 
today. Mozambicans and Afri- 
can leaders had feared the Ren- 
amo boycott could lead to a 
renewal of the civil war which 
ended with a peace accord 
between Renamo and Frelimo 
two years ago. 

“A shadow has been lifted 
with Dhlakama's decision," the 
United Nations special envoy 
to Mozambique, Mr Aldo 
Ajello, said. 

Mr Ajello, in charge of the 
7,000 strong UN peacekeeping 


force, said his impression was 
that the election had gone well 
so far. 

President Chissano. widely 
expected to be returned to the 
presidency and capture a 
majorty of the 250 parliamen- 
tary seats at stake, welcomed 
the decision: “This is what all 
of us wanted,” he said. 

There remain doubts, how- 
ever, about the Renamo lead- 
er's intentions, and many 
observers do not rule out the 
possibility that Mr Dhlakama 
will cry foul when the reults 
are declared. 

Final results are not expec- 
ted until mid-November. Mr 
There are 12 presidential con- 
tenders and 14 political groups 
vying for a place in the assem- 
bly. 


Malaysia foresees 8.5% 


By Kleran Cooke 
In Kuala Lumpur 

Mr Anwar Ibrahim, Malaysia's 
finance minister, yesterday 
unveiled a moderately expan- 
sionist budget for 1995 aimed 
at sustaining the country's eco- 
nomic growth while also con- 
trolling inflation. 

Mr Anwar forecast that Mal- 
aysia's economy would grow 
by 83 per cent this year, the 
seventh consecutive year of 
growth exceeding 8 per cent 
“While others are plodding 
along painfully, we are tiding 
the waves of rapid economic 
growth,” he said. 

He proposed a series of tax 
cuts which would primarily 


benefit lower income groups - 
and win support for the gov- 
ernment of prime minister Dr 

Mahathir Mohamad ht advance 

of elections likely to be held 
later this year or early next 
The maximum rate of individ- 
ual income tax will be cut from 
34 to 32 per cent while income 
tax will be abolished for a 
large segment of those on 
lower incomes. 

“Thirty per cent of the total 
number of taxpayers will no 
longer have to pay income 
tax.” said Mr Anwar. 

Corporate tax will be cut by 
2 per cent to 30 per cent in line 
with other countries in the 
region. Mr Anwar said the gov- 
ernment Intended to further 


streamline investment proce- 
dures and announced a num- 
ber of measures to encourage 
domestic investment 

The government says the 
inflation rate Is 3.7 per cent. As 
part of the effort to overcame 
market imperfections and sta- 
bilise prices, import duties on 
more than 2300 items - many 
of them foodstuffs - will be 
either reduced or abolished. 

Due to a rapid growth in 
imports so far this year and a 
sharp rise in the deficit on the 
services account, Malaysia's 
current account balance of 
payments deficit Is forecast to 
balloon to MS11.7bn ($4.8bn), 
compared with an earlier 
official projection of 


growth 

a surplus of MS1.5bn. 

Measures to tackle the ser- 
vices deficit include increasing 
efficiency and capacity at ports 
and promoting the develop- 
ment of the Malaysian ship- 
ping industry. 

Mr Anwar also announced a 
substantial increase in educa- 
tional spending in order to 
meet serious skills shortages. 
He warned that wages in the 
first seven months of this year 
wages had risen by 6.7 per 
cent, compared with an 
increase in productivity of 22 
per cent 

“While we may rightly 
rejoice in our success, let us 
not throw caution to the 
wind," he said 


Beating Mideast swords 
into ploughshares 


Clinton 
reassures 
Kuwait 
over Iraq 

President Bill Clinton arrived 
in Saudi Arabia on the final 
leg of his Middle East tour 
yesterday, having reassured 
Kuwait that Iraq would never 
again be allowed to threaten 
its security, write our Middle 
East staff. 

“The United States and the 
international community will 
not allow Baghdad to threaten 
its neighbour, now or in the 
future," he said earlier in a 
brief visit to Kuwait 

“That is not a threat That is 
a promise,” he told an 
audience of US troops who had 
been rushed to the emirate 
following Iraq’s military 
buildup an the border earlier 
this mouth. 

Flanked by tanks and 
infantry fighting vehicles, Mr 
Clinton told hundreds of US, 
British, Kuwaiti and other 
Gulf Arab troops: “We wifi not 
permit Iraq to enhance its 
capability below the 22nd 
paralleL” the line below which 
Iraq is barred from flying its 
warplanes. 

Mr Clinton was greeted with 
placards proclaiming “T hank 
yon, Mr President," and 
“Welcome, Mr President” 

Washington announced on 
the eve of Mr Clinton’s arrival 
in Kuwait that it was doubling 
its deployment of armour and 
attack jets in the Gulf to deter 
any military threat from Iraq. 

Mr Clinton's final stop on 
his six-nation tour was at the 
northern Saudi military rity of 
Hafr a]-Batin where he was 
due to meet King Fahd before 
flying back to Washington. 


S even heads of govern- 
ment, 50 foreign minis- 
ters and more than 1,000 
senior business executives 
from 60 countries began gath- 
ering in Casablanca yesterday 
for a three-day summit aimed 
at transforming the region's 
peace agreements into fuller 
economic integration. 

Organisers of the most ambi- 
tious political and business 
networking session ever under- 
taken for tiie Middle East hope 
it will encourage a new part- 
nership between the private 
and public sectors, new financ- 
ing structures, including a 
$10bn capitalised regional 
development bank, and solid 
moves towards realising hun- 
dreds of development projects. 

Mr Klaus Schwab, president 
of the World Economic Forum, 
the Swiss-based think tank 
which jointly arranged the con- 
ference with the independent 
US Council on Foreign Rela- 
tions, likened the meeting to 
the pioneering steps taken in 
the late 1950s which created 
today's European Union. 

Mr Shimon Peres, Israel's 
foreign minister, the most out- 
spoken advocate of Middle East 
economic integration, has 
called the conference a “battle 
cry” for regional cooperation. 

“Israel and many Arab coun- 
. tries are facing a new danger,” 
be said, “one that cannot he 
fought by conventional means 
of guns or tanks: the spread of 
extreme movements. What 
fuels these movements is pov- 
erty. starvation and unemploy- 
ment. -the answer must be eco- 
nomic.” 

Not everyone in the region 
shares Mr Peres’ op timism. 
Syria and Lebanon are boycott- 


ing the s ummit and neither is 
prepared to join any multilat- 
eral talks including Israel until 
a full Syrian-Israeli peace is 
agreed. 

Some Arab officials taking 
part have also voiced scepti- 
cism at the scale of the confer- 
ence's ambitions. 

Mark Nicholson 
and Julian 
Ozanne on the 
peace summit in 
Casablanca 


Israel has submitted a detailed 
list of projects worth up to 
S27bn over 10 years. 

Some are Immediately practi- 
cable: like linking electricity 
grids; water conservation and 
desalination plants; regional 
agriculture research and devel- 
opment; shared use of ports 
and airports and the develop- 
ment of huge tourism centres. 

Others will require more 
time and political will, like a 
Belrut-Tel Aviv -Cairo-East 
Mediterranean coastal motor- 
way, gas and oil pipelines from 
the Gulf to Israel's Mediterra- 
nean ports and plans to buy 
water from Turkey. 

Israel and Jordan, the two 
countries most enthusiastic 
and perhaps best prepared for 
economic integration, will 
jointly present plans developed 
in a trilateral economic com- 
mission with the US for the 
cross-border development of 
the valley which divides the 
two states. 

Jordan, whose delegation 
will be headed by Crown 


Prince Hassan, also hopes to 
create a permanent process 
from Casablanca. “We’re 
already discussing a sequel to 

it in Amman in the spring and 

are hoping to create a perma- 
nent secretariat," said Mr 
Ahmed Mango, the Crown 
Prince’s pcrmnmlc adviser. 

Mr Peres has promoted the 
creation of a Middle East devel- 
opment hank, with initial capi- 
tal of SlObn. Modelled on the 
European Bank for Reconstruc- 
tion and Development it would 
principally make capital 
investments and long-term 
loans to finance regional infra- 
structure projects, provide 
technical assistance for pro- 
jects and raise money on inter- 
national capital markets. The 
new bank would also create a 
Middle East OECD as a forum 
for regional economic policy. 

Israel also hopes in Casa- 
blanca to get western govern- 
ments to commit themselves to 
an expanded programme of 
government guarantees, politi- 
cal risk insurance and export 
financing for regional projects. 

But the summit's most 
enthusiastic proponents 
believe the core task will be to 
bring the private sector more 
solidly into the development of 
a region which, among Arab 
states notably, has lain over- 
whelmingly and often Ineffi- 
ciently in state hands. 

Israeli companies alone are 
expected to present proposals 
for 3100m in joint ventures. 

There has been no shortage 
of interest from outside the 
region with an estimated 1,100 
business executives descending 
on the Moroccan city this 
weekend. 


Invasion fever grips Taiwan 

A book ignites fears China may send in troops, says Laura Tyson 


I nauspicious celestial pat- 
terns and China's desire to 
reclaim the island of 
Taiwan have combined in a 
newly published best-seller to 
prompt the most severe bout of 
invasion fever to afflict the 
Taiwanese since the early 
1980s. 

Entitled "T-Day August 1995: 
The Warning of the Taiwan 
Strait War,” the book con- 
structs in blunt terms an elab- 
orate scenario whereby China 
retakes the island while the 
world stands by. 

According to the Book, on 
T-Day an attack will be led by 
elite paratroops, who will land 
on the golf courses ringing the 
otherwise clattered capital of 
Taipei. 

Improbable? Yes. Impossible? 
Not necessarily. 

China refuses to renounce 
the use of force to retake 
Taiwan and frequently reiter- 
ates its claim to sovereignty 
over the island. Ominous warn- 
ings from Beijing about mili- 
tary intervention have accom- 
panied the growth of a 
Taiwanese independence move- 
ment, 1 which does not want to 
be “reunited with the mother- 
land”, as China puts it 
Critics dismiss the book as 


politically motivated scaremon- 
gering. They charge that its 
publication in August was 
backed by right-wing elements 
in the ruling Kuomintang 
party and timed to dissuade 
Taiwan's middle-class from 


)l)l fi 

KAJJ 


T DAY 

THE WARNING OF 
TAIWAN STRAIT WAR 

The cover of the book warning 
of an invasion by China 

voting for pro-independence 
Democratic Progressive Party 
candidates in key December 
elections. 

But Taiwanese are genuinely 
concerned, as evidenced by a 
sharp rise in inquiries over 
emigration to western coun- 
tries. And the hold over the 
Taiwanese imagination of all 
thing s superstitious cannot be 
underestimated. 

According to the lunar calen- 


dar. next year will have an 
extra eighth month. 

Chinese believe that the 
insertion of a month portends 
either blessing or calamity, 
usually the latter. Previous 
leap-months coincided with the 
invasion of China by western 
powers in 1900. a bloody purge 
in China in 1956-57, and strug- 
gles following Mao's death in 
1976. 

“In Chinese history, the rea- 
son for starting a war is 
always face, not economic 
advantage,” said Mr James 
Chin, publisher of Business 
Weekly magazine, which pub- 
lished the book. 

“The mentality of Chinese 
leaders is, 'If you don’t respect 
me, I will teach you a lesson’. 
This has nothing to do with 
rational behaviour." 

When Deng Xiaoping took 
power in the late 1970s, he is 
said to have outlined three 
dreams: China's economic 
reform; the return of Hong 
Kong; and reunification with 
Taiwan. The first has been 
largely achieved, the second is 
well in hand but the last is 
slipping away. 

Mr Lu Yali, politics professor 
at National Taiwan University, 
said “tension has built up 


across the Taiwan Strait”, as 
Taipei's pursuit of an interna- 
tional role for Taiwan has “cre- 
ated speculation that the lead- 
ers in China are not happy”. 
He doesn’t think China will 
invade, but understands the 
growing fears as part of the 
“psychology" of Taiwan. 

With each election in recent 
years, the opposition parties 
sap power from the KMT 
which has ruled the island 
since 1949. Direct presidential 
elections scheduled for early 
19% will consolidate the demo- 
cratic legitimacy of a govern- 
ment which has been trans- 
formed from a military 
dictatorship since 1987. 

The policies of the KMT are 
converging with those of the 
DPP, and it is becoming clear 
that regardless of who wins the 
presidential elections it will 
essentially be on a platform of 
independence. 

This could be an excuse for 
China to invade. 

China's domestic turmoil 
will also be a catalyst for an 
attack, the book argues. 

An external conflict, whether 
successful or otherwise, will 
serve to distract from problems 
at home and consolidate the 
power of Deng's successors. 


Boost for 

service 

jobs 

in Japan 

By William Dawkins and Emlko 
Torazono tai Tokyo 

Japan’s labour market 
continues to be weak, but the 
mild recovery is encouraging 
service industries to take on 
more staff, unemployment 
figures released yesterday 
show. 

The unemployment rate hov- 
ered at 3 per cent for the third 
month in a row in September, 
just below the 3.1 per cent 
record set in May 1987, the 
labour ministry said. A faint 
glimmer of Improvement was 
evident in a rise in the number 
of jobs on offer, from 63 per 100 
applicants in August, to 64 in 
September. 

However, the improvement 
in the job seekers’ ratio may be 
fragile because it was entirely 
thanks to a possibly seasonal 
fall in the number of appli- 
cants over that period. Taken 
over the year to September, by 
contrast, the number of people 
looking for a job rose by 83 per 
cent 

Industrial production for 
September fell 1.5 per cent 
from a month earlier, a 
sharper decline than was previ- 
ously expected by private econ- 
omists. The figure was partly 
affected by the upward revi- 
sion of industrial production 
data for August which rose 3.9 
per cent from the previous 
month. 

Shipments fell by 3 per cent 
on the month while the inven- 
tory index rose 13 per cent 
The inventory to shipments 
ratio for the month, which fell 
by 3.1 points in August due to 


Japan 

Job otters To applications ratio 



brisk retail sales, rose 3.5 
points. 

Production of electrical 
machinery fell 7.9 per cent, 
metal products dropped 4.9 per 
cent and “other manufactured 
goods’ 1 declined 93 per cent. 
Precision machinery rose 4.7 
per cent and transportation 
equipment advanced 33 per 
cent 

The latest employment fig- 
ures suggest that the main 
hope for a recovery in the 
labour market rests with ser- 
vice Industries, where produc- 
tivity is low by international 
standards. 

Employment by service com- 
panies rose 23 per cent in the 
year to September, while man- 
ufacturing jobs fell by slightly 
more, 3 per cent, over the same 
period. 

Overall employment is now 
greater in services than manu- 
facturing. according to Mr 
Geoffrey Barker, chief econo- 
mist at Barings Securities. 

Consumer prices in Tokyo 
jumped by 0.8 per cent in the 
year to October, from a 03 per 
cent rise in September, 
reflecting a rise in 
food prices caused by the hot 
summer. 

Excluding food, the core 
inflation rate remained 
unchanged, at 0.5 per cent, con- 
firming that there is little 
inflationary pressure as the 
recovery gets under way. 




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FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994 


NEWS: UK 


Scottish Hydro-Electric says Offer controls will curb distribution investment 

MMC to rule on power price row 


By Michael Smith 

Offer, the electricity regulator, 
is to ask the Monopolies and 
Mergers Commission to adjudi- 
cate after Scottish Hydro- 
Electric, the power company, 
announced yesterday it was 
not accepting price controls 
due to take effect next April. 

It will be the first MMC refer- 
ral made by Professor Stephen 
Littlechild, Offer director-gen- 
eral ScottishPower yesterday 
accepted the price controls and 
regional power companies in 
England and Wales have 
already done so. 

The referral results from cir- 
cumstances unique to Hydro. 


But analysts said yesterday 
that it could have wider impli- 
cations. Although it is unlikely 
that the reviews of the other 
companies will be re-opened to 

allow changes, the MMC may 
look at how Prof Littlechild 
reached his conclusions 
throughout the sector. “There 
is a danger for him that they 
will say he got it wrong.” said 
one analyst 

Hydro's share price was 
steady yesterday, with most 
investors taking the view that 
It could gain but was unlikely 
to lose as a result of a review. 
The shares are already on the 
highest yield, and therefore the 
lowest rating, in the sector. 


The company said It would 
continue its policy, effective to 
the end of this year, of increas- 
ing dividends annually by 
between 6 per cant and 8 per 
cent in real terms. 

Hydro said yesterday that its 
prime concern was that Prof 
Llttlechild’s review implied a 
rate of return for the distribu- 
tion business which, at 2 per 
cent, would effectively prevent 
funding the proper level of 
maintenance. All other compa- 
nies in the sector will enjoy a 
considerably higher rate of 
return following their reviews, 
with the regional companies on 
about 7 per cent and Scottish- 
Power 6 per cent 


Mr Roger Young, Hydro's 
chief executive, said without a 
change to the price controls his 
company would not be able to 
invest in its distribution busi- 
ness. "If we do not invest then 
shareholders* assets crumble 
and the number of power cuts 
rises. 

“The acceptance of these pro- 
posals would place Hydro in an 
even more diffi cult position at 
the next price control review 
in 1999. The regulatory rules 
preclude unauthorised cross- 
subsidy of distribution from 
other business activities.” 

Hydro said it expected to be 
able to continue cutting elec- 
tricity prices even with “more 


appropriate" price controls. It 
already had among the lowest 
domestic prices in Britain. 

The company Is also chal- 
lenging the “Hydro benefit" 
system which allows the com- 
pany to cross -subsidise the 
tr ansmis sion and distribution 
businesses from generation. It 
said it agreed with the princi- 
ple of the system but not the 
mechanism far bringing it into 
practice. 

The MMC reference is likely 
to take at least six months. 
Offer said it would hope to 
announce terms of reference in 
the nest few weeks. 


Lex, Page 24 


Forum strains Dublin-London relations 


By John Murray Brown 
in Dublin 

Hew signs of strain between 
London and Dublin emerged 
yesterday over a framework 
document for Northern Ireland 
as Irish prime minis ter Mr 
Albert Reynolds outlined his 
hopes for the Forum for Peace 
and Reconciliation. 

Mr Reynolds was clearly dis- 
appointed at the decision of the 
British ambassador Mr David 
Blatherwick not to attend on 
the opening day. 

Downing Street said the 
ambassador declined because 


of the presence of Sinn F6in, 
with which London has not 
entered into exploratory talks. 

Mr Gerry Adams, leader of 
Sinn F6in. the IRA's political 
wing, described the British 
move as petty. “It's an indica- 
tion of the British attitude not 
just to the peace process, but 
also to the Irish government.” 
be said. 

In another remark unlikely 
to comfort London. Mr Reyn- 
olds appeared to link the issue 
of the “disposal of arms” with 
a British decision to withdraw 
“troops to barracks". London 
insists that weapons should be 


decommissioned before Sinn 
Fein is allowed into substan- 
tive talks. 

The forum gathering in Dub- 
lin Castle comprised leaders of 
the constitutional parties of 
the south, together with Sinn 
F£in. the moderate nationalist 
Social Democratic and Labour 
party and the non-sectarian 
alliance of Northern Ireland. 

Amid public confusion over 
the purposes of the forum, par- 
ticularly with the absence of 
the main unionist parties of 
the north, Mr Reynolds 
stressed that “no one should be 
In any doubt about the value 


or the importance of its work". 

He said the forum would 
“establish for the first time in 
our history some measure of 
agreement on future structures 
governing relationships within 
Northern Ireland, between 
north and south and between 
Ireland and Britain," a refer- 
ence to the so-called three 
strands of the current Anglo- 
Irish talks. Mr Reynolds also 
held out the prospect of a 
debate on constitutional 
change, as foreshadowed in the 
Downing Street declaration. 

London is pressing Dublin to 
remove the territorial claim to 


Northern Ireland as stated in 
Article 2 of its 1937 constitu- 
tion as a necessary first step to 
appease unionist misgivings 
bkore a comprehensive agree- 
ment can be concluded. 

Mr Reynolds said: "The Irish 
government will only sub- 
scribe to a joint framework 
document if we are satisfied 
that it can form the basis for 
negotiating a new and deep 
accommodation, and that It 
can provide secure foundations 
for a just and lasting peace." 
This for the first time held out 
the possibility that agreement 
may not be concluded. 


Islands win top marks 
for best-value schools 


By John Anthers 

In education, the best value for 
money seems to lie offshore. 

A rough analysis of the 
value for money which Inde- 
pendent schools offer, based on 
the FT-1000 ranking of their 
A-level results published today 
in the Financial Times, shows 
that the top two day schools in 
the British Isles are both in the 
Channel Islands. 

Guernsey Ladies' College 
charges £673 a term, compared 
with an average for the UK 
of £1,372, while Victoria 


College. Jersey, charges £559- 

Among boarding schools, the 
best value Is St Mary's, in Shaf- 
tesbury, Dorset. Girls’ 
boarding schools performed 
well, accounting for all top 
four places. But prestigious 
boys' schools still ranked 
highly, even after their fees 
were taken into account, with 
Eton offering best value among 
boys’ boarding schools. 

The list of day schools 
includes several big-city inde- 
pendent grammar schools, 
such as Withington Girls' 
School, Manchester Grammar, 


and King Edward VI girls' 
school in Birmingham. 

The rankings take no 
account of the degree to which 
schools select their entry, or of 
extra-curricular activities. Val- 
ue-for-money rankings were 
derived by dividing schools' 
A-level scores by their fees. 
This favours selective aca- 
demic schools, and those listed 
here do not necessarily offer 
best value For children not aca- 
demically gifted. 

FT Top 1000 Schools, separate 
section 



INDEPENDENT SCHOOLS: VALUE FOR MONEY? 

FTIOOO 




A-level 



Fees per 

Ranking 

School 

Town 

term (Q 

DAY SCHOOLS 



115 

Ladies' College 

Guernsey 

675 

405 

Victoria College 

Jersey 

559 

16 

Withington Gals' 

Manchester 

1195 

134 

St Michael's 

Llanelli. S Wales 

1015 

37 

Bab lake School 

Coventry 

1165 

64 

Royal Grammar 

Newcastle upon Tyne 

1147 

7 

Manchester Grammar 

Manchester 

1330 

21 

Bradford Grammar 

Bradford 

1270 

9 

King Edward VI 

Birmingham 

1340 

229 

St Dominic's Priory 

Stone. Staffs 

1014 

BOARDING SCHOOLS 



109 

St Mary's School 

Shaftesbury. Dorset 

3100 

19 

Badminton School 

Bristol 

3575 

207 

Casterton School 

Kfckby, Cumbria 

2894 

14 

Malvern Girts’ 

Malvern. Herefond 

3675 

2 

Eton College 

Windsor Berks 

4128 

190 

Penrhos College 

Colwyn Bay. N Wales 

2990 

101 

Tudor Hall School 

Banbury, (Scon 

3265 

6 

Downs House 

Newbury. Berks 

3945 

4 

Winchester College 

Winchester, Hants 

4262 

165 

St Leonard's 

Mayfield, E Sussex 

3165 



R JB to offer 
min ers deal if 
bid succeeds 


By David Goadhart, 

Labour Editor 

Mr Richard Budge, the chief 
executive of RJB Mining, is 
expected to offer miners a new 
three-year contract if his £900m 
bid to take over British Coal's 
English mines is successful 

Mr Budge says that such a 
deal would provide greater 
security for the 7,000 miners he 
is expected to inherit with the 
pits. However another advan- 
tage of the offer is that it 
would supersede the European 
Union's acquired rights direc- 
tive - known as Tupe - which 
covers the transfer. 

Tupe preserves most aspects 
of pay - including pensions - 
conditions, and union recogni- 
tion, when a business is trans- 
ferred to a new owner. It also 
means that any redundancies 
will attract the British Coal 
pay-off of up to £27,000. 

Mr Budge says that he is not 
worried by Tupe and that it 
has been taken into account in 
his bid price. He also says he is 
contemplating only “dozens" of 
redundancies on the basis of 
the current transfer figure of 
7,000 people. 

Today he will seek to calm 
anxieties about the transfer 
before a group of Union of 
Democratic Mineworkers offi- 
cials in Mansfield. He will say 
that he has tew ambitions to 
change working practices. 

However he is known to 
want to end the Incentive 
bonus scheme which pays a 
significant minority of miners 
up to £1,000 per week. 

Mr Neal Greatrex, leader of 
the UDM, which was involved 


UK coal sales could be given a 
boost later this decade as a 
result of negotiations to build 
a combined heat and power 
plant in the north-west of 
England, Michael Smith 
writes. 

The proposed plant for the 
Northwich, Cheshire, site of 
Brunner Mond, the chemicals 
company, would use Im 
tonnes of coal a year, replac- 
ing a facility that uses just a 
fifth of that amount 

It would be the first signifi- 
cant coal-fired power station 
to be built in several years 
and would provide a sub- 
stantial fillip to the coal 
industry which has lost out 
recently to gas in power gener- 
ation. 

Brunner Mond is consider- 
ing the possibility of a joint 
venture on the clean coal tech- 
nology project with Manweb, 
the electricity company, and 
IYO, the Finnish power group. 

in a rival bid. remains suspi- 
cious of Mr Budge: “He’s over- 
stretched himself . . . our 
legal advice suggests he won't 
be able to compensate by 
reducing wages." 

Other union leaders such as 
Mr Doug B ulmer, president of 
BACM. the colliery managers' 
unions, are more supportive. 
Mr Bulmer says that without 
British Coal’s liabilities Mr 
Budge will be able to produce 
coal at less than £24 per tonne 
compared with about £32 per 
tonne now. 

Features, Page 7 
UK Companies, Page 8 


Eggar supports Europe 



h&3 WOoma 

Nationalist fervour: Dafydd Wigley acknowledges a standing 
ovation after his speech yesterday at the Plaid Cymru conference 

Welsh and Scots 
step up calls for 
Ulster-style deal 


By Ivor Owen, 

Parliamentary Correspondent 

Britain outside the European 
Union would be “just an irrele- 
vance", Mr Tim Eggar, energy 
minister, warned in the Com- 
mons yesterday in dismissing 
suggestions that withdrawal 
was a viable option. 

He did not dispute assertions 
by Labour MPs that his words 
were principally aimed at Mr 
Norman Lamont, the former 
chancellor, who recently 
branded as “simplistic" those 
who argue that such a course 
is unthinka ble. 

Mr Stuart Bell, a Labour 


industry spokesman, said that 
although Mr Lamont’s name 
had not been mentioned he 
was the “ghost at the feast”. 

Mr Eggar cited Britain’s suc- 
cess in attracting inward 
investment - which amounted 
to £200bn in 1991 and is 
excelled only by the US - as 
evidence of the benefits stem- 
ming from being “at the heart 
of Europe". 

He said the government's 
success in excluding Britain 
from the European Union's 
social chapter meant there 
were no barriers to flexible 
working hours. 

Mr Eggar denied that the dis- 


cretionary grants available to 
industry through regional 
selective assistance were under 
threat because of criticism 
from Mr Michael Portillo, the 
employment secretary, in his 
earlier role as chief secretary 
to the Treasury. 

Mr Bell claimed that Mr 
Eggar had underlined the 
extent of the Tory splits over 
Europe: extending from Mr 
Lamont and other Euro- 
sceptics on the back benches, 
to Mr Portillo in the cabinet 

Labour would “sign-up" to 
the full social chapter, said Mr 
Bell, denying that inward 
investment would then decline. 


By Kevin Brown, 

Political Correspondent 

The government is facing 
growing demands from Welsh 
and Scottish nationalists for 
equal constitutional treatment 
with Northern Ireland, includ- 
ing the establishment of 
devolved assemblies. 

Nationalists in both coun- 
tries see the Ulster peace talks 
as the trigger for a campaign 
to highlight the contradictions 
between the government's 
approach to Northern Ireland 
and its handling of Scotland 
and Wales. 

Nationalists intend to con- 
trast the government's reluc- 
tance to acknowledge peaceful 
demands for Scottish and 
Welsh devolution with its will- 
ingness to negotiate with Sinn 
F6in, the political wing of the 
IRA, if the Northern Ireland 
ceasefire holds. 

Mr Dafydd Wigley, president 
of Plaid Cymru, the Welsh 
nationalist party, yesterday 
stepped up the campaign at the 
party's conference in Llan- 
dudno, appealing to Mr John 
Major to recognise that Ulster 
and Wales have equal rights to 
self-determination. 

"In the name of democracy, 
consistency and political jus- 
tice, I appeal to the prime min- 


ister to recognise the morally 
indefensible position of deny- 
ing these self-same rights to 
the people of Wales.” he said. 

“If John Major can tell the 
people of the six counties of 
Northern Ireland that if it is 
their wish, democratically 
expressed, that they can unite 
with the Irish Republic... by 
what token can he deny that 
self-same degree of sovereignty 
to the people of Wales and of 
Scotland?" 

The issue was raised in the 
Commons on Thursday by Mr 
Alex Salmond, leader of the 
Scottish National party, in a 
barbed intervention at prime 
minister's question time. 

Congratulating Mr Major on 
the apparent success of his 
Northern Ireland policy, Mr 
Salmond pointed out that it 
hinged on the right of the peo- 
ple of Northern Ireland to 
determine their own future. 

“For the avoidance of any 
doubt, will you confirm that 
you also believe in the right of 
self-determination for the Scot- 
tish nation?” he asked. 

Mr Major, who fell back on 
claims that devolution would 
raise taxes, appeared to have 
no answer to a line of question- 
ing that promises to became 
increasingly embarrassing for 
the government. 


Borrowers lean to variable-rate mortgages 


By Alison Smith 

Borrowers turned away from banks’ 
fixed-rate mortgages to their variable 
rate loans in the third quarter, accord- 
ing to figures released yesterday by the 
British Bankers’ Association. 

It said the proportion of mortgages on 
fixed rates dropped from 73 per cent in 
the second quarter to 53 per cent 

In contrast to last summer when 
banks won significant mortgage busi- 


ness through fixed rates, which were 
cheaper than variable rate loans, fixed 
rates can now be more expensive than 
floating-rate mortgages, particularly 
those which have heavy discounts in 
the early years. 

The figures underline the shift in 
market share between banks and build- 
ing societies since last year. 

Seasonally- adjusted figures for new 
net lending undertaken rose to £659m 
last month compared with £610m in 


August, but below the £S27m equivalent 
figure for September last year. 

However, the impact of the 0.5 per- 
centage point rise in interest rates last 
month is less clear-cut. 

Loans approved but not yet under- 
taken - an important forward-looking 
indicator since they translate into lend- 
ing carried out in the following weeks - 
dropped from 31.047 approved in August 
to 29,718 approved in September. 

A similar drop occurred between 


August and September last year, bu 
from a higher base. 

The association highlighted the fac 
that banks’ gross mortgage lendini 
totalled £1.74bn in September - mon 
than 3 per cent higher than in Septem 
her last year. 

But the difference between the rise u 
new gross lending compared with las 
year and the drop in new net lendini 
suggests that people are remortgagini 
to find the best offers available. 


Negative equity count shows plus signs 


Alison Smith finds controversy 
over the effects of the problem 


Negative equity: the gloom lifts 


Thousand households 


ENTE NAZIONALE PER L'ENERGIA ELETTRICA S.p-A. 
LIT 500,000,000.000 FLOATING RATE NOTES DUE 2000 
In accordance with the provisions of the above mentioned Notes, 
notice is hereby given as follows: 


Interest period: 
Interest payment date: 
Interest rate: 

Coupon amounts: 


28th October 1994 to 28th April 1995 

28th April 1995 

9.125% per annum 

UT 230, 6EC per Note Of UT 5,000.000 

UT 2306507 per Note Of UT 50 ,000,000 

Agent Bank 



While the problem of haring a 
mortgage which is larger than 
the value of one's home is still 
casting a shadow over hun- 
dreds of thousands of house- 
holds, the gloom that “negative 
equity” has shed over the 
housing market appears to be 
lifting somewhat. 

Two estimates published this 
week of the extent of negative 
equity in the third quarter of 
this year, confirmed the fall 
during the past 12 months. 

The Bank of England esti- 
mates that 1,096,000 households 
were in this plight - a drop of 
16 per cent compared with the 
final three months of last year. 

A separate assessment by 
the Woolwich building society, 
the UK's third largest, put the 
number of negative equity 
households at 930,000 - more 
than 20 per cent lower than the 
fourth quarter of last year. 

The UK’s largest mortgage 
lenders agree that they are 


I 


pleased to see negative equity 
falling, and that it is not the 
restriction on the housing 
market that it was a year or 
IS months ago. 

Against the background of 
house prices which are no lon- 
ger tumbling - even if the 
price Increases seem small and 
fragile - opinions are more 
divided about how far negative 
equity is acting as a depressant 
on the housing market at its 
current, lower levels. 

Mr Martin Ellis, chief econo- 
mist at Woolwich, described its 
impact as "removing a rung 
from the housing ladder", and 
said it must fall further "before 
it stops being a problem”. 

Many households in that 
position are those who bought 
for the first time in the late 
1980s, he said, and who might 
otherwise be expected to move 
or to have moved already. 

He also highlighted the con- 
straints on households whose 


Halite* iraaepifc, acuta' 



! .\ : i ^ 




Oi. ■ ■ ' m- ■ : '.'.02 f oft *- cn 

stake in their home is slightly 
higher than their mortgage, 
but which would be eaten up 
by the costs of moving. 

At the Nationwide building 
society, Mr David Parry, head 
of planning, is more sceptical 


"OS 03 ® 

1984 I 


of the impact of the phenome- 
non. 

“There's no real evidence 
that negative equity is a 
brake," he said. "The real 
motor in the housing market is 
always the first-time buyers." 


Some economists argue, 
ever, that negative equit 
an effect in deterring firs 1 
buyers in particular. 

The Halifax building sc 
the UK's largest mor 
lender, pointed out that fi 
negative equity from fa! 
house prices mav be a pa 
larly acute problem for 
time buyers because the 
most likely to be borrowir 
highest proportions ol 
value of their home. 

For Abbey National, wi 
bias in coverage toward 
south-east of England, 
gradual reduction in net 
equity has been partiev 
important: the region was 
daily hard hit by the fi 
house prices. 

Even so, Mr Charles 1 
managing director of At 
retail operations, played 
the importance of nee 
equity as a factor, com 
with the impact of the £ 
ent lack of sustained i 
deuce In economic recovei 
it halved again in the nexi 
its impact would become 
ginal." he said. 

K 


Walker 
received 
£lm in 
legal aid 

Mr George Walker, the leisure 
entrepreneur cleared of orches- 
trating a fraud at Brent 
Walker, his former company, 
received more than £lm in 
legal aid it was disclosed yes- 
terday. James Blitz writes. 

Mr John Taylor, the parlia- 
mentary secretary at the Lord 
Chancellor's Department, said 
Mr Walker, who was acquitted 
earlier this week, had received 
£1,152,442 to help fight his case. 

He said it was not possible to 
estimate, as yet, what the final 
cost of the court case would be. 
although the total sum has 
been estimated at £5m. 

Mr Taylor also revealed that 
Mr lan Maxwell and Mr Kerin 
Maxwell, the sons of the dis- 
graced tycoon Robert Maxwell, 
have already received £400,000 
in legal aid payments to help 
fight charges arising out of the 
collapse of their father's busi- 
ness empire. 

Names’ opponents 
to start action 

| The long-running court battle 
by Lloyd's Names to win com- 
pensation for losses took a fur- 
ther twist yesterday when 
their opponents’ lawyers said 
they would launch their own 
legal proceedings. 

The action is being taken by 
lawyers representing errors- 
and-omissions insurers who 
provided negligence cover for 
the professional Lloyd's agen- 
cies being sued by Names' 
action groups. 

Earlier this month Gooda 
Walker Names won substantial 
damages for losses incurred 
between 1988 and 1990. E&O 
insurers now want the High 
Court to ckuify whether those 
Names should.be allowed to 
take a large share of the funds 
available for paying damages - 
or whether some should be 
held back to pay awards won 
by other Names' action groups. 

Westminster leader 
sets out innocence 

Mr Miles Young, Westminster 
City Council leader, yesterday 
sought to prove his innocence 
at the public hearings into ger- 
rymandering allegations. 

The council’s district audi- 
tor, Mr John Magtll, ruled in 
his provisional report that Mr 
Young was not "actively 
involved" in gerrymandering. 
But this finding has been chal- 
lenged by objectors whose ini- 
tial complaints prompted the 
district auditor's investigation. 

Mr Bernard Lives ey, QC for 
Mr Young, said there was no 
new evidence to make the 
district auditor change his 
mind. 

Warning on small 
pension schemes 

The government should be 
wary of allowing small pension 
schemes to operate under a 
weaker regulatory regime than 
large ones because small 
schemes generally pose the 
greatest problems, according to 
the Occupational Pensions 
Advisory Service. 

Mr Don Hall, chief executive 
of Opas. a government-funded 
body which advises individuals 
who have concerns about their 
occupational pensions, said: 
"It's the area of small schemes 
where historically we have had 
the most problems." 

Finance and the Family, 
Weekend FT 

Business boosted by 
EU developments 

Business leaders believe devel- 
opments in the European 
Union during the past five 
years have helped to Increase 
trade for their companies, says 
a survey released yesterday. 

The poll by MORI for Ameri- 
can Express, conducted among 
101 board directors of Britain's 
largest 500 companies, revealed 
that 39 per cent of those polled 
believed their companies had 
increased trade with Europe 
since 1989, in spite of the fact 
that 35 per cent said EU devel- 
opments had led to stiffer com- 
petition. 

Radio licences 
announced 

The Radio Authority yesterday 
announced plans for the next 
batch of commercial radio 
licences. Including four new 
regional stations to serve 
nearly 7m listeners. 

As well as the four new 
regional FM stations for the 
Yorkshire area, East Anglia- 
east Midlands and tho Solent, 
the authority also disclosed 
plans at the annual Commer- 
cial Radio Convention In Dub 
hn for 20 new licences for sta- 
tions that will generally 
smaller than existing lndsp® 1 * 
dent local radio stations. 



FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994 


5 


NEWS: UK 


Halifax calls back sales force for re-testing 


By Alteon Smith 

Halifax building society, one of the 
UK's largest personal fiTi«nn» organi- 
sations, is to withdraw its 600-strong 
financial services sales force for re- 
testing, after discovering failures to 
meet regulators’ standards. 

The temporary withdrawal is a 
severe embarrassment to the organi- 
sation, coming just two months 
before the launch of a wholly owned 
life insurance subsidiary, Halifax 
Life. 


Halifax said yesterday that the 
compliance failures revealed by its 
internal checks related to "observed 
interviews" which sales agents per- 
form as part of their continuous 
training, and there was no evidence 
that any customer had been given 
poor advice or had suffered. 

While most of the irregularities 
were minor - such as an interven- 
tion in an interview by an observer 
who should have remained silent - 
some more serious matters - includ- 
ing failures to carry out the 


observed interview at all - had 
involved “a handful" of the sales 
force. 

Mr James Crosby, general man- 
ager of fimmrial services at Halifax, 
said yesterday: "It is disappointing 
that a minority of our advisers have 
not followed the required proce- 
dures. We have a comprehensive 
action plan in hand to ensure tha t 
these incidents do not recur and that 
all our advisers measure up to [our] 
hi gb standards." 

Even so, the move Is awkward for 


the society as it prepares for its own 
life subsidiary, particularly as ear- 
lier this year Mr Mike Blackburn, 
chief executive, set the society the 
specific aim of being "the biggest 
and best personal finance business 
in the UK". 

Halifax’s approach to setting up 
the life operation has been marked 
by a desire to see its strong brand 
image as a mortgage lender 
extended to the new business, partly 
by exercising strict control over the 
products and services offered. 


The re-testing process is due to 
take two to three weeks. Hie sales 
agents who pass - which Halifax 
expects to be the vast majority - 
will then be able to go back to giving 
financial advice for mortgage-related 
products. 

At the same time they will receive 
detailed training on Halifax Life 
products as the society had intended 
they should in December anyway. 
They will not return to more general 

fin an Hal p lanning - advice Until the 

new operation opens for business. 


Yesterday’s announcement does 
not affect the 2,000-plus Halifax 
branch staff who can advise on 
endowment mortgages but not on 
the full range of financial services. 

Halifax is not the first large finan- 
cial organisation to have to under- 
take a high-profile withdrawal of its 
sales force this year. Norwich Union, 
the insurer, and Nationwide Build- 
ing Society, the UK's second largest, 
have both had to announce tempo- 
rary suspensions of financial ser- 
vices sales staff for re- training. 


Former banker 
appointed to 
lift Tory funds 


By Peter Marsh 

The Conservative party has 
appointed a former investment 
banker as its new head of fund- 
raising In a fresh attempt to 
cut its £l5m overdraft by 
attracting more company dona- 
tions. 

Mr Richard Warner, who 
until the early 1990s worked 
for Morgan Grenfell, the mer- 
chant bank, will have as one of 
his main responsibilities con- 
tacting company chairmen 
who have been reluctant to 
donate to the Tories. 

His appointment marks a 
break in tradition at Conserva- 
tive Central Office since for the 
past 24 years this role has been 
undertaken by retired gener- 
als. 

One of Mr Warner’s tasks 
will be to increase annual 
donations to the party from 
individuals and companies 
from £9.4m In 1993-94. It is 
believed that the Conserva- 
tives want this to increase to 
at least £20m by the tims of the 
next general election, likely to 
be in about two years. 

Over this period the Tories 
want to cut the overdraft, 
which ca™ about after High 
spending in the late 1980s and 
early 1990s, to about zero. 

In the past two years total 
donations - believed to be split 
roughly evenly between com-, 
ponies and individuals — have 
slipped. Several big companies 


Mr Austin Mitchell, the 
Labour MP, has complained to 
the Institute of Chartered 
Accountants about the audit- 
ing of the Conservative patty’s 
accounts, Jim Kelly writes. 

Mr Mitchell has written to 
Mr Andrew Colquhoun, insti- 
tute president, alleging that 
the audit by Coopers & 
Lybrand for the 1993-94 
accounts is deficient. He says 
the absence of information 
about the source of donations 
amounting to £9.4m under- 
mines the ability of the 
accounts to provide a “true 
and fair view”. 

Mr Paul Judge, director- 
general of Conservative Cen- 
tral Office, said Coopers & 
Lybrand were one of the most 
reputable firms in the world. 

Coopen & Lybrand — id it 
could not comment on the case 
of a client 


have cut cash gifts either 
because of disillusionment 
with the effectiveness of dona- 
tions. or because of reduced 
profits in the recession. 

Mr Warner, 55, said he 
wanted people to feel proud of 
giving money to the Tories. He 
took over last week from Maj 
Gen Stuart Watson, who 
retired. Mr Warner, a chemical 
en gine er whose first job was 
with Imperial Chemical Indus- 
tries, worked for Morgan Gren- 
fell for more than a decade. - 


Lottery bets on a hitch in live trials 

Raymond Snoddy on the build-up to a network of 10,000 terminals going on-line 


|. The National 

w Lottery comes 

_ Mu a step closer 

W| today with the 

first of a series 
of “play days" 
the nation al - live dress 

wtthjy r ehearsals lead- 

ing up to the lau nch of *>w real 
thing on November 19. 

In more than 10,000 retail 
outlets in every local authority 
area in the UK staff will "buy” 
their £1 tickets, choose six 
numbers out of 49 and have 
them verified by the lottery 

terminals linked tO a muipler. 

high-security network. 

On Tuesday the numbers 
will be drawn as if for real 
although the prize will be a 
weekend for two in Paris for 
the retailer who makes fewest 
mistakes, rather than what 
will became the usual £2m or 
more jackpot 

The only certainty about the 
dress rehearsal is that some- 
thing is bound to go wrong, Mr 
David Rigg, communications 
director of Camelot, the lottery 
operator, conceded. 

But whatever flaws are 
found, Camelot has already 
achieved a great deal - operat- 
ing a live national network for 
the largest single lottery to be 
launched in T*ms than 25 weeks. 

Already ICL, a member of 
the Camelot consortium, has 
manufactured and fagtaiiArt the 
specially designed lottery ter- 
minals for the launch. 

Peritas, ICL’s training sub- 
sidiary. will have completed 
the lottery ter mina l tr aining 
for more than 35.000 people in 
the space of six weeks. The 
training was was carried out at 
more than 220 locations 



Political gamble: John Major tries his luck in the National Lottery at a simp in south Wales 


throughout the UK. usually at 
hotels. 

It was unable to begin train- 
ing the targeted three staff 
from each of the 10,000 or so 
retailers - which can range 
from petrol stations and inde- 
pendent newsagents to' J. 
Salisbury and Tesco' stores - 
before September .19. -There 


was no point in t raining people 
before terminals were installed 
or too far before that launch. 

“I cannot conceive that any- 
thing like it has happened 
before, not in such a concen- 
trated period," said Mr Tim 
Holley, chief executive of Cam- 
elot, who, like all the 500 
Camelot staff, hqg taken the 


three-and-a-half-hour course. 

"All the Camelot staff are 
going to be trained. I want 
them to understand in respond- 
ing to retailers exactly what is 
involved," Mr Honey added. 

Mr Stuart Kearns, Peritas 
manager of the Camelot train- 
ing project, looked at lotteries 
in other parts of the world 


before designing the pro- 
gramme. One key thing to 
avoid was what happened in 
the Texas lottery where 28 per 
cent of those supposed to come 
for tr aining were “no shows”. 

This lead to the decision to 
have such a large number of 
venues around the country so 
that no one should have to 
travel for more than half an 
hour to get there. 

The course covered every- 
thing from an introduction to 
the lottery and the five “good 
causes" which will benefit - 
possibly to the extent of £9 bn 
over seven years - to how to 
operate the lottery terminals. 
There was also a quiz at the 
end to check knowledge. 

"If people really haven't 
coped, we take steps to ensure 
that they really will be all 
right," Mr Holley said. 

The training contract will 
represent a multi-million 
pound deal for Peritas by the 
time the full complement of 
more than 40,000 retailers have 
been trained by the end of 
1996. 

After the November 19 
launch there will be a pause to 
draw breath before the pro- 
gramme Of installing on- line 
lottery terminals rolls on. 
There will be another pause in 
the spring when scratch cards 
will be launched in addition to 
the multi-million jackpot draw. 

As the final countdown gets 
under way there was encourag- 
ing market research for Came- 
lot Thirty per cent of people 
said they would play the 
National Lottery every week 
»mi as many as 80 per cent 
said they would buy tickets 
occasionally. 


Virgin 
drink 
risks 
holy row 

By Raymond Snoddy 


Mr Richard Branson provoked 
a potential holy row yesterday 
by announcing in the 
Staunchly Roman Catholic 
Irish Republic that he planned 
to launch a drink next year 
called Virgin Mary. 

The tomato and Tabasco 
mixer is intended to go with 
Virgin Vodka, due in the shops 
in three weeks, and is pan of 
the continuing programme of 
launching drinks to go along- 
side Virgin Cola. 

Mr Branson expressed sur- 
prise that using the Virgin 
name to sell a Virgin Mar}’ 
drink might be controversial 

“It never occurred to me.” he 
said. “A Virgin Mary is what 
you call a tomato and Tabasco 
drink I drink it all the time. 

He added: "If we are going to 
offend people, we will obvi- 
ously think twice." 

In interviews at the Commer- 
cial Radio Convention in Dub- 
lin. Mr Branson also gave a 
progress report on Virgin Cola. 
He said there were firm sales 
already of 30m cans, with 94m 
going to the Tesco supermar- 
ket group. Mr Branson said 
that at a retail price of 25p he 
expected a 50 per cent market 
share In Tesco stores before 
Christmas. 

The Iceland foodstore chain, 
he said, would replace Pepsi 
with Virgin Cola and was 
likely to give the new brand 
greater prominence than Coca- 
Cola. Next week Virgin will 
also announce a cola deal with 
a 1.800-strong off-licence chain 
which Mr Branson declined to 
name. "By the end of Novem- 
ber we will be in 3.500 stores," 
he said. 

The Virgin chief added that 
he planned to launch a range 
of soft drinks under the Virgin 
name, including Virgin Water, 
orange juice and lemonade. 
"The range of drinks that Coke 
sells we will be selling.” he 
said. 

Mr Branson conceded that 
the Virgin nam e had been con- 
sidered, and rapidly dropped, 
for two other company ven- 
tures: Mates condoms and a 
model agency. 


Conservative MPs put on 
a brave face over ‘sleaze’ 


By Kevin Brown, 

Political Correspondent 

Conservative MPs escaped to 
their constituencies from the 
hothouse of Westminster yes- 
terday hoping desperately that 
the steady drip of “sleaze” alle- 
gations against the govern- 
ment has been staunched. 

Publicly, they were putting 
on a brave face, arguing that 
with 2 Vi years to go before 
the next general election, 
the government has plenty of 
time to recover its lost popular- 
ity. 

Many offered a parallel with 
the Westland affair in 198386, 
which came close to bringing 
down the government, but was 
followed by Baroness Thatch- 
er’s overwhelming victory in 
the 1387 general election. 

MPs from both sides of the 
party dismissed most of the 
allegations as either trivial or 
unfounded, but there were 
sharp differences on Mr John 
Major’s handling of the affair. 

Most mainstream MPs 
believe the prime minister 
coped reasonably well in trying 
circumstances. Many were 
pleased by his fighting perfor- 
mance at prime minister’s 
question time on Thursday, 
when he angrily dismissed 
Labour probing. 


But right-wingers were 
largely dismissive, claiming 
that the prime minister had 
displayed weakness end disloy- 
alty, especially to Mr Neil 
Hamilton, the corporate affairs 
minister who resigned earlier 
this week 

"The problem is that his 
decision to sack Neil, even 
thoug h the allegations against 
him were unfounded, has left 
every minister open to chal- 
lenge. We just don’t know 
who’s next," said one. 

The right was also angry 
with newspaper reporting of 
the events of the week claim- 
ing that trivial and unsubstan- 
tiated allegations had been 
unfairly exploited to embarrass 
ministers. 

Tve been told that newspa- 
pers have four more names 
which are going to be released 
at the rate of one a month." a 
senior rightwing backbencher 
riflimod confidentially. 

Conspiracy fantasies aside, 
the party has clearly been 
deeply wounded by the contro- 
versy. “It is devastating us," a 
senior member of the 1922 com- 
mittee of backbenchers admit- 
ted. 

“We are just hoping it will go 
away. But the real danger is 
that there will be more [allega- 
tions]. If that happens we are 


in real trouble," he said. 

Another backbencher, 
fiercely loyal to the prime min- 
ister, argued be bad laid 
the groundwork for a govern- 
ment flghtback by setting up 
the standing committee on 
public standards, to be chaired 
by Lord Nolan. 

But she admitted: "All this is 
hurting us a lot It has lowered 
our morale. We were already 
unpopular because of the 
recession; now people think we 
are crooked as well as incom- 
petent" 

In a sign of the times, depart- 
ing MPs of all parties rushed to 
comply with Commons rules 
that payments and overseas 
visits must he entered in the 
Commons register of interests 
within four weeks. 

Scrutiny of the register 
revealed a number of over- 
sights by MPS on both sides, 
notably Mr Bernie Grant, 
Labour MP for Tottenham, 
who added seven free or subsi- 
dised overseas trips to his pre- 
vious declaration. 

“It’s crazy really,” said one 
MP. “Many of these things are 
pretty minor, and this is the 
first chance most people have 
had to register things since the 
summer break But in the cur- 
rent climate everyone has to he 
squeaky dean." 


Nolan 
committee 
to meet 
next week 


By James Bfltz 

The committee headed by Lord 
Nolan set up to examine stan- 
dards of conduct in public life 
is to hold its first meeting next 
week 

This underlines the speed 
with which the prime minister 
wishes to calm concerns of 
sleaze hanging over his gov- 
ernment 

Lord Nolan has told White- 
hall officials that he wants to 
hold most of the committee’s 
hearings in public. But he has 
also given an assurance that 
he will abide by the remit set 
by Mr John Major, and will 
avoid investigating specific 
allegations of impropriety 
against Tory MPs. 

The committee’s members 
include Sir Martin Jacomb, 
chairman of the British Coun- 
cil, Sir Clifford Boulton, the 
former clerk of the Commons, 
and Dame Anne Warburton, 
former president of Lucy Cav- 
endish College, Cambridge. 

One member said the task of 
granrining whether standards 
of conduct for public servants 
should be tightened would be 
hard to achieve. 


Inquiry into tunnel collapse delayed 


By Charles Batchelor, 

Transport Correspondent 

Ah Investigation into the cause 
of the collapse of a railway 
tunnel under construction at 
London’s Heathrow airport 
could take longer than origi- 
nally expected, BAA, the air- 
port operator said yesterday. 

News of the delay followed 
an announcement by the 
Health and Safety Executive 
late on Thursday that it would 
carry out its own investigation 
of the collapse. It plans to pub- 
lish its findings. 

The problems at Heathrow 
started a week ago when earth 
began slipping into a tunnel 
being excavated using a tech- 
nique known as the new Aus- 
trian tiinwftiHtig method. The 
tunnel forms part of the £300m 
-Heathrow express rail link to 
Paddington station in London. 

BAA said it would take until 
the end of next week at the 
earliest before its own inquiry 
produced any conclusions. 



Work on the collapse site, near 
the terminal three car park, 
will remain suspended as will 
tunnelling using the same 
method at two sites on the 
Jubilee Line extension of the 
London Underground. 

The Health and Safety Exec- 


utive’s investigation will ini- 
tially look at whether the 
Heathrow failure was specific 
to the site and then go on to 
consider whether there are any 
broader implications for this 
method of tunnelling. It will 
compare the safety of this tech- 


nique with that of more con- 
ventional methods. 

The Austrian method dis- 
penses with a boring machine 
and uses an excavator to cre- 
ate a tunnel with the walls 
being temporarily reinforced 
with wire mesh and concrete. 
It has been used worldwide for 
more than 40 years and is 
normally employed to provide 
short-term support before the 
construction of the final 

lining 

There is no evidence that, 
once the work is finished, 
there is any difference between 
the safety and integrity of 
tunnels built in this way and 
those using more conventional 
techniques, the executive 
said. 

A hranri being built by this 
method in Munich collapsed 
during thp. construction phase 
earlier this year. But the 
ground conditions were so dif- 
ferent that there was no reason 
to halt work in London, it 
added. 


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6 


FINANCIAL TIMES WEEKEND 


OCTOBER 29/OCTOBER 30 1994 


★ 


FINANCIAL TIMES 

Number One Southwark Bridge, London SE1 9HL 
Tel: 071-S73 3000 Tele* 9221S6 Fax: 071-407 5700 

Saturday October 29 1994 

Greenspan 
in China 


Mr Jiang Zemin, the Chinese 
president, had plenty to learn this 
week &om the visiting chairman 
of the Federal Reserve, Ah' Alan 
Greenspan. But one lesson of the 
market applies as much to recent 
experience in the US as it does to 
China. Capitalism can allow a 
large economy to grow fester, but 
it will rarely allow deep structural 
weaknesses to go un exposed. 

One thing Mr Greenspan shares 
with his hosts is a penchant for 
gradualism or. as they say in Bei- 
jing. "crossing the river by feeling 
the stones”. For China, this has 
meant 15 years of incremental 
reforms. For Mr Greenspan, it has 
meant a career as Federal Reserve 
chairman in which the interest 
rate on federal funds has never 
changed by more than half a per- 
centage point at a time. 

Since February, he has applied 
this strategy to slowing growth in 
the US, just as he did to reviving 
it during the recession. A series of 
five rate rises has left the interest 
rate at 4.75 per cent, 1% percent- 
age points higher than it was at 
the start of the year. 

One does not have to have a 
communist's scepticism of mar- 
kets to favour incrementalism. 
Monetary policy is a more estab- 
lished art in the US than it is in 
China, but the precise effect of a 
given change, not to mention the 
lag with which it will operate, are 
uncertain nonetheless. Mr Green- 
span would like a soft landing for 
the economy and considers a gen- 
tle tightening of monetary policy 
to be more consistent with this 
goal than a more dramatic correc- 
tion. 

The trouble with gradualism, as 
the Chinese have discovered, is 
that economies do not always play 
by the rules. Data released yester- 
day showed US real GDP growing 
at a rate of 3.4 per cent in the 
third quarter of 1994. This is down 
on the previous quarter's 4.1 per 
cent rise, but is still significantly 
higher than the 2.5 per cent that 
Mr Greenspan thinks consistent 
with stable prices. 

High yield 

Over the past few decades, the 
real rate on federal funds has 
averaged 2 per cent, a little more 
than its current level. Investors 
fear that this is altogether too 
relaxed for an economy half-way 
through its fourth year of recov- 
ery. That anxiety continues to 
translate into rising long-term 
interest rates. The yield on 
long-term US treasury bonds is 
now over 8 per cent, its highest 
level since May 1992. 

Are these concerns justified? It 
is in the nature of monetary policy 
that no one will know whether Mr 
Greenspan is making a mistake 
until it is too late to correct it The 
evidence suggests several develop- 


ments that could fuel inflation, 
but only anecdotal evidence that 
they are yet doing so. 

In the past commodity prices, 
high rates of industrial capacity 
utilisation, tight labour markets 
and a falling dollar have individu- 
ally proved capable of triggering 
inflation. In 1994, US producers 
have had all four to deal with. The 
fear is that that sooner, rather 
than later, they will raise prices to 
compensate. 

Subdued picture 

It has not happened yet The 
latest price data showed a sub- 
dued picture. Consumer prices 
rose at an annual rate of 23 per 
cent in September, and the equiva- 
lent figure for producer prices was 
only 1.9 per cent The labour mar- 
ket evidence is similarly ambigu- 
ous. Hiring, especially in the ser- 
vice sector, continues apace. But 
so far there is little sign that 
wages are starting to rise in step. 
Indeed, on Wednesday the labour 
department revealed that worker 
compensation rose 33 per cent in 
the year to September, the lowest 
year-on-year increase since the 
series began in 1981. 

Mr Greenspan may wish to pon- 
der the data further before 
announcing another rate rise. The 
political climate in the run-up to 
the November election Is unusu- 
ally mean this year. The Fed 
chairman would rather not be the 
butt of the administration's frus- 
tration at widely expected Demo- 
cratic losses. 

The trouble is that international 
investors see things more starkly 
than Mr Greenspan and, unlik e 
him, they are not in a mood to be 
accommodating. Without an un- 
Greenspan-like rise in interest 
rates - perhaps even with such an 
increase - the markets' doubts are 
likely to keep the dollar heading 
down, and bond yields beading up. 

Investors may find fault with Mr 
Greenspan’s self-restraint over 
interest rate rises. But they are 
also exacting a penalty for the 
thing s about the US which even a 
more aggressive central banker 
could do little to alter. The US had 
a S203bn federal deficit in fiscal 
year 1994, and low savings to com- 
pensate for that built-in profli- 
gacy. The result is a current 
account deficit which can only be 
funded by persuading domestic 
and foreign investors to buy 
American assets. Neither category 
sees many reasons for doing so. 

The US economy, unlike most 
other industrial countries, is 
reaching the peak of the current 
cycle. From now on the economic 
news is likely to bring disappoint- 
ment to the US people and to Mr 
Clinton. The argument between 
Mr Greenspan and the markets is 
only over how much disappoint- 
ment and how fast it will come. 


T he battle for VSEL is a 
game theory problem. 
"As long as the yard 
remained independent 
both British Aerospace 
and GEC were happy. But once one 
of them tried to buy the yard, the 
other had to follow, because who- 
ever owns VSEL has the prime posi- 
tion in the British naval defence 
industry. There is only one bid con- 
tract going for the Royal Navy in 
the next 10 years and that is for five 
Trafalgar submarines worth £2^bn. 
Whoever owns VSEL will win that 
contract" 

One defence executive’s view of 
the tug-of-love battle which has 
developed for the Barrow-based sub- 
marine maker between Britain's 
two defence giants. 

It is a view which is supported by 
the history. Both British Aerospace 
and GEC have been sniffing around 
VSEL for almost a year. 

BAe almost bid for the company 
at the time it sold Rover In Febru- 
ary, but decided not to confuse the 
two issues. John Cahill. BAe's 
chairman, thpn stood down and was 
replaced by Bob Bauman. It took 
the board several months to 
rehearse the issues once more 
before deciding to renew takeover 
talks in August. Once BAe’s half- 
year financial results were declared 
in mid-September, the way was 
open for a bid. 

GE C me anwhile had crawled all 
over VSEL’s accounts in May, but 
had decided not to bid. It viewed the 
company as too expensive to buy. 
and provided BAe did not bid, GEC 
was happy. 

Once BAe struck, however, the 
rules of the game changed. GEC 
could no longer assume that it 
stood a decent chance of winning 
the Trafalgar submarine order with- 
out owning VSEL. GEC immedi- 
ately demanded access to the docu- 
ments BAe had seen in its talks, as 
it is entitled to do under the take- 
over rules. 

After two weeks poring over 
them. GEC launched a £14 a share 
cash bid first thing yesterday morn- 
ing - against BAe’s all-share offer 
worth £13 a share on Thursday 
night - and bought 14 per cent of 
VSEL’s shares in the market The 
phoney war for VSEL was over, and 
the real fight was on. 

Yet while the future of the £23bn 
Trafalgar contract was the spark 
which ignited the war, there is 
plenty of powder beneath it At its 
heart is the future of the entire Brit- 
ish defence industry. 

Lord Weinstock, GEC’s managing 
director, has long harboured an 
ambition to merge BAe’s defence 
interests with GEC: an ambition 
that has grown with the decline in 
d efe nc e spending since the end of 
the cold war. 

As BAe has recovered from the 
disasters which struck it in the 
early 1990s, however, it has become 
less enthusiastic about a merger 
with GEC. 

One executive says: "All the expe- 
rience suggests that the stronger 
BAe gets, the less likely it is to deal 
with GEC." 

If BAe had bought VSEL unhin- 
dered, it would have strengthened 
its finances, as well as securing its 
position as the unchallenged 
defence prime contractor in the UK 
Improved finances would have 
given BAe the financial headroom 
to rationalise its civil aircraft divi- 
sion - its one remaining running 
sore. 

Talks are well advanced on a deal 
which could solve BAe’s commer- 
cial aircraft problems through 
merging BAe's turboprop aircraft 
business with the Franco-Italian 
group ATR. BAe could still do such 
a deal if it failed to buy VSEL, but It 


Bernard Gray examines the implications 
for the UK defence industry of GEC’s 
tussle with British Aerospace for VSEL 


Tug-of-love 
over shipyard 


The battle for VSEL 



would be much more of a financ ial 
struggle. 

Concerns about the size of BAe’s 
civil aircraft liabilities have pre- 
vented GEC from making a hostile 
bid for the company. GECs tactics 
have been to encourage talks about 
a friendly merger of the low-risk 


defence operation, leaving BAe to 
handle its civil problems. 

By counter-attacking against 
BAe's bid for VSEL. Lord Weinstock 
hits two objectives at once; if he 
wins he effectively ties up the 
Trafalgar order, and leaves BAe 
weaker and therefore more pliable. 


However, the strategy could back- 
fire. The BAe board recognises that 
there would be some benefits from a 
link to GEC; there were abortive 
talks between the two companies on 
the subject last year. The directors’ 
preferred strategy', however, is to 
deepen their ties to European aero- 


Competition conundrum 


W hen specnlation 
started over whether 
there would be a bid 
battle for VSEL, a 
senior Ministry of Defence official 
was asked what his attitude would 
be to offers from BAe and GEC. “I 
don’t think that we would have any 
problem with BAe buying the com- 
pany,” he said. “It would be good 
for competition. It would give us 
two strong competitors each own- 
ing warship yards.” When GEC was 
mentioned, however, he shook his 
head: “I don’t think it’s on.” 

A month is a long time in Minis- 
try of Defence policy planning. In 
the two wee ks si nce it registered an 
interest in VSEL, GEC has mounted 
an effective campaign in Whitehall 
to make its bid acceptable. Mr Mal- 
colm Rifldnd, defence secretary, 
yesterday made the first move in 
clearing the way for the GEC bid 
by saying that the government 
wonld not use its "golden share” - 
its right to prevent any company 
owning more than 15 per cent of 


VSEL shares - to block GEC’s bid. 

The issue will now pass to the 
Office of Fair Trading. Sir Brian 
Carsberg, OFT director-general, 
must decide whether GEC’s owner- 
ship of the two largest warship 
yards in the UK Yarrow on the 
Clyde and Barrow In Cambria, 
would present competition worries. 
In practice, the ministry will deter- 
mine the issue since ft is the only 
UK customer and its submission to 
the OFT will be decisive. 

BAe’s argument is that if it takes 
over VSEL, there would be two 
competitive UK yards able to bid 
for naval work, each owned by dif- 
ferent companies. “There are no 
competition issues in our bid and 
we expect it to be cleared,” said Mr 
Dick Evans, BAe’s chief executive 
yesterday. "But GECs bid raises 
competition issues and I would 
expect it to be blocked. It runs 
counter to the MoD’s policy." 

GEC's case is that in practice 
competition difficulties do not 
arise. Trafalgar submarines, for 


instance, could only be built at Bar- 
row, so whoever owns that yard 
will secure the contract even if the 
MoD Invites bids for the work. The 
only other contracts available are 
for the last batch of Type-23 frig- 
ates. for which the prices are well 
defined. Only after 2000 wonld 
there be a potential problem over 
the next generation frigate called 
Horizon; as an Anglo-French joint 
project, there wonld be potential 
competition from French yards. 

Whatever the merits of the two 
views, the VSEL bids highlight 
areas of uncertainty over MoD com- 
petition policy. The UK accepts a 
single manufacturer of aircraft 
because costs are prohibitive. But 
it is far from clear that costs are a 
problem in warship yards. 

“The real issue is, why should we 
reduce competition before we have 
to?" said a defence executive yes- 
terday. “If the MoD allows a 
monopoly in shipbuilding, it has a 
lot of explaining to do about how 
this fits Its policy of competition.” 


soacc companies, something which 
would be more difficult if Dassault 
or Aerospatiale were bad wft a 
GEC BAe combination. 


VlCA-’- . „ . 

But GEC’s aggressive tactics over 
VSEL risk alienating some BAe 
board members who might have 
supported a merger. "I boffin to 
wonder whether you can do busi- 
ness with Lord Weinstock,” says 
one BAe board member. “Every- 
thing seems to be on his terms or 
not at all." . 

Lord Weinstock s personality is 
important in another way. In July 
GEC announced that the company 
had asked Lord Weinstock to stay 
on for two years past the normal 
director's retirement date, until he 
is 72. The assumption Is that his 
successor will be chosen before July 
1996. That gives Lord Weinstock a 
very short time in which to realise 
his’ ambition of consolidating the 
UK defence industry. Hence per- 
haps his insistence on moving on 
VSEL now: if BAe secures the yard 
it may put the company out of hut 
reach in the short term. 

The VSEL bid is a lower risk 
strategy than an aggressive bid for 
all of BAe. "The fear for Lord Wein- 
stock must be that the liabilities at 
BAe are bigger than he imagines.'’ 
says one City observer. "If he 
mounted an aggressive bid which 
went wrong, the deal which was 
supposed to be his crowning 
achievement could end up as the 
huge blot at the very end of his 
copybook.” 


B ut the £14 a share offer 
is curiously' pitched. It is 
not the knockout blow 
of over £15 which BAe 
could not hope to 
match, nor is it a nominal bid of 
£13.50 in line with the BAe offer. “U 
may be that Lord Weinstock is exer- 
cising his usual caution and offer- 
ing the minimum he thinks neces- 
sary' to win.” muses one defence 
executive, "but I think this suggests 
that GEC has not secured all of the 
competition clearances it needs 
from the ministry of defence. For 
that reason he has mounted a rea- 
sonable but not decisive attack, 
from which he could withdraw." 

Because GEC's financial position 
is so much stronger than BAe’s, 
GEC would win in a straight finan- 
cial fight. BAe thus has to rely on 
arguments about competition in the 
defence industry to stop GEC. BAe 
has no shipyard and thus has little 
worry on competition grounds, but 
GEC owns Yarrow on the Clyde, the 
only other large warship yard left in 
the UK. 

The Office of Fair Trading will 
debate the competition concerns, 
though In practice, since the MoD Is 
the only buyer, its submissions to 
the OFT will decide the issue. If the 
MoD does not want GEC to own 
Barrow, the deal will be blocked; if 
it is happy, the deal will go 
ahead. 

‘1 detect a slippage in the MoD's 
robust position on competition" 
said one executive close to the 
deals. “Three weeks ago the MoD 
was very opposed to both yards 
being owned by GEC. now it is 
equivocal There is a danger that 
competition policy in defence pro- 
curement is being made on the hoof 
here. With the situation in the 
global defence industry evolving 
rapidly, that must be a bad thing. 
We need a proper review of what 
UK policy is and how the European 
industry can be rationalised effec- 
tively. As of now, none of us knows 
where we stand." 


Man IN THE NEWS: Ryutaro Hashimoto 


Political fighter 
feels the heat 


M r Ryutaro Hashimoto, 
the chain-smoking eco- 
nomic brain of the Jap- 
anese government, and 
potential future prime minister, 
played with fire this week but did 
not even bum bis fingers. 

To the surprise of many, he got 
away with making a tactless 
remark about Japan's role in the 
second world war, despite arousing 
the criticism of China - to which 
Japan usually kowtows - and both 
Koreas. Two less senior cabinet 
ministers were sacked this year for 
making similar wartime gaffes. 

The survival of Mr Hashimoto, 
minis ter of international trade and 
industry and a leading member of 
the ruling Liberal Democratic par- 
ty's right wing, reflects Japan's 
commitmen t to finding a more dis- 
tinct voice in Asia, and the outcome 
of a power struggle within the LDP. 

Mr Hashimoto’s diplomatic mis- 
deed was to say that it was a matter 
of “delicate definition” whether 
Japan committed aggression 
against Asian nations. He could 
hardly have given a different reply 
to a mischievously posed opposition 
party question in a televised debate, 
supposed to be about tax reform. 

Yet the ensuing blast from 
Japan's neighbours and from senior 
members of the Social Democratic 
party, one of the three partners of 
the ruling coalition, made it look, 
for a moment, as if this martial arts 
expert was heading for a quick 
political death. 

That was until Mr Tomiichi 
Murayama, Japan's Socialist prime 
minister, gave his support to his 
right-wing colleague. 

It was a notable gesture, given Mr 
Murayama’s profound pacifism and 
Asian sympathies and the fact that 
the leaders of the other two parties 
in the coalition - Mr Yohei Kano of 


the LDP and Mr Masayoshi Take- 
mura of the New Harbinger Party - 
do not share Mr Hashimoto's ambiv- 
alent feelings about the war. They 
feel it was a war of aggression, for 
which clear apologies are in order. 

Yesterday, South Korea issued an 
even more notable statement, to the 
elfect that it did not plan to make 
an issue out of Mr Hashimoto's 
gaffe, and China toned down its 
criticism. 

A relieved Mr Hashimoto duly 
expressed regret and sadness, and 
the affair seemed to have been 
brought to a close. 

There is a simple reason why 
such a storm blew itself out so 
quickly. China and South Korea 
realised it was against their inter- 
ests to press Japan too hard on Mr 
Hashimoto and risk destabilising 
the sensitively balanced coalition. 

Mr Murayama knows that his 
cabinet cannot survive without Mr 
Hashimoto, the aggressive lead 
trade negotiator with the US and 
one of the few cabinet members 
with broad economic policy experi- 
ence, as a former finance minister. 
The two earlier errant ministers 
were disposable, holding humble 
environment and justice portfolios. 

But Mr Hashimoto’s survival also 
seems Indicative of a growth in Jap- 
anese confidence about its relations 
with its Asian neighbours, such 
that it has been willing to allow the 
controversy to play Itself out 

Aspiring LDP leaders tradition- 
ally had to pay public respect to the 
families of the war dead: an influen- 
tial, if declining, part of the elector- 
ate. The acceptability of, and need 
for, this reverance persisted in 
Japan due to the lack of the kind of 
universal remorse for the country’s 
wartime past seen in Germany, 

Mr Hashimoto. chair-map of the 

bereaved war families’ association. 



a right-wing LDP group, clearly has 
his roots in such traditional sympa- 
thies. Much to Mr Murayama’s dis- 
comfort Mr Hashimoto still leads 
an annual visit by LDP politicians 
to Tokyo’s Yasukuni shrine, where 
the war dead are honoured. 

He stands for a minority that 
feels uncomfortable over the ful- 
some apologies for Japan’s wartime 
record offered over the past year by 
two former prime ministers and by 
Mr Kono, the dove-ish LDP foreign 
minister, who happens to be Mr 
Hashimoto’s bitter rival. 

Allowing Mr Hashimoto his frank- 
ness about the war is only the latest 
example of Japan exploring the lim- 
its of an independent policy in Asia. 

Japan has also been standing up 
to China - as was clear last week 
when Mr Hashimoto met his Tai- 
wanese counterpart, in defiance of 
Chinese objections, in the first offi- 
cial ministerial meeting between 
Japan and Taiwan since Tokyo 
ceased diplomatic recognition of 
Taiwan 22 years ago. 


Mr Hashimoto is a member of a 
pro-Taiwan LDP group dedicated to 
retaining ties with Taiwan, a Japa- 
nese colony for 50 years until 1945. 
The Influence of this group was also 
instrumental in the admission of 
senior Taiwanese to the recent 
Asian games in Hiroshima - a deci- 
sion that caused another row 
between China and Japan. 

The other side of Japan's search 
for Its own voice in Asia is its pro- 
motion of Asian interests. It Is 
playing a growing part In the Asia 
Pacific Economic Co-operation 
forum, and has announced its sup- 
port for Mr Kim Chul-su, the South 
Korean trade, industry and energy 
minister, in the race to head the 
new World Trade Organisation. 

Mr Hashimoto now looks set to 
play a greater role in such policies. 
The balance of power in the LDP 
moved in his favour last month, 
when Mr Hashimoto’s political 
patron, Mr Noboru Takeshita, the 
disgraced former prime minister, 
rejoined the LDP's parliamentary 
group after a year in the shadows 
as an Independent. 

But does Mr Hashimoto have 
what it takes to get all the way to 
the top? Mr Kakuei Tanaka, a for- 
mer LDP prime minister, believes 
the main qualification for leading a 
Japanese government is to have few 
enemies. Here, by all accounts, Mr 
Hashimoto's renowned arrogance 
may tell against him. 

Aides recall how he exploded with 
rage at the July Group of Seven 
summit of leading Industrial states 
in Naples, when the foreign minis- 
try failed to tell his ministry about 
a letter from US president Bill Clin- 
ton. 

On the other hand. Mr Hashimoto 
did take the trouble to give Mr 
Murayama, a novice at the G7 and a 
former political enemy, a private 
briefing on how to handle Mr Clin- 
ton. When Mr Murayama returned 
the compliment by supporting him 
this week, Mr Hashimoto must have 
rejoiced in the one important 
enemy he has managed to win over. 

William Dawkins 


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A convergence of cultures 


Andrew Fisher and Norma Cohen 
on Deutsche Bank’s merger plans 




/ 





Joint manoeuvres: the Integrated investment banking businesses or Deutsche Bank and Morgan Grenfell will be 
governed by a board including (from left) Ronaldo Schmitz, Rolf Brener, Michael Dobson and John Craven 


D eutsche Bank, Ger- 
many’s leading commer- 
cial bank, has decided to 
show the banking world 
a more aggressive lace. 

Few people in the financial world 
have doubted its muscle - it is a 
triple-A rated bank with assets of 
more than DM570bn (£232bn). But 
many have questioned whether the 
bank was prepared to use its 
strength to the utmost to carve out 
more business at home and abroad. 

Yesterday, Deutsche Bank served 
notice that it intended to become a 
more powerful force in investment 
banking worldwide by putting all 
its business in this competitive, 
test-growing sector in London. This 
comes five years after it paid a gen- 
erous £950m for Morgan Grenfell, 
the UK merchant bank that forms a 
key part of this strategy. 

At the same time, the bank is 
acting in its domestic banking mar- 
ket to eliminate regional branch 
management layers, speed up deci- 
sion-making and get closer to its 
German, customers. 

What the hank is trying to do is 
maintop the benefits of its univer- 
sal banking structure - combining 
the whole range of banking services 
under one corporate roof - while 
also moving deeper into the less 
familiar territory of investment 
b anking which specialises in the 
business of raising capital for com- 
panies and governments. 

If it is to succeed, the bank will 
have to meld two very different cul- 
tures. "How a 175-year-old English 
institution operates is very different 
from a how a universal German 
bank operates, ” says Mr John Cra- 
ven, chairman of Morgan Grenfell. 

Germany's universal banking tra- 
dition is nurtured on tong relation- 


ships with corporate loan customers 
and reliable, risk-averse private sav- 
ers, who put most of their money 
into fixed-interest deposits. 

Investment banking does not 
come easy to German bankers: Ger- 
man investors prefer bonds to 
shares, and much of the country's 
share capital is owned by banks and 
other companies. Innovations such 
as derivatives, though now com- 
monplace, caught on slowly. 

Yet if the tank is to become the 
world financial force that Mr Hil- 

mar Kopper, its chai rman, feels is 
justified by Its size and strength, it 
wifi have to maka the effort. 

"The bank has still not really 
punched its weight on the interna- 
tional scene,” says Mr Bryan Cros- 
sley. European banking analyst at 
Hoare Govett, the securities firm. 
"This is a step towards doing so.” 

Mr Kopper makes no secret of the 
fact that one reason for the Morgan 
Grenfell purchase was to learn from 
the innovative, freewheeling Anglo- 
Saxon way of doing business. Ger- 
many's consensus-minded approach 
leads to consistency and quality. 
But it can be a handicap in rapidly 
evolving financial marke ts and new 
technology-based industries. 

Even so, Deutsche Bank is not 
proceeding with speed. The Invest- 
ment banking businesses of Deut- 
sche and Morgan Grenfell will be 
integrated "over time" and changes 


to the organisational structures will 
be “evolutionary". 

Mr Ronaldo Schmitz, the Deut- 
sche Bank board member who will 
head its new investment banking 
board, said yesterday: "What we are 
doing now is to start the process 
that will lead to the-merger of the 
investment banking activities of 
Deutsche Bank and Morgan Gren- 
fefi. There is no new legal entity as 
yet, but it will happen." 

He hoped the merger would also 
provide valuable feedback to the 
non-investment banking operations 
of Deutsche Bank. “We hope it wifi 
give Deutsche Bank another culture 
and help to speed up the other 
fhtng a we are doing.” 

The consensus approach to busi- 
ness has not been abandoned 
entirely. But "Deutsche Bank Ls 
continuing to move on and we don’t 
want to lose time" he adds. 

So why has it taken five years to 
start the integration of the two 
sides' investment banking activi- 
ties? When Deutsche Bank acquired 
Morgan Grenfell in 1988, it was keen 
not to submerge the merchant 
bank’s identity and demotivate its 
employees. A 40-page mpirmranriirm 
of understanding spelt out the oper- 
ating agreement between th«nv 

With this history in mind, it is 
understandable that a move to inte- 
grate the investment banking 
operations has taken years to 


evolve. "We're not putting factories 
together, but people, ” says Mr 
Schmitz. "We have to look after the 
whole thing as gently as handling a 
raw egg.” Even after mulling over 
the move for five years, the terms of 
the merger suggest both parties 
remain ambivalent about integra- 
tion. 

The new investment banking 
operation will not carry the nam e of 
both organisations, but there is no 
agreement on what the name will 
be. Deutsche Bank has not commit- 
ted any specific amount of addi- 
tional capital to the operation, 
which it will surely need. 


Moreover, the expanded equities 
operations in London will be admin- 
istered by Deutsche Bank’s equities 
team. However. Mr Craven says it is 
likely the two firms will operate out 
of the same premises. 

According to Mr Michael Dobson, 
Morgan Grenfell's chief executive 
who will run the combined invest- 
ment banking group, the main goal 
of integrating the investment bank- 
ing businesses is to build a UK and 
international equities business 
capable of raising capital and sell- 
ing shares around the world. 

Morgan Grenfell has concentrated 
its UK business on corporate advi- 


sory work, helping companies to 
devise strategies for raising capital 
and to complete mergers and acqui- 
sitions. It also has strengths in 
emerging markets, especially in 
trading third world debt. But when 
it conies to selling shares in the UK 
and internationally, Morgan Gren- 
fell lacks the research, trading and 
sales teams necessary for it to 
become a world-class force, having 
abandoned these in 1988. 

Mr Craven concedes its shortcom- 
ings. "There is no significant UK 
equity distribution and what we 
have internationally is very frag- 
mented,” he says. 


Morgan Grenfell’s competitors 
speculate the only way it will build 
a UK distribution network wifi be to 
buy a stockbroking firm. However. 
Mr Craven says the group has "no 
concrete plans for filling the gap” in 
its UK distribution network. 

The merged operation will be able 
to draw on distribution capacity in 
Germany, Australia, the Far East 
and to a lesser degree, in the US 
and on the Continent through sub- 
sidiaries of Deutsche Bank and Mor- 
gan GrenfelL However, these units 
have operated independently of 
each other, hindering Morgan Gren- 
fell's ability to sell large blocks of 
shares worldwide. 

T he integrated model that 
Deutsche Bank now says it 
is prepared to follow has 
been adopted by the most 
successful investment bankers. 
"Deutsche Bank is finding the Gold- 
man Sachs es and the Morgan Stan- 
leys of this world coming into their 
own backyard.” says the head of 
corporate finance at a rival. 

US and UK banks have perfected 
the integrated model that blends 
the underwriting, research, sales 
and trading functions with corpo- 
rate advisory business. 

“Morgan Grenfell's great strength 
has always been its ability to iden- 
tify clients who will do a lot of 
business with it over the years,” 
says one London-based corporate 
financier. "And they have been very 
good at executing deals. But this 
move shows the value that Invest- 
ment banks will have to place on 
distribution." 

The question, some of Morgan 
Grenfell's competitors say, is 
whether it has delayed the move to 
integration too long. 


Clive Cookson explains how miniaturisation is boosting computer power 


The incredible 
shrinking chips 



1977 1990 1989 1998 I960 1992 1996 2000 2004 2008 

megabit D-Rams, have a capac- 


T he astonishing pace of 
electronic miniaturi- 
sation, which has 
made possible the 
information technology revolu- 
tion of the past two decades, is 
set to continue or even to 
accelerate for the foreseeable 
ftiture. 

Transistors and other elec- 
tronic components on today's 
silicon chips are one-thou- 
sandth the size of those in the 
early 1970s, and semiconductor 
researchers say the technology 
is being developed to make 
them thousands of times 
smaller still early in the next 
century. Since the capacity and 
speed of computers increase as 
their components shrink, the 
outlook is for dramatic further 
advances, with cars and 
domestic appliances acquiring 
the processing power of super- 
computers. 

“Many new applications will 
emerge over the next 25 years 
which no one has even thought 
of now,” Professor Michael 
Pepper, director of the Toshiba 
Cambridge Research Centre, £ 

said this week, as he | 

announced a breakthrough 2 

which could keep the miniatur- jj 

isation process going after cur- J 

rent chip technology reaches 
its fundamental physical lim- 
its. "Think of all the changes 
in computing and communica- 
tions in the last 25 years, and 
try to extrapolate those 25 
years ahead.” 

The centre, a collaboration 
between the Japanese electron- 
ics company and Cambridge 
University, has developed a 
process for making "quantum 
effect integrated circuits”. The 
components on these chips are 
so small - no more than ID 
atoms across or 100,000 times 
thinner than a human hair - 
that the electrons in them 
behave both as particles and 
waves, in accordance with the 
somewhat bizarre predictions 
of quantum theory. They are 
making positive use of an 
effect that will eventually limit 
the miniaturisation of conven- 
tional chips, because electrons 
leak out of their circuits when 
they become too small. 

A q uantum chip, the size of a 
fingernail, could contain 
LOOObn memory cells or logic 
gates, switching at l.OOObn 
times a second. And it would 
consume virtually no power - 
a big advantage for portable 
applications, compared with 
today's battery-draining chips. 


Most of the world's semicon- 
ductor makers are experiment- 
ing with quantum devices. 
Toshiba says its great achieve- 
ment is to find a way of mass- 
producing them at reasonable 
cost on integrated circuits, like 
conventional chips. The pro- 
cess ls based on a technique 
for laying down single layers of 
atoms with molecular beams. 

Unfortunately, the q uantum 
effects used by Toshiba are so 
sensitive that the technology 
works well only when cooled 
in liquid helium to tempera- 
tures dose to absolute zero. A 
formidable technical effort will 
be required to remove the need 
for special cooling. 

Researchers at NEC’s Tsu- 
kuba laboratories in Japan are 
developing a different type of 
quantum device, the Surface 
Tunnel Transistor, which 
maVpg use of a more robust 
effect that already operates at 
room temperature. “We expect 
to achieve an operational inte- 
grated circuit in the laboratory 
in 1997-98," says Roy Lang, 
general manager of fundamen- 
tal research at NEC. 

Another Japanese c o mp a n y. 
Hitachi, has made an experi- 
mental “single electron mem- 


ises 

ory” - which actually uses 
about 100 electrons to store a 

hit of information - at its Cam- 
bridge Laboratory in the UK 
In the US, Texas Instru- 
ments, AT&T, IBM and others 
are making encouraging prog- 
ress with quantum technology. 
All concerned are convinced 
that quantum devices will 
eventually replace conven- 
tional electronics. But there is 
vigorous scientific debate over 
which version of the technol- 
ogy wifi turn out best in the 
long run, and over the likely 
timing of the transition. 

L ang says: "Quantum 
devices have to com- 
pete very seriously 
with present-day sili- 
con technology. People pre- 
dicted in the past that silicon 
technology would reach its lim- 
its much sooner and at much 
lower performances than is 
actually happening:” 

The first memory chips 
introduced by Intel of the US 
at the beginning of the 1970s 
held 1J)00 digital bits of Infor- 
mation on circuits &5 microns 
(millionths of a metre) wide. 
The most powerful memory 
chips on sale today, the 16- 


lty of 18m bits and a linewidth 
of 0.5 microns; the 64 Mbit gen- 
eration, expected in 1996, will 
go down to 0.35 microns. 

The conventional technique 
of optical lithography, which 
uses ultraviolet light to write 
circuitry, will probably con- 
tinue to work well for the first 
gigabit (ltm bit) chips in about 
2004. But their 0.18 micron line- 
width may be the lower limit, 
says Andrew Norwood, a semi- 
conductor analyst with Data- 
quest, the electronics industry 
consultancy. Below that, the 
wavelength of ultraviolet light 
will begin to produce unaccept- 
ably fuzzy lines. 

For the 4 Gbit generation, 
forecast for 2008, manufactur- 
ers are likely to turn to X-rays, 
which can produce finer lines 
with their shorter wave- 
lengths. Earlier this month 
four leading US electronics 
groups - IBM, AT&T, Motorola 
and Loral - announced a col- 
laborative venture with federal 
funding to develop X-ray 
lithography for future chips. 

Using X-rays and other new 
lithography techniques, such 
as electron beams, the semi- 
conductor industry may be 


able to push silicon chips 
through several “gigabit" gen- 
erations during the second 
decade of the next century. 

Indeed Toshiba’s Japanese 
research centre has shown the 
way this year by deigning an 
experimental silicon transistor 
just 0.04 microns wide, with 
special features to prevent the 
electrons leaking away 
through q uant um effects. The 
company says this could be 
used to develop 100 Gbit mem- 
ory chips. 

But at some point conven- 
tional silicon will reach its 
technical limits. Whether new- 
style quantum devices begin to 
make si gnifican t inroads into 
the semiconductor market 
before then will depend not 
only on fundamental techno- 
logical factors but also on man- 
ufacturing costs. 

One of the clouds hanging 
over the industry is the expo- 
nential growth In the cost of 
building new chip fabrication 
plants or “fabs”. As conven- 
tional chips have become more 
complicated, the total price of 
a fab has risen from $20m in 
the mid-1970s to at least $lbn. 
Mitsubishi of Japan estimates 
that its total investment in 
developing and manufacturing 
the 1 Gbit generation of mem- 
ory chips could reach Jl5bn - 
more than for a new aircraft 

According to Intel, the lead- 
ing microprocessor manufac- 
turer, conventional silicon may 
reach an economic barrier to 
miniaturisation when line- 
widths fall below 0.18 microns, 
because X-rays or electron 
beams may be too expensive 
for the Industry to install, even 
on a collaborative basis. 

At that point quantum chips 
will be cheaper to manufac- 
ture, their advocates say. Prof 
Pepper concedes that the Tosh- 
iba process is technically com- 
plex, with several stages, but 
he Insists tha t it “is highly 
manufacturable”. 

Another possibility is that , 
entirely new production tech- 
niques - for example, using > 
“scanning probe microscopes" 
to manipulate indiv idual atoms 
- will be developed to make 
atomic-scale quantum devices 
at reasonable cost 

The best guestimate is that 
quantum chips wifi reach the 
market for specialis e d applica- 
tions In about 10 years. They 
might bec ome the main agents 
of the information technology 
revolution around 2015. 


T he four miners 
munching their sand- 
wiches 900 metres 
down Clipstone col- 
liery in Nottinghamshire 
seemed oblivious to their 
frontline role in Britain's coal 
revolution. 

Until April 1993. they were 
working in one of Europe's 
deepest coalmines for British 
Coal, the state-owned corpora- 
tion. Since January, they have 
been sweating in the same 
dark tunnels for RJB Mining - 
the mining company that is 
the government's preferred 
candidate to take over most of 
the rest of British Coal’s deep 
mines in Rn giami- 
RJB has bid £900m for the 
pits, at least 50 per cent more 
than the next highest bidder. 
The gap has raised questions 
about RJB’s assessment of the 
coal market and the compa- 
ny's ability to cut operating 
costs. 

Many analysts assume that, 
if RJB can make a profit from 
the coal where British Coal 
failed, it will be because of the 
greater productivity It 
squeezes from miners. 

At Clipstone, RJB has man- 
aged to double output per 
man-shift, according to Chris 
Daniels, colliery manager, 
through a combination of 
manpower savings and greater 
use of multi-skilling under- 
ground. 

Bnt the men at the coalface, 
such as Martin Mulligan - 
who spent six months on the 
dole between British Coal clos- 
ing the pit and RJB reopening 
it - have noticed little differ- 
ence. “We’ve got exactly the 
same team here, doing exactly 
what we were doing in the old 
days, and we get paid almost 
the same too,” he says. 

The differences between 
what happens now and what 
happened in the old days 

become evident further from 
the coal face. Daniels says 
there have been big job cuts 
on the surface. "There Is now 
one man looking after the 
baths, the lamp room, the 
methane pump house and the 
boiler room, where we used to 
have five," he says. There are 
now six people in management 
grades, where there used to be 
35. 

With the zeal of the convert, 
he also insists that the RJB 
style of management is mak- 
ing a big difference. "British 
Coal was a very hierarchical 
and slow-moving organisation 
with detailed custom and prac- 
tice built up over 50 years. By 


Fuel 

for 

thought 

David Goodhart 

hears how pay 
and conditions 
are changing in 
UK coalmines 



Budge: not keen on bonuses 


comparison RJB is incredibly 
open and flexible,” he says. 

The emphasis on the team 
means there is no place for 
union collective bargaining at 
Clipstone or at the other mines 
RJB will take over. But both 
Daniels and his boss, Richard 
Budge, Insist that unions are 
still recognised for everything 
short of pay bargaining. 

On pay, Budge says he 
wants to keep the existing 
British Coal rates in most 
areas, but be is not keen on 
the expensive incentive 
bonuses many miners receive. 

At Clipstone, pay is not an 
issue. It is a small pit with 
only one face open and 250 
men producing about 500,000 
tonnes a year - compared with 
700 producing about lm 
tonnes under British Coal. 

Sid Walker, the local official 
of the Union of Democratic 
Mineworkers who helped to 
recruit most of the employees, 
says there has been no deterio- 
ration in safety standards or 
in pay. He adds that he 
hag not bad to deal with no 


any grievance problems. 

Nine hundred metres under- 
ground Tony McPhee, a 
mechanic, says that absentee- 
ism has declined and the spirit 
is good. But the government 
gets no thanks from men like 
him for handing over the 
industry to RJB. 

"We’ve now got the opportu- 
nity to show the government 
that they made a big mistake 
in writing off our industry. If 
RJB can do it then good for 
them. Pm a socialist and I’ve 
got no qualms about working 
for {Richard Budge],” he says. 

This is mnsic to Budge’s 
ears. But Clipstone and the 
other two pits he currently 
operates nnder licence are 
very different from the 15 deep 
mines that RJB is negotiating 
to buy from the government. 

Many or all of these are 
much larger at Daw Mill and 
Welbeck in the Midlands, for 
example, the combined weekly 
output is 20 times Clipstone's. 
Pay packets are also bigger, 
thanks In part to the incentive 
scheme, which lifts some min- 
ers’ wages to £1,000 a week. 

Another difference is that 
most of the men at Clipstone 
were hand-picked to start 
work for a new company. They 
had been made redundant by 
British Coal and, with pay- 
ments of £30, 000-plus in the 
bank, were less worried about 
small changes to their pay 
arrangements. 

At the 15 mines now under 
discussion, RJB will have to 
take over the existing work- 
force nnder the roles of the 
European Union's Acquired 
Rights Directive - known as 
Tnpe in Britain. This means 
that British Coal's terms and 
conditions, including pension 
rights, have to be taken over 
by RJB, unless it can persuade 
miners to sign new contracts. 

It also means that, if RJB 
wants to make redundancies 
among managers or surface 
workers, it will have to pay 
the current British Coal rate 
of up to £27,000. 

Without the co-operation of 
miners at these pits, the scope 
to cut operating costs could be 
restricted. And with RJB hop- 
ing to get rid of Incentive 
bonuses, that co-operation 
may be hard to win. 

Mr Neal Greatrex, leader of 
the UDM, says: "Budge thinks 
that he has got all the aces up 
his sleeve, bat he hasn’t. We 
both want to save as much of 
the industry as possible. Bnt I 
don’t want it to be at the 
expense of our wages.” 


Issue is aromatics rather 


than lead in petrol 


From Mr Michael Pettman. 

Sir, As a professional chemi- 
cal engineer, but with no inter- 
est In the refinery industry, 
perhaps I could pnt an other 
side to the "green fuels" story 
(“MPs spark row over risk 
from 'green' fuel”, October 26). 

The presence of the carcino- 
gen honwmo in petrol has no 
relevence to whether the petrol 
ls leaded or unleaded. Benzene 
and other aromatics are added 
to petrol by the refiners to 
increase the octane value and 
re ce nt surveys show that there 
is very little difference in ben- 
zene levels between leaded and 
unleaded petrol in the UK and 
Europe. Benzene levels are per- 


mitted in Europe up to 5 per 
c*»nt (by volume), but in refor- 
mulated gasoline in the US the 
limit is l per cent There is no 
technical reason why Euro- 
pean refiners could not meet 
this level, by adding processes 
like Isomerisation, alkylation 
or a dding oxygenates such as 

MTBE or TAME to petroL 
It would seem a pity to con- 
fuse the issue over unleade d 

petrol, which has obvious envi- 
ronmental advantages, when 
what is required is a standard 
for Europe to reduce benzene 
to the US level or lower. 
Michael Pettman, 

3 Tomer Place, Bast Wittering, 
Chichester, W Sussex PO208QT 


and the digestives test 


< Hex Morris. 
h reference to David 
■s article “Making a 

dog’s dinner" (Octo- 
iiscovered last Satur- 
he pet food market is 

pound for pound at 
Tesco superstore the 
brand of dog biscuit 


is more expensive than diges- 
tives. , . ' 

In tests my dog showed a 
clear preference for digestives 
- he found them easier to 
dunk. 

Alex Morris, 

New Road. 

Wonersh, 

Surrey GU5 BSE 


LETTERS TO THE EDITOR 


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

Hindsight not best basis for 
pensions compensation 

> l) Some company schemes [ "best advice” different from 


From Mr J L Roberts. 

Sir, In considering the ques- 
tion of compensation for 
“wrong” advice in personal 
pension purchases, the Securi- 
ties and Investments Board 
surely has a duty to those 
insurance policyholders who 
largely will foot the bill for 
compensation (“The high cost 
of bad advice”. October 26). 

“Best advice" is given at a 
particular moment in time and 
requires a careful assessment 
of present circumstances and 
future prospects. It cannot, 
however, require prescience. If, 
years later, it appears that the 
outcome fa poorer than if an 
alternative course had been 
taken, this in itself Is far short 
of sufficient basis for conclud- 
ing that the advice was not 
“beat advice" at the time 
given. 

tn the late 1980s: 


were (and still are) badly run, 
with high costs and poor 
investment performance. 

• 2) Most schemes had no 
guarantees of pension incre- 
ments. 

• 3) Many schem es had disad- 
vantageous early retirement 
conditions 

• 4) Defined benefit schemes 
were dependent upon increas- 
ing employer contributions, 
which in torn were dependent 
upon continuing profitability. 

• 5) Unit trusts, uniHsed pen- 
sion funds and tha underlying 
equities, despite October 1987, 
had shown consistent 
long-term growth patterns. 

• ©Personal pensions offered 
control, visibility and direct 
investment into a booming UK 
economy. 

All this made the back- 
ground to forming a view of 


the one now being used with 
the benefit of both hindsight 
and subsequent legislation 
improving company schemes' 
benefits and accountability. 

For compensation to be due. 
It should be necessary to dem- 
onstrate conclusively that the 
original advice cannot have 
been “best advice” in ail the 
circumstances extant at the 
time It was given. 

I trust that the investiga- 
tions will not sanction compen- 
sation deemed to be due by 
simplistic performance com- 
parisons made with the benefit 
of hindsight 
J L Roberts, 

John A Roberts & Co, 

chartered accountants, 

42 Sheffield Road, 

Chesterfield, 

Derbyshire $41 7LL 


No respect 

From Ms Lena Jabbour. 

Sir, I was disappointed and 
shocked to see the FT front 
page picture depicting the 
scene of the tragic bomb attack 
in Tel Aviv which left 22 peo- 
ple dead (“Israel firm on peace 
despite blast". October 20). Is 
this necessary? The picture 
showing a body and severed 
limbs reveals a total lack of 
respect for the victims of such 
a horrific attack. To see this 
image must undoubtedly have 
a devastating effect on the rela- 
tives of those who died. 

Do yon not agree that a more 
subtle image could have been 
used? A photograph should be 
used to support or clarify the 
text In this case, it could add 
very little to the description of 
the attack given in the article, 
which was sufficient for FT 
readers to imagine the horrors 
of the scene for themselves. 
Lena Jabbour, 

9 Avenue des Celtes. 

1040 Brussels, Belgium 


Locking not a good step 


From Mr James PicKthom. 

Sir. Christopher Jackson’s 
assertion (Letters, October 26) 
that “Given adequate conver- 
gence, the idea of irrevocable 
locking of member currencies 
at an earlier stage than domes- 
tic use of the Ecu seems 
increasingly attractive” is 
wrong headed, for the follow- 
ing reasons: 

• The divergence of member 
countries' inflation rates, tax 
rates, and national debt is far 
too great for convergence to be 
realistic. Even if the member 
nations manage their affairs 
sufficiently well that the 
(Eu)topia comes about, then 
convergence will be natural 
and formalities unnecessary. 

• "Irrevocable locking" is tan- 
tamount to the single cur- 
rency. It would remove the 
present ability of different 
areas to devalue or revalue the 
currencies continually and 


automatically, thereby adjust- 
ing factors of production and 
maintaining the balance of 
trade. The result of locking 
will be additional depressed 
areas and endemic unemploy- 
ment, particularly In the areas 
where such conditions already 
exist. The Maastricht treaty 
already allows for this by 
creating "cohesion funds and 
structural funds" for the rich 
areas to patronise the poor 
areas. 

Your interview with Alex- 
andre Lamfalussy. president of 
the European Monetary Insti- 
tute (“Single currency should 
be delayed, says EU bank 
chief', October 24) is a timely 
reminder that the threat of 
the single currency ls ever 
present, even after the ERM 
debacle. 

James Plckthom, 

24 Lime Sheet, 

London EC3M 7HR 


Simple environmental solution 


From Mr Peter Stephens, 

Sir. It seems timely to pro- 
mote once again my solution to 
unemployment and to the envi- 
ronmental problems which are 


caused by road traffic. 

Bring back the sedan chair. 
Peter Stephens, 

62 Crammer Court, 

London SW3 


,Sr 


* % 



FINANCIAL TIMES 


'*IOC TOBliR 30 1*W4 

WEEK-END OCTOBtK 


COMPANY NEWS: UK 


US investor set to 


Heron offer 


publish 

By Christopher Price 

The takeover of Heron 
International, the indebted 
property group headed by Mr 
Gerald Ronson, will move a 
step closer early next week 
when the full offer document 
from HNV Acquisition, the US 
investment group, is published 

HNV. led by Mr Steven 
Green, the US investor, made a 
formal offer five weeks ago. 
Since then it has been involved 
in complex negotiations with 
Heron's 82 creditor bankers, 
owed more than Elba. 

The US group, which 
emerged as the Heron board's 
preferred bidder last June, has 
offered cash and share alterna- 
tives to debt and bond holders 
in its attempt to restructure 
and recapitalise the group. 

However, bondholders now 
have to approve the offer. Last 
May. 62 per cent of them voted 
against accepting any further 
delay In payments due from 
Heron, which scuppered a 
£l.4bn refinancing deal by the 


banks and precipitated the 
move to sell the company. 

Yesterday, one rebel bond- 
holder said: “Presumably noth- 
ing has changed with the HNV 
offer - the pricing Is such that 
it gives bondholders no real 
attraction in taking the cash or 
the equity. We hope apathy 
will rule and the offer falls." 
Another bondholder voiced his 
concern: “We would prefer 
some sort of debt instrument 
as an alternative," he said. 

But Mr Basil Vashou, chair- 
man of Vasilou & Company, 
which speaks for a large num- 
ber of non-bank bondholders, 
yesterday voiced his support. 
“People would be crazy to 
reject this deal. It offers you 
whatever you want, be it 
equity, cash, or a combination. 
No other offer would be able to 
match these terms.’’ 

The original offer involved 
£450 cash or 300 HNV shares 
for every £1,000 of senior debt. 
£60 or 40 shares for every 
£1,000 of junior debt, and 750p 
or five new shares per old 


Heron share. Sources close to 
Heron said the full offer docu- 
ment contained few changes to 
the initial offer. This includes 
the retention of Mr Ronson and 
bis management team, a move 
which has caused consterna- 
tion among some of the group's 
creditors. 

The HNV plan would trans- 
form Heron's balance sheet, 
turning a negative net worth of 
£l72m as at March 31 into net 
assets of about £200m. HNV, 
which would control at least 51 
per cent of Heron shares, also 
intends to subscribe to a £17m 
convertible debt issue, which it 
can increase to £30m, to pro- 
vide extra working capitaL 

Other members of the HNV 
consortium include Mr Rupert 
Murdoch, the media magnate, 
Mr Craig McCaw, founder of 
McCaw Communications, the 
US telecoms giant, and rela- 
tives of Mr Michael Milken, the 
former junk bond dealer. 

Mr Green has said he intends 
to turn Heron into a force in 
the European property market 


Trading buoyant says Rank 


By Michael Ska pinker, Leisure 
Industries Correspondent 

The Rank Organisation said 
yesterday there had been a 
healthy rise in UK and US lei- 
sure spending, resulting in 
strong increases in the group's 
turnover and operating profit 

However, the shares fell 
lOVip to 399p. Analysts said 
there had been an expectation 
that Rank’s trading update 
would be even more positive. 

Mr Peter Hiliiar, an analyst 
at Barclays de Zoete Wedd, 
said he had increased his fore- 
cast of Rank's pre-tax profit 
before exceptional items fro m 
£33Sm to £354m. Pre-tax profits 
In the year to October 31 1993 
were £277m. 

The group also said it was 
changing its year end in 1995 


from October 31 to December 
31. The directors said the 
change would bring the group 
into line with most other 
FT-SE 100 companies. 

Rank said that turnover in 
continuing operations rose 10 
per cent in the period to end- 
September, with operating 
profit up 15 per cent. The film 
and television businesses were 
performing particularly well 

The contribution from Rank 
Xerox was up by more than a 
third at the end of July before 
restructuring costs. Rank’s 
£62m share of restructuring 
costs was charged against first 
half profit and Rank said the 
benefits had begun to be real- 
ised in the second half. 

Volumes from the video 
duplication business were up 
by almost 50 per cent, while 


film laboratory volumes were 
up 12 per cent on last year. 
Gideon cinema admissions rose 
4 per cent. 

The holiday business showed 
a small increase, with sales up 
3 per cent on last year. Bingo 
customers’ spending was up 6 
per cent but admissions had 

falipn by a similar amoun t 

The performance of casinos 
had improved, however, with 
attendances up 3 per cent and 
spending per head up 7 per 
cent Profit at amusement cen- 
tres was down. 

Turnover at the Hard Rock 
cafes grew 7 per cent in the 
second halt Spending per head 
at UK nightclubs was up 5 per 
cent and margins rose 3 per- 
centage points. Resorts in the 
US. however, had a difficult 
year. 


Chrysalis in Dutch TV deal 


By David Blackwell 

Chrysalis, the media and music 
group which has been building 
up its visual entertainment 
division, is to buy 49 per cent 
of a Dutch television produc- 
tion company. 

The deal, agreed in the early 
hours of yesterday morning, 
marks Chrysalis' first venture 
outside the UK. 

The target is IDTV Holdings, 
an Amsterdam-based company 
that has the rights to several 
popular European game shows, 
including Lingo and Boggle. 

Chrysalis will pay an initial 
cash consideration of £3.79m, 
followed by instalments of up 
to £l.74m a year for the next 
four years, depending on 
JDTVs profits. 


Further payments could be 
made under a share option 
scheme designed as an incen- 
tive for the TV company’s 

managpment .. 

IDTV made profits of FI 4.2m 
(£l-5m) pre-tax in 1993 on sales 
of F135^m. 

Put and call options exercis- 
able from 1999 could lead to 
Chrysalis acquiring the rest of 
the shares at a price based on 
©TVs profits. The maximum 
total consideration for the 
entire share capital is capped 
at about £18m. 

Mr Chris Wright, Chrysalis 
chairman, said yesterday that 
serious negotiations had 
started last April after the 
merger of two other indepen- 
dent Dutch TV producers into 
a group called EndemoL Since 


then Endemol had decided to 
start its own TV station, which 
would soak up most of its own 
production. 

“It’s a very good deal,’’ he 
said yesterday. “The way 
things have worked out It's 
even better than what we 
anticipated when we start- 
ed.” 

Mr Harry de Winter, the 
principal owner of IDTV, is 
selling because he felt vulnera- 
ble after the Endemol merger, 
and he saw a link with Chrysa- 
lis as a good strategic alliance. 

The Dutch television market 
is similar to that in the UK. It 
also provides a springboard 
into Scandinavia. However, Mr 
Wright said Chrysalis bad no 
further plans to buy into Euro- 
pean television companies. 


Barr chairman urges 
nephews to halt revolt 


Reuters lifts 
sales 25% 
in quarter 

By Andrew Botger 

Shares in Reuters Holdings 
rose by 30p to 477p after the 
(luancial information and 
news group said its third quar- 
ter revenues rose 26 per cent 
to £590m. 

For the first nine months, 
sales grew by 23 per cent to 
£1.68bn, with uo material 
impact from exchange rate 
movements. Reuters, which 
started giving quarterly state- 
ments this year, does not give 
profit figures. 

Mr Peter Job, chief execu- 
tive, said: “Revenue continued 
to forge ahead reflecting good 
business conditions as well as 
recent acquisitions. New order 
rates for information products, 
though below the recent peaks 
we have seen, were brisk. 

“Electronic transaction 
products for the financial mar- 
kets continued to be the fast- 
est growing part of the busi- 
ness.’* 

Acquisitions added £42m to 
revenue in the third quarter 
and £97m in the nine months. 
Excluding acquisitions made 
since the beginning of 2993, 
revenue growth was 17 per 
cent for the quarter and 16 per 
cent for the nine months. 

Sales growth by Instinet, the 
US-based equity brokerage ser- 
vice, and Thamesway - the 
institutional broker acquired 
last November - contributed 
to a 37 per cent rise to £138m 
in the quarter's overall trans- 
action prodnct revenue. 

Information management 
systems for dealing rooms 
increased sales 87 per cent in 
the quarter, and over the nine 
months this product line’s 
sales more than doubled to 
£S2m. This contributed to a 
rise of 20 per cent, to £1.19bn, 
in information products’ reve- 
nue so far this year. 


By Richard Wofffe 

Mr Malcolm Barr, chairman of 
Barr & Wallace Arnold Trust, 
yesterday urged his nephews, 
Nicholas and Robert Barr, to 
halt their shareholders' revolt 

In a letter to his nephews, 
who claim majority support 
among voting shareholders of 
the motor distribution and lei- 
sure group, Mr Barr described 
their position, as “incompre- 
hensible". 

The letter came after a pri- 
vate meeting, brokered by an 
independent member of the 
Barr family, had failed to end 
the family feud. Nicholas and 
Robert Barr have pledged to 
replace their uncle as chair- 
I man and have called an EGM 
to unseat Mr John Parker, 
chief executive, and Mr Brian 
Small, finance director. 

They have also declared 
their opposition to the board's 
plans to enfranchise the non- 
voting A shares, owned almost 
entirely by institutions. 

Mr Barr warned his nephews 


Shares of Campari 
International tumbled lip to 
24p after increased first-half 
losses were accompanied by 
further rationalisation and 
reorganisation of its troubled 
leisure and sportswear activi- 
ties. 

Directors said the costs of 
the moves, involving substan- 
tial cost-cutting and centralisa- 
tion of its Dutch support 
operations, would amount to 
£3.7 m, to be taken in the sec- 
ond half. 

Discussions had been held 
with its principal bankers and 
“both the level and continu- 
ance of their support will 


of institutional opposition to 
their plans, which he claimed 
would expose the company to 
large compensation payments. 

"Your actions have diverted 
management time away from 
the business; you have caused 
disruption to the normal 
affairs of the company; and 
you have caused or are in the 
course of causing considerable 
and unnecessary costs, as well 
as exposing the company to 
very heavy potential liabili- 
ties," he said. 

The board delayed publica- 
tion of a document concerning 
its own EGM on enfranchise- 
ment, which ironically is one 
of the rebels’ principal policies. 

However, the Barr brothers, 
who command enough support 
to block the board's proposals, 
argue that enfranchisement 
should only proceed under new 
management. 

In response to their uncle's 
letter, they said: “We had 
hoped that in the last 24 hours 
we had, on a private and confi- 
dential basis, moved forward.” 


depend on the degree of suc- 
cess achieved in meeting trad- 
ing and cash m anagement tar- 
gets in the short-term." 

Difficult trading conditions 
and a “disappointing" product 
offer led to lower sales across 
the group's markets - turnover 
in the six months to June 30 
dropped 13 per cent to £17 jm. 
A cautious outlook by retailers 
left forward sales below budget 
and margins suffered as the 
group attempted to clear stock. 

After increased interest 
charges of £330.000 (£95,000), 
the pre-tax deficit widened to 
£3.96m. against £3.G9m. Losses 
per share were 38.8P (29p). 


ft 


Campari shares tumble 
pending further revamp 


Investors face a credibility gap 

Michael Smith on why the energy industry is puzzled by RJB s bid 


RJB Mining 

Share pries relative to the 
FT-SE-A AD-Share Index 



^Jun 1993 
Source: FT eta 



94 


Oct 


Richard Budge 
Chief executive 


Attwoods 
details 
trends in 
businesses 

By Peggy HoUtnger 

Attwoods, the waste sendees 
company, yesterday laid 
another brick in the wall 
of its defence against the hos- 
tile £3 64m bid from Browning 
Ferris Industries of the US 
with a circular detailing 
trends in each of its five busi- 
nesses. 

The circular precedes a third 
defence document, which is 
expected to include a valua- 
tion of the business and 
results for the first quarter. 
Tins Is likely to be published 
on November 11, the last day 
Attwoods may release new 
financial information under 
takeover rules. 

Attwoods said yesterday the 
circular, which included few 
hard numbers for 1995. was 
intended to be a discussion 
document for investors. Prof- 
its forecasts would be difficult, 
given tbe recent end of the 
company’s financial year. 

“It is another brick and it is 
not a huge brick by any 
means." said one adviser. “But 
there is a lot more to come." 

Attwoods said this document 
set out “the specific factors 
underlying our confidence in 
the future". 

These included: price 
increases and population 
growth in Florida, where 
Attwoods* claims 32 per cent 
of the market. Cost-cutting, 
which would more than offset 
the pressure on municipal con- 
tract renewals in that state. 
Resolution of legal problems 
in the mid-Atlantic states and 
economic recovery; plus a 
return to profitability in the 
medical incineration business 
and restructuring in the Ger- 
man business. 

BFI responded with derision. 
“We wonder why they even 
bothered to release this docu- 
ment,” the company said. 
“They have provided little, if 
any, substance as to why 
shareholders should feel confi- 
dent in the future. The argu- 
ments advanced for looking 
forward to a brighter 1995 just 
are not there.” 

BFI is offering shareholders 
109p cash for Attwoods ordi- 
nary shares and B5p per pref- 
erence share. At current 
exchange rates this represents 
about 59-20 per American 
Depositary Receipt equivalent 
to five ordinary shares. 

Laidlaw of Canada, 
Attwoods largest shareholder, 
has accepted the offer. Fidelity 
Investments, which holds 
almost 12 per cent of Attwoods 
and has been selling recently, 
this week disclosed that it had 
purchased 46,100 ADRS. 

BFI has said that it will pay 
the declared final net dividend 
of 3.25p, if successful 

Attwoods shares closed 
steady at Z13p. 


T wo weeks after the gov- 
ernment announced its 
preferred candidate to 
take over British Coal’s 
English Twitting assets, the coal 
and electricity sectors remain 
perplexed. 

Industry executives are 
struggling to work out why 
RJB Mining is prepared to pay 
so much more than anyone 
else for the pits and opencast 
sites and why the government 
believes its plan is feasible. 

“I just cannot understand 
it." said one electricity execu- 
tive. “We think that RJB is 
assuming far too much both 
for the future market and for 
tbe prices it can get Are we 
missing a trick?" 

RJB and Barclays de Zoete 
Wedd. the investment bank 
advising it. remain unper- 
turbed. saying they have a 
high level of confidence that 
they can raise the funds 
needed for the bid and for 
working capital, together 
thought to total El.OSbn. 

However, they are not 
revealing any details of the 
£900m deal, which is doe to be 
concluded on December 24. 

In the absence of any guid- 
ance from them, speculation is 
rife. One theory among British 
Coal executives who may soon 
be RJB employees is that RJB 
will haggle down the price in 
the “due diligence" process in 
which it is now engaged. 

M RJB has the government 
over a barrel," says one. “The 
government will lose so much 
face if it declares a deal with 
RJB is not possible after all" 
Other merchant banks are 
less sure. “The government 
would not accept that kind of 
haggling." says one banker. 
“BZW would lose considerable 
face with the government" His 
argument is that the due dili- 
gence exercise could trim tens 
of mflUcms of pounds from the 
price, but is unlikely to get It 
down to the £6Q0m which was 
the next highest bid. 

If the eventual price remains 


about £900m, how can the bid 
be funded and tbe resulting 
debt paid off? RJB is thought 
to want to raise about 40 per 
cent of the £l.08bn through 
issuing - shares and the rest, 
about £600m, through debt 
Most of the foiled bidders for 
the En glish regions, as well as 
Scotland and south Wales, 
have either been told, or have 
assumed, that any debt 
incurred through a successful 
bid would have to be paid off 
by the end of existing con- 
tracts with the electricity gen- 
erators in 1998. 

I t is thought that BZW’s 
business plan for RJB 
assumes the debt will be 
paid off by 1998, although the 
banking facilities lined up for 
it do not require this. 

The £600m of debt would be 
likely to attract interest rates 
of at least 8 per cent. The 
amount of income left to RJB 
to pay off the debt and cover 
the interest bills depends on 
production costs. 

In the English regions, coal 
is currently being produced at 
an average of about £1.20 a 
gigajoule, against an average 
selling price in the contracts of 
about £1.40. 


That implies a profit of 20p a 
gigajoule which equates to 
£4£0 a tonne. As the English 
regions have contracts to sell 
29m tonnes of coal a year to 
the generators the difference 
between the selling price and 
production cost would be about 
£140m a year, or £455m until 
April 1998 at current cost lev- 
els. 

There will also be more lim- 
ited income from selling house- 
hold coal, where margins are 
high, as much as 50p per giga- 
joule, but volumes small, at 
2.5m tonnes and falling. British 
Coal struggles to make money 
on industrial coal sales of 
about 5m tonnes in the English 
region, but RJB could make 
profits if costs are reduced. It 
would also hope to make sales 
to to other UK regions. 

With only limited scope for 
sales growth, the key to 
greater profits is clearly cost 
reduction in the mines. If RJB 
can get costs down to £1 a giga- 
joule. as rival bidders acknowl- 
edge is possible, annual selling 
price/production margins from 
electricity contracts would 
double to £280m a year. How- 
ever, reaching £1 would take 
time. 

In addition, producing coal 


in the private sector also 
result* in financial penalties. 
Dividends will need w bi- paid 
uu the £400m or so that RJB 
raises m cquitv and the com- 
pany will also have to pay for 
insurance nt market rates, 
someth ins British coal has 

been able to avoid. Nor ft ill it 
enjoy the pensions holiday that 
British Coal has benefited from 
in recent years. 

.iking an assessment 
of the effect of all 
these factors r- dllll- 
r .„.- to RJB announcing 
its plans, prubublv next month. 
RJB is thought to dispute 
strong! v contentions by Mr 
John Reynolds, an analyst at 
James Capel - broker to rival 
bidder Coal Investments - that 
RJB could still be £200m in 
debt by tbe end of 1395. 

If, however. Mr Reynolds' 
predictions were realised. 
RJB's ability to pay off the 
debt would depend on the 
English market after 1993. 

Most bidders assume that 
the two main generators will 
buy 20m-25m tonnes of coal a 
vear from the purchaser of 
British Coal's throe English 
regions at £1.10 a gignjoule 
after 1998. They believe RJB is 
expecting about 3um tonnes at 
perhaps £1.25. A targe majority 
of both generator and coal 
industry executives believe the 
lower figures are the more 
likely. 

The credibility gap is nar- 
rowed considerably by the 
endorsement of RJB's plans by 
both BZW and NM Rothschild, 
the merchant bank which has 
advised the government. In 
choosing the preferred bidders, 
the government said it was 
guided by considerations about 
preserving the largest economi- 
cally viable coal industry as 
well as tender prices. 

Nonetheless, RJB and BZW 
have a challeng in g task ahead 
to convince lenders and inves- 
tors that the doubters have got 
It wrong. 


Institutions give tentative support 


By Foggy Holflnger 

Institutions, unlike many in the coal 
industry, are prepared to give Mr Richard 
Budge the benefit of the doubt, albeit 
anony mously . - 

“We da not believe Richard Budge is a 
me gal o mania c who is going to ruin his 
company: that, just to get his hands on the 
coal industry, he Is prepared to pay 
through the nose for it,” said one targe 
shareholder. 

The doubts surrounding RJB Mining’s 
bid for the three English coal regions have 
left Its investors largely unmoved. For 
them, the issue of whether Mr Budge is 
paying too much will be decided when the 
prospectus is published next month. 

RJB did the rounds of institutions sev- 
eral weeks ago and appears to have 
received fairly strong indications of finan- 
cial support for its plans. 


“Wie had to give a ball park figure," said 
one investor. Another confirmed that RJB 
and its advisers asked “for broad indica- 
tions about what our level of interest 
would be". 

However, undertakings were condition- 
ally given when no one, not even Mr 
Budge, knew precisely what the company 
would be offering for the coal regions - or 
how many it might win. Initially. RJB is 
believed to have presented tentative plans 
to bid £l-3bn for all five coal regions. 

Thus, the institutions added heavy cave- 
ats to their support. “It would obviously 
be subject to price,” said one. 

Yet backing will also be subject to Mr 
Budge’s numbers adding up. Institutions 
will look for reassurance that RJB will be 
able to pay off the debt it Incurs, that 
assumptions on the price for and volumes 
of coal It can sell are realistic, and 
that It has the right structure and 


management to take on such rapid expan- 
sion. 

“We are not going to say yea or nay 
until we have seen the detailed workout.” 
said one. 

At the moment, shareholders remain 
confident they will be able to support RJB. 
“You have institutions pleased with the 
progress of the company, impressed with 
the work they have done, and which 
would favourably view the opportunity to 
get involved on a greater scale, subject to 
the numbers making sense," one party 
observed. 

A more pragmatic view sees RJB's 
potential in a slightly different light: 
“There are only two ways of making any 
real money - one is breaking a union and 
the other is buying something off the gov- 
ernment Budge is doing both and there is 
the prospect of making an awful lot of 
money out of it," 



NEWS DIGEST 


Cornwell 

Parker 

warning 

Shares of Cornwell Parker, the 

Bur IriTighfltngMr fl.hflEPri furni- 
ture group best known for its 
Parker Knoll range, dipped 5p 
to 124p yesterday following a 
downbeat statement to the 
annual meeting by Mr Martin 
Jourdan, cVinir-Tnan. 

“Trading conditions, particu- 
larly in our sector of the furni- 
ture market, remain very diffi- 
cult." He warned that the 
trading outcome for the first 
half was likely to be “well 
below" that of the previous 
year, although he expected 
some improvement in the sec- 
ond six months. 

“We are continuing to review 
I every aspect of our business in 
order to reduce operating costs 
in the medium term," Mr Jour- 
dan said. 

The likely trading pattern 
mirrors that of 1993-94 when 
pre-tax profits were £3.15m 
f£4.6lm). a decline ameliorated 
by a partial recovery in the 
second half. 

Reece 

Reece, which makes equipment 
for the ceramic and glassware 
industries, distributes cycles 
and industrial fasteners and 
also makes door panels, is rais- 
: ing £1.4m in a placing and 
open offer of 48.8m shares at 
3‘/ip. 

BZW is placing the shares 
with institutional investors; 

; the open offer to shareholders 
j is on a 3-for-8 basis. 

The proceeds would be used 
to reduce hank borrowings, 
directors said. 

Reece also announced 
, reduced pre-tax losses of £5,000 
(£11,000; for the six months to 
June 30. Turnover improved to 
£6.53m (£6.l4m) generating 
operating profits of £92,000 
(£90,000). 

It is also proposed that each 
existing 5p share will be subdi- 
vided into one lp shar p and 
one 4p deferred share which 


will have nominal rights and 
be effectively valueless. 

Fleming Inc & Cap 

Fleming Income & Capital 
Investment Trust had a net 
asset value of 79 per Income 
share as at September 30, down 
from 85£p a year earlier. 

Available revenue for the six 
month period amounted to 
£2 32m (22.53m) for earnings of 
23ip (2.74p) per share. A sec- 
ond interim dividend of lp was 
declared in September. 

Benchmark 

Benchmark Group, the prop- 
erty and portfolio investment 
company, continued its recov- 
ery during the 12 months to 
June 30 with pre-tax profits of 
£2.69m. 

The outcome, struck sifter 
interest charges reduced from 
21.28m to £760,000, compared 
with a modest profit of £77,000 
last time and a deficit of 
£lZ2m for 1991-92. 

The property division 
returned operating profits of 
£818,000 (losses of £15.000) on 
turnover of £998,000 (£3.16m). 
Portfolio investment saw turn- 
over fall to £9.42m (£l3.lm) for 
profits of £2.69m (£2-86m). 

Earnings per share were 
17.14p (0.48p adjusted). 

Raraco Energy 

Ramco Energy, which supplies 
corrosion control and ancillary 
services to the petroleum and 
marine industries, reported 
pre-tax profits down from 
£297,000 to £81.000 for the six 
months to June 30. 

The outcome was struck on 
reduced turnover of £2.4m 
(£2.57m) and included a 
£117,000 lOSS (£143,000 profit) 
from an associated undertak- 
ing. Earnings came out at 0.33p 
(1.27p) per share. 

Mr Stephen Remp, chairman 
and chief executive, said the 
highlight of the year to date 
had been the signing in Sep- 
tember of a contract for the 
development of oil fields in the 
Caspian Sea. 

The contract, between the 
State Oil Company of Azerbai- 


jan and a consortium of 10 
companies of which Ramco is a 
member, would, he said, 
unlock further opportunities in 
the former Soviet Union. 

Hewitt 

A provision for the reorganisa- 
tion of its German operations 
and increased interest pay- 
ments resulted in a pretax loss 
of £2J4m at Hewitt Group in 
the half-year to June 30. 

Continuing German losses 
prompted a review which 
resulted in a write-down of 
assets and other costs amount- 
ing to £2.02m. In addition, Hew- 
itt’s share of profits at Sphinx 
Technical came to £111.000 but 
after providing for Hewitt’s 
£444,000 share of restructuring 
costs, a loss of £333,000 
resulted. 

The manufacturer of indus- 
trial ceramics and refractories 
paid increased interest of 
£196.000 (£34,000). 

There is no interim dividend 
(l.5p) and the final will be con- 
sidered in relation to the 
annual results. The share price 
yesterday fell 5p to I25p. 

Sales in the first half rose to 
£8.1 6m (£4JJSm) and there was 
an operating profit of £168,000 
(£273,000). Losses per share 
were 7l.4p (6.4p earnings). 

Dares Estates 

Dares Estates, the property 
investment and development 
group, reported pre-tax losses 
of £133,000 on turnover of 
£2.62m for the half year to 
June 30. 

The comparable period saw a 
profit of £465,000 on turnover 
of £3 .4m, although that 
included a profit of £2 .27m on 
the termination of operations. 
against £698,000 this time. 

Interest charges were cut 
from £4m to £2£m, of which 
£191.000 was satisfied by the 
issue of preference shares. 

Losses per share came out at 
0.38p (1.33p earnings). 

Craig & Rose 

Craig & Rose, the Edinburgh- 
based paint and varnish 
maker, reduced pre-tax losses 



from £135,000 to £115,000 for 
the six months to June 30 on 
lower turnover of 22.37m, 
against £2. 84m. 

Mr John Wightman, chair- 
man, said that in addition to 
the decline in sales which was 
in line with tbe industry gener- 
ally, the directors had also 
decided to withdraw from cer- 
tain specific markets which 
were unprofitable. 

Losses per stock unit worked 
through at 29J25p (32.25pj. 

Laser-Scan 

Laser-Scan Holdings, the 
USM-quoted computer group, 
suffered a pre-tax loss of 
£730,000 in the six months to 
June 30 on reduced sales and 
after capitalising the £304,000 
product development costs of 
its Gothic technology. Profits 
were £45,000 last time. 

Delays in order placement in 
uncertain economic conditions 
resulted in a 48 per cent fall in 
sales to £3. 02m (£5.78m). 

Continuing activities carried 
an operating loss of £350.000 
(£42,000 profit) and discontin- 
ued activities lost £380,000 
(£21,000 loss). Losses per share 
were 4p (O-Sp earnings). 

Europe Energy 

Europe Energy Group, which 
is transforming itself from a 
mining group, has announced 
plans to acquire Helston 
Garages, a multi-franchise 
motor dealership based in the 
south-west of England. 

Its shares, which trade on 
the USM, were suspended at 
5%p yesterday, pending a fur- 
ther announcement The terms 
of the deal have been agreed In 
principle and contracts are 
expected to be signed In the 
next few weeks. 

The consideration of about 
£l0m will be financed via a 


share Issue, which will double 
the size of Its capitaL 

Overseas Inv Trust 

Overseas Investment Trust, 
managed by Morgan Grenfell 
to seek longer term capital 
growth, reported a net asset 
value as at September 30 of 
417.5p per share, a gain of 23 
per cent over the year. 

Net revenue dipped to £i.37m 
(£ 1.54m) reflecting higher 
administrative expenses and a 
changed investment mix. Earn- 
ings per share were 3.59p, 
down from 4.04p, but the pro- 
posed final dividend is raised 
to 2.45p lifting the total to 3.3p, 
an increase of 4 A per cent. 

Bula Resources 

Bula Resources, the Dublin- 
based oil exploration and pro- 
duction company, is raising a 
minimum I£6m (£5.9m) 
through a placing and open 
offer to fluid the purchase ol 
an option to acquire 51 pel 
cent of Aki-Otyr from the Rus- 
sian Corporation. 

Davy Corporate Finance ii 
placing, mainly with institu 
tional investors, 80m new ordi- 
nary shares at 2‘. a p to raise 
l £ 2m . The offer to sharehold- 
ers. of 500m new ordinary 
shares, is on a 2-for-3 basis, 

MG Equity Income 

Morgan Grenfell Equity 
Income Trust is raising Us 
final dividend to 2.8p, bringing 
the total for the iz months tc 
September 30 to 4.8p - a rise ol 
6-7 per cent over the previous 
total of 4.5p. 

The distribution is payable 
from undiluted earnings oJ 
(5.i3p) achieved on avail- 
able revenue of £Ura i£1.25m). 

Net asset value was 
unchanged at J39.7p per share, 


DIVIDENDS ANNOlINrtrn 



Current 

payment 

Dale of 
Payment 

Carres . 
ponding 

dividend 

Total 

for 

year 

Total 

1631 

year 

MQ Equity Income.. 
OMIlnfl . 

-lm nii 

-im 2.8 

„ Ini n 

Doc so 

1.5 

2.5 

4.8 

325 

4.5 


»• "It U-rQ 

Dec } 

0.75 


t 75 





% • 


FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994 


9 


★ 

COMPANIES AND FINANCE 


Hiscox shelves listing 
plans after £27m issue 


Mixed first-half results for Japan’s heavy industry groups 

Kawasaki does better than most 


1994 interim results and forecasts for year (Y m) 

Company 


Sates 

Recurring profits' 

Nat profits 


1904 

1993 

1094 

1993 

1994 

1893 

Hitachi Zosen 

135.689 

138.459 

7JS85 

7.232 

4.175 

3^05 

Forecast 

4 20.000 


23.000 


11,500 


IHI 

380,266 

453,380 

10,931 

13,362 

5.331 

7,062 

Forecast 

800,000 


23,000 


11,000 


Kawasaki HI 

408,079 

369,049 

11,223 

6,081 

5,423 

5,381 

Forecast 

960,000 


22,000 


10.132 


Mitsubishi HI 

1,000848 

1,056,482 

82,758 

61,001 

43,562 

42,353 

Forecast 

2^20,000 


140,000 


80,000 


Mitsui Zosen 

106,782 

122.668 

1.318 

4,291 

575 

2.634 

Forecast 

330,000 


1.000 


1,000 


SunRocno Hf 

111,381 

109.840 

-200 

-1,002 

-1,135 

-1,720 

Forecast 

280,000 


1,000 


500 


-■MMMHMwIMIMlW 





S«it> 

oOTPiw iwcm 


By Ralph Atkins 
insurance Correspondent 

Hiscox Dedicated, one of the 
pioneer corporate investors in 
Lloyd's of London, yesterday 
shelved plans to seek a UK 
Stock Exchange listing after 
raising £26.6m via a fully 
underwritten share issue. 

But Mr Robert Hiscox, a 
director and a deputy chair- 
man of the insurance market, 
said the company remained 
intent on evolving into a fully- 
fledged quoted insurance com- 
pany operating under Lloyd's 

iiTnhreflp, 

It intended to acquire 25 pea- 
cent of the Hiscox managing 
agency business, which runs 
some of the London insurance 
market's most profitable syndi- 
cates, with the object of buying 
the balance when Lloyd’s rules 
were changed. 

Moreover, the company said 
it intended to be quoted on “a 
recognised stock exchange” 
within five years. "It will be a 


Bullers 
confirms 
cash call 

Boilers, the giftware and 
madia group, yesterday con- 
firmed its intimated rights 
issue and announced a reduced 
first-half loss of £402,000. 

It is seeking to raise £L26m 
via the issue of 7.02m shares 
at 2 Op on a i-for-7 basis. 

The group, which underwent 
a capital reconstruction in 
March, said yesterday that all 
but one of its subsidiaries 
were trading profitably. 

The proceeds are intended to 
eliminate the overdraft and 
short-term borrowings, which 
amount to about £523,000. and 
for working capital 

In the six months to June 30 
the pre-tax loss was reduced 
by £599.000. Sales of £1.78m 
(El.llm) included £711,000 
horn acquisitions. 

Clashfleet, acquired In 
March, forms the media divi- 
sion, which contributed oper- 
ating profits of £51,000 on 
sales of £430,000. 

Losses per share were L5p 
(04Wp). 


much better company to list 
when it is merged with the 
management of the syndi- 
cates.” Mr Hiscox said. 

Hiscox Dedicated is one of 25 
companies which this year 
have invested £900m in the 
Lloyd's insurance market. 
Unlike many of the others, it 
invested in only a narrow 
range of insurance syndicates 
and had been expected to seek 
a listing this autumn as part of 
a fund-raising exercise. 

But yesterday the company 
announced that Trident, a Ber- 
muda-based company investing 
in insurance and reinsurance, 
had fully underwritten a 
£17.7m open offer to gristing 
Hiscox Dedicated shareholders 
and warrantholders. Trident 
will also subscribe £8.9xn 
through a placing of Hiscox 
Dedicated shares. 

The new shares are being 
Issued at HOp a share, half 
payable on issue and the bal- 
ance when called. 

Trident was formed a year 


By Tim Burt 

Stega Pharmaceuticals, the 
Austrian biotechnology com- 
pany, is to seek a London list- 
ing to raise ftmds for the devel- 
opment of a “revolutionary'* 
immune system stimulant 

The Linz- based group is mov- 
ing its operations to Britain, 
where it plans to develop and 
market its cytokine releasing 
agent vaccine, known as Cra- 
vac. 

It claims the product could 
prove 10 trmpfi more effective 
t ha n gristing treatments in 
stimulating the immune sys- 
tem to fight off Infections. 

‘There is an enormous range 
of disease states that could the- 
oretically be treated with the 
aid of the product, ” according 
to the company. 

Pharmaceutical experts, 
however, reacted with scepti- 
cism and warned that the 
release of cytokines - natural 
proteins contained In the 
immune system - did not 
always prove effective. 

Tf all they're doing is stimu* 


ago by Marsh & McLennan, the 
world's largest insurance bro- 
ker, JPMorgan, Mid Ocean, a 
Bermuda reinsurance com- 
pany, and Byrne & Sons, a 
small investment tonic 

Depending on the outcome of 
the offer. Trident will own up 
to 68.35 per cent of Hiscox Ded- 
icated’s ordinary share capital. 
However, it is seeking share- 
holders' approval for not mak- 
ing a general offer. 

To allow Hiscox Dedicated to 
buy the Hiscox Syndicates 
management agency, Hiscox 
Holdings - parent company of 
the latter - plans to demerge 
its non-managing agency activ- 
ities. These include Roberts & 
Hiscox members agency, which 
ads for Names, and RK Har- 
rison, an insurance broker and 
financial adviser. 

The funds raised will be 
invested on four Hiscox man- 
aged syndicates, raising Hiscox 
Dedicated’s share on each from 
between 4 and 5 per cent to 
about ll per cent 


lating the immune system, I 
cannot imagine it would have 
a long-term effect," said Dr fan 
Hutchtnson, professor of 
immunology at the University 
of Manchester. 

His concern was echoed by 
Mr Alan Munro, scientific 
director at Cantab Pharmaceu- 
ticals. the leading UK biotech- 
nology company, who warned 
that cytokines could hamper 
the immune system In some 
cases. 

Nevertheless, Stega said it 
would press ahead with plans 
to raise £7m through a sub- 
scription offer, which would 
fund lnital development of Cra- 
vac. 

Dr Bernhard Llschka. Stega 
chief executive, said: "This 
concept could revolutionise 
medicine. We believe it will be 
effective In treating herpes 
infection, some cancers and 
chronic skin disorders.” 

He estimated that the poten- 
tial world market for treat- 
ments for these ailments would 
grow to $15bn (£9.4bn) a year 
by the end of the decade. 


OMI Inti 
expands 
with £7m 
acquisition 

By Peter Franklin 

OMI International, the 
manufacturer and supplier of 
products and services based on 
the application of measure- 
ment technology, yesterday 
announced it was to acquire 
Castiet, a private company, for 
£7m. 

Castiet manufactures elec- 
tronic devices and control 
systems used mainly to collect 
dust and other particles from 
waste gases such as those 
emitted by power stations. 

To pay for the acquisition, 
OMI is proposing to raise 
£9 .5m net of expenses via a 
rights issue of 27.8m shares at 
37p each on a 5-for-8 
basis. 

The shares closed at 43p yes- 
terday, down 6p. 

In addition to the purchase 
price, the share issue will pro- 
vide £2.5m of extra working 
capital. It has been fully 
underwritten by Barclays de 
Zoete Wedd. 

Castiet made a pre-tax profit 
of £1.01m on turnover of £7.4m 
in the year to April 30 and on 
completion of the deal should 
be free of hank debt and have 
net assets of not less than 
£2. 7m. 

OMI also announced results 
in line with expectations for 
the six months to September. 

On sales down slightly from 
£17.8m to £17.4m, pre-tax prof- 
its for the half year fell from 
£237,000 to £18,000. 

Mr Gil Williams, chairman 
and chief executive, said the 
electro-optics and instrumen- 
tation businesses had per- 
formed well and had healthy 
order books, while the move of 
Thin Films to Plymouth 
remained on schedule for the 
fourth quarter. Forward Indus- 
tries also met expectations. 

Logistics, which had a disap- 
pointing second half last year, 
had shown a marked upturn, 
he added. 

Borrowings over the period 
rose by £2.4m to £8 59m - giv- 
ing gearing of 71 per cent. 

Earnings were nil (05p); the 
interim dividend, however, is 
maintained at 0.75p. 

BZW, the house broker, has 
upgraded its current year prof- 
its forecast from £1.8m to 
£2. 3m. 


By Mtehiyo Nakamoto in Tokyo 

Japan’s heavy 
industry man- 
ufacturers and 

shipbuilders 
reported 
mixed first- 
half results 
due to the yen’s sharp appreci- 
ation and a weak domestic 
economy in the first half of 
1994. 

Fortunes were divided, 
depending on the different mix 
of businesses each is involved 
in. but sales from shipbuilding, 
large power plants and steel 
structures for the private sec- 
tor were generally lacklustre. 

On the other hanri . the gov- 
ernment’s public spending pro- 
gramme increased sales from 
waste disposal facilities, now 
becoming a gro w ing business 
for heavy machinery makers. 

While the companies said the 
yen's sharp appreciation had 
not yet affected sales - as large 
orders, particularly for ships, 
that are being translated into 
sales now are yen-denominated 
- it was biting into profits. A 
one-yen rise against the US 
dollar has the effect of wiping 
of Ylbn off profits, Mitsubishi 
Heavy Industries indicated. 

At the same time, private 
capital spending has remained 
weak In Japan, and not all 
companies were able to bal- 
ance this with firm orders from 
the public sector. 

But on the whole, shipbuild- 


By Mlchiyo Nakamoto 

Japan Air Lines disclosed 
unrealised foreign exchange 
losses of Y43-9bn ($453m) as it 
reported a return to profits in 
the first half of 1994. 

The airline said the losses 
result from a purchase of 
$3.6bn in 10-year forward con- 
tracts dating Cram 1986. which 
the company made to hedge 
the risk of buying US dollars to 
pay for aircraft procurement 

Since JAL bought the for- 
ward contracts the yen has 
appreciated sharply, resulting 
in huge unrealised losses to 
JAL. The company will not dis- 
close any past losses resulting 
from the contracts. 

However, new finance minis- 


ers were able to cut costs and 
raise profitability through 
increased procurement of low- 
er-priced parts from overseas 
and reductions in fixed costs. 

One of the better performers 
in the half was Kawasaki 
Heavy Industries. Japan's sec- 
ond largest shipbuilder. Its 
shipbuilding division enjoyed a 
42 per cent rise in sales. Sales 
in its industrial plant and steel 
division rose 88 per cent while 
its environmental and power 
plant unit rose by 30 per cent 

But its motorcycle business 
was hit by the yen's apprecia- 
tion. forcing it to revise its full- 
year forecast for total sales by 
YlObn (Si 03m) as it expects the 
impact of the strong yen to 
continue to put pressure on 
motorcycle sales. 


try regulations required JAL to 
disclose Its remaining unreal- 
ised losses of Y43.9bn which 
represents the difference 
between the amount in yen 
that JAL will pay for the dol- 
lars It Is committed to buying 
and the market rate- 

The disclosure comes as JAL 
announced a tumrormd in its 
business performance on the 
strength of increased overseas 
travel by Japanese. 

In the six months to Septem- 
ber, JAL revenues rose 5 per 
cent to Y526.4bn from Y500.4hn 
a year earlier. Recurring prof- 
its improved to Y20.6bn from a 
loss of Y7.9bn and net income 
was Y11.7bn against a net loss 
of Y3.4hn. 

Total accumulated loss for 


At the other end of the scale 
was Mitsui Engineering and 
Shipbuilding which reported a 
69 per cent drop in recurring 
profits and passed its interim 
dividend. Mitsui suffered from 
a sharp 50 per cent fell in its 
Industrial plant division. 

Mitsui, Hitachi Zosen and 
Mitsubishi Heavy Industries, 
the country's biggest ship- 
builder, alike saw weak sales 
in their shipbuilding divisions. 

Mitsubishi said compared 
with the same period a year 
ago, the first half was also 
devoid of major building pro- 
jects such as the Akashi 
Kaikyo Bridge in Osaka and a 
huge leisure park in Miyazaki 
prefecture which boosted the 
steel division last year. 

At the same time, sky-park 


the company still amounted to 
Y43.4bn against Y55.1bn at the 
end of the last fiscal year. 

New lower economy class 
feres and the yen's rise led to a 
sharp gain in international 
passengers, numbers increas- 
ing by 16 per cent and revenue 
from international travel rising 
12 per cent 

The airline expects the rest 
of the year to bring similar 
conditions to the first halt It 
forecasts sales of Yl,020bn 
against Y982bn, recurring prof- 
its of Ylbn against a Y262bn 
loss and break-even, at the net 
level against a Y262bn loss. 

The company is undergoing 
a major restructuring and will 
pass both the interim and final 
dividend. 


parking lots suffered a down- 
turn in demand amid Japan's 
still weak economic condition 
while an absence of new ther- 
mal and nuclear power plants 
depressed sales in its power 
systems division. 

Ishikawqjima-Harima HI was 
likewise affected by the lack of 
nuclear power plant sales, 
which was the main factor 
behind its 16 per cent fall in 
mid-term sales. 

While the companies have 
managed to keep orders rela- 
tively stable, there was general 
concern that the yen's strength 
would begin to show through 
in the next fiscal year as ship- 
building orders are increas- 
ingly denominated in dollars 
and other currencies rather 
than in yen. 


First-half fall 
at Ajinomoto 

By Enrriko Terazono In Tokyo 

First-half profits of Ajinomoto, 
Japan's leading food manufac- 
turing company, were hit by 
the hot summer weather, the 
discounting boom and 
increased competition from 
imported foods due to the 
higher yen. 

Sales were flat at Y298.lbn 
($3.07bn). Interim recurring 
profits fell 13.1 per cent to 
Ylibn in spite of a 3.1 per cent 
rise in operating profits, due to 
a 25.3 per cent fall in non-oper- 
ating revenues. Profits from 
securities sales fell 51.3 per 
cent to Ylibn. Net profits fell 
33 per cent to Y&bn due to 
appraisal losses on securities. 


Stega to seek funds 
via London quotation 



JAL returns to the black 


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THE 


DAVID 

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David Thomas was a Financial Times journalist killed on assignment in 
Kuwait in April 1991. Before joining the FT he had worked for, among 
others, the Trades Union Congress. 

His life was characterised by original and radical thinking coupled 
with a search for new subjects and orthodoxies to challenge. 

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Applications to: 

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



★ FINANCIAL TIMES WEEKEND OCTOBER -W° c 1 olll R <0 1 W 

INTERNATIONAL COMPANIES AND FINANCE 


BMW shares advance on 
rising sales and profits 


By Christopher Parkes 
in Frankfurt 

BMW’s share price rose 
strongly yesterday after an 
upbeat statement from the 
company which said turnover 
was outstripping record levels 
reached in 1992. and fore- 
cast “positive effects” on prof- 
its. 

Sales, excluding the recently- 
acquired Rover group, rose 8.5 
per cent to DM23.8bn (S15.9bn) 
at nine months, BMW said. 
This was 1.5 per cent higher 
than in the comparable part of 
1992, when the full year's sales 
hit DM31.2bn, it added. 

The company, which last 
year saw net earnings tumble 
to DM516m from DM726m in 
1992, reported a 14 per cent 
recovery to DM290m on a sales 
increase of 7.4 per cent in the 
first half of the current year. 

The group's share price 
jumped DM18 in early Frank- 
furt trading yesterday and 
closed DM12, or 1.6 per cent, 
higher on the day. 

The company’s statement 
suggested production bottle- 
necks experienced In the 
spring had been cleared, and 


BMW 


Share price (DM) 
7,000 - 



Source: FT Grapnite 


forecast demand would be fur- 
ther increased by new variants 
on the successful 3-Series, due 
shortly. 

While car production rose 5 
per cent in the nine months to 
the end of September, deliv- 
eries to customers increased 
7 per cent overall to 434,000. 
with a 13 per cent surge in the 
last month of the reporting 
period. 

Analysts at the Bayerische 
Vereinsbank calculated that 
production in the third quarter 
was more than 8 per cent up 


on the year-earlier period, 
while deliveries had risen 10 
per cent. 

According to earlier data, 
world sales of BMW marque 
models were up only 5 per cent 
in the first seven months of the 
year. Deliveries in Germany, 
up only 2 per cent in the period 
to the end of July, were up 4 
per cent after nine months, 
according to yesterday's state- 
ment. 

Sales elsewhere in Europe 
were in line with the overall 
market growth of 5 per cent so 
far. However, while deliveries 
in the UK rose 24 per cent to 
39,000, those in the important 
Italian and French markets 
were unchanged at 24.200 and 
18.700 respectively. 

US sales, up 13 per cent after 
six months, were still 10 per 
cent ahead at the end of the 
latest reporting period. At 
63.500 vehicles, the nine-month 
total was only marginally 
short of BMW’s US sales in the 
whole of 1993. 

Sales in Japan rose 8 per 
cent to 20.600. while 41 per cent 
growth In other south-east 
Asian markets took deliveries 
there to 17,400. 


Sweden’s debt rating 
faces downgrading 

By Conner MIddelmann 


Moody’s Investors Service, the 
debt rating agency, yesterday 
placed Sweden's Aa2 foreign 
currency rating on review for a 
possible downgrade. 

As a result, the Aa2 ratings 
on the foreign currency denom- 
inated bonds issued by the 
Kingdom of Sweden, the Swed- 
ish Export Credit Corporation. 
Forsmarks Kraftgrupp and 
K iimmun in vest I Sverige, have 
also been placed under review. 

Moody's cited its concern 
about the continuing accumu- 
lation of public-sector debt as a 
key reason for the move. 
"Stronger economic growth, 
lower unemployment and addi- 
tional fiscal restraint expected 
from the recently elected gov- 
ernment suggest that budget 
deficits relative to GDP will 
shrink,” it said. “Nevertheless, 
the build-up in public-sector 
debt will continue." it warned. 


Moody’s review will focus on 
the degree to which policies 
can be forged over the medium 
term to strengthen, the public 
sector finances and improve 
the investment climate, it said. 

Some observers were sur- 
prised by the timing of the 
announcement, coming just 
days before Wednesday's fiscal 
statement by Mr Goran Pens- 
son. the new finance minis ter. 
However, they said the move 
might serve as a reminder to 
the government that Its top 
priority should be to get its 
fiscal house in order. 

Mr Persson is expected to 
detail on Wednesday how he 
plans to undertake the 
SKr61bn (S8.59bn) fiscal tight- 
ening the Social Democrats 
announced in the election cam- 
paign. 

Last week he proposed a fur- 
ther 20 per cent cut in govern- 
ment spending over the next 
four years. 


Belize Holdings 
buys stake in 
Panama group 

By Stephen Fldler 

Belize Holdings, the Nasdaq- 
quoted company headed by the 
businessman Mr Michael Ash- 
croft, chairman of ADT. 
yesterday took a first step 
in what the company said 
was a strategy aimed at 
expanding its operations into 
central America and the Carib- 
bean. 

The group bought for S13.5m 
a 75 per cent stake in Panama 
Holdings, a new company 
established in Panama to 
invest in infrastructure pro- 
jects in that country. 

Privatisation and a restruct- 
uring of companies there 
“offer timely prospects for 
entry into these businesses," 
the company said. 

Mr Ashcroft owns more than 
50 per cent of the shares of 
Belize Holdings, which held 
assets of SI37m at the end of 
I last year. 


Broker bids to gag the greenback 


By Patrick Harverson 
in New York 

Money has always talked loudest on 
Wall Street, where salaries are often 
measured in the millions of dollars, but 
yesterday the securities firm Paine Web- 
ber sought to place a gag order on the 
greenback. It is suing two rival firms to 
stop them from luring away its best 
staff with offers of huge pay increases. 

Hie saga started 10 days ago when 
PaineWebber bought the investment 
bank Kidder Peabody, and its army of 
highly profitable stockbrokers, from 
General Electric. Yet, before PaineWeb- 
ber could welcome Kidder's employees 
to their new home, several rival firms 
had poached some of Kidder's best bro- 
kers, many of whom generate millions 
of dollars annually in commissions, 
from under PaineWebber's nose. 

This tactic - enticing staff away from 
one firm to another with offers of hefty 
pay packets - is nothing new on Wall 
Street, but PaineWebber felt it had to 
take drastic action to protect its invest- 
ment In Kidder. 

So yesterday, PaineWebber filed law- 
suits against Donaldson, Lufkin & Jen- 
rette and Dean Witter Reynolds, two of 
the biggest names on Wall Street. 


charging them with trying to under- 
mine its acquisition of Kidder Peabody 
by offering Kidder brokers “exorbitant” 
financial incentives to leave the firm. 

The lawsuits followed reports that 
several top-producing Kidder brokers in 
Xew York and around the country bad 
left the firm to join DLJ or Dean Witter. 
Merrill Lynch, another broking firm, 
was also said to have lured away a 
team of brokers from Kidder. 

Although there is nothing in US secu- 
rities law that forbids the poaching of 
employees, firms are not allowed to 
deliberately interfere with a transaction 
such as the takeover of one finn by 
another. 

So. PaineWebber is asking the courts 
to ban DLJ and Dean Witter ffom raid- 
ing Kidder’s staff. 

The irony of the situation is that Kid- 
der's top brokers are being offered big 
pay increases to join other firms at a 
time when almost everyone on Wall 
Street is having to accept a pay cut or. 
even worse, redundancy, as firms 
endure a sharp slowdown in activity on 
financial markets. 

The cost-cutting has dug so deep that 
the biggest names on Wall Street are 
not Immune to the axe. 

On Wednesday, Ms Elaine Garzarelli, 


the prominent analyst who became 
famous after warning clients to sell 
stocks before the stock market crash of 
1987. was released by her long-time 
employer Lehman Brothers because the 
securities firm could no longer afford 
her miUion-dollar salary. 

Fortunately for Ms Garzarelli, she is 
regarded highly enough within the 
business that she should have no short- 
age of offers of employment from other 
firms. PaineWebber, tn fact, was one 
name linked this week to the former 
Lehman star, but the firm may miss its 
chance to hire her if it does not move 
fast. Rivals such as DLJ and Dean Wit- 
ter may already have their cheque 
books out, judging by their rapid raids 
on Kidder Peabody. 

One firm which will almost certainly 
not bid for Ms Garzarelli's service, or 
attempt to hire any Kidder brokers for 
that matter, is Salomon Brothers, the 
big bond trading firm which has racked 
up huge losses this year. 

On Thursday, Salomon announced it 
was cutting the pay of its top invest- 
ment bankers and traders by two- 
thirds. 

Although the bankers and traders 
were told they could make a lot of 
money in bonuses if they performed 


"5 



The NYSE: centre of the battle ground 


well, they were also warned that if they 
lost money for the firm, they could 
expect to see their pay cheques shrink 
accordingly. 


Morgan Stanley wins 


Claims provisions hit 
earnings at Aetna 


By Richard Lapper 

Morgan Stanley, the US 
investment bank, has won a 
fierce contest to advise the Ital- 
ian government on the privati- 
sation of Stet. the state con- 
trolled telecommunications 
holding company. 

The government announced 
yesterday the approval of the 
recommendation by DU. which 
owns some 65 per cent of Stet. 
to appoint Morgan Stanley. 
The bank has played a big role 
in the privatisation or break-up 
of a number of the world's big- 


By Andrew Jack in Paris 

Eurotunnel, the Channel 
tunnel operator, yesterday 
firmly stood by the projections 
given in its May rights issue 
prospectus as the French mar- 
kets watchdog began its second 
inquiry into the company this 
year. 

“The report put together in 
May contained all the informa- 
tion that we had available at 
the time,” the company said. 
“We said the figures were sub- 


gest telecoms companies, 
including British Telecom and 
AT&T. Morgan Stanley was 
one of 21 firms in the competi- 
tion which began late last year. 
The government said an Italian 
adviser would be appointed in 
the next few days to work 
alongside Morgan Stanley on 
equal terms. 

Mr Stephen Waters, co-head 
of Morgan Stanley in Europe, 
said he believed it would be 
possible to complete the sell-off 
next year. “I think it is impor- 
tant to get it off when it's 
ready to go. My own sense is 


ject to change but they were 
right at the time of the rights 
issue." 

The response came after the 
Commission des Operations de 
Bourse, the French regulator, 
on Thursday night made public 
a letter to Eurotunnel 
announcing the start of an 
investigation after the close of 
the London and Paris stock 
exchanges. 

It is concerned about the 
validity of the May projections 
and why the company did not 


Stet role 

that this can be In 1995.” 

The bank will help to shape 
the privatisation process and 
will play a role in deciding who 
will handle the sale of Stet 
shares to international inves- 
tors. 

Stet owns 60 per cent of Tele- 
com Italia and other holdings 
in areas such as manufactur- 
ing and software, and ventures 
such as Stream, the multime- 
dia company jointly owned 
with Bell Atlantic of the US. 
The sale is set to be one of the 
largest in the international 
telecoms sector. 


report sooner on the financial 
impact of a series of delays 
since then. 

The release surprised Euro- 
tunnel. which expressed con- 
cern that the details had been 
made public. 

However, it is believed that 
the COB policy over the 
past few years has been to 
make release details of 
any formal inquiries which are 
wide-ranging and therefore 
likely to leak out to the 
press. 


By Richard Waters 
in New York 

Earnings at Aetna, the US 
insurance group, were hit by 
further additions to reserves to 
meet environmental claims 
during the third quarter, con- 
tributing to a 25 per cent fall in 
operating earnings. 

The S23m of extra reserves in 
the latest period come on top 
of a S64m charge to cover 
indemnity-related pollution 
costs taken during the previ- 
ous quarter. The earlier provi- 
sion had shocked investors, 
and prompted concern that big 
environmental-related liabili- 
ties might lie buried at other 
insurers as well. Hopes that a 
reform of the US Superfund 
environmental clean-up law 
would ease Insurers' liabilities 
in this area have been damp- 
ened by the Clinton adminis- 
tration’s failure to push 
through legislation in recent 
months. 

The addition to reserves 
announced yesterday, although 
causing less consternation 
than the second-quarter 
charge, contributed to a slight 


fall in Aetna's share price dur- 
ing the morning, against the 
background of a strongly rising 
stock market. 

Aetna's latest results were 
also held back by higher catas- 
trophe insurance losses, as the 
company added further to its 
estimate of the cost of the Los 
Angeles earthquake at the 
beginning of the year. Catas- 
trophe losses during the third 
quarter were S2Sm. Siom more 
than the third quarter of 1993. 

These factors, along with 
capital losses of Slim com- 
pared with gains of S13m a 
year ago, helped to mask an 
increase in underlying operat- 
ing profits in the commercial 
property.’casualty business, 
from $43ra to $59. Personal 
property/casualty profits 
slipped on higher reinsurance 
costs. 

Aetna's health and life insur- 
ance business, along with 
financial services, posted profit 
gains, while it took net capital 
losses of tEOm, compared with 
gains of $29m the year before. 
Overall net income of Sl29m. 
or $1.15 a share, was down 
from $226m, or S2.03 a share. 


Eurotunnel stands by projections 


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FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994- 


11 


a 


CURRENCIES AND MONEY 


* 





MARKETS report 

Dollar rallies 


The dollar rallied yesterday 
following the release of third 
Smarter GDP figures which 
prompted a sharp rise is the 
bond and equity markets. 
writes Philip GatoUh. 

Although GDP growth of 8.4 
per cent was above market 
expectations, the report in 
total convinced the market 
that inflationary pressures 
were more subdued than it had 
believed. 

The dollar finishwi in Lon- 
don at D Ml .5094, up from 
DM1.4950 before the GDP fig- 
ures. and touched DML5170 
during the New York morning. 
Against the yen it finished at 
Y97.385 from Y96.895. 

The firmer dollar weighed mi 
the D-Mark in Europe, and ai«n 
depressed sterling: The pound 
fell from $1.6370, before the 
GDP figures, to SL6235 at the 
close. It traded in a narrow 
range against the D-Mark to 
close at DM2.4505 from 
DM2.4519. 


■ Analysts said the dollar’s 
rally had been driven mostly 
by short term traders, many of 
whom had been forced to cover 
short positions the y held 

of the GDP release. One 
observer described it as a “typ- 
ical Friday afternoon short 
squeeze.” There were also 
reports that funds bought dol- 
lars on the XMM futures mar- 
ket, driving the price up fur- 
ther. 

Mr Robin Marshall, chief 

■ pMBd b Hw VMk 


£<pn 181 * 1-8366 

t ate 1.8188 1.6350 

3 ratfl 18184 1J53S5 

1 V IffiW 1JS2S3 

economist at Chase Manhattan 
in London, said the GDP report 
had “delayed the day of reck- 
oning in terms of the Fed's 
decision on interest rates.” He 
said this could work against 
the dollar. “The prolonging of 
the uncertainty Is t he main 
problem for investor confi- 


Dollar 


Sterling 


French franc 



Source: Dststraem 


dence," he said. 

Mr Marshall gain it was diffi- 
cult to he optimistic about the 
dollar “with the economy dan- 
gerously dose to capacity con- 
straints and a central bank 
that appears to be dithering.” 

For dollar bulls, there is 
some cheer to be had from a 
technical perspective. Chartists 
said the dollar had, on a 
weekly basis, made a reversal 
of Its downward trend. After 
touching a low in July, it then 
traded sideways until earlier 
this month. Chartists say it is 
possible this pattern could be 


repeated, although the long 
term picture for the dollar is 
still down. 

■ The combination of the US 
GDP figures, and bullish com- 
ments about Bn UK tnOaHoP 
outlook, from Bank of England 
governor Mr Eddie George, 
prompted a rally in short ster- 
ling futures. The March con- 
tract traded 34JMQ contracts to 
close at 92.78, up from 92.66. 

The Bank of England pro- 
vided £61 0m late assistance to 
UK money markets after fore- 
casting a £Llbn shortage. Ear- 


lier it had provided £344m 
assistance at established, rates. 
Three month sterling LIBOR 
was unchanged at 6 per cent 

■ Before coming under pres- 
sure from the dollar, the 
D-Mark was supported by com- 
ments from Mr Hans Tiet- 
meyer, the Bundesbank presi- 
dent. He told an economic 
foundation in Bonn that “a 
strong currency is in the best 
Interests of the German econ- 
omy." 

■ Elsewhere, the South Afri- 


can central bank governor. Dr 
Chris Stals, said in Johannes- 
burg that a fairly substantial 
net inflow of capital from July 
to September would hasten the 
abolition of the financial rand 
system, but “not now”. This 
caused the financial rand to 
weaken to R4.025 against the 
dollar from R3J85. 

In Nigeria meanwhile, the 
naira recovered on the free 
market to N90 against the dol- 
lar, from a record low of N1QQ. 
The government tried to fix 
the exchange rate at N22 last 
January. 


1 POUND SPOT FOR/ 

.'ArtD A GAINS • 

i HE POUND 








Oct 28 


Oaring 

Change 

BtdfoBer 

Oey*e Mbt 

Ora montt 

Three months 

One year 

Banket 


mkt-poirii 

on day 

spread 

high low 

Rata 

%PA 

Rata 

%PA 

Rate 

%PA Eng. Index 

Europe 

Austria 

tech) 

17JS375 

-0.0078 

281 - 468 

17.2786 17.1580 

172332 

03 

172713 

04 



1104 

Belgkan 

IBFr) 

803335 

-00052 

*55 - 414 

504800 502690 

602035 

07 

503085 

07 

493538 

1.1 

1172 

Denmark 

(DKr) 

85821 

+00018 

775 - 860 

06908 05509 

85773 

06 

95861 

-08 

8.6258 

-05 

1172 

Finland 

(EM) 

7.47*6 

+0032 

042 - 850 

7.4850 7.4490 

ra 

. 

. 

. 

. 

. 

801 

France 

(FFi) 

8JJ880 

-00037 

831 - 928 

04038 03684 

03886 

-0.1 

03615 

03 

03148 

OS 

1108 

Gammy 

(DM) 

24505 

-00014 

491 - 618 

24070 24422 

2A483 

05 

2.4466 

08 

24123 

15 

1205 

Greece 

(DO 

377.172 

-052 

974 - 389 

370209 378.182 

. 

■ 

- 

- 

. 

. 

_ 

bMd 

m 

1X13S 

-0.0013 

131 - 143 

1J7IB8 1-0107 

15138 

02 

13133 

02 

1.015 

-Ol 

1067 

iwly 

(M 

260028 

+013 

469 - 706 

250083 2600.12 

2612.18 

-25 

2523.18 

-27 

257138 

-25 

74.8 

Limmboikg 

(LEO 

603835 

-0.0052 

455 - 414 

804800 502690 

503835 

07 

603088 

07 

408536 

1.1 

1172 

Netheriands 

(FQ 

2.7464 

-0.0029 

437-470 

27514 27413 

27441 

05 

2.7402 

08 

27047 

15 

121.1 

Mommy 

(WO 

106488 

-QjOOBI 

440 - ssa 

106777 108330 

108484 

Ol 

105517 

-Ol 

10.8S2S 

OO 

885 

Portugal 

(&) 

250344 

-0063 

186 - 502 

250871 240790 

252074 

-83 

2S6254 

-73 

. 

. 

- 

Span. 

(PtB) 

20OS77 

+0097 

049 - 104 

204213 202489 

204.322 

-2.0 

200382 

-108 

207.407 

-1.7 

800 

Sweden 

(SKO 

11.6683 

+0.0475 

572 - BOB 

11.7071 115893 

TV 5889 

-22 

11.7369 

-23 

11-92*8 

-22 

702 

Switzerland 

(SFO 

20460 

-00027 

445 - 474 

20534 20401 

25428 

15 

20362 

15 

1594 

25 

1225 

UK 

« 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

80.7 

Ecu 

— 

1^861 

. 

8*2 - 880 

12878 12803 

1286 

Ol 

1285 

OO 

12791 

05 

_ 

SORT 

- 

0 911988 

- 

. 

- 

- 

- 

- 

. 

- 

- 

- 

Americas 

Argentina 

(Pear* 

1.8238 

-0.0135 

230 - 242 

12378 15228 

m 

m 






Brazil 

(FB) 

1J760 

-00169 

747 - 772 

12800 12740 

- 

- 

- 

- 

. 

. 

- 

Canada 

|C» 

21915 

-00174 

904 - 920 

22130 2.1900 

21907 

05 

2.1891 

04 

2.1824 

04 

87.1 

Master) (New Peso) 

5.5739 

-O03S2 

555 - 922 

55128 06545 

. 

- 

. 

. 

- 

- 

_ 

USA 

K 

1.6235 

-00142 

230 - 240 

15383 15230 

1.8229 

04 

1.6225 

03 

15123 

07 

81.1 

PacUc/Mdrfla Eaat/AMca 
Austnda (AS) 2-1852 

-00182 

838 - 880 

22052 2.1819 

218S2 

O 0 

21865 

-02 

22048 

-05 


Hong Kong 

(HK5) 

123453 

-01099 

409 - 489 

126568 125404 

125362 

09 

125312 

04 

124807 

0.7 

- 

India 

(Re) 

608292 

-04885 

095 - 489 

51.4020 509070 

- 

- 

- 

- 

. 

. 

- 

Jape* 

W 

150024 

-0656 

918- 129 

150850 167500 

157584 

35 

168586 

OB 

151244 

43 

1895 

Malaysia 

(MS) 

4.1446 

-0JB39 

426 - 467 

4.1785 4.1418 

• 

M 

- 

- 

- 

- 

- 

New Zealand 

(MZS) 

20379 

-00276 

360 - 380 

25636 25346 

20418 

-13 

20486 

-15 

26710 

-13 

- 

PHSppInec 

(P««) 

404252 

-03523 

316 - 188 

40.5400 403275 

- 

M 

- 

- 

- 

- 

~ 

Saudi Arabia 

(SR) 

EL09CC 

-00631 

879 -924 

01453 00357 

- 

. 

- 

• 

- 

- 

- 

Singapore 

teS) 

2l3890 

-00134 

874 - 906 

2.4063 23370 

- 

«• 

- 

> 

- 

- 

- 

S Africa (Com J 


68838 

-00475 

305 - 872 

5.7296 5.6788 

- 

- 

- 

- 

• 

- 

- 

S Africa (Fkv) 

te) 

06346 

+00085 

163 - 528 

08238 05124 

• 

M 

- 

- 

- 

- 

- 

South Korea 

(Won) 

1283.04 

-1233 

239 -368 

130458 1283.02 

- 

- 

- 

- 

• 

• 

- 

Taiwan 

ITS) 

422788 

-04 

813-083 

425687 422811 


- 

- 

- 

- 

- 

M. 

Thefland 

P) 

404486 

-03124 

200 ■“ 782 

407870 404200 

' 

- 

• 

- 

- 

- 

- 


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On Dofcr Spot HUM dirtied Ham THE WMmSTBW CLOSMQ SPOT RATES 8 mm Mfens M taunted by *» F.T. 


DOLLAR SPOT FORWARD AGAINST THE DOLLAR 


Oct 28 

Cteeteg 

mid-point 

Change 
on day 

BUfeffar 

spread 

Dev's mkS 
high low 

One month Three monthe 
RMs %PA Rate MPA 

One year Morgan 

Rata %PA index 

Europe 














Austria 

(Sch) 

108178 

+0387 

150 - 200 

105200 105070 

105175 

05 

10.8173 

0.0 

105426 

0.7 

1045 

Saltfum 

IBFr) 

315400 

«02» 

200 - 000 

315600 30-7170 

3154 

05 

3151 

04 

3054 

03 

10B.T 

Denmark 

(DKil 

55021 

+05621 

011-031 

85040 

65337 

sjanra 

-05 

55136 

-05 

55491 

-08 

105.6 

FWand 

PM) 

45040 

+05603 

990 - 090 

45090 

45543 

4.8052 

-03 

45 

03 


00 

84.0 

Franco 

(FFr) 

01660 

+05434 

8S2 - 680 

5-1687 

8.1095 

5.1684 

-04 

3.1668 

05 

$1601 

Ol 

1065 

Germany 

(D) 

15094 

+05122 

090 - 008 

15125 

1.4326 

15085 

-0.1 

15078 

05 

14071 

08 

1074 

Greece 

(Dr) 

232320 

+159 

270 - 370 

232.370 230300 

232.81 

-15 

233.1*5 

-14 

235405 

-14 

B8.4 

Ireland 

(to 

15014 

-0.012 

008 - 020 

15210 

15896 

15014 

05 

15014 

05 

1 5884 

05 

• 

ttriy 

W 

1543.75 

+1525 

32S - 426 

154425 1528.79 

1548 

-33 

155525 

-35 

150626 

-33 

75.1 

Luxembourg 


315400 

+0285 

200 - 600 

315600 30.7170 

3154 

05 

3151 

04 

3054 

03 

108.1 

Netherlands 

fO 

1^10 

+00128 

905-915 

15B36 

15744 

7.6811 

-0.1 

15892 

04 

15787 

0.7 

1055 

Norway 


85592 

+05517 

582 - 002 

85070 

0489 6 

65824 

-08 

05752 

-1.0 

65888 

-0$ 

96.0 

Portugal 

(Es) 

154200 

+13 

150 - 250 

154370 152.100 

154.775 

-45 

1355 

-44 

15853 

-$7 

952 

Spain 

(PH) 

125.640 

+1.146 

BOO- 880 

125580 124350 

125506 

-25 

124515 

23 

128.74 

-25 

01.0 

Sweden 

PKr) 

7.1075 

+00311 

825 - 325 

7.1925 

75768 

72017 

-24 

72296 

-23 

73036 

-24 

82.1 

■ Htinri 

owromana 

(SFr) 

12002 

+00092 

597 - 807 

12027 

12455 

13586 

13 

12552 

15 

12378 

13 

108.1 

UK 

05 

15236 

-0.0142 

230-240 

1.6383 

15230 

15229 

04 

15225 

03 

15123 

07 

8S2 

Ecu 


12833 

-0511 

B28 - 038 

12757 

12821 

13826 

0.7 

12023 

03 

12568 

03 

ara 

SOfif 

- 

149320 

. 

. 

- 

- 

. 

. 

. 

_ 

- 

. 


Americas 














Argentina 

(Peso) 

13001 

+00004 

ooo - art 

13001 

05999 

- 

_ 

. 

. 

. 

- 

_ 

Brazil 

W) 

05475 

-0003 

470 - 480 

05600 

05470 

. 

. 

- 

. 

- 

. 

- 

Canada 

(C5) 

13499 

+05011 

486-501 

13516 

13488 

13498 

05 

13494 

0.1 

13647 

-04 

83.7 

Mexico (Now Peso) 

3.4333 

+0.0058 

230 - 435 

3^4435 

3.4230 

84343 

-03 

$4381 

-03 

$4430 

-03 

_ 

USA 


- 

M 

. 

- 

- 

- 

M 

- 

- 

• 

M 

33.7 

PaeUc/MMdfa 

East/ Africa 












Australia 

(AS) 

13480 

+05005 

485 - 484 

13473 

13441 

13463 

-0L2 

1347 

-03 

13543 

-08 

855 

Kano Kong 

(HKS) 

7.7273 

-00003 

280 - 278 

7.7278 

7.7288 

7.7284 

0.1 

7.728 

ai 

7.73S8 

-Ol 

- 

India 

(Rs) 

313700 

-0515 

875-725 

31385Q 313875 

31.456 

-33 

313 

-25 

. 

- 

_ 

Japan 

nn 

973360 

+044 

000 - 700 

97.4000 985000 

97.115 

2.7 

98535 

33 

6$ 80 

35 

1505 

Malaysia 

(MS) 


+05014 

524 - 534 

25534 

25610 

2.5437 

43 

25324 

32 

25058 

-2.1 

- 

Now Zeeland 

(NZS) 

15249 

-00027 

242 - 256 

1.0207 

15242 

15259 

-0.7 

13277 

-0.7 

1333 

-05 

_ 

FWpptoas 

Peso) 

245000 

. 

500 - 500 

243500 245000 

. 

- 

. 

. 

- 

. 

_ 

Saudi Arabia 

(Saj 

3.7513 

. 

510 - 515 

$.7515 

3.7510 

3.7528 

-04 

$7587 

-05 

$7753 

-08 

- 

Singnwe 

(SS) 

14715 

+05016 

710-720 

1.4720 

14705 

14702 

1.1 

1.4883 

05 

14815 

07 

_ 

S Africa (ComJ 

w 

35010 

+00012 

000 - 020 

35030 

34915 

35185 

-03 

35448 

-55 

$8216 

-34 

- 

5 Africa (Fix) 

(FT) 

45250 

+004 

150 - 350 

45500 

4.0000 

4.0587- 

-mi 

4,1175 

-92 

- 

- 

- 

South Korea 

(Wort) 

796.450 

-055 

300 - 600 

797.100 798500 

79945 

-45 

80256 

-33 

82145 

-3.1 

- 

Taiwan 

TO 

285418 

-00192 

390 - 445 

285580 285390 

285018 

-05 

28.1018 

-09 

- 

- 

- 

TMand 

(BD 

245150 

+05245 

050 - 260 

243250 245000 

245075 

-35 

26.116 

-32 

95 RAX 

-2.7 

- 


10On w for Oat 27. Bttbtkr tp—rte h ths Drew Spot HIM Maw an *y M M im dsdmtf pieces. P anted mm m not dtreedy queue la tee MM 
but m bnpfied by cum Mmt Mm. UK. Intend • ECU M quoted ki US currency. OP. Morgan ranted tarim Oat *7. Bmp mm 1BBW100 


CROSS RATES AND DERIVATIVES 


EXCHANGE CROSS RATES 


Oct 20 

BBr 

DKr 

Ffr 

DM 

K 

L 

B 

NKr 

Ee 

Pta 

8ICr 

Belgkan 

(BF+) 100 

1951 

1835 

4382 

2510 

4879 

5448 

21.12 

•46$7 

404.8 

2$14 

Denmark 

(□Kl) 5259 

10 

$758 

2557 

1387 

2616 

2365 

11.11 

2812 

2123 

1$17 

Fhince 

(FFfl 0007 

11.42 

10 

2521 

1208 

2988 

$273 

1238 

2984 

24$1 

1350 

Oermany 

(DM) 2057 

$911 

3424 

1 ‘ 

0413 

1023 

1.120 

4343 

1022 

8322 

4.758 

heiand 

dq 49.74 

$458 

$200 

2410 

1- 

2474 

$710 

1050 

247.1 

2013 

1131 

Itahr 

(U) 2511 

0382 

0336 

0068 

0040 

100. 

0110 

0425 

9388 

$136 

0485 

tat -iifc rail mbi ile 

Ptfluwwnofi 

n 1838 

$480 

$058 

0385 

$369 

9125 

1 

3370 

91.18 

742B 

4248 

Nonaqr 

(NKr) 4738 

9506 

7383 

2303 

0352 

2356 

$580 

10 

2352 

1613 

1056 

Portugal 

tea) 2013 

3328 

$361 

0379 

0405 

1001 

1597 

4251 

100. 

8148 

4.858 

Spain 

(Pto) 24.71 

4509 

4.114 

1202 

0497 

1229 

1348 

8218 

1223 

100. 

$718 

Sweden 

(SKri . 4322 

8217 

7.194 

$101 

0309 

2148 

2354 

$126 

214.7 

1743 

10 

8wteartend 

(SFr) 24.63 

4383 

$100 

1.197 

0495 

1225 

1342 

5200 

1223 

9936 

5309 

UK 

(Q 6039 

0081 

$388 

$460 

1513 

2506 

$746 

1064 

2503 

2085 

11-88 

Cwrade 

(CS) 2$00 

4373 

3328 

1.118 

0482 

1144 

1253 

4DS8 

1142 

9356 

5322 

US 

m 3T.05 

5503 

$188 

1510 

0824 

1544 

1301 

$568 

1642 

125.6 

7.184 

Japwt 

(V) 31.89 

8564 

5309 

1551 

0641 

1698 

1.737 

$734 

1584 

129.1 

7380 

Ecu . . 

3921 

7.4S0 

0528 

1307 

0788 

I960 

$136 

8280 

1943 

15$7 

$074 


OMt Kora, FrerWi An. Narantfan Kroner. SBd MM Krwcr pat 10; Balaian FWe, XM. Gaeuto. U«i Md Peaea par iQO. 








EHS EUROPEAN CURRENCY UNIT RATES 



8ft 

C 

CS 

8 

Y 

Ecu 

Oct 28 

Ecu oea 

Rate 

Change 

%+/-ftom 

% spread 

Dhr. 

4560 

1585 

4348 

5221 

3133 

2350 


rates 

agekwtEou 

on day 

eea rata 

v weakest 

bid. 








$135 

1344 

2287 

1.094 

1845 

1341 

Netheriande 

$19672 

$14782 

-030084 

-222 

530 

. 

2438 

1.192 

2312 

1335 

1894 

1332 

Ireland 

0306828 

0.792097 

-0000996 

-157 

533 

13 

0335 

0406 

0334 

0362 

84-48 

0524 

BMghjm 

402123 

38.4218 

-00104 

-157 

532 

14 

9.ron 

0587 

$163 

1302 

1503 

1268 

Germany 

154984 

1.91811 

-000078 

-1.72 

528 

- 

0082 

0340 

0307 

0365 

$305 

0351 

franca 

$53883 

$58119 

-000007 

034 

$10 

-3 

$746 

0384 

0798 

0391 

5738 

0488 

Danmark 

743879 

749621 

+000360 

079 

234 

-S 

1523 

0540 

2358 

1325 

1483 

1208 

Portupri 

192384 

195532 

+0.145 

130 

132 

-11 

0817 

0400 

0376 

0348 

63.12 

0313 

Spam 

154250 

159371 

+014 

346 

030 

-34 

1503 

0480 

1378 

0798 

7748 

0330 








1.755 

0558 

1379 

1392 

1363 

1.102 

NON ERM MEMBStS 






1 

0489 

1371 

0793 

7722 

0628 

Greece 

204313 

295508 

-0.154 

1134 

-734 

- 

$048 

1 

$181 

1323 

1583 

1285 

•My 

179019 

196038 

+$29 

933 

-538 

- 

0534 

0456 

1 

$741 

72.11 

0388 

UK 

0788749 

0.7B3254 

+0300183 

-044 

$91 

- 

1281 

0816 

1350 

1 

9735 

0792 

6ai central r— 

» are by fra Europe*" Conwsateri CurendM 

ara te tera anting rMxVa auangBt 

1295 

0333 

1387 

1327 

100. 

0313 

Percentage cnengM are far Ear; a porBua change cfanctM a tasaK currency. Oeemance rimes Ufa 

1362 

0778 

1.706 

1283 

1233 

1 

rate barrean tan apraerfa: Ufa peemraga rWa 

crfcs bocwMn mo acEj^ mKfcat mti Ecu osrM mm 


tar a curancy. are* a»a wraawe pTreaM pwcanraga Oaiattan or tea atiaiyi warwat ran area te 


(174MK3 9M<g and ttaOan Urm«u^>«ndod bun 0*1 Acfualmua catoMad by tea Fteandri Tima* 


| WORLD INTEREST RATES 1 

MONEY RATES 

October 28 Over 

night 

One 

month 

Three 

mths 

Sfc 

mths 

Ora 

year 

tomb. 

brier. 

Die. 

ram 

Rapo 

rate 

Batghen 

4% 

4B 

51k 

54 

04 

7.40 

4.50 

_ 

week ago 

4% 

48 

514 

54 

S'* 

7.40 

430 

_ 

France 

5* 

Si 

5H 

SB 

84 

$oo 

- 

$75 

tweak ago 

SH 


5% 

5% 

SH 

$00 

- 

$75 

Gennwiy 

4.78 

455 

$16 

$30 

$65 

$00 

430 

4.85 

week ago 

4-82 

455 

$15 

525 

$58 

$00 

430 

435 

Ireland 

5i 

511 

54 

ew 

7* 

- 

_ 

Bra 

wreak ago 

40 

Stt 

64 

614 

7* 

- 

- 

825 

ttriy 

OH 

84 

84 

94 

10* 

- 

730 

820 

week ago 

8i 

84 

av 

9V4 

10W 

— 

7.60 

820 

Mathedanda. 

4.84 

4.97 

520 

$34 

5.74 

- 

525 

- 

week ago 

4 04 

457 

$17 

530 

$68 

- 

525 

* 

Swrttrartend 

34 

3ft 

■*4 

411 

41k 

8325 

$50 

- 

week ago 


3a 

** 

4 Vi 

4H 

6 625 

330 

- 

US 

4JJ 

48 

51k 

SB 

6Vi 

— 

4.00 

- 

wreek ego 

4% 

•»! 

54 

5*» 

61 

- 

4.0Q 

- 

Japen 

24 

214 

24 

24 

21* 

- 

1.75 

- 

week ago 

2K 

2M 

2% 

ZYi 

2B 

- 

1.75 

- 

■ $ LIBOR ft London 
bilerbanit Ftdng 
week ago 

US Dollar CDa 
week ago 

SDR Linked Os 
week ago 

54 

54 

438 

4.88 

Vn 

3% 

58 

5H 

$35 

$36 

34 

34 

6 

5B 

$71 

$71 

31k 

M 

64 

8% 

$31 

$30 

4 

4 

“ 

- 

- 


ecu LMtad Da bM ram l man 5H. 3 iMa 38: S MK e;: 1 year 31k S UBOfl Jntarbanfc Rung 
MM am athnd Moa tar SlOm quoted to tee maul by taut r W nj ri :a brows at Mam sac t» trawna 
My lha oanka aw B a n kart Trim. Bar* c< Tokyo. Bac i ai r and Naoonai Wa ao n a— r. 

MM ratai ara shown tar im domes* Mtawy (knee. US S CDa and SOR UrWsd Oapoan M 


EURO CURRENCY INTEREST RATES 

Oot SB Short 7 days One Thu Six One 

tarn notice month months months year 


Brifiten Franc 

4% 

-4H 

4» 

-4}j 

5 - 

4% 

54. - 

sh 

56 

-56 

B6 

-66 

Ctantsft Krona 

5>s 

-5 

54. 

- Sh 

5% 

* 5 s ! 

8*2 ■ 

eU 

5% 

• ft 

T\ 

-7^ 

D-Mark 

5 ■ 

4% 

411 

■4H 

4*1 

'4H 

56- 

56 

56 

-56 

5H 

-56 

Duteh Guhter 

5 - 


5 ■ 

4% 

5- 

4^ 

56- 

5^1 

54| 

- 54. 

54. 

■ft 

France Franc 

5V 

-s'* 

5.1 

■54 

5 A 

-5.1 

5*8 - 

5*2 

sll 

-5H 

86 

-86 

PcrtuQMM Esc. 

9H 

■ 9 

« h 

- D 

Vi 

-9V 

10»*- 

■06 

10 3 ! 

- 10 

10H 

- 10H 

Spanish Ftaeete 

7A 

‘7H 

7& 

■ 7*1 

7 A 

-76 

7il- 

74. 

ft 

■B4» 

Bit 

-ail 

Staring 

5*». 

■sh 

s& 


5U 

-512 

8-! 

5l 

6,1 

-64s 

76 

-76 

9M» Franc 

ZH 

■3 h 

3S» 

■ aij 


-3A 

4 - : 

>? 

46 

-*6 

4S| 

-4»j 

Can. Data 

5- 

4U 

5- 

4H 

56 

-411 

5^ ■ 

5* 

86 

■HI 

Bl 

-04, 

US Debar 

4» 4 

• *H 

411 

■4tt 

5 - 

4% 

Stt- 

56 

8 - 

5^ 

66 

-66 

btenUra 

9 - 

Th 

aV 

* 8*t 

0A 

-86 

8U- 

86 

96 

-86 

10»t 

-10 

Yen 

2A 

-2V 

2£ 

-26 

2A 

-2 1 * 

2^- 

26 

2‘: 

-26 

211 

-24. 

Asian $Sbig 

1^. 

■ 14. 

i^ 

-14. 

2 .; 

-26 

36- 

36 

3> S 

■3*2 

4 . 

2\ 

Snort teen nsaa «• erfi 

lor me 

USDrtaar 

lYen. 

Hhanr 

MD (fare’ nonce. 





■ THBKSMOWTWP«OHFUTUIB»(MATTF) Pratt (ntarOte* Offered nde 



Open 

Sett price 

Change 

Wgh 

Low 

EaL voi 

Open inL 

Dec 

9428 

9429 

+$02 

9430 

9425 

16,093 

58.084 

Mar 

9381 

93.85 

+006 

9388 

9378 

14332 

38388 

Jta. 

9339 

9344 

+0.08 

9345 

9335 

6398 

20309 

Sep 

9399 

9305 

+038 

9305 

9237 

3266 

19,155 

■ THRU MONTH ■URODOLLAR fUFFET Sim points Of 100% 




Open 

Sett pries 

Change 

High 

Low 

EfiL voi 

Open bit 

Dec 

9420 

943B 

+0.08 

94.06 

94.00 

52 

2539 

Mr 


9331 

+035 



0 

1386 

Jun 


9315 

+038 



0 

350 

Sep 


82-79 

+035 



0 

56 

■ INI 

m MONTH MJMNMHK FUTURES (UFFEJ* QMIm points of 100% 



Open 

Sett price 

Change 

Hitft 

Low 

EaL vol 

Open tnL 

Dec 

9434 

9435 

+031 

9436 

94.79 

27132 

157840 

Mar 

9435 

9439 

+$04 

94.60 

94.49 

49024 

155587 

Jun 

84.14 

9421 

+037 

9*24 

94.09 

35410 

106179 

Sep 

8377 

9332 

+037 

9334 

9370 

10919 

77249 

■ THRU MOUTH BUROUIA HTJUTl WUm 0JFFE) LI 000m pcinta of 100% 


Open 

Sell price 

Change 

High 

Low 

EaL vol 

Open InL 

Dec 

9035 

00.97 

+0.03 

9038 

8035 

4882 

32580 

Mar 

9020 

9027 

+$05 

9028 

90.15 

3922 

28576 

Jun 

8936 

89.73 

+$07 

8ft 75 

89.00 

1865 

15902 

Sep 

8927 

8935 

+$07 

8935 

8922 

2121 

19210 

■ THRU MOUTH MJRO SWISS FRANK FUTURKS (UFFQ SFrlm points of 100% 


Open 

Sett price 

Change 

High 

Low 

Eat vol 

Open kiL 

Dec 

9533 

9538 

+$02 

9539 

9531 

1842 

19908 

Mv 

9531 

9638 

+$06 

9530 

85.48 

2463 

17342 

Jun 

9S.11 

95.17 

+$07 

96.19 

96.08 

S10 

5100 

Sep 

94.88 

9430 

+$07 

0435 

84.09 

252 

1757 

■ THRU MONTH HCU PUTUM8 (LFFQ Eculffl polnte of 100% 



Open 

Sect price 

Change 

HI01 

Low 

EbLudI 

Open InL 

Dec 

9336 

9394 

+$07 

9334 

9385 

1100 

7885 

Mv 

9337 

9348 

+0.10 

8348 

9335 

544 

6910 

Jun 

82.65 

9396 

+0.10 

9236 

8233 

387 

4140 

Sep 

8237 

9347 

+0.10 

82.47 

9236 

185 

2444 


' UFFE Uuraa traded on APT 


■ HBMM MOHT11 WbOOOLLAItOMM) 51m polnte cl 400% 



Open 

Latest 

Change 

Mflh 

Low 

Est vol 

Open InL 

Dec 

9339 

94.07 

+$08 

94.08 

8394 

84,021 

421340 

Mv 

9356 

9331 

+0.06 

9363 

9383 

79.527 

385,743 

Am 

0309 

9315 

+$06 

9318 

9316 

48228 

291395 

m IMTTtEAMmy UJ. FUTURES {B4M)$linpv 100% 



Dec 

9439 

9437 

+$0B 

9437 

9438 

330 

17380 

Mv 

9439 

94.18 

+037 

94.18 

9436 

149 

10352 

Jun 

- 

9367 

+032 

9307 

9381 

38 

5345 


9 MWBCWnilWHI (IMH DM 125,000 per DM 



Open 

Latent 

Change 

High 

Low 

Eat vol 

Open ht 

Dm 

03675 

03829 

-03060 

$6705 

0381* 

awe* 

87303 

MV 

06693 

$6842 

-$0050 

$6712 

$8825 

215 

4365 

Jun 

$6732 

$6848 

-$0049 

03732 

06845 

1 

616 


■ SWISS FWA1TO FUTURES QMM) SFr 125300 par SFr 

Deo 08000 07043 -00067 08044 07925 17.896 41.067 

Mv 0.7886 07875 -00050 08075 O7BB0 582 2330 

Jun ' OS1QO nnfgn - OjBIQO 00020 21 162 


■ Jfr»MM1TMIFUTW»gMM)Vrai123pvYan100 




Latest 

Change 

rtgh 

Low 

Est mi 

Open InL 

Dec 

13862 

1.0314 

-$0948 

13378 

13805 

11323 

90,743 

Mv 

1.0425 

1.0994 

-$0054 

13464 

13391 

382 

7386 

Jun 

- 

13649 

- 

- 

- 

279 

718 


■ STSRLBIO ronww (1MM) E82.B00 par g 


Deo 

13382 

13244 

-aoiso 

1.8380 

13220 

9,229 

46380 

Mv 

13440 

1.6200 

-03148 

13*40 

13200 

37 

629 

Jun 

- 

13170 

- 

1.8320 

13170 

1 

S 


■ WWUU«PWASecreOPnC>»»e81^50(e«nnperpount8 


Strike 

Price 

Nov 

- CALLS - 
Dec 

Jan 

NOV 

— PUTS — 
Dec 

Jan 

1350 

730 

7-46 

730 

. 

oon 

031 

1375 

434 

531 

$72 

03S 

034 

$99 

1300 

233 

848 

431 

$27 

1.18 

1.70 

1326 

132 

237 

233 

1.11 

9.99 

230 

1390 

nan 

1.11 

138 

2.78 

339 

436 

1375 

$03 

033 

$99 

532 

539 

634 


Prarkxa dayV «eU Cafis MB1 Put* 11.178 . Pray, day's open tat. CMa 434832 ftds 404,758 


UK INTEREST RATES 


ONDON MONEY RATES 

i*2B Over- 7 days 

night notice 


Ora 

month 


Three 

months 


Six 


One 


- 6\ - 6U 7H - 7lj 

I-* sa-a* 7ft-7d 


ratartcStartng B*. - 4 1 * 5&-5& 5^ -5H 6- 

adngCOe - - 5H - 5B 

Zth - 5H-5A A-6>5 

nkBKa - - 5&-5J|8S-Slj®H-**4 - 

at uthorty daps. 5 1 * - 5 1 * 5V - S 1 * 5A-5& 6V-5% M - *Ar 7,a-«S 

tcoimt Market deps 6b - 4*2 SA - 


UK rtaarlnp taaifc bow iendng rale 5$, per cent from September 12. 1894 
Up to 1 1-0 ^8 

moRih months irmwis 


9-12 


Coda of Tax dap. £100,000) 1*3 4 3V 3% S 1 * 

Cana rdlkx und» C100J0Q l» l^tpa. Oapoaba aTlli.ya«m lor raatv Vp c . 

Am. Mr t rrarof dtacooffl B4 S«pc.^D fttad 

IflM. Aiwa raa lor pMod No* 80. 1904 to Oac 23, 1984. SrMnm nil 'W"™*"" 
rated Ostl. 1084 to QotSt. 1884. Schanwa IV * V STOSpc. Fteenee Horea Baaa IMa Ope frora oa 
1.1994 


■ Twm«MmT« eT »H uiro wrniiat»gjFFE)£soaooopotTOotio(»4 



Open 

Sad price 

Qtemge 


Low 

EaL vet 

Open 'rtf- 

Deo 

9336 

9338 

+034 

9339 

9330 

22212 

144920 

Mar 

9237 

92.78 

+$12 

9230 

9234 

54295 

70814 

Jun 

9234 

82.15 

+$13 

82.17 

9232 

10032 

58839 

Star 

9138 

91.70 

+$18 

91.71 

9137 

8637 

53893 


Tradad «n APT. At Opm Maceat Rga. ara tar pntfoua My. 


■ IH O H T S TWnjMOOPTlOIBgJffq £500,000 poWe Of 100% 


Strike 

Price 

Dec 

- CALLS - 
Mar 

Jw 

Dec 

— PUTS - 

Mv 

Jun 

9860 

$20 

030- 

$10 

$12 

030 

145 

9375 

038 

033 

007 

nra 

130 

1.67 

9400 

$02 

$01 

$04 

$44 

1-23 

139 


EaL vet tout CoSm 10720 Pirn 12839. Previous dW* epan In. Cala 333S7B Pur* 201127 


BASE LENDING RATES 


% 


% 

% 

Adam 8 Company. 

_ 5J8 

DurcanLawte $75 


ASed That Baric... 

$75 

Exeter Bra* mated _ 

$73 

Corporation Unfiari M no 

AB Baric $75 

FtarexJali Gen Bonk- 83 

longar atftartaed as 

, •ttanyAresechv.. 

5.75 

•Robert RteTbg & Co - $75 

abvtengkeriUon. a 

BorkafBBrada — 

— $75 

Qkobsrk 

$75 

Royal Bk ofSootend - 57s 

Banco Bfeaa wrafra_ 5J5 

•Graness Mahon 

$75 

•Gmffl & VMbTwn 8ecs . $75 

Bh* at Cyprus — 

- $75 

Hfibb Bank Afi Hitch . $75 

TSB $75 

Baric at Ireland 

._ $75 

•Ftemfame Baric 

$75 

•LMted BkotKuen*_- $75 

Bra*oftadta_ 

.-5.75 

HraUte & Qen tev Bk. $75 

UnSy Trust Bar* Pic $73 

Bvkot Scathnd ... 

— 5.75 

MSemuaL ... 

$75 

VteotemThrat _$75 

BsdtasBank 

— 575 

C. HoeraLCo $75 

Wtearawy Laktesy...- $75 

BA Bk (4 Mid East.. 

_ $75 

Honcte»&8ranranL $75 

YorkshkB Hnr* _$76 

•awn Shipley 40o Ut $75 

JUtenHoteBM — 

$75 


CL Baric Nederiand 

.. $75 

•Ucnokf Joserii & Sera $75 

• Mambera of London 

□Merit NA 

-.375 

LtoVdsBer* 

$75 


Chdesdata Barit — 

.-$75 

Megtnt Bar* Ud 

$75 


The Cooperate* Bank 575 

•Attend Bsr* 

$78 


Coins 8 CD 

_ $75 

- Mount Beridno 

8 


Credlrimb.... 

... $75 

NNWaifirtuU' 

$73 


Cyprus PoputerBtnk _&70 

•ftte Brnthara 

$75 



M Opae Ma i aa r Bm- ara ter p t Mte ua day 


■ HWABK OPnOMS |LIFFE) PMlm polnte d 100% 


Strike 

Price 

NOV 

Dae 

CALLS — 
Jan 

Mv 

Nov 

Dec 

PUTS 

Jan 

Mv 

9475 

0.12 

$18 

0.10 

$15 

$02 

$08 

$2B 

031 

BSOO 

031 

0.04 

0.03 

ao7 

$16 

$19 

$44 

$48 

BB2S 

0 

031 

aoi 

$02 

040 

$41 

087 

0.88 


E It VOt to M. CdJ» 4094 Puta £870 PMOUS (tar's epan K. Ca9a 208927 Puta 188370 
■ BUBO 3BM» WUHC OPWOm |UfFB SFr im points of 100% 


SMrte 

Price 

Dee 

- CALLS - 
Mv 

Jrai 

Deo 

PUTS - 
Mv 

Jun 

9875 

$19 

$13 

$09 

aoe 

$30 

$87 

9600 

$06 

$06 

$04 

$17 

0.48 

037 

9025 

032 

033 


$30 

0.70 


EstveLteM. 

cate o Puts a ftwous (fay's opm xc. cate zom Pus n*6 



■onnc Mw n tcw 


Od 28 £ S 

(tiro 1728a - 172861 1083BD - 10K.4SB 
bn 285780 - 288080 174380 - 175080 

Kaaea 04808 - 114820 02983- 02988 

Mod 874102 - 374818 230508 - 280808 
taW 08880 - 500880 807880 - 308280 
UA£. 58582 • 58701 38715 - &5T36 


FT OU1DE to WORLD CURRBKCTOB 

The FT Qukta to World Cunendes 
table can be found on the Emerging 
Markets page In Monday^ paper. 


THE BOTTOM LINE 


4# One company has the competence to simplify your LAN interconnection ... the European leader in Frame Relay. 



NEWBRIDGE 


Eorape, Middle East and Africa, Tel: 44 (10 

Vra.* 


633 413602. America, Tel: 1 703 834-3600. Asia Pacific, TO: 1 613 591-3600. 

S OOP ereraa*k mms Mb trar mM hm*m ■»*. hm imb, ra- i 


Newbridge infbnnatioa Kne 0633 413602 


teaMi teaM tea BoerMM ta SUMMa* InMMIMp hA MW aewar-i^e Mra emu* ran..— . n i.m.q n u a- MHU. 



— rnH p|) -.g/oCTOBEK JO 1994 
FINANCIAL TIMES WEEK.EN P OCTOBER - • 



LONDON STOCK EXCHANGES Dealings 


British Funds, etc 


Treasury l3^% Slk 2000/03 - fM21^ 


Etttwqucr 10«jS StK 2005 
l£SOc94) 


£110# 


Details of business done shown below have been taken with consent 
from last Thursday's Stock Exchange Official List and should not be 
reproduced without permission. 

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 die 24 hours up to 5 pm on Thursday and 
settled throujpi the Stock Exchange Talisman system, they are not In order of 
execution but in ascending order which denotes the day's highest and lowest 
dealings. 

For those securities In which no business was recorded In Thursday's 
Official List the latest recorded business In the four previous days Is given 
with the relevant date. 

Rule 4.2(a) stocks are not regulated by the International Stock Exchange 
of the United Kingdom and the Republic of Ireland Ltd. 

t Bargains at special prices. «J> Bargains done the previous day. 

SudweatdeutscrieLandbank CaoMwaPLC 
6.25% GU Bds 2003 {Br DM Vail - 
DMS&A0 (260c94) 

Svonewc Exportkreat AB 8.375% Nts 

1996(BrS5000A1 00000) - $101% (240c34) 
Sweden(Kkis«Mm of) 8J,% Bde 

ige«Brssooa) - tioi eioca** 

TSB Group PLC 12% Subort Bda 2011 (Br 
£10000A100000> • Cl 14.7 (SeOc&a) 

Tarmac France (Jessy) Ld 9*?% Cm Cap 
Bos 2006 (Reg El 000) - £25% It 125034) 
TeteALyte Intm PLCTattALyfcr PLC S\9» 
T&LUfiiGdBds 200I(Hr) W/WtaTALPLC • 
£84(21004) 

Tesca PLC 8%% Bets MttXBrO/areKFyPr# - 
EB4.6 

Twee PLC 1Q%% Bets EDGE (Br EVsi) - 

£102^ % 3 >4 06OC04) 

Tesco Capital Ld 9% Cnv Cap Bds 2003tHsg 

£l)-£1iS 4, 6 

Tesco Capital Ld 9% Cnv Cop 80s 
2005<Brf5000A10000) - £113*4 
Tokyo Electric Power Co Inc 7%% Nta 1980 
OBr £ Var) - £95,*, p4Oc04) 

Trafalgar House PLC lCJ*i« Bds 
200fl&£1 000*1 0000) • £100*4 (21034) 
U-Mnq Marine Tiwupon C<xporsuon1%% 
Bds 2001 (Reg in Milt 51000) • S105 
Unlever NV 7.25% Bds 2004(BrS Vara) ■ 

S83J 93*2 p1Oc04) 

United Kingdom 7*4% Bds 20Q2(BrSVari ■ 
S95%CSOe94) 

wootwKti Bulking Sadety 7% ms iw 8 (Br 
£ Var) - £93*2 (210c94> 

SwedarVWiwdorn of) € 600m 7%% Nta 37127 
97 - Oflfi 7 

SwedanOOngaam oT) £2 son 7% Instrument* 
23712/90 - £93 J210c94) 

SwedenOOngdcm oft ECUlOQm 7U« Nta 
2000 - EC94*, SS (260c04) 


Corporation and County 
Stocks 

London Court/ Jlj 1 *, Cons Six I920tor attar) 
- £25*2 

Dudtoy Mewpofcon Borough Coune>f7% Ln 
Stk 2019 (PeoKFiP) - £791, E1Oe04) 

Hun Carp 3%% Sups bs) ■ £35 (2flOc94j 
LeeoKCnv of) 10%% Red S» 2009 - £126$ 
Beading Con 3H S* 1962(or attar) • £294, 
SmansentCtty oO Uklt Red Stk 2006 - CITS 
ISMOeOil 

UK Public Boards 

AgrtaMwal Mortgage Carp PLC Doe 
Stk 93195 - £9B*« (250c94l 
Port of London Authority 3% Port of London 
A Ste 29199 - £80 I250C&4I 

Commonwealth-Government 

South Australian 394 Cons ins Ste 1916(or 
after) - £29 it f?60c9J) 

Foreign Stocks. Bonds, etc- 
(coupons payable in London) 

Hungary JRapubkc of) 7*2% Sttg BdotAosd 
Lon 1969 Sen) - £40$ 

Abbey National Sterling Capital PLC8lt% 
Suborn CM Bds 2004(Bt£Var3! - C93'J 
04OoH 

Abbey National Sterkng Capital PLCTO%% 
Subord GM Bds 2002 (Br £ Var) - £102/, 
%%(260c94| 

Abbey Matronal Treasury Servs PLC 6% Gta 
Nts 1M9(BrC1 000, 10000,100000 - £07*4 
(260c84| 

Abbey National Treasury Servs PLC 71,% 

GM Nts 1998 (Br £ Vari - £951, (260c94) 
Abbey Nsbonal Treasury Servs PLC 8% Gta 
Bds 2003 (Br £ Vari - ESS 7 * 90 % 

ASOA Group PLC i07(% Bos 
201 «Br£l 000041 00 0001 - £1045 I210c94) 
BT France B V. 91,% Gtd Bds 1999 
(BrS50CQA 50000) ■ Si 03 U (240c9J) 

Barclays Bank PLC 6-5% Nta 2004©r£Vari- 
ous) - £80.7 

Botc/aye Bank PLC 7.875% Undated Subaru 
Nts [Br £ Vre) - £85 > I260C94) 

Barclays Bank PLC 121,% Server Subord 
Bds 1987TBt£V*r) - £109*2 C25Oc04| 

Barings PLC 9*,% Pop Subord Nts (8r£Van- 

ousj - £62 l?JQcJ4| 

Bntlsn Ainrays PLC 10*i>% Bds 
2008(Br£1 0009) 00001 - £107*, (24Oc04| 
Bmttti Gu trrt finance BV 8*4% Gifl Bds 
2003ffirSVar5) - $87.15 57% 

Bnbtti Gas int) Finance BV 9*2% Gta Bos 
30DJ(Br5C Vsn-SClOl 
British Gas PLC 7*,% Nts 1997 (Br E Var) - 
£97*g (250c94) 

British Gas PLC 7*,% Bd3 2000 (Br C Vari - 
£93*2 

British Gas PLC 10%% Bds 200 HEr 
£1000.1000091000001 - £105.8 6 (260c84) 
British Gas PLC 8%% Bds 2003 IBr £ Var) - 
£92*4 (260C84J 
Bntan Goa PLC ?%% Bds 
2044fBr£1 000.1 0000. 10COQ0C) - £78*2 
aioc94) 

British Land Co PLC 12%% Bds 2016 
(Br£100009100000) - £118.65 I250c94) 

British Tetecommurucattcrtt PLC 7%% Bds 
2003 IBr £ Var) - £86*; £ 

British Tdacommunicabohs PLC 12*4% Bds 

2006 - El 199 

Bunion Casual CopttatfJoney) Ld 0%K Cnv 
Cap Bds 2006 (Rag £10001 - El as 6 
Cade 5 wireless Int Finance BV 8%% Gtd 
Bds 2Q1 9fBr£ Vars) - £90.4875 (2lOc94) 
Cable 9 Wirstess In Finance BV 10%% Gu 
Bds 2002 (Br £100008.10000(8 - £102% 
(260cS4i 

Dally MaB 8 General Trust PLC B%% Exch 
Bds 2005 (Br£ 100085000) ■ £145 
Dunsco A/S 5% Cnv Bds 200UBrOK1000) - 
DK86 89 (240c94| 

DenmarMKmgCQm of) 9%% Nts 1998 (Br £ 

Vari - £92*2 .85 

Depfa Finance N.V. 7%% Gtd Bds 2003 (Br £ 
Vari - £84% % (260c94) 

Dw Chemical Co Zara Cpr Nts 30/5/ 

97(Bc£l 00081 0000) - £80*4 (210c94) 

Eastern Eteanaw PLC 8%% Bds 2004(Br£ 
Van) - £93,*, (250c94) 

Bl Enterprise Finance PIC B%% GM Excti 
Bds 2008 (Reg £5000) - £99 G40c94) 

Export-1 mtxxt Bonk of Japan 7%% Gtd Bds 

2002 (Bf SC Var) - SOK% C9% (2iOc94j 
Far Eastern Department Snraa Ld 3% Bds 

2 001 (Reg Integral mAh 51000) - £99 
FWandtflepubflc eft 9%% Nts 1997 (Br£ Var) 

- E102% ClOcSri 

Feme PLC 8%% Bds 1097 (Br C5000) - £97% 
(250C&4) 

Guaranteed Export Finance Coro PLC GM 
Zero Cpn Bds 2000(Br£l 00008100000) - 
£58% (2iOcS4j 

Guaines* PLC 7%% Nta 1997 (Br £ Var) - 
£96% (25Gc94) 

Halifax BJdlng Society 6*2% Bds 2004 
(Br£1 000,1 0000.1 000001 - £80% 1 % 

Hatfw Bulking Society 8%% Nts 1897 
(BrEVar) - CO^ij .6 

Halifax Bidding Sadety 11% Subord Bds 
2014(BrCi 00008100000) - £107.90 805 *4 
Hanson Trust PLC 10% Bds 2006 (BriSOOCl 
-C89% 

Huttons A Crosii wa PLC 7%% Suub Cnv 
BdS 2003MBrCl 000810000) - £97 BlOcSA) 
Hlcknon Capital Ld 7% Cnv Cap Bde 2004 
IReg) - 131 

hipertal Chemical Industries PLC 9%% Bds 
20O5(BrC1 0008 10000) - £99% 

Imperial Chemical industries PLC 10% Bds 
2OO3IBri:iO0OA 10000) ■ £102 (2lOcfl4| 
International Bank for Rec 8 Dev 0*4% Bds 

2007 (BrtSOOO) - El 00 176 l2BOe94) 

Japan Devetopment Bank 7% GM Bds 2000 

(Br E Van - E9C* C60c94) 

Kama Electric Power Co Inc 7%» Nts 1088 
(Br E Var) - E94* 2 

Kyushu Qectnc Power Co Inc 6% Nts 1997 
(BrEVar) ■ C9?lj 

Land Securities PLC 9%% Cnv Bds 2004 
(Br£E000850000) - £108*2 (260cS4| 

Leeds Permanent Bunding Society 7>2% Nts 
19B7(Br£Var] - £90% 

Leads Permanent Biding Society 10*2% 
Subord Bds 2018 (Br EVar) • £103.55 
(210c94) 

Lewis Llonnl PLC 10%% Bds 2014 
IB r£1 000081 OQQOO) ■ D057, (260c84J 
Lloyds Bank PLC T%% Subord Bd* 
2004tBr£Vai*OU9) - £54 jj (250cfl4) 

Uoyttt Bank PLC 11%% Subord Serial Nts 
1fiB6(Br£lOOOOj - £104% (240094) 

Lonriw Finance PLC 6% GM Cnv Bds 
SOMBMVaraf • CS44, (S^Oe94l 
NeBontt Wntmtntter Bank PLC 11%% Urw- 
SubNU eioootcmr M PfftRog - £»% 
Noflonwiaa Budding Society B%% Nn 
l999(Br£ Vars) - £87.73 .78 445 B40c84j 
NaOonwioe Budding Society 134% Subord 
MS 2000 [Hr £10000) - £115% 43 
I2SOC94) 

Peninsular 4 Oriemd Steam Nav Co 11%% 

Bds 2014 (Br£r 000081 OOQOO) ■ £111% 
(240C94) 

Prudential Finance BV9%W Gfd Bds 2007 
[Br£50004 100000) - £88% (210c94) 

RMC CooftBl Ld 31,% Cnv Cap Bds 2006 (Br 
£5000450000) - £129*. (240c94l 
RTZ Cauda he 7*4% GM Bds 
199BIBr£50004 100000) - £93 % 

Rood Baevter he 7%% GM Bds 1999 (BiS 
Van) - 597 J 96 

Royal Bonk of Sea Hand PLC B%% Bda 
2004lBr£Vani - EB1.1 

Royal Bank of ScoBand PLC 10%% Subord 
BOS 1909 (BrES 000425000! - £104^ 

(21QC94) 

Salnsbury UKChennal ldanA)Ld 
8%KCnvCBpSde 2005(Br £50008100000) - 
£124 (210c84j 

Sheer* Navigation Cflrporatkxi 3.75% Bds 

2003 (Br St 000081 00000) - S107 105 
fllOcOJ) 

South West Water PLC 10%% Bd9 2012 (Br 
£100008100000) - £109 (21OC04) 


Sterling Issues by Overseas 
Borrowers 

Aslan Development Bank 10*.% Ln Ste 
2009(Reg) - £1084 

Bank d Greece 104,% Ln Ste ZOIOtReg) - 
CP6%(26C*c94] 

Credit Foncter Da France 
T0%%GtaSerLnStk20l1.l2.13.l4<Ffeg) • 
£110 

European nvostmant Bank 9% Ln Stk 2001 
(Rag) - £39 

European investment Bank 8% Lit Stk 2001 
(Br£5000l - £100** % £10c94) 

European Investment Bank 9%% Ln Stk 

2009 - EJQP% 

European Investment Bert. 10%% Ln Stk 
2004<Rag1 - El 0835675 |240c94) 

Bmpun investment Bank 10%% Ln Stk 
2004(Br £5000) - £106^975 (240c84) 
European Investment Bank 11% Ln Ste 
2002IReg) - £110% <240c84) 
fntana&onai Bank tor Rec 8 Dev 9%% Ln 
Stk 2010(Regl - £103,*, 

International Bank tor Roc 8 Dev 1 13% Ln 
Stk 2003 - £1 1V« <240c94| 

New Zealand 1lU% Ste2008(R%? - ni5\ 
(2lOc94) 

Patroieos Mexicanas ia*j% Ln Stk 2006 - 
£120 (210C94) 

Portugal (Rep oft 9% Ln Ste 2016<Reg) - 
£37% £40c94) 

SmadertKingdom oft 94,% Ln Stk Z0l4(Reg) 

- £101% 2,‘, 

Tnnoad 8Tabago(RepuMcof) 12%% Ln Stk 
2009(Reg) - £107 C210c94} 

Listed Companles(excluding 
Investment Trusts) 

AAH PLC 4.2% Cum Prf £1 - 57 (24Qc94) 

ASF (nvestmenta PLC 5%% Una Ln Ste 87/ 
2002 50p • 35 £260c94) 

ASF investments PLC 7%% Uns Ln Stk 87/ 
2002 50p - 40 (260c84) 

ASH Capital FmanceuenaylLd 9%% Cnv 
Cap Bds 2006 (Rag Units lOOp) - £70 
(280C94J 

Aetna Motaydan Growth FuntKCaymanlLd 
Onl SO-Oi - S13 13% 13% 

Aieaon Grow* RLC 626p (Net) Cnv Cum Red 
Pit 10p - 55 8 (260C94) 

AUed Domeco PLC ADR (i:i| - £0.3 
(260c94) 

Alwd Domeco PLC S%% Cum Pif £1 -55 
Ailed Domeco PLC 114,% Dob Stk 2009 - 
£118?, (24OC04) 

Alwd Domecq PLC 8>,% Una Ln Ste - £63% 
Ailed Domecq PLC 7%% Uns Ln Stk 33/98 - 
£94% 

A/tled -Lyons Fhanctti Services PLC6%% 
GtdCnvSuboft1Bds2(X)8 RagMilUEIOOO - 
£106% (2SOc94) 

Ailed -Lyons Fhendai Services PLC8%% Gtd 
Cnv SuOord Bds 2008/Br £ Var) - £104% 
(240eS4) 

AMs PLC 5.5% Cnv Cum Ncn-Vtg Red Prf 
El - 87 % 8 % (260C94) 

American Brands Inc Shs of Com Ste 83.125 

- 534% (?eoe9A) 

Andrews Sykes Group PLC Cnv Prf 50p • 42 
Anglian Water PLC 5%% Indax-Unkod LnS* 
2008(65578%) - £130% 

An^&stwn Plantations PLC Wa/rantt to 
sub tor Od - 26 8 

Armow Trust PLC 1ft%% Una Ln Ste 31/96 - 
£100$ 

Asda Propwty HMgs PLC 10 5/16% 1st Mtg 
Dab Ste 2011 - £101% (24Oc04) 

Attwoads PLC ADR (5:1) - S9%$ 

Attvroods (Finance) NV 8%p Old Red Cnv Prf 
5p - 88 (Z6OC04I 

Austin Reed Group PLC 8% Cum Prf £l - 75 
CSOc94) 

Austrian A^fcuRutta Co Ld SA 0.50 - 470 
(2SOc94| 

AutomaMd SecurKyiHkJgs) PLC 5% Cnv Cum 
Red Prf £1 - 55 OUOcSaj 
A utomated SecuriMUdga) PLC 6% Cnv Cum 
Red Pit El - 45 % 

Automotive Products PLC 4.55% Cum 2nd 
PrtCI - 60 {2AOcS4) 

Automotive ftpcfticts PLC 0% Cum Prf£T - 
100 (24Oc04| 

BAT Industries PLC ADR (2:1) • 51 3 58 4 

I24OC04) 

BET PLC ADR (4:1 1 - 565997* 

BM Group PLC 4^P (Net) Cnv Cum Red Prf 

20p • 86 % % 

BOC Group PLC ADR 0:1) - 511 J9 
BOC Group PLC 3J% Cwn 2nd Prf £1 - 51 
CBOeflJ) 

BOC Ooup PLC 12%% Uns Ln Stk 2012/17 

- £121% (26OC04) 

BTP PLC 7Jp(N«) Cnv Cwn Red Prf lOp - 
180 

BTR PLC AOR (4;i) . £20-26 5 
Bate of MandtGovemor 8 Co oft Units NCP 
SteSrsACI 8 £9 Uquklalkm > Ell*, 
(2SOC94) 

Banner Homes Group PLC Ord lOp - 125 
C50cS4) 

Barclays RjC ADR (4:11 - S37% fZ6Oe04) 
Barclays Sank PLC 12% Uns Cap Ln Ste 

2010 - £116 (260e34) 

Swdon Group PLC 7.25p (NeO Cnv Red Prf 
26p - 88% (240004) 

Btettan Group PLC 3,85% Cum Prf £1 - 40 
C6OC04) 

Bardon Group PLC 11£Sp Cum Red Prf 
2005 1O0 - 105 (24OC04) 

Borings PLC 8% Cum 2nd Prf£i - 93% 
(240c94) 

Barings PLC 0%% NorvCum Prf £1 - 112% 
(24OC04) 

Bomoto Expkmtton Ld Ord R0.01 ■ 170 
f20Oc94) 

Barr 8 WaOaoe Arnow Trust PLC Ord 2Sp - 
590 (2lOc94) 

Beaa PLC ADR (2:1) - S17S3^ 

Ban PLC 10%% Deb Ste 2016 - £110% 
(25OC04) 

Baaa PLC 4%% Una Ln Ste 02797 - £87% 
(26Oe04) 

Baas PLC 7%% Uns Ln Ste 92/87 • £86 

(26OC041 

Bass Investment# PLC 7%% Una Ln Ste 927 
97 - £95 % (2SOC94) 

Beroesari d-y AS 'B* Non V|g Shs NX2J - 
NK142# 

Birmingham Mldahkw BUUng Sac 9%% 

Perm Int Bearing Shs £1000 - £85 % 
Blackwood Hodge PLC 4.7% Cun Pif £1 • 
37(250084) 

Blackwood Hodge PLC 9% Gum Rad Prf £1 
■ 43 (ZSOc94) 

Blue Ckoie Industrie, PLC ADR tint • 54.60 


T-SE ACTUARIES INDICES 

he FT-SE 100. FT-SE Mid 2S0 and FT-SE Actuaries 350 Indices and the 
T-S6 Actuaries Industry Baskets ere calculated by The International 
tock Exchange of the United Kingdom and Republic of Ireland Limited, 
i The international Stock Exchange of the United Kingdom and Republic 
r Ireland Limited 1994- All rights reserved. 

The FT-SE Actuaries All-Share Index Is calculated by The Financial 
Imes Limited in conjunction with the Institute of Actuaries and the 
acuity Of Actuaries. C The Financial Times Limited 1994. All rights 


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 All-Share 
Index are members of the FT-SE Actuaries Share Indices series which 
am calcu lated in accordance with a standard set of ground rules 
established by The Financial Times Limited and London Stock Exchange 
m conjunction wflh the Institute of Actuaries and the Faculty of Actuaries. 

"FT-SE* and ‘Footsie* are Joint trade marie and service marks of the 
London Stock Exchange and The Financial Timas Limited. 


Boots Co PLC ADR B-1) - SI 7.02 
Bradford 6 BVi0ey Buldng Soctttyi1%% 
Perm Int Bearing Shs EiOOOO - £109% 
Bradford 8 Bmgley Bulong Society 13% 
Paim int Bearing Shs £10000 - £121 % 
Brant Walker Group PLC Wts to Sub tor Ord 
-0% 

Brant WMkar Graft] PLC Var Rte 2nd Cnv 
Red Prf 2000/2007 £l - 6 
Brent Waf her Group PLC 8.5% 3rd Non-Cum 
Cnv Rad 2007/10 £1 - 1% % 2% 

Bristol Water Hdgs PLC CM El • 986 
Bristol Water rtdgs PLC Non-Vlg CM £l - 
930 E8OC94] 

Bristol 8 West Bunding Society 13%H Porm 
tm Bearing Stt £1000 ■ £121 % V 2 
Britannia Buddng Society 13% Perm hit 
Boring Shs £1000- £118% 

Bntnn Akways PLC ADR (1£H) - £35.335 5 
56 % .15 23 % 9 

BmWi-American Tobacco Co Ld 6% 2nd 
Cum Prf Ste £1 - 59% 

British Pattoieum Co PLC 8% Cum 1st M SI 
-79(260c94) 

Bnosn Petroleum Co PLC 9% Cum 2nd Prf 
£1 - 88 (260c94) 

Brmon Steel PLC ADR f10:1] • KS% 
aoe dMo ner rtdgs PLC 42% (Fmiy 6%) 

Cum Prf £1 - 54 £50cS4) 

BufokKA-F.) 8 CO PLC OTO 5p - 57 60 
Buknerfl-LP.lHIdga PLC 8%% 2nd Cum Prf 
CJ • 704 

Bira PLC 7% Cnv Uns Ln Stk 95/97 • £104 
(280c94) 

Butman Cestrol PLC 7%% Cum Rea Prf Cl - 
68% (2lOc94) 

Burmah Castroi PLC 6% Cun Prf £1 - 74 
(260CS4) 

Burton Grom PLC 8% Cm Una Ln Stk 1996/ 
2001 - £82% 

CESC Ld Equity RulO . 209 10 (250e94) 
Caffyns PLC 6%% Cum 1st Prf Cl - 70 
eiOc&S) 

Caffyns PLC 10% Cum Prf £1 • 110 |210cS4J 
Canetfian PaOfte Ld 4% Non-Cum Prf CSOg 
NPV - 80 1240c9^ 

Canadian Pacific Ld 4% Non-Cum Pifllntareri 
Trmnaft ESBg NPV - 80 (24Oc04) 

Canton Common cabona PLC ADR 12:1) - 
Cl 6. 9099 S 2753 (250eS4) 

Canton Ccmmuri canons PLC 7%% Cnv 
SUbOTO Bds 2007(Reg £5000) - £132 
Canton Ctenmisucaeottt PLC 7%% Cnv 
Subord Bds 2007(Br £50001 • £127% 
|2SOc94| 

Cater Alan rtdgs PLC *2% 2nd Cian Prf £1 
• 54 ESOc94) 

Cat-rpTirr Inc Shs of Com Stk SI - $57% 
Cathay fmamabonal HkJgs PLC 10%% Cum 
Prf £1 - 102 3 

Centex Corporation Sits of Com Ste 50.25 - 
S23(26Oc04) 

Chariwood ASanca rtdgs Ld 7%% Uns Ln 
Slk50p-34 

Chaftanham 8 Gtoocesrer Build Soc n%M 
Parm tnt Bearing Sttt £50000 - £111% 
Cnapstow Racecourse PLC (M2Sp ■ £B% 

(2SOc84| 

Ctty Sria Estates PLC 5^5% Cnv Cum Rad 
Prf El - 58 f35OC04) 

City Site Estates PLC 7% Cnv Uns Ln Ste 
2005/06 - £50 50 C4Qc»4) 

CtaytKhe PLC 9.5% Suborn Cnv Uns Ln Stk 
2000/01 - C03QSOC04) 

Coastal Corporation Shs of Com Ste SC .33 1/ 
3 - 537% 

Costs Pawns PLC 6%% Uns Ln Ste 2002707 
-£79ffl40cW 

Costs vtyefta PLC 4J}% Cum Prf £f • 62 
(240C94) 

Commercial Uraen PLC 9%% Cum Irrd Prf 
£1 - 06% % % 

Commercial Union PLC 8%fo Cum Ind Prf 
Ci . 103% % (260c94, 

Co-Operative Bar* PLC 9.25% Non-Cult Irrd 
Prf £1 - 103% I250C94) 

CooKsan Group PLC 4.9% Cum Prf £1 - 69 
I26OC04) 

Counartds PLC 5%% Uns Ln Ste 94/96 - 
£95 

CourtaukJS PuC 7%% Uns Ln Stk 200005 - 

£ 88 %$ 

Coventry BuMng Society 12%% Perm inter- 
est Bearing Shs £1000 - £110% l % 

Daily Mas 8 General Toot PLC Ora 50p • 
£14.1 

Daigety PLC 4.35% Cum Prf £1 -68 71% 
□eberhams PLC 7%% Uns Ln Stk 2002/07 - 
£73 

Delta PLC 4.2% Cum 1st Prf £1 - 60 
Doha PLC 3.15% Cum 2nd Prf £1 - 43 
(25OC04) 

Delta PLC 10%H Deb Stk 95/99 - £100% 
(2SOC94) 

Dow Corp Cam Ste Si - S56 (260c9 4) 
EcSpse Binds PLC Ora So - 8 % 

Electron House PLC 7-5% Cm/ Cum Fed Prf 
£1 - 102 (250c84i 

Ernes* PLC &25p(N*ft Cnv Cion Red Prf So 
• 70 

Engs* Ciina Clays PLC ADR (3:1) - 5lfi7| 
I260e94| 

EricssonO-hLXTaletonakbeoolagatlSer 
B(Reg)SK10 - SK433.13 4 5% % 6 7% % 6 
%.68 9 9%%%4040 
Essex aid Suffolk Watte PLC 11 50% Red 
Dab Ste 95/67 - £102 (2lOc94l 
Eiao Disney S C A Shs FR5 (Depository 
Receipts) -SI .4 p 80 1 3 
Eiao Disney S.CA Shs FRS (Bf) - FR0.6 .65 
.7 

Eurotunnel PLC/Eurotunnel SA Units 
(SkMvam Inserted) - FR 18.68 £55.9 9.1 
ErtOtuinel PLC/Eurotunnel SA FrfOr 
Wad H*LC & 1 ESA WrttoSub fcrfJnfts) - 
700 C250eS4) 

Eurotiainel PLC/Ertoturmei SA Fndr wa 
(Sicovam Inscribed) - FR60% 6058 
(2SOc94, 

Ex-Lands PLC Warrants to aub tor Shs - 23% 
Exploration Co PLC Ord Stk 5p - 230 50 
(260C94) 

F*l Group PLC 7.7% Crjv Crarr Bad Prf 95/99 
£1 -105 

First Chicago Corp Com Ste S5 - S47% 
(20Oc94) 

first National BuldtogSooeiy 11%% Perm 
tot Bearing Sns £10000 - £100 I250c94) 

First NabonaJ finance Com PLC 7% Cnv 
Cum Red Prf £1 - 12S % 

Fttons PLC ADR (4:1) - S7.65 
Fisans PLC 57 a % Una Ln Stk 2004/09 - £70 
Fletcher Crwienge Ld Ord SNO.S0 - SN4J1 
(26OC04) 

Fo*es Group PLC Oro 5p - 44 06Oc34) 
Fricndy Hatsb PLC *%% Cnv Cum Red Prf 
£1 -60 

Friendy Hotels PLC 5% Cnv Cum Red W £1 
- 120 

GKN PLC AOR (l:i| - Si 0.05 
GN Groat Norrtc Ld Shs DK100 - DK572J8 
C60c94l 

G_FL(Hi<Jga) PLC 10%% 2nd Cwn Prf £1 • 90 
PSOcteiJ 

G.TJtsle(3wr1ing)Fuxl Ld Pig Red Prf Ip - 
E24.85 (240c94) 

G.T. Chile Growth Fund Ld Out S0J)1 - £33% 
34.085 

General Acrtdant PLC 7%% Cum kid Prf £1 
■ 90% 1 (28OC04) 

General Accident PLC 8%% Cum bid Prf Ei 
-10S 

General Electric Co PLC ADR (1:1) - 54.42 
Gfottt 8 Dandy PLC Ord lOp - 92 (25OC04) 
Glaxo Group Id 7%% Uns Ln Ste 0S«5 SOp 
-48% 

Gtynwed totarneBonel PLC iO%% Urs Ln Ste 
94«9 - £100% (240C94) 

Goode Durront PLC 3S% Cum Prf SOo - 25 
7£50c94) 

Grand Metrooolttan PLC 6% Cum Prf Cl - 
52*] (20Oc94) 

Grand Metropolitan PLC 6%% Cum Prf £1 - 
65 7(Z40cB4) 

Great PorOand Estates PLC 8J% let Mtg 
Deb Ste 2016 - ES01J (26Oc04| 

Great Universal Stores PLC S%% Rad Una 
Ln Ste • £53 

&»enaA* Group PLC 8% Cum PH Cl -B7 
GraanaRa Group PLC 9%K kid Uns Ln Stk - 
£92(240c94) 

GreenalB Group PLC 7% Cmr Suboid Bds 
2003 (Reg) - £101 2 <260e94) 

Grtnnees PLC ADR (6:11 - 836% 7 
HSBC Megs PLC Ord 3H10 (Hong Kong 
Reg) - SI 1261584 11.342222 
5HB7.432B36 .746858 .881 225 8436727 
JUS&7BT .6324 .872585 £74 .9333 9 % 

37489 .85 .85 

HSBC HWgs PLC 11.68% Subord Bds 2002 
(Reg) - £105 7% 

Halifax Bueotog Society a%% Parm tot Bear- 
ing Shs £50000 • £83% 

Ha (fax BoWlng Society 12% Farm Int Btmr- 
Ing She £l (Reg £50000) • £113 (230604) 
Hrtkto HoHngs PLC Old 60 • 63$ 

Hall EnginearingCHdgsiPLC 6.66% Cum Prf 
El -83C80CS4) 

Hembroe PLC Non Vftg £i - 80 
Hammerscn PLC Old 2Sp - 332 3 3 4.83 6 8 
Hardys & Kansans PLC Ord Sp - 256 7 
Hasbro Inc Shs of Com Ste 3030 - 531 
(28004) 

Hercules I no Shs of Com Ste of NPV - 
SIOO% 

Hotmos Promotion Grow toe Bna of Com Ste 
30.25 • 21 (280C94) 

IS HimBUsyon Fund NV Old FUX01 - 617% 
Icdoxt Group PlC Cnv Cum Red Prf 20p • 

133 3 4 

IWngworOi.Moms Ld 6%% Cum Prf SA £1 • 

4S (2SOc94) 

Inch Kameth Kajang Rubber PLC lOp • £18 
I210C94) 

inonirtal Contra Services Grp PLGOrd lOp - 
120 1 2% 

tot) Stock Exchange of UK&Rsg of kLd 7%% 
Mtg Deb Stk 90*5 - £99% 

Irish Ufa PLC Old h£0.l0 - IBS 6 .91 7 9 
Jamne Matheson hJdga Ld Ord So 26 ( Hong 
Kong Regbtw) - £Afi7 SHB2.4S08 A90627 
.50711 .739625 3 

Jardlne Strategic rtdgs Ld Ord 80C5 (Hong 
Kong Register) - 5H29J .4 .477752 
.621835 

Johnson & Finn Brown PLC 1i.OS% Cum Prf 
£1 - 93 (250C94) 

Johnson Group Cleaners fft_c 7£p (Nat) Cnv 
Cum Rad Prf lOp - 128% 9 (240e94) 

JupHar Tyndall tot Funq L0 Otttobuban 
Shores ip ■ 477 (240c84) 

Kanrtng Motor &oup PLC 385% (Frrty 
5lj%) Cum Prf Cl - 58 C60e94) 

King & Snaxaon Hfdga PLC 5% Cum 2nd Prf 
£1 -48 (250C94) 

Kcrea-Europs Fund Ld ShsQDR to Brf SO. 10 
(Can 7) -$4000 

Kvaamer A.B. Free A Shs NK1350 - 
NKZBZ^3 4.21 


Latearoke Group PLC ADR (1:11 - S% 252 
253 

Land Sacurmas PLC 8% is: fnj Des Ste 96.' 

2001 - £99% peOc94) 

Lebowa PUbnurn Mnes Ld CTO RO-Oi-- 

51^2 

Leeds & Hotoeck Bunding Scxae^r 13%% 
Perm im Bearing Shs £1000 - £122 
(250cM 

Lcncon triierrauonal Group PLC ADR (5:11 • 
S6S2(240c94) 

London Securitlea PLC Ont Ip - 2% 

Lonmo PLC ADR 11:1] >52.14 
MEPC PLC 9%% IB Mtg (foO Stk 9T-2002 - 
E10i (510C941 

MEPC PLC 8% Una Ln Stk 20HW5 - £91% 

(260c94) 

MEPC PLC 10%% Una Ln Stk 2C32 -£i(J4 
OSOc94) 

McAlometAriradj PLC 9% Cion Prf £1 ■ 98 
McCarthy 5 Stone PLC 8.75% Cum Red Prf 
2003 £1 - 84 <260c94) 

Menchestar Ship Canal Co 4% ParpDeBSfc 
. £40 p40c94) 

Mandarin Oriental Intemattorrt Ld Crt SO J5 
(Hong Kong Rag) - SHS 474899 .5142 
(250C94I 

Minders PLC 5% Cum Prf £1 ■ 50 2 
C50c94| 

Manganese Bronze rtdgs PLC 8*,% Cum 
Prf £1 - 73 (250e94) 

MansKgkt arowary PLC t !%* Dab Ste. 2010 
- £114|i 

MarsnaSa PLC 10% Cum Prf £1 - 100 

(25OC041 

Marston.Thompaon A Eversheo PLC 7% Urs 
Ln Ste 33/38 - £90 C-IQcOa 
MarBon.Thorooaon A Everoheo PLC 10%% 
Deb 3W 2012 - £105% (2eCc94l 
Medova PLC ADR (4ri) - Sn 03 % % 
Mer cne nt Rettei Group PLC 8%% Cm. Uns 
Ln Ste 93704 - £65 (24Qc94| 

Mercury International Irw Trust Ld Pt; Red 
Prf ip (Reserve Fund) - ES03906 i250c94) 
Mercury Ofttnore Slarlrg Trust Sha of 
UPVtGJobai Funo) ■ 1148$ 

Mersev Docks A Haroour Co 6%% Red Dab 
Ste 36/99 - £83 

MAUnd Bank PLC 14% Subord Uns Ln Ste 
2002/07 - £120,*, f260c34) 

MucklowULA J.)Group PLC 7% Cum Prf £1 - 

67% I250CS4J 

NEC Finance PLC 10%% Deo Ste 20:6 - 
£111% 2J625 A (240cS4) 

NEC Finance PLC 13%% Dec Ste 2016 - 

£139^ (240c94) 

NEC PLC 7%% Cnv Bds 2007((Reg| - £89% 
.71 % 90% 

National Medical Emarprises Inc Shs of Cem 
Stk S£L05 • S15^ 

National Power PLC ADR 110:1) - S79% 75% 
NadonaJ Wastrrtnster Bank PLC 9% *Ccn- 
Cum Sag Prf Sera 'A' Ei - 101% % % % 

% 

Newcastle Bunang Society 12%% Perm 
toterost Bearing Sns £1000 - £113% 4% 
News In te rn a t i o na l plc 4.g% irmty 7-.) 1st 
Cum Prf £1 • 64 C260C94) 
Newton.Chombers A Co Ld 3.5% iFn-ly 5=».j 
1st Cum Prf £1 - 65 [240c94j 
Nert PLC 7%*A* Cum Prf £1 - 57 
Next PLC 10%‘B‘ Cum Prf 50p - 45 
Ncrfh East Water PLC 535% R*c Deb Ste 
2012 - £62% (240c94) 

Northern Foods PLC 6%% Cnv Bubcro Bds 
2008 fflegl - £85.21 % 

Nafftem Foods PLC Cnv Sirxro Bds 
2006 (Br £ Var) - £84% 94 ^ EECcSR 
Nertnam Rock Bunding Society I2%fo Perm 
Im Bearing Shs £1000 - Cti6 % :25Cs94. 
OitasPLCOTO iOp-21 
P & 0 PrtXMRV Holdings Ld 3H Urn: Ln Ste 
97/99 - £90 (250C94) 

Pacific Gas A Electric Co Sns cl Ccm Ste S5 
• S22J5 (260c94) 

Partner Securmea PLC lifts ro sjC Is- Cro - 
13 

Paridana Grow PLC Cro 253 - 169 XCSf*! 
Paterson Zochons PLC iC*i Cum Prf V - 
109 (250c94) 

Pool rtdgs plc 10% Cufti Prf SCa • 52 
010c94) 

Peel HWgs PLC 525% iNaft Cn. Cum Ncn- 
•Jlj Prf £1 - 93 

Pertoris Feeds PLC dcfNeti Cun Cn Prf 
10D - 38 9 C60c34; 

PeWRne SA. Oro Sns ?iPv iBr -i Cencr, :,5 
A 10 - BF9397 

ParttmoutnASwidenand .“/ewsaa- 
pe«PLCil^% 2nd Cum Prf £1 - i£7 
(310c94) 

Pcigtetmrust Platinums La Oro R3225 • 

38% D 525 

PawarGan PLC AOR (101| - SS0% 

Premier Healtn Grous PLC Crc 1C - 1% 
aaoeftt) 

Prossac HaiCrrgs PLC 105% Cum Prf El - 
1 JO (2SGc94| 

RPH Ld 4%S Urs Ln Ste 2CC4. C3 - £33 

(25GC941 


RPH Ld 9% Ura Ln Ste 93£Q04 - £93 
<2eCc&h 

RTZ Generate? - PLC 3J55H ’A' Cum Prf 
Cl -49 % 

RTZ Corpwa5cri PLC 35rr "S' Cum PH 
£i(R*Sl - 54 (24CtS4J 
RTZ CarporaKen PLC 35% "B" Cum Prf 
EKBrf \Csr. 65l - 54 Q40c94| 

Ratal E leuuuuj PLC ADR 12:11 - 56 
fil-te Ossrasscrt PLC ACP (2:11 - 513% 
(260e9h 

Seekir. 3 CeJman PLC 5% Cum Pr: Ei ■ 5* 

A 

Reed inramabcca. 1 PLC 3 ESS (Prnty 5%%) 
Cum Pec Prf ET - SS 7% (£5Cc94J 
Reta.i CorocraLon PLC 4.55% (fitly 6%%) 
Cum Prf £1 - 62 i?5Cc94.> 

Roan Cnpe rat on PLC 4.C2SS (Frrty S%%) 
Cum 2r- Prf Cl ■ Si 

rtvervow Ruecer EftMi Bemad 8M 1 - 740 

0GC434I 

Pohr Inc Shs Ct Com Ste SI - S3 125 Oc94) 
Roys) Bank cf Scscacc Group PLC 1 1% 
Cum Prf El - HI C60C34) 

Revs I n&nrca Htfarga PLC 7%% Cnv 
Suscrt Bda 2637 (3r £ VW - £105% 
eiCc&4) 

Rugby Greta PLC 6% Uttt Ln Stk 93.98 - 
£37 

Rugcy Grcus PLC 7%% Uns Ln Ste 93rB0 - 
£93% 

Saaicm A Saaxrv Co PLC ACS (3:1) - 
5~55Q 

SirstuyfJ) PLC ADR (Ml - S&39 C80c941 
SajuCWVJI PLC 3H Irrd Utt Ln SB, - £84% 
giOcM 

So a r a r c -K; rtogs PLC 725 S (Net) Cnv Cum 
Pec Frf Xz - 42 2 5 

S cit .ectt e rtdgs PLC 5.75% Cnv Cum Red 
Prf£t -50 

Ssnci PLC 5*4% Crr Cum Red Prf 2006/11 
£1 • 60 (2£CcS4) 

Schroder JamLiese IVarram fir-d la IDR (ln 
Cerrom rK S-s A 10000 Shs) - SltJS 
•25CS9R 

Sectcsh Metroob.ten PrcpeRy PLC :0%% 
1« t4tg Deb Ste 2016 • £!0i% 

Seagr am SotCers PLC i2%% Deb Ste 2012 

- £123% (240C94) 

Seam PLC £251* ffiry 7 %9fci Cum PrfCt - 
74 I240C94) 

Saare PLC 4SH (Frrty 7W "A* Cum Prf £1 - 
67 

Sears PLC 7%fi Uns Ln Ste 92,97 - £B6b 
Sevan Kuar Cro swig PLC 655 tndas-fjrtiad 
Deb Stk 2012 • £115 

She* Transsen&TrarfLrgCo PLC Cro Sfts (Br) 
2SC (Cpi 193) - 7D8 

She!! TrarascrtATra^r q Cc PLC 5%H 1st 
PrflCL=r i£1 - 58 (2eCc94) 

Shcsme finarca (UK) PLC 7^75o(Nat) Cum 
Red Prf Shs 2209-27% 

&em> Grous PLC 7%fo Una Ln Stk 2003638 

- £81 

Scigapcna Para Rubsar Easton PLC Crd 5p - 
iao c4CsS4) 

SJrctori SildJ-q Sacar, 12^ 5j Perm tot 
Bectrg Shs E1CCO - £1ieJk 8 
Sr-nn New Ccjt FLC *A‘ Warrants ts sub 
for Cro - £1.15 i24Cc94j 
S r m Nr* Csun PLC t SuSonl Uns Ln 
Stk 2=01 - Sica 4 (24OC04, 

Sirror ,V/.H.) Groud PLC 5%?t Red Uns Ln 
Ste • £46 

Sttd?L r .ne Seecram PLC ACR (5:1) • S324 
Sr-rst-e 5eeeria.ro PLC/SronMOine AOR 
•5:1) ■ 523*4 ’j 975 .399 999 X .0939 
CS5 .123996 tt 

Sirttns meustr^s PLC 11*445 Oeb S» 95/ 
203 - £101 SBOc94r 

Stirroa.ro C*areroe FLC :27,4c Subcre Uns 
Lri Ste 2C22i37 -till I, 

Su-x'.rfe.Sdeevr-an FLC 3%% Red Cum Prf 
Ci - 50 

S*TaL!driri) A Sens LS 6 3*6 Cum ft# £1 - 

103 250-54- 

S/mcfds £ - 9 ’tearing PLC Crd Ip - 31 
TSB 3-1 F.-J Ld Pee Prf Ip/Class'A* 
P!g nee Frf) - 10137 i2£Cem 
TSB Grov= FLC S-3W 1 Li Stk 2008 

- CTCSte 

TT Groud PLC 13 67Si> Ct, Cum Red Prf 
Sis El 1337 - IC-’iJi 

Tare & L/e PLC plus tax cmd- 

*,Cu-r Prf Ei - 56 :240c94i 
Tate A L%*8 PLC B'f. Uro 1 Li Ste 2003.08 - 
37 !25Ce9f 

Tesca PLC ADR ,1-) - S3 72 7, 

TftUrfS liaarrarrora! fijnd id Ptg Sh* SO. 01 
fCfl s * SI - SZ2503 327SC t2eCc94) 
TND=7i EW PLC ACR *1:11 - £9.62 C40c94) 
Tiemsri Crrtrfai >.-esnw Fund L3 Cate* 
SM £0 TO - £t7 C78S94 <<5Cc94) 
T*r* V earCa‘>ir. PLC 5*6 i« Cum Prf CIO - 
4€2 

Tcca. Grous PLC 4»,ee Pero cab Stk - 
£44% :25C:9 a> 

Trato.31 r H=j# PLC 8*t Ijns lr Stk 94/99 - 
£33% ZSCdSf 

Trv*xga.* Hrusc °LC 13%**, Uns Ln Ste 
2KT re - os% 


Transtaanfie HoWtogs PLC B 6% Cnv Prf £i 

- 90 2 [260=84! 

Unibank $ean*iwian Fund Ld Ptg Rad Prf 
ip - 209.32 C 200.69 p 21532 (260c94) 
Uregate PLC AOR fin) - S5*j !260cS4) 
LWgtite PLC S% Uns Ln Ste 91/B6 - £90 
LWgate PLC fc%% Una Ln Ste B1/B8 • £93 
Untgata PLC 8%« Uns Ln BIX 93197 - £92% 
p40c94J 

UnfMar PLC AOR (4n) - S73 
Union mtam a t ia nai Co PLC 646 Cum Prf Ste 
£1-40 

Urton totamsaonsl Co PLC 7K Ctm Prf Ste 
Cl. 45 

Unisys Carp Com Ste SOO! • S10.13 % 
Unned Kingdom Prooarry Co PLC 8%9e Uns 
Ln Ste 2000/05 - £82 £2*Oc94) 

LAiBty Case PUC Warrants 10 sub tor Ord - 
18 

Uickars PLC 5% CurrftTox Free To 30p)P>f 
Ste £1 -62 

Vodafone Group PUC AOROteD • C202 9 
32% % ^5 % It 8739 3 3 
WadOngto/HJohift PLC 5.6*>S Cun Prf £1 • 

WeteerfThomas) PLC Oro 5p • 27 (2iOc94) 
Warterg (S.GJ Group PLC 7\% Cum Prt Ci 

- 87% (2lOc94) 

Weacome PLC ADR (i:i) - EBJ244 S 
10.124863 

WaOs Fargo S Company Shs Of Com Stk SS - 
*143%^ 

Wamttey PLC Bp(Nat)Cnu Cun Rad fit 1999 
ei - 65 (2SOC94) 

Whttbread PLC *%*> 2nd Cum Prf Stk Ci - 
50<240c94) 

Whitbread PLC 6% 3rd Cum Prf Stk Cl - 82 
(240cS4) 

Whttbread PLC 7W 3rd Cum Prf Ste El -70 
Whitbread PLC 7%«e Una Ln Stk 95/99 - 
£91%(2SOc94) 

Whftoreod PLC 7L% Uns Ln Stk 9072000 - 
£93|260cS4 

Wnotraad PLC 10>2% Una Ln Ste 20008)5 - 

Cl 02 p4OC04) 

WKs Corroon Group PLC ADR (5:1) - 
S1 1.07484 

Wlntrust PLC 10%% Cum Prf £1 • 705 
BSOe94) 

Wyevrta Garden Centres PLC B5% (Net) Cnv 
Cum Red Prf Cl - 158 (280cB4) 

Xera Carp Com Ste Si -5111% (2iOe94) 
Yon, Waterworks PLC OTO lOp . 315 
060c94) 

YorioNre-Tyre Tees TV Hugs PLC IMS 10 
sub for Ord - 227 

Zambia CoraoOdatad Copper Minas Ld*B a 
Oro KJO - 195 P40c»4) 

Investment Trusts 

Allanca Trust PLC 4%H Prf Ste (Cum) - £42 
<250c94) 

Agiance Trust PLC 4%% Deo Ste Red attar 
l5/srse-C4S 

Angto A Oversees Trust PLC 4%«i Cum Prf 
Stk - £49 I21OC04) 

BauUd Gifford Japan Troat PLC Wts to Sub 
Old Shs- 95 

Basse Gifford Sten Mppon PLC Warrants to 
sub tor Ord -118 (26Oc04) 

BaUD* Gifford Shin Nippon PLC Warrants to 
aub tor Ord 2005 - 76 (Z4OC04) 

Bankers investment Tlust PLC 10%% Dab 
Ste 2016- Cl 08 

Bering Tribune investment Trust PLC9%% 
Oeb Stk 2012 - £97\ (250cS4l 
Brlban Assets Trust FVC *A* 5% Prf 
StktCunft - £49 50 

Bnosn Assets Trust PLC Equittts todex ULS 
2005 lOp - ISO 50 

British Empire Soc & General Trust 10%% 
Deo Stk 2011 - £108% (2SOeS4) 

British divestment Tiust PLC S%% Prf 
StktCwn) - £5574 (210CS4) 

British Investment Trust PLC 11.126% 
Seared Deb Stk 2012- £11 4j} 

Caprfol Gearing Trust PLC OTO 25p - 455 
Drayton EngLoff & tot Trust PLC 3.85% (Frrty 
S%%) Cum Prf Ci - 55 tf4Oc04) 

Dunedin Income Groertn toy Tst PLC 3%% 
Cun Prf Stk - £54 (25Oc04) 

Dunedin LVorttfuride Inv Trust PLC 3%% Cum 
Prt 5tk - CS4 (250c94) 

Etfinburrti Investment Trust PlC 335% Cirri 
PfoSte- £62 

FkMity Eiropejn Values PLC Eoufcy Linked 
Uns Ln Ste 2001 -138 
Rnsbuiy Smaller Ob’, Trust PLC Zana Olv PH 
2Sp - 177% B % (2lOc94) 

Ftommg Far Eastern inv True! PLC 5% Cum 
PrtCI • 53% (2lOc94) 

Fleming Mercantile Inv Trait PLC 2.8% Cum 
Prf Ste £1 - 43% (2lOc84) 

Gdrtmore British Inc A Gnh Tst PLCZara Divi- 
dend Prf lOp - 101 

Ganmore Shored Equity Trust PlC Geared 
Oro Inc lOp - 97 6% 

HTR Japanese SmaKar Co's Trust PLCOTO 
25p - 102% 3 % 5 


Investors CaotoU Trust PLC Cum Prf 
Ste - £57% iSlOeWJ 

JR Redgaltog Japan Ld warrants to sub w 
Old -45 59 

Laaid Select investment TruK UjftW 
prf (LipOtobal Arttve Raid- £1^59 13.04 
CSlOcB*) 

Laaid Setter investment Trust Ld Pig Pad 
Prf 0.ip UX. Acrtve Fund • £13.9 13.95 
(SI Oc9«> 

Laara Select investment Trust Ld Fig rad 
Pit 0 ip UX. LUutd Assets Fund - £10? 
Leveraged Opportunity Trust PLC 2rr Cpn 
Cnv Um Ln Ste - £118 C»Oc94l 
London & St Laurence investment PLCOTO 

50 - 1 54 

Mtnerats OasARea She Fund toe SO 10 ■ 

51 8.98 C210c94) 

MorganGrentMLatsiAman^'s Tst PLCWh » 
auo for OTO - 59 

Now Throgmorton 7rust(!99J) PLC ZstB Cpn 
Dab Ste 1998 - £70% |2l0cM 
Paribas French toveetmeru That PLCSere A 
Warrants to sub for Ort ■ 25 iMOcM 
Pvrbaa French tovestmont Trust PLCSers 
•B* Wenentt to aub tor OTO - 17% 
(240cB4) 

Rights and Issues tnv Trust PLC S%% Cum 
Pit £1 . 03 (24OC04, 

Scottish Mortgage & Trust PLC 0-12% 
Stepped tot 040 Ste 2026 - 023% 
(250c$J) 

Shkae Htgh-YtoiQtog Srrtlr Co's Tatwts to 
Sub tor Old- 66 

Sphere Invtsbnem That PLC Revised War- 
rants to sub tor OTO • 4% 

Wigmoie Property trrveetment Tst PlCWH to 
Sub ter Ord -27 

Miscellaneous Warrants 

Barclays Do Zoate Wsdd Wts Ld Crt Wts 
(Sm BB) RHg FTSE 100 17/3/95 - £0 1 
t260c84) 

USM Appendix 

BLP Group PLC Sp iNaft Cnv Cum Red Prf 
lOp - 89% 90 (210c94) 

Sdos PLC Ord lOp • 290 320 
FBD Hrtdtoos PLC Ord lr£O50 - K1.6S 
(260c84) 

Gibbs Msw PLC OTO 25p - 445 (2SOC941 
Midland A Scottun n eso u r c s s PLC Ora lOp - 
2 % 4 

NeetSar Group Ld Com Sbs of NPV - 45 
Total System PLC Oro 5p - 34 (260c94) 
United Energy PLC Lifts to sifo for OTO - 7 
(24OC04) 

Rule 4.2(a) 

Advanced Media Systems PLC Wte to sub 
tar OTO- £0.48 0.47 
African Gold PLC Ord ip • £0.034 
Ann Street Brewery Co LS Oro £1 - W 

(2SOC04) 

Amo, vliaga Ld OTO 10p - £031 (240c94i 
Arsenal FootbOl Club PLC Old Cl - £475 
(240C94) 

Assured Care Cenaea PLC Ord 50g - £045 
0485 051 I280CM 
Azure Group PLC Ord 100 - £0% 

Azure Group PLC New Ord 10p(Nfl po- 
28,10/94) - £007 (260c94) 

Barclays tovaarmant FundfCJ.) Starting Bd Fd 
- £0.4238 

Bat Court Fund Management PLC OTO lOp • 
£1.65 

Bison Industrial Group PLC OTO ip - £0.09 
Brancote Hakflng* PLC Oro So • £0AS 
Br ^Jfortw ologies PLC Ord 10p - £0.6 

Cavartwn PLC OTO ip - £0.1 
Channel ceands Corn (IV) Ld Ord Sp - £0^5 
C210CB4) 

Crowtherfjarti Edward) Hiags S%% Cum Prf 
D - £0.85 CSOefri) 

Dalkeith mns PLC lOp • £016 
Dawson rtdgs PLC OTO lOp - C5£ 

Da Grachy f Abraham) Co Ltd Ord 20p - 
£1.19 

En^ish Churcttea Housing Group Ld 3%% 

Ln Stk - £12 (250C94) 

Enterprise Computar Mdgs PLC 10% Una Ln 

Stk 92/96 - £28 

Everton Footes* Club Co Ld Ord SA Cl - 
£2450 (250c94) 

Faaesst Sroaacaer Corporation PLC Ord 5p - 

cobs aa 

Frandstown MtolExLfoney)Ld Oro SO Oi - 
S2.7 (260c94 

Gander Holdings PLC OTO ip - CO 0875 
CSOG94) 

Gradutts Appalnunants PLC Ord lp - £0.17 
)2SOc94) 

Greenstar Hotels PLC Ord 1 0p - £027 
Guernsey Gas Light Co Ld CTO lOp - Cl .05 
I E S Group PLC Ord ICp- £3.7 GlOc94] 
Just Group PLC Ord ip - £00325 (34QC94) 


ummcA 0»«MN> » ‘Tty *’ i "' Vn1a 
0«TO rri - £0 4.' i- ffoV-44'. 

K*nwx.,t Dan**™ s «-» W 
. £13.950271* 

Wo ,nw« 8n»gf 4jgyf" * 

Cwth me • £2 0*.9 :.40»4| 

Lane**.'* trorewrfrth ^1. 

1 PlC L>d *L’P - Cl > iTOWW' 

ic « c ■ «** 

toiaurehnw rrw.e PLC C"J . p - £33* 
i260c!« : 

Lop*.,, PJwrun liurf PLC Ip • 

£0.0225 0026*5 

MaGGuemtwviHiJM F,:n>3 Aream 

Urin - CtS2 li-" 0 

MAdunwriMhiinund l‘«*TO toe UiH* ■ 

CJ3 --4'J iTt-OviH! 

Maine A Wreonrtn ^ M 

I/C02U .£132 

N.VY F LC CTO £1 ' £7*4 TOSCtlW 
NowbuiY Rucecoureo PLC Cr» ‘.'CO ■ CuCO 

SXia plc era so ■ c- *« cwm , 

Pocilfo Utefla PLC C-rd 1 u ■ 1 i- 
Pacific Media PLC 1 IS Cum ^ £1 • «*« 
Pan Andnait Resouroeo PLC Oro id 
C00K5 

PwoeturtiJerkev) Offoh=m Lmerong - 
57 0459 C 7.040 l2»OciMJ 
ParoteuslUerpr.) pwar UK Cro»m - 
53D3C9 (25OC0J) 

Ronowe fii-VDak Club PLC OTO ISP ■ COA 
0 8 CtSOe94i _ , , 

Rorqcvn Football CSub PLC * 0*8 Ste L10C0 

. tfioo r:sco9ai „ , 

Ranflora F^ctCaQ C^u|> PLC C Sac t ’ WO 

■ c,5tw 

Sctvodv Manaoemeirf EerviCeslGuamiScnro- 
C0.7?2*iS CiOc&4l 
Scottnn RugOv union 'B' Debs C22C3 ■ 

£2300 

Select Incu3ti.ee PLC New Old 7%P I So Pa 
- £0 025 

Shepherd Neeme Ld '*' Ord EM - W 9 
Southern NetMMSWB PLC OTO d - T4 4 
Southom Vecltt FLC OTO 10D - £0 2? 
(2lOc94l 

Surrey Free Inns Ord £1 - CO J8 i280c94t 
Sutton Harbour Hkjgs Ld Ord 2bo ■ £1 J 
(260CB4I 

ThwuaesiDaniafta. Co FLC Crt -’Sp - Ck 
Itognur PLC OTO 5o • £0 £» CSOc94) 
Tracker Network PLC CTO Cl - «% 9^ 
I250C94I 

TYaneenee Technotogfos PLC Crd lp - CO-6 
0.8 240c94) 

Urtcom torts PLC Ord C5p • £0.07 uVOcWI 
VDC PLC Ort £1 - C4% 

Warburg Asset Management Jeraev Mercury 
Ire Gold A General Fd - S2.1437 i28Cc94) 
Wbdderbum Secuifttte PLC Oro 5? ■ CO I 
Weddweum Securitas PLC Wts w sue fte 
Ort -EO.tM 

Weataox Ld ‘A* Ncn.V Old 25p - Cl 8 35 
16% 

Winchester MulU Media PLC Ord Sc ■ £0.7 
0.71 

RULE 2.1 

Bargaina marked In securitlea (not 
falling within Rule 2.1 (a)(1) ) where 
the pidclpai market la outside the 
UK and Republic of Ireland . 

Assoc Manganese Mules FZ22G74 10) 

Boise Cascade Corp 
Brush WsBnren £10%(24.I0) 

Cape Range OK 200126.101 
Ctty Davofopmones S58. 704-90 
Community Psychttirk: Centres 510% 
Oalnippon Scm Mon Y775.93J3 
Own MftM.tO) 

Futuna 48 

Gen Bees Inv 551 942456(24 10) 

Hsoma Nth West ASO 383124 101 
Ksfgooitie Res 05(26 10) 

Kukm Mofoysla Ora M56 J{26 10) 

Malayan Credit SSI 707(24 10) 

Murray & Roberta rtdgs 
F29S.3184 l&fcg: 250^(24.101 
Not Electronics rtdgs 3423.10) 

Os Search 45 

Palonm Mining Fen .00.71 .75(24. 10, 
Playmana Hdgs HS3 3005.101 
Regal Hotels rtdgs HS 1.844(25. 10) 

Samantha rtdgs Bathed A$4.38(28.1Cn 
Seagull Erasgy Corp 3S23%^f24.iO) 

Surer Comms SK434 3(21 .10) 

By PmTntnkn of tft» Stoc* Eotisngm esunct 


JBk 



WHAT'S WRONG HERE? 


Look at these nice happy people. 
Notice that each one has something: 
a tool or implement here, a bicycle or a 
briefcase there. All completely normal 
and unremarkable. 

But wait Something’s amiss. That 
nice fellow near the bottom — third 
row down, second from the right He 
doesn’t seem to have anything. 

Indeed. You see, he’s a refugee. 
And as you can see, refugees are just 
like you and me except for one thing: 
everything they once had has been 
destroyed or taken away, probably at 


gunpoint Home, family, possessions, 
all gone. 

They have nothing. 

And nothing is all they’ll ever have 
unless we help. 

Of course, you can’t give them back 
what’s been destroyed, and we're not 



asking for money (though every cent 
helps). But we are asking you to keep 
an open mind. And a smile of welcome. 

It may not seem much. But to a 
refugee it can mean everything. 

UNHCR is a strictly humanitarian 
organization funded only by voluntary 
contributions. Currently it is* responsible 
for more than 19 million refugees 
around the world. 

UNHCR Public Information 

P.O. Bax. 2500 

1211 Geneva 2 , Switzerland 


United Nations High Commissioner for Refugees 


■/. 




M 





FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994 


LONDON STOCK EXCHANGE 


D 


' Q 


t* 



0 


MARKET REPORT 


US influences take equities higher in London 


FT-SE-A All-Share Index 


1.650 


By Tarry Byland, 

UK Stock Markets Editor 

The end of the week brought a 
wdden swing to the positive side of 
the equity market balance following 
a strong recovery in the dollar in 
the wake of the latest data on the 
US economy. Backed up by gains In 
British government bonds and in 
stock index futures, and finally by a 
burst of strength in early deals on 
Wail Street, the FT-SE 100 Share 
Index surged ahead in late after- 
noon. 

At the close, the FT-SE Tntfov was 
542 up at 3,0818, only a touch off 
the day's high and spurred on by a 
December contract on the Footsie 
which was moving above the 3,100 
mark. The Footsie moved through a 
range of nearly 60 points, dipping to 
the 3,024 area at mid-session when 


the market became nervous ahead 
of the US economic statistics. In the 
event, US markets took the view 
that the unexpectedly large growth 
of 3.4 per cent in US gross domestic 
product in the third quarter, bal- 
anced by unexpectedly low growth 
in the deflator figures, could be 
seen as very favourable for the 
economy and the securities mar- 
kets. 

A powerful upswing in the dollar, 
together with a gain of nearly 50 
points on the Dow Industrial Aver- 
age in UK hours, sent the London 
market racing ahead. Dollar stocks 
led the way, the strongest spin com- 
ing in Reuters, the global electronic 
business Information group, which 
also benefited from its tra ding 
report. Oil shares, with the big 
names on the brink of the reporting 
season, were also in diwmr'd insur- 


ance shares continued to brush off 
the report on personal pensions 
from the Securities and Investments 
Board. 

The market opened higher with 
much of the impetus coining from a 
dramatic move in the defence indus- 
try when GEC launched a £53L7m 
counter-bid for VSEL, the subma- 
rine builder, and later bought more 
than 13 per cent of VSEL's equity in 
the stock market. 

GEC shares rose sharply on its 
move, which tops the existing Brit- 
ish Aerospace offer for VSEL, 
although this still has the support 
of the VSEL board. But Aerospace 
shares fell, reducing the value of its 
share offer, and the market 
appeared still uncertain of the out- 
come of the bid struggle. 

At last night's close, the Footsie 
was showing a gain of around L3 


per cent over the week, but virtu- 
ally all this came after 3pm yester- 
day. Trading volumes have been 
drying up for the past mouth and 
marketmakers paid the price yester- 
day when the sudden demand 
caught them without stock on their 
books. 

They responded by raising share 
prices quickly but were still obliged 
to deal and then search for stock in 
the market to meet their commit- 
ments. 

Seaq volume for the day totalled 
508.9m shares, barely changed from 
the previous session and a bargains 
total of just over 22,000 remained 
well below dally averages for the 
past two years. Traders said that 
the institutions had stayed out of 
the market, leaving marketmakers 
to scramble for stock. 

The FT-SE Mid 250 Index rose by 


21.5 to 3,501.6, somewhat left behind 
by the focus on the blue chip issues 
which are closely linked to trading 
in the stock index futures. Turnover 
in non-Footsie stacks, which are 
widely represented in the FT-SE 
Mid 250 Index made up only about 
56 per cent of business yesterday, 
below recent daily averages. 

Dealers sounded unconvinced by 
the sudden upturn in the market. 
Retail issues were easier against the 
general trend on underlying worries 
that, in spite of the favourable 
response to the latest US economic 
data, the chances of a rise in UK 
base rates before Christmas are 
Increasing as the domestic economy 
shows signs of stronger growth 
than the Bank of England, and tbe 
chancellor of the exchequer would 
like at this stage of the recovery 
circle. 



Equity Shares Traded 

Hanover By voJumu (mlBon) Exriuainff 
Ultra-market txdness and overseas turnover 
1,000 


Indices and ratios 

FT-SE Mid 250 3501.6 +21.5 

FT-SE-A 350 1544.3 +23.1 

FT-SE-A All-Share 1529.62 +21.47 

FT-SE-A All-Share yield 3.94 (4.00) 

FT Ordinary index 2345.1 +34.3 

FT-SE-A Non Rns p/e 18.79 (18.54) 

FT-SE 100 Fut Dec 3101.0 +59.0 

10 yr Grit yield 8.76 (805) 

Long glrt/equity ykJ ratio: 2.23 (2.22) 



FT-SE 100 Index 

Closing index for Oct 28 3083.8 

Change over week +51.0 

Oct 27 3029.6 

Oct 26 2999.9 

Oct 25 3000.9 

Oct 24 3029.1 

High’ 3083.9 

Low- 2985.6 

'Intra-day lugh and tow tot week 


TRADING VOLUME 


■ Major Stocks Yesterday 

VOL Closing tfe/a 
OOPS odes thnm 


EQUITY FUTURES AND OPTIONS TRADING 


3t 

ASOAGmupf 
Abbay NcOaiHit 
Albert Ftahar 
AJtod Donweqt 
Angfan Wafer 
Argos 

AfljyMQmupt 

AQbVnggbwt 

AtoOC. BriL Foodsf 

ASSOC. Bl«. FtWB 

BMt 

BAT Mat 

bet 

acc 

BPt 

Broke*. 

Hfflt 

Bank o) Sconavtt 

BsreW 

Bmnt 

afcnOieMt 

Boom 

Bo ost , 

Bownf 

BrtL AttospBctrf 
MWiAmoyit 
BtotilGtot 
EMBtit Land 
Bnosh Stoatt 
Bin) 

Bumah Curort 
Bum 

CatXa&WMt 
Csdbwy ScfonpoMt 
Csiadant 
CsrtunCoRws.1 


Comm. Untont 
Cootaon 
CouuuUst 
DakJOty 

Dais Rust 


Eastern BacLt 
Entf Mktond Bact 
Ssctncanes 
Eng CMm Ctoys 
Enwprtw Out 
Biawmal Unfit 
BO 


FbmtanSCOLl.T. 

FortoT 

Gan. Aeadsnrf 
Qanarfi BacLt 
Slant 
Oynaad 


Grand Matt 

oust 


3S 


GutonsUt 

HS8C (73p oh«)t 


Hattoera CnialWd 
*9* 


to chcapa t 
Jofinaon Mattwy 
NngWvrt 
Kami Sava 
Udbreket 
Land SacuMaat 


UgHSGanamt 

£223 

LASMO 
London Bact 


230 

322 


B.TOO 

61*1 



421 

«b 

7.100 

43/£ 

* 

839 

69* 

+7 

218 

541 

<0 

187 

ash 

+b 

1500 

2M>1 

+tb 

M7 

268 

«e 

877 

551 

+15 

184 

274 

<2 

1500 

514 

+ii 

3500 


•7b 

4500 

105>2 

♦b 

1500 

330 

-2 

1Z4 

003 

+2 

7. BOO 

42B>2 

•13 

90S 

300 

•2 

6X00 

3W»2 

•O 

3500 

312 


1500 

206 

+ob 

4.400 

502 

47 

1500 

6S3 

40 

m 

281 

40 

100 

404 

-1 

1500 

529 

47 

1500 

448 


R500 

*57 

-10 

3500 

358 

42 b 

11500 

299 

+0b 

691 

380 

-8 

4JU0 

I99>a 

43 

1.000 

184 


841 

044 

+4 

2500 

06 

-1 

4500 

*13 

*14 

2500 

441 

+13 

1,900 

£88 

42 

036 

m 

428 

090 

19* 


1500 

548 

+10 

1X00 

240 

45 

072 

438 

-4 

34 

431 

-1 

846 

078 

*1 

2500 

197 

42 

623 

700 

40 

440 

007 

43 

277 

400 

44 

1X00 

354 


397 

380 

•3 

661 

231 

43 

398 

ISO 


702 

110 


900 

134 

43 

ft 

220 


1500 

603 

431 

0500 

270 

47b 

*500 

590 

48 

100 

332b 

43b 

1500 

520 

+14 

2500 

412 

+12 

1,100 

557 

48 

049 

IflO 

4fi 

1.10D 

on 

+10 

1500 

404 

•* 

2500 

710 

*7 

14 

337 

♦1- 

4,100 

230 

45b 

1500 

103 

*1 

1.100 

200 

+11 

554 

172 

43 

2500 

300 

•5 

ixoo 

783b 

47 

622 

438 

14 

lOO 

502 

40 

1500 

*73 

-4 

123 

505 

49 

081 

152 

43 

1.100 

Oil 

♦11 

801 

000 

-1 

1500 

440b 

40b 

093 

300b 

412b 

2500 

MB 

+10 

2.700 

148 


048 

roe 

43 


VoL Ctoatog Da/a 
000» odea c Hanna 


MEPCt 

MR 


Mata 5 Spencerf 
MidandaBect 

MMun (Mta.1 
NF C 

rkaWaat Bankt 
National ftawarf 


2,400 


Stock Index futures advanced 
strongly for the second day 
running with the latest session 
underpinned by a dear 
Improvement In trading 
volume, writes Jeffrey Brown. 

The FT-SE 100 December 
contract was 3,101 at the 4:10 
official close, a gain of 59 
points, and of 108 points in 


two days. The premium to the 
cash market was 18 points 
with fair value premium around 
15 points. 

Traders said the quality of 
business Improved 
dramatically allowing larger 
contract numbers to be dealt 
There were 16,779 contracts, 
against 11,044 on Thursday. 


Northern Bact. 
rtanham Foodst 
KonaMl 
Psonenf 
PAOt 


■ FT-SE 100 WDEX HITURE3 (LIFFE) E25 per ft* Index point 


Potato Gent- 
Pnidamuif 
HMCt 

nrct 

toed 
Rank ft* t 
fedott & Oaknent 
todandt 
FttdHLt 
Roraokft 
Peumf 
Rotor 
nyaki 
Royal l 



Open 

Son price 

Change 

High 

LOW 1 

Ett. VOl 

Opon M. 

Doc 

3056.0 

3101.0 

+590 

3118.0 

3023.0 

18748 

54015 

Mor 

30580 

3121.6 

+59.5 

31100 

30580 

30 

aiwo 

Jun 


3143.0 

+S70 



0 

BO 

■ FT-SE BAD 290 MDEX FUTURES flJFFE BIO por ft* bKtaoc point 



Doe 

36000 

3540.0 

+70.0 

354O.0 

35000 

54 

4210 


* 

-l GouDdiiiT 


■ FT-SE MID 250 INDEX FUTURES (OMLX) £10 par M Indax point 

OK 3535.0 

A B ooan kaaraai Ogurai an tar prtdoua day. t Bad vabms ton 

■ FT-SE 100 INDEX OPTION [UFFEJ f30B3) 210 par U Index port 


SCatttoh A Naw-t 
Seat Hynto-BaaL 
Scortfc* Powarf 

3oo«*t 

Stagta* 

Saaoodd 
SownTiaifft 
Shot Tramportt 
Btabat 
StaughEda 
Siam (WK] 

8mMi & Motoarf 
SmN BoKtamf 
SfiH Baacfnm Lka-t 


2900 
C P 


2960 
C P 


3000 
C P 


3050 
C P 


3100 
C P 


31 BO 
C P 


3200 
C P 


3260 
C P 


+eb 


Souhan BacLt 
South Wataa ElacL 
South Wait Wafer 
acumaitoLBaoL 
Smaham Water 
Standon) Ctnrtdt 
SmhouM 
SunMtonMt 
TIN 

U Qroupt 
TB8t 

Tamfec 

TanSLyta 
Ttotar Woodrow 

moot 

Thmnaa Wanart 

ThamBUrt 

TarnMnaf 

LWtoert 

UnHod CHaafiat 

DnL Nwapapaa 

voWonot 

WHOuglSGlt 

WWtaomat 
WtMiWdar 
W o — k Water 
WhUbroadj- 

WMama HUga-t 

WBto Concern 


Hn TOJh Bb 1B3 13 119b 20b 82 34b 82*2 55b 30b K 1Bi 2 122>] 7h Wfe 

OK 224 23^ IM 33 W] 47 114 M 05 86 Wh 114 4a»z 146 W 162 

Jan ZVh 37 ril^ 51»* I7F2 «Sb 144 85 U4«a105ij88J2 129h 88 158 48h 192>2 
F* 281 4P22244 60 lIMfe 74 158^94^130^ 115 1 05^141 ^ 84 170*2 84 202 

Juflf 305h73>2 26pj 107 180>2 147 138^ 232 

Ml 0223 Rn 8822 

■ BIRO STYLE FT-8C 100 MDEX OPTION (LIFFg 210 per M Index point 

2822 2978 3026 3075 3125 3175 3225 3275 

(ID* 182h 81a 138b 16^101 28 G81 2 43 40>2 67 Zllg 971] tCHa 136 8 182 

OK 2B3>2 29 IBB 40 129^54^ 98U 73 72 95>2 Vi 123 32 15S 20 192>a 

Jan 2211] 37*2 153 87 99 Itl^a 171 

Mv 2S1 82*i 185 114*2 130 133b 88 187 

Ant 292 82b 228 114b 171 154 124 202b 

Mi 2J87 PM 7JHB • Undadjtog Mb Bno*ma ataown an oaaad on aadmart prtcaa. 
t Long ddBd Bpfcy donlhL 

■ EURO BTYLH FT-SE MIP 250 IWDPt OPTION (QMOQ £10 per M Index point 


3400 3400 3600 3560 3000 3000 

Dd 111b 74 Bib 98b 65b 127 

Mi D Pus 0 Saaanant prkn and votamna an Woo at 4J0 pbl 


3700 


3760 


FT-SE-A INDICES - LEADERS 4 LAGGARDS 


1.700 

2iob 

48b 

1,100 

53 

*b 

1000 

338 

+i 

TO 

11» 

414 

1000 

301 

+1 

1000 

312 

+4 

5000 

211b 

48b 


Percarttaga chaneas akm Docwntw 31 1BS3 baaad on 
MtadgnM. Npn-Hnandto -TS7 


0< Bqjtadtai S Plod . 

'.Mart Bdmcan ^ 


+*70 FT-SE IBtf 2S0 « IT . 
+748 FT-SE Md 250 


-738 

■704 


ToRnMraBKt. 

YertoMraWMar 

Zatocot 


2M 600 
BM 

549 633 

470 511 

455 857 

•IS 344 
1.500 144 

400 135 

283 788 

TO TO 
101 534 

1.500 040 


« 

*7b 

« 

45 

43 

42 

48 

-« 

+12 


43b 


PiMtog. PfiMr & Pche — . +7.18 Spttta. mw t cun -753 

Enghaolna toadta +4.70 GtolkMEBton -0.19 

Bfiaclw MMIaa +459 Pindcadkdi -530 

BOM} 40.13 IWBiGan -350 

BMnamg -040 Srtcas 450 

FT BOH Mpm Mai -OBS FT-SE-A MOBan 405 

RaMan. Food -1.27 COBStaanr Goodi -9.17 

Qmlera -152 ' FT-SE-A 380 -852 

UAtaeA Hotab -151 UMtot 4171 


aflHntH. 


FT-SE EasKlp BIT. 
FT-SE SmaKto. 


Bui on trading Mkm Nr a wtUOkn id mpr mcaWa dM DMDQti to SOO qiwi wtonfm ml 4 Jftm. TMn 
H m adtoa or non n ibmM iHm. IWohn an FTSE 100 Mot oadtaiaL Hoownnasn* 


FT - SE Actuaries Share fncilce; 


. -259 VMM _____ 

-3.18 FT-SE 1W 

-353 lanato i ad Tnaa . 
-454 Suoport SMdeaa _ 
-724 UTi Assumes _ 


— -9J5 

- -8.79 
_ -897 

i -tun 

.-1123 


Friday Octobsr 28 1994 
Mfe ta wa d hUM — , -1203 
BactiDste S Bae B|d __ -12JM 

Tunaport — -1397 

G** DWltoHon -1450 

Tnfta & Awn! -1454 

RatMn. Onto -14.82 

wuanufcMon -1459 

DUtuka -15.18 

HwnaU Soodo — -1857 

frtncMl -HL7U 

BaWog Mkttata -1721 

Bata -1720 

tom -1750 

Pioperty -1941 

BMSRO 5 CMnadM — -2951 

Todacra -2930 

-2153 


The UK Serie- 


Dai's War 

Dd 28 digB% DH 27 Od 26 OH 25 a» 


DM. Earn. K »4 Tool 
]U% jffk Ok> ifH ReUn 




■1904- 


Low 


"0 


Lon 


FT-SE MO 

FMEU0 2SB 

FT-SE Md 250 ax Ik Until 

FT-SE-A 350 

FT-SE SaaBCap 

FT-SE SmtfCap ax tar Until 

FT-SE-A ALL-SHARE 


30895 +15 3005 
35015 +05 34991 

34995 498 3479.1 

15443 +15 15212 
177753 492 1774.15 
1 74904 491 174855 
132952 +15 150055 


29999 

34872 

34891 

15094 

1774.18 

1747.44 

148958 


30099 

34745 

34749 

(6095 

177557 

174978 

1487.74 


31715 

35291 

9527.1 

15885 

180559 

178905 

158557 


4.11 754 
358 552 
3.74 930 
9» 977 
353 500 
551 558 
304 954 


1977 11059 
2973 10850 
1938 11357 
1753 8177 
2524 4855 
2980 9071 
1702 5250 


117005 3093 
1307.44 41525 

130354 41097 

119928 17785 
138301 2O0UB 
136406 288972 
120755 T7W.11 


2/2 

» 

1971 

m 

4 S 
4/2 
2/2 


21785 24fl 
33894 27 » 
33894 27* 
1451 J Wt 
177104 7/10 
174358 IQflO 
144986 24* 


36293 2fflB4 
41525 3/2S4 

41097 Ifl/UM 
17715 2/2/M 

708183 4/2194 

208972 4/2/94 

17W.11 2/2194 


9890 23/7/84 
13794 21/1/88 
13793 21/1/88 
8845 14/1/88 
138979 31/12/92 
138979 31/12/02 
0102 13/12/74 


FT-SE Actuaries All-Share 

Day's Yaw Kv. Earn. P/E Xd aft. Total 

Oti 28 eftoa* OCt 27 Oct 26 Oct 25 . aco yktURM wtfa yM Rafcm 


•1994 


Low 


9nca | fe«"f* > 4f ta | — 
High law 


10 hmml ExnvumoHfm 

12 ednaba mduatalaa(4} 

16 0*. kflvatadp) 

19 OS Exptoadon 5 ProdfU) 


2752.71 +25 2891.83 2682.10 264854 248800 934 407 

388706 +92 388009 380302 383910 318920 932 501 

272913 +25 286958 282608 2B0844 244550 9ffi 551 

189927 +00 188157 157933 185904 1990.00 2.19 t 


25.43 8253 110805 280901 
2931 9962 108703 410759 
2250 8608 112SJH 270948 
t 3903 109858 209943 


5/9 
2/2 
8/9 

27/4 178440 


31/3 280201 5/9194 98050 19/2/86 

12/7 410758 2/2/94 100800 31/12/85 

30/3 776246 9/9/94 BB2J0 20/2/BB 

31/3 394110 8/8/90 65030 287/88 


20 SEN MM*ftCnJRBBf287) 185808 +09 183983 1B3157 183401 193150 111 5.18 2343 6857 94808 223258 2/2 183157 28/10 

21 BuBdM 8 Cmdntifa433) 183947 -91 104035 104088 1041.18 118850 350 504 2171 3608 81910 188910 8/2 101754 5/10 

22 BridM JUUtS 8 Mmha(3a 180708 +98 1797.11 178178 178973 1871.10 112 508 2250 8850 85605 238302 24/1 178172 7/10 

22 OwdoMCBl 229452 +00 228857 229114 228842 223850 DM 450 2751 7958 101805 25M42 8/B 22B912 5/10 

24 OtartfladMatirtaMIQ 1782.01 +15 176108 1728.41 1725.10 2D0750 5.14 918 2119 8275 91848 223157 2 <2 1725.10 2V1D 

25 OKNOrtC A Bad En«K34) 1BS204 +1.7 182042 182501 184918 214300 408 879 1758 8085 90708 228308 4/2 182042 27/10 

26 Endnaartemi 1/8648 +08 177152 177229 177910 170700 120 506 2309 4947 102258 2011.17 2/2 173806 24* 

27 BUMarku YBMdati12) 222800 +07 221401 223*41 223107 194450 149 148 80001 9254 109019 291008 8* 206804 28* 

a PrMno taw & PctaPBJ 276103 +05 277755 275801 274306 246980 306 505 2154 75.03 110008 304651 18* *21 .IB 4/1 

3 1555.74 +02 18C.73 184751 188&82 1«>O20 403 606 17.82 4958 881.18 20MJ6 4 <2 164741 26/TO 


212550 

238302 


223157 


2011.17 

281858 

304651 

232500 


2/2/94 

16/7/87 

zvim 

8/8/94 

2094 

4/294 

2/2/94 

8994 

18/3/94 

2/1067 


68910 

53800 

85400 

07990 

95400 


99500 

87300 

90080 


14/1/86 
9/902 
BW 92 
14/1/88 
21 / 1*8 
29/8/88 
ion 1*7 
14/1*8 
14/i/ae 
24/9*0 


30 CONSUMER 60006(07) 273201 +10 280758 2660.17 287504 2835.10 139 704 

31 Bm»lati17) 224601 +97 2231.70 221803 221252 207100 401 755 

32 SMta. Wtaea A Ctinttq 283800 +20 279001 2747.05 27B102 274700 304 806 

.33 nod Hfitahctawscai 2281.70 +1.4 2231.18 223308 222971 237910 123 704 

34 Hnatiufef Qooda(13) 240138 +10 237950 238977 238403 272800 180 758 

38 Hootti CHBQlT WO® +0.1 180908 180251 1S9&83 17*500 3.13 135 

37 Ptonw«MBMl2) 268963 +10 203707 293978 2942.78 318300 161 7.17 

38 tSSStI 368700 +1.7 382109 348805 354919 418140 508 902 


117610703 94408 3948.79 
1S57 81.10 100803 248402 
180010103 86143 322903 
1808 8199 962.70 290054 
1553 8908 87006 289114 
4204 4804 83807 1908.13 
111512128 98804 328601 
110221707 84104 471858 


207107 


24/1 
19/1 
2471 
19/1 
18/2 
19/1 168959 
28* 2S41.70 
7/1 312004 


24* 308000 
24* 248402 
24* 340700 
24* 280954 
5/10 199114 
8/10 204751 
1* 4HB0O 
24* 


22 / 12*2 

19/1*4 

11 / 8*2 

19/1*4 

15/2/94 

28AV87 

14/1/92 

2an2*3 


98700 

98X00 

BB750 

916.10 

927.10 
87X50 
96800 
98200 


14/U8B 

14/1*8 

14 / 1*8 

i4n*a 

21/1*8 

21 / 1*8 

1371*8 

9/1/88 


40 

41 OHMUmpO) 

42 Lalaunt A Mtata(2S) 

43 tosto<38) 

44 MM Foodpffl 

45 RtiMora, 6 anoraH 4 * 

48 awwrt San*aa(41) 

49 Trmmmiet 

61 Ottwr Sanfeaa A ButowaafT) 


190103 

2S1105 

204053 


170251 

183207 

149202 

224801 

1288.73 


+1.1 188103 187504 187805 189500 305 652 1800 61.78 B3&60 2207.77 1971 184&11 

+05 248905 248707 248000 266000 3.74 700 10,19 8S05 87199 331903 2/2 24BB0B 

+0.1 2037.76 202701 2OB907 1933.40 309 409 2108 5759 100801 236082 17/2 199119 

+ifl zrn.48 278906 278US 2815.20 2-44 507 22.14 8942 99057 3849.11 17/2 2B76.11 

+10 1682-70 168750 187208 1648.70 ISO 951 13.14 5200 101900 191408 19/1 161154 

+05 182040 163115 1685.71 170100 123 184 1802 4*58 87174 191057 4/1 1B7&12 

+10 147162 148358 1478.77 181000 282 647 1803 3802 91007 1BS&43 2/2 14B&18 

+15 221206 218806 220100 229000 174 504 2158 50.28 B82.13 2BO60B 3* 218BJ* 

+0.1 123106 1234JB 124053 122800 109 118 4754 2552 108109 138958 10* 113052 


5710 OD7J7 19/1*4 
5710 331953 2/2*4 

8/7 23KL82 17/2*4 
27* 3548.11 17/2/M 
28* 228900 2871*3 
5/10 193124 29/12*3 
6/10 188843 2/2*4 

5/10 280008 3/2*4 

21/4 346900 18/7*7 


91400 23/1*8 
98850 21/1*6 
97140 21/1*8 
97120 9/1/88 
91740 21/1*8 
370.10 9/12*8 
1/2*1 
14/1*8 
110 14/1*8 


90 UmiTIEBOe) 

82 Bacwatj<17) 

M OH OMMutionpi 
88 TiwramanfcanasW 
69 *MBt(15 


242141 

280132 

184188 

204809 

187170 


+i.B aria 

+15 248472 
+20 189009 
+14 190956 
+0.7 188804 


294801 236113 252250 
244057 247181 221150 
188120 184106 2284.10 
1970.45 197759 232110 
184203 184113 188050 


138 7.78 1557 8157 93186 278233 

IBB 056 1211 9148 109907 278474 

118 3 *11708 9120T 239177 

404 759 1184 5Q02 87268 248042 

1171258 188 8858 93858 212878 


89 non n NHt a mpBfl 


166153 +MJi 


1817.18 161171 167198 192 858 1179 E162 


70 FMAMMLBhM) 

71 BvkKIO) 

73 numri7) 

74 Ufa Maumee*) 
73 Mareftant BaiMp) 
77 QIMr ftwdtipfl) 
79 Prap«rtM4i) 


217700 

288103 

241118 


182154 

144854 


+15 213800 
+20 280128 
+27 121153 
+20 238300 
+10 234857 
+00 181178 
+05 T 


211107 

27B40S 

121221 

233750 

284752 

178254 

144109 


30 WW3TWPT TtSgT8fia4) 

M FT-SE-A 4LL-SHAHE*8* " 


Z727a> 

152952 


+10 269954 299149 298198 


210149 234190 
273181 290350 
120119 148450 
229190 290100 
269091 327000 
178801 179120 
144158 172240 
272300 


4.4i 950 
4.22 903 
140 140 
600 7.72 
137 1228 
400 850 
4.21 4.43 
228 107 


117087 

868X7 


2/2 210802 
30* 2024.12 
7/1 188420 
2/2 1BM5B 
3/2 138171 
2/2 II 


24/6 

24* 278404 30/8/94 
24* 237130 16/12*3 
1* 248100 28/12*3 
27* 210179 3/2*4 

24* 18 


187059 2/2*4 63X9 


an o*a 
7/1*1 
99490 9/12*6 
B025D 3/10/88 
984J0 1/5/BO 

1 VI 2/74 


’.13 


88487 WB301 


1258 8055 
115311139 
1117 6101 
185012752 
0X8 87.78 
1358 8351 

28.01 4358 

5151 6416 917X2 318451 


81176 3*109 
97700 227130 
82170 


4/2 203474 
4/2 an 5.77 
24 n 118352 
19/1 218051 
2* 269202 
4/2 17SEJ3 
4ft 143755 
2/2 291199 


24* 2737.13 
8/7 960158 
24* II 
1* 2821 
4/10 STM. 
4/7 

5/10 21 32X0 


27* 3194X1 


4/2*4 
4/2*4 
an 2*a 
191*4 
2/2*4 
4/2*4 

sum 

SW*4 


97250 23/1/88 
88050 23/1*8 
87000 28/8/92 
987 JO 23/1*0 
27/1*6 
1/10*0 
718X9 1842*2 


977+ 


14/1*8 


M1 nan an 1+B7.74 19137 304 854 1702 8160 120755 1784.11 2* 144858 24* 17W.11 2**4 8102 13/12/74 


■ Hourly movement* 


Opart 


900 


lOJDO 


11*0 


1200 


1300 


1110 


tfah/ttoy Low/day 


FT-SE 100 3041-* 

FT-ee Mid 250 

FT-8&A360 1S2M 

Trt 01 FT-SE 100 rttfe low 1208pm 


AAM.S 

3031.4 

30320 

30330 

3048X 

30870 

30830 

30830 

3024.7 



34870 

3487.0 

34830 

34870 

3483.1 

36004 

35010 

34833 

15280 

16230 

19220 

1S22.8 

1323.1 

19284 

18380 

1844.1 

15443 

15190 

■ FT-SE Actuaries 380 Industry bssksts 

Open 900 10*0 

1100 

1200 1800 

1400 

1800 

16.10 

Chne 

Pmfoua 

CWniie 


Bfcig&Crwrcn 

nwrmmufcto 


Banka 


980.7 

2921.3 

10835 

2841-4 


9711 

2013-0 

18785 

2041.8 


977.7 

29165 

1B7BJ3 

28410 


29145 

1875.1 

20430 


29220 

18713 

28575 


29380 
18780 
L7. 


2969,4 

1878.0 

28945 


29644 

18713 

28870 


8780 


1804.8 

28400 


+010 

+14.7 


9620 

2B390 29350 

S3 L aa-° tw - s ga r +-““ ® u ■“ fc .'sa 

Mrt dM* M EqMyartan.orfltgffi rtto va fea . Sm S ^SH . ffJB BB ***** 

.-TTr : "\lI il , SS0K b_ TrBaa 31/12/B5 14125 a WMar 29/12*9 1000JM UKGBaindeai 31/12/7B 10000 

^E WtiMunimcto SSSSo 31 / 12*6 88204 Wflnanctata 10WB2 10000 Mox-Untod 30/4*2 10100 

FTj E&relC ap _ SJJJS SS 31/12*3 100a00 FT^6-A AB^tmn WVB2 10000 Dabe and Lnana 31/12*7 10000 

ESSTSSL mSlISS SSI? 31/12/BO lUXLOO All Otf+r 3, AMS 100M0 

lha FT-SE 

Ftonctai Tknaa Lkifead, 

Rapubto 4/ tatartd Unto 

LnM. Airtor. Tha MU Convcny. 

MUnOMnambmchpi). 



Defence 


on alert 


(APT) 


GECFs early morning delivery 
of an all cash offer worth 1400p 
a share for submarines group 
VSEL and subsequent pur- 
chase of some 14 per cent of 
the shares left the stock mar- 
ket with plenty to chew on 
over the weekend. News of the 
counter bid pushed VSEL up 
by 72 to 1395p in turnover of 
12m. sent Vesper Thorny croft 
ahead by 14 to 7lp but left Brit- 
ish Aerospace languishing at 
4£9p, a decline of 16. 

The initial reaction In the 
stockmarket was to talk of the 
bid in terms of a knock-out 
blow. Lord Weinstock’s offer 
tops the all share bid from BAe 
by 144p and outstrips BAe‘s 
cash alternative by 160p. But 
thLi approach softened later as 
BAe showed itself determined 
to attack the GEC flpftl- 

It opted to play the monopo- 
lies card, declaring the offer 
from GEC as posing competi- 
tion concerns. This led to spec- 
ulation among some analysts 
that BAe might just decide to 
Increase the value of its all- 
share terms. 

But the sheer power of 
GEO'S finances - its cash bal- 
ances of £3bn exceed BAe’s 
market capitalisation by 
around £1.2bn - were the main 
talking point yesterday as GEC 
itself gained 8 to 278Kp. 

Brian Newman, electronics 
specialist at stockbroker Hen- 
derson Crosthwaite said 
“GEC’s market raid effectively 
removes the financial engineer- 
ing aspect of BAe’s bid for 
VSEL.” He said GEC will not 
relinquish its shareholding, 
and that will prevent BAe from 
using its tax losses. 

M & S weak 

Leading stores group Marks 
and Spenrar was restrained by 
a mix of technical and funda- 
mental factors and failed to 
benefit from the market 
bounce. 

Expiry of options early in the 
week apparently prompted an 
influx of stock and several big 
blocks of shares were said to 
be overhanging the market. 
The weekly In-house magazine 


NEW HIGHS AND 
LOWS FOR 1994 

NBWHKMSfHL 

GILTS (1) BULGING S CNSTHN Ot VtoropLnt, 
Wlggtaa, DMimiTOm {Q Man 4 Hcn+y. 
Mtol Hantaan ELECTRNC 8 ELECT EOUP (3) 
Magnun Powar. Radtawc. ENGMEBMO p) 
VSEL, EXTRACTIVE HDS (8) AFVUN, Eastern 
TtariMaL &m*b. Johonmoeug. Vtest Hard, 
HOUSEHOLD GOODS (1) Ousma 1 Lida. 
INVESTMENT TRUSTS (1) INVESTMENT 
COMPANIES (1) OIL EXPLORATION & PROD 
(1} Gufamam, OTHER FINANCIAL CH 
EdMuQh Fa. Mngrs. Jufmr Tyndtil OTHER 
SOWS 5 BU8N8 W Angto-Ete* Plants.. 
SUPPORT SERVS (1) RaXanca Secunty. 
TEXTILES 4 APPAREL (T| Ctfentaartaln Ptn^ga, 
NEW LOWS pMS. 

OB.T8 (1) BANKS M MitotoaN. Sumacm. 
BULGING A CNSTRN pt AMEC. Do 65p Pit. 
Boot CHL BUM MAILS A MCHTS (B) Btettan. 
M Gnjup. HaywoM worn Pit. Malay. 
Romua, TUon, CHEMICALS P] Engatuad. 
OWTRtBUTDM (8 Atucua. LtoServicai 
Whofeaafe Ftokiga. WVERSIHCO INOLS (SJ 
PoareB DiAvn. Suier Wits. B9/D+. ELECTRNC* 
ELECT BQUP H Btom Conor/ Tadtaquaa. 
GasteUMr. ENGMEBVNG f* Concanwe, 
Johnson * ML OM tofl, HEALTH CARE (* 
AAH. Kaamocs*. HOUSEHOLD GOODS P) 
Corram Pertor A. Fbw Oooor. INSURANCE H 
Aon. Kaato (CEJ. Lowndaa LanKtoL 
MVnriMBIT TRUSTS n LB3WE * HOTELS 
n Alton, Do SVp PH.. Trtnj IntU MBNA n 
Wa m aopaTadL. Portsmouai a Sunoerinna. 
Staapy KkM. THnay WMOa Do WHa, OO. 
EXPLORATXM 5 PROD fl) Oceoiuea, OTHER 
FINANCIAL H Cattfe'a. to to m n aate. Untan. 
PKARMACmillGALSn) OntoMtan. F+TTNO, 
PAPER * PACKS (1| AG. PROPERTY M 
Chaataftohf SHpc Pit, fTaniton Trust London 
* MnopeBaiL TfiJlort Parti, RETAILERS, 
FOOD [i] pfanfln a Paacoefc. RETAURS, 
GENERAL n MMnato Uwny. tUgnat 
SUPPORT SEHVS H BS-M B. JBA. StH-Hua. 
TEXTILES S APPARS. (Z) Campari feSL, 
Sherwood. AMGVCANS Dm * BcadMreet. 
HomyimL RockwaL 


from rival John Lewis, pub- 
lished yesterday, pointed to rel- 
ative weakness in sales and 
there was a feeling the Lewis 
figures reflected a wider trend. 

The shares shed a penny to 
416p and other stores groups 
were also weak. Kingfisher slid 
4 to 473p against suspicion that 
the company was beginning to 
talk quietly and cautiously 
about Woolworth's trading. 
Sears softened a half to 108%p. 

Reuters bought 

News and electronic informa- 
tion group Beaters Holdings 
was one of the strongest per- 
formers in the FT-SE 100 as a 
good reception for the trading 
figures combined with the 
impact of a strong dollar to 
send the shares spurting for- 
ward 6 per cent on the day. 

The market appreciated 
news that revenue for the third 
quarter rose 25 per cent to 
£590m against the same period 
last year. Following warnings 
from tbe company, the market 
had been expecting a slow- 
down in orders, which had not 
materialised because of a 


reporting time lag. As such the 
figures were above many fore- 
casts. But the company is also 
a big dollar earner and some of 
the rise - 30 to 477p - reflected 
the US currency's move. 

Scottish Hydro called the 
expected meeting of analysts 
but surprised the market by 
rejecting Offer's regulatory 
review of the Scottish genera- 
tors. thereby inviting a refer- 
ence to the Monopolies & Merg- 
ers Commission. 

Analysts said Hydro gave an 
impressive defence of its posi- 
tion and picked up hints of the 
possibility of the MMC taking a 
hard look at rates of return 
from the English recs, post 
their regulatory review, os it 
investigates Hydro's claims of 
underfunding of its business. 
Dealers were alarmed at the 
possibility that the MMC might 
reconsider its review. 

Hydro shares initially fell to 
3Q7p on the news, but later ral- 
lied to close 5 higher at 318p. 

Media group Carlton Com- 
munications built on recent 
strong performance as the 
shares responded to consider- 
ation of a trading statement 
from Rank Organisation. Both 
companies have video duplica- 
tion businesses and Rank said 
its operation was having a 
much improved year, with vol- 
umes up almost 50 per cent 
and margins widening. Carl- 
ton’s video and audio produc- 
tion and distribution division 
accounted for more than half 
its profits for the six months to 
end-March and analysts are 
hoping for good news when the 
company publishes full-year 
figures in December. Carlton 
shares jumped 28 to 878p but 
Rank was hit by profit taking 
despite a positive statement 
and the shares fell 1014 to 399p. 

Good figures from US rival 
Omnicom helped advertising 
group WPP improves to lllp. 

The oil majors were in the 
vanguard of the market’s 
advance, with specialists high- 
lighting the sector's obvious 
exposure to a strengthening 
dollar. BP hit an all-time high 
In dollar terms, as US Institu- 
tions chased the stock in the 
wake of excellent third quarter 
results from the leading US oil 
companies, including Shell Oil. 
At the close BP were 13 higher 
at 428Vx. just short of the peak 
430p reached last month. 

BP is scheduled to announce 
third quarter numbers on 
Tuesday. Specialists also said 


■ CHIEF PRICE CHANGES 
YESTERDAY 

London (Pence) 

RIbbb 


Aviva Pet 

60 

+ 

7 

Bank of Scotland 

205 

+ 

6 l J 

Benchmark Grp 

33 

+ 

5 

Biocure 

26 

+■ 

7 

Danka Business 

305 


17 

GEC 

276 

+ 

7'i 

Hays 

286 

+ 

11 

Magnum Power 

79 

+ 

8 

Petrocett/c 

29 

+ 

4 

Phonetink 

330 

■4- 

11 

ReGanco Security 

159 

+ 

7 

Reuters 

477 

* 

30 

SEET 

50 

t 

4 

Shiloh 

152 

+ 

7 

Tams (John) 

80 


6 

VSEL 

1395 


72 

Falls 

Aminex 

57 

_ 

5 

Apollo Metals 

88 

- 

5 

Campari Int 

24 

- 

11 

ComweH Pkr A 

99 

- 

9 

OMI Int 

43 

_ 

6 

Pascoe's 

33 

- 

7 

Protaus Int 

235 

- 

25 

there is an even chance 

that 


the dividend may be increased, 
with a rise of up to 12 per cent 
a share a possibility. 

Shell leapt 19K to 73lp as the 
market wanned to its US sub- 
sidiary's figures and subse- 
quent broker recommenda- 
tions. 

Speculation has returned 
that Unigate, the milk pro- 
ducer, might be poised to sell 
its 35 per cent stake in Nut- 
ricia, the Dutch group. The 
talk was fuelled yesterday by 
reports that Unigate was hold- 
ing a press conference. The 
shares jumped 9 to 846p but it 
transpired that the conference 
was merely an internal meet- 
ing and the stock ticked back 
to only a penny firmer at 338p. 

BAT Industries was initially 
restrained by news that the 
Federal Trade Commission 
would attempt to block the 
company’s £600m takeover of 
American Tobacco. The shares 
were off 5 at one stage but as 
one of tbe stocks most sensi- 
tive to US currency and mar- 
ket movements it recovered to 
close 7Vi better at 439 Vip. 

Clothing manufacturer Cam- 
pari fell il to 24p alter interim 
losses of £3.96m against £3.09m 
loss last time. 

Turnover of 10m in Standard 
Chartered was the fifth highest 
this year and reflected contin- 
ued heavy buying from one of 
the London market’s leading 
marketmakers; the shares 
edged up 4 to 290p. 


& FhtaodaT 
HbBKy ob Compact 
Disk 

bmucm prices 

ind fanttmncnnl ioTorltadoa 
immoduiely at jour fiagcrtpsl Bj 
crayGIqt ym need to ooa caxy-to [ 
bk w in ce CRB InlbTecta hdpa yxm perform 
uttiyio, baefciefllng, 
nwi*ii«i| ) prrpuTrfcHw md tots more— 

SS YEARS OF HISTORICAL PRICES FOB. 
CASH. FUTURES. OPTIONS AND 
INDEX MARKETS. 

MYEAK OF FUNDAMENTAL DCCfiM/VnON | 

ONI 




ttotaricti dKt, CRB towns* tin (aiW 
pike updates mi KR-Qdmc, KnJglit-RJdifcrt 


k*diy| 


INFORMATION: I 
KR Home, 78 Fkd Seed, London EOXY IHY 
Tldi +44 TO 71 843 083 


.Ojf. 



Sovereign (Forex) Lid. 

24hr Foreign Exchange 

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Coapatili vo Pikas 
Daily Fax Sorvico 
U: 071-931 9188 
Kcoc 071-931 7114 
43a toddnohen Mom toad 

London SW1W 0« 


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MANAGUMKNT REPORTS 


AUTHORITATIVE 

MARKET 

REPORTS 

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Weekly Petroleum Argus 

The unique source tor oil inciuoiry no iv$ r comments and 

pnc<?s Pcttoleum Argus - 

CALL .^OW for a FREE "T RIAL Is li’iiv’i ili:v,s.'i,'l!'_-r i*".** 350 87! 



ECU fkitum plo 

SBCMadtinPfMO 

Dtagravto 

Lenten 8W1XBHL 
Tat +71 246 0008 
FtW +71 236 6699 


FUTURES t OPTIONS DROKERS 


$32 


ROUND 

TRIP 


FXECLrrtCN UHlr 




"91 


J 







financial times 


WEEKEND OCTOBER 29/OCTOBER 30 1994 


COMMODITIES AND AGRICULTURE 


WEEK IN THE MARKETS 

Selling 
trims metal 
price rises 

London Metal Exchange base 
metal contracts mostly sur- 
vived a wave 1 of pre-weekend 
profit-taking yesterday to end 
with most of the week's earlier 
Impressive gains intact. 

The only substantial loser on 
the day was al uminium, which 
closed S14L25 down at $1,827.50 
a tonne for three months deliv- 
ery. But that was still $74.25 up 
on the week. In a hectic morn- 
ing session the price had first 
scared to a fresh four-year high 
of $1,870 a tonne, helped by 
news of another big fall In 
LME warehouse stocks, and 
then tumbled to Si. 810 , before 
bouncing to §1.853. The sellers 
returned after lunch, but not 
insufficient force to spark off 
the major “correction" some 

LME WARBfOUSG STOCKS 

[As x Thursday's dt») 


Alumirriuin 

-29.875 

to 2.Q58J17S 

Alunlntum aacry 

-140 

to 25.540 

C«WMr 

-1,700 

to 335J175 

LMd 

-1.500 

to 371,150 

Nickel 

*82+ 

to 149.262 

Zhc 

-24875 

to 1-211.300 

Tei 

-885 

M3CL340 


pundits have forecast following 
this month's 15 per cent surge. 

Mr Tony Bird of the Anthony 
Bird Associates consultancy 
warned this week that the mul- 
tilateral agreement to curb alu- 
minium production could col- 
lapse “quickly and chaotically” 
if the price rise continued 
unabated. Mr Ted Arnold, ana- 
lyst at the Merrill Lynch finan- 
cial services group, predicted 
meanwhile that some trade del- 
egates would be arguing for 
capacity re-starts when signa- 
tories to the agreement meet 
next month. That did not mean 
the agreement was about to 
collapse, he said, "but it does 
suggest that it is starting to 
crumble well before its end- 
1995 deadline". 

This sort of talk brought a 
response yesterday from Alcan, 
one of North America's biggest 
producers of the metal, which 
cut its output by an annual 
156,000 tonnes earlier this year. 

WEEKLY PRICE CHANGES 


“The fundamentals dictated 
the cutbacks; the fundamentals 
will dictate restarts," Mr Jac- 
ques Bougie, chief executive, 
told reporters after a presenta- 
tion at the Almnitech *94 con- 
ference in Atlanta. Georgia. 
Stocks remained too high to 
permit a restart of capacity, he 
insisted. 

Copper was also helped early 
on by news of a further fall In 
stocks, though much more 
modest than aluminium's. The 
three months price shot to a 
four-year high of $2,690 a tonne 
before the profit-taking 
trimmed it to $2,647. It closed 
at &65&50, up $15.50 on the 
day and $102 on the week. The 
earlier strengthen of the mar- 
ket had been fuelled by specu- 
lative buying, notably from US 
investment funds. 

Zinc also attracted the atten- 
tion of speculators as its LME 
stocks fall speeded up. The 
announcement yesterday of a 2 
per cent drop to 1 . 21 m tonnes 
encouraged a rise to a near- 
two-year high of Si, 147 a tonne 
for the three months position. 
It eased to $1,135.50, but was 
stil] $47 up on the week. 

Nickel was the only LME 
metal to register a stocks rise 
yesterday, but that did not pre- 
vent it building on its earlier 
strength during the morning, 
when it touched $7,450 a tonne. 
Subsequent selling took the 
price down to $7,335 at the 
close, down $22.50 on the day 
and up $34750 on the week. 

Tin followed a similar pat- 
tern, reaching a 22-month high 
of $6,070 a tonne for three 
months delivery but closing 
$95 off that level 

At the London Commodity 
Exchange coffee futures sank 
lower as uncertainty about the 
Brazilian weather outlook kept 
buyers on the sidelines. 
“Everyone is frightened to take 
a position,” one dealer told the 
Reuters news agency. “Even 
the locals [traders operating on 
their own account] are scared 
to get into the market.” He 
said a flurry of crop forecasts 
and rain forecasts from Brazil 
had finally saturated an 
already nervous market. 

At the dose the January 
futures position stood at $3,488 
a tonne, down $70 on the day 
and $175 on the week. 

Richard Mooney 



Latest 

prices 

Change Year 
on week ago 

1004 

High Low 

Odd per troy oz. 

538&90 

-3.8 

5339.65 

5396,50 

5389.50 

Sftver par troy oz 

328~0p 

-1-2 

241. OOp 

384 JOp 

320.5Op 

Aluminhsn 99.795 (cash) 

SI 8055 

*71 

S1147.75 S1819-5 

Si 10730 

Copper Grade A (cash) 

52690.0 

*127.5 

$1452.00 S28BaO 

S1731JS0 

Lead (cash) 

5657 

*6 

S32250 

S858.S 

S428.0 

Nickel (cash) 

S7223.0 

-345.6 

56O7a0 

S7240 0 

5521 OJ) 

Zinc SHG (cash) 

81114.5 

*47 

S1092J 

S1114J 

S0OCL5 

Tin (cash) 

S589G.0 

+370 

S5830.0 

55890.0 

S473a0 

Cocoa Futures Mar 

1386 

*5 

£705 

El 124 

£859 

Coffee Futues Jon 

S3488 

-175 

S941 

S4091 

Si 175 

Sugar (LDP Raw) 

53215 

+4.0 

S22B.4 

S317J 

S252B 

Barley Futures Jan 

EM 03. 80 

-0.45 

El 29.0 

El 05.50 

£92.65 

Wheat Futures Jan 

El 07.30 

*0.05 

£131.0 

£117.50 

E97J30 

Cotton Outlook A Index 

75.85c 

+2.05 

51.60c 

B7.10C 

62.45c 

Wool (64s Super) 

440p 

+11 

406p 

485p 

342p 

Ofl (Biot! Blend) 

S16&IZ 

+4L5S 

51X36 

S16.8T 

$1X18 


BASE METALS 

LONDON METAL EXCHANGE 

{Prices from AnnJganffi fed Mala) Tiadng) 

■ ALUMINUM, 90.7 PURITY (S par tonne) 



Cash 

3 mths 

dose 

t 

1827-5 

Prenrious 

1019-20 

1841J-ao 

High/low 

1828 

1870/1820 

AM Offldai 

1829-30 

1850-1 

Kero doee 


1822-3 

Open Int 

N/A 


Total daHy turnover 

N/A 


■ ALUMINIUM ALLOY ($ per rorna) 


Close 

1760-M 

1815-25 

Pimfous 

178545 

1820-5 

HtoMow 


1845 

AM Official 

1810-20 

1845-56 

Kerb ctose 


1810-30 

Open bit 

N/A 


Total date/ turnover 

N/A 


■ LEAD (S per tonne) 


Close 

658.5-7.5 

671 .6-2.0 

PravtoUB 

658-9 

671-2 

High/low 


S75/670 

AM Official 

866-8 

6695-705 

Kerb close 


871-2 

Open IrtL 

N/A 


Total Oefly turnover 

N/A 


■ NICKEL (S per tenne) 


Cteee 

7218-28 

7330-40 

Previous 

7235-45 

7355-60 

HgMow 


7450/7290 

AM Official 

7270-6 

7383-5 

Kerts ctose 


7310-15 

Open Ira. 

N/A 


Total dally turnover 

N/A 


■ TM (S per Torme) 



CAMS 

5585-85 

5970-80 

Previous 

6820-30 

5900-10 

High/low 


6070/5950 

AM Official 

6875-85 

5360-66 

Kertj dose 


5980-90 

Open InL 

N/A 


Total dally turnover 

N/A 


■ ZB4C, apecW Mgh grade (B per tonnel 

Ctose 

1114-5 

1135-6 

Pravloua 

1107-8 

1129-30 

Hffih/kw 


1147/1128 

AM Official 

7113-4 

1 734.5-5.0 

Kerb ctose 


1135-6 

Open kn. 

N/A 


Total daffy turnover 

N/A 


■ COPPER, grade A (S per tome) 


Ctose 

2879.&4KL5 

2858^ 

Previous 

2661-5-2^ 

2842^-3^ 

MgfVtew 

2668/2065 

2890/26*8 

AM Official 

2688-8 

2847-3 

Kerb close 


2658-60 

Open InL 

N/A 


Tbta easy turnover 

N/A 



■ LME AM Official OS rata: 14382 

LME Cloelng E/» rate 14186 

SjwtiXan 3 mttel.filflO 6 mtoeLCtfir g natal 41 35 

■ MQH (HADE COPPER (COM EX] 




lta/s 

0p« 



Ctose 

change High km 

tat 

Vel 

Nos 

124.25 

*030 124.70 123X0 

1X07 

95 

Ok 

123.46 

*0.10 123X0 122.10 41X18 

9,098 

Jan 

722.70 

*0.05 >2250 122X0 

793 

9 

Fob 

12190 

-0X5 

575 

3 

Mar 

120.95 

-0.15 121.20 119X0 

9.190 

Z*Q6 

Apr 

11ILB5 

riUO 

695 

78 

Tata 



6X158 

1X388 

PRECIOUS METALS 



■ LONDON BULLION MARKET 
(Prices suppled by N M Rotnsctfd) 




Pur mm unless att re ramo stated. p PenwAg. c Cents ft. i Dec 


Qofd (Troy oz.) 
Close 
Opening 
Morning fix 
Afternoon ft c 
Day's High 
Day's Low 
Previous close 
Loco Ldn Mean 

1 month 

2 months — — . 

3 months — , 

88m Rx 

Spot 

3 months 
8 months 
1 year 
Sold Colne 
Krugerrand 

Maple Leaf 
New Sovereign 


£ epuhr. 


237.423 

238.570 


5 price 

388.70- 367.1 Q 
388.40-38840 

388.40 
387.70 
388.80-389.20 

388.70- 387.10 
388.60-389.00 

Odd Lending Rum (Vs USS) 
—.448 8 months - — - — ,j5.t3 

.>441 12 months --5^ 

„443 


p/trey oz. 
32840 
33240 
338.10 
351.40 
S pries 
390-303 
388.40-40045 
91-94 


US eta equlv. 
538.75 
54340 
55145 
57040 
£ equtv. 
239-242 

56-59 


Precious Metais continued 

■ gold COMEX flflO Trey a.' Sftroy caj 


Dee 

Mr 

flpr 

JBB 

Aob 

Tata 


Sdl Osya 

price drags Mge tow 

3573 
3817 
3922 
3854 
3994 
4013 


0p« 

tat VOL 

fi 12 


-14 3874 3874 

-14 3904 3884 

-tJ mO 391.4 80473 20« 

-14 396.1 3954 10489 S78 

•14 401.1 3994 8478 1422 

-14 0 0 94&t 1.936 

135,7® 2*824 
■ PLATINUM NYMEX (50 Troy cm 5/lroy oz.) 


Hot 


-24 


4254 

4254 -£0 

tar 43*1 -24 

Jet 4344 -14 

OCt 4394 -14 

Jm 4424 -14 

TaW 

■ PAI I A CHUM NYMEX (100 Troy oz.' S/tray o*J 

the 18049 -045 IGMO 150-75 4481 IXlfi 

Her 16245 -040 16345 16240 1489 31S 

JM 18345 -040 * • 465 90 

Sep 164.ro -040 - 31 31 

DM 7/MS 1,435 


Nov 

534X 

-7X 


- 100 

100 

Oac 

B3S.7 

-ax 

5«X 

53X5 75X07 17X30 

jm 

539J 

-8X 

e 

79 

t 

Mar 

6452 

-8.1 

5525 

545X 18X57 

1.654 

may 

5512 

-82 

558X 

554X 4.690 

S 

Jri 

557^ 

-ax 

w 

- 4,030 

7 

Total 




113X82 19JT7 

ENERGY 





■ CRUDE OIL NYMEX (42X00 US galls. S/trantf) 


Sad 

town 


Open 



tales 

chengs 

■Bob 

Low tat 

Voi 

D*C 

15X3 

+0X6 

18X4 

18X5 9X*35 4X940 

Jm 

18X6 

*0X1 

1820 

17X5 6X918 26215 

mb 

173* 

■0X1 

1X07 

17X4 35.150 

11.177 

Urn 

17.B* 

-0X3 

18X0 

17.73 24X82 

7.131 

Apr 

17.77 

-0X4 

17X4 

17JZ 1X306 

3.569 

May 

17.72 

-0.06 

17X3 

17X5 11X37 

1348 

Total 




390,101102X60 

U CRUDE OIL IPE (S/bentO 




Lataxt 

to/» 


Open 



price cbDfla 

»0b 

Um lot 

Vot 

DM 

10X0 

-0.05 

17.07 

1BX3 BX242 30X87 

Jan 

16X7 

-oxa 

16X3 

16X3 47X43 14.199 

Fta 

16X1 

■0.12 

18X8 

16X1 15.948 

3.767 

Mar 

18.43 

-Q.10 

16X3 

1X38 10X36 

1X72 

Apr 

16J7 

-0X7 

18X7 

16X2 4.753 

1.050 

May 

16.31 

41 nq 

1X36 

1X31 5.233 

2316 

Total 




40586 58X70 

■ HEATING OIL NYMEX (42X00 US gab: BUS jatoj 


sea 

Owft 


Open 



pries 

dung* 

»oh 

Low tat 

Vol 

Hot 

49X1 

<1X9 

49.70 

48X0 10X5* 

9534 

Me 

49X3 

-029 

50.15 

4025 45X24 

14.163 

Jm 

SD.1B 

-0X4 

50X0 

4935 32075 

*62B 

HO 

5053 

-024 

51X0 

50.*0 33.658 

3.735 

Mar 

5043 

-019 

5X80 

50X0 11X62 

874 

Apr 

49.73 

0.14 

50.CS 

49X5 7X56 

639 

Total 




15X480 34X70 

■ QAS OIL FE iS/hme) 




Soft 

toyv 


Opn 



totes 

ctrengs 

Htft 

Low tat 

Vol 

Nov 

151X0 

-225 

15175 

151X5 20289 

4342 

OK 

153X0 

-2.00 

155.00 152 75 2&2SB 

4.138 

Jan 

154 XQ 

•200 

15X00 

154X0 21X62 

1 JO* 

Fta 

155X0 

•200 

157X0 

15X00 &4J6 

1.691 

Mar 

155.75 

-1J5 156.75 

1325 7.6M 

356 

Apr 

15AD0 

■1X0 

15525 

154 00 2.426 

33 

Total 




109X00 13J534 

■ NATURAL QAS MYMSX (10X00 nreSOL. SAttrXu.1 


Sett 

to/s 


Open 



ffitae 

change 

00 

Low tat 

W 

Me 

1392 

0X18 

2015 

1366 29X21 

13.452 

Jan 

2X94 

0001 

2.105 

2X75 tarns 

2937 

Fab 

1 nyi 

-0X0* 

2X40 

2020 12X14 

98* 

Mar 

1X67 

0006 

1.975 

1363 11X86 

875 

Apr 

1.903 

0007 

1X10 

1X95 6XC2 

615 

May 

1X04 

0007 

1X10 

1300 6X83 

3*0 

Total 




131X80 21X88 

■ UNLEADED 0A8OUNC 



NYMEX (42X00 US gab: c/us gaoil 



Dot 

DSC 

JM 

Ml 

Mar 

Total 


Sett Day's 
price tangs Mgti 

5848 -*348 59.40 
59.29 *044 5940 
5844 *030 5640 
55.19 4824 5545 
5839 -824 5540 

5849 -024 5840 


Open 
Law tat 

54.40 18197 
5745 25.452 
5540 16,113 
5445 6208 
5440 3454 
5845 44ta 
7*968 


Vot 

14413 

134<2 

<442 

1479 

212 

117 

35,111 


GRAINS AND OIL SEEDS 

■ WHEAT WEE per tonne) 


Satt toy's 

pries tasogs HgO Low 

10529 *815 K02S 105.25 
107J0 *815 10740 10740 
10940 +810 
11120 -840 
11245 
9645 *845 


_ 

_ 

1 

1 

Doe 

391/4 

4220 

424X 20.AJI 

1.571 

Mr 

*01/6 

*31 X 

429X 

3.717 

4 

May 

379 12 

435X 

435X 

1.272 

2 

JUl 

351/0 

MU 

441 X 

445 

- 

Sep 

354.-4 


- 

2 

25X50 

1X78 

Ok 

TbM 

3657* 


Jan 
Nr 
"*r 
M 
Sap 
Tata 

m WHEAT C8T B.OOOtiu mta; Oenfl/BOtti busheO 

-2/5 394/4 389(0 39499 11497 

-J/4 4040 4000 SOTS 4454 

•2/4 380M 377/0 4.417 397 

- 352(0 34810 10462 1.128 

- 355U) 351/4 248 43 

■Mi X St* m/a >47 S 

7*832 16435 
■ MAIZE CST (SJXJQ Du mfcvj oontt/58tt> OushaQ 


Dec 2185 

Mar 226/0 

My 235/E 

Jut 2*V4 

Sap 2*6 ! 4 

Dec 251/0 

Tata 

■ BARLEY LCE f£ per tonne) 


■VI 217/a 218/4H8444 3*489 
-1/4 2298) 2Z7/8 HL247 11.904 

•Iffi 237/0 23S/4 25.108 4.466 

-2ft 242/E 241/0 31.645 4283 

-2/0 24718 248/2 8873 *8 

-2/0 25212 2SO/4 11099 1075 

293,182 WAN 


NOT 

101XS 

-a 15 

101X3 

101X5 

140 5 

Jan 

103X0 

w 

- 

• 

418 

Mar 

106.15 

- 

• 

- 

IX 

“W 

1CB.I5 

- 

- 

- 

48 

Sep 

93X0 

- 

- 

- 

5 

Total 





739 9 

■ SOYABEANS CBT (SXOQbu met canaftQB OushaQ 

Not 

8*816 

-5ft 

saw 

546/4 

31X03 20X27 

Jan 

558ft 

-5*4 

962/4 

558/4 

49X87 22781 

Mar 

558ft 

-W) 

572ft 

588/4 

23.405 4,134 


May 577/4 -5/6 582/0 577/0 11,140 1,207 

-U 564/D -5ft 587/4 583ft 18878 25*0 

Aug 587/2 -4ft 581ft 587ft 1.284 434 

Total 14*968 82/818 

■ SOYABEAN OIL CST (SOOOOlbK certa/to) 


Oac 

28X3 

+007 

29 SR 

26X2 37.437 20X32 

Jan 

25X2 

*0X1 

2579 

25X8 15X83 

4X14 

Mar 

24X5 

-012 


24X2 13X00 

3X98 

Kay 

24X0 

-012 

24X3 

24X0 12X83 

2X74 

Jet 

2*X7 

-013 

24.60 

24X5 

6X01 

*X23 

tnq 

24X0 

-015 

24.45 

24.30 

2X89 

11! 

Total 





92X21 38X23 

■ SOYABEAN MEAL CBT (tOO tons: S/ton) 


toe 

1EG.1 

•3X 

162X 

1800 41.429 

7X89 

Jn 

161 X 

•2X 

164.1 

181.7 17X97 

1X08 

Hr 

16SX 

-2X 

167X 

185.4 14X62 

1X72 

Mat 

I69X 

-41 

1708 

169L0 

&2B4 

014 

Jol 

1713 

-U 

175.0 

I73X 

8.135 

907 

Aog 

174.8 

-IX 

176X 

I74X 

1,175 

208 

Total 





98,188 12X70 

■ POTATOES LCE <£/tonne) 




Hot 

150.0 

. 

. 

. 

. 

. 

Mar 

USX 

- 

- 

n 

• 

■ 

Apr 

225X 

+1.0 

IMS 

224.5 

1,438 

74 

May 

242X 

+2X 

- 

• 

■ 


Jn 

107X0 

- 

- 


- 

- 

Total 





1X38 

74 

■ FREIGHT (BIFFEX) LCE (SlOflndox point) 


Del 

1871 

■2 

. 

. 

458 

. 

Not 

1800 

- 

1800 

1795 

318 

25 

toe 

1703 

-10 

1720 

1096 

271 

102 

Jn 

1655 

♦7 

I860 

1050 

1X97 

65 

Apr 

1810 

+2 

1605 

1605 

891 

3 

JM 

1448 

+18 

. 

■ 

142 

■ 

Total 

Ctoaa 

har 



3.192 

218 

m 

tin 

1874 






Spices 

Block and white pepper prices ware fully 
steady ns week, reports Man Ptoductan. Tha 
week Carted Wifi higher offers from Inda for 
Hade pepper and the Malabar marital has also 
been very firm. Short shippers continue to eel 
■way any canyovar in Cochin. Whiles prices 
ter tedonesian supplies have been rising quietly 
as Concern about the the affects of the dry 
weather has Increased. China b a seller out win 
soon rim dry. The nutmegs and mace market 
remained steady in origin, with Bmtted offtake 
because most Industries are wo* covered into 
and this year. There were a few eurepaon 
nesdtars taking profits by underquoting origins. 
When me current prices survive thb lul In the 
market we vriO certainly saa a much ffitner 
market early next year, whan coverage wD be 
dona ter T895. High grades of Casste are 
increasingly dfficuit to obtain. 


SOFTS 

■ COCOA LCE (Wonnft 


Open 



Sell 

da/* 



to* 

Vet 

tat 



print daoge 


lSK 

til 

BZt 

no 

Dae 

B58 

.1 

063 

955 

20.950 

1,048 

IX8S 

a 

Mar 

980 


992 

985 

43.863 

2XB5 

1X92 


May 

998 

-i 

tom 

996 

14.550 

220 

1X72 

. 

JM 

1011 


1015 

1010 

6.305 

87 

205 

. 

Sep 

1023 

■i 

1027 

1023 

12,485 

57 

40 

. 

toe 

1037 

-z 

1039 

1037 

8X28 

15 

oxsa 

188 

Tobri 




1t2X83 

3XB0 


■ COCOA CSCE no Hones; S/lonneo) 


D« 1333 -19 1354 1320 27X88 6X83 

Mar 1373 -19 1398 1370 21083 1605 

Key 1407 -20 1425 1402 8X28 E57 

Juf 1433 -20 1449 1435 3,029 22 

Sep 1460 -20 1470 1470 1X83 

toe 1487 -20 - - 4X79 JS 

TBW 74X1013X89 

■ cocoa occa (SOFTa/tame) 

00127 



Hka 


Pray, my 

IMni 



VVWRJ 


900.72 

■ COFFEE LCE (S/tonne) 




HOT 

3488 

-85 

3500 

3455 

4,194 

1X25 

Jan 

3*88 

-70 

S10 

3405 

11X96 

1.387 

Her 

3454 

-81 

3*70 

3430 

5.416 

302 

May 

3439 

-31 

3450 

3*15 

3,m 

68 

Jut 

3455 

-10 

. 

. 

1X40 

- 

Sap 

3408 

-7 

- 

- 

irifll 

- 

Total 





29X82 2XC 

m GOFFS XT CSCE (37X0034; cenaftta) 


Dec 

189X0 

+0.10 

isaoo 

187.00 

12X08 5.401 

Her 

194-30 

■0X0 

team 

192.25 12X79 1,740 

May 

19050 

-0.15 

197.00 

19500 

4.944 

304 

JM 

196X0 

*055 

190.00 

197.50 

1X90 

71 

Sep 

190X0 

- 

199,50 

IBS 00 

907 

52 

Dae 

199X0 

-1X0 281X0 200X0 

882 

22 

Tow 







■ COFFEE (ICO) (US wnts/pound) 



Oct 27 



Price 


Re*, day 

Cann. d*2y 


.18096 


180.63 

15 day avenge — 


, 18X29 


184X4 

■ Not PREMIUM RAW SUGAR LCE tconts/tb*) 

Jn 

13X0 

. 

. 


- 


Mar 

12X9 

•003 

. 


90 

• 

Stay 

13.13 

-ao2 

1107 

1107 

300 

ICO 

JM 

UOO 

-am 

. 

. 

4S0 

- 

ToW 





940 

100 

■ WHITE SUGAR LCE (SAonnO) 



DOC 

353.80 

•1.00 35150 351X0 

3,138 

2B2 

Mar 

346,70 

X.1Q 347.10 3*5X0 

9.124 

1,360 

May 

3*5X0 

» 

3*550 343.30 

2,415 

Off 

A»g 

342X0 

*050 342.00 341.00 

2.810 

40 

Oct 

320.10 

*1.10 318X0 31850 

696 

I 

Dee 

31900 

+1.10 

3180) 31600 

4 

10 

lew 





17X88 2X11 

■ SUGAR II 1 CSCE nilOOBbs; Canutes] 


Mar 

12X3 

4.08 

12X7 

12.75100X9815X9* 

May 

12.87 

404 

12X8 

12.79 24X38 «X22 

M 

12.73 

404 

12.74 

1287 

14,794 

1X79 

Oct 

12X5 

401 

12X5 

12X8 

13.166 

637 

Ur 

11X2 

4X4 

11X8 

11.92 

1X47 

82 

May 

11.92 

404 

- 

- 

44 

- 

1oW 




184^2021X14 

■ COTTON NYCE (5C£00tar cnnUtea) 


Dae 

71X5 

488 

7285 

71X1 

24,3)4 91049 

Her 

73X5 

480 

74.10 

7110 15X01 

3.135 

May 

74.35 

475 

75X0 

74X5 

8.703 

806 

JM 

75X3 

402 

7960 

74.B0 

3,984 

305 

Oct 

7060 

475 

7075 

7D.7S 

536 

4 

DM 

89X0 

480 

7015 

68.85 

2.6S1 

350 

ToW 





B3X0914X4S 

■ ORANGE JUICE NYCE (T5.CKXH**; csnwtta) 

Nov 

104.75 

450 105.05 

1(0.80 

2X42 

757 

JM 

109.15 

455 110.40 10840 13.022 1.040 

Mar 

1U8B 

4 50 >1125 111X5 

5XC3 

216 

May 

110X0 

4X0 

118X0 

uexs 

1.422 

27 

JM 

11900 

450 11B2S 

11925 

875 

10 

S*P 

121X5 

-0X0 

121 JS 

121.75 

543 

1 

tbW 





H95S 2,00 


VOLUME DATA 

Open interest end Volume data shown for 
contracts traded on COMEX. NYMEX CBT, 
NYCE. CMS. CSCE n d IPE Crude OS are one 
riey ki arrears. 


INDICES 

■ REUTERS (Snag 18/9/31*100) 

Oct ZB Oct 27 month ago peerage 
21D4-9 2104.7 2 209a7 1804X1 

■ CRB Futures (Beset 1B87»10a) 


MEAT AND LIVESTOCK 

■ UVB C*mE CME (4Q.ttXMW. cwnsrlbsL 


On 

Mi 

Jn 

Mg 

Oct 

TOW 


sm Day* . 

fska data Mgti Usr W 

B9.950 *0.125 70.100 59*00 7 

61 675 6A9W 68.450 3ftB10 
69 GM +0.S75 89675 69D00 SMM 
65900 *0.37$ SWOB BS * 75 >3.099 
84 775 *0175 64800 64.475 4.210 
65500 *0.150 65-500 - 

Oftllfi 


IM 

\tm 

2.69* 

I.KU 

411 

83 

9X7 


m uvr H OPS CME lAO.OOfflbo. cwristo) 

ON 
HO 
Aar 


Aop 

Od 

Total 


35 400 *0650 35.7W 34550 
33JJ25 *0275 35300 37.450 
38.000 +0500 35250 37 553 
41000 *0.125 43 W0 *3500 
42.200 *0.100 42J0O 47050 
39.I0Q *0.350 39 350 W-BM 


1S.69H 4.J30 
a.T4f 3.3C 
4 663 IX-ffi 
2,035 J43 

355 3* 

Ht» UH 


FM 

42X50 * 0X50 42 900 41.400 

8.957 

116* 

btar 

41850 *0625 41000 41700 

1 JM 


May 

*3.680 *0.675 +4.100 *15«0 

31* 

42 

JM 

44X75 *0 673 44.750 *3.450 

11* 



*3500 *0X25 43.900 42J60 

70 

4 

TOW 

man 

3.453 


LONDON TRADED OPTIONS 


Strike price & tonne 

— Cana — 

— Puta — 

■ ALUMINIUM 

199.7%) LME 

Doc 

Mur 

Dec 


1800 - 

74 

11J 

36 

65 

1825 - 

61 

too 

48 

76 

1950 

48 

88 

59 

59 

■ COPPER 
(Grade A) LME 

Dec 

Mar 

Dec 

Mar 

2600 

108 

123 

54 

102 

2850 — 

6( 

H» 

76 

72.’ 

2700 

59 

80 

104 

157 

■ COFFEE LCE 

Jen 

Mar 

Jan 

Mar 

3500 

223 

328 

235 

374 

3550 

204 

311 

266 

407 

3800 

186 

205 

290 

441 

■ COCOA LCE 

Dec 

Mar 

OK 

Mar 

925 - 

39 

92 

6 

31 

950 

23 

78 

IS 

40 

975 

12 

63 

29 

52 

■ BRENT CRUDE IPE 

NOV 

Oac 

Nov 

Doc 

1800 

as 

IDs 

5 

104 

1650 

60 

74 

20 

74 

T7U0 

35 

56 

35 



LONDON SPOT MARKETS 

■ CRUDE Oft. FOB (per barret Duel 


♦or- 


Outre] 

Brent Blend (dated) 
Brent Blend (Dec) 
W.T.L (1pm eat) 


ST151-5.632 
S17.I7-7.1B 
Sl6.90-8.92s 
S18 17-119= 


■0125 

*0.035 

-0.065 

* 0.01 


■ Oft. PRODUCTS NIM: prompt delivery OF (tonne) 


Promkm Gnooilne 

$181-104 

■2 

On CM 

$154-155 

■2 

Heavy Fuel Oil 

$94-95 

+1 

Naphtha 

$170-172 

-1 

Jot fuel 

$180-181 


Diesel 

$180-101 

-2 

toefeun *** TV. iOPOtm ftTII SSS 0792 


■ OTHER 



Gold (par tray oztf 

5388 90 

-1.90 

SUiftr (per tray cd* 

538-Oc 

■3.5 

Platinum (per tray Oil 

$423.25 


PoAeahim (per tray or.) 

$159 75 

*0X0 

Copper (US prod ) 

1290c 

*1.0 

Load (US prod.) 

4025c 


Tin (Kuala Lumpur) 

14.69c 

*0.52 

Tin (Now York) 

27S.Sc 

+7.0 

Canto (he vrelghDr 

117 46p 

-2.17“ 

Sheep (Him wwghftT+ 

95.Q2P 

*3 52* 

Ptgs (Qve weight) 

74.53p 

■099* 

Ixn. day sugar (raw) 

*321.30 

■D.9 

ion. day sugar (wte) 

$350.0 

*1.0 

Ten & Lyte export 

£309.0 

- 

Barley (Eng. food) 

Unq. 


Mala (US No3 Yotow) 

$132 J)y 


Whan (US Darit North) 

£185.0u 


Rubber /Doc)Y 

8&75P 


Rubber (Jnn)V 

80X5P 


Rubber (KL RSS Nol Jul) 

343.5rtt 

-1.0 

Coconut 01 (PM)§ 

3647.5V 

-7.5 

Palm 09 QWafyjS 

$645.0t. 

+2.5 

Copra (PN8§ 

S4Q0.QU 


Soyacwara (US) 

B153.0v 


Cotton Outtook'A’ indox 

75.85c 

♦0.30 

Woofeopa (6*5 Super) 

451p 



Oct 27 
234.98 


Oct 28 month ego year ago 
23130 230.67 217X7 


C ear loon* uriere otrierw*** *ta wa. p porae/kg c conra/to. 
rrinpgMkp.ni Uslsysum centa/Mg. y OcUDec. » NoWOec u 
Octtvor. = Dec r Nov. V London BpeitaL § OF Row 
don. f BuKon roartwt doee. 6 Show IU»» wepte prtcmL • 
Chwigeon weak O Prices are tor previous dsy 


WORLD BOND PRICES 


BENCHMARK GOVERNMENT BONDS 

Red Day's Week Month 

Coupon Pete Price change Yield ago ago 


Australia 

9.000 

09/04 

91X100 

-0.170 

10.48 

10.17 

10X0 

Belgium 

7.750 

10/04 

05X500 

*0X10 

8.46 

8.43 

8X3 

Canada- 

8.500 

00/04 


*0X00 

9X8 

9.13 

8. 88 

Denmark 

7.000 

12/04 

07X700 

+0X20 

8.98 

0X0 

9.02 

France EUAN 

B.000 

05/98 

101X500 

*0.130 

7X8 

7X5 

7.48 

OAT 

5.600 

04/04 

82X100 

*0X80 

8X7 

0X2 

8.12 

Germany Tmu 

7X00 

09/04 

99.4500 

+0X70 

7.58 

7X0 

7.03 

Italy 

8X00 

08/04 

82X700 

-0X80 

iixat 

11X2 

11.45 

Japan None 

4X00 

OB/99 

102.6520 

+0X60 

4.12 

4.07 

3X9 

J^wn No 164 

4.1 OQ 

12/03 

85.9400 

+0.180 

4.74 

4.74 

4X4 

Nethariands 

7X50 

10/04 

97.7200 

*0.180 

7X8 

7X8 

7X8 

Spain 

8.000 

05/04 

81X600 

*0X70 

11.14 

11X4 

11.1B 

UK Gits 

6.000 

08/89 

90-00 

+13/82 

8X8 

0.51 

8.63 


3.750 

11/04 

67-08 

+19/32 

8.67 

BX3 

8.B1 


9.000 

10/08 

102-29 

+22/32 

B.84 

8X2 

8.77 

US Treasury • 

7X50 

00/04 

86-00 

*13/32 

7X1 

7.78 

7.02 


7X00 

11/24 

94-20 

+27/32 

7X7 

8.01 

7.83 

ECU (French Govt) 

6.000 

04/04 

83.1300 

*0.160 

8.67 

8X8 

8.87 


London domg. l*aw Vort mU-dav 

r Chon (including nriMnUrg nu at 120 per cat payable by 
Prices. US, UK In 32ndS. oOws In 


YWdK Locsli 
ri 

Saues: M4S taamsSons/ 


ECONOMIC DIARY - FORWARD EVENTS 


TOMORROW: Middle East / 
North Africa economic summit 
in Casablanca (until November 
1). 50th anniversary meeting of 
the International Civil Avia- 
tion. Organisation in Chicago. 
MONDAY: Monthly digest of 
statistics (October). Economic 
trends (October!. M0 figures 
(October-provisional). US per- 
sonal income and spending 
(September). European Union 
foreign ministers meet in Lux- 
embourg. 

TUESDAY; Advance energy 
statistics (September). Bank of 
England quarterly bulletin 
(third quarter). US NAPM 
index; construction spending 
(September). Mediterranean 
environment ministers confer- 
ence in Tunis. Interim results 
from BP and Thames Water. 
WEDNESDAY: All Saints and 
All Souls' Day - European insti- 
tutions closed for holiday 
(until November 2). Overseas 
travel and tourism (August). 
UK official reserves (October). 
Renks registered in ITK consol- 
idated external cla i ms (June). 
US leading indicators; factory 
orders (September). Bosnian 
republican and federation par- 
liaments to meet. Senior offi- 


cials of Asia-Pacific Economic 
Co-operation forum (APEC) 
meet in Jakarta. IAEA meeting 
in Vienna. Financial markets 
in Singapore closed for holi- 
day. Interims from BAT Endus- 
tries- 

T HU USD AY: Details of employ- 
ment, unemployment, earn- 
ings, prices and other Indica- 
tors. Major British banking 
groups' quarterly analysis of 
lending (third quarter). Full 
monetary statistics (Including 
h ank and building society bal- 
ance sheets, bill turnover sta- 
tistics, lending secured on 
dwellings, official operations in 
the money market, sterling cer- 
tificates of deposit and sterling 
commercial paper (September). 
US new home sales (Septem- 
ber). Financial Times holds 
conference “Corporate Risk 
Management and the Interna- 
tional Insurance Industry” in 
London. Boots results. London 
Film Festival opens. 

FRIDAY: Housing starts and 
completions (September). Insol- 
vency statistics (third quarter). 
Company winding up and 
bankruptcy petition statistics. 
US unemployment data. Fran- 
co- African summit in Biarritz. 


DO YOU WANT TO KNOW A SECRET? 

The IHS. Gaw SBiimar wi show you how Sis markets REALLY work. Tha amazing 
#i^tafltachrtauwrfif»l fl B9 rt dflfyWJ3.Qenn can increase >™r profits and contain your 
Infica* 1*ta?Tharsg»S8CittR^<tt1 474 0060 to book yo/rmSE Plata. 


INDEXIA 


US INTEREST RATES 


■ LONG CULT FUTURES OPTIONS 0JFFQ ESQ.00Q &*tha of 10096 


Lunchtime 


FoAtanre «1 WanenttaL- 


(kwmoren. 
TV Two anrtti . 
Tina month- 


Tmswy BBs and Bond Yteftfc 
4J54 Two yaw. 


Sh/notar. 
One i 


wa Tire* rear- 
5.14 Hu jew — 
5.68 Jfl-jMT 
6.18 BLynr 


&J4 

7JJ7 

7.52 

7J3 

tun 


Sirfre 

Price 

100 

101 

102 


Doc 

1-48 

1-09 

(WS 


CALLS 


PUTS 


US 

» US TREASURY BOW FUTURES (CBT) SlOftOOO 32nde d 10096 


2-30 

1-82 

1-36 


Dec 

0- 50 

1 - 11 
1-48 


Mar 

2-28 

2-68 

3-31 


Be. voL ml Cab 4473 Puts 2303. Pravfcu day* open nu Cab 80164 ms 44383 


Dec 

Mar 

Jun 


Open 

97- 11 

98- 23 
98-03 


Latest 

97-26 

97-05 

88-19 


Changa 

+0-14 

*0-14 

+0-07 


High 

97-30 

97- OB 

98- 19 


Low 

98-29 

98-12 

95-20 


Ew. vol. Open mt. 
241.085 390.012 

1,309 27.4912 

101 11.313 


BOND FUTURES AND OPTIONS 
France 

■ MOTIONAL FRENCH BOND FUTURES (MADF) 


Ecu 

■ ECU BOND FUTURES (MAWF} 



Open 

Sett price 

Change 

High 

LOW 

EsL voL 

Open Int 

Dec 

109X2 

109.94 

+0X0 

110XB 

109.68 

128X14 

134.148 

Mar 

109X0 

109,14 

+0X8 

109.34 

108X8 

1X08 

11X80 

Jun 

1ML42 

108X2 

*0X4 

108X0 

108X2 

172 

1X01 


Dec 


Open 

B0JW 


Sec price Change 
60.14 +038 


High 

B0.34 


Low 

79.82 


Eat vol. 

1321 


■ LONG TERM FRENCH BOND OPTIONS (MATTF) 


FT- ACTUARIES FIXED INTEREST INDICES 


Strike 

Price 

110 

111 

112 

113 

114 


Dec 

030 

047 

nyt 

0.10 

004 


CALLS 

M«r 

131 

1.10 

0.77 

0.52 


UK G8ts Price taftcea 


Frf 

Oct 26 


Da/e 


% 


Tha 
Oct 27 


Accrued 


Open bit. 
6315 


xd ad| 
yWd 


Japan 

■ NOTIONAL LONG TERM JAPANESE GOVT. BOND FUTURES 
(UFFE) YIQOn IQOtha ol 10046 

Open Ckwe Change High Lew EsL vol 
Dec 107.85 107.67 107.49 2254 

Mar 106.78 108.78 106.78 6 

* UFFC b ore nui tredid on APT. Al Opm Merest flga. are (or previous day. 


tndax-MuKl 


FH 

Oct 28 


Jun 

Nov 

Dec 

Mar 

1 Up to 5 years CZ-s) 

119X4 

*0X2 

11BX0 

1X3 

9X3 


0X4 



2 5-15 yearn (23) 

138.67 

*0X4 

137.7B 

1X7 

11JJO 

- 

“ 

- 

3 Over i5 yeoraW 

155X0 

+0X1 

164.18 

2X4 

10X7 

1X4 

- 

* 

3X7 

4 IrraclMmoMoa (6) 

174.06 

+1X4 

172X5 

-OX 

1347 

' 

2X6 

“ 

- 

5 An otueko |6i) 

138X3 

*0X8 

135X5 

1X5 

10X5 


Da/a 
change 96 


Thw 
Oct 27 


Accrued 

interest 


E*t WL tore. Cab 48.746 Pure 2ifl» . Prertoua ds/i open Mt, Cits 258326 Puts SB6JS4. 


Gormany 

■t MOTIONAL GERMAN Bt/MO FUTURES (UFFS* DM25O.0W lOOI/M of 10096 


Dec 

Mar 


Open Sett price Change 
69-24 68.49 +OJK 

8930 88.69 +034 


«8h 

89.58 

88.70 


Low 

8838 

8830 


Eel vol Opon InL 
161560 178668 

1026 5518 


■ BUND FUTURES OPTIONS (UFFE) DMZSO.OOO poMs of 10096 


Strike 

Price 

Dec 

Jm 

CALLS — 
Feb 

Mar 

Dec 

Jm 

PUTS 

Feb 

Mar 

Beta 

1.08 

0.95 

1X2 

1X5 

0X9 

1X8 

1X3 

1X8 

8950 

0X1 

0.73 

090 

1.1T 

0X2 

1X4 

1.80 

1.92 

9000 

0X7 

0X5 

0.80 

0X0 

1X8 

1X8 

ill 

2X1 


ESL VOL tOOL C4H 33801 Putt 14031. Rwrioua more opm MU Cite 276807 Putt 2246B1 


Italy 

■ NOTIONAL ITALIAN GOVT. BONO (OTP) FUTURES 
fljFng* urn ann loozns of 100 % 


Dae 

Mar 


Open 

100.45 


Sett price 
1<X).47 


Change 

•0.05 

-0.04 


Ugh 

100.60 


Low 

100.06 


Eat vex Open kn. 
39921 59785 

D S 216 


■ IT ALLAN OOVT. BOfM (BTP) FUTURES OPTIONS (UFFE) Ure200m lOOlhS Of 100% 


Strffca 

Price 

Dec 

■ CALLS 

Mar 

Dec 

■ PUTS 

Mar 

10000 

1X2 

2X2 

0.95 

2.73 

10050 

1.14 

2.19 

1.17 

3X0 

10100 

0,89 

1X8 

1.42 

3X9 


EA vdL UHL Cib 2SI3 Pun 2387. Previoue <ta/t open hu Cob 26456 Puts 29483 

Spain 

■ NOTIONAL SPANISH BOND FUTURES (MEFF) 


Dee 

M8r 


UK 


Open 

B7.09 


Sea price 
87J25 
88.05 


Change 

+OJ1 


Hah 

87 SI 


Low 

86.75 


Esl voL Open kiL 
48,174 73,607 

50 


NOTIONAL UK QH.T FUTURES (UFFE)* E50J00 32nds Of 100% 


Dae 

Mar 


Open 

100-11 

9&-U 


Sea price Change 
100-SI +0-1 B 
100-02 +0-19 


Ugh 

101-02 

100-01 


Lew 

99-31 

98-14 


Eat vol Open Int 
76048 108538 

173 47 


6 Up U 5 yean (2) 

7 Owr5 mere (fi) 

8 Al stowe fi3j 

9 Debe and loam (77) 

IC' 


Open («. 
0 
0 


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5.07 

172.00 

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173.16 

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0.78 

441 

127X9 

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8.11 9.88 (2Qft) 739 (2(V1J 


Average gross redemption yhrids are shown above. Coupon Bonds: Low. 0%-7*»% : Medtem: 8%-10^%; Hj*; 11 % and dvJ,^ pm 

FT FIXED INTEREST INDICES 

Oot 28 Oet27 Oct 28 Oct 25 Oct 24 Yr High- Low* 


7.49 (10/1) 


Oort. Secs. (UK) 
Fixed bitoraet 

* feir 1B94. OOVHTKIMM 


91 at 90.50 90.08 90.40 90-84 102.67 107 JM 68^4 

107.31 10684 107.08 107.46 10784 12485 133.87 10680 


GILT EDGED ACTIVITY INDICES 

Oct 27 Qct 2B Oct 25 


Od 24 Oct 2t 


OBt Edged bo s go l i w 
5-day average 


Bi.l 

83.4 


90.9 

84.4 


B7B 

84.1 


64.5 

84.5 


91.9 

899 


M *- 4, - ,B ^ **- NP. — -creptata, 1*UP eiaiw) . b. 6ft* ™, . nrai « aecuZivuv 


UK GILTS PRICES 


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Guide to pricing of Authorised Unit Trusts 

Compiled with the assistance of Lautro §§ 


RUTIAL CHARGE: Cargo mada db ma o» 

oimusioadetaiBBrtBan iintf 

BdoMMln COM tatiHftio wnmBatonpBd 
n «em» 8 W 0 O tots tame to taMoto a *• 
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CANCELLATION PHC£ Thtei w—a 
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AT CAVENDISH ASSET MANAGEMENT WE HAVE 
BEEN PROVIDING A PROFESSIONAL INVESTMENT 
SERVICE FOR THE PRIVATE INVESTOR FOR 
NEARLY 30 YEARS 

WHATEVER YOUR RISK PROFILE AND INVESTMENT 
OBJECTIVES WE CAN USE OUR WEALTH OF 
EXPERIENCE TO MATCH YOUR OWN INDIVIDUAL 
CIRCUMSTANCES TO A CUSTOMISED SOLUTION 
CATERING FOR YOUR INVESTMENT NEEDS 

IF YOU WOULD LIKE TO KNOW MORE ABOUT 
CAVENDISH ASSET MANAGEMENT'S SERVICES FOR 
THE PRIVATE INVESTOR, PLEASE CONTACT 
PAUL MUMFORD ON: 


mt sw §041 

CAVENDISH ASSET MANAGEMENT 


* MEMBER OF IMRO 


MC1A1W 





















































































FINANCIAL TIMES 


WEEKEND OCTOBER 29 /OCTOBER 30 1994 





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Are you an international 
expatriate working ^Ba 
in the UK? JM 


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£ 




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launch in 1988 


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Outstanding 
by any standards. 


Such unit trust performance will raise Tew 
eyebrows in informed circles. 

After alL a reputation such as Schroden' 
cannot be built by merely providing 
impressive short term results. The truth is. 
Schroders have consistently delivered 
outstanding performance Tor many yean. 

Nor is it an achievement that has gone 
unnoticed. We now have over £6 billion under 
management'* in unit trusts from those who 
already know about our track record. 

Of course, you may wonder how such an 
accomplished performance is maintained so 
consistently. 

The reality is that Schroders have 
resources above and beyond those of most 
comparable organisations. The Schroder 
Croup has over 3000 staff in 20 countries. 
Through them we obrain the in-depth 
research and local knowledge which has 
produced top performing unit trust funds. 

So our results over the last three five and 
ten yean will come as link surprise. 

All or which begs one question. Wouldn't 
you be better off with Schroders? 

You can invest with a minimum of only 
£1,000 in any one unit trust and our regular 
savings plan costs as little as £25 a month. 


For more information on our world-class 
unit trust performance, just call us free nr 
return the coupon below. Alternatively, 
contact your usual Financial Adviser. 


C ali 0800 002 000 


* To: Schroder Unit Trims Limited, Kittd 
I FREEPOST. London EC4B 4 AX 
1 Please send Die a fore copy of 'How lo ImeM in a 

I Schroder Unil TruM*. Lndudme infomvilioa on 
Schroden 1 range of funds. I am particular!) 

, late rated in; UK □ US □ Japan D Far EM □ 
I Europe □ Emerging Merkels □ AH of ihcu □ 


1 Tel. No. 1 

I Pan performance ii noi ncceaanl) u pule Id fuidit ] 
pcrtormuicr The value of minunmii *>111 I be income ■ 

I from theis can pnlmn tintS in in> mid ihc Inucnor may > 
no* pel back ihc a no uni onpiiully iniaicd. Scfcrodci I 
L'o.i Trait h regulated by ihc Personal loiciunrat * 


| Awbamy 


and b a member of I MRO nad A UTIF. 


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Schroders 

Schroder Investment Management 











































































































































FINANCIAL 


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Any time any place 
any share... 

You can have instant access to 
up-to-the-minute share prices from 
anywhere in the world by telephone with: 

FT Cityline International 

Whether you’re doing business in Berlin or 
hatching deals in Hong Kong, FT Cityline 
International can link you with all the UK stock 
market information you need: 

• up-to-the-minute share prices 

• daily unit trust prices 

• updated financial reports 

• personal portfolio facility 

FT Cityline has proved invaluable to business 
people and investors in the UK for years. And 
now it is available from anywhere in the world. 

If you would like further details fill in the 
coupon below or call the FT Cityline Help 
Desk on + 44 171 873 4378. 




FINAltClAl. TIMES 
tramadol 


FT Business Enterprises, Number One Southwark Bridge, 
London SE1 9HL Registered Number 980896. 


For more information on FT Cityline International 
rnmolete this coupon and send it to FT Cityline 
Number One Southwark Bridge, London SE1 9HL 


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.. Ural! 1.350 -23 1.710 1.150 90 

- VaBOBI 2.2)5 -IS £120 1,980 2 2 

- wwn 2J1S +93 4580 2.033 14 

•’ SVEDEN (Oct 28 /Kronerl 


87 ... 93 

68 . . 63.75 

517 -I 660 

515 -4 065 

109 +£50 >07 

157 +£ IP* 

+.50 1M50 
,5010850 
-50 439 
-2 44230 
-2 134 

-3 134 

-JO 


MGftnM TJOO 


Bean 

UWS 

BinuM 

menu 

Uo*da 

BoVi* 

MwE 

L-XHP+V 


:: SSK 

..• Jonaoi 

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s r 


... 1,130 ... _ 

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-o 950 era . 

>10 13*0 AM . . 

+3OflJ30B-TUO ... 

+3 era 30s ... 

. .5.550 B52 -- 
4 W 711 ... 
+10 £040 1^0 
. 1.120 020 ._ 
'£0 2.280 1.610 ... 
.. 1.33d 830 .... 

7W BM 
+8 590 487 ... 
-3Q 3.040 £3TO . . 
-8 520 4Z3 _ 

-8 790 Ml ... 

. £63U£)M .. 

-so umo ijuo ... 

-8 850 son .. 

7.040 +20 2.340 1.000 a a 

I.2TO .10 2.JM 1 JW .._ 

460 .1 520 383 .. 

BIS -4) 1 J30 525 09 

MB -1 14170 773 

1.Q1D -£0 1.140 872 .. 

W50 -30 3JTO2.780 .. 

43 +■ 325 SSI . 

1.760 +» 2 210 1,370 

433 >17 457 MS .. 

518 -2 965 546 

741 -J 738 92? 

784 .6 650 770 1 3 

5.700 +30 0,150 541*0 

374 +9 744 420 . 

I AM -TO 2.010 1.730 .. 

8CS .3 «4 526 .. 

1.640 .» 1.770 1.400 06 

J2d -2 446 £04 

m *4 778 803 0 7 

421 -3 501 395 .. 

520 -5 MS 470 . 

1.8*0 -X £.120 1.810 

.147 .3 400 286 

TOO +5 448 5W 

n» -V 715 431 

I.1U0 . 1J40 373 OJ 

!.1M +10 £500 2.050 09 

).?TO *10 UUQ 8.780 . 

1.200 ,» 1.470 1.310 0 8 

023 -7 1.0SD 823 

1,300 -20 1.650 1.780 . 

1.740 -10 £483 1.700 .. 

J5S -4 4£0 JW - 

773 -5 iub sin 09 

351 +1 3 A) 4JU 

1.420 .. 2.970 £410 

591 +J 800 -U5 ... 

1,140 -10 1 JIO 1.140 ... 

459 +2 ™ Md _.. 

411 422 771 

444 ,2 454 103 .... 

023 +S 720 Ml .. 

5S7 +3 615 Si 3 

040 +1 870 01* P.B 

1.560 -30 !.■ OB 1.380 OJ 

810 -2 677 aw ... 

1.150 +10 1,780 1.120 ... 

5 S+ 3 ? S 3 E 5 § 

■06U -10 2.400 1.700 

L520 +30 2.™ 2.150 

014 +4 997 732 . 

743 -II 



TtfWU 
. . Tanku 
. ToMft 429 
... TBIO 1.400 
.. ToioCn 508 
. . TOAbit 2 jro 
. . Tovoin 870 
. Twokn 583 
.. TOyoSk .1.220 
r*otaM 2.080 
. rotom *» 
fjYOra 1.13U 
. . loyooo 416 
T^nun 540 
_ rmn au 

L«t 405 

undac 373 
. lncu< 1.360 
.. Waccai 1.140 
. VnxtfuC 1.300 
. VmtfuM MS 
. V«n5K 740 
. vreoem t.-joa 
.. YnUhcn 1.430 
. VamHoo 1.010 
. Ymlran IJX 
.. VmTOak >.0M 
. Wn IJ40 
. . Tmtl M8 
.. Vsiflr 712 

.. VM>r0 M? 

Y+ov+O 1.070 

. . 'IfcMlflk H4S 
. YWnrHD 0-U 
.. Ydmind 009 
.. . TOSWn 679 
Turn USD 
. . IBM 940 


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. 1.480 1 .MU * 7 
-4 5i2 JH1 «+’ 
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. 1.910 1.520 
£960 2. XU 
+M1.11U - 

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n)6 43) 1 « 

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+9 3» - 

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+ 10 i».’3 IB* . 

. IJ*) l.l ift 
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-I.* urn 700 09 
. 5. 490 9.460 

• II 062 DIB 

•3 7*7 *25 

-l3 2.2TB 1.700 
-I 307 *<» 

. l.lS 3)7 
. i. MU 1.703 
-J 4-4 .500 

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+20 1 3.51 1.000 

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•40 AID 

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-I WO 679 D 5 
1 R!UI 1 070 
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-S 1.0*0 020 . - 

-6 U03 *« , 

+11 9+8 BIB O J 

-7 1,100 7C5 Oil 

.1 Ml se* a 7 
-« J» 387 1 5 

7V0 W)2 

+ H M3 B70 

♦ j eor 553 
. 2I.J00 «7 203 
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+ 1Q 1.470 1.110 
-5 VW J2C 
-6 SOT 415 
+10 I.JUO 1. 120 0 7 
.- eis 42i 
.. 1.7211 1.496 
-10 2.070 1 3iO 
2.2C0 I.STO 
+10 3.840 £0OC 
_ 3 *PD £.746 . . 

370 4.11 
.5 70S 520 

-30 2.750 2.TO0 
-10 2 140 I.B'D a 7 
-I 760 450 . 

-I 029 Et7 

+8 730 012 

+ 101. 050 1.480 .. 

+20 t.SDO MOT 
-3 786 StS 
+3 STS 070 
+8 1.280 970 
+3 778 *33 

... 823 MS . 

-1 435 £93 
.1060 1.470 .. 

-8 sns 4£i to 

. ajeo 1.430 
-10 7M SIS 
—IS 733 334 . . 

-10 £460 2.PEQ . 

-10 ££30 l.7« 

>1 527 )W . . 

+£0 1.390 083 . . 

>2 50S X» . . 

—6 680 433 

~2 DOS 343 . . .. 

-6 *36 2 05 
*1 *10 £77 . 

-20 1 WTO (US 

1.330 i.mm i £ 

•2c i.«30 a u 

-W 089 VO 
+10 1.010 SC 1 0 
-10 £230 1.040 . . - 

-1U 1.011) UM . 

-16 1.ZM «0 . 

. 1.350 1,111) 

-10 2.29U 1.6*0 0 0 

-TO l J50 1.010 .. . 

+9 564 530 10 

-6 BOA 7119 1 046 l 
.. . I.BW .*34 . - 

-16 1.120 TtW .. 

-J 989 035 . . 

-I 745 MB 
*12 1.103 080 . 

-I 1,190 921 .. 

+3 7U 441 
+£ 740 406 . 


WO 


«jsnuiut0a28/Ant$) 


- 


. . ,13 
— Veoa 

ar 460M +4 jo 

\yr 437 JO -5 30 
'•: «*_ 3*6 S a -5JG 

S3S. SS . 

1 ITALY (Oct 23 /Urei 




£276 
167-90 

— — 1^35 

6.4 17.4 OUBMd 44050 


7b ... S&2 CJtfno 
18b £8 IIS Qirgra 
3.15 6 *- 


62b 4-b 44 M — : 

51b +b W Mb U • 
44b -3 4fli+ Mb £1 ; 


44 b 52 41 Z7 17J PowCp 

50b ♦l'C 6ib 43b £5 13J Sl^c 

_ 24b +b 40b 24 19 9J RnuOl 

24bX +b 28b 21b U 21.7 HeedSI 

18 -b 26b ISblSIOJ FterEn 
TOb +1b 77 b 81 £8 20.9 Rmap 

£75 +.13 1 £62 WO* 

47b 44b 3*b *3 21.7 fiWVfl 

-b IBb 10b — -- 


♦b 46 


SB 


i.4i7.7 nofeke 


23», 1.8 212 Rwoak 
14b 17 at im* 


^£71!? 


-b Si 

3 S6J* *3S £0 *0J 

♦lb 68b 42b £5 17J Satonn 
+b Tib Sb -- 17.6 SwnC 
66b 56b 10 14 J SOMA 
81 IJ 14. H SHLSy 
28b 9.3Z0O Sounxm 
47b £7 1£3 SQarAe 


... 38b 19 21.9 CCF 
32b 19b — SJ CrPonF 
37U 28b OJ 38-7 DlyCI 
TOb 19 3.8 13J CrUtf 
35b 27b 14 too CrNU 
7b 5b — 4J Damtfx 
24b 185 9J 11J Danone 
9b 6b 0 9 90J DocWF 
30 19b SJ .... DCtva 
32 28b — *8 J EBP 
7b 3b ... 11 EauxGn 
23 16 ... 28.1 Ecco 

fa ^ «"£! %% 

125 9 1.7 68.7 ErfiOs 

S 10b ....£7.0 EssSr 
ID 85 3.1 l/J Em* 
44b 345 1.4 28.5 Euratr 
10 6b £9 2£0 EuflSCG 
45X, 37b £0 37 _5 EuOm 
11b 6b .... £4 FVaa 
16 1.3 29.3 FcncLy 
FrmStf 


21BJ3 

782 

4«S 

394.10 


2& 


10b £3 40.9 


+51 2.270 1.711 £5 
+5 2SS '.2£E0 4J 
+ 15 I.S70 1^04 13 
£70 *65 346 2.0 
£80 33190 201 £0 
.10 1.385 708 7J 

.15 856 370 32 
„ - +.10 498 35:20 .... 

394 JO -3 SO H7 370 1ST 
5.7BO +20 8.160 5.000 £7 

725 +21 1.002 685 3£ 

714 +8 830 610 - 

323 +3 479 317 IJ 

930 +3 977 760 £4 

471 JO -2500 749 418 15 
665 +2 740 509 2J 

33030 -9M 4TO3S.I0 ft! 

325 ♦1150 392 290 00 
259.90 +1190 232 191 139 

697 +4 1.088 855 - 

TOO +50 B65 650 6.4 

770 +5 630 835 1.7 

1*50 .... 3,487 £760 £8 

1.782 -18 £E69 1.700 4.0 

570 +5 734 556 ZS 

7.10 +.35 1 9.70 6.15 9 6 
100 -£90 182 100 9.2 

565 ... 639 560 17 

1050 +10BJ20 4J40 IJ 


3.475 +75 5J62 3.340 SJ 

3.070 +245 1965 7,341 . 

1.6*6 +85 £450 1.525 I J 

112 +4 211 78 .. 

20.400 +*203.850 10500 1.9 

.. Buryi 
... cm 
. cassp 

_. Orartk 

— cam 

— »IB 

— Onitfl 
FtfPU 

_ Flat 
.. RatPr 

— Fid), 

“ 3r3oo +900 *Lra iiro i3 
._ Gaum 3.900 +55 4J60 2.073 ... 

— IH Pr 24.7<»TO .900 302® I 1.1 

_ «. 5J90 ,240 8.360 5,025 1 9 

-. 6/a 10.450 +7SO T4JOO 9,170 — 

2J215 +® £400 £000 ... 

+*30(Sj«aja2 to 

• IBS 0*40 4,486 £4 
+130 19.350 1^500 £1 
+400 1B.7® 12210 IJ 
+47 1,6*8 870 _ 
+791140 1,750 ... 


SO 

234 +1 60 
23150 +.50 
17030 

170 JO - SO 
327 +3 JO 

134 ,1 

TOarmB 131.50 -I 

SCAA 117 JO *150 

‘ ‘ 117 +1 

125 -I 
120.50 +1 

11950 .ISO 

120 -a 

47.10 


S -ila 

; KuraM 443 ,3 523 3IQ .. . 

" Kutra 1210 +10 1.25Q 1.DI0 ... 



fAi-W u .m ra - w+nn >.# 

9.230 +1301 £450 9,110 

1.770 >90 ItOO I J84 2 9 

IJOO -0C £912 1 J02 - 

1435 +35 £395 I £83 4J 

1.000 *X£OIO 9*0 ... 

.6001 T +5 £518 1,5*0 54 
9.600 .. 1127* 9J43 

1.231 +78 £554 IJ23 — 

8,225 +225 7430 4.071 IJ 
3.665 .110 4,820 £110 £7 
£750 +160 6.198 3,101 4J 

1IJ20 +83017JW) 10*70 52 
1477 +20 1.983 VfcW 24 


129 +140153 9)97.50 1.6 
ISO JO 233 129 £0 

445 *5 351 1.5 

448 +8 480 3S0 IJ 

93 50 ..144 85 £1 

96 ,3 110 M 11 

M _ 122 62.50 3.4 

110 -JO 128 Tfl 59 

138 SO . 159 “ " ‘ 

140 -50 175 



. Ift 
Mttdonc 1 

™ Slanted 1 . _ 
_. OWW !4M 
— Pni 
«rS| 



INDICES 


Od 

28 


Oa 

27 


Oa 

26 




•1994 


Low 


AigMhn 

Central (29/12/77) 

ALBStfb 

«l OnSrtTtas(ini80i 
Al Wnmou/KBOI 
Aatirft 

Cram AMMntSQnZW) 
Traded tralM2/i<Rn 
Btfotan 
BEL20 D/1/91) 

tonal 

Bxnespa (29/12/83) 

Canada 

Mann MUtts9D97S| 
ComwsSBt 119751 
TOnfo0O§§ (4/1/83) 

CMB 

PGA Gen (31/12/90) 

Osnik 

Capamgai£E(3/i /33i 


(10 19160.17 18935.45 2547040 1« 


+Q212 

10708 


20322 

1078.9 


381.43 379.75 

10K13 1020.19 


20I7J 234080 3/2 
10884 1138.10 3(2 


(0 *6048 2/2 

« 122225 1/2 


1371 74 1357.11 135*00 1542J5 «2 

M 47087.0 485373) 911000 1V9 

(U) 431102 4220.97 427&02 2QD0 

M 4265J0 4260 JM 460BJO 23/3 

M 2063.17 2099.16 218Z89 1/2 


2017 JO S/10 
90450 5/5 

STEM 25/10 
1Q11JB M 

133BJ9 7/10 

380090 3D 

329808 201* 
365090 24« 
188148 2Bfi 


00 5581. B 551 £2 567820 13/10 360120 4/4 


3*£09 34£9Q 344.76 41639 2 12 mil 7/10 


WX Gonetaeft 12/90) 19318 19419 1B2Z9 197Z00 VZ 1801.10 3D 


1Z6&92 I2*1S2 1231.77 158127 22 12Z7JB 2STQ 

I905JB 1858.11 1831 J* 235883 272 1824J2 ZSrtO 


7BJ34 78327 78332 85827 18/5 74£M &10 

2188.10 2189.4 21886 SH68J0 2/5 211820 5/70 

204032 201320 202050 2277,11 IBB 198059 7/70 

W 822.08 01849 1184J8 18/1 B0B87 23/S 

837847 930458 9K244 12201J9 4/1 838944 4/5 

4274.71 4328.74 4357.44 482BJ7 1Z/9 346400 fin 


Jkan C0nxMiaR®2) 518.41 B17J5 61832 B12J8 571 44872 12*7 


1830.19 MOJX 17033 208210 377 I0K74 1/7 


SSF 250 (31/1M9 
CAC 4001/12/87) 

Gemw 

EAZAKWOl/iaM 
Ca mu ai aa nKi/i 2/531 
awpammi 
Groan 

AOieni 8601/12/80 
Hang Kang 
Kanj Sanq(31/7/B4) 

Mb 

BSE Senylff/a 


BSQOmal(WOT 

IW? 

BTO Damn Hal (1972) 
UBfiadtfp/UM 

JBpu 

WM225 D66W 

300 (VI 0182) 



Oct 

X 

Oct 

27 

Oa 

28 




w 

LW 

itadee 

PC (Nov 1078) 

M 

258129 

2580.00 

2881.17 8/2 

196733 30/4 

MtfBadMd 

CBS iVM>m(End B3) 

437J 

4309 

4208 

4E4J0 31/1 

40030 21/8 

CBS A9 Shr (End 83) 

274J 

2708 

268.1 

29080 31/1 

267 JO 2U6 

Haw Zealand 

Cap. 40 I1/7QB) 

309517 

309042 

208033 

2*3084 3/2 

HMSJ1 11/7 

Norway 

QM SSMK2/U83) 

105582 

1054.15 

1055.18 

1211.10 28(2 

B0OB1 21/9 

PHBpphaa 

MMto Comp (2/1/B5I 

3088J2 

306O2S 

307O2B 

330037 VI 

3507 .33 8/3 

Partial 

ETTA (1977) 

2891 A 

28804) 

28807 

322000 102 

SB1Z80 205 

thypqy 

SES M-Spara(ZW7E) 

5B1J2 

wn«) 

58152 

841 Al VI 

52129 V* 

Soafli Africa 

JSE GcH (28/V7Q 

22910V 

22874) 

Z2B04) 

2S34JO 7/9 

17494)0 \V2 

JSE hdL (2aW78) 

ceozof 

85880 

G5700 

87574)0 15fl 

844000 190 

Snrti Korea 
Kro>a£)4«i/Bar 

loeiM 

1084.71 

1082J3 

111129 18/10 

88537 2/4 

Sp»h 

Madrto SE OOnZBS) 

29533 

2914)1 

28065 

168J1 31/1 

28588 28/10 

Sweden 

AfiaswwiGen (7/2/37) 

1471 JO 

140080 

1«040 

160340 31/1 

133470 67 

SrWBW (31/12/58) 

1157.79 

1138.72 

11514)5 

142134 31/1 

1138J2 27/10 

SBC Seneal 0M/B71 

80087 

87857 

894.16 

109029 3171 

87857 27/10 

Tttma 

WBgrtsoPr(3C6EIS- 

8GD4JB 

858*57 

E68087 

7191.13 309 

519453 13/3 

TbtfMnd 

Ban^toK SET 00/4/73 

150012 

1801.73 

15144)7 

171173 4/1 

119058 V* 

Tiakay 

CmUti 19861 

« 

24836.4 

248005 288808) 13/1 

1290070 24/3 

wan 

KG Casual >nt (1/1/700 

838.(7 

8308 

8306 

6444)0 29 

891 AO 4/4 

■MM 
Eumraoi icopariMOi 

132001 

130020 

130071 

1540.13 31/1 

12M40 5/10 

8 

i 

i 

117134 

115*50 

114032 

13114)1 2/2 

113048 5/10 

jc&diws Qinim 

tut 

334.05 

33045 

AlSW 

28028 21.9 

smp Effltf£<7/1(83 

M 

18059 

18077 

19139 26/9 

141 AS 21/4 


US INDICES 


3'JOS +155 81003^40 I J “ Sgft 

: <$s&gti3a = S 

-2TO ft 350 4 ,dS 2£ “ 

’ Sn 

RcivnBr 



SWTT2BILAW) (Oct 28 / Fra.) 


220 +7 292 161 ... 

518 -2 721 588 2.0 

BM +3 713 507 2.0 
£380 .... 1088 £173 1.5 

1 .067 *22 1.3491.015 1.7 

2D4 +3 250 190 IJ 

541 +7 747 500 3J 

737 +4 970 7QZ £fl 

731 +8 «*2 na £i 

*17 +S 432 327 
3J70 +20 3,670 IJW 18 

1.430 +201.700 IJOO ZJ 

£200 „ £932 £140 33 

M9 +19 993 859 IJ 
340 +15 450 303 3J 

623 +5 971 782 1.7 

160 +2 190 1*350 1.7 

875 -13 991 070 1.8 

1J70 -10 1.975 1.400 £1 

1.154 +21 1.437 1,083 £2 

129 +£60 175 110 JO _ 

1,410 +10 1.738 1^0 «J 

£780 +140 5,640 3J70 
184 +4 283 178 BJ 

I £25 -16 1.540 1.001 _.. 

iijoo +4aoiia«o nw; o.4 
5. *00 +80 7270 6.180 £9 

1.700 >60 £300 1.640 £7 

+17 1.066 6*2 1.* 

♦4 227 148 1.2 

+1S 888 835 — 
+10 B7D 008 




MamraH 



582 0.7 

S3 b?SS? 

9211 -3 1.230 790 OJ _. 

I** 


407 ... _ 

lie ... _.. 



Home Bonds 


I77J3 


DJ Ind. Oey't nun 389X99 0891.97 J Lem 3834.44 (381801 I (Tbeoradetf+J 
Day’s Mgn 3976.15 (3870.10 ) Lon 384X23 (3837 47 ) (Actual) 

Standard and Poors 


-10 1.830 1JSO £1 
+5 1.100 B49 2J) 
+* 531 352 4.4 

+2 238 17250 4.6 
+10 819 964 1.4 
+14 770 516 1.4 

+6 6M 735 

-12 1 J03 1 Jes £7 
+13 832 564 £7 
+6 1.815 1.123 IJ 


— MRFud 1.070 

— Mffltar 734 

= 5K SB 

— K ss 

•■■■ MhToe 426 

= B5K '-iS8 

— MUrre 1,380 

— MMP 614 - 

— MfSprt x.0*0 -10 IJIO I 

— » V 

— Mans £700 
3J90 

'£20 
ffiia 
1J40 
Ml 
297 


* ® 

+2 *69 
+2 *33 
+Z 9*0 
+13 9*0 
+1 449 

—20 1,400 
,)Jt.lId 
£230 1, 
-I 782 


+8 624 
+20 £780 £0 
+20 *.490 3.4 
,10 1 JIO 8 
-10 1.170 9( 
+20 I.4B0 i.a 
+4 630 T 

+8 — 


+7 


AFRICA 


787 +2 

i 


S65 


Coapasns t 

mamahf 

Hnandd 

46085 

55443 

4191 

46192 

551.13 

4242 

461.53 

5*572 

4228 

4824)0 

era 

0EB83 

OSS) 

4094 

(14/6) 

*3632 

(4/4) 

51005 

{21/fl 

4139 

14/41 

48100 

(2/2/94) 
man in 

(1SW94) 

4840 

(28/983) 

4.40 

(1/8/32) 

IK 

(21/5/921 

064 

(1/1074) 

NYSE Comp. 

20SJ7 

25X81 

253J1 

287.71 

24X14 

287 J1 

4.48 





era 

(4MJ 

mm 

C5/4/43 

Amei im we 

*55.09 

453J3 

452J3 

407A9 

42167 

*81 £9 

29.31 





(27) 

CW8I 

OVM\ 

0/12/73 

MSOAOCmp 

76747 

76X24 

73026 

883A3 

69179 

80X33 

54 A7 





iiarai 

l2*rt) 

(18/3/94) 

(31/10172) 

a HA 7708 









SOUTH AFRICA (Oct 28 / Rand) 


Dow Jones ind. Dm. Yield 

S & P Md. Oiv. yield 
S 1 P Ind. P/E ratio 

m STANDARD AND POORS 500 INDSX PUTURNS SSOO dmes hdex 


Oct 21 

Oct 14 

Od 7 

Year ego 

£72 

£71 

2.70 

2.70 

Oct 26 

Od 19 

Oa 12 

Year ago 

£39 

2.38 

£37 

2.42 

20.62 

21.11 

20.01 

20.51 


Open Latest Change 

Dec 467.20 47£00 +4J0 

Mar 4 70 JO 475.15 +4.7S 

Jun <79-26 479JM +€.16 

Opar kaaraa; ftgum* ara (or pmnlow day. 

R NSW YORK ACHY* STOCKS 


Hlgn 

47£90 

478.00 

479.70 


Low 
465.86 
470 JO 

47350 


Eat. vo(. Openint. 
67,174 224.300 
2.466 12.922 

222 3J74 


Pregtf 


Hnoat 

(SCOT 


gs 

FWBOM 

Pramto 

Handfti 

RmtaOp 

ftnbrCn 

nwi 


62421 

10100 


61 £73 

K£Q 


61041 817.17 IDS 

9860 131800 105 


and Ssdon {VI/6Q 


19BQ5.T6 1979038 t974d3ft Z155ZOT 133 

J88J9 287.14 288.80 311.71 138 

1367-32 1S6&44 1SB6.94 t71£73 IM 

219006 218474 21909 25GJ8 8^ 


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84400 ion 

T738R74 VI 
735022 VI 
14097 m 
157133 VI 

6MT» 4/4 


N CAC -40 STOCK INDEX FUTURES (MADF) 


ODen SettPricn Change 
Oct 1884.0 1856.0 +37.0 

Nov 1870.0 1913.0 +60.0 

DK 1B79.0 1924.5 +50 J 

Oner Intaraat Agues tor ot«<m day. 


High 

18854 

1918.0 

1928.0 


Low 

1860.0 

1888J 

187S.0 


Eat. vol Open Im. 
33,376 1UB1 


27^84 

811 


20,302 

27J33 




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sprint 
Fort Motor 
Gen Motort 
Minim 
Tetafanu 
Pitney Boom 

cneorp 
fun Netuco 

Ptiip Morris 
YPF 


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4J84J00 

4.011.100 
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3J17J00 
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2.705.200 
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Hew York SE 
Aim, 


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327.810 322.528 328.102 
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laaoea Traded 
RSf3 

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I Anriau 


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provider of dudicatutl finoncitil ultimatp finon<i.3l pogor on the market. Try 
lin* l.ir<(> -• i-hitchisan Tulocom. brings Pulse for FREE now .ind you’ll soon see why. 

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FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994 ★ 

1 WORLD STOCK MARKETS 


AMERICA 

Complicated backdrop 


as Dow gains 


Wall Street 


US stocks surged yesterday 
morning, even although an ini- 
tial reading on third-quarter 
economic growth was much 
higher than forecast, writes 
Frank McGurty in New York. 

By 1 pm, the Dow Jones 
Industrial Average was 51.13 
higher at 332028. about half 
an hour after the NYSE’s 
restrictions on program-guided 
buying were triggered. The 
more broadly based Standard 
& Poor's 500 was up 6.37 at 
47222. as advancing issues on 
the Big Board outnumbered 
declines by nearly a three-to- 
One marg in 

Volume was heavy for the 
fourth session in a row, with 
some 226m shares traded by 
early afternoon. 

In the other leading markets. 


the American SE composite 
was 223 better at 457.42, and 
the Nasdaq composite was up 
6.77 at 77432. 

The powerful advance was 
staged against a complicated 
technical and fundamental 
backdrop. It was triggered by a 
solid gain in bond prices in 
spite of the announcement that 
the economy had expanded by 
a bigger than expected 3.4 per 
cent in the three months to the 
end of September. 

The Treasury market had 
expected a 3.0 per cent gain but 
a sell-off fallal to materialise 
because of some surprisingly 
good Inflation news contained 
in the report, and suggestions 
that the economy might start 
to cool off rapidly in the cur- 
rent quarter. 

The. upturn pushed the yield 
on the 30-year government 
bond below 8.00 per cent for 


the first time all week. The 
rally gathered strength around 
midday on rumours, later 
denied by Washington, that the 
Group of Seven industrial 
nations would meet in an 
emergency weekend session to 
consider ways to prop up the 
dollar. 

Share prices paralleled the 
action in bonds, as the mood of 
relief allowed equity investors 
to retrace some or the ground 
lost over the past fortnight. 
The Dow industrials had back- 
tracked in five out of the past 
six sessions, even though the 
earnings news flooding the 
market over that time was 
overwhelmingly positive. 

Among the best performers 
Caterpillar climbed Sift to 
S59Yi, Chevron $1% to 845%. 
IBM $1% to S75Y. and Proc- 
ter & Gamble $1% to SM!4. 

Airline stocks were up 


sharply for a second day run- 
ning. UAL, parent of United 
Airlines, jumped to $93%, 
Delta climbed $1% to $51 and 
AMR, parent of American, put 
on $2 to $54%. 

The technology sector 
showed impressive strength, 
too: Motorola was S1V* ahead at 
$57%, Texas Instruments was 
$1'4 better at $75 and Compaq 
Computer up SlVa at $40%. 

On the Nasdaq, Ventritex, a 
medical equipment supplier, 
jumped 20 per cent to S28% 
after the Food and Drug 
Administration approved a 
device developed by the com- 
pany to control life-threatening 
rapid heartbeats. 

Canada 


Toronto stocks continued on 
an upward path at midday as 
bonds climbed on the US data. 


The TSE 300 composite index 

added 1538 to 4281.04 in vol- 
ume of Sl.lm shar es valued at 
C$460m. Advances led declines 
360 to 244. with 277 issues flat 

A fall in the precious metals 
group muffled solid gains in 
forestry stocks, as well as 
interest rate sensitive conglom- 
erates and financial services. 

Active issues included Nor- 
cen Energy, off C$7, at C$17%, 
with Um shares traded and 
Nova off C$7t at C$1 3% as prof- 
its were taken after it 
announced good third quarter 
figures. 


Brazil 


Sao Paulo surged 5.0 per cent 
in heavy trading in a rebound 
from recent losses, the Bovespa 
index rising 3225 to 49292 at 
1530 local time. Turnover 
R$308m fS2623m). 


EUROPE 


Paris puts on 2.5% ahead of long weekend 


Traders called it the “ maul i n g 
of the dollar bears". US eco- 
nomic data came in with less 
of an inflationary feel than 
expected and currencies, bunds 
and equity futures responded, 
writes Our Markets Staff. 

PARIS regained the 1,900 
level for the first time since 
October 18, the 

CAC-40 index climbing 4728 to 
1305.69 for a 22 per cent gain 
both on the day and on the 
week. Turnover, boosted by the 
expiry of October futures, was 
FFrfi.lbn. French markets will 
be closed on Monday and Tues- 
day for public holidays. 

Eurotunnel up 20 centimes 
at FFr1920, shrugged off news 
that the COB, the market 
watchdog, had launched an 
official inquiry into whether 
the channel tunnel operator 
had presented Its financial 
position fairly in its rights 
issue prospectus published In 
May. 

The other Euro stock, Euro- 
Disney. added 35 centimes to 
FFr7.10 ahead of full-year fig- 
ures due next Thursday. Ana- 
lysts did not expect surprises 
in the figures, since the bad 
news was already in the price, 
and forecast losses of between 
FFrL6bn to FFrlJSbn. 

Sanofi put on FFrlI.90 to 
FFr259.90 before reporting an 
82 per cent gain in nine-month 


FT -SE Actuaries Snare Indices.. 


Oct 2 a 
Hatty changes 


Open KUO 11JM 12. DO 


THE EUROPEAN SERIES 
1100 M-00 1100 Cton 


FT-BC Euonck 100 
FT-SE Braude 200 


131055 

1370.12 


131050 

13BX43 


131018 

138043 


1312.87 

137044 


131177 

137130 


1316.12 

137149 


1324.85 

130622 


132681 

130101 


0a 27 


Od 26 


0d 25 


0d 24 


Od 21 


FT-S£ aranck 100 130128 1300.71 120600 131132 1304-73 

FT-E Brabadt 200 138152 1358.10 13S147 137258 138154 

Best 1000 OSnOttk HfM*. 100 - 132731 3D - 1387.15 IMOy 100 - 130871 200 - 136853 t PBritf 


sales. 

FRANKFORT did not empha- 
sise short covering, or the per- 
centage point rise in the Dow 
at the US midday. However, a 
27.12 rise to 2,040.32 in the Dax 
on the official session, which 
left it up 0.9 per cent on the 
week at this point, was left Car 
behind in the post bourse 
where the Ibls-lndicated Dax 
put on 3849. or 1.9 per cent at 
2,064^6. 

The day, and the week was 
marked by relative strength in 
chemicals. BASF, Bayer and 
Hoechst rose DM8.40 to DM318, 
DM880 to DM350 and DM4.60 
to DM325.60 by the end of the 
afternoon; Mr Martin Evans at 
Hoars Govett said that the sec- 
tor had been excited by Thurs- 
day's progress report from Id 
and anticipation of third quar- 
ters from DSM, Akzo Nobel 
and Rh6ne Poulenc next week 
before Germany’s “Big Three” 
report later In November. » 

Turnover rose from DM5 ^bn 


to DM5.4bn. BMW was the car- 
maker of the day as it pro- 
duced niria - mnnth tUTQOVer fig- 
ures and the shares rose DM17 
to DM771 after hours. Deutsche 
Bank moved from under- 
performance during the ses- 
sion to outperformance in the 
afternoon, where it closed 
DM17.50 higher at DM739. 

ZURICH'S rise of 31.9, or 1.3 
per cent in the SMI index to 
2,490.5 left it 4.5 per cent down 
on an introspective week. 

UBS closed well off its worst 
for the day, but the bearers 
still dropped another SFrl2 to 
SFrl.200 and the registered 
SFr2 more to SFr273, reflecting 
the board’s battle over voting 
powers with Mr Martin Ebner’s 
BK Vision. Among insurers, 
however. Winterthur climbed 
SFrl9 to SFr634 ahead of a 
progress report next Thursday. 

AMSTERDAM made a reso- 
lute end to the week, the AEX 
index closing up 5.18 at 409.05 
for a week's improvement of 


2.3 per cent. 

There were good rises in a 
number of stocks reporting 
third quarter figures next 
week, among them Philips 
which rose FI 1.60 to FI 54.10 In 
heavy volume, and DSM, up 
FI 1.10 to FI 147.80. 

Royal Dutch saw one of the 
‘best performances, lifted by 
tbe dollar and a good overnight 
set of results from its US sub- 
sidiary, Shell Oil closing with 
a gain -of FI 5-60 to FI 195-20. 

Nutricia, the manufacturer 
of baby food, was lifted F] i.so 
to FI 89.80 on reports that Uni- 
gate of the UK might be about 
to sell its 32 per cent stake. 
Unigate denied the reports. 

MILAN remained focused on 
the banking sector following 
Thursday's news of a L2,000bn 
bid by Credito Italiano for 
Bologna-based Credito Romag- 
nolo, which, said some brokers, 
could herald a shake-up in the 
sector. 

The Comit index ended up 
il.48 at 624.21 for a l per cent 
rise on the week. 

There were suggestions that 
the next bid target could be 
one made by Banca Commer- 
riale Italians, up LT2 at L3.462, 
for Ambroveneto, up a further 
L442 to L4.774 on top of a 11 
per cent gain on Thursday. 

Romagnolo. which said that 
the takeover bid was "not 


friendly" put on L798 to 
L16.878, while Italiano added 
L16 to LI ,605. 

MADRID moved from depres- 
sion to ebullience, the general 
index rising 4.32, or 1.5 per 
cent to 295.33 on the day, but 
only 0.7 per cent on the week. 

Turnover was up from 
Ptal9bn to Pta25.1bn. a lot of 
that in banks which were rela- 
tively muted in share price 
terms. Gains of Pta55 to 
Pta3.255 in BBV and Pta60 to 
Pta4,835 in Argentaria com- 
pared with rises of 2 to 3 per 
cent in the big ADR stocks, 
Endesa. Repsol and Telefonica. 
3 per cent or more in construc- 
tions and Pta770. or 5.8 per 
cent in Acerinox, the stainless 
steel group, which reported a 
72 per cent gain in nine-month 
pre-tax profits on Thursday. 

Written and edited by William 
Cochrane and John Pitt 


SOUTH AFRICA 

Shares generally made modest 
gains in low volumes, 
although activity picked up 
towards the close helped by 
strength on Wall Street 
The overall index added 17 
to 5,752, industrials 14 to 6,602 
but gold slipped 5 to 2,292. De 
Beers rose 75 cents to R100.50 
and Anglos R2 to R238. 


Mexican fatigue takes 
the shine off equities 

Telmex results add to woes, writes Damian Fraser 


T he past month bas been 
an unrewarding time for 
investors in Mexico's 
stock market Battered by poor 
third quarter results, the rise 
in US bond yields and an 
uncertain political environ- 
ment the IPC index has lost 
about 6 per cent of its value 
since the beginning of October, 
falling below the level reached 
at the end of last year. 

Tbe drop has been most dra- 
matic over the past week, fol- 
lowing worse than expected 
third quarter results from 7el£- 
fonos de Mexico (Telmex), the 
country's largest private com- 
pany, which reported a rise of 
15 per cent in net profit to 
7.i4bn pesos. US brokerages 
reduced year-end estimates for 
the company's earnings, and 
the value of Telmex’s equity 
plummeted by 5 per cent on 
Tuesday, the day after its 
results were released. 

Hie steepness of the drop in 
Telmex’s stock price took 
many analysts by surprise, 
since the profits were only 
modestly below analysts’ fore- 
casts. However, with investors 
already nervous about 
Mexico's economic and politi- 
cal situation, and with US 
bond yields moving upwards, 
"many were looking for an 
excuse to sell the market", con- 
cludes Mr Boija Ussia of Grupo 
Moneda in Mexico. 

The stock market has proved 
especially vulnerable to move- 
ments in US bond yields and 
Wall Street because of its 
dependence on foreign capital 
to finance a current account 
deficit expected to reach $28bn 
this year, or 8 per cent of GDP. 
The rise in US yields has 
forced Mexico to let its domes- 
tic interest rates climb to 
attract the necessary foreign 
investment, damaging eco- 
nomic growth and raising the 
financing costs of Mexican 
companies. 

“What is driving the market 
is the global liquidity short- 
age,” says Mr Jorge Maris cal of 
Goldman Sachs. If US bond 
yields continue to rise then he 
expects the market to suffer 
further - although in his view 
US bond yields have probably 
peaked, meaning that the mar- 
ket is well-placed for a strong 
recovery. 


Compounding the rise in US 
bond yields have been adverse 
political developments, follow- 
ing the presidential election in 
August and the assassination 
of the number two official in 
the ruling PRI party at the end 
of September. As a result, 
domestic interest rates have 
risen for four weeks running, 
and now stand at over 14 per 
cent, or over 7 per cent in real 
terms adjusted for inflation. 
The exchange rate bas depreci- 
ated to 3.43 pesos against the 
dollar, near file top of its per- 
mitted band. 

“The political situation is 
tense, the economy is still not 
strong and companies are not 
reporting good results." says 

Mexico 

Indices rebased In S terms 
120 

IFC Emerging 



Mr Ussia. "We have to resolve 
these problems before inves- 
tors return to the market." 

The Central Bank announced 
last week that reserves bad 
fallen to $l7J2bn, about $i0bn 
less than the peak in February. 
The Central Bank is thought 
unlikely to want reserves to 
fall below SlObn, giving it little 
option but to permit further 
rate rises if the peso comes 
under further pressure. 

Tbe political situation has 
deteriorated despite the con- 
vincing victory of Mr Ernesto 
Zedillo in August's presidential 
election, largely because of the 
assassination of Mr Ruiz Mas- 
sieu, the number two official in 
the PRI and the man in charge 
of negotiating political reform 
with the opposition. Mr Ruiz 
Massleu's assassination was 
allegedly ordered by a PRI fed- 
eral deputy from file state of 
TamauUpas. 


The assassination raised 
fears of a deep division in the 
ruling party, between reform- 
ers and hard-liners, which 
could make the country diffi- 
cult to govern. Such concerns 
were fuelled by tbe deputy 
attorney-general investigating 
the case - Mr Ruiz Massieu’s 
brother - who appeared to 
blame the murder on a group 
of old-style politicians, possibly- 
acting out of personal or ideo- 
logical motivation, an accusa- 
tion vigorously denied by the 
PRI leadership, and not yet 
substantiated. 

The fall-out from Mr Ruiz 
Massieu’s murder has come at 
an awkward time, with govern- 
ment ministers scrambling to 
position themselves for jobs in 
the next administration. The 
unity that normally character- 
ises Mexico’s ruling party in 
government has been notice- 
ably absent in recent weeks. 

Nevertheless, many analysts 
predict that the political cli- 
mate will Improve when Mr 
Zedillo formally takes office on 
December 1. Mr Zedillo is 
expected to appoint many of 
the cabinet ministers closest to 
Mr Carlos Salinas, the outgo- 
ing president, to senior posi- 
tions and deepen many of the 
economic reforms that have 
characterised his presidency. 

T he economy is expected 
to pick up further next 
year, with a consensus 
forecast of 4 per cent growth, 
compared to 2J5 per cent for 
this year. Third-quarter results 
from banks and infrastructure 
companies indicated that 
credit growth and investment 
was picking up. Meanwhile, 
exports have increased rapidly, 
helped by a depreciation of 
nearly 10 per cent in the cur- 
rency. 

The stock market is cheap by 
regional standards, trading at 
about 16.5 times 1994 earnings, 
according to Morgan Stanley, 
compared to a multiple of 
about 18 times in Brazil and 20 
in Chile. Arguing that much of 
the bad news is already dis- 
counted. Salomon Brothers 
confidently asserted in a report 
this week that investors will 
shake off “Mexican fatigue” 
over the next couple of 
months. 


ASIA PACIFIC 


LONDON EQUITIES 


Malaysian budget subdues Kuala Lumpur 


Tokyo 

Speculative trading dominated 
activity, and the Nikkei index 
closed almost unchanged, 
unites Emiko Terazono in 
Tokyo. 

The Nikkei average rose 8.80 
to 19.805.16 after a high of 
19,90408 and a low of 19.72545. 
down 0.5 per cent on the week. 
Shares initially rose on buying 
by public funds and brokerage 
dealers; but the gains were 
eroded later by selling of spec- 
ulative shares, prompted by 
rumours that a consumer 
credit company based in Osaka 
had been declared bankrupt. 
Arbitrage buying finally sup- 
ported the index just before the 
dose. 

Volume was 255m shares 
against 209m. The Topix index 
of all first section stocks fell 
1.12 to 1567.32 and the Nikkei 
300 lost 055 to 286.79. Advances 
led declines by 485 to 462. with 
207 issues remaining 
unchanged. 

In London, the LSE [Nikkei 50 
index rose 1.57 to 1291.60. 

Japan Tobacco, whose shares 
were listed on Thursday, 
dosed down Y40.000 at Yl.OCjm. 
Other privatised companies 


were also lower with Nippon 
Telegraph and Telephone down 
Y2.000 to Y890.000 and Japan 
Telecom losing Y80.000 at 
Y3.6m. 

Speculative stocks were sold 
on fears that credit for individ- 
ual investors could be 
squeezed. Daikyo, a condomin- 
ium maker, fell Y6 to Y769 and 
Hanwa Yl7 to Y38S. 

Foreign ' investors traded 
steels and other commodity 
linked issues; Nippon Steel the 
day’s most active issue, rose 
Y2 to Y396 and NKK added Y6 
to Y297. 

Cal sonic, a car parts maker 
affiliated to Nissan Motor, rose 
Y27 to Y766 on expectations of 
brisk earnings. However, car 
companies were sold on profit- 
taking, with Nissan down Y8 
to Y824 and Toyota Motor los- 
ing Y10 to Y2.080. 

In Osaka, the OSE average 
fell 36.20 to 21.929.16 in volume 
of 447m shares. 


Roundup 


Wall Street's overnight gains 
had limited effect. 

Malaysia cut income taxes in 
yesterday’s budget but the 
absence of further corporate 
tax cuts left its equity market 


relatively sub dued 

KUALA LUMPUR saw selling 
in the final half hour of trade 
and after a high of 1,119.14, the 
ELSE composite Index ended 
11-30 up at L113.04, a fraction 
down on the week. 

Brokers said that with the 
budget springing no positive 
surprises, the market may fall 
back into consolidation while 
investors look for fresh direc- 
tion. 

SYDNEY lost its enthusiasm 
for commodity-based shares 
and the All Resources index 
dipped 7.8 to 1,415.1 as the All 
Ordinaries finished 11.3 lower 
at 2,020.9, 0.7 per cent lower on 
the week. 

Golds were among the weak- 
est sectors, losing 1.5 per cent 
after the bullion price slipped 
below US$390 overnight. Tbe 
oil and gas sector was also 
weaker with Santos going ex- 
dividend and Woodside Petro- 
leum stock was upset by a 
report that BHP was planning 
to sell its 10 percent stake, 
fallling 7 cents to A$495. 

BOMBAY faced selling pres- 
sure and the BSE 100 index fell 
5403 to 4,274.71. 0.8 per cent 
down on the week, as institu- 
tions made room in their 
portfolios before a number 


of private plarings. 

HONG KONG extended its 
rebound to a third straight ses- 
sion, the Hang Seng index 
adding another 74.89 to 9879.47 
which put it 0.4 per cent up on 
the week. 

Anticipation of a Sino-British 
deal on Hong Kong’s new air- 
port financing and Indications 
of an improving local property 
market continued to bolster 
sentiment, but turnover stayed 
sluggish at HK$2.53bn up from 
Thursday's HKS2.34bn. 

Good demand for a recent 
luxury flat sale by its property 
unit took Swire Pacific A up 
HK5185 to HKS57. Other prop- 
erty stocks also finned with 
Sun Hung Kai gaining HKS1 to 
HKS57.25 and Cheung Kong 
adding 50 cents to HK336.40. 

WELLINGTON ended the 
day marginally positive, with 
the NZSE-40 index up 474 at 
2,095.17, but 1.6 per cent better 
on the week after another solid 
performance by Telecom, 
which rose 4 cents to NZ$5.64 

TAIPEI offered a weak 
rebound after four straight 
days of falls, the weighted 
index closing 10.01 higher at 
6,60498. Off a 6 ,561.71 low, 3.4 
per cent lower on the week in 
turnover of T$41.7bn. 


FT-ACTUARIES WORLD INDICES 


t emptied by The Rnandm Times Ltd., Goldman. Sachs tk Co. and NatWeet Saarttss Ltd. m conjunction with the Institute of Actuaries and the Faculty trf Actuaries 
XML AND 

DUAL MARKETS - — — THURSDAY OCTOBER 27 

s in parentheses 
number of maa 


US Day's Pound 
Dotor Change Storing 
Index 9S Index 


Yen 

Index 


Local Local 
DM Oureney % chg 
Index Index on dey 


Gross 

Dtv. 

Yield 


WEDNESDAY OCTOBER 28 1904 - — DOLLAR INDEX 

U3 Pound Local Year 

Dolor Storing Yen DM Currency 52 week 52 week ago 
Index Index Index Index Index High Low (approx] 


Australia (88). 


173.10 

181.85 


Beighm (35) 

159.73 


..... 25X74 

Rntand (24) J. - 

—....201-41 

Franca (101) ....... 

..... 142.58 

Hong Kong (56) — . — .... 

377.73 

......208.31 

ttty (58)...: — — 

77.07 

Malaysia (97) 

342.71 

MwJco (18) RIM — -• 
Natheriend {19> 

.-...21X14 

New Zealand lie) 

20521 


..—397.43 

Scum Africa (59) 

.—33X89 
..... 14060 


....—24224 


......10128 

United Kingdom (204) — 
USApiS) 

..... 201.72 
190.13 


172.51 

Nortfcfnej- 

Pacific Bum (747) 

233.85 

171.51 

Eure-Padflc f!454) 

North America (BIS)-— >■. 
Euopc Be UK (503) 

171.61 

-18X70 

15X27 

28098 

World Be 173 (1634) - 

17X71 

World Ex. UK (1945) 

WwWE*. So. AJ. (2060- 
World Ex. Japan (1681) - 

176J34 

177-Ofl 

16X80 


156.70 108.02 134.74 154-90 

164.02 111.38 141.55 141.40 

153,85 103.98 132.11 12081 

12X35 B3-4B 10006 133.08 

231.52 15064 19006 203.48 

18033 123.38 15077 193.10 

10096 13084 

87.33 110.98 
83106 294.02 

127.59 162.14 

47.20 58.99 

99.43 12036 


1.1 

1 JO 
0 A 
0.0 

- 0-6 

13 16017 10X96 13084 135.12 

_X3 12907 8703 11008 110S8 

0.4 34105 23106 294.02 374.75 

aB 18457 127.58 162.14 181.02 

0.0 69.77 4700 5809 87.98 

02 146.90 98.43 12636 M-43 

-0.3 481.30 332.40 422.44 533 30 

-03 1017.96 1207.65 1649.12 7838,63 

09 187.48 133-61 1B9.80 167.09 

6029 4021 58.72 6500 

185.77 12508 158.73 18108 

358.78 243.42 309.35 28X22 

30407 20604 26252 293.43 
127.40 8604 109.59 132.79 

219.38 148.43 10X6« 2S4.59 
146.00 96.78 125.64 12X00 

182.81 12X55 157.02 162.01 

172.12 116.46 147.90 190-13 


1.5 
-0.4 
02 
-0.7 
06 
02 
- 1.0 
1 2 
07 


0.0 

09 

04 

Ol 

-0.3 

1.8 

14? 

-02 

0.4 

07 

.ai 

Ol 

-03 

-02 

1.0 

1.3 

-0-3 

ao 

04 

06 

0.6 

-OS 

09 

0.7 


X58 

1.14 

4.29 

236 

1.48 
073 
X21 
1.07 
331 

3.48 
1.78 
077 
167 
129 
3-46 
3.73 
1.82 
157 
2.18 
4.39 
1.57 
1M 
4.17 
2.86 


171.30 
17098 
1684)8 

136.31 
257.03 
198.71 
168.38 
142.98 
378.14 
207.16 

77.08. 

131-04 

544.50 

2124.80 

21628 

74.33 

206419 

396.62 

33040 

13067 

241.70 

16238 

19023 


15X55 

163-44 

16X54 

123.78 

233^1 

180.45 
181.07 
12064 
341.67 
188.12 

6097 

1474)6 

484.46 
1929.49 

19041 
67 20 

187.14 

38017 

30821 

120.83 

21054 

146.00 

18091 

171.40 


1054)7 

11040 

103.71 

8361 

157.06 

121.88 

102.04 

87.70 

23072 

1274)7 

47 


1 

132-66 

4059 

12841 

24328 

208.18 

3667 

14620 

0097 

12220 

11X83 


13017 
139-92 
131.44 
10087 
199.81 
16448 
12033 
111.15 
29242 
1614)5 
5000 
120 BO 
42320 
1851.79 
168.14 
57.79 
16021 
3084)4 
283.88 
10058 
16725 
126.70 
15428 
14820 


163.47 

14008 

128-29 

132.96 

204.14 

189.15 
133 55 

111.15 
373.17 
18060 

8722 

99-33 

535.02 

18546 

6436 

18121 

263.14 

20228 

131.74 

252.98 

12626 

18001 

18664 


18015 

19089 

17724 

145.31 

276.79 

20141 

18037 

15040 

50868 

216.60 

07.78 

170.10 

621.83 

25474)6 

21075 

77.59 

211.74 

3934)1 

342.00 

155.70 

34034 

176.56 

214,96 

1964)4 


14036 

187.48 

149.33 

120-54 

23027 

11066 

15034 

128.37 

341.29 

171X6 

57.88 

124-54 

430.71 


187.01 

50SB 

16052 

294.66 

202.72 

12088 

175.83 

14064 

181.11 

17085 


155.79 

177.75 

150.03 

131.78 

235.73 
.123,90 

188.73 
13230 
3554)3 
172.01 

67.89 

15X80 

46033 

1687.70 

102-35 

65-89 

17944 

328-82 

214.23 

14136 

201.41 

140.10 

18842 

18031 


03 
0 2 
0.3 
0.4 
0.7 
02 
03 
0.4 
0.4 
OS 
0.0 


168.17 105.00 134J26 147480 
211.88 143423 182.02 200.88 

15556 105.06 13X50 110.17 
16X53 105423 13X73 125.14 

11440 1*5-30 16X19 

8X07 11X30 12X68 
1594)4 20X13 231-33 
10X39 18X21 12X91 

107.70 13X87 


159.00 

13X75 

23X24 

157425 

169.18 

160431 

17X73 


10648 

115451 


1374)4 

14X80 


144.17 

14X61 

17X02 


09 

0.5 

0.1 

09 

a7 

04 

04 

03 

04 
04 
06 


X17 

141 

1.10 

1.08 

245 

240 

243 

1.98 

249 

249 

248 


171.48 

23X28 

17144 

171.10 

18648 

16244 

25940 

17X07 

175.18 

17942 

18741 


16X72 

211.84 

16X32 

155-37 

16842 

13X88 

23643 

167.16 

15945 

16042 

17028 


106.18 

14349 

10441 

10445 

11X83 

8X81 

16848 

10X15 

10743 

10849 

11X02 


13X30 

16146 

13247 

133.01 

14447 

11X88 

20147 

13444 

13X16 

13X99 

145.77 


14X40 

20X85 

11041 

124.74 

18448 

12X26 

230.44 

12X51 

14X61 

14X07 

174.99 


17840 

23X81 

17X86 

17X14 

192.73 

160.12 

29X21 

17X65 

17X60 

18043 

10540 


154.79 
173.19 

134.79 
14X88 
17S.67 
135.94 
23244 
14X58 
15X98 
16X54 
17X34 


18047 

19045 

15X50 

16844 

18X74 

141.14 

23X05 

15941 

16843 

16X44 

17048 


17X12 0.6 18145 10X10 13&64 ,47 ”- 


249 17747 16048 10X73 13741 147.05 18040 16X86 1EX65 


04 

iM7 

liwpnoN «Mwun»n»ab»forTNfl Kttn 


mi wa iwd ***»». Se d. e* qd WgWBjecurge IM. 


LIFFE EQUITY OPTIONS 




— 

Cafe 

— 

— 

Puts 

— 

Option 


Jan 

AW 

Jd 

Jan 

Apr 

JJ 

MUDOHC* 

550 

56 

88 

71 

7 

13ft 

22 

(*506 ) 

600 

22ft 

34ft 

42 

Z7ft 

34 

48 

Am* 

280 

14ft 

22ft 

25ft 

15 

20ft 

25ft 

rrei ) 

280 

7 

13ft 

17 

28 

32ft 

37ft 

ASM 

00 

5ft 

7 

Bft 

4 

8 

7 

r«i ) 

70 

2 

3ft 

9 

lift 

12ft 

13ft 

Brit Alnnys 

330 

38 

48. 

Sift 

Bft 

14 

21ft 

(-356 ) 

360 

18 

28ft 

35 

22 

27ft 

34ft 

SeflBdaiA 

390 

27 

38ft 

43 

15ft 

22ft 

27ft 

(*40* J 

420 

13W 

22ft 

29 

32 

39 

43ft 

Boots 

500 

37ft 

51 

57ft 

n 

17ft 

26 

1*528 ) 

550 

12ft 

28 

32ft 

39 

43ft 

51ft 

BP 

420 

25 

33ft 

40 

15 

22 

27 

("42B ) 

480 

a 

15ft: 

22ft 

38ft 

45 

48ft 

BrttASM 

140 

24 

Z7ft 

30 

3 

4ft 

7 

nsa > 

160 

9ft 

18 

IBft 

10ft 

12ft 

15 

Bass 

550 

25 

35 

43 

20 

33ft 

41 

<•555 > 

BOO 

7ft 

IBft 

24 

B5H 

69ft 

74 

CdfctHto 

390 

39ft 

91 1 

59H 

13 

IBft 

26ft 

("413 1 

420 

34 

38 

44 

26ft 

33 

41 

CourtaAb 

420 

38ft 

48 

40 

15ft 

IBft 

28ft 

(-*36) 

460 

lift 

22: 

17ft 

39 

42ft 

50ft 

Comm mu 

543 

31 ft 39ft 

— 

19 

32ft 


rwa ) 

582 

lift 

Uft 

- 

50ft 

05 

- 

n 

750 

84U7Bft 

88 

13ft 

30ft 

38 

093 1 

800 

34 

48 

58 

35 

SB 

83 

KtagHier 

460 

39ft 

49 

53 

15ft 

25 

32 

P472 J 

500 

13ft 

30ft: 

MH 

38 

48 

53ft 

Lead Seas 

am 

27 

48ft i 

IBft 

18ft 

22 

33 

mm 

650 

7ft 

18ft: 

23ft 

52 

53ft 

54ft 

ktau&S 

390 

33 

42 ' 

raft 

6ft 

12ft 

14 

T414) 

420 

15 

atft 

31 

IS 

25 

27 

HaBttat 

500 

29ft 

38ft< 

I7H 

22 

36ft 

42 

rsoi ) 

550 

11 

IBft 

27 

55 

69ft 

73ft 

Sobtamy 

390 

26ft 

39' 

IBft 

14 

21 

28 

C401 ) 

420 

11 

24ft 

32 

31 

38ft 

44 

Shefl Trana. 

700 

49 

56ft 1 

BSft 

10 

23 

28 

r730 1 

750 

IBM 

38ft 

38 

33 

48 : 

53ft 

Storeinuoa 

200 

38 

28 

33 

a 

5 

7ft 

rzio i 

220 

12M 

17 21ft 

10ft 

13 

15ft 

TnMgar 

80 

a 

lift 

13 

5 

7 

8ft 

m > 

BO 

4 

Bft 

Bft 

lift 

13ft 

14ft 

IMsrar 

1100 

68 

78 

91 

23 

38ft 

GO 

mss 

1150 

31 

52 64ft 

48ft 

85 : 

75ft 

Zeneca 

900 

raft 

82ft 00ft 12ft 

27U32H 

(■649 1 

850 : 

38ft 

53 62ft 

321 

soft 

58 

OpOon 


tow 

Mttay 

MW 

Fab i 

*>y 

Grand Met 

390 

27 : 

35ft 41 ft 

4 

15ft 

18 

C413) 

420 

9ft 

18ft 26ft ‘ 

17ft 

31 

35 

Ladtnka 

140 

I5ft 

22 24ft 

2 

SH 

Bft 

ns2) 

160 

3ft 

it 14ft : 

lift 

1518ft 

LUd 

300 

lift 

23 

27 

8 ■ 

13ft 

23 

1*301 ) 

330 

2ft ■ 

16ft 14ft 31ft 

33 

43 

Otym 


Dee 

Mr . 

Jon i 

Dae 

Mr 

Jun 

Raons 

110' 

lift 

16 20ft 

5ft 

8 10ft 

niai 

120 

Bft • 

lift 18ft ; 

lift 

14 15ft 

Option 


Nw 

Feb May 

tow 

Feb i 

m 


M Hare <20 49M 621S 7Bta 8 17 28ft 

(*456 ) 480 23 39 49% 24 35 48 

BAT Ml 420 26H 42 48ft 5 14ft 25ft 

f440 ) 480 7 Bft 27ft 2514 34H 48St 

STB 300 18 2B 32 « 9ft 16ft 

(-312 ) 330 4 12H 17M 22 26ft 34 

Brtr Telecom 360 32H36H 42 1ft 7tt lift 
H 89 ) 390 Bft 17 25 9 20M 24 

Cttay Sdl 420 28ft 41 4914 3 Bft 17ft 

(*441 1 480 3 18 24 23 28 38ft 

Emm Bee 750 3214 58 70* 22ft 41H 52 

1*788) 000 lift 36 B2ft 61 B8» 77 

Giinsa 480 13» 2914 88 71BHMH 
(•465 ] 500 8 12K17M37U 41 48 
GEC 260 22 2314 3114 1SS 8 814 

1*278 ) 280 8 14ft 19ft 7ft 14ft 17H 


Option 


tow 

cm 

Fab 

II 

Mw 

-Puli 

Fra 

Itay 

Hmon 

220 

14 

18 

21 

3 

7ft 

12 

(*229 ) 

240 

3 

8 

12 

13 

IBM 

22ft 

Lasmo 

134 

18 

- 

- 

2 

- 

- 

(148) 

154 

4 

- 

- 

9 

- 

- 

Lucas knfa 

180 

15 

2T 

25ft 

2ft 

7 

11 

(•190) 

200 

4ft 

11 

15ft 

13 

17ft 

21 

P&O 

GOO 

3SY, 

84ft 

65ft 

6ft 

18 

33 

(*626 ) 

650 

IBft 

28 

39ft 

31ft 

41ft 

60ft 

nkhgbu 

ISO 

18 

19 

23ft 

2 

Bft 

9 

H92) 

200 

4 

Bft 

13 

lift 

17 

20K 

PnJdBrtW 

300 

25ft 

34ft 

37ft 

2 

7 

14 

(*321 ) 

330 

8 

IBft 

21 

14 

20ft 

29ft 

RTZ 

850 

25ft 

52ft 

83 

14ft 

31 

4BK 

ras7) 

900 

Bft 

2BM 

39 

49 

60 

77 

Roland 

4B0 

22ft 

39 

47ft 

7 

17 

31» 

("472 ) 

500 

5 

20ft 

28ft 

33 

39ft 

58 

topi trace 

280 

17 

27 : 

33ft 

6 

13ft 20ft 

f-289 ) 

300 

7 

17: 

24ft 

17ft 

24 

31 

Teuco 

220 

20 

2Bft 

31ft 

2 

5 

11 

1*235) 

240 

Bft 

14ft 

20 

Bft 

15 

20ft 

vaufona 

200 

18 

22 

28ft 

3 

8 

lift 

1*211 ) 

217 

8 

13 

- 

11 

17ft 

- 

wnama 

325 

24 

— 

— 

2H 

- 

- 

(*344 ) 

364 

5ft 

- 

- 

13ft 

- 

- 

OpOon 


Jra 

Apr 

M 

ton 

Apr 


BAA 

500 

27ft 

39 

48 

13ft 

18 

23ft 

1*512) 

525 

IBft 

2B 

- 

27 

31 

- 

Itanea Wk 

500 

34 

47 

54 

15ft 

21ft 

32 

rs2t ) 

550 

lift 

24ft: 

aoft 

45 

49ft 

59ft 

Option 


Dee 

Mv 

Jun 

Doc 

Mr 

Jra 

Abbey Nad 

390 

39 

48! 

51ft 

5 

14 

18ft 

1*419 ) 

420 

18ft 

29 

34 

IS 

27ft 

33 

fissawm 

25 

4 

B 

Bft 

1ft 

Sft 

3 

1*28) 

30 

2 

3 

4 

3ft 

5 

6 

Bwttays 

550 

48 

50ft 1 

BSft 

8ft 

21 . 

28ft 

C5B1 ) 

600 

17 

32 

42 

31 

48ft. 

54ft 

Btaa Cttde 

280 

15 

23 

28 

12 

18 

24 

rz«) 

300 

Bft 

14 

19 

25 

28 

36 

Midi Gas 

280 

21ft: 

29ft 

34 

5 

9ft 

16 

(*294 ) 

300 

Bft 

IBft 

23 

13 

18 

26 

□beans 

180 

22ft 

27 

32 

4ft 

9ft 

12ft 

riflB) 

200 

Bft 

IB 21ft 

12ft 

19 

23 

MHdOMl 

180 

14ft 

IBft 

22 

4» 

7 

11 

1*171 ) 

180 

4ft 

9 

12 

15ft 

18 

24 

Lenta 

139 

10 

IBft 

19 

5» 

10ft 

12 

(*134 ) 

140 

7 

11 

14 

11 

IBft 

17 

m Fewer 

480 

SB 

61 91ft 

8 

IS 

25 

(*490 ) 

500 

IBft 28ft 

40! 

26H 

34 

44 

Seat Power 

330 

38 

43 52ft 

Bft 

15 ' 

18ft 

1*358 1 

380 

17ft 

28 STM 

is ; 

28ft 33ft 

Sew* 

100 

12 14ft 

18 

2 

4 

6 

C1D8) 

110 

6ft 

9 10» 

Sft 

Sft lift 

Forte 

220 

31 

3B38U 

2ft 

4 

8 

rs» ) 

220 

15 

22 

28 

7ft 

9M 

18 

Tenure 

120 

8 

15 18ft 

7 ‘ 

IBM 

14 

nzi ) 

130 

5 10ft 

14 ■ 

13ft 

18 19ft 

Thera ai 

950 1 

92ft Hft BOH • 

I Sft 

31 39ft 

rs77j 

1000 

24 40ft 

81 38ft 

SB BSft 

TSfl 

200 88ft 29ft 32ft 

2ft 

7ft 10ft 

P219) 

220 ' 

12ft IBft 

21 

9 

18ft IBM 

TemMne 

200 

17 

22 28ft 

6ft 

B 12ft 

(*209 ) 

220 

Bft 12H 18ft 1 

ISM 

21 23K 

wrioome 

BOO SDH 

09 

81 

15 

29 41ft 

(-629) 

850 

23 43ft 55ft 41ft 

54 

B6 

Opton 


ton 

Apr 

■M 

Jan 

Apr 

Jd 

Stan 

SS0B7H 

78 

88 lift 

24 29ft 

1*689] 

800 

39 

60 B2H 

31 48ft S2» 

GttCKMSB 

TOO 55ft TIM 

22 

27 

SO 

SO 

(*718) 

750 31ft m 

59 

55 

79 BBft 

Raim 

480 

38 

47 

GS 

13 22H27H 

("477 J 

500 

18 

27 

38 

34 43H 

48 

Opton 


Mas 

Fab May i 

MW 

Feb Hay 

AMfrflOfN 

180 17ft 

23 26ft 

2 

5 

9 

H73) 

180 

5 

12 16ft 

10 

14 IBM 


* underiyfag eearty prtaa- Pratriuira Mown are 

baed on detoig °riw price s. 

October 28, ital comas: 3847a CMb: 2X050 
Putsi 18424 


FT GOLD MINES INDEX 



Oct 

27 

Ktbg 
an day 

Od Oct VBar 

28 2B ago 

Mss dht 
yWd K 

62 weak 

Hfgb Law 

Md Unas Mac (34) 

221080 

-U 

2283X9 228X77 107X00 

143 

2367.40 178262 

■ Regboal bdeae 






Africa (161 


-44 

3644.76 3664X9 2717.72 

172 

3711J7 2304-45 

tedratasta (7) 

2BB1ZB 

-43 

2B9X86 287X89 2162XS 

160 

301189 2162X5 

North Aorta (11) 

lttMB 

-3J 

174X47 1784.35 1734JB 

479 

203986 146X11 


Copyright. The Hnentui Times UnCM HB4 

done In brackets show nunber ot oo mp anfta. Bede IS Ddhua. Bra Vetoes: 100040 31/1 M2. 
Predecsattr Gold Mms indue Oct 28: 2794 ; dbyt Manger -24 press: veer ego: 22X5 7 PanM 
Uieei tsneee were immmm lor Me edUon. 


RISES AND FALLS 


PrIHmr , 


Oi 

Rtees 

i the wreak 
FaBs 



Wsea 

vii many • 

FbDb 

Same 

Same 

British Funds 

63 

1 

7 

128 

187 

42 

Other Fbwd Interest 

4 

0 

10 

6 

16 

48 

Mineral Extraction 

74 

42 

BO 

265 

281 

434 

General Manufacturers 

148 

101 

3B8 

510 

740 

1.933 

Consumer Goods 

52 

22 

113 

158 

223 

554 

Services 

95 

63 

337 

338 

506 

1.631 

utnuoa 

35 

3 

7 

102 

74 

49 

Financials 

129 

48 

188 

362 

460 

1.003 

Investment Trusts 

212 

17 

236 

470 

509 

1J48 

Others 

64 

20 

28 

198 

212 

156 

Totals 

876 

317 

1.392 

2.535 

3.206 

7,196 


Doe bated on mote companies mm on tne London Share Service 


TRADITIONAL OPTIONS 

Rral Dealings October 24 Expiry January 28 

Last Dealnga November 4 SetUement February 9 

CaBs: Air London, Aminex, Avtva Pet, Com Murchison, Crossroads OX Hanson Wta, 
Morrison (Wm), Stanhope. TuRow OIL Puts & Cals: Hanson Wts, Madeira. 


LONDON RECENT ISSUES: EQUITIES 


Issue 

price 

P 

Am 

paid 

up 

MM. 

(Em.) 

1994 

Mgh Low Stock 

Close 

pnoe 

P 

W- 

Nat 

dtv. 

Dtv. 

GOV. 

Gre 

yw 

P/E 

nel 

- 

FP. 

O.B8 

6>2 

4 APTA Wmts. 

6*a 

+1 

_ 

. 

. 

_ 

- 

FP. 

9J» 

73 

63 Artesian Eats. 

69 

43 

- 

- 

_ 

- 

100 

FP. 

17X0 

93 

B9 Bzw Cammotfues 

89 


• 

- 

- 

- 

- 

F.P. 

16.0 

47 

42 Do. Wits 

45 


re 

_ 

_ 

- 

- 

F.P. 

130 

1% 

1 Cont i Foods Wits 

1*4 


- 

- 

- 

- 

63 

F.P. 

1X2 

68 

65 ErtnemU 

67 


RN0.71 

5.3 

13 

6.4 

- 

F.P. 

544 

124 

108 FHronlc Ctek 

120 


RN0.75 

2.G 

06 

40.4 

115 

F.P. 

36.1 

126 

115 Games Workshop 

128 


RN4.8 

2-2 

4.6 

11.9 

- 

FP. 

234 

35 

27 Group Dv Cap Wta 

27 


- 

- 

- 

- 

- 

F.P. 

299 

82 


58 


- 

- 

- 

- 

- 

FP. 

2.70 

30 

27 Do Warrants 

27 


- 

_ 

- 

- 

180 

FP. 

169.0 

222 

205 Irish Permanent 

222 

♦7 

□N6.0 

4.6 

3 A 

7.7 

iao 

FP. 

17.9 

195 

178 MacMe Inn 

186 


RN6.0 

2 2 

49 

7.6 

180 

FP. 

4249 

181 

160 Man ED & F 

165 

44 

RNfc6 

19 

X5 

9.1 

- 

FP. 

33X1 

488 

475 PtoWc Inc. 

483 

44 

- 

- 

- 

- 

135 

F.P. 

6X7 

149 

136 Servtsar 

146 


AN3.8 

13 

3.3 

2X7 

- 

FP. 

111.0 

379 

355 Templeton E New 

359 


re 

_ 

-. 

_ 

- 

F.P. 

n ?n 

62 

57 Whitchurch 

62 

♦1 

RN125 

39 

2-6 

139 

- 

F.P. 

2X2 

360 

335 Wnuham Wale’ 

333 


- 

- 

_ 

_ 

- 

FP. 

4.74 

330 

320 Do. NV 

330 


- 

- 

- 

- 


RIGHTS OFFERS 


Issue 

Amaru 

Latest 





Closing 

1 *<"- 

price 

paid 

Renun 

1994 



price 


P 

up 

date 

High 

Low 

Stock 


P 


17 

Nil 

2/12 

2pm 

'4pm 

APTA Health 


Iipm 

*«* 

118 

DU 

28/11 

20pm 

9pm 

Catties 


9pm 


Wp 

N4 

26/11 

3 »pm 

Upm 

Dragon Ol 


'eptr 


ISO 

Ml 

9/12 

15l3pm 

5pm 

Sbftwr 


0pm 

+1 

hsaop 

Ml 

20/11 

59pm 

35pm 

Smuts (J) 


39pm 

♦14 

5 

Nd 

15/11 

2*2 Pin 

%pm 

■{Union Square 


?ipm 


FINANCIAL TIMES EQUITY INDICES 






Oct 28 

Oct 27 

Oct 26 

Oct 25 Oct 34 

Yr ago 

■Ugh 

•Low 

Onflnary Share 

234X1 

2310.6 

2298.5 

2301.8 2325.2 

339X0 

271X6 

2240.6 

Orel. dtv. yield 

•L38 

4.45 

4.47 

4.47 4.41 

X87 

431 

X43 

Earn. ytcL % lul 

X25 

694 

X37 

X37 6.31 

4.48 

631 

182 

P/E ratio net 

1X42 

1X15 

18.06 

18.08 1X24 

28.07 

3X43 

16.94 

P£ ratio nil 

17.96 

17.70 

17X1 

17.62 17.78 

35.B9 

3030 

17.09 


-For 1894- Ordnay Shn Mm xtnee compandor* high 2713 a Z/D2/M. to* 48.4 26/8/40 
FT (tanary Shan Index base dale 1/7/35. 


Ordnary Share hourly changes 

Open 940 1X00 1140 1240 IXflO 1440 1X00 1X00 Hltfr Lora 
23202 2317.7 2312.0 23106 2300.1 230X8 2317.6 2334.2 234X4 234X4 2302.3 


0« 28 Oct 27 Oct 28 0ct25 Oct 24 Yr ago 


SEAQ bargains 
Equity turnover (Emff 
Equity bargahat 
Shane traded (piQt 


22.487 


21.112 

110XB 

24,353 

46X2 


21425 

906.0 

24,627 

434.7 


24.673 

12115 

27,312 

467,1 


22454 38,032 

947.8 1636.2 

26,378 40,551 

4206 72X4 


lEjctodng imn nt ra toi business and omeaa turnover. 









22 


BANKS 


FINANCIAL TIMES WEEKEND OCTOBER ^/OCTOBER M IW 


CHEMICALS 


LONDON SHARE SERVICE 


ELECTRONIC & ELECTRICAL EQPT - Cont EXTRACTIVE INDUSTRIES 



HEALTH CARE - Cont 


INVESTMENT TRUSTS - ConL 


iew w w 
non m cob n am he 

B0I.7 IK V 

3.1 ma 
22 212 


♦ or 1994 Mt Vd 

Korea Price - sm k» CapEm Grig PIE Non Mi 

JBNMnH £. £21 >9 +ft ESP, E19B IS 17 12 « «A3tt □ B „ _ . 

ANZ*S 172 M 278b 177 2289 13 »3 AtaoFl _ .□ ETflJf +Cii ES23 EB29 3087 

Abb»Na«ml..%; 421 +«b 523 mb H23 4® M® Jtted MoWe-TO 13§4 *1 *1®; ns5 7132 

Med MSB E -$TIC 280 +2 314 233 1086 ID 9.5 AlSteTM M 780 780 705 305 

*»««■-*« _» ----- *.m jj « BF«- =? a jg 

11 70 BTP_..— -So 207 -2 *373 288 m2 

___ 50 99 Slyer DM 

BUrettndE *2 284 +£ *319 246 10*7 4.8 81 Burnt 


♦ or 1994 US YU 
Non Pitt - Hgh far CbeSh ers ?£ 

.W 87 _ 7B 63 S0T 

110 
118 


7994 


AssrtY-— — — _z_ wa -a»j BIS'* ezais^n 

Banco bi w* Pa..^ eip* +, 1 , eie,i ewft 3®io — . — 

Banco Sant Pm— . CM *0011 £23* 4.288 50 99 BiyerDM. H £IAMl +2B £1«V fl29tf 9,443 

BUrettndlE *2 284 *6 *319 Z46 U*7 4.8 81 Brant UlllSba . — 131 710 

BartiScaHaraU+fC 3E8 -®b 247 1721s 2392 3.2 11.5 BrttSBWO HO 236® .... 309 210 5113 

9bpCPf 10Wa® 141 7; 108 ,008 70S - CantekWBoS--.-* IB 

OtaocPf TIM +Ij 1487} 111*4 1120 100 - Caring (W — VC 162® 

Bvons *+l *Z 962 +7 840 487 9080 18 1&0 Cemerame— AN — 

MKNKsrtY „C E10y -ft E12U E10A 94,191 05 

DM E301 i *92 £344i S270ft 14082 2 2 

mn ~ eg ! +ft t,3ft EflS 19IO 4.1 


888*4 -ft 819** 829 15*71 


1- & 184 283 194 

- .jTeeMflfcn 44® SI Idg 

32 162 Futtiu Y id MXt *6 191 35ft 12030 

72 - s£7 IO 278 +7b S6ft 268*2 7020 

4 2 23-8 Gwtetwr «*□ 110 -2 W 110 2174 


28 11 J AFWNR _ 

12 110 13 — 2* 


11 Ancttn- 


Deuette 

EscmeoSamn 

Ron Mai Fin tC 

BJpeCu" 


*90 

*90 


1140 2.8 
4J7 11.1 


85 
18 

- OfflfflP Wl JO (35 

48 OMB HO 353m 

- Ottflfe 0N 135® 

- EneetadS 213" 


TdcCvW- 1251; 171 123 BM 70 - EUOpeai CDtairTO BT 

RJ8anX» 1341b -4 18*8 ■« 1152 38084 14 * GBWI *«»__.« K 

ISBC UK HC724 , jd +llb 1133 66012078 40 101 HWWfl — ~-*W3 148 


1480 




7180 


♦7 

♦IB 


M 308 KerenataUQ 1* 

8.1 33 Kodak® M 

~ ~ Witt 

43 3li unxPraj Teens — H 

M MTLhtt. — 

Kegnera Po«r- 
1-9 ~ Me m te S a nta . 

__ 2J *20 Uhrm BlL* 

14S l£ 120 40 130 KasT ** 

223 148 2803 60 133 * 


1113 980 9.110 4.3 10.4 HoedBtDH^-^ O30JJ *21, E1M £10811 V* SO - EV 

... an 519 7387 5.1 71.2 *BkleyC»a*alWC 217 -250 IBS*. 2230 20 17.7 SSi, 

MautWUY □ £161, -J, ElBjJ £15Vj 43064 14 « « J Q 7»^ *7 M 7U ITS* 43 6*.1 ^ 

11827* 697*3 11,288 S3 1&0 krapae.. 


WBTH&BiY — . _ 
HtakTa&SkY.JZ 

KnAu94S -J 

NesviMt HG 

OcnrcBM FTY 

Brl Bk Scodard ,»tlC 
SakuaY- 


943 ... 

HZ 1 ! -J* 879 814 8418 

4Sfi -2 820*4 472 8423 

602 *18 622 421 8384 

E22 *4* £33 £21*. 1100 

439 *14 S2B 377*2 33U 

28** -ft £®JJ E8A 27375 


0.8 237 KaWI 

5.6 103 U^tt -*I 


7B3*? 

2150 *1 232 

Wh 1811, 

8880 -1 843 

81 35 


- ArgAaCtfR £34f 

40 140 A.0)aAraern E38L 

17 - A.^ An Gtffi R f E72js 

5.0 Ri Arcs Pxfta -"AC Z9‘s 


15 - snan Keanu — #Np 359 — 

I I ISSsSst^tS mm ri ian> 138J3 

?i£fSS^:-:S ^ ^ 

3.7 193 Tamarts-^ 


13 

5.1 


* AitfaiaalR 


219AO — E19J* £135 BOBO 1.1 


AomE^nAS^. « 

«7 mb «f i q i.4 33J A£»3 - £13ft -ft OB*, £11 jl 1091 

W 335 3S 30 mC Ajw Ham MS -_-1f tfi -1 W ife 103 

m So? a ja&sicca-i va ^ am w go 

38 34 358 

184 90*4 374 

27 10 134 

-*4 37 I2*i ZB 


- reroute SdBS. -* 
A LinlOvn ..ftolC 
1 UnbdOmlE — Hj 

- YMsteMerKoniC 


227 

2>* 

57 

2700 

183 

394 


*292 

*3 

♦1 IBS 
♦1 "313 

.... *215 

... 400 


Aid 

Cacti* 

1100 

113 

1054 

108 

2944 

808 

1J.7 

4813 

310 

IBM 


«a 

am 

13 
44 
1 1 


Oas 


15 9 


15.* 

113 

* 


ftw 

■4 

23 

300 

154 

188 

139 

tjfldl 

06 

12 


*3 _ BearrtiR a KET-» -3** 

3.7 - Bach Uaug l Dd-tB 34 — 

1 4 a KrrarR 18$*i -*•* 

J iaj B&ttrGAlA 22 

. Bracken R 1 19 


4 " v ; HOUSEHOLD GOODS 


210 1270 20 203 


_ . Et eaoeAS 154*. 


40 03 

64 4 Matter* JO 308« — 

3.4 190 Mclaod Rusal „ JO 1(B 

0.7 512 Uentactktt.-fMD 104 *1 


CT2fl +S C1G*i CIlJ 38095 04 ‘ - PenOpSKr -□ £Mj 

Sandard Cnaru.HG zn *4 *350** 223 2,792 27 10.0 PonaH 4tK 


73/SncM 

SumnonoY n 

Sumaouw T0 Y — G 
T3B .ttC 


805 *1912 11481; 
._ 219 *7$ 281 

T*JtY Z £7*1 *ft 

TonT9SBkr_^G 718+12*9 

WeftncAS 2D4 +2U 

YaswfaTstBkY -4G 84«* *J* 


85 +** 10812 B2V. au 100 - Scene fO 

nip* -it Clip. 38077 0 5 24 2 SuKHte Spett -%J 

1912 11481; 52511356 " 

“ 197 3^52 

OH 15423 
8S2 686*. 6020 

2U 194 3,716 

058 442 6021 




BREWERIES 

tenet 

AacotMdga G 

Bass._ tliG 

8od®H8KWi_ _ TTC 

BronmM. N 

BijndBePope A..»JtN 

FosereAS— 

WterSTA v»N 

SUn lie* 


. 54 

08 <fr ttanUSmys — KG 411 

40 110 waunmun WG 19S«B 

0.8 47.8 WOBarMina itN 7BM 

a7 B3.4 Yoteshk, .1+fc 398 

27 » YkdaCaua HS 2840 

OO 40.4 

DISTRIBUTORS 


272 


480 

220 


HaWPdW □ 

17B 1834 20 350 £Ss^ s “ * 

140 188.1 30 113 „ 

E83 1018 30 174 fg^CZZZZI £lS ^ SZ& 


_ ft=»- 

qj _ CHAAS • 

53 a Ce>dsSaSiSn'Z -V 

-H 0411 Elrt 1188 20 714 — S* 

._ rii 23 mi 20 * S55S 

- - 80 250 Cc ^??-— 

W in, warrara — — — 
183 Ccn MurcS R 


46 30.1 

302 1223 
100 880 
99 25.1 

“SS’S I 

IBS 4810 
31 


*? 150 - 


PKM 

A.. 


7 0 17.0 
4.1 14.1 r , „„. r 
1.7 290 

lO 222 gratat-; 


is 173 Presort* fN 

182 ll 202 7**ne»PI 

381 1022 52 210 

193 468 13 188 

570 58.1 10 *6-4 R*a* 

380 1800 20 170 

258 2820 20 210 



81 68 129 

74*3 950 

Cl 4 8488 

Etlfi £37-? 



B.9 90 

50 - 


CmesusAfc_ 


782*4 -At 08 580*2 8M 

♦At 150‘j 107 570 

B 2 l J 847 

an *3 958 745*2 8.119 

323 *2*2 38 940 

24** — ** 531= 14U 904 

45*2 581} 36 310 

— *1« 281* BZJ 

. _ n is 

300 65 IM 

— ** 22 13*4 184 


HJ7 

47 

241 

T7?i 


~ Ca Seers LWOSR. t £1% -«* £1 n* C13,’. 8.700 34 162 Jem — --i 

2*3 ^-cp, 3871, 3121, 2J2 122 - LeCrfcaaFFf- 


*2 223 MatVidAS f 140 — 227 

- Der<alR 119 -2 

37 ♦ Com as.. -ii* 

..I ” fc=t*SAi f* 22*1 

83 130 1!0 - DocrtfKMR 9W. 

4-2 158 Cte^naiaBjAS-V ■ 


& 980 

30>2 3U 

_ 5*i 207 

V4 170 CkkciA nap. -21, 1858*2 6B5\ 2081 

2.1 21.1 Octaa C«oB 924 riA, 941A. 5491, 2U 

40 1« Stt3R + ITS -1«2 203 *t ' 


148 
36 

♦H 29 ** 
-J. 701 1 * 
13 At 


723 2380 
38 1180 30 106 

25*1 402 


GraerwNng HG 

Gras*enor ffroa 


MmfleU N 

8tesmmuonei_J£G 
Unlaid W 


Se«SMew — q{p 
UntodBrawefWSC' 

nriffi 


WHtbreaa M2 

VKtri Dufflej -HO 

YawEnw *G 

1 A _M 

— N 


Yama A, 


♦ or 1994 

MU 

YW 

Pitt - M®1 

2 10*4 

5S3 *6 619 

253 289 

tow Csrfin 

Gris 

ib 

405 

250 

1 

47 

4.1 

188 .... IBS 

168 

38.7 

3.4 

168 +1 161 

142 

327 

27 

BS 68 

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23 


LONDON SHARE SERVICE 


173 


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Warrants 2 42 

TTmoxnCUre -ft 188 
ThandooAflan .fMG 107 

Warrants. -Q 16b 

Ihoreion tan Eras }4N 30m 

Warms 7 

zero CW PI 484. 

TArogDnJlnc N 85 

Cap BOB 

ThroflPrtdhc. 83 

Itnu lorn Safe Cu-to 131 

ffarrams □ 34 

nfttfNG 


LEISURE & HOTELS ■ Cont 


OH. EXPLORATION & PRODUCTION - Cont PROPERTY - Cont. 


106 103 


VkS Ottor 

BTs NW hid ) Hots 

- 99.7 -2.7 Or Centra JO 

- - - Dfffpp m . | IT] 

£888147 -UJ CrBSTwr0UelS_«O 
19 124 0 -0 CrocMonft__ttfC 

- DaMdUevd. 

- 90 1 -4 1 B aoDMng yH-f-fy 

- — — Euncamp- ItT 

£1 301.4 10.4 Eotwan lxe-.no 
13 2399 7.1 RMneBoaB-. *fl 

- - - Fantnhad fi 

1.1 214.4 18.4 Firs am* KG 

1-4 - - aimCvPf _ . .... 

- 713 i* Hrsutwe t*a 2Eom 

73 - - ftnsmne □ n* 

13 539.1 1U Fram JO 22m 

M - - FrisraSy Hotels Ji 179x8 

- 40.1 28.4 Oft +di 55 

- - - Granada TuQ 528 <-14 

1X5 101.1 80 7'*pC*PI 185 +3*2 

- — - ftiyPiwnajii M~r 88 

- - - fi-lflc Swns<R1aHD 419 __ 

IM - - Hondi» _-*K 103 

- 33.4 162 kss&atare Ml 119 _ ... 

4-2 135.7 10.1 JmysHMeiC 157b tb 173b 

- Kmfeh JO 14 IS 1 . 

10.1 - - Bi4ptD.PI 85 118 

- 1877 343 IxtbmU fG 153m +3 217b 

- Ltmcbfl Onto AVY 345 — - **• 

£0 - - UagnoBa J4 


RETAILERS, GENERAL - Cont 



1994 UU VU 

Km CapEn Brrt p ft Mates 

76 H6.1 £9 15.4 Eonrtse Ehthv 

305 7563 2.7 163 Tirtw. 

IS £85 ItehtrE :tto 

133 1383 43 98 IM Eiktdj ,.JG 

SOB 1233 I G !U VXroimtWlta- ... 

- Vcma Petal- 

47 109 KLS n 


1994 



UU 


YU 


Wee 
21'J 

SB -*2 
55 

33 +5 


31 


40 


OIL, INTEGRATED 


tan Canon Ore P.<E iMea 

I2B 3.75 - - AuUSAsn £N 

- BOA. 

- Barters _ AN 

- Bnowtanc _MJ 

- Biton — +N 244U 

- BHWf HO 2M 

- tattoo 3 17 *39b 

- Boome £m.. ..tmi so 

Bradford. tSD MS 

Bnsnxane .. .440 iibu 

ausllLU HO 380 

6pcC* 8d.. rat e 

m CapUn Grt P.E ?3l 


26 141.7 
E30 100 195 


340ZUZ4 
91 1 1388 



.or W Mb YU 

- Ndi taw Captni Gfs 

— 371j 14 233 

" 22 471 - 

SI 110 
38 SOI 
238 2145 
243 11U 
15b 118 

72 445 
183 268.1 
118 B.T2 


WE Note 

- SMO. 


1994 


Un «a 


- - He Rack— _l£j 

- css upsm & sm nL' 

50 17 7 Mndmne Umn- NLl 
3.1 170 VKEW pL3 

- - IMdaf LMher iSd 

is - nrmata IN 

17 120 

•m iw vm 20 333 SPIRITS, WINES & CIDERS 

b CM3 CW>2 1370 65 


*ieo 
+2 Z7B 
137 


Phrt 

— fncJl 

to CacEm 

Grt 

P£ 

165 

191b 

iSib 

4X0 

Zu 

;i i 

168S) 

... 198 

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47 

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122 

♦ b 173 

114 

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1.8 

140 

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1.82 

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518 

•2 538 

3JM 


13 

390 

35 

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33 

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"1 

SB 

BOB 

*9112 

52 

993 

1 1 


I45S) 

— *135 

138 

550 

39 

IXS 


TRANSPORT > Cont 


Nobs Pn» 


1994 


MM YU 


5.*TKJ 


103 

30Z 

122 

!STm 

87 


. UWI 

pcDrRdPf-.. £1401* £178 E 134 b 181.7 6.1 

_ .... jgyf jjjjjg 


9bpc DOT 2028 .. ..£100,(0 

« S3 SSSf 1 ~ ^IS 182sl 

: 8ft=aB 


177 423.7 
18 410 


93 - 

50 1S2 


-1 *278 

— *0 gSdUd 


Nate 

ABtadDomcq — IC 


Bamergg — ...N 


Pnca 

6B4 


- n«n 

*7 *683 


1994 


SbpeW 201 

ObpCiPI 119b 

Beacon «t» 98 

SeaCacUiiieaBS — a : *. 

&aMdE. ._ ...'.i 


m 


88 980 42 


- BlanUH HG 


124 1X3 

166 


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- - WM *.1 2b 

- - - UrOWaTonn. Jb 13b 

XI 3130 SB Nortton F tC 81 


. — .104 EB 308 

7K2 SS't 747 

+b HHb 74b 5344 
- - *4b 2b 702 

+b 19 13b 

57 34 


&! 725 
nj — 

30 Z12 °™ ER FINANCIAL 


330 

1BL8 


3 - - DiDbSWI-—-. 2138 £146bE102b 700 

- 2480 30.5 Pauean Leta.XWNt! MB 171 132 140 


UCJ 


- BOS 81 PbECtoesa— llO 112m 

- - PltailOB—^lNG m — 

245 - - QukM l_n 28 -1 

-1283 0 111 QUKfsgUaA H «7l<* 

1 7pcftPL 1048 — _ 

- 7bpcCvPl 88* .... 


66.7 

590 


- 904 XI 


*102 651; 

Ml 

183 m 105 

43 28 108 

47b 47b 4390 

184 104 27.1 

95 95 1500 11.0 


&4 38 Abenmn rnwXHC 

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17 16.4 AdheaHums JO 


15 4 Anuta An toy _t 

170 BWDSecs-jMW 


22 170 BMJSecS-jM'ti 
43 &5 OWEfUnnMFd 
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100 

515 — . 

83 


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& 

115 GS 004 

67 51 230 

-2 £18'« £14% 1560 

165 79 1X1 

103 90 


IM YU 



Bib IDO 


X8 1740 IE SAMBBAUMm 

£4 8£7 121 Savor A N 

20 2485 120 Steiar (Wmj ft I74d 

- - Satie *toNa 

£4 243.3 60 stantaflob. JO 


- Sudetfi O ■ 


*«2 


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50 - - Tanjesa 

- TtamOB. dC 

- - - HdfftaoCm_?»in 

£3 1087 34 TomuronSUta— _•& 

- 101.1 11 TfltfcnhM . 


1b 508 


3 iit2 z: 

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3017870 9l5 VO IOC I SI 

20 11X2 120 teflon t! c T24d -1 

OO 48X4 55 Wend**--— NG 7 

XI B55 SO letter, N 137 

t2 17X5 112 

^ : l LIFE ASSURANCE 

SO 1413 94 

at 060.7 07 


133 13$ 243 

989 1136 m 2SS3 

244 174 370 

-b -82 60b 3749 

-1 *350 296b 17X5 

— 10 6 280 

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XI 1X4 emsue Bfmn N 40 

lO 283 OnM* M n 

2.0 1X2 9bpc Cv 2000-1 . 265*7 

- Com Ate £ £ 150 


- Dates Sees— 


260 1050 07 157 EFT UN 5^3X1 

963 4176 4J 2llil EdfeiRnlUn-^HI Tfflfel 


1 iu - I2£ EtowCataai .TlB 


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110 901 


70 


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Britannte __T~flC “Sft 
MdjUbK D 19 


♦or 


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1994 

-b f5b E32 
+2 5St 

241 178 


10 151 - - Warranto O 

75 1X8 1.1 31.7 Emo AID 

107 4X5 44 12.7 FraMtaHo G 

129 5X7 1.7 1X5 Garbwa — UNO 

112 915 12 220 Gerard SNM.Jtia 

- GmatiCd — IQ 
4 Cumem Peat GrpNO 
HuntoakBServ.JC 
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m. yu iwesco — 

taw Cjmrrn cr, ne Wermedita Cap^4J4j 220td 

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175 mwsmwiCD. ft 


mi 3568 
370 7848 


! Jfi “ Bte™** 3 ‘ 5 “ 

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■ ■ cut , +<•> Lcn5 Mai +«□ 321U +1 443 313 2875 


cay Sen Eats 

Darts Mctdta —X2N 
DewbndTnM JC 

Con pea JW 771; 

DnadUfiMSG.ua 
taw CapEni GCs P/E Cretan Land-- JflJ 

72 67-3 £5 308 Dae)ai fft 

34 60 DareaEst* NG 

25 - Dane* |DY) rj< 

45 213 deUutol 

55 78 DAenhsmTewan 4N 

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2JD 75 GbKCmClRdPTEI 

70 - DenreMtetr thN 

30 - OedopmiMCe£s.lMa 

73 11.S DuwetaiaaiC N 

5-3 100 Dutoi 

55 127 DnywEsa 

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623 56X1 30 160 Emttfiar $Q 

m ai4 1.7 &4 Bpstfasta t« 

44S 1525 75 8.7 Esb & Anency— 

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178 221 J X9 95 Frapartufe . G 

*U E31b £21 b 1575 08 - FrooosraEsl NO 432m 

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FINANCIAL TIMES 

Weekend October 29/October 30 1994 


‘l 


ORT E 


STAYING AWAY 
MADE EASY 


Rumbold move sparks fresh controversy 

Major rebuts claims of 
ministerial impropriety 


By Kevin Brown. 

Political Correspondent 

Mr John Major angrily rejected 
allegations of ministerial impro- 
priety yesterday, and promised 
full co-operation with the direc- 
tor of public prosecutions' inqui- 
ries into claims that Mr 
Mohamed Fayed tried to black- 
mail the government. 

Clearly annoyed by a fresh con- 
troversy over the resignation 
from a lobbying firm of Dame 
Angela Rumbold. a Conservative 
party deputy chairman, Mr Major 
rebuked reporters who ques- 
tioned him about her position 
during a visit to Wales. 

"If you want to know about 
Angela's position, then you had 
better ask Angela. It is not a mat- 
ter for me.” he said. “I am not 
responsible for the headlines. I 
am not responsible for tittle- 
tattle." 

Mr Major's outburst suggested 
that the strain of dealing with a 
week-long onslaught was taking 
its toll. But there was no sign of 
an end to the stream of accusa- 
tions from opposition MPs. 


By Lionel Barber in Brussels 

Mr Jacques Sa titer, next 
president of the European Com- 
mission. was last night close to a 
deal over the apportioning of new 
portfolios, the first test of his 
grip on colleagues and clout with 
member states. 

Pressure was increasing on the 
two hold-outs - Sir Leon Brittan 
and Mr Hans Van den Broek - to 
fail into line at today's meeting 
in a Luxembourg chateau 
attended by the new 21-strong 
Commission. 

A deal would enhance the repu- 
tation of Mr Santer, who has dis- 
played a shrewd touch and a 
steely determination during 
tense negotiations over portfo- 
lios. The chief obstacle remains 
the allocation of responsibilities 
in external relations, with Sir 
Leon, the chief EU trade negotia- 


Contixmed from Page 1 


investment banking board would 
be established under the chair- 
manship of Mr Ronaldo Schmitz. 
Deutsche Bank board member, 
and also comprising Mr John 
Craven, Morgan Grenfell’s chair- 
man. and Mr Michael Dobson, 
Morgan chief executive who will 
run the combined operation. 

"Investment banking is an 
Anglo-Saxon business," said Mr 
Schmitz. “We want to achieve 
the global integration of our 
investment banking business. 


Dame Angela, MP for Mitcham 
and Morden, said she resigned as 
a director of Decision Makers to 
prevent the firm being “dragged 
into some kind of unpleasant 
dogfight with the press". 

Dame Angela, who had regis- 
tered her interest in the firm, 
said the “campaign of innuendo" 
against the government “is 
becoming a quite unpleasant 
witch-hunt". 

Labour claimed she had offered 
an “inside track” to the company 
during its successful campaign to 
have a station on the proposed 
Channel tunnel high-speed rail 
line sited at Ebbsfleet, Kent. Mr 
Michel Meacher. shadow trans- 
port secretajy, accused Dame 
Angela of “hiring out her posi- 
tion and contacts" to businesses. 

Downing Street said Mr Major 
took no part in the Ebbsfleet 
decision. He met the Ebbsfleet 
campaigners only once, by acci- 
dent at a social engagement. The 
transport department said Mr 
Brian Mawhinney, transport sec- 
retary. had never met them. 

Mr John McGregor, transport 
secretary until July, was also 


tor. reluctant to cede responsibil- 
ity for relations with central and 
eastern Europe to Mr Van den 
Broek, the former Dutch foreign 
minister, who is in charge of 
political affairs. 

Sir Leon would retain the pow- 
erful multilateral trade portfolio 
as well as relations with the US 
and Japan: but he would lose a 
plum area since one of the main 
tasks of the next Commission 
will be to lay the groundwork for 
EU membership for Poland, the 
Czech Republic and Hungary. 

Mr Van den Broek is also 
uneasy about Mr Santer’s plan to 
assume personal control over for- 
eign and security policy, though 
he has received assurances that 
he will still be responsible for 
orthodox diplomacy. 

Officials close to Mr Santer por- 
tray the foreign policy plan as a 
bid to break up personal fief- 


This can't be done in Frankfurt 
It’s got to be in London. New 
York is outside our time zone. 
Europe is of overwhelming sig- 
nificance for ns.” 

Mr Hopper said customers 
expected a range of services from 
investment bankers. “A truly 
European bank most must have 
an integrated pan-European 
management operating from its 
largest market - that is London 
for international products." 

Together, the Deutsche Bank 
and Morgan Grenfell investment 
banking operations employ more 


said to have had no official meet- 
ings with, the campaigners, but 
they did meet Mr Roger Freeman, 
then transport minister of state. 

Mr Major, who had hoped that 
his announcement of a standing 
committee chaired by Lord Nolan 
would stop the sleaze allegations, 
said he would speak to the DPP 
about the blackmail allegations. 

Mr Major also reaffirmed his 
confidence in Mr Jonathan Ait- 
ken. treasury chief secretary’, 
who denies claims that he paid 
only half the bill for a stay at Mr 
Fayed's Paris Ritz hoteL 

Friends of Mr Aitken said he 
was expected to release the docu- 
mentary evidence which led Sir 
Robin Butler, the cabinet secre- 
tary. to clear him of accepting 
hospitality’ as a gift. 

Meanwhile, a Harris poll for 
ITN suggested that 66 per cent of 
people think MPs' standards have 
declined since 1979. and 85 per 
cent think MPs should not 
receive money from lobbyists. 


Tories put an brave face, Page 5 
A better class of corruption. 
Weekend FT, Page I 


do ms. Others suspect he intends 
to dilute the Commission's role 
in foreign policy-making in defer- 
ence to the member states. 

On Thursday, Mr Jean-Luc 
Dehaene. the Belgian prime min- 
ister whose bid last s umme r to 
succeed Mr Delors failed only 
because of a UK veto, warned 
against the Commission yielding 
powers. 

One surprise is the expected 
announcement that Mr Franz Fis- 
chler. the former Austrian agri- 
cultural minister, will take over 
the farm portfolio. 

Other key posts expected to be 
agreed today includethe Emu 
portfolio to Mr Yves-Thibault de 
Silguy, a French civil servant, 
and transport to Mr Neil Kin- 
nock, the former UK Labour 
party leader. 


Rome's choice. Page 2 


than 6,000 people: last year, 
Deutsche earned a pretax profit 
of nearly DM2bn (S1.34bn) before 
tax from investment banking 
with Morgan Grenfell’s profits 
totalling £236m. 

Helped by changes in the law 
and a more relaxed attitude 
towards new financial Instru- 
ments by the Bundesbank (Ger- 
many’s central bank), Frankfurt 
has made progress towards 
becoming a more effective finan- 
cial centre. Bat bankers agree Its 
future lies more as an important 
regional centre. 


Tobacco 
companies 
face ban 
on ads in 
China 

By Tony Walker in Beijing and 
Roderick Oram in London 

China plans to ban cigarette 
advertising in the media and in 
public places, threatening moves 
by foreign tobacco companies to 
expand into potentially the 
world's most lucrative market. 

A new law. published in local 
newspapers yesterday, appeared 
to contain provisions outlawing 
tobacco advertising that are more 
restrictive than those in many 
western countries. 

The law. due to come into 
effect in February, will ban 
tobacco advertising in films, tele- 
vision. newspapers and maga- 
zines. Advertising is also “forbid- 
den" in waiting rooms, theatres 
and cinemas, conference halls 
and sports venues. 

The Chinese smoke one-third of 
the world's cigarettes and the 
prospects of continued growth in 
the market have attracted foreign 
makers, facing flagging markets 
in the west. In Beijing, the repre- 
sentative of a leading tobacco 
company said the law appeared 
highly restrictive, hut the com- 
pany would seek clarification. 

Philip Morris and RJR Nabisco 
of the US. and Rothmans Interna- 
tional of the UK have established 
manufacturing joint ventures in 
China, and other companies are 
exporting. All are operating in an 
industry dominated by China's 
state tobacco monopoly, which 
has 96 per cent of the market and 
is reputedly the world's biggest 
cigarette producer. 

One British manufacturer said 
that restrictions could make it 
harder for foreign companies zo 
woo smokers away from Chinese 
brands. 

Companies have been spending 
heavily on advertising In China. 
Philip Morris, through its Marl- 
boro brand, sponsors the national 
soccer league, and others are also 
active in the sporting arena. Cig- 
arette advertising on hoardings is 
also widespread, although 
whether existing hoardings will 
survive the new law is not clear. 

Foreign tobacco industry repre- 
sentatives attribute the new 
law's apparently tough provi- 
sions to China's desire, where 
possible, to bring itself into line 
with international standards. 

Interest among foreign compa- 
nies in the potential of the China 
market is understandable, given 
the numbers involved. According 
to a survey last year by the State 
Statistical Bureau, 293m people 
over the age of 15. nearly 35 
per cent of the population, 
smoke. 

China has been reluctant to 
expose the lucrative state monop- 
oly to foreign competition, are 
placed on But this has not 
stopped a flood of foreign 
imports. In 1990, the Worker's 
Daily newspaper estimated that 
less than 1 per cent of foreign 
cigarettes on sale in China had 
passed through customs - the 
rest were smuggled. 


Santer nears deal on naming 
posts for EU commissioners 


Deutsche Bank puts its money on London 






Europe today 

Low pressure over the southern North Sea 
will bring rain to the Benelux, Germany, and 
north-west France. Further to the south-east, 
cloud will give way to sun. Most of Spain will 
have cloud interspersed with sunny spells, 
although the sun will dominate, especially in 
the west. Showers will linger In the south- 
east. Italy will have high cloud and a few 
showers. Showers, some with thunder, are 
expected in the western Balkans. Southern 
parts will have sunny periods but the north 
will be cloudy. The north-west Balkans will 
have showers. More rain is expected in 
western Russia. 

Five-day forecast 

High pressure will develop over central 
Europe after the weekend. At the same time, 
a new depression over the Atlantic will 
strengthen, creating a ridge of high pressure 
over north-west Europe. Consequently, 
central and parts ot northern Europe will be 
more settled. The UK and north-west edge of 
the continent will remain unsettled although 
temperatures will rise. The central 
Mediterranean will have thunder showers. 



TODAY'S TEMPERATURES 


Situation at 12 GMT. Ternperatun s matimum far day. Forecasts by Meteo Consult of the Netherlands 



Maximum 

Beijing 


Cdsus 

Belfast 

Abu Dhabi 

son 

33 

Belgrade 

Accra 

fair 

31 

Berlin 

Algiers 

shower 

£4 

Bermuda 

Amsterdam 

ran 

10 

Bogota 

Athens 

sun 

24 

Bombay 

Atlanta 

cloudy 

21 

Brussels 

0. Aires 

sun 

16 

Budapest 

B.hani 

ram 

12 

C. ha gen 

Bangkok 

(air 

33 

Cairo 

Barcelona 

lair 

18 

Cape Town 


sun 

14 

Caracas 

cloudy 

31 

rain 

11 

Card.ft 

rain 

13 

thund 

23 

Casablanca 

fair 

21 

rain 

10 

Chicago 

fdr 

15 

cloudy 

26 

Cologne 

ram 

n 

shower 

21 

Dakar 

sun 

30 

fair 

36 

Dallas 

sun 

28 

rain 

10 

Delhi 

sun 

32 

doudy 

12 

Dubai 

sun 

33 

rain 

8 

Dublin 

rain 

12 

sun 

28 

Dubrovnik 

shower 

22 

fair 

23 

Edinburgh 

cloudy 

9 


Faro 

sun 

22 

Madrid 

Frankfurt 

shower 

u 

Majorca 

Geneva 

fair 

11 

Malta 

Gibraltar 

drzd 

20 

Manchester 

Glasgow 

dowdy 

9 

Manila 

Hamburg 

rain 

10 

Melbourne 

Helsinki 

drzd 

7 

M&rico City 

Hong Kong 

cloudy 

25 

Miami 

Honoiiiu 

tar 

31 

Milan 

Istanbul 

sun 

20 

Montreal 

Jakarta 

fair 

32 

Moscow 

Jersey 

rain 

1J 

Munich 

Karachi 

sun 

35 

Nairobi 

Kuwait 

sun 

35 

Naples 

L Angelas 

sun 

24 

Nassau 

LasFtfmgs 

fair 

24 

Not/ Y ork 

Lima 

cloudy 

22 

Nice 

Lisbon 

lair 

IS 

Nicosia 

London 

ran 

13 

Oslo 

Luxbourg 

ram 

8 

Parts 

Lyon 

fair 

13 

Perth 

Madeira 

Cloudy 

23 

Prague 


fair 

iS 

Rangoon 

fab- 

34 

cloudy 

20 

Reykjavik 

cloudy 

3 

fair 

26 

Rio 

thund 

37 

ram 

11 

Rome 

fair 

23 

cloudy 

31 

5. Frsco 

fair 

20 

shower 

17 

Seoul 

sun 

15 

fair 

22 

Singapore 

Shower 

29 

ram 

27 

Stockholm 

Orzzl 

7 

sun 

17 

Strasbourg 

Shower 

13 

lair 

14 

Sydney 

shower 

21 

shower 

e 

Tangier 

lair 

21 

SfWwer 

10 

Tql Aviv 

sun 

29 

shower 

26 

Tokyo 

shower 

22 

fair 

24 

Toronto 

cloudy 

13 

ram 

30 

Vancouver 

cloudy 

9 

■sun 

20 

Venice 

sun 

17 

sun 

18 

Vienna 

cloudy 

10 

far 

39 

Warsaw 

rain 

8 

ram 

6 

Washington 

fair 

21 

rain 

13 

Wellington 

shower 

15 

fair 

26 

Winnipeg 

cloudy 

5 

rain 

10 

Zurich 

fair 

11 


No other airline flies to more cities 
around the world.. 

Lufthansa 


THE LEX COLUMN 


Pocketing battleships 


FT-SE Index.- 3083-8 


The battle for V5EL is more likely to 
be decided by high politics than high 
finance. British Aerospace is cam- 
paigning for GEC's rival bid for the 
warship-maker to be blocked on com- 
petition grounds. So far, there is no 
definitive word from the Ministry of 
Defence. But GEC’s purchase of a 14 
per cent stake in VSEL suggests confi- 
dence on its part that the bid will 
receive the necessary approval. 

BAe's decision to focus on politics 
reinforces the impression that it has 
little chance of winning a straight 
financial fight. GEC's cash offer is 
worth 12 per cent more than BAe's 
paper offer. The financial logic of 
merging with VSEL is so attractive 
that BAe will be tempted to improve 
its bid. But the company is not in a 
position to put up cash and. if it offers 
more paper, its share price would fall 
- so diminishing the value of a higher 
bid. Meanwhile, the group knows GEC 
could easily use its cash mountain to 
top any improved offer. GEC's current 
bid of £14 a share should enhance the 
group's earnings by around 2 per cent, 
giving it scope to pay more cash with- 
out suffering dilution. 

VSEL is a pawn in a wider battle 
between GEC and BAe. Lord VVein- 
stock. GEC's managing director, is 
anxious to force BAe to agree to a 
merger of the two groups' defence 
businesses before he retires. Without 
VSEL, BAe's balance sheet would be 
snatched. The company would find it 
harder to take the write-offs necessary 
to restructure its troubled turboprop 
business. That does not mean a BAe 
deprived of VSEL would automatically 
fall into Lord Weinstock's lap. But the 
pressure would be on. 

Deutsche Bank 

I: has taken Deutsche Bank five 
years to decide to integrate its invest- 
ment banking activities with those of 
its Morgan Grenfell subsidiary. Even 
so. yesterday's belated decision to do 
so gives Germany's largest bank a 
sporting chance of joining the invest- 
ment banking big league with the 
likes of Goldman Sachs and Merrill 
Lynch. Its decision to locate the head- 
quarters of the operation in London 
also strengthens the City’s position as 
Europe's pre-eminent financial centre. 
Other Continental banks, seeking to 
deveiop their corporate finance and 
international equity businesses, may 
feel under pressure to follow suit. 

The decision is undoubtedly a blow 
to Frankfurt. Efforts to bolster Fin- 
anzplatz Deutschland - Germany as a 


GEC 

Share price relative to the 
FT-SE-A A B- Share Index 



financial centre - have not succeeded. 
Germany may be Europe's lending 
industrial power, but its financial sys- 
tem remains relatively underdevel- 
oped while its equity markets are 
over-regulated and illiquid. 

Deutsche Bank will not find it easy 
to achieve its ambitions. While Mor- 
gan Grenfell still has a strong pres- 
ence in corporate finance, neither it 
nor its parent is known for equity 
research and trading. There is also a 
big question over whether Deutsche 
can successfully merge its solid but 
slightly stodgy culture with Morgan’s 
more entrepreneurial spirit. One read- 
ing of the decision to locate the invest- 
ment banking headquarters in London 
is that Morgnn'ii culture will come up 
on top. But. given Unit Deutsche has 
yet to agree a name for the business, it 
would be a mistake to bet on it. 

Markets 

Markets on both sides of the Atlan- 
tic had worked themsplves into such a 
state of nerves ahead of the US GDP 
numbers that even the distinctly 
mixed figures were mot with a huge 
sigh of relief. The initial alarm created 
by the 3.4 per cent growth figure only 
exaggerated the bounce when traders 
digested the lower-than-expecied price 
deflator. Yet this probably had more 
to do with the shape of trading books 
ahead of the news than any change in 
sentiment 

Those worried about US inflation 
were not cheered by the low deflator 
figure. Their argument is precisely 
that the Federal Reserve is being lul- 
led by good inflation statistics and will 
not take the stern action required 
until it is too late. Nor were they 


impressed by the large element of 
stock building m the OOP figure since 
they helieve that inflation is already 
working its way through the system 
as a result of past growth. 

In Loudon, by contrast, markets are 
more inclined to accept the Bank of 
England's relaxed view about UK 
inflation prospects - something likely 
to be reinforced bv next week's quar- 
terly inflation bulletin This has 
helped gilts outperform the US and 
German bond markets. Yesterday's 
rally made up most uf the ground lost 
earlier in the week. Shares did even 
better with the FT-SE 100 up 51 points 
on the week. But they stilt remain 
largely at the mercy ot Wall Street. 
Judging by recent experience yester- 
day's recovery in US bonds and the 
doilar is likely to be short-lived. 

Scottish Hydro 

Tlio City lias nu doubt that Scottish 
Hydro-Electric was harshly treated by 
its regulator when the company's new 
pricing regime was announced last 
month. Its shares have underper- 
formed the sector by almost a fifth 
since August when Professor Stephen 
Littlechild announced price caps for 
the 12 regional electricity companies 
in England and Wales. That regime 
should allow the RECs' distribution 
businesses to make a real rate of 
return of around 7 per rent, as will the 
cap announced for Scottish Power. Yet 
Scottish Hydro claims its rate of 
return on distribution will be squeezed 
to less than 2 per cent. 

In rejecting the new cap and forcing 
a reference to the Monopolies and 
Mergers Commission, the company 
appears on strong ground. In its : 
review of British Gas, the commission 
suggested an appropriate rate of | 
return for a utility would be 6.5 per 
cent to T.5 per cenr - a judgment that 
the electricity regulator took into 
account in his review. 

Scottish Hydro seems to have been 
singled out for special treatment 
because the price corset at privatisa- 
tion was tied too tightly. Treating it 
equally now would mean allowing the 
company's distribution prices, to rise 
signulcantly relative to other regions. 
After the political furore that followed 
Prof Littlechild's generous treatment 
of the RECs. it is not surprising that 
he was reluctant to take such a 
course. 

There must have been a temptation 
to follow the water regulator’s exam- 
ple with South West Water and pass 
the hot potato to the commission. 



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FINANCIAL TIMES WEEK.EN D OCTOBER 29/OCTOBER 30 1994 


WEEKEND IT I 




and Major governments, have 
restricted the scope for local corrup- 
tion. although recent cases in West- 
minster and Wiltshire show that it 
has not vanished. However, a new 
form of sleaze has emerged in the 
1980s and 1990s: malpractice in the 
growing number of quangos - 
appointed government agencies, 
notably in the health and education 
sectors, which now handle nearly a 
quarter of public expenditure, many 
subject to lax regulation. 

A snapshot of quango sleaze was 
provided this January by the Com- 
mons public accounts committee, 
which published a report citing a 
string of cases involving “serious 
failures in administrative and finan- 
cial systems and controls". The 
Welsh Development Agency was 
censured; other cases of misuse or 
funds included £20m by Wessex 
Regional Health Authority, £10m by 
West Midlands Regional Health 
Authority, and £lm by the National 
Rivers Authority. 

“Whenever you hear this sort of 
thing mentioned in Italy, Africa or 
South America we just smile and 
say it could not happen here.” said 
Robert Sheldon, the committee’s 
chairman. Yet “this sort of thing" 
ought perhaps properly to be seen 
as but the latest incident in a Brit- 
ish tradition of sleaze. 

Another concern is the current 
reformation in public administra- 
tion. as the “career for life” is 
undermined and officials are 
encouraged to move to the private 
sector. "Once you have the revolv- 
ing door, there is always' the ques- 
tion of when the official negotiates 
for a future outside job, and how 
strongly it is on his mind when 
carrying out public duties," says 
Pinto-Duschinsky. 

Three themes emerge from a 


Continued on Page XI 
Corrupt and sleazy, Page XXVI 


A better class of corruption 

Britain has a notable record of sleaze. Andrew Adonis looks at a century of hypocrisy in high places 


This country has an international 
reputation for the integrity and hon- 
our of its public institutions. 

- John Major in the House of 
Commons on Tuesday. 

B ritain, whose govern- 
ment has been seen as 
pristine in a murky 
world for the best part 
of a century and a halt 
has three senior minis ters up to 
their eyes in sleaze. 

The chancellor of the exchequer, 
the attorney general and the gov- 
ernment chief whip have been trad- 
ing in the shares of a US group with 
cross-holdings in a British company 
which has just gained a huge gov- 
ernment telecommunications con- 
tract. They bought the shares at a 
discount courtesy of the attorney 
general’s brother; a third brother is 
manager of the British company. 
The chief whip has also invested 
party funds In the shares. 

That was the position in October 
1912, when the House of Commons 
first debated the Marconi scandal. 
David Lloyd George and his col- 
leagues covered their traces with 
disingenuous speeches, but prime 
minister Asquith felt obliged to set 
up a select committee investigation. 

The truth only started to emerge 
after revelations In the French 
press. Yet the majority report of the 
government-dominated committee 
exonerated the ministers, and a 
party vote on the floor of the Com- 
mons did the same. Asquith not 
only failed to call for any resigna- 
tions: within months he had 
appointed Rufus Isaacs, the Attor- 
ney General, as Lord Chief Justice. 

Lloyd George ousted Asquith in 
the depths of the first world war. 
During his six years in Downing 
Street, he turned trafficking of hon- 
ours into an art form, leaving office 
with a personal fund estimated at 
£1.5m - £40m In today’s money. 


Contrary to popular myth, Lloyd 
George was not the only prime min- 
isterial honours salesman. The 
saintly Gladstone substantially 
cleaned up British politics in the 
1870$ and 1880s, introducing the 
secret ballot and laws limiting local 
electoral spending and curbing cor- 
rupt electoral practices. But Glad- 
stone continued to sell honours to 
fill the Liberal war chest 

After him the late- Victorian and 
Edwardian Tory governments of 
Lord Salisbury and Arthur Balfour 
dished out peerages, baronetcies 
and knighthoods at an unprece- 
dented rate in return for contribu- 
tions to party funds. Salisbury 
treated the process with patrician 
disdain: “No more tobacconists I 
entreat you.” he wrote to his col- 
league the Duke of Devonshire after 
a dodgy baronetcy raised eyebrows. 

The trafficking was hidden from 
public view. As Dr Michael Pinto- 
Duschinsky of Brunei University, 
an expert on party corruption, puts 
it; “Over the past century British 
politics has been far from sleaze 
free: but compared to other coun- 


tries the British are adept at dealing 
with corruption quietly." 

The comparison with France is 
instructive. In the 1880s and 1890s 
the French political establishment 
was shaken by a succession of pub- 
lic corruption scandals, including 
the Wilson affair which involved 
president Gravy's son-in-law selling 
the Legion of Honour from the Ely- 
s6e Palace. In Britain such scandals 
rarely reached the press; still more 
rarely were they taken up by oppo- 
sition parties, who were themselves 
part of the honours trade. Even 
Maundy Gregory - the celebrated 
honours tout, who operated a net- 
work of agents for both the Liberals 
and Tories - was spirited abroad to 
France, at the expense of Tory 
donors, when official investigations 
started to close in. 

Lloyd George's crime in the eyes 
of the Establishment was that his 
excesses brought the system into 
public disrepute and embarrassed 
King George V. The scandal started 
to boil when a convicted wartime 
food hoarder received a baronetcy, 
and became uncontainable after a 


peerage was offered to a South Afri- 
can diamond merchant who had 
been convicted for serious fraud. 

Greater discretion reigned after 
Lloyd George's resignation, bat the 
sleaze continued. In the late 1920s 
Warden Chilcott, one of Gregory’s 
associates, persuaded several Indian 
princes to part with £100,000 (nearly 
£3m today) for a fund to promote 
their interests in London, believing 
that the India Secretary, the flam- 
boyant F.E. Smith (Lord Birken- 
head). was in Chilcott’s pocket. 

Even those determined to cleanse 
the Augean stables were dragged in. 
In 1934, the socialist Ramsay Mac- 
Donald. prime minister of a mainly 
Tory government, was forced to 
give a baronetcy to Julien Cahn. 
who had paid £30,000 to finance 
Gregory's overseas sojourn. Stanley 
Baldwin, the Tory leader, warned 
MacDonald that all three parties 
were implicated - including three 
past or future Tory leaders (Chur- 
chill. Bonar Law and Sir Austen 
Chamberlain) - and that otherwise 
Gregory would “stir up such a filthy 
sewer as would poison public life". 


Not a word reached press or Par- 
liament. France again offers a paral- 
lel. In 1934 the Stavisky affair - 
prompted by the suicide of a shady 
financier, whose affairs the govern- 
ment tried to hush up to protect 
ministers - led to a storm insti- 
gated by the extreme right. Riots 
and shootings took place outside 
the National Assembly in Paris, and 
two governments were forced to 
resign before the crisis abated- 

Since the 1940s there have been 
no indications of systematic hon- 
ours trading, although the correla- 
tion between the honoured and indi- 
vidual or corporate donations to 
party funds has at times been 
marked. As for MPs and ministers, 
only a handful have fallen in recent 
decades for shady dealings. On the 
Tory side sex. not money, has been 
the grim reaper the only prominent 
national politician tainted by a cor- 
ruption scandal was Reginald 
Maudling, who resigned as Home 
Secretary in 1972 after disclosure of 
a business association with the 
notorious John Poulson. 

However, the Poulson affair 


showed that corruption flourished 
in parts of local government, which 
had become a mighty spender and 
regulator. For 20 years Poulson’s 
architecture and construction 
empire manipulated officials in 
local government, the police and 
the health service, including T. Dan 
Smith, Labour leader on Newcastle 
council, who received £155,000 from 
Poulson to establish public rela- 
tions companies. 

Poulson was not an isolated case. 
Other corruption cases involved 
councils in Birmingham, south 
Wales and Dundee; and a series of 
cases involving the police also sur- 
faced. A 1976 royal commission 
report on standards in public life 
decided to treat them as isolated 
incidents, but noted that the local 
planning regime put "greater strain 
than has been generally realised" 
on councils, whose members “may 
find themselves handling matters 
on a financial scale quite beyond 
their experience of private life". 

Tighter rules on declarations of 
interests, and curbs on local author- 
ity powers imposed by the Thatcher 


CONTENTS 


Family Finance: Compensation for 
wronged personal pension holders HI 


Books: Once upon a time there used 
to be fairy-tales ... XV 


Arts: Why the censor killed Natural 
Bom Killers XVI 


Outdoors: Fishing for the golden 
salmon, catching piranha XIX 


How to spend its Post early for 
Christmas XXH 


■ivate View: An explorer in the 
jrky depths of the gene pool XXVI 



norous doily to mature 
iartoie at 35 XI 




:don 


. c ms, Crossword 

. t : s.1 

cethe Family 
*’ 4 Drink 

mg 

. Spend It 
l 

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The Long View / Barry Riley 

When prudence vanishes 


The pensions business 
is a natural breeding 
Loui.JSr vi ground for swindles. 

You pay your money 
now but do not find out 
what benefits you are 
getting until many 
years hence. Mean- 
V V while, the information 
• you receive is, at best, 

actuarial gobbledegook. If you are 
really out of luck, your trustee turns 
out to be Robert Maxwell. 

The particular financial scandal in 
the headlines this week has concerned 
the mis-selling of personal pensions 
after they became available to employ- 
ees (rather than the self-employed) in 
1988b The government and its regula- 
tory watchdog, the Securities and 
Investments Board, turned a blind eye 
when armies of salesmen fanned out 
across the country. Up to the present, 
around Sm personal pension plans have 
been sold to employees. 

Now, SEB’s penny has dropped. It has 
discovered that some of these people 
were misled by commission-hungry 
intermediaries and has outlined its 
plana for redress. About 350,000 priority 
cases will be re-examined and another 
lm-odd could be affected. 

Unfortunately, there has never been 
an inquiry into a comparable pensions 
disaster of the early 1980s. In the reces- 
sion, many British, companies declared 
hundreds of thousands of long-serving 
employees to be redundant and fobbed 
them off with frozen deferred pensions. 
The already-inadequate real value of 
these has now halved- 
ft is asking for trouble to allow provi- 
sion of pensions to be controlled by 
economic agents - employers, life com- 
panies. sometimes even governments - 
which do not have the interests of the 
beneficiaries primarily in mind. Com- 
pany schemes were designed to achieve 
corporate objectives - basically, to 
reward long service and promotion - 
but companies had little regard for 
employees once they had left. It 
required legislation to improve matters; 
meanwhile, occupational schemes got a 
bad name, especially among the young 


and mobile. That gave the personal pen- 
sions 1 salesmen an opening - encour- 
aged by the government, which itself 
was motivated primarily by a desire to 
reduce the cost of the state eamings- 
related scheme (Serps). 

As for the life companies, by the late 
1980s the most successful of them had 
become dominated by their sales forces. 
Their ethos was that they were selling 
unquestionably desirable products in 
life assurance, savings and pensions. 
You could not have too much of these 
good things. 

So. the increasingly high-pressure 
sales methods, and rising commission 
rates, were considered to be means jus- 
tified by ends. Disclosure of commis- 
sions and other costs at the point of 
sale, which might have disrupted this 
sales drive, was resisted successfully 
for many years; its imminent introduc- 
tion, in January, is throwing the life 
industry into turmoil. 

I n selling the new-style personal 
pensions to employees, however, 
life companies were not just mar- 
keting products - inevitably, they 
were offering advice. Customers could 
stay put in their company scheme (by 
then, with better protection for early 
leavers) or in Serps or. alternatively, 
they could opt for a personal plan. But 
you cannot reward advisers satisfacto- 
rily by paying them commission on 
product sales. Biased advice Is sure to 
result. 

What was SIB doing at the time? It 
was re-writing its rule-book and devis- 
ing its core principles, or "10 command- 
ments”. These say firms must observe 
“high standards of integrity mid fair 
dealing” and that the customer should 
be given “any information needed to 
enable him to make a balanced and 
informed decision”. Meanwhile, the gov- 
ernment was delighted at the success of 
its personal pensions’ promotion. 

To a degree, things have improved. 
The regulators have come down from 
the ethical stratosphere. They have 
fined many of the erring life offices. 
Two of the subsidiary regulatory bodies 
have been merged to form the new Per- 


sonal Investment Authority, which is 
supposed to apply more consistent con- 
trols. At the same time, you would have 
to be irrepressibly optimistic to believe 
similar problems could not recur. 

The combination of aggressive mar- 
keting by myriad investment firms, and 
bureaucratic investor protection, is 
prone to huge blind spots. These hap- 
pen when particular market trends 
(such as the 1980s’ house price boom, 
which produced the home income 
plans' scandal) or fashions of political 
correctness (such as personal pensions) 
override normal prudence and judg- 
ment 

Bailing people out of trouble is all 
very well but it brings a clear risk of 
moral hazard: that small investors will 
come to believe they will be compen- 
sated if anything goes seriously wrong 
and, consequently, they will be drawn 
more readily into risky and unfamiliar 
products. The responsibility of clients, 
as opposed to salesmen, is ill-defined. 

As it unpicks the personal pensions' 
tangle, SIB should think laterally and 
wonder why there is so much invest- 
ment risk in British savings products. 
Why are investment companies not fall- 
ing over themselves to offer low-risk 
products based upon the remarkable 9 
per cent gilt-edged yields now avail- 
able? Instead, there Is a plethora of 
complex guaranteed and hlgh-lncome 
products based upon futures contracts. 

The answer, as with personal pen- 
sions, is that high commissions are dis- 
torting advice. Interestingly, the left-of- 
centre Committee on Social Justice tiffs 
week suggested a National Savings Pen- 
sion Plan - which would offer very low- 
cost, index-linked gilt funds and index- 
tracking equity funds - to set a cost 
benchmark for the competition. The 
puzzle is why such funds do not exist 
already or, where they da. have so little 
impact The explanation is that it does 
not pay intermediaries to recommend 
them. 

There is a fine line indeed between 
regulating the market and interfering 
with it. Here is a motto for SIB: a little 
bit of the latter might remove the need 
for a lot of the former. 


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II WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 29/OCTQBHR 30 |t?94 


★ 

MARKETS 


London 

Fiasco over 
pensions casts 
long shadow 

Andrew Bolger 


Equity trading depressed 


'OOOS 
55 


N ever mind the 
sleaze allegations 
that have engulfed 
Westminster: the 
scandal which gave the City 
much greater pause for 
thought this week, was the 
extent of the pensions fiasco. 

It was always expected that 
the report of the Securities and 
Investments Board into the 
mis-sefling of personal pension 
would make unhappy reading 
for the personal finance indus- 
try. However, it still came as 
unpleasant news to learn the 
scale of poor advice was far 
greater than had been thought 
- and that the compensation 
bill could reach £2bn. 

Life insurers must review 
hundreds of thousands of per- 
sonal pensions and compensate 
those investors who were 
wrongly advised to buy them. 
Since 1988. some 600,000 per- 
sonal pensions have been sold 
to people transferring lump 
sums from occupation al 
schemes. Separately, a survey 
by the SIB's actuaries esti- 
mated that in more than 
850,000 cases, people were 


advised to opt out of employ- 
ers' schemes or not to join. 

The shares of the quoted 
insurance companies held up 
fairly well, because they have 
already made substantial pro- 
vision for potential compensa- 
tion. However, Prudential Cor- 
poration, the UK's largest life 
insurer, gave an inkling of the 
damage to investors' confi- 
dence when it revealed that 
sales of single-premium indi- 
vidual pensions in the first 
nine months of the year had 
fallen by 30 per cent. 

Sir Brian Pitman, chief exec- 
utive of Lloyds Bank, did noth- 
ing to alleviate these gloomy 
thoughts when he warned a 
conference of personnel man- 
agers that Britain's financial 
services industry was facing an 
upheaval on the scale that bad 
previously been experienced by 
manufacturing. Sir Brian said 
that although about 160,000 
jobs had already been lost in 
financial services in the past 
five years, the competitive 
environment was going to get 
tougher stilL 

For most of the week, there 



was little offsetting cheer from 
the stock market, which con- 
tinues to he in thrall to fluctu- 
ating sentiment in the bond 
and currency markets. The 
FT-SE 100 went down 28 points 
on Tuesday, up 30 points on 
Thursday, and scarcely moved 
on Monday and Thursday. 
Even yesteniay's 54-point gain 
mainly reflected relief that the 
US third-quarter growth fig- 
ures had been well received in 
the bond markets, and was 
achieved in thin turnover. 

Volatility in the stock mar- 
ket is being increased by the 
low level of trading in London, 
which the chart illustrates. 
Edmond Warner, an analyst 
with Klein wort Benson, points 
out that equity bargains cur- 
rently number about 25,000 a 
day, almost 10,000 below the 
average of the past two years. 
Over this period activity was 
only as thin in the Chris tmas 
season and in early July this 


HIGHLIGHTS OF THE WEEK 


Price 

/day 

Change 
on week 

1994 

High 

1994 

Low 


FT-SE 100 Index 

3083.8 

+51.0 

3520.3 

2876.6 

Wall Street strength 

FT-SE Mid 250 Index 

3501.6 

-0.8 

4152.8 

3363.4 

Second-liners neglected 

Brit Aerospace 

457 

-13 

584 

390 

VSEL bid topped 

Brit Airways 

356 

-21 

496H 

344 

Big loss at L/SAIr 

Brit Petroleum 

42816 

+2DJ4 

430 

340 

Hits aB-tlme $ high 

B ulmer (HP] 

393 

-26 

459 

358 

Kd hopes recede 

Eurotunnel Uts 

231 

+22 

59294 

195 

Buyers return 

(Cl 

793 Vt 

-20% 

868 

728 

Third quarter figures discounted 

Lloyds Abbey Ufe 

356% 

+2614 

471 

322 

Relief over Sffi report 

P & O Defd 

626 

+31 

743 

587 

Broker confidence 

Pearson 

625 

+25 

735 

552 

BSkyB flotation presentations 

Shell Trans 

731 

+30 

758 

651 

Excellent 03 figs from SheU Oil 

VSEL 

1395 

+97 

1398 

980 

Counterbid from GEC 

Warburg (SG) 

606 

-27 

1012 

569 

Weak/turbulent markets 

Wellcome 

629 Vj 

•2114 

731 

498 

Goldman Sachs "sefl" recofnmend’n 


year - just after the market hit 
its 1994 low. 

Warner says: “Meagre turn- 
over is not in itself negative - 
apart perhaps for stockbrokers’ 
sanity - but does reflect the 
prevailing uncertainty in the 
market. However, it also indi- 
cates the growing risk that 
equity prices will shift dramat- 
ically. Either current nervous- 
ness will transfer into outright 
institutional selling, or market 
makers will find their trading 
books unprepared for a resur- 
gence of buying interest” 

The Confederation of British 
Industry’s latest quarterly sur- 
vey of industrial trends 
showed on Tuesday that UK 
manufacturers were enjoying 
an export boom, but were also 
p lanning to increase prices in 
the face of rising costs. The 
survey said more manufactur- 
ers were planning to increase 
domestic prices over the next 
four months than at any time 
since January, 1991. 

The survey said that the pat- 
tern of price rises was mixed, 
with some industries still 
reporting declines. It added 
that manufacturers’ expecta- 
tions for higher prices did not 
always translate into reality. 

The CBI survey’s findings on 
price expectations were one of 
the factors cited by Kenneth 
Clarke, the chancellor, and 
Eddie George, the governor of 
the Bank of England, when 
they increased base rates last 
month. 

However, on Thursday 
George said financial markets, 
both in the UK and overseas, 
were exaggerating the infla- 
tionary threat, and the likely 
interest rate rises needed to 
combat It. Analysts surmised 
that the Bank's quarterly infla- 
tion report, to be released on 
Tuesday next week, was 


unlik ely to contain any sur- 
prises about inflation pressures 
in the economy. 

Meanwhile, shares in the 
electricity sector rose after 
East Midlands Electricity said 
it would give El 86m back to its 
shareholders in a special 
interim dividend payment The 
pay-out brings to nearly Elba 
the amnrmt returned to share- 
holders by privatised electric- 
ity companies this year. 

Imperial Chemical Industries 
confirmed that the chemicals 
industry was recovering 
strongly with third-quarter fig- 
ures that showed operating 
profits more than doubling in 
some divisions. But it warned 
that while prices for many of 
its goods were rising, those 
nearer the consumer - such as 
paints - remained very com- 
petitive. 

Sir Denys Henderson, chair- 
man. said demand in most 
markets looked “more promis- 
ing than for some time. Activ- 
ity in the US, UK and Austra- 
lian markets remains generally 
firm. Recovery in continental 
Europe appears to be under 
way and even the Japanese 
economy seems to have bot- 
tomed. Robust growth in the 
rest of the Far East continues ” 

One domestic factor which 
encouraged yesterday’s surge 
by the FT-SE 100 was GEC's 
decision to top British Aero- 
space's agreed £518m bid Tor 
VSEL, the Barrow-based sub- 
marine maker. 

This may or may not be the 
start of the final showdown 
between GEC and BAe over 
which group will dominate the 
rump of the British defence 
industry. But watching a con- 
tested takeover makes a pleas- 
ant break for traders from fret- 
ting about the global bonds 
market 


Serious Money 

Y ou’ll pay - even if 
you weren’t conned 

Gillian O'Connor, personal finance editor 


A n unsung victim of 
the latest great pen- 
sions scandal could 
be . . . you. Of 
course, the worst hit are the 
hundreds and thousands of 
people who were advised 
wrongly to buy personal pen- 
sions. But the bill for compen- 
sation - estimated at up to 
£2bn - will be footed partly by 
other life insurance and pen- 
sion policyholders. 

Here is how the chain works. 
Liability for recompense falls 
either on the independent 
financial adviser or on the life 
insurance company if the sale 
was made by a life company 
salesman or appointed rep. But 
where does the life insurance 
company go for money? 

For mutual companies, the 
only source is the life insur- 
ance fund, which is wholly 
owned by holders of its life 
insurance and pension policies. 
Companies with shareholders 
can go both to policyholders 
and to shareholders. If they 
fund the compensation pay- 
ments from the life fund, 
roughly 90 per cent will nor- 
mally come from policyholders 
and the other 10 per cent from 
shareholders - and they could 
also go direct to shareholders. 

All the figures involved are 
so notional at the moment that 
there is no point in trying to 
work out the impact of the 
compensation payments on 
individual companies. There 
are around £300bn of life funds. 
So, even if the whole of the 
compensation were the respon- 
sibility of the life companies 
ivery unrealistic), the compen- 
sation still would be less than 
1 per cent of assets. Some com- 
panies may take a bigger hit. 

What is more, the fresh cash 
drain comes at a time when 
life insurance payouts on with- 
profit policies are falling and 
are likely to drop further. 
Many industry experts reckon 
that far too many life insur- 
ance companies are still paying 
out much more than can be 
justified by their investment 
returns - and running down 
their safety margins fast. So, 


policyholders will, yet again, 
pay for the mistakes of insur- 
ance manag ement - as they 
have already over the disas- 
trous forays into estate agency 
by some life companies. 

The innocent winner in the 
personal pension scandal is 
British industry. Company 
pension schemes have bene- 
fited from the Improved sol- 
vency produced by the opt-outs 
- people who were persuaded 
to leave a company scheme 
even though they still worked 
at the company, or advised to 
buy a personal pension rather 
than join the company scheme. 

Meanwhile, the employers 
themselves have benefited both 
from this and from the drop in 
the number of employees for 
whom they need to make con- 
tributions. A large number of 
companies have enjoyed sev- 
eral years of pension "holi- 
days" during which they have 
not needed to pay in to the 
pension fund. 

O pt-outs are not the 
main reason for the 
pension surpluses 
which allowed com- 
panies to take these holidays, 
but they will have helped in 
some cases. 

A less innocent winner is the 
government - which enjoys 
the same benefits as any other 
employer. It is arguable that it 
is no more responsible for 
IU-advised opt-outs than any 
other employer. But the next 
pension scandal to break will 
be over the state eamings-re- 
lated pension scheme (Serps), 
where the government actually 
bribed people to trade in part 
of their state pension for a per- 
sonal plan. 

□ □□ 

Now for a couple of books for 
the very serious stock market 
investor. Both are potentially 
usefol but both are hard work. 

The first is for people who 
want to understand not just 
what company accounts are 
trying to tell shareholders - 
but what they are trying to 


conceal. Interpreting Company 
Reports and Accounts*, by 
Holmes and Sugden. Is in its 
fifth edition and remains the 
best way to learn about - if not 
to love - the subject. 

The authors use real com- 
pany examples, first to set out 
how all the items in accounts 
work and then to explain how 
investment analysts use them. 
The section on accounting 
loopholes is getting smaller, 
though. This Is sad for the 
reader, since it was the most 
fun. but the shrinkage reflects 
good news for shareholders at 
large: the scope for financial 
sophistry - is getting smaller. 

The other "book" serves the 
investor who has a working 
knowledge of accounts but pre- 
fers to let other people crunch 
mast of his numbers, while he 
concentrates on looking for 
that handful of shares worth 
buying. Publisher Hemmington 
Scott has used its extensive 
data base to produce a com- 
pany handbook tailored to the 
requirements of former finan- 
cier Jim Slater. Company 
Refs** is a touch gimmicky but 
provides a diversity of invest- 
ment yardsticks for all the 
companies in the FT-SE-A All- 
Share index. 

The main book is divided by 
company. The second slices 
companies by stock market 
sector, investment classifica- 
tion, attributes such as yield, 
and even the likelihood of com- 
panies being promoted to one 
of the main indexes such as 
the FT-SE 100. The third 
explains how to use the system 

Would anyone actually 
invest just on the basis of com- 
parative analysis done with the 
help of Company Refs? Proba- 
bly not An intelligent investor 
would use it to get or confirm 
ideas - then send off for a set 
of company accounts and 
sweat through the numbers 
himself with Holmes and Sug- 
den. Not for the faint-hearted. 

* Woodhead- Faulkner £34.95. 

** Subscription costs £475 a 
year for monthly updates: £175 
for a quarterly service. Hem- 
mington Scott - 0171-278-7765. 


AT A GLANCE 


Finance and the Family Index 

The SIB report: Personal pensions compensation, III 

The Week Ahead, Directors' dealings, — IV 

Electricity bonus. Loan stock tax loophole. New issues, V 

Unit trusts and Oelcs, Highest savings rates. Trust launches, ....VI 

Training to be a financial adviser, Unit oust performances, VII 

Pension complaints, Lloyd's Names, Annuity rates, VUI 

Picking the right pension, Q AA briefcase IX 


Unit Trust sales 

Net Investment £bn 
3D 


US long bond 

30-yr yield, % 
- BJS 




Unit trust sales fall sharply 

Unit trust sales for the third quarter are down to El. 88 bn from 
£2.81 bn the previous quarter. The third quarter is traditionally 
one' of the weakest for sales but in the corresponding period last 
year net sales totalled £2.61 bn. Monthly figures also fell, in 
September they were a net £470, 7m, the second lowest figure 
this year, down from August's net sales of £767. 1m. 

However, net sales of unit trusts for the year are still higher at 
£7.1 5bn than for the same period last year when they amounted 
to £6.95bn. Last year the unit trust industry attracted a record 
£9.14bn of net investment 

Bonds stir the markets 

Wall Street had been expecting it for same time, but when the yield 
on the 30-year US government bond closed above 8 per cent for the 
first time In 2 Viz years on Monday night, it sent a shudder through 
financial markets. Bond prices have been fafilng - and 
correspondingly, yields rising - since late last year. 

Lazard offer goes flat 

Lazard Investors this week abandoned its planned launch of an 
investment trust specialising in regional brewers. The offer for Lazard 
Brewers Investment Trust failed to attract the minimum £50m the 
fund managers had hoped for. The collapse was blamed on poor 
market conditions, rather than the concept behind the fund. The trust 
had agreed to buy a £27m portfolio of shares in regional brewers 
from brewing giant Whitbread, but this deal has been cancelled. 

Gracechurch action group 

Dtesatfcsffed investors in the Gracechurch BES Companies may like to 
know that Gordon Leighton, chartered accountants, are organising 
an action group. (Far more information, contact Andrew White on 
071 935 5737.) 

This loan-back business expansion scheme, launched by Barclays 
de Zoete Wedd in March 1993 was, aiong with National 
Westminster's Homeshare scheme, caught by the Budget 
announcement banning such schemes. 

Investors in the BZW scheme who expected a tax-free return of 14 
per cent after six months, have been offered 5 pa- cent after 18 
months or have been locked in for five years. 

Small companies lose ground 

q—aiiar company shares reversed tire previous week's gains last 
week The Hoare Gcvett Smaller Companies Index (capital gains 
version) fell 1.1 per cent to 1594.24 over the week to October 27. 

Me n* week’s family finance 

im usance bonds come in a bewildering variety of forms. We explain 
Sttwrall work and how to make sure you don t get sold 
something totally unsuitable. 



Wall Street 

Stop worrying and love 


Dow Jones Industrial Average 



3,600 > 1 1 1 

•JuJ Aug Sep Oct 

1004 


T he US economy keeps 
moving along at an 
impressive clip, but 
Wall Street remains 
as unsure as ever in the face of 
the economic recovery and 
does not know whether to love 
it or loathe it 
This week, the markets 
passed the first four days in an 
uneasy limbo, with traders 
and investors spending too 
much of their time worrying 
about what Friday’s third 
quarter gross domestic prod- 
uct report would say about the 
pace of economic growth, and 
what It would mean for mone- 
tary policy and interest rates, 
and not enough time concen- 
trating on the positive funda- 
mentals underpinning share 
prices - such as robust corpo- 
rate earnings. 

When the GDP report came 
oat just before the markets 
opened yesterday, the news 
seemed bad. Bad. that is, to 
anyone worried about exces- 
sive economic growth. Accord- 
ing to the Commerce depart- 
ment, GDP rose 3.4 per cent In 
the third quarter, a slowdown 
from the 4.1 per cent growth 
rate of the second quarter, but 
still considerably stronger 
than Wall Street had been 


J eremy Lancaster, who 
has turned Wolseley into 
the biggest supplier of 
heating and plumbing 
equipment in the world, is 
frank about his pessimism. 

"I’m just not an optimistic 
guy," he said, after announcing 
yet another set of record 
results on Tuesday. 

However, after 20 odd years 
the City is beginning to catch 
on to his downbeat manner. 
Pre-tax profits for the year to 
July 31 name in at £202. 3m, at 
the top end of analysts' expec- 
tation s. This was 67 per cent 
up from the previous year, 
when Wolseley surprised the 
City with profits of £121.1m - 
well ahead of the top forecast 
of Eiism. 

The results are remarkable 
enough, given the recession. 
Even more remarkable is the 
latest earning s per share figure 
of 50.77p, up from 33.60p for 
1993 and 37 per cent ahead of 
the previous record EPS of 37p 
in 1990. The growth has come 
from across the group's 
operations. "There hasn't been 
a laggard amongst them," said 
Lancaster. 

Leading the field last year 
was the US. where profits from 


expecting. Forecasts had 
ranged from GDP growth of 
2.8 per cent to 3.0 per cent 

The fact that the economy 
was growing faster than antic- 
ipated triggered some early 
selling of bonds, on the 
assumption that the data only 
increased the chances that the 
Federal Reserve would raise 
interest rates when its policy- 
making committee next gath- 
ered in mid-November. 
Although share prices did not 
fall on the news, they did not 
rise either, and no one in the 
stock market was particularly 
enthralled at the prospect of 
yet more rate increases. 

Consistency, however, has 
never been one of the markets' 
stronger points. Within half 
an hour of the opening bell 
yesterday, sentiment appeared 
to have turned round com- 
pletely. Bonds begun rallying, 
in the process sending the 
yield on the benchmark 30- 
year back below 8 per cent 
(On Monday, the 30-year yield 
closed above 8 per cent for the 
first time in two and a half 
years, triggering an avalanche 
of feverish commentary her- 
alding the end of the world as 
everyone knew it) Stocks took 
off on an even more improba- 


building distribution leapt 
from £47m to £86 on turn- 
over up from £i.21bn to 
£L72hn. The first' full contribu- 
tion from Erfa Lumber, bought 
last September, was £13.5m. 

Erb and Carolina Builders, 
both timber distributors, have 
been “on a roll for two years", 
with 30 per cent annual sales 
growth. But sales in the US 
plumbing distribution 
operations also improved 
strongly, with Ferguson Enter- 
prises 22 per cent ahead, Faxni- 
ban Northwest 20 per cent and 
Tamilian in California ahead 
by more than 3 per cent and 
back in the black. 

“We have a reputation for 
being extreme pessimists 
which Fm happy with - but 
even we do not think the US 
will be too bad next year," Lan- 
caster said, adding that the 
rate of growth was likely to 
slow down. 

The improvement in Euro- 


Souroo: FT Graphite 

ble flight. By llam, the Dow 
Jones Industrial Average was 
up more than 40 points. 

The roots of this remarkable 
comeback were hidden in the 
text of the third quarter GDP 
report Although the headline 
figure of 3.4 per cent growth 
was disturbing, bond traders 
and analysts liked what they 
saw elsewhere in the data. The 
implicit price deflator, a close- 
ly-watched inflation indicator, 


Wolseley 


Share price relative to the 

FT-SE-A All-Share Index 
200 



Sounw. FT Graphft# 


pean building distribution was 
not quite so dramatic, with 
profits rising from £57.1m to 
£81m on sales up from £lbn to 
£i.i4bn. Of special interest was 
Brossette, which managed to 
maintain margins and lift sales 
by more than 5 per cent in a 
difficult French market 


rose by only L6 per emit in the 
quarter, down from 2.9 per 
cent in the previous period. 
Another inflation measure, the 
fixed weight index, rose 2.7 
per cent, which was also con- 
siderably less than expected. 

Then there was the data on 
inventories, which showed 
that companies rushed to 
stock their shelves in the third 
quarter to meet unexpectedly 
strong consumer demand. 



The successful export of the 
Wolseley formula to France 
bodes well for OAG. the big- 
gest distributor of plumbing 
supplies in Austria bought last 
April for £56.9m. 

Wolseley sounded warning 
on the UK. although the 
results were good, especially 


The Bottom Line 

Doom, gloom, record 


Pre-tax profits 
(Em) 
250 


the boom 


Analysts said the subsequent 
big jump in inventories - the 
largest since 1984 - should be 
offset in the fourth quarter 
when businesses, their ware- 
houses likely overflowing with 
stock, place fewer orders for 
manufactured goods. 

There were other, less com- 
pelling, statistics in the third 
quarter GDP release which 
also reassured the markets 
that the economy was not 
quite as buoyant as it seemed, 
but the clear message from the 
markets was that overall, the 
report was nothing like as 
unwelcome as it first seemed. 

That did not mean, however, 
that everyone could stop wor- 
rying about another imminent 
Fed rate Increase (following 
the markets these days 
requires a mind as agile as a 
gazelle). No, there was nothing 
in the GDP data to suggest the 
Fed will not decide to tighten 
policy again at its open mar- 
ket committee meeting on 
November 15. But there were 
enough encouraging nuggets 
of information in the figures 
to suggest that the next Fed 
rate rise may be the last for 
some time. 

The Fed would like to see 
the economic growth rate 


profits 

since two-thirds of sales go 
into the still-depressed repair 
and maintenance market. The 
British recovery was fragile, 
and it was impossible to pro- 
diet the housing market. 

Margins in the US and UK 
are near their peaks, however 
which puts the onus on 
increasing volumes and better 
results from the manufactur- 
ing side. Manufacturing sales 
were ahead just 3 per cent at 
£390.3m. yielding profits of 
£36.6m, up 11 per cent. 

The group believes expan- 
sion is possible in all markets. 
It went to the US in 19S2 
because it was worried about 
tbe prospects for expansion in 
the UK. At the time it had an 
UK outlets, which have grown 
to 444; US outlets have risen 
from 52 to 4lfi. 

The balance sheet is strong, 
with gearing of just over iu per 
cent, so further acquisitions 
are likely'. In June the group 


reduced to a less potentially 
inflationary 2.5 per cent. 
Assuming that the Fed puts up 
the federal rounds rate next 
month by another half a per- 
centage point (this is the con- 
sensus among analysts on 
Wall Streets), the central bank 
will have raised short-term 
rates this year from below 3 
per cent to 5.25 per cent Over 
the same period, long-term 
interest rates will have risen 
from 6.3 per cent to about 8 
per cent 

According to the optimists 
who bought stocks and bonds 
yesterday, these increases 
should have tightened credit 
conditions sufficiently to slow 
the economy over the next 
year to a growth rate with 
which the Fed feels comfort- 
able - say, 2.5 per cent It is a 
neat scenario, too neat per- 
haps. Bnt it at least gives Wall 
Street some reason for opti- 
mism as it enters what could 
be a long, cold winter. 

Patrick Harverson 

Monday 3855 JO - 36.00 

Tuesday 3850.59 - 04.71 

Wednesday 3848.23 - 02.38 

Thursday 3875.15 + 26.92 

Friday 


paid £2Sm for Calumet Hold- 
ings of Chicago, a deal which It 
believes has made it the 
world's leading distributor of 
professional photographic 
equipment. Calumet is strong 
in mail order, an expertise 
Wolseley would like to transfer 
to other parts of the group. 

The City is looking for fur- 
ther growth, with profits fore- 
cast at £240m and earnings At 
around 58p. The shares, which 
closed at 752p last Friday, fall 
to 725p after the results' were 
announced on Tuesday, partly 
because the figures did not top 
the forecasts. Bv the close yes- 
terday they had more than 
recovered the losses. 

The question of succession 
remains. Richard Ireland, 
finance director, retires next 
month .md will lx* irphiced by 
Stove Webster, who joined ns 
deputy finance director ut sum- 
mer. Lancaster, ss. is widely 
respected to retire in two years- 
Perhaps that Is why he was sn 
keen on Tuesday to pluy down 
the importance of individuals 
to the group’s jierfomumce, 
and why most of the board 
attended the results meetings- 

David Blackwell 



WEEKEND FT III 



FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994 


\ 



ty» 






FINANCE AND THE FAMILY: THE PENSIONS SCANDAL 


How losers will be compensated 

Debbie Harrison explains the ways you can now get redress if you switched wrongly to a personal plan 


T he Securities and 
Investments Board 
- chief regulator of 
the financial ser- 
vices industry in 
the UK - told insurance com- 
panies and financial advisers 
this week how to compensate 
thousands of people who 
incurred financial loss when 
they gave up company pension 
scheme benefits in favour of a 
personal pension plan. SIB 
identified three groups which 
may qualify for compensation: 
■ Pension transfers - people 
who transferred company pen- 
sion benefits to a personal pen- 
sion plan. 

■ Opt-outs - employees who 
left a company scheme to take 
out a personal plan. 

■ Non-joiners - employees 
who did not join a company 
scheme because they were sold 
a personal plan. 

Each group is divided into 
priority and non-priority cases. 
If yours is a priority case, it 
will be reviewed automatically 
within two years by the organi- 
sation responsible for the sale. 
If poor advice is proved, the 
organisation must follow SIB’s 
rules on calculating and pay- 
ing compensatiorL 
The provider or adviser must 
set out compensation details in 
a “letter of redress". Under 
SIB’s guidelines, you could be 
reinstated in your former com- 
pany scheme or receive a 
top-up to your personal plan. 
Either way. the compensation 
should return you to a position 
equivalent to the one in which 
you were before you took out 
the personal plan. 

SIB has legal power under 
the Financial Services Act 1986 
to enforce its rules and will 
monitor the system closely. 
But your case will not be con- 
sidered for compensation if: 

1. You were self-employed 
when you took out a personal 
plan. 

2. Your employer did not 
have an occupational scheme. 

3. You were advised to trans- 
fer, opt out or not join before 
April 29 1988 when the Finan- 
cial Services Act began. 

4. Your complaint relates 
solely to investment perfor- 
mance. 

If you-are not on the priority 
list but think you have a Justi- 
fied complaint, you should 
write to the organisation that 


The persona] pensions scandal was revealed 
in December 1993. That was when the 
Securities and Investments Board (SIB), the 
chief Ctty regulator, repotted that only 10 
per cent of employees urged to transfer 
company pension benefits to a personal 
plan were given good advice. 

StB’s finding was based on research by 
acco unta n t KPMQ Peat Marwick, which 
examined 735 cases of opt-outs from 
company schemes over 2% years. The 
advice given by the Insurance salesmen and 
independent advisers, on which the sales 
were based showed an almost uniform 
failure to comply wHh rules set by the 
regulators. 

More than 5m personal pensions have 


been sold since they became available in 
July 1988. Life offices paid their own agents 
and Independent advisers large 
C om m issions to aefl the product, and took a 
further cut themselves to cover 
administration and investment charges. All 
these deductions came out of the 
employees’ pension pot 

As a general rule, company schemes offer 
much better value than personal p lans 
because the level of pension Is gu aran te e d 
and Is linked to the member's feral salary. 
Annual pension increases may also be 
guaranteed, as are death and cftsabHJty 
pensions. 

With a personal pension, the investment 
risk rests with the individual; there are no 


guarantees on what the pension wS be 
worth, and any extra Insurance cover must 
be paid for separately. Moreover, emp l oye r s 
usually make a substantial contribution to 
the company scheme but rarely contribute 
to an employee’s Endtvtdual plan. (See page 
IX for how to make the choice between ' 
personal plane and company schemes) 
About a quarter of the transfers examined 
by KPMG came from local government and 
the public sector, which run some of the 
best schemes In the country. These offer 
index-linked pensions and penalty-free 
transfer s , provided an emp lo yee change s 
Job within the public sector. Many teachers 
and nurses were among the unwitting 
victims (see right). 


Which priority group do you fall into? 

Pension opt-outs 


By which most < 

ought to be reviewed 


Pension transfers 
ITBW? 


By which most eases 
ought to be reviewed 


Priority group 1 

People who era reUredfepoutes or dependarts ot people who have died 

People who left an employer'a scheme, awe aged 35 or over at the Uma they 
took out epenonal pension and who am stifi with the same enployer 


31 December 
1995 


Priority group i 

Men ewe 55 at the time o( 
transfer 

Women over SO at die una 


31 December 
1995 





Priority group 2 

People who deeded notto join an employer's pension scheme, warn aged 35 
or over at the time they took our a personal pension, era paytog ttielr own 
money two a paraonat pension and -aha are «B with the sane employer 


People who tew retired 

Spouses and dependants of 
people who ham died 



30 June 1996 



People who left mi employer's pennon schsme, ware under 35 si tha time 
thay took out a paraonat pension, am paying their own money Into a personal 
pension and who are sdl ritti the same employer 





- 

Priority group 2 


: 








54 «Uhe tana at ranter 

Women agad between 45 
ax! 49 at the time ol transfer 



Priority group 3 

People who left an enptoyat's pension scheme, were aged 35 or over at the time 
they took on a peraonai petition and v*» am no longer with tha same employer 


31 December 
1996 



31 December 
1996 


Sauce: Soarttaa and Investments Borad 

sold you the personal pension, 
setting out the relevant details. 
Where individuals complain, 
SIB has asked organisations to 
review the case within two 
years of the request. 

The whole process - from 
identifying those who have lost 
out, to paying compensation - 
is complex and time-consum- 
ing. The following guide, 
together with the diagram 
showing priority cases, could 
Tipip you through the maze. 

PENSION TRANSFERS 

Total number of cases: 
600,000. 

Priority cases: 100.000. 

Number expected to receive 
compensation*: 20,000. 

Average compensation per 
case*: £2,500. 

Priority cases: These are 
split into two groups of older 
employees, since these face the 


most immediate HifHmlriPs in 
the run-up to retirement The 
first group includes men over 
55 and women over 50 at the 
time of transfer; those who 
have retired already; and the 
spouses and dependants of peo- 
ple who have died. These cases 
will be reviewed automatically 
by December 31 1995. 

The second group includes 
men between 50 and 54 and 
women between 45 and 49 at 
the time of transfer. These 
cases will be reviewed auto- 
matically by December 31 1986. 

Comment: The number of 
priority cases is small com- 
pared with the total and, of 
these, very few are expected to 
be compensated. Mitchell PhU- 
pott, director of independent 
adviser Lexis Pensions Consul- 
tants, says: “For many of these 
cases, actuarial calculations 


will show that prospective loss 
has not occurred." 

James Higgins, managing 
director of independent adviser 
Chamberlain de Broe, adds: 
“Unfortunately, with the way 
personal pensions are sold, the 
client believes the transfer rep- 
resents a simple choice 
between two similar pension 
arrangements. He probably did 
not understand what guaran- 
tees were given up, yet might 
well have signed a statement 
saying he did.” 

PENSION OPT-OUTS 
Total cases: 450,000. 

Priority cases*: 150,000. 
Number expected to receive 
compensation: 250,000300,000. 

Average compensation per 
case*: £10.000. 

NON-JOINERS 
Total cases: im. 

Priority cases: 60,000. 


Priority cases: SIB assessed 
the opt-outs and non-joiners 
together in three priority 
groups. The first includes (a) 
people who are retired, and the 
spouses or dependants of those 
who have died, plus (b) people 
who left an employer’s scheme, 
were 35 or over at the time 
they took out the personal 
plan, and who are still with the 
same employer. These cases 
should be reviewed by Decem- 
ber 31 1995. 

Group 2 includes non-joiners 
over 35 when they took out a 
personal plan who are still 
with, the same employer, plus 
those who were under 35 when 
they left the employer’s 
scheme and who are still with 
the same employer. 

The latter group must be 
paying contributions in addi- 
tion to the National Insurance 


rebate paid to employees' per- 
sonal plans where they opt out 
of the state earnings related 
pension scheme (Serps). These 
cases should be reviewed by 
June 30 1996. 

Group 3 includes people who 
were over 35 when they left an 
employer’s scheme and took 
out a persona] pension (both 
rebate-only and where extra 
contributions are paid) and 
who are no longer with the 
same employer. These cases 
must be reviewed by December 
31 1996. 

Where more information is 
required on the employees’ 
pension options at the time of 
the sale. SIB asked providers to 
send questionnaires to priority 
cases. These will go out early 
next year. 

Comment: Most people who 
were advised to opt out of a 
company scheme for a personal 
pension in theory should 
receive compensation because 
personal pension benefits do 
not match up to those offered 
by most schemes. But Pfailpott 
warns: “The logistics of identi- 
fying opt-outs is enormous and 
non-response will reduce sig- 
nificantly the numbers com- 
pensated." 

Moreover, the priority cate- 
gory includes only those who 
are still with the same 
employer. If you changed jobs 
■einra* faking out the ppn cn q jil 
plan - and an estimated 60 per 
cent have done so - then you 
are a non-priority case. Non- 
joiners represent the most diffi- 
cult category to assess and 
experts believe few will be 
compensated. 

■ Sources of help. For advice, 
telephone the Personal Invest- 
ments Authority (PIA) pen- 
sions unit on 071-417 7001; fox: 
417 8100. 

If you disagree with your 
review, you can complain to 
the relevant ombudsman or 
arbitration scheme. The pro- 
vider or adviser should explain 
the appropriate complaints 
procedure in the redress letter. 

To get SIB’s fact sheet. The 
Pension Transfer and Opt-Out 
Review , send a large SAE to 
Pensions Fact Sheet. P.O. Box 
701. Basildon. Essex SS14 3FD. 
•Source: Lexis Pension Consul- 
tants. 

■ Picking the right 

pension - page IX 



Sutoris- . . High Court writs have been issued 


Travel Hinvttm 


Mugged by salesmen 


Mike Sutoris. a former teacher 
who now works in local 
government, got a multiple 
mugging from personal 
pension salesmen. The 
National Union of Teachers 
(NUT) has issued a High Court 
writ against the life companies 
involved. 

The teachers’ scheme is one 
of the best in the country in 
terms of guaranteed benefits 
anH annual pension increases. 
For those who move within the 
public sector and local 
government, it is possible to 
transfer the full value of 
benefits. 

Yet, Sutoris was advised in 
November 1987 to leave and 
start a retirement annuity 
contract - the forerunner to 
personal pensions - which 
took effect from early 1988. 
Later that year, he was advised 
to transfer his seven years’ 
benefits out of the teachers' 
scheme to a personal plan. 

“No mention was made of 
the guaranteed indexed 
pension I was giving up and 
the investment risks associated 
with personal pensions,” he 
said. “I didn't realise I would 
lose out on the transfer - if I 
had known. I would not have 
gone ahead." 

On the salesman’s advice, he 
opted out of the state 


earnings-related pension 
scheme (Serps), and his rebates 
of National Insurance 
contributions were channelled 
into a separate personal plan. 

Later, he was sold three 
more personal pensions to 
increase his regular premium 
polio* in tine with his salary 
increases. 

The NUT has a heavy 
caseload of similar cases. 
Debbie Smith, who works in 
the legal department at the 
union’s headquarters, sai± 

“We have up to 100 complex 
cases like Mike’s and our 10 
regional offices have a similar 
case-load. Over 50 different life 
offices are involved.” 

Time is running short for 
some victims but the NUT has 
taken steps to protect these 
members. Smith explained: 
“Where one of our members 
was sold a personal pension in 
1988, we have issued High 
Court writs to protect them 
against the six-year breach of 
contract time limit" 

Several other unions, 
including the GMB, the miners 
and the nurses, are 
co-ordinating cases. If you 
have not yet done anything 
about your transfer, ask your 
union if it will help. 

D.H. 


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FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBHR 1094 

FINANCE AND THE FAMILY 


The week ahead 


Cost-cutting lifts BP 


TUESDAY: British Petroleum 
is expected to announce net 
profits of about £360m when it 
publishes third-quarter results. 
Cost-cutting in recent years is 
likely to leave it with a stron- 
ger improvement than has 
been achieved by its peers. The 
chemicals division could bring 
pleasant surprises, with a solid 
performance in the US, 
TUESDAY: Interim results 
from Thames Water open the 
water companies' reporting 
season. The interims are expec- 
ted to show an 8 per cent rise 
in pre-tax profits, before excep- 
tional. to £l4Sra. 

Investors will be watching 
two issues very closely in the 
first results after the summer's 
price review: first, the divi- 
dend, forecast to show an 8 per 
cent increase to Sp: and, sec- 
ond, the performance of the 
non-core businesses. A dose of 
further bad news on the non- 
core operation would not be 
welc omed. 

TUESDAY: Powerscreen Inter- 


national, the Northern Ireland- 
based manufacturer of screen- 
ing and stone-crushing equip- 
ment. is expected to report 
interim pre-tax profits of £13m- 
£14m, against £ 12.6m last year. 
Analysts will be examining the 
performance of Simplicity 
Engineering and Ludlow-Say- 
ior. two US businesses 
acquired in February. 
WEDNESDAY: BET, the busi- 
ness services group, is expec- 
ted to report pre-tax profits of 
about £54m for the six months 
to September, compared with 
£47m. but the picture is 
clouded by uncertainty over 
the scale of further rationalisa- 
tion costs. The group, which 
over-expanded through acquisi- 
tion in the 1980s, has recently 
seen a couple of high-level 
departures and analysts will 
want reassurance that its 
recent recovery remains on 
course. 

Specifically, there has been 
little sign so far of the 
"bolt-on" acquisitions which 


BAT Industries 

Share price relative to the 
FT-SE-A All-Snare index 
110 ■ ■ • — - — 



John Clark, the chief execu- 
tive, mooted in May, 
WEDNESDAY/THURSDAY: 
Interims from J. Sainsbury. 
the UK’s largest food retailer 
(Wednesday) and final results 
from Kwik Save, the biggest 
discount chain (Thursday), 
should provide an insight into 
the state of the grocery mar- 
ket 


Directors’ transactions 

Ross boss sells 2m 


DIRECTORS 1 SHARE TRANSACTIONS IN THEIR 


OWN COMPANIES (LISTED & USM) 

Company 

Sector 

Shares 

Value 

No of 
directors 

SALES 

Elam 

RetG 

59,999 

172.797 

2* 

Famell Bee 

-...Drat 

11,000 

57,750 

1 

Independent Ins 

Ins 

150.000 

373.500 

1 

Ropner 

OivI 

40.000 

50,600 

2 

Ross Group 

Dist 

2.000.000 

152.500 

1 

Sehtfes 

EE&E 

175.029 

437.573 


Steel Burnir Jcres. 


30.000 

33.000 

l 

Storm Group 


283.101 

31,141 

1 

Ttma Products .... 


25.000 

59.000 

1 

Watmoughs 

PP&P 

10.000 

38.700 

1 

Weiherspcon 

Brew 

17,500 

72.450 

1 


j Argos 

..RetG 

6^30 

19.998 

1 

j Carpeinght pic - 

..RetG 

20.00C 

45.400 

1 

| Garz'es (HIdgs) 

...OthF 

10.000 

13.000 

1 

) Eurotunnel 

_.Tran 

5.650 

12.969 

2 

| E/co 

—OthF 

200.000 

360,000 

1 

i Fairway — 

.PPSP 

166.456 

136.494 

2 

if 

I 

l 

Eng 

50.000 

17,000 

1 

j Greenacre 

....HUM 

92.000 

10.120 

1 

Group Dev — 

-InvT 

262,298 

150.034 

3 

Hambro Countrywide 

- Frop 

60.000 

25.800 

T 

INC CO 

.. Prop 

280.000 

28.000 

2 

Independent ins 


14.000 

35,420 

2 

Weinwort Endowmnt 

... IrtvT 

20.000 

21.000 

1 


..OthF 

5.000 

12,100 

1 

Mezzanine c&i Trust. — 

-..InvT 

10.000 

28.800 

1 

Senior Engineering 

. ..Eng 

25.000 

18.700 

2 

Taylor Woodrow — 

.BCon 

20.963 

24.427 

2 

Town Centre - 

... Prop 

12,000 

14.760 

1 

Utd Drug — — — 

.... Hith 

10.000 

19,500 

1 

Wace Group 

.PP&P 

15.000 

33,150 

1 

Wassail - — 

.... Divl 

20.000 

58.000 

1 

Whatman 

.... Eng 

fi.000 

31,640 

1 


TAKE-OVER BIDS AND MERGERS 


Company 
lyd faw 

Vdueot 
bid D« 
ware- 

Uvfior 

ore* 

before 

tkl 

Value 
of hd 

Cm#" 


Pnccs n pener urleu oitweite ktoluieu 

Altkgn Hume 

55- 

51 

51 

29 60 

Andrews Sykes 

85' 

68 

67 

10.70 

Attwooda 

109 

114 

109 

304.00 

Date Electric 

70’/." 

72 

60 

16.00 

Ptanttbrook t 

17S- 

173 

165 

193.00 

Schotes t 

250- 

253 

193 

98.10 

Towtea ; 

275* 

268 

243 

4.22 

Trans World T 

181 

178 

173 

70.80 

VSEL 

1291 

1394 

1228 

490.27 

VSEL 

1400- 

1394 

1323 

532.00 


ADted Group 
Eure Hro ProL 
Brawnlng-FUnis 
TT Group 
SCI 

Hanson 
London City 
EMAP 

Brit Aeroepaee 
GEC 


The sale by Ross Marks of 2m 
shares in Ross Group, a distri- 
bution company, comes after a 
big drop in its share price. A 
year ago, when the price was 
around 20 p. we monitored con- 
siderable director buying. But 
Ross Group has had a wide 
range of problems, most 
recently in the technical divi- 
sion. 

□ The largest sale of the week 
was at the Independent Insur- 
ance Group where Sir Iain 
Noble, a non-executive direc- 
tor. sold 150,000 shares at 249p. 
He retains more than 94.000. 
The company has been on the 
market since November 1993. 
Over the past month, its share 
price has underperformed by a 
small margin relative to the 
market. 

G Storm Group, which is 
involved in rights for cartoon- 
style characters (or their cre- 
ators). featured on this list last 
month when managing direc- 
tor James Clarke bought 
175,000 shares on joining the 
board. Most recently, Jerry 
AIpcrt, the senior vice-presi- 
dent in the US. sold stock at 
lip - his entire holding. 

Vivien MacDonald 
The Inside Track 


Pre-tax profit forecasts for 
Sainsbury rang® from -^1° to 
about E460m. with the ennsciv 
sus at around E445nt - a" per 
rent increase from n re-stated 
E417m last year. Sales in tlw: 
supermarket chain are expec- 
ted to be up by about 7.5 per 
cent, with little price inflation. 

Forecasts for Kurils Save are 

concentrated around £l30m. an 
increase of only 3 pL'r cent 
from last year's £ 126.1m. Tlw 
group lias been affected by the 
increased competition in the 
market, which is eroding its 
price advantage over the super- 
stores. Analysts arc looking for 
an increased interim dividend 
of about 5.5p. against 4.9p last 
time. 

WEDNESDAY: BAT Industries 
is expected to report an 
increase of about 10 per cent in 
third-quarter pre-tax profits 
from last year's E453m. The 
main growth will come from 
US tobacco where BAT. along 
with other producers, has 
enjoyed a recovery from last 
year's pricing traumas brought 
bn by “Marlboro Friday”. 
THURSDAY: Speculation over 
the future of Boots’ pharma- 
ceuticals division is expected 
to overshadow sharply 
improved interim figures from 
the retailing and drugs group. 

Although it is expected to 
highlight an increase of about 
33 per cent in first-half profits, 
analysts are likely to focus on 
the outcome of the company’s 
year-long review of the drugs 
business. 

This was prompted by hist 
year's withdrawal of the heart 
drug Manoplax. which left a 
gap in products under develop- 
ment. 

Boots' officials insist they 
are under no pressure to sell 
the business, which remains 
both profitable and cash-gener- 
ative. But rumours that dis- 
posal was the favoured choice 
were heightened earlier this 
year when the company issued 
a confidential sales memoran- 
dum for potential bidders. 

While confirming that it is in 
discussions with a number of 
companies, the group remains 
coy about its intentions - 
partly to avoid rousing fears of 
a possible withdrawal from 
Nottingham, where the phar- 
maceuticals division Is based. 

Meanwhile, interim pre-tax 
profits are forecast to have 
risen from £l74.6m to about 
£233m, although last year's fig- 
ures were depressed by £35m of 
charges. The chemists’ chain, 
however, is expected to remain 
the most profitable division. 


Value expressed in EOOCs. Tfta lot ccn tarns all transactions, todudng the exercise of 
aptiORS H if iffiJ^o suPceoueruly sold, with a value over £10.000 information released by 
the Stock Exchange 17-21 OacCer 1994. 

Source: Dkectus Ltd. The Inside Track. Edinburgh 



RESULTS DUE 





Dividend (p) 


Company 


Artncmni 

Lott year 

This year 


Sector 

due 

tot 

Final 

tot 

FINAL DIVIDENDS 






BaBway _ . — 

BSC 

Wednesday 

4.0 

8j0 

2-2 

Breadgoto Inv T« 

InTr 

Wednesday 

- 

1.8 


Edinburgh Inca Tst 

InTr 

Monday 

- 


- 

Eurontofley PubBcatkxis 

Med 

Thursday 

105 

27.5 

1X0 

Homing Chinese Inv Tst 

InTr 

Monday 

- 

- 

- 

Frederick Cooper — 

Eng 

Wednesday 

0.7 

15 

08 

Ind Comm & Da La — 

SpSv 

Monday 

- 

- 

- 

Kwtk Sava Group 

ReFd 

Thursday 

5.4 

12B 

5.75 

Lowtand Inv Co — ..- 

InTV 

Monday 

3-2 

5.8 

X3 

MMT Computing 

SpSv 

Thursday 


- 

- 

On Demand Info 

Med 

Wednesday 

- 

- 

- 

Scottteli Natl Tst 

InTr 

Tuesday 

- 

- 

- 

Smart (J) Contraction — 

B&C 

Thursday 

2-3 

6-2 

23 

Usbome Pks ._ 

4=dMa 

Thursday 

02 

0.4 

- 

1HTER1M HVIDEKDS 






Abtrusf New 77n»l fT 

_Mr 

Monday 

- 

1.0 


Anglo St Jnmea . — __ 

Prop 

Monday 

- 



BAT InduP trlM . 

Too 

Wednesday* 

- 

- 


BP CO _. - 

041 

Tuesday* 

2.5 

- 


Banner Homes Group 

esc 

Fnday 

- 

1.0 


Bertam HWgs 

OtSv 

Monday 

- 

2-5 


Beverley Group 

n/a 

Monday 

- 

- 


Boots Co 

-FteGn 

Thursday 

43 

10.1 


Burtonwood Brewery — 

-.Brew 

Friday 

0.7 

43 


CampboS & Armstrong _ 

B4C 

Monday 

- 

- 


Capital Gearing Tst 

—InTr 

Tuesday 


0.43 


Cah&i 3si8 . 

. HKh 

Tuesday 

- 



Cook (WlT&tmJ ... 

Eng 

Friday 

ZJ> 

5.0 


Danka Butinasa Sysloum 

F^FF 

Monday 

0.75 

0.75 


Fall-briar . 

B&C 

Monday 

. - 



Finsbury Tat 

InTr 

Thursday 

12 

2-0 


QBE tod - 

Eng 

Monday 

- 

1J5 


German Inv Tst _ 

Mr 

Thursday 

- 

008 


German Smaller Co's tov 

— JnTr 

Wednesday 


1.4 


Jr riiiyn Ism Co 

InTr 

Wednesday 


. 


Mezzanine Cap & Inc Tst 

InTr 

Wednesday 

- 

. 


Newport hldgs 

Prop 

Monday 




Northumbrian fine Foods 

.FUMa 

Monday 


# 


Ocoana Cons Co . 

OtFn 

Friday 

OS 



Panffior Securities 

prop 

Monday 

- 



Powerscreen tad 

Eng 

Tuesday 

2-0 

5.3 


Quadrant Group 

LeH 

Thursday 

- 



Rackwood Mineral HkJgs 

ExU 

Monday 




Raglan Properties 

- Prop 

Thiasday 

. 



Raxmore _ 

Tent 

Tuesday 

IB 



Rowe Brans inv _ _. 

OtSv 

Monday 




Sate land - 

Prop 

Tuesday 

0A 

0.79 


Sainsbury (J) 

ReFd 

Wednesday 

3.0 



Schroder Korea Fund _ 

InTr 

Tuesday 




So ton Healthcare Group 

Htth 

Ttusdoy 

1.9 



Slam Selective Growth ._ 

InTr 

Tuesday 




St Oavisifs inv Tst 

InTr 

Monday 




TB1 . 

... — -Prop 

Friday 

_ 




WIT 

Tuesday 

7.4 



Toys & Company 

Text 

Monday 




Westbury _.. 

B&C 

Tuesday 

1.75 

33 


‘DnMerds are Jlwwn net 

pence per share and are adjusted (or any 


rnpona awj accounts are not nonruffiy oualaHe unU about 6 weeks after ih* hnnrri 


approve prenmnary results. U 1st ouwwriy. 4 2nd duartoriy. 4 3ro Ouari^ty 



■M ctw onw far caput m lam Mt l uncamuqwL -Bom . 


l3W n" H-iofli Dhm 1 


PRELIMINARY RESULTS 


Year 


Pro- tax 
prefit 


Earning** 
per stare 


DMdends- 
per stare 


Company 

Sector 

to 

(C000) 


(P> 

(Pi 

Air London 

Tran 

Jri 

726 

(E4ffl 

35 

0.5) 


(I 

BM Group 

Erg 

Jun 

71500 L 

tUi.OOQU 

- 

H 

- 

1-1 

Bridport Gundry 

Text 

Jul 

753 

(1621 

616 

(0.84) 

30 

(2.5) 

Bute 

OE 

Junt 

1350 L 

(1570 U 

- 

H 


H 

CentroGoid 

liH 

Jul 

4.030 

(2.7201 

73 

(5.63) 

2.4 

CO) 

DY Davies 

Prop 

Apr 

56 L 

(733 U 

- 

(-) 


(4 

EsMotRontoi* 

ReGn 

Jul 

1.410 

11fl90l 

805 

^241 

4J 

05) 

Herring Japanese Inv 

InTr 

SepT 

260.7 

(245 ?1 

oxa 

(0.48) 

- 

(0 45) 

1AWS Group 

FdMa 

AugT 

1X800 

(10.100) 

2.415 

fT.1) 

- 

<4 

London 4 St Lawrence 

InTr 

Augf 

180.4 

(175X71 

3.86 

14.39) 

dj>4 

(-1 

Mafedta Investments 

InTr 

Sept 

227.0 

(22101 

5fiJ 

15 33 

525 

(5.ffl 

McKechris 

Ervj 

Jri 

35-300 

C4500) 

27.1 

121.4) 

14 75 

(14 75) 

Preasac 

0K 

Jli 

2J210 

11^50) 

5^ 

(4-861 

2.33 

(2.57) 

Soottigh Metro Prop 

Prop 

Aug 

IfJOO 

C.780 U 

8.82 

t-i 

20 

\1S> 

Sunset & Vine 

Med 

Jui 

1 JQ20 

(1081 

12.1 

I'J) 

40 

(351 

Trace Computers 

SpSv 

Mdy 

410 

<2111 

2X3 

(1.1) 

1.5 

<1.43 

UDO Holdings 

OtSv 

jul 

4510 

0.7301 

11.38 

099) 

8.0 

172) 

Wolsatey 

SdMa 

Jli 

202X00 

(121.10Q 

50.77 

P3.ee* 

18.72 

(13 JO) 


INTERIM STATEMENTS 




Inlertrn 


HM-yeor 

Pro- lax profit 

dMdends* 

Company 

Sector to 

(fiood) 

per state (p) 


AAF Industries 
Stacks Leistie 
Boxmoro Ml 
Bourne Bid Props 
Bradford Prop Tst 
British Arrar Fikn 
Broadcast 
Corrira-Cycflcai 
Country Cantata 
Culm's HoUngs 
EFG 

Edinburgh hw Tst 
B Ore MMig 
B Quo Expl Co 
Fleming Cord Euro 
Fleming Euro FMgtig 
Flying Fl owers 
Gartmora British Inc 
Gerard A National 
Gieveg Group 
Guartflan Ueda Grp 
Hurting 
ICI 

US Smafier Co's Tst 
ittheape Estates 
Lap Group 

London & Metropolitan 

MUand 4 Scot Res 
Mow Bras 
Ocean wasons 
Olives Property 
Scottish Mt0B & Tst 
Shi oh 


EngV 

ReGn 

PP&P 

Prop 

Prop 

OtFn 

OtFn 

InTr 

ftGn 

ReFd 

OtStf 

Mr 

OtFn 

OtFn 

Mr 

Mr 

ReGn 

Mr 

OtFn 

ReGn 

n/a 

Eng 

Chem 

Mr 

n/a 

SpSv 

Prop 

OE 

ReGn 

Tran 

Prop 

Mr 

Tea 


Jri 

6370 

(11,000 u 

. 

Aug 

53 L 

1638) 

0.75 

Jui 

3.750 

(2,720) 

U75 

Jun 

231 

(145 U 

05 

Oct 

12.300 

(17,500) 

3 2 

Jri 

675 

PIS) 

4.8 

Jui 

121 

(224) 

05 

Sep 

311 

(506) 

2.25 

Juf 

t.490L 

11171 

1H1 

Aug 

114 

(IS) 

. 

Jul 

615 

l«W) 

- 

Sept 

326 6 

(3114)11 

3.05 

Jun 

1.040 

(92 7) 

. 

Jui 

766 

(751) 


Sept 

324 1 

1321 B) 

. 

Sect 

1C2 

(98 J) 


Sep> 

267 

M) 


Sept 

730 

094 9 

182 

Sep 

14.400 

(JO. 400? 

80 

Jul 

518 

(3371 

05 

Oct 

18,700 

(11.500) 

. 

Jun 

13.SOO 

(17.700) 

48 

Sep4 

1J1JXJ0 

(72.C001 


Sept 

120.11 

(116318 

10 

Jun 

6260 L 

11.840) 


Jun 

9.660 L 

(5.050 U 

- 

Jun 

2.140 L 

13.450) 


Jui 

7.1 BO L 

119,500 U 


Jul 

1.920 

)K5) 

Ad 

Jun 

2.280 

(3J3TO 

10 

Jui 

224 

1/201 


Sepf 

2JS6 

(-1 

1 4 

Oct 

«22 

(4WI 

10 


() 
n.75i 
(1-251 
ID. 75) 
casi 
ujtsi 
8«S) 
i-i 

(141) 

H 

(-? 

|255\ 

H 

M 

(-1 

H 

H 

|*« 

£&n 

(-1 

H 

Am 

H 

ftp) 

(4 

H 

H 

(■» 

H.B 

Ufl 

W 

O.J5) 

it.01 


- -- ■ — HvT*M I 

* IWB i aoet * 

« Mf «w. t ™ ourts and pence v 3 roomh figum * us 
fibres + 9 monUi figures. * 26 *«* ifijuiw. 


•mltc;ilL-ij L 
dolllrr .wdc 


' Net asset 
i IB i«rth 


roOHTS ISSUES 


Apolo Metals la to mu* up to 11m sharos on .1 3 ■ 5 haw J .-.v 

BuDers Is to raise about Cl 3m vu a nghts issue 

Preaeac a to raee £3 75m va a I - 2 iS 85p n^irs i-.tue of 12 3m Staten. 


^ffehs for sale, placihcs & INTROmurm* 


^ J tteiw) and OPW tftr. 

ftja^htoraseOtodaapUanpan Ctffarof ?«ir.n show « ^ |*«ur 

&«Wan is |q rase Cttn M a plxing. 

Forest 4 Cotonfad h to pLice J0m C slws 0 TOOo in a 
H^robtfairuitJonal s <»m,rv; \a Sxj via a C4m lV >j m Wa ,, 

JJB Sportao^comxxj to Ste nvstet wa C13 eoutk^T ^ M W 

Kwlniflnjit Own Fund ts to mkA nun ^ § 

Pj^idustries b to ^ 

SSSS 2 ?I?JS 2 ? j P 00 " 9 w * 16 . 1 m Sharao 
tareeiect is cmwig to mo moriat waa E?7m u«,w 

T^»rai«C»ftviaati*JCiv awoflwof 

Ushers a cotnng to tne iru»fc« ^ a ciCOm (loiaum ^ 





X 


FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994 ★ 

FINANCE AND THE FAMILY 


WEEKEND FT V 


More power to the people 

David Lascelles on the £186m payout to shareholders by East Midlands Electricity 


S hareholders in East 
Midlands Electricity 
will be celebrating 
Christmas early this 
year, and other electricity com- 
pany shareholders could be 
joining them. On Monday, East 
Midlands announced a special 
interim dividend of £186m, or 
85p a share. Since the average 
shareholder owns 200, this wOl 
produce a cheque for £170 some 
time towards the end of 
November. 

Like the share buy-backs 
that other utilities have 
announced in recent weeks. 
East Midlands' sudden, generos- 
ity was prompted partly by the 
embarrassingly large amount 
of cash it has accumulated 
since privatisation and partly 
by a fear that Kenneth Clarke, 
the Chancellor of the Exche- 
quer, might try to get Ms 
hands on it when he brings 


down the Budget next month. 

For a number of reasons, 
East Midlands thought the spe- 
cial dividend was a better way 
of getting this cash to share- 
holders than buying in shares. 
According to chairman Nigel 
Rudd, it is fairer all the share- 
holders get the cash, rather 
than just those who are lucky 
enough to be at the top of the 
buy-tack queue. 

It is also better for East Mid- 
lands' staff who are saving up 
to exercise options on shares at 
a set price: it gives them a big- 
ger profit when they exercise 
the options. 

The third reason is that 
there is greater tax certainty: 
the Inland Revenue has said 
that the dividend will be 
treated Like any other, and 
those who qualify for a tax 
credit will get it In the case of 
a share buy-back, decisions are 


UK electricity 


FT-SE-A Electricity index 
2,800 



Souck FT QrapMto 


made on a case-by-case basis. 

The dividend was only half 
the story, though. East Mid- 
lands also it WHS 

consolidating its shares on a 
22~for-25 basis. This will offset 
the value by which they might 


be expected to fall to reflect 
tbe amount of cash being 
taken out of the company. So, 
at the end of the day. the share 
price should remain the same. 
(At the moment they are ex- 
special dividend and trading 
well below their earlier price. 
This will remain the case until 
November 34 when sharehold- 
ers are due to approve the 
transaction). 

In the long run. though. 
Rudd says earnings per share 
should benefit because the 
company has become more- 
highly geared because of the 
pay-out, and its assets will be 
working harder. 

Analysts generally welcomed 
the pay-out and cast around for 
other possible candidates. The 
obvious ones are Yorkshire 
Electricity and Southern Elec- 
tric, the only two regional elec- 
tricity companies which have 


not, so far, passed surplus cash 
back to their shareholders. 

Another possible is Eastern, 
which did its buy-back before 
the industry regulator intro- 
duced new price formulas in 
August which enabled compa- 
nies to work out how much 
surplus cash they would have. 

The cash hand-outs may 
have got the stock market 
excited but they were not pop- 
ular politically. East Midlands' 
move brought angry protests 
Grom consumer groups which 
thought the money should go 
to customers rather than 
shareholders. 

Labour's trade and industry 
spokesman. Jack Cunningham, 
also called for an inquiry into 
“profiteering'’ and said; “East 
Midlands' consumers have 
been forced to pay 20 per cent 
more for their electricity since 
privatisation." 


T ax-free - for now 


A n investment offer- 
ing unlimited tax- 
free capital gains 
from UK shares 
might sound too good to be 
troe. But a new issue from 
Fidelity promises investors 
precisely that 

The equity index-linked loan 
stock attached to the new 
Fidelity Special Values invest- 
ment trust is a low-cost instru- 
ment. with a capital value that 
will mirror exactly the ups 
and downs or the FT-SE-A All- 
Share index. Any capital gains 
are not taxable. 

The loan stock makes use of 
tax legislation which treats 
bonds issued by companies in 
the same way as government 
gilts, which are exempt from 
capita] gains tax. The down- 
side is that losses cannot be 
offset against gains elsewhere. 
Still, even index-linked gilts 


only keep pace with the retail 
price index, not with share 
prices which, over time, have 
tended to rise faster than 
inflation (although, of course, 
there is no guarantee of this). 
If, at the rad of the Fidelity 
stock's 10-year life, the All- 
Share index has fallen below 
its present level, investors wifi 
get back less than they paid. 

The stock will also pay 
interest twice a year, set to 
reflect the yield on the All- 
Share index - now about 4 per 
cent This income is taxable. 

About half a dozen invest- 
ment trusts have issued equity 
index-linked loan stock, but 
Fidelity appears to be the first 
group to achieve this tax-ex- 


empt status. Loan stock issued 
by Fidelity European Values in 
1991 and in January this year 
also has the same tax status. 

Stocks issued by other trusts 
have not met the exact criteria 
to be defined, as both qualify- 
ing indexed securities and 
qualifying corporate bands. 

Stock issued by Scottish 
American investment trust 
for example, is classified as a 
deep-gain security; this means 
gains are taxed as income, 
making it un attra c tiv e to pri- 
vate investors. Broadgate’s 
loan stock is classified as a 
qualifying indexed security, 
but does not have qualifying 
corporate bond status. This 
means investors’ gains are 


taxed like equity gains: you 
can use your capital gains tax 
allowance and indexation, and 
losses are allowable against 
other capita] gains. 

The position of the two 
issues of index- linked loan 
stock by Ivory & Sime trusts - 
British Assets and Selective 
Assets - has not yet been clar- 
ified. 

Yet, even tbe Issues which 
are liable for capital gains tax 
can be attractive to private 
investors (particularly smaller 
investors who do not use up 
their annual capital gains tax 
allowance) as they are 
straightforward, index-track- 
ing instruments and are lower 
cost than index-tracker unit 


trusts, which charge an 
annual manag ement fee. 

The new Fidelity issue is 
also the first to be accessible 
easily to private Investors; 
previously, most issues of 
index-linked loan stock have 
been snapped up by large 
institutions which manage 
index-tracker funds. Tbe mini- 
mum purchase of Fidelity's 
loan stock Is £5,000. 

If there is strong demand for 
this issue, other fund manag- 
ers are likely to come up with 
similar products - but an 
expanding market could 
attract less welcome attention. 
“It Is a loophole, whichever 
way you look at It," said one 
industry insider. The worry is 
that such loopholes trad to be 
closed smartly by tbe Inland 
Revenue. 

Bethan Hutton 


The Financial Times plans to publish a Survey on 



on Friday, January 20 , 1995 


The attention of all those interested In assessing company 
performance will be keenly focused on this special editon, which will 
report on the International trends among the major industry leaders. 
Uniquely, we list Europe's top 500 Companies In order of market 
capitalisation, the one internationally comparable yardstick - and then 
go on to provide comment and aniysls of the Companies by sector, 
size and profitability. 

The survey will similarly put the top 100 U.S. and Japanese 
corporations under the microscope. 

For a copy of our brochure, detailing the editorial content and advertising 
options available, please contact one of the" FT 500' team: 

Financial Times Ltd. One Southwark Bridge, London SE1 9HL. 



Tel 

Fax 


+44 (0) 71 

+44 (0) 71 

Bill Castle: 

873 3760 

873 3062 

Liz Vaughan 

873 3472 

873 3428 

Cliff Crofts 

873 3804 

873 4336 

Alan Cunningham 

873 3206 

873 3078 


or contact your usual F.T. representative 

FT Surveys 


New issues 

Investors are wary 


W hat price new 
issues? Despite 
FT research, 
published in 
Thursday's paper,- showing an 
adequate return from a major- 
ity of this year’s stock market 
debutants, adverse publicity 
about a small but significant 
number of new issues has 
affected investor sentiment to 
other flotations. 

TLG, the holding company 
for Thom lighting Group, this 
week became tbe latest group 
to unveil a lower valuation on 
its shares than previously fore- 
seen. TLG’s valuation of £205m 
is mare than £20m below its 
expectations just two weeks 
ago when the pathfinder pro- 
spectus was issued. 

“They tried to come to the 
market at I25p a share - lOp 
higher than the actual price - 
but the institutions wouldn't 
wear it," said one analyst 


Yet, the FT research - which 
covered 85 issues between the 
start of January and the end of 
September, excluding invest- 
ment trusts, Investment com- 
panies, demergers and non-UK 
businesses - showed new 
issues outperforming the FT- 
SE-A All-Share index by 0.8 per 
cent Even where new issues 
underperformed the market, 
they often scored better 
against their sector indices. 

The survey also indicated 
that the worst-performing 
stocks were priced between the 
tack end of 1993 and the first 
quarter of 1994, a period when 
the stock market was riding 
high and optimism over the 
scope of the recovery helped to 
fuel expectations. 

Low interest rates and inves- 
tor demand for smaller compa- 
nies geared to the recovery led 
many private companies to 
consider an earlier flotation. 


The result was a flood of new 
issues which ranged widely in 
quality and were priced for the 
most optimistic potential. 

"There’s no doubt that 
healthy cynicism has returned 
again,” says Andrew Parry, 
head of UK equities at fund 
manager Baring Securities. 
“The prices being put on new 
issues are realistic." 

This view was echoed by sev- 
eral other fund managers - 
indicating that many new 
entrants desiring at least a 
market rating will now have to 
earn it. 

As if to prove the point, deal- 
ing began this week in Fil- 
tronic Comtek, which also saw 
its valuation expectations 
reduced when its shares were 
priced recently. They are being 
traded at a 15 per cent pre- 
mium to their Issue price. 

Christopher Price 


Morgan Grenfell. 

UK Performance Tax-Free. 



| U K EQUITY INCOME TR U S T> 


•rV — 



TOTAL RETURN ON 1 1 ,000*| 


SINCE 

LAUNCH 

OVER S 
YEARS 

.MORGAN GRENTELL 
UK EQUm INCOME 

£2,179 

£1,628 

UK EQUin INCOME 
SECTOR AVERAGE 

£1,684 

£1,300 



Investors looking for an excellent invest- 
ment opportunity should now he considering 
the UK. 

To capitalise hilly 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 1 1 th 19SS. il ,000 invested 
then would now he worth 79*, placing it 
2nd out of S3 funds in the same sector. 

What’s more , the returns from this Trust 
can be ynura totally free of tax by investing in 
the Morgan Grenfell UK Equity Income PEP . 

UK - A GROWTH OPPORTUNITY 

Wo believe that the prospects for the UK 
economy an: now better than they haw beat 
for many wars. Today, companies are leaner. 


tougher and poised ra profit from a period of 
steady , sustainable growth. 

Don't mis 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 ' 
as now on 0800 282465. 


To: Morgan Grenfell ImntnutU Funds Ltd.. 

JO Ftnsbury C trail. London EC2M IUT. 

Pf tend me further deulli of the 
Margin Grenfell UK Equhy Income Unit Trow & 
Margin Giwtfell UK Equity Income Umi Tnw PEP. 


t 

s£ 

ft 


■? : 
it 


■y* 

,,4 

't 

!? 


I 

Ul 

5 

6 
A' 


Fall Sjok . 
■UldrcK 


.Postcode. 


FT 29000* 


7h» »ofci« ot unn ond neon* tow 
twu gpptcoM* 01 In 
M b» *>-** tow**** 



>*• 

F. 


£ 


*fX 

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& 


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JK 


INVESCO-Discipline 


nvt ■ 
fe- 

P 





TOP It E 7: Gregor Mvndcl, who founded the haiic Ijiri of I’L-net'ic'i. 

A HOVt: Type of apparatus likely to h.ivc been me d hr ■Wort’.m, who proved Mendel's finding. 
BELOW: kjthvrinv and/fvsica. identical twin*. Wh.it ^i-nm do they ■.h.iref 


"-iVi vV: 



3% FRONT END CHARGE 


The scientific 
approach 
to investment 


NO BACK END FEES 


Science has led us lo find mays lo 
manage our environment and create prosperity. Mendel, 
through the observation of sweet peas, unlocked a 
secret of plant behaviour and ultimately, the basic 
laws of genetics. 

Applied to crops, this has resulted in 
high yielding strains with increased resilience to di>easc. 

In a similar way. INVESCO applies 
science to the management of funds, producing hybrids 
that aim to contribute to our clients' prosperity. 

Take our I UK Extra Income Fund I for 


example. Through scientific management, it is possible 
to receive an above average income while retaining 
the potential for growth of your capital. 

This requires a constant, objective 
and scientific assessment of investment options. 

We anticipate how well an investment 
should perform by projecting its behaviour. If an 
investment performs too poorly or indeed too well, 
we analyse why. Unacceptable deviations from given 
paiameiers are eliminated. 

It is because we understand that our 
clients’ long-term objectives are best met by consistent 
results that each one of our investment judgements is 
made on a scientific basis. 

As one of the few global investment 
specialists, we believe that research, analysis, measurement 
and understanding must always be applied to investment. 

We don’t believe in instinct alone, 
because what we aim to do could affect your future 
as profoundly as any scientific breakthrough. 

If you'd like to know how INVESCO’s 
scientific approach can benefit your long-term invest-, 
ment objectives, please complete and post the coupon, 
or call us free on 0800 010 333. Alternatively, contact 
your Independent Financial Adviser. 



INVESCO 

The scientific approach to investment 


RESEARCH 


ANALYSIS 


MEASUREMENT 


UNDERSTANDING 


Please send me more details on (tick as appropriate!:' □ UK EXTRA INCOME FUND □ INVESCO 

S$nar*fe jf 3 i iM^Mrs^iss^l — .V— Ty- Initials ** "ft ; - 

lidrel Mil-- IJX -g J--:m «£■ -*7 




L tit 


M 




~yt 

. Posscodtf. 


•*« m /2 

Telephone 


Please complete and post to INVESCO, FREEPOST. 71 Devonshire Square, London EC2B 277. 


■\25lOl 


INVESCO is the marketing name of INVESCO Fund Managers Ltd. The value of investments and any income from them can fall as well as rise and you may 
not receive back the amount invested, particularly in the case of early withdrawal. INVESCO Fund Managers Ltd. is a member of IMRO, LAUTRO and AUTIF. 


/ 


/ 






VI WEEKEND FT 


★ 


INVESTMENT TRUST LAUNCH 



We still do. 


- EMERGING- 

ECONOMIES 

trijstMg- - “ 


As the frontiers of the developed world were 
pushed outward a century ago. Scottish engineers and 
entrepreneurs were at the forefront. They nor only 
knew how, but also where and when. 

And now the Scots at Murray Johnstone have decided 
that the conditions are right for Murray Emerging 
Economies Trust PLC (MEET!. 


KNOW WHERE 

MEET will principally invesr from Asia to Latin 
America in rhe 25 countries contained in the 
International Finance Corporation MFC) indices. 
KNOW WHEN 

Emerging market*' performance is shown below. 


The figures speak lor themselves. 



So far this year, emerging markets' performance 


KNOW HOW 

Six of our experienced fund managers currently 
manage over £500 million in emerging markets. 
Murray Smaller Markets Trust PLC. one of the trusts 
managed by Murray Johnstone, had a third of its 

:-v 

assets invested in emerging markets at its last year 
end and was the best performing trust in the A1TC 
.:i International Capital Growth sector over 1.5 and 10 
: years to 31/8/9**.* 

• Murray Johnstone Ltd. FREEPOST, Dunoon. Argyte PA23 8QQ • 

; Please send me the mini prospectus for M.E.E.T. • 

iMr.-MrsMs - : 

• « 

? 5 Address - : 



j Postcode FT29-13 • 


hasn’t reflected the continued underlying economic 
growth, and m-any emerging markets currently offer 
good value. It /.i also e.\ peered fhar rh ere will be 
continued strong corporate earnings per share 
growth in emerging market countries. 

.So, for further" information and ro register for thii 
opportunity, contact your financial adviser, return 
the coupon or call the number below, li is proposed 
that the offer runs from 9th to 29th November. 

/^LOC: ALL 0345 222 229 



<. This advcnisemcni has been prepared and issued by Murray Jotumone lad r«i member of fMRQl fur the purposes of section y'of the Fnuncul Services Act 1 ‘Wli 
Past performative a nor necessarily a guide to future performance, and the price of shares and ihe income from ihetn may fall as well as nse. ImeMore may nor 
'■ gm bade the vnouni they originally invested. Vtmnu involve a high riegiee of searing so ilui a rciau'vdiy small movement m the pn« of shares may result in a 
. dtspropoitiMiaarK- large msicmeiu. unfavourable as well as favourable, in the price of warrant*. Vo offer or Invitation lo requite xctinoev of Murray Fmeiiring 
V. Economies Trust PLC is being node trow. Any such offer or Invuaiton will he made m a prospectus 10 be pubfehed tn due course and any such acqumiinn 
should be made solely on the basis of infocnonon contained in such prospectus. Them is no guarantee ihu ihe market prcc nf shares in investment irusv will 
;■ felly reflect ibelr underlying net asset value. Investors should he aware ihai the markets in which this misi will invest con be highly volatile, marketability of 
^ quoted shares may be Lmiied. and changes in rales of etchings may cause ihe taJue uf invtstmeras 10 llucnuie. ”%<s Asset Value wtal rental wih net tlivKfcnds reint exoi 
■■&■■■• t. ■. ; 


MEDIOBANCA 


SOCIETA PER AZIONI 

PAID UP CAPITAL LIT. 47b BILLION - RESERVES LIT. 3.273.7 BILLION 
HEAD OFFICE: VIA F1LODRAMMATIO 10. MILAN. ITALY 
REGISTERED AS A BANK AND BANKING GROUP 

The Company's Extraordinary and Ordinary Annual General Meeting, held in Milan on 28ih October 1994, adopted the following 

BALANCE SHEET AS AT 30TH JUNE 1994 


ASSETS 

cash wn DFPOsrrs rtth central banks axo post 

OFFICES 

CO! ER.VVEVT AND tflUSI-COVERNVEVT SEO/KITIES 
ELIGIBLE KOH REKIX VNCIXG AT CENTRAL BANKS 


AMOUNTS WE ITIOW B.WKS 
Deposits rrpsvahlr on (tenure) 
•Silver aoreuiiu 


Lk. 

■130.8(j 1 .038.23 7 
■368.0ri8J2TC.0T2 


Itt A NS VNn ADVANCES TO CUSTOM ERS 


Ln 

r23.7fli.ns 


:..A7fl.t/MJOinu3 


O'Vi.QuajSOJuA 

IH.824..V.2.ui.l.0H4 


UtUT SECURITIES \Np OTHER FIXED-I.NTEREST SECURITIES 

issued bn. 

Public imei* 3n.na4JSbO.7D4 

B«ri* ■W.OMUJl.BTC 

■arf. ■«<! v^nnli*. IjI. lW2wi.5ll.rill 

financial company-^ 2fl.nOO.iHKl.iWi 

Other nwuer. lEL0S4JUU1.lt> 


Epim INV ESTMKNTS 

INVESTMENTS IN CROUP UNDERTAKINGS . . 

TANGIBLE FINED ASSETS 

othek Assrrrs 

ACCHUED INCOME AND PREPAID EXPENSES: 

Accrued mr«w 

Prepaid ripnwv 


ja4JM4.34'i.02.'! 

32jm.53S.ll2 


lt»7.lft9..'.:V73 1 
2U>ll.7<n.lKt.O'in 
4vtMnPi:Al7 
33 flSH.338. Ul l 
317 437.8«3.Snn 


J7.W>l.M7.<Krl873 


Lf ABILITIES 


DEPOSITS FROM B ANKS: 

Repayable on demand 

Term depoau* and drpoaua mpavablr 
dcr immT 


CUSTOMER DEPOSITS. 

KepjvaWe un demand . 

Term dt-pouu ami depoailv npoviblr un- 
der rorxe 

DEBT SE-IURtTIES IX ISSUE. 

Bend* 

CcrTifeium of deputH 


Ld. 

t83.40T.7T2 

3J82J3R28l.f>U 

3.1 13.00h.60i 
1 .282.333.Sb0 

B-lOri. M0 222.100 
iaKM.4l3.8l3.7Sn 


OTHER LIABILITIES 

ACCRUED EXPENSES AND DEFERRED INCOME; 


AecrUr rl mperan 

Orferred inr-wne , 


34bJsO.lt3.S22 
*4.1 W.SIT.104 


PROAISIOX FOR STAFF TERMINATION INDEMNITIES 

PROVISION FOR T AXATION 

CREDIT RISKS PROAISION 

GFNERAL BANKING RISKS PHOAISION 

SHAKE • .APTT.AL 

SHARE PREMIUMS 

LEG At. RESEKA K 

STATLTORV RtStmES 

RFA Ul aTK» RESERVE.-* . 

RFTTAINFD EARMNCS 

PHUFTT FOR THE NEAR 


.1 J&f.TE 1 .bOTJWb 


4.343J340.2S2 


ia744_U4.iM3.S80 

27hJCi.il2.'i M 


44S.40ab40.T3l 
2njll 6.033. R3B 
22.A.0Sa088J!0T 
m.o&LTSjjar 

SOOA30.OflO.OTO 
4 76.000.000001 r 
1. 330.000 JW0.M0 
4ftPO«.ooo.ono 

i.SISJUnViTiO.bflO 

I4.b4fl.022.00fl 

7nr.flj2.r3s 

215.44K303.SU4 

2T.bblA0T.402.RT3 


A: Fjciracrdhiarv Qusiueu. u wna reMlted: 

1. lo increaw ihe Compotlv \ share capilj] from Lit. 476 biUkm lo Lil. 5T6 billMn bv means of a riphtj issue IwtH uisling shareholdew 10 be debarred from ihcir rights under ihe fifth 
paragraph of Arnrle 2441 of ihe Italian Ctvil Code I of 100 million urw ordinary sham »uli o like number uf Mediobancu ■imnii i<. subteribe (or a further 10 million diarrs. The 
aJuivs till be aened al u price » be draenrnnnd show h beforr ihe offer m aceonfanre nab j pnfmg formal* appruied u :he Mrcriryt. The shares issued to holders of the »amnu 
upon rvcrciwng ihe onmniis adl be priced al a premiuni of Lh. S00 per share over the price os w> deter m ine d: 

2. lo mcreosc I he number of Dheetora lo iwenlv-onc. 

.As Ordmoiy Bunncw il molted: 

1. lo afloetUG Lil. <20 fnlhun lo the SlalulOrv Reserves; 

2. ro pat a dividend of SiKr. ue.. Lil. 200 per share on all ihe Compaav'j 476 mi II ion sham ■.-unenilv in issue repmenibqt iiv share capital <J Lil. 4Tfr Ulkm. 


The dividend oft jL 200 per share will be payable as from ITlh November 1944 upon surrender or Coupon No- 10 at ihe Company’s OfBrrs. Vis Filodrammaiici 10. Milan, and 
al Branches in Italy of Banco Caramcrriair lufiatsa. Banco d! Roma. Crnliia lidusc. and oho at Msslf Tildi in swprd of 4 uih adnioigtered by it. under rtjrrrnf legal 
regulations. 


CHAMBERLAIN DE BROE LTD 
Fee-based Financial Advisors 


You do not have to give away your investments to avoid Inheritance Tax 
You do not have to buy life assurance to avoid Inheritance Tax 
Our new Tnhf ril qnr « > Tax Guide shows how to retain full control of your investments and reduce or even avoid inheritance Tax 

For a FREE copy write fo: 

Chamberlain De Broe Ltd, IS Brock Street, Bath, BA1 2LW 
or telephone 0225 484242 

Member of ihe FmMdel intermediaries Mutagen and Broken Regulatory A oociortm 


FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994 


FINANCE AND THE FAMILY 


The end of unit trusts? 

Share-issuing Oeics could take over , says Scheherazade Daneshkhu 


O eics - pronounced 
the way a pig might 
- are an unfamiliar 
sound to the ears of 
most unit trust investors but 
that is set to change. If all goes 
well, fund management groups 
will be able to market Oeics, or 
open-ended investment compa- 
nies, from next summer. 

These are described widely 
as a “modern'’ type of unit 
trust - the type unshackled by 
ancient trust law which has 
been a barrier to marketing 
unit trusts to the rest of 
Europe. But since Oeics have 
been years in the making, 
many fund management 
groups have hopped offshore to 
establish their marketing gate- 
way to Europe from more con- 
genial regulatory environ- 
ments such as the Channel 
Islands, Luxembourg and Dub- 
lin. 

Having done this, they may 
choose to remain where they 
are. And because Oeics will 
have a different pricing struc- 
ture from existing unit crusts, 
it could be - initiall y, at least 
- that their impact will be 
greater at borne than abroad 
by forcing changes on. the 
structure of existing unit 
trusts. 

Final details on the structure 
of Oeics are yet to be honed 
but they will differ from unit 
trusts in two significant ways. 
They will issue shares instead 


of units and they will have a 
single pricing str u ct ur e instead 
of the present dual system. 

M Single pricing 
At the moment, investors buy 
units at the “offer" price and 
sell at the lower “bid" price. 
The difference between the 
two, known as the bid-offer 
spread, is often in the range of 
7-S per cent although it can be 
much higher. 

Unit trusts have a dual pric- 
ing system because their 
underlying assets - the stocks 
and shares which the fund 
manager buys - also operate 
on two different prices. But the 
spread, on a unit trust is much 
wider than that on stocks and 
shares because it includes the 
initial charge - the manager’s 
sales levy, which is usually 
between 5 and 6 per cent - as 
well as stamp duty and broker- 
age. 

Under single pricing, an 
investor would pay the same 
figure no matter whether he 
wanted to buy or sell units - 
probably, mid-way between the 
bid and offer prices. Stamp 
duty would be payable on top 
and the manager would quote 
the initial charge separately. 
The annual management fee 
would, as at present, be stated 
separately. 

Yet. Jeremy BurchllL compli- 
ance officer at M&G, the larg- 
est unit trust group, is con- 
cerned about the viability of 



the modem and the old living 
side by side. “Since Oeics will 
have single pricing and will be 
sold to private investors. I 
think it is undesirable for the 
two different types of pricing 
to exist." he says. 

Many in the industry expect 
single pricing for Oeics to 
result in single pricing for unit 
trusts as well. Some even 
believe that Oeics represent 
the demise of the unit trust. 
One said: “In a few years, we 
will be wondering what a unit 
trust was." 

Further steps are being 
taken along the path to deregu- 
lation. From Tuesday, newspa- 
pers - including the Financial 
Times - will not be publishing 
the "cancellation'’ price, the 


lowest level at which a com- 
pany will buy back units from 
an investor. This is used 
mostlv bv institutions which 
buy and sell units in far 
greater numbers than private 
individuals. 

More importantly, unit 
trusts will be able to impose 
exit charges on their funds. 
Because of a quirk in the rules 
they have, until now. been able 
to do this only on unit trusts 
sold within a personal equity 
plan. 

This flexibility has been used 
most effectively by MtfcC* in the 
marketing of its Managed 
Income Pep. which attracted 
around £500m within six 
months of its launch in Janu- 
ary. 

With this Pep. M&G elimi- 
nated altogether the initial 
charge but introduced five-year 
withdrawal charges instead. 

Philip Wariand. director-gen- 
eral of the Association of Unit 
TYust and Investment Funds, 
says: "We are likely to see 
more price competition as com- 
panies take advantage of 
greater pricing liberalisation." 

This should be good news for 
private investors, but it also 
means they should be careful 
not to be swayed by the pricing 
structure on a fund but to 
choose a trust - or, indeed, an 
Oelc - based on their needs 
and the management compa- 
ny's performance record. 


NEW INVESTMENT TRUST LAUNCHES 

— Taiwan — — Outskta P6» tnstte pep — 

Issue Mnimun Ueiraum Amun Mnunutn Annual 
Sfle YleM PS> &n«tp Pnc» NAM tnwt Donga liML Change 

Manager iTrigimej Setter Warrants an % Quaff SOwme P P t % t * Otto PwO 

■ Fidelity Special Values 

fi&tiy raeco 41416U 

S.G. Wjrtwrg UK Growth 15 30* n/a Yes Yes tQOp 95.5p £1.000 0.95 Itfa n/a 19/tQW- 9/1 1/94 

New twin lor Fiddir/s Special Situations unit trust, run try Anthony Bolton 

■ Fleming Natural Resources 

Femrag /on 2S2 83831 

Caracve CommaKy & Enogy 15 25+ n/a No Yea lOOp 96p £2.000 0.9 n'a n/a i/t 1,94-23/1 iw 

Trust win mves: m commodity and energy companies worldwide. Shan life of 2'.c-5 years. 

■ Foreign A Colonial 1 mer g i n g Markets 

Foreign & Cttrial I3H 62S 3000) 

Craft Lyonnais Laing Emargmg MMs 15 100 n/a No Vos lOOp 95.5p £2.000 1.5% n/a n/a 2S/10/94-14/11/94 

C -share issue from estah&shed emerging markets trust, ranked second m its sector over three years 

■ litvesco Korea Trust 
tmeses (OaOO 013333) 

Ot Zhete & Sevan Far East ex Japan 1:5 30 n/a Ko Yes IDOp 96p £2.000 1% n/a n/a doses 2/11/94 

C- share issue to raise new capiat far this three-year-old, £40m specialist trust 

■ Murray Emerging Economies 

Murray Johnstone (0345 222 2291 

De Zbete & Sevan Bnarghg Mias 1:5 20an. n/a No Yes lOOp 05.5 £1,000 1.25* * f 4 n/a 9/1 >,94-29/11/91 

Investing in real emerging markets - India. China. Brazil, Hungary etc - not “gateways" Iflte Hong Kong or Vienna 


NEW UNIT TRUST LAUNCHES 

Taipei Fun Savings - Charges outside PS* - mwaum - Charges Iraida PEP - MMmwii — — Soeoa «fcr — - — 

MO PEP Schamas MSN Annual Other tewt Inttal annual Other tewt. Dtsount Period 

Manager /Tetepnmi Sector % dual Aval *4 £**%£% 

■ Global Growth Pop Fund 

Matin Curie (0800 833776) International Growth 1 Yes Yes 525 1.5 No £1.000 5J5 1.5 No £1.000 * 17/10/94-5/11/94 

launched to attract the Pep market this Is more UK and Europe-oriented than the company's International growth fund, ranked U of 115 funds over 5 years 
4 2 pere a- rage ac-ir gacaoj Mr braaaw t fU h n < r»g ton amarPop schomoa 


Savings 
rates up 
at last 

The long-awaited rise in 
variable savings rates, 
following the increase in base 
rates on September 12, has 
only now started to come 
through. That from the 
Halifax, which took effect 
from October 21, was 0.35 of a 
percentage point on most 
accounts. 

Compared with the rest of 
the industry, this seems fair. 
Bearing in mind, however, the 
millions of pounds the Halifax 
most have sawed by its delay, 
it would have been hoped that 
the rise could have matched 
the increase the society made 
to its borrowers' rate (0.46 of a 
point). 

Alliance & Leicester, 
Britannia and Leeds are the 
major movers this week, but 
their increases have not been 
across the board and vary 
from tier to tier. At least these 
societies have moved. Many 
have yet to react, taking the 
view that, if the money fs still 
coming in, there is no need to 
raise rates. Credit most be 
given to Barclays, which 
increased rates to savers by 
the full half percentage point 
on September 12. 

All savers need to keep a 
wary eye on their investment 
products. Even where new 
rates have been announced, 
some tiers have risen by only 
0.05 of a point and savers 
could do better elsewhere. 

Fixed-rate products that 
were quick to go up after the 
base rate increase are also 
beginning to fall, or be 
withdrawn, as rumours of 
another base rate rise subside. 

Halifax has reduced rates on 
its Guaranteed Reserve 
account by half a percentage 
point in recent weeks, and 
market-leading rates from 
Cheshire and Skipton have 
been withdrawn. Guaranteed 
income bonds are also on the 
slide: the best is down again to 
8 per cent net (10.66 per cent 
gross). 

Christine Bayliss, 
Moneyfacts 


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3.50% 

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8.00% 

6.35% 

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international 
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instant 

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mV- 


y 


FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994 


WEEKEND FT VII 


FINANCE AND THE FAMILY 


Stephen Harrington is a junior 
manager m an ele&rcmScs firm 
who earns £27,000 a year. Wife 
Diana left her job four years 
ago to bring up their children, 
now aged two and six. Stephen 
has no death-in-service benefits 
and the only life cover they 
have is a joint life endowment 
policy covering their £40.000 
mortgage. So what would 
Diana need if Stephen was to 
die now? 


W hile this 
might sound 
a morbid 
question, 
financial 
advisers deal with, such issues 
every day. And such questions 
are considered protective, not 
morbid. 

This week, I was invited - 
along with five other Journal- 
ists and a press officer - to 
consider the life Industry’s per- 
spective during a two^day 
course for trainee sales agents 
at Legal & General Sealed off 
from the world in a converted 
country residence at King- 
swood. a village in Surrey, we 
reviewed a range of subjects 
including regulation, taxation, 
mortgages, life assurance and 
pensions. 

When I decided bo attend the 
course, I was sceptical; for the 
industry has not earned a par- 
ticularly trustworthy reputa- 
tion in recent times. During 
the past year alone, several life 
offices - including L&G - have 
been fined by Lautro, the 
industry regulator, for a failure 
to control their sales forces. 


Learning the tricks of the trade 

Ever wondered where financial advisers get their know-how? Motoko Rich goes on a training course 


Then, too, there was this 
week’s announcement of action 
by the Securities and Invest- 
ments Board over mis-selling 
of personal pensions. So, tt has 
been easy to wonder If training 
methods have, at least in part, 
been to blame for the indus- 
try's problems. 

Finally, as a potential con- 
sumer, i wanted to see what 
sales staff were taught to do 
before trying to part people 
from their money. Was it just a 
big con? 

It turned out that this was 
not true. Equally, though, if 
consumers do not have the 
chance to attend such courses 
- and most do not - they could 
well be conned. For the baste 
assumption of the entire L&G 
course - and the industry - is 
that ail the services an insur- 
ance company offers do fulfil 
genuine needs. This, most cer- 
tainly, is not always the case. 

This basic principle was 
introduced at the outset of the 
course. Mike, one of two ear- 
nest trainers, launched it with 
a session on “the need for 
financial services". He asked 
us to fill in the first of many 
work sheets; this one Listed 
financial commitments for 
eight stages of life, signposted 
by conventional institutions 
such as home ownership, mar- 
riage. children and retirement. 


Managers 
under the 
microscope 

John Cuthbert devises a new 
way to measure performance 


IffifA* by Investment category of ten top-selling 
unit trust firms 1993 


Group 

name 

Equity 
core 
MVA 96 

Equity 
MVA spec'lfst 
fraction MVA % 

MVA Bond 
fraction MVA % 

MVA 

fraction 

M&G 

25 

(4/16) 

57.1 

(4/7) 

0 

.(0/1) 

Barclays Unicom 

8.33 

1)712) 

125 

(1/8) 

100 

(i/i) 

Baring 

333 

m 

66.7 

(2/3) 

0 

(0/1) 

F&C Hypo 

0 

(0 *) 

100 

(1/1) 

n/a 

n/a 

Fidelity 

40 

(4/10) 

50 

(3/6) 

0 

mi 

Gartmore 

57.1 

(4/7) 

50 

(376) 

0 

(0/1) 

Legal & General 

12.5 

(1/8) 

100 

(2/2) 

0 

(<V3) 

Mercury 

30 

(3/10) 

0 

(0/3) 

0 

(0/1) 

Perpetual 

75 

(S/8) 

100 

(2/2) 

n/a 

n/a 

Schroder 

100 

(5/5) 

50 

11 /2) 

O 

m. 

ir»gnanent Orav MTua-adflad 


Smtx Una flu* anw MM* by JP Cuhbert 


I nvestors and financial 
advisers are often 
prompted to put their 
money in a particular 
unit trust by their perception 
of the management group’s 
overall performance. But there 
is little evidence that unit trust 
groups grow or dwindle as a 
result of performance results 
alone - perhaps because inves- 
tors and advisers have no 
authoritative source of infor- 
mation about group perfor- 
mance. 

I have devised a simplistic 
but easy-to-understand way of 
looking at management group 
performance. The method is 
called Management Group 
Vahie Added, or MVA. 

First, 1 adjust the perfor- 
mance of each of a group's 
hinds for the riskiness of its 
investment strategy. The MVA 
U then the proportion of a 
group’s ftinds whose risk-ad- 
justed performance exceeds 
that of an appropriate bench- 
mark. It measures a group’s 
ability to add value consis- 
tently. A group with five 
hinds, three of which exceeded 
the performance benchmark 
would, therefore, achieve an 
MVA of 60 per cent 
MVA measures uses perfor- 
mance adjusted for risk 
because most people agree that 
it is almost impossible for a 
manager to beat a benchmark 
consistently. So, comparisons 
with benchmarks, such as the 
FT-SE-A All-Share index, are 
powerful tests of performance. 

MVA does have its draw- 
backs, though. Benchmark 
comparisons often can be 
flawed If they are distorted by 
"special" events: the effect of 
the Japan market's long crash 
on the Tokyo Stock Exchange 
indices is a case in point. 

And, where large numbers of 
funds are involved, the MVA 
percentage score might have as 
much to do with a group’s 
spread across a range of differ- 
ent investment strategies, and 
the Ukellhood of their outper- 
formance at different stages of 
the economic cycle, as it does 
with managerial ability. 

I have studied the MVA per- 
formances of SS unit trust man- 
agement groups; here are some 
of the results. The smaller 
table shows the overall MVA 
scores (without taking speci- 
alisation into account) of the 
10 top-selling fund firms of last 
year. 

Column two shows the per- 
centage results. Column three 
shows the number of value-ad- 
ding funds as a fraction of the 
total number of funds surveyed 


NIVA* of ten top-selling 
unit trust firms 1993 


Group 

name 


OvaraH MVA as 
MVA % fraction 


Perpetual 

Schroder 

Gartmore 

Baring 

Rdeflty 

M&G 

Legal & General 
Mercury 
F&C Hypo 
Barclays Unicom 


B0 

(8/1Q) 

75 

(6/8) 

50 

(7/14) 

39 

(5/13) 

36.8 

(7/10) 

33.3 

(8/24) 

23.1 

(3/13) 

21.4 

(3/14) 

10.7 

(1/8) 

14.3 

(3/21) 


MVA; mww&ra* group wfcw-wMm 
Source: UK Trust Gnuy UUA by Jfi Cuthbert 


within that group. MVA com- 
parisons should always take 
these two columns together. 

This Is particularly impor- 
tant in assessing Fidelity and 
M&G; their large fund ranges 
make comparisons with nar- 
rower benchmarks a fairer 
test. Barclays Unicorn, Legal 
and General and Mercury also 
have wide ranges, but remain 
poor performers on either com- 
parison. 

The larger table allows for 
specialisation by breaking 
down the overall results for 
these groups into narrower 
investment categories. 

M y complete study 
(only part of 
which is dis- 
cussed here) 
reveals that there are 14 
groups with zero MVA and a 
further 27 that have added 
value on only one or two 
funds. 

The study also reveals that 
the highest MVA scores are 
produced by small to medium 
sized firms such as Baillie Gif- 
ford, Capel-Cure, Dunedin, Per- 
petual. Schroder, St James and 
Stewart Ivory. All of these 
have cultivated independent, 
distinctive management and 
analytical cultures plus an 
ability to keep good managers. 

The most important finding 
of all. however, is the revela- 
tion that there is absolutely no 
relationship between the value 
of a group's funds under man- 
agement and its MVA perfor- 
mance. In other words, size 
and reputation alone are no 
guide to a firm's investment 

abilities. . _ 

Among the top 10 fund firms 
by size, for instance, there are 
only two firms that have MVA 
scores greater than the aver- 
age. indeed, Standard Life, 
until recently the largest man- 
ager of unit trusts*, has an 
MVA score of zero. 

■ John Cuthbert is a freelance 
investment analyst. 


Then, we were asked to fill 
in a column marked: “What 
Could Go Wrong". From the 
answers we provided, be urged 
us to extrapolate the need for 
countless financial products. 

Throughout the course, the 
trainers produced an overhead 
projection slide of these life 
stages with irritating regular- 
ity. Woven in between factual 
information about taxation, 
social security benefits and 
Industry regulation were refer- 
ences to this “life line" and the 
all-important need to provide 
for each stage with products 
from the financial services 
Industry. 

I n many cases, though, 
the products they claimed 
were crucial would sim- 
ply be over-kill and. 
moreover, a waste of money. It 
is hard to believe, for example, 
that a young person who is 
earning but still living at home 
needs to consider a life assur- 
ance policy or critical illness 
cover. Yet, from personal expe- 
rience, I know that finanHa) 
advisers try to target such, 
groups. 

The trainers were careful to 
emphasise the requirement for 
advisers to inform clients of 
product risks and poor surren- 
der yields. They also stressed 
constantly the importance of a 



“fact find" to determine a cli- 
ent's legitimate needs. But 
there was never any mention 
of the fact that some of the 
industry's products - such as 
endowment policies - are now 
considered inappropriate for 
most people. 

By using the life line as a 


framework for determining cli- 
ent needs, the course did not 
take into account many 
changes in society such as 
increased periods of unemploy- 
ment or multiple careers. 
These do not fit very soundly 
with most of the products 
offered by insurance compa- 


nies: namely, policies that 
require regular premium pay- 
ments over a long period. In 
many ways, the training 
course simply seemed out of 
step with the times. 

Nevertheless, the course was 
reassuring in that the company 
expected us to be familiar with 


a broad range of topics. Prepa- 
ration for the classroom por- 
tion came in the form of a 400- 
page manual, which we were 
told to study for at least 40 
hours. In my case, it was more 
like 10. 

A t the end of the 
course, we took an 
examination mod- 
elled on the first 
paper of the Chartered Insur- 
ance institute’s* financial plan- 
ning certificate (FPCll. At 
L&G, the FPCi is the first hur- 
dle all trainees must overcome 
before proceeding to instruc- 
tion in specific products, sales 
skills and, ultimately, selling 
itselL 

"It is a relatively low-level 
qualification," said Clive 
Sanderson, divisional director 
of examinations at the OIL 
“But. nevertheless, it is very 
thorough in that it does intro- 
duce the regulatory situation 
and generic products." 

I passed L&G's mock exam 
by the narrowest margin. But 
it is slightly worrying that I 
achieved this benchmark quali- 
fication without a great deal of 
conscientious effort - espe- 
cially since Dick Evemy, L&G's 
tr aining manager, said that “a 
majority” of recruits who walk 
through the doors of the train- 
ing centre pass it. It is even 


more worrying that indepen- 
dent financial advisers - those 
who are not tied to a particular 
company - can sell on the 
basis Of FPCI knowledge alone. 

I would not want to give 
financial planning advice to 
anyone merely on the basis of 
what I learned from the course. 
This is not an adequate foun- 
dation for giving professional 
advice (although there is slight 
relief In knowing that Lautro 
requires all company represen- 
tatives to have more training 
before being allowed to 
approach customers). 

What I do believe, however, 
is that it is the only adequate 
basis for reaming professional 
financial advice. Without it, or 
some equivalent, I could easily 
feel that I was being blinded by 
jargon or concepts I did not 
understand. 

The Oil produces course 
material for its FPC exams, 
and although they are mar- 
keted widely to industry sales 
agents, any member of the 
public is welcome to buy a 
study pack far £40. It could be 
the best financial investment 
you make. 

Regulators who are con- 
cerned about investor protec- 
tion should not only be con- 
cerned with proper training of 
the industry's sales force. They 
should also put more effort 
into informing the consumer. 

Perhaps the new Personal 
Investment Authority could 
sponsor a course for customers 
called "Let the Buyer Beware". 
"The CII. 31 Hillcrcst Road, 
South Woodford, London ElA 
Tel: 071-606 3835. 


What other 






m 








WjjP 






all this? 


The initial charge on the Schroder PEP has been reduced to 3% - now it will cost you 
less lo invest in your PEP. There are no additional charges for unit trust PEPs apart 
from the normal unit trust annual charges. And there are no exit charges. 



FUND 

PERFORMANCE 

POSITION IN SECTOR 

Schroder UK. Enterprise Fund* 

+188% 

1st out of 107 

Schroder UK Equity Fund* 

+3098% 

1st out of 15 

Schroder Income Fund* 

+4156% 

1st out of 9 

Schroder Smaller Companies Fund* 

+968% 

2nd oat of 13 



^ There is no initial charge if you transfer any existing PEPs to Schraders. 


Our aim is to continue to provide you with consistently high returns. As one of the UK’s largest 
investment management companies with ovcr£50bn under management globally, we have the resources 
necessary to make well researched stock decisions across our wide range of PEP funds. 

To request a brochure giving full information on the Schroder PEP, just cull us free or return the coupon 
below. Alternatively, contact your usual Financial Adviser. 


Can 0800 002 000 


| To : S 
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To: Schroder Investment Management Limited, 00764 FREEPOST, London EC4B 4AX. 

Please send me ray copy of the Schroder PEP information pack □ and information on free transfers. □ 

Name: 

Address: 

Postcode . 


1 






Past performance is not necessarily a guide lo the future Th« value or investments and the income from them may fluctuate anu cannot be guaranteed and investors 
I may not get back: the amount originally invested. Tax concessions are subject to statutory change. Tire value of any tax relief depends on personal circumstances. I 

I Schroder Investment Management Limited is a member of rMRO. Head Office and Registered Office: 33 Gutter Line, London EC-V 8AS. I 

* Source: Micropat offer to hid with gross income reinvested since hunch tv24.i0.94. UK Enterprise Fund from 0I.O8.88 and from 02.iu.89 *90.2':;,. 2/1/7; 
Smaller Companies Fund from 01.06. 79 umlfrom 02. 10.89 + i 1.6%, 32/53; Income u/id UK Equity Funds from 03.01. 72 t the earliest date for which 
Micropul figures are available) and from 02. i 0.89 +63.90. 7193 and +65.6%. 1180 respectively. 

Schroders 

Schroder Investment Management 


/ / 



4f 




VIII WEEKEND FT 


Financial Times 


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INVESTORS 

CHRONICLE 


THE CITY INSIDE OUT 


FINANCIAL TIMES WEEKEND OCTOBER >>/OC fORKR 3 » *‘'° 4 

FINANCE AND THE FAMILY 


Hot line to Opas 

Calls to pension advisory service rise 20% in year 


O ccupational pension 
schemes got a bad 
name after the Max- 
well affair but, 
given the excesses employed 
by personal pension scheme 
salesmen, the tables have 
turned. 

The number of inquiries ban- 
died by the Occupational Pen- 
sions Advisory Service, the 
free state-assisted scheme to 
help people resolve their pen- 
sion problems, rose last year to 
30.700 - a 20 per cent rise over 
1992. 

Chief executive Don Hall 
stressed, however, that more 
than 28,000 of these were minor 
enquiries dealt with by a sim- 
ple explanation. Difficult cases 
needing detailed examination 
actually fell by 4 per cent to 
2397 - a tiny fraction of the 
20m or so occupational pension 
scheme members. 


The most common problem 
areas were unclear member- 
ship conditions, early-leaver 
benefits, early retirement and 
scheme wind-ups. In many 
cases, the problem was caused 
by complicated language which 
confused members. 

Transfers remained the larg- 
est single source of complaint. 
In one case, an employee who 
was made redundant asked for 
details of his pension’s transfer 
value. After a delay, his com- 
pany said it would be worth 
£4SjX10. 

There was another delay 
when the employee asked for it 
to be transferred. He then 
argued he had incurred invest- 
ment loss. After Opas inter- 
vened, the company agreed it 
had been at fault and increased 
the transfer value to £52,000. 

Another major problem area 
is insured schemes - those 


administered by an Insurance 
company - which tend to be 
the preserve of small compa- 
nies. 

Brian MacMahon, the Opas 
president, said proposals that 
smaller company schemes 
should be regulated less rigor- 
ously than larger ones “does 
not. in (our) experience, make 
sense when so many of them 
are apparently badly run". 

Opas can also take enquiries 
about personal pensions as 
long as these are not connected 
with their marketing or sale. , 
And it produces free leaflets j 
designed to answer common 
problems. 

Scheherazade 

Daneshkhu 

■ Opas. u Belgrave Road, Lon- 
don SlttV JJ?B. Tel 071-233 
sosa 


Annuities 


People about to retire often 
face having to decide whether 
to take an escalating annuity, 
which has a lower initial 
income, or accept the higher 
initial pension offered by a 
level annuity, writes Peter 
Quinton of the Annuity Bureau. 

To avoid unfair advantage to 
either, life companies struc- 
ture level and escalating annu- 
ities to pay out the same 
amount in total gross income 
should both run far their 
expected durations. 

Based on a life expectancy of 
another 13 years, a man of 65 
who opts for a 5 per cent esca- 
lation rate will receive about 
3d per cent less income in the 
first year than if he had 
bought a level annuity. This 
can be seen by comparing the 
annuity tables this week and 
last in the Weekend FT. When 
he reaches 73, he win be get- 
ting more from the escalating 
annuity than the level annu- 
ity. By the time he is 79, he 
will have received the same 
gross income under both. 

Naturally, those who buy an 
escalating annuity and then 
live beyond their normal life 
expectancy will be much bet- 
ter off than their level coun- 
terparts. For every year lived 
after this time, the gap 


■ Top annuity rates 


An annuity provides a guaranteed income tor Me m return tor a lump sum investment. 
The huh of the fund butt up by many types o( pension plan must be used m this way 
This week's table stows compulsory purchase ertnutty rotas. 7hese am used for small 
company schemes m well as additional voluntary contribution lAVCl and free-9Uinc9ng 
A VC [FSAVQ plana, among others. This week's rates Include mttatton-prooflng- 

Escalating at 5% pa 

Escalating at 5% pa 

Mato age 55 

Annuity (-0.4%)* 

Female age 50 

Annuity 

RNPFN 

£6,591 .96 

Prudential 

£5.302.56 

Generali 

£6.529.10 

RNPFN 

£5,263.44 

Equitable Lite 

£6/489.00 

Generali 

£5,166.83 

Escalating at 5% pa 

Escalating at 6% pa 

Mato age 60 

Annuity (+06%)* 

Female age 60 

Annuity (-1.111)’ 

RNPFN 

£7.663.44 

RNPFN 

£6.643.20 

Generali 

£7,456.36 

Prudential 

£6.389.40 

Equitable Life 

£7.425.00 

Generali 

£6,325.38 

Escalating at 3% pa 

Escalating at 3% pa 

Mato age 70 

Annuity R&9%)' 

Fetnato age 70 

Annuity 1+1.611)’ 

RNPFN 

£12.691.92 

RNPFN 

Cl 0,707.64 

Canada Life 

£11.665.36 

Canada Lite 

£9.992.64 

Equitable Ufa 

C1t.8l7.96 

Equitable Life 

£9.936.96 

JOINT LIFE - 100% SPOUSE'S BENEFIT 


Escalating at 5% pa 

Escalating at 5% pa 

Mato age 60 


Male ago 85 


Female age 57 

Annuity (-3.0%)* 

Female age 63 

Annuity (-2-0° o)' 

Prudential 

£5,571.36 

RNPFN 

£6,435.46 

RNPFN 

£5,562.96 

Prudential 

Cd.26Q.04 

Generali 

"Month's movement 

£5,461.81 

Generali 

£6.177.92 

Payments are monthly in arrears, without a guarantee period. Rates are at October 25 
199-1 Figures assume an annuty purchase price Of £100,000 and ore shown gross. 
RNPFN annuities ore avertable only to nurses and allied workers. 


Source: Annuity Bureau' ort -SCO J0M 


between the total income 
offered by the two annuity 
types will continue to 
increase. A joint life escalating 


annuity will - even after the 
buyer’s death - effectively 
secure a spouse's income until 
he or she also dies. 


Names 
get a 
boost 


Lloyd's Names do not need 

reminding about the perils of 
trading on the basis of 
unlimited liability. This week. 
Citibank unveiled an 
innovative - but inevitably 
complex - scheme that could 
offer existing members of the 
insurance market a way of 
switching to limited liability 
for future trading. 

The scheme, drawn up in 
conjunction with agents 
representing Names' interests, 
could prove attractive. And 
while it would be impossible 
to buy complete protection for 
liabilities arising on policies 
underwritten in the past. 
Citibank's plan would, in 
effect, “re-insure” those 
liabilities into an individual 
company for each Name - a 
NameCo. 

At the same time, it would 
use a separate re-insurance 
deal to provide extra funds at 
Lloyd's. This means that 
although companies arc 
allowed generally to 
underwrite policies worth 
twice the value of the funds 
they hold at Lloyd's, the 
gearing of some NameCos 
could be boosted to 3:1. 

Tax and other details have 
still to be thrashed out but the 
scheme has n good chance of 
being approved by Lloyd's 
authorities, which appear to 
regard the switch away from 
unlimited liability as 
inevitable and almost 
certainly a good thing. Patrick 
Han ratty, a vice-president of 
Citibank, says setting-up and 
running costs should not be 
“onerous". 

Whether the scheme can 
offer real protection against 
losses incurred on past 
policies will depend on the 
extent lo which Lloyd's 
succeeds in subsuming 
pre-1986 liabilities into 
NewCo. the company it has set 
up for that purpose. 

Meanwhile, the timing of 
Citibank's announcement 
means few Names are likely to 
be able to convert for the 1995 
underwriting year. The road to 
conversion is not going to be a 
high-speed freeway. 

Ralph Atkins 


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6.71 

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FINANCIAL TIMES WEEKEND OCTOBER 29fOCTOBER 30 1994 


WEEKEND FT IX 


FINANCE AND THE FAMILY 


Standard’s rise 


C ustomers who cash in 
long-term life 
insurance and pension 
policies after just a few years 
are to he given higher 
surrender values by Standard 
Life, the OS's largest mutual 
life insurer, from next year. 

The company believes that 
Knowing they will get a better 
deal if they have to surrender 
will compensate customers for 
possibly having to accept a 
small reduction in what they 
get when a policy reaches its 
full term. 

Standard can offer these 
improved surrender values 
because it plans to change bow 
it pays commission to tire 
agent or adviser selling the 
policy. 

The company will finance 
the initial cost of paying 
commission - so the adviser 
still gets his money - and take 
the total out of premiums over 
the life of the policy instead of 
taking it all from the early 
premiums. It is also cutting its 
margins so, in some cases, the 
maturity value will not fall at 
ail. 

Surrender values across the 
life industry have come under 
heavy attack because many 
people have been giving up 
policies early. Standard's 
changes will coincide with the 
imminent new regulatory 
regime requiring life 
companies and advisers to set 
out the surrender values in the 


first five years of a policy, and 
to tell customers the 
commission paid to the sales 
agent. 

For a 25-year personal 
pension policy, where the 
investor pays £100 a month 
and a 9 per cent annual rate of 
return is assumed, Standard's 
surrender value after four 
years - when an investor 
would have paid £4,800 in 
premiums - will rise to £4.918 
from £4,290. The maturity 
value falls by £622 to £79,879. 

In the case of an 
endowment, the improvements 
are even more marked. 

At present, if a man of 29 
took out a Standard Life 
mortised house purchase 
endowment for a £50,000 loan 
over 25 years, and cashed it in 
after four years, he would - 
assuming a 7.5 per cent annual 
rate of return - get back just 
£3,062. This is less than the 
E3£5&28 be would have paid 
in premiums. 

Under the new system, 
though, he would get £3^67. 
And if he maintained the 
policy for its foil term, he 
would get £53,882 - slightly 
more than at present 

Standard says only about 4 
to 5 per cent of customers give 
up life policies in the first lew 
years - and it hopes better 
surrender values will not 
cause this to rise. 

Alison Smith 


Wedding doubt 


My daughter has a certain 
amount of personal equity and 
is about to marry a person 
with few resources. How can 
she can arrange her finances 
so that if her marriage fails, 
she does not lose capital in 
any settlement? 

■ Your daughter and her 
fiancA could enter a pre-nuptial 
contract providing that, if the 
marriage ends in divorce or 
separation, her capital would 
not be able to be shared. Such 
contracts are not strictly 
legally enforceable, but any 
court would take its contents 
into account. 

There is, also, the possibility 
of effecting a settlement by 
which your daughter would 
transfer property from her 
ownership to those of trustees, 
although this might well be 
impractical because of the 
expenses Involved and the 
small amount of property. 

At the end of the day, 
though, marriage has to be a 
matter of trust and, if there is 
the slightest doubt, the general 
advice would have to be - 
"don't!" (Reply by Murray 
Johnstone Personal Asset Man- 
agement k 

Shares cairt 
go into a Pep 

I am a 25 per cent taxpayer, 
and I hold a modest portfolio 
of blue-chip shares. Can 1 
transfer £12,000 of these into a 
personal equity plan? 

■ Apart from new issues, it is 
not possible to transfer stock 
into a Pep. You would, there- 



BRIEFCASE 


Na fegaf wpo at ly can be oxwtad by On 
Hxnott Times br Un au w s 0Mrt *» 
cttnm At HflMnObenamndbypaera* 
seen x pcsabb. 


tore, have to sell £12,000 worth 
of shares and re-invest the pro- 
ceeds for yourself and your 
wife. (Murray Johnstone l 

Cutting the 
corners ' 

I know shade-giving high 
bushes and trees - like bound- 
ary hedges - are a common 
problem between neighbours. 
Would it be feasible to pay a 
neighbour to restrict the 
height or density of a hedge to 
some agreed level, and to get 
that agreement to be binding 
on subsequent owners? 

■ It would certainly be possi- 
ble to execute a restrictive cov- 
enant preventing boundary 
hedges or trees being allowed 
to grow beyond a certain 
height. In order to be binding, 
the covenant should be regis- 
tered at the Land Registry as a 
burden on the property on 
which the trees go and, if pos- 
sible, as a benefit on the neigh- 
bouring property. We suggest 
you contact a local solicitor. 
(Murray Johnstone). 


Over 



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T he Securities and 
Investments Board 
(SIB), the finance 
industry’s chief regu- 
lator, explained this week how 
employees with personal pen- 
sions would be compensated if 
their plan was sold on the 
basis of bad advice (see page 
IU). But while it stressed there 
was nothing wrong intrinsi- 
cally with personal pensions as 
a product, you should remem- 
ber that thw plans were intro- 
duced for the self-employed 
and for staff without access to 
a company scheme. They were 
never intended to replace com- 
pany pension arrangements. 

The following guide could 
help you choose the right pen- 
sion for your circumstances. 

Q: Should I leave my company 
scheme for a personal pen- 
sion? No. If you are in, or have 
access to, a company scheme 
that, l in its the value of the pen- 
sion to your final salary, offers 
death-in-service benefits and 
disability pensions, then you 
should stay put. If the pension 
is not salary-linked, check 
exactly what you get for your 
contributions. 

Q: What about senior execu- 
tives? In certain cases, a senior 
executive who has built up a 
substantial fund could gain 
more flexibility over the pen- 
sion income, and the invest- 
ment of the fund in retirement. 
If he switches to a personal 
plan. But this is a complex 
area and professional, indepen- 
dent advice must be sought 
<fc I have (hanged jobs. Should 
E transfer my former company 
scheme benefits to a personal 


Picking the right pension 

Personal plans should be a last resort , says Debbie Harrison 


pension? Probably not In most 
cases, your pension will be 
worth more If you leave It with 
your former employer. This is 
called a ‘‘deferred” pension 
because payment is deferred or 
postponed until you retire. 
Remember that any transfer 
costs money, except where 
employees change Jobs within 
the public sector. 

If, for some reason, it is nec- 
essary to take your pension out 
of the old scheme, then con- 
sider transferring it to your 
new employer’s scheme if you 
can. A personal plan should be 
regarded as a last resort 

By law, advisers and sales- 
men must compare all these 
options before making a recom- 
mendation. 

Q: I have been made redun- 
dant Do I need to transfer my 
pension? Na. Do nothing in the 
short term unless you are 
forced to act - for example, 
where the employer is insol- 
vent. Even then, it could take 
time for the trustees or liquida- 
tors to establish the value of 
your pension. Where the 
employer still exists, the new- 
ly- redundant should leave their 
pensions in the old scheme at 
least until all the options are 
known. Your next employer 
might offer an excellent pen- 
sion and it could be best to 
transfer to this scheme. 



Q: There is no company 
scheme so I want a personal 
pension. For future contribu- 
tions, this might be the only 
option. But do seek indepen- 
dent advice, preferably on a fee 
basis, and do not transfer bene- 
fits from old schemes just for 
the sake of neatness. 


Your adviser should explain 
the personal pension provider's 
charges and the amount of 
commission, if any, that he 
gets. He should also consider 
the financial strength of the 
provider and the performance 
and flexibility of the plan. 

You should, for example, be 


able to reduce and stop contri- 
butions and/or retire early 
without penalty. 

Q. There is a company 
scheme but I may change jobs 
after a few years. Some careers 
lead to frequent job changes 
and periods of self-employ- 
ment so it is important to ask 


the pension manager or trade 
union what will happen to 
your company pension if you 
leave. 

Provided you expect to stay 
for more than two years, the 
company scheme Is likely to be 
best, particularly if it offers 
good family protection benefits 
if you die. If you do want a 
personal plan to take with you 
from job to job, choose with 
care and make sure the plan is 
genuinely portable (see above). 

Q. What if I want to retire 
early or my employer has a 
habit of enforcing early retire- 
ment? You should still join the 
company scheme. If you face 
early retirement, you should 
top up your pension by paying 
additional voluntary contribu- 
tions (AVCs), provided by the 
company scheme, or take out a 
free-standing A VC (FSAVC) 
plan sold by life offices and a 
few unit trust groups. Com- 
pany AVCs offer better value 
because the employer bears all 
or most or the charges, but 
FSAVCs can offer a wider 
investment choice. If you are 
interested in FSAVCs, seek 
independent advice. 

■ Where to get advice. If you 
are not sure what benefits are 
provided in your company 
scheme, contact the pensions 
manager or your trade union. 

SIB publishes two fact sheets 
on opting out and transferring 
benefits out of an employer's 
scheme. Send a large SAE 
marked "Fact sheet" to the 
Securities and investments 
Board. Gavrelle House, 2-14 
B un hill Row, London EClY 
8RA. 



Keep your head above inflation. 

Earn 3% pa compound, in 
addition to inflation, guaranteed 
over 5 years. 

In 8th Index-linked Issue Savings 
Certificates. 

What could possibly be better? 

Well, for a start your earnings are tax-free. 
And your money is' totally secure. 

'What else do you nted to know? ' 

You can invest any amount from £100 to 
£10,000. That's on top of any other Issues of 
Savings Certificates you might hold. 

And you don’t even need to get off 
your chair to get them. 

Just fill in the form below. Your 
cheque should be crossed “A/C Payee", 
and made payable to ‘NATIONAL SAVINGS 
(SAVINGS CERTIFICATES)' - using CAPITAL 
letters for this part of the cheque. 

Please write your name and address on 
the back of your cheque. 

Post your completed application form and 
cheque to National Savings, Freepost 
DU51 (Department X) Durham DH99 1BT. 

If, before applying, you would like further 
information and a prospectus, pick up an 
8th Index'linked Issue sales booklet at 
your post office where you can also buy 
your Certificates. 

Or call us free, 24 hours a day, 7 days a 
week on 0500 500 000. 


This Advertisement is a simplified guide to the terms and 
conditions for the sale of 8th Index-linked Issue Savings 
Certificates. The prospectus contains the full terms. If you buy 
hy post, when we receive your completed application form and 
cheque, we will send you a copy of the prospectus. Once we have 
accepted your application we will send you your Certificate, normally 
within a month, The purchase date will be the date we receive your 
application- If, however, on re ceip t of the prospectus you wish to caned 
your purchase, tell u» in writing within 28 days and we will 
refund your money. Your application can only be accepted if the Issue 
you ask fat is on sale when we receive it. 

Eaeh year the value of your Certificate is guaranteed to move inline 
with the rate of miladon as measured hy the Retail Prices Index plus 
Extra Interest as set out in the prospectus- Lower rates of return art 
earned on Certificates repaid m less than five years; no index-linking 
or Extra Interest is earned on a Certificate if repaid in the 
first year. The Director of Savings reserves the right Bo cede evidence 
of identity when you want to purchase or ask for repayment 
of Sth Index-linked Issue Savings Certificates. Any Issue of 
Savings Certificates ean be withdrawn from sale without notice . 



National Savings Index^linked 
Certificates* For those who take 

the long view* 


I Please send this form to : National Savings 

1 FREEPOST DUS 1 (DEPARTMENT X) 
DURHAM, DH99 1BT 


FT 510 


For NuaoBil Sivnp tat only 


If you pr efe r, use a first class stamp for rapid delivery. 


(Amount of cheque l 


1 I apply to buy 8th lndex^inked Issue Certificates to the value of )£ 


2 Do you already hold National Savings Certificates? iFkuetidtl Yes | } No | | 

If you do, please quote your Holder’s Number 

3 M (Mr Mrs Miss Ms) Surname. 


All forenames. 


Permanent address . 


Postcode, 


Date of birth 


Day 


Mowb Vur 




4 I understand the purchase will be subject 
to the terms of the Prospectus 


Signature. 


Date. 




NATIONAL 

SAVINGS I 


L 


Daytime telephone number 

{■acfol if the* a i quay) 

This form cannot be used to purchase Certificates at a post office or hank. 


SECURITY HAS 
NEVER BEEN SO | 
INTERESTING. | 


/ 




X WEEKEND FT 


FINANCIAL TIMES W 


fHKKBND OCTOBER 2#OCYOW ! * M> IW 



PERSPECTIVES 


o 


ace, stretch limou- 
sines, the unfeasibly 
long Cadillacs 
which are the trans- 
portation of choice for film 
stars, supermodels and movie 
gangsters, were rarely seen 
outside Manhattan and Los 
Angeles. Now they are an 
increasingly common sight in 
London, in part because of the 
success of Limco, a limousine- 
hire business based in Ches- 
hunt, Hertfordshire. 

The idea that Britons might 
take to being chauffeured in 
30ft. three- ton monsters with 
shag-pile carpeting, white 
leather upholstery, smoked 
glass windows, bar. refrigera- 
tor, TV, telephone and video 
came to Les Barnes, managing 
director of Limco, four years 
ago during a visit to New York. 

Barnes, 45. and Chris Thom, 
48, had been partners since 
1978 in a much less glamorous 
enterprise, Cheshunt Contrac- 
tors Plant, engaged in ground- 
works on building sites - exca- 
vation, drain laying and the 
like. But by the end of the 
1980s. with the construction 
industry in recession, business 
was deteriorating. 

“We were suffering very 
badly, with no prospect of 
improvement," says Barnes. 
"We had to look for something 
completely different I had seen 
the chauffeur ed limos in New 
York and thought 'if it can 
work there, it can work here'." 

Having decided to get out of 
building, Barnes and Thorn 
could not sell their 17 heavy 
earth-moving machines, worth 
£150,000 on paper, and had to 
scrap the lot for just £2,000. 
The building boom of the 1980s 
had been kind to them while it 
lasted, however. They both 
owned large homes which they 
were able to remortgage, rais- 
ing £80,000 from Barclays Bank 
towards the cost of two 
stretched Cadillacs which were 
shipped from the US in 1991. 

Barnes believed that the lim- 
ousines, with their huge seat- 
ing capacity (the smallest seats 
eight) would appeal to "cus- 
tomers who wanted something 
special, unlike any other limo”. 
These days celebrities attend- 
ing London film premieres 
often hire a stretch from Limco 
rather than a conventional lim- 
ousine such as a Daimler - 
what Barnes calls "Co-op 
funeral cars”. 

Famous names driven by 
Limco have included Liz Tay- 
lor, Sylvester Stallone, David 
Bowie and Muhammad Ali. 
The footballer Paul Gascoigne, 
a Hertfordshire resident, uses 



Computing 

Fast way to 

explore 
your files 

David Carter reviews Magellan 

O 


Salas drive: Les Barnes, joint owner of Limco, with two of the company's imported stretched limousines 


Minding Your Own Business 

The pull of star vehicles 

Tim Minogue meets an entrepreneur who saw a niche for big cars 


Limco much as others would a 
local minicab service. 

What surprised Barnes was 
the enthusiasm with which 
non-celebrity customers 
embraced the concept of big 
nights out in magnificently 
vulgar style. Twenty per cent 
of Limco 's business is corpo- 
rate, but the rest is private 
hire, mostly “ordinary people 
out for a good time": birthdays, 
anniversaries, hen and stag 
nights, at £30 an hour (mini- 


mum four hours) plus VAT. 

Barries says: “We’re selling 
the Image of the glamorous, 
showbizzy lifestyle, if only for 
an evening." 

Limco's fleet consists of four 
Cadillacs and four Lincolns. 
Barnes says demand justifies 
adding another five cars next 
year, including a 33ft “super- 
stretch”. Expansion, however, 
has been curbed by the reluc- 
tance of finance houses to sup- 
ply credit for the purchase of 


such exotic beasts. 

Barnes says: “We have had 
to buy all our cars so far. 
except for the first three, with 
money up front, despite having 
a perfect credit rating. As soon 
as you mention American 
vehicles, lenders run a mile." 

Valuation data is hard to 
come by on such cars, and 
lenders assume - wrongly, 
says Baines - that they have 
little resale value in the UK. 
Limco is negotiating with Ford 


Credit, about borrowing up to 
£250.000 of the £400.000 cost of 
the new vehicles. 

Barnes concedes that finance 
companies may fear that the 
stretch limousine craze is mere 
flashiness in the pan. "We 
have grown very quickly and 
lenders are wary of firms with 
rapid growth. They think the 
bubble will burst." 

Profits are nudging £100.000 
per annum on a turnover of 
around £320,000, up from a 


MINDING YOUR OWN BUSINESS 

HEADERS ARE RECOMUENOED TO SBEK APPROPRIATE PROFESSIONAL AEMCE BEFORE BtTERING INTO COMMITMENTS 


TRAVEL AGENCY 

Specialising in Exclusive 
Tailor Made Holidays 

Established Business 
Investment Sought 
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Please write to: Marlin Stone. 
FMCB Management Consultants Ltd. 
Hathaway House, Pope, Drive. 
Finchley. London N3 IQF 
Tel: 08 1 -3*6-6446 Far. 08 1-349 3990 


OFFER FOR SALE OF 
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on terms to be agreed. To person 
or company with expertise to 
develop the market potential of a 
senes or inventions relating to the 
Packaging Industry. 

Ropiy Box B3408. Financial Thiwa, 
One SouffTMik Bridgo. London, SEl 9HL 


International 
Trading Company 

active in oiL coal and chemicals 
seeks to develop new markets by 
cooperating with other companies 
who may be able to utilize their 
knowledge and experience to 
enhance their own activities. 

Write to Bo* B2A5 1, Financial Time*, 
One Southwark Bridge. London SEl 9HL 


Cane Sugar on 
PBG and SLC 

Lowest price/ Min. qoute (2.50QMT. 
Only for qualified buyers. 

Call +31 SS 211722 or 
fox +31 55 217334. 

Abo loaning; Cnufc Oil. Refined Petroleum, 
Urn. Opiiol frames and coax, lenses 
Marlboro. Lev? « etc. 


BUSINESS SOFTWARE 

To advertise in this section please telephone 07 / S7I SF03 
or write to Nadine Howarth at the Financial limes. 

One Southwark Bridge, London SEl 9HL or Fax 071 873 309$ 


BUSINESSES WANTED 






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Power Supply Manufacturer 
Turnover £l-£3 million 

^ Write to: Pox B3SI9. Financial Tunes. One Southwark Bridge, London SEl 9HL ^ 


INVESTOR REQUIRED 

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Write ta Bo* B3487, RrrancU TVmo3, 
Orta SouffMafc Bndpa. London SEl SHL 


BUSINESS 

SERVICES 


AIRCRAFT 
FOR SALE 


BUSINESSES 
FOR SALE 


FOR SALE 

Northern Based 
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Cellular. P.M.R.. Sales. Service, 
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Blue chip clients 'it million 
plus turnover reasonable profits, 
owner wishing to retire. 

Write to Box D35IO. Financial Times. 
One 5>unh»-3ik Bridge. 

London SEl 91IL 


Business For Sale 

The owners are considering the safe 
of an Engineering Business 
Established over 100 years 
Turnover approx £0.8 million 
0.5 acre Freehold site in 
West Yorkshire 

Write w Bos B3511. Financial Timm. 
One Southwark Bridge. London SEl 9HL 


RESTAURANT 
FOR SALE 

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International 
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USA only 24p per min 
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MANAGEMENT 

COURSES 


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as your address In the USA 
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Tel/Fax/Mail/Parcels and more. 

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Ail Advstisenvsm hookings Me accepted subject to our current Terns and Conditions, 
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The Fbsmcud Times, One Southwark Bridge, Lanital SEl SHL 
Tel: +44 71 873 3930 Fax: +44718733064 


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Appear in the Financial Times 
on Tuesdays. Fridays and 
Saturdays. 

For further information or to 
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please contact 
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or Lesley Sumner on 
+44 71 8733308 


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profit of E2.U00 on a £71,000 
turnover in the first year. 

“We based our unit costs on 
the expectation that each air 
would be on the road for £0 to 
25 hours a week," says Barnes. 
*in fact, demand has been 
much greater than we imag- 
ined. The cars average 40 
hours each. That level of usage 
drives the unit costs down and 
the profits up. At the moment 
we are turning down about 40 
or 30 houre worth of bookings 
every week, because we 
haven’t got the cars.” 

Barnes says: “We’re giving 
people a taste of how the other 
half Jives. When you hire one 
of these, it's a party from the 
moment you get in." 

He says “anytliing goes" in 
the back of his cars, although 
women on hen party outings 
are not encouraged to climb 
through the sunroof and bare 
their breasts, as has happened 
on more than one occasion. 

■ Limco, 6 Broom Close, Ches- 
hunt. EN7 6DD. Tel: 
0992-826118. 


nee in a while I 
come across a soft- 
ware package and 
think: “This pack- 
age is terrific. Why isn’t every- 
one talking about It?” That's 
my feeling about Magellan. 

Magellan is a “file manage- 
ment'* package from Lotus, 
producer of the 1-2-3 spread- 
sheet. It runs under DOS or 
Windows; price £115. Magellan 
will benefit anyone who has a 
large number of files on their 
hard disk and needs to keep 
track AT them and keep them 
organised. I use Magellan con- 
stantly. 

The problem for anyone who 
does a lot of word processing 
or spreadsheet work is that 
over time they build up a large 
number of files - letters, 
reports, worksheets, etc - on 
their hard disk. Such docu- 
ments are saved under cryptic 
DOS filenames such as 
"JIM. DOC” or "TAX- 
MAN. WPS”. 

This is no problem at first, 
but as time goes on you run 
out of meaningful filenames to 
remind you what the docu- 
ment is about Consequently, a 
year or two down the Une your 
hard disk becomes cluttered 
up with lots of rednndant files 
which really ought to be 
cleared off and the space made 
reusable, but you cannot 
remember what they were 
about so it is not safe to delete 
them. 

When this happens you need 
to be able to go past the name 
of the file and take a look at 
what is Inside. Enter Magel- 
lan. Its "viewer” facility 
allows you to go into any doc- 
ument and display the con- 
tents on the screen. 

Unlike the more technically 
oriented file management 
packages such as Norton Utili- 
ties or PC Tools. Magellan is 
designed for the ordinary user 
who has masses of information 
locked away In files on his or 
her disk and wants to navigate 
around and "explore" them as 
easily as possible. Hence its 
name. 

Magellan splits the screen 
into two. On the left are listed 
the directories on your disk. 
One of them will be high- 
lighted. In the right hand part 
of the screen Magellan dis- 
plays the contents of the high- 
lighted directory. 

As you work your way down 
the list, Magellan displays the 
contents of each file being 


highlighted. It is as if yoa 
were in the index at the liack 
of a book. On the left page 
vour thumb is on the first 
entry of the index. As you 
move vour thumb down MM 
entrv in the left page or the 
index, complete pictures of the 
pages being referred to are dis- 
played simultaneously on the 
right page. 

Simply by using the four 
arrow keys on your keyboard, 
you can find and display any 
document on your hard disk 
within seconds. And the more 
files and directories there are, 
the better it gets. On a net- 
work. for example. Magellan 
gives you a list of ail the local 
drives, and with just a few 
keystrokes you can see into 
any file on any machine. This 
is the definitive way to find 
your way around hundreds or 
thousands of data files. 

Magellan also contains 
many more useful features. 
Copring and moving files is 
far easier and safer than under 
DOS, for example. 

When you are installing 
Magellan, it will ask you if 
you want to create an index on 
your files. The program may 
take an hour to create the 
index, but it will enable you to 
make lightning-last searrhes 
of your disk. 

I recently wanted to find a 
letter written a couple of years 
earlier. I could not remember 
the name of the person I had 
written to. nor the company. 
However, I knew they were 
based in Edinburgh. I chose F» 
to explore, pressed right arrow 
twice, typed in “EDINBURGH" 
and pressed enter. Within 10 
seconds Magellan had 
searched through 1,600 files 
taking up 30 megabytes of 
data and come up with a list of 
all the documents containing 
the word “Edinburgh”. 

Complex searches are simi- 
larly quick. People pay thou- 
sands of pounds for specialist 
test retrieval packages to do 
this sort of thing: with Magel- 
lan it is thrown in for nothing. 

As hard disks grow bigger 
and bigger, it becomes more 
and more important to have 
help navigating around them. 
Magellan is the answer. In par- 
ticular. for anyone whose com- 
puter is several years old with 
a hard disk that has become 
cluttered up with half-forgot- 
ten documents which need to 
be cleared off, it is indispens- 
able. 


The Nature of Things /Clive Cookson 

Writing with atoms 

A 


new generation of 
microscopes, more 
powerful than scien- 
tists would have 
believed possible before the 
1980s, Is enabling researchers 
not only to “see" individual 
atoms but also to pick them up 
and move them around. 

These microscopes will be 
vital instruments for the com- 
ing era of “nanotechnology", in 
which miniaturisation will pro- 
duce atomic-scale structures 
thousands of times smaller 
than those used in microelec- 
tronics today. On that scale, all 
the words in the Bible could be 
written on the point of a pin. 

(A brief explanation of the 
terminology used in nanotech- 
nology: the word comes from 
the Greek nanos for dwarf. The 
fundamental unit of the field is 
the nanometre, one billionth of 
a metre.) 

The first of the new instru- 
ments, the Scanning, Tunnel- 
ling Microscope, was invented 
in 1981 by Gerd Binnig and 
Heinrich Rohrer at the Swiss 
laboratories of IBM, the Ameri- 
can computer group. The STM 
was a wonderful leap of scien- 
tific imagination, recognised 
unusually promptly with a 
Nobel Prize For Physics in 1986. 

Conventional microscopes 
work by focusing beams of 
radiation or particles. Optical 
instruments are limited by the 
wavelength of visible light, 
which is about 500nm: even a 
perfect lens cannot focus on a 
point smaller than this, so they 
cannot see atoms. To achieve 
greater resolving power, 
microscopists moved to elec- 
tron beams and X-rays, which 
have much shorter wave- 
lengths, but they use penetrat- 
ing high-energy radiation 
which is unsuitable for imag- 
ing atoms on surfaces. 

Binnig and Rohrer decided to 
use "electron tunnelling”, one 
of the slightly bizarre conse- 
quences of quantum theory. 
When a low voltage is applied 


to two conducting materials 
which are extremely close 
together but not touching, elec- 
trons “tunnel" through the 
gap; the resulting electric cur- 
rent is highly sensitive to the 
distance between them. 

The instrument built by the 
IBM researchers had a stylus 
with the sharpest possible tip - 
a single atom - which scanned 
a metal surface. The variations 
in tunnelling current revealed 
the ups and downs of the 
atoms on the surface. 

The STM could only give 
images of materials that con- 
duct electricity. The next step 



Tungsten atoms on a silicon 
crystal. Imaged at Cambridge 
University 

was the Atomic Force Micro- 
scope invented by Binnig and 
colleagues in 1985 to look at 
non-conducting materials. The 
AFM scans a tip attached to a 
thin metal cantilever across 
the sample, and gives an image 
based simply on the repulsive 
forces between the atoms at 
the end of the tip and those on 
the sample's surface. 

More recently, the STM and 
AFM have spawned a variety 
of other instruments, known 
genetically as Scanning Probe 
Microscopes, which produce 
atomic images based on ther- 
mal, magnetic, optical and 
other interactions between the 
tip and sample. By speeding up 
the scanning rate, scientists 
have even made "atomic mov- 
ies", showing how atoms move 
around on heated surfaces. 

An estimated 3.000 SPMs are 
now operating worldwide, for a 
vast range of applications, and 


the number is increasing. Most 
are used for research into sur- 
faces, helping scientists under- 
stand processes such as corro- 
sion. They are also moving on 
to production lines in the elec- 
tronics industry, inspecting 
semiconductors and other 
materials for surface quality. 

In biology. SPMs have 
imaged the double helix of the 
genetic material (JN'A and dis- 
tinguished the chemical 
“tetters” which hold our 
genetic code. If the technique 
can be speeded sufficiently, it 
may be possible to read genes 
by microscope, instead of using 
chemical-based analysis. 

But much oF the excitement 
about SPMs concerns their 
potential for manipulating 
atoms. Researchers at TBM’s 
Almaden laboratories in Calif- 
ornia showed the way in 1990 
when pushed atoms of xenon 
across a nickel surface with an 
STM tip, one by one, and 
arranged them to spell the 
company’s initials in atomic 
letters Qnm high. 

Such demonstration:: show 
that, in principle, data could tie 
stored in ultra-compact “atom- 
scale memories". 

Decades of work wifi he 
required to bring atom-scale 
devices based on SPMs to prac- 
tical fruitimi. In particular, the 
speed with which atoms are 
moved and scanned will need 
to increase millions uE times. 

, fint it is far from certain that 
SPMs are the main route to an 
atom-scale future. Alternative 
methods tif nano -construction 
are already further developed, 
such as laying duwn atoms by 
molecular beams in a vacuum. 
Those are hiss sensitive than 
SPM.s but far faster. 

The future for the new gen- 
eration of microscopes may lie 
mure in observing nano strue- 
tures and assembling proto- 
type devices than in muss pro- 
duction. However they have 
transformed the way scientists 
see the world In miniature. 





FINANCIAL. TIMES WEESLEND OCTOBER 29/OCTOBER 30 1994 * 


WEEKEND FT XI 


PERSPECTIVES 


Barbie - the virgin queen 
of a plastic paradise 


ished to find all the paraphernalia 
of an established Barbie collectors’ 
market, including books with 
descriptions of the dolls and how to 
recognise their ages and dates. In 
fact, adult collecting of Barbie 
began in the US in the 1970s and the 
first Barbie encyclopaedia was writ- 
ten in 1975. Now. there are Barbie 
conventions every year. 

Collectors often specialise, some 
buying only Barbie and shunning 
her family and friends, some buying 
only Barbies from the 1960s, now 
the most expensive period. Icarda 
tries to collect everything from 1964 
onwards, conceding that his collec- 
tion grows "only very slowly - the 
world of Barbie is so huge”. 


change constantly with the times: 
last year alone. Barbie had 100 out- 
fits from which to choose. 

While Barbie's unique propor- 
tions have never changed. Ken has 
been altered several times. His ear- 
liest skinny body has been made 
bigger and his fragile flock velvet 
hair (now much prized if found in 
pristine condition; replaced with 
more practical paint or, for special 
occasions, wigs. 

Their world, too. has expanded 
from homely junior proms and fra- 
ternity meetings to a frantic round 
of globe-trotting and activities that 
include every kind of sport, making 
television programmes and even 
ballet dancing. 


The world's most famous doll is 35 but 
never ages. Lyrut MacRitchie looks back 


I t has been quite a year for 
Barbie. the most popular doll 
in history. Born on March 9 
1959. her 35th birthday has 
been celebrated all over the 
world; Columbia Studios is bidding 
for the rights to make her a film 
star; and Sheik Khaled AI Madkour, 
president of a committee in Kuwait 
City which advises the government 
on religious issues, has declared 
that to buy her is forbidden by 
Islam. 

There is no such veto in Monte 
Carlo where the National Museum 
is hosting an exhibition in her hon- 
our. It is drawn from the collection 
of one person: Jean-Plerre Icardo, 
an office worker from Nice who has 
"between 700 and 800" Barbie dolls. 
Now 40. he first saw Barbie in 1964, 
the year she was introduced to 
Prance. He has been her faithful 
admirer ever since. 

As a child, Icardo was enchanted 
by all forms of decoration and 
wanted to work in the theatre or 
cinema. As he grew up, he made his 
own theatrical tableaux at home 
and put on entertainments for his 
friends, using dolls as actors. But 
traditional dolls were stiff and it 
was not possible to dress or pose 
them satisfactorily. Barbie, with her 
long legs, slim body and beautiful 
outfits, was the perfect solution. "I 
fell in love," he says, simply. 

After attending Nice University, 
he took an office job and continued 
to weave his theatrical dreams at 
home, always with Barbie as his 
star. His collection grew slowly: the 
dolls were expensive and his 
mother saved up to buy them for 
him as birthday and Christmas 
gifts. "I believed I was unique,” he 
says. ”1 had no idea there were 
other grown-ups who were collect- 
ing. " 

In March 1984, though, a conven- 
tion of doll and automata collectors 
was held in Monaco. Icardo and his 
mother went along and were aston- 


MatteL the company that created 
Barbie, makes limited editions espe- 
cially for the collectors' market. 
Unique examples of older or special 
dolls, such as the very early ver- 
sions made in ivory white plastic, 
now change hands for up to $4,000. 

Icardo's devotion extends to Bar- 
bie’s friends and relations. This 
year, he told me, is also the 30th 
anniversary of her sister Skipper. 
Her best friend, Midge, will have 
her 30th anniversary next year. 
Ken, Barbie's faithful consort, was 
born in 196L "But she will never 
marry Ken," Icardo insists. "She 
must stay the young teenager for 
ever.” 

When first launched. Barbie was 
not popular with parents who, 
rather like Sheikh Khaled, thought 
her “too sexy”. Her popularity with 
young girls was instant, however, 
and there are thought to be 700m of 
her worldwide. Today, Barbie and 
Ken lead a hectic life as their 
clothes, make-up and hair styles 


Barbie's circle of friends reflects a 
changing America. Her first black 
friend, a girl doll dating from the 
mid-1960s, was followed by the 
grown-up Brad In 1970 ami Cara and 
Curtis in 1975. The first Hispanic 
and Asiatic friends appeared in the 
1980s and an American Indian was 
added to the circle recently. 

The all-American girl has only 
recently been made at home, 
though. Originally manufactured In 
Japan from 1959, Barbie's produc- 
tion cycle has followed the global 
trail of multi-national investment 
and new sources of cheap labour. 
She is now made at 15 locations in 
seven countries: Mexico. China. 
Malaysia, Indonesia, UK and Italy, 
as well as the US. 

Some Barbies were produced 
briefly under licence in various 
countries, so allowing regional dif- 
ferences to creep in; this resulted in 
her being more sun-tanned in Spain 
and smaller, with huge cartoon- 
style eyes, in Japan. But this has 


been stopped and uniformity reigns. 
Icardo considers this "very sad”. 

Barbie, of course, is not just a 
pretty face. When I expressed a cer- 
tain envy of her lifestyle, and 
pointed out that she never had. to 
work for a living, Icardo was quick 
to disagree. “She always works," he 
said. "She has been a model and a 
singer. This year, she was a doctor. 
She and Ken have been in the army, 
taking part in Desert Storm; and in 
the 1980s, the great days of Nasa, 
she was an astronaut" 

This year’s Christmas model will 
talk and answer questions; one 
released earlier swims and dives. 
Truly, she is a superwoman “at the 
centre of her world”, as Icardo puts 
It Perhaps, though, it takes another 
woman to spot a few snags. 

To me, it seems obvious that, as 
she approaches 40. Barbie faces the 
same problems as the women who 
have tried to emulate her - success, 
fame, and glamour do not necessar- 
ily bring fulfilment. And few of 
them have made her supreme sacri- 
fice. For Barbie - astronaut soldier, 
fashion icon - has never bad sex. 
Forever dreaming of romantic wed- 
dings - dresses for which feature 
among her sister's outfits, if not her 
own - her relationship remains 

Despite the sexual message of her 
appearance - huge breasts, heavy 
make-up, ever more sophisticated 
clothes - Barbie must remain 
untouched. She is an Eve who can- 
not fall, in a paradise filled not with 
flowers and fruit but with products. 
The message she brings is to look, 
to dream - and then, to buy. 

■ La Poupee Barbie, Armwersaire a 
Monaco, continues at the Musee 
National de Monaco. 17, Avenue 
Princesse Grace, Monte Carlo, wild 
September 30. Barbie can also be 
seen with 33 outfits specially made 
for her by top French couturiers at 
the Musee Greoin. Paris, until 
December 31. 



Y ears ago, the vicar 
of a London pariah 
was beaten by thugs 
in his own house 
and his daughter attacked and 
raped before his eyes. 

Shortly afterwards he 
appeared on TV and 
announced that he forgave his 
assailants. There was public 
admiration for such 
high-minded Christian charity. 

But some of us felt uneasy. 
The cynic in us thinks It is just 
what he would have to say if 
he was going to keep any 
self-respect as a Christian min- 
ister. 

But then I found myself pon- 
dering why it felt so different 
when a father who had seen 
his daughter blown to pieces 
by the IRA spoke so movingly 
about forgiveness and pleaded 
that there should be no 
revenge. Was it that one was a 
private tragedy, the other a 
wound to a whole community ? 

These are tangled issues, but 
I have a gut feeling that we 
must explore them. Behind 
them loom much deeper waters 
about the transactions commu- 
nities and nations need to 
engage in If they are to steer a 
course out of vengeance into 
reconciliation. 

In my trade we spend much 
time trying to help individuals 
and families find ways out of 
personal conflict. Is any of that 
experience transferable into 
the arena of international 
affairs? There, I suspect, we 
are all out of our depth. But for 
what they are worth there may 
be some pointers. 

For one thing, I cannot for- 
give an assailant if he Is not 
around to be forgiven and if he 
has not asked for forgiveness 
and given some signs of genu- 
ine contrition. 

Time has to pass. The rage 
and anger has to be processed 
somewhere and somehow or it 
will seep out in displaced 
responses to other people and 


Only 

other situations. 

Arid the' daughter? I cannot 
forgive her assailant. Only the 
victim can forgive. No one else 
is entitled to. Only after she 
has reached the point where 
she can stretch out a hand am 
I entitled to do the same. 

I may want to persuade her 
to, for, gross as the Injury has 
been, part of her own healing 
process must lie in letting the 
poison go. By nursing our 
wounds we may turn our backs 
on healing them. The future is 
more important than the past 

If forgiveness at the personal 
level is more complex and 
intractable than a glib Chris- 
tian precept sometimes makes 
it seem, forgiveness at the com- 
munity or national level is far 
more perplexing. Yet If nations 
and communities are not to 
live embattled in age-old feuds 
and poisoned by past traumas 
we have to find some way of 
enabling a process akin to for- 
giveness to be transacted. 

But bow? How does a nation 
forgive? There can be no for- 
giveness without repentance. 
How does a nation repent? 

The first step must be to tell 
and acknowledge the truth, not 
just the facts about the trauma 
and loss which have been 
inflicted, but a truthful recog- 
nition of the feelings of horror 
and grief and pain. 

Peoples who have suffered 
must feel that their pain has 
been felt and responsibility for 
it accepted by the other side. 
There must be no excuses, no 
explanations, no glib political 
prevarications. 

Not for the first time the 
eyes of nations are fixed once 
again on South Africa. Since 


A lifetime of service to others does not guarantee 
secure old age. 

Many elderly people from professional backgrounds 
find themselves alone and fi n a ncially insecure, but that s 
where the Friends of the Elderly can help. 

Providing a permanent home, companionship and 
professional nursing care, we give our residents lifelong 
security without compromising their Independence. 

To continue dur vital work we need your support 
now. Please send a donation, or for more information 
call us on 071 730 8203 or return the coupon. 


Tb: The General Secretary. Friends of the Ederfy, ; . 
42 Eh ary Street, London SW1W OLZ. r iff ■ ■ 

: • i* O 

Address 


insttodc? 


GIVE YOUR SP PPOBr Tp • - . - 

THE FRIEK PS OFgffi ELOE&Y^ 


Truth of the Matter/ Hugh Dickinson 


victims have the right to forgive 



A picture of forgiveness: Nelson Mandela and F.W, de Klerk 


the 1950s South Africa was the 
international paradigm of 
gross oppression, destroying its 
own black citizens by the thou- 
sand. 

Now, South Africa is groping 
its way towards reconciliation 
and forgiveness. 

How far this is the direct 
influence of men such as Tre- 
vor Huddleston and Desmond 
Tutu and how far it is due to a 
natural generosity in the Afri- 
can character we shall never 
know. But some of it is due to 
the acceptanu the ANC and 


the nationalists that there is 
no other way out of the 
impending bloodbath. They 
recognise that the future is 
more important than the past. 

They know their fates are 
bound together. And they are 
pragmatists not Ideologues. 
Ideology is the death of peace. 

In Nelson Mandela they have 
a statesman of global stature 
with a clear understanding of 
what must be done to achieve 
reconciliation. No concealment 
of past atrocities; the terrible 
truth must be told. An 


amnesty, perhaps, for all but 
the most wicked, conditional 
maybe on admission of guilt 
and reparations. Of course no 
reparation can bring back the 
dead or remake shattered lives, 
but, even if inadequate, it can 
still be a token of a change of 
heart to which a generous 
response may be made. 

Generosity is of the essence. 
Mandela himself has been a 
victim, a man brought back 
from the brink of execution, 
his best years destroyed. He 
has the right to choose to for- 
give and to provide a paradigm 
for his people to lead them 
away from the abyss. “In vic- 
tory, magnanimity.” 

Such a stance requires con- 
siderable political courage. 

Chancellor Helmut Kohl of 
Germany is one of the few 
western leaders to have had 
the courage to ask for forgive- 
ness for his people. But it 
would not have been realistic if 
there had not been a ground- 
swell of public opinion which 
felt guilt and shame for the 
years of the Third Reich. 

The next question is more 
difficult When and how do we 
forgive? When do the Jews for- 
give? When do the Unionists 
forgive? When do the Irish for- 
give the British? When do the 
Bosnians, Serbs and Croats for- 
give? 

Nations and communities 
are not good at repenting - yet 
if we do not find a way to 
repentance, forgiveness and 
reconciliation, our ancient and 
more recent wounds will 
remain running sores and our 
children’s children will be 
caught up in these vicious 
cycles of unforgiving violence 


A better class of sleaze 


Continued from page I 

study of British sleaze over the 
past century. First, all political 
parties have been involved - 
either (as in the sale of hon- 
ours) through a process of tacit 
agreement in shady but not 
illegal practice, or (as in Poul- 
son) through straightforward 
misuse of office. 

Secondly, sleaze has not 
been limited to parties - wit- 
ness the trail of police corrup- 
tion and the doings of quangos. 

Thirdly, sleaze has resulted 
at least in part from an 
absence of definite standards 
of public conduct A recent sur- 
vey of British MPs by Maureen 
Mancuso shows that many 
have no idea where to look for 
guidance. 

Mancuso asked 100 MPs for 
their views on, for instance, 
fliflhYiing first-class but travel* 
ling economy and pocketing 
the difference, or getting par- 
liamentary passes for assis- 
tants who were paid by lobby- 
ists. She found "a multiplicity 
of competing ethical stan- 
dards” with no consensus. She 


divided the MPs into groups 
which straddled parties: "puri- 
tans”, “muddlers” and “entre- 
preneurs”. A third of the MPs 
were “entrepreneurs", willing 
to condone "almost any activ- 
ity as long as it does not con- 
travene a written statute or 
formal rule". 

In one respect, Britain’s 
international reputation for 
noiKorruption is deserved; its 
elections are cheap, and the 
pressure on parties and candi- 
dates to raise large sums Is cor- 
respondingly low. The credit 
belongs to Gladstone and a 
decision taken at the launch of 
the BBC. The limits imposed 
by Gladstone in 1883 on local 
electoral spending have 
remained in force, while the 
ban on television advertising 
by parties removed one of the 
main objects of party spending 
in other democracies. 

Constituency spending 
allowed per candidate in a UK 
general election is barely 
£6,000. little more than £20m 
was spent by the main parties 
combined at national level in 
the 1992 election. In the US, 


more than $750m is likely to be 
spent by candidates in the cur- 
rent congressional elections. 
More than $400m was spent by 
the three candidates in the 
1992 presidential election. 

In spite of what Dr Tim 
Hames of Nuffield College, 
Oxford, calls “an orgy of self- 
deperking” In response to 
recent scandals, the pressure 
on US congressmen to raise 
money from corporate interests 
for elections is all-consuming. 
Or it is for those who are not 
super-rich. Two-thirds of sena- 
tors are dollar millionaires. 
Ross Perot spent $65m of his 
own money in 1992. 

Nonetheless, Britain boasts a 
notable sleaze tradition of its 
own. The first words of Lord 
Nolan after his appointment 
this week to chair Major's com- 
mission on standards In public 
life might have caused Gregory 
and Poulson to smile: “As the 
p rime minister said, this coun- 
try has the highest standards 
of integrity in public life: it is 
of the greatest importance that 
those standards be main- 
tained." 


and revenge which threaten to 
overwhelm os alL 

A nation with no history is 
like a man who has lost his 
memory; our national identity 
is forged in the telling of our 
history. But, if the core of our 
national consciousness is 
welded only from an obsessive 
picking over the fragments of 
past injustices and trauma, or 
from the mythic triumph of 
battles long ago, the past holds 
us in fetters. 

We cannot reach out to make 
a new and peaceful future for 
our children to live in as long 
as we are constantly showing 
repeats of films about past 
wars. The images of war offer 
no solutions except more vio- 
lence to the problems of trau- 
matised and hostile peoples. 

How can we go about it? 

The terrible truths must be 
exposed. Reparations must be 


agreed. But then statesmen 
must speak for nations words 
which nations cannot speak. 
Stories must be told. Journal- 
ists and editors must take risks 
with their congenital cynicism 
to say the unsayable. The 
media have a huge responsibil- 
ity for shifting public attitudes. 
Images of generosity must be 
sought and held up to the pub- 
lic gaze. 

One such I heard from Arch- 
bishop Trevor Huddleston. 

With his permission I tell it 
here. 

The archbishop was an hon- 
oured guest at Mandela's inau- 
guration. He was lodged in a 
guarded hotel with other heads 
of state, for he, like Mandela, is 
at constant risk of assassina- 
tion. He rose early one morn- 
ing and went out to say mass 
on the arm of his minder for he 
is now physically frail. 


From his room he had to 
walk along a passageway at 
the end or which was an armed 
guard. As they approached him 
the man stepped forward and 
saluted. He asked if he could 
touch the archbishop's arm. 
From his accent it was clear 
that he was an Afrikaner. In 
bis guttural English, he said 
quietly: “i am so sorry. I am so 
sorry for what we have done to 
your people. I am so sorry." 

The archbishop held his 
hand, and replied; "But now 
we are all one people; black 
and white and coloured and 
English and Afrikaner. We are 
all equal citizens of the new 
South Africa. Our future is 
together.” 

“Ach no," said the soldier. 
“You do not understand. 1 have 
done terrible things. Terrible, 
truly terrible. But I heard your 
voice on Lhe radio and my 
heart changed.” Then, hesi- 
tantly, as if he expected the 
request to be refused: “Father, 
will you bless me?" So he knelt 
and the new South Africa for- 
gave the old. 

■ Hugh Dickinson is Dean of 
Salisbury. 



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TRAVEL 


Adrift in bliss between sea, sky and land 


A mong Yankee 
New Englanders, 
a tribe generally 
known lor its tac- 
iturnity, the peo- 
ple of Maine are supposed to be 
the most taciturn of all. 
Bemused contemplation of 
“outta-state folks" is said to be 
their pleasure, the monosyl- 
labic response their forte - 
“Nope...”, or “Yup...” are 
supposed to be just about all a 
Down-easter feels inclined to 
say at any one rime. But it was 
not that way at the Bailey 
Island General Store when I 
walked in one afternoon. 

Bailey Island sits at the end 
of a narrow finger of land - 
one of several collectively 
known as The Harpswells - 
that stick far out into Casco 
Bay north of Portland. It is 
hardly a major attraction. It 
has none of the summer mass 
tourism of Old Orchard Beach 
further down the coast, none of 
the moneyed, old-family cachet 
of Bar Harbour further up the 
coast. It is a hardy rural com- 
munity. spread out along a 
treed and rocky coastline, that 
lives primarily by lobstering. 
Endless backwoods colloquy, 
however, appears to come a 
close second. 

I sat at the counter in the 
general store long after the 
blueberry muffins and coffee I 
had ordered were finished. It 
was not the community notice- 
board fEd's Trucking - you 
call, we haul) that kept me lin- 
gering. Neither was it the pot- 
bellied wood stove, extin- 
guished since last winter, nor 
the rack where general store 
habitues kept their own name- 
labeled coffee mugs. 

It was the habitues them- 
selves, a clutch of flannel- 
shirt ed, baseball-hatted duffers 
gathered in favourite chairs at 
the end of the counter. I had 
never heard crustier, longer- 
winded griping in my life. 

Nothing was right with the 
world. The lobster season had 
gone all to hell, volunteered 
one coffee drinker. This was 
worth an emotional 20 minutes 
moaning. Hunting was not 
what it used to be. someone 
else threw in, and that was 
good for a 10-minute wirings. 
Something had got into the 
pumpkins this year, cackle d a 
third, and they all got going on 
the woeful state of vegetable 
gardening. The local economy 


drew no less cynical a reaction: 
“Well of course they can say 
the recession is over. Your cat 
can have kittens in the oven 
and you can say they're bis- 
cuits. but it don't necessarily 
make ’em so.” 

On and on it went. The base- 
ball strike, the weather, the 
price of plywood, those damn- 
fool environmentalists from 
Washington. Life in Maine of 
late, it was roundly concluded 
with a Great North Woods 
flourish, was hardly worth a 
raccoon dropping. 

I was about to step out con- 
vinced there was nothing at all 
that Mainers could discuss 
happily, when someone 
brought up the subject of a 
recent canoe trip he had taken. 
Almost instantly the atmo- 
sphere changed - there were 
smiles, good natured anec- 
dotes, discussions of the best 

Nicholas 
Woodsworth goes 
kayaking off the 
coast of Maine 

routes, the best techniques, the 
best camping sites. Suddenly 
happy days bad returned. I left 
feeling intrigued: if canoeing in 
Maine was something that 
could make this crowd happy, 
then it was something worth 
investigating. 

Not five minutes away, at 
the foot of the stone bridge 
leading on to Bailey Island, I 
was brought to a halt. Sitting 
on a wharf overlooking the 
wind-ruffled water of Harp- 
swell Sound were a rack of 
brightly-coloured, strange 
looking craft. They seemed an 
odd mix between canoe and 
Whitewater kayak. Where a 
canoe is high and open they 
were low and decked; where a 
kayak is short and stubby, 
they were long and narrow. 

They were in fact sea kay- 
aks. one of the most elegant 
and graceful one-man ocean 
craft around. I fell for them 
instantly. This was better even 
than plain canoeing. In five 
minutes I had introduced 
myself to Jeff Cooper, owner of 
the kayaks and proprietor of 
H20 Outfitters. Not only did we 
agree to meet for a bite that 
evening, but also arranged a 


day of sea kayaking. 

In The Happy Isles of Oceana 
- Paddling the Pacific Paul 
Theroux recounts an island- 
hopping trip he took from Aus- 
tralia across the Pacific to New 
Zealand. Tonga, Fiji, Samoa, 
Tahiti, the Marquesas Islands, 
Easter Island and Hawaii. 
Accompanying him were two 
large canvas sacks - the sepa- 
rate halves of the sea kayak he 
assembled wherever the whim 
took him. And it took him 
often: the trip was something 
of an escape from an unhappy 
pert of Ns life, the paddling a 
sort of therapy. 

There was nothing unhappy 
about Cooper - there is a con- 
stant twinkle of humour in bis 
eye. Nor did he feel the need to 
escape quite as far as the south 
Pacific. But as he told me that 
evening over a swordfish and 
scallop dinner with his wife 
Cathy, Maine is his escape and 
sea kayaking his life. For 
beauty and enjoyment he is 
not even sure that he would 
trade the Pacific for the rock 
and pine-covered coast of 
northern New England. 

After 11 years here. Cooper 
cannot imagine returning to 
urban Pennsylvania. "Old col- 
lege friends sometimes call me 
up." he laughed. “They have 
MBAs, big businesses, big cars, 
big stress. 1 have some canoes 
and a big white Pyrenean dog. 
We are so different now it is 
hard to have a normal conver- 
sation. I teach sea kayaking. 
Cathy teaches canoeing and 
skiing for Li. Bean’s Discov- 
ery programme. It is not hard 
to fail for outdoors Maine; 
you'll see tomorrow.' 1 

I sat up that night an the 
porch of tiie ancient Driftwood 
Inn. a wonderfully unfashion- 
able place of creaky floor- 
boards and rusty bathtub 
water. Imagining my own 
escape to a fishing community 
on the coast of Maine. 

Below the inn. the tide 
swirled and gurgled as it began 
its 12ft climb up the rough 
granite sides of Bailey Island. 
A night bird hooted from the 
spruce woods across a stretch 
of water. The moon rose. Miles 
out to sea, steaming south to 
Portland from Yarmouth, Nova 
Scotia, the ferry-boat Bay of 
Fundy slipped away in a dim 
twinkle of lights. It would cer- 
tainly be a different way to 
look at life I thought as, bed- 



PaddHng to happbma: the taciturn Yankees of Maine moan about the fishing, the hunting, the crops, the government, the economy and fee weather. Kayaking cheats them up 


bound, I too slipped away. 

But the best way to look at 
life in this part of the world, I 
realised a few hours later, is 
from out at sea, in a low-riding, 
swell-hugging kayak. 

With a small group I spent 
the morning in calm water 
near the wharf learning basic 
sea-kayaking techniques: the 
double-ended paddle, the knee- 
squeezing narrowness of the 
hull, the awkwardness of entry 
and exit, the closeness to the 
water surface - all took some 
getting used to. So, too, did the 
fluid, hip-swivelling paddling 
motion that Cooper made look 
so easy; on prolonged sea-kay- 
aking trips it is this graceful 
movement that saves vital 


energy and wear and tear on 
arms. 

By lunchtime though, with 
several capsirings behind us. 
we all felt confident enough to 
propel our craft under the 
stone bridge against a rising 
tide, through a set of narrows, 
and out into the open water. 

It was a soft, hazy day. the 
kind on which the sun is 
barely discernible and the pre- 
cise line between sea and sky 
disappears. There was no wind 
and the air was warm, but an 
occasional, inexpert dipping of 
my fingers below the water 
reminded me that this was no 
south sea - far from the Gulf 
Stream, Maine coastal waters 
remain cold all year. 


Along the rocks, large her- 
ring gulls swooped in and out 
from stony perches over the 
water. Cormorants dived, dis- 
appeared, shot up unexpect- 
edly and dived again. On the 
way out to Pond Island, run- 
ning a course a mo n g a thou- 
sand bobbing lobster buoys, we 
were joined by a party of seals; 
curious enough to stop robbing 
bait from the lobster pots 
below, they followed us for a 
mile or so. 

How much nicer to be out 
here looking in. I though as we 
paddled silently past the Drift- 
wood Inn. Houses, forests, 
rocky promontories and deep 
coves came and went, all the 
more attractive for the broad 


seascape they sat behind. 
Closer in, I drifted to that rest- 
less place where water meets 
land, surging in among the 
swirling kelp, feeling the pull 
of the swell on the rocks. 
Exhilarated, I found myself 
gulping down great lungfuls of 
air and wishing it would never 
end. 

Real sea-kayakers pack their 
craft with water, food and 
camping gear and disappear 
for days at a time. I had done 
just one circuit of one small 
island. But there is nothing, I 
decided, like seeing life from 
barnacle level. 

Given the chance that after- 
noon of paddling a few more of 
the happy isles of Maine 1 


could have had just ono 
answer. Tup." 

■ There are a number of com- 
panies that will rent $va- kayaks 
along the Maine coast with few 
questions asked. Sea conditions 
often change rapidhj. houwer. 
and extreme caution is 
required; notices are advised to 
take basic instruction. Jeff Coo- 
per may be contacted at H20 
Outfitters, PO Box 72. Orr's 
Island, Maine 04066. tel (207) 
S33S257. 

■ In Britain information on 
sea-kayaking dubs and courses 
may be obtained from British 
Canoe Union. John Dudderidge 
House. Adbolton Lane. West 
Bridgford, Nottingham NC2 
5AS. tel 06DXS2im 


HOLIDAYS & TRAVEL 


U.SJL 


The new way to 
discover America. 

dtejgj - Two wetiu in a traditional New England house 

\ .wy? (including flights, car hire, hotel stopover and 
Iftsortnoes) from £625* per person low season 
. _J,\p and from £850* per person high season. 

Ip ■ Choose from a superb collection of carefully 

1 selected coastal, lakeside and inland properties 
in Maine, Vermont, New Hampshire. Connecticut, Rhode Island and 
Massachusetts (including Cape Cod). FREE 144 PAGE COLOUR 
BROCHURE. CALL (01328) 856660 (24 Hm) Quote H212. Or write t« 
New England Country Homes, Depr. N212. Fakenham, Norfolk NR21 9NB. 

NEW ENGL AND 

COUNTRY HOMES 

'Pricn based on group of 4 during. ATOLMg* 



1 

= i = -= J 

SPAIN 

FIJI 



Barcelona. 
{Seville & Madrid\ 

frrmi ,£ 25 ~1 i f2 ind tranafera 
| Pfw many othyr Icsmt known nMn. | 

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Halfday WMcfi docotmiMndod 

07 1-82 S 6021 


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tfopoiM private tropical island, (1 
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room beach front suites. Acrivtoes: 


MU NO! COLOR 

MO f_ 1 D A Y S 


j. cruises 

and roach saorr. 

Ugendsty personal jerk* from RQtui 
stall Inlerruttoul cuisine, fine wines 

jnd champagne. Informal cjtrtm 

ambience, and more. 

pytycmUynmiuyu 

„ Travel Portfolio Ltd 
llOwtro Ina.lsj> MssMi w m 

\ 0284 762255 J 


J 




■ ^ -m - -t % |P»- , 


V : 1 vEsisflpie Wfe^)oBhd.Ft ; ■: 






. . .. 

« ..v- 

*,.VH 

6. ■ 


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SAFARI 


SAFARI in AFRICA 


Kenya - Tanzania - Zimbabwe - Zambia - Botswana 

With over 26 years of experience ht Africa; the hugest selection of 
br od mr t d safaris in Kenya; plus a full range of ’taOor-mad^ services 
& safaris throughout Central & Southern Africa; we bring you the 
best of Africa's natural bounty at a price you can afford. 

For a copy of our ament brochure which also features the Indian Ocean 
and India contact your ABTA Agent or call 

0181 423 3000 

ABTAAS5& - ATTO ■ ATOL25SO ^ Estd I5W 



Asia, 

Africa, 

South 4 

Centred America 

Oderfand Expeditions 
Trips of 3 tv 31 ufeais 

86 Casnp Qreaa. Debenture, 

' \JPUUA. 



Okavaj 

70URSA.SAE 


iVANGO 


& 


Simply the best for 
BOTSWANA 
ZAMBIA 
ZIMBABWE 
NAMIBIA 
SOOTH AFRICA 
Tel: 08 1 343 3283 
Fax: 08 1 343 3287 

Gadd House 
Arcadia Avenue . 
London N3 2TJ I 


GOLF 


East Sussex 

NATIONAL GOLF CLUB 

36 Legendary 
Holes 


“Superior Facilities” 

Says Executive oizectok or rne europeas rout ices schofieid 

100 Memberships Available 
for Phase III 

Individual Enhance Fee Annual Subscription 

£ 1,500 £ 1,500 

Call The Membership Office on 

0825 880088 

For farther details and application form 
East Sussex National Golf Club 
Little Horsicd, UckfieLti, East Sussex TN22 5ES 


NAMIBIA 


Totally Exclusive 
African Safaris 

at Affordable Prices 
Esape the winter Jod exptote ifie grs 
pado, coast, deserts and nwEntnos cd 

our lUfrcqrippcd Land RnvaS. 
Sdf drive Of pitted trips Bank all bats. 
budgnseod time. Luxurious pooied 
camps todegm lodges, 

Safari Drive 

Tel 071 622 3891 


VAL D'ISERE ONLY 

Exclusive selector) of 
chalets & apts. 

New Year avafebte. 

Cal VIP 081 875 1957ABTAATOL 


SKI 

ACCOMMODATION 


AFRICA 


ZIMBABWE 

TANZANIA, BOTSWANA 
ZAMBIA A NAMIBIA 
TAILORMADE SAFARIS 


Luxurious remote lodges. 
Waning, canoeing, rtding and 
veritde safaris with rhe very besr 
guides. Superb wildlife. 
Advermre with c o m fan. 

Call us to create yoir deal safari. 
Phone John Burden on 
(0604)28978 

exclusive 

Hamilton House. 

66 Palmerston Rd 
Northampton, NN1 5EX. 




FLIGHTS 


frequent /Iyer 

. J r R A V E \.JC l U B 
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UL D ESTIMATIONS EX IOMKM 

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10$ ARCHES first *1950 

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fini £3150 

Om ArS flrrw* B lau 1 * 


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1 1 wwrau snte hum * ia nu -hi m « j rn« 


071 493 0021 


SKIING 


Ski Aval 

Exclusive Catered Chalets 
in Val tflsere 
Luxury chalets to rent 
for 8 or 12 people. 

Ski to/from door. 
Superb ettsuite facilities. 
Prices from £195 excL travel. 

Ring 01033 79069561 or 
6 k 0 1033 79069563 


GERMANY 


GERMANY 

Daily low cost flights. 

Tel: 071 836 4444. 
Visa/, Access ABTA 90685. 
ATOL2877IATA 
Rail Passes & Car Hfire. 


FIMANCIALTIMES 


Whilst care is taken to establish 
that our advertisers are bona 
fide, readers are strongly 
'recommended to fake their own 
precautions before entering 
into any agreement. 


ESSENTIAL HOTELS 
BROCHURE GUIDE 
ORDER FORM 

Please enter the appropriate number for the hotel brochures you 
would like to receive, enter your own name and address and then 
send or fax this coupon to the address shown. Replies must be 
received no later than 26 November 1994. 


1. 

Ashdown Park Hotel 

a 

14. 

The Swan Hotel 

□ 

2. 

Blagdon Manor 

o 

15. 

The Clifton Hotel 

O 

3. 

Tiverton Hotel 

□ 

16. 

Hunstrete House 

□ 

4. 

The Celtic Manor Hotel 

□ 

17. 

London Elizabeth Hotel 

□ 

5. 

Willet Hotel 

a 

18. 

St Brides Hotel 

□ 

6. 

Swallow Hotel(S-on-Tees)0 

19. 

Vermont Hotel 

□ 

7. 

Hinckley Island Hotel 

□ 

20. 

Danesfield House 

□ 

8. 

The Old Swan 

□ 

21. 

The Blakeney Hotel 

□ 

9. 

Buxted Park 

□ 

22. 

Combe Grove Manor 

□ 

10a 

Elizabeth Hotel 

□ 

23. 

Selsdon Park 

□ 

10b 

Elizabeth Apartments 

□ 

24. 

Alexandra Hotel 

a 

11. 

The Spa Hotel 

□ 

25. 

Hanbury Manor 

□ 

12. 

Wood Hall Hotel & C C 

□ 

26. 

Highbullen 

□ 

13. 

Ly the Hill Hotel 

a 

27. 

Swallow Hotel (York) 

a 




28. 

Relais & Chateaux 

□ 


TITLE 

ADDRESS - 


INITIAL. 


SURNAME... 


POSTCODE DAYTIME TELEPHONE 

WEEKEND FT ESSENTIAL HOTELS 
BROCHURE SERVICE 

(Ref 16/94) Capacity House, 

2-6 Rothsay Street, London SE1 4UD. 

Fax No: 071 357 6065 

The information yon provide will be held by the Financial Times and may he «, u-ep 
yon rnfonned of FT products and by other acted companies for mailing purpi «.s.. 

2 lw * bT", T Dal “ Pr0!Ce,i °" AC ‘ 'IW NnnZ One 

Southwark Badge. London SE1 9HL. Pte tick this box if y„ u do not wish „ ^ 

further mformnlron from the FT Group or companies approved by the IT Croup. O 













X 


FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994 


WEEKEND FT XIII 


Uld 




2±** 


TO 

3S9 


iaiffi* 


The Ashdown Park Hotel. No Finer 
Surroundings To Take A Break. 

S^rome and experience our unrivalled hospitality, with one of our special 
SBy CAhort break offers. Prices start from £147.00* per night for two persons, 

B§*§vyK| which include a delicious 4 course table d’ hole dinner and breakfast. 

All in aD a unique offer that cannot be equalled. 

«9SBr Christmas and New Year details are available upon request. 






-sm 




MlaQfrjxn ffi&nxx r (Ernmtru pfcriel 

Ash water. Seaworthy, Devon EX21 SDF 
Tel : 01409 211224 Fax: 01409 211634 

A 17th century manor house, beautifully restored, in Saeres with superb views of rural Devon. Dinner 
party atmosphere, fine wine & food. Warm & Cosy with open log fires. Luxurious en suite bedrooms. 
Perfect for short breaks and weekends open all year. Write, fax or phone fw our brochure and tariff. 

Escape to the heart of the West Country 2 


WILLET HOTEL 

32 Sloane Gardens 
London SW1W 8DJ 
Telephone: 071-824 8415 
: Fax:071-730 4830 
TetoC 926678 

Small character town 
house, off Sloane Square. 

Aft modem facilities. Fufl 
English breakfast inclusive 
of very modest rates. 5 



The Old Swan ia recognised as “one 
of the finest hotels in Ihe Cdswolds* 
and has been welcoming visitors for 
over 600 yeszs (including Rkhard HI 
according to die stoat*). Our 16 
bedrooms are individually furnished 
and Che restaurant renowned locally 
fur Its personal service and 
quality of food. 

Price £55.00 per person per night 
inclusive of Dinner. Bed and Foil 
English Breakfast 

AUTUMN OFFER 
THREE FOR TWO - 

Boak two nights ami shnr the third night 
mdusfoe of dimer atmpieteh) free 

The Old Swan 
Minster Lovell 
Nn Burton! 

Oxfordshire OX 8 5Rn 
Telephone: 0W3 77*443 


SWALLOW 

HOTEL 


5TOCXTON-OK-TU5 

First Choice for Business Class 
accommodation in Teesside 

For reservations 

Tel 0642 679721 or Fax 0642 601714 


SJZAEEffi 10 

“ item 

37 ECCLSSTON SQUARE, 
VICTORIA, LONDON 
SWI V IPS. Teh 071-823 6812 

Friendly, private hotel (a Ideal, 
central, quiet location overlooking 
magnificent gardens of stately 
residential square, elate la 
Belgravia. Comfortable Singles 
from 234.M. 

Don Wea/T wins from £58.00 and 
Family Rooms bom X7SM 
including jjood 

ENGLISH BREAKFAST A VAT. 
Also luxury 2 bedroom & studio 
apartmeals (mis. let 3 mouths) 

COLOUR BROCHURE 
AVAILABLE 

Egon Ronay/RAC Recommended 


Set in 300 acres of parkland this 
Georgian Mansion, with ia open log 
fires and fine cuisine, is the perfect 
setting for the festive season. 

/-CHRISTMAS PROGRAMME--^ 
f 3 NIGHTS £375 

I NEW TEAR PROGRAMME 

Vl 2 NIGHTS £200 * 

iachulve of V/CT and tue of o*r health spa 
PLEASE raws FOR BROCHURE 
Buxted, UckfieU, East Sussex 


"0825 73271 1 


mm 



Pont Day Cramnus Bouse Parxt ax 

St. Brides Hotel 

1C SATJNDEBSFOCT 

SA099NH 


LytheHill Hotel mid BteAubogede FrantTResfaucint 

Join us far a Christmas Home Party in Mth Century Splendour! 

FrinMy owned coaany hod in die bean of As Sony bate. 

* DcMdoas Can) and One wina 

» Laj»rio«cmnte bedroom- hytmfin g 1< «mm T .. tt.h tt > i AST? K 

* Fricndy nd effidm mbS lyUK Hill ^Hotd /Rm. 

*■ 20 icrraol j^niwpKwndiiWcriociklng a.£ M. W , 

Bla cW own HJl - a National Tnm fcfy ipcl 

9 A fall progr amm e of c uiriulmm incfarfani JJfcjjEr- 

trip tD aiE'nie«recfcjiikra»il»w4psan4»tfci«icij(BSfPr^ - I^-.otII - 

UlnealidulwiK'alLj’lbefSOM rtcCuino 

* A iwo day Mailer Myncty ukd ptacc on ilia D Cl flB 'Ji Jf? 1 ff Bi U L_ 

27Aaid 38lh December 

» To ctwgilae am fanrint* lor 1994 ww are Wuk?.57Ur-rTrtl<* Jr fcL l ?»- r 

hokdeg • New Yc«N Etc G«h Diaon Dencr 3 ' ”, 

(whbtpcdriixrafbroveinigtteccnnaiodatiDa) 1 V^s3*54 ‘ 

* AAA RAC Four Snr- Sfcrii Aw*r*4T*o PI 

Renata tot food and hoqnlaliiy. " r- | " 

Rx fmdw dctsSior resavanoaa pfcnc raUnsoa ■; frijJt J/. 7 ; ; 

(I142S A5I251), Road. HBekrtfrr, Stnnrf GU27 3BQ. •■■■ 


LONDON IN STYLE H 


17 At This Superb Town House Hotel 

CORPORATE RCX3M RATES FROM JUST £55 FULLY INCLUSIVE WITH 
COMPLIMENTARY CHAMPAGNE WELCOME OFFER 

* Overlooking Hyde Park * Private Car Put 

• 55 Personalised Rooms * Restaurant & Bar 

“ Deluxe Rooms & Suites * 24 Horn Room Service 

LONDON ELIZABETH HOTEL 

Lancaster Tcmux, Hyde Parit, London W2 3PF 
Teh 071-482 6641 Fmc 071-224 890* 


a cbown mamr cuianmsBD 


from Dewmbc-r 25th 

£275 per person 

an <J tho 

| opportunity to ho nwardi-tl o ~ day 
FKFI-: JndjiLiy in .i superb 
HAR1JERI Villa in 
El l'.nl’K or tin- C.-OatiRt'.vs 

Writ* 1 or phono for 
bnH'huiv <!v details 

0,834 ,812304 


THEBIAKENEY 

HOTEL 

ETB «•** aa/RaC *** 
Blake n ey. Nr. Holt, Norfolk 
Traditional privately owned 
friendly hotel overlooking 
National Trust Haihaui. Heated 
Indoor pool, spa bath, saunas, mini 
gym. billiard room. Visit to relax, 
sail. walk, and explore the Norfolk 
villages, countryside and coast. 
5FECIAL FESTIVE 

ARRANGEMENTS POK CHRJSntAS 
AND NEW TEAR . 

21 Brochure: 0263740797 


Lyme Regis 


*$* 


irkirtc AA& RAC 
2 Rosettes AA 


VERMONT 

HOTEL 

This recently opened Hotel is centrally located in a 12 Storey 
Landmark Building Dead to the Casue with unique views of 
the River Tyne and its fatuous Bridges. 

Already awarded the City’s Highest Classifications the Vermont offers a 
variety of Facilities including 101 Executive Bedrooms and Suites, a 
range of Meeting Rooms and Dining Areas from the internal Martha's 
War &. Ri<arn in the Brasserie and the more formal Blue Room Restaurant 
On-she Car Parking. 

Castle Garth. NewcastlbNEl IRQ 
Teh 091 233 10L0 Fax: 091 233 1234 19 



THE ULTIMATE CODNTBT HOUSE 
CHRISTMAS- PART I 


u • . hac mdbt awes » ■ 

24 ««*•» canwr. 

£~HexwiJra &tobl 

TEL: B297-4420I0 _/ 


THE CUISINE 
THE BEST 

L'nder the guidance of Aflxtrt 
Ruux. our awatd^vinnmg itsttunn 
ism esqieriemw to sbwouc 

As well as the cuisine, life 
in this elegant country house 
mon, set in 200 acres of park- 
land. offers many attractions 
including a Jack Nkklaus II 
designed, championship 


IS AS GOOD AS 
IN FRANCE. 

sundaid golf course, tennis and 
squash, a magnificent indoor 
pool and health and beauty spa. 

Our champagne breaks 
start from £9250 per person per 
night sharing, inducting dinner 
and full English breakfast and 
you can arrive on any dajt 



Essential 

Hotels 


For details of advertising in the next 
Essential Hotel Guide 
On 26th November 1994 
Please telephone Robert Hunt : 

071 8734418 


CHRISTMAS 

at THE SPA HOTEL 


TradUonal family Christmas, including; 

* Christmas Eve Carols & 

Dinner Dance 

‘ Wine Tasting * Laser Shool 
’ Children's Entertainer fW 

* Spartling Health Leisure Facitities H ^ . 

* Magician \\A*.r 

* Boxing Day Party NfaM j l 

* Fun, Food, Festivities and More | 

Three day package E35C per adult, sharing 
Special rates for single accommodation w'W 
and children. * '/ 

For further. details please call Jacky Woodland at 



\ 



The Spa Hotel Mount Ephraim 
Royal Tunbridge Wells, Kent TN4 8XJ 
Tel: 01882 520331 Fax 0iB32 5105T5 


■|f 



A mercifully unspoiled Georgian manor bouse 
set in 90 acres of deer park and renowned 
gardens, only 8 miles from Bath. 

Award winning food and discreet impreccable 
service in a genuine country house setting. 

Hunatrete, Chdwood, Bristol, BS18 4NS 
Tetepbon® 07S1 490490 Facsimile OT61 490732 



A Christmas to remember 

Three nights of hurray with three days 

of the very beet of traditional hospitality. 

£275.00 per person 
{fully inclusive programme) 

Far our Christmas brochure please contact Wendy Grierson 
Telephone 0628891010 



SjfanqBljfMme 

Daanesfitdd House 

Marlow, Buckinghamshire SL72EY 



24 HIGHBULLEN 

Country House Hotel, Chi tile hamholt. North Devon 

* Secluded Ym Marvellous Views. * Highly Riled Resuonuu. 

* 35 Double Rooms Willi Bath. Colour T.V. 

Ia all the impartial Hotel Guides 
£47 JO - £70 per person, uKloding dinner, breakfast, service, 
vat and UNLIMITED FREE GOLF 

OVER 10 MOLES OF SALMON & SEA TROUT FISHING 
ta*» A aofefaar kneed pwb, ewdear ft INDOOR icaah. 
&!»MAoB9«At^qdfciwiaiL«icMiii>»Baiticd.tpil»ri.fal°»xiMu»Bl»PhiilepM:dflgy^we 
gotfcoaiitfitdikaptttolgi ar tE irtrab ecoalbrieo nag SOL 
CUtan<ie& 

RtVERSJDCLODGEe cmniK bedrootns seif CKeiing (services avaDable). 

85 acre aodeat woodtsed. 

Telephone 0769 540561 


S South East Tourism Award- Hotel of the Year 

Wych Cross.. Nr East Gwnstead, East Sussex RH18 5JR Tel 0M2 824988 Fax 0542 826206 


LICENSED EBU BRIDGE WEEKEND 
AT THE AWARD WINNING TIVERTON 
HOTEL IN BEAUTIFUL MID DEVON 



: 'T. 

ill 

CH Ml 

ill 

ill 


LEISURE BREAKS 
IN THE HEART OF ENGLAND 

Enjoy a rebuemg "rimer break at lids luxurious modem hotel. 
Unique ia character whb extensive leriore facilities set hi 
rrnal junomufiogs and convenient far the 
bean of England amactioBa. 


Weekend Break £89pp ladndec 
2 irigbt* DB&B ia iSchizc f pwf m nm ie riflti 

dricremt vaaAre to toed mrteanps 

WWnriek Chnle. Ikmwonh Soowdomc, gpU etc. 
Free mrfiitiited me of oar eawrtrej karate facilities. 
fli i lhc ii free in tram. 


R*r farther details please call and quote ref FT. LB 
WNCKLEY ISLAND HOTEL 
AS Hinckley, Leicestershire 

7 TEL: 0455 631122 


KGONRONAY AA+*** RAC 

Luxury Breaks 

TT3E 

GbtfManor 

HOTEL 

Victorian Manor House- Set in 
300 acres of hillside woodland. 
Ideally located for exploring the 
beautiful Gwent Countryside. . 
With cuisine prepared by Trcfor 
Jones. Welsh Chef of the Year. 
Indoor Pool St Leisure Facilities. 
£50.00 per person per 
night Dinner, Bed 
and Breakfast. 

(Fra, Sat or Stun 

The Celtic Manor Hotel 
* Coldra Woods » Newport 
• Gwent • NP6 2YA 

TEL: 0633 413000 4 


Suffolk Heritage Coast 



Highly Commended 


Wood 9{alC 9{oteC & Country CCuB 

S&BtOi&x. ■Hbo&nfy, Suffolk. FP12 3TQ Hk (01394)411233 Too (01394)410001 

Como and enjoy the -ambience tint only n Listed Historic 16th Century Elizabethan Manor House can provide. Set 
in 10 idyllic acres in a designated area of oatstanding natural beauty with roaring teal log fires, candlelit dining 
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XIV WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 I 4 * 04 


BOOKS 


A lec Guinness is a mad- 
dening challenge for a 
biographer: private life 
impeccable and without 
incident: career one of absolutely 
solid achievement, the one or two 
failures subsumed in a steady 
march to glory; work exceptionally 
fine and universally admired. 

The renowned mystery and 
secrecy of the man prove simply to 
be a refusal of the usual pact by 
which successful actors, in 
exebange for perpetual publicity, 
allow themselves to be reinvented 
by the media. In fact. Guinness, as 
countless people - as opposed to 
journalists? - have testified. Is a 
delightful and amusing companion, 
deeply interested in the outside 
world while being inordinately 
fond of his home, lover of food and 
wine, rellsher of literature and art 
and prone to intense enthusiasm 


The mystery and the magician 


Simon Callow finds that Alec Guinness continues to be an elusive subject 


for both things and people. A para- 
gon, in fact What's the catch, the 
biographer wants to know. What 
he asks Impatiently, makes the guy 
tick? "I was not aware," Guinness 
replied magisterially to an inter- 
viewer who asked the same ques- 
tion, “that I was ticking." He is, of 
coarse; very loadly indeed. There is 
a great deal going on Inside, emo- 
tionally and intellectually. What 
exactly this might be is the ques- 
tion which Garry O’Connor 
addresses. 

Mr O'Connor has a distinguished 
record as a biographer; bis account 
of Ralph Richardson is nothing 


short of a masterpiece, the life 
itself interleaved with his extraor- 
dinary encounters with bis subject. 

In the case of Guinness, for bet- 
ter or for worse, he has not had the 
same advantages. Be has accord- 
ingly made as much as he can of 
the existing record, above all, of 
course, Guinness's own masterly 
Blessings in Disguise (another curse 
to the biographer: the carpet pulled 
from underneath his feet). 

The revelation that Guinness 
chose to make in that book of his 
illegitimacy and terrifying upbring- 
ing is the core of Mr O'Connor’s 
meditation on his life and art. The 


ALEC GUINNESS, MASTER 
OF DISGUISE 
by Garry O’Connor 

/fodder £17.99. 316 pages- 


quest for the Gather; the distrust of 
the mother. Mr O'Cotmor detects 
these everywhere and it is no sur- 
prise that he sees Hamlet as the 
correlative of Guinness's Inner 
journey. There is obvious truth in 
this; bat it cannot explain Guin- 
ness either as man or as actor. 

The essential fact about Guinness 
is that he transmuted his inner 


drama into acting, not in an auto- 
biographical sense bat by becoming 
a sort of ontological magician. He 
was able to release himself into 
character, or rather, perhaps, he 
was able to allow himself to be 
seduced by. to be taken over 
by. another self; and he did this 
above all by the power of 
thought 

It was no emotional abandon- 
ment rather a consciously acquired 
ability to discharge the rage and 
feelings of impotence that Blessing 
in Disguise clearly tells us were the 
primary experiences of his young 
life. The need to control and release 


these emotions produced the power- 
ful mental instrument that is cen- 
tral to Guinness's work. 

There is a mystery here and it 
turns out to be the mystery of act- 
ing itself. Mr O'Connor is not good 
at analysing this because he is less 
interested in the physical perfor- 
mance than in what the perfor- 
mance portends. The alchemy is 
merely alluded to. 

As for what goes on in Guin- 
ness's mind, O'Connor seems to 
view him as an intellectual; this, 1 
submit, is not the case. He is a man 
of prodigious, almost frightening, 
mental force, but ideas, the 


medium of the intellectual, are not 
what he uses his mind on. -He 
observes, he penetrates, sometimes 
he eviscerates. 

He is a remarkable writer. I 
would suggest that he is that rare 
actor, one who has the tempera- 
ment of a writer - and not neces- 
sarily a dramatist. His perfor- 
mances could almost be said to 
have the depth and complexity of 

fiction. , , . 

Perhaps this might explain a cer- 
tain lack of linearity In his stage 
career, a quest for characters 

rather than roles. His has ban a 

unique journey; Mr O'Connor 
charts it thoroughly and intelli- 
gently, In a series of short chapters 
and In elegant prose which cannot, 
however, conceal the fact that he 
raises questions which he is unable 
to answer. So the Master «’/ Disguise 


Virtual 

hippies 

It is not all a brave new world ' 
says Stephen Amidon 


T he Utopian urge has 
been with us since 
Cro-Magnon man 
started bumping his 
head on the cave ceiling, so it 
is hardly surprising that some 
people maintain that quantum 
advances in information 
technology might give birth to 
a vastly better society. 

The young American 
journalist Douglas Rushkoff Is 
such a believer. His lively and 
informed book is an ode to 
computers and fibre optics, a 
glowing map of a brave near 
world called Cyberspace. 

Rushkoff defines Cyberspace 
as a “consensual hallucination 
accessed through the 
computer" - hence, anything 
from two people speaking by 
satellite link, to a boy 


CYBER1A: LIFE IN THE 
TRENCHES OF 
HYPERSPACE 
by Douglas Rushkoff 

Flamingo £6.99. 320pp 


wandering deep in the latest 
virtual reality program. 

For Rushkoff, Cyberspace is 
a realm ripe with possibilities 
for new human organisation 
and development, ft is a place 
potentially free of 
governmental oversight and 
personal neuroses, where 
human impulses can be 
infinitely perfected with the 
help of the microchip. 

The author is at his most 
convincing while charting 
recent advances in hardware 
technology and showing how 
these have benefited the 
human imagination. For 
Rushkoff, the existence of a 
“datasphere", where a large 
number of people are plugged 
into one another's computers, 
provides an imaginative arena 
of unbridled possibility. 

He posits a world where 
business meetings and 
classrooms no longer require 
physical proximity, where 
correspondence occurs without 
delay, where news can be 
transmitted without need for 
media conglomerates. Rushkoff 
breathlessly scans the future 
horizon, catching glimpses of 
scenarios such as cyber-sex 
between two people using 
Virtual Reality software and 
“wet", bodv-reactive hard- 
ware. 


It is hard to argue that 
technology like Video Toasters, 
which allow us to “sample" 
television shows as disc 
jockeys now do records, and 
“wireheading", hardware that 
plugs directly into the human 
brain, promise a whole new 
way to work and play. 

What Rushkoff seems to 
have less of a stomach for is 
the dark side of this world, the 
dystopia in which technology 
is used as a means of 
repression and conformity 
rather than liberation. 
Believing that “as 
computer-net working 
technology gets into the hands 
of more cyberlans, historical 
power centers are challenged.” 
he seems to forget that the 
reason so much power is 
centralised is that the people 
who wield it have a knack of 
staying one step ahead of the 
rest of us. Cyberia's relation to 
its Soviet namesake may be 
more meaningful than just a 
facile pun. That said, 

RushkofTs examination of the 
technological aspects of 
Cyberspace remains essential 
for those interested in the 
subject. 

Where the book proves Ear 
less effective is in Its second 
part, which deals with the 
non-computing side of Cyberia. 
Smart drugs, house music and 
Cyberpunk fiction are all 
subsumed under a tatty 
umbrella of New Age thinking 
that would have us believe is 
in some way related to the 
information revolution. 

RushkofTs arguments are Tar 
from convincing - one need 
only listen to the monotonous 
drone of rave music or the 
cretinous babble of a “smart 
drug” saleswoman to 
understand that this is nothing 
more than warmed-over 
hippyism. RushkofTs prose, so 
lucid in the early parts of the 
book, becomes unmoored and 
jargon-ridden as he takes us 
through the poorly-lit 
labyrinth of "neopaganisnT 
and “technoshamanism". 

Where he started off largely 
convincing us that a brave new 
world was being born, we leave 
the book thinking that Cyberia 
is little more than an enclave 
for the sort of drop-outs who 
have always found their utopia 
in the same place - anywhere 
but here. 



‘The fax diminishes and degenerates transmitted information . . . fruit emphasises the decaying process': artist Michael Callan quoted in 'Fax You; Urgent Images', a study of fax- machine art (Booth- CD bbom £36, 17S pages) 

A good drinking companion 

Asa Briggs raises a glass to an alphabetical, illustrated, treatise on wine 


I n editing this massive Oxford 
Companion to Wine, Jancis Rob- 
inson, Financial Times wine 
writer, has accomplished a 
unique double. She was the first per- 
son to present a television wine 
series. Now she is the (list person to 
offer to a smaller but more knowl- 
edgeable public an impressive refer- 
ence volume that treats wine as 
English literature, music, art, mind 
and medicine have already been 
treated. She calls the writing of it 
“the greatest challenge of my 
life". 

There are more than 3,000 alphabet- 
ically-arranged entries, many of them 
illustrated, which cover an immense 
range of subjects, some of which 
could include cross references to 
other OUP Companions. There is an 
interesting entry, for example, on 
wine in English literature though 
none, surprisingly, on art or music. 
There is, too, one on “Health, Effects 
of Wine Consumption” with a refer- 
ence in the reading list to Sir Richard 
Doll. There are many references to 
mind. Under Herodotus, for example, 
we learn that "far from regarding 
drunkenness as undesirable or 


immoderate behaviour, the Persians, 
if Herodotus is to be trusted, viewed it 
as an altered state of consciousness 
that is as valuable as sobriety". The 
very presence of Herodotus in the vol- 
ume demonstrates that the ancient 
world is given due attention. 

History, indeed, is well treated 
throughout The 19th century is not 
neglected, and some of the interesting 
British writers on wine are included, 
like Alexander Henderson (a medical 
doctor) and Cyrus Redding. 
“England’s answer to the great wine 
explorer of France, Andre Jufiien". 
Both Redding and Jullien were trav- 
ellers. and Redding, convinced that 
geography mattered more than his- 
tory, discussed wines from all parts of 
the world. Geography and history 
have always travelled well together in 
studies of wine, both academic and 
popular, and more than one-third of 
this volume is devoted to specific 
wines and wine regions: there are 31 
regional maps. 

Some of them reveal the topical 
strains to which wine making is sub- 
ject. The article called Yugoslavia 
incorporates a map called “former 
Yugoslavia". The article on Cyprus is 


as problem-laden as Cyprus itself. 
Azerbaijan and America have articles 
too. Apparently vineyards in Azerbai- 
jan account for 7 per cent of culti- 
vated land and grapes for 30 per cent 
to 40 per cent of agricultural 
output 

There are 12 articles on the former 
Soviet Republics (as revealing as the 
excellent articles on Argentina and 

THE OXFORD COMPANION - 
TO WINE 

edited by Jancis Robinson 

Oxford University Press £30. 1086 pages 


Chile) and one on “Soviet sparkling 
wines”, a specific term devised 
according to European Union law 
(“See European Union"). Gorbachev, 
who tried to cut alcohol consumption 
(there is no article on him or an Yelt- 
sin) does not appear as a liberator in 
this context. He makes a dramatic 
entrance, for example, into the article 
on Bulgaria: “Gorbachev's arrival as 
Soviet premier had dire consequences 
for Bulgarian wine." 

Politics - and economics - are less 
fully handled than most other disci- 


plines in the interdisciplinary mix. 
although there is an article (all too 
brief) on taxation and scholarly 
articles on investment in wine and on 
auctions. There might well have been 
an article on Gladstone, who cut taxes 
on French wines, and when we reach 
the 20th century there is too little on 
the retailing and pricing of wines and 
on the changing roles of stores, 
chains and supermarkets. 

There is little, too, about competi- 
tion Erom other alcoholic beverages 
not based on the grape or about soft 
drinks and mixers. Aperitifs have an 
entry, but there is no reference to 
cocktails, and while aquardente and 
oquardiente are mentioned and there 
are long articles on armagnac and 
cognac (the latter making one cross 
reference to vodka), there is no sign of 
calvados, whisky, beer or, for that 
matter, black velvet A brief article on 
alcohol makes the point that 
‘'the alcohol content in a perfectly 
balanced wine should be unfathom- 
able". 

The articles on food and wine are 
sketchy, too. but the place of science 
both In viticulture and In vinification 
is handled in expert fashion, and the 


brief article on traditions ends with 
the comforting words that “traditions 
are likely to have evolved for a rea- 
son. often one that Is eventually 
explained by science". 

The article on "training systems" 
that follows almost Immediately is 
concerned solely with vines, not peo- 
ple. 

The first two entries in the volume 
are abboccato and abocado. medium 
sweet, and we are directed to the 
article on sweetness. In the absence of 
an index such direction is all. but no 
one interested in wine should 
miss the aroma wheel on pages 
58 to 59. 

Not all writers on wine could be 
described as medium sweet, but all 
those whom Jancis Robinson has 
recruited to make this volume such a 
good companion, a companion for all 
times, deserve a collective toast. 
Unfortunately, it must be taken from 
outside the volume, where under 
“toast" we read only that “toast given 
to a barrel when forming it over a 
heat source, is one of the processes in 
barrel making that most obviously 
affect eventual wine flavour". Roll out 
the barrel. 


T liis is the third biography 
of Evelyn Waugh. The 
general picture of a mon- 
ster who was a comic 
genius and who wrote like an angel 
remains; but this portrait is painted 
in warm fresh colours: the back- 
ground is filled In with an eye for 
detail based on much new investiga- 
tion and from personal knowledge. 

Waugh emerges as an even more 
complex character than before as he 
travels through a life that began in 
1903 at Fortune Green, North Lon- 
don. as the second son of Arthur 
Waugh, publisher and occasional 
writer. 

Waugh does uot become any nicer 
through renewed acquaintance. At 
Lancing College he moved in a pre- 
cocious set that included Tom Dri- 
berg, Dudley Crew (later Times film 
critic;, Roger Fufford and Max Mal- 
lowan. The latter remembered 
Waugh as: "courageous and witty 
and clever but Ihel was also an 
exhibitionist with a cruel nature 
that cared nothing about humiliat- 
ing his companions as long as he 
could expose them to riducule." 

Those traits remained for the rest 
of his life. At Oxford, he fell foul of 
his history tutor, C.R.M.F. Crut- 
twell. who became thereafter a con- 
stant butt of Waugh the writer's 
wit. Waugh went down without a 
degree but not without memorable 
experience. He had fallen in love 
with inebriate, feckless Alistair Gra- 
ham, a Catholic convert (who 
became Sebastian Flyte in Brides- 
head), and had met two homosexual 
aesthetes Harold Acton and Brian 
Howard (who jointly became 


jv Blanche). 

gh had no job and no pres- 
ort seemed an option. He had 
it for drawing - or perhaps 
t-making. He revered crafts- 


A monster 
in context 

Anthony Curtis appreciates the detail 
in a new biography of Evelyn Waugh 


men. In the end it had to be school- 
mastering. He went off to Arnold 
House, Llanddulas, Denbighshire, 
where he became popular among 
the boys oil account, we are told, of 
“his enlightened policy of laisser 
faire". He hated it but it was all 


EVELYN WAUGH; A 
BIOGRAPHY 
by Selina Hastings. 

Sindair-SlevensoH £20, ~24 pages 


wonderful copy. When Decline and 
Fall came out, illustrated by him in 
1928, he enjoyed universal critical 
success. “An uncompromising and 
brilliantly malicious satire," said 
Arnold Bennett in the Evening 
Standard. Waugh was still only 24. 

His first brief marriage soon came 
to grief and Waugh, now a celebrity, 
fell in love with many of the 
well-bred young women he met. 
Most were indifferent to him as a 
lover. Sometimes it was whole fami- 
lies of whom he became enamoured 
in his upward ascent. There were 
most importantly the Plunkett 
Greenes, two tall brothers, a daugh- 
ter and a mother Gwen, niece of 
Baron von Hugel. the theologian. 

It was she - Gwen Greene - who 


set Waugh cm the path to Rome and 
Father Martin D'Arcy who 
instructed him. It took a long time 
for the Vatican to annul his youth- 
ful marriage, a measure that 
became urgent when Waugh met 
his fate, Laura Herbert, 18, who was 
of all things the cousin of “She- 
Evelyn", his first wife. “I thought 
we had heard the last of that young 
man," said her aunt. 

A happy permanent second mar- 
riage did not somehow mellow 
Waugh. Children, of which they had 
several, bored him. He tended to 
disappear when his wife's pregan- 
cies came to term. Instances of his 
incivility, his outrageous behaviour 
in his public life, abound. Feuds 
with other writers such as Peter 
Quennell could be never ending. 

His saving grace was courage. He 
was an intrepid traveller before the 
war on various assignments Includ- 
ing visits to Abyssinia (see Black 
Mischief and Scoop). As an officer hi 
the Royal Marines and Commandos 
Waugh behaved badly in the mess 
and inconsiderately towards his 
men, but was brave in action espe- 
cially during the exodus from Crete. 

The contradictions inherent in 
Evelyn Waugh could be endlessly 
prolonged. The role of the landed 


English Catholic country gentle- 
man, in which he cast himself, was 
stressful for him to keep up. Add to 
it the precariousness of literature as 
a means of sustaining a large house- 
hold and an extravagant lifestyle 
and you have the prelude to the 
ship-board crack-up so well 
described in Pinfold. It was precipi- 
tated by bromide poisoning; he was 
taking it to cure his insomnia. 

In his last years Waugh became 
an icon of English insularity, a vol- 
canic John Bull-figure In hound- 
stooth suit, brandishing cigar or 
ear-trumpet which he put to his ear 
when he was speaking and lowered 
when you were. In fact, you were 
most unlikely to get anywhere near 
him especially If you were a jour- 
nalist. He saw the intrusive Nancy 
Spain of the Daily Express literally 
off his premises and then success- 
fully pursued her through the 
courts for libeL He managed in the 
famous television Face to Face 
interview to discomfit the normally 
unflappable John Fireman by reply- 
ing to his probing questions in 
brusque monosyllablic one-liners. 

After more than quarter of a cen- 
tury, neither the legend nor the bad 
behaviour matters. Great comic 
novelists such as Waugh and Dick- 
ens do often behave badly to their 
nearest and dearest as well as to 
their furthest and most loathed. 
Waugh the man diminishes to noth- 
ing when placed beside the delights 
of his still hugely readable fiction. 

Selina Hastings does not neglect 
this. She can be most perceptive 
when relating the life to the novels. 
All are still In print and selling 
well. Vile Bodies and Brideshead 
Revisited both sold between 11,000 
and 12,000 copies last year- If 
Waugh were alive he would, surely, 
at 91. be gruntied to know that 


Fiction/Joan Smith 


Vengeance exposed 


P.D. James rises to a creative 


T he sin at the heart of P.D. 
James’ new novel is a cal- 
lous act of betrayal com- 
mitted many years ago, 
before most of her characters were 
born. It is a book In which she 
reveals an almost Oedipal sense of 
the inescapabiiity of the past, while 
remaining too complex a moralist to 
endorse notions of pre-destination 
or determinism. 

The epic tragedy which unfolds in 
Original Sin is a warning against 
vengeance, whose blind rhetoric is 
exposed at the end of the novel as a 
destructive force beyond the control 
of those who unleash it. Lives are 
lost, careers destroyed, because of 
one character's literal acting out of 
an Old Testament view oF justice as 
a means of enforcing equality of 
suffering. 

That a detective novel should be 
discussed in these terras is an 
apparent vindication of James's 
argument that the form is flexible 
enough to contain the moral sub- 
tlety and fine writing more usually 
associated with literary fiction. At 
the same time, it has to be said that 
few authors who write this type of 
fiction come anywhere near 
approaching James's degree of 
accomplishment. 

In her case, the boundaries of the 
genre appear to act both as a com- 
fortable framework and a creative 
challenge. Original Sin slyly replays 
some of the cliches of Golden Age 


detective fiction, from a closed cir- 
cle of suspects - the partners in an 
ailing publishing house based in a 
mock- Venetian palazzo on the 
Thames - to a locked- room mystery 
which only gradually -re veals its fic- 
tional and historic antecedents. 

James has always revelled in 
plots of startling intricacy which 
she manages to unfold without 
intruding her authorial presence. In 
Original Sin she writes cinemati- 


ORIGINAL SIN 
by P. D. James 

Faber £14 99. 432 /wy.-.i 


cally, beginning with a series of 
brief, vivid scenes in which a tem- 
porary secretary arrives at the Pev- 
erell Press and observes not just its 
architectural magnificence but the 
discontents among the staff. The 
company's chairman has recently 
died (of old age, unlike the deaths 
which swiftly follow) and been sue- 
ceeded by Gerard Etienne, the ruth- 
less son of his French business 
partner. 


cent House, to a property 
Shortly after a bad-tempe 
meeting he is found dead 
upstairs office, his corps) 
presented; half-clothed ar 
draught-excluder in the s 


challenge 

snake (known in the company as 
Hissing Sid) wound round his neck, 
its head jammed into his mouth. 

The image is grotesque, panto- 
mimic. yet without in any way 
undoing the horror of the scene- 
Later in the book, when another 
victim is shown struggling and fail- 
ing to escape the gruesome death 
planned by the same killer. James's 
contribution to detective fiction 
becomes clear. Where Agatha Chris- 
tie or Dorothy L Sayers or John 
Dickson Carr used violent death as 
a device, the enabling act which set 
the plot in motion, James aims for 
an emotional authenticity which 
restores its chilling, unforgiving 
finality. 

Murder for her is an outrage, a 
rent in the social fabric which the 
forces nf law and order - repre- 
sented in this novel by her Scotland 
\ani detective Adam Dulgliesh ;uid 
his assistants - struggle uot so 
much to mend as to limit. In Orig i- 
nal Sin , the impossibility of the 
tusk conics close to overwhelming 
them, producing a black, bitter 
finale which casts a baleful light on 
the conventional romance acted out 
by two of the surviving characters. 
James's finest novel to date. Origi- 
nal Sin exposes the harsh fallibility 
of human vengeance in a world 
whore the ideal of divine Justice, 
though attractive to Dalgliesh - ami 
l suspect, his creator - may also 
prow illusory. 


FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994 


WEEKEND FT XV 


★ 

^ BOOKS 


Feminist 

mauling 
of the 
power 
of myth 

Jackie Wuttschlager writes on a 
deconstruction of fairy-tales 



Etaancr Vere Boyle’s cfasalc M uatra flo n for 'Beauty and Hie Beast*: 'Animals are now romanticis e d rather than feared* 


Purity vs 
promiscuity 

A.C. Grayling on sex in history 


O f all art forms, the 
fairy-tale is the 
most reliable barom- 
eter of a society’s 
cultural priorities. It is the old- 
est popular literature we know, 
and responses to it have 
always spoken loudly for their 
times. 

In the 18th century - the 
Age of Reason - fairy-tales 
were banned from the nursery 
as dangerously imaginative. 
With the Victorians, their inno- 
cent heroines were sentimen- 
talised - Dickens said perfect 
bliss would be to marry Little 
Red Riding Hood. In the 1930s. 
the Nazis billed the Gr imm 
Brothers' stories as pure Aryan 
volk tales, advertisements for 
the German heritage. 

Marina Warner, one of the 


FROM THE BEAST TO 
THE BLONDE 
by Marina Warner 

Chat to and Hindus £20. 4S0 pages 


best-known cultural commen- 
tators of the 1990s, has brought 
the politically correct cliches 
and intellectual fripperies of 
contemporary mediaspeak to 
bear on fairy-tales. 

The book confirms what the 
Reith lectures earlier this year 
suggested: that Warner is not a 
serious thinker in search of the 
truth but a propagandist for a 
brand of popular, feminist prej- 
udice. She uses the trappings 
of scholarly reference and liter-- 
ary allusion to deliver familiar 
ideas which neither challenge 
nor illuminate the received 
wisdoms of our age. 

From the Beast to the Blonde 
says that fairy-tales offer a 
misogynist view of female 
characters. This misogyny can 
be traced to the “particular 
web of tensions in which 
women were enmeshed" when 
the stories were first recorded, 
but ft is now outdated and we 
should develop alternative 
readings. 

Warner shows convincingly 
how features of fairy-tales that 
we take for granted are rooted 
in specific historical periods. 
Mothers are absent because 
they often died in childbirth: 
Cinderella, in sackcloth and 
ashes, is a child mourning her 
mother. Stepmothers are pres- 


ent because widowers gener- 
ally remarried: 80 per cent did 
so within a year in 17tb- and 
18th-century France, when the 
early literary versions of Cin- 
derella and other tales were 
written by courtly authors like 
Charles Perrault. Arranged 
marriages, dynastic feuds, dow- 
ries - all were part of the daily 
fabric from which the tales 
emerged, and agpiain why evfl 
stepmothers and cruel stepsis- 
ters play vital roles- 

Warner presents her case as 
a quarrel with a second - and 
by no means a contradictory - 
interpretation of these charac- 
ters: as archetypes who tell us 
less about history than about 
the human psyche. 

Bruno Bettelheim, in his 
seminal book The Uses of 
Enchantment (1976), crystal- 
lised this psycho-analytical 
view, showing brilliantly how 
the mriftyn t unconscious 
dilemmas and help resolve 
tTigm through fantasy — suiting 
rivalry in Cinderella, mother/ 
daughter friction in Sleeping 
Beauty, fear of abandonment 
in Hansel and GketeL Bettel- 
heim spoke up for the evil step- 
mother, arguing that she 
licensed children’s fantasies of 
hatred by preserving the idea 
of the good real mother, and 
that when she is offset by a 
fairy godmother, as in Cinder- 
ella, a nhilii can work through 
his sense of a parent as both 
benign and threatening. 

For Warner, “this archetypal 
approach leeches history out of 
fairy-tale . . . Bettelheim's the- 
ory has contributed to the con- 
tinuing absence of good moth- 
ers from fairy-tales in all kinds 
of media, and to a dangerous 
degree which itself mirrors 
current prejudices and rein- 
forces them". Evil stepmoth- 
ers, ogresses, ugly sisters have 
become “hallowed, inevitable 
symbols, while figures like the 
Beast bridegroom have been 
granted ever more positive star 
tus . . . the danger of women 
has become more and more 
part of the story, and corre- 
spondingly. the danger of men 
has receded". 

To want fairy-tales without 
stepmothers and ogresses is to 
want Hamlet without the 
prince. Characters from great 
literature are both archetypal 


and historically specific, to 
.deny one or the other is to 
infllte a nonsense of how art 
develops out of the particular 
to show the universal. Jane 
Austen’s characters, for exam- 
ple. are unimaginable outride 
their calm 18th-century houses, 
yet they survive in our imagi- 
nation because they go so far 
beyond them in their timeless 
human experiences. 

There are other flaws in 
Warner’s attempt to talk away 
the power of myth. Her evi- 
dence for misogyny is ridicu- 
lously weighted. The handful 
of bad women she fixes an can 
easily be matched by a cast of 
male horrors - Bluebeard, 
Rumpelstiltskin, ogres and 
giants, the child murderer in 
Babes in the Wood. 

More seriously, her argu- 
ment that outmoded stereo- 
types still shape the tales con- 
flirts crucially with the central 


piece of criticism in the book, 
the deconstruction of Beauty 
and the Beast Warner exam- 
ines how recent versions - 
Angela Carter's retellings, the 
Disney fibn — reflect two shifts 
in modem sensibility. 

One is the revolution in atti- 
tudes to animals, now romanti- 
cised rather than feared as in 
medieval Europe, when bears 
roamed the woods on the out- 
skirts of town. In the film, the 
cuddly Beast resembles the 
American buffalo and “repre- 
sents the lost innocence of the 
plains before man came to 
plunder”. The second is sexual 
liberation. Where once the 
Beast had to be tamed, now he 
answers Beauty's desire for 
wild sexuality. 

The Disney film was made 
not only for Me-generation kids 
- the first song is “I want 
much more than they’ve got 
planned" - but for mums 


raised on Gloria Steinem and 
the ecology movement It indi- 
cates the extent to which femi- 
nist thought now governs pop- 
ular culture, and it reduces to 
absurdity Warner’s conspiracy 
theory that “as individual 
women’s voices have become 
absorbed into the corporate 
body of male-dominated deci- 
sion-makers''. fairy-tales have 
become the province of misogy- 
nist tellers. 

From the Beast to the Blonde 
joins the fray of one of the 
great intellectual battles this 
century: feminism versus psy- 
choanalysis. But, unlike Warn- 
er’s previous subject - the Vir- 
gin Mary, Joan of Arc - Goldi- 
locks and Jack and the Bean- 
stalk do not fit easily into the 
grooves of sexual politics. As a 
result, the book carries a tone 
of carping insecurity and com- 
plaint which sits oddly with 
both the subject of fairy-tales 


and with Warner’s intelligence 
and scholarly ability. 

Both Bettelheim and Iona 
and Peter Opie, the other great 
modern writers on the tales, 
echo in their criticism the 
upbeat optimistic mood of 
fairy-tales themselves. The 
Uses of Enchantment ends with 
an account of family happi- 
ness: This is one of the mani- 
fold troths revealed by fairy- 
tales, which can guide our 
lives; it is a truth as valid 
today as it was once upon a 
time." 

By contrast, Warner con- 
cludes an a note as weak as 
Bettelheim’s is strong: “It is 
time for wishful thinking to 
have its due." It is the differ- 
ence between a critic who was 
wise enough to stand outside 
his times and write what he 
believed in, and one who is 
pandering to popular preju- 
dices. 


M ore is talked and 
written about sex 
now than at any 
time in our his- 
tory. Until recently we took 
this as a sign that ours is a 
time of sexual liberation. 
Because of the erratic genius 
and even more erratic scholar- 
ship of Michel Foucault, how- 
ever. we have been made to see 
that this is not so. We are. 
according to him. still in the 
grip of repressions and Inhibi- 
tions which have grown apace 
since the 17th century. 

Few historians accept Fou- 
cault’s consciously wayward 
treatment of the facts, but on 
this point at least he seems 
right Neither AJX Harvey nor 
Michael Mason make use of his 
views In reporting the complex 
recent history of attitudes to 
sex, but it is hard not to con- 
clude. after reading their 
books, that despite Freud and 
improved contraceptive tech- 
nology, we are - as Foucault 
claimed - scarcely more ratio- 
nal, liberal or active now than 
our forebears were in 1700. 

Note the phrase “attitudes to 
sex": these books are not about 
sexual practices but about 
ideas and opinions. Harvey 
traces the change in attitudes 
to sex during the 18th century. 
Mason the nature of attitudes 
to sex in the 19th century. 
There is considerable overlap 
between them, not just in sub- 
ject matter but also in time. 
Together, although uninten- 
tionally, they provide a contin- 
uous history of changes in atti- 
tudes to sex in the two 
centuries before Freud. 

In early Georgian England it 
was commonplace to believe 
that women had stronger sex- 
ual appetites than men. “A 
woman is 10 times more 
inclined to, and delighted in 
Copulation than a man ,* 1 wrote 
one supposed authority; “in 
the rites of love," wrote 
another, “a woman is too many 
for a man, and capable of tir- 
ing him quite down". The 
robust picture of female sexu- 
ality implicit in Shakespearean 
bawdy is recognisable here. 
But by the beginning of the 
19th century, women had 
become frail and delicate, and 
“expert" opinion now pro- 
claimed that the normal female 
sexual appetite was “dormant, 
if not non-existent”. 

In Harvey's view, what was 
going on was a denial of female 
sexuality coupled with an 
increasing concern for female 
“purity". With the view of 
women as inferior and vulnera- 
ble there grew up new mythol- 
ogies of seduction and rape - 
the former being what hap- 
pened when girls said "yes", 
the latter when they said “no". 

The common belief was that 
girls who had "mislaid their 
virginity” were doomed to the 
streets. 

Harvey reports Georgian 
England’s increasingly anxious 
attitudes towards sex, and its 


concomitant attempts at 
repression and control. Mason, 
who recently published a 
much-praised account of Victo- 
rian sexual life, focuses atten- 
tion on the surprising fact that 
it was secular, rather than reli- 
gious, opinion which turned 
Georgian anxiety into Victo- 
rian obsession. 

The usual view is that Meth- 
odism and evangelical Angli- 
canism were responsible for 
the primness of Victorian sex- 
ual attitudes. Mason shows 
that religious orthodoxy in 
England was on the whole In 
favour of sexuality - within 
marriage, of course - and 
strongly disapproved of the cel- 
ibacy of Roman Catholic 
priests and nuns. “Anti-sensu- 
alism" came not from vicars 
and bishops but from progres- 
sive opinion, such as the fol- 
lowers of Bentham, the propo- 
nents of working-class 
self-improvement, and the fem- 


SEX IN GEORGIAN 
ENGLAND 
by A.D. Harvey 

Duckworth £2U, 205 pages 


THE MAKING OF 
VICTORIAN SEXUAL 
ATTITUDES 
by Michael Mason 

Oxford £17.99. 256 pages 


inists, most or whom were 
opposed to liberalised sexual 
attitudes and birth control. 

This odd inversion is 
explained, according to Mason, 
by the progressive belief that 
the more human beings aspire 
to civilised values, the less 
instinctual and animal they 
become - and this means, the 
less they are gripped by sexual 
appetite. Mason calls this 
“aspirational anti-sensualism". 
The claim that such views, 
rather than canting religious 
sentiment, are the chief engine 
of Victorian morality is a stri- 
king and original thesis. Mason 
does not deny that religious 
sentiment played its part, but 
he accords it a “passive" role. 

There is one important gap 
in Mason's account. The grow- 
ing confidence of Victorian 
medical science put a weapon 
into male Establishmen t han ds 
which obstructed a clear-eyed 
understanding of sexuality in 
general and female sexuality in 
particular. Much of what was 
believed about sex by Victo- 
rian doctors has since been 
stood on its head, but surpris- 
ingly many of its prejudices 
remain. Only now, for exam- 
ple, is it again being acknowl- 
edged that women have as 
robust a sexual appetite as 
men. 

These are instructive and 
important books. Apart from 
their special Interest, they 
show yet again that the study 
of history is an absolute neces- 
sity for understanding most 
things human. 


I* 


A guide and a gambler 

Iain Macleod was a man of paradoxes, writes Malcolm Rutherford 


I ain Macleod has been a 
legendary figure in the 
Tory Party for so long 
that it is surprising we 
have had to wait until now for 
a comprehensive biography. 

Even posthumously, para- 
doxes abound. Macleod was 
one of the first senior Tory 
MPs to recognise the talents of 
the young Margaret Thatcher. 
As shadow chancellor in the 
mid-1960s, he Insisted that she 
should be his second-in-com- 
mand, and let her rip. He con- 
cluded quickly that one day 
there could be a woman prime 
minister, and it might be her. 

At the same time, as we now 
know, Macleod was the hero of 
another aspiring politician who 
was also a future prime minis- 
ter: John Major. It was 
Macleod's appeal to one nation 
and his ability to captivate a 
Tory Party conference that 
Major admired. 

Yet Macleod made enemies 
as well as friends. Lord Salis- 
bury, once a force to be reck- 
oned with In the party, dis- 
missed Him as “too clever b7 
hair, and the charge stuck. 
Alec Douglas Home, in whose 
cabinet Macleod declined to 
serve, thought that Macleod 
was naive, especially over 
Africa. Macleod thought that 
Home was the most arrogant 
man he ever met. 

In one telling case, friend- 
ship turned to ashes. Two of 
the guiding lights in the post- 
1945 Conservative Party were 
Macleod and Enoch Powell. 
Macleod Jong regarded Powell 
as an intellectual mentor, even 
if he seldom went ail the way 
with his conclusions. When 
Powell turned against coloured 
immigration, the friendship 
died. 


Some of Macleod's other 
likgs and dislikes have no obvi- 
ous explanation. He rather 
liked Janies Callaghan: the 
pair of them shadowed each 
other across the House of Com- 
mons first on colonial policy, 
then on the economy. He had a 
marked distaste for Roy Jen- 
kins, despite the fact that the 
kind of Britain that both of 
them wanted to see must have 
been practically i dent ical . He 
professed to despise Harold 
Wilson, although Wilson was 
one of his greatest admirers. 

Above all, Macleod thought 
that Edward Heath was boring 
and never considered him as a 
serious contender for the lead- 
ership of the party until it was 
too late to stop him. 

In short Macleod was a very 
unusual man, which is what 
this book is about - or should 
be. At times Robert Shepherd's 
biography is a little too com- 
prehensive, a mite too taken 

op with detail to let the story 
of the man come through. Yet 
the story is still there. 

Macleod was a gambler. 
Early in the war, after a bout 
of drinking, he attempted to 
shoot Ms commanding officer 
for refusing to play stud poker 
with him. But that was an 
aberration. On the whole he 
gambled astutely. He made Ms 
spending money out of playing 
bridge and writing about it in 
the newspapers. He helped to 
invent the Acol system of bid- 
ding - named after a dub In 
Acol Road. South Hampstead. 

Shepherd perhaps under- 
states the importance of this. 
The system works by keeping 
the initial bidding low in 
order to allow for a possible 
dramatic change of suit later 
on. That was how Macleod 


worked in everything. 

As minis ter of labour in the 
late 1950s, he loved bargaining 
with the unions over pay. 
Some of the union leaders 
respected him for it At one 
stags, during a famous London 
bus strike, a group of them 
went to see him privately to 
say that Frank Cousins, the 
transport and general workers’ 
leader, should be taken down a 
peg. 

Macleod continued in much 
the same style as colonial sec- 
retary. In retrospect, that was 
far and away his most iropor- 


IAIN MACLEOD. A 
BIOGRAPHY 
by Robert Shepherd 

Hutchinson £25. 60S pages 


tant job. When he appointed 
him after the 1959 general elec- 
tion, Harold Macmillan noted 
that "Africa seems to be the 
biggest problem looming for us 
here at home”. Macleod’s task 
was to accelerate independence 
without provoking massive 
unrest. He did it through a 
series of cliff-hanging negotia- 
tions during which both blacks 
and whites often claimed that 
they had no idea which way he 
would play the cards. 

The unrest that resulted was 
mainly in the Tory Party at 
home, which was why Mac- 
millan removed Mm from the 
job after two years. Nothing 
that Macleod did subsequently 
quite lived up to the African 
achievement For a while he 
seemed a possible future 
leader, but was pre-empted by 
Home and then overtaken by 
Heath. He might have been a 
very good, tax-reforming chan- 
cellor of the exchequer when 


the Tories returned to office in 
1970, but he died within a 
month. 

There were other sides to 
Macleod’s character apart from 
the gambler. He was brought 
up in Yorkshire, but had roots 
in the Scottish isles. His father 
was a GP from whom Macleod 
inherited a social conscience. 
His first mark in politics was 
to speak up for the reform, but 
also the preservation, of the 
health service. His belief in the 
brotherhood of man lay behind 
his approach to African inde- 
pendence. Previous colonial 
secretaries had been well ofE 
Macleod had to cash in his life 
insurance policy to defray Ms 
expenses. 

He loved poetry and could 
quote it at length; also sport 
From early on, his physical 
health was not good and grew 
steadily worse. He concealed 
his pain very well. He was a 
great speaker with a marvel- 
lous voice and immaculate 
sense of timing. He was also a 
sparkling journalist, as his 
stint as editor of The Spectator 
revealed after he refused to 
serve under Home. 

Yet he was undoubtedly 
ambitious for the premiership 
and, as Shepherd points out, 
could be devious and calculat- 
ing. Shepherd perhaps attri- 
butes too many of the 
unsigned articles in The Spec- 
tator to Macleod himself, l 
know because 1 was there. 
When he wrote his most 
famous article of all on the 
Tory magic circle, I suggested 
that we should put on the 
cover singly "What Happened" 
by Iain Macleod. “That’ll do,” 
he said. Then he chuckled and 
added quietly: “Well, some of 
what happened.” 


The days of 
a maverick 

J.D.F. Jones recalls the life and 
times of a great eccentric 


F rauds Younghusband 
was one of the great 
eccentrics of the later 
British Empire, a 
large dub which included Gor- 
don, Baden-PowelL Meiner- 
tahagen, and many more. Pat- 
rick French has given him an 
enthralling, well-written, reve- 
latory and flawed biography. 

I am not sure about the sub- 
title - was Younghusband 
really the “last great imperial 
adventurer"? (What about the 
Arabian, gang, including T.E. 
Lawrence?) But he was cer- 
tainly a great and maverick 
character whose invasion of 
Tibet in 1904 was only one epi- 
sode in a dramatic life. “Jour- 
nalist, spy, guru, geographer, 
writer, staunch imperialist, 
Indian nationalist, philosopher 
and explorer" are listed by 
French (leaving out soldier and 
geriatric lover), and he adds: 
“How had a blimpish colonial- 
ist managed to end up as a 
premature hippy?” 

Younghusband 's exploits in 
Asia have of course been 
recorded before, most recently 
by Peter Hqpkirk and Anthony 
Vender, and before that by 
Peter Fleming and Jan Morris. 
The value of Mr French’s book 
is that he tells us so much 
about the rest of the life: 
indeed, he has the wit to argue 
that the Tibetan adventure 
was merely “a formative part 
of an extraordinary Journey of 
personal discovery and devel- 
opment”. 

After 1908, when Younghus- 
band retreated from India to 
Britain, he recedes from our 
history books; yet he became 
author, public figure, president 
of the Royal Geographical Soci- 
ety, founder of the "Fight for 
Right” patriotic movement in 
1915. commission er of the Jeru- 
salem gnthfriw promoter of the 
first Everest expeditions, fore- 
runner of the “Gaia" theories 
which are today favoured by 
Professor James Lovelock and 
the New Age movement, stal- 
wart of the Travellers Club, 


mystic (“a religion of atheism" 
said his friend Bertrand Rus- 
sell), supporter of Indian inde- 
pendence, philosopher, crank - 
and (Mr French's most deli- 
rious discovery) the passionate 
76-year-old lover of Madeline, 
Lady Lera, with whom he pub- 
lished a marriage manual and 
to whom he wrote, “The 


YOUNGHUSBAND: THE 
LAST GREAT IMPERIAL 
ADVENTURER 
by Patrick French 

HarperCollins £20. 440 pages 


woman in you makes great 
appeal to me and rouses all the 
most manly in me. You are a 
remarkable Illustration of the 
essential Creative Spirit of the 
World . . he thought Lady 
Lees might be the Messiah (he 
had had a cold and unhappy 
marriage). 

Well might the biographer 
ask. after 300 pages, “Was he 
barking mad?" To which the 
answer must be, not quite. 
Younghusband was a product 
of post-Muttey Anglo-lndia and 
Clifton (where he acquired a 
lifelong friend in Sir Henry 
Newbolt and a habit of cold 
baths, which he continued to 
indulge at 20 degrees below in 
the Karakoram). The young 
Army officer with an Evangeli- 
cal background and an interest 
in Buddhism began to have 
mystical experiences in the 
high moimtams and his col- 
leagues must have been aware 


that a certain instability might 
accompany the compulsive 
risk-taking and extreme physi- 
cal stamina — as the colonial 
phrase would put it, he tended 
to “go bush". 

He made an early name for 
himself on a crossing of the 
Gobi Desert and then as a 
young participant in the Great 
Game, in the remote region 
where Russia, China and Brit- 
ish India met. It was Youn- 
ghusband who. when sent to 
tame the Mir of Hunsa in 1889 

- "I knew that he was a cur at 
heart, and I have no doubt he 
was impressed by my bearing" 

- encountered the Tsar’s for- 
ward agent Grombtchevski; he 
deliberately mis-directed the 
Russian, almost to his death, 
an episode which surely must 
have inspired the scene in Kxm, 
though Mr French does not 
mention it 

Hie subsequent career was 
by no means smooth. Youn- 
ghusband only got the Tibet 
expedition in 19034 because he 
was a chum of Lord Curzon. 
Mr French enjoys teffing the 
story of this last round of the 
Great Game, without forget- 
ting that the Invasion was an 
unnecessary failure - the Vice- 
roy and Younghusband sin- 
cerely believed that the Rus- 
sians were in bed with the 
Tibetans, and were wrong. The 
advance on Lhasa was never 
Intended by Balfour’s govern- 
ment, and Younghusband, not 
so unfairly, was to be a scape- 
goat 


That should not have sur- 
prised anyone: Younghusband 
was usually out of his depth in 
the world of diplomacy, 
whether in the Himalayas or In 
his mysterious, and still 
obscure, involvement in the 
Jameson Raid In 1895 Trans- 
vaal. Ninety years on, with the 
Chinese more than ever the 
imperial masters of Tibet, that 
useless British exercise looks 
even shoddier, less justifiable 
than ever. 

There is one serious flaw in 
this enjoyable read (apart from 
the inadequate maps, whereas 
the photographs are good). Mr 
French has chosen to tell this 
splendid tale in the framework 
of his own recent travels in the 
region “to follow his trail". 
There is surely something - 
well, immodest about this in 
the context of such superhu- 
man exploration. Who cares 
about the young Mr French’s 
stopover impressions of Kabul 
Airport? Who cares that he 
foiled to follow the route of the 
1903 invasion, foiled to find the 
letters to the adored Mrs Doug- 
las, fell ill in Calcutta, and 
overdramatises his own minor 
skirmish with the Indian Army 

in Sikkim? 

But to set against this we 
have a frequently happy turn 
of phrase - for example, of the 
west’s fascination with the 
east, “conquest and wonder 
durin g hand -in -hand " - and 
an eye for the apt quotation, as 
when Younghusband writes to 
a married lady he fancies. 
“You would make a splendid 
Colonel of a Cavalry Regiment 
if you were a man . . 

Those were the days. 





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XVI WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 29 /OCTOBlIR iO l*** 


ARTS 


I n a recent interview in the 
New Yorker film-maker Oliver 
Stone mused on the QJ. Simp- 
son murder case. “The line 
between thinking murder and 
doing murder isn't that major,” he 
said. “Isn't that the point of Natu- 
ral Bom Killers anyway?" 

Oar censor certainly seems to 
think so. Using the excuse of cau- 
tion in the run-up to next week's 
Criminal Justice Bill, he has put 
Stone's new movie - which was due 
to open in three weeks - on indefi- 
nite hold: presumably in the belief 
that showing it might help those 
with murder in their minds to get 
It out on to toe streets. 

A story of two young killers on 
the rampage. Stone’s film is 
already a cause ailebre in Its native 
OS, where people refer to it famil- 
iarly as “NBK" (from the director 
who brought you JFK), 

Several murders supposedly 
Influenced by the film have been 
pinned to its charge sheet Original 


Land of natural bom censors 


Nigel Andrews on the postponement of Oliver Stone's controversial film. Natural Bom Killers 


screenwriter Quentin Tarantino 
disowned Stone's reworked script, 
saying it turned the spotlight away 
from the satirised media circus on 
to the luridly depicted couple them- 
selves (Woody Harrelson, Juliette 
Lewis}. And Mario Vargas Uosa 
broke jury purdah at last month's 
Venice Film Festival to curse the 
movie publicly and to help ensure 
that it won the Special Jury Prize 
rather than the Golden Lion. 
Hardly a wooden spoon even so. 

Now NBK may become the first 
high-profile, prize-winning feature 
film to be banned outright in toe 
UK. For a film journalist this has 
been a bizarre week. Two days 
after rumours broke last Sunday of 


censor James Ferman’s move - or 
rather derision not to more on the 
overdue certification - I rang the 
distributors Warner. Their press 
office said NBK would open as nor- 
mal, on November 18, and that 1 
must disregard all groundless 
reports. 

Two days after that, the rumours 
had several feet of concrete under 
them. And we who oppose censor- 
ship on a more or less across- 
toe-board basis had another 10-ton 
controversy coming towards us. 

Natural Bom Killers is not a mas- 
terpiece. In the US it was not even 
a popular masterpiece. After open- 
ing strongly it fizzled out, making 
about $4 7m (£29m). Any film-goer 


keen to be depraved or corrupted 
bad to negotiate the alienating 
impact of Stone's style in toe film. 
And yet that style - or cut-up mul- 
tiplicity of styles, as if from the 
brain of an intellectual who has 
overdosed on MTV - gives the film 
its one claim to distinction. 

In a matter of seconds the same 
scene - even the same shot - is 
presented in colour/newsreel-style 
black-and-white/home-movie video / 
slow motion/fast motion. There are 
surreal back-projections; there are 
subtitles lantern-projected on to 
characters' bodies during a dia- 
logue scene with Indians. 

Most bizarrely - and for me effec- 
tively - a flasbbacked sequence of 


Lewis's abused childhood is pres- 
ented as broad sitcom, complete 
with canned laughter and comedian 
Rodney Danger-field as Dad. 

This not only debunks any hint 
of solemn special pleading on the 
character’s behalf, it adds to the 
sense that Stone’s film is less about 
the killers themselves than about 
the multitudinous ways we re-pro- 
cess - and trivialise - true-life 
tragedies and horrors in the age of 
tabloids and wall-to-wall TV. 

The film has at least a glimmer 
of serious intentions. But that will 
not stop the usual baying for film- 
makers’ blood of those who see 
movies as Incitement rather 
TTKipht is times of trouble and vio- 


lence. For me, those in the UK who 
favour screen censorship - which 
has a stronger hold time than in 
almost any other western democ- 
racy - are in the same ideological 
cul-de-sac as those who favour state 
subsidy to our film-makers. They 
think that victory comes through 
lack of struggle: that moral argu- 
ments are won by never having 
them, just as prosperity is won by 
uever having to earn it 
Should children be protected 
from violent films? Probably they 
should. (Ergo: certificates'). Should 
the mentally unstable be shielded 
from violent films? Of course they 
should- Should the adult, sound- 
minded population be held to ran- 


som bv these sector* of society. 
that none of us can see and debate 
the controversial works? Of course 

if should not- . , , 

But the UK is a HlAt little island 
with a siege mentality towards its 
culture and morals- We arc natural 
born censors- This goes all the wav 

from the protectionist nationalism 
of our attitude to our film industry 
- we believe the world owes us a 
living - to the throttling of Irel- 
and informed debate on movies like 
Natural Bom Killers, by with hold- 
ing the none itself. 

We have hod no full explanation 
from the censor on why he has sin- 
gled out Stone's film. He lumseli 
has poured scepticism on the 
"copycat" factor by refer ring to 
last vear's Child’s Plan d falsi* 
furore. The pointless martyrdom 
visited on Natural Ham Killers, it 
delayed certification turns into a 
ban. may end up enhancing not 
diminishing the film's repu- 
tation. 


Searching for 


space in outpost 
by the sea 


William Packer surveys the Tate at St Ives 


T he Tate Gallery at St 
Ives, a new and not 
exactly unobtrusive 
building by Evans 
and Sbalev on toe site of the 
old gasworks overlooking 
Porthmeor Beach, was opened 
to the public last summer amid 
much local baUy-hoo. Why 
should Modem Art be imposed 
so heavily, and so expensively, 
on an old fishing town that 
was used to artists but these 
days depended upon tourism 
for its livelihood? Would such 
money not be better spent on a 
leisure centre, or a swimming 
pool? 

Protests were made, meet- 
ings held: and now we have 
something of an answer. The 
scheme was argued on a proj- 
ected annual attendance of 
some 70,000 visitors. This tar- 
get was reached within 
months. The full year achieved 
a total well over 200,000. More 
to the point, with tourism so 
seasonal and St Ives shutting 
up shop for the winter, atten- 
dance ran to above 80.000 
through the winter months. 
The seasonal orthodoxy has 
been confounded. 

That said, however, the Tate 
itself does face certain prob- 
lems. Purpose-built as it is, the 
building was never designed to 
cope with so many people. And 


once inside, the galleries seem 
surprisingly few, and rather 
small. The view over the beach 
may be spectacular, the cafe 
delightful, the bookshop full, 
the lobbies even generous in 
proportion to the rest But has 
not space been wasted, just a 
bit? 

In fairness it must be said 
that such questions are being 
addressed as exhibiting policy 
evolves beyond the first plans. 
This time more works have 
actually been hung. And while 
the concentration on the later 
modern artists of St Ives itself 

- on from Ben Nicholson, 
Christopher Wood and old 
Alfred Wallis in the late 1920s 

- is dearly not to be given up, 
it is never to be dogmatically 
exclusive. That, with Newlyn 
and its turn-of-the-century 
painters only six miles aw ay, 
would be merely perverse. 

But there is another nettle to 
be grasped. The Tate was 
never going to offer any perma- 
nent display of the St Ives art- 
ists in Cornwall, for to do so 
was not possible in the 
restricted space, nor desirable 
in what must always be an out- 
post. What is given instead is a 
rolling programme of displays, 
each treating on a given aspect 
of the subject. Yet what is the 
distinction between the imper- 


manent study display and the 
temporary exhibition? 

For these new displays, chro- 
nology is given up and the five 
galleries devoted each to a sep- 
arate theme: The Penwith 
Landscape: In the Studio: Pri- 
vate and Mythic Narrative: 
Observation and Abstraction. 
The fifth, and the only one 
called a study display, is in 
fact a small exhibition of Peter 
Lanyon's two “ Generation" 
series, made in the late 1940s 
after his return from the war. 
Both are figurative, one more 
mystical with its chalices and 
still life, the second directly 
founded in the coastal land- 
scape of West Penwith and Por- 
treath. Together they fore- 
shadow the larger and ab- 
stracted expressions of the sen- 
sation of landscape that char- 
acterised Lanyon’s later work. 

Apart from what it tells us of 
Lanyon, this little show makes 
the point that so focused an 
exercise carries a dispropor- 
tionate weight. The Tate at St 
Ives is perfect for the coherent 
temporary exhibition of 
medium size, which is not the 
same as the current run of dis- 
plays through the remaining 
galleries. With them the sense 
is rather of the hanging of 
sympathetic work first, and the 
naming of it later. It is not a 



Alfred Wallis's ‘St Ives', circa 1928, showring at the Tata at St Ives: each room holds remarkable and beautiful things 


question of size, but only of 
purpose and concentration. 

Even so. each room holds 
remarkable and beautiful 
things - Paul Feiler's abstract 
rockscapes and the Alfred Wal- 
lises in the first room, Mar- 
garet Mellis's anemone in the 


second. Frost and Heron and 
Scott in the fifth. And the 
grievously under-rated Karl 
Weschke's dark, drowned body 
on the beach, in the fourth 
room, would grace “The 
Romantic Spirit in German 
Art" now at the Hayward, had 


the organisers but the wit to 
know of it 

Downstairs, in the entrance 
lobby, is a monumentally lum- 
pen sculpture by Peter Ran- 
dall-Page. He is the most dis- 
tinguished stone-carver of his 
generation and quite at home 


in the town and spiritual com- 
pany of Barbara Hepworth. 
The London show of his latest 
carvings. “Secret Life", mas- 
sive pods of granite split to 
reveal their carved insides and 
looking magnificent against 
the Thames at Reed’s Wharf. 


has a week to run. 


The New Displays: Tate Gal- 
lery St Ives, Cornwall: spon- 
sored by Intercity. Peter Ran- 
dall-Page - Secret Life: Reed's 
Wharf Gallery. Mill Street 
S&l. until November 5. 


A n unusual musical 
partnership takes to 
the stage in London 
and Birmingham 
over the next two weeks: Niko- 
laus Harnoncourt will conduct 
the Philharmonia Orchestra in 
two cycles of the Beethoven 
symphonies. Harnoncourt is 
toe pope oF historically-aware 
performing practice in conti- 
nental Europe. The Philhar- 
monia represents toe modern 
symphony orchestra par excel- 
lence. 

Harnoncourt has been hailed 
as one of the most original and 
dynamic interpreters of classi- 
cal repertoire, celebrated for 
his ability to make people hear 
familiar music with fresh ears. 
Well-known to record-buying 
cognoscenti in the UK. he has 
been a rare visitor to London. 
The Philharmonia concerts are 
his first encounter with a Brit- 
ish orchestra - one which 
helped shape a previous gener- 
ation's knowledge of Beeth- 
oven through its concerts and 
recordings with Otto Klem- 
perer. 

Just how easily the Philhar- 
monia will absorb Harnon- 
court's ideas is the subject of 


Putting a fresh twist on Beethoven 


Andrew Clark on a controversial conductor who likes his players to take risks 


much speculation in London's 
music establishment Whatever 
happens, the results are 
unlikely to be dull. Harnon- 
court’s Beethoven is worlds 
away from the traditional 
approach. He favours shorter, 
more eventful phrasing, 
rationed vibrato, sharply-de- 
fined timpani and horns that 
rasp like their vaiveiess ante- 
cedents. 

He is equally far from the 
opposite pole of “authentic" 
gurus. He has never conducted 
Beethoven with a period-in- 
strument ensemble. Ids dictum 
being that the player is more 
important than the instru- 
ment. He drives Beethoven’s 
allegros with blinding inten- 
sity, but unlike Roger Norring- 
ton or John Eliot Gardiner, he 
introduces subtle inflexions of 
tempo. The result is a marriage 
between historical nicety and 
the need to project and re-in- 


vent the music for today. 

Harnoncourt, a Berlin-born 
Austrian, made his name as a 
specialist in baroque and early 
music, but now spends most of 
his time with conventional 
orchestras. Those who have 
worked with him speak of his 
instinctive feeling for the 
music, backed by extensive 
study of contemporary sources. 
Francis Hunter, who played 
oboe in Harnoncourt's Mozart 
cycle at the Zurich Opera 
House, refers to “his ability to 
slot into the gut level of each 
piece and convey what is 
meaningful and expressive”. 

Harnoncourt spent 17 years 
as a cellist in toe Vienna Sym- 
phony Orchestra, so he knows 
what it is like to sit listening to 
conductors. “He has answers 
to why he wants things done in 
a certain way," says Dane 
Roberts, a double-bass player 
in the Chamber Orchestra of 


1.0 t k. 'r- b e r 19 9 4 


-f ; 'J'' 



ART 


Europe, with whom Harnon- 
court has recorded the Beeth- 
oven symphonies. 

Harnoncourt, 64, is less for- 
bidding in conversation than 
his platform manner would 
suggest. He speaks good 
English and is accompanied 
everywhere by his wife. Alice, 
an experienced violinist who 
acts as his agent 

His biggest triumphs in 
recent years have been at the 
Salzburg Festival: cold-shoul- 
dered during the Karajan 
years, he has become a fixture 
of Gerard Mortier's pro- 
gramme, and will conduct Le 
nozze di Figaro next summer. 
His present repertoire ranges 
from Purcell’s Fairy Queen to 
Bruckner’s Third Symphony. 
He acknowledges numerous 
blind spots, including Gluck. 
Berlioz. Mahler and Strauss, 
but has late Verdi and Berg’s 
Violin Concerto in his sights. 

Central to Harnoncourt’s 
understanding of Beethoven is 
what be calls the musical rhet- 
oric - word-like units of phrase 
which grew out of the connec- 
tions between music and lan- 
guage in the baroque and early 
classical era. “Composers a 
generation after Beethoven 
would laugh at the idea," he 
say& “Beethoven drew on the 
same musical vocabulary for 30 



Tim Rietvnond/Teldec 

Nikolaus Harnoncourt dynamic 


years of his life - words, fig- 
ures, formed from a handful of 
notes - and used them in a 
rhetorical way. Is the musical 
speech a continuation of the 
previous phrase or a response 
to it? It’s important that the 
players know, because his 
music tells you some thing - 
it's on the verge of programme 
music." 

Harnoncourt dismisses the 
idea of musical authenticity. 
He says that even when 
orchestras play with period 
instruments, they are realising 
their idea of sound from a 20th- 
century perspective. “Musical 


interpretation changes with 
every generation. Each laughs 
at its predecessor and believes 
it is closer to the will of the 
composer. I (to all the repeats 
in Beethoven’s symphonies, 
but 30 years ago it was not the 
done thing, and in another 30 
it will be different again. It is 
like chang in g fashion." 

One reason why the field of 
interpretation Is so wide is that 
Beethoven did not always 
make his final intentions clear. 
Harnoncourt says the auto- 
graph scores are different to 
most composers of the period, 
"because Beethoven did not 
correct them - he gave them to 
a copyist and corrected the 
copy. The parts were printed 
before the fell score, so he cor- 
rected the parts. You cannot 
even say the last source is the 
will of Beethoven, because he 
changed a work like the 
Fourth Symphony for certain 
performances. You have to 
make a lot of judgments your- 
self." 

At the same time, Harnon- 
court is determined to root out 
modem accretions, such as the 
trumpet's “note of victory" in 
the first movement of the | 
Eroica. “Orchestras today play 
a note which was not written 
by Beethoven. You could say | 
the theme is not complete I 


without it, that the trumpet 
players of Beethoven's time 
were not good enough, so let’s 
add it. I think Beethoven 
included the failure, just as he 
asks the sopranos in the Missa 
Solemrus to sing a note that’s 
too high for them. He wanted 
their faces to be blue and the 
voice to crack - this is part of 
the composition. A hero likes 
to show only his heroic side, 
but what Beethoven does is to 
show that after alL the hero is 
a failure." 

He dismisses the argument 
that if Beethoven had had 
access to today's instruments, 
he would have adapted the 
parts accordingly. “Then he 
would have written everything 
differently. The limitations of 
the instruments were a source 
of inspiration. We don’t know 
what Beethoven would have 
done with the instruments of 
today - geniuses always do 


things differently to what we 
expect. I don’t agree with the 
retouching that goes on. I don’t 
change a note.” 

Harnoncourt also questions 
modem trends in orchestral 
sound, saying the American- 
led drive for technical perfec- 
tion puts the emphasis on 
security at the expense of 
beauty. That is why he encour- 
ages brass players to experi- 
ment with the old valveless 
instruments. 

He describes beauty as 
"something to do with uneven- 
ness - it’s changing all the 
time, there is a bit of dirt in it, 
it's not pure. If you have a 
group of semi-quavers and you 
play them absolutely equal, it’s 
sterile. 

“For me, the most beautiful 
instrument lies at the edge of 
catastrophe. 1 prefer risk - 1 
like a musician who makes a 
mistake because he risks too 
much." 


The Hamoncoart/Phllhar- 
monia Beethoven cycle begins 
at London’s Royal Festival 
Hall tonight and Birming- 
ham's Symphony Hall next 
Thursday. 


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Inspired flair 
captures Wexford 

David Murray on a final act at the festival 



T his year's Wexford 
Opera Festival is the 
13th that Elaine Pad- 
more hgg directed, 
and her last; she is moving on 
to the Royal Danish Opera. 

It would he impossible to 
overestimate what she has 
done at Wexford, for year after 
year she has fulfilled her brief 
superbly. She has chosen an 
annual trio of neglected, 
obscure or forgotten opera 
with inspired flair, resource 
and cunning balance. She has 
scoured Europe and the former 
Soviet Union for the right con- 
tactors, producers and casts, 
'rom the range of artists - 
specialty young ones - that. 
Yexford can afford. 

The rare let down only 
roves that she can take brave, 
alcula ted risks. 

Not least, she has kept the 
awn thoroughly Involved in it 
IL Good Wexford singers find 
lies, one or two operas each 
jar use a lot of local children, 
id some 250 vohmteers work 
ipaid for the festival - in the 
fisfying knowledge that it is 
tre gain for the town. Every- 
idy is happy, even euphoric, 
any Wexford Festival-goer 
a attest At White's Hotel, 


the Talbot and other watering- 
holes. the operas are discussed 
far into the night Miss Pad- 
more's Italian successor will 
find hers a formidable act to 
match. 

Besides young Wagner’s Das 
Liebesverbot, which I wrote 
about on Tuesday, the 1994 fes- 
tival offers two more rarities: 
Anton Rubinstein's once-£a- 
mous The Demon (1871, premi- 
ered and the alternative 
La Bah&me by Leoncavallo - 
composed simultaneously and 
competitively with Puccini’s, 
but eclipsed by that and by his 
own Pagliacd, like everything 
else he wrote. Yet he is more 
faithful to Murger*s original 
serial, “Scdnes de la Vie de 
Boh&ne”, which he captures 
with a crueller vision. 

Where Puccini reduced and 
intensified just two sentimen- 
tal strands of it, to the point 
where the ’'bohemlanism" was 
little more than local colour. 
Leoncavallo insisted upon the 
feckless, niWHs t real-life scene. 
His first two acts givB us a 
Schaunard - here a main char- 
acter - who is a flamboyant 
catch-as-catch-can composer, 
along with the choked poet 
Rodolfo, the would-be painter 


if 



fery Serkin as Prince Skiodai m 'The Demon': an Interne tenor 


Marcello and their promiscu 
ous sweethearts Mimi and 
Musette, amid their cut-rate 
arty parties. In the later acts 
they are reduced inexorably to 
prostitution and destitute 
squakrar without hope; Mimi 
dies miserably while nobody 
does anything. 

In Reto Nickler’s production, 
the descending curve is traced 
without mercy- Unfortunately, 
the conductor Albert Rosen 
gives the National Symphony 
Orchestra its unbridled head at 
every point. His singers are 
driven to ear-splitting passion, 
with ultimately deadening 
returns: Jonathan Veira's rol- 
licking, eye-rolling Schaunard, 
Patryk Wroblewski’s fluffy- 
haired, bespectacled, distracted 
Rodolfo (here a baritone), Jean- 
Pierre Furlan’s desperate tenor 
Marcello, the heartfelt - 
though not notably musical - 
Mimi and Musette of Jungwon 
park an«j Mag aK Damonte. But 
Leoncavallo is not, finally, 
betrayed: the taste of ashes-in- 
the-mouth is sour and true, 
over-screeched as it may 
be. 

The Demon, in which Miss 
Padmore has wisely cast six 
pne Russian and Ukrainian 
principals, proves to be more 
im p res si ve than expected, even 
with cuts. Perhaps it faded 
from the repertoire, some 70 
years ago, merely because 
native Russians had become 
bard to find in the west 

Shorn of Its spooky-mystical 
trappings, as here in Yefim 
Maizel’s production and Paul 
Steinberg’s striking modern 
sets, it is the story of a “fallen 
angel’s” single-minded erotic 
obsession with young Tamara, 
even to her convent re- 
treat 

If the music is not radically 
ori ginal, it myn a gaa to sound 
likp no nnp else’s, and Inrlnriofi 
much that is rich and st r an ge, 
quite mesmerising as Alexan- 
der Anlssimnv conducts it 

Anatoly Lochak’s suave, 
powerful baritone and Marina 
Mescheriakova’s dramatic 
soprano rise splendidly to it 
with sumptuous support from 
Leonid Zimnenko, Ludmilla 
Andrew, Alison Browner and 
an intense young tenor, Valery 
Serkin. 

A truly exciting Wexford 
rediscovery - and one which 
some larger opera houses must 
surely copy in baste. 



DfdyVeldman and Laurent Cavanna In ftotitB Ifort*: an exercise in sexual grappling using Mozart as a soundtrack 


Dance/Clement Crisp 


Troupe’s leaden turn 

The re-launched Ballet Rambert is disappointing despite a promising group of dancers 


I n 1966, Ballet Rambert 
was re-launched as a 
dance company inspired 
by the adventurous exam- 
ple of Nederlands Dans The- 
ater. For 40 years, Rambert 
nurtured talent but fell victim 
to the need to lure audiences 
with ringgicni stagings of the 
sort we still see being touted 
round the regions today. 

The post-1966 Rambert 
troupe did grand thing s , help- 
ing build a public for modem 
dance, joining with the London 
Contemporary Dance organisa- 
tion in this missionary act But 
after a quarter of a century, 
what had been re-named the 
Rambert Dance Company fell 
victim to declining audiences, 
as did LCDT. The rigorous 
post-Cunningham aesthetic of 



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Richar d Alston brought about 
his departure as Rambert's 
director, and curious funding 
policies resulted in the demise 
of LCDT, and the forming of a 
smaller contemporary troupe 
which is now Alston's creative 
home. 

Meantime, Rambert was 
given more hinds and more 
dancers, a strong musical 
ensemb le was envisaged, flnri 
Christopher Bruce, long-time a 
Rambert star as dancer and 
choreographer, became the 
director. Hie re-launched Ram- 
bert company was unveiled 
last week. And, as In 1966. the 
guiding influence is that of 
Nederlands Dans Theater. 

Bruce’s choreographies have 
often seemed shadowed by the 
work of Jiri Kylian, who has 
shaped Nederlands' identity. 
There is a similar concern with 
the folksy and the non-spedfi- 
cally anxious, even the same 
affection for dun-coloured 
designs and muzzy emoting. 
For the “Rambert re-launch" 
we have a piece from Kylian, 
and from Ohad Naharin, who 
has made pieces for NDT, and 
of course from Bruce himself. 

Watching Rambert in Edin- 
burgh last week was like see- 
ing NDT 4 - there being 
already three NDT troupes, dif- 
ferent only in that they all look 
the same save in matter of the 
performers’ age. 

Be it said first of all that 
Bruce has assembled a magnif- 
icently promising group of 
dancers. Some remain from the 
previous ensemble; recruits 
include an outstanding artist 
in Ted Staffer, East, clear in 
rhythm and movement But 
the portents In Bruce’s reper- 
tory choices axe less encourag- 
ing. I can see no point in bap- 
tising the troupe with Martha 
Clarke’s Garden of Earthly 
Delights. 

Miss Clarke was a member of 
the Pflobolus company (gym- 
nasts passing themselves off as 
dancers), and this Garden was 
seen nearly a decade ago at the 
Edinburgh Festival It has the 
audacity to claim that it is 
“based on” the Bosch triptych 
which explores the idea of 
heaven and fa>n in astounding 
and surreal imagery. What we 
are shown are crass mime 
scenes in which dancers lurch 
and posture, and interfere with 
three hapless musicians who 
provide olde-worlde tocrtlings 
and clatter. (At one moment 
two dancers assault a set of 
tubular bells. Send not to know 
for whom these bells toll: they 
toll for the staging.) 

As a portrayal of medieval 
faith and its terrors, the piece 
is sexually and doacally vul- 
gar. As a piece of dance-theatre 
it is brutish. As a baptismal act 
it is like inviting Attila the , 
Htm to stand as godfather. The 
stage is covered with move- 
ment graffiti of the dullest and 


most explicit kind - every 
bodily function, highlighted - 
amid a cascade of that 
well-known medieval delicacy 
- the raw potato. Not Bosch 
but tosh. 

The programme ends with 
Bruce’s Sergeant Early’s 
Dream, dating from 1984, 
which offers emotion . folk-SOQg 
performed on stage (oh, that 
pitch-wary keening!), and 
dances, blazingly done, that 
bring the novel news that the 
peasantry had a hard time. 

If this first programme might 
be seen as retrograde - cannot 
well-funded modem rianoo do 
better and more boldly than 
this? - the second was worry- 
ing in its implications. Ram- 
bert has acquired a strong 
musical identity with the 
involvement of London Musici 
under Mark Stephenson. 

Yet the programme brought 
choreographic assaults on com- 
positions which should not 
have been countenanced. 
Kylian’s Petite Mart uses tire 
adagios from Mozart’s K467 
and K488 piano concerti as a 
soundtrack for a witless exer- 
cise in sexual grappling. 

T he girls lurk within cut- 
outs of black 18th-cen- 
tury dresses, which are 
obligingly on castors and can 
be rolled about the stage to 
give us such a jolly laugh. 
Kylian, whose musical sensi- 
tivities have something of the 
chain-saw about them, pro- 
poses dull duets and a good 
deal of spurious “meaning” 
while the two adagios are 
played. Hell gapes. 

So it does as Ohad Naharin 
shows 19 dancers got up as par- 
pons de co /6 (with aprons In 
twee fabrics), chairs, undress- 
ing, childish humour and even 
more tiresome dance ideas, and 
a touch of angst for his delete- 
rious Axioma 7. The fourth 
Brandenburg concerto is well 
played while these fatuities 
take place: I hope Mr Stephen- 
son and his musicians get dan- 
ger money. The piece is of stag- 
gering foolishness. 

The programme Is completed 
by Bruce’s new Crossing, 
which is dark, disturbed, 
reflecting the moods of Gor- 
eckl's grinding second string 
quartet. 

The programme-note makes 
oracular statements - each 
piece comes with a guide-book 
quote as a kind of early-warn- 
ing system - and the dance, 
magnificently done (as is 
everything In this repertory), 
is richly endowed with striving 
and the statutory moments 
of consolation. I thought it 
looked most like a Site of 
Spring in which no one wanted 

Chess No 1045: 1 c6! KdS 2 
Kh5! Resigns. If BxfS 3 gxfS 
KXC6 JSS Kd5 5 Kg7 Ke56 
h4 Kxf5 7 hs and queens. 


to be the Chosen Virgin. 

The merits of these perfor- 
mances were clear to see - a 
superbly trained and already 
coherent ensemble, and nota- 
bly good musical standards. 
The problem lies with the 
dancers' ability to transform 
choreographic lead into the 


gold of the theatre. Match 
riancp to dancers and Rambert 
will truly be re-launched. 

Rambert Dance will be at the 
Grand Theatre, Swansea, from 
November 1-5, and at the 
Orchard Theatre, Hartford, 
from November 8-12. 


. SOUTH BANK 


Sat PHILMARMOrUA ORCHESTRA NOcolaun Humoncouit (condl 

39 Oct rllltoleus Hemonoourt Booth ovon Sertsa Symphony Nat: Symphony 
7 Jo NoJ (Eroica) 6pm: Music ot Today. James MncMnon. odm ftoo by cone 

nckeL caa, E22. C17. CIO. cs -ptwuiannonlo Ud 

Sun SUNDAY NIQHT CLASSICS Royal PhWisnnonte Orchosirn. 

30 Oct Tchaikovsky Romeo &JuHac Symphony No.6 (PatMdqua); 

7 JO Rachmaninov Plano Concorto No 2 

£22.50. C21, El 8.50, E1H.50, £12.60. £9.50. £0.60 Raymond Oubbay 

Hon pHlLMARseosHA orchestha Nlkoioua Harnoncourt (cond) 

31 Oct KikoiauB Harnoncourt Be Hawn Sanaa 

7 JO Symphony No2 Sysbhony No.7 

£2 a £22. £17. £10. £5 -PMhamwnla Ud 

Tool THE LONDON IrtflLHARaSOMIC Rsaktont at tha RFH. 

Wed 2 Marlas Jansona, Kyung-Wha Chuns- Schubart Ov In Italian Stylo: 
Nor Brahms Sym 3; Baethoven Vln Cone. Spons; Pioneer High FldeUty 

7 JO (Q.B0UdCORMMieW Union Mb. C30.C21 jEl7.E13X8.CS ton Phi 

Thu 0BC SYMPHONY ORCHESTRA Alexander Lazarav (cond) 

3 Nov Pater Jablonski (pno) TctiaBcovaky Ptancaaca da Rknlnl: 

7 JO Rachmaninov Po9 anJnl Rhapsody; Schnittke Sym No.SSConcerto 

Oromo No. 4. £10 (unraservad) BBCRadoSFM 

Frf DEUTSCHES SYMPHONIE-OHCHESTER RERUN 

« Nov Deutsche RomsnUk. Vladimir Aahkanaxy (cond) Cristina Ortiz. 
7.10 Schumann Ov. Hermann & Dorothea; Intro & Allagio Appassionato; 

Mahler Sym No.S. £30. £23. £17, £12. £7 Hantson/Parrott UrVSBC 

Sal LONDON MOZART PLAYERS Matthias Banwt [cond) 

29 Oct Marla Jo8o Pi res (pno) Sailor! Sym in D (Venedana); Mozart Plano 
7.45 Cone. K.406: Divertimento. K.138: Krowmn Symphony. Op 40 

Sponsor GOn&mlo das Eauc Qioup. £18. £18, Ci4, E 12 , £8 *HMS 

San NELSON COERNER mtemaUonol Plano Sodas. 

30 Oct Deutsche Roman ilk. Haydn Andonte con voriozloni. Hob.XVIIi/6; 
3.00 Brahms Sonata. Op-5; Schumann Etudes Symphonlquos 

£10. £8. £6 Hantoon/Penotl LkVSBC 

San VIENNA CLASSICS CONCERTO FESTIVAL London Soloists 

30 Oct eh. Orch. H Daunt, So-Ock Kim, Choa-Huna Toh. Schubart Sym 
7.45 No-8; Mozart vin Cone, KJ16; Strauss Ob Cone; Baothovon Pno Cane 

NO.4. £14. £12. £9. £7 XSCO 

Han A HALLOWE'EN NIGHTMARE Deutsche Romontlk. Two 

31 Oct screenings ol Nomfmrmtu (1922) (cart 12) and Warning Shadows 
TAS (1323) Ctasstc sOoni turns (or HaDowe'en with scores by Paul Robinson 

played by the Harmonle Band. £9 "SBC 

Tim LOUIS DEMETRIUS ALVANIS (poo) Chopin Largo: Nocturne: 

1 Nov Fouffle rfAtburrr; Nocturne. Oo.Posth; (our Scherzr Bartlett Caprice (let 
7 j 45 ped.) Nyman The Plano: Brahms Hungarian Danes*. Noe-1. 3, 6. 7 & 5. 

Spons: Capstlcks SoUcliora. E15, £1 T. £8,50, £8 KCM 

Wad B(LL FRISELL plays BUSTER KEATON 

2 Nov Screenings of "Go West - and omar classic Keaton films with new scores 

7 JO played Uva by tho Bill Frtsell group. F risen la one ol America's most 

inventive jazz composers, ns. £12.50, CIO Sorioua Spoataxil 

Thu TABEA Z1MMERMAHN, MICHAEL COLLINS, IMOOEN COOPER 

8 Nov Kurtdg Trio (Hommapo A Schumann); Schumann Trio. Op. 132. 
TAS FomasleBtOcke: Ligeti Sonalo (let UK ol.); Mozart Trio, K.40B 

(Kegebtatt) £15. £13. £9.50. £8 mtennusica Artists- Mgt LtdTSBC 

Sri HAtmneus The oasonca ot Portugal, its people, its wndsenpoe. bs 

4 Nov emotions and the bltterswoet longings of aaudode. 

7 AS Further performances: Nov 22 A 26, PulBOH Room. 

£16. £12. £7.60 'Portugal 600 


ROYAL FESTIVAL HALL TUESDAY 1 5 OCTOBER 7.30pm 
LONDON INTERNATIONAL ORCHESTRAL SEASON 


O 


OISTRAKH plays 


Violin Concerto 

Brno Philharmonic, Leos Svarovsky conductor 
Progam me also indudes: 

Jana£ekx Sinfonietta 

Tickets £6 • £25 Box Office/CC 0171-928 8800 
Presented by Van Walsum Management & The South Bank Centre 

AUTUMN MUSIC AT THE V&A 

Monday 7th November at 7 JO pm 

Academy of London 

RICHA RD ST AMP conductor 
ERNST OTTENSAMER clarinet 
STEPAN TURNOVSKY bassoon 

- Programme includes - 
MOZART Bassoon Concerto K.191 
COPLAND Clarinet Concerto; Appalachian Spring 


Coneot sponsored by ARCO 
In ukl of Cities in Schools (Reeincreti Cturtlv No S83333) 
AH Scats CJO Tel: 071 -WE 8407 {MonJay In Fnvlav |(M) 
«L Loodoo 


VleiwH ml Albert Mnseum, Exhibition Road. I 


SW7 2RL 




‘BRIAN KAY’S SUNDAY MORNING.’ MUSIC AND REQUESTS. 9:00AM. 




nno r i d i o 3 

*9-03 F 


1 


I 


l 






xvill WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBBR^^^^^ 




Sailing 


Sparring begins in San Diego 


T here are lots of comparisons 
going on in San Diego right 
now. Men versus women. 
Wide against narrow. The 
occasion is the International Amer- 
ica's Cup Class world championship. 

Most of the teams that will compete 
in the Cup itself, beginning in Janu- 
ary, have a boat entered in this 
“check-out" regatta, so-called because 
of the opportunity to check out the 
opposition prior to the main event. 

Intense interest is focused on the 
all-women crew sailing the America* 
yacht Kama. It is the first time at this 
level of sailing that women have 
raced against men in a world-class 
event. Initial fears that a deficit in 
body strength would handicap “the 
Cubettes" seem to have been wrong. 

■These boats aren't terribly physi- 
cal. It’s about talent and mind- 
games.” said Dawn Riley, one of the 
afterguard and the only woman 
aboard Kanza with previous Cup 
experience. 

Olympic gold medals and world 
championships abound among the 
other 15 crew. 

America*, funded and sailed by 
energy billionaire and amateur 


yachtsman Bill Koch, walked away 
with the Cup in 19%L Koch admitted 
to having spent S70m on the pro- 
gramme. much of it on high-technol- 
ogy R&D rather than training and 
technique. His designers produced 
yachts that were long, narrow and 
heavy when compared to the opposi- 
tion. They were also much faster. 

Two of the new generation of IACC 
boats built since then will be racing 
this week; oneAustralia and the Japa- 
nese entry JPN-30. It will be fascinat- 
ing to see the extent to which they 
have followed the hull design trend 
started by Koch's technical gurus hut 
far from universally believed in by 
the opposition. 

Koch's presence is largely a conse- 
quence of a dispute with IRS officials. 
His 1992 campaign was via a not-for- 
profit foundation which gives 
considerable tax benefits to the donor, 
in this case Koch. The IRS told Koch 
that bis tax-breaks depended on con- 
tinued involvement in the Cup. Put- 
ting women on the boat began as a 
snook-cocking exercise aimed at the 
taxman but has unintentionally 
proved an inspired move in terms of 
sponsorship and media coverage. 


Papers such as USA Today, hardly 
known for its yachting, have been giv- 
ing a great deal of coverage, con- 
sumer companies which make prod- 
ucts for women have been keen to 
provide support, and the television 
networks cannot get enough onboard 
footage of the Cubettes. 

Among the more traditional partici- 
pants. none has attracted more atten- 


Keith Wheatley looks 
at the intrigue 
surrounding the 
Americas Cup regatta 


tion than the Australian challenger 
John Bertrand, head of oneAustralia. 
Bertrand, skippering the wing-keeled 
Australia H. took the Cup away from 
America in 1983. It was the first vic- 
tory by a challenger in 132 years, the 
longest home-run in international 
sport. Since then Bertrand has done 
little sailing, concentrating instead on 
a business career. 

It may be that his business contacts 


helped him to put together a complete 
$30m sponsorship package, largely 
supported by Phillip Morris, while 
other challengers struggled in the 
customary finan cial mire. Bertrand 
has his first new boat racing this 
week, with a second being built That 
is proving his undoing. OneAustralia 
has a design co-operation programme 
with the rival Australian campaign 
funded by Sydney property entrepre- 
neur Syd Fischer. All four boats will 
be drawn by the same “think-tank" in 
which each group has shares and 
board members. 

Every other Cup team is up in 
arms. They believe that this arrange- 
ment drives a winged-keel through a 
cost-control agreement ratified after 
the 1992 Cup. This limited competitors 
to two new hulls. Although a 75ft 
carbon-fibre canoe body need cost 
only Sim or so. the research underly- 
ing each new hull may cost 10 times 
that 

So, if Fischer and Bertrand axe 
working as a single team, they might 
greatly increase the effectiveness of 
their research and build three proto- 
types where everyone else can build 
just one. 


It looks certain to become a matter 
for the international jury convened to 
administer the Cup. The US courts 
have already become involved. If Ber- 
trand's new boat proves fast this 
week, the already sharpened knives 
will be out .and flashing. 

On the defender side, the dominant 
figure of Dennis Conner will be on the 
water doing what he does best; learn- 
ing everything and giving away noth- 
ing. IBs Stars & Stripes 91 is the old- 
est boat in the class and is scarcely 
competitive. Yet with a new yacht 
due for delivery in mid-November, 
and talent such as Paul Cayard to 
augment Conner's 20 years of Cup 
experience, one should never underes- 
timate him. 

No one will be able to miss the 
Russian chartered entry from the St 
Petersburg Yacht Club. For reasons 
not yet clear the old U Mora l has 
been repainted with a black hull and 
yellow decks and mast by her new 
crew and renamed Vek Rossti. Since 
the New Zealand challenge is 
choosing to miss the regatta for tacti- 
cal reasons, at least there is no risk of 
the Ivans being mistaken for the All- 
Blacks. 


Cricket /Simon Hughes 

T ourists 
at work 


A winter cricket tour 
- three months in 
the Caribbean or 
four travelling 
aro und Australia ~ sounds like 
an agreeable way of spending 
the English winter. How nice it 
must be to bask In the sun- 
shine in T-shirt and shorts, 
warm waves lapping your 
ankles, beside you a cool beer 
and a copy of the newspaper 
reporting the doom and gloom 
back home. Occasionally yon 
play a little sport 
Reality is not quite as easy 
for members of the England 
touring party, apart from the 
doom and gloom back home 
bit Yes they may have isla n d 
hopped round the West Indies 
from January through to April. 

month embarked on 
their 16- week tour of the Great 
Outback but no they have not 
been to any beaches or even 
caught a whiff of a pina colada. 

Well, that Is not quite true. 
When the team eventually left 
Antigua in mid-April this year 
at the end of a hard-fought test 
series, there was a day set 
aside for sun. sea, sand and the 
rest of it. “Before that," said 
the fast bowler Angus Fraser 
“all we’d seen was hotels, air- 
ports and cricket grounds. A 
fortnight in Jamaica may 
sound fantastic but it's not if 
you are stuck in run-down 
crime-ridden Kingston and 
more or less imprisoned in 
your hotel by security guards." 

The 1994-95 Australian tow 
lasts 116 days, but only six of 
these (including Christmas 
Day}, are completely free of 
matches, travelling or practice. 
There are 20 internal transfers 
across three time zones leaving 
little opportunity or energy for 
exploration. Most will return 
with no more knowledge of 
Australia than when they left. 

Your heart is still probably 
not bleeding for them. But 
tours are much harder than 
they used to be because of the 
speed of transport and the 
advent of one day internation- 
als. which are played to excess 
in Australia. The players do 
not necessarily help them- 
selves. They are notoriously 
unadventurous, preferring to 
lounge around hotel swimming 
pools in their England track- 
suits hoping to attract the 
attentions of other, preferably 
female guests, rather than ven- 
ture further afield. 

There are exceptions. Derek 
Pringle and David Gower dis- 
appeared off into the bush with 
their zoom lenses (during tours 
of India private jets or distin- 
guished travel guides material- 
ise miraculously for interna- 
tional cricketers) and Bruce 
French, the wicketkeeper, 
chmbed mo untains . 

In the main though, overseas 
tours are routine, neatly 
summed up by the title of 
Frances Edmonds* book about 
the last England tour of Aus- 
tralia which was called Cricket. 
XXXX, Cricket On match days 


Australia, the Sheraton 
tel breakfast will be eaten in 
. room at 7.15am IplaV^ 
rnlly double up as much tor 
momy as team spiritl thj? 
un bus will leave at 
nigh Phil Tufnell usunll> 
sps it waiting- 

xm ups are schediUed for 
n (England endured 99 o 
sse sessions during the west 
lies tour) and the gann? 
rts at 10am, although one 
f games often begin an hour 
rlier. At the 6pra close of 
.. „ nf hp*»rs is brought 


D uring a Test the 
dressing room floor 
gradually disap- 
pears beneath the 
clutter of bats, boots, pads, 
sweaty clothes and other para- 
phernalia that spews out of the 
players' kitbags. Hauling these 
around continents is an ordeal. 
In some countries there is help. 
Govind has looked after the kit 
of teams touring India since 
1948. At night he sleeps with it 
in tiie dressing room, resting 
his head on a pair of pads. “I 
haven't lost one bag in 45 
years," he says proudly. 

Sometimes the players are 
hard to keep track of. John 
Emburey sailed a windsurf 
board out to sea in the Carib- 
bean. but could not turn it 
round and had to be rescued 
by lifeguards; Mike Gaiting, 
captain at the time, missed the 
warm-ups and arrived 20 min- 
utes after the start of a match 
at Melbourne in 1986 claiming 
his alarm had not gone off, 
Allan T-amh disappeared into a 
Queensland casino 80 miles 
from the Test ground; and then 
there was Gower’s infamous 
impersonation of a first world 
war pilot 

The landing stars in any side 
are wont to go it alone, leaving 
everyone else in their wake. 
Younger players stick together, 
which on this England tour 
means almost everyone except 
Gatting (37) and Gooch (41). If 
that pair - Gatting has discov- 
ered fitness - keep up their 
habit of turning up for practice 
an hour before everyone else, 
they will be sick of the sight of 
each other by February. 

The fringe players have the 
worst deal, apart from the 
wives, who are usually only 
“allowed” on tour for a couple 
of weeks. Once the big games 
have begun, the reserves trail 
from ground to ground with lit- 
tle prospect of being involved 
in tiie action, nothing but a 
handful of enthusiastic boys to 
practice with and little time off 
in case there are sudden inju- 
ries in the camp. It is bard 
work, hut even so, I would 
rather be playing for England 
in Australia, than watching 
them on television in the Brit- 
ish winter. 


€ B € L 

i e architects of tim 



Rugby /Derek Wyatt 

Pros crack 
the code 


R ugby league has 
overshadowed 
union this week, 
with the British 
Lions beating the 
Kangaroos in the first of three 
tests. 

At Wembley last Saturday, 
the English rugby league team, 
with one notable exception, 
beat the Australian rugby 
league side 84. 

The notable exception was 
the match winner, a Welsh- 
man. not any Welshman, but 
former union hero Jonathan 
Davies. 

His try just on half time 
came when Great Britain had 
been reduced from 13 to 12 
men after their captain, Shaun 
Edwards was sent off for a 
tackle so high and so danger- 
ous that Edwards was lucks* 
the referee did not award a 
penalty try. Had he done so, 
the match - and almost cer- 
tainly the series - would have 
been lost. 

Frequently in team sports, 
victory is not decided by the 
strategy of a brilliant coach or 
his equally brilliant players 
but by the split second action 
of an individual. Edwards' stu- 
pidity nearly cost his side the 
game. 

Nearly. 

Davies, at full back, and 
entering the line at the edge of 
the field, took the ball on half 
way. sold an old-fashioned 
rugby union fly-half s dummy 
and. because a league defence 
lacks the cover of the 15 a-side 
game, had only one defender, 
the fullback. Brett Mullins, to 


take oq. 

Ten metres out Davies 
thought he would be caught 
and looked for support but it 
had evaporated - testimony to 
his pace. 

Davies made a split-second 
decision. He realised he bad to 
find overdrive, a gear everyone 
else thought he had been in for 
the past 40m. 

“Try" went up the cry and 
even members of the press 
stood to give Davies a standing 
ovation. The euphoria that 
swept Wembley could be smelt 
for minutes afterwards. 

Great Britain's win ensures 
full bouses at Old Trafford and 
Leeds. But while the game may 
never have been in better 
spirits on the field, all is not 
well off it. Next year, Britain 
hosts the world champion- 
ships. There is still no title 
sponsor nor for that matter 
any sponsor of any description. 

Rugby league does not want 
another competition sponsored 
either by cigarettes (hooray) or 
alcohol. It wants to occupy the 
territory currently occupied by 
its arch rival, union. 

There is very little chance of 
that. 

Meanwhile, in Cardiff, rugby- 
union finally kick-started its 
international season, (the 
Romania v Wales and Wales v 
Italy World Cup play-off games 
had been a side show). In a 
dismal game. Cardiff suc- 
cumbed to a very ordinary 
South African side, now to be 
known, after some hesitation 
by the ANC government, by 
their old name, the Springboks. 



SpBt second of glory: Jonathan Davies stretches away from Brett Mullins to give Great Britain a winning lead against Australia at Wembley 


The four home anions are 
gunning for South Africa. This 
is because they cannot face the 
future. 

In the southern hemisphere 
the game has gone “open". 
Players are being paid. In one 
form or another, contrary, it is 
true, to the spirit of the cur- 
rent laws. 

The game's base has moved 
since 1985. when the Interna- 
tional Rugby Football Board 
made its momentous decisions 
to hold the world cup and to 
hold it in Australia and New 
Zealand. 

In Australasia they knew the 
world of sport better. They had 
seen the devastating effects of 
the Packer circus on cricket. 
What has happened? New Zea- 
land won the first world cup in 
1967; Australia the second in 
1991. In 1995, New Zealand, 
France, Australia and South 
Africa look the four most likely 
semi-finalists. 

France is the one leading 
northern country not eager to 
confront South Africa over 
payments. This is because Jac- 
ques Fouroux, France's former 


captain and coach, has said be 
is organising a professional cir- 
cus, to take place after the 
third world cup next year. 

Fouroux has only four fix- 
tures agreed but he does have 
television and sponsorship 
deals in place. Hardly surpris- 
ingly, the games will be played 
in South Africa. The only com- 
plication is that he has no 
players. 

The home unions have lost 
the arguments. As Vernon 
Pugh, chairman of the Interna- 
tional Rugby Football Board, 
put it “The IRFB has been 10 
years behind the game. This 
has to change”. 

As it is. the professional code 
ts Infinitely better as a specta- 
tor sport The game is harder 
and faster. It is simpler to com- 
prehend. Every player needs to 
be able to give and take a pay? 
The trick for each side, on the 
surface a simple one. is how to 
break down one line of 
defence. - 

Quite the best thing that has 
happened to the laws is that 
the opposing side must retire 
10 metres rather than five after 


a tackle. It is this that has 
added an extra dimension to 
the tactical part of the 
game. 

The Australians use a huge 
variety of ploys. They are mas- 
ters at running off the ball. 
They do it at such speed and 
with such intelligence that I 
would not hesitate to conclude, 
with two more tests yet to 
come, that these professionals 
are the finest collection of ath- 
letes I have seen in this coun- 
try. 

At the bi-annual IRFB meet- 
ing in Vancouver 10 days ago, 
the world's governing body 
refused to make a decision on 
Pugh's report on the opening 
up of the game. 

"As I see it, what the Austra- 
lian Rugby Union already has 
in situ, is what we need to 
adopt throughout the world. 
No payment at club level; 
appearance money for games 
played at provincial level and 
for our best players to be sala- 
ried," he said. 

Going properly “open" would 
of course mean that rugbv 
union and rugby league plav- 


ers could play either code at 
international level. 

Union might try. each sea- 
son. to contract every potential 
international player to stop 
them playing the other code. 
But, even If this was legal and 
I doubt that it would be, play- 
ers would be able to move 
between the two codes. 



lUtRLI or <H||).Liia>p.T1c 
■»« Mac. A'rilallc la 1 rolls, 

> Mix ikap*. ZbroaiD Inin .16 
laM tartar], rbanc a* I Jl 41 41 
■a! 41 >1 II. 




t 




FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994 


WEEKEND FT XIX 


OUTDOORS 


T o be able, on a marrow- 
chilling February day, to 
tell your chains “I’m fish- 
ing in Brazil next week" 
is a pleasure of rare deliciousness. 
To be ignobly honest, the pleasure 
is enhanced significantly by the 
expressions of envy writ large on 
their faces. 

So there I was, in a rather natty 
straw hat and daft shorts, white 
legs and arms and neck shiny with 
son cream. I was feeling pretty 
pleased with myself as I poured 
cold beer down my throat sur- 
veyed the surging half-mile breadth 
of the Parana river, down near the 
Paraguayan border. 

I had a companion on thfo adven- 
ture. In his field, he has something 
of a reputation as a fierce and com- 
bative interrogator and mangier of 
public figures. But I found him a 
jovial soul and have decided to for- 
give him for exposing me to ridi- 
cule in his account of our expedi- 
tion. For one thing, it would be 


Fishing / Tom Fort 

The day we found El Dourado 


beneath my dignity; for another, he 
has a nice bit of trout fishing in 
Gloucestershire. 

Before we started I did my best to 
demolish notions of my angling 
proficiency. But neither Edward, 
our host on the Parana, nor Jorge, 
onr dark-skinned, gleaming-toothed 
boatman, would take any notice. 
And my companion - who. for the 
sake of convenience, I shall call 
“P” - persisted in harping on about 
it. 

The only way to rid myself of the 
slur was to display thorough a w d 
constant uselessness - which I did. 

We had come in pursuit of the 
great fish of the Parana - the dour- 
ado. I knew something about it. 


having read old books by English- 
men who had paid visits 70 years 
and more ago to do battle with it 
They called it the Golden Salmon, 
although it does not look like a 
salmon at alL It is, however, a most 
w|agwi fi f»p i i* fiyh: its fins, t ummy 
and head deep gold; its broad 
flanks spotted with black; its wide, 
predator’s mouth bristling with 
teeth. 

Those Englishmen of olden days 
went after it with spinners, and 
many were the epic encounters 
they had in the surging currents of 
the colossal Parana. 

I had thought, vaguely, that we 
would spin, too - or even fish with 
fly - and had brought with me rods 


and reels lent by Hardy Brothers 
which would, I hoped, suffice. But 
the river was 15ft above normal 
and mud-brown. Perforce, we had 
to follow local practice. This 
Involved impaling a slippery, eel- 
like creature called a morenita on 
the hook, with a large weight 
above. This was then hurled 
upstream from the boat and 
zoomed downstream with the cur- 
rent The theory (sound when prac- 
tised efficiently) Is that the bait 
bounces along over the rocks until 
seized by a rapacious dourado. 

Ah, the rocks. What a multitude 
of those we booked and failed to 
land. T would stand at one end of 
the boat, redrfaced under bis green 


baseball cap. I would be at the 
other, smirking at his discomfort 
then cursing as I became hooked 
up. Between us were Jorge and 
Edward, grinning at our antics. 

Our performance was. on the 
whole, pathetic. But we did catch 
Some fish. “P" caught a pi ranha, 
which was appropriate, and some 
small dourado. I hooked one decent 
one, which took the bait with such 
violence that my multiplier reel 
over-ran and jammed. The fish got 
off and everyone, apart from me. 
laughed. 

Edward, taking time off from 
schadenfreude, caught a tremen- 
dous 28-pounder which, roasted 
whole, made a memorable feast It 


was maddening, but it was also the 
greatest fun. The beer, the heat, the 
river, and its forest, the comforts 
and hospitality afforded us. the 
companionship - all were ample 
consolation for the failures. But 
always, the thought nagged at me: 
we should not be fishing this way, 
we should be spinning. 

By the last day, the river had 
dropped and cleared. We trailed 
onr baits around without joy. then 
headed for base. As we did so, 
Jorge spotted dourado slashing at 
the surface near the shore. I rigged 
up a spinning rod while he edged in 
towards them. Using a large copper 
spoon. I hooked four - and lost 
them all. The last, announcing 


itself in a great golden boil, bent 
my Hardy rod like a horse-shoe and 
broke a 20-pound fine like cotton. 

It was the most exciting half- 
hour of my fishing career, a 
glimpse, both tantalising and agon- 
ising. of what ought have been. But 
ifl try again, 1 shall know what to 
do. I shall go in November or 
December when the water should 
be right. 

I shall take a rod capable of 
quelling a shark, with line to 
match, and copper spoons with sin- 
gle, extra-strength, extra-sharp 
hooks. 

I shall, politely but firmly, wave 
away Jorge and his horrible, slimy 
morenitas. 1 shall, most assuredly, 
catch the fish of a lifetime. And I 
shall be very modest about it 
■ Tom Fort's trip was arranged by 
Dourado Sports Fishing. 72 Glen- 
thome Rd. London W6 OLR, tel: 
081-583 198& fax 0B1-503 2230. with 
the help of the Brazilian airline 
Varig. 


Gardening I Robin Lane Fox 

No excuse for 
a dull autumn 


W e have had the 
most marvellous 
days for autumn 
colour the field 
maples have been the most 
brtUiant yellow in every form 
hedgerow in which these easy 
trees are planted, L have been 
trying to see them in context 
with an outsider’s eye, with 
this result 

For six months of the year, 
marooned wives, harassed 
weekenders, and financiers 
who really do want to create 
something more than a paper 
muddle, engage in a constant 
battle to weed their flower 
beds, swap round their plants 
and colour-plan their borders. 
Their aim is to grow as many 
flowers as possible, arranged to 
look like heaven on a golden 
evening. 

They start to ease off in 
October, whereupon trees, 
shrubs and many border plants 
turn to colours of a brilliance 
which flowers cannot equal. 
Gardeners, though, are still 
fussing about the last few 
blooms on their roses, consid- 
ering that autumn’s other col- 
ours are for park-owners and 
farmers - but not for them. 

There are excuses, of course. 
."How can we give up space for 
something which lasts for just 
a fortnight? The garden is too 
smalL Autumn is too muddy. 
We have enough leaves to rake 
up already. The best place to 
see colour is in somebody 
else's arboretum. When we are 
more organised, we really must 
try to go to Westanbirt. Once 
you have seen the foil in Ver- 
mont, you do not want to 
bother with Sussex on a wet 
afternoon . . 

I disagree. Once again, the 
agapanthl have turned a bril- 
liant yellow while the white 
rose blanc double has started 
its third season, turning yellow 
to match them. Anyone with 
acid soil, good trees or a euony- 
mus has added an extra fort- 
night to a season which flower 


gardens cut short 
Admittedly, you need the 
right euonymus. In a smallish 
garrian the answer is EL alius 
compactus. the winged form 
with branches that will have 
spread only about 3ft high and 
wide after several years. Two 
or three of them stand well 
against the front of a shrub- 
bery, woodland or lightly- 
shaded hedge. 

They turn to the most amaz- 
ing ghatfe of scarlet, «* pianiwg 
anything in flower, and grow 
steadily almost anywhere. 
They are cheaper and less sus- 
ceptible to drought or lime 
than the small Japanese 
maples which gardeners seem 
to prefer. Red Cascade is a big- 
ger alternative; it is twice as 
large and not so bright but set 
with, masses of red fruit 
On acid soil, there is no 
excuse for a doll autumn 
among the declining araleas. A 
few bushes of the easy enlrian- 
thus go a long way unless you 
like bell-shaped flowers in a 
dullish white during high sum- 
mer. This weekend, they are 
something else: a flaming ™« 
of red which saves their repu- 
tation in a sudden finale. 

A gain, they are not 
large plants. I like 
to see them behind 
the gmaiiw azalea s 
with a bush or two of the sen- 
sational disanthus behind 
them, perhaps to one side. 
Although its flowers are negli- 
gible, this larger shrub has 
leaves shaped like hearts 
which go to the colour of deep 
claret and crimson in slight 
shade wherever an acid soil is 
not too dry. 

Higher up. an any soil, it has 
to be pamrtia, a Persian tree 
which is surprisingly lime-tol- 
erant but likes to spread 
widely. It looks superb in 
rough grass if two plants are 
spaced out in isolation: you 
can train the central stem into 
a tall leader by supporting it 


on a tree stake, persuading it 
to make height which parrotias 
otherwise avoid for spread. 
Behind It. at a distance, you 
can put the upright ginkgo 
bfloba as a narrow, vertical 
contrast 1 wish cur town coun- 
cils had planted this urban, tree 
as widely as in New York or 
Seoul Ginkgos turn the most 
brilliant shade of yellow all 
over those curious leaves, 
which look like a webbed little 
hand. 

People worry that they grow 
too slowly to be worth planting 
as a boundary, but I notice 
that one of the best sources of 
unusual autumn trees would 
disagree. The Bluebell Nursery 
of Blackfordby, Swadlincote, 
Derbyshire, lists all sorts of 
varieties and indicates their 
probable size after five years. It 
estimates that a ginkgo would 
be eight to 12ft high by then. 

Thp supreme ad vantag e of a 
ginkgo is that, although an 
extremely old tree, it thrives in 
our polluted cities. 

In its place, many authorities 
have preferred the coarse and 
stiffly-shaped malus, which is 
now called Bonfire, or one of 
the more common types of 
flowering primus. It is always 
worth considering the autumn 
colour when planting a primus, 
or flowering cherry, bnt the 
prettiest in flower and leaf are 
not always the best known. 

This weekend, I am being 
pleasantly surprised by the 
upright, single white Umenlko, 
which has such elegant leaves 
of a fresh, lively green and 
such pretty white rounded 
blossom in spring. I have never 
known it turn such a magnifi- 
cent shade of red- Its only 
superior is more famous for 
the autumn season: another 
single white of great distinc- 
tion called Korean HflL 

Either of these trees would 
make superb specimens on the 
boundary or towards the back 
of the lawn of a smallish gar- 
den. 



A k— at work: rid r es ort staff would cheerfUy ehoot there cfcrena of the mountains 


Jean-Pad Fans 


FT Ski Expedition /Arnie Wilson 

One ski in the grave - but no parrots 


Arnie Wilson oral Lucy Dicker 
are trying to ski every day of 
1994 on a round-the-world trip. 
They are in New Zealand. 

I have joined New Zea- 
land’s One Ski In The 
Grave Club. Although 
one is supposed to be 55, 
when I applied for member- 
ship for Nigel, my skiing chnm 
in Hampstead, London, they 
made on exception for me. At 
50, 1 am old enough to qualify 
as a veteran. 

However after an exhilarat- 
ing day's helicopter skiing in 
tiie Harris Mountains (Lucy’s 
first fall day of beholding) I 
feel it may be some time 


before both skis are entombed. 

We thrived in excellent com 
snow on Roller Coaster and 
Gold Mine Ridge and found 
good powder on Twin Falls. 

We also landed on the spec- 
tacular Tasman Glacier in a 
Pilatus ski-plane. While the 
skiing was undemanding, the 
scenery - not dissimilar to the 
Vail fee Blanche in Chamonix 
was superb. Bob Monro, onr 
guide, even led os through 
tunnels in the huge ice-falls, 
and on one occasion we took 
off our skis and climbed into a 
series of tomb-like ice-caves in 
a huge crevasse. 

Meanwhile we have become 
the latest victims iff New Zea- 


land's unique Alpine Parrot, 
the Kea. This comical bird - 
which waddles and hops its 
way around every ski area in 
South Island - cannot resist 
sinking its sharp beak into 
anything malleable. Ski 
gloves, cardboard cups, picnic 
leftovers, or - in our case, rub- 
ber clips on our ski-rack - the 
Kea will go for it 
Sometimes there is no 
escape. The official archives of 
Mount Robert recall that even 
in the primitive alpine lavato- 
ries, “with a large gap above 
the door, the occupant would 
invariably be subjected to 
•Charlie* Kea’s beady eyes as it 
bung upsfde down from the 


roof. Should the door be acci- 
dentally left open, it would be 
seen flying off trailing a huge 
streamer of toilet paper." 

At Porter Heights, one of 
these clownish birds got inside 
a lift operator’s rucksack and 
ate his sandwiches while he 
was standing, oblivions, a few 
feet away. More seriously, 
Keas frequently gnaw their 
way through robber seals on 


car windscreens and rip off the 
insulation around electrical 
components on ski lifts. 

Many sU resort staff would 
cheerfully shoot them, but this 
would mult in a hefty fine. 
Recently a European tourist 
was heavily fined for trying to 
smuggle Keas out of the coun- 
try in tubes stuffed into his 
trousers. They are said to be 
worth £50,000 to collectors. 


A 11 cars - well, 

f\ almost all cars - are 

fa 1 so good nowadays 

. that It is perfectly 

nslble to choose them on 
celr looks, size and price, 
jere is no point worrying-too 
uch over the purely technical 
itures: most drivers neither 
iderstand nor want to know 
tout them. 

That being so, I predict a 
igfrt future for the Vauxhall 
gra coupfe (an Opel cm main- 
ad Europe): This little 2+2 is 
pretty that it cannot foil to 
m heads. 


Motoring / Stuart Marshall 


A looker with loads of style 


MOTORS 


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ST \UiA.\S 


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The Tigra is related, closely 
to the Corsa hatchback and 
was seen first as a styling con- 
cept at last year’s London 
Motor Show. The public 
responded so enthusiastically 
that, months (rather than 
years) later, it was railing off 
tiie assembly line. 

The Tigra goes on sale in the 
UK in mid-November priced at 
£10.995 for the 1.4-litre and 
£12^95 for the better-equipped 
L.6. But there is little to ten 
them apart; even the engine 
Size is not indicated, to please 
the insurance companies and 
keep premiums down. 

The mam external difference 
is that only One 1.6 has a stan- 
dard sun-roof, larger-dJameter 
alloy wheels with wider tyres, 
pnd body coloured bumpers. 
For the extra £2.000. buyers 
also gat anti-lock brakes, twin 
air-bags (rather than just one 
for the driver), electrically- 
adjusted door mirrors, fog 

lamps, and a leather-covered 

Steering wheel Power steering 

is standard cm both models. 



So pretty: VauxhaJTs Tigra is a smash Mt wtth woman - but turns men's 


Already, the Tigra has 
proved a smash Mt with 
women, and Vauxhall expects 
a majority of buyers to be 
female (as they are for the 
Tlgra’s only competitor, the 
Honda Civic coupfe. which 
costs £10,900 with manual 
gears and £11,670 as an auto- 
matic). But when my wife and 
I stopped our Tigra in a dusty 


square near Barcelona a few 
weeks ago it was the men who 
gathered round. They admired 
its lines, asked how fast it 
went, and preened with pride 
when 1 told them it was made 
in Spain. 

So I disagree with those who 
take one look at the Tigra and 
half-dismiss It as a “woman’s 
car”. I see it as having a simi- 


lar appeal to the old British 
Motor Corporation's frog-eyed 
Sprite, although it is light 
years ahead of that dreadfully 
crude and uncomfortable two- 
seater of a generation ago. 

Both Tigra models are enter- 
taining to drive. Their engines 
combine ample pulling power 
at low speeds with a willing- 
ness to spin quickly, and the 


five-speed gearbox has a sweet 
shift. There is no automatic 
option yet but that is on the 
way. 

Which to buy? I would go for 
the L4. It rides better titan the 
squatter-tyred 1.6; yet, on 
winding hill roads, it handled 
just as nimbly and securely. 
Outputs of the 1.4 and 1.6 
engines are not all that far 
apart (90 compared with 106 
horsepower), performance dif- 
ferences are fairly trivial and 
either model should reward a 
sensible driver with at least 
40mpg f7 .0611100km). 

The small boot's capacity is 
doubled by folding the back 
seats (which Vauxhall admits 
are really for under- 12s) and 
head room is restricted. Par- 
ents of young children may 
have trouble strapping them 
into the back of a Tigra. (1 find 
fixing our grandchildren's 
safety seats difficult enough, 
even into good-sized, four-door 
cars.) 

I cannot see many Tigras 
being bought as sole transport 
for households with small chil- 
dren. But it must appeal 
strongly to men and women in 
their 20s - and, I suspect to 
empty-nesters more than twice 
their age. Vauxball's forecast 
of 4,000 British sales this year 
could be over-modest 


Peninsula's rooftop pool 


Bmm 

^wWWIlllr 


has the only 




lanes in New York 


mm mm m m km. 


that aren't jammed. 


Please go easy on diesel, Mr Chancellor 


K enneth Clarke, Britain’s 
Chancellor of the Exche- 
quer, warned a year ago 
that excise duty on motor 
fnel would go up by at least 5 per emit 
in Ms next Budget - due at the mid of 
November, writes Stuart Marshall. In 
plain English, that could means up to 
18 pence a gallon - or 4p a litre. 

That figure could, however, be a 
great deal higher - perhaps almost 
double. It depends how strongly the 
government is convinced that the best 


way to curb atmospheric pollution is to 
reduce vehicle mileages, and that the 
best way to achieve this is to put up 
fuel prices. 

But would it work? Italy has some of 
the most expensive petrol in Europe; 
but If high pump prices have persuaded 
I talian motorists to leave their cars at 
home, at moderate their driving habits, 
it hardly shows. 

The most obvious causes of exhaust 
pollution in big towns are lorries, 
bores and taxis powered by old - and 


often ID-maintained - diesel engines. 
Because most diesel cars in use are 
fairly new, their individual contribu- 
tion to the pollution tote! is minute. 

This is acknowledged widely by 
industry experts. But modern diesel 
cars get tarred with the same brush as 
the stinking old smokers. 

In general, politicians seem remark- 
ably ignorant about diesel cars. (“I 
know taxis have diesel engines but are 
there really diesel cars?” (me junior 
minister said to me, straight-faced and 


quite serious, only a few years ago). 

Wfl] the diesel car get a square deal 
this time? I doubt ii In the past year, 
there has been too much ill-informed 
comment on diesel vehicle emissions. 

All one can really hope is that things 
stay as they are and that the chanceDor 
does not take fiscal steps to slow down 
the growth in diesel car sales. But even 
with the fuel taxed at the same level as 
unleaded petrol, we diesel car-users 
know we can drive at least 20 per cent 
further on every litre. 


THE PENINSULA 


1 i ■ R >: 


tniai T hi I \ M > I i N L i 




■V P.i ift o'la III- v ► . mt ■ V-ir.iU • n-it • Imirlv H.lk 

tf r I-jlj.i H, 'VI Fi-.|iH|* » TtH' « .■'« It. -H rMfl li.mp 


1 


J 


1 






XX WEEKEND f-T 


FINANCIAL 


TIMES WEEKEND OCTOBER JN/OC 10,11 


•K :*»> *‘ ,a •* 


LONDON PROPERTY 


COUNTRY PROPERTY 



HARLEY HOUSE 

MARYLEBONH ROAD. REGENT’S PARK 
LONDON NWI 

Isn’t Life Grand 1 

if 



T/uae days ii is unlikely tv get much grander than Harley 
House. Behind the magnificent Edwardian facade of Portland 
,md Bath stones are apartments of rare comfort, scale and 
character - and for Ok first ame they are available for sale 
u-ith 150 - year leases. 

Haritn House is being lovrn^y restored to its former gfory. Most apartments are 
2,OGt5 square feet or more with four to five bedrooms, nm bathrooms, shower 
room, satdyfjruud's room, reception and diningroom and Poggcnpohi kitchen - 
all with 2-1 -hour porterage and securirr surwUMnce. 

Harley House stands at the crossroads of London. It looks down towards- the 
West fetid, it looks back onto Regent's Park, (t looks forward to you. 
APARTMENTS FROM £625.000 

HARLEY HOUSE - A PLACE IN HISTORY 


Con race CfirU Mcrccr 


Con men Ian Franklin 



I<WI kragtKbrahp- SKIS 714 

071 584 6106 


SHOW FLAT OPEN 
i him - 5pm Weekdays 
I pm > 6pm Weekends 

071 486 4563 


White Druce 
& grown 


1 I UUntlck Srrm. I undm UIKShA 

071 734 4734 




m 

m 

mfw 

..; . -ao.' 

* s . ■.« ! 




An individually 
designed 5 bed roomed, 

5 baihroomed detached 
house tasteruily appointed 

throughout and set in 
extensive grounds of 
approximately 1 acre. 

Close to the RAC Club in 
one of Epsom's premier 
private roads. 

Price £695,000 
freehold 

Open every weekend f/vm 
Want to 4pm. 

Tel: 01372 279566 
Contact the Selling Agents. 
Hamptons. 70 High St. Epsom. 
Sumy. Tel: 01372 728191 

OCTAGON DCVCLOPMEWTS LTD 
HAZELDEaN STATION ROM 

V LEATHER HEAD SURREY J| 

TELEPHONE 0LJ7J MI7T7 

235 


BUTLER S SHERBORPi 


\ ■ ‘ '• ■ :i» •' ■ ” 



THE ISLAND 

U'lMRT J null*. RarjM IY eu!f. Oanl WniJr* 

A private island with wooded 
garden and grounds and a 
comfortable house. 

2/3 reception rooms, 4 bedrooms. 
3 bathrooms. Workshop and 
outbuildings. Second Island. 

Abo at 3 acres. 

Further leisure development bud 
available by QegoLuUon 


Telephone: Burtbrd (0993) 622325 


*J4| 

J&r-X- 

COURT, 
LONDON W2 

A triple aspect fifth (top) 
floor apartment with well 
proportioned entertaining 
rooms, which has the 
benefit of 24 hour 
porterage and video 
security. 

)0it Drawing Roam. Dining 

Room, Kitchen Breakfast 
Room. 3 Bed rooms. 

3 Bathrooms <2 Knsuitei, 
Dressing Room. Lift. 

£725,000 

Leasehold 116 years 


SAVILLS 


INTERNATIONAL 

071-221 1751 


INTERNATIONAL PROPERTY 


WHY PAY" HOTEL BILLS 7 
DRAYCQTT PLACE.SW3 
Soxiio Roren, Kflriicncttc, Suhrocm. 
Lease 85 years appror £92500 

ELM PARK ROAD.SW3 
StucSo Room, Bedroom Ana, Kitchen 
ftuhnxm. 

Lease 57 wsus approx £92500 
CHELSEA OFFICE 
Td. OTl 703) FajcOTI 22S 1237 


DORDOGNE VALLEY, FRANCE 

•KTZ 



Fttx/Td: France 55276665 

SCI Du Soulie, Le Smilie. 19120 Asmilbc 


A 1 7/ ISA txmry know n ith ctuuda 
buiU iW slime in rmgwd wyk. nett the 
vtIIjjqc uf Gasbcu Sui Donb^iK. un 
Ihe burden ufQucrcy and Pcnpud. 

Ourramglv mured ami iceovucd. 

Tuul living space f»2m\ Cunt w of 
4 bedrooms 2 bathroom*, Lip; living 
loom Kitb Raurtuocc chimney, wuiicr 
lenace. centrally baled ihrougbunr. jfcu 
a large iomr. Vaimming pool I lm t 3. 
wnh lubmuik cnalrult UmOjupnl 
garden auh aut umaiic warning ttMcrq. 
A lidkl uf rongldv 2 Ha. railed and 
Icmol bend* iha iiJiJcn. 

Prfve: 1500,000 F. Fw. 


W.l. SMART 4th floor 2 bad. 2baih 
ItaL Mod P/B block, lift. Clone Coven! 
Garden. Trafalgar Sq.. Leicester Sq. 
2195.000 UH. BARNARD MARCUS 
071-838-2738 FAX: 071-436-2549. 

MORTGAGE PROBLEMS? Aptfy ro die 
experts. Hnscft int Mortgage, on 629 5091 
Fine 071 408 W19 


CHELSEA HOMESEARCH 5 CO Wa 
represent ine buyer io save lime and 
money; 071 837 2281. F» 071 337 2282. 


LONDON 

RENTALS 


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selection of quality properties. £180- 
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SOUTH AUDLEY STREET 
MAYFAIR Wl 

A wpctb 2nd flow lla in a fine comet 
holding above ‘Harrys’ Bar* 
inchc bettnof May&ir. 
Bedroom, bathroom, reception roam, 
kiidica breakfast room. 

Lease 48 years. £2651)00 

GROSVENQR SQUARE 
MAYFAIR Wl REDUCED TO SELL. 
A well presented 6th door liar with good 
views acros ihe Square. 2 Bedrooms, 

2 Bathrooms. Double Reception Roam. 
Kitchen Lift. 34 tour porterage. 
Ijease 76 Yeais£ 475 Wl 
MAYFAIR OFFICE 
Tct07MOJtv.» FasUfl-Nira) 


SffITZERLUO 

MWknlpiMlkiM 


Lak» Qwwva & 

Mountain raaorta 

Vw can om a qoURy NMTKNT/ 

CHALET bl MCHTRtUX. MUAfO. 

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MCLHomSFb 2000001 - OadRtacMM 

RCVACSJL 

a. na a NMMaa-CH-tfll S0BA 2 

a, *44122/ 734 18 a - FM7M1Z2B 


WESTMINSTER 

Smith Square 

EXCEPTIONAL HOUSE c. 1726 
facing St John's Church 

DRAWING ROOM and large 
U BRAKY on first floor. 
DINING ROOM, four bedrooms, 
large stiff room, 
kitchen breakfast room. lift. 

FOR SALE FREEHOLD 

T. Hoskins 1)71 371 6721 
Agem 


BELGRAVIA 

Eaton Gate, 

SWi. Interior designed top Boor i 
bedroom apartment {Eft) In period 
bldg. Ideal pied a terra or letting hrv. 
Grosveoor Estate lease 51 years. 
£160,000. 

Tel: 071 837 9871. 


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FRANCE, PARI5 1st -VflndAma- 
Concordo area- 2 apartments. Ideal 
lor reception in new. luxury, high 
standard building, parkings- 166m 1 - 
IMMOBIUERE SATIS Tel: (1) 45 03 
78 78. 


PANAMA Magnificent Waterfront 
Property. 21 00 acres Of land 4 125-Acie 
private island. Beach house. Tax free, 
S3.800.a00. owner. Fax: 331 3969 6197. 


MONTE-CARLO 
LES OLIVIERS 

Attractive 2 bedroom 
apartment 110 SQ.M., 

living room, 2 bedrooms, 
equipped kitchen, 
parking space & 
storage room (R58) 

AAGEDI 

7/9 Bd lies Mouliru MC 98000 Monaco 
ly Tcl 33-92 1 65 959 Fax 33-93 SOI 942 j 

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For your 
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ihe best opportunities for you throughout 
control London and also In the dty of 
Cambridge We provide 3 complete 
package service: Acquisition, Finance, 
Furnishing, Lotting and Management. 
Telephone Malcolm WOfton I nt ernat i onal on 
071 4934291 or F(DC 071 493 4319 

BERMONDSEY. SE1 . Superb two 
bedroom, galfarfed apartment In Victorian 
C tf warslon. Many original features Inducing 
parquet wood flooring, high ceilings 
and brick walla. Carrion and secured oM 
street parking. £87,500 UH. A/ex Nell 
TdL 071 537 9699 Fa* 071 637 9883 

BLACKFRIARS, dose. 2 bedroom flai 
In P/B block, lid. porter, underground 
parking. £99.500. BARNARD 
MARCUS 071-636-2738 FAX: 071- 
436-2649. 

BRYANSTON Mews house . Double 
garage. 3 bedrooms, 2 r seeps, superb 
location. £387.500. T. Hoskins 071 
371 6721 Agt. 


UMBRIAN FARMHOUSE MIDWAY 
Rome -Firenze lake/ml views, antique 
furnishings. Can Ms. Nielson 44(71)284- 
768803) or 44(71)229-5097. 

MADEIRA. An aparimont of 2 beds/2 
bains, sitting rms overlooking (he 
ocean with 30ml sea views. 
Furnished. For iurlher Inlormollon 
Tel/Fax: (3Slf 9f 933859. 


COSTA BLANCA tar hi colour brochure on 
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Free property & service megazkie. Request 
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Waterfront a Gel Course Homes. Buyers 
Representation. No fee. Con fact Roslyn 
Cereens. Realtor. Fax your TeU>. FI erf you 
lor details. Fox: USA 407 241 B02B 
Tot USA 407 347 2823. 

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ENGLISH COURTYARD 

‘WHERE LONDON MEETS THE 
GENTLE COUNTRYSIDE' 
lOturdt Place, Idtenbom, Middx. The homd 
|farm at ibc heart of Lhc v ilhgc. A spccuoibr| 
new development of roomy cottages and 
flats. 2 and 3 bedrooms. Conservatory. 

£2 HMHO U £235,000 including gang?. 
Lease uver 125 years. 

Full Service Quip: d e tails available. 

FOR ITUS AND ALL THAT 
IS BESTT IN RETIREMENT HOUSING 
ACROSS RURAL ENGLAND 
English Courtyard Association 
8 Holland Slncef, Landau W8 4LT 
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Knight Frank 
& Rut fey 

INTERNATIONAL 




Wiltshire 

Kjmsbijrv Hunperfcnf 3 Bill's. Marlborough B milw. 
iW «Jl4i S mild* Samdun 65 miles, tDidUincw iipproxiniatc' 

An exceptional mill house in a popular village 
with extensive fishing on the Ken net 
Reception hail. 3 rectpiion moms, billiard room, Enrdun vnum, 
d fcitfrooitui. J baihroamx. 

p-.r ii:.li v walled ifardcia. water nradeui. mill ulrcam and puoL 
Over ■ a 'mile of main -stream risbim; cotuprisiru; about 60U yards 
of <i cubic and t>00 ynrds of single bank fishing. 

About 16 Vz acres 

pply. ffunKL-rford tlWAii ij»2726 or L-mdon Q71_ ^^ ®v7tjxrj. 


London 071-629 8171 
‘^0 Hanover Square WIR 0 AH 


SONS 


CHARTERED SURVEYORS 


0304 - 612147 


Residential 


EAST KENT 



A FINE USTED COUNTRY 
HOUSE 

SANDWICH 4 miles. 
DOVER 9 miles, 
CANTERBURY 13 miles 

5 Reception Rooms, 

S Bedrooms. 4 Bathrooms. 

Gardens and grounds of 
14 ACRES 


£425,000 


HAMPSHIRE 



Bishops Waltham 
Nr- Winchester 

6 bed Georgian srete country h«. 3 nxp. 

5 balix. cxKnMVC garaging. fi acrcv 
s tabling, menage, pa-idocto. ytenming 
pool cumplez. sac nos, 'and reaped 
groundi. Pbnntr.g for large ledge hsc, 
devoid poMlii'c, 

Offer, in ci cess of £6*0/1 41 
Tel: LAN JUDD & PARTNERS 
(Rot TJtil 

TeL- 01489 B96422 Fair 01489 896669 


STRUTT&^fe 
PARKER * 



Kinross - Shire Kinross A imUss IVith 21 uwto. l-dinhuiph 
A rcddcntlaL agricultural and 'fiordne olafr. Monniti l»«tw ■ t 

rooqa.7 IwinwmjanU 3 hoiluoiiiit 2 lormhuusci C.uch huiwr - <'■'>:> 1 

482 Jena arable. 106 jqa pasture 2« wa hilL Pheasant dm.4 

Trow falunB Barony wk. AbuuC 1040 acre*. For osa wftule nr In 1 1 W" 


EriMHirgh (Mike Tel: 03i r> 25W 


Hr r unfa 



Buckinghamshire - Tver Heath xtw (Ji 1 3 miles, mi t/S) 

3l mtlci. M25 (JI6) 4 mUcs. Ik-athrowbrnAa, Ccnliai I. widen lftmiIi->. 

A fine Kdwardtaii house whh rndure ranletu In a hl|jhly acctsaiMe podtkm. 
S reception rooms, 7 hvskwno. 2 lurtlw bctltoontl in the self eoniaincd 
annexe .1 hatuvsns Mature g jnlcta. grass tcraus court area. fnpV: g-iragc. 
About 3 seres. London OmcrTtl: 071-nN 72H1 Ref i.\a3Iy« 


13 HtL STREET BERKELEY SQUARE LONDON WlX 80L 
Tel: (071) 629 7282. Fax: (071) 409 2359 
Now W8 aro in Hong Kong. Cod our reprBseroiivB Cat*ne Fislwr. 
Tel: 010 852 816 2532. Fax: 010 852 816 2504 






lllllll II ^ 

I MORAYSHIRE 1 

| by Tomintoul 1 

Inverness 52 miles -> Anrjctivc 
imklional fonurrniansc 6 

3 reception rooms 5 bediuoms 
<• Rural sinuliiYi with pkasuU 
views ■> Staff flat Jfe garage 
Mock ■#“ Garden ground 
OFFERS OVER £150,000 
Ret; 9175 

- 



45 Church Stroef, Invornoss IV) 10R 
Tel: (0463) 224343 Fax 0463 243 234 


CHEPSTOW 

ESTATE AGENCY 


Cribau Him 

“•* • 

NR CHEPSTOW, GWENT 
L'oique Fanuhouse 4c Bom 
Conversion in 22 acres of secluded 
grounds and trout stream 
M4 7 mile*. £2S5.0fi.i 
Tel: 102911639292 Fas: |029I| 629294 


PEEBLES, SCOTLAND 
Chambers Terrace 

A superb and imposing 
luwn house in I acre garden. 

4 fine reception rooms, 5 bedrooms 
with en -suite facilities, self-coniainevl 
fiat • 3 bedroom flat, 3 car garage, 
central hearing. 

Offers over £350,000 
Ret. No: 1301 

JOHN SALE: 

0721 722787 
Fax: 0721 72966 2 


DEVON, NR OICEHAMPTON ResxJantal 
arable and stack farm. 253 acres, approx 
2000 yards saknon and sea trout fishing 
an me River Tarrfdge. Potent ia l lor goad 
shotuig. Farmhauso and attacnod former 
collage. Good larm buildings. Bruton 
Knowles, tel: 0285 850808 Fax; 0285 
640355 Ref MTU 

NR DEVIZES Substantial period former 
Manor farmhouse In aporoximaTdv 8-9 *368. 
4 receptions. 8 Ded3. potential tar addttanal 
conversion. outbuBcfcigs and stabOng. VBoge 
location. £395.000 - Kavena-jha 0225 706880 

COUNTRY 

RENTALS 



Autumn ’94 


Now available, our 
newest fully illustrated 
selection of houses ami 
flats for sale and to rent 
in London and the 
Country. 

Telephone: 

071 - 493 4106 

or Fax: 

071 - 629 6071 


JOHN D WOOD N CO, 


Li.wikik ami OX’.vtry Kst\t»: Agfnts 


HSTAUUMn-O ur-c 


ACORN PROPERTY 
MANAGEMENT SERVICES 
EsL 1979. Members or ARLA. 

aAKTLEY..*YINTNEY. A 4 bedroom 
semi detached coiugc built around IS40 
is sveiL part turnudicd. Farmhouse style 
kJicben. Muster bediuom with en-suile 
dresing room aid dunnr mm £ 119500 

ODIHAM A superbly presented S 
bedroom town bouse in a courtyard 
■retting. Furnished to very high 
standards. 3 bathrooms. Avail, end of 
Nov. beginning Dec. £1500. OP 

Details: Hartley Wlntney 0252 842793 


HAMPSHIRE, 

OVERTON 

Basta^Mfc 8 miles Nvxbuty 13 miles. 

Undcn n I miles. M3 3 miles 
A Grade II Lined farmhouse »idi 
s ou therly rtt*. over open farmland 
Entrance balL dnimr njcmt, snuni; room, 
vtnjy. kuehcn.nicaiam room. 
lUtlltjrcloakjt-.'m. tuilcr. ertLn. 3 ticJiwtm, 
tulinxxn. .farucr rnuro. urc. ho room, 
Wl bcdruvm,hjilinMm Walled garden nrilh 
sntmmlrig pjul and Indien ^rdol. Grade If 
Lhtnl Norman 'Hupei. F.ucasne range of 
oultralldings Padducks and woodland. 

In ill about 8.17 Acres 
LONDON OFFICE: 071 4M |UI0 
ROMSEY OFFICE: 107*41 520470 


A NKANI) NEW 

LOiVDON 

TKKRACK H.XSKIJ 

ON TDK «IKICSI.N.\I. 

DESIGN' BV 
London’s most 
INFI.IKNTI.VI. 

RKIiKNCY styi.k 
arciiiticct 
Thomas Chhi'it 







14/26 GLOUCESTER ST. 
LONDON 

SWI 


SUPKRB 1HUND NEW 
APARTMENTS IN TRADITIONAL STYLE 




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Tut 071 7.VHH22 I SAVILLS | Ft.v07I 730O.VH 


ihTEnnarioNAL 


WOODLANDS FOR SALE 


STRUTT &. 4 !« 
PARKERS 


2 ST. Margaret's Street 
Canterbury 
Kent 
CT1 2TP 


KENT 407 ACRES 

Pluckley 3 miles. Ashford 7 miles. London 55 miles. 

A large block of Broadleaf Woodlands of Silvicultural and 
Historic Interest, as well as potential Wildlife Interest. 

• Approximately 70% Hornbeam Coppice 

• Majoritrvcly Uniform Clay throughout area 

• 120-140 metres above sea level 

For Sale as a whole or In 2 Lois. 

Tel: 1012271 451123 Fax: (01227) 762509 


Knight Frank 
ZZ & Rutlev 


Oxfordshire 

OU KUHnpun. Oilunl Cn> Came 4fau e min 

A Grade 11 lutrd homr uiih 
d reffreoauhKri fhm 

Main house: Entrance hall, 2 icccptioa 
rorwiK, 4 bed moms, 2 tadumnu ^hewer 
room. pus.-4hlc lurcher accuinmudiikw. 

6 self-eunulnci] flu^ providing a 
productive icdcaul invc^menL Gaidem. 

3 cu garage. etKroive paikiBp. 
Tuwer by 'Vanbmph' 

Guide band £3954X10 In E425AW 
,\pply: Oxford |U8651 790077 


RELOCATION 


ACTING ONLY FOR BUYERS Amo sup 
point of contact io manage Uu purcriasuor 
residential or cammerclai property lor 
private use or imosimunt purposes Offices 
throughout the UK. Tho Compass Croup. 
T«: 0638 815850 Ftb- 0636 016G86 


YES. YOU CAN AFFORD THE QUALITY 
OF A BOV1S HOME. 



THE WOI.VF..SE Y WITH FIVE HEDROOMS 


Stylish five hed rin mii Iti.nio jvaifahK- ,tr E.ilrfivUI (.rjiiKC. 
llRiinircc and lliy>liUi).Hi >t Ctilcliorcr I lie train time to 
l ivcrpool Mitel Iomu nrainirvc .s one ho.tr fm- ■iimiuo 
.utkl from < it k-i tester ..ue liuur. I hese tles.rahlc liiMiies nffer 
t?'o fcjl,,r,:N •nt-'uUi.iB .1 starting price or 

J61-*9,*i00 (llramirve) ami Al-S.LSDO (t iildiesU'i'l 


/'/.mm- r.'lr/ihi>ii.- (0376) 5 5-2 52 ~t ' 
( 0206) 84 12 03 r -• n.ra i 

^Bovis Homes 

lYuiy- 

’.VfliKr TO Con is ac r Arvo iruw »kk comer »r r lM r emu to mu 

w *T C"-' 8 OrtKE <CV Ctfatli. 


PROPERTY 

WANTED 


ARE YOU LIVING IN OUR 
DRE.VM HOUSE? 
WANTED: 4-S hcJ. 3 ,« <p . 
>pJUiwis h.re With garage unU 
gaidcn ID quid locaiwii within 'h hr 
l«y Crain .it City lies* .r p«wsil.|c| 

E4IW-£4504)00 v|uiv.k deal u, r 

the tight pinpunv. 

fclcplirtnu: 071 3?.l'i« 0 s 


MILLERS0N 

CORNWjVLL 

•W >e ir rtkl kinaigc wilh iMdWiiped 
ganblis in. I mvidldmh lading hi privati 1 
sjIiwhi iVsIiitik m ihe Bw« T«nur .1 
ickT^miui umiM, klMwn.lvejklaif unvn, . 
uJnreiMriury. .1 hMtuonk* tmrb w«h 
baihrivm. U>s| reurn with 
rt-wfcUwp. ihteNc s« ag.-. Heated ouLVvt 
swimmmg puul. I rerhuM US541WI. 

Fcl llM.IIWI ■VM.V 

I FUfe-UIUI UIMJLO. LWUXM Rrf aSfc'W 

M1LIJ-1R.SON Tel: 0579 .344401 























FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994 


WEEKEND FT 









i 

..if 

Mil 1 '- 


Cool and 
controlled: 

that’s how 
to create a 
best cellar 

Rosalind Russell finds demand 
from oenophiles remains solid 

A s an object of through Savills. the agent 
desire it is tern- which is seeking offers of mon 
peramental, can than film, 
suffer from Almost immediately aftei 
alarmingly they moved in 2‘A years aen. ; 


A .s an object of 
desire it is tem- 
peramental, can 
suffer from 
alarmingly 
expensive ailments, and is 
rarely a thing of beauty. But 
wine-lovers are a patient breed 
and, to them, a cellar is to be 
prized, cajoled and indulged - 
especially as it might be pro- 
tecting a considerable invest- 
ment 

Since three man were jailed 
earlier this year for the system- 
atic theft of £2m worth of fine 
wines held in bond, a private - 
and secure - cellar has become 
even more attractive. BBC 
Food and Drink television host 
Oz Clarke and the Marquess of 
Bristol were among the vic- 
tims, but the ripple of shock 
must have rattled claret 
glasses across the land. 

“A lot of people ask; ‘Has the . 
house got a cellar? Because we 
have a lot of nice wine.*" says 
Colin Swait, of estate agent 
Hamptons. “Most people seem 
to keep their wine under the 
stairs these days. But there are 
still those who buy wine to put 
down, so the cellar is an 
advantage." 

Max Robertson would not 
live in a house without one. 
The voice of radio tennis until 
he retired nine years ago, 
Robertson lives in the Old 
Manor, a Grade H-listed Geor- 
gian house owned by Patricia 
Savill in Aid bourne, Wiltshire 
- which is now on the market 


COUNTRY PROPERTY 


LAKE DISTRICT 


Just think about IT-. A riverside home 15 mins from the M6. J36 
80 mins from Manchester International Airport, 3 hours- ish from 
London Euston. 10 mins from Windermere. Scarfed Pike? well 
that depends how fit you are„or 

Just think about nr ... a spot of golf? Just walk across the bridge 
over the river, the first tee is 20 yds away fit's a 4 iron) 

Just think about it ... a swim? Yes, the river would be bra ring, 
but the indoor pool is 82 deg F. The Jacuzzi is rather wanner .. and 
a sauna and a steam room! 

just think about it- pop to a bistro in Bowness or visit aunty in 
Australia. While you are out the video entry system will watch the 
way. Secure by Design is what the certificate says. 

And if you are thinking about interior I ay out- furnishings? - No 
problem J R Taylors the regions leading department store can 
nandle everything down to the last champagne mile. 

Just think about it and then come and see us. Cowan Head is 15 
mins from the M6. J36 off the A591 between Kendal and 
Windermere. Our office is open everyday from 10 to 4. The coffee 
pot is on. 

Prices at the PRIVATE DEVELOPMENT where quality, security 
and privacy are priorities, prices range from f 155,000 and to over 
£200.000. Crane and see us at Cowan Head we will not disappoint 

VOIL 


Sal. % < Office Tel: own 7:t075u Fax: 731*56 

\^« nt- H \cUru a \ 1 i-iuh T<T U.V.ttt 7'2'»" \ t 

>v« J," - . ■» • •' .-.V •. r - — • ■> ■‘T'n ; . '--I - r> 


PROPERTY 



through Savills. the agent, 
which is seeking offers of more 

than film 

Almost immediately after 
they moved in 2% years ago, a 
programme of restoration was 
put in hand. Included was an 
electronic cooling system 
installed in the 20ft by 8ft cel- 
lar to maintain a constant tem- 
perature for his wine collec- 
tion. An emergency generator 
provides back-up in the event 
of a power failure. 

He points out: "If you have 
nice wines - and I’m not say- 
ing mine are the greatest - it 
is worth keeping them well” 
Indeed, he says a suitable ceL- 
lar was a prime consideration 
in moving to Aldbourae - 
although his previous homes 
in the Channel Islands and 
Wandsworth, south-west Lon- 
don, both bad temperature-con- 
trolled cellars. 

“My present cellar can hold 
between 3,000 and 4,000 bot- 
tles," adds -Robertson. *T don’t 
say It does have that many, 
though - a lot has been 
drunk." 

Apart from the obvious 
charm of the six-bedroomed 
manor, with a conservatory 
nmntng the fall length of the 
back of the house , the cellar 
has provoked considerable 
interest “I have to say that all 
the people who have come to 
view the hnuBe have thought it 
is fantastic." says Patricia Sav- 
ill_ “And it wasn't expensive to 
put in - just over £5.000." The 

Tf. "J 



Offers of more than £tm are being sought for the Old Manor at Aldbouma, Wiltshire. Among its attractions is a temperature-controlled wine cellar than can hold up to 4J3Q0 battles 


wine racks are not included in 
the sale bnt a buyer win get an 
artist's studio, garden cottage, 
garaging for four cars and a 
walled rose garden. 

Among other country houses 
with wine cellars now on the 
market is Berden Hall, which 
is being sold through BidweDs 
for £975,000. Six miles from 
Bishop’s Stortford. Hertford- 
shire. it is grade IP-listed with 
eight bedrooms, staff cottage 
and flat and just over 15 acres. 

Apart from its wine cellar, it 
has an indoor pool, billiards 
room, flood-lit tennis court, 
squash court and stable yard. 
The wine cellar is next to a 
secondary cellar housing the 
boilers. 

"The trouble with a lot of 


cellars is that people found it 
convenient to put their oil-fired 
boilers in there when central 
heating was installed,” says 
Swait Tt can ruin the cellars 
for wine. But temperature-con- 
trolled cellars are an invest- 
ment” 

When the Swaits bought 
their own house in Surrey, it 
had brick barrel vaults full of 
empty Dam Perignon bottles. 
They turned their cellar into a 
kitchen. “Some people fill them 
in with rubble to cure a damp 
problem," he says. "To take on 
a cellar can be an expensive 
business if you have to sterilise 
the lot to deal with dry rot and 
then seal it 

“A tennis court is still a big- 
ger attraction than a wine cel- 


lar, especially to people with 
daughters. A tennis court 
keeps them at home and stops 
f wandering;" 

Ian Homersham, joint chair- 
man of John D. Wood, adds: 
“Your better London house 
would normally have had a cel- 
lar with bins in the basement 
A lot have been destroyed 
because people opened up the 
basements and now use them." 

Where water tables preclude 
an underground wine cellar, 
home owners often dedicate a 
ground floor room as a wine 
store. 

One family who bought a 
house in East Anglia planned 
to return such a room to every- 
day use as a dining room. 
Wben they picked up the keys 


and arrived at their new borne, 
they found the doorbell and 
the knocker bad been removed. 
Once inside, they realised 
everything else had been 
stripped, too. But there was a 
happy ending. 

As Andrew Hay, of Knight 
Frank and Rutley, tells it: 
"When the family began to 
refurbish, they discovered the 
bins at ceiling hei ght in the 
wine store had not been emp- 
tied. They were full of vintage 
claret and port. The family 
sold it for a fortune - enough 
to pay for the work.” 

■ The telephone number for 
Link Up Properties Nation- 
wide, featured in last week's 
article. Matchmaker selling, is 
01444-457999 



For £975£00:Jlerden Hal, i 


.•9USM* 

Bishop’s Stortford, also has a wine cellar 



Ireland - Co. Westmeath 
'Mullingar 9 miles, Dublin 49 miles. 

Beautifully restored 18th Century Country house 
overlooking an ornamental lake in a peaceful setting. 
Octagonal entrance hall. 3 reception rooms, 6 principal 
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About 141 acres. Guide Price IR£575,000. 

Telephone: 010 353 1 660 3155. 


COUNTRY 



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Souitwoe Part. ISA Balfour Beatty Pari of me »CC Group of Companies. - 



W. SUSSEX 
CHICHESTER 5 Miles. 

3 Highly individual and 
superbly appointed period 
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setting, adjo ining farmland 
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restoration. Fine Georgian 
residence 4/6 bed. 

3 bath 4 Reeep, 1 acre 
£350,000. 

Flint and stone COach House 
'/a acre £325,000. Single 
storey Regency Vffla, 2 bed, 
2ba*,Gdn- 
£165,000 

TcL 0850 963862 0243 771959 
Fax 0243 378498 


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XXII WEEKEND FT 


FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1 994 


3 



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C3® 







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HACKETT 

LONDON 


Essential 
British Kit 


j.r-l.iN SLOANF STREET 
LONHON Sft I 

»7I- ".'■n .'.'.'I 


JERMVN STREET 
FULHAM A Nil THE PITY 



HOW TO SPEND IT 


Be charitable and let 


Father Christmas 


Christmas is coining. The mailbag’s growing fat. Lucia van der Post 
picks the seasonal gift catalogues that serve a good cause 
and selects some of the most attractive and interesting gifts 


W hen the piles of 

Christmas catalogues 
arriving on my desk and 
doormat reaches 
mountainous 

proportions then I give in . . . Christmas is 
coming and nothing short of Armageddon 
will stop it. So for those who believe in 
planning Christmas rather as Rommel 
might have approached the desert 


campaign, it is once again time to get out 
the catalogues, to think of one's nearest 
and dearest, to start the lists. 

The catalogues whose proceeds go to 
support charities are as good a place as 
any to start - they may be short on 
expensive knick-knackery and truly 
sumptuous luxury but they nevertheless 
offer a multitude of cheerful presents that 
do not cost a fortune. From the most 










7m 




Top: naturally dyed beige and blue/grey striped carry- all with leather 
handies, £19.95, from Traldcraffs Alternatives. 

Bottom: fitted willow picnic basket for two, £110, National Trust for 
Scotland. 

Left eco-friendly carrier-bag, made from string, £339, from WWF. 



■ Oxfam. Oxfam Trading. PO 
Box 72, Bicester. Oxon 0X6 
7LT. Tel: 0869-245011. 

Perhaps the grandaddy of them 
all - the company that first 
promoted the notion of fair 
trade, of helping poorer coun- 
tries by buying their products 
rather than handing over 
money. From rug-makers in 
Mexico to printers in Ahmeda- 
bad and batik artists in Indon- 
esia, buying their wares will 
keep them in work. The slant 
is. of course, ethnic but that is 
the catalogue’s charm. 
Brightly coloured waistcoats 
from Guatemala, cotton rugs 
from India, jewellery from Chi- 
le .. . most of the products are 
brightly-coloured, cheerful if 
short on sophistication. Prices 
are excellent - a pretty mirror- 
worked wall-tidy for £7.95. 
soapstone solitaire set from 
Kenya for £9.95 and some 
enchanting Loro Blonvo fig- 
ures from Indonesia (usually 
given at weddings) for £59.90. 


Nice fat catalogue with the 
profits going to what Robin 
Pellew, its director, describes 
as the “business of saving wild- 
life”. Not surprisingly, many of 
the products have an animal 
theme - needlework cushion 
covers featuring leopards 
(£3939). wooden tortoise book- 
ends (£19.99), plenty of animal 
Christmas cards, a beautiful 
crystal bowl with a school of 
dolphins sand-blasted round 
the edge (£7939) and a tough 
coir doormat featuring a panda 
(£1439). Also, for more every- 
day use. some beautifully 
plain, simple and fine clothing 
- a creamy cotton and linen 
sweater (£51.99) and creamy 
cotton T-shirts and night- 
shirts. 


Clockwise from top left 3ft high six-roomed doffs house made from 
recycled cardboard, £1435, Oxfam; 28 wooden animal dominoes, £239, 
NSPCC; Children's playtime T-shirt, £635. Shelter; Brightly-painted 
crocodile boofcends from Sri Lanka, £835, Water Aid. 


alogue to help the charity that 
“cares for people in crisis... 
whether. ..in Bosnia or Bolton, 
Somalia or Sheffield”. Not the 
biggest or the best but enough 
to choose from. 


■ WWF, PO Box 49, Burton- 
on-Trcnt. Tel: 0283-506105. 


Ibfetolfeaan Sxrvtee mem * sues you 

f AO wool hand cut 
and finished made-fo- 
measure suits tram 

Whether at home or In 
the office we offer a 
superb selection of 
styles, cuts and cloths 
(busmess orcountryl. 
Have one ot our 
trained measurers 
take the strain out of 
buying a new su'L 
CaB 071 - 7 $$ 4701 fora 
brochure or an appo intm en t 


■ Help the Aged. PO Box 28. 
London N18 3HG. Tel: 081-803 
6861. 

Hot water bottle covers, floral- 
bedecked bags to hold knitting, 
door guard alarms, lightweight 
gardening shears, foot-re laxers. 
folding walking sticks and an 
alarmingly large “pill organ- 
iser” are the kind of presents 
that Help the Aged feels might 
enliven the scene around the 
Christmas tree. The emphasis 
is on the useful rather than the 
charming or the beguiling. 
Nevertheless, there can hardly 
be anybody who could not use 
at least one of their handy gad- 
gets. I rather fancy the moon- 
light lamp myself (£12.99, it 
runs off batteries and is just 
what one needs for reading 
when camping in the bush). 


■ The National Trust for Scot- 
land, 5 Charlotte Square, Edin- 
burgh EH2 4DU. Tel: 031-243 
9399. 

Some unusual presents here - 
a ready-to-sew hat kit, for 
instance, at £15.95. and a 
sturdy wooden Victoria garden 
tray (£3225). Then there is a 
charming travelling games 
compendium (backgammon, 
chess, checkers, two packs of 
cards, dominoes and dice in a 


■ Shelter, 88 Old Street, 
London EClV 9HU. Tel: 
0983-821303. 

Not so much a brochure, 
more a pamphlet with not a lot 
of choice but some nice things 
nevertheless - cone-shaped 
candles and beeswax ones (a 
very "In” present), wooden 
puzzles for small children 
(housing jigsaw. £6.75, and ele- 
phant jigsaw. £6.75), good note- 
books and stationery. 


The gifts range 
from coffee to 
cassette racks to 
Thai ear-rings 


little black box for £22.95), 
some silver-plated spoons for 
butter (with a cow on top), 
pate (topped by a fish), mus- 
tard (with a mustard pot) and 
honey (with a bee) all at £830 
each and some useful tartan 
picnic rugs (£4930). 


Urtcn. MkfefleMS. EKm Harts. Beds. Bucks. 
Carries, Sutvt, Sussex. Kent Knti. YckifMc. 
Mffttrttfe. Norn East North West Edtimk 


■ British Red Cross, Britcross 
Ltd, PO Box 28, Burton-on- 
Trent, Staff's. DE14 3LQ. Tel: 
0283 - 506767 . 

From the most deliciously 
kitsch brightly-coloured tulip 
doorstop (£9.99) to a 
Fleur-de-Lys throwover (excel- 
lent value at £24.99), wooden 
bookends embellished with 
carved apples (£17.95) and 
warm furry-lined suede slip- 
pers (£1239). this is a small cat- 


■ NSPCC Trading Company, 
PO Box 39, finrton on Trent, 
Staffs. DE14 3LQ. Tel: 
0800-444280. 

As Is only right and proper for 
a charity devoted to the wel- 
fare of children, this one has 
more for the small set than 
most - fun watches water-re- 
sistant with funnyman figures, 
£14.99), a beginner's micro- 
scope (£1239), friendly soldiers 
laundry bag (£6.99), wooden 
puzzles and construction sets. 
There is quite a lot of choice, 
too. for the grown-ups - an 
enchanting Peruvian Dancer's 
hairslide (£539), virginal white 


■ WaterAid Trading, PO Box 
iO.Gateshead NE8 ILL. tel: 
091-487 0399. 

Another charity that goes in 
for just a folded pamphlet and 
not a full-scale catalogue but it 
has some nice things on offer - 
sturdy sisal carriers (£1935), 
high-quality ground coffee 
from Cafedirect. the company 
that insists on paying fair 
prices for the beans, sliver 
ear-rings from Thailand (£335) 
and notebooks made from 
paper made from jute fibres 
(think of all the trees you’re 
saving). 


<, \ \ 
> \ . 


the postman be your 




H 



, \ i \ V 

! i * 


remote relation who needs just a token 
acknowledgement that the season of 
goodwill has arrived to the very best- 
loved there ought to be something in them 
for almost everybody. If nothing else, 
all of them offer the statutory selection of 
Christmas cards and holly-bedecked 
paper. 

Here then is a run-down of some of the 
catalogues on offer. 




Illustrations'. Ashley Lloyd 


Clockwise from top leffc Brown velvet embroidered sfip-ons, £2935 from Traid craft's Alternatives catalogue; 
Glass candle holder, wtndproof, £739 from Help The Aged; Carved wooden bookshelf from Saharanpur, India, 
£935, Oxfam; 100 per cent cotton chenille rug In pale blue and white, £1339 from British Red Cross; Facsimile 
of a 19th century Labrador draught excluder, £3935, National Trust for Scotland; Brass wall sconce with mirror 
and candlestick, £1439, Netting Hffl Housing Trust 


IPo, 




cotton nightdress with pin- 
tucks and white embroidery 
(£2735), cassette carriers (a sta- 
ple of charity Christinas card 
catalogues), candlesticks (plain 
blue glass at £539 each or ver- 
digris-finished ones at £2339). 


Clockwise from top left: Black cast-toon duck bootscraper, £939 from British Red Cross; AM/FM radio with 
stereo earphone, solar-powered, £4230, WWF; Charles Rennie Mackintosh Inspired sflver cufflinks, £31.75, 
National Trust for Scotland; Handmade photograph abum, 25 pages all interleaved wHh protective paper, 
£1235 from WaterAid; Plain white mugs with elegant drawings of Charles Rennie Mackintosh chairs, £1130 the 
pair, National Trust for Scotland. 


■ Notting Hill Housing Trust 
Mail Order, Notting Hill Hous- 
ing Trust Shops. Aspen House. 
1 Gayford Bd, London W12 
9BY. Tel: 081-563 4888. 

Another pamphlet with a lim- 
ited but excellent selection - 
blue or jade green glass pud- 
ding dishes at £339 each, thick 
blue and white throw, embel- 
lished with gold sea motifs 
(£59.99), metal verdigris- 
finished coat rack with fish 
motif (£14.99), naif. Colonial- 
style navy-blue and white cot- 
ton rug (£639) and lots of can- 
dlesticks. 


craftspeople get a fair deal 
from international trading”. 
They are mostly all-year-round 
catalogues but you could find 
something for everybody by 
trawling through ail these cat- 
alogues . Here we have 


sketched some sweet brown 
velvet slippers embroidered 
with gold stare at just £2935 a 
pair as well as a naturally dyed 
sisal carry-all (£19.95) but there 
is lots, lots more. 

Happy shopping! 


•‘grot 


Baume & Mercier 


■ Traidcraft. Kingsway 
North, Gateshead, Tyne and 
Wear, NE11 ONE. Tel: 091-491 
0591. 

Traidcraft has a whole series of 
catalogues - Interiors; Alterna- 
tives (primarily fashion); Paper 
and Cards; Foods. Teas. Coffees 
and Tissues and Christmas 
Cards and Gifts. All are based 
on the idea of “combining the 
skills of third world' producers 
with a concern that these 


GENEVE 

MAlTRES HORLOGERS DEPUIS 1830 


The Antique Wine Company 
of Great Britain 


Collection GENEVE 


For a most unique trill, we will 
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New watch 
HAMPTON 
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FINANCIAL TIMES WEEKEND OCTOBER 29/OCTOBER 30 1994 


WEEKEND FT XXIII 


FOOD AND DRINK 




*■ 






•• 


Cooking /Philippa Davenport 

The oyster’s 
in the post 

T oday’s brightest shop- deliver the direct to tot 
keepers do not wait individual customer, depend 
for customers to ing on whether this works rc 
come to the hi?h wfrti Wa 


T oday’s brightest shop- 
keepers do not wait 
for customers to 
come to the high 
street - they go out and knock 
at their doors. They have dis- 
covered that sending cata- 
logues and offering a mail 
order home delivery service 
can be a most effective way of 
increasing business. 

Kitchenware merchant 
David Hetlor is one of the lat- 
est recruits to this way of 
thinking. He has always been 
happy to send items to custom- 
ers by post, but this month 
sees the launch of Ids first mail 
order catalogue for cooks. Very 
enticing it is. too. 

Others keeping up with the 
times include Franco and 
Alberto Camisa. Having sold 
specialist foods in Soho, cen- 
tral London, since 1929, they 
now aim to sell nationwide via 
Camisa Direct Their first cata- 
logue sports some obvious gift 
items and some very un-Italian 
oddities, bnt it also includes 
goodies worth putting in the 
larder for winter comfort 
There are. for instance, 
whole San Febno salami and 
little nibbly cacciatori salami; 
stuffed pigs’ trotters; capers 
packed in salt baskets of dried 
porcini; arborio, camaroli and 
viakme nano rice; soft amaretti 
from Alba; and dried figs from 
Calabria, stuffed with walnuts 
and dipped in chocolate. 

■ For those without a fish- 
monger in miles - a problem 
that seems to afflict vast tracts 
of Britain these days - Carew 
Oysters of Pembrokeshire, 
Wales, is one pf several compa- 
nies now farming and dispatch- 
ing the Pacific variety to pri- 
vate customers and 
restaurants all over the coun- 
try. 

So far as I know, however, 
Carew is alone in offering a 
“deliver and open service'’ 
where, if you plan a large 
party and want to splash out, a 
professional will bring the 
shellfish and open them per- 
sonally. 

■ Many people hate the 
thought of eating beef from 
cattle stuffed fail of growth 
hormones or other indiscrimi- 
nate medication. But farmers 
growing cattle the slow, tradi- 
tional way on grass and hay 
only are on the increase. . 

Newest to me is Richard 
Vines, of Wild Beef. He raises 
his animals - mainly Welsh 
Black and South Devon, occa- 
sionally Aberdeen Angus, Her- 
eford and Galloway - on 
Devon moorland and has them 
slaughtered locally by appoint- 
ment for minimum stress. 
They are hung properly and 
well-butchered. 

Since Wild Beef is essentially 
a one-man operation. Vines' 
service can be more personal 
than most. Sometimes, he will 


deliver the meat direct to the 
individual customer, depend- 
ing on whether this works in 
with his timetable for restau- 
rant deliveries in the same 
area. Otherwise, tt arrives by 
overnight courier. 

Wild Beef sells not only 
prime cuts and mince but 
skirt, shin, oxtail, tongue, kid- 
neys, liver and heart - ifaww 
offered only rarely by outlets 
of this sort. 

■ Those with a sense of adven- 
ture will relish news of the 
Cool Chile Company. Owner 
Dodie Miller is dedicated to 
promoting chillies as more 
than just volcanic spices - an d 
she is quietly persuasive. 

Mexico State University 
recognises more than 1.000 
varieties and Miller sells a 
splendid selection, each variety 
dried and labelled with a heat 
scale warning. They are accom- 
panied by enthusiastic notes 
about uses and suggested rec- 
ipe ideas. 

Under her tuition, I tried a 
few choice samples, ranging 
from fruity mild to positively 
breathtaking. But even those 
cooks afraid to experiment 
with chillies will delight in the 
colours and shapes of some of 1 
them. 

■ If you fhncy becoming a food 
producer - albeit just for your 
own needs - you might like to 
consider buying a do-it-your- 
self sbitake mushroom grow- 
er’s kit imported from Finland 
by ESC. 

This consists of a small, 
spore-impregnated log packed 
In its own little Perspex green- 
house environment Expected 
yield is a kilo of shitake mush- 
rooms spread over four crops. 
No green fingers are needed. 

J. Sainsbury, meanwhile, hag 
just started to sell fresh wild 
giroHes and grey chanterelles. 
Ceps (porcini), pieds de mou- 
’ ton. and troxnpettes des marts 
will follow shortly, and morels 
will be introduced in the 
spring. 

The had news is that - ini- 
tially. at least - just seven 
stores in London (Camden, 
Chiswick. Cromwell Road, Dul- 
wich,. Fulham,. Ladbroke Grove 
and Hampton St Claires) and 
one in Southampton (Hedge 
End) are to stock them, 

■ David MeUor Mail Order: 4 
Shane Square, London SWJW 
SEE. TeL 071-730 4259. fax: 730 
7240; Camisa Direct, PO Box 31, 
Boreharmoood, Herts WD6 3TF. 
TeL 0181-207 5919. fax : 905 1238; 
Carew Ouster Farm, West Wil- 
liamston, nr Carew, Kilgetty, 
Pembrokeshire SA68 OTN. TeL 
0640051452; Wild Beef. Billhead 
Farm. Chagford, Devon TQ13 
8DY. Telifax: 0647-433433: The 
Cool Chile Co. PO Bax 5702. 
London W10 6WR TeL 0973-311 
714: ESC (UK). 9 Crescent Rd. 
Wokingham, Berks RGU 2DB. 
TeL 0734-893097; fax: 890906. 



;; v; X.v. 


& ilyt 

• mm 
1 




A quick byte: modem diners’ orders are tamped into a Romance hand-bold computer and transmitted at once to the kitchen 


AsMay Asimood 


Chips with everything 

New technology is transforming the traditional kitchen , writes Nicholas Lander 


S cene L* A London res- 
taurant. The cus- 
tomer gives his order 
to the waitress who 
enters it on a hand- 
held computer. Thirty seconds 
later the customer changes his 
mind but the waitress replies 
Tm sorry, sir, the order is 
already in the kitchen." 

Sceoe 2: Late at night in the 
chefs office. Having placed all’ 
his orders for tomorrow’s deliv- 
eries by fax, the chef sits down 
to finalise plans for a special 
gastronomic dinner. He plugs 
into CompuServe and seeks 
advice on recipes from fellow 
chefs around the world. 

Scene 3: takes place wher- 
ever food and wine lovers have 
a computer and electronic 
mall. Looking for the most 
romantic restaurant in St 
Louis? Want to trade some 
Chateau Margaux? Forgotten 
the name of that wonderful 
Australian Pinot Noir you 
drank recently and need to 
find a retailer? The world of 
food and wine, always interna- 
tional, has gone electronic. 

Until the late 1960s most res- 
taurants could not justify such 
investment. Computers were 
introduced slowly and proved 
themselves by legibly transmit- 
ting recipes around the 
kitchen. Then came fax 
machines to make ordering 


from suppliers easier (it is 
always worth taking a restau- 
rant’s fax number to confirm 
that important lunch). 

But the need to cut labour 
costs, maximise efficiency, 
monitor stock controls and 
improve accounting informa- 
tion has changed all that. Now 
even the Rita's dining room, 
possibly London's most ele- 
gant, boasts an electronic 
point-of-sale terminal, albeit 
neatly encased in marble. 

One restaurant made possi- 
ble by today’s technology Is 
Wagamama. WCl (tel: 071-680 
9365). This basement restau- 
rant serves the most interest- 
ing inexpensive Japanese food 
in town and takes no bookings. 
It seats 104 but feeds 1,200 cus- 
tomers a day. 

It manages to do so because 
when it opened in 1992 it paid 
£25,000 for a Remanco ordering 
system (today's far more 
advanced version costs 
£15,000). These begin with the 
electronic order pad (they cost 
£990 each) which can be pro- 
grammed with everything a 
restaurant can offer - size of 
steak, how it should be cooked, 
even whether the customer 
qualifies for an incentive 
scheme such as a happy hour. 

Whan the order is complete, 
the waitress presses the “send" 
button and toe order is trans- 


mitted by radio signals to a 
computer which stores all the 
information, backs it up and 
sends toe separate elements to 
the various sections of the 
kitchen. Seconds later the 
order is printed out At Waga- 
mama small strips of paper 
spew out at the bar, noodle sta- 
tion, wok station and toe sta- 
tion that prepares the side 
orders. The chefs pick these up 
and get to work. 

The advantage is not just 
speed of service but accuracy. 
Fewer specialist order takers 
have to be trained and there is 
a much lower risk of custom- 
ers being served with a dish 
they did not order or- being 
chained for something they 
never received. 

The system can faiL Twice in 
the past hectic 30 months 
Wagamama ’s system hag gone 
down and the restaurant has 
had to resort to pen and paper. 
It is linked by modem to 
Remanco's headquarters so 


that a failure raw he tracked 
down and corrected remotely. 
More fundamental are human 
oversights. One kitchen 
thought lunch was quiet when 
at 1.15pm it was still waiting 
for its first order. The printer 
had run out of paper. 

This type of electronic order- 
ing generates huge amounts of 
management information: how 
much money each seat gener- 
ates, how many customers 
each waiter serves, a break- 
down of all toe dishes sold and 
whether new dishes on the 
menu sell or not. 

And it is flexible. At Waga- 
mama the philosophy is to 
deliver as quickly as possible 
and keep turning the tables. At 
other restaurants which want 
their staff to try and maximise 
a customer’s spend, known in 
the trade as “upselling", other 
ploys are introduced. When the 
waiter asks toe console for the 
bill It responds “Have you 
offered cigars and liqueurs?" 


At Rules. WC2, (071-836 5314) 
the chef can communicate to 
all the waiting staff just how 
many grouse, partridge or 
pheasant, are left and save toe 
embarrassment of having to 
ask the customer for a reorder. 

One wonderful piece of tech- 
nology I saw in action in the 
US over the summer was 
shown for the first time in the 
UK at this week's Restaurant 
Show. It is toe Silent Paging 
System. When you arrive at a 
restaurant and find either that 
there is no table or your table 
is not ready, the receptionist 
hands you a small disc which 
you put in your pocket When 
your table is clear the waiter 
sends a radio signal to the 
receptionist and she in turn 
presses a button which starts 
the disc vibrating in your 
pocket Having enjoyed a short 
stroll, a drink in the bar or 
done some shopping, you walk 
back to find your table ready 
and waiting. 


Read the 
menu in 
cyber 
space 

I f your souffle will not 
rise, someone in 
cyberspace can help. 

The Internet, the 
global computer network, lets 
you link up with people of the 
same Interests, via mailing 
lists or news groups. You send 
a message to sign up and 
receive the news and opinions 
of other members of toe group. 

“Food wine" is one of the two 
main lists for gourmets. “The 
purpose is for serious, but not 
pedantic, discussion of food, 
beverages and related 
concerns," say Elliott Parker 
and Musa Knickerbocker who 
run toe list from Central 
Michigan University. 

"Consider the list as a 
discussion around a very large 
table among people who like 
to discuss food: the talk may 
become passionate and even 
off-topic sometimes, but 
always returns to the topic.” 

When I dropped in, a 
discussion of Zinfoudel wines 
was in progress. 

Another list is the "eat-l", 
where everyone airs their 
views on how this or that dish 
should be cooked. Rachel 
Karan in Alaska was having 
problems with her chicken 
soup which was too salty. 
Suggestions poured im add 
canned broth, giblets and so 
on. Lars Larsen from 
Sonderberg, Denmark offered 
2,000 words on chutney 
recipes and then 7,000 on 
cranberry dishes. 

In cyberspace you never 
really know whether toe 
advice is from an expert or a 
well-meaning neophyte. So on 
“recJood. restaurants” a 
posting of “I’m off to Greedy 
Gulch next week. Where